The URL can be used to link to this page

2023 08 09 FAC0"tr6i t(V — C;EM of rf r DESERT Financial Advisory Commission agendas and staff reports are now available on the City's web page: www.laguintaca.gov FINANCIAL ADVISORY COMMISSION AGENDA CITY HALL COUNCIL CHAMBER 78495 Calle Tampico, La Quinta WEDNESDAY, AUGUST 9, 2023, AT 4:00 P.M. ****************************** Members of the public may listen to this meeting by tuning -in live via httD://Iaauinta.12milesout.com/video/live. CALL TO ORDER Roll Call: Commissioners: Anderson, Batavick, Dorsey, Luettjohann, Mast, Way and Chair Mills PLEDGE OF ALLEGIANCE 111-1I[0K410]LTA IJ�1=1►III &.=1z6111:ie'["II kiK Members of the public may address the Commission on any matter listed or not listed on the agenda as follows: WRITTEN PUBLIC COMMENTS can be provided either in-person during the meeting by submitting 15 copies to the Commission Secretary, it is requested that this takes place prior to the beginning of the meeting; or can be emailed in advance to JDelgado(cb-LaQuintaCA.gov, no later than 12:00 p.m., on the day of the meeting. Written public comments will be distributed to the Commission, made public, and will be incorporated into the public record of the meeting, but will not be read during the meeting unless, upon the request of the Chair, a brief summary of public comments is asked to be reported. If written public comments are emailed, the email subject line must clearly state "Written Comments" and should include: 1) full name, 2) city of residence, and 3) subject matter. VERBAL PUBLIC COMMENTS can be provided in-person during the meeting by completing a "Request to Speak" form and submitting it to the Commission Secretary; it is requested that this takes place prior to the beginning of the meeting. Please limit your comments to three (3) minutes (or approximately 350 words). Members of the public shall be called upon to speak by the Chair. FINANCIAL ADVISORY COMMISSION AGENDA Page 1 of 4 AUGUST 9, 2023 In accordance with City Council Resolution No. 2022-028, a one-time additional speaker time donation of three (3) minutes per individual is permitted; please note that the member of the public donating time must: 1) submit this in writing to the Commission Secretary by completing a "Request to Speak" form noting the name of the person to whom time is being donated to, and 2) be present at the time the speaker provides verbal comments. Verbal public comments are defined as comments provided in the speakers' own voice and may not include video or sound recordings of the speaker or of other individuals or entities, unless permitted by the Chair. Public speakers may elect to use printed presentation materials to aid their comments; 15 copies of such printed materials shall be provided to the Commission Secretary to be disseminated to the 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 Chair. 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 § 7920.000 et seq.]. TELECONFERENCE ACCESSIBILITY — INSTRUCTIONS Teleconference accessibility may be triggered in accordance with AB 2449 (Stats. 2022, Ch. 285), codified in the Brown Act (Government Code § 549531, if a member of the Commission requests to attend and participate in this meeting remotely due to `just cause" or "emergency circumstances, " as defined, and only if the request is approved. In such instances, remote public accessibility and participation will be facilitated via Zoom Webinar as detailed at the end of this Agenda. 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 pursuant to the "Public Comments — Instructions" listed above. 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)]. ANNOUNCEMENTS. PRESENTATIONS AND WRITTEN COMMUNICATIONS — None CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. 1. APPROVE MEETING MINUTES DATED JUNE 7, 2023 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED MAY 31, 2023 FINANCIAL ADVISORY COMMISSION AGENDA Page 2 of 4 AUGUST 9, 2023 BUSINESS SESSION 1. RECEIVE AND FILE THE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2022 2. APPOINT A FINANCIAL ADVISORY COMMISSIONER CHAIRPERSON AND VICE - CHAIRPERSON FOR FISCAL YEAR 2023/24 3. APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO REVIEW RESPONSES TO THE CITY'S REQUEST FOR PROPOSALS FOR AUDITING SERVICES 4. RECEIVE AND FILE FOURTH QUARTER FISCAL YEAR 2022/23 TREASURY REPORTS FOR APRIL, MAY, AND JUNE 2023 STUDY SESSION DISCUSS THE CITY'S OUTSTANDING PENSION OBLIGATIONS DEPARTMENTAL REPORTS 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES 2. FIRST QUARTER 2023 (JANUARY -MARCH) SALES TAX UPDATE FOR THE CITY OF LA QUINTA COMMISSIONERS' ITEMS ADJOURNMENT The La Quinta Financial Advisory Commission will hold a special meeting on October 4, 2023, commencing at 4:00 p.m. at the La Quinta City Hall Council Chamber, 78495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Jessica Delgado, Secretary of the Financial Advisory Commission of the City of La Quinta, do hereby declare that the foregoing Agenda for the Commission meeting of August 9, 2023, was posted on the City's website, near the entrance to the Council Chamber at 78495 Calle Tampico and the bulletin board at 51321 Avenida Bermudas, on August 3, 2023. DATED: August 3, 2023 Jessica Delgado, Commission Secretary City of La Quinta, California FINANCIAL ADVISORY COMMISSION AGENDA Page 3 of 4 AUGUST 9, 2023 Public Notices • Agenda packet materials are available for public inspection: 1) at the Clerk's Office at La Quinta City Hall, located at 78495 Calle Tampico, La Quinta, California 92253; and 2) on the City's website at https://www.laguintaca.gov/our-citV/citV- government/boards-and-commissions/financial-advisory-commission, in accordance with the Brown Act [Government Code § 54957.5; AB 2647 (Stats. 2022, Ch. 971)]. The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please contact Commission Secretary at (760) 777-7150, 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 15 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. *** TELECONFERENCE PROCEDURES — PURSUANT TO AB 2449*** APPLICABLE ONLY WHEN TELECONFERENCE ACCESSIBILITY IS IN EFFECT 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/they 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/m/82853067939 Meeting ID: 898 3998 4651 Or join by phone: (253) 215 — 8782 Written public comments — can be provided in person during the meeting or emailed to JDelgado(a)LaQuintaCA.gov any time prior to the adjournment of the meeting, and will be distributed to the Commission, made public, incorporated into the public record of the meeting, and will not be read during the meeting unless, upon the request of the Chair, a brief summary of any public comment is asked to be read, to the extent the Committee can accommodate such request. FINANCIAL ADVISORY COMMISSION AGENDA Page 4 of 4 AUGUST 9, 2023 CALL TO ORDER CONSENT CALENDAR ITEM NO. 1 FINANCIAL ADVISORY COMMISSION SPECIAL MEETINr MINUTES WEDNESDAY JUNE 7, 2023 A special meeting of the La Quinta Financial Advisory Commission (Commission) was called to order at 4:00 p.m. by Chair Mills. PRESENT: Commissioners Anderson, Batavick, Dorsey, Mast, Way, and Chair Mills ABSENT: Commissioner Luettjohann STAFF PRESENT: Finance Director Martinez, Account Technician Batuta, and Management Assistant Delgado 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 — Confirmed ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS — None CONSENT CALENDAR ITEMS 1. APPROVE MEETING MINUTES DATED MAY 10, 2023 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED APRIL 30, 2023 CONSENT CALENDAR ITEM NO. 2 — Discussion The Commission and staff discussed the variance amounts for revenue and expenditure funds listed on Attachment 1 to the staff report. CONSENT CALENDAR ITEM NO. 1 — Comments Chair Mills noted that the meeting minutes dated May 10, 2023, should reflect the Commission's discussion to have Chair Mills attend the May 16, 2023, Council meeting. Staff said they would review the recording and amend accordingly. Commission discussion followed regarding the Washington Street Connector for the Avenue 48 Art and Music Line project and Measure G funding Commission recommendations. FINANCIAL ADVISORY COMMISSION MINUTES Page 1 of 3 JUNE 7, 2023 SPECIAL MEETING Motion — A motion was made and seconded by Commissioners Batavick/Dorsey to approve the Consent Calendar, as recommended. Motion passed: ayes — 6, noes — 0, abstain — 0, absent — 1 (Luettjohann). Consent Calendar Item No. 1, page no. 2, the fourth paragraph under Study Session Item No. 1 shall be amended to include further detail on the Commission's discussion notated in italics, and shall read as follows: The Commission expressed a safety and security concern for the Washington Street Connector for the Avenue 48 Art and Music Line project; reached a unanimous consensus (five members present) to recommend to Council to reconsider the proposed funding of the Avenue 48 Art and Music Line and Washington Street Connector projects. The Commission agreed there was insufficient time to convey this recommendation to the Council via a letter for Council's consideration of the fiscal year 2023/24 preliminary proposed budget at the May 16, 2023, regular meeting, therefore Chair Mills would attend on the Commission's behalf (for the five members present) to convey this recommendation in person during public comment. Staff said the Commission's recommendation to oppose funding the two projects would be notated in the meeting minutes, and that Council reviews the meeting minutes for all City Boards and Commissions as they are included in Council meeting agenda packets; and suggested two additional meetings to convey this message to Council, which are the June 6 or June 20, 2023, Council meetings. BUSINESS SESSION 1. DISCUSS FISCAL YEAR 2023/24 PRELIMINARY PROPOSED BUDGET AND APPROVE ALLOCATION OF MEASURE G SALES TAX REVENUE Finance Director Martinez presented the staff report, which is on file in the Finance Department. The Commission and staff discussed proposed Measure G allocation for the Public Safety Fund, Highway 111 Corridor (Corridor) Event Site project, the Avenue 48 Art and Music Line (Art & Music Line) project, and the Washington Street Connector for the Art and Music Line project. The Commission recommended the following for Council consideration: • Allocation of Measure G funds for Public Safety and Measure G Reserves for a total of $9.1 million and capital improvement projects including Highway 111 Corridor plan improvements, Fritz Burns Park Improvements, and the Highway 111 Event Site project, for a total of $3 million, total allocation of $12.1 million. • No Measure G allocation for the Art & Music Line project and the Washington Street Connector for the Art & Music Line project, a total of $3.6 million currently included in the fiscal year 2023/24 preliminary proposed budget. FINANCIAL ADVISORY COMMISSION MINUTES Page 2 of 3 JUNE 7, 2023 SPECIAL MEETING The Commission discussed past Commission recommendations compared to current recommendations for allocation of Measure G funds. Motion — A motion was made and seconded by Commissioners Way/Mast to approve allocation of Measure G sales tax revenue per the recommendations noted above. Motion passed: ayes — 6, noes — 0, abstain — 0, absent — 1 (Luettjohann). STUDY SESSION — None DEPARTMENTAL REPORTS — All reports are on file in the Finance Department. 