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2022 08 24 FAC Special MeetingFINANCIAL ADVISORY COMMISSION Page 1 of 2 AUGUST 24, 2022 SPECIAL MEETING NOTICE AND CALL OF 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, August 24, 2022, starting at 4:00 p.m.; at La Quinta City Hall located at 78495 Calle Tampico, La Quinta, CA 92253 for the following purpose: CONSENT CALENDAR 1. Approve Meeting Minutes Dated June 1, 2022 2. Receive and File Revenue and Expenditure Report Dated April 30, 2022 3. Receive and File Revenue and Expenditure Report Dated May 31, 2022 4. Receive and File the Fourth Quarter Fiscal Year 2021/22 Treasury Reports for April, May, and June 2022 BUSINESS SESSION 1. Appoint a Financial Advisory Commissioner Chairperson and Vice- Chairperson for Fiscal Year 2022/23 2. Appoint two Financial Advisory Commissioners to review the City’s outstanding pension obligation. 3. Receive and File the Annual Comprehensive Financial Report for the Year Ended June 30, 2021 DEPARTMENTAL REPORTS 1. Finance Department Current and Future Initiatives 2. First Quarter 2022 (January-March) Sales Tax Update for the City of La Quinta *** Teleconferencing and Telephonic Accessibility is in Effect*** Dated: August 22, 2022 /s/ George Batavick George Batavick, Chairperson Attest: Jessica Delgado, Management Assistant FINANCIAL ADVISORY COMMISSION Page 2 of 2 AUGUST 24, 2022 SPECIAL MEETING DECLARATION OF POSTING I, Jessica Delgado, Management Assistant, do hereby declare that the foregoing notice for the La Quinta Financial Advisory Commission Special Meeting of August 24, 2022, 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 August 22, 2022. Dated: August 22, 2022 Jessica Delgado, Management Assistant FINANCIAL ADVISORY COMMISSION AGENDA Page 1 of 5 AUGUST 24, 2022 SPECIAL MEETING SPECIAL MEETING FINANCIAL ADVISORY COMMISSION AGENDA CITY HALL COUNCIL CHAMBERS, 78495 Calle Tampico, La Quinta WEDNESDAY, AUGUST 24, 2022 AT 4:00 P.M. ****************************** SPECIAL NOTICE Teleconferencing and Telephonic Accessibility in Effect Pursuant to Executive Orders N-60-20 and N-08-21 executed by the Governor of California, and subsequently Assembly Bill 361 (AB 361, 2021), enacted 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.), and City Council Resolution No. 2021-035, adopted by the City Council on September 28, 2021 and reaffirmed on August 2, 2022, members of the public, the Financial Advisory Commission (Commission), the City Manager, City Attorney, City Staff, and City Consultants shall participate and attend this special meeting by teleconference only. 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 Commission, either for a specific agenda item or matters not on the agenda are requested to follow the instructions listed below: Written public comments – can be provided by emailing the Commission Secretary at JDelgado@LaQuintaCA.gov, preferably by 2:00 p.m. on the day of the meeting, or anytime before the adjournment of the meeting, and will be distributed to the Commission, incorporated into the agenda packet and public record of the meeting, and will not be read during the meeting unless, Financial Advisory Commission agendas and staff reports are now available on the City’s web page: www.laquintaca.gov FINANCIAL ADVISORY COMMISSION AGENDA Page 2 of 5 AUGUST 24, 2022 SPECIAL MEETING upon the request of the Chair, a brief summary of any public comment is asked to be read, to the extent the Commission Secretary can accommodate such request. The email “subject line” must clearly state “Written Comments” and list the following: 1) Full Name 4) Public Comment or Agenda Item Number 2) City of Residence 5) Subject 3) Phone Number 6) Written Comments Public speakers may elect to use printed presentation materials to aid their comments; such printed materials shall be provided to the Commission Secretary to be disseminated to Commission, made public, and incorporated into the public record of the meeting; it is requested that the printed materials are provided prior to the beginning of the meeting. There shall be no use of Chamber resources and technology to display visual or audible presentations during public comments, unless permitted by the Presiding Officer. All writings or documents, including but not limited to emails and attachments to emails, submitted to the City regarding any item(s) listed or not listed on this agenda are public records. All information in such writings and documents is subject to disclosure as being in the public domain and subject to search and review by electronic means, including but not limited to the City’s Internet Web site and any other Internet Web-based platform or other Web-based form of communication. All information in such writings and documents similarly is subject to disclosure pursuant to the California Public Records Act [Government Code § 6250 et seq.]. *** TELECONFERENCE PROCEDURES *** Verbal public comments via Teleconference – members of the public may attend and participate in this meeting by teleconference via Zoom and use the “raise your hand” feature when public comments are prompted by the Chair; the City will facilitate the ability for a member of the public to be audible to the Commission and general public and allow him/her/them to speak on the item(s) requested. Please note – members of the public must unmute themselves when prompted upon being recognized by the Chair, in order to become audible to the Commission and the public. Only one person at a time may speak by teleconference and only after being recognized by the Chair. ZOOM LINK: https://us06web.zoom.us/j/89839984651 Meeting ID: 898 3998 4651 Or join by phone: (253) 215 – 8782 FINANCIAL ADVISORY COMMISSION AGENDA Page 3 of 5 AUGUST 24, 2022 SPECIAL MEETING 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 Commission Secretary 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 Commission Secretary during the course of the meeting. The Chair will endeavor to take a brief pause before action is taken on any agenda item to allow the Commission Secretary to review emails and share any public comments received during the meeting. All emails received by the Commission Secretary, 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: Anderson, Dorsey, Luettjohann, Mast, Mills, Way and Chair Batavick PLEDGE OF ALLEGIANCE PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA At this time, members of the public may address the Commission on any matter not listed on the agenda by providing written public comments via email as indicated above; or provide verbal public comments via teleconference by joining the meeting virtually at https://us06web.zoom.us/j/89839984651 and use the “raise your hand” feature when prompted by the Chair. Please limit your comments to three (3) minutes (or 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 § 54954.2(b)]. 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. FINANCIAL ADVISORY COMMISSION AGENDA Page 4 of 5 AUGUST 24, 2022 SPECIAL MEETING 1. Approve Meeting Minutes Dated June 1, 2022 2. Receive and File Revenue and Expenditure Report Dated April 30, 2022 3. Receive and File Revenue and Expenditure Report Dated May 31, 2022 4. Receive and File the Fourth Quarter Fiscal Year 2021/22 Treasury Reports For April, May, and June 2022 BUSINESS SESSION 1. Appoint a Financial Advisory Commissioner Chairperson and Vice- Chairperson for Fiscal Year 2022/23 2. Appoint two Financial Advisory Commissioners to review the City’s outstanding pension obligation. 3. Receive and File the Annual Comprehensive Financial Report for the Year Ended June 30, 2021 STUDY SESSION – None DEPARTMENTAL REPORTS 1. Finance Department Current and Future Initiatives 2. First Quarter 2022 (January-March) 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 November 9, 2022, commencing at 4:00 p.m. at the La Quinta City Hall Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Jessica Delgado, Management Assistant, of the City of La Quinta, do hereby declare that the foregoing Agenda for the Commission meeting was posted on the City’s website, near the entrance to the Council Chamber at 78-495 Calle Tampico, and the bulletin boards at 78-630 Highway 111, and 51-321 Avenida Bermudas, on August 22, 2022 DATED: August 22, 2022 Jessica Delgado, Management Assistant City of La Quinta, California FINANCIAL ADVISORY COMMISSION AGENDA Page 5 of 5 AUGUST 24, 2022 SPECIAL MEETING Public Notices • The La Quinta City Hall Council Chambers is handicapped accessible. If special equipment is needed for the hearing impaired, please contact the Commission Secretary at (760) 777-7150, twenty-four (24) hours in advance of the meeting and accommodations will be made. • 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 Commission Secretary for distribution. It is requested that this takes 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 Concierge desk at City Hall located at 78495 Calle Tampico, La Quinta, California, 92253, during normal business hours. FINANCIAL ADVISORY COMMISSION MINUTES Page 1 of 4 JUNE 1, 2022 SPECIAL MEETING FINANCIAL ADVISORY COMMISSION SPECIAL MEETING MINUTES WEDNESDAY, JUNE 1, 2022 CALL TO ORDER A special meeting of the La Quinta Financial Advisory Commission (Commission) was called to order at 4:00 p.m. by Chair Batavick. This meeting provided teleconferencing accessibility pursuant to Executive Orders N-60-20 and N-08-21 executed by the Governor of California, and subsequently Assembly Bill 361 (AB 361, 2021), enacted 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 public, the Financial Advisory Commission, the City Manager, City Attorney, City Staff, and City Consultants may participate in this special meeting by teleconference. PRESENT: Commissioners Anderson, Campbell, Dorsey, Mast, Mills, and Chair Batavick ABSENT: Commissioner Way VACANCY: One STAFF PRESENT: Finance Director Martinez, Financial Services Analyst Hallick, Account Technician Batuta, Management Assistant Delgado, City Manager McMillen, and City Attorney Ihrke. PLEDGE OF ALLEGIANCE Commissioner Mast led the audience in the Pledge of Allegiance. PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA – None CONFIRMATION OF AGENDA Staff requested that Business Session Item No. 1 “Approve the Fiscal Year 2022/23 Investment Policy” be moved up and considered before the Consent Calendar. The Commission concurred. CONSENT CALENDAR ITEM NO. 1 FINANCIAL ADVISORY COMMISSION MINUTES Page 2 of 4 JUNE 1, 2022 SPECIAL MEETING ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS – None BUSINESS SESSION – taken out of Agenda order 1. APPROVE THE FISCAL YEAR 2022/23 INVESTMENT POLICY Financial Services Analyst Hallick presented the staff report, which is on file in the Finance Department. Motion – A motion was made and seconded by Commissioners Mast/Anderson to approve the fiscal year 2022/23 Investment Policy as submitted. Motion passed: ayes – 5, nos – 0, absent – 1 (Way), vacancy – 1 CONSENT CALENDAR ITEMS – taken out of Agenda order 1. APPROVE MEETING MINUTES DATED MAY 11, 2022 Commissioner Mills said that the title for Consent Calendar Item No. 1 on meeting minutes dated May 11, 2022 should read as follows: “Approve Meeting Minutes Dated April 13, 2022” Staff mentioned that Commissioner Anderson also told staff about this correction and staff has updated the public record for this meeting. Motion – A motion was made and seconded by Commissioners Mast/Anderson to approve Consent Calendar Item No. 1 as submitted. Motion passed: ayes – 5, nos – 0, absent – 1 (Way), vacancy – 1 2. RECEIVE AND FILE THIRD QUARTER FISCAL YEAR 2021/22 TREASURY REPORTS FOR JANUARY, FEBRUARY, MARCH 2022 3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED MARCH 31, 2022 Motion – A motion was made and seconded by Commissioners Mast/Mills to approve Consent Calendar Item Nos. 1 and 2 as submitted. Motion passed: ayes – 5, nos – 0, absent – 1 (Way), vacancy – 1 FINANCIAL ADVISORY COMMISSION MINUTES Page 3 of 4 JUNE 1, 2022 SPECIAL MEETING BUSINESS SESSION – Continued 2. DISCUSS FISCAL YEAR 2022/23 PRELIMINARY PROPOSED BUDGET (Budget) AND APPROVE ALLOCATION OF MEASURE G SALES TAX REVENUE Finance Director Martinez and Financial Services Analyst Hallick presented the staff report, which is on file in the Finance Department. The Commission and staff discussed general fund medical cost expenses for employees and changes in general fund revenues. Chair Batavick inquired about the City’s fee cost study. Staff said the City Clerk’s office coordinates the City’s fee study (Study); the City’s Master Fee Schedule is completed annually; a comprehensive Study is completed every 5 to 7 years or on an as needed basis; and explained the process for the Study. Commissioner Mills inquired on the review of the City’s Reserve policy (Policy). Staff said the reserves study and review of Policy will be done in the Fall of fiscal year 2022/23. Commissioner Anderson, Dorsey, and Mast who were on the budget subcommittee (Subcommittee) shared their experience and comments on the review process for the budget. The Commission commended the Subcommittee for their participation and the City for an easy to read and transparent budget. Motion – A motion was made and seconded by Commissioners Mast/Mills to approve the allocation of Measure G sales tax revenue for fiscal year 2022/23, as submitted. Motion passed: ayes – 5, nos – 0, absent – 1 (Way), vacancy – 1 DEPARTMENTAL REPORTS All reports are on file in the Finance Department. 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES Accounting Manager Ortega greeted the Commission, shared tasks she is currently working on, and gave a brief overview of her background and experience. The Commission inquired if there are any upcoming major projects. Finance Director Martinez said that the City has extended their audit contract with Eide Bailly LLP (formally Vavrinek and Trine, Day & Co.), for an additional two years FINANCIAL ADVISORY COMMISSION MINUTES Page 4 of 4 JUNE 1, 2022 SPECIAL MEETING in accordance with the terms and conditions of the agreement, and that a request for proposal (RFP) for audit services will be worked on in fiscal year 2022/23. Chair Batavick asked if the RFP was a requirement or for best practices. Ms. Martinez confirmed it is done for best practices. COMMISSIONERS’ ITEMS – None ADJOURNMENT There being no further business, it was moved by Commissioner Mast/Mills to adjourn this meeting at 5:18 p.m. Motion passed: ayes – 5, nos – 0, absent – 1 (Way), vacancy – 1 Respectfully submitted, Jessica Delgado, Management Assistant City of La Quinta, California City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: August 24, 2022 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED APRIL 30, 2022 RECOMMENDATION Receive and file revenue and expenditure report dated April 30, 2022. EXECUTIVE SUMMARY • The report summarizes the City’s year-to-date (YTD) revenues and period expenditures for April 2022 (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 2021 for fiscal year 2021/22. Current Total Budget – represents original adopted budgets plus any Council approved budget amendments from throughout the year, including carryovers from the prior FY. 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: Claudia Martinez, Finance Director Attachment 1: Revenue and Expenditure Report for April 30, 2022 MTD YTD YTD Percent of Budget YTD YTD Percent of Budget General Fund (GF)$6,268,104 $51,183,646 78.27%42,162,084$ 73.09% All Funds $7,415,420 $82,355,366 55.02%81,722,319$ 46.96% MTD YTD YTD Percent of Budget YTD YTD Percent of Budget General Fund $1,578,840 $33,735,354 46.41%31,146,783$ 46.44% Payroll (GF)$913,256 $10,588,629 78.61%7,706,174$ 66.86% All Funds $3,262,905 $75,961,517 44.12%87,787,338$ 46.58% April 2022 Expenditures Comparison to LY April 2022 Revenues Comparison to LY General Fund Non-General Fund Transient Occupancy (Hotel) Tax 2,098,942$ SilverRock Greens Fees 384,079$ Measure G Sales Tax 1,177,728$ County Sales Tax (Measure A)296,300$ Sales Tax 959,345$ CVAG Capital Improvement Program (CIP) Funding(1)201,578$ Property Tax 712,035$ Developer Impact Fees- Transportation 172,218$ SoCal Gas Franchise Fees 206,498$ Gas Tax Fund 141,635$ General Fund Non-General Fund Visit Greater Palm Springs 131,076$ Purchased Vehicles 262,022$ Parks Landscape Maintenance 48,536$ Capital Improvement Program - Construction(2)206,104$ Marketing and Tourism Promotions 46,834$ SilverRock Maintenance 159,702$ Animal Shelter Contract Service 35,214$ Parks Equipment 127,074$ Contract Traffic Engineer 28,580$ Housing Authority Rental Expenses 71,967$ Top Five Revenue/Income Sources for April Top Five Expenditures/Outlays for April (2)CIP Construction: X-Park parking lot, SRR retention basin, misc. ADA improvements, and Fire Station 70 (1) CVAG CIP Funding: Represents the Coachella Valley Association of Governments (CVAG) contribution towards the Dune Palms bridge capital project. 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 51,183,6466,268,10458,804,210 65,392,532 -14,208,886 78.27% 201 - GAS TAX FUND 1,481,827141,6351,965,880 1,965,880 -484,053 75.38% 202 - LIBRARY & MUSEUM FUND 38,5902012,850,700 2,851,900 -2,813,310 1.35% 203 - PUBLIC SAFETY FUND (MEASURE G)1,23605,000 5,000 -3,764 24.73% 210 - FEDERAL ASSISTANCE FUND 1,4231,530151,000 151,000 -149,577 0.94% 212 - SLESA (COPS) FUND 120,8458,333101,000 101,000 19,845 119.65% 215 - LIGHTING & LANDSCAPING FUND 1,796,28602,274,700 2,274,700 -478,414 78.97% 221 - AB 939 - CALRECYCLE FUND 55,53414,17070,000 125,120 -69,586 44.38% 223 - MEASURE A FUND 1,324,913296,3001,567,000 1,567,000 -242,087 84.55% 225 - INFRASTRUCTURE FUND 780100100 -22 78.21% 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)28,845012,000 12,000 16,845 240.37% 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)6,01805,000 5,000 1,018 120.36% 230 - CASp FUND, AB 1379 16,3561,70819,200 19,200 -2,844 85.19% 231 - SUCCESSOR AGCY PA 1 RORF 7,181,309000 7,181,309 0.00% 235 - SO COAST AIR QUALITY FUND 26,184052,800 52,800 -26,616 49.59% 237 - SUCCESSOR AGCY PA 1 ADMIN 741000 741 0.00% 241 - HOUSING AUTHORITY 1,570,39486,180871,400 1,666,400 -96,006 94.24% 243 - RDA LOW-MOD HOUSING FUND 11,371035,000 35,000 -23,629 32.49% 247 - ECONOMIC DEVELOPMENT FUND 197,84934,72530,000 30,000 167,849 659.50% 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)24,4450201,000 201,000 -176,555 12.16% 250 - TRANSPORTATION DIF FUND 2,152,772172,218428,000 428,000 1,724,772 502.98% 251 - PARKS & REC DIF FUND 656,39475,816351,000 351,000 305,394 187.01% 252 - CIVIC CENTER DIF FUND 463,11846,512152,000 152,000 311,118 304.68% 253 - LIBRARY DEVELOPMENT DIF 123,67514,29250,000 50,000 73,675 247.35% 254 - COMMUNITY & CULTURAL CENTERS DIF 297,14234,41672,000 72,000 225,142 412.70% 255 - STREET FACILITY DIF FUND 33,242000 33,242 0.00% 256 - PARK FACILITY DIF FUND 67000 67 0.00% 257 - FIRE PROTECTION DIF 150,80714,03666,000 66,000 84,807 228.50% 270 - ART IN PUBLIC PLACES FUND 186,7305,421130,000 130,000 56,730 143.64% 275 - LQ PUBLIC SAFETY OFFICER 2,20002,600 2,600 -400 84.61% 299 - INTEREST ALLOCATION FUND 415,06263,86900 415,062 0.00% 310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,100 1,100 -1,100 0.00% 401 - CAPITAL IMPROVEMENT PROGRAMS 5,639,077201,5789,894,806 62,501,834 -56,862,757 9.02% 405 - SA PA 1 CAPITAL IMPRV FUND 2,433000 2,433 0.00% 501 - FACILITY & FLEET REPLACEMENT 919,84801,222,750 1,222,750 -302,902 75.23% 502 - INFORMATION TECHNOLOGY 1,345,2992,4051,786,700 1,786,700 -441,401 75.30% 503 - PARK EQUIP & FACILITY FUND 349,9050400,000 400,000 -50,095 87.48% 504 - INSURANCE FUND 757,65301,010,800 1,010,800 -253,147 74.96% 601 - SILVERROCK RESORT 4,660,181436,8694,157,693 4,187,693 472,488 111.28% 602 - SILVERROCK GOLF RESERVE 64,113067,000 67,000 -2,887 95.69% 760 - SUPPLEMENTAL PENSION PLAN 5,32506,000 6,000 -675 88.75% 761 - CERBT OPEB TRUST -24,286080,000 80,000 -104,286 30.36% 762 - PARS PENSION TRUST -913,281-504,898700,000 700,000 -1,613,281 130.47% Report Total:7,415,420 82,355,36689,594,439 149,671,109 -67,315,743 55.02% ATTACHMENT 1 For Fiscal: 2021/22 Period Ending: 04/30/2022 Accounts are subject to adjusting entries and audit. The City's Annual Comprehensive Financial Report published annually in December, is the best resource for all final audited numbers. For Fiscal: 2021/22 Period Ending: 04/30/2022 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 33,735,3541,578,84055,162,726 72,685,526 38,950,172 46.41% 201 - GAS TAX FUND 1,212,10639,1712,007,500 2,984,683 1,772,577 40.61% 202 - LIBRARY & MUSEUM FUND 546,32224,1134,306,510 4,732,500 4,186,178 11.54% 203 - PUBLIC SAFETY FUND (MEASURE G)189,82700286,397 96,570 66.28% 210 - FEDERAL ASSISTANCE FUND 1,5300148,350 207,377 205,847 0.74% 212 - SLESA (COPS) FUND 19,8730100,000 100,000 80,127 19.87% 215 - LIGHTING & LANDSCAPING FUND 1,624,402206,2572,257,400 2,257,400 632,998 71.96% 220 - QUIMBY FUND 378,878001,180,635 801,757 32.09% 221 - AB 939 - CALRECYCLE FUND 42,44222,486150,000 205,120 162,678 20.69% 223 - MEASURE A FUND 351,97401,220,500 2,614,501 2,262,527 13.46% 225 - INFRASTRUCTURE FUND 00022,618 22,618 0.00% 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)9,750012,000 12,000 2,250 81.25% 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)005,000 5,000 5,000 0.00% 230 - CASp FUND, AB 1379 005,600 5,600 5,600 0.00% 231 - SUCCESSOR AGCY PA 1 RORF 15,285,742000 -15,285,742 0.00% 235 - SO COAST AIR QUALITY FUND 24,86910,24942,500 42,500 17,631 58.52% 237 - SUCCESSOR AGCY PA 1 ADMIN 3,500000 -3,500 0.00% 241 - HOUSING AUTHORITY 929,737108,0951,542,200 1,761,200 831,463 52.79% 243 - RDA LOW-MOD HOUSING FUND 7000250,000 250,000 249,300 0.28% 244 - HOUSING GRANTS (Multiple)87,2195,2230160,000 72,781 54.51% 247 - ECONOMIC DEVELOPMENT FUND 66,763021,500 71,500 4,737 93.38% 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)8,631,040-5520,000 8,650,545 19,505 99.77% 250 - TRANSPORTATION DIF FUND 400,0000604,500 1,816,757 1,416,757 22.02% 253 - LIBRARY DEVELOPMENT DIF 0030,000 30,000 30,000 0.00% 254 - COMMUNITY & CULTURAL CENTERS DIF 00125,000 125,000 125,000 0.00% 270 - ART IN PUBLIC PLACES FUND 93,9876,460127,000 742,700 648,713 12.65% 310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,100 1,100 1,100 0.00% 401 - CAPITAL IMPROVEMENT PROGRAMS 4,432,356230,7379,894,806 60,651,008 56,218,652 7.31% 405 - SA PA 1 CAPITAL IMPRV FUND 1,067,016001,128,751 61,735 94.53% 501 - FACILITY & FLEET REPLACEMENT 818,880318,3851,222,750 1,619,714 800,834 50.56% 502 - INFORMATION TECHNOLOGY 1,101,794136,9801,786,700 2,256,627 1,154,833 48.82% 503 - PARK EQUIP & FACILITY FUND 242,292127,074255,000 347,635 105,343 69.70% 504 - INSURANCE FUND 919,483845936,800 936,800 17,317 98.15% 601 - SILVERROCK RESORT 3,649,491443,2144,161,262 4,191,262 541,771 87.07% 602 - SILVERROCK GOLF RESERVE 30,0000030,000 0 100.00% 760 - SUPPLEMENTAL PENSION PLAN 12,833012,850 12,850 17 99.87% 761 - CERBT OPEB TRUST 1,32201,500 1,500 178 88.15% 762 - PARS PENSION TRUST 50,0344,83352,000 52,000 1,966 96.22% Report Total:3,262,905 75,961,51786,463,054 172,178,807 96,217,290 44.12% Accounts are subject to adjusting entries and audit. The City's Annual Comprehensive Financial Report 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: August 24, 2022 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED MAY 31, 2022 RECOMMENDATION Receive and file revenue and expenditure report dated May 31, 2022. EXECUTIVE SUMMARY • The report summarizes the City’s year-to-date (YTD) revenues and period expenditures for May 2022 (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 2021 for fiscal year 2021/22. Current Total Budget – represents original adopted budgets plus any Council approved budget amendments from throughout the year, including carryovers from the prior FY. Period Activity – represents actual revenues received and expenditures outlaid in the reporting month. Fiscal Activity – represents actual revenues received and expenditures outlaid YTD. Variance Favorable/(Unfavorable) - represents the dollar difference between YTD collections/expenditures and the current budgeted amount. Percent Used – represents the percentage activity as compared to budget YTD. CONSENT CALENDAR ITEM NO. 3 The revenue report includes revenues and transfers into funds from other funds (income items). Revenues are not received uniformly throughout the year, resulting in peaks and valleys. For example, large property tax payments are usually received in December and May. Similarly, Redevelopment Property Tax Trust Fund payments are typically received in January and June. Any timing imbalance of revenue receipts versus expenditures is funded from the City’s cash flow reserve. The expenditure report includes expenditures and transfers out to other funds. Unlike revenues, expenditures are more likely to be consistent from month to month. However, large debt service payments or CIP expenditures can cause swings. Prepared by: Rosemary Hallick, Financial Services Analyst Approved by: Claudia Martinez, Finance Director Attachment 1: Revenue and Expenditure Report for May 31, 2022 MTD YTD Percent of Budget YTD Percent of Budget General Fund 10,009,213$ 61,196,746$ 84.55%47,747,969$ 82.77% All Funds 25,180,542$ 107,539,795$ 66.76%89,168,073$ 51.24% MTD YTD Percent of Budget YTD Percent of Budget General Fund 3,779,654$ 37,515,008$ 51.10%34,143,582$ 50.90% Payroll - General Fund 743,221$ 11,331,850$ 82.48%8,324,433$ 72.23% All Funds 5,073,046$ 81,034,563$ 46.75%92,401,654$ 49.02% Comparison To Last Year Comparison To Last Year May Revenues May Expenditures General Fund Non-General Fund Property Tax 3,135,921$ County Government Tax Revenue for Debt Service 12,931,361$ Transient Occupancy (Hotel) Tax 2,617,273$ County Government Revenue -Library/Museum 887,737$ Measure G Sales Tax 1,784,395$ Lighting and Landscape District Assessments 435,305$ Sales Tax 1,532,619$ SilverRock Greens Fees 234,097$ Franchise Fees- Cable Television 173,792$ Gas Tax 147,985$ General Fund Non-General Fund Sheriff Contract (January 13 to March 9)2,441,494$ SilverRock Maintenance 182,412$ Parks Landscape Maintenance 48,536$ Capital Improvement Program (CIP) - Construction(2)165,628$ Public Works (Streets) Professional Services(1)46,896$ Lighting & Landscape Maintenance 59,858$ Contract Legal Services 41,544$ Housing Authority Rental Expenses 85,386$ HVAC Repair and Maintenance 36,875$ Lighting & Landscape Maintenance 65,331$ Top Five Revenue/Income Sources for May Top Five Expenditures/Outlays for May (1)Avenue 47 sidewalk improvements (2) CIP Construction: X-park construction; various traffic maintenance and improvements For Fiscal: 2021/22 Period Ending: 05/31/2022 Page 1 of 3 Expenditure Summary Fiscal Activity Variance Favorable (Unfavorable)Fund Period Activity Current Total Budget Original Total Budget Percent Used 101 - GENERAL FUND 37,515,0083,779,65455,162,726 73,410,526 35,895,518 51.10% 201 - GAS TAX FUND 1,248,02235,9162,007,500 2,984,683 1,736,662 41.81% 202 - LIBRARY & MUSEUM FUND 579,40033,0784,306,510 4,732,500 4,153,100 12.24% 203 - PUBLIC SAFETY FUND (MEASURE G)189,82700286,397 96,570 66.28% 210 - FEDERAL ASSISTANCE FUND 1,5300148,350 207,377 205,847 0.74% 212 - SLESA (COPS) FUND 30,32510,452100,000 100,000 69,675 30.33% 215 - LIGHTING & LANDSCAPING FUND 1,818,374193,9722,257,400 2,257,400 439,026 80.55% 220 - QUIMBY FUND 378,878001,180,635 801,757 32.09% 221 - AB 939 - CALRECYCLE FUND 56,14313,700150,000 205,120 148,977 27.37% 223 - MEASURE A FUND 351,97401,220,500 2,614,501 2,262,527 13.46% 225 - INFRASTRUCTURE FUND 00022,618 22,618 0.00% 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)9,750012,000 12,000 2,250 81.25% 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)005,000 5,000 5,000 0.00% 230 - CASp FUND, AB 1379 005,600 5,600 5,600 0.00% 231 - SUCCESSOR AGCY PA 1 RORF 15,285,742000 -15,285,742 0.00% 235 - SO COAST AIR QUALITY FUND 25,74988042,500 42,500 16,751 60.59% 237 - SUCCESSOR AGCY PA 1 ADMIN 5,8002,30000 -5,800 0.00% 241 - HOUSING AUTHORITY 1,057,330127,5931,542,200 1,761,200 703,870 60.03% 243 - RDA LOW-MOD HOUSING FUND 7000250,000 250,000 249,300 0.28% 244 - HOUSING GRANTS (Multiple)90,1072,8890160,000 69,893 56.32% 247 - ECONOMIC DEVELOPMENT FUND 66,763021,500 71,500 4,737 93.38% 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)8,631,040020,000 8,650,545 19,505 99.77% 250 - TRANSPORTATION DIF FUND 400,0000604,500 1,816,757 1,416,757 22.02% 253 - LIBRARY DEVELOPMENT DIF 0030,000 30,000 30,000 0.00% 254 - COMMUNITY & CULTURAL CENTERS DIF 00125,000 125,000 125,000 0.00% 270 - ART IN PUBLIC PLACES FUND 95,9731,986127,000 742,700 646,727 12.92% 310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,100 1,100 1,100 0.00% 401 - CAPITAL IMPROVEMENT PROGRAMS 4,650,798218,4429,894,806 60,651,008 56,000,209 7.67% 405 - SA PA 1 CAPITAL IMPRV FUND 1,067,016001,128,751 61,735 94.53% 501 - FACILITY & FLEET REPLACEMENT 978,756159,8771,222,750 1,676,214 697,457 58.39% 502 - INFORMATION TECHNOLOGY 1,167,61165,8171,786,700 2,256,627 1,089,016 51.74% 503 - PARK EQUIP & FACILITY FUND 248,7556,463255,000 347,635 98,880 71.56% 504 - INSURANCE FUND 919,54361936,800 936,800 17,257 98.16% 601 - SILVERROCK RESORT 4,064,792415,3014,161,262 4,570,262 505,470 88.94% 602 - SILVERROCK GOLF RESERVE 30,0000030,000 0 100.00% 760 - SUPPLEMENTAL PENSION PLAN 12,833012,850 12,850 17 99.87% 761 - CERBT OPEB TRUST 1,32201,500 1,500 178 88.15% 762 - PARS PENSION TRUST 54,6994,66552,000 52,000 -2,699 105.19% Report Total:5,073,046 81,034,56386,463,054 173,339,307 92,304,744 46.75% ATTACHMENT 1 Accounts are subject to adjusting entries and audit. The City's Annual Comprehensive Financial Report published annually in December, is the best resource for all final audited numbers. For Fiscal: 2021/22 Period Ending: 05/31/2022 Page 2 of 3 Revenue Summary Fiscal Activity Variance Favorable (Unfavorable)Fund Period Activity Current Total Budget Original Total Budget Percent Used 101 - GENERAL FUND 61,196,74610,009,21358,804,210 72,377,532 -11,180,786 84.55% 201 - GAS TAX FUND 1,629,812147,9851,965,880 1,965,880 -336,068 82.90% 202 - LIBRARY & MUSEUM FUND 926,404887,8142,850,700 2,851,900 -1,925,496 32.48% 203 - PUBLIC SAFETY FUND (MEASURE G)1,23605,000 5,000 -3,764 24.73% 210 - FEDERAL ASSISTANCE FUND 1,4230151,000 151,000 -149,577 0.94% 212 - SLESA (COPS) FUND 129,1788,333101,000 101,000 28,178 127.90% 215 - LIGHTING & LANDSCAPING FUND 2,231,591435,3052,274,700 2,274,700 -43,109 98.10% 221 - AB 939 - CALRECYCLE FUND 58,9603,42670,000 125,120 -66,160 47.12% 223 - MEASURE A FUND 1,324,91301,567,000 1,567,000 -242,087 84.55% 225 - INFRASTRUCTURE FUND 780100100 -22 78.21% 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)28,845012,000 12,000 16,845 240.37% 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)6,01805,000 5,000 1,018 120.36% 230 - CASp FUND, AB 1379 17,5721,21619,200 19,200 -1,628 91.52% 231 - SUCCESSOR AGCY PA 1 RORF 20,112,67012,931,36100 20,112,670 0.00% 235 - SO COAST AIR QUALITY FUND 26,184052,800 52,800 -26,616 49.59% 237 - SUCCESSOR AGCY PA 1 ADMIN 2,2411,50000 2,241 0.00% 241 - HOUSING AUTHORITY 1,658,89488,501871,400 1,666,400 -7,506 99.55% 243 - RDA LOW-MOD HOUSING FUND 11,371035,000 35,000 -23,629 32.49% 247 - ECONOMIC DEVELOPMENT FUND 220,41722,56730,000 30,000 190,417 734.72% 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)24,4450201,000 26,000 -1,555 94.02% 250 - TRANSPORTATION DIF FUND 2,233,64580,873428,000 2,728,000 -494,355 81.88% 251 - PARKS & REC DIF FUND 692,19635,802351,000 851,000 -158,804 81.34% 252 - CIVIC CENTER DIF FUND 486,93223,814152,000 602,000 -115,068 80.89% 253 - LIBRARY DEVELOPMENT DIF 130,4246,74950,000 175,000 -44,576 74.53% 254 - COMMUNITY & CULTURAL CENTERS DIF 313,39416,25272,000 372,000 -58,606 84.25% 255 - STREET FACILITY DIF FUND 33,76252000 33,762 0.00% 256 - PARK FACILITY DIF FUND 67000 67 0.00% 257 - FIRE PROTECTION DIF 158,4167,60966,000 191,000 -32,584 82.94% 270 - ART IN PUBLIC PLACES FUND 201,47114,742130,000 130,000 71,471 154.98% 275 - LQ PUBLIC SAFETY OFFICER 2,20002,600 2,600 -400 84.61% 299 - INTEREST ALLOCATION FUND 532,318117,25600 532,318 0.00% 310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,100 1,100 -1,100 0.00% 401 - CAPITAL IMPROVEMENT PROGRAMS 5,639,07709,894,806 62,501,834 -56,862,757 9.02% 405 - SA PA 1 CAPITAL IMPRV FUND 2,433000 2,433 0.00% 501 - FACILITY & FLEET REPLACEMENT 924,0514,2031,222,750 1,222,750 -298,699 75.57% 502 - INFORMATION TECHNOLOGY 1,347,7292,4301,786,700 1,786,700 -438,971 75.43% 503 - PARK EQUIP & FACILITY FUND 349,9050400,000 400,000 -50,095 87.48% 504 - INSURANCE FUND 757,65301,010,800 1,010,800 -253,147 74.96% 601 - SILVERROCK RESORT 4,932,310272,1294,157,693 4,987,693 -55,383 98.89% 602 - SILVERROCK GOLF RESERVE 64,113067,000 67,000 -2,887 95.69% 760 - SUPPLEMENTAL PENSION PLAN 5,32506,000 6,000 -675 88.75% 761 - CERBT OPEB TRUST -24,286080,000 80,000 -104,286 30.36% 762 - PARS PENSION TRUST -852,33760,944700,000 700,000 -1,552,337 121.76% Report Total:25,180,542 107,539,79589,594,439 161,081,109 -53,541,314 66.76% Accounts are subject to adjusting entries and audit. The City's Annual Comprehensive Financial Report 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: August 24, 2022 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE FOURTH QUARTER FISCAL YEAR 2021/22 TREASURY REPORTS FOR APRIL, MAY, JUNE 2022 RECOMMENDATION Investment Type April May June Max Allowed Bank Accounts 6.59% 14.85% 4.11% 100% Local Agency Investment Fund (LAIF) City 37.30% 33.50% 14.66% (1) Local Agency Investment Fund (LAIF) Housing 1.03% 0.93% 0.90% (1)(2) Money Market Pool Accounts-CAMP 0.44% 0.40% 12.53% 20% Federal Agency Coupons 19.90% 17.87% 17.76% 100% Treasury Coupons 10.52% 10.57% 29.30% 100% Certificates of Deposit (CD's)16.87% 15.26% 14.54% 30% Corporate Notes 0.95% 0.86% 0.83% 30% Money Market with Fiscal Agent 0.00% 0.00% 0.00% (2) CERBT- OPEB Trust 1.04% 0.93% 0.81% (3) PARS Pension Trust 5.35% 4.83% 4.56% (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 Receive and file the fourth quarter fiscal year 2021/22 Treasury Reports for April, May and June 2022. BACKGROUND/ANALYSIS Commentary and Summary of Significant Activity The total book value of the portfolio increased $31.7 million, from $190.8 million at the end of March to $222.5 million at the end of June. An increase of $13.5 million was due to the Redevelopment Property Tax Trust Fund (RPTTF) pass-through apportionment payment which funds debt service obligations that are paid in August. The remainder of the increase 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. Portfolio Allocations CONSENT CALENDAR ITEM NO. 4 The fiscal year annual effective rate of return is 0.79% as of June, which reflects a 4 basis point (bps) increase since March. City staff is evaluating liquidity needs and continuing to move money from the Local Agency Investment Fund (LAIF) into investments that may provide more yield. Throughout the quarter, six CDs and one treasury matured; four agency bonds and 22 treasuries were purchased. There were no sales or calls. 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: Claudia Martinez, Finance Director/City Treasurer Attachment: 1. Treasurer’s Report for April 1, 2022 to June 30, 2022 Total Earnings Average Days to Maturity Effective Rate of Return YTD April 143,720$ 488 0.77% May 158,498$ 443 0.78% June 159,253$ 464 0.79% Quarter 4 461,471$ 465 0.78% ATTACHMENT 1 Days to Maturity Page 1 Par Value Book Value Maturity Date Stated RateMarket Value April 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Bank Accounts 1Bank of New York1293 3,642,503.05 3,642,503.0509/01/2020 3,642,503.05 1SYS1293 0.000 1Bank of the West1228 8,248,581.23 8,248,581.2308/20/2019 8,248,581.23 1059731851 0.000 1City Petty Cash1059 3,300.00 3,300.0007/01/2016 3,300.00 1SYS1059 0.000 1Dune Palms Mobile Estates1318 548,394.87 548,394.8703/09/2021 548,394.87 1SYS1318 0.000 1La Quinta Palms Realty1062 392,086.39 392,086.3907/01/2016 392,086.39 1SYS1062 0.000 12,834,865.54 112,834,865.5412,834,865.542,298,751.32Subtotal and Average 1 0.000 Local Agency Investment Fund-City 1Local Agency Inv Fund1055 72,615,832.06 72,615,832.06 0.52372,621,385.24 198-33-434 0.523 72,615,832.06 172,621,385.2472,615,832.0664,562,812.91Subtotal and Average 1 0.523 Local Agency Invstmnt Fund-Housing 1Local Agency Inv Fund1113 2,010,227.97 2,010,227.97 0.5232,011,105.85 125-33-005 0.523 2,010,227.97 12,011,105.852,010,227.979,746,329.18Subtotal and Average 1 0.523 Money Market/Mutual Funds 1Dreyfus12940.00 0.0007/01/2021 0.00 1X9USDDTP3 0.000 0.00 00.000.000.00Subtotal and Average 0 0.000 Money Market Accounts - CAMP 1California Asset Management Pr1153 856,243.07 856,243.07 0.50009/26/2018 856,243.07 1SYS1153 0.500 856,243.07 1856,243.07856,243.07855,903.69Subtotal and Average 1 0.500 Federal Agency Coupon Securities 128Federal National Mtg Assn1233 1,000,000.00 992,100.00 09/06/20221.37510/29/2019 1,000,630.00 1,0433135G0W33 1.659 151Federal Farm Credit Bank1247 1,000,000.00 999,217.36 09/29/20221.40002/05/2020 1,000,320.00 9673133EGWJ0 1.430 225Federal Farm Credit Bank1198 500,000.00 499,500.00 12/12/20221.87506/20/2019 500,360.00 1,2713133EKQP4 1.905 269Federal Farm Credit Bank1348 1,000,000.00 998,530.00 01/25/20230.18012/07/2021 989,260.00 4143133ENBT6 0.310 362Federal Farm Credit Bank1340 500,000.00 499,002.04 04/28/20230.17010/22/2021 490,435.00 5533133EMX64 0.302 470Federal Farm Credit Bank1223 500,000.00 499,400.00 08/14/20231.60009/12/2019 495,400.00 1,4323133EKZK5 1.632 492Federal Farm Credit Bank1158 250,000.00 247,275.00 09/05/20232.80010/15/2018 251,475.00 1,7863133EJYL7 3.041 549Federal Farm Credit Bank1234 1,000,000.00 996,900.00 11/01/20231.60011/01/2019 988,300.00 1,4613133EK4X1 1.680 653Federal Home Loan Bank1177 500,000.00 498,550.00 02/13/20242.50003/01/2019 499,070.00 1,8103130AFW94 2.563 654Federal Farm Credit Bank1246 1,000,000.00 999,000.00 02/14/20241.43002/14/2020 981,830.00 1,4613133ELNE0 1.456 793Federal National Mtg Assn1206 500,000.00 495,950.00 07/02/20241.75007/15/2019 489,810.00 1,8143135G0V75 1.922 Portfolio CITY CP Run Date: 08/22/2022 - 11:59 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 April 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Federal Agency Coupon Securities 817Federal Farm Credit Bank1212 500,000.00 499,500.00 07/26/20241.85008/02/2019 491,355.00 1,8203133EKWV4 1.871 870Federal Farm Credit Bank1224 500,000.00 498,750.00 09/17/20241.60009/17/2019 487,375.00 1,8273133EKP75 1.652 870Federal Farm Credit Bank1242 1,000,000.00 998,600.00 09/17/20241.70012/17/2019 976,990.00 1,7363133ELEA8 1.731 932Federal National Mtg Assn1291 500,000.00 499,250.00 11/18/20240.42011/18/2020 470,020.00 1,4613135G06E8 0.458 953Federal Farm Credit Bank1355 1,000,000.00 1,000,000.00 12/09/20240.97012/09/2021 950,850.00 1,0963133ENGN4 0.970 974Federal National Mtg Assn1300 500,000.00 500,000.00 12/30/20240.40012/30/2020 468,105.00 1,4613135GAAW1 0.400 982Federal Home Loan Bank1353 1,000,000.00 987,100.00 01/07/20250.55012/07/2021 940,930.00 1,1273130AP2U8 0.976 1,030Federal Home Loan Bank1374 1,000,000.00 1,000,000.00 02/24/20251.70002/25/2022 972,490.00 1,0953130AQWY5 1.700 1,087Federal National Mtg Assn1365 500,000.00 487,790.00 04/22/20250.62501/28/2022 468,060.00 1,1803135G03U5 1.400 1,122Federal Home Loan Mtg Corp1279 1,000,000.00 1,000,000.00 05/27/20250.62505/27/2020 933,360.00 1,8263134GVYG7 0.625 1,135Federal Farm Credit Bank1280 500,000.00 499,850.00 06/09/20250.50006/09/2020 464,855.00 1,8263133ELH23 0.506 1,136Federal Farm Credit Bank1282 500,000.00 500,000.00 06/10/20250.68006/10/2020 466,830.00 1,8263133ELH80 0.680 1,139Federal Home Loan Bank1281 500,000.00 499,850.00 06/13/20250.50006/03/2020 464,525.00 1,8363130AJKW8 0.506 1,156Federal Home Loan Bank1283 300,000.00 300,000.00 06/30/20250.68006/30/2020 279,438.00 1,8263130AJRP6 0.680 1,177Federal Home Loan Mtg Corp1297 1,000,000.00 997,300.00 07/21/20250.37512/07/2020 923,030.00 1,6873137EAEU9 0.434 1,177Federal Home Loan Mtg Corp1361 500,000.00 487,090.00 07/21/20250.37501/05/2022 461,515.00 1,2933137EAEU9 1.120 1,201Federal National Mtg Assn1288 500,000.00 500,000.00 08/14/20250.50008/14/2020 462,695.00 1,8263135G05S8 0.500 1,205Federal National Mtg Assn1290 500,000.00 499,750.00 08/18/20250.52008/28/2020 462,830.00 1,8163136G4M75 0.530 1,208Federal National Mtg Assn1289 1,000,000.00 1,000,000.00 08/21/20250.56008/21/2020 926,860.00 1,8263136G4N74 0.560 1,241Federal Home Loan Mtg Corp1307 500,000.00 495,999.50 09/23/20250.37502/23/2021 458,975.00 1,6733137EAEX3 0.552 1,241Federal Home Loan Mtg Corp1310 1,000,000.00 983,940.00 09/23/20250.37503/30/2021 917,950.00 1,6383137EAEX3 0.740 1,262Federal Home Loan Bank1385 500,000.00 500,000.00 10/14/20252.50004/14/2022 494,235.00 1,2793130ARGJ4 2.500 1,275Federal Home Loan Mtg Corp1362 400,000.00 391,360.00 10/27/20250.65001/05/2022 367,992.00 1,3913134GW5R3 1.232 1,286Federal National Mtg Assn1354 1,000,000.00 976,300.00 11/07/20250.50012/07/2021 918,970.00 1,4313135G06G3 1.120 1,296Federal National Mtg Assn1292 500,000.00 499,250.00 11/17/20250.56011/17/2020 460,620.00 1,8263135GA2Z3 0.590 1,321Federal Home Loan Bank1298 500,000.00 497,400.00 12/12/20250.37512/07/2020 456,560.00 1,8313130AKFA9 0.480 1,332Federal National Mtg Assn1299 500,000.00 500,000.00 12/23/20250.60012/23/2020 460,215.00 1,8263135GA7D7 0.600 1,339Federal Home Loan Mtg Corp1301 500,000.00 500,000.00 12/30/20250.55012/30/2020 458,285.00 1,8263134GXGZ1 0.550 1,354Federal Home Loan Bank1302 500,000.00 500,000.00 01/14/20260.51001/14/2021 460,730.00 1,8263130AKMZ6 0.510 1,369Federal Home Loan Bank1304 500,000.00 500,000.00 01/29/20260.55001/29/2021 460,980.00 1,8263130AKN28 0.550 1,429Federal Home Loan Bank1312 500,000.00 500,000.00 03/30/20261.05003/30/2021 468,755.00 1,8263130ALV92 0.938 1,503Federal Home Loan Bank1324 1,000,000.00 993,420.00 06/12/20260.75006/17/2021 912,760.00 1,8213130AMFS6 0.885 1,562Federal Farm Credit Bank1330 500,000.00 498,000.00 08/10/20260.71008/10/2021 457,335.00 1,8263133EM2C5 0.792 1,593Federal Farm Credit Bank1338 1,000,000.00 991,080.00 09/10/20260.80009/28/2021 913,130.00 1,8083133EM4X7 0.985 1,613Federal Home Loan Bank1337 1,000,000.00 999,000.00 09/30/20261.00009/30/2021 925,150.00 1,8263130APBM6 1.021 1,626Federal Home Loan Bank1339 1,000,000.00 998,250.00 10/13/20260.95010/13/2021 921,600.00 1,8263130APB46 0.986 Portfolio CITY CP Run Date: 08/22/2022 - 11:59 PM (PRF_PM2) 7.3.0 Days to Maturity Page 3 Par Value Book Value Maturity Date Stated RateMarket Value April 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Federal Agency Coupon Securities 1,641Federal Home Loan Mtg Corp1359 500,000.00 486,000.00 10/28/20260.80001/05/2022 452,485.00 1,7573134GW6C5 1.403 1,646Federal Farm Credit Bank1344 1,000,000.00 1,000,000.00 11/02/20261.27011/02/2021 933,490.00 1,8263133ENCQ1 1.270 1,668Federal Home Loan Bank1347 500,000.00 499,500.00 11/24/20260.70011/24/2021 472,985.00 1,8263130APTV7 1.489 1,695Federal Home Loan Bank1358 1,000,000.00 999,750.00 12/21/20261.25012/22/2021 926,990.00 1,8253130AQF65 1.255 1,704Federal Home Loan Mtg Corp1366 1,000,000.00 945,570.00 12/30/20260.70002/10/2022 905,530.00 1,7843134GWUQ7 1.870 1,732Federal Home Loan Bank1364 1,000,000.00 1,000,000.00 01/27/20271.50001/27/2022 942,300.00 1,8263130AQJR5 1.500 1,746Federal Home Loan Bank1367 1,000,000.00 1,000,000.00 02/10/20271.83002/10/2022 940,900.00 1,8263130AQSA2 1.830 1,814Federal Home Loan Bank1387 1,000,000.00 1,000,000.00 04/19/20272.70004/19/2022 981,030.00 1,8263130ARGY1 2.700 38,735,073.90 1,58336,828,955.0038,950,000.0037,918,407.23Subtotal and Average 1,149 1.170 Treasury Coupon Securities 14U.S. Treasury1192 500,000.00 496,650.00 05/15/20221.75005/31/2019 500,250.00 1,080912828SV3 1.984 152U.S. Treasury1178 500,000.00 489,687.50 09/30/20221.87503/01/2019 501,170.00 1,3099128282W9 2.480 334U.S. Treasury1349 1,000,000.00 996,718.75 03/31/20230.12512/07/2021 982,700.00 47991282CBU4 0.376 395U.S. Treasury1350 1,000,000.00 995,468.75 05/31/20230.12512/07/2021 977,930.00 54091282CCD1 0.432 456U.S. Treasury1341 500,000.00 497,792.97 07/31/20230.12510/22/2021 486,230.00 64791282CCN9 0.375 517U.S. Treasury1217 500,000.00 499,300.00 09/30/20231.37508/21/2019 492,480.00 1,501912828T26 1.410 593U.S. Treasury1351 1,000,000.00 990,000.00 12/15/20230.12512/07/2021 961,370.00 73891282CBA8 0.623 624U.S. Treasury1342 1,000,000.00 991,000.00 01/15/20240.12510/22/2021 958,790.00 81591282CBE0 0.531 684U.S. Treasury1352 1,000,000.00 989,800.00 03/15/20240.25012/07/2021 956,170.00 82991282CBR1 0.704 715U.S. Treasury1360 500,000.00 494,882.81 04/15/20240.37501/05/2022 478,010.00 83191282CBV2 0.830 898U.S. Treasury1343 1,000,000.00 996,320.00 10/15/20240.62510/22/2021 948,240.00 1,08991282CDB4 0.750 944U.S. Treasury1241 1,000,000.00 989,687.50 11/30/20241.50012/16/2019 966,840.00 1,811912828YV6 1.718 1,279U.S. Treasury1311 1,000,000.00 977,500.00 10/31/20250.25003/30/2021 911,680.00 1,67691282CAT8 0.750 1,309U.S. Treasury1315 500,000.00 492,187.50 11/30/20250.37504/22/2021 456,795.00 1,68391282CAZ4 0.720 1,340U.S. Treasury1303 500,000.00 498,632.81 12/31/20250.37501/07/2021 455,900.00 1,81991282CBC4 0.431 1,371U.S. Treasury1309 500,000.00 495,100.00 01/31/20260.37502/23/2021 454,805.00 1,80391282CBH3 0.577 1,399U.S. Treasury1319 500,000.00 494,165.00 02/28/20260.50005/28/2021 456,095.00 1,73791282CBQ3 0.750 1,399U.S. Treasury1382 750,000.00 698,025.00 02/28/20260.50003/23/2022 684,142.50 1,43891282CBQ3 2.353 1,430U.S. Treasury1320 500,000.00 499,525.00 03/31/20260.75005/28/2021 459,805.00 1,76891282CBT7 0.770 1,430U.S. Treasury1322 500,000.00 498,450.00 03/31/20260.75006/17/2021 459,805.00 1,74891282CBT7 0.816 1,460U.S. Treasury1383 1,000,000.00 999,010.00 04/30/20262.37503/23/2022 979,340.00 1,4999128286S4 2.400 1,491U.S. Treasury1321 1,000,000.00 997,060.00 05/31/20260.75006/01/2021 916,130.00 1,82591282CCF6 0.810 1,491U.S. Treasury1323 500,000.00 497,095.00 05/31/20260.75006/17/2021 458,065.00 1,80991282CCF6 0.870 1,552U.S. Treasury1335 1,000,000.00 983,750.00 07/31/20260.62509/29/2021 907,930.00 1,76691282CCP4 0.970 Portfolio CITY CP Run Date: 08/22/2022 - 11:59 PM (PRF_PM2) 7.3.0 Days to Maturity Page 4 Par Value Book Value Maturity Date Stated RateMarket Value April 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Treasury Coupon Securities 1,583U.S. Treasury1336 1,000,000.00 988,500.00 08/31/20260.75009/29/2021 911,560.00 1,79791282CCW9 0.990 1,583U.S. Treasury1380 500,000.00 466,454.17 08/31/20260.75003/22/2022 455,780.00 1,62391282CCW9 2.350 1,644U.S. Treasury1381 500,000.00 473,396.82 10/31/20261.12503/22/2022 461,975.00 1,68491282CDG3 2.350 1,736U.S. Treasury1369 1,000,000.00 986,700.00 01/31/20271.50002/10/2022 936,950.00 1,816912828Z78 1.781 20,472,859.58 1,36119,576,937.5020,750,000.0020,472,859.58Subtotal and Average 1,060 1.100 Certificate of Deposits 16Kansas State Bank1101 245,000.00 245,000.00 05/17/20222.10011/17/2017 245,167.70 1,64250116CBE8 2.099 38PCSB Bank1149 245,000.00 245,000.00 06/08/20223.00006/08/2018 245,617.45 1,46169324MAD7 3.002 39Synovus Bank1253 245,000.00 245,000.00 06/09/20221.60003/09/2020 245,241.28 82287164DRD4 1.602 43Allegiance Bank1143 245,000.00 245,000.00 06/13/20223.10006/13/2018 245,722.51 1,46101748DBE5 3.102 58America's Credit Union1200 248,000.00 248,000.00 06/28/20222.30006/28/2019 248,648.33 1,09603065AAL7 2.302 99Traditions Bank1148 245,000.00 245,000.00 08/08/20223.00006/08/2018 246,282.63 1,52289269CBX9 3.002 114CIT Bank NA1219 245,000.00 245,000.00 08/23/20221.90008/23/2019 245,602.62 1,09612556LBA3 1.902 120American Express Fed Savings B1096 240,000.00 240,000.00 08/29/20222.40008/29/2017 240,837.58 1,82602587CFU9 2.402 120Sterling Bank1201 245,000.00 245,000.00 08/29/20222.15006/28/2019 245,648.88 1,15885916VDC6 2.153 165Alliance Credit Union1095 245,000.00 245,000.00 10/13/20222.25010/13/2017 245,765.48 1,82601859BAA3 2.251 177Barclays Bank1097 240,000.00 240,000.00 10/25/20222.30010/25/2017 240,863.91 1,82606740KLJ4 2.291 191Mountain America Federal CU1099 245,000.00 245,000.00 11/08/20222.30011/08/2017 245,692.20 1,82662384RAC0 2.301 201CrossFirst Bank1106 245,000.00 245,000.00 11/18/20222.20011/20/2017 245,590.52 1,82422766ACB9 2.201 211Enterprise Bank, NA1107 245,000.00 245,000.00 11/28/20222.15011/28/2017 245,547.54 1,82629367QCP1 2.151 220Medallion Bank1169 248,000.00 248,000.00 12/07/20223.40012/07/2018 250,228.22 1,46158404DCX7 3.402 220Red Rocks Credit Union1166 248,000.00 248,000.00 12/07/20223.35012/07/2018 250,152.27 1,46175701LAB3 3.352 242Knoxville TVA Credit Union1110 245,000.00 245,000.00 12/29/20222.40012/29/2017 245,499.15 1,826499724AB8 2.401 243Kern FCU1239 248,000.00 248,000.00 12/30/20221.90012/30/2019 247,397.59 1,09649228XAK6 1.902 243San Francisco FCU1240 248,000.00 248,000.00 12/30/20221.85012/30/2019 247,313.93 1,09679772FAC0 1.852 274Wells Fargo Natl Bank West1244 248,000.00 248,000.00 01/30/20231.90001/29/2020 247,090.88 1,097949495AT2 1.900 296Servisfirst Bank1254 248,000.00 248,000.00 02/21/20231.60002/21/2020 246,658.82 1,09681768PAF3 1.601 303Verus Bank of Commerce1180 248,000.00 248,000.00 02/28/20232.70002/28/2019 248,914.80 1,46192535LCD4 2.700 325Aneca Federal Credit Union1119 245,000.00 245,000.00 03/22/20232.80003/22/2018 245,906.16 1,826034577AH9 2.802 334Northstar Bank1263 248,000.00 248,000.00 03/31/20231.15003/31/2020 244,621.95 1,09566704MEQ0 1.150 334West Michigan Cmnty Bk1265 248,000.00 248,000.00 03/31/20231.15003/31/2020 244,621.95 1,095954444BS3 1.150 345Citibank NA1123 245,000.00 245,000.00 04/11/20232.90004/11/2018 245,909.81 1,82617312QJ26 2.902 362Congressional Bank1189 248,000.00 248,000.00 04/28/20232.50004/30/2019 247,985.12 1,45920726ABA5 2.502 362EnerBank USA1125 240,000.00 240,000.00 04/28/20232.95004/30/2018 241,062.76 1,82429278TAY6 2.952 Portfolio CITY CP Run Date: 08/22/2022 - 11:59 PM (PRF_PM2) 7.3.0 Days to Maturity Page 5 Par Value Book Value Maturity Date Stated RateMarket Value April 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Certificate of Deposits 369First National Bank1179 248,000.00 248,000.00 05/05/20232.80003/05/2019 248,430.50 1,52232117BCX4 2.802 402Pittsfield Cooperative Bank1194 245,000.00 245,000.00 06/07/20232.50006/07/2019 244,559.54 1,461725404AB3 2.502 415Morton Community1173 248,000.00 248,000.00 06/20/20232.75003/20/2019 248,251.23 1,553619165JD6 2.753 415RCB Bank1144 245,000.00 245,000.00 06/20/20233.15006/20/2018 246,364.78 1,82674934YAH4 3.152 421American First CU1285 248,000.00 248,000.00 06/26/20230.35006/26/2020 241,377.21 1,09502616AAH2 0.350 444American National Bank1205 248,000.00 248,000.00 07/19/20232.00007/19/2019 245,905.02 1,46102772JBD1 2.001 445First National Bank of America1147 245,000.00 245,000.00 07/20/20233.15007/20/2018 246,362.44 1,82632110YLK9 3.152 456Bank of New England1151 249,000.00 249,000.00 07/31/20233.25007/31/2018 250,526.63 1,82606426KAN8 3.252 479Raymond James Bank1218 244,000.00 244,000.00 08/23/20231.95008/23/2019 241,523.44 1,46175472RAD3 1.951 516Triad Bank1262 248,000.00 248,000.00 09/29/20231.35003/30/2020 242,965.58 1,27889579NCD3 1.352 534Cache Valley BK F/K/A Marlin1155 248,000.00 248,000.00 10/17/20233.30010/17/2018 249,838.46 1,82657116ARV2 3.302 534Municipal Trust and Savings1160 245,000.00 245,000.00 10/17/20233.20010/17/2018 246,459.34 1,826625925AR3 3.202 534UBS Bank USA1161 245,000.00 245,000.00 10/17/20233.35010/17/2018 246,994.66 1,82690348JEJ5 3.352 536Jefferson Financial CU1154 245,000.00 245,000.00 10/19/20233.35010/19/2018 246,988.07 1,826474067AQ8 3.352 563Commercial Bank1162 248,000.00 248,000.00 11/15/20233.40011/15/2018 250,190.02 1,82620143PDV9 3.402 576Numerica Credit Union1164 248,000.00 248,000.00 11/28/20233.55011/28/2018 250,822.86 1,82667054NAN3 3.552 599National Cooperative Bank, N.A1170 245,000.00 245,000.00 12/21/20233.40012/21/2018 247,146.05 1,826635573AL2 3.402 607Bar Harbor Bank and Trust1172 248,000.00 248,000.00 12/29/20233.35012/31/2018 249,885.30 1,824066851WJ1 3.352 638Lakeside Bank1208 248,000.00 248,000.00 01/29/20242.00007/30/2019 244,043.55 1,64451210SQU4 2.003 652Rollstone B&T1251 245,000.00 245,000.00 02/12/20241.65002/12/2020 239,515.77 1,46177579ADF0 1.651 653Northwest Bank1181 248,000.00 248,000.00 02/13/20242.95002/13/2019 248,122.53 1,82666736ABP3 2.951 667Wells Fargo1174 248,000.00 248,000.00 02/27/20243.00002/27/2019 248,349.38 1,826949763XY7 3.001 697Lafayette FCU1384 248,000.00 248,000.00 03/28/20242.05003/30/2022 243,774.51 72950625LAW3 2.053 697Texas Bank Financial1260 245,000.00 245,000.00 03/28/20241.10003/31/2020 236,485.07 1,458882213AB7 1.101 715The Jefferson Bank1272 248,000.00 248,000.00 04/15/20241.25004/15/2020 239,680.54 1,461472382AQ3 1.251 716Belmont Bank and Trust1270 248,000.00 248,000.00 04/16/20241.25004/16/2020 239,669.28 1,46108016PDQ9 1.251 716Pacific Western Bank1269 245,000.00 245,000.00 04/16/20241.30004/16/2020 237,053.14 1,46169506YRH4 1.301 726Main Street Bank1188 248,000.00 248,000.00 04/26/20242.60004/26/2019 246,118.78 1,82756065GAG3 2.603 745First Service Bank1231 248,000.00 248,000.00 05/15/20241.70011/15/2019 241,428.49 1,64333640VDD7 1.701 746JP Morgan Chase1185 245,000.00 245,000.00 05/16/20243.25005/16/2019 246,133.39 1,82748128HXU7 3.254 753Iowa State Bank1186 245,000.00 245,000.00 05/23/20242.40005/23/2019 241,934.93 1,82746256YAZ2 2.403 758Live Oak Bank1238 248,000.00 248,000.00 05/28/20241.80011/27/2019 241,824.58 1,644538036GV0 1.802 759Century Next Bank1184 248,000.00 248,000.00 05/29/20242.50005/29/2019 245,347.25 1,827156634AK3 2.503 768Plains Commerce Bank1195 245,000.00 245,000.00 06/07/20242.55006/07/2019 242,608.63 1,82772651LCL6 2.553 773Evansville Teachers Credit FCU1196 248,000.00 248,000.00 06/12/20242.60006/12/2019 245,815.91 1,827299547AQ2 2.603 780Legacy Bank1197 248,000.00 248,000.00 06/19/20242.40006/19/2019 244,755.36 1,827524661CB9 2.403 Portfolio CITY CP Run Date: 08/22/2022 - 11:59 PM (PRF_PM2) 7.3.0 Days to Maturity Page 6 Par Value Book Value Maturity Date Stated RateMarket Value April 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Certificate of Deposits 782Citizens State Bank1199 248,000.00 248,000.00 06/21/20242.40006/21/2019 244,747.37 1,827176688CP2 2.403 789Communitywide FCU1202 248,000.00 248,000.00 06/28/20242.25006/28/2019 243,929.67 1,82720416TAQ5 2.253 789Revere Bank1203 247,000.00 247,000.00 06/28/20242.30006/28/2019 243,220.48 1,827761402BY1 2.303 817Abacus Federal Savings1207 248,000.00 248,000.00 07/26/20241.95007/26/2019 242,135.21 1,82700257TBD7 1.952 821First Security Bank of WA1209 248,000.00 248,000.00 07/30/20242.00007/30/2019 242,332.52 1,82733625CCP2 2.002 822People's Bank1210 248,000.00 248,000.00 07/31/20242.00007/31/2019 242,325.88 1,827710571DS6 2.002 838Preferred Bank1213 249,000.00 249,000.00 08/16/20242.00008/16/2019 243,223.64 1,827740367HP5 2.002 845FirsTier Bank1216 249,000.00 249,000.00 08/23/20241.95008/23/2019 242,894.94 1,82733766LAJ7 1.952 845Washington Federal1215 248,000.00 248,000.00 08/23/20242.00008/23/2019 242,200.69 1,827938828BH2 2.002 852First State Bk DeQueen1222 248,000.00 248,000.00 08/30/20241.80008/30/2019 240,970.45 1,827336460CX6 1.802 852First Natl Bk of Syracuse1221 249,000.00 249,000.00 08/30/20241.85008/30/2019 242,226.70 1,827334342CD2 1.852 852Celtic Bank1220 248,000.00 248,000.00 08/30/20241.85008/30/2019 241,253.90 1,82715118RRH2 1.852 863BMW Bank1333 245,000.00 245,000.00 09/10/20240.65009/10/2021 231,547.24 1,09605580AD50 0.651 880BankWest Inc1227 248,000.00 248,000.00 09/27/20241.70009/27/2019 240,186.62 1,82706652CHB0 1.702 908Southern Bancorp Bk1286 248,000.00 248,000.00 10/25/20240.50006/26/2020 232,692.29 1,58284223QAN7 0.500 921Sauk Valley B&T Co1235 248,000.00 248,000.00 11/07/20241.70011/07/2019 239,789.16 1,827804375DL4 1.702 934Morgan Stanley Bank1237 245,000.00 245,000.00 11/20/20241.95011/20/2019 238,344.44 1,82761690UNX4 1.952 934Morgan Stanley Private Bk, NA1236 245,000.00 245,000.00 11/20/20241.90011/20/2019 238,040.52 1,82761760A3B3 1.902 974Bank Princeton1287 248,000.00 248,000.00 12/30/20240.50006/30/2020 231,527.65 1,644064520BG3 0.500 998Transportation Alliance Bk TAB1328 248,000.00 248,000.00 01/23/20250.40007/23/2021 230,505.18 1,28089388CEY0 0.401 1,004Bank OZK1329 248,000.00 248,000.00 01/29/20250.40007/29/2021 230,379.22 1,28006417NZQ9 0.401 1,013United Community1249 248,000.00 248,000.00 02/07/20251.65002/07/2020 238,591.99 1,82790983WBT7 1.652 1,020First National Bank Michigan1250 248,000.00 248,000.00 02/14/20251.65002/14/2020 238,529.81 1,82732114VBT3 1.652 1,020Freedom Financial1248 248,000.00 248,000.00 02/14/20251.55002/14/2020 237,856.29 1,82735637RDC8 1.552 1,027American State1255 248,000.00 248,000.00 02/21/20251.60002/21/2020 238,128.83 1,827029728BC5 1.602 1,033Citadel FCU1252 248,000.00 248,000.00 02/27/20251.65002/27/2020 238,414.79 1,82717286TAG0 1.652 1,047Access Bank1256 248,000.00 248,000.00 03/13/20251.60003/13/2020 237,918.26 1,82600435JBH5 1.601 1,054Spring Bank1257 248,000.00 248,000.00 03/20/20251.50003/20/2020 237,159.10 1,826849430BF9 1.501 1,060Axos Bank1258 248,000.00 248,000.00 03/26/20251.65003/26/2020 238,148.40 1,82605465DAE8 1.651 1,062Alma Bank1267 248,000.00 248,000.00 03/28/20251.40003/30/2020 236,380.89 1,824020080BX4 1.399 1,065Commonwealth Business Bk1268 248,000.00 248,000.00 03/31/20251.25003/31/2020 235,242.24 1,8262027506M2 1.251 1,065Nicolet Natl Bank1266 248,000.00 248,000.00 03/31/20251.40003/31/2020 236,294.86 1,826654062JZ2 1.401 1,073Capital One USA FDIC339541271 245,000.00 245,000.00 04/08/20251.60004/08/2020 234,835.61 1,82614042TDD6 1.601 1,086Ally Bank Midvale1388 245,000.00 245,000.00 04/21/20252.55004/21/2022 241,389.49 1,09602007GPX5 2.550 1,087Leader Bank1389 245,000.00 245,000.00 04/22/20252.55004/22/2022 241,386.59 1,09652168UHY1 2.552 1,093First Natl Bk McGregor1274 248,000.00 248,000.00 04/28/20251.35004/28/2020 235,670.13 1,82632112UDR9 1.351 Portfolio CITY CP Run Date: 08/22/2022 - 11:59 PM (PRF_PM2) 7.3.0 Days to Maturity Page 7 Par Value Book Value Maturity Date Stated RateMarket Value April 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Certificate of Deposits 1,094First Freedom Bank1273 249,000.00 249,000.00 04/29/20251.20004/29/2020 235,497.24 1,82632027BAL1 1.201 1,095Flagstar1276248,000.00 248,000.00 04/30/20251.25004/30/2020 234,993.92 1,82633847E3A3 1.251 1,1071st Internet Bank1278 248,000.00 248,000.00 05/12/20251.00005/11/2020 232,942.94 1,82732056GDJ6 0.985 1,108Western State Bank1277 245,000.00 245,000.00 05/13/20251.00005/13/2020 230,201.02 1,82695960NKD8 1.001 1,150Chippewa Valley Bk1284 248,000.00 248,000.00 06/24/20250.60006/24/2020 229,382.07 1,826169894AS1 0.600 1,170Farmers & Merch1363 249,000.00 249,000.00 07/14/20250.90001/14/2022 232,324.73 1,277307811DF3 0.900 1,220Pentagon FCU1331 249,000.00 249,000.00 09/02/20250.70009/01/2021 230,077.06 1,46270962LAF9 0.687 1,362Landmark Community Bank1305 248,000.00 248,000.00 01/22/20260.50001/22/2021 225,382.22 1,82651507LCC6 0.500 1,383TIAA FKA EverBank1306 245,000.00 245,000.00 02/12/20260.50002/12/2021 222,477.49 1,82687270LDL4 0.500 1,401Nelnet Bank1376 245,000.00 245,000.00 03/02/20261.80003/02/2022 233,835.58 1,46164034KAZ4 1.801 1,446Greenstate FCU1313 249,000.00 249,000.00 04/16/20260.95004/16/2021 229,266.51 1,82639573LBC1 0.951 1,452Toyota Financial Savings Bank1314 245,000.00 245,000.00 04/22/20260.90004/22/2021 225,161.38 1,82689235MKY6 0.900 1,457Carter FCU1316 248,000.00 248,000.00 04/27/20260.75004/27/2021 226,316.89 1,82614622LAA0 0.750 1,460Fidelity Homestead1317 248,000.00 248,000.00 04/30/20260.70004/30/2021 225,846.99 1,82631617CAV5 0.711 1,517LCA Bank Corp1356 248,000.00 248,000.00 06/26/20261.00012/27/2021 228,091.61 1,642501798RP9 1.000 1,521Vibrant Credit Union1325 249,000.00 248,377.50 06/30/20260.80007/02/2021 226,922.24 1,82492559TAJ7 0.852 1,549Goldman Sachs1326 248,000.00 248,000.00 07/28/20261.00007/28/2021 227,716.84 1,82638149MXK4 1.001 1,549Sallie Mae Bank Salt Lake CIty1327 248,000.00 248,000.00 07/28/20261.00007/28/2021 227,716.84 1,826795451AF0 1.001 1,586Synchrony Bank Retail1332 245,000.00 245,000.00 09/03/20260.90009/03/2021 223,560.40 1,82687165ET98 0.900 1,607Connect One1334 248,000.00 248,000.00 09/24/20260.80009/24/2021 224,870.97 1,82620786ADL6 0.800 1,653Merrick Bank1345 249,000.00 249,000.00 11/09/20261.10011/09/2021 228,421.62 1,82659013KPN0 1.101 1,661Capital One Natl Assn FDIC42971346 248,000.00 248,000.00 11/17/20261.10011/17/2021 227,530.52 1,82614042RQB0 1.101 1,697Connexus CU1357 249,000.00 249,000.00 12/23/20261.25012/23/2021 229,574.23 1,82620825WAR1 1.250 1,740True Sky FCU1368 245,000.00 245,000.00 02/04/20271.60002/04/2022 229,437.97 1,82689786MAF1 1.601 1,752Amerant Bank1372 245,000.00 245,000.00 02/16/20271.60002/14/2022 229,338.84 1,82802357QAQ0 1.601 1,753Beal Bank TX1370 245,000.00 245,000.00 02/17/20271.90002/23/2022 232,638.93 1,82007371AYE7 1.901 1,753Beal Bank USA1371 245,000.00 245,000.00 02/17/20271.90002/23/2022 232,638.93 1,82007371CE88 1.901 1,754Metro Credit Union1373 249,000.00 249,000.00 02/18/20271.70002/18/2022 234,110.05 1,82659161YAP1 1.701 1,761Delta Natl B&T1377 245,000.00 245,000.00 02/25/20272.00003/09/2022 233,695.28 1,81424773RCR4 2.001 1,766Eaglemark Savings1375 245,000.00 245,000.00 03/02/20272.00003/02/2022 233,685.71 1,82627004PCM3 2.001 1,775United Roosevelt Savings1378 248,000.00 248,000.00 03/11/20271.90003/11/2022 235,299.30 1,82691139LAB2 1.901 1,780Marathon Bnak1379 248,000.00 248,000.00 03/16/20271.80003/16/2022 234,127.20 1,826565819AG4 1.801 1,809Comenity Capital Bank1386 248,000.00 248,000.00 04/14/20272.65004/14/2022 243,779.47 1,82620033A3A2 2.652 32,834,377.50 1,66231,890,128.3032,835,000.0032,607,810.83Subtotal and Average 839 1.906 Portfolio CITY CP Run Date: 08/22/2022 - 11:59 PM (PRF_PM2) 7.3.0 Days to Maturity Page 8 Par Value Book Value Maturity Date Stated RateMarket Value April 