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES The Commission and staff discussed the review of Measure G reserves for future subcommittees appointed to audit and formulate the annual Measure G sales tax oversight compliance report. Chair Mills asked if the budget subcommittee (Subcommittee) report, comprised of Commissioners Mast and Way, would incorporate the Commission's comments. Finance Director Martinez said that the report usually includes the Subcommittee comments, but staff would distribute it to the Commission for any feedback prior to the June 20, 2023, regular Council meeting. COMMISSIONERS' ITEMS Commissioner Mast and Way said that they applied for reappointment of their current Commissioner seats. Commissioner Mast mentioned that she would not be able to attend the interviews scheduled to be conducted by Council on June 20, 2023, but that she wrote Council a letter expressing her interest in being reappointed and explaining the reasons for her inability to attend. ADJOURNMENT There being no further business, it was moved by Commissioner Dorsey/Anderson to adjourn this meeting at 5:13 p.m. Motion passed: ayes — 6, noes — 0, abstain — 0, absent — 1 (Luettjohann). Respectfully submitted, f�s.sxrrF'a:� Jessica Delgado, Management Assistant City of La Quinta, California FINANCIAL ADVISORY COMMISSION MINUTES Page 3 of 3 JUNE 7, 2023 SPECIAL MEETING City of La Quinta CONSENT CALENDAR ITEM NO. 2 FINANCIAL ADVISORY COMMISSION MEETING: August 9, 2023 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED MAY 31, 2023 RECOMMENDATION Receive and file revenue and expenditure report dated May 31, 2023. EXECUTIVE SUMMARY • The report summarizes the City's year-to-date (YTD) revenues and period expenditures for May 2023 (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 2022 for fiscal year 2022/23. Current Total Budget — represents original adopted budgets plus any Council approved budget amendments from throughout the year, including carryovers from the prior fiscal year. Period Activity — represents actual revenues received and expenditures outlaid in the reporting month. Fiscal Activity — represents actual revenues received and expenditures outlaid YTD. Variance Favorable/(Unfavorable) - represents the dollar difference between YTD collections/expenditures and the current budgeted amount. Percent Used — represents the percentage activity as compared to budget YTD. (')Professional Services: Payment to County of Riverside for 2022 election services; SNR monitoring (Z)Community Experiences: Ironman 2022; games for Civic Center Park; City picnic; SRR concert (3)CIP Construction: North La Quinta landscape conversion project; city-wide striping refresh (4)Parks: Shade structure for Monticello Park; progress payment for La Qunita Park splash pad 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, 2023 May2023 Revenues Comparison to LY General Fund Non -General Fund YTD Percent of Property Tax YTD Percent of 3,598,609 MTD YTD Budget YTD Budget General Fund (GF) $10,693,256 $66,401,667 84.54% $61,196,746 84.55% All Funds $27,246,264 $120,185,044 63.40% $107,539,795 66.76% Community Experiences (2) May 2023 Expenditures Lighting & Landscape Maintenance Comparison to LY 69,905 Plan Checks $ YTD Percent of Earthquake Insurance YTD Percent of 65,042 MTD YTD Budget YTD Budget General Fund $4,295,383 $50,293,266 44.21% $37,515,008 51.10% Payroll (GF) $749,136 $21,108,127 87.95% $11,331,850 82.48% All Funds $6,182,125 $99,499,999 42.15% $81,034,563 46.75% (')Professional Services: Payment to County of Riverside for 2022 election services; SNR monitoring (Z)Community Experiences: Ironman 2022; games for Civic Center Park; City picnic; SRR concert (3)CIP Construction: North La Quinta landscape conversion project; city-wide striping refresh (4)Parks: Shade structure for Monticello Park; progress payment for La Qunita Park splash pad 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, 2023 i op rive rtevenue/income Sources Tor may General Fund General Fund Non -General Fund Non -General Fund Property Tax $ 3,598,609 County Government Tax Revenue for Debt Service $ 15,001,818 Transient Occupancy (Hotel) Tax $ 3,066,470 Lighting and Landscape District Assessments $ 391,151 Measure G Sales Tax $ 1,630,213 SilverRock Green Fees $ 343,042 Sales Tax $ 1,200,528 Developer Impact Fees- Transportation $ 288,648 (')Professional Services: Payment to County of Riverside for 2022 election services; SNR monitoring (Z)Community Experiences: Ironman 2022; games for Civic Center Park; City picnic; SRR concert (3)CIP Construction: North La Quinta landscape conversion project; city-wide striping refresh (4)Parks: Shade structure for Monticello Park; progress payment for La Qunita Park splash pad 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, 2023 Lop Five Expenditures/Outlays for May General Fund Non -General Fund Sheriff Contract (February/March) $ 2,521,889 Capital Improvement Program - Construction(3) $ 626,421 Marketing and Tourism Promotions $ 141,517 SilverRock Maintenance $ 183,290 Professional Services(') $ 135,855 Parks (4) $ 92,819 Community Experiences (2) $ 130,590 Lighting & Landscape Maintenance $ 69,905 Plan Checks $ 119,514 Earthquake Insurance $ 65,042 (')Professional Services: Payment to County of Riverside for 2022 election services; SNR monitoring (Z)Community Experiences: Ironman 2022; games for Civic Center Park; City picnic; SRR concert (3)CIP Construction: North La Quinta landscape conversion project; city-wide striping refresh (4)Parks: Shade structure for Monticello Park; progress payment for La Qunita Park splash pad 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, 2023 ta �a FFNANCF Fund 101 -GENERAL FUND 105 - DISASTER RECOVERY FUND 201- GAS TAX FUND 202 - LIBRARY & MUSEUM FUND 203 - PUBLIC SAFETY FUND (MEAS 210 - FEDERAL ASSISTANCE FUND 212 - SLESA (COPS) FUND 215 - LIGHTING & LANDSCAPING F 220 - QUIMBY FUND 221- AB 939 - CALRECYCLE FUND 223 - MEASURE A FUND 225 - INFRASTRUCTURE FUND 226 - EMERGENCY MANAGEMENT 227 - STATE HOMELAND SECURIT) 230 - CASp FUND, AB 1379 231- SUCCESSOR AGCY PA 1 RORF 235 - SO COAST AIR QUALITY FUN 237 - SUCCESSOR AGCY PA 1 ADM 241- HOUSING AUTHORITY 243 - RDA LOW -MOD HOUSING FL 244 - HOUSING GRANTS (Multiple, 247 - ECONOMIC DEVELOPMENT 1 249 - SA 2011 LOW/MOD BOND FI 250 - TRANSPORTATION DIF FUNC 251- PARKS & REC DIF FUND 252 - CIVIC CENTER DIF FUND 253 - LIBRARY DEVELOPMENT DIF 254 - COMMUNITY & CULTURAL C 255 - STREET FACILITY DIF FUND 256 - PARK FACILITY DIF FUND 257 - FIRE PROTECTION DIF 259 - MAINTENANCE FACILITIES D 270 - ART IN PUBLIC PLACES FUNC 275 - LQ PUBLIC SAFETY OFFICER 299 - INTEREST ALLOCATION FUN[ 310 - LQ FINANCE AUTHORITY DEE 401- CAPITAL IMPROVEMENT PR( 405 - SA PA 1 CAPITAL IMPRV FUN 501- FACILITY & FLEET REPLACEM 502 - INFORMATION TECHNOLOG' 503 - PARK EQUIP & FACILITY FUN 504 - INSURANCE FUND 601- SILVERROCK RESORT 602 - SILVERROCK GOLF RESERVE 760 -SUPPLEMENTAL PENSION PL 761- CERBT OPEB TRUST 762 - PARS PENSION TRUST Report Total: ATTACHMENT For Fiscal: 2022/23 Period Ending: 05/31/2023 Revenue Summary Accounts are subject to adjusting entries and audit. The City's Annual Comprehensive Financial Report, published annually, is the best resource for all final audited numbers. Page 1 of 3 Variance Original Current Period Fiscal Favorable Percent Total Budget Total Budget Activity Activity (Unfavorable) Used 68,321,100 78,544,100 10,693,256 66,401,667 -12,142,433 84.54% 5,003,505 5,003,505 0 4,990,403 -13,102 99.74% 2,691,011 2,691,011 119,243 2,013,228 -677,783 74.81% 2,867,000 2,867,000 175 1,056,092 -1,810,908 36.84% 2,000 2,000 0 -157 -2,157 7.83% 156,000 156,000 1,530 181,573 25,573 116.39% 101,000 101,000 8,333 131,698 30,698 130.39% 2,483,300 2,483,300 391,151 2,447,536 -35,764 98.56% 25,000 25,000 0 0 -25,000 0.00% 64,000 64,000 0 61,791 -2,209 96.55% 1,875,000 1,875,000 0 1,324,173 -550,827 70.62% 0 0 0 -12 -12 0.00% 12,100 12,100 0 0 -12,100 0.00% 5,000 5,000 0 4,896 -104 97.92% 20,200 20,200 1,452 17,664 -2,536 87.45% 0 0 15,001,823 20,147,644 20,147,644 0.00% 54,400 54,400 0 76,178 21,778 140.03% 0 0 1,500 1,384 1,384 0.00% 1,451,500 1,451,500 85,934 1,213,467 -238,033 83.60% 20,000 20,000 0 -2,155 -22,155 10.77% 0 0 0 160,000 160,000 0.00% 15,000 15,000 7,901 70,244 55,244 468.29% 25,000 1,412,009 0 31,734 -1,380,275 2.25% 1,020,000 1,020,000 288,648 1,239,143 219,143 121.48% 501,000 501,000 151,632 643,978 142,978 128.54% 301,000 301,000 88,560 377,798 76,798 125.51% 75,000 75,000 28,584 121,128 46,128 161.50% 152,000 152,000 68,832 287,975 135,975 189.46% 10,000 10,000 0 472 -9,528 4.72% 0 0 0 -4 -4 0.00% 101,000 101,000 26,568 114,083 13,083 112.95% 75,500 75,500 22,536 95,370 19,870 126.32% 153,000 153,000 14,097 114,905 -38,095 75.10% 2,200 2,200 0 1,968 -232 89.46% 0 0 187,896 3,548,895 3,548,895 0.00% 1,100 1,100 0 0 -1,100 0.00% 13,136,811 79,240,072 0 3,956,426 -75,283,646 4.99% 1,000 1,000 0 -4 -1,004 0.38% 1,685,000 1,685,000 0 1,411,520 -273,480 83.77% 2,256,708 2,256,708 3,801 1,699,897 -556,811 75.33% 470,000 1,103,000 0 335,115 -767,885 30.38% 1,020,400 1,020,400 0 764,727 -255,673 74.94% 4,865,453 4,865,453 392,463 5,170,693 305,240 106.27% 79,000 79,000 0 74,656 -4,344 94.50% 5,500 5,500 0 4,946 -554 89.93% 10,000 10,000 0 37,320 27,320 373.20% 100,000 100,000 -339,651 -145,015 -245,015 145.01% 111,213,788 189,560,058 27,246,264 120,185,044 -69,375,015 63.40% Accounts are subject to adjusting entries and audit. The City's Annual Comprehensive Financial Report, published annually, is the best resource for all final audited numbers. Page 1 of 3 For Fiscal: 2022/23 Period Ending: 05/31/2023 Expenditure Summary Accounts are subject to adjusting entries and audit. The City's Annual Comprehensive Financial Report, published annually, is the best resource for all final audited numbers. Page 2 of 3 Variance Original Current Period Fiscal Favorable Percent Fund Total Budget Total Budget Activity Activity (Unfavorable) Used 101- GENERAL FUND 64,651,274 113,759,460 4,295,383 50,293,266 63,466,194 44.21% 201- GAS TAX FUND 2,687,351 3,703,799 50,003 1,148,669 2,555,130 31.01% 202 - LIBRARY & MUSEUM FUND 1,909,146 4,765,851 22,709 685,994 4,079,858 14.39% 203 - PUBLIC SAFETY FUND (MEAS 0 0 0 14,085 -14,085 0.00% 210 - FEDERAL ASSISTANCE FUND 152,600 339,977 0 172,861 167,116 50.84% 212 - SLESA (COPS) FUND 100,000 100,000 13,773 67,309 32,691 67.31% 215 - LIGHTING & LANDSCAPING F 2,465,376 2,622,376 201,182 1,946,619 675,757 74.23% 220 - QUIMBY FUND 0 466,967 0 0 466,967 0.00% 221- AB 939 - CALRECYCLE FUND 150,000 150,000 3,269 150,879 -879 100.59% 223 - MEASURE A FUND 3,882,000 5,843,145 0 2,052,910 3,790,235 35.13% 226 - EMERGENCY MANAGEMENT 12,000 12,000 0 25,055 -13,055 208.79% 227 - STATE HOMELAND SECURIT) 5,000 5,000 0 4,312 688 86.25% 230 - CASp FUND, AB 1379 5,500 5,500 0 0 5,500 0.00% 231- SUCCESSOR AGCY PA 1 RORF 0 0 0 16,718,591 -16,718,591 0.00% 235 - SO COAST AIR QUALITY FUN 46,500 46,500 1,685 11,728 34,772 25.22% 237 - SUCCESSOR AGCY PA 1 ADM 0 0 0 4,850 -4,850 0.00% 241- HOUSING AUTHORITY 1,712,670 1,712,670 105,333 1,700,547 12,123 99.29% 243 - RDA LOW -MOD HOUSING FL 250,000 305,000 0 255,000 50,000 83.61% 244 - HOUSING GRANTS (Multiple, 0 90,000 0 97,052 -7,052 107.84% 247 - ECONOMIC DEVELOPMENT 1 21,500 21,500 0 2,999 18,501 13.95% 249 - SA 2011 LOW/MOD BOND FI 20,000 3,644,192 0 62,290 3,581,902 1.71% 250 -TRANSPORTATION DIFFUNC 500,000 1,916,757 0 403,605 1,513,152 21.06% 251- PARKS & REC DIF FUND 500,000 500,000 0 13,602 486,398 2.72% 252 - CIVIC CENTER DIF FUND 250,000 250,000 0 0 250,000 0.00% 253 - LIBRARY DEVELOPMENT DIF 15,000 15,000 0 0 15,000 0.00% 254 - COMMUNITY & CULTURAL C 0 125,000 0 0 125,000 0.00% 270 - ART IN PUBLIC PLACES FUNC 177,000 426,165 24,000 107,055 319,110 25.12% 310 - LQ FINANCE AUTHORITY DEE 1,100 1,100 0 0 1,100 0.00% 401- CAPITAL IMPROVEMENT PR( 13,136,811 78,179,947 714,711 10,041,911 68,138,036 12.84% 501- FACILITY & FLEET REPLACEM 1,608,750 2,214,714 53,445 1,128,499 1,086,215 50.95% 502 - INFORMATION TECHNOLOG' 2,258,054 2,358,054 115,363 1,356,052 1,002,002 57.51% 503 - PARK EQUIP & FACILITY FUN 545,000 1,618,000 92,819 220,457 1,397,543 13.63% 504 - INSURANCE FUND 984,100 984,100 65,042 958,829 25,271 97.43% 601- SILVERROCK RESORT 4,782,135 4,802,135 420,842 4,795,222 6,913 99.86% 760 -SUPPLEMENTAL PENSION PL 12,850 12,850 0 12,833 17 99.87% 761- CERBT OPEB TRUST 1,500 1,500 0 1,140 360 75.99% 762 - PARS PENSION TRUST 55,000 5,055,000 2,569 5,045,780 9,220 99.82% Report Total: 102,898,217 236,054,259 6,182,125 99,499,999 136,554,260 42.15% Accounts are subject to adjusting entries and audit. The City's Annual Comprehensive Financial Report, published annually, is the best resource for all final audited numbers. Page 2 of 3 Fund Descriptions Fund # Name Notes The primary fund of the City used to account for all revenue and expenditures of the City; a broad 101 General Fund range of municipal activities are provided through this fund. Accounts for use of one-time federal funding designed to deliver relief to American workers and aid in 105 Disaster Recovery Fund the economic recovery iin the wake of COVID-19. The American Rescue Plan Act (ARPA) was passed by Congress in 2021 to provide fiscal recovery funds to state and local governments. 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 Countv. 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. Assemblv Bill (AB) 1379 and Senate Bill (SB) 1186. Successor Agency (SA) Project Area (PA) 1 Redevelopment Obligation Retirement Fund (RORF) for 231 Successor Agency PA 1 RORF Fund Redevelopment Property Tax Trust Fund (RPTTF) taxes received for debt service payments on recoanized obligations of the former Redevelopment Aaencv (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 Aaencv (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 rei)avments (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 and transfers 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. 259 Maintenance Facilities DIF Fund Developer impact fees collected for specific public improvements - maintenance facilities. 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 reauirements. 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. Page 3 of 3 BUSINESS SESSION ITEM NO. 1 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING August 9, 2023 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR YEAR ENDED JUNE 30, 2022 RECOMMENDATION Receive and file the Annual Comprehensive Financial Report for the year ended June 30, 2022. 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 29, 2023. • 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 18, 2023. 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, 2022, which is the most favorable conclusion. The independent audit involved examining evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and estimates made by management, and evaluating the overall financial statement presentation. Attachment 1, provides a summary of the ACFR which is in Exhibit A. Attachment 2, provides a summary of Unrestricted Funds. 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. 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 proposed by the City, entries were fully resolved prior to issuance. As in previous years, the ACFR has been submitted to the Government Finance Officers Association (GFOA) award program for excellence in financial reporting. For the fiscal year ending June 30, 2022, the City of La Quinta is exempt from the Single Audit Report requirement as the City expended less than $750,000 in total federal funds. ALTERNATIVES The ACFR and audit are required by State law, therefore, no alternatives are recommended. Prepared by: Claudia Martinez, Finance Director/City Treasurer Approved by: Jon McMillen, City Manager Attachments: 1. 2021/22 Annual Comprehensive Financial Report Summary 2. 2021/22 Unrestricted Funds Summary ATTACHMENT r Fiscal Year 2021/22 Annual Comprehensive Financial Report (ACFR) ce QWKra CALIFORNIA - Summary Summary of ACFR Contents The fiscal year (FY) 2021/22 Annual Comprehensive Financial Report (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 FY 2021/22 was presented separately at the February 2, 2023, Financial Advisory Commission (FAC) meeting. The Management Discussion and Analysis section (starting on page 6) 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 33 to 74) provide a written explanation of accounting methods and year -over -year changes. The Statistical Section (pages 137 to 172) presents a ten-year comparison of City financial, economic, and demographic trends. 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. 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, 2022, 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 proposed by the City. As a result of the audit finding recommendations for FY 2020/21, the City conducted a detailed analysis and the entries were fully resolved prior to the issuance of the ACFR. In addition, the City has already implemented internal procedures and guidance related to financial reporting to improve the accuracy of the information presented. We believe that the ACFR meets the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting Program requirements and have submitted it to determine eligibility for another certificate. The City has previously received this prestigious award for the last twenty-five years. Significant Changes and Financial Highlights Governmental Revenues and Expenses Governmental Activities include thirty-one (31) individual governmental funds. There are three (3) major governmental funds: the General Fund, one Capital Improvement capital project fund, and one Housing Authority special revenue fund. Data from the other twenty-eight (28) governmental funds are combined into a single, aggregate presentation. Key Highlights: • General Fund's overall fund balance increased by approximately $23.5 million when compared to the ending balance in FY 2020/21. This was mostly attributed to transient occupancy tax and sales tax revenue exceeding budget projections, coupled with expenditure savings. • General Fund Reserves are 100% funded to established target amounts for FY 2021/22 representing a combined balance of $46.1 million. Additionally, as a result of the City's Reserve Policy analysis in FY 2022/23, these targets were updated and funded as approved by Council in February 2023. • The General Fund has no outstanding bond obligations. • At the end of FY 2021/22, 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 increased over the prior fiscal year with the major items being attributed to transient occupancy and sales taxes as well as charges for services, which were then offset by decreases in fair value of investments, miscellaneous revenues, and capital grants and contributions. • A majority of General Fund revenues experienced positive variances when compared to the final budget. • Actual expenses were $37,651,000 lower than the final budget, of which $1,209,000 was carried over into FY 2022/23 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 $30,762,000 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 $33,893,325, or 20%, of the total $165,907,013 balance and included savings from total final FY 2021/22 General Fund budgeted expenditures including transfers and multi-year capital project carryovers. As of the end of FY 2021/22, the City's total governmental funds reported combined ending fund balances of $217,122,064 and General Fund balances of $165,907,013 as follows: 2021/22 Governmental Fund Balances Category General Fund Percent All Other Funds Percent Total Funds Percent Nonspendable $ 27,365,989 16% $ 96,590 0.189% $ 27,462,579 13% Restricted 10,137,888 6% 54,412,358 106% 64,550,246 30% Committed 37,209,100 22% - 0% 37,209,100 17% Assigned 57,300,711 35% - 0% 57,300,711 26% Unassigned 33,893,325 20% 3,293,897 -6% 30,599,428 14% TOTAL $ 165,907,013 100% $ 51,215,051 100% $ 217,122,064 100% When compared to FY 2020/21, total governmental fund balance increased by $31,274,963 and total General Fund balance increased by $23,590,470. 2020/21 Governmental Fund Balances 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% General Fund Balancr— A year -over -year decrease of $2,134,000 in Nonspendable is mainly attributed to the FY 2021/22 Redevelopment Agency (RDA) loan repayment of $2,643,000 offset by interest earnings of $488,000 resulting in a net decrease of $2,155,000 in Due from Other Governments. The outstanding loan balance to the RDA of $27,394,000 is recognized as 80% in the General Fund and 20% in the Housing Authority Fund. Additional information on the loan repayment can be found in Note 19 of the financial statements. Restricted reserves are limited to funds held in a Section 115 Pension Trust set aside to fund the City's pension obligations. As of FY 2020/21, the trust balance was at $11.3 million and due to ongoing economic volatility, investment losses caused the trust to decrease by $1,244,000. All Other Funds fund balance decreased by $7,700,000 and represents totals for the Housing Fund and other Restricted funds. Committed reserves decreased by approximately $1,000 due to operational carryovers. All reserve categories are fully funded to current target levels. An increase of $17,317,000 in assigned reserves was due to multi-year Capital Projects of $17,331,000 and Measure G sales tax reserve of $226,000 combined with a decrease in the fire services trust of $240,000. Outstanding Debt Total governmental activities debt decreased by $6,951,058 from $15,789,787 to $8,838,729. This decrease is largely attributed to a reduction of $6,810,537 in the City's net pension liability. Governmental Activities 2021 Debt Type: As Restated 2022 Leases $ 295,942 $ 162,648 Financed Purchases $ 41,225 $ 22,079 Compensated Absences 950,309 962,229 Net Pension Liability 14,502,311 7,691,773 TOTAL $ 15,789,787 $ 8,838,729 After FY 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, 2022, the Section 115 Pension Trust had a balance of $10,137,888. 