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Corporate Notes 228Wal-Mart Stores, Inc1190 500,000.00 496,650.00 12/15/20222.35004/16/2019 501,730.00 1,339931142DU4 2.799 276Colgate-Palmolive1175 500,000.00 485,250.00 02/01/20231.95003/04/2019 499,730.00 1,43019416QEA4 2.751 464Microsoft Corporation1157 400,000.00 378,360.00 08/08/20232.00010/15/2018 398,796.00 1,758594918BQ6 3.222 1,397International Finance Corp.1308 500,000.00 497,300.00 02/26/20260.50002/26/2021 457,445.00 1,82645950VPS9 0.610 1,857,560.00 1,5781,857,701.001,900,000.001,857,560.00Subtotal and Average 602 2.287 Money Market with Fiscal Agent 1US Bank1058 26.01 26.0107/01/2016 26.01 1SYS1058 0.000 26.01 126.0126.0126.01Subtotal and Average 1 0.000 CERBT - OPEB Trust 1CalPERS CERBT Plan1114 2,025,343.59 2,025,343.5907/01/2021 2,025,343.59 1SYS1114 0.000 2,025,343.59 12,025,343.592,025,343.592,025,343.59Subtotal and Average 1 0.000 PARS Pension Trust 1Pblc Agncy Rtrmnt Serv1230 10,418,607.16 10,418,607.1610,418,607.16 1SYS1230 0.000 10,418,607.16 110,418,607.1610,418,607.1610,911,347.41Subtotal and Average 1 0.000 754183,257,151.76 195,196,145.40 488 0.895190,921,298.26 194,661,016.38Total and Average Portfolio CITY CP Run Date: 08/22/2022 - 11:59 PM (PRF_PM2) 7.3.0 City of La Quinta Total Earnings City of La Quinta - Sorted by Fund - Fund April 1, 2022 - April 30, 2022 Current Rate Ending Par Value Ending Fund Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted InterestAnnualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 72,615,832.06105572,615,832.06 0.523LAIF 39,853.76 0.00 39,853.760.66810172,559,362.4598-33-434 0.00 3,300.0010593,300.00CITYPC 0.00 0.00 0.001013,300.00SYS1059 0.00 245,000.001095245,000.00 2.250ALLIAN 453.08 0.00 453.082.250101245,000.0001859BAA3 0.00 240,000.001096240,000.00 2.400AMFSB 473.42 0.00 473.422.400101240,000.0002587CFU9 0.00 240,000.001097240,000.00 2.300BARCLY 453.70 0.00 453.702.300101240,000.0006740KLJ4 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 0.00 245,000.001106245,000.00 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 0.00 245,000.001110245,000.00 2.400KNOX 483.29 0.00 483.292.400101245,000.00499724AB8 0.00 2,025,343.5911142,025,343.59CALPRS 0.00 0.00 0.001012,025,343.59SYS1114 0.00 245,000.001119245,000.00 2.800ANECA 563.83 0.00 563.832.800101245,000.00034577AH9 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 0.0011260.00 2.800FARMIG 533.92 0.00 533.922.800101240,000.0030960QAG2 0.00 245,000.001143245,000.00 3.100ALLGNC 624.25 0.00 624.253.100101245,000.0001748DBE5 0.00 245,000.001144245,000.00 3.150RCB 634.32 0.00 634.323.150101245,000.0074934YAH4 0.00 245,000.001147245,000.00 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 0.00 249,000.001151249,000.00 3.250NWENGL 665.14 0.00 665.143.250101249,000.0006426KAN8 0.00 856,243.071153856,243.07 0.500CAMP 351.08 0.00 351.080.499101855,891.99SYS1153 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 0.00 378,360.001157400,000.00 2.000MCRSFT 666.66 0.00 666.662.144101378,360.00594918BQ6 0.00 247,275.001158250,000.00 2.800FFCB 583.33 0.00 583.332.870101247,275.003133EJYL7 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 Portfolio CITY CP Run Date: 08/22/2022 - 12:32 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 April 1, 2022 - April 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001164248,000.00 3.550NMRCA 723.62 0.00 723.623.550101248,000.0067054NAN3 0.00 248,000.001166248,000.00 3.350REDRCK 682.85 0.00 682.853.350101248,000.0075701LAB3 0.00 248,000.001169248,000.00 3.400MEDBA 693.04 0.00 693.043.400101248,000.0058404DCX7 0.00 245,000.001170245,000.00 3.400NLCOOP 684.66 0.00 684.663.400101245,000.00635573AL2 0.00 248,000.001172248,000.00 3.350BARHAR 682.85 0.00 682.853.350101248,000.00066851WJ1 0.00 248,000.001173248,000.00 2.750MORTN 560.55 0.00 560.552.750101248,000.00619165JD6 0.00 248,000.001174248,000.00 3.000WELLS 611.51 0.00 611.513.000101248,000.00949763XY7 0.00 485,250.001175500,000.00 1.950COLGTE 812.50 0.00 812.502.037101485,250.0019416QEA4 0.00 498,550.001177500,000.00 2.500FHLB 1,041.66 0.00 1,041.662.542101498,550.003130AFW94 0.00 489,687.501178500,000.00 1.875USTR 768.45 0.00 768.451.909101489,687.509128282W9 0.00 248,000.001179248,000.00 2.8001STNBK 570.74 0.00 570.742.800101248,000.0032117BCX4 0.00 248,000.001180248,000.00 2.700VERUS 550.35 0.00 550.352.700101248,000.0092535LCD4 0.00 248,000.001181248,000.00 2.950NRTHWS 601.32 0.00 601.322.950101248,000.0066736ABP3 0.00 248,000.001184248,000.00 2.500CENTNX 509.60 0.00 509.602.500101248,000.00156634AK3 0.00 245,000.001185245,000.00 3.250JPMORG 654.45 0.00 654.453.250101245,000.0048128HXU7 0.00 245,000.001186245,000.00 2.400IOWAST 483.29 0.00 483.292.400101245,000.0046256YAZ2 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 0.00 496,650.001192500,000.00 1.750USTR 725.14 0.00 725.141.776101496,650.00912828SV3 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 0.00 499,500.001198500,000.00 1.875FFCB 781.25 0.00 781.251.903101499,500.003133EKQP4 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 432.94 0.00 432.942.150101245,000.0085916VDC6 0.00 248,000.001202248,000.00 2.250COMMW 458.63 0.00 458.632.250101248,000.0020416TAQ5 0.00 247,000.001203247,000.00 2.300REVER 466.94 0.00 466.942.300101247,000.00761402BY1 0.00 248,000.001205248,000.00 2.000AMRNTL 407.67 0.00 407.672.000101248,000.0002772JBD1 0.00 495,950.001206500,000.00 1.750FNMA 729.17 0.00 729.171.789101495,950.003135G0V75 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 0.00 499,500.001212500,000.00 1.850FFCB 770.83 0.00 770.831.878101499,500.003133EKWV4 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:32 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 April 1, 2022 - April 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 249,000.001213249,000.00 2.000PREFRD 409.32 0.00 409.322.000101249,000.00740367HP5 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 0.00 499,300.001217500,000.00 1.375USTR 563.53 0.00 563.531.373101499,300.00912828T26 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 0.00 499,400.001223500,000.00 1.600FFCB 666.67 0.00 666.671.624101499,400.003133EKZK5 0.00 498,750.001224500,000.00 1.600FFCB 666.67 0.00 666.671.626101498,750.003133EKP75 0.00 248,000.001227248,000.00 1.700BNKWST 346.52 0.00 346.521.700101248,000.0006652CHB0 0.00 8,248,581.2312288,248,581.23BOTW 0.01 0.00 0.01101-1,637,321.90059731851 0.00 10,418,607.16123010,418,607.16PARS 0.00 0.00 0.0010110,928,338.45SYS1230 0.00 248,000.001231248,000.00 1.7001STSER 346.52 0.00 346.521.700101248,000.0033640VDD7 0.00 992,100.0012331,000,000.00 1.375FNMA 1,145.83 0.00 1,145.831.405101992,100.003135G0W33 0.00 996,900.0012341,000,000.00 1.600FFCB 1,333.33 0.00 1,333.331.627101996,900.003133EK4X1 0.00 248,000.001235248,000.00 1.700SAUKVL 346.52 0.00 346.521.700101248,000.00804375DL4 0.00 245,000.001236245,000.00 1.900MSPRIV 382.60 0.00 382.601.900101245,000.0061760A3B3 0.00 245,000.001237245,000.00 1.950MORGST 392.67 0.00 392.671.950101245,000.0061690UNX4 0.00 248,000.001238248,000.00 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 0.00 989,687.5012411,000,000.00 1.500USTR 1,236.27 0.00 1,236.271.520101989,687.50912828YV6 0.00 998,600.0012421,000,000.00 1.700FFCB 1,416.67 0.00 1,416.671.726101998,600.003133ELEA8 0.00 248,000.001244248,000.00 1.900WFNBW 387.29 0.00 387.291.900101248,000.00949495AT2 0.00 999,000.0012461,000,000.00 1.430FFCB 1,191.67 0.00 1,191.671.451101999,000.003133ELNE0 0.00 999,217.3612471,000,000.00 1.400FFCB 1,166.66 0.00 1,166.661.421101999,217.363133EGWJ0 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 Portfolio CITY CP Run Date: 08/22/2022 - 12:32 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 April 1, 2022 - April 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 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 0.00 245,000.001260245,000.00 1.100TEXAS 221.51 0.00 221.511.100101245,000.00882213AB7 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 0.00 248,000.001265248,000.00 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 0.00 245,000.001271245,000.00 1.600CAPONE 322.19 0.00 322.191.600101245,000.0014042TDD6 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 1,000,000.0012791,000,000.00 0.625FHLMC 520.83 0.00 520.830.6341011,000,000.003134GVYG7 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 208.33 0.00 208.330.507101499,850.003130AJKW8 0.00 500,000.001282500,000.00 0.680FFCB 283.34 0.00 283.340.689101500,000.003133ELH80 0.00 300,000.001283300,000.00 0.680FHLB 170.00 0.00 170.000.689101300,000.003130AJRP6 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 0.00 248,000.001286248,000.00 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 0.00 500,000.001288500,000.00 0.500FNMA 208.33 0.00 208.330.507101500,000.003135G05S8 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 216.66 0.00 216.660.527101499,750.003136G4M75 0.00 499,250.001291500,000.00 0.420FNMA 175.00 0.00 175.000.426101499,250.003135G06E8 0.00 499,250.001292500,000.00 0.560FNMA 233.34 0.00 233.340.569101499,250.003135GA2Z3 0.00 3,642,503.0512933,642,503.05BNY 0.00 0.00 0.001012,640,503.05SYS1293 0.00 997,300.0012971,000,000.00 0.375FHLMC 312.50 0.00 312.500.381101997,300.003137EAEU9 0.00 497,400.001298500,000.00 0.375FHLB 156.25 0.00 156.250.382101497,400.003130AKFA9 0.00 500,000.001299500,000.00 0.600FNMA 250.00 0.00 250.000.608101500,000.003135GA7D7 0.00 500,000.001300500,000.00 0.400FNMA 166.66 0.00 166.660.406101500,000.003135GAAW1 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:32 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 April 1, 2022 - April 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 500,000.001301500,000.00 0.550FHLMC 229.17 0.00 229.170.558101500,000.003134GXGZ1 0.00 500,000.001302500,000.00 0.510FHLB 212.50 0.00 212.500.517101500,000.003130AKMZ6 0.00 498,632.811303500,000.00 0.375USTR 155.39 0.00 155.390.379101498,632.8191282CBC4 0.00 500,000.001304500,000.00 0.550FHLB 229.17 0.00 229.170.558101500,000.003130AKN28 0.00 248,000.001305248,000.00 0.500LNDMRK 101.92 0.00 101.920.500101248,000.0051507LCC6 0.00 245,000.001306245,000.00 0.500EVRBA 100.68 0.00 100.680.500101245,000.0087270LDL4 0.00 495,999.501307500,000.00 0.375FHLMC 156.25 0.00 156.250.383101495,999.503137EAEX3 0.00 497,300.001308500,000.00 0.500IFC 207.18 0.00 207.180.507101497,300.0045950VPS9 0.00 495,100.001309500,000.00 0.375USTR 155.39 0.00 155.390.382101495,100.0091282CBH3 0.00 983,940.0013101,000,000.00 0.375FHLMC 312.50 0.00 312.500.386101983,940.003137EAEX3 0.00 977,500.0013111,000,000.00 0.250USTR 207.07 0.00 207.070.258101977,500.0091282CAT8 0.00 500,000.001312500,000.00 1.050FHLB 437.50 0.00 437.501.065101500,000.003130ALV92 0.00 249,000.001313249,000.00 0.950GRNST 194.42 0.00 194.420.950101249,000.0039573LBC1 0.00 245,000.001314245,000.00 0.900TOYFSB 181.23 0.00 181.230.900101245,000.0089235MKY6 0.00 492,187.501315500,000.00 0.375USTR 154.54 0.00 154.540.382101492,187.5091282CAZ4 0.00 248,000.001316248,000.00 0.750CARTER 152.88 0.00 152.880.750101248,000.0014622LAA0 0.00 248,000.001317248,000.00 0.700FIDHMS 142.68 0.00 142.680.700101248,000.0031617CAV5 0.00 548,394.871318548,394.87DPME 0.00 0.00 0.00101518,577.70SYS1318 0.00 494,165.001319500,000.00 0.500USTR 203.81 0.00 203.810.502101494,165.0091282CBQ3 0.00 499,525.001320500,000.00 0.750USTR 307.37 0.00 307.370.749101499,525.0091282CBT7 0.00 997,060.0013211,000,000.00 0.750USTR 618.13 0.00 618.130.754101997,060.0091282CCF6 0.00 498,450.001322500,000.00 0.750USTR 307.37 0.00 307.370.750101498,450.0091282CBT7 0.00 497,095.001323500,000.00 0.750USTR 309.06 0.00 309.060.756101497,095.0091282CCF6 0.00 993,420.0013241,000,000.00 0.750FHLB 625.00 0.00 625.000.765101993,420.003130AMFS6 0.00 248,377.501325249,000.00 0.800VIBRNT 163.73 0.00 163.730.802101248,377.5092559TAJ7 0.00 248,000.001326248,000.00 1.000GLDMAN 203.83 0.00 203.831.000101248,000.0038149MXK4 0.00 248,000.001327248,000.00 1.000SALMAE 203.83 0.00 203.831.000101248,000.00795451AF0 0.00 248,000.001328248,000.00 0.400TABBK 81.53 0.00 81.530.400101248,000.0089388CEY0 0.00 248,000.001329248,000.00 0.400BKOZK 81.53 0.00 81.530.400101248,000.0006417NZQ9 0.00 498,000.001330500,000.00 0.710FFCB 295.83 0.00 295.830.723101498,000.003133EM2C5 0.00 249,000.001331249,000.00 0.700PENTGN 143.26 0.00 143.260.700101249,000.0070962LAF9 0.00 245,000.001332245,000.00 0.900SYNCHR 181.23 0.00 181.230.900101245,000.0087165ET98 0.00 245,000.001333245,000.00 0.650BMW 130.89 0.00 130.890.650101245,000.0005580AD50 0.00 248,000.001334248,000.00 0.800CONNEC 163.06 0.00 163.060.800101248,000.0020786ADL6 0.00 983,750.0013351,000,000.00 0.625USTR 517.96 0.00 517.960.641101983,750.0091282CCP4 0.00 988,500.0013361,000,000.00 0.750USTR 611.42 0.00 611.420.753101988,500.0091282CCW9 0.00 999,000.0013371,000,000.00 1.000FHLB 833.33 0.00 833.331.015101999,000.003130APBM6 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:32 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 April 1, 2022 - April 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 991,080.0013381,000,000.00 0.800FFCB 666.66 0.00 666.660.818101991,080.003133EM4X7 0.00 998,250.0013391,000,000.00 0.950FHLB 791.67 0.00 791.670.965101998,250.003130APB46 0.00 499,002.041340500,000.00 0.170FFCB 70.83 0.00 70.830.173101499,002.043133EMX64 0.00 497,792.971341500,000.00 0.125USTR 51.80 0.00 51.800.127101497,792.9791282CCN9 0.00 991,000.0013421,000,000.00 0.125USTR 103.59 0.00 103.590.127101991,000.0091282CBE0 0.00 996,320.0013431,000,000.00 0.625USTR 513.60 0.00 513.600.627101996,320.0091282CDB4 0.00 1,000,000.0013441,000,000.00 1.270FFCB 1,058.33 0.00 1,058.331.2881011,000,000.003133ENCQ1 0.00 249,000.001345249,000.00 1.100MRRCK 225.12 0.00 225.121.100101249,000.0059013KPN0 0.00 248,000.001346248,000.00 1.100CAP1NA 224.22 0.00 224.221.100101248,000.0014042RQB0 0.00 499,500.001347500,000.00 0.700FHLB 291.67 0.00 291.670.710101499,500.003130APTV7 0.00 998,530.0013481,000,000.00 0.180FFCB 150.00 0.00 150.000.183101998,530.003133ENBT6 0.00 996,718.7513491,000,000.00 0.125USTR 102.45 0.00 102.450.125101996,718.7591282CBU4 0.00 995,468.7513501,000,000.00 0.125USTR 103.02 0.00 103.020.126101995,468.7591282CCD1 0.00 990,000.0013511,000,000.00 0.125USTR 103.02 0.00 103.020.127101990,000.0091282CBA8 0.00 989,800.0013521,000,000.00 0.250USTR 203.80 0.00 203.800.251101989,800.0091282CBR1 0.00 987,100.0013531,000,000.00 0.550FHLB 458.34 0.00 458.340.565101987,100.003130AP2U8 0.00 976,300.0013541,000,000.00 0.500FNMA 416.67 0.00 416.670.519101976,300.003135G06G3 0.00 1,000,000.0013551,000,000.00 0.970FFCB 808.33 0.00 808.330.9831011,000,000.003133ENGN4 0.00 248,000.001356248,000.00 1.000LCA 203.83 0.00 203.831.000101248,000.00501798RP9 0.00 249,000.001357249,000.00 1.250CNNXS 255.82 0.00 255.821.250101249,000.0020825WAR1 0.00 999,750.0013581,000,000.00 1.250FHLB 1,041.67 0.00 1,041.671.268101999,750.003130AQF65 0.00 486,000.001359500,000.00 0.800FHLMC 333.33 0.00 333.330.834101486,000.003134GW6C5 0.00 494,882.811360500,000.00 0.375USTR 154.09 0.00 154.090.379101494,882.8191282CBV2 0.00 487,090.001361500,000.00 0.375FHLMC 156.25 0.00 156.250.390101487,090.003137EAEU9 0.00 391,360.001362400,000.00 0.650FHLMC 216.67 0.00 216.670.674101391,360.003134GW5R3 0.00 249,000.001363249,000.00 0.900FARMER 184.19 0.00 184.190.900101249,000.00307811DF3 0.00 1,000,000.0013641,000,000.00 1.500FHLB 1,250.00 0.00 1,250.001.5211011,000,000.003130AQJR5 0.00 487,790.001365500,000.00 0.625FNMA 260.42 0.00 260.420.650101487,790.003135G03U5 0.00 945,570.0013661,000,000.00 0.700FHLMC 583.34 0.00 583.340.751101945,570.003134GWUQ7 0.00 1,000,000.0013671,000,000.00 1.830FHLB 1,525.00 0.00 1,525.001.8551011,000,000.003130AQSA2 0.00 245,000.001368245,000.00 1.600TRUSKY 322.20 0.00 322.201.600101245,000.0089786MAF1 0.00 986,700.0013691,000,000.00 1.500USTR 1,243.09 0.00 1,243.091.533101986,700.00912828Z78 0.00 245,000.001370245,000.00 1.900BEALTX 382.60 0.00 382.601.900101245,000.0007371AYE7 0.00 245,000.001371245,000.00 1.900BEALUS 382.60 0.00 382.601.900101245,000.0007371CE88 0.00 245,000.001372245,000.00 1.600AMRNT 322.19 0.00 322.191.600101245,000.0002357QAQ0 0.00 249,000.001373249,000.00 1.700METRO 347.92 0.00 347.921.700101249,000.0059161YAP1 0.00 1,000,000.0013741,000,000.00 1.700FHLB 1,416.67 0.00 1,416.671.7241011,000,000.003130AQWY5 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:32 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 7 Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted Interest April 1, 2022 - April 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 245,000.001375245,000.00 2.000EGLMRK 402.74 0.00 402.742.000101245,000.0027004PCM3 0.00 245,000.001376245,000.00 1.800NELNET 362.46 0.00 362.461.800101245,000.0064034KAZ4 0.00 245,000.001377245,000.00 2.000DELTA 402.74 0.00 402.742.000101245,000.0024773RCR4 0.00 248,000.001378248,000.00 1.900URSVLT 387.29 0.00 387.291.900101248,000.0091139LAB2 0.00 248,000.001379248,000.00 1.800MRTHON 366.90 0.00 366.901.800101248,000.00565819AG4 0.00 466,454.171380500,000.00 0.750USTR 305.70 0.00 305.700.797101466,454.1791282CCW9 0.00 473,396.821381500,000.00 1.125USTR 465.91 0.00 465.911.197101473,396.8291282CDG3 0.00 698,025.001382750,000.00 0.500USTR 305.70 0.00 305.700.533101698,025.0091282CBQ3 0.00 999,010.0013831,000,000.00 2.375USTR 1,967.16 0.00 1,967.162.396101999,010.009128286S4 0.00 248,000.001384248,000.00 2.050LFYTT 417.86 0.00 417.862.050101248,000.0050625LAW3 0.00 500,000.001385500,000.00 2.500FHLB 590.28 0.00 590.282.5351010.003130ARGJ4 0.00 248,000.001386248,000.00 2.650CCBA 288.09 0.00 288.092.6501010.0020033A3A2 0.00 1,000,000.0013871,000,000.00 2.700FHLB 900.00 0.00 900.002.7381010.003130ARGY1 0.00 245,000.001388245,000.00 2.550ALLY 170.70 0.00 170.702.5431010.0002007GPX5 0.00 245,000.001389245,000.00 2.550LEADR 154.05 0.00 154.052.5501010.0052168UHY1 0.00 192,793,805.03Subtotal 192,258,676.01 0.927 137,704.110.00137,704.11179,795,866.31 0.00 Fund: Fiscal Agent 26.01105826.01USBANK 0.00 0.00 0.0023126.01SYS1058 0.00 26.01Subtotal 26.01 0.000.000.0026.01 0.00 Fund: Housing Authority : WSA and LQ 392,086.391062392,086.39LQPR 0.00 0.00 0.00241408,878.80SYS1062 0.00 392,086.39Subtotal 392,086.39 0.000.000.00408,878.80 0.00 Fund: SA Low/Mod Bond Fund 2,010,227.9711132,010,227.97 0.523LAIF 6,016.28 0.00 6,016.280.69024910,601,873.4225-33-005 0.00 2,010,227.97Subtotal 2,010,227.97 0.690 6,016.280.006,016.2810,601,873.42 0.00 195,196,145.40Total 194,661,016.38 0.912 143,720.390.00143,720.39190,806,644.54 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:32 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Days to Maturity Page 1 Par Value Book Value Maturity Date Stated RateMarket Value May 31, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Bank Accounts 1Bank of New York1293 936,259.05 936,259.0509/01/2020 936,259.05 1SYS1293 0.000 1Bank of the West1228 30,303,934.35 30,303,934.3508/20/2019 30,303,934.35 1059731851 0.000 1City Petty Cash1059 3,300.00 3,300.0007/01/2016 3,300.00 1SYS1059 0.000 1Dune Palms Mobile Estates1318 574,367.49 574,367.4903/09/2021 574,367.49 1SYS1318 0.000 1La Quinta Palms Realty1062 380,205.18 380,205.1807/01/2016 380,205.18 1SYS1062 0.000 32,198,066.07 132,198,066.0732,198,066.0711,004,837.31Subtotal and Average 1 0.000 Local Agency Investment Fund-City 1Local Agency Inv Fund1055 72,615,832.06 72,615,832.06 0.68472,621,385.24 198-33-434 0.684 72,615,832.06 172,621,385.2472,615,832.0672,615,832.06Subtotal and Average 1 0.684 Local Agency Invstmnt Fund-Housing 1Local Agency Inv Fund1113 2,010,227.97 2,010,227.97 0.6842,011,105.85 125-33-005 0.684 2,010,227.97 12,011,105.852,010,227.972,010,227.97Subtotal and Average 1 0.684 Money Market/Mutual Funds 1Dreyfus12940.00 0.0007/01/2021 0.00 1X9USDDTP3 0.000 0.00 00.000.000.00Subtotal and Average 0 0.000 Money Market Accounts - CAMP 1California Asset Management Pr1153 856,839.25 856,839.25 0.82009/26/2018 856,839.25 1SYS1153 0.820 856,839.25 1856,839.25856,839.25856,262.30Subtotal and Average 1 0.820 Federal Agency Coupon Securities 97Federal National Mtg Assn1233 1,000,000.00 992,100.00 09/06/20221.37510/29/2019 1,000,220.00 1,0433135G0W33 1.659 120Federal Farm Credit Bank1247 1,000,000.00 999,217.36 09/29/20221.40002/05/2020 1,000,770.00 9673133EGWJ0 1.430 194Federal Farm Credit Bank1198 500,000.00 499,500.00 12/12/20221.87506/20/2019 500,690.00 1,2713133EKQP4 1.905 238Federal Farm Credit Bank1348 1,000,000.00 998,530.00 01/25/20230.18012/07/2021 989,470.00 4143133ENBT6 0.310 331Federal Farm Credit Bank1340 500,000.00 499,002.04 04/28/20230.17010/22/2021 491,775.00 5533133EMX64 0.302 439Federal Farm Credit Bank1223 500,000.00 499,400.00 08/14/20231.60009/12/2019 496,470.00 1,4323133EKZK5 1.632 461Federal Farm Credit Bank1158 250,000.00 247,275.00 09/05/20232.80010/15/2018 251,817.50 1,7863133EJYL7 3.041 518Federal Farm Credit Bank1234 1,000,000.00 996,900.00 11/01/20231.60011/01/2019 991,030.00 1,4613133EK4X1 1.680 622Federal Home Loan Bank1177 500,000.00 498,550.00 02/13/20242.50003/01/2019 500,705.00 1,8103130AFW94 2.563 623Federal Farm Credit Bank1246 1,000,000.00 999,000.00 02/14/20241.43002/14/2020 985,600.00 1,4613133ELNE0 1.456 762Federal National Mtg Assn1206 500,000.00 495,950.00 07/02/20241.75007/15/2019 492,205.00 1,8143135G0V75 1.922 Portfolio CITY CP Run Date: 08/22/2022 - 16:15 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 May 31, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Federal Agency Coupon Securities 786Federal Farm Credit Bank1212 500,000.00 499,500.00 07/26/20241.85008/02/2019 493,465.00 1,8203133EKWV4 1.871 839Federal Farm Credit Bank1224 500,000.00 498,750.00 09/17/20241.60009/17/2019 489,665.00 1,8273133EKP75 1.652 839Federal Farm Credit Bank1242 1,000,000.00 998,600.00 09/17/20241.70012/17/2019 981,500.00 1,7363133ELEA8 1.731 901Federal National Mtg Assn1291 500,000.00 499,250.00 11/18/20240.42011/18/2020 471,100.00 1,4613135G06E8 0.458 922Federal Farm Credit Bank1355 1,000,000.00 1,000,000.00 12/09/20240.97012/09/2021 956,290.00 1,0963133ENGN4 0.970 943Federal National Mtg Assn1300 500,000.00 500,000.00 12/30/20240.40012/30/2020 471,000.00 1,4613135GAAW1 0.400 951Federal Home Loan Bank1353 1,000,000.00 987,100.00 01/07/20250.55012/07/2021 946,570.00 1,1273130AP2U8 0.976 999Federal Home Loan Bank1374 1,000,000.00 1,000,000.00 02/24/20251.70002/25/2022 977,700.00 1,0953130AQWY5 1.700 1,056Federal National Mtg Assn1365 500,000.00 487,790.00 04/22/20250.62501/28/2022 470,430.00 1,1803135G03U5 1.400 1,091Federal Home Loan Mtg Corp1279 1,000,000.00 1,000,000.00 05/27/20250.62505/27/2020 933,690.00 1,8263134GVYG7 0.625 1,104Federal Farm Credit Bank1280 500,000.00 499,850.00 06/09/20250.50006/09/2020 467,645.00 1,8263133ELH23 0.506 1,105Federal Farm Credit Bank1282 500,000.00 500,000.00 06/10/20250.68006/10/2020 469,620.00 1,8263133ELH80 0.680 1,108Federal Home Loan Bank1281 500,000.00 499,850.00 06/13/20250.50006/03/2020 467,890.00 1,8363130AJKW8 0.506 1,125Federal Home Loan Bank1283 300,000.00 300,000.00 06/30/20250.68006/30/2020 281,094.00 1,8263130AJRP6 0.680 1,146Federal Home Loan Mtg Corp1297 1,000,000.00 997,300.00 07/21/20250.37512/07/2020 928,650.00 1,6873137EAEU9 0.434 1,146Federal Home Loan Mtg Corp1361 500,000.00 487,090.00 07/21/20250.37501/05/2022 464,325.00 1,2933137EAEU9 1.120 1,170Federal National Mtg Assn1288 500,000.00 500,000.00 08/14/20250.50008/14/2020 465,555.00 1,8263135G05S8 0.500 1,174Federal National Mtg Assn1290 500,000.00 499,750.00 08/18/20250.52008/28/2020 465,620.00 1,8163136G4M75 0.530 1,177Federal National Mtg Assn1289 1,000,000.00 1,000,000.00 08/21/20250.56008/21/2020 932,560.00 1,8263136G4N74 0.560 1,210Federal Home Loan Mtg Corp1307 500,000.00 495,999.50 09/23/20250.37502/23/2021 462,025.00 1,6733137EAEX3 0.552 1,210Federal Home Loan Mtg Corp1310 1,000,000.00 983,940.00 09/23/20250.37503/30/2021 924,050.00 1,6383137EAEX3 0.740 1,231Federal Home Loan Bank1385 500,000.00 500,000.00 10/14/20252.50004/14/2022 496,540.00 1,2793130ARGJ4 2.500 1,244Federal Home Loan Mtg Corp1362 400,000.00 391,360.00 10/27/20250.65001/05/2022 371,284.00 1,3913134GW5R3 1.232 1,255Federal National Mtg Assn1354 1,000,000.00 976,300.00 11/07/20250.50012/07/2021 925,600.00 1,4313135G06G3 1.120 1,265Federal National Mtg Assn1292 500,000.00 499,250.00 11/17/20250.56011/17/2020 463,455.00 1,8263135GA2Z3 0.590 1,290Federal Home Loan Bank1298 500,000.00 497,400.00 12/12/20250.37512/07/2020 459,385.00 1,8313130AKFA9 0.480 1,301Federal National Mtg Assn1299 500,000.00 500,000.00 12/23/20250.60012/23/2020 463,045.00 1,8263135GA7D7 0.600 1,308Federal Home Loan Mtg Corp1301 500,000.00 500,000.00 12/30/20250.55012/30/2020 461,065.00 1,8263134GXGZ1 0.550 1,323Federal Home Loan Bank1302 500,000.00 500,000.00 01/14/20260.51001/14/2021 463,605.00 1,8263130AKMZ6 0.510 1,338Federal Home Loan Bank1304 500,000.00 500,000.00 01/29/20260.55001/29/2021 463,825.00 1,8263130AKN28 0.550 1,398Federal Home Loan Bank1312 500,000.00 500,000.00 03/30/20261.05003/30/2021 471,280.00 1,8263130ALV92 0.938 1,472Federal Home Loan Bank1324 1,000,000.00 993,420.00 06/12/20260.75006/17/2021 917,980.00 1,8213130AMFS6 0.885 1,531Federal Farm Credit Bank1330 500,000.00 498,000.00 08/10/20260.71008/10/2021 460,190.00 1,8263133EM2C5 0.792 1,562Federal Farm Credit Bank1338 1,000,000.00 991,080.00 09/10/20260.80009/28/2021 918,210.00 1,8083133EM4X7 0.985 1,582Federal Home Loan Bank1337 1,000,000.00 999,000.00 09/30/20261.00009/30/2021 931,030.00 1,8263130APBM6 1.021 1,595Federal Home Loan Bank1339 1,000,000.00 998,250.00 10/13/20260.95010/13/2021 927,320.00 1,8263130APB46 0.986 Portfolio CITY CP Run Date: 08/22/2022 - 16:15 PM (PRF_PM2) 7.3.0 Days to Maturity Page 3 Par Value Book Value Maturity Date Stated RateMarket Value May 31, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Federal Agency Coupon Securities 1,610Federal Home Loan Mtg Corp1359 500,000.00 486,000.00 10/28/20260.80001/05/2022 453,355.00 1,7573134GW6C5 1.403 1,615Federal Farm Credit Bank1344 1,000,000.00 1,000,000.00 11/02/20261.27011/02/2021 939,460.00 1,8263133ENCQ1 1.270 1,637Federal Home Loan Bank1347 500,000.00 499,500.00 11/24/20260.70011/24/2021 476,360.00 1,8263130APTV7 1.489 1,664Federal Home Loan Bank1358 1,000,000.00 999,750.00 12/21/20261.25012/22/2021 932,600.00 1,8253130AQF65 1.255 1,673Federal Home Loan Mtg Corp1366 1,000,000.00 945,570.00 12/30/20260.70002/10/2022 911,190.00 1,7843134GWUQ7 1.870 1,701Federal Home Loan Bank1364 1,000,000.00 1,000,000.00 01/27/20271.50001/27/2022 948,530.00 1,8263130AQJR5 1.500 1,715Federal Home Loan Bank1367 1,000,000.00 1,000,000.00 02/10/20271.83002/10/2022 947,120.00 1,8263130AQSA2 1.830 1,783Federal Home Loan Bank1387 1,000,000.00 1,000,000.00 04/19/20272.70004/19/2022 987,210.00 1,8263130ARGY1 2.700 38,735,073.90 1,58337,010,835.5038,950,000.0038,735,073.90Subtotal and Average 1,118 1.170 Treasury Coupon Securities 121U.S. Treasury1178 500,000.00 489,687.50 09/30/20221.87503/01/2019 500,740.00 1,3099128282W9 2.480 303U.S. Treasury1349 1,000,000.00 996,718.75 03/31/20230.12512/07/2021 984,730.00 47991282CBU4 0.376 364U.S. Treasury1350 1,000,000.00 995,468.75 05/31/20230.12512/07/2021 980,270.00 54091282CCD1 0.432 425U.S. Treasury1341 500,000.00 497,792.97 07/31/20230.12510/22/2021 488,125.00 64791282CCN9 0.375 486U.S. Treasury1217 500,000.00 499,300.00 09/30/20231.37508/21/2019 494,140.00 1,501912828T26 1.410 562U.S. Treasury1351 1,000,000.00 990,000.00 12/15/20230.12512/07/2021 966,680.00 73891282CBA8 0.623 593U.S. Treasury1342 1,000,000.00 991,000.00 01/15/20240.12510/22/2021 964,340.00 81591282CBE0 0.531 653U.S. Treasury1352 1,000,000.00 989,800.00 03/15/20240.25012/07/2021 961,760.00 82991282CBR1 0.704 684U.S. Treasury1360 500,000.00 494,882.81 04/15/20240.37501/05/2022 480,725.00 83191282CBV2 0.830 730U.S. Treasury1418 1,000,000.00 985,240.00 05/31/20242.00005/04/2022 990,000.00 758912828XT2 2.736 867U.S. Treasury1343 1,000,000.00 996,320.00 10/15/20240.62510/22/2021 954,180.00 1,08991282CDB4 0.750 883U.S. Treasury1390 1,000,000.00 985,190.00 10/31/20242.25005/03/2022 990,740.00 9129128283D0 2.870 913U.S. Treasury1241 1,000,000.00 989,687.50 11/30/20241.50012/16/2019 971,950.00 1,811912828YV6 1.718 1,248U.S. Treasury1311 1,000,000.00 977,500.00 10/31/20250.25003/30/2021 918,160.00 1,67691282CAT8 0.750 1,278U.S. Treasury1315 500,000.00 492,187.50 11/30/20250.37504/22/2021 459,865.00 1,68391282CAZ4 0.720 1,309U.S. Treasury1303 500,000.00 498,632.81 12/31/20250.37501/07/2021 458,945.00 1,81991282CBC4 0.431 1,340U.S. Treasury1309 500,000.00 495,100.00 01/31/20260.37502/23/2021 457,950.00 1,80391282CBH3 0.577 1,368U.S. Treasury1319 500,000.00 494,165.00 02/28/20260.50005/28/2021 459,080.00 1,73791282CBQ3 0.750 1,368U.S. Treasury1382 750,000.00 698,025.00 02/28/20260.50003/23/2022 688,620.00 1,43891282CBQ3 2.353 1,399U.S. Treasury1320 500,000.00 499,525.00 03/31/20260.75005/28/2021 462,795.00 1,76891282CBT7 0.770 1,399U.S. Treasury1322 500,000.00 498,450.00 03/31/20260.75006/17/2021 462,795.00 1,74891282CBT7 0.816 1,429U.S. Treasury1383 1,000,000.00 999,010.00 04/30/20262.37503/23/2022 984,840.00 1,4999128286S4 2.400 1,460U.S. Treasury1321 1,000,000.00 997,060.00 05/31/20260.75006/01/2021 922,150.00 1,82591282CCF6 0.810 1,460U.S. Treasury1323 500,000.00 497,095.00 05/31/20260.75006/17/2021 461,075.00 1,80991282CCF6 0.870 Portfolio CITY CP Run Date: 08/22/2022 - 16:15 PM (PRF_PM2) 7.3.0 Days to Maturity Page 4 Par Value Book Value Maturity Date Stated RateMarket Value May 31, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Treasury Coupon Securities 1,521U.S. Treasury1335 1,000,000.00 983,750.00 07/31/20260.62509/29/2021 913,910.00 1,76691282CCP4 0.970 1,552U.S. Treasury1336 1,000,000.00 988,500.00 08/31/20260.75009/29/2021 917,380.00 1,79791282CCW9 0.990 1,552U.S. Treasury1380 500,000.00 466,454.17 08/31/20260.75003/22/2022 458,690.00 1,62391282CCW9 2.350 1,613U.S. Treasury1381 500,000.00 473,396.82 10/31/20261.12503/22/2022 464,845.00 1,68491282CDG3 2.350 1,705U.S. Treasury1369 1,000,000.00 986,700.00 01/31/20271.50002/10/2022 942,150.00 1,816912828Z78 1.781 1,764U.S. Treasury1391 1,000,000.00 976,860.00 03/31/20272.50005/03/2022 985,630.00 1,79391282CEF4 3.010 22,923,499.58 1,34122,147,260.0023,250,000.0022,925,863.45Subtotal and Average 1,064 1.309 Certificate of Deposits 7PCSB Bank1149 245,000.00 245,000.00 06/08/20223.00006/08/2018 245,106.58 1,46169324MAD7 3.002 8Synovus Bank1253 245,000.00 245,000.00 06/09/20221.60003/09/2020 245,033.80 82287164DRD4 1.602 12Allegiance Bank1143 245,000.00 245,000.00 06/13/20223.10006/13/2018 245,180.85 1,46101748DBE5 3.102 27America's Credit Union1200 248,000.00 248,000.00 06/28/20222.30006/28/2019 248,242.80 1,09603065AAL7 2.302 68Traditions Bank1148 245,000.00 245,000.00 08/08/20223.00006/08/2018 245,824.96 1,52289269CBX9 3.002 83CIT Bank NA1219 245,000.00 245,000.00 08/23/20221.90008/23/2019 245,372.59 1,09612556LBA3 1.902 89American Express Fed Savings B1096 240,000.00 240,000.00 08/29/20222.40008/29/2017 240,689.30 1,82602587CFU9 2.402 89Sterling Bank1201 245,000.00 245,000.00 08/29/20222.15006/28/2019 245,551.49 1,15885916VDC6 2.153 134Alliance Credit Union1095 245,000.00 245,000.00 10/13/20222.25010/13/2017 245,534.16 1,82601859BAA3 2.251 146Barclays Bank1097 240,000.00 240,000.00 10/25/20222.30010/25/2017 240,619.26 1,82606740KLJ4 2.291 160Mountain America Federal CU1099 245,000.00 245,000.00 11/08/20222.30011/08/2017 245,501.43 1,82662384RAC0 2.301 170CrossFirst Bank1106 245,000.00 245,000.00 11/18/20222.20011/20/2017 245,416.63 1,82422766ACB9 2.201 180Enterprise Bank, NA1107 245,000.00 245,000.00 11/28/20222.15011/28/2017 245,379.75 1,82629367QCP1 2.151 189Medallion Bank1169 248,000.00 248,000.00 12/07/20223.40012/07/2018 249,808.03 1,46158404DCX7 3.402 189Red Rocks Credit Union1166 248,000.00 248,000.00 12/07/20223.35012/07/2018 249,742.99 1,46175701LAB3 3.352 211Knoxville TVA Credit Union1110 245,000.00 245,000.00 12/29/20222.40012/29/2017 245,558.84 1,826499724AB8 2.401 212Kern FCU1239 248,000.00 248,000.00 12/30/20221.90012/30/2019 247,839.66 1,09649228XAK6 1.902 212San Francisco FCU1240 248,000.00 248,000.00 12/30/20221.85012/30/2019 247,766.79 1,09679772FAC0 1.852 243Wells Fargo Natl Bank West1244 248,000.00 248,000.00 01/30/20231.90001/29/2020 247,583.18 1,097949495AT2 1.900 265Servisfirst Bank1254 248,000.00 248,000.00 02/21/20231.60002/21/2020 246,747.28 1,09681768PAF3 1.601 272Verus Bank of Commerce1180 248,000.00 248,000.00 02/28/20232.70002/28/2019 248,763.69 1,46192535LCD4 2.700 294Aneca Federal Credit Union1119 245,000.00 245,000.00 03/22/20232.80003/22/2018 245,721.51 1,826034577AH9 2.802 303Northstar Bank1263 248,000.00 248,000.00 03/31/20231.15003/31/2020 245,137.48 1,09566704MEQ0 1.150 303West Michigan Cmnty Bk1265 248,000.00 248,000.00 03/31/20231.15003/31/2020 245,137.48 1,095954444BS3 1.150 314Citibank NA1123 245,000.00 245,000.00 04/11/20232.90004/11/2018 245,764.62 1,82617312QJ26 2.902 331Congressional Bank1189 248,000.00 248,000.00 04/28/20232.50004/30/2019 247,925.38 1,45920726ABA5 2.502 Portfolio CITY CP Run Date: 08/22/2022 - 16:15 PM (PRF_PM2) 7.3.0 Days to Maturity Page 5 Par Value Book Value Maturity Date Stated RateMarket Value May 31, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Certificate of Deposits 331EnerBank USA1125 240,000.00 240,000.00 04/28/20232.95004/30/2018 240,911.19 1,82429278TAY6 2.952 338First National Bank1179 248,000.00 248,000.00 05/05/20232.80003/05/2019 248,375.38 1,52232117BCX4 2.802 371Pittsfield Cooperative Bank1194 245,000.00 245,000.00 06/07/20232.50006/07/2019 244,403.33 1,461725404AB3 2.502 384Morton Community1173 248,000.00 248,000.00 06/20/20232.75003/20/2019 248,025.79 1,553619165JD6 2.753 384RCB Bank1144 245,000.00 245,000.00 06/20/20233.15006/20/2018 246,057.13 1,82674934YAH4 3.152 390American First CU1285 248,000.00 248,000.00 06/26/20230.35006/26/2020 241,664.38 1,09502616AAH2 0.350 413American National Bank1205 248,000.00 248,000.00 07/19/20232.00007/19/2019 245,891.01 1,46102772JBD1 2.001 414First National Bank of America1147 245,000.00 245,000.00 07/20/20233.15007/20/2018 246,104.83 1,82632110YLK9 3.152 425Bank of New England1151 249,000.00 249,000.00 07/31/20233.25007/31/2018 250,404.31 1,82606426KAN8 3.252 448Raymond James Bank1218 244,000.00 244,000.00 08/23/20231.95008/23/2019 241,568.80 1,46175472RAD3 1.951 485Triad Bank1262 248,000.00 248,000.00 09/29/20231.35003/30/2020 243,316.20 1,27889579NCD3 1.352 503Cache Valley BK F/K/A Marlin1155 248,000.00 248,000.00 10/17/20233.30010/17/2018 249,737.60 1,82657116ARV2 3.302 503Municipal Trust and Savings1160 245,000.00 245,000.00 10/17/20233.20010/17/2018 246,380.59 1,826625925AR3 3.202 503UBS Bank USA1161 245,000.00 245,000.00 10/17/20233.35010/17/2018 246,884.58 1,82690348JEJ5 3.352 505Jefferson Financial CU1154 245,000.00 245,000.00 10/19/20233.35010/19/2018 246,871.95 1,826474067AQ8 3.352 532Commercial Bank1162 248,000.00 248,000.00 11/15/20233.40011/15/2018 250,147.91 1,82620143PDV9 3.402 545Numerica Credit Union1164 248,000.00 248,000.00 11/28/20233.55011/28/2018 250,751.19 1,82667054NAN3 3.552 568National Cooperative Bank, N.A1170 245,000.00 245,000.00 12/21/20233.40012/21/2018 247,198.52 1,826635573AL2 3.402 576Bar Harbor Bank and Trust1172 248,000.00 248,000.00 12/29/20233.35012/31/2018 250,080.69 1,824066851WJ1 3.352 607Lakeside Bank1208 248,000.00 248,000.00 01/29/20242.00007/30/2019 244,621.42 1,64451210SQU4 2.003 621Rollstone B&T1251 245,000.00 245,000.00 02/12/20241.65002/12/2020 240,113.25 1,46177579ADF0 1.651 622Northwest Bank1181 248,000.00 248,000.00 02/13/20242.95002/13/2019 248,463.96 1,82666736ABP3 2.951 636Wells Fargo1174 248,000.00 248,000.00 02/27/20243.00002/27/2019 248,688.07 1,826949763XY7 3.001 666Lafayette FCU1384 248,000.00 248,000.00 03/28/20242.05003/30/2022 244,419.11 72950625LAW3 2.053 666Texas Bank Financial1260 245,000.00 245,000.00 03/28/20241.10003/31/2020 237,304.07 1,458882213AB7 1.101 684The Jefferson Bank1272 248,000.00 248,000.00 04/15/20241.25004/15/2020 240,595.99 1,461472382AQ3 1.251 685Belmont Bank and Trust1270 248,000.00 248,000.00 04/16/20241.25004/16/2020 240,585.47 1,46108016PDQ9 1.251 685Pacific Western Bank1269 245,000.00 245,000.00 04/16/20241.30004/16/2020 237,936.97 1,46169506YRH4 1.301 695Main Street Bank1188 248,000.00 248,000.00 04/26/20242.60004/26/2019 246,769.87 1,82756065GAG3 2.603 714First Service Bank1231 248,000.00 248,000.00 05/15/20241.70011/15/2019 242,376.23 1,64333640VDD7 1.701 715JP Morgan Chase1185 245,000.00 245,000.00 05/16/20243.25005/16/2019 246,763.11 1,82748128HXU7 3.254 722Iowa State Bank1186 245,000.00 245,000.00 05/23/20242.40005/23/2019 242,738.24 1,82746256YAZ2 2.403 727Live Oak Bank1238 248,000.00 248,000.00 05/28/20241.80011/27/2019 242,763.75 1,644538036GV0 1.802 728Century Next Bank1184 248,000.00 248,000.00 05/29/20242.50005/29/2019 246,167.74 1,827156634AK3 2.503 737Plains Commerce Bank1195 245,000.00 245,000.00 06/07/20242.55006/07/2019 243,361.48 1,82772651LCL6 2.553 742Evansville Teachers Credit FCU1196 248,000.00 248,000.00 06/12/20242.60006/12/2019 246,570.31 1,827299547AQ2 2.603 Portfolio CITY CP Run Date: 08/22/2022 - 16:15 PM (PRF_PM2) 7.3.0 Days to Maturity Page 6 Par Value Book Value Maturity Date Stated RateMarket Value May 31, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Certificate of Deposits 749Legacy Bank1197 248,000.00 248,000.00 06/19/20242.40006/19/2019 245,555.59 1,827524661CB9 2.403 751Citizens State Bank1199 248,000.00 248,000.00 06/21/20242.40006/21/2019 245,549.29 1,827176688CP2 2.403 758Communitywide FCU1202 248,000.00 248,000.00 06/28/20242.25006/28/2019 244,767.35 1,82720416TAQ5 2.253 758Revere Bank1203 247,000.00 247,000.00 06/28/20242.30006/28/2019 244,044.12 1,827761402BY1 2.303 786Abacus Federal Savings1207 248,000.00 248,000.00 07/26/20241.95007/26/2019 243,077.45 1,82700257TBD7 1.952 790First Security Bank of WA1209 248,000.00 248,000.00 07/30/20242.00007/30/2019 243,317.02 1,82733625CCP2 2.002 791People's Bank1210 248,000.00 248,000.00 07/31/20242.00007/31/2019 243,311.33 1,827710571DS6 2.002 807Preferred Bank1213 249,000.00 249,000.00 08/16/20242.00008/16/2019 244,200.04 1,827740367HP5 2.002 814FirsTier Bank1216 249,000.00 249,000.00 08/23/20241.95008/23/2019 243,887.37 1,82733766LAJ7 1.952 814Washington Federal1215 248,000.00 248,000.00 08/23/20242.00008/23/2019 243,179.32 1,827938828BH2 2.002 821First State Bk DeQueen1222 248,000.00 248,000.00 08/30/20241.80008/30/2019 242,044.77 1,827336460CX6 1.802 821First Natl Bk of Syracuse1221 249,000.00 249,000.00 08/30/20241.85008/30/2019 243,295.53 1,827334342CD2 1.852 821Celtic Bank1220 248,000.00 248,000.00 08/30/20241.85008/30/2019 242,318.44 1,82715118RRH2 1.852 832BMW Bank1333 245,000.00 245,000.00 09/10/20240.65009/10/2021 232,805.94 1,09605580AD50 0.651 849BankWest Inc1227 248,000.00 248,000.00 09/27/20241.70009/27/2019 241,283.28 1,82706652CHB0 1.702 877Southern Bancorp Bk1286 248,000.00 248,000.00 10/25/20240.50006/26/2020 234,069.56 1,58284223QAN7 0.500 890Sauk Valley B&T Co1235 248,000.00 248,000.00 11/07/20241.70011/07/2019 240,970.65 1,827804375DL4 1.702 903Morgan Stanley Bank1237 245,000.00 245,000.00 11/20/20241.95011/20/2019 239,470.08 1,82761690UNX4 1.952 903Morgan Stanley Private Bk, NA1236 245,000.00 245,000.00 11/20/20241.90011/20/2019 239,175.47 1,82761760A3B3 1.902 943Bank Princeton1287 248,000.00 248,000.00 12/30/20240.50006/30/2020 233,061.58 1,644064520BG3 0.500 967Transportation Alliance Bk TAB1328 248,000.00 248,000.00 01/23/20250.40007/23/2021 232,055.35 1,28089388CEY0 0.401 973Bank OZK1329 248,000.00 248,000.00 01/29/20250.40007/29/2021 231,960.43 1,28006417NZQ9 0.401 982United Community1249 248,000.00 248,000.00 02/07/20251.65002/07/2020 239,947.84 1,82790983WBT7 1.652 989First National Bank Michigan1250 248,000.00 248,000.00 02/14/20251.65002/14/2020 239,892.66 1,82732114VBT3 1.652 989Freedom Financial1248 248,000.00 248,000.00 02/14/20251.55002/14/2020 239,237.81 1,82735637RDC8 1.552 996American State1255 248,000.00 248,000.00 02/21/20251.60002/21/2020 239,507.98 1,827029728BC5 1.602 1,002Citadel FCU1252 248,000.00 248,000.00 02/27/20251.65002/27/2020 239,790.58 1,82717286TAG0 1.652 1,016Access Bank1256 248,000.00 248,000.00 03/13/20251.60003/13/2020 239,344.43 1,82600435JBH5 1.601 1,023Spring Bank1257 248,000.00 248,000.00 03/20/20251.50003/20/2020 238,610.86 1,826849430BF9 1.501 1,029Axos Bank1258 248,000.00 248,000.00 03/26/20251.65003/26/2020 239,578.54 1,82605465DAE8 1.651 1,031Alma Bank1267 248,000.00 248,000.00 03/28/20251.40003/30/2020 237,859.16 1,824020080BX4 1.399 1,034Commonwealth Business Bk1268 248,000.00 248,000.00 03/31/20251.25003/31/2020 236,805.88 1,8262027506M2 1.251 1,034Nicolet Natl Bank1266 248,000.00 248,000.00 03/31/20251.40003/31/2020 237,830.98 1,826654062JZ2 1.401 1,042Capital One USA FDIC339541271 245,000.00 245,000.00 04/08/20251.60004/08/2020 236,282.44 1,82614042TDD6 1.601 1,055Ally Bank Midvale1388 245,000.00 245,000.00 04/21/20252.55004/21/2022 242,678.80 1,09602007GPX5 2.550 1,056Leader Bank1389 245,000.00 245,000.00 04/22/20252.55004/22/2022 242,676.85 1,09652168UHY1 2.552 Portfolio CITY CP Run Date: 08/22/2022 - 16:15 PM (PRF_PM2) 7.3.0 Days to Maturity Page 7 Par Value Book Value Maturity Date Stated RateMarket Value May 31, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Certificate of Deposits 1,062First Natl Bk McGregor1274 248,000.00 248,000.00 04/28/20251.35004/28/2020 237,216.78 1,82632112UDR9 1.351 1,063First Freedom Bank1273 249,000.00 249,000.00 04/29/20251.20004/29/2020 237,106.70 1,82632027BAL1 1.201 1,064Flagstar1276248,000.00 248,000.00 04/30/20251.25004/30/2020 236,556.49 1,82633847E3A3 1.251 1,0761st Internet Bank1278 248,000.00 248,000.00 05/12/20251.00005/11/2020 234,595.81 1,82732056GDJ6 0.985 1,077Western State Bank1277 245,000.00 245,000.00 05/13/20251.00005/13/2020 231,820.12 1,82695960NKD8 1.001 1,091Discover Bank Greenwood DE CF1392 245,000.00 245,000.00 05/27/20253.10005/24/2022 246,496.83 1,099254673E69 3.103 1,119Chippewa Valley Bk1284 248,000.00 248,000.00 06/24/20250.60006/24/2020 231,136.18 1,826169894AS1 0.600 1,139Farmers & Merch1363 249,000.00 249,000.00 07/14/20250.90001/14/2022 234,051.83 1,277307811DF3 0.900 1,189Pentagon FCU1331 249,000.00 249,000.00 09/02/20250.70009/01/2021 231,881.54 1,46270962LAF9 0.687 1,331Landmark Community Bank1305 248,000.00 248,000.00 01/22/20260.50001/22/2021 227,341.42 1,82651507LCC6 0.500 1,352TIAA FKA EverBank1306 245,000.00 245,000.00 02/12/20260.50002/12/2021 224,406.54 1,82687270LDL4 0.500 1,370Nelnet Bank1376 245,000.00 245,000.00 03/02/20261.80003/02/2022 235,571.10 1,46164034KAZ4 1.801 1,415Greenstate FCU1313 249,000.00 249,000.00 04/16/20260.95004/16/2021 231,229.30 1,82639573LBC1 0.951 1,421Toyota Financial Savings Bank1314 245,000.00 245,000.00 04/22/20260.90004/22/2021 227,084.97 1,82689235MKY6 0.900 1,426Carter FCU1316 248,000.00 248,000.00 04/27/20260.75004/27/2021 228,314.76 1,82614622LAA0 0.750 1,429Fidelity Homestead1317 248,000.00 248,000.00 04/30/20260.70004/30/2021 227,810.80 1,82631617CAV5 0.711 1,486LCA Bank Corp1356 248,000.00 248,000.00 06/26/20261.00012/27/2021 230,073.06 1,642501798RP9 1.000 1,490Vibrant Credit Union1325 249,000.00 248,377.50 06/30/20260.80007/02/2021 228,914.10 1,82492559TAJ7 0.852 1,518Goldman Sachs1326 248,000.00 248,000.00 07/28/20261.00007/28/2021 229,716.35 1,82638149MXK4 1.001 1,518Sallie Mae Bank Salt Lake CIty1327 248,000.00 248,000.00 07/28/20261.00007/28/2021 229,716.35 1,826795451AF0 1.001 1,555Synchrony Bank Retail1332 245,000.00 245,000.00 09/03/20260.90009/03/2021 225,552.96 1,82687165ET98 0.900 1,576Connect One1334 248,000.00 248,000.00 09/24/20260.80009/24/2021 226,940.76 1,82620786ADL6 0.800 1,622Merrick Bank1345 249,000.00 249,000.00 11/09/20261.10011/09/2021 230,453.87 1,82659013KPN0 1.101 1,630Capital One Natl Assn FDIC42971346 248,000.00 248,000.00 11/17/20261.10011/17/2021 229,545.12 1,82614042RQB0 1.101 1,666Connexus CU1357 249,000.00 249,000.00 12/23/20261.25012/23/2021 231,611.95 1,82620825WAR1 1.250 1,709True Sky FCU1368 245,000.00 245,000.00 02/04/20271.60002/04/2022 231,372.50 1,82689786MAF1 1.601 1,721Amerant Bank1372 245,000.00 245,000.00 02/16/20271.60002/14/2022 231,282.73 1,82802357QAQ0 1.601 1,722Beal Bank TX1370 245,000.00 245,000.00 02/17/20271.90002/23/2022 234,540.60 1,82007371AYE7 1.901 1,722Beal Bank USA1371 245,000.00 245,000.00 02/17/20271.90002/23/2022 234,540.60 1,82007371CE88 1.901 1,723Metro Credit Union1373 249,000.00 249,000.00 02/18/20271.70002/18/2022 236,087.52 1,82659161YAP1 1.701 1,730Delta Natl B&T1377 245,000.00 245,000.00 02/25/20272.00003/09/2022 235,588.78 1,81424773RCR4 2.001 1,735Eaglemark Savings1375 245,000.00 245,000.00 03/02/20272.00003/02/2022 235,572.64 1,82627004PCM3 2.001 1,744United Roosevelt Savings1378 248,000.00 248,000.00 03/11/20271.90003/11/2022 237,246.74 1,82691139LAB2 1.901 1,749Marathon Bnak1379 248,000.00 248,000.00 03/16/20271.80003/16/2022 236,093.74 1,826565819AG4 1.801 1,778Comenity Capital Bank1386 248,000.00 248,000.00 04/14/20272.65004/14/2022 245,625.03 1,82620033A3A2 2.652 1,811Greenwoods State Bank1419 248,000.00 248,000.00 05/17/20273.05005/17/2022 250,241.05 1,826397417AQ9 3.052 Portfolio CITY CP Run Date: 08/22/2022 - 16:15 PM (PRF_PM2) 7.3.0 Days to Maturity Page 8 Par Value Book Value Maturity Date Stated RateMarket Value May 31, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date 33,082,377.50 1,65932,258,747.3433,083,000.0032,891,054.92Subtotal and Average 824 1.922 Corporate Notes 197Wal-Mart Stores, Inc1190 500,000.00 496,650.00 12/15/20222.35004/16/2019 501,710.00 1,339931142DU4 2.799 245Colgate-Palmolive1175 500,000.00 485,250.00 02/01/20231.95003/04/2019 499,560.00 1,43019416QEA4 2.751 433Microsoft Corporation1157 400,000.00 378,360.00 08/08/20232.00010/15/2018 398,540.00 1,758594918BQ6 3.222 1,366International Finance Corp.1308 500,000.00 497,300.00 02/26/20260.50002/26/2021 460,725.00 1,82645950VPS9 0.610 1,857,560.00 1,5781,860,535.001,900,000.001,857,560.00Subtotal and Average 571 2.287 Money Market with Fiscal Agent 1US Bank1058 26.01 26.0107/01/2016 26.01 1SYS1058 0.000 26.01 126.0126.0126.01Subtotal and Average 1 0.000 CERBT - OPEB Trust 1CalPERS CERBT Plan1114 2,025,343.59 2,025,343.5907/01/2021 2,025,343.59 1SYS1114 0.000 2,025,343.59 12,025,343.592,025,343.592,025,343.59Subtotal and Average 1 0.000 PARS Pension Trust 1Pblc Agncy Rtrmnt Serv1230 10,474,885.83 10,474,885.8310,474,885.83 1SYS1230 0.000 10,474,885.83 110,474,885.8310,474,885.8310,420,422.60Subtotal and Average 1 0.000 692195,342,504.12 217,364,220.78 443 0.899213,465,029.68 216,779,731.76Total and Average Portfolio CITY CP Run Date: 08/22/2022 - 16:15 PM (PRF_PM2) 7.3.0 City of La Quinta Total Earnings City of La Quinta - Sorted by Fund - Fund May 1, 2022 - May 31, 2022 Current Rate Ending Par Value Ending Fund Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted InterestAnnualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 72,615,832.06105572,615,832.06 0.684LAIF 46,318.95 0.00 46,318.950.75110172,615,832.0698-33-434 0.00 3,300.0010593,300.00CITYPC 0.00 0.00 0.001013,300.00SYS1059 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 0.00 240,000.001097240,000.00 2.300BARCLY 468.82 0.00 468.822.300101240,000.0006740KLJ4 0.00 245,000.001099245,000.00 2.300MTNAMR 478.59 0.00 478.592.300101245,000.0062384RAC0 0.00 0.0011010.00 2.100KANSAS 239.63 0.00 239.632.100101245,000.0050116CBE8 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 0.00 245,000.001110245,000.00 2.400KNOX 499.40 0.00 499.402.400101245,000.00499724AB8 0.00 2,025,343.5911142,025,343.59CALPRS 0.00 0.00 0.001012,025,343.59SYS1114 0.00 245,000.001119245,000.00 2.800ANECA 582.63 0.00 582.632.800101245,000.00034577AH9 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 0.00 245,000.001143245,000.00 3.100ALLGNC 645.05 0.00 645.053.100101245,000.0001748DBE5 0.00 245,000.001144245,000.00 3.150RCB 655.46 0.00 655.463.150101245,000.0074934YAH4 0.00 245,000.001147245,000.00 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 0.00 249,000.001151249,000.00 3.250NWENGL 687.31 0.00 687.313.250101249,000.0006426KAN8 0.00 856,839.251153856,839.25 0.820CAMP 596.18 0.00 596.180.820101856,243.07SYS1153 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 0.00 378,360.001157400,000.00 2.000MCRSFT 666.67 0.00 666.672.075101378,360.00594918BQ6 0.00 247,275.001158250,000.00 2.800FFCB 583.33 0.00 583.332.778101247,275.003133EJYL7 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 Portfolio CITY CP Run Date: 08/22/2022 - 12:35 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 May 1, 2022 - May 31, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001166248,000.00 3.350REDRCK 705.61 0.00 705.613.350101248,000.0075701LAB3 0.00 248,000.001169248,000.00 3.400MEDBA 716.14 0.00 716.143.400101248,000.0058404DCX7 0.00 245,000.001170245,000.00 3.400NLCOOP 707.48 0.00 707.483.400101245,000.00635573AL2 0.00 248,000.001172248,000.00 3.350BARHAR 705.61 0.00 705.613.350101248,000.00066851WJ1 0.00 248,000.001173248,000.00 2.750MORTN 579.23 0.00 579.232.750101248,000.00619165JD6 0.00 248,000.001174248,000.00 3.000WELLS 631.89 0.00 631.893.000101248,000.00949763XY7 0.00 485,250.001175500,000.00 1.950COLGTE 812.50 0.00 812.501.971101485,250.0019416QEA4 0.00 498,550.001177500,000.00 2.500FHLB 1,041.67 0.00 1,041.672.460101498,550.003130AFW94 0.00 489,687.501178500,000.00 1.875USTR 794.05 0.00 794.051.909101489,687.509128282W9 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 499.40 0.00 499.402.400101245,000.0046256YAZ2 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 0.0011920.00 1.750USTR 338.40 0.00 3,688.4019.362101496,650.00912828SV3 3,350.00 245,000.001194245,000.00 2.500PITTS 520.21 0.00 520.212.500101245,000.00725404AB3 0.00 245,000.001195245,000.00 2.550PLAINS 530.61 0.00 530.612.550101245,000.0072651LCL6 0.00 248,000.001196248,000.00 2.600EVNSCU 547.64 0.00 547.642.600101248,000.00299547AQ2 0.00 248,000.001197248,000.00 2.400LEGCY 505.51 0.00 505.512.400101248,000.00524661CB9 0.00 499,500.001198500,000.00 1.875FFCB 781.25 0.00 781.251.842101499,500.003133EKQP4 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 482.49 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 0.00 495,950.001206500,000.00 1.750FNMA 729.17 0.00 729.171.731101495,950.003135G0V75 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 0.00 499,500.001212500,000.00 1.850FFCB 770.84 0.00 770.841.817101499,500.003133EKWV4 0.00 249,000.001213249,000.00 2.000PREFRD 422.96 0.00 422.962.000101249,000.00740367HP5 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:35 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 May 1, 2022 - May 31, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 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 0.00 499,300.001217500,000.00 1.375USTR 582.31 0.00 582.311.373101499,300.00912828T26 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 0.00 499,400.001223500,000.00 1.600FFCB 666.67 0.00 666.671.572101499,400.003133EKZK5 0.00 498,750.001224500,000.00 1.600FFCB 666.66 0.00 666.661.574101498,750.003133EKP75 0.00 248,000.001227248,000.00 1.700BNKWST 358.07 0.00 358.071.700101248,000.0006652CHB0 0.00 30,303,934.35122830,303,934.35BOTW 0.01 0.00 0.011018,248,581.23059731851 0.00 10,474,885.83123010,474,885.83PARS 0.00 0.00 0.0010110,418,607.16SYS1230 0.00 248,000.001231248,000.00 1.7001STSER 358.07 0.00 358.071.700101248,000.0033640VDD7 0.00 992,100.0012331,000,000.00 1.375FNMA 1,145.84 0.00 1,145.841.360101992,100.003135G0W33 0.00 996,900.0012341,000,000.00 1.600FFCB 1,333.33 0.00 1,333.331.575101996,900.003133EK4X1 0.00 248,000.001235248,000.00 1.700SAUKVL 358.07 0.00 358.071.700101248,000.00804375DL4 0.00 245,000.001236245,000.00 1.900MSPRIV 395.36 0.00 395.361.900101245,000.0061760A3B3 0.00 245,000.001237245,000.00 1.950MORGST 405.76 0.00 405.761.950101245,000.0061690UNX4 0.00 248,000.001238248,000.00 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 0.00 989,687.5012411,000,000.00 1.500USTR 1,277.24 0.00 1,277.241.520101989,687.50912828YV6 0.00 998,600.0012421,000,000.00 1.700FFCB 1,416.66 0.00 1,416.661.670101998,600.003133ELEA8 0.00 248,000.001244248,000.00 1.900WFNBW 400.20 0.00 400.201.900101248,000.00949495AT2 0.00 999,000.0012461,000,000.00 1.430FFCB 1,191.67 0.00 1,191.671.404101999,000.003133ELNE0 0.00 999,217.3612471,000,000.00 1.400FFCB 1,166.67 0.00 1,166.671.375101999,217.363133EGWJ0 0.00 248,000.001248248,000.00 1.550FRDMFI 326.48 0.00 326.481.550101248,000.0035637RDC8 0.00 248,000.001249248,000.00 1.650UNTDCM 347.54 0.00 347.541.650101248,000.0090983WBT7 0.00 248,000.001250248,000.00 1.6501STNMI 347.54 0.00 347.541.650101248,000.0032114VBT3 0.00 245,000.001251245,000.00 1.650RLLSTN 343.33 0.00 343.331.650101245,000.0077579ADF0 0.00 248,000.001252248,000.00 1.650CITADL 347.54 0.00 347.541.650101248,000.0017286TAG0 0.00 245,000.001253245,000.00 1.600SYNOVS 332.93 0.00 332.931.600101245,000.0087164DRD4 0.00 248,000.001254248,000.00 1.600SERVIS 337.01 0.00 337.011.600101248,000.0081768PAF3 0.00 248,000.001255248,000.00 1.600AMERST 337.01 0.00 337.011.600101248,000.00029728BC5 0.00 248,000.001256248,000.00 1.600ACCSS 337.01 0.00 337.011.600101248,000.0000435JBH5 0.00 248,000.001257248,000.00 1.500SPRING 315.94 0.00 315.941.500101248,000.00849430BF9 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:35 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 May 1, 2022 - May 31, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001258248,000.00 1.650AXOS 347.54 0.00 347.541.650101248,000.0005465DAE8 0.00 245,000.001260245,000.00 1.100TEXAS 228.89 0.00 228.891.100101245,000.00882213AB7 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 0.00 248,000.001265248,000.00 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 0.00 245,000.001271245,000.00 1.600CAPONE 332.94 0.00 332.941.600101245,000.0014042TDD6 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 1,000,000.0012791,000,000.00 0.625FHLMC 520.83 0.00 520.830.6131011,000,000.003134GVYG7 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 208.34 0.00 208.340.491101499,850.003130AJKW8 0.00 500,000.001282500,000.00 0.680FFCB 283.33 0.00 283.330.667101500,000.003133ELH80 0.00 300,000.001283300,000.00 0.680FHLB 170.00 0.00 170.000.667101300,000.003130AJRP6 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 0.00 500,000.001288500,000.00 0.500FNMA 208.34 0.00 208.340.491101500,000.003135G05S8 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 216.67 0.00 216.670.510101499,750.003136G4M75 0.00 499,250.001291500,000.00 0.420FNMA 175.00 0.00 175.000.413101499,250.003135G06E8 0.00 499,250.001292500,000.00 0.560FNMA 233.33 0.00 233.330.550101499,250.003135GA2Z3 0.00 936,259.051293936,259.05BNY 0.00 0.00 0.001013,642,503.05SYS1293 0.00 997,300.0012971,000,000.00 0.375FHLMC 312.50 0.00 312.500.369101997,300.003137EAEU9 0.00 497,400.001298500,000.00 0.375FHLB 156.25 0.00 156.250.370101497,400.003130AKFA9 0.00 500,000.001299500,000.00 0.600FNMA 250.00 0.00 250.000.589101500,000.003135GA7D7 0.00 500,000.001300500,000.00 0.400FNMA 166.67 0.00 166.670.392101500,000.003135GAAW1 0.00 500,000.001301500,000.00 0.550FHLMC 229.16 0.00 229.160.540101500,000.003134GXGZ1 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:35 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 May 1, 2022 - May 31, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 500,000.001302500,000.00 0.510FHLB 212.50 0.00 212.500.500101500,000.003130AKMZ6 0.00 498,632.811303500,000.00 0.375USTR 160.56 0.00 160.560.379101498,632.8191282CBC4 0.00 500,000.001304500,000.00 0.550FHLB 229.16 0.00 229.160.540101500,000.003130AKN28 0.00 248,000.001305248,000.00 0.500LNDMRK 105.32 0.00 105.320.500101248,000.0051507LCC6 0.00 245,000.001306245,000.00 0.500EVRBA 104.04 0.00 104.040.500101245,000.0087270LDL4 0.00 495,999.501307500,000.00 0.375FHLMC 156.25 0.00 156.250.371101495,999.503137EAEX3 0.00 497,300.001308500,000.00 0.500IFC 214.09 0.00 214.090.507101497,300.0045950VPS9 0.00 495,100.001309500,000.00 0.375USTR 160.57 0.00 160.570.382101495,100.0091282CBH3 0.00 983,940.0013101,000,000.00 0.375FHLMC 312.50 0.00 312.500.374101983,940.003137EAEX3 0.00 977,500.0013111,000,000.00 0.250USTR 210.60 0.00 210.600.254101977,500.0091282CAT8 0.00 500,000.001312500,000.00 1.050FHLB 437.50 0.00 437.501.030101500,000.003130ALV92 0.00 249,000.001313249,000.00 0.950GRNST 200.91 0.00 200.910.950101249,000.0039573LBC1 0.00 245,000.001314245,000.00 0.900TOYFSB 187.27 0.00 187.270.900101245,000.0089235MKY6 0.00 492,187.501315500,000.00 0.375USTR 159.65 0.00 159.650.382101492,187.5091282CAZ4 0.00 248,000.001316248,000.00 0.750CARTER 157.97 0.00 157.970.750101248,000.0014622LAA0 0.00 248,000.001317248,000.00 0.700FIDHMS 147.44 0.00 147.440.700101248,000.0031617CAV5 0.00 574,367.491318574,367.49DPME 0.00 0.00 0.00101548,394.87SYS1318 0.00 494,165.001319500,000.00 0.500USTR 210.59 0.00 210.590.502101494,165.0091282CBQ3 0.00 499,525.001320500,000.00 0.750USTR 317.63 0.00 317.630.749101499,525.0091282CBT7 0.00 997,060.0013211,000,000.00 0.750USTR 638.62 0.00 638.620.754101997,060.0091282CCF6 0.00 498,450.001322500,000.00 0.750USTR 317.63 0.00 317.630.750101498,450.0091282CBT7 0.00 497,095.001323500,000.00 0.750USTR 319.32 0.00 319.320.756101497,095.0091282CCF6 0.00 993,420.0013241,000,000.00 0.750FHLB 625.00 0.00 625.000.741101993,420.003130AMFS6 0.00 248,377.501325249,000.00 0.800VIBRNT 169.18 0.00 169.180.802101248,377.5092559TAJ7 0.00 248,000.001326248,000.00 1.000GLDMAN 210.63 0.00 210.631.000101248,000.0038149MXK4 0.00 248,000.001327248,000.00 1.000SALMAE 210.63 0.00 210.631.000101248,000.00795451AF0 0.00 248,000.001328248,000.00 0.400TABBK 84.25 0.00 84.250.400101248,000.0089388CEY0 0.00 248,000.001329248,000.00 0.400BKOZK 84.25 0.00 84.250.400101248,000.0006417NZQ9 0.00 498,000.001330500,000.00 0.710FFCB 295.83 0.00 295.830.699101498,000.003133EM2C5 0.00 249,000.001331249,000.00 0.700PENTGN 148.04 0.00 148.040.700101249,000.0070962LAF9 0.00 245,000.001332245,000.00 0.900SYNCHR 187.28 0.00 187.280.900101245,000.0087165ET98 0.00 245,000.001333245,000.00 0.650BMW 135.25 0.00 135.250.650101245,000.0005580AD50 0.00 248,000.001334248,000.00 0.800CONNEC 168.51 0.00 168.510.800101248,000.0020786ADL6 0.00 983,750.0013351,000,000.00 0.625USTR 535.22 0.00 535.220.641101983,750.0091282CCP4 0.00 988,500.0013361,000,000.00 0.750USTR 631.79 0.00 631.790.753101988,500.0091282CCW9 0.00 999,000.0013371,000,000.00 1.000FHLB 833.33 0.00 833.330.982101999,000.003130APBM6 0.00 991,080.0013381,000,000.00 0.800FFCB 666.67 0.00 666.670.792101991,080.003133EM4X7 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:35 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 May 1, 2022 - May 31, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 998,250.0013391,000,000.00 0.950FHLB 791.67 0.00 791.670.934101998,250.003130APB46 0.00 499,002.041340500,000.00 0.170FFCB 70.84 0.00 70.840.167101499,002.043133EMX64 0.00 497,792.971341500,000.00 0.125USTR 53.52 0.00 53.520.127101497,792.9791282CCN9 0.00 991,000.0013421,000,000.00 0.125USTR 107.05 0.00 107.050.127101991,000.0091282CBE0 0.00 996,320.0013431,000,000.00 0.625USTR 529.38 0.00 529.380.626101996,320.0091282CDB4 0.00 1,000,000.0013441,000,000.00 1.270FFCB 1,058.34 0.00 1,058.341.2461011,000,000.003133ENCQ1 0.00 249,000.001345249,000.00 1.100MRRCK 232.63 0.00 232.631.100101249,000.0059013KPN0 0.00 248,000.001346248,000.00 1.100CAP1NA 231.69 0.00 231.691.100101248,000.0014042RQB0 0.00 499,500.001347500,000.00 0.700FHLB 291.67 0.00 291.670.688101499,500.003130APTV7 0.00 998,530.0013481,000,000.00 0.180FFCB 150.00 0.00 150.000.177101998,530.003133ENBT6 0.00 996,718.7513491,000,000.00 0.125USTR 105.88 0.00 105.880.125101996,718.7591282CBU4 0.00 995,468.7513501,000,000.00 0.125USTR 106.44 0.00 106.440.126101995,468.7591282CCD1 0.00 990,000.0013511,000,000.00 0.125USTR 106.45 0.00 106.450.127101990,000.0091282CBA8 0.00 989,800.0013521,000,000.00 0.250USTR 210.60 0.00 210.600.251101989,800.0091282CBR1 0.00 987,100.0013531,000,000.00 0.550FHLB 458.33 0.00 458.330.547101987,100.003130AP2U8 0.00 976,300.0013541,000,000.00 0.500FNMA 416.66 0.00 416.660.502101976,300.003135G06G3 0.00 1,000,000.0013551,000,000.00 0.970FFCB 808.33 0.00 808.330.9521011,000,000.003133ENGN4 0.00 248,000.001356248,000.00 1.000LCA 210.63 0.00 210.631.000101248,000.00501798RP9 0.00 249,000.001357249,000.00 1.250CNNXS 264.35 0.00 264.351.250101249,000.0020825WAR1 0.00 999,750.0013581,000,000.00 1.250FHLB 1,041.66 0.00 1,041.661.227101999,750.003130AQF65 0.00 486,000.001359500,000.00 0.800FHLMC 333.34 0.00 333.340.808101486,000.003134GW6C5 0.00 494,882.811360500,000.00 0.375USTR 158.81 0.00 158.810.378101494,882.8191282CBV2 0.00 487,090.001361500,000.00 0.375FHLMC 156.25 0.00 156.250.378101487,090.003137EAEU9 0.00 391,360.001362400,000.00 0.650FHLMC 216.67 0.00 216.670.652101391,360.003134GW5R3 0.00 249,000.001363249,000.00 0.900FARMER 190.33 0.00 190.330.900101249,000.00307811DF3 0.00 1,000,000.0013641,000,000.00 1.500FHLB 1,250.00 0.00 1,250.001.4721011,000,000.003130AQJR5 0.00 487,790.001365500,000.00 0.625FNMA 260.41 0.00 260.410.629101487,790.003135G03U5 0.00 945,570.0013661,000,000.00 0.700FHLMC 583.33 0.00 583.330.726101945,570.003134GWUQ7 0.00 1,000,000.0013671,000,000.00 1.830FHLB 1,525.00 0.00 1,525.001.7961011,000,000.003130AQSA2 0.00 245,000.001368245,000.00 1.600TRUSKY 332.93 0.00 332.931.600101245,000.0089786MAF1 0.00 986,700.0013691,000,000.00 1.500USTR 1,284.53 0.00 1,284.531.533101986,700.00912828Z78 0.00 245,000.001370245,000.00 1.900BEALTX 395.36 0.00 395.361.900101245,000.0007371AYE7 0.00 245,000.001371245,000.00 1.900BEALUS 395.36 0.00 395.361.900101245,000.0007371CE88 0.00 245,000.001372245,000.00 1.600AMRNT 332.93 0.00 332.931.600101245,000.0002357QAQ0 0.00 249,000.001373249,000.00 1.700METRO 359.52 0.00 359.521.700101249,000.0059161YAP1 0.00 1,000,000.0013741,000,000.00 1.700FHLB 1,416.66 0.00 1,416.661.6681011,000,000.003130AQWY5 0.00 245,000.001375245,000.00 2.000EGLMRK 416.17 0.00 416.172.000101245,000.0027004PCM3 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:35 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 7 Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted Interest May 1, 2022 - May 31, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 245,000.001376245,000.00 1.800NELNET 374.55 0.00 374.551.800101245,000.0064034KAZ4 0.00 245,000.001377245,000.00 2.000DELTA 416.16 0.00 416.162.000101245,000.0024773RCR4 0.00 248,000.001378248,000.00 1.900URSVLT 400.20 0.00 400.201.900101248,000.0091139LAB2 0.00 248,000.001379248,000.00 1.800MRTHON 379.13 0.00 379.131.800101248,000.00565819AG4 0.00 466,454.171380500,000.00 0.750USTR 315.90 0.00 315.900.797101466,454.1791282CCW9 0.00 473,396.821381500,000.00 1.125USTR 473.84 0.00 473.841.179101473,396.8291282CDG3 0.00 698,025.001382750,000.00 0.500USTR 315.90 0.00 315.900.533101698,025.0091282CBQ3 0.00 999,010.0013831,000,000.00 2.375USTR 2,000.68 0.00 2,000.682.358101999,010.009128286S4 0.00 248,000.001384248,000.00 2.050LFYTT 431.79 0.00 431.792.050101248,000.0050625LAW3 0.00 500,000.001385500,000.00 2.500FHLB 1,041.66 0.00 1,041.662.453101500,000.003130ARGJ4 0.00 248,000.001386248,000.00 2.650CCBA 558.16 0.00 558.162.650101248,000.0020033A3A2 0.00 1,000,000.0013871,000,000.00 2.700FHLB 2,250.00 0.00 2,250.002.6491011,000,000.003130ARGY1 0.00 245,000.001388245,000.00 2.550ALLY 529.16 0.00 529.162.543101245,000.0002007GPX5 0.00 245,000.001389245,000.00 2.550LEADR 530.61 0.00 530.612.550101245,000.0052168UHY1 0.00 985,190.0013901,000,000.00 2.250USTR 1,773.10 0.00 1,773.102.2651010.009128283D0 0.00 976,860.0013911,000,000.00 2.500USTR 1,980.87 0.00 1,980.872.5521010.0091282CEF4 0.00 245,000.001392245,000.00 3.100DISCOV 166.47 0.00 166.473.1001010.00254673E69 0.00 985,240.0014181,000,000.00 2.000USTR 1,538.16 0.00 1,538.162.0351010.00912828XT2 0.00 248,000.001419248,000.00 3.050GRNWDS 290.13 0.00 290.133.0501010.00397417AQ9 0.00 214,973,761.62Subtotal 214,389,272.60 0.950 157,215.820.00153,865.82192,258,676.01 3,350.00 Fund: Fiscal Agent 26.01105826.01USBANK 0.00 0.00 0.0023126.01SYS1058 0.00 26.01Subtotal 26.01 0.000.000.0026.01 0.00 Fund: Housing Authority : WSA and LQ 380,205.181062380,205.18LQPR 0.00 0.00 0.00241392,086.39SYS1062 0.00 380,205.18Subtotal 380,205.18 0.000.000.00392,086.39 0.00 Fund: SA Low/Mod Bond Fund 2,010,227.9711132,010,227.97 0.684LAIF 1,282.25 0.00 1,282.250.7512492,010,227.9725-33-005 0.00 2,010,227.97Subtotal 2,010,227.97 0.751 1,282.250.001,282.252,010,227.97 0.00 217,364,220.78Total 216,779,731.76 0.946 158,498.070.00155,148.07194,661,016.38 3,350.