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 (CaIPERS). The City adopted and implemented GASB Statement No. 87, Leases which increases the usefulness of governments' financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right -to -use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources, thereby enhancing the relevance and consistency of information about governments' leasing activities. Governmental Activities are now broken down into two categories under outstanding debt: leases and financed purchases. Additional information on long-term debt can be found in Note 5 of the financial statements, Note 9 describes the City's Pension Plan, and Note 12 covers 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 $2,051,400 which decreases the OPEB liability of $1,913,989 and is reported as an asset balance of ($137,411). Additional information on OPEB can be found in Note 11 of the financial statements. Major Capital Improvements The Capital Improvement Fund is primarily used to record the expenditures for capital projects. The fund had forty-two (42) active Capital Improvement Projects during FY 2021/22. The five most active projects were: • SilverRock Infrastructure Improvements ($2,078,000) • La Quinta X Park ($1,573,000) • SilverRock Event Site ($438,000) • Monroe Street Pavement Rehabilitation ($430,000) • Fire Station No. 70 Revitalization ($363,000) These projects, along with others, leveraged State or Federal grant funds or were significantly supported with Measure G sales tax revenues. 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, 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. As of June 30, 2022, 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, and approved housing developments on the horizon. 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 a strong reserve level. Because of these factors, the City has been able to maintain essential services despite a fluctuating economy and is prepared to face the next financial crisis. ATTACHMENT 2 ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR 2021/2022 — UNRESTRICTED FUNDS SUMMARY The Annual Comprehensive Financial Report (ACFR) is a set of financial statements for a state, municipality or other governmental entity that comply with the accounting requirements established by the Governmental Accounting Standards Board (GASB). GASB is a private non-governmental organization, an arm of the Financial Accounting Foundation, that creates accounting reporting standards, or generally accepted accounting principles (GAAP), for state and local governments in the United States, i.e. GASB sets the standards governing the content of an ACFR. The ACFR must be audited by an independent auditor using generally accepted government auditing standards. GASB Concepts Statement No. 34 requires the net assets of a government to be reported in three (3) categories: 1) invested in capital assets net of related debt, 2) restricted, and 3) unrestricted. As shown in the chart below, the City's Net Position (total assets and deferred outflows) is stated on page 7 of the Management Discussion and Analysis or MD&A of the fiscal year (FY) 2021/22 ACFR for La Quinta, and further described in detail on page 11. La Quinta ACFR FY 2021/22 Capital Assets $ 560,188,798 Restricted $ 54,412,358 Unrestricted $ 191,655,157 TOTAL NET POSITION $ 806,256,313 Per ACFR reporting guidelines, in particular GASB No. 34, the three (3) categories of a government's net assets are defined as follows: Canital Asset, category reflects investments in capital assets (e.g., land, buildings; machinery, equipment), net of related debt, which the City uses to provide services to citizens; consequently, these assets are not available for future spending. City capital assets totaling $560,188,798 or 69% of the city's total $806,256,313 Net Position (total assets and deferred outflows) include: • 129 miles of streets and 121 miles of sidewalks • 17 parks with amenities that include swimming pools, pickleball and tennis courts; X Park; soccer fields and softball/baseball diamonds; dog parks; playground equipment; and more. • 17 city -owned buildings • 81.1 miles of bike paths • 4,500 -plus street signs • 50 traffic light signals, 94 public safety cameras • 378 catch basins category is comprised of funds earmarked for a specific purpose; these restrictions are imposed on the City by an outside agency. Unrestricted category is defined as funds that can be used to meet ongoing obligations because they are not restricted by an outside agency. However, of note is that GASB reporting requirements for the ACFR do not take into account fund restrictions in accordance with the City's established policies. For purposes of ACFR reporting, the City's unrestricted net position is comprised of funds committed or assigned for certain reserves or projects, including assets that are in non - spendable form per the agency's established policies and procedures. For La Quinta some of the major restrictions to Unrestricted funds, as reported by FY 2021/22 ACFR are summarized below: • Non -Spendable: Land Held for Resale $5,403,652 • Non -Spendable: Due from Successor Agency $21,915,347 (Payable in annual installments through FY 2029/30 from the Successor Agency's Redevelopment Property Tax Trust Fund (RPTTF) enforceable obligations) • Restricted for Pension Trust (Section 115 Trust) $10,137,888 • Reserves — Committed • Reserves — Assigned • Internal Service Funds (Equipment Replacement, Information and Insurance) $36,000,000 $57,300,711 $23,561,034 Technology, Park Equipment and Facilities, Unassigned Fund Balance The Unassigned Fund Balance at approximately $30.5 million, as reported by the City's FY 2021/22 ACFR, are funds that have not been assigned to other Special Revenue Funds and that have not been restricted, committed, or assigned to specific purposes within the General Fund. The full detail of the $191,655,157 Unrestricted net cash position, as reported in the City's FY 2021/22 ACFR, is provided in the table below and demonstrates that the City does not have $191.6 million available to meet ongoing obligations due to internal restrictions and obligations: 2021/22 Annual Comprehensive Report (ACFR) Governmental Activities- Unrestricted Net Position Nonspendable Prepaid Costs 143,580 Land held for resale 5,403,652 Due from Successor Agency 21,915,347 Restricted for Section 115 Trust 10,137,888 Committed to Natural Disaster Reserve 10,000,000 Economic Downturn Reserve 11,000,000 Cash Flow Reserve 5,000,000 Capital Replacement Reserve 10,000,000 Carryovers 1,209,100 Assigned for Public Safety 11,183,821 Sales Tax Reserve 15,355,043 Capital Projects 30,761,847 Unassigned 30,599,428 Internal Service Funds- Unrestricted 23,561,034 Unavailable Revenues: Housinq Authority & Non -Major Special Revenue Funds 4,347,583 SUB -TOTAL 190,618,323 Business -Type Activities: Unrestricted Net Position (SilverRock) 1,036,834 UNRESTRICTED GRAND TOTAL $ 191,655,157 The City and City Council have an obligation to La Quinta's residents/taxpayers to spend/allocate funds responsibly — staying within budget to cover all cost obligations/expenditures to keep the City safe and to maintain City facilities, roads, sidewalks, and parks. The City Council and Staff remain conservative in spending taxpayers' dollars. Every year at budget time, surplus funds are put into Reserve accounts — some with specific designated uses and others that are unassigned. These funds are available in case of emergencies, such as an earthquake or other natural disaster, or other type of emergency such as a pandemic or recession, and to help meet rising costs as we continue to keep pace with current inflation. It is vital for the City and for local governments to maintain adequate levels of fund balance to mitigate current and future risks such as revenue shortfalls and unanticipated expenditures. In previous years, it is our fiscally conservative approach that has helped us weather the storms caused by extraordinary events such as the great recession of 2008 and the global pandemic, as well as cyclical economic changes affecting our community. Staff and elected officials understand their fiduciary responsibility to ensure and maintain continuing trust from their citizens and members of the public and feel this document is representative of our efforts. NET POSITION (UNRESTRICTED) CATEGORY DEFINITIONS As stated in Governmental Accounting Standards Board (GASB) Summary of Statement No. 34 — Basic Financial Statements- and Management's Discussion and Analysis (MD&A) for state and local governments, the definitions provided give a brief description on the categories that make up the unrestricted net position in both governmental activities and business -type activities. Governmental Activities Non -spendable includes amounts that cannot be spent on operating expenditures because they are either not in spendable form or are legally or contractually required to be maintained intact. This may include prepaid items, land held for resale, and amounts due from the Successor Agency to pay estimated installment payments of enforceable obligations until obligations of the Former Agency are paid in full and assets have been liquidated. Restricted includes amounts that are externally imposed by creditors, grantors, contributions, laws and regulations of other governments, or imposed by law. The Section 115 Trust is irrevocably dedicated to funding obligations of the City's pension beneficiaries, other post -employment beneficiaries or costs of administering the Trust. Committed includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of 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. This includes the City's four (4) defined reserve categories and carryovers for General Fund operational expenditures. 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 pursuant to the policy-making powers granted through a resolution. This includes Public Safety which represents property tax accumulated and held in trust by the County of Riverside for fire protection, accumulated resources related to the City's sales tax Measure G, and capital projects which is comprised of carryover balances for capital projects. 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. The 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. 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. Unavailable Revenues represents when an asset is recorded but the revenue is not yet available, such as a deferred inflow. These deferred resources are reported as unavailable until such time as the revenue becomes available. The unrestricted net position is the remaining portion of net position that is not externally restricted. Business -Type Activities represents the City's enterprise fund to account for the SilverRock Golf Course operations, which is considered a major fund. C IT Y OF LA QUINTA EXHIBIT A ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR ENDED JUNE 30, 2022 tav Qa&a CALIFORNIA - Prepared by: Finance Department r I• City of La Quinta, California Annual Comprehensive Financial Report Year Ended June 30, 2022 Prepared By: Finance Department City of La Quinta, California Table of Contents June 30, 2022 INTRODUCTORY SECTION Letterof Transmittal................................................................................................................. Listof Principal Officers............................................................................................................ OrganizationalChart................................................................................................................. Certificate of Achievement for Excellence in Financial Reporting(GFOA)................................... FINANCIAL SECTION Independent Auditor's Report...................................................................................................... Management's Discussion and Analysis........................................................................................ Government Wide Financial Statements Statementof Net Position......................................................................................................... Statementof Activities.............................................................................................................. Government Fund Financial Statements Balance Sheet —Governmental Funds....................................................................................... Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position...... Statement of Revenues, Expenditures, and Changes in Fund Balances — Governmental Funds.. Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities.................................................................. Proprietary Fund Financial Statements Statement of Net Position — Proprietary Funds......................................................................... Statement of Revenues, Expenses, and Changes in Fund Net Position — Proprietary Funds ....... Statement of Cash Flows — Proprietary Funds........................................................................... Fiduciary Fund Financial Statements Statement of Fiduciary Net Position.......................................................................................... Statement of Changes in Fiduciary Net Position........................................................................ Notes to Financial Statements...................................................................................................... REQUIRED SUPPLEMENTARY INFORMATION Budgetary Comparison Schedule — General Fund...................................................................... Budgetary Comparison Schedule — Housing Authority............................................................... Schedule of Proportionate Share of the Net Pension Liability— Miscellaneous Plan ................... Schedule of Pension Plan Contributions — Miscellaneous Plan ................................................... Schedule of Changes in the Net OPEB Liability/(Asset) and Related Ratios ................................ Schedule of OPEB Contributions............................................................................................... Note to Required Supplementary Information.......................................................................... COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES Combining Balance Sheet— Nonmajor Governmental Funds ..................................................... Combining Statement of Revenues, Expenditures and Changes in Fund Balances — Nonmajor Governmental Funds................................................................................................ ................ 23 ................ 25 ................ 26 27 .................. 28 .................. 29 .................. 30 .................... 32 .................... 33 .................... 34 .... 92 City of La Quinta, California Table of Contents June 30, 2022 Budgetary Comparison Schedules — Special Revenue Funds State Gas Tax Libraryand Museum..................................................................................................... FederalAssistance........................................................................................................ SL E SA............................................................................................................................ Lightingand Landscaping.............................................................................................. Quimby......................................................................................................................... La Quinta Public Safety Officer...................................................................................... Artin Public Places........................................................................................................ SouthCoast Air Quality................................................................................................. AB939.......................................................................................................................... HousingGrants............................................................................................................. LawEnforcement.......................................................................................................... MeasureA.................................................................................................................... Economic Development................................................................................................ AB1379........................................................................................................................ DisasterRecovery......................................................................................................... Budgetary Comparison Schedules — Capital Projects Funds CapitalImprovement.................................................................................................... Maintenance Facilities DIF Fund.................................................................................... Infrastructure............................................................................................................... CivicCenter................................................................................................................... Transportation.............................................................................................................. Parks and Recreation.................................................................................................... LibraryDevelopment.................................................................................................... CommunityCenter........................................................................................................ StreetFacility................................................................................................................ ParkFacility.................................................................................................................. FireFacility................................................................................................................... Budgetary Comparison Schedules — Debt Service Funds FinancingAuthority....................................................................................................... Internal Service Funds Combining Statement of Net Position........................................................................... Combining Statement of Revenues, Expenses and Changes in Fund Net Position .......... Combining Statement of Cash Flows............................................................................. Other Information .. 125 127 128 129 ProjectStatus.............................................................................................................................................. 130 City of La Quinta, California Table of Contents June 30, 2022 STATISTICAL SECTION Net Position by Component (Table 1)........................................................................................................... 132 Changes in Net Position (Table 2)................................................................................................................. 134 Changes in Net Position — Governmental Activities (Table 3)........................................................................ 136 Changes in Net Position — Business -type Activities (Table 4)......................................................................... 138 Fund Balances of Governmental Funds (Table 5).......................................................................................... 140 Changes in Fund Balances of Governmental Funds (Table 6)........................................................................ 142 Tax Revenue by Source (Table 7).................................................................................................................. 144 Top 25 Sales Tax Producers (Table 8)........................................................................................................... 145 Top 25 Measure G Sales Tax Producers (Table 9).......................................................................................... 146 Taxable Sales by Category (Table 10)............................................................................................................ 147 Assessed Value of Taxable Property (Table 11)............................................................................................. 149 Direct and Overlapping Property Tax Rates (Table 12).................................................................................. 150 Principal Property Taxpayers (Table 13)....................................................................................................... 151 Property Tax Levies and Collections (Table 14)............................................................................................. 152 Ratios of Outstanding Debt by Type (Table 15)............................................................................................. 153 Ratio of General Bonded Debt Outstanding (Table 16)................................................................................. 155 Direct and Overlapping Debt (Table 17)....................................................................................................... 156 Legal Debt Margin Information (Table 18).................................................................................................... 157 Pledged -Revenue Coverage (Table 19)......................................................................................................... 159 Demographic and Economic Statistics (Table 20).......................................................................................... 160 PrincipalEmployers (Table 21)..................................................................................................................... 161 Full-time City Employees (Table 22)............................................................................................................. 162 Operating Indicators (Table 23).................................................................................................................... 163 Capital Asset Statistics by Function (Table 24).............................................................................................. 