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:35 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Days to Maturity Page 1 Par Value Book Value Maturity Date Stated RateMarket Value June 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Bank Accounts 1Bank of New York1293 530,216.68 530,216.6809/01/2020 530,216.68 1SYS1293 0.000 1Bank of the West1228 7,618,166.47 7,618,166.4708/20/2019 7,618,166.47 1059731851 0.000 1City Petty Cash1059 3,300.00 3,300.0007/01/2016 3,300.00 1SYS1059 0.000 1Dune Palms Mobile Estates1318 613,840.49 613,840.4903/09/2021 613,840.49 1SYS1318 0.000 1La Quinta Palms Realty1062 390,461.07 390,461.0707/01/2016 390,461.07 1SYS1062 0.000 9,155,984.71 19,155,984.719,155,984.7142,929,477.57Subtotal and Average 1 0.000 Local Agency Investment Fund-City 1Local Agency Inv Fund1055 32,615,832.06 32,615,832.06 0.86132,621,385.24 198-33-434 0.861 32,615,832.06 132,621,385.2432,615,832.0643,282,498.73Subtotal and Average 1 0.861 Local Agency Invstmnt Fund-Housing 1Local Agency Inv Fund1113 2,010,227.97 2,010,227.97 0.8612,011,105.85 125-33-005 0.861 2,010,227.97 12,011,105.852,010,227.972,010,227.97Subtotal and Average 1 0.861 Money Market/Mutual Funds 1Dreyfus12940.00 0.0007/01/2021 0.00 1X9USDDTP3 0.000 0.00 00.000.000.00Subtotal and Average 0 0.000 Money Market Accounts - CAMP 1California Asset Management Pr1153 27,875,713.70 27,875,713.70 1.14009/26/2018 27,875,713.70 1SYS1153 1.140 27,875,713.70 127,875,713.7027,875,713.7019,257,468.40Subtotal and Average 1 1.140 Federal Agency Coupon Securities 67Federal National Mtg Assn1233 1,000,000.00 992,100.00 09/06/20221.37510/29/2019 999,310.00 1,0433135G0W33 1.659 90Federal Farm Credit Bank1247 1,000,000.00 999,217.36 09/29/20221.40002/05/2020 998,890.00 9673133EGWJ0 1.430 164Federal Farm Credit Bank1198 500,000.00 499,500.00 12/12/20221.87506/20/2019 499,080.00 1,2713133EKQP4 1.905 208Federal Farm Credit Bank1348 1,000,000.00 998,530.00 01/25/20230.18012/07/2021 986,570.00 4143133ENBT6 0.310 301Federal Farm Credit Bank1340 500,000.00 499,002.04 04/28/20230.17010/22/2021 489,465.00 5533133EMX64 0.302 409Federal Farm Credit Bank1223 500,000.00 499,400.00 08/14/20231.60009/12/2019 492,650.00 1,4323133EKZK5 1.632 431Federal Farm Credit Bank1158 250,000.00 247,275.00 09/05/20232.80010/15/2018 249,735.00 1,7863133EJYL7 3.041 488Federal Farm Credit Bank1234 1,000,000.00 996,900.00 11/01/20231.60011/01/2019 983,510.00 1,4613133EK4X1 1.680 592Federal Home Loan Bank1177 500,000.00 498,550.00 02/13/20242.50003/01/2019 496,660.00 1,8103130AFW94 2.563 593Federal Farm Credit Bank1246 1,000,000.00 999,000.00 02/14/20241.43002/14/2020 978,210.00 1,4613133ELNE0 1.456 710Federal Farm Credit Bank1401 500,000.00 499,080.00 06/10/20242.62506/10/2022 496,490.00 7313133ENYH7 2.720 Portfolio CITY CP Run Date: 08/22/2022 - 16:23 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 June 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Federal Agency Coupon Securities 732Federal National Mtg Assn1206 500,000.00 495,950.00 07/02/20241.75007/15/2019 489,110.00 1,8143135G0V75 1.922 756Federal Farm Credit Bank1212 500,000.00 499,500.00 07/26/20241.85008/02/2019 489,855.00 1,8203133EKWV4 1.871 809Federal Farm Credit Bank1224 500,000.00 498,750.00 09/17/20241.60009/17/2019 486,130.00 1,8273133EKP75 1.652 809Federal Farm Credit Bank1242 1,000,000.00 998,600.00 09/17/20241.70012/17/2019 974,340.00 1,7363133ELEA8 1.731 871Federal National Mtg Assn1291 500,000.00 499,250.00 11/18/20240.42011/18/2020 469,420.00 1,4613135G06E8 0.458 892Federal Farm Credit Bank1355 1,000,000.00 1,000,000.00 12/09/20240.97012/09/2021 949,900.00 1,0963133ENGN4 0.970 913Federal National Mtg Assn1300 500,000.00 500,000.00 12/30/20240.40012/30/2020 468,080.00 1,4613135GAAW1 0.400 921Federal Home Loan Bank1353 1,000,000.00 987,100.00 01/07/20250.55012/07/2021 940,530.00 1,1273130AP2U8 0.976 969Federal Home Loan Bank1374 1,000,000.00 1,000,000.00 02/24/20251.70002/25/2022 970,170.00 1,0953130AQWY5 1.700 1,026Federal National Mtg Assn1365 500,000.00 487,790.00 04/22/20250.62501/28/2022 467,980.00 1,1803135G03U5 1.400 1,061Federal Home Loan Mtg Corp1279 1,000,000.00 1,000,000.00 05/27/20250.62505/27/2020 929,580.00 1,8263134GVYG7 0.625 1,074Federal Farm Credit Bank1280 500,000.00 499,850.00 06/09/20250.50006/09/2020 464,775.00 1,8263133ELH23 0.506 1,075Federal Farm Credit Bank1282 500,000.00 500,000.00 06/10/20250.68006/10/2020 466,665.00 1,8263133ELH80 0.680 1,078Federal Home Loan Bank1281 500,000.00 499,850.00 06/13/20250.50006/03/2020 464,990.00 1,8363130AJKW8 0.506 1,095Federal Home Loan Bank1283 300,000.00 300,000.00 06/30/20250.68006/30/2020 279,033.00 1,8263130AJRP6 0.680 1,116Federal Home Loan Mtg Corp1297 1,000,000.00 997,300.00 07/21/20250.37512/07/2020 923,380.00 1,6873137EAEU9 0.434 1,116Federal Home Loan Mtg Corp1361 500,000.00 487,090.00 07/21/20250.37501/05/2022 461,690.00 1,2933137EAEU9 1.120 1,140Federal National Mtg Assn1288 500,000.00 500,000.00 08/14/20250.50008/14/2020 462,560.00 1,8263135G05S8 0.500 1,144Federal National Mtg Assn1290 500,000.00 499,750.00 08/18/20250.52008/28/2020 462,625.00 1,8163136G4M75 0.530 1,147Federal National Mtg Assn1289 1,000,000.00 1,000,000.00 08/21/20250.56008/21/2020 926,430.00 1,8263136G4N74 0.560 1,180Federal Home Loan Mtg Corp1307 500,000.00 495,999.50 09/23/20250.37502/23/2021 458,975.00 1,6733137EAEX3 0.552 1,180Federal Home Loan Mtg Corp1310 1,000,000.00 983,940.00 09/23/20250.37503/30/2021 917,950.00 1,6383137EAEX3 0.740 1,201Federal Home Loan Bank1385 500,000.00 500,000.00 10/14/20252.50004/14/2022 492,465.00 1,2793130ARGJ4 2.500 1,214Federal Home Loan Mtg Corp1362 400,000.00 391,360.00 10/27/20250.65001/05/2022 368,376.00 1,3913134GW5R3 1.232 1,225Federal National Mtg Assn1354 1,000,000.00 976,300.00 11/07/20250.50012/07/2021 919,100.00 1,4313135G06G3 1.120 1,235Federal National Mtg Assn1292 500,000.00 499,250.00 11/17/20250.56011/17/2020 460,355.00 1,8263135GA2Z3 0.590 1,260Federal Home Loan Bank1298 500,000.00 497,400.00 12/12/20250.37512/07/2020 456,365.00 1,8313130AKFA9 0.480 1,271Federal National Mtg Assn1299 500,000.00 500,000.00 12/23/20250.60012/23/2020 459,865.00 1,8263135GA7D7 0.600 1,278Federal Home Loan Mtg Corp1301 500,000.00 500,000.00 12/30/20250.55012/30/2020 457,965.00 1,8263134GXGZ1 0.550 1,293Federal Home Loan Bank1302 500,000.00 500,000.00 01/14/20260.51001/14/2021 460,335.00 1,8263130AKMZ6 0.510 1,308Federal Home Loan Bank1304 500,000.00 500,000.00 01/29/20260.55001/29/2021 460,535.00 1,8263130AKN28 0.550 1,368Federal Home Loan Bank1312 500,000.00 500,000.00 03/30/20261.05003/30/2021 467,770.00 1,8263130ALV92 0.938 1,442Federal Home Loan Bank1324 1,000,000.00 993,420.00 06/12/20260.75006/17/2021 911,490.00 1,8213130AMFS6 0.885 1,501Federal Farm Credit Bank1330 500,000.00 498,000.00 08/10/20260.71008/10/2021 456,650.00 1,8263133EM2C5 0.792 1,532Federal Farm Credit Bank1338 1,000,000.00 991,080.00 09/10/20260.80009/28/2021 911,350.00 1,8083133EM4X7 0.985 1,552Federal Home Loan Bank1337 1,000,000.00 999,000.00 09/30/20261.00009/30/2021 923,320.00 1,8263130APBM6 1.021 Portfolio CITY CP Run Date: 08/22/2022 - 16:23 PM (PRF_PM2) 7.3.0 Days to Maturity Page 3 Par Value Book Value Maturity Date Stated RateMarket Value June 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Federal Agency Coupon Securities 1,565Federal Home Loan Bank1339 1,000,000.00 998,250.00 10/13/20260.95010/13/2021 919,730.00 1,8263130APB46 0.986 1,580Federal Home Loan Mtg Corp1359 500,000.00 486,000.00 10/28/20260.80001/05/2022 450,760.00 1,7573134GW6C5 1.403 1,585Federal Farm Credit Bank1344 1,000,000.00 1,000,000.00 11/02/20261.27011/02/2021 931,300.00 1,8263133ENCQ1 1.270 1,607Federal Home Loan Bank1347 500,000.00 499,500.00 11/24/20260.70011/24/2021 472,345.00 1,8263130APTV7 1.489 1,634Federal Home Loan Bank1358 1,000,000.00 999,750.00 12/21/20261.25012/22/2021 925,190.00 1,8253130AQF65 1.255 1,643Federal Home Loan Mtg Corp1366 1,000,000.00 945,570.00 12/30/20260.70002/10/2022 902,330.00 1,7843134GWUQ7 1.870 1,671Federal Home Loan Bank1364 1,000,000.00 1,000,000.00 01/27/20271.50001/27/2022 939,650.00 1,8263130AQJR5 1.500 1,685Federal Home Loan Bank1367 1,000,000.00 1,000,000.00 02/10/20271.83002/10/2022 938,330.00 1,8263130AQSA2 1.830 1,753Federal Home Loan Bank1387 1,000,000.00 1,000,000.00 04/19/20272.70004/19/2022 977,420.00 1,8263130ARGY1 2.700 1,823Federal Home Loan Bank1409 300,000.00 300,000.00 06/28/20273.30006/28/2022 299,355.00 1,8263130ASDV8 3.300 39,534,153.90 1,57437,557,089.0039,750,000.0039,114,429.90Subtotal and Average 1,088 1.206 Treasury Coupon Securities 61U.S. Treasury1405 5,000,000.00 4,988,450.00 08/31/20220.12506/13/2022 4,988,050.00 7991282CAG6 1.203 91U.S. Treasury1178 500,000.00 489,687.50 09/30/20221.87503/01/2019 500,075.00 1,3099128282W9 2.480 91U.S. Treasury1395 4,000,000.00 3,985,625.00 09/30/20220.12506/06/2022 3,983,360.00 11691282CAN1 1.263 91U.S. Treasury1404 2,000,000.00 1,992,780.00 09/30/20220.12506/13/2022 1,991,680.00 10991282CAN1 1.342 91U.S. Treasury1411 2,000,000.00 1,991,942.00 09/30/20220.12506/29/2022 1,991,680.00 9391282CAN1 1.717 122U.S. Treasury1393 4,000,000.00 3,979,880.00 10/31/20220.12506/06/2022 3,973,640.00 14791282CAR2 1.391 122U.S. Treasury1406 2,000,000.00 1,989,440.00 10/31/20220.12506/13/2022 1,986,820.00 14091282CAR2 1.521 122U.S. Treasury1410 2,000,000.00 1,999,940.00 10/31/20222.00006/29/2022 1,999,120.00 1249128283C2 2.002 122U.S. Treasury1414 1,000,000.00 999,977.00 10/31/20222.00006/30/2022 999,560.00 1239128283C2 2.000 152U.S. Treasury1403 4,000,000.00 3,972,031.25 11/30/20220.12506/13/2022 3,963,600.00 17091282CAX9 1.642 152U.S. Treasury1408 3,000,000.00 2,996,670.00 11/30/20222.00006/28/2022 2,995,560.00 155912828M80 2.261 152U.S. Treasury1413 2,000,000.00 1,997,980.00 11/30/20222.00006/30/2022 1,997,040.00 153912828M80 2.240 183U.S. Treasury1394 2,000,000.00 1,982,265.63 12/31/20220.12506/06/2022 1,976,400.00 20891282CBD2 1.705 183U.S. Treasury1402 3,000,000.00 2,972,578.13 12/31/20220.12506/13/2022 2,964,600.00 20191282CBD2 1.812 183U.S. Treasury1407 2,000,000.00 1,996,240.00 12/31/20222.12506/28/2022 1,996,100.00 186912828N30 2.501 183U.S. Treasury1412 2,000,000.00 1,996,680.00 12/31/20222.12506/30/2022 1,996,100.00 184912828N30 2.461 273U.S. Treasury1349 1,000,000.00 996,718.75 03/31/20230.12512/07/2021 980,510.00 47991282CBU4 0.376 334U.S. Treasury1350 1,000,000.00 995,468.75 05/31/20230.12512/07/2021 975,200.00 54091282CCD1 0.432 395U.S. Treasury1341 500,000.00 497,792.97 07/31/20230.12510/22/2021 485,195.00 64791282CCN9 0.375 456U.S. Treasury1217 500,000.00 499,300.00 09/30/20231.37508/21/2019 490,565.00 1,501912828T26 1.410 532U.S. Treasury1351 1,000,000.00 990,000.00 12/15/20230.12512/07/2021 960,200.00 73891282CBA8 0.623 563U.S. Treasury1342 1,000,000.00 991,000.00 01/15/20240.12510/22/2021 958,010.00 81591282CBE0 0.531 Portfolio CITY CP Run Date: 08/22/2022 - 16:23 PM (PRF_PM2) 7.3.0 Days to Maturity Page 4 Par Value Book Value Maturity Date Stated RateMarket Value June 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Treasury Coupon Securities 623U.S. Treasury1352 1,000,000.00 989,800.00 03/15/20240.25012/07/2021 955,550.00 82991282CBR1 0.704 654U.S. Treasury1360 500,000.00 494,882.81 04/15/20240.37501/05/2022 477,695.00 83191282CBV2 0.830 700U.S. Treasury1418 1,000,000.00 985,240.00 05/31/20242.00005/04/2022 982,730.00 758912828XT2 2.736 792U.S. Treasury1400 500,000.00 490,850.00 08/31/20241.87506/09/2022 488,635.00 8149128282U3 2.727 837U.S. Treasury1343 1,000,000.00 996,320.00 10/15/20240.62510/22/2021 948,240.00 1,08991282CDB4 0.750 853U.S. Treasury1390 1,000,000.00 985,190.00 10/31/20242.25005/03/2022 984,020.00 9129128283D0 2.870 883U.S. Treasury1241 1,000,000.00 989,687.50 11/30/20241.50012/16/2019 965,510.00 1,811912828YV6 1.718 1,218U.S. Treasury1311 1,000,000.00 977,500.00 10/31/20250.25003/30/2021 912,310.00 1,67691282CAT8 0.750 1,248U.S. Treasury1315 500,000.00 492,187.50 11/30/20250.37504/22/2021 457,205.00 1,68391282CAZ4 0.720 1,279U.S. Treasury1303 500,000.00 498,632.81 12/31/20250.37501/07/2021 456,230.00 1,81991282CBC4 0.431 1,310U.S. Treasury1309 500,000.00 495,100.00 01/31/20260.37502/23/2021 455,195.00 1,80391282CBH3 0.577 1,338U.S. Treasury1319 500,000.00 494,165.00 02/28/20260.50005/28/2021 456,290.00 1,73791282CBQ3 0.750 1,338U.S. Treasury1382 750,000.00 698,025.00 02/28/20260.50003/23/2022 684,435.00 1,43891282CBQ3 2.353 1,369U.S. Treasury1320 500,000.00 499,525.00 03/31/20260.75005/28/2021 459,825.00 1,76891282CBT7 0.770 1,369U.S. Treasury1322 500,000.00 498,450.00 03/31/20260.75006/17/2021 459,825.00 1,74891282CBT7 0.816 1,399U.S. Treasury1383 1,000,000.00 999,010.00 04/30/20262.37503/23/2022 977,190.00 1,4999128286S4 2.400 1,430U.S. Treasury1321 1,000,000.00 997,060.00 05/31/20260.75006/01/2021 916,130.00 1,82591282CCF6 0.810 1,430U.S. Treasury1323 500,000.00 497,095.00 05/31/20260.75006/17/2021 458,065.00 1,80991282CCF6 0.870 1,491U.S. Treasury1335 1,000,000.00 983,750.00 07/31/20260.62509/29/2021 908,130.00 1,76691282CCP4 0.970 1,522U.S. Treasury1336 1,000,000.00 988,500.00 08/31/20260.75009/29/2021 911,520.00 1,79791282CCW9 0.990 1,522U.S. Treasury1380 500,000.00 466,454.17 08/31/20260.75003/22/2022 455,760.00 1,62391282CCW9 2.350 1,583U.S. Treasury1381 500,000.00 473,396.82 10/31/20261.12503/22/2022 461,545.00 1,68491282CDG3 2.350 1,675U.S. Treasury1369 1,000,000.00 986,700.00 01/31/20271.50002/10/2022 935,040.00 1,816912828Z78 1.781 1,734U.S. Treasury1391 1,000,000.00 976,860.00 03/31/20272.50005/03/2022 977,110.00 1,79391282CEF4 3.010 1,764U.S. Treasury1398 500,000.00 495,000.00 04/30/20272.75006/08/2022 493,985.00 1,78791282CEN7 2.971 1,779U.S. Treasury1397 1,000,000.00 969,687.50 05/15/20272.37506/07/2022 969,530.00 1,803912828X88 3.041 1,795U.S. Treasury1399 500,000.00 491,842.18 05/31/20272.62506/08/2022 491,290.00 1,81891282CET4 2.980 65,213,358.27 61964,252,055.0065,750,000.0043,586,666.10Subtotal and Average 501 1.616 Certificate of Deposits 38Traditions Bank1148 245,000.00 245,000.00 08/08/20223.00006/08/2018 245,339.03 1,52289269CBX9 3.002 53CIT Bank NA1219 245,000.00 245,000.00 08/23/20221.90008/23/2019 245,061.75 1,09612556LBA3 1.902 59American Express Fed Savings B1096 240,000.00 240,000.00 08/29/20222.40008/29/2017 240,265.64 1,82602587CFU9 2.402 59Sterling Bank1201 245,000.00 245,000.00 08/29/20222.15006/28/2019 245,169.98 1,15885916VDC6 2.153 104Alliance Credit Union1095 245,000.00 245,000.00 10/13/20222.25010/13/2017 244,992.21 1,82601859BAA3 2.251 Portfolio CITY CP Run Date: 08/22/2022 - 16:23 PM (PRF_PM2) 7.3.0 Days to Maturity Page 5 Par Value Book Value Maturity Date Stated RateMarket Value June 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Certificate of Deposits 116Barclays Bank1097 240,000.00 240,000.00 10/25/20222.30010/25/2017 240,031.37 1,82606740KLJ4 2.291 130Mountain America Federal CU1099 245,000.00 245,000.00 11/08/20222.30011/08/2017 244,840.22 1,82662384RAC0 2.301 140CrossFirst Bank1106 245,000.00 245,000.00 11/18/20222.20011/20/2017 244,732.66 1,82422766ACB9 2.201 150Enterprise Bank, NA1107 245,000.00 245,000.00 11/28/20222.15011/28/2017 244,662.93 1,82629367QCP1 2.151 159Medallion Bank1169 248,000.00 248,000.00 12/07/20223.40012/07/2018 248,787.75 1,46158404DCX7 3.402 159Red Rocks Credit Union1166 248,000.00 248,000.00 12/07/20223.35012/07/2018 248,733.03 1,46175701LAB3 3.352 181Knoxville TVA Credit Union1110 245,000.00 245,000.00 12/29/20222.40012/29/2017 244,655.88 1,826499724AB8 2.401 182Kern FCU1239 248,000.00 248,000.00 12/30/20221.90012/30/2019 246,787.49 1,09649228XAK6 1.902 182San Francisco FCU1240 248,000.00 248,000.00 12/30/20221.85012/30/2019 246,724.99 1,09679772FAC0 1.852 213Wells Fargo Natl Bank West1244 248,000.00 248,000.00 01/30/20231.90001/29/2020 246,380.22 1,097949495AT2 1.900 235Servisfirst Bank1254 248,000.00 248,000.00 02/21/20231.60002/21/2020 245,732.75 1,09681768PAF3 1.601 242Verus Bank of Commerce1180 248,000.00 248,000.00 02/28/20232.70002/28/2019 247,486.94 1,46192535LCD4 2.700 264Aneca Federal Credit Union1119 245,000.00 245,000.00 03/22/20232.80003/22/2018 244,366.16 1,826034577AH9 2.802 273Northstar Bank1263 248,000.00 248,000.00 03/31/20231.15003/31/2020 243,813.43 1,09566704MEQ0 1.150 273West Michigan Cmnty Bk1265 248,000.00 248,000.00 03/31/20231.15003/31/2020 243,813.43 1,095954444BS3 1.150 284Citibank NA1123 245,000.00 245,000.00 04/11/20232.90004/11/2018 244,243.72 1,82617312QJ26 2.902 301Congressional Bank1189 248,000.00 248,000.00 04/28/20232.50004/30/2019 246,381.04 1,45920726ABA5 2.502 301EnerBank USA1125 240,000.00 240,000.00 04/28/20232.95004/30/2018 239,325.65 1,82429278TAY6 2.952 308First National Bank1179 248,000.00 248,000.00 05/05/20232.80003/05/2019 246,742.78 1,52232117BCX4 2.802 341Pittsfield Cooperative Bank1194 245,000.00 245,000.00 06/07/20232.50006/07/2019 242,703.06 1,461725404AB3 2.502 354Morton Community1173 248,000.00 248,000.00 06/20/20232.75003/20/2019 246,177.81 1,553619165JD6 2.753 354RCB Bank1144 245,000.00 245,000.00 06/20/20233.15006/20/2018 244,148.30 1,82674934YAH4 3.152 360American First CU1285 248,000.00 248,000.00 06/26/20230.35006/26/2020 240,291.63 1,09502616AAH2 0.350 383American National Bank1205 248,000.00 248,000.00 07/19/20232.00007/19/2019 243,804.70 1,46102772JBD1 2.001 384First National Bank of America1147 245,000.00 245,000.00 07/20/20233.15007/20/2018 243,795.97 1,82632110YLK9 3.152 395Bank of New England1151 249,000.00 249,000.00 07/31/20233.25007/31/2018 248,179.26 1,82606426KAN8 3.252 418Raymond James Bank1218 244,000.00 244,000.00 08/23/20231.95008/23/2019 239,471.54 1,46175472RAD3 1.951 455Triad Bank1262 248,000.00 248,000.00 09/29/20231.35003/30/2020 241,233.88 1,27889579NCD3 1.352 473Cache Valley BK F/K/A Marlin1155 248,000.00 248,000.00 10/17/20233.30010/17/2018 247,282.63 1,82657116ARV2 3.302 473Municipal Trust and Savings1160 245,000.00 245,000.00 10/17/20233.20010/17/2018 243,976.56 1,826625925AR3 3.202 473UBS Bank USA1161 245,000.00 245,000.00 10/17/20233.35010/17/2018 244,448.68 1,82690348JEJ5 3.352 475Jefferson Financial CU1154 245,000.00 245,000.00 10/19/20233.35010/19/2018 244,432.80 1,826474067AQ8 3.352 502Commercial Bank1162 248,000.00 248,000.00 11/15/20233.40011/15/2018 247,685.42 1,82620143PDV9 3.402 515Numerica Credit Union1164 248,000.00 248,000.00 11/28/20233.55011/28/2018 248,197.21 1,82667054NAN3 3.552 524Jovia Financial Credit Union1396 248,000.00 248,000.00 12/07/20232.50006/07/2022 244,611.66 54848115LAD6 2.502 538National Cooperative Bank, N.A1170 245,000.00 245,000.00 12/21/20233.40012/21/2018 244,776.78 1,826635573AL2 3.402 Portfolio CITY CP Run Date: 08/22/2022 - 16:23 PM (PRF_PM2) 7.3.0 Days to Maturity Page 6 Par Value Book Value Maturity Date Stated RateMarket Value June 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Certificate of Deposits 546Bar Harbor Bank and Trust1172 248,000.00 248,000.00 12/29/20233.35012/31/2018 247,589.39 1,824066851WJ1 3.352 577Lakeside Bank1208 248,000.00 248,000.00 01/29/20242.00007/30/2019 242,463.94 1,64451210SQU4 2.003 591Rollstone B&T1251 245,000.00 245,000.00 02/12/20241.65002/12/2020 238,194.29 1,46177579ADF0 1.651 592Northwest Bank1181 248,000.00 248,000.00 02/13/20242.95002/13/2019 246,218.23 1,82666736ABP3 2.951 606Wells Fargo1174 248,000.00 248,000.00 02/27/20243.00002/27/2019 246,380.57 1,826949763XY7 3.001 636Lafayette FCU1384 248,000.00 248,000.00 03/28/20242.05003/30/2022 242,392.94 72950625LAW3 2.053 636Texas Bank Financial1260 245,000.00 245,000.00 03/28/20241.10003/31/2020 235,521.85 1,458882213AB7 1.101 654The Jefferson Bank1272 248,000.00 248,000.00 04/15/20241.25004/15/2020 238,879.63 1,461472382AQ3 1.251 655Belmont Bank and Trust1270 248,000.00 248,000.00 04/16/20241.25004/16/2020 238,866.13 1,46108016PDQ9 1.251 655Pacific Western Bank1269 245,000.00 245,000.00 04/16/20241.30004/16/2020 236,241.39 1,46169506YRH4 1.301 665Main Street Bank1188 248,000.00 248,000.00 04/26/20242.60004/26/2019 244,729.60 1,82756065GAG3 2.603 684First Service Bank1231 248,000.00 248,000.00 05/15/20241.70011/15/2019 240,668.99 1,64333640VDD7 1.701 685JP Morgan Chase1185 245,000.00 245,000.00 05/16/20243.25005/16/2019 244,747.84 1,82748128HXU7 3.254 692Iowa State Bank1186 245,000.00 245,000.00 05/23/20242.40005/23/2019 240,888.31 1,82746256YAZ2 2.403 697Live Oak Bank1238 248,000.00 248,000.00 05/28/20241.80011/27/2019 240,999.66 1,644538036GV0 1.802 698Century Next Bank1184 248,000.00 248,000.00 05/29/20242.50005/29/2019 244,250.43 1,827156634AK3 2.503 707Plains Commerce Bank1195 245,000.00 245,000.00 06/07/20242.55006/07/2019 241,641.87 1,82772651LCL6 2.553 712Evansville Teachers Credit FCU1196 248,000.00 248,000.00 06/12/20242.60006/12/2019 244,798.41 1,827299547AQ2 2.603 719Legacy Bank1197 248,000.00 248,000.00 06/19/20242.40006/19/2019 243,809.09 1,827524661CB9 2.403 721Citizens State Bank1199 248,000.00 248,000.00 06/21/20242.40006/21/2019 243,797.87 1,827176688CP2 2.403 728Communitywide FCU1202 248,000.00 248,000.00 06/28/20242.25006/28/2019 243,030.80 1,82720416TAQ5 2.253 728Revere Bank1203 247,000.00 247,000.00 06/28/20242.30006/28/2019 242,323.15 1,827761402BY1 2.303 756Abacus Federal Savings1207 248,000.00 248,000.00 07/26/20241.95007/26/2019 241,495.34 1,82700257TBD7 1.952 760First Security Bank of WA1209 248,000.00 248,000.00 07/30/20242.00007/30/2019 241,770.23 1,82733625CCP2 2.002 761People's Bank1210 248,000.00 248,000.00 07/31/20242.00007/31/2019 241,817.33 1,827710571DS6 2.002 777Preferred Bank1213 249,000.00 249,000.00 08/16/20242.00008/16/2019 242,609.84 1,827740367HP5 2.002 784FirsTier Bank1216 249,000.00 249,000.00 08/23/20241.95008/23/2019 242,292.66 1,82733766LAJ7 1.952 784Washington Federal1215 248,000.00 248,000.00 08/23/20242.00008/23/2019 241,580.33 1,827938828BH2 2.002 791First State Bk DeQueen1222 248,000.00 248,000.00 08/30/20241.80008/30/2019 240,530.35 1,827336460CX6 1.802 791First Natl Bk of Syracuse1221 249,000.00 249,000.00 08/30/20241.85008/30/2019 241,764.31 1,827334342CD2 1.852 791Celtic Bank1220 248,000.00 248,000.00 08/30/20241.85008/30/2019 240,793.37 1,82715118RRH2 1.852 802BMW Bank1333 245,000.00 245,000.00 09/10/20240.65009/10/2021 231,544.64 1,09605580AD50 0.651 819BankWest Inc1227 248,000.00 248,000.00 09/27/20241.70009/27/2019 239,731.75 1,82706652CHB0 1.702 847Southern Bancorp Bk1286 248,000.00 248,000.00 10/25/20240.50006/26/2020 232,777.72 1,58284223QAN7 0.500 860Sauk Valley B&T Co1235 248,000.00 248,000.00 11/07/20241.70011/07/2019 239,457.05 1,827804375DL4 1.702 873Morgan Stanley Bank1237 245,000.00 245,000.00 11/20/20241.95011/20/2019 237,904.08 1,82761690UNX4 1.952 Portfolio CITY CP Run Date: 08/22/2022 - 16:23 PM (PRF_PM2) 7.3.0 Days to Maturity Page 7 Par Value Book Value Maturity Date Stated RateMarket Value June 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Certificate of Deposits 873Morgan Stanley Private Bk, NA1236 245,000.00 245,000.00 11/20/20241.90011/20/2019 237,620.24 1,82761760A3B3 1.902 913Bank Princeton1287 248,000.00 248,000.00 12/30/20240.50006/30/2020 231,833.00 1,644064520BG3 0.500 937Transportation Alliance Bk TAB1328 248,000.00 248,000.00 01/23/20250.40007/23/2021 230,806.27 1,28089388CEY0 0.401 943Bank OZK1329 248,000.00 248,000.00 01/29/20250.40007/29/2021 230,700.93 1,28006417NZQ9 0.401 952United Community1249 248,000.00 248,000.00 02/07/20251.65002/07/2020 238,471.15 1,82790983WBT7 1.652 959First National Bank Michigan1250 248,000.00 248,000.00 02/14/20251.65002/14/2020 238,403.98 1,82732114VBT3 1.652 959Freedom Financial1248 248,000.00 248,000.00 02/14/20251.55002/14/2020 237,770.61 1,82735637RDC8 1.552 966American State1255 248,000.00 248,000.00 02/21/20251.60002/21/2020 238,018.09 1,827029728BC5 1.602 972Citadel FCU1252 248,000.00 248,000.00 02/27/20251.65002/27/2020 238,279.71 1,82717286TAG0 1.652 986Access Bank1256 248,000.00 248,000.00 03/13/20251.60003/13/2020 237,890.38 1,82600435JBH5 1.601 993Spring Bank1257 248,000.00 248,000.00 03/20/20251.50003/20/2020 237,166.84 1,826849430BF9 1.501 999Axos Bank1258 248,000.00 248,000.00 03/26/20251.65003/26/2020 238,092.50 1,82605465DAE8 1.651 1,001Alma Bank1267 248,000.00 248,000.00 03/28/20251.40003/30/2020 236,423.63 1,824020080BX4 1.399 1,004Commonwealth Business Bk1268 248,000.00 248,000.00 03/31/20251.25003/31/2020 235,539.47 1,8262027506M2 1.251 1,004Nicolet Natl Bank1266 248,000.00 248,000.00 03/31/20251.40003/31/2020 236,532.60 1,826654062JZ2 1.401 1,012Capital One USA FDIC339541271 245,000.00 245,000.00 04/08/20251.60004/08/2020 234,884.93 1,82614042TDD6 1.601 1,025Ally Bank Midvale1388 245,000.00 245,000.00 04/21/20252.55004/21/2022 241,056.17 1,09602007GPX5 2.550 1,026Leader Bank1389 245,000.00 245,000.00 04/22/20252.55004/22/2022 241,052.58 1,09652168UHY1 2.552 1,032First Natl Bk McGregor1274 248,000.00 248,000.00 04/28/20251.35004/28/2020 235,814.47 1,82632112UDR9 1.351 1,033First Freedom Bank1273 249,000.00 249,000.00 04/29/20251.20004/29/2020 235,729.57 1,82632027BAL1 1.201 1,034Flagstar1276248,000.00 248,000.00 04/30/20251.25004/30/2020 235,254.81 1,82633847E3A3 1.251 1,0461st Internet Bank1278 248,000.00 248,000.00 05/12/20251.00005/11/2020 233,320.48 1,82732056GDJ6 0.985 1,047Western State Bank1277 245,000.00 245,000.00 05/13/20251.00005/13/2020 230,568.35 1,82695960NKD8 1.001 1,061Discover Bank Greenwood DE CF1392 245,000.00 245,000.00 05/27/20253.10005/24/2022 244,771.46 1,099254673E69 3.103 1,089Chippewa Valley Bk1284 248,000.00 248,000.00 06/24/20250.60006/24/2020 229,959.54 1,826169894AS1 0.600 1,109Farmers & Merch1363 249,000.00 249,000.00 07/14/20250.90001/14/2022 232,840.84 1,277307811DF3 0.900 1,159Pentagon FCU1331 249,000.00 249,000.00 09/02/20250.70009/01/2021 230,689.94 1,46270962LAF9 0.687 1,301Landmark Community Bank1305 248,000.00 248,000.00 01/22/20260.50001/22/2021 226,095.90 1,82651507LCC6 0.500 1,322TIAA FKA EverBank1306 245,000.00 245,000.00 02/12/20260.50002/12/2021 223,199.75 1,82687270LDL4 0.500 1,340Nelnet Bank1376 245,000.00 245,000.00 03/02/20261.80003/02/2022 234,075.31 1,46164034KAZ4 1.801 1,385Greenstate FCU1313 249,000.00 249,000.00 04/16/20260.95004/16/2021 229,854.89 1,82639573LBC1 0.951 1,391Toyota Financial Savings Bank1314 245,000.00 245,000.00 04/22/20260.90004/22/2021 225,748.47 1,82689235MKY6 0.900 1,396Carter FCU1316 248,000.00 248,000.00 04/27/20260.75004/27/2021 226,977.12 1,82614622LAA0 0.750 1,399Fidelity Homestead1317 248,000.00 248,000.00 04/30/20260.70004/30/2021 226,515.35 1,82631617CAV5 0.711 1,456LCA Bank Corp1356 248,000.00 248,000.00 06/26/20261.00012/27/2021 228,683.30 1,642501798RP9 1.000 1,460Vibrant Credit Union1325 249,000.00 248,377.50 06/30/20260.80007/02/2021 227,576.52 1,82492559TAJ7 0.852 Portfolio CITY CP Run Date: 08/22/2022 - 16:23 PM (PRF_PM2) 7.3.0 Days to Maturity Page 8 Par Value Book Value Maturity Date Stated RateMarket Value June 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date Certificate of Deposits 1,488Goldman Sachs1326 248,000.00 248,000.00 07/28/20261.00007/28/2021 228,317.67 1,82638149MXK4 1.001 1,488Sallie Mae Bank Salt Lake CIty1327 248,000.00 248,000.00 07/28/20261.00007/28/2021 228,317.67 1,826795451AF0 1.001 1,525Synchrony Bank Retail1332 245,000.00 245,000.00 09/03/20260.90009/03/2021 224,160.21 1,82687165ET98 0.900 1,546Connect One1334 248,000.00 248,000.00 09/24/20260.80009/24/2021 225,515.39 1,82620786ADL6 0.800 1,592Merrick Bank1345 249,000.00 249,000.00 11/09/20261.10011/09/2021 228,905.48 1,82659013KPN0 1.101 1,600Capital One Natl Assn FDIC42971346 248,000.00 248,000.00 11/17/20261.10011/17/2021 228,005.58 1,82614042RQB0 1.101 1,636Connexus CU1357 249,000.00 249,000.00 12/23/20261.25012/23/2021 229,982.05 1,82620825WAR1 1.250 1,679True Sky FCU1368 245,000.00 245,000.00 02/04/20271.60002/04/2022 229,671.56 1,82689786MAF1 1.601 1,691Amerant Bank1372 245,000.00 245,000.00 02/16/20271.60002/14/2022 229,568.20 1,82802357QAQ0 1.601 1,692Beal Bank TX1370 245,000.00 245,000.00 02/17/20271.90002/23/2022 232,756.58 1,82007371AYE7 1.901 1,692Beal Bank USA1371 245,000.00 245,000.00 02/17/20271.90002/23/2022 232,756.58 1,82007371CE88 1.901 1,693Metro Credit Union1373 249,000.00 249,000.00 02/18/20271.70002/18/2022 234,303.44 1,82659161YAP1 1.701 1,700Delta Natl B&T1377 245,000.00 245,000.00 02/25/20272.00003/09/2022 233,772.63 1,81424773RCR4 2.001 1,705Eaglemark Savings1375 245,000.00 245,000.00 03/02/20272.00003/02/2022 233,750.61 1,82627004PCM3 2.001 1,714United Roosevelt Savings1378 248,000.00 248,000.00 03/11/20271.90003/11/2022 235,401.22 1,82691139LAB2 1.901 1,719Marathon Bnak1379 248,000.00 248,000.00 03/16/20271.80003/16/2022 234,265.72 1,826565819AG4 1.801 1,748Comenity Capital Bank1386 248,000.00 248,000.00 04/14/20272.65004/14/2022 243,580.98 1,82620033A3A2 2.652 1,781Greenwoods State Bank1419 248,000.00 248,000.00 05/17/20273.05005/17/2022 248,067.90 1,826397417AQ9 3.052 32,347,377.50 1,66431,318,110.9432,348,000.0032,733,210.83Subtotal and Average 817 1.909 Corporate Notes 167Wal-Mart Stores, Inc1190 500,000.00 496,650.00 12/15/20222.35004/16/2019 499,680.00 1,339931142DU4 2.799 215Colgate-Palmolive1175 500,000.00 485,250.00 02/01/20231.95003/04/2019 497,415.00 1,43019416QEA4 2.751 403Microsoft Corporation1157 400,000.00 378,360.00 08/08/20232.00010/15/2018 396,248.00 1,758594918BQ6 3.222 1,336International Finance Corp.1308 500,000.00 497,300.00 02/26/20260.50002/26/2021 456,745.00 1,82645950VPS9 0.610 1,857,560.00 1,5781,850,088.001,900,000.001,857,560.00Subtotal and Average 541 2.287 Money Market with Fiscal Agent 1US Bank1058 26.01 26.0107/01/2016 26.01 1SYS1058 0.000 26.01 126.0126.0126.01Subtotal and Average 1 0.000 CERBT - OPEB Trust 1CalPERS CERBT Plan1114 1,792,152.96 1,792,152.9607/01/2021 1,792,152.96 1SYS1114 0.000 1,792,152.96 11,792,152.961,792,152.962,017,570.57Subtotal and Average 1 0.000 Portfolio CITY CP Run Date: 08/22/2022 - 16:23 PM (PRF_PM2) 7.3.0 Days to Maturity Page 9 Par Value Book Value Maturity Date Stated RateMarket Value June 30, 2022 Portfolio Details - Investments Average BalanceIssuer Portfolio Management City of La Quinta YTM 365TermCUSIPInvestment # Purchase Date PARS Pension Trust 1Pblc Agncy Rtrmnt Serv1230 10,137,887.65 10,137,887.6510,137,887.65 1SYS1230 0.000 10,137,887.65 110,137,887.6510,137,887.6510,463,652.56Subtotal and Average 1 0.000 716237,252,788.63 223,335,825.06 464 1.261218,571,599.06 222,540,274.73Total and Average Portfolio CITY CP Run Date: 08/22/2022 - 16:23 PM (PRF_PM2) 7.3.0 City of La Quinta Total Earnings City of La Quinta - Sorted by Fund - Fund June 1, 2022 - June 30, 2022 Current Rate Ending Par Value Ending Fund Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted InterestAnnualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 32,615,832.06105532,615,832.06 0.861LAIF 26,717.71 0.00 26,717.710.44810172,615,832.0698-33-434 0.00 3,300.0010593,300.00CITYPC 0.00 0.00 0.001013,300.00SYS1059 0.00 245,000.001095245,000.00 2.250ALLIAN 453.09 0.00 453.092.250101245,000.0001859BAA3 0.00 240,000.001096240,000.00 2.400AMFSB 473.42 0.00 473.422.400101240,000.0002587CFU9 0.00 240,000.001097240,000.00 2.300BARCLY 453.70 0.00 453.702.300101240,000.0006740KLJ4 0.00 245,000.001099245,000.00 2.300MTNAMR 463.15 0.00 463.152.300101245,000.0062384RAC0 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 0.00 245,000.001110245,000.00 2.400KNOX 483.29 0.00 483.292.400101245,000.00499724AB8 0.00 1,792,152.9611141,792,152.96CALPRS 0.00 0.00 0.001012,025,343.59SYS1114 0.00 245,000.001119245,000.00 2.800ANECA 563.84 0.00 563.842.800101245,000.00034577AH9 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 0.0011430.00 3.100ALLGNC 249.70 0.00 249.703.100101245,000.0001748DBE5 0.00 245,000.001144245,000.00 3.150RCB 634.32 0.00 634.323.150101245,000.0074934YAH4 0.00 245,000.001147245,000.00 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 0.0011490.00 3.000PCSB 161.10 0.00 161.103.000101245,000.0069324MAD7 0.00 249,000.001151249,000.00 3.250NWENGL 665.14 0.00 665.143.250101249,000.0006426KAN8 0.00 27,875,713.70115327,875,713.70 1.140CAMP 18,874.45 0.00 18,874.4526.801101856,839.25SYS1153 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 0.00 378,360.001157400,000.00 2.000MCRSFT 666.67 0.00 666.672.144101378,360.00594918BQ6 0.00 247,275.001158250,000.00 2.800FFCB 583.34 0.00 583.342.870101247,275.003133EJYL7 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 0.00 248,000.001166248,000.00 3.350REDRCK 682.85 0.00 682.853.350101248,000.0075701LAB3 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 2 Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted Interest June 1, 2022 - June 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001169248,000.00 3.400MEDBA 693.04 0.00 693.043.400101248,000.0058404DCX7 0.00 245,000.001170245,000.00 3.400NLCOOP 684.66 0.00 684.663.400101245,000.00635573AL2 0.00 248,000.001172248,000.00 3.350BARHAR 682.85 0.00 682.853.350101248,000.00066851WJ1 0.00 248,000.001173248,000.00 2.750MORTN 560.55 0.00 560.552.750101248,000.00619165JD6 0.00 248,000.001174248,000.00 3.000WELLS 611.51 0.00 611.513.000101248,000.00949763XY7 0.00 485,250.001175500,000.00 1.950COLGTE 812.50 0.00 812.502.037101485,250.0019416QEA4 0.00 498,550.001177500,000.00 2.500FHLB 1,041.67 0.00 1,041.672.542101498,550.003130AFW94 0.00 489,687.501178500,000.00 1.875USTR 768.45 0.00 768.451.909101489,687.509128282W9 0.00 248,000.001179248,000.00 2.8001STNBK 570.74 0.00 570.742.800101248,000.0032117BCX4 0.00 248,000.001180248,000.00 2.700VERUS 550.35 0.00 550.352.700101248,000.0092535LCD4 0.00 248,000.001181248,000.00 2.950NRTHWS 601.32 0.00 601.322.950101248,000.0066736ABP3 0.00 248,000.001184248,000.00 2.500CENTNX 509.60 0.00 509.602.500101248,000.00156634AK3 0.00 245,000.001185245,000.00 3.250JPMORG 654.45 0.00 654.453.250101245,000.0048128HXU7 0.00 245,000.001186245,000.00 2.400IOWAST 483.28 0.00 483.282.400101245,000.0046256YAZ2 0.00 248,000.001188248,000.00 2.600MAINST 529.97 0.00 529.972.600101248,000.0056065GAG3 0.00 248,000.001189248,000.00 2.500CONGRS 509.59 0.00 509.592.500101248,000.0020726ABA5 0.00 496,650.001190500,000.00 2.350WALMRT 979.16 0.00 979.162.399101496,650.00931142DU4 0.00 245,000.001194245,000.00 2.500PITTS 503.42 0.00 503.422.500101245,000.00725404AB3 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 0.00 499,500.001198500,000.00 1.875FFCB 781.25 0.00 781.251.903101499,500.003133EKQP4 0.00 248,000.001199248,000.00 2.400CTZNST 489.20 0.00 489.202.400101248,000.00176688CP2 0.00 0.0012000.00 2.300AMERCU 437.57 0.00 437.572.300101248,000.0003065AAL7 0.00 245,000.001201245,000.00 2.150STRLNG 432.94 0.00 432.942.150101245,000.0085916VDC6 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 0.00 495,950.001206500,000.00 1.750FNMA 729.16 0.00 729.161.789101495,950.003135G0V75 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 0.00 499,500.001212500,000.00 1.850FFCB 770.83 0.00 770.831.878101499,500.003133EKWV4 0.00 249,000.001213249,000.00 2.000PREFRD 409.32 0.00 409.322.000101249,000.00740367HP5 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 Portfolio CITY CP Run Date: 08/22/2022 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 3 Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted Interest June 1, 2022 - June 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 499,300.001217500,000.00 1.375USTR 563.52 0.00 563.521.373101499,300.00912828T26 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 0.00 499,400.001223500,000.00 1.600FFCB 666.66 0.00 666.661.624101499,400.003133EKZK5 0.00 498,750.001224500,000.00 1.600FFCB 666.67 0.00 666.671.626101498,750.003133EKP75 0.00 248,000.001227248,000.00 1.700BNKWST 346.52 0.00 346.521.700101248,000.0006652CHB0 0.00 7,618,166.4712287,618,166.47BOTW 0.01 0.00 0.0110130,303,934.35059731851 0.00 10,137,887.65123010,137,887.65PARS 0.00 0.00 0.0010110,474,885.83SYS1230 0.00 248,000.001231248,000.00 1.7001STSER 346.52 0.00 346.521.700101248,000.0033640VDD7 0.00 992,100.0012331,000,000.00 1.375FNMA 1,145.83 0.00 1,145.831.405101992,100.003135G0W33 0.00 996,900.0012341,000,000.00 1.600FFCB 1,333.34 0.00 1,333.341.627101996,900.003133EK4X1 0.00 248,000.001235248,000.00 1.700SAUKVL 346.52 0.00 346.521.700101248,000.00804375DL4 0.00 245,000.001236245,000.00 1.900MSPRIV 382.60 0.00 382.601.900101245,000.0061760A3B3 0.00 245,000.001237245,000.00 1.950MORGST 392.67 0.00 392.671.950101245,000.0061690UNX4 0.00 248,000.001238248,000.00 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 0.00 989,687.5012411,000,000.00 1.500USTR 1,229.51 0.00 1,229.511.511101989,687.50912828YV6 0.00 998,600.0012421,000,000.00 1.700FFCB 1,416.67 0.00 1,416.671.726101998,600.003133ELEA8 0.00 248,000.001244248,000.00 1.900WFNBW 387.29 0.00 387.291.900101248,000.00949495AT2 0.00 999,000.0012461,000,000.00 1.430FFCB 1,191.66 0.00 1,191.661.451101999,000.003133ELNE0 0.00 999,217.3612471,000,000.00 1.400FFCB 1,166.67 0.00 1,166.671.421101999,217.363133EGWJ0 0.00 248,000.001248248,000.00 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 0.0012530.00 1.600SYNOVS 85.92 0.00 85.921.600101245,000.0087164DRD4 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 0.00 245,000.001260245,000.00 1.100TEXAS 221.51 0.00 221.511.100101245,000.00882213AB7 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 4 Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted Interest June 1, 2022 - June 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 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 0.00 248,000.001265248,000.00 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 0.00 245,000.001271245,000.00 1.600CAPONE 322.19 0.00 322.191.600101245,000.0014042TDD6 0.00 248,000.001272248,000.00 1.250THEJEF 254.80 0.00 254.801.250101248,000.00472382AQ3 0.00 249,000.001273249,000.00 1.2001STFDM 245.60 0.00 245.601.200101249,000.0032027BAL1 0.00 248,000.001274248,000.00 1.3501STMCG 275.18 0.00 275.181.350101248,000.0032112UDR9 0.00 248,000.001276248,000.00 1.250FLGSTR 254.80 0.00 254.801.250101248,000.0033847E3A3 0.00 245,000.001277245,000.00 1.000WSTRNS 201.37 0.00 201.371.000101245,000.0095960NKD8 0.00 248,000.001278248,000.00 1.0001STINT 203.84 0.00 203.841.000101248,000.0032056GDJ6 0.00 1,000,000.0012791,000,000.00 0.625FHLMC 520.84 0.00 520.840.6341011,000,000.003134GVYG7 0.00 499,850.001280500,000.00 0.500FFCB 208.34 0.00 208.340.507101499,850.003133ELH23 0.00 499,850.001281500,000.00 0.500FHLB 208.33 0.00 208.330.507101499,850.003130AJKW8 0.00 500,000.001282500,000.00 0.680FFCB 283.33 0.00 283.330.689101500,000.003133ELH80 0.00 300,000.001283300,000.00 0.680FHLB 170.00 0.00 170.000.689101300,000.003130AJRP6 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 0.00 248,000.001286248,000.00 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 0.00 500,000.001288500,000.00 0.500FNMA 208.33 0.00 208.330.507101500,000.003135G05S8 0.00 1,000,000.0012891,000,000.00 0.560FNMA 466.66 0.00 466.660.5681011,000,000.003136G4N74 0.00 499,750.001290500,000.00 0.520FNMA 216.67 0.00 216.670.527101499,750.003136G4M75 0.00 499,250.001291500,000.00 0.420FNMA 175.00 0.00 175.000.426101499,250.003135G06E8 0.00 499,250.001292500,000.00 0.560FNMA 233.33 0.00 233.330.569101499,250.003135GA2Z3 0.00 530,216.681293530,216.68BNY 0.00 0.00 0.00101936,259.05SYS1293 0.00 997,300.0012971,000,000.00 0.375FHLMC 312.50 0.00 312.500.381101997,300.003137EAEU9 0.00 497,400.001298500,000.00 0.375FHLB 156.25 0.00 156.250.382101497,400.003130AKFA9 0.00 500,000.001299500,000.00 0.600FNMA 250.00 0.00 250.000.608101500,000.003135GA7D7 0.00 500,000.001300500,000.00 0.400FNMA 166.67 0.00 166.670.406101500,000.003135GAAW1 0.00 500,000.001301500,000.00 0.550FHLMC 229.17 0.00 229.170.558101500,000.003134GXGZ1 0.00 500,000.001302500,000.00 0.510FHLB 212.50 0.00 212.500.517101500,000.003130AKMZ6 0.00 498,632.811303500,000.00 0.375USTR 155.31 0.00 155.310.379101498,632.8191282CBC4 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 5 Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted Interest June 1, 2022 - June 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 500,000.001304500,000.00 0.550FHLB 229.17 0.00 229.170.558101500,000.003130AKN28 0.00 248,000.001305248,000.00 0.500LNDMRK 101.92 0.00 101.920.500101248,000.0051507LCC6 0.00 245,000.001306245,000.00 0.500EVRBA 100.69 0.00 100.690.500101245,000.0087270LDL4 0.00 495,999.501307500,000.00 0.375FHLMC 156.25 0.00 156.250.383101495,999.503137EAEX3 0.00 497,300.001308500,000.00 0.500IFC 207.18 0.00 207.180.507101497,300.0045950VPS9 0.00 495,100.001309500,000.00 0.375USTR 155.38 0.00 155.380.382101495,100.0091282CBH3 0.00 983,940.0013101,000,000.00 0.375FHLMC 312.50 0.00 312.500.386101983,940.003137EAEX3 0.00 977,500.0013111,000,000.00 0.250USTR 203.81 0.00 203.810.254101977,500.0091282CAT8 0.00 500,000.001312500,000.00 1.050FHLB 437.50 0.00 437.501.065101500,000.003130ALV92 0.00 249,000.001313249,000.00 0.950GRNST 194.42 0.00 194.420.950101249,000.0039573LBC1 0.00 245,000.001314245,000.00 0.900TOYFSB 181.24 0.00 181.240.900101245,000.0089235MKY6 0.00 492,187.501315500,000.00 0.375USTR 153.69 0.00 153.690.380101492,187.5091282CAZ4 0.00 248,000.001316248,000.00 0.750CARTER 152.88 0.00 152.880.750101248,000.0014622LAA0 0.00 248,000.001317248,000.00 0.700FIDHMS 142.68 0.00 142.680.700101248,000.0031617CAV5 0.00 613,840.491318613,840.49DPME 0.00 0.00 0.00101574,367.49SYS1318 0.00 494,165.001319500,000.00 0.500USTR 203.81 0.00 203.810.502101494,165.0091282CBQ3 0.00 499,525.001320500,000.00 0.750USTR 307.37 0.00 307.370.749101499,525.0091282CBT7 0.00 997,060.0013211,000,000.00 0.750USTR 614.76 0.00 614.760.750101997,060.0091282CCF6 0.00 498,450.001322500,000.00 0.750USTR 307.37 0.00 307.370.750101498,450.0091282CBT7 0.00 497,095.001323500,000.00 0.750USTR 307.37 0.00 307.370.752101497,095.0091282CCF6 0.00 993,420.0013241,000,000.00 0.750FHLB 625.00 0.00 625.000.765101993,420.003130AMFS6 0.00 248,377.501325249,000.00 0.800VIBRNT 163.73 0.00 163.730.802101248,377.5092559TAJ7 0.00 248,000.001326248,000.00 1.000GLDMAN 203.84 0.00 203.841.000101248,000.0038149MXK4 0.00 248,000.001327248,000.00 1.000SALMAE 203.84 0.00 203.841.000101248,000.00795451AF0 0.00 248,000.001328248,000.00 0.400TABBK 81.53 0.00 81.530.400101248,000.0089388CEY0 0.00 248,000.001329248,000.00 0.400BKOZK 81.53 0.00 81.530.400101248,000.0006417NZQ9 0.00 498,000.001330500,000.00 0.710FFCB 295.84 0.00 295.840.723101498,000.003133EM2C5 0.00 249,000.001331249,000.00 0.700PENTGN 143.26 0.00 143.260.700101249,000.0070962LAF9 0.00 245,000.001332245,000.00 0.900SYNCHR 181.23 0.00 181.230.900101245,000.0087165ET98 0.00 245,000.001333245,000.00 0.650BMW 130.89 0.00 130.890.650101245,000.0005580AD50 0.00 248,000.001334248,000.00 0.800CONNEC 163.06 0.00 163.060.800101248,000.0020786ADL6 0.00 983,750.0013351,000,000.00 0.625USTR 517.95 0.00 517.950.641101983,750.0091282CCP4 0.00 988,500.0013361,000,000.00 0.750USTR 611.41 0.00 611.410.753101988,500.0091282CCW9 0.00 999,000.0013371,000,000.00 1.000FHLB 833.34 0.00 833.341.015101999,000.003130APBM6 0.00 991,080.0013381,000,000.00 0.800FFCB 666.67 0.00 666.670.818101991,080.003133EM4X7 0.00 998,250.0013391,000,000.00 0.950FHLB 791.66 0.00 791.660.965101998,250.003130APB46 0.00 499,002.041340500,000.00 0.170FFCB 70.83 0.00 70.830.173101499,002.043133EMX64 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 6 Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted Interest June 1, 2022 - June 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 497,792.971341500,000.00 0.125USTR 51.79 0.00 51.790.127101497,792.9791282CCN9 0.00 991,000.0013421,000,000.00 0.125USTR 103.59 0.00 103.590.127101991,000.0091282CBE0 0.00 996,320.0013431,000,000.00 0.625USTR 512.29 0.00 512.290.626101996,320.0091282CDB4 0.00 1,000,000.0013441,000,000.00 1.270FFCB 1,058.33 0.00 1,058.331.2881011,000,000.003133ENCQ1 0.00 249,000.001345249,000.00 1.100MRRCK 225.12 0.00 225.121.100101249,000.0059013KPN0 0.00 248,000.001346248,000.00 1.100CAP1NA 224.22 0.00 224.221.100101248,000.0014042RQB0 0.00 499,500.001347500,000.00 0.700FHLB 291.66 0.00 291.660.710101499,500.003130APTV7 0.00 998,530.0013481,000,000.00 0.180FFCB 150.00 0.00 150.000.183101998,530.003133ENBT6 0.00 996,718.7513491,000,000.00 0.125USTR 102.46 0.00 102.460.125101996,718.7591282CBU4 0.00 995,468.7513501,000,000.00 0.125USTR 102.45 0.00 102.450.125101995,468.7591282CCD1 0.00 990,000.0013511,000,000.00 0.125USTR 102.72 0.00 102.720.126101990,000.0091282CBA8 0.00 989,800.0013521,000,000.00 0.250USTR 203.81 0.00 203.810.251101989,800.0091282CBR1 0.00 987,100.0013531,000,000.00 0.550FHLB 458.33 0.00 458.330.565101987,100.003130AP2U8 0.00 976,300.0013541,000,000.00 0.500FNMA 416.67 0.00 416.670.519101976,300.003135G06G3 0.00 1,000,000.0013551,000,000.00 0.970FFCB 808.34 0.00 808.340.9831011,000,000.003133ENGN4 0.00 248,000.001356248,000.00 1.000LCA 203.84 0.00 203.841.000101248,000.00501798RP9 0.00 249,000.001357249,000.00 1.250CNNXS 255.82 0.00 255.821.250101249,000.0020825WAR1 0.00 999,750.0013581,000,000.00 1.250FHLB 1,041.67 0.00 1,041.671.268101999,750.003130AQF65 0.00 486,000.001359500,000.00 0.800FHLMC 333.33 0.00 333.330.834101486,000.003134GW6C5 0.00 494,882.811360500,000.00 0.375USTR 153.69 0.00 153.690.378101494,882.8191282CBV2 0.00 487,090.001361500,000.00 0.375FHLMC 156.25 0.00 156.250.390101487,090.003137EAEU9 0.00 391,360.001362400,000.00 0.650FHLMC 216.66 0.00 216.660.674101391,360.003134GW5R3 0.00 249,000.001363249,000.00 0.900FARMER 184.19 0.00 184.190.900101249,000.00307811DF3 0.00 1,000,000.0013641,000,000.00 1.500FHLB 1,250.00 0.00 1,250.001.5211011,000,000.003130AQJR5 0.00 487,790.001365500,000.00 0.625FNMA 260.42 0.00 260.420.650101487,790.003135G03U5 0.00 945,570.0013661,000,000.00 0.700FHLMC 583.33 0.00 583.330.751101945,570.003134GWUQ7 0.00 1,000,000.0013671,000,000.00 1.830FHLB 1,525.00 0.00 1,525.001.8551011,000,000.003130AQSA2 0.00 245,000.001368245,000.00 1.600TRUSKY 322.19 0.00 322.191.600101245,000.0089786MAF1 0.00 986,700.0013691,000,000.00 1.500USTR 1,243.10 0.00 1,243.101.533101986,700.00912828Z78 0.00 245,000.001370245,000.00 1.900BEALTX 382.60 0.00 382.601.900101245,000.0007371AYE7 0.00 245,000.001371245,000.00 1.900BEALUS 382.60 0.00 382.601.900101245,000.0007371CE88 0.00 245,000.001372245,000.00 1.600AMRNT 322.19 0.00 322.191.600101245,000.0002357QAQ0 0.00 249,000.001373249,000.00 1.700METRO 347.92 0.00 347.921.700101249,000.0059161YAP1 0.00 1,000,000.0013741,000,000.00 1.700FHLB 1,416.67 0.00 1,416.671.7241011,000,000.003130AQWY5 0.00 245,000.001375245,000.00 2.000EGLMRK 402.74 0.00 402.742.000101245,000.0027004PCM3 0.00 245,000.001376245,000.00 1.800NELNET 362.46 0.00 362.461.800101245,000.0064034KAZ4 0.00 245,000.001377245,000.00 2.000DELTA 402.74 0.00 402.742.000101245,000.0024773RCR4 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 7 Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted Interest June 1, 2022 - June 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 248,000.001378248,000.00 1.900URSVLT 387.29 0.00 387.291.900101248,000.0091139LAB2 0.00 248,000.001379248,000.00 1.800MRTHON 366.90 0.00 366.901.800101248,000.00565819AG4 0.00 466,454.171380500,000.00 0.750USTR 305.71 0.00 305.710.797101466,454.1791282CCW9 0.00 473,396.821381500,000.00 1.125USTR 458.56 0.00 458.561.179101473,396.8291282CDG3 0.00 698,025.001382750,000.00 0.500USTR 305.71 0.00 305.710.533101698,025.0091282CBQ3 0.00 999,010.0013831,000,000.00 2.375USTR 1,936.14 0.00 1,936.142.358101999,010.009128286S4 0.00 248,000.001384248,000.00 2.050LFYTT 417.86 0.00 417.862.050101248,000.0050625LAW3 0.00 500,000.001385500,000.00 2.500FHLB 1,041.67 0.00 1,041.672.535101500,000.003130ARGJ4 0.00 248,000.001386248,000.00 2.650CCBA 540.17 0.00 540.172.650101248,000.0020033A3A2 0.00 1,000,000.0013871,000,000.00 2.700FHLB 2,250.00 0.00 2,250.002.7381011,000,000.003130ARGY1 0.00 245,000.001388245,000.00 2.550ALLY 512.09 0.00 512.092.543101245,000.0002007GPX5 0.00 245,000.001389245,000.00 2.550LEADR 513.49 0.00 513.492.550101245,000.0052168UHY1 0.00 985,190.0013901,000,000.00 2.250USTR 1,834.24 0.00 1,834.242.265101985,190.009128283D0 0.00 976,860.0013911,000,000.00 2.500USTR 2,049.18 0.00 2,049.182.552101976,860.0091282CEF4 0.00 245,000.001392245,000.00 3.100DISCOV 624.24 0.00 624.243.100101245,000.00254673E69 0.00 3,979,880.0013934,000,000.00 0.125USTR 339.67 0.00 339.670.1251010.0091282CAR2 0.00 1,982,265.6313942,000,000.00 0.125USTR 172.54 0.00 172.540.1271010.0091282CBD2 0.00 3,985,625.0013954,000,000.00 0.125USTR 341.53 0.00 341.530.1251010.0091282CAN1 0.00 248,000.001396248,000.00 2.500JOVIA 390.69 0.00 390.692.5001010.0048115LAD6 0.00 969,687.5013971,000,000.00 2.375USTR 1,548.91 0.00 1,548.912.4291010.00912828X88 0.00 495,000.001398500,000.00 2.750USTR 859.38 0.00 859.382.7551010.0091282CEN7 0.00 491,842.181399500,000.00 2.625USTR 824.79 0.00 824.792.6611010.0091282CET4 0.00 490,850.001400500,000.00 1.875USTR 560.46 0.00 560.461.8941010.009128282U3 0.00 499,080.001401500,000.00 2.625FFCB 765.63 0.00 765.632.6661010.003133ENYH7 0.00 2,972,578.1314023,000,000.00 0.125USTR 186.29 0.00 186.290.1271010.0091282CBD2 0.00 3,972,031.2514034,000,000.00 0.125USTR 245.90 0.00 245.900.1261010.0091282CAX9 0.00 1,992,780.0014042,000,000.00 0.125USTR 122.96 0.00 122.960.1251010.0091282CAN1 0.00 4,988,450.0014055,000,000.00 0.125USTR 305.70 0.00 305.700.1241010.0091282CAG6 0.00 1,989,440.0014062,000,000.00 0.125USTR 122.29 0.00 122.290.1251010.0091282CAR2 0.00 1,996,240.0014072,000,000.00 2.125USTR 350.30 0.00 350.302.1351010.00912828N30 0.00 2,996,670.0014083,000,000.00 2.000USTR 491.81 0.00 491.811.9971010.00912828M80 0.00 300,000.001409300,000.00 3.300FHLB 82.50 0.00 82.503.3461010.003130ASDV8 0.00 1,999,940.0014102,000,000.00 2.000USTR 217.39 0.00 217.391.9841010.009128283C2 0.00 1,991,942.0014112,000,000.00 0.125USTR 13.67 0.00 13.670.1251010.0091282CAN1 0.00 1,996,680.0014122,000,000.00 2.125USTR 115.49 0.00 115.492.1111010.00912828N30 0.00 1,997,980.0014132,000,000.00 2.000USTR 109.29 0.00 109.291.9971010.00912828M80 0.00 999,977.0014141,000,000.00 2.000USTR 54.35 0.00 54.351.9841010.009128283C2 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 Current Rate Ending Par Value Ending Fund Page 8 Book Value Beginning Book Value Adjusted Interest Earnings Accretion Amortization/ Earnings Adjusted Interest June 1, 2022 - June 30, 2022 Total Earnings City of La Quinta Annualized YieldCUSIP Investment # Interest EarnedIssuer Realized Gainl/Loss Fund: General Fund 985,240.0014181,000,000.00 2.000USTR 1,639.35 0.00 1,639.352.024101985,240.00912828XT2 0.00 248,000.001419248,000.00 3.050GRNWDS 621.69 0.00 621.693.050101248,000.00397417AQ9 0.00 220,935,110.01Subtotal 220,139,559.68 0.818 158,012.040.00158,012.04214,389,272.60 0.00 Fund: Fiscal Agent 26.01105826.01USBANK 0.00 0.00 0.0023126.01SYS1058 0.00 26.01Subtotal 26.01 0.000.000.0026.01 0.00 Fund: Housing Authority : WSA and LQ 390,461.071062390,461.07LQPR 0.00 0.00 0.00241380,205.18SYS1062 0.00 390,461.07Subtotal 390,461.07 0.000.000.00380,205.18 0.00 Fund: SA Low/Mod Bond Fund 2,010,227.9711132,010,227.97 0.861LAIF 1,240.89 0.00 1,240.890.7512492,010,227.9725-33-005 0.00 2,010,227.97Subtotal 2,010,227.97 0.751 1,240.890.001,240.892,010,227.97 0.00 223,335,825.06Total 222,540,274.73 0.816 159,252.930.00159,252.93216,779,731.76 0.00 Portfolio CITY CP Run Date: 08/22/2022 - 12:45 TE (PRF_TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta -City of La Quinta Maturity Report Sorted by Maturity Date Amounts due during April 1, 2022 - June 30, 2022 Rate at MaturityPar Value Sec. TypeFund Maturity Date Maturity ProceedsInterest Income Net CUSIP Investment #Issuer Purchase Date Book Value at Maturity 240,000.00 2.800 240,552.33552.3304/30/2018FARMIG112630960QAG2MC110104/29/2022 552.33240,000.00 500,000.00 1.750 504,375.004,375.0005/31/2019USTR1192912828SV3TRC10105/15/2022 7,725.00496,650.00 245,000.00 2.100 245,422.88422.8811/17/2017KANSAS110150116CBE8MC110105/17/2022 422.88245,000.00 245,000.00 3.000 245,624.25624.2506/08/2018PCSB114969324MAD7MC110106/08/2022 624.25245,000.00 245,000.00 1.600 245,988.05988.0503/09/2020SYNOVS125387164DRD4MC110106/09/2022 988.05245,000.00 245,000.00 3.100 248,787.093,787.0906/13/2018ALLGNC114301748DBE5MC110106/13/2022 3,787.09245,000.00 248,000.00 2.300 248,484.45484.4506/28/2019AMERCU120003065AAL7MC110106/28/2022 484.45248,000.00 1,979,234.05Total Maturities 1,968,000.00 11,234.051,964,650.00 14,584.05 Portfolio CITY CP Run Date: 08/22/2022 - 12:25 MA (PRF_MA) 7.1.1 Report Ver. 7.3.6.1 City of La Quinta -City of La Quinta Purchases Report Sorted by Security Type - Fund April 1, 2022 - June 30, 2022 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 2.500 10/14/2025 500,000.00500,000.0004/14/2022 2.50010/14 - 04/14FHLB13853130ARGJ4FAC101 1,000,000.00 2.700 04/19/2027 1,000,000.001,000,000.0004/19/2022 2.70010/19 - 04/19FHLB13873130ARGY1FAC101 500,000.00 2.625 06/10/2024 499,080.00499,080.0006/10/2022 2.72012/10 - 06/10FFCB14013133ENYH7FAC101 300,000.00 3.300 06/28/2027 300,000.00300,000.0006/28/2022 3.30012/28 - 06/28FHLB14093130ASDV8FAC101 Subtotal 2,299,080.002,299,080.00 0.002,300,000.00 Treasury Coupon Securities 1,000,000.00 2.250 10/31/2024 985,190.00985,190.00 Received05/03/2022 2.87010/31 - 04/30USTR13909128283D0TRC101 1,000,000.00 2.500 03/31/2027 976,860.00976,860.00 Received05/03/2022 3.01009/30 - 03/31USTR139191282CEF4TRC101 1,000,000.00 2.000 05/31/2024 985,240.00985,240.00 Received05/04/2022 2.73605/31 - 11/30USTR1418912828XT2TRC101 4,000,000.00 0.125 10/31/2022 3,979,880.003,979,880.00 Received06/06/2022 1.39110/31 - Final Pmt.USTR139391282CAR2TRC101 2,000,000.00 0.125 12/31/2022 1,982,265.631,982,265.63 Received06/06/2022 1.70506/30 - 12/31USTR139491282CBD2TRC101 4,000,000.00 0.125 09/30/2022 3,985,625.003,985,625.00 Received06/06/2022 1.26309/30 - Final Pmt.USTR139591282CAN1TRC101 1,000,000.00 2.375 05/15/2027 969,687.50969,687.50 Received06/07/2022 3.04111/15 - 05/15USTR1397912828X88TRC101 500,000.00 2.750 04/30/2027 495,000.00495,000.00 Received06/08/2022 2.97110/31 - 04/30USTR139891282CEN7TRC101 500,000.00 2.625 05/31/2027 491,842.18491,842.18 Received06/08/2022 2.98011/30 - 05/31USTR139991282CET4TRC101 500,000.00 1.875 08/31/2024 490,850.00490,850.00 Received06/09/2022 2.72708/31 - 02/28USTR14009128282U3TRC101 3,000,000.00 0.125 12/31/2022 2,972,578.132,972,578.13 Received06/13/2022 1.81206/30 - 12/31USTR140291282CBD2TRC101 4,000,000.00 0.125 11/30/2022 3,972,031.253,972,031.25 Received06/13/2022 1.64211/30 - Final Pmt.USTR140391282CAX9TRC101 2,000,000.00 0.125 09/30/2022 1,992,780.001,992,780.00 Received06/13/2022 1.34209/30 - Final Pmt.USTR140491282CAN1TRC101 5,000,000.00 0.125 08/31/2022 4,988,450.004,988,450.00 Received06/13/2022 1.20308/31 - Final Pmt.USTR140591282CAG6TRC101 2,000,000.00 0.125 10/31/2022 1,989,440.001,989,440.00 Received06/13/2022 1.52110/31 - Final Pmt.USTR140691282CAR2TRC101 2,000,000.00 2.125 12/31/2022 1,996,240.001,996,240.00 Received06/28/2022 2.50106/30 - 12/31USTR1407912828N30TRC101 3,000,000.00 2.000 11/30/2022 2,996,670.002,996,670.00 Received06/28/2022 2.26111/30 - Final Pmt.USTR1408912828M80TRC101 2,000,000.00 2.000 10/31/2022 1,999,940.001,999,940.00 Received06/29/2022 2.00210/31 - Final Pmt.USTR14109128283C2TRC101 2,000,000.00 0.125 09/30/2022 1,991,942.001,991,942.00 Received06/29/2022 1.71709/30 - Final Pmt.USTR141191282CAN1TRC101 2,000,000.00 2.125 12/31/2022 1,996,680.001,996,680.0006/30/2022 2.46112/31 - Final Pmt.USTR1412912828N30TRC101 2,000,000.00 2.000 11/30/2022 1,997,980.001,997,980.00 Received06/30/2022 2.24011/30 - Final Pmt.USTR1413912828M80TRC101 1,000,000.00 2.000 10/31/2022 999,977.00999,977.00 Received06/30/2022 2.00010/31 - Final Pmt.USTR14149128283C2TRC101 Subtotal 45,237,148.6945,237,148.69 0.0045,500,000.00 Received = Accrued Interest at Purchase was received by report ending date. Portfolio CITY CP Run Date: 08/22/2022 - 12:23 PU (PRF_PU) 7.1.1 Report Ver. 7.3.6.1 Original Par Value Ending Book Value Sec. Type Page 2 Fund Maturity YTM Accrued Interest at PurchasePayment Periods April 1, 2022 - June 30, 2022 Purchases Report City of La Quinta DateCUSIPInvestment #Issuer Purchase Date Principal Purchased Rate at Purchase Certificate of Deposits 248,000.00 2.650 04/14/2027 248,000.00248,000.0004/14/2022 2.65205/14 - MonthlyCCBA138620033A3A2MC1101 245,000.00 2.550 04/21/2025 245,000.00245,000.0004/21/2022 2.55010/21 - 04/21ALLY138802007GPX5MC1101 245,000.00 2.550 04/22/2025 245,000.00245,000.0004/22/2022 2.55210/22 - 04/22LEADR138952168UHY1MC1101 248,000.00 3.050 05/17/2027 248,000.00248,000.0005/17/2022 3.05206/17 - MonthlyGRNWDS1419397417AQ9MC1101 245,000.00 3.100 05/27/2025 245,000.00245,000.0005/24/2022 3.10311/24 - 05/24DISCOV1392254673E69MC1101 248,000.00 2.500 12/07/2023 248,000.00248,000.0006/07/2022 2.50207/07 - MonthlyJOVIA139648115LAD6MC1101 Subtotal 1,479,000.001,479,000.00 0.001,479,000.00 49,015,228.69Total Purchases 49,279,000.00 0.00 49,015,228.69 Portfolio CITY CP Run Date: 08/22/2022 - 12:23 PU (PRF_PU) 7.1.1 Report Ver. 7.3.6.1 US Treasury Rates https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=2022 Date 1 mo 2 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Effective Rate of Re turn City Portfolio (month) Effective Rate of Re turn City Portfolio (YTD) 4/29/2022 0.37 0.73 0.85 1.41 2.1 2.7 2.87 2.92 2.94 2.89 3.14 2.96 0.95 0.77 5/31/2022 0.73 0.89 1.16 1.64 2.08 2.53 2.71 2.81 2.87 2.85 3.28 3.07 0.96 0.78 6/30/2022 1.28 1.68 1.72 2.51 2.8 2.92 2.99 3.01 3.04 2.98 3.38 3.14 0.82 0.79 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: August 24, 2022 STAFF REPORT AGENDA TITLE: APPOINT A FINANCIAL ADVISORY COMMISSIONER CHAIRPERSON AND VICE-CHAIRPERSON FOR FISCAL YEAR 2022/23 RECOMMENDATION Appoint a Financial Advisory Commissioner Chairperson and Vice-Chairperson to serve for fiscal year 2022/23. EXECUTIVE SUMMARY •The August 24, 2022 meeting is the first scheduled meeting of the Financial Advisory Commission (FAC) for 2022/23. •Pursuant to La Quinta Code 2.06.050 the FAC, at its first meeting held after June 30, shall vote to elect one of its members as Chairperson and elect another as Vice-Chairperson. FISCAL IMPACT - None. BACKGROUND/ANALYSIS In accordance with La Quinta Code 2.06.050, “unless otherwise provided by law, ordinance or resolution of the City Council, each Board, Commission and Committee shall choose one of its members as Chairperson and one as Vice- Chairperson at its first meeting held after June 30th of each year.” Pursuant to this section, staff has placed this item on the agenda for appointment of a Chairperson and a Vice-Chairperson. ALTERNATIVES This action is required by City Code, staff does not recommend an alternative. Prepared by: Jessica Delgado, Management Assistant Approved by: Claudia Martinez, Finance Director BUSINESS SESSION ITEM NO. 1 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: August 24, 2022 STAFF REPORT AGENDA TITLE: APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO REVIEW THE CITY’S OUTSTANDING PENSION OBLIGATION RECOMMENDATION Appoint two Financial Advisory Commissioners to review the City’s outstanding pension obligation. EXECUTIVE SUMMARY • The City’s Reserve Policy includes a funding target for outstanding pension obligations. • Staff recommends the Financial Advisory Commission (FAC) appoint two Commissioners to serve on a subcommittee to review current trust balance and actuarial pension reports. • The subcommittee shall prepare a report and present key findings to the FAC on October 5, 2022. BACKGROUND/ANALYSIS The City’s Fund Balance and Reserves policy contains a funding target for a pension trust established to reserve money for outstanding pension obligations. The Reserves policy will be reviewed later this year for potential changes to targets, including the pension trust, which this study will help to guide. Annually in August, the California Public Employers’ Retirement System (CalPERS) publishes information regarding the financial status of pension plans as well as projections and risk measures to aid in planning for the future; this year’s current reports will be for fiscal year ending June 30, 2021. The City has three pension tiers (Classic, Tier 2, and PEPRA). Each tier has a valuation report which includes assumptions regarding future plan experiences including investment returns and payroll growth, eligibility for the types of benefits provided, and longevity among retirees. City staff recommends appointing two Commissioners to the subcommittee to review the City’s outstanding pension obligation and current reserve target levels for the trust. Staff and the subcommittee shall present a report to FAC on October 5, 2022 for discussion. Staff anticipates the time commitment for the subcommittee to be two or three meetings of 1-2 hours each during the months of August and September. BUSINESS SESSION ITEM NO. 2 The review will include the following: 1.An overview of the CalPERS system and the City’s pension obligations 2.An overview of CalPERS Actuarial Pension Reports and projections 3.A review of the current pension trust account ALTERNATIVES The FAC may choose not to study the pension obligations at this time. Prepared by: Rosemary Hallick, Financial Services Analyst Approved by: Claudia Martinez, Finance Director/City Treasurer City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: August 24, 2022 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR YEAR ENDED JUNE 30, 2021 RECOMMENDATION Receive and file the Annual Comprehensive Financial Report for the year ended June 30, 2021. EXECUTIVE SUMMARY •California cities must obtain an annual audit of their financial statements by an independent auditor at the close of each fiscal year. •The annual audit produces the Annual Comprehensive Financial Report (ACFR) (Exhibit A) which was issued on June 30, 2022. •The independent auditors rendered an unmodified (“clean”) opinion; which is the most favorable conclusion. •The City Council discussed, received and filed the ACFR on July 19, 2022. FISCAL IMPACT - None BACKGROUND/ANALYSIS At the end of each fiscal year, the City’s financial records are audited by an independent audit firm pursuant to California law. The results (including City background information, statistical data, and detailed financial reports) are compiled and presented in the ACFR. In the independent auditors’ report (located at the front of the financial section of the ACFR), Eide Bailly Certified Public Accountants issued an “unmodified” opinion on the City’s financial statements for the year ended June 30, 2021, which is the most favorable conclusion. The independent audit involved examining evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and BUSINESS SESSION ITEM NO. 3 estimates made by management, and evaluating the overall financial statement presentation. Attachment 1, provides a summary of ACFR which is in Exhibit A. In order to allow for ample review of the ACFR, the Financial Advisory Commissioner’s were provided a copy of the ACFR after it was issued. In addition, a copy of the ACFR can be found in the Finance section on the City’s website. While the City’s financial statements were presented fairly in all significant aspects, a material weakness in the City’s internal controls over financial reporting was identified for accounting entry adjustments. Entries were fully resolved prior to issuance and additional controls have been implemented to prevent this situation in the future. As in previous years, the ACFR has been submitted to the Government Finance Officers Association (GFOA) award program for excellence in financial reporting. A Single Audit for fiscal year 2020/21, a separate audit requirement under Federal law for entities that spend $750,000 or more in federal funds during a fiscal year will be issued in September 2022. ALTERNATIVES The ACFR and audit are required by State law, therefore, no alternatives are recommended. Prepared by: Claudia Martinez, Finance Director Approved by: Jon McMillen, City Manager Attachment: 1. 