164 Schedule of Insurance in Force (Table 25).................................................................................................... 165 This page intentionally left blank. tev Qal�fra CALIFORNIA - June 29, 2023 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, 2022. 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, 2022. This is the most favorable conclusion. The independent auditor's report is located at the front of the financial section. ta wk�a CALIFORNIA - 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 38,000, 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. W �WAl 114) R Nk 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 Econom According to the State of California Employment Development Department, as of November 2022, the unadjusted unemployment rate for La Quinta was 3.2%, which was lower than unadjusted rates for Riverside County's at 4.2% and the statewide average of 4.1%. Current unemployment rates are greatly impacted by the continuing gains in jobs in the Leisure & Hospitality sectors, specifically in recreational activities and dining. The City's dominant industries are tourism, recreation, and retail, with the following being major employers: Desert Sands Unified School District, La Quinta Resort and Club, Wal- Mart Super Center, Costco, Home Depot, Lowe's Home Improvement, Imperial Irrigation District, and Target. 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 2021/22 included a new Panera drive-thru, Art Major, EI Patio restaurant, Jamba Juice, Sub Rosa Apothecary, and WDC Kitchen & Bath along the Highway 111 corridor; Crumbl Cookies, Slice Italia, and Michelle's Denim and Swim in the Washington Park Center; Yes Please restaurant in Old Town La Quinta; and Beautiful Day restaurant in the La Quinta Village shopping center 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 and investments in technology. 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 2021/22, the General Fund's overall fund balance increased by almost $23.5 million when compared to the ending balance in 2020/21, mainly due to revenue increases surpassing budget projections in areas such as transient occupancy taxes and sales tax and the Dune Palms Bridge project advance funding. As of June 30, 2022, 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 2022 the City Council adopted a balanced budget without the use of reserves for fiscal year 2022/23. The adopted budget had operating revenues exceeding expenses by $316,826. The 2022/23 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. iv W �W Al 11:0 K NI % The Future The City has a mixture of housing and commercial developments under construction. Larger residential developments underway include Coral Mountain, Centre at La Quinta, Desert Club Apartments, PGA West, Rancho Santana, Stone Creek, Point Happy Homes, Palo Verde, and Diamante and commercial developments include luxury Montage and lifestyle Pendry hotels, Pavilion Palms, The Peak and Caleo Bay Park mixed-use development. Approved housing developments on the horizon include Estate Collection at Coral Mountain, Estates at Griffin Lake, Jefferson Street Apartments, Andalusia, and Griffin Ranch. 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. The City recently acquired vacant property on the north side of Highway 111, which is anticipated to be developed as a mixed-use project with commercial and residential components furthering the City's goals of fostering mixed-use development, affordable housing, multi -modal transportation, and the development of the Highway 111 corridor. 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, 2021. This was the twenty-fifth consecutive year that the City received this prestigious award. In order to be awarded a Certificate of Achievement, the City must publish an easily readable and efficiently organized ACFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements. 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. In CU �'Cu 1 it OlkNP:%- 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 C Ik Claudia Martinez, Finance Director iu City of La Quinta List of Principal Officers June 30, 2022 CITY COUNCIL Linda Evans, Mayor Kathleen Fitzpatrick, Mayor Pro Tem Robert Radi, Council Member John Pena, 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, Business Unit/Housing Development Director Monika Radeva, City Clerk William H. Ihrke, City Attorney Vii t(v Qw�tr(v CALIFORNIA CITY OF LA QPNTA FA QIJINTAEAFIFORNIA ORGANIZATIONAL CHART For listing of staffing by department and total number of employees, see S tati sti cal Section - F ul I Time City Employees by F unction. viii G�9 Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to City of La Quinta California For its Annual Comprehensive Financial Report For the Fiscal Year Ended June 30, 2021 Executive Director/CEO ix This page intentionally left blank. EideBailly. CPAs & BUSINESS ADVISORS Independent Auditor's Report To the Honorable Mayor and Members of City Council City of La Quinta, California Report on the Audit of the Financial Statements Opinions We have audited the 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, 2022, and the related notes to the financial statements, which collectively comprise the City's basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2022, 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. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Adoption of New Accounting Standard As discussed in Note 1 to the financial statements, the City has adopted the provisions of Government Accounting Standards Board (GASB) Statement No. 87, Leases, for the year ended June 30, 2022. Accordingly, a restatement has been made to the governmental activities, business -type activities, and the Golf Course fund net position and the General fund's fund balance as of July 1, 2021, to restate beginning net position and fund balance. Our opinions are not modified with respect to this matter. What inspires you, inspires us. , eidebailly.com 10681 Foothill Blvd., Ste. 300 Rancho Cucamonga, CA 91730-3831 1 T909.466.4410 I F909.466.4431 EOE Correction of Error As discussed in Note 18 to the financial statements, certain errors resulting in a misstatement of amounts previously reported for Governmental Activities Capital Assets and the Private -Purpose Trust Fund Successor Agency of the former RDA bond payments as of June 30, 2021, were discovered during the current year. Accordingly, a restatement has been made to the Governmental Activities and the Private -Purpose Trust Fund Successor Agency of the former RDA net position as of June 30, 2021, to correct the error. Our opinions are not modified with respect to this matter. Responsibilities of Management 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; and for 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. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit 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 City's internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in ourjudgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control—related matters that we identified during the audit. 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 is the responsibility of management and, 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. Supplementary 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 combining and individual fund statements and schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the 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. Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory, the statistical sections and the Project Status: Highway 111 Bridge Funding but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. 3 In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 29, 2023, 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 CucamongalCaiifornia June 29, 2023 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, 2022. 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. i t "*- I= 4V a649, �� ; 'fir �' -' � � � �• .� At the close of 2021/22 (June 30, 2022): • The total assets and deferred outflows of the City exceeded its total liabilities and deferred inflows at the close of the fiscal year 2021/22 by $806,256,000 (net position). Of this amount, $191,655,000 (unre- stricted net position) may be used to meet ongoing obligations and approximately $560,189,000 or 69% was invested in capital assets and is not available to meet ongoing obligations. • Governmental activities total net position increased by $29,585,000 and the Business -Type total net position increased by $442,000 which is attributable to the SilverRock Golf Course. • Governmental funds (General Fund, Housing Authority, Capital Improvement Fund, seventeen (17) non -major special revenue funds, ten (10) non -major capital projects funds, and one (1) non -major debt service fund) had a combined ending fund balance of $217,122,000, an increase of $31,275,000. The increase in fund balance can be attributed to taxes, including sales tax and transient occupancy tax, exceeding the original budget projections by $17,053,000 coupled with expenditures savings from the original budget projections in the General Fund totaling $3,269,000, and an increase of $17,317,000 in Assigned fund balance primarily due to the Dune Palms Bridge Project advance funding. • The unassigned General Fund balance comprised $33,893,000, or 20%, of the total $165,907,000 balance and represented 38% of total final General Fund budgeted expenses including transfers and multi- year capital projects. • Total governmental activities debt decreased by $6,951,000 from $15,790,000 to $8,839,000. This decrease is largely attributed to a decrease of $6,811,000 in the City's net pension liability. (Note 9) 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. 0 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, planning and 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. 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 thirty-one (31) 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- eight (28) 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 and 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. 0 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, internal service funds, and agency funds. The non -major governmental funds' combining statements are presented immediately following the Required Supplementary Information while the combined statements for the internal service funds and agency funds are presented following the budgetary comparison schedules for the debt service funds. 9 As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the City, assets exceeded liabilities by $806,256,000 at the close of the 2021/22, which is $30,027,000 more than the previous year. Increases were reflected in restricted and unrestricted net position for governmental activities. The largest portion of the City's Net Position ($566,261,000 or 73% for 2020/21 and $560,189,000 or 69% for 2021/22) 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 ($54,412,000 or 7% in 2022 and $46,712,000 or 6% in 2021) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position $191,655,000 (24%) may be used to meet the government's ongoing obligations to citizens and creditors. At the end of 2021/22, the City had positive balances in all three categories of net position for the governmental and business -type activities. 10 Governmental Activities Business -Type Activities Total by Fiscal Year 2021 0/a 2021 2021 % As Restated 2022 Change As Restated 2022 Chane As Restated 2022 Chan e Current and other assets $ 245,702,054 $ 281,978,427 11% $ 1,000,641 $ 1,432,615 43% $ 246,702,695 $ 283,411,042 15% Capital assets 523 734 411 517,859,684 -1% 42 717 914 43 057 599 1% 566,452,325 560,917,283 -1% Total Assets769 436 465 799,838,111 4% 43 718 555 44,490,214 2% 813,155,020 844,328,325 4%Deferred outflows of resources 4,373,009 6 456 532 48% 0% 4,373,009 6 456 532 48% - 0% Current liabilities 22,278,089 25,399,471 14% 631,891 961,618 52% 22,909,980 26,361,089 15% Non-current liabilities 16 203 540 8,838,729 -45% 0% 16 :203::40 8 838 729 -45% Total Liabilities 38 481 629 34,238,200 -11% 631,891 961,618 52% 39,113,520 35,199,818 -10% Deferred inflows of resources 2,185,278 9 328 726 327% 0% 2,185,278 9 328 726 327% NetPosition: Net investment in capital assets 523,543,336 517,697,036 -1% 42,717,914 42,491,762 -1% 566,261,250 560,188,798 -1% Restricted 46,711,801 54,412,358 16% - - 0% 46,711,801 54,412,358 16% Unrestricted 162 887 430 190,618,323 17% 1 368,750 1,036,834 181% 1 163,256,180 191 655 157 17% Total Net Position $ 733,142,567 $ 762,727,717 4% 1 $ 43,086,664 $ 43,528,596 19/. 1 $ 776,229,231 $ 806,256,313 4% An additional portion of the City's net position ($54,412,000 or 7% in 2022 and $46,712,000 or 6% in 2021) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position $191,655,000 (24%) may be used to meet the government's ongoing obligations to citizens and creditors. At the end of 2021/22, the City had positive balances in all three categories of net position for the governmental and business -type activities. 10 Governmental Activities Governmental activities net position increased by $29,585,000 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 $592,000 with the largest increase of $11,431,000 being other taxes (the majority of this increase includes transient occupancy taxes and sales tax combined) followed by an increase of $2,178,000 in charges for services attributed to increased building activity, and $1,373,000 in operating grants and contributions These increases were offset by decreases totaling $5,727,000, $4,855,000 and $3,818,000 for fair value of investments, miscellaneous revenues and capital grants and contributions, respectively. Expenses for Governmental Activities increased by $6,146,000 (an 11% increase when compared to 2020/21). The $3,547,000 increase in Public Works reflects multiple projects previously delayed, now in the construction phase during 2021/22. A decreases in Planning & Development $1,792,000 was the result of reduced programs such as the Small Business relief programs offered during the pandemic. As noted earlier Governmental Activities include 31 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 $550,000 to the business -type activities of the golf course. Funds were utilized to support operations per the adjusted budget. 11 Governmental Activities Business -Type Activities Total by Fiscal Year 2021 As Restated 2022 Change 2021 As Restated 2022 Change 2021 As Restated 2022 Change PROGRAM REVENUES: Charges for Services $ 4,705,011 $ 6,883,385 $ 2,178,374 $ 3,509,096 $ 4,679,163 $ 1,170,067 $ 8,214,107 $ 11,562,548 $ 3,348,441 Operating Grants and Contributions 4,413,523 5,786,773 1,373,250 - - - 4,413,523 5,786,773 1,373,250 Capital Grants and Contributions 15,770,048 11,952,031 (3,818,017) - - - 15,770,048 11,952,031 (3,818,017) GENERAL REVENUES &TRANSFERS - Property Taxes 16,893,629 17,823,858 930,229 - - - 16,893,629 17,823,858 930,229 Other Taxes 39,178,741 50,610,128 11,431,387 - - - 39,178,741 50,610,128 11,431,387 Investment Income 1,427,664 219,164 (1,208,500) 13,081 4,329 (8,752) 1,440,745 223,493 (1,217,252) Net Decrease in Fair Value of Investments - (5,727,183) (5,727,183) - (45,279) (45,279) - (5,772,462) (5,772,462) Motor Vehicle In Lieu 4,376,455 4,663,327 286,872 - - - 4,376,455 4,663,327 286,872 Miscellaneous 5,797 947 943,160 (4,854,787) 5,797,947 943 160 (4,854,787 TOTAL REVENUES 92,563,018 93,154,643 591,625 3,522,177 4,638,213 1,116,036 96,085,195 97,792,856 1,707,661 EXPENSES: General Government 8,106,209 9,733,224 1,627,015 - - - 8,106,209 9,733,224 1,627,015 Public Safety 24,429,310 25,741,782 1,312,472 - - - 24,429,310 25,741,782 1,312,472 Planning & Development 6,508,522 4,716,745 (1,791,777) - - - 6,508,522 4,716,745 (1,791,777) Community Services 6,958,234 8,439,863 1,481,629 - - - 6,958,234 8,439,863 1,481,629 Public Works 11,438,197 14,985,480 3,547,283 - - - 11,438,197 14,985,480 3,547,283 Interest on Long -Term Debt 42,081 11,914 (30,167) - - - 42,081 11,914 (30,167) Golf Course 4,169,286 4 746 281 576,995 4,169,286 4 746 281 576,995 TOTAL EXPENSES 57,482,553 63,629,008 6,146,455 4,169,286 4,746,281 576,995 61,651,839 68,375,289 6,723,450 Excess or Deficiency before Transfers & Extraordinary Items 35 080 465 29 525 635 5 554 830 (647,109) (108,068) S39,041 34,433,3S6 29 417 567 5 015 789 TRANSFERS &EXTRAORDINARY ITEMS: Extraordinary Gain on Dissolution of RD/ 739,933 609,515 (130,418) - - - 739,933 609,515 (130,418) Transfers(.75: 875 000 550,000) 325,000 875,000 550 000 (325,000) Increase in Net Position 34,945,398 29,585,150 (5,360,248 227,891 441,932 214,041 35,173,289 30,027,082 (5,146,207) Net Position - Beginning 698 197 169 733 142 567 34,945,398) 42 858 773 43 086 664 227 891 741 055 942 776 229,231 35,173,289 NET POSITION - ENDING 733,142,567 762,27,717 29,585,150 43,086,664 43,528,596 441,932 776,229,231 806,256,313 30,027,082 Governmental revenues overall increased by $592,000 with the largest increase of $11,431,000 being other taxes (the majority of this increase includes transient occupancy taxes and sales tax combined) followed by an increase of $2,178,000 in charges for services attributed to increased building activity, and $1,373,000 in operating grants and contributions These increases were offset by decreases totaling $5,727,000, $4,855,000 and $3,818,000 for fair value of investments, miscellaneous revenues and capital grants and contributions, respectively. Expenses for Governmental Activities increased by $6,146,000 (an 11% increase when compared to 2020/21). The $3,547,000 increase in Public Works reflects multiple projects previously delayed, now in the construction phase during 2021/22. A decreases in Planning & Development $1,792,000 was the result of reduced programs such as the Small Business relief programs offered during the pandemic. As noted earlier Governmental Activities include 31 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 $550,000 to the business -type activities of the golf course. Funds were utilized to support operations per the adjusted budget. 11 Business -Type Activities This was the seventeenth 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 $4,679,000, $1,170,000 higher than the previous year, with golf course expenses of $4,746,000, which were $577,000 or approximately 14% more than the previous year. In 2021/22, the General Fund transferred $550,000 to the SilverRock Golf Fund to support operations. After this transfer, the net position increased by $442,000. As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance -related legal requirements. Governmental Funds The focus of the City's governmental funds is to provide information on near-term inflows, outflows, and balances. Such 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 2021/22, the City's governmental funds reported combined ending fund balances as follows: City of La Quinta Governmental Fund Balances Category General Fund Percent All Other Funds Percent Total Funds Percent Nonspendable $ 27,365,989 16% $ 96,590 0.189% $ 27,462,579 13% Restricted 10,137,888 6% 54,412,358 106% 64,550,246 30% Committed 37,209,100 22% - 0% 37,209,100 17% Assigned 57,300,711 35% - 0% 57,300,711 26% Unassigned 33,893,325 20% (3,293,897) -6% 30,599,428 14% $ 165,907,013 100% $ 51,215,051 100% $ 217,122,064 1000/0 TOTAL Governmental fund balances ended the year totaling $217,122,000, an increase of $31,275,000 in comparison with the prior years' ending balance of $185,847,000. These collective fund balances include the General Fund, Housing Authority, Financing Authority, Capital Improvement Fund, and various Special Revenue funds. 12 Nonspendable Nonspendable fund balance totaled $27,463,000 or 13%; 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 $64,550,000 or 30%; these amounts represent funds with external limitations on spending. Significant restrictions include: Section 115 trust of $10,138,000 restricted for pension liabilities; Library and Museum totaling $9,972,000 which represents property tax increment money that can only be used for library and museum services; Measure A funding of $4,740,000 which can only be used for transportation; Transportation capital project fund of $4,503,000 in developer fees that are restricted for the acquisition, construction and improvement of the City's infrastructure; and Economic Development funding of $3,157,000 that can only be used for future economic development in the City. Committed $37,210,000 (17%) 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 $57,301,000 (26%) of the total fund balance. $30,762,000 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 $15,355,000 and $11,184,000 represents funds held in trust with the County of Riverside for fire services. Unassigned The remaining fund balance or $30,599,000 represents unassigned fund balances or the residual net resources after taking into consideration the other classifications. The Capital Improvement Fund accounted for $990,000 of the negative $3,294,000 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 2021/22, the unassigned fund balance was $33,893,000 while total fund balance was $165,907,000. The General Fund balance increased by $23,590,000 in 2021/22. Key factors were: • A year -over -year decrease of $2,134,000 in non -spendable is attributed the 2021/22 Redevelopment Agency loan repayment of $2,643,000 offset by interest earnings of $488,000 resulted in a net decrease of $2,155,000 in Due from Other Governments. The outstanding loan balance of $27,394,000 is recognized as 80% in the General Fund and 20% in the Housing Authority Fund. • Restricted reserves are limited to funds held in a Section 115 Pension Trust set aside to fund the City's pension obligations. The trust was initially established in 2018/19 with $6,540,000 and in 2019/20 an additional $3,460,000 was deposited. Due to ongoing economic volatility, investment losses caused the trust to decrease by $1,244,000. • Committed reserves decreased by $1,000 due to operational carryovers. All reserve categories are fully funded to current target levels and will be reevaluated during the City's Reserve Policy update. • An increase of $17,317,000 in assigned reserves was due to multi- year Capital Projects ($17,331,00) and Measure G sales tax reserve ($226,000) combined with a decrease in the fire services trust ($240,000). 