2020/21 Annual Comprehensive Financial Report Summary 2020/21 Annual Comprehensive Financial Report (ACFR) Summary Summary of ACFR Contents The 2020/21 ACFR (Exhibit A) contains numerous comprehensive financial reports pertaining to all aspects of the City’s finances and includes financial statements for all City funds (general, special revenue, housing, capital project, internal service, and other fund types). The ACFR also contains information regarding the City’s accounting methods and procedures, and the results of the independent audit. Financial information is conveyed both by major fund type and in a comprehensive manner; thus, the information is somewhat complex to interpret. Because of this, specific detailed information regarding the General Fund year-end budget results for 2020/21 was presented separately at the January 18, 2022 Council meeting. The Management Discussion and Analysis section (starting on page 4) provides an overview and analysis of the financial statements, which is useful when reading through the ACFR. In addition, the Notes to the Basic Financial Statements (pages 32 to 73) provide a written explanation of accounting methods and year-over-year changes. The Statistical Section (pages 124 to 159) presents a ten-year comparison of City financial, economic, and demographic trends. Responsibility for both the accuracy and the completeness of all disclosure’s rests with the City of La Quinta. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to fairly present the financial position and results of City operations. The ACFR was prepared in conformance with Generally Accepted Accounting Principles (GAAP). The City’s financial reporting is based upon all Governmental Accounting Standards Board (GASB) pronouncements; these pronouncements are the most authoritative source of governmental GAAP. Eide Bailly LLP, Certified Public Accountants, has issued an unmodified (“clean”) opinion on the City’s financial statements for the year ended June 30, 2021, which is the most favorable conclusion. While the City’s financial statements were presented fairly in all significant aspects, a material weakness in the City’s internal controls over financial reporting was identified for accounting entry adjustments. The entries were fully resolved prior to the issuance of the ACFR, and the City has already implemented additional controls related to financial reporting to prevent this situation in the future. We believe that the ACFR meets the Certificate of Achievement Program’s requirements and have submitted it to the Government Finance Officers Association (GFOA) to determine its eligibility for another certificate. ATTACHMENT 1 Significant Changes and Financial Highlights Governmental Revenues and Expenses Governmental Activities include twenty-nine (29) individual governmental funds. There are three (3 ) major governmental funds: the General Fund, one capital project fund, and one special revenue fund. Data from the other twenty-six (26) governmental funds are combined into a single, aggregate presentation. Key Highlights: • General Fund’s overall fund balance increased by approximately $18.9 million when compared to the ending balance in 2019 /20. This was mostly attributed to taxes, including transient occupancy tax and sales tax, exceeding budget projections, coupled with expenditure savings. • General Fund Reserves are 100% funded to established target amounts with a combined balance of $47.3 million. Additional reserve funding is anticipated to be approved during the Reserve study to be conducted in FY 2022/23. • The General Fund has no outstanding bond obligations. • At the end of 2020/21, the City had positive balances in all three categories of Net Position (Net Investment in Capital Assets, Restricted and Unrestricted) for the governmental and business-type activities. • Governmental revenues overall increased by $9,437,949 with the major items being attributed to transient occupancy and sales taxes as well as capital grants and contributions used to fund various construction projects. • A majority of General Fund revenues experienced positive variances when compared to the final budget. • Actual expenses were $1,426,000 lower than the final budget of which $1,209,000 was carried over into 2021/22 for continuing appropriations related to operations. Funds not being carried over are recognized as Unassigned Fund Balance in the General Fund. Capital Improvement Projects (CIP) revenue commitments totaling $13,431,000 are reflected in assigned reserves and operational carryovers are noted in committed reserves. Governmental Fund Balances The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances. Such information is useful in assessing the City's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. The unassigned General Fund balance comprised $24,241,553, or 17%, of the total $142,316,543 balance and represented 49% of total final 2020/21 General Fund budgeted expenditures including transfers and multi-year capital projects. As of the end of 2020/21, the City's governmental funds reported combined ending fund balances of $185,847,101 as follows: 2020/21 Governmental Fund Balances When compared to 2019/20, total governmental fund balance increased by $21,684,556. 2019/20 Governmental Fund Balances General Fund Balances A year-over-year decrease of $1,988,000 in non-spendable is mainly attributed the 2020/21 Redevelopment Agency loan repayment of $2,591,000 offset by interest earnings of $592,000 resulting in a net decrease of $1,999,000 in Due from Other Governments. The outstanding loan balance of $30,088,278 is recognized as 80% in the General Fund and 20% in the Housing Authority Fund. Restricted reserves are limited to funds held in a Section 115 Pension Trust set aside to fund the City’s pension obligations. The trust was initially established in 2018/19 with $6,540,000 and in 2020/21 additional contributions coupled with investment gains caused the trust to increase by $1,132,000. Committed reserves increased by approximately $7,091,000, resulting from an increase of $3,460,000 in the Capital Replacement Reserve and $4,200,000 in the Economic Disaster Reserve categories and a decrease of about $569,000 in operational carryovers. An increase of nearly $7,601,000 in assigned reserves was primarily due to an increase in the Measure G sales tax reserve ($6,392,000). Category General Fund Percent All Other Funds Percent Total Funds Percent Nonspendable 31,487,459$ 26%2,875$ 0.007%31,490,334$ 19% Restricted 10,249,738 8%46,001,248 113%56,250,986 34% Committed 30,118,800 24%- 0%30,118,800 18% Assigned 32,383,017 26%- 0%32,383,017 20% Unassigned 19,094,651 15%(5,175,243) -13%13,919,408 8% TOTAL 123,333,665$ 100%40,828,880$ 100%164,162,545$ 100% Category General Fund Percent All Other Funds Percent Total Funds Percent Nonspendable 29,499,520$ 21%1,019$ 0.002%29,500,539$ 16% Restricted 11,381,922 8%46,711,801 107%58,093,723 31% Committed 37,209,870 26%- 0%37,209,870 20% Assigned 39,983,678 28%- 0%39,983,678 22% Unassigned 24,241,553 17%(3,182,262) -7%21,059,291 11% TOTAL 142,316,543$ 100%43,530,558$ 100%185,847,101$ 100% Outstanding Debt Total governmental activities debt increased by $951,036 from $15,061,429 to $16,012,465. This increase is largely attributed to an increase of $1,044,111 in the City’s net pension liability. After 2018/19, the Net Pension Liability is reported as an outstanding debt and the General Fund has no outstanding bond obligations. As of June 30, 2021, the Section 115 Pension Trust had a balance of $11,381,922. The trust sets aside monies to fund the City’s pension obligations. Contributions to the trust are irrevocable and assets are protected from creditors. The purpose of the trust is to address the City’s pension obligations by accumulating assets to reduce the net pension liability. However, assets in the trust are recorded as restricted fund balance until they are transferred to the pension plan (CalPERS). Additional information on long-term debt can be found in Note 5 of the financial statements, Note 8 describes the City’s Pension Plan, and Note 11 discusses the Section 115 Trust. Other Post-Employment Benefit Plan (OPEB) In contrast to the Net Pension Liability, the OPEB Trust established to fund retiree health benefits, had a balance of $1,715,041 which reduces the OPEB liability of $1,815,611 and is reported as an asset balance of $100,570. Additional information on OPEB can be found in Note 10 of the financial statements. Major Capital Improvements The Capital Improvement Fund is primarily used to record the expenditures for capital projects. The fund had thirty-eight (38) active Capital Improvement Projects during 2020/21. The five most active projects were: • SilverRock Infrastructure Improvements ($5,010,000) • La Quinta Village Complete Streets ($3,024,000) • SilverRock Event Site ($2,326,000) • La Quinta X-Park ($2,028,000) • Washington Street at Fred Waring Street Improvements ($1,264,000) These projects, along with others, leveraged State or Federal grant funds or were significantly supported with Measure G sales tax revenues. Debt Type:2020 2021 Capital Leases 761,790$ 459,275$ Compensated Absences 888,491 950,309 Net OPEB (Asset) Liability (47,052) 100,570 Net Pension Liability 13,458,200 14,502,311 TOTAL 15,061,429$ 16,012,465$ Governmental Activities Long-term Financial Planning The City ensures that its long-range goals are met through a variety of Boards and Commissions. Each is comprised of Council appointed residents, may include a City Council representative, and are supported by City staff. In addition, the City has adopted various financial policies and practices with the goal of sustaining a fiscally resilient government over the long-term, improving fiscal sustainability, as well as increasing transparency and encouraging public engagement. The City has taken a proactive approach to rising pension and public safety costs by building its reserve categories and paying down the City’s pension obligations. The City also continues to collaborate with Riverside County and other regional cities on police services to identify long-term savings. In 2020/21, the General Fund’s overall fund balance increased by approximately $18.9 million when compared to the ending balance in 2019/20, mainly due to revenue increases surpassing budget projections in areas such as transient occupancy taxes and sales tax. As of June 30, 2021, all four of the City’s reserve categories (Cash Flow Reserve, Natural Disaster, Economic Disaster, and Capital Replacement) are fully funded to policy targets. The City has a mixture of housing and commercial developments under construction, approved housing developments on the horizon, and the Highway 111 Corridor Plan (Plan) continues to be a priority with daily traffic exceeding 40,000 vehicles, and accounting for nearly 80% of the City’s annual sales tax revenue. The City Council has a history of taking strategic steps to ensure long-term fiscal sustainability of the City, including adopting a structurally balanced budget, funding long- term needs, and maintaining strong reserve levels. Because of these factors, the City has been able to maintain essential services during the pandemic and is prepared to face the next financial crisis. 2020 212020CITY OF LA QUINTA ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR ENDED JUNE 30, 2021 Prepared by: Finance Department EXHIBIT A City of La Quinta, California Annual Comprehensive Financial Report Year Ended June 30, 2021 Prepared By: Finance Department City of La Quinta, California Table of Contents June 30, 2021 INTRODUCTORY SECTION Letter of Transmittal ......................................................................................................................................... i List of Principal Officers ...................................................................................................................................vi Organizational Chart ....................................................................................................................................... vii Certificate of Achievement for Excellence in Financial Reporting (GFOA)........................................................ viii FINANCIAL SECTION Independent Auditor’s Report ............................................................................................................................. 1 Management’s Discussion and Analysis ............................................................................................................... 5 Government Wide Financial Statements Statement of Net Position .............................................................................................................................. 18 Statement of Activities ................................................................................................................................... 19 Statement of Activities ................................................................................................................................... 20 Government Fund Financial Statements Balance Sheet – Governmental Funds ............................................................................................................ 21 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ........................... 22 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds ....................... 23 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ....................................................................................... 24 Proprietary Fund Financial Statements Statement of Net Position – Proprietary Funds .............................................................................................. 25 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds ............................ 26 Statement of Cash Flows – Proprietary Funds ................................................................................................ 27 Fiduciary Fund Financial Statements Statement of Fiduciary Net Position ............................................................................................................... 29 Statement of Changes in Fiduciary Net Position ............................................................................................. 30 Notes to Financial Statements ........................................................................................................................... 32 REQUIRED SUPPLEMENTARY INFORMATION Budgetary Comparison Schedule – General Fund ........................................................................................... 74 Budgetary Comparison Schedule – Housing Authority .................................................................................... 75 Schedule of Proportionate Share of the Net Pension Liability – Miscellaneous Plan........................................ 76 Schedule of Pension Plan Contributions – Miscellaneous Plan ........................................................................ 77 Schedule of Changes in the Net OPEB Liability/(Asset) and Related Ratios ..................................................... 78 Schedule of OPEB Contributions .................................................................................................................... 79 Note to Required Supplementary Information ............................................................................................... 80 City of La Quinta, California Table of Contents June 30, 2021 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES Combining Balance Sheet – Nonmajor Governmental Funds .......................................................................... 85 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds ..................................................................................................................... 90 Budgetary Comparison Schedules – Special Revenue Funds State Gas Tax ................................................................................................................................................. 95 Library and Museum ...................................................................................................................................... 96 Federal Assistance ......................................................................................................................................... 97 SLESA ............................................................................................................................................................. 98 Lighting and Landscaping ............................................................................................................................... 99 Quimby ........................................................................................................................................................ 100 Public Safety ................................................................................................................................................ 101 Art in Public Places ....................................................................................................................................... 102 South Coast Air Quality ................................................................................................................................ 103 AB 939 ......................................................................................................................................................... 104 Law Enforcement ......................................................................................................................................... 105 Measure A ................................................................................................................................................... 106 Economic Development ............................................................................................................................... 107 AB 1379 ....................................................................................................................................................... 108 Budgetary Comparison Schedules – Capital Projects Funds Capital Improvement ................................................................................................................................... 109 Infrastructure .............................................................................................................................................. 110 Civic Center.................................................................................................................................................. 111 Transportation ............................................................................................................................................. 112 Parks and Recreation ................................................................................................................................... 113 Library Development ................................................................................................................................... 114 Community Center ....................................................................................................................................... 115 Street Facility ............................................................................................................................................... 116 Park Facility ................................................................................................................................................. 117 Fire Facility .................................................................................................................................................. 118 Budgetary Comparison Schedules – Debt Service Funds Financing Authority ...................................................................................................................................... 119 Internal Service Funds Combining Statement of Net Position .......................................................................................................... 121 Combining Statement of Revenues, Expenses and Changes in Fund Net Position ......................................... 122 Combining Statement of Cash Flows ............................................................................................................ 123 City of La Quinta, California Table of Contents June 30, 2021 STATISTICAL SECTION Net Position by Component (Table 1) ........................................................................................................... 125 Changes in Net Position (Table 2) ................................................................................................................. 127 Changes in Net Position – Governmental Activities (Table 3) ........................................................................ 129 Changes in Net Position – Business-type Activities (Table 4) ......................................................................... 131 Fund Balances of Governmental Funds (Table 5) .......................................................................................... 133 Changes in Fund Balances of Governmental Funds (Table 6) ........................................................................ 135 Tax Revenue by Source (Table 7) .................................................................................................................. 137 Top 25 Sales Tax Producers (Table 8) ........................................................................................................... 138 Taxable Sales by Category (Table 9) ............................................................................................................. 141 Assessed Value of Taxable Property (Table 10) ............................................................................................. 143 Direct and Overlapping Property Tax Rates (Table 11) .................................................................................. 144 Principal Property Taxpayers (Table 12) ....................................................................................................... 145 Property Tax Levies and Collections (Table 13) ............................................................................................. 146 Ratios of Outstanding Debt by Type (Table 14) ............................................................................................. 147 Ratio of General Bonded Debt Outstanding (Table 15) ................................................................................. 149 Direct and Overlapping Debt (Table 16) ....................................................................................................... 150 Legal Debt Margin Information (Table 17) .................................................................................................... 151 Pledged-Revenue Coverage (Table 18) ......................................................................................................... 153 Demographic and Economic Statistics (Table 19).......................................................................................... 154 Principal Employers (Table 20) ..................................................................................................................... 155 Full-time City Employees (Table 21) ............................................................................................................. 156 Operating Indicators (Table 22) .................................................................................................................... 157 Capital Asset Statistics by Function (Table 23) .............................................................................................. 158 Schedule of Insurance in Force (Table 24) .................................................................................................... 159 This page intentionally left blank. June 30, 2022 To the Citizens of La Quinta, and the Honorable Mayor and Members of the City Council: It is with great pleasure that we present to you the Annual Comprehensive Financial Report (ACFR) of the City of La Quinta for the fiscal year ending June 30, 2021. The ACFR has been prepared by the Finance Department for the benefit of City Council members, citizens, investors, grantors, employees, and others who may have an interest in the financial well- being of the City. The ACFR presents information regarding the City’s financial activities. This transmittal letter provides a non-technical summary of the City’s finances, services, achievements, and economic outlook. A more detailed analysis is presented in the Management’s Discussion and Analysis section (MD&A) that immediately follows the independent auditor’s report. The MD&A provides an overview and analysis of the basic financial statements and complements this transmittal. Responsibility for both the accuracy and the completeness of all disclosures rests with the City of La Quinta. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to fairly present the financial position and results of City operations. Supplementary disclosures are included to summarize the City’s financial activities. This ACFR was prepared in conformance with Generally Accepted Accounting Principles (GAAP). The City’s financial reporting is based upon all Governmental Accounting Standards Board (GASB) Statements; these pronouncements are the most authoritative source for governmental GAAP. The City is responsible for ensuring an adequate internal control structure is in place. The internal control structure is subject to constant evaluation by the management of the City and annual review by independent auditors. Reviews determine the adequacy of the internal control structure, as well as to determine if the City complied with applicable laws and regulations. In reviewing internal control structures, the cost of a control should not exceed the benefits to be derived, hence the objective is to provide reasonable, rather than absolute assurance, that the financial statements are free of any material misstatements. Eide Bailly LLP, Certified Public Accountants, has issued an unmodified (“clean”) opinion on the City’s financial statements for the year ended June 30, 2021. This is the most favorable conclusion. The independent auditor’s report is located at the front of the financial section. The independent audit involved examining evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and estimates made by management, and evaluating the overall financial statement presentation and conformity with GAAP. Government Profile The City of La Quinta is located 120 miles east of Los Angeles in the eastern portion of Riverside County known as the Coachella Valley. The City has a permanent population of approximately 42,000, within a boundary of 36 square miles. Each year nearly 18,000 seasonal residents also call La Quinta home from October through May. A natural paradise in the Coachella Valley, the City is nestled between the Santa Rosa and San Bernardino Mountains, is an integral part of the Coachella Valley’s world-renowned resort and retirement area, and is known for its championship golf, festivals and community events, health and wellness, stunning views and spectacular trails. The City was incorporated in 1982 as a general law City and became a charter city in November 1996. It is governed by a five-member City Council under the Council/Manager form of government. The Mayor is directly elected, serves a two-year term, and represents the City at many public functions; the four Council Members serve four-year terms, with two Council Members elected every two years. The Mayor and Council Members are elected at large and also serve as the Board of Directors of the Housing and Finance Authorities. The Council appoints the City Manager, who in turn appoints the Directors of the various departments except for the City Attorney who is appointed by the Council. The Finance Director also serves as the City/Housing Authority Treasurer and the City Manager is also the Executive Director of the Housing Authority. The City provides a range of services, which include street and infrastructure construction and maintenance; community development and planning; affordable housing programs; code compliance; recreational and cultural activities; and operations management. The City contracts with other government agencies and private entities for specific services, including police and fire protection, library and museum services, water and sewer service, electricity service, public transit, refuse collection, and street sweeping. The City’s annual operating and capital improvement budgets are adopted by resolutions for the fiscal year that begins July 1st. Separate resolutions are adopted by the City Council and Board of Directors of the Housing and Finance Authorities. The annual budget is the foundation for the City’s financial planning and control. The budget is prepared by fund, function, department, and line item. Department Directors may transfer line item resources within a division with the approval of the City Manager. The City Manager may authorize transfers between divisions and departments. Local Economy According to the State of California Employment Development Department, the unadjusted unemployment rate for La Quinta was 6.5%, which was lower than unadjusted rates for Riverside County’s at 7.3% and higher than the statewide average of 5.4%. Current unemployment rates are greatly impacted by lingering effects of COVID-19, particularly in the hospitality industry. The City’s dominant industries are tourism, recreation, and retail, with the following being major employers: La Quinta Resort and Club, Desert Sands Unified School District, Wal- Mart Super Center, Costco, Home Depot, Imperial Irrigation District, Lowe’s Home Improvement, Target, and Traditions Golf Club. Throughout the year La Quinta hosts a variety of multi-generational open-air events and shines in the national spotlight as the area’s only PGA golf tour event in the region with the American Express Golf Tournament. The City also co-hosts Ironman 70.3 Indian Wells La Quinta, which brings over 3,000 athletes and supporters from all over the world to the Coachella Valley. The City’s cultural diversity, values, unique characteristics and attributes are commemorated through artists who showcase their high-quality artwork at the annual fine art event, La Quinta Art Celebration, which is ranked number one in the United States by ArtFair Sourcebook’s Top 100 Fine Art Events. Substantially or completed projects during 2020/21 included Grocery Outlet and Los Arcos Mexican cuisine in the La Quinta Village shopping center, Lifestream and Nothing Bundt Cakes in the Washington Park Center, Café California and Arroyo’s Café in Old Town La Quinta, and Nativa Silver & Crystals, Happy Tea Café, Sato’s Snacks and Extra Space Storage along the Highway 111 corridor. Long-term Financial Planning Sound financial governance and prudent planning continues to be management’s focus. The City has a long history of providing superior service, life enrichment opportunities, and a quality environment to its residents, businesses, and visitors. La Quinta has taken a proactive approach to rising pension and public safety costs by building its reserve categories and paying down the City’s pension obligations. The City also continues to collaborate with Riverside County and other regional cities on police services to identify long-term savings. The City ensures that its long-range goals are met through a variety of Boards and Commissions. Each is comprised of Council-appointed residents, may include a City Council representative, and are supported by City staff. In addition, the City has adopted various financial policies and practices with the goal of sustaining a fiscally resilient government over the long-term, assuring fiscal sustainability, as well as increasing transparency and encouraging public engagement. In 2020/21, the General Fund’s overall fund balance increased by almost $18.9 million when compared to the ending balance in 2019/20, mainly due to revenue increases surpassing budget projections in areas such as transient occupancy taxes and sales tax. As of June 30, 2021, all four of the City’s reserve categories (Cash Flow Reserve, Natural Disaster, Economic Disaster, and Capital Replacement) are fully funded to policy targets. In June 2021 the City Council adopted a balanced budget without the use of reserves for fiscal year 2021/22. The adopted budget had operating revenues exceeding expenses by $62,840. The 2021/22 budget included sustained funding for essential services, such as police, fire, and maintenance of critical infrastructure. La Quinta has cultivated a sound foundation of General Fund revenues including sales tax, transient occupancy tax, and property tax. The City was incorporated in 1982 after Proposition 13 was approved (the landmark property tax reform initiative enacted in 1978); as such, the City receives a smaller share of property tax revenue but has also secured additional property tax revenue from the County for fire and library services. The Future The City has a mixture of housing and commercial developments under construction. Larger residential developments underway include Carmela, Coral Mountain, Andalusia, PGA West, Tradition, Hideaway, Madison Club, and Rancho Santana and commercial developments include luxury Montage and lifestyle Pendry hotels, Pavilion Palms, and The Peak mixed use development. Approved housing developments on the horizon include Centre at La Quinta, Palo Verde, Piazza Serena and Diamante. In addition, the City is acquiring land for potential affordable housing developments to further the City’s goals of fostering mixed-use development, affordable housing, and multi-modal transportation, and development of the Highway 111 Corridor as outline in the General Plan. The Highway 111 Corridor Plan (Plan) continues to be a priority with daily traffic exceeding 40,000 vehicles, and accounting for nearly 80% of the City’s annual sales tax revenue. The two mile-long, 400-acre regional commercial hub at the center of the City, is being evaluated to create a more connected and walkable environment through the implementation of form-based code (FBC). FBC is anticipated to reshape the corridor by adding mixed-use and infill development and incorporating ever-evolving shopping trends. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its ACFR for the fiscal year ended June 30, 2020. This was the twenty-fourth consecutive year that the City received this prestigious award. To be awarded a Certificate of Achievement, the City had to publish an easily readable and efficiently organized ACFR. A Certificate of Achievement is valid for one year. We believe that our current ACFR continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. We would like to express our appreciation to the City Council and the Financial Advisory Commission for their ongoing oversight of the financial affairs of the City and their prudent fiscal, economic, and land use policy and direction. We also thank City staff with special appreciation to the Finance Department for their continued effort to provide accurate financial data and the preparation of this report. Respectfully Submitted, Jon McMillen, City Manager Claudia Martinez, Finance Director vi City of La Quinta List of Principal Officers June 30, 2021 CITY COUNCIL Linda Evans, Mayor Robert Radi, Mayor Pro Tem Kathleen Fitzpatrick, Council Member John Peña, Council Member Steve Sanchez, Council Member ADMINISTRATION Jon McMillen, City Manager Claudia Martinez, Finance Director/ City Treasurer Christopher Escobedo, Community Resources Director Danny Castro, Design and Development Director Bryan McKinney, Public Works Director/ City Engineer Gilbert Villalpando, Director (Business Unit/Housing Development) Monika Radeva, City Clerk William H. Ihrke, City Attorney vii viii What inspires you, inspires us. | eidebailly.com 10681 Foothill Blvd., Ste. 300 | Rancho Cucamonga, CA 91730-3831 | T 909.466.4410 | F 909.466.4431 | EOE 1 Independent Auditor’s Report The Honorable Mayor and Members of City Council City of La Quinta, California Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, business-type activities, each major fund, and the aggregate remaining fund information of the City of La Quinta, California, (City), as of and for the year ended June 30, 2021, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 2 Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2021, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, schedule of the City’s proportionate share of the net pension liability, schedule of pension plan contributions, schedule of changes in the net OPEB liability/(asset) and related ratios, schedule of OPEB contributions, and the budgetary comparison schedules for the General Fund and Housing Authority special revenue fund and the related notes, as listed on the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City's basic financial statements. The introductory section, combining and individual fund statements and schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund statements and schedules are the responsibility of management and were derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. 3 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 30, 2022, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance. Rancho Cucamonga, California June 30, 2022 4 This page intentionally left blank. 4 MANAGEMENT DISCUSSION AND ANALYSIS (UNAUDITED) This narrative provides an overview and analysis of the City of La Quinta’s (City) financial activities for the fiscal year ending June 30, 2021. The City Executive Team encourages readers to consider this information in conjunction with the data provided in our transmittal letter, which is in an earlier section of this report. All amounts, unless otherwise indicated, are rounded to the nearest thousand dollars and dates are represented by fiscal year. 5 HIGHLIGHTS At the close of 2020/21 (June 30, 2021): •The total assets and deferred outflows of the City exceeded its total liabilities and deferred inflows at the close of the fiscal year 2020/21 by $771,890,000 (net position). Of this amount, $163,256,000 (unre- stricted net position) may be used to meet ongoing obligations and approximately $561,921,000 or 73% was invested in capital assets and is not available to meet ongoing obligations. •Governmental activities total net position increased by $30,605,000 and the Business-Type total net position increased by $228,000 which is attributable to the SilverRock Golf Course. •Governmental funds (General Fund, Housing Authority, Capital Improvement Fund, sixteen (15) non-major special revenue funds, nine (10) non-major capital projects funds, and one (1) non-major debt service fund) had a combined ending fund balance of $185,847,000, an increase of $21,685,000. The increase in fund balance can be attributed to taxes, including transient occupancy tax and sales tax, exceeding the original budget projections by $12,920,000 coupled with expenditures savings from the original budget projections in the General Fund totaling $1,464,000, proceeds from the sale of land totaling $1,219,000, grant reimbursements for capital project costs from prior years and an extraordinary gain related to the Successor Agency loans totaling $740,000. •The unassigned General Fund balance comprised $24,242,000, or 17%, of the total $142,317,000 balance and represented 49% of total final General Fund budgeted expenses including transfers and multi- year capital projects. •Total governmental activities long-term liabilities increased by $951,000 from $15,061,000 to $16,012,000. This increase is largely attributed to an increase of $1,044,000 in the City’s net pension liability. (Note 5) OVERVIEW Government-Wide Financial Statements The government-wide financial statements provide a broad overview of the City’s finances. There are two statements – statement of net position and statement of activities, as described below. The statement of net position presents information on all City assets and deferred outflows of resources as well as liabilities, and deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the City’s financial position is improving or deteriorating. 6 The statement of activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event occurs giving rise to the change, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods, for example, earned but unused vacation leave. Both of these government-wide financial statements distinguish City functions, which are principally supported by taxes, fees, and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user charges (business-type activities). Governmental activities include general government, public safety, community services, community development and public works; business-type activities include the SilverRock Golf course operations. The government-wide financial statements include not only the City of La Quinta (known as the primary government), but also the La Quinta Financing Authority and the La Quinta Housing Authority. Although legally separate entities, they function for all practical purposes as City departments. The government-wide financial statements are listed in the table of contents under the Financial Section of this report. Fund Financial Statements A fund is a grouping of related accounts and is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure compliance with finance-related legal requirements. All City’s funds are aggregated into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near- term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements. 7 Because the focus is narrower than the government-wide financial statements, it is useful to compare this information with similar information presented for governmental activities in the government- wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City maintains twenty-nine (29) individual governmental funds, which are distinguished between major and non-major funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances. There are three (3) major governmental funds: the General Fund, the Housing Authority special revenue fund, and the Capital Improvement capital project fund. Data from the other twenty-six (26) governmental funds are combined into a single, aggregate presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements in the Combining and Individual Fund Statements and Schedules section of the report. The City adopts an annual budget for its General Fund. A budgetary comparison schedule has been provided to demonstrate compliance with the adopted budget. The basic governmental fund financial statements can be found in the table of contents under the heading Basic Financial Statements. Proprietary Funds Proprietary funds are broken down into enterprise an d internal service funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City maintains one (1) enterprise fund to account for the SilverRock Golf Course operations, which is considered a major fund. Internal service funds are used to allocate costs among the City’s various functions. The City has four (4) internal service funds: Equipment Replacement, Information Technology, Park Equipment and Facilities, and Insurance. Because these four (4) services predominantly benefit governmental rather than business-type functions, they have been included within governmental activities in the government-wide financial statements. The internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements. Individual fund data for the internal service funds is provided in the form of combining statements on the Combining and Individual Fund Statements and Schedules section of the report. 8 The basic proprietary fund financial statements are listed in the table of contents under Proprietary Funds: Statement of Net Position, Statement of Revenues, Expenses and Changes in Fund Net Position, and Statement of Cash Flows. Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The City reports on two fiduciary funds: 1) the Supplemental Pension Trust fund which accounts for the Defined Contribution Pension Trust established to provide supplemental retirement benefits for employees, and (2) Successor Agency of the Former RDA Private-Purpose Trust Fund which provides for activities associated with the dissolution of the former Redevelopment Agency. The basic fiduciary fund financial statements are listed in the table of contents under Fiduciary Funds: Statement of Net Position – Fiduciary Funds and Changes in Net Position – Fiduciary Funds. Notes to the Financial Statements The notes to the financial statements provide information that is essential to obtain a full understanding of the data provided in the government-wide and fund financial statements. These notes are listed in the table of contents under Notes to Financial Statements. Other Information In addition to the financial statements and accompanying notes, this report also presents the combining statements referred to earlier in connection with non-major governmental funds and internal service funds. The non- major governmental funds’ combining statements are presented immediately following the Required Supplementary Information while the combined statements for the internal service funds is presented following the budgetary comparison schedules for the debt service funds. 9 Government-Wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the City, assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources by $771,890,000 at the close of the 2020/21, which is $30,833,000 more than the previous year. Increases were reflected in all three categories: capital assets, restricted, and unrestricted net position for governmental activities. The largest portion of the City’s Net Position ($561,921,000 or 73% for 2020/21 and $549,490,000 or 74% for 2019/20) reflects investment in capital assets (e.g., land, buildings; machinery, and equipment), net of related debt. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. City of La Quinta Net Position An additional portion of the City's net position ($46,712,000 or 6% in 2021 and $46,001,000 or 7% in 2020) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position $163,256,000 (21%) may be used to meet the government's ongoing obligations to citizens and creditors. At the end of 2020/21, the City had positive balances in all three categories of net position for the governmental and business-type activities. Current and other assets 219,549,201$ 244,089,333$ 11%242,326$ 1,000,641$ 313% 219,791,527$ 245,089,974$ 12% Capital assets 509,777,422 519,203,177 2%39,712,955 42,717,914 8%549,490,377 561,921,091 2% Total Assets 729,326,623 763,292,510 5%39,955,281 43,718,555 9%769,281,904 807,011,065 5% Deferred outflows of resources 3,426,624 4,373,009 28%- - 0%3,426,624 4,373,009 28% - - 0% Current liabilities 18,385,081 22,278,089 21%375,426 631,891 68%18,760,507 22,909,980 22% Non-current liabilities 15,108,481 16,012,465 6%- - 0%15,108,481 16,012,465 6% Total Liabilities 33,493,562 38,290,554 14%375,426 631,891 68%33,868,988 38,922,445 15% Deferred inflows of resources 1,062,516 572,557 -46%- - 0%1,062,516 572,557 -46% Net Position: Net investment in capital assets 509,777,422 519,203,177 2%39,712,955 42,717,914 8% 549,490,377 561,921,091 2% Restricted 46,001,248 46,711,801 2%- - 0%46,001,248 46,711,801 2% Unrestricted 142,418,499 162,887,430 14%3,145,820 368,750 -88%145,564,319 163,256,180 12% Total Net Position 698,197,169$ 728,802,408$ 4%42,858,775$ 43,086,664$ 1%741,055,944$ 771,889,072$ 4% Total by Fiscal Year % Change20202021 Governmental Activities Business-Type Activities% Change % Change2020202120202021 10 Governmental Activities Governmental activities net position increased by $30,605,000 accounting for a positive 4% percent change in the net position from the previous year. Key elements of these changes are as follows: City of La Quinta Changes in Net Position Governmental revenues overall increased by $9,438,000 with the largest increase of $8,925,000 being other taxes (transient occupancy taxes and sales tax combined) followed by an increase of $6,156,000 in capital grants and contributions (intergovernmental reimbursements for various construction projects). These increases were offset by decreases totaling $3,404,000 and $3,683,000 for operating grants and contributions and investment income revenues, respectively. •Expenses for Governmental Activities decreased by $25,959,000 (a 31% decrease when compared to 2019/20). The $20,810,000 decrease in Public Works reflects multiple projects in construction phase delayed due to COVID-19 during 2020/21. Other decreases in General Government and Community Services totaling $6,176,000 were the result of budgetary reductions made in anticipation of the financial impacts of COVID-19. As noted earlier Governmental Activities include 29 individual governmental funds and include capital asset activity allocated on a percentage basis by department. Additional information on capital asset activity distribution can be found on Note 4. •The General Fund contributed $875,000 to the business-type activities of the golf course. Funds were utilized to support operations per the adjusted budget. PROGRAM REVENUES: Charges for Services 3,584,923$ 4,705,011$ 1,120,088$ 2,746,748$ 3,509,096$ 762,348$ 6,331,671$ 8,214,107$ 1,882,436$ Operating Grants and Contributions 7,817,482 4,413,523 (3,403,959) - - - 7,817,482 4,413,523 (3,403,959) Capital Grants and Contributions 9,613,752 15,770,048 6,156,296 - - - 9,613,752 15,770,048 6,156,296 GENERAL REVENUES & TRANSFERS - Property Taxes 16,710,544 16,893,629 183,085 - - - 16,710,544 16,893,629 183,085 Other Taxes 30,253,291 39,178,741 8,925,450 - - - 30,253,291 39,178,741 8,925,450 Investment Income 5,110,358 1,427,664 (3,682,694) 9,356 13,081 3,725 5,119,714 1,440,745 (3,678,969) Motor Vehicle In Lieu 4,290,417 4,376,455 86,038 - - - 4,290,417 4,376,455 86,038 Miscellaneous 1,404,143 1,457,788 53,645 - - - 1,404,143 1,457,788 53,645 TOTAL REVENUES 78,784,910 88,222,859 9,437,949 2,756,104 3,522,177 766,073 81,541,014 91,745,036 10,204,022 EXPENSES: General Government 9,877,251 8,106,209 (1,771,042) - - - 9,877,251 8,106,209 (1,771,042) Public Safety 24,009,725 24,429,310 419,585 - - - 24,009,725 24,429,310 419,585 Planning & Development 5,845,836 6,508,522 662,686 - - - 5,845,836 6,508,522 662,686 Community Services 11,362,950 6,958,234 (4,404,716) - - - 11,362,950 6,958,234 (4,404,716) Public Works 32,248,031 11,438,197 (20,809,834) - - - 32,248,031 11,438,197 (20,809,834) Interest on Long-Term Debt 98,049 42,081 (55,968) - - - 98,049 42,081 (55,968) Golf Course - - - 4,148,190 4,169,286 21,096 4,148,190 4,169,286 21,096 TOTAL EXPENSES 83,441,842 57,482,553 (25,959,289) 4,148,190 4,169,286 21,096 87,590,032 61,651,839 (25,938,193) Excess or Deficiency before Transfers & Extraordinary Items (4,656,932) 30,740,306 35,397,238 (1,392,086) (647,109) 744,977 (6,049,018) 30,093,197 36,142,215 TRANSFERS & EXTRAORDINARY ITEMS: Extraordinary Gain on Dissolution of RDA 867,792 739,933 (127,859) - - - 867,792 739,933 (127,859) Transfers (635,200) (875,000) (239,800) 635,200 875,000 239,800 - - - Increase in Net Position (4,424,340) 30,605,239 35,029,579 (756,886) 227,891 984,777 (5,181,226) 30,833,130 36,014,356 Net Position - Beginning 702,621,509 698,197,169 (4,424,340) 43,615,661 42,858,773 (756,888) 746,237,170 741,055,942 (5,181,228) NET POSITION - ENDING 698,197,169$ 728,802,408$ 30,605,239$ 42,858,775$ 43,086,664$ 227,889$ 741,055,944$ 771,889,072$ 30,833,128$ Total by Fiscal YearBusiness-Type ActivitiesGovernmental Activities 2020 2021 2020 2021 2020 2021ChangeChange Change 11 Business-Type Activities This was the sixteenth full year of operations for the SilverRock Golf Resort since the golf course opened in 2005. Charges for services primarily consisted of green fees which totaled $3,509,000, $762,000 higher than the previous year, with golf course expenses of $4,169,000, which were $21,000 or approximately 1% more than the previous year. Increases in revenues resulted from the golf course reopening as COVID-19 restrictions on outdoor activities were lifted by the State of California. In 2020/21, the General Fund transferred $875,000 to the SilverRock Golf Fund to support operations. After this transfer, the net position increased by $228,000. FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS As noted earlier, the City uses fund accounting to e nsure and demonstrate compliance with finance-related legal requirements. Governmental Funds The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances. Such information is useful in assessing the City's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. As of the end of 2020/21, the City's governmental funds reported combined ending fund as follows: City of La Quinta Governmental Fund Balances Governmental fund balances ended the year totaling $185,847,000, an increase of $21,685,000 in comparison with the prior years’ ending balance of $164,163,000. These collective fund balances include the General Fund, Housing Authority, Financing Authority, Capital Improvement Fund, and various Special Revenue and Capital Improvement funds. Category General Fund Percent All Other Funds Percent Total Funds Percent Nonspendable 29,499,520$ 21%1,019$ 0.002% 29,500,539$ 16% Restricted 11,381,922 8% 46,711,801 107% 58,093,723 31% Committed 37,209,870 26%- 0% 37,209,870 20% Assigned 39,983,678 28%- 0% 39,983,678 22% Unassigned 24,241,553 17% (3,182,262) -7% 21,059,291 11% TOTAL 142,316,543$ 100% 43,530,558$ 100% 185,847,101$ 100% 12 Nonspendable Nonspendable fund balance totaled $29,501,000 or 16%; this represents amounts that are not available to pay for operating expenditures because they are in the form of land and receivables. Restricted Restricted fund balance totaled $58,094,000 or 31%; these amounts represent funds with external limitations on spending. Significant restrictions include: Section 115 trust of $11,382,000 restricted for pension liabilities; Library and Museum totaling $8,989,000 which represents property tax increment money that can only be used for library and museum services; Measure A funding of $3,199,000 which can only be used for transportation; Economic Development funding of $3,050,000 that can only be used for future economic development in the City; Transportation capital project fund of $2,266,000 in developer fees that are restricted for the acquisition, construction and improvement of the City’s infrastructure. Committed $37,210,000 (20%) are committed fund balances which are the result of self-imposed limitations established by the City Council. The City adopted a Reserve Policy in May 2018 which established General Fund committed reserve categories including: Natural Disaster Reserve, Economic Disaster Reserve, Cash Flow Reserve, and Capital Replacement Reserve. Assigned Assigned funds are constrained by the City’s intent to use them for specific purposes and represent a total of $39,984,000 (22%) of the total fund balance. $13,431,000 represents funds for approved multi-year capital projects that were not spent by the end of the year, therefore they are carried overs until the projects are completed. Available Measure G sales tax revenue ended the year at $15,129,000 and $11,424,000 represents funds held in trust with the County of Riverside for fire services. Unassigned The remaining fund balance or $21,059,000 represents unassigned fund balances or the residual net resources after taking into consideration the other classifications. The Capital Improvement Fund accounted for $1,377,000 of the negative $3,182,000 balance of all other funds. The remaining negative balance was largely attributed to the Library Development Impact Fee Fund. This amount represents an advance due to the Redevelopment (RDA) Successor Agency and is included in the Successor Agency of the former RDA as a receivable. 13 General Fund The General Fund is the City’s chief operating fund. At the end of 2020/21, the unassigned fund balance was $24,242,000 while total fund balance was $142,317,000. The General Fund balance increased by $18,983,000 in 2020/21. Key factors were: •A year-over-year decrease of $1,988,000 in non-spendable is attributed the 2020/21 Redevelopment Agency loan repayment of $2,591,000 offset by interest earnings of $592,000 resulted in a net decrease of $1,999,000 in Due from Other Governments. The outstanding loan balance of $30,088,278is recognized as 80% in the General Fund and 20% in the Housing Authority Fund. •Restricted reserves are limited to funds held in a Section 115 Pension Trust set aside to fund the City’s pension obligations. The trust was initially established in 2018/19 with $6,540,000 and in 2020/21 additional contributions coupled with investment gains caused the trust to increase by $1,132,000. •Committed reserves increased by $7,091,000. The increase resulted from an increase of $3,460,000 in the Capital Replacement Reserves and $4,200,000 in the Economic Disaster Reserve. •An increase of $7,601,000 in assigned reserves was primarily due to an increase in the Measure G sales tax reserve ($6,392,000). Assigned to public safety represents property tax accumulated and held in trust by the County of Riverside for fire protection, disaster preparedness and response, fire prevention, rescue, hazardous materials mitigation, technical rescue response, medical emergency services, and public service assistance (the County and City negotiated an agreement wherein the County fire service property tax revenue generated in the two former City redevelopment project areas is pledged to the City to fund the aforementioned services). This portion of assigned fund balance as of June 30, 2021 is $11,424,000. •Actual expenses were $1,426,000 lower than the final budget of which $1,209,000 was carried over into 2021/22 for continuing appropriations related to operations. Funds not being carried over are recognized as Unassigned Fund Balance in the General Fund. CIP revenue commitments totaling $13,431,000 are reflected in assigned reserves and operational carryovers are noted in committed reserves. 14 Housing Authority Fund The Housing Authority Fund is used to account for the activities of the Housing Authority; the Housing Authority invests in programs and projects that preserve and increase the supply of affordable housing in the City. The fund balance increased by $988,000 to end the year at $23,807,000. Capital Improvement Fund The Capital Improvement Fund is primarily used to record the expenditures for capital projects. The fund had thirty-eight (38) active Capital Improvement Projects budgeted during 2020/21. The five most active projects were: •SilverRock Infrastructure Improvements ($5,010,000) •La Quinta Village Complete Streets ($3,024,000) •SilverRock Event Site ($2,326,000) •La Quinta X-Park ($2,028,000) •Washington Street at Fred Waring Street Improvements ($1,264,000) These projects, along with others, leveraged State or Federal grant funds or were significantly supported with Measure G sales tax revenues. PROPRIETARY FUNDS The City of La Quinta's proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The financial activities of the City enterprise fund are addressed in the discussion of the City’s business-type activities. In addition, the City has four (4) internal service funds to accumulate resources for equipment and vehicle replacement, information technology, insurance, and park equipment and facility replacement. GENERAL FUND BUDGETARY HIGHLIGHTS Most General Fund revenues experienced positive variances when compared to the final budget. Revenue appropriations and transfers in increased by $6,960,000 between the original ($50,726,000) and final amended budget ($57,686,000). The category representing the largest variances is taxes which represents 77% of all General Fund revenues. Taxes includes the three largest funding sources for the City – sales taxes $23,324,000, property taxes $16,894,000, and transient occupancy taxes (TOT) $11,847,000. Combined, these top three revenues account for $52,065,000 or 93% of all taxes. 15 The Extraordinary Item includes $592,000 to record the annual former Redevelopment Agency loan repayment interest earned in 2020/21. The loan repayments are structured to pay all principal first, then interest. Each year the City records the payment received and interest earned in accordance with the State Department of Finance approved loan repayment schedule. Loan repayments are not budgeted; these funds are recognized in unassigned reserves and reduce non-spendable reserves each year. 80% of the extraordinary gain is recognized in the General Fund and 20% in the Housing Authority Fund. Expenditure appropriations and transfers out decreased by $37,800 between the original ($49,118,000) and final amended budget ($49,080,000) and was related to minor changes in estimates from the time the budget was adopted to the end of the fiscal year. CAPITAL ASSET AND LONG TERM LIABILITIES ADMINISTRATION Capital Assets The City’s capital assets for its governmental and business-type activities as of June 30, 2021, were $561,921,000 (net of accumulated depreciation). This includes land, right of way, buildings and improvements, machinery and equipment, streets and bridges, and construction in progress. The investment in capital assets increased by $9,152,000 in 2020/21 primarily due to an increase in construction in progress and the completion of projects that began in previous years. The following chart lists the asset categories for governmental and business-like activities net of depreciation: City of La Quinta Capital Assets (net of depreciation) Major capital asset events under Governmental Activities included the following: •Recording infrastructure improvements, street improvements, street right of way, street sidewalks and curbs and gutters, traffic signals, street medians, and construction in progress. 2020 2021 2020 2021 2020 2021 Land 66,810,841$ 66,901,495$ 39,712,955$ 39,712,955$ 106,523,796$ 106,614,450$ Buildings & Improvements 37,098,256 34,781,617 3,127,733 2,913,188 40,225,989 37,694,805 Equipment & Furniture 1,590,589 1,580,195 151,187 91,771 1,741,776 1,671,966 Vehicles 715,710 617,648 - - 715,710 617,648 Software - - - - - - Infrastructure 378,965,718 381,409,739 - - 378,965,718 381,409,739 Construction in Progress 24,596,308 33,912,483 - - 24,596,308 33,912,483 TOTAL 509,777,422$ 519,203,177$ 42,991,875$ 42,717,914$ 552,769,297$ 561,921,091$ Governmental Activities Business-Type Activities Total By Fiscal Year Description 16 Business-Type Activities The Golf Course capital asset balance at June 30, 2021, was $42,718,000, net of accumulated depreciation. The balance decrease of $274,000 reflects accumulated depreciation expensed in 2020/21. Additional information on the City of La Quinta’s capital assets can be found in Note 4 to the financial statements. Long-Term Liabilities At the end of 2020/21, the City governmental activities had total outstanding long-term liabilities of $16,012,000, which is $951,000 greater than the previous year. Of the total amount, $460,000 represents capital leases and $950,000 in employee compensated absences. The increase of $1,044,000 in the Net Pension Liability is described in Note 8 and the obligation is not reduced by the Pension Trust balance of $11,382,000 until funds are remitted to CalPERS. City of La Quinta Outstanding Long-Term Liabilities Additional information on long-term liabilities can be found in Note 5 of the financial statements. REQUEST FOR INFORMATION This financial report is designed to provide a general overview of the City’s finances. Questions concerning this information or requests for additional information should be addressed to the City of La Quinta, Claudia Martinez, Finance Director/City Treasurer, 78-495 Calle Tampico, La Quinta, CA, 92253, by telephone at 760-777-7055, or by email at finance@laquintaca.gov. Debt Type:2020 2021 Capital Leases 761,790$ 459,275$ Compensated Absences 888,491 950,309 Net OPEB (Asset) Liability (47,052) 100,570 Net Pension Liability 13,458,200 14,502,311 TOTAL 15,061,429$ 16,012,465$ Governmental Activities 17 This page intentionally left blank. See Notes to Financial Statements 18 City of La Quinta, California Statement of Net Position June 30, 2021 Governmental Business-Type Activities Activities Total Assets Cash and investments 159,296,943$ 658,182$ 159,955,125$ Restricted cash and investments 11,381,922 - 11,381,922 Receivables Accounts 1,431,989 - 1,431,989 Taxes 7,054,395 - 7,054,395 Notes and loans 22,685,507 - 22,685,507 Accrued interest 4,761,626 210 4,761,836 Prepaid costs 248,188 - 248,188 Deposits 47,964 250,000 297,964 Due from other governments 31,777,147 - 31,777,147 Inventories - 92,249 92,249 Land held for resale 5,403,652 - 5,403,652 Capital assets not being depreciated 386,671,331 39,712,955 426,384,286 Capital assets, net of depreciation 132,531,846 3,004,959 135,536,805 Total assets 763,292,510 43,718,555 807,011,065 Deferred Outflows of Resources Deferred amounts related to OPEB 292,929 - 292,929 Deferred amounts related to pensions 4,080,080 - 4,080,080 Total deferred outflows of resources 4,373,009 - 4,373,009 Liabilities Accounts payable 11,204,884 596,391 11,801,275 Accrued liabilities 436,338 - 436,338 Unearned revenue 1,450,898 - 1,450,898 Deposits payable 7,724,459 35,500 7,759,959 Due to other governments 1,461,510 - 1,461,510 Noncurrent liabilities Due within one year 498,576 - 498,576 Due in more than one year 15,513,889 - 15,513,889 Total liabilities 38,290,554 631,891 38,922,445 Deferred Inflows of Resources Deferred amounts related to OPEB 41,158 - 41,158 Deferred amounts related to pensions 531,399 - 531,399 Total deferred inflows of resources 572,557 - 572,557 Net Position Net investment in capital assets 519,203,177 42,717,914 561,921,091 Restricted for Planning and development projects 24,751,443 - 24,751,443 Public safety 931,352 - 931,352 Public works 5,196,324 - 5,196,324 Capital projects 3,018,894 - 3,018,894 Community services 12,813,788 - 12,813,788 Unrestricted 162,887,430 368,750 163,256,180 Total net position 728,802,408$ 43,086,664$ 771,889,072$ Primary Government See Notes to Financial Statements 19 City of La Quinta, California Statement of Activities Year Ended June 30, 2021 Operating Capital Charges for Contributions Contributions Functions/Programs Expenses Services and Grants and Grants Primary Government General government 8,106,209$ 1,541,535$ 28,515$ 4,329,434$ Public safety 24,429,310 770,760 7,292 159,921 Planning and development 6,508,522 710,529 153,032 1,497,994 Community services 6,958,234 178,554 897,343 - Public works 11,438,197 1,503,633 3,327,341 9,782,699 Interest on long-term debt 42,081 - - - Total governmental activities 57,482,553 4,705,011 4,413,523 15,770,048 Business-Type Activities Golf Course 4,169,286 3,509,096 - - Total primary government 61,651,839$ 8,214,107$ 4,413,523$ 15,770,048$ General Revenues Taxes Property taxes, levied for general purpose Transient occupancy taxes Sales taxes Franchise taxes Business licenses taxes Other taxes Motor vehicle in lieu - unrestricted Investment income Other Extraordinary item Transfers Total General Revenues, Extraordinary Items and Transfers Change in Net Position Net Position at Beginning of Year Net Position at End of Year Program Revenues See Notes to Financial Statements 20 City of La Quinta, California Statement of Activities Year Ended June 30, 2021 Governmental Business-Type Activities Activities Total (2,206,725)$ -$ (2,206,725)$ (23,491,337) - (23,491,337) (4,146,967) - (4,146,967) (5,882,336) - (5,882,336) 3,175,476 - 3,175,476 (42,081) - (42,081) (32,593,971) - (32,593,971) - (660,190) (660,190) (32,593,971) (660,190) (33,254,161) 16,893,629 - 16,893,629 11,847,139 - 11,847,139 23,323,549 - 23,323,549 2,055,505 - 2,055,505 383,551 - 383,551 1,568,997 - 1,568,997 4,376,455 - 4,376,455 1,427,664 13,081 1,440,745 1,457,788 - 1,457,788 739,933 - 739,933 (875,000) 875,000 - 63,199,210 888,081 64,087,291 30,605,239 227,891 30,833,130 698,197,169 42,858,773 741,055,942 728,802,408$ 43,086,664$ 771,889,072$ Primary Government Net (Expense) Revenue and Changes in Net Position See Notes to Financial Statements 21 City of La Quinta, California Balance Sheet – Governmental Funds June 30, 2021 Special Capital Projects Revenue Fund Fund Other Total Housing Capital Governmental Governmental General Authority Improvement Funds Funds Assets Pooled cash and investments 110,782,834$ 15,598,797$ 1,809,494$ 21,588,356$ 149,779,481$ Restricted cash and investments 11,381,922 - - - 11,381,922 Receivables Accounts 730,310 166,658 28,925 500,000 1,425,893 Taxes 6,384,346 - - 670,049 7,054,395 Notes and loans - 22,685,507 - - 22,685,507 Accrued interest 39,782 4,709,317 - 8,718 4,757,817 Prepaid costs 25,246 - - 1,019 26,265 Deposits - 47,964 - - 47,964 Due from other governments 24,189,749 6,017,655 527,974 1,041,769 31,777,147 Due from other funds 401,669 - - - 401,669 Land held for resale 5,403,652 - - - 5,403,652 Total assets 159,339,510$ 49,225,898$ 2,366,393$ 23,809,911$ 234,741,712$ Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities Accounts payable 8,410,697$ 17,910$ 2,331,760$ 349,975$ 11,110,342$ Accrued liabilities 391,692 18,181 - 25,233 435,106 Unearned revenues 39,101 - 1,411,797 - 1,450,898 Deposits payable 7,699,783 24,676 - - 7,724,459 Due to other governments 2,721 - - 1,458,789 1,461,510 Due to other funds - 26,777 - 374,892 401,669 Total liabilities 16,543,994 87,544 3,743,557 2,208,889 22,583,984 Deferred Inflows of Resources Unavailable revenue 478,973 25,331,654 - 500,000 26,310,627 Fund Balances Nonspendable Prepaid costs 25,246 - - 1,019 26,265 Land held for resale 5,403,652 - - - 5,403,652 Due from successor agency 24,070,622 - - - 24,070,622 Restricted for Planning and development projects - 23,806,700 - 944,743 24,751,443 Public safety - - - 931,352 931,352 Community services - - - 12,813,788 12,813,788 Public works - - - 5,196,324 5,196,324 Capital projects - - - 3,018,894 3,018,894 Section 115 trust 11,381,922 - - - 11,381,922 Committed to Natural Disaster Reserve 10,000,000 - - - 10,000,000 Economic Downturn Reserve 11,000,000 - - - 11,000,000 Cash Flow Reserve 5,000,000 - - - 5,000,000 Capital Replacement Reserve 10,000,000 - - - 10,000,000 Carryovers 1,209,870 - - - 1,209,870 Assigned for Public safety 11,423,931 - - - 11,423,931 Sales Tax Reserve 15,128,658 - - - 15,128,658 Capital projects 13,431,089 - - - 13,431,089 Unassigned 24,241,553 - (1,377,164) (1,805,098) 21,059,291 Total fund balance 142,316,543 23,806,700 (1,377,164) 21,101,022 185,847,101 Total liabilities, deferred inflows of resources and fund balances 159,339,510$ 49,225,898$ 2,366,393$ 23,809,911$ 234,741,712$ See Notes to Financial Statements 22 City of La Quinta, California Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position June 30, 2021 Amounts reported for governmental activities in the statement of net position are different because: Fund balances of governmental funds 185,847,101$ Capital assets net of accumulated depreciation have not been not been included as current financial resources in governmental fund activity 505,612,664 Long-term liabilities are not due and payable in the current period and therefore are not reported in the governmental funds: Capital lease payable (41,225)$ Compensated absences (950,309) Net OPEB liability (100,570) Net pension liability (14,502,311) (15,594,415) Deferred outflows related to pensions 4,080,080 Deferred outflows related to OPEB 292,929 Deferred inflows related to pensions (531,399) Deferred inflows related to OPEB (41,158) Revenues reported as unavailable revenue in the governmental funds are recognized in the statement of activities 26,310,627 Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The assets and liabilities of the internal service funds are included in governmental activities of the statement of net position 22,825,979 Net Position of Governmental Activities 728,802,408$ See Notes to Financial Statements 23 City of La Quinta, California Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds Year Ended June 30, 2021 Special Capital Projects Revenue Fund Fund Other Total Housing Capital Governmental Governmental General Authority Improvements Funds Funds Revenues Taxes 51,515,854$ -$ -$ 1,977,932$ 53,493,786$ Assessments - - - 984,435 984,435 Licenses and permits 2,020,596 - - - 2,020,596 Intergovernmental 8,551,964 - 11,991,234 5,177,130 25,720,328 Charges for services 964,710 - -- 964,710 Use of money and property 1,569,149 1,048,695 - (16,362) 2,601,482 Fines and forfeitures 779,606 - - - 779,606 Contributions from other agencies - - - - - Developer participation - - 171,134 1,673,531 1,844,665 Miscellaneous 642,949 1,820 - 1,011 645,780 Total revenues 66,044,828 1,050,515 12,162,368 9,797,677 89,055,388 Expenditures Current General government 8,463,130 - - 1,100 8,464,230 Public safety 24,285,517 - - 143,793 24,429,310 Planning and development 2,997,459 851,820 1,086,169 1,609,029 6,544,477 Community services 3,186,042 300,000 - 2,097,378 5,583,420 Public works 1,930,838 - - 3,356,442 5,287,280 Capital outlay 440,489 - 17,764,845 14,051 18,219,385 Debt service Interest and fiscal charges - - - 15,133 15,133 Total expenditures 41,303,475 1,151,820 18,851,014 7,236,926 68,543,235 Excess (Deficiency) of Revenues over (under) Expenditures 24,741,353 (101,305) (6,688,646) 2,560,751 20,512,153 Other Financing Sources (Uses) Proceeds from sale of land - 1,219,485 - - 1,219,485 Transfers in - -8,976,267 1,805,000 10,781,267 Transfers out (6,350,423) (278,062) - (4,939,796) (11,568,281) Total other financing sources (uses)(6,350,423) 941,423 8,976,267 (3,134,796) 432,471 Extraordinary Item Successor Agency loan 591,946 147,987 - - 739,933 Net Changes in Fund Balances 18,982,876 988,105 2,287,621 (574,045) 21,684,557 Fund Balances, Beginning of Year 123,333,667 22,818,595 (3,664,785) 21,675,067 164,162,544 Fund Balances, End of Year 142,316,543$ 23,806,700$ (1,377,164)$ 21,101,022$ 185,847,101$ See Notes to Financial Statements 24 City of La Quinta, California Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended June 30, 2021 Amounts reported for governmental activities in the statement of activities are different because: Net changes in fund balances - total governmental funds 21,684,557$ Governmental funds report capital projects (outlays) as expenditures. However, in the statement of activities, the costs of those assets are allocated over their estimated useful lives as depreciation expense. This is theamount by which capital outlays exceeded depreciation in the current period. Capital Outlay, net of adjustments for deletions 18,060,055$ Expenditures classified in various functions are reclassified as capital additions 880,731 Depreciation Expense, net of adjustments for deletions (8,715,074) 10,225,712 This issuance of long-term debt liabilities provides current financial resources in the governmental funds, but issuing debt increases the long-term liabilities in the statement of net position. Repayment of bond principal is an expenditure in the governmental fund, but the repayment reduces long-term liabilities in the statement of net position. Capital lease activity 24,713 Compensated absences expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds.(61,818) Governmental funds report OPEB contributions as expenditures. However, in the Statement of Activities, OPEB expense is measured as the change in OPEB liability and the amortization of deferred outflows and inflows of resources related to OPEB. This amount represents the net change in OPEB related amounts.(25,672) Governmental funds report pension contributions as expenditures. However, in the Statement of Activities, pension expense is measured as the change in pension liability and the amortization of deferred outflows and inflows of resources related to pension. This amount represents the net change in pension related amounts.270,283 Revenues reported as unavailable revenue in the governmental funds are recognized as operating contributions and grants in the statement of activities.(2,127,743) Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The net revenues (expenses) of the internal service funds is reported with governmental activities.615,207 Change in net position of governmental activities 30,605,239$ See Notes to Financial Statements 25 City of La Quinta, California Statement of Net Position – Proprietary Funds June 30, 2021 Business-Type Governmental Activities Activities Enterprise Funds Internal Service Golf Course Funds Assets Current Pooled cash and investments 658,182$ 9,517,462$ Receivables Accounts - 6,096 Accrued interest 210 3,809 Prepaid costs - 221,923 Deposits 250,000 - Inventories 92,249 - Total current assets 1,000,641 9,749,290 Noncurrent Capital assets not being depreciated 39,712,955 5,904,644 Capital assets, net of depreciation 3,004,959 7,685,869 Total noncurrent assets 42,717,914 13,590,513 Total assets 43,718,555 23,339,803 Liabilities Current Accounts payable 596,391 94,542 Accrued liabilities - 1,232 Deposits payable 35,500 - Current portion of capital leases - 227,109 Total current liabilities 631,891 322,883 Noncurrent Liabilities Long-term portion of capital leases - 190,941 Total liabilities 631,891 513,824 Net Position Net investment in capital assets 42,717,914 13,172,463 Unrestricted 368,750 9,653,516 Total net position 43,086,664$ 22,825,979$ See Notes to Financial Statements 26 City of La Quinta, California Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds Year Ended June 30, 2021 Business-Type Governmental Activities Activities - Enterprise Funds Internal Golf Course Service Funds Operating Revenues Sales and service charges 3,509,096$ 3,715,309$ Operating Expenses Administration and general - 236,523 Fuel and oil - 80,734 Maintenance and parts - 116,728 Contract services 3,763,946 495,172 Software and supplies - 1,170,502 Depreciation expense 273,961 961,234 Other 131,379 - Total operating expenses 4,169,286 3,060,893 Operating Loss (660,190) 654,416 Nonoperating Revenues (Expenses) Interest revenue 13,081 14,503 Miscellaneous revenues - 14,129 Interest expense - (26,948) Total nonoperating revenues (expenses)13,081 48,777 Income (Loss) Before Transfers (647,109) 703,193 Transfers in 875,000 - Transfers out - (87,986) Total transfers 875,000 (87,986) Changes in Net Position 227,891 615,207 Net Position, Beginning of the Year 42,858,773 22,210,772 Net Position at End of Year 43,086,664$ 22,825,979$ See Notes to Financial Statements 27 City of La Quinta, California Statement of Cash Flows – Proprietary Funds Year Ended June 30, 2021 Business-Type Governmental Activities-Activities- Enterprise Funds Internal Golf Course Service Funds Operating Activities Cash received from customers and users 3,507,486$ -$ Cash received from interfund services provided - 3,709,214 Cash payments to suppliers for goods and services (3,623,683) (1,984,710) Cash payments to employees for services - (1) Net Cash from (used for) Operating Activities (116,197) 1,724,503 Non-Capital Financing Activities Cash transfers out - (87,986) Cash transfers in 875,000 - Repayment of advance from other funds (116,541) - Net Cash from (used for) Non-Capital Financing Activities 758,459 (87,986) Capital and Related Financing Activities Proceeds from capital debt - - Capital contributions - 10,130 Acquisition and construction of capital assets - (161,281) Interest paid on capital debt - (26,944) Capital lease - (277,801) Proceeds from sales of capital assets - 47,093 Net Cash used for Capital and Related Financing Activities - (408,803) Investing activities Interest received on investments 13,700 27,803 Net Increase (Decrease) in Cash and Cash Equivalents 655,962 1,255,517 Cash and Cash Equivalents at Beginning of Year 2,220 8,261,945 Cash and Cash Equivalents at End of Year 658,182$ 9,517,462$ See Notes to Financial Statements 28 City of La Quinta, California Statement of Cash Flows – Proprietary Funds Year Ended June 30, 2021 Business-Type Governmental Activities-Activities- Enterprise Funds Internal Golf Course Service Funds Reconciliation of Operating (Loss) to Net Cash used for Operating Activities Operating (loss)(660,190)$ 654,416$ Adjustments to reconcile operating income (loss) to net cash from (used for) operating activities: Depreciation 273,961 961,234 Changes in Accounts receivable - (6,096) Inventories 13,567 - Prepaid costs - 237,178 Accounts payable 258,075 (122,089) Accrued liabilities (1,610) (140) Net Cash from (used for) Operating Activities (116,197)$ 1,724,503$ See Notes to Financial Statements 29 City of La Quinta, California Statement of Fiduciary Net Position June 30, 2021 Pension Trust Private-Purpose Fund Trust Fund Successor Supplemental Agency of the Pension Plan former RDA Assets Pooled cash and investments 94,749$ 26,279,132$ Receivables Notes and loans - 1,013,494 Accrued interest 38 9,536 Prepaid asset - 328,108 Due from other governments - 1,458,790 Restricted assets Cash and investments with fiscal agent - 1,421 Total assets 94,787 29,090,481 Deferred Outflows of Resources Deferred charge on refunding - 16,891,504 Total deferred outflows of resources - 16,891,504 Liabilities Accounts payable - 8,238 Accrued interest - 901,766 Long-term liabilities Due in one year - 15,288,610 Due in more than one year - 201,046,319 Total liabilities - 217,244,933 Net Position (Deficit) Restricted for pensions 94,787$ Held in trust (171,262,948)$ See Notes to Financial Statements 30 City of La Quinta, California Statement of Changes in Fiduciary Net Position Year Ended June 30, 2021 Pension Trust Private-Purpose Fund Trust Fund Successor Supplemental Agency of the Pension Plan Former RDA Additions Taxes -$ 20,798,995$ Net investment income (246) (156,886) Other revenues 5,000 2,526,381 Total additions 4,754 23,168,490 Deductions Administrative expenses 12,833 452,932 Contractual services - 7,536,784 Interest and fiscal charges - 7,512,870 Land Acquisition - 5,813,436 Total deductions 12,833 21,316,022 Extraordinary Item Successor Agency loan principal - (739,933) Changes in Net Position (8,079) 1,112,535 Net Position/(Deficit) - Beginning of the Year 102,866 (172,375,483) Net Position/(Deficit) - End of the Year 94,787$ (171,262,948)$ 31 This page intentionally left blank. 32 City of La Quinta, California Notes to Financial Statements June 30, 2021 Note 1 - Summary of Significant Accounting Policies Reporting Entity The City of La Quinta (City) was incorporated May 1, 1982, under the general laws of the State of California. In November 1996, the City became a charter City. The City operates under the Council – Manager form of government. The City provides many community services including public safety, highway and street maintenance, health and social services, cultural and leisure services, public improvements, planning and zoning services, and community development services. The accounting policies of the City conform to generally accepted accounting principles as applicable to governments. As required by generally accepted accounting principles, these financial statements present the City and its component units, which are entities for which the City is considered to be financially accountable. The City is considered to be financially accountable for an organization if the City appoints a voting majority of that organization’s governing body and the City is able to impose its will on that organization or there is a potential for that organization to provide specific financial benefits to or impose specific financial burdens on the City. The City is also considered to be financially accountable if an organization is fiscally dependent (i.e., it is unable to adopt its budget, levy taxes, set rates or charges, or issue bonded debt without approval from the City). In certain cases, other organizations are included as component units if the nature and significance of their relationship with the City are such that their exclusion would cause the City’s financial statements to be misleading or incomplete. All of the City’s component units are considered to be blended component units. Blended component units, although legally separate entities, are, in substance, part of the City’s operations and so data from these units are reported with the interfund data of the primary government. The following organizations are considered to be component units of the City: City of La Quinta Public Financing Authority The La Quinta Public Financing Authority (Financing Authority) was established pursuant to a Joint Exercise of Powers Agreement dated November 19, 1991, between the City and the Former Redevelopment Agency (now Successor Agency). The purpose of the Financing Authority is to provide financing necessary for the construction of various public improvements through the issuance of debt. Although the Financing Authority is legally separate, it is reported as if it were part of the City because the City Council also serves as the governing board of the Financing Authority and the management of the City has operational responsibility for the Financing Authority. The activities of the Financing Authority are recorded in the debt service fund. Separate financial statements of the Financing Authority are not prepared. City of La Quinta, California Notes to Financial Statements June 30, 2021 33 City of La Quinta Housing Authority The La Quinta Housing Authority (Housing Authority) was established pursuant to California Housing Authorities Law (Health and Safety Code Sections 34200 et seq.) on September 15, 2009. The purpose of the Housing Authority is to provide safe and sanitary housing opportunities for La Quinta residents. Although the Housing Authority is legally separate, it is reported as if it were part of the City because the City Council also serves as the governing board of the Housing Authority and the management of the City has operational responsibility for the Housing Authority. The activities of the Housing Authority are recorded in the Housing Authority Special Revenue Fund. Separate financial statements of the Housing Authority are not prepared. Government-Wide and Fund Financial Statements The basic financial statements of the City are composed of the following: •Government-wide financial statements •Fund financial statements •Notes to the financial statements Government-wide Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the primary government and its component units. All fiduciary activities are reported only in the fund financial statements. Governmental activities, which normally are supported by taxes, intergovernmental revenues, and other nonexchange transactions, are reported separately from business-type activities, which rely to a significant extent on fees and charges to external customers for support. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable. The statement of activities demonstrates the degree to which the direct expenses of a given function or segments are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include charges for services, special assessments, and payments made by parties outside of the reporting City’s citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program. Taxes and other items not properly included among program revenues are reported instead as general revenues. Amounts paid to acquire capital assets are capitalized as assets in the government-wide financial statements, rather than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the government-wide financial statements, rather than as other financing sources. Amounts paid to reduce long- term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as expenditures. City of La Quinta, California Notes to Financial Statements June 30, 2021 34 Fund Financial Statements The underlying accounting system of the City is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. Fund financial statements for the governmental, proprietary, and fiduciary funds are presented after the government-wide financial statements. These statements display information about major funds individually and nonmajor funds in the aggregate for governmental and proprietary funds. Fiduciary statements include financial information for fiduciary funds. Fiduciary funds of the city primarily represent assets held by the City in a custodial capacity for other individuals or organizations. Measurement Focus, Basis of Accounting and Financial Statement Presentation Government-Wide Financial Statements While separate government-wide and fund financial statements are presented, they are interrelated. The governmental activities column incorporates data from governmental funds and internal service funds, while business-type activities incorporate data from the government's enterprise funds. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. The government-wide financial statements are reported using the economic resources measurement focus basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred regardless of the related cash flows. Property taxes are recognized in the year they are levied. Grants and similar items are recognized as soon as all eligibility requirements imposed by the providers are met. Governmental Funds In the fund financial statements, governmental funds are presented using the modified-accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Measurable means that the amounts can be estimated, or otherwise determined. Available means that the amounts were collected during the reporting period or soon enough thereafter to be available to finance the expenditures accrued for the reporting period. The City uses a 60-day availability period. Revenue recognition is subject to the measurable and availability criteria for the governmental funds in the fund financial statements. Exchange transactions are recognized as revenues in the period in which they are earned (i.e., the related goods or services are provided). Locally imposed delivered tax revenues are recognized as revenues in the period in which the underlying exchange transaction on which they are based takes place. Imposed nonexchange transactions are recognized as revenues in the period for which they were imposed. If the period of use is not specified, they are recognized as revenues when an enforceable legal claim to the revenues arises or when they are received, whichever occurs first. Government-mandated and voluntary non- exchange transactions are recognized as revenues when all applicable eligibility requirements have been met. City of La Quinta, California Notes to Financial Statements June 30, 2021 35 Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the government. In the fund financial statements, governmental funds are presented using the current financial resources measurement focus. This means that only current assets, deferred outflows of resources, current liabilities, and deferred inflows of resources are generally included on their balance sheets. The reported fund balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses). Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period. Noncurrent portions of long-term receivables due to governmental funds are reported on their balance sheets in spite of their spending measurement focus. Special reporting treatments are used to indicate, however, that they should not be considered “available spendable resources”, since they do not represent net current assets. Recognition of governmental fund type revenues represented by noncurrent receivables are deferred until they become current receivables. Noncurrent portions of other long-term receivables are offset by fund balance reserve accounts. Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities. Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended, rather than as fund assets. The proceeds of long-term debt are recorded as other financing sources rather than as a fund liability. Amounts paid to reduce long-term indebtedness are reported as fund expenditures. Proprietary Funds The City’s enterprise and internal service funds are proprietary funds. In the fund financial statements, proprietary funds are presented using the accrual basis of accounting. Revenues are recognized when they are earned and expenses are recognized when the related goods or services are delivered. In the fund financial statements, proprietary funds are presented using the economic resources measurement focus. This means that all assets, all deferred outflows of resources, all liabilities, and all deferred inflows of resources (whether current or noncurrent) associated with their activity are included on their balance sheets. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in total net position. Amounts paid to acquire capital assets are capitalized as assets in the proprietary fund financial statements, rather than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the proprietary fund financial statements, rather than as another financing source. Amounts paid to reduce long-term indebtedness of the proprietary funds are reported as a reduction of the related liability, rather than as expenditures. City of La Quinta, California Notes to Financial Statements June 30, 2021 36 Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the Enterprise Funds are charges to customers for sales and services. Operating expenses for Enterprise Funds include the cost of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Fiduciary Funds The pension and private-purpose trust funds are reported using the economic resources measurement focus and the accrual basis of accounting. Major Funds, Internal Service Funds and Fiduciary Fund Types The City’s major governmental funds are as follows: General Fund – This fund is the primary fund of the City and is used to account for all revenue and expenditures of the City not legally restricted as to use. A broad range of municipal activities are provided through this fund including City Manager, City Attorney, Finance, City Clerk, Community Development, Police Services, Public Works, and Community Services. Housing Authority – This fund accounts for the combined housing activities of the Housing Authority in Project Areas 1 and 2 which promotes and provides for quality housing. Revenues will be provided from the receipts and collections of rents, notes and loans. All monies in the Housing Authority must be used in accordance with the applicable housing-related provisions of the California Housing Authorities Law. Capital Improvement Fund – This capital projects fund is used to account for the planning, design and construction of various capital projects throughout the City. The City’s major proprietary fund is as follows: Golf Course – This fund accounts for the activities of the SilverRock Golf Resort. Other fund types of the City are as follows: Special Revenue Funds – These funds account for the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes other than debt service or capital projects. Capital Projects Funds – These funds account for financial resources that are restricted, committed, or assigned to expenditures for capital outlay. Debt Service Fund – This fund accounts for the servicing of long-term debt. City of La Quinta, California Notes to Financial Statements June 30, 2021 37 Internal Service Funds: Equipment Replacement Fund – This fund accounts for equipment and vehicle maintenance and replacement services provided to other departments on a cost-reimbursement basis. Information Technology Fund – This fund is used to account for the acquisition for computer equipment, maintenance, and services to support information systems within the City. Costs are reimbursed by the benefiting departments. Park Equipment and Facilities Fund – This fund is used to account for the purchase and replacement of City owned and operated park equipment and facilities. Costs are reimbursed by the benefiting departments. Insurance Fund – This fund accounts for City-wide insurances: liability, property, earthquake, workers compensation and risk management. Expenses are shared among departments on an allocation basis. Fiduciary Funds: Pension Trust Fund – This fund accounts for the activities of the Supplemental Pension Savings Plan, which accumulates resources for pension benefit payments to qualified government employees. Private-Purpose Trust Fund – This fund accounts for the assets and liabilities of the Successor Agency to the Former Redevelopment Agency and its allocated revenue to pay estimated installment payments of enforceable obligations until obligations of the Former Agency are paid in full and assets have been liquidated. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or Equity Cash and Investments For financial reporting purposes, investments are adjusted to their fair value. Changes in fair value that occur during a fiscal year are recognized as investment income reported for that fiscal year. Investment income includes interest earnings, changes in fair value, and any gains or losses realized upon the liquidation or sale of investments. The City pools cash and investments of all funds, except for assets held within the Section 115 trust and amounts held by fiscal agents. Each fund’s share in this pool is displayed in the accompanying financial statements as cash and investments. Investment income earned by the pooled investments is allocated to the various funds based on each fund’s month end cash and investment balance. Cash and Cash Equivalents For purposes of the statement of cash flows, cash equivalents are defined as short-term, highly liquid investments that are both readily convertible to known amounts of cash or so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Cash equivalents also represent the proprietary fund’s share in the City’s cash and investment pool. Cash equivalents have an original maturity date of three months or less from the date of purchase. For purposes of the statement of cash flows, the entire balance of cash and investments on the combined balance sheet for the proprietary funds is considered cash and cash equivalents. City of La Quinta, California Notes to Financial Statements June 30, 2021 38 Restricted Section 115 Trust Cash and Investments All assets in the Section 115 Trust are irrevocably dedicated to funding obligations of the City’s pension beneficiaries, other post-employment beneficiaries or costs of administering the Trust. The funds are not considered plan assets of either the pension plan or OPEB plan and are therefore considered restricted assets of the City. Inventory Inventory is valued at cost using the first in/first out (FIFO) method. The City uses the consumption method of accounting for inventories. Prepaid Costs Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. The City utilizes the consumption method, in which prepaid items are accounted for in the period that the benefit was received. Capital Assets Capital assets (including infrastructure) are recorded at cost where historical records are available and at an estimated historical cost where no historical records exist. Contributed capital assets are valued at their acquisition value at the date of the contribution. Generally, capital asset purchases in excess of $5,000 are capitalized if they have an expected useful life of three years or more. Capital Assets include public domain (infrastructure) consisting of certain improvements including roads, streets, sidewalks, medians, and storm drains. Capital assets used in operations are depreciated over their estimated useful lives using the straight-line method in the government-wide financial statements and in the fund financial statements of the proprietary funds. Depreciation is charged as an expense against operations and accumulated depreciation is reported on the respective balance sheet. The following schedule summarizes capital asset useful lives: Building and improvements 10-30 years Equipment and furniture 3-20 years Vehicles 5-10 years Infrastructure 10-50 years Software 5-10 years City of La Quinta, California Notes to Financial Statements June 30, 2021 39 Property Taxes Under California law, property taxes are assessed and collected by the counties up to 1 percent of assessed value, plus other increases approved by the voters. The property taxes are recorded initially in a pool, and are then allocated to the cities based on complex formulas. Accordingly, the City of La Quinta accrues only those taxes that are received from the County within sixty days after year-end. Lien date January 1 Levy date July 1 Due dates November 1 and February 1 Collection dates December 10 and April 10 Deferred Outflows/Inflows of Resources In addition to assets, the statements of net position and the governmental fund balance sheet will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. Governmental activities recorded deferred outflows of resources related to pensions and other post-employment benefits. See Notes 8 and 9 for more information about deferred outflows of pensions and post-employment benefits, respectively. The Private Purpose Trust Fund- Successor Agency of the former RDA recorded deferred outflows of resources related to debt refundings. See Note 17 for more information on the deferred outflows of resources related to debt refundings. In addition to liabilities, the statements of net position and governmental fund balance sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The City has reported items on the governmental fund balance sheet as unavailable revenues that were not received within the City’s availability period. Additionally, governmental activities recorded deferred inflows of resources related to pensions and OPEB. See Notes 8 and 9 for more information about deferred inflows of pensions and post-employment benefits, respectively. Compensated Absences Vacation and sick time is vested on a percentage based on number of years employed at the City. Maximum accumulation of sick and vacation is 40 and 60 days, respectively. Upon termination or retirement, permanent employees are entitled to receive compensation at their current base salary for all unused vacation leave. If an employee terminates with a minimum of two years’ service, the employee is entitled to receive 25 percent of the value of his unused sick leave. The percentage increases by 25 percent for each five-year period until the employee is entitled to 100 percent of the value of their unused sick leave. This will occur upon the completion of twenty years of continuous employment. The General Fund resources are used to pay for the accumulated benefits to employees. City of La Quinta, California Notes to Financial Statements June 30, 2021 40 Long-Term Obligations In the government-wide financial statements and proprietary fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities or proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Fund Balance In the fund financial statements, governmental funds report the following fund balance classifications: Nonspendable includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. Restricted includes amounts that are constrained on the use of resources by either (a) external creditors, grantors, contributors, or laws of regulations of other governments or (b) by law through constitutional provisions or enabling legislation. Committed includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the City’s highest authority, the City Council. The formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is by a resolution. Assigned includes amounts that are constrained by the City’s intent to be used for specific purposes, but are neither restricted nor committed. City Council is authorized to assign amounts to a specific purpose. The City Council authorizes assigned amounts for specific purposes pursuant to the policy-making powers granted through a resolution. Unassigned includes the residual amounts that have not been restricted, committed, or assigned to specific purposes. The general fund is the only fund that reports a positive unassigned fund balance. Fund Balance Flow Assumptions – governmental fund financial statements Sometimes the City will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. City of La Quinta, California Notes to Financial Statements June 30, 2021 41 It is the City’s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last. Net Position Flow Assumption – government-wide and proprietary fund financial statements Sometimes the City will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s policy to consider restricted net position to have been depleted before unrestricted net position is applied. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and deferred outflows/inflows of resources and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. New Accounting Pronouncements Adopted in the Current Year GASB Statement No. 84 – In January 2017, GASB issued Statement No. 84, Fiduciary Activities. The objective of this Statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. This Statement is effective for reporting periods beginning after December 15, 2019. The City has implemented this Statement effective July 1, 2020. GASB Statement No. 90 – In September 2018, the GASB issued Statement No. 90, Majority Equity Interests, An Amendment of GASB Statements No. 14 and No. 61. The objectives of this Statement are to improve the consistency and comparability of reporting a government’s majority equity interest in a legally separate organization and to improve the relevance of financial statement information for certain component units. The Statement is effective for reporting periods beginning after December 15, 2019. The City has implemented this Statement effective July 1, 2020. GASB Statement No. 98 – In October 2021, the GASB issued Statement No. 98, The Annual Comprehensive Financial Report. The statement establishes the term annual comprehensive financial report and its acronym ACFR. The new term and acronym replaces instances of comprehensive annual financial report and its acronym in generally accepted accounting principles for state and local governments. The City implemented this statement effective July 1, 2020. City of La Quinta, California Notes to Financial Statements June 30, 2021 42 Effective in Future Fiscal Years The City is currently evaluating the potential impact of the following issued, but not yet effective, accounting standards. GASB Statement No. 87 – In June 2017, GASB issued Statement No. 87, Leases. The objective of this Statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases; enhancing the comparability of financial statements between governments; and also enhancing the relevance, reliability (representational faithfulness), and consistency of information about the leasing activities of governments. This Statement is effective for reporting periods beginning after June 15, 2021, or FY 2021/2022. The City has not determined the effect on the financial statements. GASB Statement No. 89 – In June 2018, the GASB issued Statement No. 89, Accounting for Interest Cost Incurred Before the End of a Construction Period. The objectives of this Statement are (a) to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and (b) to simplify accounting for certain interest costs. This Statement is effective for reporting periods beginning after December 15, 2020, or FY 2021/2022. The City has not determined the effect on the financial statements. GASB Statement No. 91 – In May 2019, the GASB issued Statement No. 91, Conduit Debt Obligations. The objective of this Statement is to provide a single method of reporting conduit debt obligations by issues and eliminate diversity in practice. The Statement is effective for reporting periods beginning after December 15, 2021, or FY 2022/2023. The City has not determined the effect on the financial statements. GASB Statement No. 92 – In January 2020, the GASB issued Statement No. 92, Omnibus 2020. The objectives of this Statement are to enhance comparability in accounting and financial reporting to improve the consistency of authoritative literature by addressing practices issues that have been identified during implementation and application of certain GASB Statements. The Statement is effective for reporting periods beginning after June 15, 2021, or FY 2021/2022. The City has not determined the effect on the financial statements. GASB Statement No. 93 – In March 2020, the GASB issued Statement No. 93, Replacement of Interbank Offered Rates. The objective of this Statement is to address the accounting and financial reporting implications that result from the replacement of an IBOR. The Statement is effective for reporting periods beginning after June 15, 2021, or FY 2021/2022. The City has not determined the effect on the financial statements. GASB Statement No. 94 – In March 2020, the GASB issued Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements. The objective of this Statement is to improve financial reporting by addressing issues related to public-private and public-public partnership arrangements (PPPs). The Statement is effective for reporting periods beginning after June 15, 2022, or FY 2022/2023. The City has not determined the effect on the financial statements. GASB Statement No. 96 – In May 2020, the GASB issued Statement No. 96, Subscription-based Information Technology Arrangements. The objective of this Statement is to provide guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs) for government end users (governments). The Statement is effective for reporting periods beginning after June 15, 2022, or FY 2022/2023. The City has not determined the effect on the financial statements. City of La Quinta, California Notes to Financial Statements June 30, 2021 43 GASB Statement No. 97 – In June 2020, the GASB issued Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans – An Amendment of GASB Statement No.14 and No.84 and A Supersession of GASB Statement No.32. The objective of this Statement is (1) increase consistency and comparability related to the reporting of fiduciary component units in circumstances in which a potential component unit does not have a governing board and the primary government performs the duties that a governing board typically would perform; (2) mitigate costs associated with the reporting of certain defined contribution pension plans, defined contribution other postemployment benefit (OPEB) plans, and employee benefit plans other than pension plans or OPEB plans (other employee benefit plans) as fiduciary component units in fiduciary fund financial statements; and (3) enhance the relevance, consistency, and comparability of the accounting and financial reporting for Internal Revenue Code (IRC) Section 457 deferred compensation plans (Section 457 plans) that meet the definition of a pension plan and for benefits provided through those plans. The Statement is effective for reporting periods beginning after June 15, 2021, or FY 2021/2022. The City has not determined the effect on the financial statements. Note 2 - Cash and Investments Cash and investments as of June 30, 2021, are classified in the accompanying financial statements as follows: Statement of Net Position Cash and investments 159,955,125$ Restricted cash and investments 11,381,922 Statement of Fiduciary Net Position Cash and investments 26,373,881 Cash and investments with fiscal agent 1,421 Total cash and investments 197,712,349$ Cash and investment as of June 30, 2021, consist of the following: Cash on hand 3,300$ Deposits with financial institutions 15,809,663 Investments 181,899,386 Total cash and investments 197,712,349$ City of La Quinta, California Notes to Financial Statements June 30, 2021 44 Investments Authorized by the California Government Code and the City’s Investment Policy The table below identifies the investment types that are authorized by the California Government Code and the City’s investment policy. The table also identifies certain provisions of the California Government Code (or the City’s investment policy, if more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy. Maximum Maximum Maximum Percentage Investment Maturity Allowed in One Issuer U.S. Treasury Obligations 5 years N/A N/A U.S. Agency Securities 5 years N/A 20 million Local Agency Bonds 5 years N/A N/A California Local Agency Obligations 5 years N/A N/A Commercial Paper 270 days 25%10% of any outstanding issue Certificates of Deposit 5 years 30%250,000 Negotiable Certificates of Deposits 5 years 30%250,000 Corporate Notes 5 years 30%5 million Investment Pools (Riverside County Pool)N/A N/A N/A Money Market Mutual Funds N/A 20%10% of City funds Local Agency Investment Fund (LAIF)N/A N/A LAIF Limit Investment Agreements 92 days 20%N/A Investment Types Investments Authorized by the City Section 115 Trust Investments of the Trust are governed by the provisions of the City of La Quinta Section 115 Trust Agreement, rather than the general provisions of the California Government Code or the City’s investment policy. Investments authorized for funds held in the Section 115 Trust include Equity and Fixed Income Mutual Funds. The strategic range allowed for Equity and Fixed Income Mutual Funds is 20%-40% and 500%-80%, respectively. There are no limitations on the maximum amount that can be invested in one issuer or the maximum maturity of an investments. Disclosures Relating to Interest Rate Risk Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. City of La Quinta, California Notes to Financial Statements June 30, 2021 45 One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of short term and long term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. Information about the sensitivity of the fair values of the City’s investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investments by maturity: 1 year Total Or Less 1 to 3 years 3 to 5 years Certificates of Deposit 32,746,450$ 6,671,184$ 16,186,603$ 9,888,663$ Federal agency securities Federal Farm Credit Bank 8,435,920 1,002,750 4,361,565 3,071,605 Federal National Mortgage Association 5,501,570 - 1,014,380 4,487,190 Federal Home Loan Mortgage Corp 3,952,934 - -3,952,934 Federal Home Loan Bank 4,293,225 - 528,180 3,765,045 U.S. Treasury Notes 10,000,895 2,515,145 1,022,850 6,462,900 Corporate Notes 2,940,984 1,006,425 1,441,054 493,505 Local Agency Investment Fund 77,517,066 77,517,066 - - CAMP 13,854,441 13,854,441 - - Riverside County Pool 11,423,931 11,423,931 - - Section 115 Trust Equity Mutual Funds 3,677,129 3,677,129 - - Fixed Income Mutual Funds 7,553,420 7,553,420 - - Held by Fiscal Agent Money Market Mutual Funds 1,421 1,421 - - Total 181,899,386$ 125,222,912$ 24,554,632$ 32,121,842$ Remaining Maturity (in Years) Investment Type City of La Quinta, California Notes to Financial Statements June 30, 2021 46 Disclosures Relating to Credit Risk Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. The City's investment policy limits investments in commercial paper and money market mutual funds to those rated the highest rating as rated by Moody’s or Standard and Poor’s (S&P). Presented below are the S&P ratings as of year-end: Total AAA AA+AA AA- Federal Agency Securities 22,183,649$ -$ 22,183,649$ -$ -$ Corporate Notes 2,940,984 906,449 500,040 514,540 1,019,955 CAMP 13,854,441 13,854,441 - - - Total 38,979,074 14,760,890$ 22,683,689$ 514,540$ 1,019,955$ Exempt from Credit Risk disclosure: U.S. Treasury Notes 10,000,895 Not rated: Certificates of Deposit 32,746,450 Local Agency Investment Pool 77,517,066 Riverside County Pool 11,423,931 Section 115 Trust: Equity Mutual Funds 3,677,129 Fixed Income Mutual Funds 7,553,420 Held by Fiscal Agent: Money Market Mutual Funds 1,421 Total investments 181,899,386$ Investment Type Concentration of Credit Risk Investments in any one issuer that represent 5 percent or more of total City’s investments are as follows: Reported Percent of Investment Type Amount Portfolio Federal Farm Credit Bank Federal Agency Securities 8,435,920$ 5% Issuer Custodial Credit Risk Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The City utilizes delivery versus payment for investment purchases, which requires investments to be received prior to delivery of cash payment. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the City of La Quinta, California Notes to Financial Statements June 30, 2021 47 following provision for deposits: The California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The market value of the pledged securities in the collateral pool must equal at least 110 percent of the total amount deposited by the public agencies. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150 percent of the secured public deposits, or by letters of credit issued by the Federal Home Loan Bank of San Francisco having a value of 105 percent of the secured public deposits. As a public funds depository Wells Fargo and Bank of the West maintains a public funds deposit collateralization program that is designed to comply with all applicable statutes and regulations governing public funds deposits, including pledge and perfection of collateral. Accounts holding public funds are labeled as such and trigger collateralization. Collateral needs are met based on the prior day close of business. However, same-day collateral requests may be accommodated upon request. Investment in Riverside County Pool The City is a voluntary participant in the Riverside County Pooled Investment Fund that is regulated by California Government Code Section 53646 and managed by the Riverside County Treasurer. The City’s investment in this pool is reported in the accompanying financial statements of net position and prepared using the accrual basis of accounting. Investments are reported at fair value. The balance available for withdrawal is based on the accounting records maintained by the County. The Riverside County Pooled Investment Fund is not registered with the Securities and Exchange Commission and is not rated. Investment in State Investment Pool The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by the California Government Code under the oversight of the Treasurer of the State of California. The fair value of the City’s investment in this pool is reported in the accompanying financial statements at amounts based upon the City’s pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relations to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. Deposits and withdrawals are made on the basis of $1 and not fair value. Accordingly, the City’s measurement of fair value of its investment with LAIF is based on uncategorized inputs, not defined as a level 1, level 2, or level 3 input. LAIF is not registered with the Securities and Exchange Commission and is not rated. Investment in California Asset Management Program The City is a voluntary participant in the California Asset Management Program (CAMP) that is regulated by the California Government Code Section 53601 (p) and managed by a Board of Trustees comprised of finance directors and treasurers of California public agencies that are members of the Joint Powers Authority. The City’s investment in this pool is reported in the accompanying financial statements of net position and prepared using the accrual basis of accounting. Investments are reported at fair value. The balance available for withdrawal is based on the accounting records maintained by CAMP. CAMP is not registered with the Securities and Exchange Commission. City of La Quinta, California Notes to Financial Statements June 30, 2021 48 Fair Value Measurements The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. Investments categorized as Level 2 are valued using the market approach and quoted market prices. The City has the following recurring fair value measurements as of June 30, 2021: Total Level 1 Level 2 Investments U.S. Treasury Notes 10,000,895$ 10,000,895$ -$ Federal Agency Securities 22,183,649 - 22,183,649 Corporate Notes 2,940,984 - 2,940,984 Certificates of Deposit 32,746,450 - 32,746,450 Section 115 Trust Equity Mutual Funds 3,677,129 3,677,129 - Fixed Income Mutual Funds 7,553,420 7,553,420 - Total leveled investments 79,102,527 13,678,024$ 57,871,083$ Investments with uncategorized inputs Local Agency Investment Fund 77,517,066 CAMP 13,854,441 Riverside County Pool 11,423,931 Held by Fiscal Agent Money Market Mutual Funds 1,421 Total investments 181,899,386$ Note 3 - Notes Receivable In September 1994, the former redevelopment agency sold certain real property to LINC Housing for $2,112,847. The property was used to construct single-family homes and rental units to increase the City's supply of low and moderate income housing. The note bears interest at 6 percent per annum and is due in full on June 15, 2029. On February 1, 2012, this receivable was transferred to the Housing Authority, which took over the housing function of the former redevelopment agency upon dissolution. As of June 30, 2021, the outstanding principal balance is $2,035,388 and the outstanding interest is $3,132,282. In February 2011, the former redevelopment agency entered into Disposition and Development Agreement with Coral Mountain Partners L.P. (“Coral Mountain”) to fund up to $29,000,000 for the construction of a low and moderate income apartment complex with an estimated completion date of the apartment complex of March 2014. The former redevelopment agency’s $29,000,000 loan is evidenced by a Promissory Note executed by Coral Mountain (“Note”). Interest on the outstanding note amount will bear simple interest of 1 percent. City of La Quinta, California Notes to Financial Statements June 30, 2021 49 Principal and interest will be repaid on or before May 1st of each year from annual residual receipts as defined in the Note once the project is completed and may be repaid early if the property is refinanced, or if the property is transferred to another entity. On February 1, 2012, this receivable was transferred to the Housing Authority which took over the housing function of the former redevelopment agency upon dissolution. As of June 30, 2021, the outstanding principal balance is $20,628,343 and the outstanding interest balance is $1,571,029. Other notes receivable as of February 1, 2012, included in the Housing Authority which took over the housing function of the former redevelopment agency upon dissolution totaled $21,776 at June 30, 2021. Note 4 - Capital Assets Capital asset activity for governmental activities for the year ended June 30, 2021, is as follows: Balance at Balance at July 01, 2020 Additions Deletions Transfers June 30, 2021 Governmental activities Capital assets, not being depreciated Land 66,810,841$ -$ 1,249,239$ 1,339,893$ 66,901,495 Right of way 285,857,353 - - - 285,857,353 Construction-in-progress 24,596,308 19,406,067 264,206 (9,825,686) 33,912,483 Total capital assets, not being depreciated 377,264,502 19,406,067 1,513,445 (8,485,793) 386,671,331 Capital assets, being depreciated Buildings and improvements 74,501,368 - - 239,074 74,740,442 Equipment and furniture 4,251,642 301,909 93,818 - 4,459,733 Vehicles 1,707,414 105,628 65,512 - 1,747,530 Infrastructure 227,891,159 - - 8,246,719 236,137,878 Total capital assets, being depreciated 308,351,583 407,537 159,330 8,485,793 317,085,583 Less accumulated depreciation for Buildings and improvements 37,403,112 2,555,713 - - 39,958,825 Equipment and furniture 2,661,053 352,866 134,381 - 2,879,538 Vehicles 991,704 177,730 39,552 - 1,129,882 Infrastructure 134,782,794 5,802,698 - - 140,585,492 Total accumulated depreciation 175,838,663 8,889,007 173,933 - 184,553,737 Total capital assets, being depreciated, net 132,512,920 (8,481,470) (14,603) 8,485,793 132,531,846 Governmental activities capital assets, net 509,777,422$ 10,924,597$ 1,498,842$ -$ 519,203,177 City of La Quinta, California Notes to Financial Statements June 30, 2021 50 Depreciation expense was charged to the following functions in the Statement of Activities: General governments 370,469$ Planning & development 24,630 Community services 1,410,739 Public works 6,121,935 Internal service funds 961,234 8,889,007$ Capital asset activity for business-type activities for the year ended June 30, 2021, is as follows: Balance at Balance at July 01, 2020 Additions Deletions June 30, 2021 Business-Type activities Capital assets, not being depreciated Land 39,712,955$ -$ -$ 39,712,955$ Capital assets, being depreciated Buildings and improvements 6,636,465 - - 6,636,465 Equipment and furniture 1,621,723 - - 1,621,723 Software 20,255 - - 20,255 Total capital assets, being depreciated 8,278,443 - - 8,278,443 Less accumulated depreciation for Buildings and improvements 3,508,732 214,545 - 3,723,277 Equipment and furniture 1,470,536 59,416 - 1,529,952 Software 20,255 - - 20,255 Total accumulated depreciation 4,999,523 273,961 - 5,273,484 Total capital assets, being depreciated, net 3,278,920 (273,961) - 3,004,959 Business-type activities capital assets, net 42,991,875$ (273,961)$ -$ 42,717,914$ Depreciation expense was charged to the following functions in the Statement of Activities: Golf Course 273,961$ City of La Quinta, California Notes to Financial Statements June 30, 2021 51 Note 5 - Changes in Long-Term Liabilities – Governmental Activities Changes in Long-Term Liabilities The following is a summary of changes in governmental long-term liabilities of the City for the fiscal year ended June 30, 2021: Balance at Balance Due within July 01, 2020 Additions Deletions June 30, 2021 One year Governmental Activities Compensated absences payable 888,491$ 950,309$ 888,491$ 950,309$ 252,322$ Copier lease payable 65,938 - 24,713 41,225 19,145 Fleet vehicle lease 533,174 - 210,381 322,793 182,254 Public works building lease 45,073 - 33,819 11,254 11,254 Intelesysone phone system 117,605 - 33,602 84,003 33,601 Net OPEB (asset)/liability (47,052) 147,622 - 100,570 - Net pension liability 13,458,200 1,044,111 - 14,502,311 - 15,061,429$ 2,142,042$ 1,191,006$ 16,012,465$ 498,576$ Compensated absences, the net OPEB liability, and the net pension liability have been typically liquidated from the General Fund. A description of the City’s net pension liability is detailed at Note 8. A description of the City’s net OPEB (asset)/liability is detailed at Note 10. Copier Leases Payable In June 2013, the City entered into a 5-year lease agreement for photocopiers for $71,045 maturing in monthly increments of $1,456, with interest payable monthly at 8.47 percent. This lease agreement qualifies as a capital lease for accounting purposes and therefore, has been recorded at the present value of the future minimum lease payments at the inception date. On April 1, 2015, the City leased an additional copier for $9,000 maturing in monthly increments of $1,728, with interest payable monthly at 8.47 percent. On July 1, 2018, the City leased additional copiers for $85,428 maturing in monthly increments of $1,794, with interest payable monthly at 9.5 percent. City of La Quinta, California Notes to Financial Statements June 30, 2021 52 The minimum future lease obligations and the net present value of the lease payments as of June 30, 2021, are as follows: Total 22,208$ 21,528 3,560 47,296 Less amount representing interest (6,071) Outstanding Principal 41,225$ Year Ending June 30, 2022 2023 2024 Total Payments Fleet Vehicle Lease In January of 2017 the City entered into a vehicle lease agreement with Enterprise Fleet Management with the goal of replacing all light duty vehicles. Pool vehicles are also included in the replacement program and are utilized by multiple departments. In fiscal year 2016-17, 16 vehicles were replaced with five-year leases ranging from $22,453 to $35,578. In fiscal year 2017-18, 11 vehicles were replaced with five-year leases ranging from $26,926 to $42,233. In fiscal year 2018-19, an additional six vehicles were replaced with five-year leases ranging from $22,460 to $35,103 for a total of 33 vehicles. In fiscal year 2019-20, one additional vehicle was replaced with a five-year lease for $28,172. This lease agreement qualifies as a capital lease for accounting purposes and therefore, has been recorded at the present value of the future minimum lease payment at the inception date. The minimum future lease obligations and the net present value of the lease payments as of June 30, 2021, are as follows: Total 182,254$ 115,393 25,146 Outstanding Principal 322,793$ 2022 2023 2024 Year Ending June 30, Public Works Building Lease In September of 2019, the City entered into a two year lease agreement with Pacific Mobile Structures for a new public works trailer while the Corporate Yard improvements are underway. As this time the Public Works maintenance trailer was 32 years old and had exceeded its useful life. The minimum future lease obligations and the net present value of the lease payments as of June 30, 2021 are as follows: Total 11,254$ Outstanding Principal 11,254$ Year Ending June 30, 2022 City of La Quinta, California Notes to Financial Statements June 30, 2021 53 Intelesysone Phone System In January 2019, the City entered into a five year lease agreement with Inteleysone for a new phone system to replace the City’s unified communications and VoIP phone systems, which was installed in 2007, and was at the end of its support lifecycle, and its hardware was no longer supported. The minimum future lease obligations and the net present value of the lease payments as of June 30, 2021 are as follows: Total 33,601$ 33,601 16,801 Outstanding Principal 84,003$ 2022 2023 2024 Year Ending June 30, Note 6 - Interfund Receivables and Payables The composition of current interfund receivable and payable balances is as follows: Housing Non-Major Due from Other Funds Authority Fund Governmental Total General Fund 26,777$ 374,892$ 401,669$ Due to Other Funds Interfund balances reflect short term borrowings for deficit cash balances at June 30, 2021. Note 7 - Interfund Transfers Housing Non-Major Internal Transfers In General Fund Authority Fund Governmental Service Fund Total Capital Improvements Fund 3,670,423$ 278,062$ 4,939,796$ 87,986$ 8,976,267$ Non-major Governmental Funds 1,805,000 - - - 1,805,000 Golf Course Fund 875,000 - - - 875,000 Total 6,350,423$ 278,062$ 4,939,796$ 87,986$ 11,656,267$ Transfer Out a. $3,670,423 was transferred from the General Fund to the Capital Improvement Fund to fund various capital projects. b. $278,062 was transferred from the Housing Authority Fund to the Capital Improvement Fund to fund various capital projects. c. $4,939,796 was transferred to the Capital Improvement Fund from various non-major funds to support capital project operations and expenses. d. $87,986 was transferred to the Capital Improvement Fund from the Internal Service Funds to support various capital projects and preventative maintenance. e. $1,805,000 was transferred from the General Fund to various non-major funds to support various administrative operations and expenses within the City. f. $875,000 was transferred from the General Fund to the Golf Course Fund to subsidize operations. City of La Quinta, California Notes to Financial Statements June 30, 2021 54 Note 8 - Defined Benefit Pension Plan Miscellaneous Plan Plan Description All qualified employees are eligible to participate in the City’s Miscellaneous Employee Pension Plan, a cost- sharing multiple-employer defined benefit pension plans administered by the California Public Employees’ Retirement System (CalPERS). Benefit provisions under these plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provision, assumption and membership information. Copies of the report can be found on the CalPERS website. Benefits Provided CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: The Basic Death Benefit, the 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law. The Plan’s provisions and benefits in effect at June 30, 2020 are summarized as follows: Tier I Tier II PEPRA On and after On and after On and after Hire date December 16, 1983 December 17, 2012 January 1, 2013 Benefit formula 2.5% @55 2% @60 2% @62 Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 and up 50 and up 52 and up Monthly benefits, as a % of eligible compensation 2% to 2.5%2% to 2.5%1% to 2% Required employee contribution rates 8.00%7.00%6.25% Required employer contribution rates 12.361%8.794%7.732% Contributions Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions are determined annually on an actuarial basis as of June 30th by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, and any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contributions to the pension plan were $2,581,158 for the year ended June 30, 2021. City of La Quinta, California Notes to Financial Statements June 30, 2021 55 Pension Liabilities, Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions As of June 30, 2021, the City reported a liability of $14,502,311 for its proportionate share of the collective net pension liability. The net pension liability was measured as of June 30, 2020, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2019.The City’s proportion of the collective net pension liability was based on a projection of the City’s long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. The City’s proportion of the collective net pension liability as of June 30, 2019 and 2020 is as follows: Proportion- June 30, 2019 0.13134 % Proportion- June 30, 2020 0.13329 % Change- Increase (Decrease)0.00195 % For the year ended June 30, 2021, the City recognized pension expense of $2,310,874. At June 30, 2021, the City reported deferred outflows and deferred inflows of resources related to pensions as follows: Deferred Outflows Deferred Inflows of Resources of Resources Pension contributions subsequent to measurement date 2,581,158$ -$ Changes in assumptions - 103,436 Differences between expected and actual experience 747,347 - Net difference between projected and actual earnings on pension plan investments 430,814 28,508 Change in employer's proportion 320,761 - Difference between the city's contribution and proportionate share of contributions - 399,455 Total 4,080,080$ 531,399$ The $2,581,158 reported as deferred outflows of resources resulting from contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2022. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows: 63,175$ 383,605 314,112 206,631 967,523$ Total Year Ended June 30, 2022 2023 2024 2025 City of La Quinta, California Notes to Financial Statements June 30, 2021 56 Actuarial Methods and Assumptions Used to Determine Total Pension Liability For the measurement period ended June 30, 2020 (the measurement date), the total pension liability was determined by rolling forward the June 30, 2019 total pension liability. The total pension liability in the June 30, 2019 actuarial valuation was determined using the following actuarial methods and assumptions: Valuation Date June 30, 2019 Measurement Date June 30, 2020 Actuarial Cost Method Entry-Age Normal Cost Method Discount Rate 7.15% Inflation 2.50% Payroll Growth 3.00% Projected Salary Increase Varies by Entry Age and Service Investment Rate of Return 7.15% Mortality Rate Table Derived using CalPERS' Membership Data for all Fund Miscellaneous Discount Rate The discount rate used to measure the total pension liability was 7.15 percent. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that the City’s contributions will be made at rates equal to the difference between actuarially determined contributions rates and the employee rate. Based on those assumptions, each pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. In determining the long-term expected percent rate of return on pension plan investments, CalPERS took into account both short and long-term market return expectations as well as the expected pension fund cash flows. Based on the expected benefit payments of the Public Employees’ Retirement Fund, CalPERS indicated that a 19 year horizon was ideal in determining the level equivalent discount rate assumption. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11-60 years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was then set equivalent to the single equivalent rate calculated above and rounded down to the nearest one quarter of one percent. The target allocation and best estimates of arithmetic real rates of return for each major asset class are the same for the Plan. City of La Quinta, California Notes to Financial Statements June 30, 2021 57 These geometric rates of return are summarized in the following table: Strategic Real Return Real Return Allocation Years 1 - 10 Years 11+ Global Equity 50.00%4.80%5.98% Fixed Income 28.00%1.00%2.62% Inflation Assets 0.00%0.77%1.81% Private Equity 8.00%6.30%7.23% Real Estate 13.00%3.75%4.93% Liquidity 1.00%0.00%-0.92% Total 100% Asset Class Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the City’s proportionate share of the net position liability for each Plan, calculated using the discount rate for each Plan, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1 percent point lower or 1 percent higher than the current rate: Discount Current Discount Rate - 1%Discount Rate Rate +1% (6.15%)(7.15%)(8.15%) Net Pension Liability 21,660,051$ 14,502,311$ 8,588,095$ Pension Plan Fiduciary Net Position Detailed information about the Plan’s fiduciary net position is available in the separately issued CalPERS financial reports. Note 9 - Defined Contribution Plan Plan Description The Supplemental Pension Savings Plan is a defined contribution pension plan established by the City to provide retirement excess benefits to general employees of the City. At June 30, 2021, there was one plan member. There are no required contributions by plan members. During the 2020-2021 fiscal year the City made no contributions to fund the Supplemental Pension Savings Plan. City of La Quinta, California Notes to Financial Statements June 30, 2021 58 Note 10 - Other Post Employment Benefit Plan (OPEB) Plan Description The City’s Retiree Health Plan is a single-employer defined benefit healthcare plan. The City contributes on behalf of all eligible retirees’ $139/month for the calendar year 2020 and $143/month for calendar year 2021, increased in all future years according to the rate of medical inflation. These benefits are provided per contract between the City and the employee associations. A separate financial report is not available for the plan. The City participates in the California Employers’ Retiree Benefit Trust (CERBT) for the purpose of accumulating funding for OPEB obligations. The CERBT is a Section 115 Trust and is an agent multiple employer plan for those electing to prefund OPEB obligations. Benefits Provided Retirees are eligible for medical benefits if they retire at age 50+, have 5+ years of service within CalPERS, and were enrolled in the CalPERS health system at retirement. The City provides PEMHCA minimum for each subscriber, regardless of elected coverage tier. Employees Covered by Benefit Terms At June 30, 2020, the most recent valuation date, the following current and former employees were covered by the benefit terms of the plan: Active employees 94 Inactive employees or beneficiaries currently receiving benefits 24 Total 118 Contributions The City makes contributions to the plan based on an actuarially determined rate. Employees are not required to contribute to the plan. For the year ended June 30, 2021, the City made no contributions to the CERBT trust. City of La Quinta, California Notes to Financial Statements June 30, 2021 59 Net OPEB Liability/(Asset) Actuarial Assumptions – The net OPEB liability/(asset) in the June 30, 2020 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Actuarial Cost Method Entry-Age Normal Cost Method Actuarial Assumptions Discount Rate 5.50% Inflation 2.25% Investment Rate of Return 5.50% Mortality (1) Healthcare Trend Rate 6.7% for fiscal year 2021, gradually decreasing over several decades to an ultimate rate of 3.8% in fiscal year 2076 and later years. (1) Derived using CalPERS Membership Data for all Funds Mortality rates were based on the CalPERS December 2017 Experience Study, which assumed future mortality improvements using Society of Actuaries (SOA) Scale BB. The Experience Study report can be obtained on the CalPERS website under Forms and Publications. The actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period. Change of Assumptions The discount rate and long-term expected rate of return on OPEB plan investments of 5.50 percent used for the June 30, 2020 valuation was decreased from 6.0 percent used for the June 30, 2019 valuation. The inflation assumption was changed from 2.50 percent used for the June 30, 2020 valuation to 2.25 percent used for the June 30, 2019 valuation. Additionally, healthcare trend rates were reset to reflect updated cost increase expectations. Discount Rate The discount rate used to measure the total OPEB liability was 5.50 percent for the Plan. The projection of cash flows used to determine the discount rate assumed that the City contribution will be made at rates equal to the actuarially determined contribution rates. City of La Quinta, California Notes to Financial Statements June 30, 2021 60 Changes in Net OPEB Liability: The changes in the net OPEB liability/(asset) for the Plan as of the measurement date June 30, 2020 are as follows: Total OPEB Plan Fiduciary Net OPEB Liability Net Position Liability/(Asset) Balance at June 30, 2020 1,580,740$ 1,627,792$ (47,052)$ Changes in the year Service cost 88,219 - 88,219 Interest 97,183 - 97,183 Differences between expected and actual experience 103,495 - - Changes of assumptions 44,464 - 44,464 Net investment income - 88,052 (88,052) Employer contributions - 98,490 (98,490) Benefit payments (98,490) (98,490) - Administrative expense - (803) 803 Net changes 234,871 87,249 147,622 Balance at June 30, 2021 1,815,611$ 1,715,041$ 100,570$ Sensitivity of the Net OPEB Liability to Changes in the Discount Rate The following presents the net OPEB liability of the City, as well as what the City’s net OPEB liability would be if it were calculated using a discount rate that is 1-per centage-point lower (4.50 percent) or 1-percentage-point higher (6.50 percent) than the current discount rate: 1% Decrease Discount Rate 1% Increase (4.50%)(5.50%)(6.50%) Net OPEB Liability/(Asset)326,302$ 100,570$ (88,148)$ Sensitivity of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower (5.7 percent decreasing to 2.8 percent) or 1-percentage-point higher (7.7 percent decreasing to 4.8 percent) than the current healthcare cost trend rates: 1% Decrease Current Trend Rate 1% Increase (5.7% decreasing (6.7% decreasing (7.7% decreasing to 2.8%)to 3.8%)to 4.8%) Net OPEB Liability/(Asset)(119,451)$ 100,570$ 371,004$ City of La Quinta, California Notes to Financial Statements June 30, 2021 61 For the year ended June 30, 2021, the City recognized OPEB expense of $115,619. At June 30, 2021, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources OPEB contributions subsequent to measurement date 89,947$ -$ Changes in assumptions 39,904 41,158 Difference between expected and actual liability 141,388 - Net difference between projected and investment earnings 21,690 - Total 292,929$ 41,158$ The $89,947 reported as deferred outflows of resources related to OPEB resulting from City contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability for the fiscal year ending June 30, 2022. Other amounts reported as deferred outflows or deferred inflows of resources related to OPEB will be recognized in as OPEB expense as follows: 27,058$ 27,058 15,388 18,498 16,578 57,244 161,824$ 2026 Thereafter Total Year Ended June 30, 2022 2023 2024 2025 Note 11 - Section 115 Trust In the fiscal year 2019, the City Council approved the creation of a Section 115 Trust Agreement with U.S Bank National Association, and Public Agency Retirement Services (PARS), Trust Administrator. The Section 115 Trust was established as a means to set aside monies to fund the City’s pension and OPEB obligations. Contributions to the Section 115 Trust are irrevocable, the assets are dedicated to providing benefits to plan member, and the assets are protected from creditors of the City. The purpose of the creation of the section 115 Trust was to address the City’s pension obligations by accumulating assets to reduce the net pension liability. However, in accordance with generally accepted accounting principles, the assets in the Section 115 Trust are not considered to have present service capacity as plan assets and are therefore considered restricted assets of the City rather than pension plan assets. Accordingly, the Section 115 Trust’s assets are recorded as restricted for pension benefits in the City’s General Fund rather than assets of the pension plan during the measurement of the net pension liability. The assets held in trust will be considered pension plan assets at the time they are transferred out of the Trust into the pension plan. The balance in the Trust for the fiscal year ended June 30, 2021 was $11,381,922. The City currently funds its OPEB obligations through the CERBT program, and although the Section 115 Trust is able to accept OPEB funds, the City has no immediate plans to fund OPEB obligations through the Section 115 Trust. City of La Quinta, California Notes to Financial Statements June 30, 2021 62 Note 12 - Risk Management Description of Self-Insurance Pool Pursuant to Joint Powers Agreement The City of La Quinta is a member of the California Joint Powers Insurance Authority (Authority). The Authority is composed of 123 California public entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpos e of the Authority is to arrange and administer programs for the pooling of self insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance for property and other lines of coverage. The California JPIA began covering claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine-member Executive Committee. Self-Insurance Programs of the CJPIA Each member pays an annual contribution at the beginning of the coverage period. A retrospective adjustment is then conducted annually thereafter, for coverage years 2012-13 and prior. Coverage years 2013-14 and forward are not subject to routine annual retrospective adjustment. The total funding requirement for self- insurance programs is based on actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk-sharing pool. Primary Liability Program Claims are pooled separately between police and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers. The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. Subsidence losses also have a $50 million per occurrence limit. The coverage structure is composed of a combination of pooled self-insurance, reinsurance, and excess insurance. Workers’ Compensation Claims are pooled separately between public safety (police and fire) and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $75,000 to $200,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers. City of La Quinta, California Notes to Financial Statements June 30, 2021 63 For 2020-21 the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Compensation Law. Employer’s Liability losses are pooled among members to $1 million. Coverage from $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses from $5 million to $10 million are pooled among members. Purchased Insurance Pollution Legal Liability Insurance – The City of La Quinta participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storms drains owned by the City of La Quinta. Coverage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million term. Property Insurance – The City of La Quinta participates in the all-risk property protection program of the CJPIA. This insurance protection is underwritten by several insurance companies. City of La Quinta property is currently insured according to a schedule of covered property submitted by the City of La Quinta to the CJPIA. City of La Quinta property currently has all-risk property insurance protection in the amount of $71,236,403. There is a $10,000 deductible per occurrence except for non-em ergency vehicle insurance which has a $2,500 deductible. Special Event Tenant User Liability Insurance – The City of La Quinta further protects against liability damages by requiring tenant users of certain property to purchase low-cost tenant user liability insurance for certain activities on agency property. The insurance premium is paid by the tenant user and is paid to the City of La Quinta according to a schedule. The City of La Quinta then pays for the insurance. The insurance is facilitated by the Authority. Earthquake and Flood Insurance – The City of La Quinta purchases earthquake and flood insurance on a portion of its property. The earthquake insurance is part of the property protection insurance program of the Authority. City of La Quinta property currently has earthquake protection in the amount of $25,000,000. There is a deductible of 5% per unit of value with a minimum deductible of $100,000. Crime Insurance – The City of La Quinta purchases crime insurance coverage from Travelers Casualty and Surety Company of America. The policy covers theft, forgery, identity fraud, computer crime, and monetary fraud with a single loss limit of $1,000,000 and a deductible of $5,000 per occurrence. Cyber Incident Insurance – The City of La Quinta purchases Cyber Incident Response insurance coverage through the Authority. The maximum single limit of insurance is $1,000,000 Adequacy of Protection During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. City of La Quinta, California Notes to Financial Statements June 30, 2021 64 Note 13 - Fund Balance Fund Balance Commitments In the governmental fund financial statements, committed reserves include: Natural Disaster Emergency Reserves: These funds may be used for the preparation, recovery, and restoration of services before, during and/or after a natural disaster (such as flood, earthquake, etc.) as defined by City Code 2.20.020. The target is $10,000,000 and will be reviewed every five years by conducting a risk analysis of all City assets, insurance levels, and potential federal/state contributions towards disaster recovery efforts. For the year ended June 30, 2021, the City has committed $10,000,000 for this purpose. Economic Downturn Reserves: These funds may be used in such instances as a declared national, state, or regional recession; loss of a major (top 10) revenue-generating business; or a natural disaster resulting in a significant decline in revenues. These reserves may also be used if overall revenues decrease or expenditures increase more than 10% of the previous year’s actual revenues or expenditures. The target is $11,000,000, based on a 10-year analysis of the revenues and expenditure flows (which included the financial impacts of the Great Recession). The target will be evaluated again in the event of another significant economic downturn. For the year ended June 30, 2021, the City has committed $11,000,000. Cash Flow Reserves: These funds are maintained to have adequate cash on hand to account for the uneven receipt of revenue. For example, property tax accounts for a large percentage of annual revenue, the bulk of which is not remitted until December and May of each year. The target is $5,000,000 and will be determined annually by analyzing the prior fiscal year by month and calculating the largest cumulative deficit between revenues and expenditures, with a minimum expectation of approximately 10% of operating expenditures reserved. The cash flow reserve is fully funded as of June 30, 2021. Capital Improvement Reserves: These funds may be used for capital assets and infrastructure rehabilitation, improvement, and replacement. The target is $10,000,000 and is based on annual depreciation of assets. For the year ended June 30, 2021, the City has committed $10,000,000. Committed to Fiscal Year 2020-2021 carryovers totaled $1,209,870 at June 30, 2021. City of La Quinta, California Notes to Financial Statements June 30, 2021 65 Assigned Fund Balance The City has the following assigned fund balance shown on the balance sheet: Assigned to public safety represents property tax accumulated and withheld by the County of Riverside to be used for fire protection, disaster preparedness, fire prevention, rescue, hazardous materials mitigation, technical rescue response, medical emergency services, and public service assists. The assigned fund balance related to this item as of June 30, 2021 is $11,423,931. Assigned to capital projects is comprised of carryover balances for capital projects. The capital project carryover balances as of June 30, 2021 are $13,431,089. Accumulated resources related to the City’s sales tax Measure G is $28,559,747 as of June 30, 2021. Deficit Fund Balance At June 30, 2021, the following funds had deficit fund balances: Major Capital Projects Funds Capital Improvement (1,377,164)$ Nonmajor Capital Projects Funds Parks and Recreation (346,309) Library Development (1,458,789) Note 14 - Golf Course Management Agreement The City entered into an agreement with Landmark Golf Management LLC (operator) to manage the golf operations at the city-owned SilverRock Golf Course. The Agreement entered into on April 6, 2004, sets forth a five-year term commencing upon the completion of the golf course. On January 14, 2005, the golf course was deemed to be complete and management was turned over to the operator. The contract has been amended and extended numerous times with the current contract expiring June 30, 2022. The contract provides that the operator will manage the day to day operations, hire employees, provide golf pro shop and food services, manage all marketing and promotional activities, prepare the annual budget report for Council consideration, and manage accounting and payroll functions. In addition to the annual payment for management services, the City has advanced the operator $250,000 to pay for golf course expenses. Twice a month the operator submits a request for reimbursement to the City to replenish the City’s advance. In addition, the agreement sets forth the establishment of a capital reserve fund of 2 percent of green fees. During the fiscal year, the reserve allocation was suspended. For the fiscal year ending June 30, 2021, the Golf Course had a loss before transfers of $647,109. City of La Quinta, California Notes to Financial Statements June 30, 2021 66 Note 15 - Construction Commitments Various construction projects were in progress at June 30, 2021. Projects costs are paid out of the capital improvements fund. The following material construction commitments, for which funds have been encumbered, existed at June 30, 2021, with an estimated cost to complete. Expenditures Project Contract to date as of Remaining Project Name Number Amount June 30, 2021 Commitments Capital Improvement Fund Dune Palms Road Street Improvements 091004 2,650,000$ (2,602,450)$ 47,550$ Dune Palms Bridge Improvement 111205 18,176,565 (3,123,872) 15,052,693 SilverRock Infrastructure Improvements 141513 7,860,041 (5,954,888) 1,905,154 LQ Village Complete Streets- Road Diet Proj 151603 12,567,196 (11,955,639) 611,557 La Quinta X Park 151609 4,636,639 (3,657,379) 979,260 Citywide Drainage Enhancements 151612 9,025,846 (8,560,082) 465,764 HSIP Traffic Signal Interconnect Network 201602 2,268,323 (1,931,568) 336,755 La Quinta Landscape Renovation Improvement 201603 8,554,792 (3,346,849) 5,207,943 Civic Center Campus Lake/Irrigation Conver 201606 675,270 (151,007) 524,263 Silverrock Event Space 201608 7,304,503 (7,001,406) 303,097 Washington Street at Fred Waring Dr 201701 1,860,744 (1,591,719) 269,025 Eisenhower Retention Basin Landscape 201704 750,000 (365,961) 384,039 Ave 53 Jefferson St Roundabout 201709 2,101,617 (220,160) 1,881,457 Cove Public Restroom 201801 590,000 (516,459) 73,541 Corporate Yard Admin Offices & Crew 201805 411,013 (55,773) 355,240 Village Art Plaza Promenade & Cultural Campus 201901 610,000 (3,845) 606,155 Avenue 50 Bridge Spanning The Evacuation Channel 201902 16,349,000 (8,869) 16,340,131 LQ Skate Park Conver to Other Activity 201903 263,000 - 263,000 Hwy 111 Corridor Area Plan Implementation 201905 1,250,000 (331,204) 918,796 Fire Station 70 Revitalization 201907 684,000 (590,994) 93,006 Citywide Catch Basin Modification 201908 250,000 - 250,000 Citywide Misc ADA Improvements 201909 228,673 (214,098) 14,575 Washington St at Ave 50/Calle Tampico 201923 195,400 (20,745) 174,655 Monroe Street Pavement Rehab (Ave 52)202001 941,000 (52,583) 888,417 Citywide Miscellaneous ADA improvements 202002 184,000 (143,027) 40,973 Citywide Public Safety Camera System 202003 1,372,296 (1,257,350) 114,946 SilverRock Retention Basin Soil Stabilization 202007 437,250 (33,297) 403,954 Jefferson St/I-10 (contribution costs)999902 788,297 (753,310) 34,987 General Fund SilverRock Event Space Modular Build 201806 927,097 (920,398) 6,699 City of La Quinta, California Notes to Financial Statements June 30, 2021 67 Note 16 - Reimbursement Agreements On September 9, 2014, the City entered into a sales tax sharing agreement with One Eleven La Quinta LLC (“Hobby Lobby”). Under the terms of the agreement the City shall make quarterly payments of 50 percent of any sales tax generated from Hobby Lobby in an amount n ot to exceed $400,000 over an eight-year period. Due to the reporting of sales tax information by the California Department of Tax and Fee Administration to the City, the reimbursement payments by the City will lag by one quarter. The agreement terminates when either the $400,000 limit is reached or in eight years whichever comes first. The Hobby Lobby business opened in December 2014. As of June 30, 2021, the City made $295,727 in reimbursement payments to the owner leaving an outstanding balance of $104,273. Note 17 - Successor Agency Trust for Assets of Former Redevelopment Agency On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 (“the Bill”) that provides for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City of La Quinta that previously had reported a redevelopment agency within the reporting entity of the City as a blended component unit. The Bill provides that upon dissolution of a redevelopment agency, either the city or another unit of local government will agree to serve as the “successor agency” to hold the assets until they are distributed to other units of state and local government. On January 3, 2011, the City Council elected to become the Successor Agency for the Former Redevelopment Agency (‘Former Agency”) in accordance with the Bill as part of City resolution number 2012-002. After enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the State of California cannot enter into new projects, obligations or commitments. Subject to the control of a newly established oversight board, remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution (including the completion of any unfinished projects that were subject to legally enforceable contractual commitments). In future fiscal years, successor agencies will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the Former Agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated. In accordance with the timeline set forth in the Bill (as modified by the California Supreme Court on December 29, 2011) all redevelopment agencies in the State of California were dissolved and ceased to operate as a legal entity as of February 1, 2012. The Successor Agency to the Former Agency is reported as a fiduciary fund (private purpose trust fund). City of La Quinta, California Notes to Financial Statements June 30, 2021 68 Cash and Investments Cash and investments reported in the accompanying financial statements consisted of the following: Cash and investments pooled with the City 26,279,132$ Cash and investments with fiscal agent 1,421 26,280,553$ See note 2 for required cash and investments disclosures. Loans Receivable Owner Participation Agreement – Torre Nissan In June 2011, the Former Agency entered into an Owner Participation Agreement (OPA) with an auto dealer, Mega Dealer, LLC (“Torre Nissan”) that provides for the Former Agency to provide a rehabilitation loan to Torre Nissan of up to $1,500,000 for the remodeling of the existing dealership and an expansion of the dealership facility to accommodate a new line of electric and commercial vehicles. The new expansion will also include service and parts sales facilities. In connection with the OPA, Torre Nissan has executed a promissory note, which is secured by a subordinated deed of trust, and an operating covenant. The loan will be repaid by crediting future sales and property tax increment taxes generated on the site until the cumulative taxes collected equals the loan amount. If Nissan Motor Company ceases to exist, the note will be cancelled, and the operating covenant will terminate. At the end of the ten-year operating covenant, the operating covenant will terminate, and the note will be cancelled, and any outstanding loan balance will be forgiven. The balance at June 30, 2021 is $1,013,494. Due from other Governments La Quinta Library In April 2005, an advance of $2,490,273 was made from the former redevelopment agency to provide funding for the construction of the public library. The loan accrues interest at the earnings rate of the City’s investment pool fund. The remaining balance of this loan at June 30, 2021, is $1,458,790. Deferred Outflows of Resources As debt is refunded, the difference between the carrying value of the refunded debt and the reacquisition price is recorded as a deferred outflow of resources and amortized over the shorter of the new or refunded debt, whichever is shorter. Activity during the fiscal year is comprised of the following: Balance at Balance July 1, 2020 Additions Deductions June 30, 2021 Deferred charge on refunding 9,715,975$ 10,391,710$ 3,216,181$ 16,891,504$ City of La Quinta, California Notes to Financial Statements June 30, 2021 69 Long-Term Debt A description of long-term debt outstanding of the Successor Agency as of June 30, 2021, follows: Balance at Balance Due within July 1, 2020 Additions Repayments June 30, 2021 One year Tax allocation bonds 176,900,000$ 156,915,000$ 146,155,000$ 187,660,000$ 11,985,000$ City loans 32,587,178 739,933 3,238,833 30,088,278 3,303,610 Unamortized premiums/ discounts 9,827,234 - 11,240,583 (1,413,349) - Total 219,314,412$ 157,654,933$ 160,634,416$ 216,334,929$ 15,288,610$ 2013 Series A On December 17, 2013, the Successor Agency issued subordinate tax allocation refunding bonds in the amount of $97,190,000 to refinance outstanding long term obligations held by the Successor Agency. The 2013 Series A tax allocation bonds were issued at a premium of $6,056,280 and issuance costs of $480,001. Interest rates on the bonds range from 3.00 percent to 5.00 percent and are payable semi-annually on March 1 and September 1 of each year until maturity. The interest and principal of the bonds are payable solely from property tax revenue. During the current year, the Agency issued Tax allocation Refunding Bonds, Series 2021A to refund the 2013A Tax Allocation Bonds. As of June 30, 2021, the 2013A Tax Allocation bonds were defeased. 2013 Series B On December 17, 2013, the Successor Agency issued subordinate tax allocation refunding bonds in the amount of $23,055,000 to refinance outstanding long term obligations held by the Successor Agency. The 2013 Series B tax allocation bonds were issued at a discount of $8,951 and issuance costs of $122,274. The bonds consist of $3,710,000 of term bonds that accrue interest at 5.240 percent and mature on September 1, 2026, $4,335,000 of term bonds that accrue interest at 5.550 percent and mature on September 1, 2029, and $5,115,000 of term bonds that accrue interest at 5.820 percent and mature on September 1, 2032. The remaining $9,895,000 matures annually with rate ranging from 0.76 percent to 4.89 percent. The interest and principal on the bonds are payable from property tax revenue. During the current year, the Agency issued Tax allocation Refunding Bonds, Series 2021A to refund the 2013B Tax Allocation Bonds. As of June 30, 2021, the 2013B Tax Allocation bonds were defeased. City of La Quinta, California Notes to Financial Statements June 30, 2021 70 2014 Series A On July 9, 2014, the Successor Agency issued tax allocation refunding bonds in the amount of $65,600,000, with a premium of $8,545,482, to refinance outstanding 2004 Series A Revenue Bonds of $72,865,000 with interest payments ranging between 3 percent to 5.25 percent. The net proceeds of $73,402,709 (after payment of $592,017 in issuance costs) plus an additional $4,012,653 of 2004 Series A sinking fund monies were used to purchase U.S. Government Securities. Those securities were deposited in an irrevocable trust with an escrow agent; and issued to pay-off $77,415,362 of remaining principal and accrued interest of 2004 Series A. As a result, the 2004 Series A bonds are considered to be defeased and the liability for those bonds has been removed from the Successor Agency’s long-term debt. During the current year, the Agency issued Tax allocation Refunding Bonds, Series 2021A to refund the 2014 Tax Allocation Refunding Bonds. As of June 30, 2021, the 2014 Tax Allocation Refunding bonds were defeased. 2016 Series A On December 22, 2016, the La Quinta Redevelopment Project Areas No. 1 and 2 Subordinate Tax Allocation Refunding Bonds 2016 Taxable Series A Bonds were issued for $35,055,000 by the Successor Agency to the La Quinta Redevelopment Agency (the “Agency”) to refinance on an advance basis the La Quinta Redevelopment Agency’s (the “Prior Agency”) previously issued $6,000,000 La Quinta Redevelopment Project Area No. 2, Subordinate Taxable Tax Allocation Bonds, Series 2011 (the “2011 Project Area No. 2 Taxable Bonds”) of which $5,810,000 was outstanding and the Prior Agency’s loan obligation under the Loan Agreement, dated February 3, 2004 as supplemented by the Second Supplemental Loan Agreement, dated as of March 1, 2011 (the “2011 Loan Obligation”) in connection with the La Quinta Financing Authority’s previously issued $28,850,000 Local Agency Subordinate Taxable Revenue Bonds, 2011 Series A (the “2011 Taxable Housing Bonds”) of which $26,635,000 was outstanding. The Bonds were issued on a subordinate basis to the $65,600,000 Successor Agency to the La Quinta Redevelopment Agency, La Quinta Redevelopment Project Areas No. 1 and 2, Tax Allocation Refunding Bonds, 2014 Series. The Bonds are payable from and secured by the Pledged Tax Revenues, as defined herein, to be derived from the La Quinta Redevelopment Project Area No. 1 and La Quinta Redevelopment Project Area No. 2. The principal of and interest on the Bonds are payable solely from the pledged tax revenues allocated to the Successor Agency from the project areas. The principal balance of outstanding bonds at June 30, 2021, is $29,380,000 with an unamortized discount of $196,811. City of La Quinta, California Notes to Financial Statements June 30, 2021 71 The Bonds mature in 2040, but may be called before maturity and redeemed at the option of the Agency, in whole or in part, from the proceeds of refunding bonds or other available funds, on September 1, 2026 or on any date thereafter prior to maturity at a redemption price equal to the principal amount of Bonds to be redeemed, without premium, plus accrued interest to the redemption date. Principal Interest Total 1,395,000$ 1,118,840$ 2,513,840$ 1,430,000 1,079,255 2,509,255 1,465,000 1,035,479 2,500,479 1,510,000 988,315 2,498,315 1,565,000 937,680 2,502,680 8,695,000 3,780,171 12,475,171 11,455,000 1,781,109 13,236,109 1,865,000 134,565 1,999,565 29,380,000$ 10,855,414$ 40,235,414$ Year Ending June 30, 2022 2023 2024 2025 2026 2027-2031 2032-2036 2037-2040 2021 Series A On April 14, 2021, the Agency issued $156,915,000 in Series 2021 A Tax Allocation Refunding Bonds to refund the Series 2013 A and B and Series 2014 A Tax Allocation Bonds. The bonds are payable in annual installments ranging from $4,785,000 to $13,610,000 until maturity on September 1, 2034. Interest is payable semiannually on March 1 and September 1 of each year, at a rate of 2.774%. Bonds outstanding at June 30, 2021 were $156,915,000. The principal and interest on the bonds are payable solely from the pledged tax revenues allocated to the Successor Agency from the project areas. These bonds resulted in a full defeasance of the 2013 A and B and 2014 A Tax Allocation Bonds, and the related liability has been removed from the financial statement of the City. The refunding resulted in a deferred loss of $10,391,710. Future debt service requirements on these bonds are as follows: Principal Interest Total 10,590,000$ 2,181,901$ 12,771,901$ 11,760,000 2,449,336 14,209,336 11,790,000 2,405,638 14,195,638 11,845,000 2,338,010 14,183,010 11,920,000 2,227,650 14,147,650 62,415,000 8,088,657 70,503,657 36,595,000 1,488,380 38,083,380 156,915,000$ 21,179,572$ 178,094,572$ Year Ending June 30, 2027-2031 2032-2035 2022 2023 2024 2025 2026 City of La Quinta, California Notes to Financial Statements June 30, 2021 72 Loans from the City of La Quinta The City of La Quinta loaned money to the Former Agency to cover operating and capital shortfalls. In a letter dated November 6, 2013, the California Department of Finance approved the loans as enforceable obligations to be paid through Successor Agency property tax. This loan approved split between the City’s General and the Housing Authority Funds. As of June 30, 2021, principal and interest due to the City of La Quinta was $30,088,278, and is included as part of the due from other governments balance in the City’s General and the Housing Authority Funds. On November 22, 2017, the Department of Finance (DOF) approved the last and final Recognized Obligation Payment Schedules (ROPS). The ROPS is a comprehensive schedule which includes all bond debt service payments, City loan repayments, administration, and annual reporting requirements from fiscal years 2018-2019 to 2039-2040. Pledged Tax Revenues The City pledged, as security for bonds issued, either directly or through the Financing Authority, a portion of tax increment revenue (including Low and Moderate Income Housing set-aside and pass through allocations) that it receives. The bonds issued were to provide financing for various capital projects, accomplish Low and Moderate Income Housing projects and to defease previously issued bonds. Assembly Bill 1X 26 provided that upon dissolution of the Redevelopment Agency, property taxes allocated to redevelopment agencies no longer are deemed tax increment but rather property tax revenues and will be allocated first to successor agencies to make payments on the indebtedness incurred by the dissolved redevelopment agency. Total principal and interest remaining on the debt is $218,329,986 with annual debt service requirements as indicated above. For the current year, the total property tax revenue recognized by the Successor Agency for the payment of indebtedness incurred was $20,798,995 and the debt service obligation on the bonds was $17,340,464. Insurance The Successor Agency of the Former Agency is covered under the insurance policy of the City of La Quinta at June 30, 2021. Note 18 - Extraordinary Item Annual loan repayments of the loan between the City and the Successor Agency are first applied to principal then interest and when received are allocated 80 percent General Fund and 20 percent Housing Authority Fund. The interest accrued on the adjusted principal amount is reflected as an extraordinary gain by the City and an extraordinary loss in the Successor Agency. The Department of Finance approval of the last and final ROPS increased the quarterly interest rate (from 3% to 4%, since the inception of the loan in November 2006). The interest due as of June 30, 2021 was $13,749,183. City of La Quinta, California Notes to Financial Statements June 30, 2021 73 Note 19 - Subsequent Events Highway 111 Bridge Funding: In November 2020, Caltrans advised the City that the Highway Bridge Planning (HBP) Funding Program had been oversubscribed for FY 2020/21 and 2021/22 and there is no additional programming capacity for projects already in construction or ready to advertise. At the direction of the City Council in June 2021, the City agreed to provide ‘at risk’ advance funding using the Advance Construction Procedure outlined in Section 3.7 of the Caltrans Local Procedures Manual, and Caltrans approved the City’s request. The environmental, engineering/design and right-of-way phases are complete and are fully funded. The construction phase which includes construction, construction engineering, and contingency is estimated at $20,869,098. The HBP Funding will ultimately contribute 88.53% or up to $14,936,122 toward eligible (Construction Phase) costs. This is the amount the City is required to advance. Staff and the Finance Advisory Committee (FAC) recommend using a combination of Unassigned Reserves and Measure G Reserves for this advance funding due to their current balances. The City anticipates these funds to be reimbursed within two to five fiscal years. Council approved the use of Measure G reserves in the amount of $7,468,061 and Unassigned reserves in the amount of $7,468,061, for a total of $14,936,122. American Rescue Plan Act Funds As part of its budget process, the U.S. Department of Treasury allocated $9,987,009 of American Rescue Plan Act (ARPA) Funds to the City. Allocations to the City started in July 2021 for $4,993,504. Further, the Department of Treasury will allocate the second tranche of $4,993,505 in ARPA funding to the City in August 2022. See Note to Required Supplementary Information 74 City of La Quinta, California Budgetary Comparison Schedule – General Fund Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 123,333,667$ 123,333,667$ 123,333,667$ -$ Resources (Inflows) Taxes 38,596,000 44,878,000 51,515,854 6,637,854 Licenses and permits 1,136,800 1,186,800 2,020,596 833,796 Intergovernmental 8,479,700 9,343,634 8,551,964 (791,670) Charges for services 785,500 575,000 964,710 389,710 Use of money and property 845,000 845,000 1,569,149 724,149 Fines and forfeitures 290,000 264,000 779,606 515,606 Miscellaneous 593,100 593,100 642,949 49,849 Extraordinary Item - - 591,946 591,946 Amounts available for appropriations 174,059,767 181,019,201 189,970,441 8,951,240 Charges to Appropriation (Outflows) General government Legislative 292,900 292,900 233,536 59,364 City manager 707,000 767,000 669,516 97,484 City attorney 565,000 565,000 457,354 107,646 Marketing 1,129,800 1,110,300 1,105,482 4,818 Human resources 264,400 304,400 215,250 89,150 City clerk 593,400 639,100 494,175 144,925 Fiscal services 1,393,400 1,423,400 1,304,354 119,046 Central services 2,250,700 2,497,200 3,152,513 (655,313) The Hub customer services 1,089,500 908,300 830,950 77,350 Public safety Police 17,506,700 17,204,700 16,479,907 724,793 Code compliance 1,352,200 1,196,800 1,138,317 58,483 Fire 8,021,700 9,165,422 6,667,293 2,498,129 Planning and development Current planning 519,100 513,900 520,084 (6,184) Public buildings 1,321,700 1,140,700 1,119,814 20,886 Building & safety 939,000 777,100 717,998 59,102 Administration 665,600 519,300 639,563 (120,263) Community services Community services admin 700,600 700,600 699,784 816 Wellness center 735,800 543,800 495,567 48,233 Recreation programs/special events 501,600 438,700 208,500 230,200 Park maintenance 1,899,500 1,670,800 1,782,191 (111,391) Public works Administration 722,800 719,200 509,466 209,734 Development services 389,600 390,200 354,895 35,305 Maintenance/operations - street 489,100 484,300 425,743 58,557 Engineering services 830,700 999,000 640,734 358,266 Capital outlay 156,000 156,000 440,489 (284,489) Transfers out 4,080,000 3,951,900 6,350,423 (2,398,523) Total charges to appropriations 49,117,800 49,080,022 47,653,898 1,426,124 Budgetary Fund Balance, June 30 124,941,967$ 131,939,179$ 142,316,543$ 10,377,364$ Budget Amounts See Note to Required Supplementary Information 75 City of La Quinta, California Budgetary Comparison Schedule – Housing Authority Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 22,818,595$ 22,818,595$ 22,818,595$ -$ Resources (Inflows) Use of money and property 235,300 205,300 1,048,695 843,395 Extraordinary item - 1,061,456 147,987 (913,469) Miscellaneous 313,000 670,000 1,820 (668,180) Amounts available for appropriations 23,366,895 24,755,351 24,017,097 (738,254) Charges to Appropriation (Outflows) Planning and development 822,300 1,270,062 851,820 418,242 Community services 250,000 300,000 300,000 - Transfer out - - 278,062 (278,062) Total charges to appropriations 1,072,300 1,570,062 1,429,882 140,180 Budgetary Fund Balance, June 30 22,294,595$ 23,185,289$ 22,587,215$ (598,074)$ Budget Amounts 76 City of La Quinta, California Schedule of Proportionate Share of the Net Pension Liability – Miscellaneous Plan Last 10 Years* 2015 2016 2017 2018 2019 2020 2021 Proportion of the net pension liability 0.1034%0.1260%0.1257%0.1272%0.1287%0.13134%0.13329% Proportionate share of the net pension liability 6,433,391$ 8,651,290$ 10,874,098$ 12,612,523$ 12,403,691$ 13,458,200$ 14,502,311$ Covered payroll 5,421,945$ 5,480,758$ 5,569,002$ 5,739,416$ 6,064,875$ 6,669,204$ 7,066,830$ Proportionate share of the net pension liability as a percentage of covered payroll 118.65%157.85%195.26%219.75%204.52%201.80%205.22% Plan fiduciary net position as a percentage of the total pension liability 79.82%78.40%74.06%73.31%75.30%75.30%77.71% * - Fiscal year 2015 was the first year of implementation, therefore, only seven years are shown. Changes in Assumptions The discount rate changed from 7.65 percent used for the June 30, 2016 measurement date to 7.15 percent used for the June 30, 2017 measurement date. Covered Payroll In accordance with GASB Statement No. 82, Pension Issues - An Amendment of GASB Statement No. 67, No. 68, and No. 73, we have restated to show covered payroll based on pensionable earnings. 77 City of La Quinta, California Schedule of Pension Plan Contributions – Miscellaneous Plan Last 10 Years* 2015 2016 2017 2018 2019 2020 2021 Actuarially determined contributions - miscellaneous 728,073$ 797,603$ 949,231$ 1,061,439$ 1,284,275$ 1,479,137$ 2,581,158$ Contributions in relation to the actuarially determined contribution (728,073) (797,603) (949,231) (1,061,439) (1,284,275) (1,479,137) (2,581,158) Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ Covered payroll 5,480,758$ 5,569,002$ 5,739,416$ 6,064,875$ 6,669,204$ 7,066,830$ 6,238,425$ Contributions as a percentage of covered payroll 13.28%14.32%16.54%17.50%19.26%20.93%41.38% * - Fiscal year 2015 was the first year of implementation, therefore, only seven years are shown. Covered Payroll In accordance with GASB Statement No. 82, Pension Issues - An Amendment of GASB Statement No. 67, No. 68, and No. 73, we have restated to show covered payroll based on pensionable earnings. 78 City of La Quinta, California Schedule of Changes in the Net OPEB Liability/(Asset) and Related Ratios Last 10 Years* 2019 2020 2021 Total OPEB Liability Service cost 93,438$ 85,174$ 88,219$ Interest 100,177 93,071 97,183 Differences between expected and actual experience 71,533 - 103,495 Changes of assumptions (44,229) (14,219) 44,464 Benefit payments (86,570) (98,584) (98,490) Net Change in Total OPEB Liability 134,349 65,442 234,871 Total OPEB liability - beginning 1,380,949 1,515,298 1,580,740 Total OPEB liability - ending 1,515,298$ 1,580,740$ 1,815,611$ Plan Fiduciary Net Position (FNP) Employer contributions 1,609,970$ 98,584$ 98,490$ Net investment income (1,680) 106,805 88,052 Benefit payments (86,570) (98,584) (98,490) Administrative expense (406) (327) (803) Net Change in Plan Fiduciary Net Position 1,521,314 106,478 87,249 Plan Fiduciary Net Position- Beginning of Year - 1,521,314 1,627,792 Plan Fiduciary Net Position- End of Year 1,521,314$ 1,627,792$ 1,715,041$ Net OPEB liability/(asset) - End of Year (6,016)$ (47,052)$ 100,570$ Fiduciary Net Position as a percentage of the Total OPEB Liability 100.4%103.0%94.5% Covered-employee payroll 6,064,875 6,669,204 7,066,830 Net OPEB liability/(asset) as a percentage of covered-employee payroll -0.1%-0.7%1.4% Notes to Schedule: * Fiscal year 2018 was the first year of implementation. Changes in Assumptions The discount rate and long-term expected rate of return changed from 6.00 percent used for the June 30, 2019 measurement date to 5.50 percent used for the June 30, 2020 measurement date. The inflation assumption was changed from 2.50 percent used for the June 30, 2019 measurement date to 2.25 percent used for the June 30, 2020 measurement date. For the June 30, 2020 measurement date, healthcare trend rates were reset to reflect updated cost increase expectations. 79 City of La Quinta, California Schedule of OPEB Contributions Last 10 Years* 2019 2020 2021 Actuarially determined contribution (ADC)88,280$ 90,229$ 86,939$ Contributions in relation to the (ADC)98,584 98,490 89,947 Contribution deficiency (excess)(10,304) (8,261) (3,008) Covered payroll 6,669,204$ 7,066,830$ 6,238,425$ Contributions as a percentage of payroll 1.5%1%1% Notes to Schedule Valuation date:Actuarially determined contribution rates are calculated as of June 30, one year prior to the end of the fiscal year in which contributions reported. Methods and assumptions used to determined contribution rates: Actuarial cost method Entry-Age Normal Cost Method Amortization method Level percent of payroll Amortization period 19 years Asset valuation method Market value Inflation 2.25% Healthcare Trend Rate 7% in the first year, trending down to 4% over 58 years. Investment rate of return 5.50% Retirement age 55 Mortality Derived using CalPERS Membership Data for all Funds Notes to Schedule: * Fiscal year 2018 was the first year of implementation. 80 City of La Quinta, California Note to Required Supplementary Information June 30, 2021 Note 1 - Budget Procedures General Budget Policies The City adopts an annual budget prepared on the modified accrual basis of accounting for its governmental funds and on the accrual basis of accounting for its proprietary funds. The City manager or his designee is authorized to transfer budgeted amounts between the accounts of any department or funds that are approved by City Council. Prior year appropriations lapse unless they are approved for carryover into the following fiscal year. Expenditures may not legally exceed appropriations at the department level. The City did not adopt a budget for the Transportation Uniform Mitigation Fee Special Revenue Fund. Budget Basis of Accounting Budget for governmental funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). Expenditures in Excess of Appropriations The following funds had expenditures in excess of appropriations for the year ended June 30, 2021: Budget Actual Variance General Fund Planning and Development 2,951,000$ 2,997,459$ (46,459)$ Capital Outlay 156,000 440,489 (284,489) Transfers Out 3,951,900 6,350,423 (2,398,523) South Coast Air Quality Planning and Development 48,900 57,413 (8,513) SLESA Public Safety 100,000 101,530 (1,530) Law Enforcement Public Safety 24,600 42,263 (17,663) Measure A Public Works - 8,770 (8,770) Parks and Recreation Transfers out 959,713 962,469 (2,756) 81 This page intentionally left blank Supplementary Information June 30, 2021 City of La Quinta, California 83 City of La Quinta, California Other Governmental Funds June 30, 2021 Special Revenue Funds Special revenue funds are used to account for specific revenues (other than expendable trusts and major capital projects) and the related expenditures that are legally required to be accounted for in a separate fund. The City of La Quinta has the following Special Revenue Funds: State Gas Tax Fund – To account for gasoline allocations made by the State of California. These revenues are restricted by the State to expenditures for street-related purposes only. Library and Museum Fund – To account for revenues from property tax increment dedicated library and museum services. Federal Assistance Fund – To account for revenues from the Community Development Block Grants received from the Federal Government and the expenditures of those resources. State Law Enforcement Services Account (SLESA) Fund – To account for state funded “Citizens for Public Safety” (COPS) program activities, as per Assembly Bill 3229, which supplements frontline police services such as anti- gang community crime prevention. Lighting and Landscaping Fund – To account for special assessments levied on real property and the expenditure thereof from City-wide lighting and landscape maintenance and improvements. Quimby Fund – To account for the accumulation of developer fees received under the provisions of the Quimby Act for park development and improvements. Capital projects to be funded from this source will be budgeted and expended in a separate capital projects fund. La Quinta Public Safety Officer Fund – To account for contributions to be distributed to public safety officers disabled or killed in the line of duty. Art in Public Places – To account for development fees paid in lieu of acquisition and installation of approved artworks in a development with expenditures restricted to acquisition, installation, maintenance and repair of artworks at approved sites. South Coast Air Quality Fund – To account for contributions from the South Coast Air Quality Management District. Use is limited to reduction and control of airborne pollutants. AB 939 Fund – To account for the State mandated program to reduce waste sent to the landfills through recycling efforts. Law Enforcement Fund – To account for law enforcement grants and restricted revenue for public safety. Measure A Fund – In 1988, Riverside County voters approved a half cent sales tax, known as Measure A, to fund a variety of highway improvements, local street and road maintenance, commuter assistance and specialized highway transit projects. This fund is used to collect this tax and pursuant to the provision of Measure A, it is restricted for local street and road expenditures. 84 City of La Quinta, California Other Governmental Funds June 30, 2021 Economic Development Fund – To account for the revenues and expenditures related to proceeds from sale of City owned land and future economic development. AB 1379 Fund – To account for the revenues and expenditures related to the annual business license accessibility fee to be used for expenses enhancing accessibility requirements. Transportation Uniform Mitigation Fee Fund – To account for the revenues and expenditures related to Transportation Uniform Mitigation Fee monies. Capital Project Funds Capital projects funds account for the financial resources to be used for the acquisition, construction or improvements of major capital facilities and infrastructure. Infrastructure Fund – To account for the accumulation of resources provided through developer fees for the acquisition, construction or improvement of the City’s infrastructure, prior to adoption of the new Developer Impact Fee Structure on August 16, 1999. This fund accounts for all developer resources received prior to this date, and is budgeted by the Council through adoption of the annual capital improvement program budget. Civic Center Fund – This fund accounts for the accumulation of resources provided through developer fees for the acquisition, construction, or improvement of the Civic Center. Maintenance Facilities DIF, Transportation Fund, Parks and Recreations Fund, Library Development Fund, Community Center Fund, Street Facility Fund, Park Facility Fund, Fire Facility Fund – To account for the accumulation of resources provided through developer fees for the acquisition, construction, or improvement of the City’s infrastructure. The Developer Impact Fee was adopted by the City Council on August 16, 1999. Eight funds have been established to account for the specific impact areas of these fees, and are budgeted by the Council through adoption of the annual Capital Improvement Program budget. Debt Service Funds Debt Service Funds are used to account for the accumulation of resources for, and the payment of, governmental long-term debt principal and interest. La Quinta Financing Authority Fund – This fund is used to account for the debt service that will be used for the principal and interest payments of the Financing Authority’s outstanding debt and any related reporting requirements. 85 City of La Quinta, California Combining Balance Sheet – Nonmajor Governmental Funds June 30, 2021 State Library and Federal Lighting and Gas Tax Museum Assistance SLESA Landscaping Assets Pooled cash and investments 1,348,555$ 8,148,426$ 4,969$ 298,050$ 528,572$ Receivables Accounts - - - - - Taxes 73,478 - - - 42,593 Accrued interest 536 3,263 117 119 212 Prepaid costs - 1,019 - - - Due from other governments 63,882 950,702 - - - Total assets 1,486,451$ 9,103,410$ 5,086$ 298,169$ 571,377$ Liabilities and Fund Balances Liabilities Accounts payable 9,230$ 111,424$ -$ 32,694$ 72,138$ Accrued liabilities 13,452 2,542 - - 9,239 Unearned revenues - - - - - Due to other governments - - - - - Due to other funds - - - - - Total liabilities 22,682 113,966 - 32,694 - 81,377 Deferred Inflow of Resources Unavailable revenues - - - - - Fund Balances Nonspendable Prepaid costs - 1,019 - - - Restricted for Planning and development projects - - - - - Public safety - - - 265,475 - Community services - 8,988,425 5,086 - - Public works 1,463,769 - - - 490,000 Capital projects - - - - - Unassigned - - - - - Total fund balances 1,463,769 8,989,444 5,086 265,475 490,000 Total liabilities and fund balances 1,486,451$ 9,103,410$ 5,086$ 298,169$ 571,377$ Special Revenue Funds 86 City of La Quinta, California Combining Balance Sheet – Nonmajor Governmental Funds June 30, 2021 La Quinta Public Art in South Coast Quimby Safety Officer Public Places Air Quality AB 939 Assets Pooled cash and investments -$ 49,549$ 764,308$ 39,854$ 802,513$ Receivables Accounts - - - - - Taxes - - - - - Accrued interest - 20 306 16 321 Prepaid costs - - - - - Due from other governments - - - 13,500 13,685 Total assets -$ 49,569$ 764,614$ 53,370$ 816,519$ Liabilities and Fund Balances Liabilities Accounts payable -$ -$ -$ 20,846$ 9,866$ Accrued liabilities - - - - - Unearned revenues - - - - - Due to other governments - - - - - Due to other funds - - - - - Total liabilities - - - - 20,846 9,866 Deferred Inflow of Resources Unavailable revenues - - - - - Fund Balances Nonspendable Prepaid costs - - - - - Restricted for Planning and development projects - - - 32,524 806,653 Public safety - 49,569 - - - Community services - - 764,614 - - Public works - - - - - Capital projects - - - - - Unassigned - - - - - Total fund balances - 49,569 764,614 32,524 806,653 Total liabilities and fund balances -$ 49,569$ 764,614$ 53,370$ 816,519$ Special Revenue Funds 87 City of La Quinta, California Combining Balance Sheet – Nonmajor Governmental Funds June 30, 2021 Capital Projects Funds Transportation Maintenance Law Economic Uniform Facilities Enforcement Measure A Development AB 1379 Mitigation Fee DIF Assets Pooled cash and investments 450,038$ 2,644,231$ 3,055,953$ 52,006$ 89,104$ 46,996$ Receivables Accounts - - 500,000 - - - Taxes - 553,978 - - - - Accrued interest 180 1,059 1,224 21 - 19 Prepaid costs - - - - - - Due from other governments - - - - - - Total assets 450,218$ 3,199,268$ 3,557,177$ 52,027$ 89,104$ 47,015$ Liabilities and Fund Balances Liabilities Accounts payable 2,587$ -$ 7,510$ 933$ 81,647$ -$ Accrued liabilities - - - - - - Unearned revenues - - - - - - Due to other governments - - - - - - Due to other funds 28,583 - - - - - Total liabilities 31,170 - 7,510 933 81,647 - Deferred Inflow of Resources Unavailable revenues - - 500,000 - - - Fund Balances Nonspendable Prepaid costs - - - - - - Restricted for Planning and development projects - - - 51,094 7,457 47,015 Public safety 419,048 - - - - - Community services - - 3,049,667 - - - Public works - 3,199,268 - - - - Capital projects - -- - - - Unassigned - -- - - - Total fund balances 419,048 3,199,268 3,049,667 51,094 7,457 47,015 Total liabilities and fund balances 450,218$ 3,199,268$ 3,557,177$ 52,027$ 89,104$ 47,015$ Special Revenue Funds 88 City of La Quinta, California Combining Balance Sheet – Nonmajor Governmental Funds June 30, 2021 Parks and Library Infrastructure Civic Center Transportation Recreation Development Assets Pooled cash and investments 19,391$ 498,420$ 2,265,582$ -$ -$ Receivables Accounts - - - - - Taxes - - - - - Accrued interest 8 200 907 - - Prepaid costs - - - - - Due from other governments - - - - Total assets 19,399$ 498,620$ 2,266,489$ -$ -$ Liabilities and Fund Balances Liabilities Accounts payable -$ -$ -$ -$ -$ Accrued liabilities - - - - Unearned revenues - - - - Due to other governments - - - - 1,458,789 Due to other funds - - - 346,309 - Total liabilities - - - 346,309 1,458,789 Deferred Inflow of Resources Unavailable revenues - - - - - Fund Balances Nonspendable Prepaid costs - - - - - Restricted for Planning and development projects - - - - - Public safety - - - - - Community services - - - - - Public works - - - - - Capital projects 19,399 498,620 2,266,489 - - Unassigned - - - (346,309) (1,458,789) Total fund balances 19,399 498,620 2,266,489 (346,309) (1,458,789) Total liabilities and fund balances 19,399$ 498,620$ 2,266,489$ -$ -$ Capital Projects Funds 89 City of La Quinta, California Combining Balance Sheet – Nonmajor Governmental Funds June 30, 2021 Debt Service Fund Total Community Financing Governmental Center Street Facility Park Facility Fire Facility Authority Funds Assets Pooled cash and investments 234,292$ 43,270$ 5,996$ 197,181$ 1,100$ 21,588,356$ Receivables Accounts - - - - - 500,000 Taxes - - - - - 670,049 Accrued interest 94 17 - 79 - 8,718 Prepaid costs - - - - - 1,019 Due from other governments - - - - - 1,041,769 Total assets 234,386$ 43,287$ 5,996$ 197,260$ 1,100$ 23,809,911$ Liabilities and Fund Balances Liabilities Accounts payable -$ -$ -$ -$ 1,100$ 349,975$ Accrued liabilities - - - - - 25,233 Unearned revenues - - - - - - Due to other governments - - - - - 1,458,789 Due to other funds - - - - - 374,892 Total liabilities - - - - 1,100 2,208,889 Deferred Inflow of Resources Unavailable revenues - - - - - 500,000 Fund Balances Nonspendable Prepaid costs - - - - - 1,019 Restricted for Planning and development projects - - - - - 944,743 Public safety - - - 197,260 - 931,352 Community services - - 5,996 - - 12,813,788 Public works - 43,287 - - - 5,196,324 Capital projects 234,386 - - - - 3,018,894 Unassigned - - - - - (1,805,098) Total fund balances 234,386 43,287 5,996 197,260 - 21,101,022 Total liabilities and fund balances 234,386$ 43,287$ 5,996$ 197,260$ 1,100$ 23,809,911$ Capital Projects Funds 90 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds Year Ended June 30, 2021 State Library and Federal Lighting and Gas Tax Museum Assistance SLESA Landscaping Revenues Taxes -$ -$ -$ -$ -$ Assessments - - - - 984,435 Intergovernmental 1,648,708 2,974,364 293,162 156,727 - Use of money and property 7,827 12,048 3,471 1,890 (2,629) Developer participation - - - - - Miscellaneous - 1,011 - - - Total revenues 1,656,535 2,987,423 296,633 158,617 981,806 Expenditures Current General government - - - - - Public safety - - - 101,530 - Planning and development - - - - - Community services - 2,047,533 - - - Public works 937,025 - - - 2,010,646 Capital outlay - 551 - - - Debt service Interest and fiscal charges - - - - - Total expenditures 937,025 2,048,084 - 101,530 2,010,646 Excess (Deficiency) of Revenues over (under) Expenditures 719,510 939,339 296,633 57,087 (1,028,840) Other Financing Sources (Uses) Transfers in 50,000 - - - 871,000 Transfers out (299,384) - (286,276) - - Total other financing sources (uses)(249,384) - (286,276) - 871,000 Net Change in Fund Balances 470,126 939,339 10,357 57,087 (157,840) Fund Balances, Beginning of Year 993,643 8,050,105 (5,271) 208,388 647,840 Fund Balances, End of Year 1,463,769$ 8,989,444$ 5,086$ 265,475$ 490,000$ Special Revenue Funds 91 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds Year Ended June 30, 2021 La Quinta Public Art in South Coast Quimby Safety Officer Public Places Air Quality AB 939 Revenues Taxes -$ -$ -$ -$ 60,486$ Assessments - - - - - Intergovernmental - - - 66,268 10,303 Use of money and property (21,813) 12 956 151 (168) Developer participation 57,228 - 84,977 - - Miscellaneous - - - - - Total revenues 35,415 12 85,933 66,419 70,621 Expenditures Current General government - - - - - Public safety - - - - - Planning and development - - - 57,413 53,932 Community services - - 49,845 - - Public works - - - - - Capital outlay - - 13,500 - - Debt service Interest and fiscal charges - - - - - Total expenditures - - 63,345 57,413 53,932 Excess (Deficiency) of Revenues over (under) Expenditures 35,415 12 22,588 9,006 16,689 Other Financing Sources (Uses) Transfers in - 2,000 50,000 - - Transfers out (1,600,989) - - - - Total other financing sources (uses)(1,600,989) 2,000 50,000 - - Net Change in Fund Balances (1,565,574) 2,012 72,588 9,006 16,689 Fund Balances, Beginning of Year 1,565,574 47,557 692,026 23,518 789,964 Fund Balances, End of Year -$ 49,569$ 764,614$ 32,524$ 806,653$ Special Revenue Funds 92 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds Year Ended June 30, 2021 Capital Projects Fund Transportation Maintenance Law Economic Uniform Facilities Enforcement Measure A Development AB 1379 Mitigation Fee DIF Revenues Taxes -$ 1,917,446$ -$ -$ -$ -$ Assessments - - - - - - Intergovernmental 10,486 - - 17,112 - - Use of money and property (10,397) 23,217 (21,876) 227 (4,040) 691 Developer participation - - - - - 46,324 Miscellaneous - - - - - - Total revenues 89 1,940,663 (21,876) 17,339 (4,040) 47,015 Expenditures Current General government - - - - - - Public safety 42,263 - - - - - Planning and development - - 1,494,374 3,310 - - Community services - - - - - - Public works - 8,770 - - - - Capital outlay - - - - - - Debt service Interest and fiscal charges - - - - - - Total expenditures 42,263 8,770 1,494,374 3,310 - - Excess (Deficiency) of Revenues over (under) Expenditures (42,174) 1,931,893 (1,516,250) 14,029 (4,040) 47,015 Other Financing Sources (Uses) Transfers in 332,000 - 500,000 - - - Transfers out (1,085,899) (260,085) - - - - Total other financing sources (uses)(753,899) (260,085) 500,000 - - - Net Change in Fund Balances (796,073) 1,671,808 (1,016,250) 14,029 (4,040) 47,015 Fund Balances, Beginning of Year 1,215,121 1,527,460 4,065,917 37,065 11,497 - Fund Balances, End of Year 419,048$ 3,199,268$ 3,049,667$ 51,094$ 7,457$ 47,015$ Special Revenue Funds 93 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds Year Ended June 30, 2021 Parks and Library Infrastructure Civic Center Transportation Recreation Development Revenues Taxes -$ -$ -$ -$ -$ Assessments - - - - - Intergovernmental - - - - - Use of money and property (9) 2,828 (5,543) (5,939) - Developer participation - 194,521 693,586 328,072 61,531 Miscellaneous - -- - - Total revenues (9) 197,349 688,043 322,133 61,531 Expenditures Current General government - - - - - Public safety - - - - - Planning and development - - - - - Community services - - - - - Public works - - 400,001 - - Capital outlay - - - - - Debt service Interest and fiscal charges - - - - 15,133 Total expenditures - - 400,001 - 15,133 Excess (Deficiency) of Revenues over (under) Expenditures (9) 197,349 288,042 322,133 46,398 Other Financing Sources (Uses) Transfers in - - - - - Transfers out - - (343,055) (962,469) - Total other financing sources (uses)- - (343,055) (962,469) - Net Change in Fund Balances (9) 197,349 (55,013) (640,336) 46,398 Fund Balances, Beginning of Year 19,408 301,271 2,321,502 294,027 (1,505,187) Fund Balances, End of Year 19,399$ 498,620$ 2,266,489$ (346,309)$ (1,458,789)$ Capital Projects Funds 94 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds Year Ended June 30, 2021 Debt Service Fund Total Community Financing Governmental Center Street Facility Park Facility Fire Facility Authority Funds Revenues Taxes -$ -$ -$ -$ -$ 1,977,932$ Assessments - - - - - 984,435 Intergovernmental - - - - - 5,177,130 Use of money and property 752 62 (47) 867 1,100 (16,362) Developer participation 142,520 4,095 320 60,357 - 1,673,531 Miscellaneous - - - - - 1,011 Total revenues 143,272 4,157 273 61,224 1,100 9,797,677 Expenditures Current General government - - - - 1,100 1,100 Public safety - - - - - 143,793 Planning and development - - - - - 1,609,029 Community services - - - - - 2,097,378 Public works - - - - - 3,356,442 Capital outlay - - - - - 14,051 Debt service Interest and fiscal charges - - - - - 15,133 Total expenditures - - - - 1,100 7,236,926 Excess (Deficiency) of Revenues over (under) Expenditures 143,272 4,157 273 61,224 - 2,560,751 Other Financing Sources (Uses) Transfers in - - - - - 1,805,000 Transfers out (101,639) - - - - (4,939,796) Total other financing sources (uses)(101,639) - - - - (3,134,796) Net Change in Fund Balances 41,633 4,157 273 61,224 - (574,045) Fund Balances, Beginning of Year 192,753 39,130 5,723 136,036 - 21,675,067 Fund Balances, End of Year 234,386$ 43,287$ 5,996$ 197,260$ -$ 21,101,022$ Capital Projects Funds 95 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund State Gas Tax Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 993,643$ 993,643$ 993,643$ -$ Resources (Inflows) Intergovernmental 1,719,400 1,732,800 1,648,708 (84,092) Use of money and property 9,000 9,000 7,827 (1,173) Transfers in 50,000 50,000 50,000 - Amounts available for appropriations 2,772,043 2,785,443 2,700,178 (85,265) Charges to Appropriation (Outflows) Public works 980,200 1,062,200 937,025 125,175 Transfers out 795,100 1,226,569 299,384 927,185 Total charges to appropriations 1,775,300 2,288,769 1,236,409 1,052,360 Budgetary Fund Balance, June 30 996,743$ 496,674$ 1,463,769$ 967,095$ Budget Amounts 96 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Library and Museum Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 8,050,105$ 8,050,105$ 8,050,105$ -$ Resources (Inflows) Intergovernmental 2,727,000 2,727,000 2,974,364 247,364 Use of money and property 80,000 80,000 12,048 (67,952) Miscellaneous revenue 1,500 200 1,011 811 Amounts available for appropriations 10,858,605 10,857,305 11,037,528 180,223 Charges to Appropriation (Outflows) Community services 1,710,100 2,313,100 2,047,533 265,567 Capital Outlay 5,000 5,000 551 4,449 Total charges to appropriations 1,715,100 2,318,100 2,048,084 270,016 Budgetary Fund Balance, June 30 9,143,505$ 8,539,205$ 8,989,444$ 450,239$ Budget Amounts 97 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Federal Assistance Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 (5,271)$ (5,271)$ (5,271)$ -$ Resources (Inflows) Intergovernmental 141,900 147,472 293,162 145,690 Use of money and property - - 3,471 3,471 Amounts available for appropriations 136,629 142,201 291,362 149,161 Charges to Appropriation (Outflows) Public Works 20,000 20,000 - 20,000 Transfers out 121,900 301,339 286,276 15,063 Total charges to appropriations 141,900 321,339 286,276 35,063 Budgetary Fund Balance, June 30 (5,271)$ (179,138)$ 5,086$ 184,224$ Budget Amounts 98 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund SLESA Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 208,388$ 208,388$ 208,388$ -$ Resources (Inflows) Intergovernmental 100,000 100,000 156,727 56,727 Use of money and property 1,000 1,000 1,890 890 Amounts available for appropriations 309,388 309,388 367,005 57,617 Charges to Appropriation (Outflows) Public safety 100,000 100,000 101,530 (1,530) Budgetary Fund Balance, June 30 209,388$ 209,388$ 265,475$ 56,087$ Budget Amounts 99 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Lighting and Landscaping Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 647,840$ 647,840$ 647,840$ -$ Resources (Inflows) Assessments 996,000 976,100 984,435 8,335 Use of money and property 10,000 10,000 (2,629) (12,629) Transfers in 871,000 871,000 871,000 - Amounts available for appropriations 2,524,840 2,504,940 2,500,646 (4,294) Charges to Appropriation (Outflows) Public works 1,876,600 2,126,600 2,010,646 115,954 Budgetary Fund Balance, June 30 648,240$ 378,340$ 490,000$ 111,660$ Budget Amounts 100 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Quimby Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 1,565,574$ 1,565,574$ 1,565,574$ -$ Resources (Inflows) Use of money and property 30,000 30,000 (21,813) (51,813) Developer participation 50,000 50,000 57,228 7,228 Amounts available for appropriations 1,645,574 1,645,574 1,600,989 (44,585) Charges to Appropriation (Outflows) Transfers out - 2,781,625 1,600,989 1,180,636 Budgetary Fund Balance, June 30 1,645,574$ (1,136,051)$ -$ 1,136,051$ Budget Amounts 101 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Public Safety Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 47,557$ 47,557$ 47,557$ -$ Resources (Inflows) Use of money and property 600 600 12 (588) Transfers in 2,000 2,000 2,000 - Amounts available for appropriations 50,157 50,157 49,569 (588) Budgetary Fund Balance, June 30 50,157$ 50,157$ 49,569$ (588)$ Budget Amounts 102 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Art in Public Places Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 692,026$ 692,026$ 692,026$ -$ Resources (Inflows) Use of money and property 6,000 6,000 956 (5,044) Developer participation 55,000 65,000 84,977 19,977 Transfer In 50,000 50,000 50,000 - Amounts available for appropriations 803,026 813,026 827,959 14,933 Charges to Appropriation (Outflows) Community services 60,000 60,000 49,845 10,155 Capital outlay 50,000 50,000 13,500 36,500 Transfers out - 615,700 - 615,700 Total charges to appropriations 110,000 725,700 63,345 662,355 Budgetary Fund Balance, June 30 693,026$ 87,326$ 764,614$ 677,288$ Budget Amounts 103 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund South Coast Air Quality Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 23,518$ 23,518$ 23,518$ -$ Resources (Inflows) Intergovernmental 52,000 52,000 66,268 14,268 Use of money and property 1,000 1,000 151 (849) Amounts available for appropriations 76,518 76,518 89,937 13,419 Charges to Appropriation (Outflows) Planning and development 42,200 48,900 57,413 (8,513) Budgetary Fund Balance, June 30 34,318$ 27,618$ 32,524$ 4,906$ Budget Amounts 104 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund AB 939 Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 789,964$ 789,964$ 789,964$ -$ Resources (InFlows) Taxes 61,000 61,000 60,486 (514) Intergovernmental - - 10,303 10,303 Use of money and property 15,000 15,000 (168) (15,168) Amounts available for appropriations 865,964 865,964 860,585 (5,379) Charges to Appropriation (Outflows) Planning and development 100,000 250,000 53,932 196,068 Budgetary Fund Balance, June 30 765,964$ 615,964$ 806,653$ 190,689$ Budget Amounts 105 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Law Enforcement Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 1,215,121$ 1,215,121$ 1,215,121$ -$ Resources (Inflows) Intergovernmental 17,000 24,600 10,486 (14,114) Use of money and property 10,100 10,100 (10,397) (20,497) Transfer In - 332,000 332,000 - Amounts available for appropriations 1,242,221 1,581,821 1,547,210 (34,611) Charges to Appropriation (Outflows) Public safety 17,000 24,600 42,263 (17,663) Transfers out 1,000,000 1,372,296 1,085,899 286,397 Total Charges to Appropriations 1,017,000 1,396,896 1,128,162 268,734 Budgetary Fund Balance, June 30 225,221$ 184,925$ 419,048$ 234,123$ Budget Amounts 106 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Measure A Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 1,527,460$ 1,527,460$ 1,527,460$ -$ Resources (Inflows) Taxes 1,299,000 1,499,000 1,917,446 418,446 Use of money and property 20,000 20,000 23,217 3,217 Amounts available for appropriations 2,846,460 3,046,460 3,468,123 421,663 Charges to Appropriation (OutFlows) Public Works - - 8,770 (8,770) Transfers out 1,263,900 2,455,084 260,085 2,194,999 Total charges to appropriations 1,263,900 2,455,084 268,855 2,186,229 Budgetary Fund Balance, June 30 1,582,560$ 591,376$ 3,199,268$ 2,607,892$ Budget Amounts 107 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund Economic Development Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 4,065,917$ 4,065,917$ 4,065,917$ -$ Resources (Inflows) Use of money and property 40,000 40,000 (21,876) (61,876) Transfer in - 609,100 500,000 (109,100) Amounts available for appropriations 4,105,917 4,715,017 4,544,041 (170,976) Charges to Appropriation (Outflows) Planning and development 10,000 1,630,500 1,494,374 136,126 Budgetary Fund Balance, June 30 4,095,917$ 3,084,517$ 3,049,667$ (34,850)$ Budget Amounts 108 City of La Quinta, California Budgetary Comparison Schedule – Special Revenue Fund AB 1379 Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 37,065$ 37,065$ 37,065$ -$ Resources (Inflows) Intergovernmental 18,000 18,000 17,112 (888) Use of money and property 200 200 227 27 Amounts available for appropriations 55,265 55,265 54,404 (861) Charges to Appropriation (Outflows) Planning and development 4,400 4,400 3,310 1,090 Budgetary Fund Balance, June 30 50,865$ 50,865$ 51,094$ 229$ Budget Amounts 109 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Capital Improvement Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 (3,664,785)$ (3,664,785)$ (3,664,785)$ -$ Resources (Inflows) Intergovernmental 12,535,500 38,324,315 11,991,234 (26,333,081) Developer participation - 1,072,681 171,134 (901,547) Transfers in 6,522,800 35,453,956 8,976,267 (26,477,689) Amounts available for appropriations 15,393,515 71,186,167 17,473,850 (53,712,317) Charges to Appropriation (Outflows) Planning and development 1,505,000 2,719,380 1,086,169 1,633,211 Capital outlay 17,553,300 68,919,366 17,764,845 51,154,521 Total charges to appropriations 19,058,300 71,638,746 18,851,014 52,787,732 Budgetary Fund Balance, June 30 (3,664,785)$ (452,579)$ (1,377,164)$ (924,585)$ Budget Amounts 110 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Infrastructure Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 19,408$ 19,408$ 19,408$ -$ Resources (Inflows) Use of money and property 200 200 (9) (209) Amounts available for appropriations 19,608 19,608 19,399 (209) Charges to Appropriation (Outflows) Transfers out - 22,618 - 22,618 Budgetary Fund Balance, June 30 19,608$ (3,010)$ 19,399$ 22,409$ Budget Amounts 111 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Civic Center Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 301,271$ 301,271$ 301,271$ -$ Resources (Inflows) Use of money and property - 2,000 2,828 828 Developer participation 110,000 110,000 194,521 84,521 Amounts available for appropriations 411,271 413,271 498,620 85,349 Budgetary Fund Balance, June 30 411,271$ 413,271$ 498,620$ 85,349$ Budget Amounts 112 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Transportation Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 2,321,502$ 2,321,502$ 2,321,502$ -$ Resources (Inflows) Use of money and property 30,000 30,000 (5,543) (35,543) Developer participation 350,000 350,000 693,586 343,586 Amounts available for appropriations 2,701,502 2,701,502 3,009,545 308,043 Charges to Appropriation (Outflows) Public works 400,000 400,000 400,001 1 Transfers out 893,000 1,557,670 343,055 1,214,615 Total charges to appropriations 1,293,000 1,957,670 743,056 1,214,616 Budgetary Fund Balance, June 30 1,408,502$ 743,832$ 2,266,489$ 1,522,659$ Budget Amounts 113 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Parks and Recreation Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 294,027$ 294,027$ 294,027$ -$ Resources (Inflows) Use of money and property 4,000 4,000 (5,939) (9,939) Developer participation 300,000 300,000 328,072 28,072 Amounts available for appropriations 598,027 598,027 616,160 18,133 Charges to Appropriation (Outflows) Transfers out - 959,713 962,469 (2,756) Budgetary Fund Balance, June 30 598,027$ (361,686)$ (346,309)$ 15,377$ Budget Amounts 114 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Library Development Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 (1,505,187)$ (1,505,187)$ (1,505,187)$ -$ Resources (Inflows) Developer participation 45,000 45,000 61,531 16,531 Amounts available for appropriations (1,460,187) (1,460,187) (1,443,656) 16,531 Charges to Appropriation (Outflows) Debt service Interest and fiscal charges 30,000 30,000 15,133 14,867 Budgetary Fund Balance, June 30 (1,490,187)$ (1,490,187)$ (1,458,789)$ 31,398$ Budget Amounts 115 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Community Center Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 192,753$ 192,753$ 192,753$ -$ Resources (Inflows) Use of money and property 1,500 1,500 752 (748) Developer participation 15,000 75,000 142,520 67,520 Amounts available for appropriations 209,253 269,253 336,025 66,772 Charges to Appropriation (Outflows) Transfers out - 101,639 101,639 - Budgetary Fund Balance, June 30 209,253$ 167,614$ 234,386$ 66,772$ Budget Amounts 116 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Street Facility Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 39,130$ 39,130$ 39,130$ -$ Resources (Inflows) Use of money and property - - 62 62 Developer participation 17,000 2,000 4,095 2,095 Amounts available for appropriations 56,130 41,130 43,287 2,157 Budgetary Fund Balance, June 30 56,130$ 41,130$ 43,287$ 2,157$ Budget Amounts 117 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Park Facility Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 5,723$ 5,723$ 5,723$ -$ Resources (Inflows) Use of money and property 100 100 (47) (147) Developer participation 7,000 400 320 (80) Amounts available for appropriations 12,823 6,223 5,996 (227) Charges to Appropriation (Outflows) Transfers out - 5,600 - 5,600 Budgetary Fund Balance, June 30 12,823$ 623$ 5,996$ 5,373$ Budget Amounts 118 City of La Quinta, California Budgetary Comparison Schedule – Capital Projects Fund Fire Facility Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 136,036$ 136,036$ 136,036$ -$ Resources (Inflows) Use of money and property 500 500 867 367 Developer participation 55,000 55,000 60,357 5,357 Amounts available for appropriations 191,536 191,536 197,260 5,724 Budgetary Fund Balance, June 30 191,536$ 191,536$ 197,260$ 5,724$ Budget Amounts 119 City of La Quinta, California Budgetary Comparison Schedule – Debt Service Fund Financing Authority Year Ended June 30, 2021 Variance with Final Budget Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 -$ -$ -$ -$ Resources (Inflows) Use of money and property 1,000 1,000 1,100 100 Amounts available for appropriations 1,000 1,000 1,100 100 Charges to Appropriation (Outflows) General government 1,100 1,100 1,100 - Budgetary Fund Balance, June 30 (100)$ (100)$ -$ 100$ Budget Amounts 120 City of La Quinta, California Internal Service Funds Year Ended June 30, 2021 Internal service funds are used to account for activities involved in rendering services to departments within the City. Costs of materials and services used are accumulated in this fund and charged to the user departments as such good are delivered or services rendered. The City of La Quinta has the following Internal Service Funds: Equipment Replacement Fund – To account for the operational maintenance and ultimate replacement of City owned and operated vehicles and equipment. Information Technology Fund – To account for the purchase and replacement of information systems. Park Equipment and Facilities Fund – To account for the purchase and replacement of City owned and operated park equipment and facilities. Insurance Fund – To account for the City’s insurance coverage. 121 City of La Quinta, California Combining Statement of Net Position Internal Service Funds June 30, 2021 Park Equipment Information Equipment Replacement Technology and Facilities Insurance Totals Assets Current Pooled cash and investments 3,638,607$ 1,835,005$ 3,681,352$ 362,498$ 9,517,462$ Receivables Accounts - - - 6,096 6,096 Accrued interest 1,457 735 1,474 143 3,809 Prepaid costs - 113,691 - 108,232 221,923 Total current assets 3,640,064 1,949,431 3,682,826 476,969 9,749,290 Noncurrent Capital assets - net of accumulated depreciation 1,136,452 346,109 12,107,952 - 13,590,513 Total assets 4,776,516 2,295,540 15,790,778 476,969 23,339,803 Liabilities Current Accounts payable 60,265 31,780 2,315 182 94,542 Accrued liabilities - 1,233 - (1) 1,232 Current portion of capital leases 193,508 33,601 - - 227,109 Total current liabilities 253,773 66,614 2,315 181 322,883 Noncurrent Long-term portion of capital leases 140,538 50,403 - - 190,941 Total liabilities 394,311 117,017 2,315 181 513,824 Net Position Net investment in capital assets 802,406 262,105 12,107,952 - 13,172,463 Unrestricted 3,579,799 1,916,418 3,680,511 476,788 9,653,516 Total net position 4,382,205$ 2,178,523$ 15,788,463$ 476,788$ 22,825,979$ Governmental Activities - Internal Service Funds 122 City of La Quinta, California Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds Year Ended June 30, 2021 Park Equipment Information Equipment and Replacement Technology Facilities Insurance Totals Operating Revenues Sales and service charges 871,500$ 1,716,309$ 200,000$ 927,500$ 3,715,309$ Operating Expenses Administration and general 27,476 43,631 - 165,416 236,523 Fuel and oil 80,734 - - - 80,734 Maintenance and parts 116,728 - - - 116,728 Contract services - 443,381 51,791 - 495,172 Software and supplies - 470,908 - 699,594 1,170,502 Depreciation expense 313,217 128,667 519,350 - 961,234 Total operating expenses 538,155 1,086,587 571,141 865,010 3,060,893 Operating Income (Loss)333,345 629,722 (371,141) 62,490 654,416 Nonoperating Revenue (Expenses) Interest revenue 2,716 8,558 (1,762) 4,991 14,503 Miscellaneous revenue - - 10,129 4,000 14,129 Interest expense (26,948) - - - (26,948) Gain on disposal of capital assets 21,268 25,825 - - 47,093 Total nonoperating revenues (2,964) 34,383 8,367 8,991 48,777 Income (Loss) Before Transfers 330,381 664,105 (362,774) 71,481 703,193 Transfers in - - - - - Transfers out - - (87,986) - (87,986) Changes in Net Position 330,381 664,105 (450,760) 71,481 615,207 Net Position Beginning of Year 4,051,824 1,514,418 16,239,223 405,307 22,210,772 End of Year 4,382,205$ 2,178,523$ 15,788,463$ 476,788$ 22,825,979$ Governmental Activities - Internal Service Funds 123 City of La Quinta, California Combining Statement of Cash Flows Internal Service Funds Year Ended June 30, 2021 Park Equipment Information Equipment Replacement Technology and Facilities Insurance Totals Operating Activities Cash received from interfund services provided 871,500$ 1,716,309$ 200,000$ 921,405$ 3,709,214$ Cash paid to suppliers for goods and services (307,840) (1,007,003) (80,994) (588,873) (1,984,710) Cash paid to employees for services - - - (1) (1) Net Cash from Operating Activities 563,660 709,306 119,006 332,531 1,724,503 Non-Capital Financing Activities Cash transfers out - - (87,986) - (87,986) Net Cash from (used for) Non-Capital Financing Activities - - (87,986) - (87,986) Capital and Related Financing Activities Capital contributions - - 10,130 - 10,130 Acquisition and construction of capital assets (28,161) (120,994) (12,126) - (161,281) Interest paid on capital debt (26,944) - - - (26,944) Capital lease (244,200) (33,601) - - (277,801) Proceeds from sales of capital assets 21,268 25,825 - - 47,093 Net Cash from (used for) Capital and Related Financing Activities (278,037) (128,770) (1,996) - (408,803) Investing Activities Interest received 6,570 9,798 2,554 8,881 27,803 Net Change in Cash and Cash Equivalents 292,193 590,334 31,578 - 341,412 - 1,255,517 Cash and Cash Equivalents, Beginning of Year 3,346,414 1,244,671 3,649,774 21,086 8,261,945 Cash and Cash Equivalents, End of Year 3,638,607$ 1,835,005$ 3,681,352$ 362,498$ 9,517,462$ - - - - - - Reconciliation of operating income to net cash from (used for) operating activities Operating income (loss)333,345$ 629,722$ (371,141)$ 62,490$ 654,416$ Adjustments to reconcile operating income (loss) to net cash from (used for) operating activities Depreciation 313,217 128,667 519,350 - 961,234 Changes in Prepaid costs - (38,778) - 275,956 237,178 Accounts receivable - - - (6,096) (6,096) Accounts payable (82,902) (10,166) (29,203) 182 (122,089) Accrued liabilities - (139) - (1) (140) Net Cash from Operating Activities 563,660$ 709,306$ 119,006$ 332,531$ 1,724,503$ Governmental Activities - Internal Service Funds Statistical Section June 30, 2021 City of La Quinta, California This page intentionally left blank. 124 City of La Quinta Statistical Section Year Ended June 30, 2021 This part of the City of La Quinta’s comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health. Contents Page Financial Trends These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.125 Revenue Capacity These schedules contain information to help the reader assess the factors affecting the City's ability to generate its property taxes.137 Debt Capacity These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to use additional debt in the future.147 Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place and to help make comparisons over time and with other governments.154 Operating Information These schedules contain information about the City's operations and resources to help the reader understand how the City's financial information relates to the services the City provides and the activities it performs.157 Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year. CITY OF LA QUINTA Net Position by Component Last Ten Fiscal Years (Accrual basis of accounting) 2012 2013 2014 2015 2016 Governmental Activities Net investment in capital assets 534,388,479$ 529,681,342$ 527,614,666$ 523,495,389$ 516,499,682$ Restricted 26,585,382 49,598,397 53,669,248 62,472,221 61,148,731 Unrestricted 89,832,811 83,399,745 83,907,046 74,362,189 84,439,071 Total Governmental Activities Net Position 650,806,672 662,679,484 665,190,960 660,329,799 662,087,484 Business-Type Activities Net investment in capital assets 42,105,683 41,741,443 41,354,565 44,118,111 43,898,784 Restricted - - - - - Unrestricted (4,745,892) (4,750,604) (4,674,666) (4,892,647) (5,086,906) Total Business-Type Activities Net Position 37,359,791 36,990,839 36,679,899 39,225,464 38,811,878 Primary Government Net investment in capital assets 576,494,162 571,422,785 568,969,231 567,613,500 560,398,466 Restricted 26,585,382 49,598,397 53,669,248 62,472,221 61,148,731 Unrestricted 85,086,919 78,649,141 79,232,380 69,469,542 79,352,165 Total Primary Government Net Position 688,166,463 699,670,323 701,870,859 699,555,263 700,899,362 Fiscal Year Source:City of La Quinta 125 TABLE 1 2017 2018 2019 2020 2021 Governmental Activities: 517,039,487$ 510,913,594$ 519,221,969$ 509,777,422$ 519,203,177$ Net investment in capital assets 38,824,860 39,204,789 44,815,499 46,001,248 46,711,801 Restricted 118,125,125 130,950,644 138,584,041 142,418,499 162,887,430 Unrestricted 673,989,472 681,069,027 702,621,509 698,197,169 728,802,408 Total Governmental Activities Net Position Business-Type Activities: 43,836,868 43,585,880 43,375,536 39,712,955 42,717,914 Net investment in capital assets - - - - - Restricted (5,140,966) (5,203,212) 240,125 3,145,820 368,750 Unrestricted 38,695,902 38,382,668 43,615,661 42,858,775 43,086,664 Total Business-Type Activities Net Position Primary Government: 560,876,355 554,499,474 562,597,505 549,490,377 561,921,091 Net investment in capital assets 38,824,860 39,204,789 44,815,499 46,001,248 46,711,801 Restricted 112,984,159 125,747,432 138,824,166 145,564,319 163,256,180 Unrestricted 712,685,374 719,451,695 746,237,170 741,055,944 771,889,072 Total Primary Government Net Position 126 CITY OF LA QUINTA Changes in Net Position Last Ten Fiscal Years (Accrual basis of accounting) 2012 2013 2014 2015 2016 Expenses Governmental activities: General government 6,183,712$ 4,511,023$ 4,830,239$ 5,166,732$ 5,645,004$ Public safety 20,815,454 21,047,691 21,169,423 21,636,149 22,067,603 Planning and development 6,378,352 2,274,541 3,098,015 2,212,013 3,359,732 Community services 5,093,402 4,986,104 4,130,085 5,992,362 6,214,098 Public works 13,288,521 11,803,133 12,610,994 18,116,732 12,157,245 Contribution to other agencies - - - - - Interest on long-term debt 3,021,496 447,048 405,977 340,716 343,129 Total governmental activities expenditures 54,780,937 45,069,540 46,244,733 53,464,704 49,786,811 Business-type activities: Golf course 4,085,282 4,208,855 4,971,977 5,053,360 4,373,586 Total business-type activities expenditures 4,085,282 4,208,855 4,971,977 5,053,360 4,373,586 58,866,219 49,278,395 51,216,710 58,518,064 54,160,397 Program Revenues Governmental activities: Charges for services: General government 86,869 38,812 71,042 121,140 192,538 Public safety 1,020,822 927,604 1,412,819 1,655,421 1,378,704 Planning and development 68,470 112,695 595,980 489,589 467,053 Community services 247,397 245,392 1,224,719 307,869 386,824 Public works 1,080,744 1,209,438 1,195,703 1,197,069 1,134,630 Operating grants and contributions 11,289,673 28,068,940 14,587,153 16,829,107 12,213,338 Capital grants and contributions 9,990,793 3,981,286 3,536,444 1,076,145 Total governmental activities program revenues 23,784,768 30,602,881 23,068,702 24,136,639 16,849,232 Business-type activities: Charges for services: Golf course 3,871,898 3,736,879 3,481,424 3,561,857 3,621,495 Capital grants and contributions - - - 2,872,122 - Total business-type activities program revenues 3,871,898 3,736,879 3,481,424 6,433,979 3,621,495 27,656,666 34,339,760 26,550,126 30,570,618 20,470,727 Net Revenues (Expenditures): Governmental activities (30,996,169) (14,466,659) (23,176,031) (29,328,065) (32,937,579) Business-type activities (213,384) (471,976) (1,490,553) 1,380,619 (752,091) (31,209,553) (14,938,635) (24,666,584) (27,947,446) (33,689,670) General Revenues and Other Changes in Net Position: Governmental activities: Taxes: Property taxes 21,370,476 7,043,604 9,193,753 8,776,491 8,798,296 Tax increment - - - - - Transient occupancy taxes 5,446,883 5,980,684 6,307,737 6,637,183 7,835,745 Sales tax 7,713,741 7,833,545 8,786,819 8,873,008 9,107,046 Franchise taxes 1,687,440 1,669,476 1,688,263 1,861,453 1,799,938 Business license taxes 293,592 292,966 307,654 306,087 334,465 Other taxes 428,963 518,778 580,834 530,336 516,964 Motor vehicle in lieu, unrestricted 3,173,826 3,157,330 3,291,042 3,486,367 3,651,549 Investment income 1,925,255 1,605,718 2,190,357 1,981,343 2,390,468 Gain (loss) on sale of capital assets - 28,551 - - - Miscellaneous 268,644 192,509 243,498 296,346 376,193 Special Item (interfund loan payoff) Extraordinary gain/loss on dissolution of RDA 158,654,715 (2,189,984) (6,402,450) - - Transfers - - (500,000) (247,739) (115,400) Total governmental activities 200,963,535 26,133,177 25,687,507 32,500,875 34,695,264 Business-type activities: Investment income 1,075 2,225 1,567 2,043 4,282 Miscellaneous - 100,799 678,046 915,164 218,823 Transfers - - 500,000 247,739 115,400 Total business-type activities 1,075 103,024 1,179,613 1,164,946 338,505 Total Primary Government 200,964,610 26,236,201 26,867,120 33,665,821 35,033,769 Changes in Net Position Governmental activities 169,967,366 11,666,518 2,511,476 3,172,810 1,757,685 Business-type activities (212,309) (368,952) (310,940) 2,545,565 (413,586) Total Primary Government 169,755,057 11,297,566 2,200,536 5,718,375 1,344,099 Total Primary Government Expenditures Total Primary Government Program Revenues Fiscal Year Total Net Revenues (Expenditures) Source:City of La Quinta For fiscal 2018/19, there is a one-time entry for an interfund loan noted as a 'special item' under governmental activites and 'miscellaneous' under business type activities. This is also dicussed in the Notes to Basic Financial Statements section of the 2018/19 127 TABLE 2 2017 2018 2019 2020 2021 Expenditures: Governmental activities: 5,565,727$ 8,869,174$ 9,085,863$ 9,877,251$ 8,106,209$ General government 23,378,824 22,508,088 23,164,976 24,009,725 24,429,310 Public safety 2,882,321 4,352,134 5,913,321 5,845,836 6,508,522 Planning and development 6,584,268 9,231,268 6,202,084 11,362,950 6,958,234 Community services 10,927,160 15,580,975 4,430,519 32,248,031 11,438,197 Public works - Contribution to other agencies 309,463 1,468,971 210,941 98,049 42,081 Interest on long-term debt 49,647,763 62,010,610 49,007,703 83,441,842 57,482,553 Total governmental activities expenditures Business-type activities: 3,965,644 4,318,463 4,558,922 4,148,190 4,169,286 Golf course 3,965,644 4,318,463 4,558,922 4,148,190 4,169,286 Total business-type activities expenditures 53,613,407 66,329,073 53,566,625 87,590,032 61,651,839 Total Primary Government Expenditures Program Revenues: Governmental activities: Charges for services: 504,127 883,153 516,115 615,348 1,541,535 General government 341,368 367,848 376,249 367,277 770,760 Public safety 564,327 724,499 636,683 799,040 710,529 Planning and development 453,098 442,656 479,542 366,896 178,554 Community services 741,703 1,054,902 1,119,816 1,436,362 1,503,633 Public works 6,187,803 4,259,916 5,623,509 7,817,482 4,413,523 Operating grants and contributions 3,316,153 4,455,060 5,462,395 9,613,752 15,770,048 Capital grants and contributions 12,108,579 12,188,034 14,214,310 21,016,157 24,888,582 Total governmental activities program revenues Business-type activities: Charges for services: 3,446,340 3,567,718 3,773,396 2,746,748 3,509,096 Golf course - Capital grants and contributions 3,446,340 3,567,718 3,773,396 2,746,748 3,509,096 Total business-type activities program revenues 15,554,919 15,755,752 17,987,706 23,762,905 28,397,678 Total Primary Government Program Revenues Net Revenues (Expenditures): (37,539,184) (49,822,576) (34,793,394) (62,425,685) (32,593,971) Governmental activities (519,304) (750,745) (785,526) (1,401,442) (660,190) Business-type activities (38,058,488) (50,573,321) (35,578,920) (63,827,127) (33,254,161) Total Net Revenues (Expenditures) General Revenues and Other Changes in Net Position: Governmental activities: Taxes: 15,521,335 15,887,015 16,423,843 16,710,544 16,893,629 Property taxes - - - - - Tax increment 9,433,970 10,752,788 11,230,915 8,079,394 11,847,139 Transient occupancy taxes 10,060,305 18,956,985 20,905,243 19,136,015 23,323,549 Sales tax 1,815,491 1,977,179 2,032,848 1,996,593 2,055,505 Franchise taxes 365,451 345,187 418,707 378,744 383,551 Business license taxes 585,333 718,472 713,237 662,545 1,568,997 Other taxes 3,813,213 3,941,348 4,086,536 4,290,417 4,376,455 Motor vehicle in lieu, unrestricted 442,710 803,654 5,150,613 5,110,358 1,427,664 Investment income - - - - - Gain (loss) on sale of capital assets 460,614 649,566 394,347 1,404,143 1,457,788 Miscellaneous (5,553,561) - - Special Item (interfund loan payoff) 7,344,050 3,624,121 993,148 867,792 739,933 Extraordinary gain/loss on dissolution of RDA (401,300) (434,000) (450,000) (635,200) (875,000) Transfers 49,441,172 57,222,315 56,345,876 58,001,345 63,199,210 Total governmental activities Business-type activities: 2,028 3,511 14,958 9,356 13,081 Investment income - - 5,553,561 - - Miscellaneous 401,300 434,000 450,000 635,200 875,000 Transfers 403,328 437,511 6,018,519 644,556 888,081 Total business-type activities 49,844,500 57,659,826 62,364,395 58,645,901 64,087,291 Total Primary Government Changes in Net Position 11,901,988 7,399,739 21,552,482 (4,424,340) 30,605,239 Governmental activities (115,976) (313,234) 5,232,993 (756,886) 227,891 Business-type activities 11,786,012 7,086,505 26,785,475 (5,181,226) 30,833,130 Total Primary Government 128 CITY OF LA QUINTA Changes in Net Position - Governmental Activities Last Ten Fiscal Years (Accrual basis of accounting) 2012 2013 2014 2015 2016 Expenses General government 6,183,712$ 4,511,023$ 4,830,239$ 5,166,732$ 5,645,004$ Public safety 20,815,454 21,047,691 21,169,423 21,636,149 22,067,603 Planning and development 6,378,352 2,274,541 3,098,015 2,212,013 3,359,732 Community services 5,093,402 4,986,104 4,130,085 5,992,362 6,214,098 Public works 13,288,521 11,803,133 12,610,994 18,116,732 12,157,245 Contribution to other agencies - - - - - Interest on long-term debt 3,021,496 447,048 405,977 340,716 343,129 Total Governmental Activities Expenditures 54,780,937 45,069,540 46,244,733 53,464,704 49,786,811 Program Revenues Charges for services: General government 86,869 38,812 71,042 121,140 192,538 Public safety 1,020,822 927,604 1,412,819 1,655,421 1,378,704 Planning and development 68,470 112,695 595,980 489,589 467,053 Community services 247,397 245,392 1,224,719 307,869 386,824 Public works 1,080,744 1,209,438 1,195,703 1,197,069 1,134,630 Operating grants and contributions 11,289,673 28,068,940 14,587,153 16,829,107 12,213,338 Capital grants and contributions 9,990,793 4,115,238 3,981,286 3,536,444 1,076,145 23,784,768 34,718,119 23,068,702 24,136,639 16,849,232 Net Revenues (Expenditures)(30,996,169) (10,351,421) (23,176,031) (29,328,065) (32,937,579) General Revenues and Other Changes in Net Position Taxes: Property taxes 21,370,476 7,043,604 9,193,753 8,776,491 8,798,296 Tax increment - - - - - Transient occupancy taxes 5,446,883 5,980,684 6,307,737 6,637,183 7,835,745 Sales tax 7,713,741 7,833,545 8,786,819 8,873,008 9,107,046 Franchise tax 1,687,440 1,669,476 1,688,263 1,861,453 1,799,938 Business license taxes 293,592 292,966 307,654 306,087 334,465 Other tax 428,963 518,778 580,834 530,336 516,964 Motor vehicle in lieu, unrestricted 3,173,826 3,157,330 3,291,042 3,486,367 3,651,549 Investment income 1,925,255 1,605,718 2,190,357 1,981,343 2,390,468 Gain (loss) on sale of capital assets - 28,551 - - 376,193 Miscellaneous 268,644 192,509 243,498 296,346 - Special item (interfund loan payoff) Extraordinary gain/loss on dissolution of RDA 158,654,715 (2,189,984) (6,402,450) - - Transfers - - (500,000) (247,739) (115,400) Total Governmental Activities 200,963,535 26,133,177 25,687,507 32,500,875 34,695,264 Changes in Net Position 169,967,366 15,781,756 2,511,476 3,172,810 1,757,685 Fiscal Year Total Governmental Activities Program Revenues Source:City of La Quinta 129 TABLE 3 2017 2018 2019 2020 2021 Expenditures: 5,565,727$ 8,869,174$ 9,085,863$ 9,877,251$ 8,106,209$ General government 23,378,824 22,508,088 23,164,976 24,009,725 24,429,310 Public safety 2,882,321 4,352,134 5,913,321 5,845,836 6,508,522 Planning and development 6,584,268 9,231,268 6,202,084 11,362,950 6,958,234 Community services 10,927,160 15,580,975 4,430,519 32,248,031 11,438,197 Public works - - - - - Contribution to other agencies 309,463 1,468,971 210,941 98,049 42,081 Interest on long-term debt 49,647,763 62,010,610 49,007,703 83,441,842 57,482,553 Total Governmental Activities Expenditures Program Revenues: Charges for services: 504,127 883,153 516,115 615,348 1,541,535 General government 341,368 367,848 376,249 367,277 770,760 Public safety 564,327 724,499 636,683 799,040 710,529 Planning and development 453,098 442,656 479,542 366,896 178,554 Community services 741,703 1,054,902 1,119,816 1,436,362 1,503,633 Public works 6,187,803 4,259,916 5,623,509 7,817,482 4,413,523 Operating grants and contributions 3,316,153 4,455,060 5,462,395 9,613,752 15,770,048 Capital grants and contributions 12,108,579 12,188,034 14,214,310 21,016,157 24,888,582 Total Governmental Activities Program Revenues (37,539,184) (49,822,576) (34,793,394) (62,425,685) (32,593,971) Net Revenues (Expenditures) General Revenues and Other Changes in Net Position: Taxes: 15,521,335 15,887,015 16,423,843 16,710,544 16,893,629 Property taxes - - - - - Tax increment 9,433,970 10,752,788 11,230,915 8,079,394 11,847,139 Transient occupancy taxes 10,060,305 18,956,985 20,905,243 19,136,015 23,323,549 Sales tax 1,815,491 1,977,179 2,032,848 1,996,593 2,055,505 Franchise tax 365,451 345,187 418,707 378,744 383,551 Business license taxes 585,333 718,472 713,237 662,545 1,568,997 Other tax 3,813,213 3,941,348 4,086,536 4,290,417 4,376,455 Motor vehicle in lieu, unrestricted 442,710 803,654 5,150,613 5,110,358 1,427,664 Investment income 460,614 649,566 394,347 1,404,143 1,457,788 Gain (loss) on sale of capital assets - - - - - Miscellaneous (5,553,561) - - Special item (interfund loan payoff) 7,344,050 3,624,121 993,148 867,792 739,933 Extraordinary gain/loss on dissolution of RDA (401,300) (434,000) (450,000) (635,200) (875,000) Transfers 49,441,172 57,222,315 56,345,876 58,001,345 63,199,210 Total Governmental Activities 11,901,988 7,399,739 21,552,482 (4,424,340) 30,605,239 Changes in Net Position 130 CITY OF LA QUINTA Changes in Net Position - Business-type Activities Last Ten Fiscal Years (Accrual basis of accounting) 2012 2013 2014 2015 2016 Expenses Golf course 4,085,282$ 4,208,855$ 4,971,977$ 5,053,360$ 4,373,586$ Total Business-Type Activities Expenditures 4,085,282 4,208,855 4,971,977 5,053,360 4,373,586 Program revenues Charges for services: Golf course 3,871,898 3,736,879 3,481,424 3,561,857 3,621,495 Capital grants and contributions - - - 2,872,122 - 3,871,898 3,736,879 3,481,424 6,433,979 3,621,495 Net Revenues (Expenditures)(213,384) (471,976) (1,490,553) 1,380,619 (752,091) General Revenues and Other Changes in Net Position Investment income 1,075 2,225 1,567 2,043 4,282 Gain (loss) on sale of capital assets - - - - - Miscellaneous - 100,799 678,046 915,164 218,823 Transfers - - 500,000 247,739 115,400 Capital contributions - - - - - Total Business-Type Activities 1,075 103,024 1,179,613 1,164,946 338,505 Changes in Net Position (212,309) (368,952) (310,940) 2,545,565 (413,586) Total Business-Type Activities Program Revenues Fiscal Year Source:City of La Quinta 131 TABLE 4 2017 2018 2019 2020 2021 Expenditures: 3,965,644$ 4,318,463$ 4,558,922$ 4,148,190$ 4,169,286$ Golf course 3,965,644 4,318,463 4,558,922 4,148,190 4,169,286 Total Business-Type Activities Expenditures Program revenues: Charges for services: 3,446,340 3,567,718 3,773,396 2,746,748 3,509,096 Golf course - - - - - Capital grants and contributions 3,446,340 3,567,718 3,773,396 2,746,748 3,509,096 (519,304) (750,745) (785,526) (1,401,442) (660,190) Net Revenues (Expenditures) General Revenues and Other Changes in Net Position: 2,028 3,511 14,958 9,356 13,081 Investment income - - - - - Gain (loss) on sale of capital assets - - 5,553,561 - - Miscellaneous 401,300 434,000 450,000 635,200 875,000 Transfers - - - - - Capital contributions 403,328 437,511 6,018,519 644,556 888,081 Total Business-Type Activities (115,976) (313,234) 5,232,993 (756,886) 227,891 Changes in Net Position Total Business-Type Activities Program Revenues 132 CITY OF LA QUINTA Fund Balances of Governmental Funds Last Ten Fiscal Years (Modified accrual basis of accounting) 2012 2013 2014 2015 2016(1) General fund Nonspendable: Prepaid costs 27,481$ 11,786$ 1,500$ 15,653$ 204,589$ Land held for resale 8,320,000 8,320,000 8,320,000 8,320,000 8,320,000 Advances to other funds 15,417,929 15,509,691 15,163,183 14,943,098 14,974,800 Deposits 118,516 4,830 4,830 33,985 - Due from Other Governments - 41,378,966 34,976,516 26,715,575 25,105,681 Restricted for: Debt service 173,426 - - - - Section 115 Trust (Note 11) Committed: Emergency Reserve(2)17,516,295 16,034,995 16,034,995 15,372,600 15,576,000 Natural Disaster Reserve(2) Economic Disaster Reserve(2) Post retirement health benefits(3)1,523,401 1,523,401 1,523,401 1,523,401 1,523,400 Capital Replacement Reserve(2)- 2,848,737 1,507,429 1,727,390 2,302,000 Cash Flow Reserve(2)- - 2,836,820 3,843,150 3,894,000 Pension Trust(4)- - - - - Carryovers - - 356,438 476,400 4,274,046 Other - - - - - Assigned: Continuing appropriations 1,041,172 1,013,533 209,000 - - Public Safety (Note 13b)- - - - - Sales Tax Reserve (Note 13b)- - - - - Capital Projects (Note 13b)- - - - - Unassigned 47,737,861 5,926,651 10,699,641 13,837,312 13,822,012 Total general fund 91,876,081 92,572,590 91,633,753 86,808,564 98,565,571 All other governmental funds Nonspendable: Prepaid costs 12,875 10,310 - - 8,422 Notes and loans 2,065,611 2,062,589 - - - Advances to other funds - - - - - Deposits 13,600 13,600 - - - Restricted: Planning and development projects 10,767,199 3,730,533 5,970,006 13,108,499 18,211,200 Public safety 245,187 258,968 274,274 301,843 189,988 Community services 11,162,057 11,626,441 12,459,516 10,711,704 9,872,124 Public works 145,823 262,754 1,571,163 1,129,697 1,250,827 Capital Projects 4,089,156 1,392,581 1,590,168 3,873,699 3,597,221 Debt service 2,534 2,234 - - - Assigned: Continuing appropriations - - - - - Unassigned (13,248,593) (13,179,196) (12,370,462) (12,703,744) (11,655,344) Total all other governmental funds 15,255,449 6,180,814 9,494,665 16,421,698 21,474,438 Total Governmental Funds 107,131,530 98,753,404 101,128,418 103,230,262 120,040,009 Fiscal Year Notes: (1)In Fiscal Year 2016-17, the City recognized property tax held by the County of Riverside as available to fund current obligations and as such the General Fund fund balance was adjusted up by 8,569,043 to 98,565,571. See Note 19 for FY 2016-17 (2) In Fiscal year 2017-18, the City adopted a reserves policy which modifed, added and/ or eliminated reserve category names. Emergency Reserves are now split into Natural Disaster and Economic Disaster, Working Capital Reserve was re-named Cash Flow Reserve, and Capital Replacement and Pension Trust were added. (3) In Fiscal Year 2017-18 the City opened a trust for Other Post Employment Benefits (OPEB), and this reserve was deposited into the trust. See Note 10. (4) In Fiscal Year 2018-19 the City opened a trust for Pension Benefits, and this reserve was deposited into the trust. See Note 11. Source:City of La Quinta 133 TABLE 5 2017 2018 2019 2020 2021 General fund: Nonspendable: 10,578$ 90,657$ 37,182$ 14,065$ 25,246$ Prepaid costs 8,320,000 8,320,000 5,730,990 5,403,652 5,403,652 Land held for resale 15,022,660 14,954,085 - - - Advances to other funds - - - - - Deposits 29,154,040 29,611,707 27,915,770 26,069,742 24,070,622 Due from Other Governments Restricted for: - - - - - Debt service 6,540,000 10,249,738 11,381,922 Section 115 Trust (Note 11) Committed: 16,534,000 - - - - Emergency Reserve(2) 7,400,000 10,000,000 10,000,000 10,000,000 Natural Disaster Reserve(2) 8,140,000 11,000,000 6,800,000 11,000,000 Economic Disaster Reserve(2) 1,523,400 - - - - Post retirement health benefits(3) - 5,000,000 5,000,000 6,540,000 10,000,000 Capital Replacement Reserve(2) 4,134,000 5,000,000 5,000,000 5,000,000 5,000,000 Cash Flow Reserve(2) - 2,000,000 - - Pension Trust(4) 120,000 2,186,500 745,300 1,778,800 1,209,870 Carryovers - - - - - Other Assigned: - - - - - Continuing appropriations 9,371,699 9,754,327 9,864,841 10,491,654 11,423,931 Public Safety (Note 13b) - 5,169,970 7,721,975 8,736,219 15,128,658 Sales Tax Reserve (Note 13b) 6,322,570 4,996,815 11,853,162 13,155,144 13,431,089 Capital Projects (Note 13b) 16,949,526 19,199,506 16,228,627 19,094,651 24,241,553 Unassigned 107,462,473 121,823,567 117,637,847 123,333,665 142,316,543 Total general fund All other governmental funds: Nonspendable: 10,349 - 386 2,875 1,019 Prepaid costs - - - - - Notes and loans - - - - - Advances to other funds - - - - - Deposits Restricted: 22,664,093 22,607,600 22,996,435 23,680,641 24,751,443 Planning and development projects 83,506 342,919 1,391,721 1,607,101 931,352 Public safety 10,040,222 10,016,652 13,775,710 14,376,472 12,813,788 Community services 1,546,505 2,033,627 2,667,401 3,208,072 5,196,324 Public works 4,490,534 4,203,991 3,904,492 3,128,962 3,018,894 Capital Projects - - - Debt service Assigned: - - - - - Continuing appropriations (11,423,008) (11,347,062) (1,852,211) (5,175,243) (3,182,262) Unassigned 27,412,201 27,857,727 42,883,934 40,828,880 43,530,558 Total all other governmental funds 134,874,674 149,681,294 160,521,781 164,162,545 185,847,101 Total Governmental Funds s and as such the General Fund fund balance was category names. Emergency Reserves are now split into Natural Cash Flow Reserve, and Capital Replacement and Pension Trust were added. e trust. See Note 10. 134 CITY OF LA QUINTA Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years (Modified accrual basis of accounting) 2012 2013 2014 2015 2016 Revenues Taxes 53,632,023$ 23,506,679$ 27,192,089$ 26,678,471$ 28,057,989$ Assessments 950,292 954,058 951,181 940,221 944,050 Licenses and permits 482,831 566,510 953,540 1,356,978 1,161,820 Intergovernmental 15,875,582 15,464,942 16,506,666 15,702,943 14,960,676 Charges for services 635,111 625,813 1,238,277 1,341,438 1,332,541 Use of money and property 1,914,518 1,582,762 2,175,048 1,950,957 7,475,742 Contributions, fines, and forfeitures 303,773 18,377,253 838,972 1,956,452 28,459 Developer participation 903,144 1,226,825 3,059,254 2,803,681 1,441,075 Miscellaneous 276,327 491,267 575,001 580,843 992,282 Total Revenues 74,973,601 62,796,109 53,490,028 53,311,984 56,394,634 Expenditures Current: General government 4,881,922 4,587,888 4,068,827 5,050,425 5,267,024 Public safety 19,669,517 20,168,038 21,189,086 21,664,472 22,125,962 Planning and development 4,314,646 27,514,768 1,748,477 2,097,525 3,294,259 Community services 4,086,686 4,411,536 4,011,432 4,798,123 4,983,038 Public works 6,192,733 5,067,370 4,617,050 5,283,309 4,101,210 Capital projects 13,335,989 8,622,783 7,974,747 11,097,186 7,209,874 Debt service: Principal retirement 7,066,726 556,871 558,019 594,383 632,615 Interest and fiscal charges 6,701,079 437,678 411,010 348,334 346,137 Payment to bond escrow - - - - - Payments under pass-through obligations 16,755,441 - - - - Total Expenditures 83,004,739 71,366,932 44,578,648 50,933,757 47,960,119 (8,031,138) (8,570,823) 8,911,380 2,378,227 8,434,515 Other financing sources (uses): Issuance of tax allocation bonds - - - - - Issuance of revenue bonds - - - - - Proceeds from sale of land - - - - - Transfers in 12,554,752 29,841,053 4,201,763 12,037,331 6,420,538 Transfers out (12,580,120) (29,841,053) (4,335,679) (12,322,714) (6,614,349) Other debts issued - - - - - Capital leases - 71,045 - 9,000 - Proceeds from sale of capital assets 875,275 121,652 - - - Total Other Financing Sources (Uses)849,907 192,697 (133,916) (276,383) (193,811) Extraordinary gain/loss on dissolution of RDA (79,058,255) - (6,402,450) - - Special item (interfund loan payoff)- - - - - Net Change in Fund Balances (86,239,486) (8,378,126) 2,375,014 2,101,844 8,240,704 43.7%1.6%2.6%2.2%2.4% Fiscal Year Excess (Deficiency) of Revenues Over (Under) Expenditures Debt Service as a Percentage of Noncapital Expenditures (1) Notes: (1) The capitalizable expenditures were derived from the Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds and Note 4, Capital Assets. 135 TABLE 6 2017 2018 2019 2020 2021 Revenues: 41,832,117$ 44,931,250$ 48,462,493$ 44,881,038$ 53,493,786$ Taxes 953,699 950,541 961,633 957,017 984,435 Assessments 1,118,911 1,394,820 1,555,026 1,913,519 2,020,596 Licenses and permits 4,870,334 12,555,259 14,075,980 17,107,595 25,720,328 Intergovernmental 1,021,336 1,279,864 1,170,825 1,179,592 964,710 Charges for services 4,659,301 2,388,683 4,824,651 5,219,088 2,601,482 Use of money and property 348,345 375,390 375,491 665,193 779,606 Contributions, fines, and forfeitures 1,042,568 1,534,628 2,231,471 1,863,587 1,844,665 Developer participation 289,047 1,196,057 2,425,675 1,371,095 645,780 Miscellaneous 56,135,658 66,606,492 76,083,245 75,157,724 89,055,388 Total Revenues Expenditures Current: 5,845,197 7,737,111 10,129,408 7,732,495 8,464,230 General government 23,377,755 22,508,088 23,164,976 24,009,725 24,429,310 Public safety 2,549,779 4,310,589 6,415,466 5,436,281 6,544,477 Planning and development 4,626,401 5,236,083 5,944,200 6,159,707 5,583,420 Community services 4,025,958 4,146,135 4,219,461 5,421,606 5,287,280 Public works 6,859,428 9,015,861 9,096,460 23,150,511 18,219,385 Capital projects Debt service: 651,625 666,988 650,000 - - Principal retirement 307,600 1,460,371 178,080 28,868 15,133 Interest and fiscal charges - - - - - Payment to bond escrow - - - - - Payments under pass-through obligations 48,243,743 55,081,226 59,798,051 71,939,193 68,543,235 Total Expenditures 7,891,915 11,525,266 16,285,194 3,218,531 20,512,153 Other financing sources (uses): - - - - - Issuance of tax allocation bonds - - - - - Issuance of revenue bonds - - - - 1,219,485 Proceeds from sale of land 21,503,514 7,432,340 12,942,596 16,467,409 10,781,267 Transfers in (21,904,814) (7,775,107) (13,826,890) (16,912,971) (11,568,281) Transfers out - - - - Other debts issued - - - - Capital leases - - - - Proceeds from sale of capital assets (401,300) (342,767) (884,294) (445,562) 432,471 Total Other Financing Sources (Uses) 7,344,050 3,624,121 993,148 867,792 739,933 Extraordinary gain/loss on dissolution of RDA - - (5,553,561) - - Special item (interfund loan payoff) 14,834,665 14,806,620 10,840,487 3,640,761 21,684,557 Net Change in Fund Balances 2.5%3.26%2.03%0.06%0.03% Debt Service as a Percentage of Noncapital Expenditures (1) Excess (Deficiency) of Revenues Over (Under) Expenditures 136 CITY OF LA QUINTA TABLE 7 Tax Revenue by Source Last Ten Fiscal Years Fiscal Year Property Tax (2) Tax Increment (1) Transient Occupancy Tax Sales Tax Franchise Tax Business License Tax Document Transfer Tax Total 2012 21,370,476 - 5,446,883 7,713,741 1,687,440 293,592 428,963 36,941,095 2013 7,043,604 - 5,980,684 7,833,545 1,669,476 292,966 518,778 23,339,053 2014 9,193,753 - 6,307,737 8,786,819 1,688,263 307,654 580,834 26,865,060 2015 8,776,491 - 6,637,183 8,873,008 1,861,453 306,087 530,336 26,984,558 2016 8,798,296 - 7,835,745 9,107,046 1,799,938 334,465 516,964 28,392,454 2017 15,521,335 - 9,433,970 10,060,305 1,815,491 365,451 585,333 37,781,885 2018 15,887,015 - 10,752,788 18,956,985 1,977,179 345,187 718,472 48,637,626 2019 16,423,843 - 11,230,915 20,905,243 2,032,848 418,707 713,237 51,724,793 2020 16,710,544 - 8,079,394 19,136,015 1,996,593 378,744 662,545 46,963,835 2021 16,893,629 - 11,847,139 23,323,549 2,055,505 383,551 1,568,997 56,072,370 Notes: (1)The tax increment received was a result of the activity of the Redevelopment Agency. On June 28, 2011, California Governor Jerry Brown signed ABx1 26, the Redevelopment Dissolution Act. The Act was upheld by the California Supreme Court on Dec. 29, 2011, and the agency was effectively dissolved Feb. 1, 2012. (2) Starting in 2017, the revenue collected by the County that is remitted to the City for fire services is included in the property tax number. Source:City of La Quinta $0 $10 $20 $30 $40 $50 $60 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Tax Revenue by Source (Excluding Tax Increment) (in millions) Property Tax (2)Transient Occupancy Tax Sales Tax Franchise Tax Business License Tax Document Transfer Tax 137 CITY OF LA QUINTA TABLE 8 Top 25 Bradley-Burns Sales Tax Producers Current Year and Ten Years Ago (in dollars) Best Buy Electronics/Appliance Stores BevMo Convenience Stores/Liquor Circle K Service Stations Costco Discount Dept. Stores BevMo Convenience Stores/Liquor Floor & Décor Building Materials G&M Oil Service Stations Circle K Service Stations Genesis/Hyundai of La Quinta New Motor Vehicle Dealers Hobby Lobby Specialty Stores Home Depot Building Materials Hyundai of La Quinta New Motor Vehicle Dealers In N Out Burgers Quick-Service Restaurants Kohl's Department Stores Kohl's Department Stores La Quinta Chevrolet & Cadillac New Motor Vehicle Dealers La Quinta Resort & Club Hotels-Liquor La Quinta Resort & PGA West Hotels-Liquor Lowe's Building Materials Lowe's Building Materials Lumpy's Discount Golf Sporting Goods/Bike Stores Marshalls Family Apparel McDonald's Quick-Service Restaurants Ralphs Grocery Stores PGA West Private Leisure/Entertainment Ross Family Apparel Ross Family Apparel Stater Bros Grocery Stores Stater Bros Grocery Stores Stein Mart Department Stores Target Discount Dept. Stores Target Discount Dept. Stores TJ Maxx Family Apparel Torre Nissan New Motor Vehicle Dealers Torre Nissan New Motor Vehicle Dealers Tower Mart Service Stations Tower Mart Service Stations USA Gas Service Stations Vintners Shell Station Service Stations Walmart Supercenter Discount Dept. Stores 67.71%70.10% Marshalls Family Apparel Fiscal Year 2020-21 Business CategoryBusiness Name (1) Percent of Fiscal Year Total Paid by Top 25 Accounts:Percent of Fiscal Year Total Paid by Top 25 Accounts: Vons Walmart Supercenter Grocery Stores Discount Dept. Stores Home Depot Building Materials New Motor Vehicle Dealers Discount Dept. Stores Service Stations Chevrolet Cadillac of La Quinta Costco G & M Oil Fiscal Year 2011-12 Electronics/Appliance Stores Arco AM/PM Bed Bath & Beyond Best Buy Service Stations Home Furnishings Business Name (1)Business Category Notes: (1)Firms are listed alphabetically. State law does not allow for the disclosure of the sales tax revenue amounts by account. Top 25 businesses listed for state Bradley-Burns sales tax allocation only. For Top 25 business listings by local Measure G, see next page. Sales tax revenue chart includes total remitted for both. $0 $5 $10 $15 $20 $25 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Combined Sales Tax Revenue (in millions) 138 This page left blank intentionally. 139 CITY OF LA QUINTA TABLE 8 Top 25 Measure G Sales Tax Producers Current Year and Ten Years Ago (in dollars) Amazon Fulfillment Services General Merchandise Amazon MFA General Merchandise Best Buy Electronics/Appliance Stores Bestbuy Com Electronics/Appliance Stores Circle K Service Stations Costco Discount Dept. Stores Dept. of Motor Vehicles Allocation Used Automotive Dealers Desert European Motor Cars New Motor Vehicle Dealers Floor & Décor Building Materials Hobby Lobby Specialty Stores Home Depot Building Materials In N Out Burger Quick-Service Restaurants Kohl's Department Stores La Quinta Chevrolet & Cadillac New Motor Vehicle Dealers La Quinta Resort & PGA West Hotels-Liquor Lowe's Building Materials Marshalls Family Apparel Mathis Brothers Furniture Home Furnishings PGA West Private Leisure/Entertainment TJ Maxx Family Apparel Tower Mart Service Stations Vons Grocery Stores 46.66%Percent of Fiscal Year Total Paid by Top 25 Accounts: Measure G was passed in November 2016 and implemented on April 1, 2017. Ten-year is data not available. Walmart Supercenter Discount Dept. Stores Ross Family Apparel Target Discount Dept Stores Fiscal Year 2020-21 Fiscal Year 2011-12 Business Name (1)Business Category Business Name Business Category Notes: (1)Firms are listed alphabetically. State law does not allow for the disclosure of the sales tax revenue amounts by account. Source:HdL, Coren & Cone 140 CITY OF LA QUINTA Taxable Sales by Category (1) Last Ten Calendar Years (in thousands) 2011 2012 2013 2014 2015 23,223$ 24,430$ 25,741$ 25,461$ 25,115$ 211,249 220,970 223,324 216,871 208,189 25,197 25,854 26,394 25,748 22,845 86,433 94,859 97,662 101,647 106,216 62,879 65,445 68,606 73,087 75,658 58,938 62,668 72,839 84,826 87,440 54,342 56,001 52,093 47,541 40,777 97,477 99,028 100,811 101,721 105,284 132,417 130,421 142,049 150,746 155,173 752,155 779,676 809,519 827,648 826,697 Building materials Calendar Year Eating and drinking places Apparel stores General merchandise Food stores Auto dealers and supplies Service stations Other retail stores All other outlets Total Notes: (1)Due to confidentiality issues preventing the disclosure of the largest sales tax payers by business name, this categorical list has been provided as an alternative source of information regarding the City of La Quinta's sales tax revenue. Source:HdL. Coren & Cone Apparel stores 3% General merchandise 28% Food stores 3% Eating and drinking places 12% Building materials 8% Auto dealers and supplies 8% Service stations 7% Other retail stores 13% All other outlets 18% Taxable Sales Calendar Year 2011 141 TABLE 9 2016 2017 2018 2019 2020 26,280$ 31,822$ 34,508$ 33,937$ 24,929$ 206,808 222,767 232,147 235,969 235,841 25,359 25,964 26,126 26,191 30,610 115,974 117,064 122,255 132,184 100,187 Eating and drinking places 78,299 83,383 86,569 89,036 111,231 83,010 81,264 82,702 85,401 78,189 Auto dealers and supplies 34,566 37,558 42,164 42,998 33,742 107,648 104,834 114,980 111,239 101,620 172,135 180,360 210,360 220,260 222,916 850,079 885,016 951,811 977,215 939,265 Total Service stations Other retail stores All other outlets Apparel stores General merchandise Food stores Building materials Apparel stores 3% General merchandise 25% Food stores 3% Eating and drinking places 11% Building materials 12% Auto dealers and supplies 8% Service stations 3% Other retail stores 11% All other outlets 24% Taxable Sales Calendar Year 2020 142 CITY OF LA QUINTA TABLE 10 Assessed Value of Taxable Property Last Ten Fiscal Years (in dollars) Fiscal Year Ended June 30,Residential Commercial Agriculture (4)Other (1) Unsecured Property (2) Home Owner Exemption(5) Taxable Assessed Value Direct Rate (3) 2012 8,612,579,049 725,788,432 20,944,939 920,025,235 104,880,163 (161,420,137) 10,384,217,818 1.0000 2013 8,510,574,371 735,622,855 19,644,835 954,074,172 106,176,279 (164,227,296) 10,326,092,512 1.0000 2014 8,959,562,854 743,340,208 20,374,889 945,004,639 108,387,013 (167,489,253) 10,776,669,603 1.0000 2015 10,116,938,804 1,061,204,501 65,769,114 77,926,274 106,672,900 (49,232,400) 11,379,279,193 1.0000 2016 10,634,834,332 1,088,406,355 64,533,443 79,120,572 113,142,376 (49,130,200) 11,930,906,878 1.0000 2017 11,071,273,174 1,195,736,674 57,463,638 71,281,946 110,768,767 (49,088,200) 12,457,435,999 1.0000 2018 11,462,635,317 1,227,709,957 59,538,912 61,350,883 105,984,928 (49,700,000) 12,867,519,997 1.0000 2019 11,869,224,686 1,288,839,436 61,861,498 85,526,307 95,584,154 (49,298,200) 13,351,737,881 1.0000 2020 12,394,924,833 1,292,239,063 91,242,090 139,850,650 110,001,629 (47,938,800) 13,980,319,465 1.0000 2021 12,962,202,378 755,379,455 62,798,676 537,520,834 89,135,215 (47,271,000) 14,359,765,558 1.0000 City of La Quinta, Tax District 02-2375 Notes: (1)Other includes dry farm, government owned, institutional, irrigated, miscellaneous, recreational, vacant, cross reference, and unknown. Starting in 2016, prior years 2007 through 2015 were adjusted to match current reporting categories for consistency. (2)Prior years 2012 through 2015 adjusted to match current reporting for consistency. (3)In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed at the time that it is sold to a new owner; at which time the new assessed value is the purchase price of the property sold. The assessed valuation data shown above represents only the data currently available with respect to the actual market value of taxable property and is subject to the limitations described above. (4)In 2016 (and going forward) data will be obtained from California Municipal and The Auditor-Controller's Office. The existing column headers were slightly modified to accommodate the property type classifications. The column labeled agriculture was formerly "industrial". (5)Prior to 2015, this column also included Exempt Property Valuations Source:: Cal Muni; County of Riverside Assessor Combined Tax Rolls Equalized Auditor and Assessor's Net; Riverside County Auditor-Controller $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 $14,000 $15,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Taxable Assessed Value (in millions) 143 CITY OF LA QUINTA TABLE 11 Direct and Overlapping Property Tax Rates (Rate per $100 of assessed value) Last Ten Fiscal Years PA1 2012 (1)2013 (1)2014 (1)2015 (1)2016 (1)2017 (1)2018 2019 2020 2021 2012 (2)2012 (2) Direct Rates: City of La Quinta 0.0760 0.0760 0.0760 0.0760 0.0760 0.0760 0.0760 0.0646 0.0646 0.0646 0.0524 0.0019 ERAF Share of La Quinta General Fund 0.0113 0.0113 0.0113 Redevelopment Agency Project Area 1 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 Redevelopment Agency Project Area 2 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.3059 County of Riverside 0.1957 0.1958 0.1958 0.1958 0.1958 0.1958 0.1958 0.0978 0.0978 0.0978 0.2683 0.2511 ERAF Share of County 0.0980 0.0980 0.0980 County Free Library 0.0252 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0294 0.0286 County Structure Fire Protection 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0633 0.0616 Coachella Valley Unified School District 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.0000 0.0000 Desert Sands Unified School 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.3905 0.1930 Desert Community College District 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0812 0.0401 Riverside County Office of Education 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0442 0.0218 Riverside County Regional Park & Open Space 0.0040 0.0039 0.0039 0.0039 0.0039 0.0040 0.0040 0.0040 0.0040 0.0040 0.0000 0.0000 CV Public Cemetery 0.0032 0.0031 0.0031 0.0031 0.0031 0.0031 0.0031 0.0032 0.0032 0.0032 0.0037 0.0001 CV Mosquito & Vector Control 0.0127 0.0127 0.0127 0.0127 0.0126 0.0126 0.0126 0.0126 0.0127 0.0127 0.0148 0.0141 Desert Recreation District 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0223 0.0059 Coachella Valley Water District 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0295 0.0740 CV Resource Conservation 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0004 0.0000 CVWD Improvement District 1 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0000 0.0005 CVWD Storm Water Unit 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0000 0.0014 Total Direct Rate (3)1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Tax Rate Area 020-005 020-005 020-005 020-005 020-005 020-160 020-160 020-160 020-160 020-160 020-089 020-144 Coachella Valley Unified School District 0.0749 0.0797 0.1492 0.1492 0.1322 0.1660 0.1761 0.1495 0.1488 0.1455 0.0749 0.0933 Desert Sands Unified School 0.1147 0.1116 0.1095 0.1098 0.1092 0.0860 0.0725 0.0742 0.0738 0.0739 0.1147 0.1004 Coachella Valley Water District 0.0800 0.0800 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.0800 0.0860 Desert Community College District 0.0200 0.0200 0.0200 0.0233 0.0209 0.0204 0.0403 0.0398 0.0398 0.0395 0.0200 0.0200 Total Overlapping Rate 0.2895 0.2912 0.3787 0.3823 0.3622 0.3724 0.3889 0.3635 0.3624 0.3589 0.2895 0.2996 Total Direct and Overlapping Rate 1.2895 1.2912 1.3787 1.3823 1.3622 1.3724 1.3889 1.3635 1.3625 1.3589 1.2895 1.2996 Redevelopment Project Area Overlapping Rates (4) : City Non-Project Area PA2 Notes: (1)Direct rate from Tax Rate Area (TRA) 020-160 and overlapping rates provided by HdL, Coren & Cone; data source Riverside County Assessor 2011/12-2020/21 Annual Tax Increment (Rate) Tables. (2)Direct rate taken from an analysis of the TRA in the project area and does not include State ERAF deductions and overlapping rates provided by California Municipal Statistics (3)In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount for direct taxes. This 1% is shared by all taxing agencies for which the subject property resides within. (4)Overlapping rates are based upon a single tax rate area only. Source:County of Riverside Auditor Controller's Office; HdL, Coren & Cone 144 CITY OF LA QUINTA TABLE 12 Principal Property Taxpayers Current Year and Ten Years Ago (in dollars) Rank Taxable Assessed Value (1) Percent of Total City Taxable Assessed Value Rank Taxable Assessed Value (1) Percent of Total City Taxable Assessed Value 1 167,964,353$ 1.17%- 0.00% 2 50,248,920 0.35% 5 42,548,545$ 0.41% 3 45,760,953 0.32%- 0.00% 4 36,473,497 0.25%- 0.00% 5 32,199,420 0.22% 9 29,352,870 0.28% 6 31,315,597 0.22%- 0.00% 7 30,389,563 0.21% 4 43,291,518 0.42% 47647 Caleo Bay Dr LLC 8 27,473,475 0.19%- 0.00% 9 27,380,407 0.19%- 0.00% Hanes Villaggio 10 27,308,637 0.19%- 0.00% - - 1 140,972,125 1.36% T D Desert Development - - 2 97,885,896 0.94% MSR Resort Golf Course - 3 55,063,175 0.53% Coral Option I - - 6 42,113,733 0.41% WRM La Quinta - - 7 37,973,210 0.37% Griffin Ranch - 8 35,404,218 0.34% TD Desert Development LP - 10 25,918,559 0.25% Total 476,514,822$ 3.32%550,523,849 5.30% Fiscal Year 2011-12 CM Wave Dev Hawthorn IL PropCo Fiscal Year 2020-21 Bre Iconic LQR Owner LLC Inland American La Quinta Pavilion Town and Country Partners Aventine Dev KSL Desert Resort Taxpayer East of Madison Walmart Real Estate Business Trust (1) Taxable valuations include secured and unsecured Source: HdL, Coren & Cone; Riverside County Assessor 2011/12 and 2020/21 Combined Tax Rolls and the SBE Non-Unitary Tax Roll (Preliminary) Bre Iconic LQR Owner LLC Inland American La Quinta Pavilion Hawthorn IL PropCo Town and Country Partners Walmart Real Estate Business Trust CM Wave Dev East of Madison 47647 Caleo Bay Dr LLC Aventine Dev Principal Property Tax Payers (FY 2020-21) 145 CITY OF LA QUINTA TABLE 13 Property Tax Levies and Collections Last Ten Fiscal Years (in dollars) Fiscal Year Ended June 30 Taxes Levied for the Fiscal Year (1)Amount Percent of Levy Collections in Subsequent Years (2)Amount (3) Percent of Levy 2012 69,307,476 37,885,360 54.66%181,381 38,066,741 54.92% 2013 5,706,535 5,823,575 102.05%180,723 6,004,298 105.22% 2014 5,814,571 5,808,387 99.89%202,342 6,010,729 103.37% 2015 5,965,704 6,100,655 102.26%170,306 6,270,961 105.12% 2016 6,657,414 6,420,215 96.44%194,668 6,614,883 99.36% 2017 6,764,963 6,592,548 97.45%137,921 6,730,469 99.49% 2018 6,868,411 6,717,291 97.80%116,182 6,833,473 99.49% 2019 6,934,311 6,736,814 97.15%126,876 6,863,690 98.98% 2020(4)7,058,939 6,777,777 96.02%156,792 6,934,570 98.24% 2021 7,139,091 6,891,637 96.53%106,190 6,997,827 98.02% Total Collections to Date Collections within the Fiscal Year of Levy Notes: (1)Taxes Levied. The total tax levy is based on the Statement of Original Charge from the Riverside County Auditor- Controller Office. The amounts presented include City property taxes for tax districts 02-2374 and 02-2375 and are not inclusive of the redevelopment increment values. (2)Collections in Subsequent Years. The City participates in the Riverside County Teeter program; the secured taxes are remitted in a series of advances and settlement payments, the last of which is not received by the City until October of the subsequent year. (3)Collections to Date. The total amount does not include any apportionment adjustments that are the result of successful appeals of a taxpayer assessed valuation, escaped bills, refunds, or any other adjustments made by the County Auditor-Controller. As such, the percentage of the levy collected may be higher or lower than expected. Additionally, the increment values of the former Redevelopment Agency are allocated through a waterfall distribution process in accordance with California Health and Safety Code 34183 and 34188, and are not reflected on the Statement of Original Charge. (4)The statement of original charge that was posted on the the Auditor-Conroller (ACO) website had not been updated at time of publishing the 19/20 CAFR. The number reported in the 'taxes levied' column has now been adjusted to accurately reflect the ACO number, which subsequently changed the percent collected as well. Source:County of Riverside Auditor Controller's Office $0 $5 $10 $15 $20 $25 $30 $35 $40 2012 2013 2014 2015 2016 2017 2018 2019 2020(4) 2021 Property Tax Collections (in millions) 146 CITY OF LA QUINTA Ratios of Outstanding Debt by Type (1) Last Ten Fiscal Years (in dollars) 2012 2013 2014 2015 2016 -$ -$ -$ -$ -$ 40,090 71,045 129,063 103,869 155,395 - 702,105 686,345 668,933 649,698 - 1,441,096 1,405,755 1,367,344 1,325,596 Notes Payable- Eisenhower Drive Property - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3,895,000 3,425,000 2,930,000 2,405,000 1,850,000 - - - - - Total Governmental 3,935,090 5,639,246 5,151,163 4,545,146 3,980,689 Capital Leases 169,084 43,736 - - - Total Business-Type Activities 169,084 43,736 - - - Total Primary Government 4,104,174 5,682,982 5,151,163 4,545,146 3,980,689 Population - State Department of Finance January 1 38,075 38,401 39,032 39,694 39,977 Number of Households 23,528 23,612 23,871 24,150 24,432 Median Household Income 104,045 111,077 109,365 97,526 99,157 Percentage of Personal Income 0.17%0.22%0.20%0.19%0.16% Debt Per Capita 108 148 132 115 100 Unamortized Discount and Issuance Costs Reimbursement Agreement Business-type Activities: Due to County of Riverside Developer Agreement Tax Allocation Bonds Project Area 1 Tax Allocation Bonds Project Area 2 2004 Local Agency Revenue Bonds (2) 2011 Local Agency Revenue Bonds (2) USDA Loan Provident Savings Loan Fiscal Year Ended Governmental Activities: Due to Coachella Valley Unified School District Capital leases City Hall Lease Revenue Bonds Notes: (1)Details regarding the City's outstanding debt can be found in the notes to the financial statements. (2)The debt service payment for the 2004 and 2011 Lease Revenue Bonds are made from Redevelopment Project Area 1 & 2 low & moderate income tax increment. Source:City of La Quinta; HDL, Coren & Cone 147 TABLE 14 2017 2018 2019 2020 2021 -$ -$ -$ -$ -$ 530,163 667,035 757,971 761,790 459,275 628,448 - - - - 1,280,221 - - - - 2,250,000 1,125,000 - - - Notes Payable- Eisenhower Drive Property - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,265,000 650,000 - - - - - - - - 5,953,832 2,442,035 757,971 761,790 459,275 Total Governmental - - - - - Capital Leases - - - - - Total Business-Type Activities 5,953,832 2,442,035 757,971 761,790 459,275 Total Primary Government 40,677 41,204 40,389 40,660 41,247 Population - State Department of Finance January 1 24,544 24,643 24,764 24,957 25,177 Number of Households 104,749 107,447 117,802 120,097 121,816 Median Household Income 0.23%0.09%0.03%0.00%0.01% Percentage of Personal Income 146 59 19 - 11 Debt Per Capita 2011 Local Agency Revenue Bonds (2) City Hall Lease Revenue Bonds Governmental Activities: Unamortized Discount and Issuance Costs Business-type Activities: Due to Coachella Valley Unified School District Due to County of Riverside Developer Agreement Tax Allocation Bonds Project Area 1 Tax Allocation Bonds Project Area 2 2004 Local Agency Revenue Bonds (2) Reimbursement Agreement Capital leases USDA Loan Provident Savings Loan - 20 40 60 80 100 120 140 160 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 108 148 132 115 100 146 59 19 - 11 Debt Per Capita 148 CITY OF LA QUINTA TABLE 15 Ratio of General Bonded Debt Outstanding Last Ten Fiscal Years (in dollars) Fiscal Year Ended June 30, City Hall Lease Obligation Local Agency Bonds Tax Allocation Bonds Total Percent of Assessed Value (2) Per Median Household Income 2012 3,895,000 - - 3,895,000 0.04%37 2013 3,425,000 - - 3,425,000 0.03%31 2014 2,930,000 - - 2,930,000 0.03%27 2015 2,405,000 - - 2,405,000 0.02%20 2016 1,850,000 - - 1,850,000 0.02%45 2017 1,265,000 - - 1,265,000 0.01%31 2018 650,000 - - 650,000 0.01%6 2019 - - - - 0.00%- 2020 - - - - 0.00%- 2021 - - - - 0.00%- Outstanding General Bonded Debt (1) Notes: (1)General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enterprise funds (of which the City has none) (2) Assessed value has been used because the actual value of taxable property is not readily available in the State of California. 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0.04%0.03%0.03%0.02%0.02%0.01%0.01%0.00%0.00% 0.00% General Bonded Debt as a Percent of Assessed Value 149 CITY OF LA QUINTA TABLE 16 Direct and Overlapping Debt June 30, 2020 (in dollars) Total Assessed Valuation (1)14,407,036,558$ Overlapping Debt (3) 16.31%392,435,000$ 64,025,770$ 50.36%235,623,166 118,662,183 19.96%410,450,000 81,934,029 88.91%695,000 617,938 86.46%945,000 817,000 266,056,920 4.60%717,525,698 33,006,182 4.60%881,575,000 40,552,450 50.36%34,505,000 17,377,063 19.96%24,960,000 4,982,515 Total Overlapping General Fund Debt 95,918,210 Overlapping Tax Increment Debt Successor Agencies 62.15%509,578,028 316,727,989 Total Overlapping Tax Increment Debt Total Gross Overlapping Debt 678,703,119 Less: Riverside County Supported Obligations - Total Net Overlapping Debt 678,703,119 459,275$ 459,275 459,275 679,162,394$ Estimated Share of Overlapping Debt Outstanding Debt 6/30/21 Percentage Applicable (2) Overlapping Tax and Assessment Debt Desert Community College District Coachella Valley Unified School District Desert Sands Unified School District (DSUSD) Total Overlapping Tax and Assessment Debt Overlapping General Fund Debt Riverside County General Fund Obligations Riverside County Pension Obligations Coachella Valley Unified School District Certificates of Participation (COP) Direct General Fund Debt Total Direct General Fund Debt DSUSD Community Facilities District No. 1 Total Net Combined Direct and Overlapping Debt Coachella Valley Water District Assessment Districts City of La Quinta General Fund Obligations Desert Sands Unified School District COP Notes: (1) Total assessed valuation is from the Equalized Assessor report which includes homeowner exemptions. (2)For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of the overlapping district's taxable assessed value that is within the city's boundaries divided by the district's total taxable assessed value. (3)Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt of each overlapping government. 150 CITY OF LA QUINTA Legal Debt Margin Information Last Ten Fiscal Years (in dollars) 2012 2013 2014 2015 2016 Assessed valuation (1)10,331,431,958$ 10,274,998,112$ 10,726,752,603$ 11,369,346,292$ 11,930,906,878$ Conversion Percentage 25%25%25%25%25% Adjusted assessed valuation(2)2,582,857,990 2,568,749,528 2,681,688,151 2,842,336,573 2,982,726,720 Debt limit percentage (2)15%15%15%15%15% Debt limit 387,428,698 385,312,429 402,253,223 426,350,486 447,409,008 - - - - - Legal debt margin 387,428,698$ 385,312,429$ 402,253,223$ 426,350,486$ 447,409,008$ 0.0%0.0%0.0%0.0%0.0% Total debt applicable to the limit as a percentage of debt limit General obligation bonds (3) Total net debt applicable to limit Fiscal Year Notes: (1) Assessed Valuation is from the Equalized Auditor's Net report which excludes the homeowner exemptions (2)Section 43605 of the Government Code of the State of California limits the amount of indebtedness for public improvements to 15% of the gross assessed valuation or property. However, this provision was enacted when assessed valuation was based on 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State. This is the equivalent of 3.75% of the full assessed value. (3)The City of La Quinta has no general bonded indebtedness. 151 TABLE 17 2017 2018 2019 2020 2021 12,457,435,999$ 12,867,519,997$ 13,351,737,881$ 13,980,319,465$ 14,359,765,558$ Assessed valuation (1) 25%25%25%25%25% 3,114,359,000 3,216,879,999 3,337,934,470 3,495,079,866 3,589,941,390 15%15%15%15%15%Debt limit percentage (2) 467,153,850 482,532,000 500,690,171 524,261,980 538,491,208 Debt limit Total net debt applicable to limit - - - - - General obligation bonds (3) 467,153,850$ 482,532,000$ 500,690,171$ 524,261,980$ 538,491,208$ Legal debt margin 0.0%0.0%0.0%0.0%0.0% Total debt applicable to the limit as a percentage of debt limit 152 CITY OF LA QUINTA TABLE 18 Pledged-Revenue Coverage (1) Last Ten Fiscal Years (in dollars) Principal Interest 2012 673,521 - 673,521 445,000 228,521 1.00 2013 673,130 - 673,130 470,000 203,130 1.00 2014 671,351 - 671,351 495,000 176,351 1.00 2015 673,046 - 673,046 525,000 148,046 1.00 2016 673,075 - 673,075 555,000 118,076 1.00 2017 671,441 - 671,441 585,000 86,441 1.00 2018 668,141 - 668,141 615,000 53,141 1.00 2019 668,038 - 668,038 650,000 18,038 1.00 2020 - - - - - - 2021 - - - - - - . Debt ServiceLess Other Debt Payments Net Lease Revenue Fiscal Year Ended June 30, Coverage Ratio (3) Local Agency Revenue Bonds (City Hall Project) Lease Revenue (2) Notes: (1)Details regarding the city's outstanding debt can be found in the notes to the financial statements. The City of La Quinta has no general bonded indebtedness. (2)Lease revenues consist of payments from the City General Fund and Civic Center Development Impact Fee Fund. (3)Coverage ratio is a measure of the City's ability to meet its obligation. A ratio of greater than or equal to one indicates that sufficient revenue has been generated to satisfy the debt service requirements. The ratio is calculated as total available revenue (net lease revenue) divided by total debt service requirements (principal and interest) . 153 CITY OF LA QUINTA TABLE 19 Demographic and Economic Statistics Last Ten Calendar Years Sources 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (3)35.16 35.16 35.16 35.71 35.71 35.71 35.71 35.71 35.71 35.71 (1)(3)38,199 38,261 38,689 39,240 39,769 40,065 40,217 40,389 40,660 41,247 (4)$104,045 $111,077 $109,365 $97,526 $99,157 $104,749 $107,447 $117,802 $120,097 $121,816 (1)23,585 23,612 23,871 24,150 24,432 24,544 24,643 24,764 24,957 25,177 (1)2.56 2.58 2.59 2.60 2.62 2.64 2.63 2.68 2.60 2.60 (3)$40,722 $43,053 $42,226 $37,510 $37,846 $39,288 $39,999 $42,931 $46,248 $47,986 (2)16,350 16,658 16,983 17,483 18,033 18,617 18,917 19,142 19,267 19,083 (2)15,042 15,517 16,000 16,675 17,175 17,533 18,000 18,308 17,800 17,483 (2)8.00% 6.85% 5.79% 4.62% 4.76% 5.82% 4.85% 4.36% 7.61% 8.44% (3)42.8 43.6 44.8 45.1 45.3 45.7 46 46.4 47.1 47.9Median age Calendar Year Mean Household Income (in dollars) Number of Dwelling Units Persons per Household Labor Force Per Capita Income Employment City Land (Sq Miles) Population Unemployment Rate Sources: (1) State of California Department of Finance; State of California, Department of Finance, E-1 and E-5 Population and Housing Estimates for Cities, Counties and the State, Sacramento, California, released May 1,2021. Data for all 10 years updated to match current DOF numbers. (2) State of California Employment Development Department Website. Previous years' data updated in 2018/19 to utilize 12-month average and final numbers. Rise in average unemployment rate for 2019/20 was due to double digit unemployment at end of fiscal year due to the Coronavirus pandemic. (3) HdL, Coren & Cone (4) Mean Household Income from US Census Bureau report Table S1901. Previously, calculated using "Persons per Household" mulitplied by "Per Capita Income". Starting in 2017, data is from the US Census Bureau American Fact Finder. 23,585 23,612 23,871 24,150 24,432 24,544 24,643 24,764 24,957 25,177 17,000 19,500 22,000 24,500 27,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Number of Dwelling Units 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Unemployment Rate $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Mean Household Income 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Per Capita Income and Unemployment Per Capita Income Unemployment Rate 154 CITY OF LA QUINTA TABLE 20 Principal Employers Current Year and Ten Years Ago Activity Number of Employees Percent of Total Employment Rank Number of Employees Percent of Total Employment Government 1 2,564 13.44%2 968 7.28% Hotel & Golf Resort 2 1,412 7.40%1 1,211 9.11% Retailer 3 300 1.57%3 367 2.76% Retailer 4 297 1.56%4 234 1.76% Retailer 5 230 1.21%5 165 1.24% Retailer 6 180 0.94%- 0.00% Utility Company 7 133 0.70%- 0.00% Retailer 8 110 0.58%7 145 1.09% Vons Grocery Store 9 101 0.53%0.00% Grocery Store 10 90 0.47%- 0.00% Fast Food 11 84 0.44%- 0.00% Golf Resort 12 69 0.36%6 152 1.14% Hideaway Golf Resort 8 122 0.92% Tradition Golf Club Golf Resort 9 101 0.76% City of La Quinta Government 10 89 0.67% Total employment listed 5,570 29.19%3,554 26.72% Total City Employment - July 1 19,083 13,300 Rancho La Quinta Home Depot Costco Target In N Out Stater Bros Imperial Irrigation District Lowe's Home Improvement Desert Sands Unified School District Wal-Mart Super Center La Quinta Resort & Club/ PGA West (1) Fiscal Year 2011-12 Employer Fiscal Year 2020-21 Notes: (1) La Quinta Resort & Club and PGA West are accounted for as one entity; as such, their employment numbers are reported together as of FY 2015- 16. Source: City of La Quinta 155 CITY OF LA QUINTA TABLE 21 Full-time City Employees by Function Last Ten Fiscal Years 2012 2013 2014 (1)2015 2016 (2)2017 2018 2019 2020 2021(3) 12.00 11.00 8.00 7.00 4.00 4.00 5.00 7.00 8.00 8.00 5.00 5.00 4.00 4.00 3.00 3.00 5.00 5.00 4.00 4.00 8.00 8.00 7.00 8.00 7.00 7.00 8.00 8.00 8.00 9.00 10.75 10.75 12.00 11.65 - - - - - - 21.00 21.00 - - - - - - - - 8.00 9.00 - - - - - - - - - - 19.00 20.00 - - - - - - 24.25 23.25 20.00 21.35 - - - - - 27.00 - - - - 18.00 18.00 18.00 18.00 23.00 19.00 - - - - 27.00 27.00 29.00 32.00 33.00 18.00 - - - - 19.00 19.00 19.00 19.00 19.00 - Total 89.00 88.00 70.00 72.00 78.00 78.00 84.00 89.00 95.00 85.00 Facilities (c) Finance Community Services Design and Development (b) Community Resources (a) Planning and Development Community Development Public Works Administration-City Mgr. Office City Clerk Function Building and Safety Fiscal Year Notes: The City of La Quinta contracts with the County of Riverside for Police Services and with the California Department of Forestry through a contract with the County of Riverside for Fire Services. In addition, the City-owned Golf Course is operated by Landmark Golf. These positions have not been included as these positions are not City employees. (1) The City merged the Building and Safety Department with the Planning and Development Department in 2014. The resultant department was referred to as Community Development until 2016, see below. (2) During FY 2015-16 the City was subject to a major reorganization in an attempt to improve efficiency and controls that effectively terminated the Community Services, Community Development, and Public Works departments. Following is a brief description of the reorganization for each department: a) The Community Resources department has taken over specific roles of the prior Community Development and Community Services departments including, but not limited to human resources, police, fire, library, museum, recreation, marketing, code compliance, animal control, and emergency services. b) The Design and Development department has taken over specific roles of the prior Community Development, Public Works, and Finance departments including, but not limited to customer service, business and animal licensing, planning, building, engineering services, and development services. c) The Facilities department has taken over specific roles of the prior Community Services and Public Works departments including, but not limited to , parks, streets, buildings, lighting and landscaping. (3) During the FY 2020-21 the City created the Public Works Division, consisting of the Facilities Division as well as Public Works, Engineering, and Capital Improvement (which were moved out of Design & Development). In addition, there were impacts due to the novel Coronavirus pandemic that led to a reduction in workforce. - 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00 2012 2013 2014 (1) 2015 2016 (2) 2017 2018 2019 2020 2021(3) 89.00 88.00 70.00 72.00 78.00 78.00 84.00 89.00 95.00 85.00 Total Full-Time City Employees 156 CITY OF LA QUINTA TABLE 22 Operating Indicators by Function Last Ten Fiscal Years 2012 2013 2014 2015 2016 2017 2018 2019 2020(3)2021(3) Finance: Number of Animal Licenses Processed (1)1,674 1,505 1,602 1,374 0 - - - - - Number of Accounts Payable Checks Processed 3,766 3,576 3,696 3,833 4,153 3,835 3,621 3,879 3,855 2,998 Number of investment purchases 27 30 22 21 22 20 61 56 49 32 Par value of investments 188,782,874$ 164,614,769$ 136,323,300$ 128,990,447$ 137,594,669$ 139,613,063$ 150,117,079$ 163,665,838$ 170,194,404$ 187,171,960$ Number of cleared checks 5,103 3,899 3,922 4,004 4,167 3,932 3,813 3,875 3,962 2,977 Number of bank wires, drafts, and EFTs(4)63 58 58 54 41 44 64 68 57 412 City Clerk: Contracts Processed 319 346 289 238 282 199 243 266 297 217 Documents Notarized 254 301 334 203 157 99 128 74 90 184 Documents Recorded with County 170 125 183 106 112 56 67 45 39 43 Subpoenas and Claims Processed 22 15 21 37 10 8 12 18 15 15 Records Requests Fulfilled and Recorded 518 558 601 580 518 743 572 602 633 847 Documents Scanned to Electronic Archives (1)30,437 28,798 34,671 164,847 233,182 214,384 593,991 970,894 753,291 190,113 Public Works: Encroachment permits issued 65 124 109 127 54 123 121 140 121 138 Request for services (1)534 740 1322 1,261 3,440 3,207 2,652 2,194 1,938 2,041 Community Development: Number of Active Business Licenses (1)3,310 3,520 3,998 4,452 3,368 3,681 3,707 3,806 3,592 3,267 Permits: Single family Detached 39 83 147 176 108 92 142 122 218 157 Single family Attached 11 - 0 4.00 7.00 7 6 14 1 0 Residential Pool 127 162 204 255 217 170 211 243 237 337 Wall/Fence 149 167 220 328 257 209 268 223 312 244 Other 916 1,042 1,158 1,316 1,230 1,258 1,571 1,655 1,401 1,619 Garage Sale Permits (1)1,430 1,404 1,255 1,290 1,109 1,024 928 959 604 351 Total Permits 2,672 2,858 2,984 3,369 2,928 2,760 3,126 3,216 2,773 2,708 Code Compliance (1): Animal Control Incidents Handled (1)4,246 3,206 1,645 1,085 0 - - 52 42 30 Vehicle abatements 139 99 88 85 255 212 224 184 149 79 Weed abatements 106 1,404 43 45 57 114 128 80 65 53 Nuisance abatements/Property Maintenance 2,433 1,668 730 557 1,037 1,180 1,122 921 821 403 All Other (2)- - - - 1,432 806 888 1,159 1,591 1,511 Community Services: Library activities: Number of Visits 109,000 63,955 71,874 73,924 182,913 190,747 152,725 132,947 84,042 25,950 Books checked out 275,838 220,690 329,154 263,047 234,340 254,323 250,636 241,450 122,084 63,198 Cards Issued 4,477 2,966 2,035 2,418 2,179 2,248 2,276 2,251 919 886 Number of School Children Visiting 962 737 1,539 1,562 2,947 4,680 4,528 3,303 3,708 10,221 Volunteer Hours 2,720 2,226 1,340 1,917 2,169 2,248 2,314 2,138 1,173 0 Senior Center/Wellness Center (1) : Number of visits 16,642 9,350 11,500 23,871 62,820 74,141 87,294 82,477 41,934 4,725 Volunteer Hours 2,690 2,233 2,745 1,279 1,585 1,420 1,333 1,148 506 0 Recreation activities: Participants: Leisure Classes 2,016 1,475 1,177 1,322 2,241 2,278 2,168 2,039 864 269 Special events 36,305 5,970 5,927 6,460 8,185 7,783 10,449 12,650 4,950 390 Adult Sports 5,647 3,865 5,878 5,487 7,192 6,695 6,136 5,932 3,644 0 Golf course: Golf rounds played 46,949 46,352 43,610 41,904 45,104 43,085 42,590 44,949 33,407 39,073 Average Green fee 70.40$ 67.44$ 66.83$ 69.65$ 66.87$ 66.80$ 71.88$ 72.02$ 71.23$ 79.63$ Planning and Development: Number of residential units approved 285 228 494 208 40 120 0 114 92 212 Commercial square footage approved 61,662 0 113,149 79,092.00 13,000 391,914 7,599 102,552 3,162 152,133 Fiscal Year Notes:(1) Data on this table may vary from year to year due to restructuring, personnel, and systems changes that have taken place at the city over the past five years. Examples include animal licensing and control contracted to County of Riverside May 2015, business licenses and garage sale permits transferred to Community Development Department, tracking system for active business licenses updated, vacation rental requirements for permits changed, Codes Department began using GoEnforce tracking software, Public Works Department expanded use of GoRequest system, City Clerk's office began project to archive all old documents and plans electronically, and the Senior Center became the Wellness Center in 2015. (2)"All Other" category includes building codes, business license, commercial, hazardous conditions, health/safety, other, parking, vacation rentals, and zoning. For 2016, data was annualized using the seven months of actual "total closed incidents" provided by GoEnforce. (3) Declines in the reported numbers for the Library, Wellness Center, and any related recreational activities are due to facility closures and restrictions as a result of the novel Coronavirus pandemic. For 2021, 'School Children Visiting' the library includes virtual storytime attendance. (4)Previously reported only wires, has been updated to include all forms of electronic payment types. 157 CITY OF LA QUINTA TABLE 23 Capital Asset Statistics by Function Last Ten Fiscal Years 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Public Works: 128 128 128 128 128 128 128 128 129 129 22 22 22 34 34 36 36 35.5 79.1 81.1 269 269 277 277 281 372 372 372 372 372 51 52 54 54 54 54 54 54 50 50 2,934 2,984 3,018 3,018 3,018 5,758 5,758 5,408 4,808 4,808 12 12 13 13 13 13 13 13 13 13 Parks and Recreation: Parks(3)13 13 13 13 13 13 13 13 14 14 218 218 218 218 218 218 218 218 - - 40 40 40 40 40 40 40 40 - - 238 238 114 114 17 17.4 17.4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Public Safety: Fire Stations 3 3 3 3 3 3 3 3 3 3 Golf Course: 1 1 1 1 1 1 1 1 1 1 Fiscal Year Bikepaths (miles) (1) Streets (miles) Senior/Wellness Center Museum Library Municipal golf courses Undeveloped Park Acreage Park Acreage Traffic signals Traffic signs Bridges Streetlights (2) Hiking Trails (miles) City-Owned Acres(3) City-Improved Acres(3) Notes: (1) Bike path miles were updated to include both Class I (off-street) and Class II (on-street, painted bike lanes) bicycle paths in 2015; the City has been adding Class II through various projects and the 2020 number has been updated accordingly. (2)In fiscal year ending 2009 street lights at intersections were included for the first time. Additionally, the decorative streetlights in Old Town were added for the first time in 2017. (3)In fiscal year 2019-20, the City added one public park, the SilverRock Event Site. In 2020, the City aligned reporting with the Developmental Impact Fee Study from August 2019 which identifies parks as 'City-Owned' and 'City-Improved' by acreage in Table 3.1. Source:City of La Quinta 158 CITY OF LA QUINTA TABLE 24 Schedule of Insurance in Force June 30, 2021 Company Name Policy Number Coverage Limits Term Premium National Union Fire Insurance 15441004 Crime, Forgery, Fraud $1 Million 12/03/20 - 12/03/21 $1,776 Alliant California Self-Insured All Risk Property Insurance $25 Million 07/01/19 - 07/01/20 $122,912 Joint Powers Pool Including Auto Physical Damage, Single Limit per Occurrence Insurance Authority Terrorism, Boiler & Machinery subject to other sublimits NFP Property & Casualty W14D19200701 Earthquake $10 Million 02/07/20 to 02/07/21 $173,602 Lloyds/Beazley Furloge Limited Real & Personal Property Including Contingent Tax Interruption California Self-Insured Comprehensive General $50 Million 07/01/19 - 07/01/20 $402,044 Joint Powers Pool and Automobile Liability Single Limit per Occurrence Insurance Authority California Self-Insured Workers' Compensation $10 Million 07/01/19 - 07/01/20 $161,549 Joint Powers Pool per occurrence Insurance Authority Source:City of La Quinta 159 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING DEPARTMENT REPORT TO: Members of the Financial Advisory Commission FROM: Claudia Martinez, Finance Director DATE: August 24, 2022 SUBJECT: FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES In addition to items presented as staff reports, the Finance Department would like to provide updates on the following matters. AUDIT & FINANCIAL REPORTING • Single Audit for federal funds for fiscal year 2020/21 is currently in process. • Interim Audit for fiscal year 2021/22 will be taking place August 8 – August 12. BUDGET UPDATE • The City of La Quinta’s budget for fiscal year 2022/23 was adopted by City Council on June 21, 2022. COMMITTEE UPDATES • Reserve Policy Update o Coordination with the City Clerk’s office o Selection of sub-committee at a future meeting in fiscal year 2022/23 It is important to note the items mentioned in this update are in addition to the daily functions of the Finance Department, which include, but are not limited to, staff report writing/review, payroll, accounts payable, accounts receivable, revenue processing, journal entries, capital accounting, project accounting, purchasing, investing, cash/treasury management, bank reconciliations, budgeting, research and analysis, staff training and development, and general financial support for all City departments. DEPARTMENTAL REPORT ITEM NO. 1 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING DEPARTMENT REPORT TO: Members of the Financial Advisory Commission FROM: Rosemary Hallick, Financial Services Analyst DATE: August 24, 2022 SUBJECT: FIRST QUARTER 2022 (JANUARY-MARCH) 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 first quarter sales from January to March 2022. • La Quinta’s overall adjusted sales tax receipts for major industry groups increased 25%, which compares to Riverside County at 18.6% and the state at 17.1%. The large increases are in part driven by tourism-related spending, continued strength in the e-commerce sector, rising gas prices, demand in the automotive sector, and inflation overall. Details may be found in the attached Sales Tax Update prepared by HdL. • The City’s sales-per-capita was higher than both the county and state averages. • General consumer goods (such as department stores) made up 32% of sales tax revenue and 38% of Measure G revenue. • Autos and transportation made up 9% of sales tax revenue and 14% of Measure G revenue. • The City continues to benefit from online purchasing in the form of an increase in the County pool share, which was 15% of our sales tax revenue. DEPARTMENTAL REPORT ITEM NO. 2 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. The City’s fiscal year 2021/22 budget was conservatively forecast based on known information as of Spring 2021, and was subject to adjustment throughout the year. The current 2021/22 budget and fiscal year-to-date sales tax collections are shown in the chart below. Attachment 1: HdL Q1 2022 Sales Tax Update Quarter Payment Bradley Burns 33060 Measure G 520 MG % of BB % change from LY 3 July 2021 Advance 855,803$ 996,605$ 116.45%24.39% 3 August 2021 advance 1,054,672$ 1,288,136$ 122.14%17.72% 3 September 2021 3rd Qtr payment 613,938$ 914,607$ 148.97%31.20% 3 Total 2021 2,524,413$ 3,199,348$ 126.74%23.24% 4 October 2021 advance 983,637$ 1,216,772$ 123.70%12.16% 4 November 2021 advance 930,977$ 1,160,715$ 124.68%-7.82% 4 December 2021 4th Qtr payment 1,531,305$ 1,817,959$ 118.72%82.96% 4 Total 2021 3,445,920$ 4,195,447$ 121.75%26.06% 1 January 2022 advance 1,002,774$ 1,192,335$ 118.90%15.55% 1 February 2022 advance 959,345$ 1,177,728$ 122.76%-16.17% 1 March 2022 1st Qtr payment 1,532,619$ 1,784,000$ 116.40%108.27% 1 Total 2022 3,494,738$ 4,154,062$ 118.87%26.60% 2 April 2022 advance 1,074,866$ 1,239,383$ 115.31%32.22% 2 May 2022 advance 1,413,945$ 1,615,436$ 114.25%10.18% FY 2021/22 Total YTD 11,953,883$ 14,403,676$ 120.49%24.05% FY 2021/22 Budget 11,500,000$ 13,500,000$ www.hdlcompanies.com | 888.861.0220 Q1 2021* Q1 2022* Legend $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 SALES TAX BY MAJOR BUSINESS GROUP*Allocation aberrations have been adjusted to reflect sales activity General Consumer Goods Restaurants and Hotels County and State Pools Building and Construction Autos and Transportation Fuel and Service Stations Food and Drugs Business and Industry TOP 25 PRODUCERSCITY OF LA QUINTA HIGHLIGHTS Published by HdL Companies in Summer 2022 Best Buy Circle K Costco Floor & Decor G & M Oil Genesis/Hyundai of La Quinta Hideaway Club Home Depot Kohls La Quinta Chevrolet & Cadillac La Quinta Resort & Club La Quinta Resort and PGA West Lavender Bistro Lowes Marshalls PGA West Private PGA WEST Private Clubhouse & Golf Courses Rancho La Quinta Country Club Ross Target TJ Maxx Torre Nissan Tower Mart Vons Walmart Supercenter SALES TAX UPDATE CITY OF LA QUINTA 1Q 2022 (JANUARY - MARCH) La Quinta’s receipts from January through March were 27.3% above the first sales period in 2021. Excluding reporting aberrations, actual sales were up 25.0%. Tourists continue to flock to hotels and restaurants, despite recent menu prices hikes brought on by increased costs of wholesale food. The pandemic-fueled surge in e-commerce shopping is holding strong, while prices for general consumer goods are at an all-time high. Continued spikes in the price of crude oil have elevated pump prices, driving up revenue from fuel and service stations. Lumber prices continued to soar in 1Q22, pushing up revenue from building-construction. Despite record-high transaction prices, the autos-transportation industry is benefiting from an overwhelming amount of well-qualified buyers, along with growing interest in electric vehicles. As food-drug prices soared, consumers began to look for ways to save money while focusing on healthier eating. The City’s share of the countywide use tax pool increased 19.2% when compared to the same period in the prior year. Measure G, the City’s voter- approved transactions and use tax, brought in an additional $4,145,906.et of TOTAL: 27.0% $4,145,906 Measure G TOTAL:$ 3,460,217 25.0% 18.6% 17.1% COUNTY STATE LA QUINTA 1Q2022 ATTACHMENT 1 TOP NON-CONFIDENTIAL BUSINESS TYPES Q1 '22*La QuintaBusiness Type Change Change ChangeCountyHdL State 55.8%52.8%70.8% 282.5 Casual Dining 198.6%139.8%53.6% 186.4 Leisure/Entertainment 43.3%42.5%47.6% 143.8 Service Stations 12.5%6.6%20.9% 119.3 Electronics/Appliance Stores 82.4%99.4%92.9% 89.8 Fine Dining 3.3%5.9%13.0% 85.8 Grocery Stores 7.8%3.0%6.3% 84.8 Quick-Service Restaurants 9.4%8.3%12.9% 80.3 Family Apparel 0.9%1.6%8.3% 75.7 Home Furnishings 10.9%13.6%26.0% 73.3 Specialty Stores *Allocation aberrations have been adjusted to reflect sales activity *In thousands of dollars REVENUE BY BUSINESS GROUP La Quinta This Quarter* 15% Pools 24% Restaurants 9% Autos/Trans. 10% Building 32% Cons.Goods 10% Others *ADJUSTED FORECONOMIC DATA SALES TAX UPDATECITY OF LA QUINTA1Q 2022 STATEWIDE RESULTS California’s local one-cent sales and use tax for sales occurring January through March was 17% higher than the same quarter one year ago, after adjusting for accounting anomalies and onetime payments from previous quarters. By all accounts, the California retail economy continues roaring along. Even with instability in the stock market, the crisis in Ukraine pushing up the global price of crude oil and the U.S. Federal Reserve Board beginning to tackle inflation with a series of rate increases, consumer spending continued at a strong pace. The invasion of Ukraine by Russian military forces on February 24 had an immediate upward impact on the global price of crude oil due to fears of supply shortages. Subsequently this has caused a dramatic jump to California consumer gas and diesel prices at a time when many in the workforce were commuting back into offices, also contributing to an overall increase in consumption. As expected, fuel and service station receipts increased 47% over last year and show no signs of pulling back with summer travel right around the corner. Sales of new and used vehicles continue to be robust causing the autos and transportation sector to jump 15% for the period. Inventory shortages by some dealers may have caused buyers to experience a Fear Of Missing Out (FOMO) and pay elevated prices while interest rates remained lower. Automotive brands that have committed to full electric or hybrid models are attractive with consumers, especially given the sudden rise in fuel prices. Post-holiday retail sales of general consumer goods remained solid, improving 10%. Prior supply chain concerns have dissipated, port operations are returning to normal and headwinds from inflation and higher cost goods haven’t yet slowed consumer demand. The stellar returns were largely driven by discount department stores, especially those selling gas. These results mark the fourth full quarter in a row that restaurant and hotel receipts have increased. While higher menu prices have contributed, steady demand by patrons to dine out is also propelling the gains. Furthermore, theme parks and entertainment venues throughout the state are busy. With the summer tourism and travel season approaching, the industry is positioned to maintain post-pandemic growth and remain positive through 2022. Use taxes generated by online sales and purchases from out-of-sate vendors allocated via the county pools, heartily surpassed expectations, gaining 13% over the comparison period. Shoppers bought a range of merchandise and spending by businesses on capital equipment remained sensational. The first quarter sales period contributed to an already strong 2021-22 fiscal year for most municipalities statewide. However, continued inflationary pressure, soaring interest rates and record gas prices may soften growth going into 2022-23. POWER POINTS FAC SPECIAL MEETING August 24, 2022 08/24/2022 1 Financial Advisory Commission Special Meeting 08/24/2022 1 2 08/24/2022 2 Public Comment - Teleconference Join virtually via Zoom https://us06web.zoom.us/j/89839984651 Meeting ID: 898 3998 4651 “Raise Hand” to speak Limit Comments to 3 minutes Public Comment - Teleconference Join virtually via Zoom by phone: (253) 215 - 8782 Meeting ID: 898 3998 4651 *9 = Raise Hand; *6 = Unmute Limit Comments to 3 minutes 3 4 08/24/2022 3 Financial Advisory Commission Special Meeting 08/24/2022 Business Session Item No. 2 Receive and File the Annual Comprehensive Financial Report (ACFR) for the Year Ended June 30, 2021 Conducted virtually by Eide Bailly LLP, Certified Public Accountants from October – May 2022 Reviewed nearly 700 documents & conducted several interviews Issued a clean audit opinion – most favorable conclusion All new financial regulatory requirements have been implemented ACFR meets the GFOA’s Certificate of Achievement Program’s requirements and has been submitted for another certification Auditor comments regarding the City shall be provided tonight Audit Summary 5 6 08/24/2022 4 ACFR Content Major Events •Transmittal letter • Management Discussion and Analysis (MD&A) Financial Statements • Balance sheets, statement of net position & cash flows • Budgetary comparison schedules Summaries & Charts •19 Notes •Statistical section, 10‐year comparison Governmental Fund Balances Category General Fund All Other Funds Total Funds Non‐Spendable $ 29,499,520 $ 1,019 $ 29,500,539 Restricted 11,381,922 46,711,801 58,093,723 Committed 37,209,870 ‐37,209,870 Assigned 39,983,678 ‐39,983,678 Unassigned 24,241,553 (3,182,262) 21,059,291 Total $ 142,316,543 $ 43,530,558 $ 185,847,101 Prepaid Costs $ 25,246 Land held for resale 5,403,652 RDA Loan 24,070,622 Pension Trust $ 11,381,922 Housing Funds 23,806,700 Restricted Funds 22,905,101 7 8 08/24/2022 5 Governmental Fund Balances Category General Fund All Other Funds Total Funds Non‐Spendable $ 29,499,520 $ 1,019 $ 29,500,539 Restricted 11,381,922 46,711,801 58,093,723 Committed 37,209,870 ‐37,209,870 Assigned 39,983,678 ‐39,983,678 Unassigned 24,241,553 (3,182,262) 21,059,291 Total $ 142,316,543 $ 43,530,558 $ 185,847,101 Natural Disaster $ 10,000,000 Economic Disaster 11,000,000 Cash Flow Reserve 5,000,000 Capital Replacement 10,000,000 Operational Carryovers 1,209,870 Fire Services $ 11,423,931 Sales Tax (Measure G) 15,128,658 Capital Projects 13,431,089 Long‐Term Debt Debt Type 2018‐19 2019‐20 2020‐21 Capital Leases $ 757,971 $ 761,790 $459,275 Compensated Absences 941,955 888,491 950,309 Net OPEB (Asset) Liability ‐(47,052) 100,570 Net Pension Liability 12,403,691 13,458,200 14,502,311 Total $14,103,617 $15,061,429 $16,012,465 Irrevocable Section 115 Pension Trust $ 6,540,000 19‐20 Contribution & Interest Earnings 3,709,738 20‐21 Interest Earnings 1,132,184 Total Trust Balance 11,381,922 Pension Liability $ 3,120,389 9 10 08/24/2022 6 Major Infrastructure Investments SilverRock Infrastructure Improvements $5,010,000 La Quinta Village Complete Streets $3,024,000 SilverRock Event Site $2,326,000 La Quinta X‐Park $2,028,000 Washington Street at Fred Waring Road Improvements $1,264,000 The Future Adopted a balanced 2022/23 budget Continue to address long‐term liabilities Mixture of housing and commercial developments are under construction Long‐term vision and planning are a priority 11 12 08/24/2022 7 Eide Bailly Auditor Comments QUESTIONS & DISCUSSION 13 14 08/24/2022 8 Financial Advisory Commission Special Meeting 08/24/2022 Business Session Item No. 1 Appoint a Chairperson and Vice-Chairperson for Fiscal Year 2022/23 Past Appointments Fiscal Year Chairperson Vice- Chairperson 2016/17 George Batavick Jane Johnson 2017/18 George Batavick W. Richard Mills 2018/19 W. Richard Mills Daniel Twohey 2019/20 W. Richard Mills Daniel Twohey 2020/21 W. Richard Mills Daniel Twohey 2021/22 George Batavick W. Richard Mills 15 16 08/24/2022 9 The Financial Advisory Commission will hold a Special Meeting on October 5, 2022 The Next Regular Quarterly Meeting is November 9, 2022 17