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, 2022 is $11,184,000. • Actual expenses were $37,651,000 lower than the final budget of which $31,971,000 was carried over into 2022/23 for continuing appropriations related to operations ($1,209,000) and Capital Improvement Projects (CIP) ($30,762,000). Funds not being carried over are recognized as Unassigned Reserve Fund Balance in the General Fund. CIP revenue commitments are reflected in assigned reserves and operational carryovers are noted in committed reserves. 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 $209,000 to end the year at $24,016,000. Capital Improvement Fund The Capital Improvement Fund is primarily used to record the expenditures for capital projects. The fund had forty-two (42) active Capital Improvement Projects budgeted during 2021/22. The five most active projects were: • SilverRock Infrastructure Improvements ($2,078,000) • La Quinta X Park ($1,573,000) • SilverRock Event Site ($438,000) • Monroe Street Pavement Rehabilitation ($430,000) • Fire Station No. 70 Revitalization ($363,000) These projects, along with others, leveraged State or Federal grant funds or were significantly supported with Measure G sales tax revenues. 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. Most General Fund revenues experienced positive variances when compared to the final budget. Revenue appropriations and transfers in increased by $13,574,000 between the original ($58,804,000) and final amended budget ($72,378,000). The category representing the largest variances is taxes which represents 80% of all General Fund revenues. Actuals for taxes includes the three largest funding sources for the City - sales taxes $28,205,000, transient occupancy taxes (TOT) $17,056,000, and property taxes $9,675,000. Combined, these top three revenues account for $54,936,000 or 87% of all taxes, resulting in a $11,308,000 increase from the prior fiscal year primarily in sales taxes and TOT. 15 The Extraordinary Item includes $488,000 to record the annual former Redevelopment Agency loan repayment interest earned in 2021/22. 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. Furthermore, 80% of the extraordinary gain is recognized in the General Fund and 20% in the Housing Authority Fund. Expenditure appropriations and transfers out increased by $33,778,000 between the original ($55,163,000) and final amended budget ($88,941,000) which included the following significant changes: • $13,069,000 in operational and capital improvement project carryover appropriations from prior fiscal years to 2021/22 as approved by City Council. • $14,936,000 from a combination of Measure G reserves and unassigned fund balance to provide advanced construction funding for the Dune Palms Road Bridge project, additional information can be found in the Other Information section. • $2,000,000 from unassigned fund balance to make an additional discretionary payment to pay down the City's outstanding pension obligations. Capital Assets The City's capital assets for its governmental and business -type activities as of June 30, 2022, were $560,917,000 (net of accumulated depreciation). This includes land, right of way, buildings and improvements, machinery and equipment, streets and bridges, construction in progress, and the right to use leased assets. Capital assets decreased by $5,866,000 in 2021/22 primarily due to a decrease in construction in progress. 16 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) Description Governmental Activities 2021 As Restated 2022 Business -Type Activities 2021 As Restated 2022 Total By Fiscal Year 2021 As Restated 2022 Land $ 66,901,495 $ 67,346,020 $ 39,712,955 $ 39,712,955 $ 106,614,450 $ 107,058,975 Buildings & Improvements 34,773,097 36,203,626 2,913,188 2,698,640 37,686,285 38,902,266 Equipment & Furniture 1,448,577 1,227,810 91,771 82,227 1,540,348 1,310,037 Vehicles 402,589 917,322 - - 402,589 917,322 Software - - - - Infrastructure 381,409,739 394,887,936 - - 381,409,739 394,887,936 Right to use Leased Assets 295,941 157,485 644,349 563,778 940,290 721,263 Construction in Progress 38,189,785 17,119,485 - - 38,189,785 17,119,485 TOTAL $ 523,421,223 $ 517,859,684 $ 43,362,263 $ 43,057,599 $ 566,783,486 $ 560,917,283 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. Business -Type Activities The Golf Course capital asset balance at June 30, 2022, was $43,058,000, net of accumulated depreciation. The balance decrease of $305,000 reflects accumulated depreciation expensed in 2021/22. Additional information on the City of La Quinta's capital assets can be found in Note 4 to the financial statements. Long -Term Debt At the end of 2021/22, the City governmental activities had total outstanding debt of $8,838,000 which is $6,951,058 less than the previous year. Of the total amount, $163,000 represents leases and $962,000 in employee compensated absences. The decrease of $6,811,000 in the Net Pension Liability is described in Note 9 and the obligation is not reduced by the Pension Trust balance of $10,138,000 until funds are remitted to CalPERS. 17 City of La Quinta Outstanding Debt Governmental Activities 2021 Debt Type: As Restated 2022 Leases $ 295,942 $ 162,648 Financed Purchases 41,225 22,079 Compensated Absences 950,309 962,229 Net Pension Liability 14,502,311 7,691,773 TOTAL $ 15,789,787 $ 8,838,729 Additional information on long-term debt can be found in Note 5 of the financial statements. 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, California, 92253, by telephone at 760-777-7055, or by email at finance@laquintaca.gov. 18 Assets Cash and investments Restricted cash and investments Receivables: Accounts Taxes Notes and loans Accrued interest Leases Prepaid costs Deposits Due from other governments Inventories Land held for resale Net OPEB asset Capital assets not being depreciated Capital assets, net of depreciation Right to use leased assets, net of accumulated amortization Total assets Deferred Outflows of Resources Deferred amounts related to OPEB Deferred amounts related to pensions Total deferred outflows of resources Liabilities Accounts payable Accrued liabilities Unearned revenue Deposits payable Accrued interest Due to other governments Noncurrent liabilities: Due within one year Due in more than one year Total liabilities City of La Quinta, California Statement of Net Position June 30, 2022 Primary Government Governmental Business -Type Activities Activities Total $ 197,971,033 $ 1,109,952 $ 199,080,985 10,137,888 - 10,137,888 2,135,731 - 2,135,731 7,129,620 - 7,129,620 22,685,029 - 22,685,029 5,159,170 344 5,159,514 1,523,705 - 1,523,705 373,102 - 373,102 47,964 250,000 297,964 29,274,122 - 29,274,122 - 72,319 72,319 5,403,652 - 5,403,652 137,411 - 137,411 370,322,858 39,712,955 410,035,813 147, 379, 341 2,780,866 150,160, 207 157,485 563,778 721,263 799,838,111 44,490,214 844,328,325 249,972 - 249,972 6,206,560 - 6,206,560 6,456,532 - 6,456,532 10,125,153 359,509 10,484,662 479,196 - 479,196 6,404,720 - 6,404,720 7,098,603 35,500 7,134,103 170 772 942 1,291,629 - 1,291,629 399,435 250,317 649,752 8,439,294 315,520 8,754,814 34,238,200 961,618 35,199,818 See Notes to Financial Statements 19 This page intentionally left blank. Deferred Inflows of Resources Deferred amounts related to OPEB Deferred amounts related to pensions Deferred amounts related to leases Total deferred inflows of resources Net Position Net investment in capital assets Restricted for: Planning and development projects Public safety Public works Capital projects Community services Unrestricted Total net position City of La Quinta, California Statement of Net Position June 30, 2022 Primary Government Governmental Business -Type Activities Activities Total $ 219,265 $ - $ 219,265 7,627,291 - 7,627,291 1,482,170 - 1,482,170 9,328,726 - 9,328,726 517,697,036 42,491,762 560,188,798 25,118,552 - 25,118,552 1,073,419 - 1,073,419 7,353,021 - 7,353,021 6,897,057 - 6,897,057 13,970,309 - 13,970,309 190,618,323 1,036,834 191,655,157 $ 762,727,717 $ 43,528,596 $ 806,256,313 See Notes to Financial Statements 20 Functions/Programs Expenses Capital Charges for Primary Government Contributions General government $ 9,733,224 Public safety 25,741,782 Planning and development 4,716,745 Community services 8,439,863 Public works 14,985,480 Interest on long-term debt 11,914 Total governmental activities Business -Type Activities Golf Course Total primary government City of La Quinta, California Statement of Activities Year Ended June 30, 2022 Program Revenues 629,008 6,883,385 5,786,773 11,952,031 4,746,281 4,679,163 - $ 68,375,289 $ 11,562,548 $ 5,786,773 $ 11,952,031 General Revenues Taxes Property taxes, levied for general purpose Transient occupancy taxes Sales taxes Franchise taxes Business licenses taxes Othertaxes Motor vehicle in lieu - unrestricted Investment income Net decrease in fair value of investments Other Extraordinary item Transfers Total General Revenues, Extraordinary Items and Transfers Change in Net Position Net Position at Beginning of Year, as restated Net Position at End of Year See Notes to Financial Statements 21 Operating Capital Charges for Contributions Contributions Services and Grants and Grants $ 1,402,810 $ 89,491 $ 1,530 648,914 28,809 167,303 1,315,760 220,366 5,224,241 137,769 4,420,805 - 3,378,132 1,027,302 6,558,957 629,008 6,883,385 5,786,773 11,952,031 4,746,281 4,679,163 - $ 68,375,289 $ 11,562,548 $ 5,786,773 $ 11,952,031 General Revenues Taxes Property taxes, levied for general purpose Transient occupancy taxes Sales taxes Franchise taxes Business licenses taxes Othertaxes Motor vehicle in lieu - unrestricted Investment income Net decrease in fair value of investments Other Extraordinary item Transfers Total General Revenues, Extraordinary Items and Transfers Change in Net Position Net Position at Beginning of Year, as restated Net Position at End of Year See Notes to Financial Statements 21 City of La Quinta, California Statement of Activities Year Ended June 30, 2022 24,622,189 (39,006,819) - (39,006,819) 4,679,163 - (67,118) (67,118) $ 29,301,352 (39,006,819) (67,118) (39,073,937) 17,823,858 Net (Expense) Revenue and Changes in Net Position Total Primary Government Program Governmental Business -Type 28,204,906 Revenues Activities Activities Total $ 1,493,831 $ (8,239,393) $ - $ (8,239,393) 845,026 (24,896,756) - (24,896,756) 6,760,367 2,043,622 - 2,043,622 4,558,574 (3,881,289) - (3,881,289) 10,964,391 (4,021,089) - (4,021,089) - (11,914) - (11,914) 24,622,189 (39,006,819) - (39,006,819) 4,679,163 - (67,118) (67,118) $ 29,301,352 (39,006,819) (67,118) (39,073,937) 17,823,858 - 17,823,858 18,365,424 - 18,365,424 28,204,906 - 28,204,906 2,240,468 - 2,240,468 446,745 - 446,745 1,352,585 - 1,352,585 4,663,327 - 4,663,327 219,164 4,329 223,493 (5,727,183) (45,279) (5,772,462) 943,160 - 943,160 609,515 - 609,515 (550,000) 550,000 - 68,591,969 509,050 69,101,019 29,585,150 441,932 30,027,082 733,142,567 43,086,664 776,229,231 $ 762,727,717 $ 43,528,596 $ 806,256,313 See Notes to Financial Statements 22 City of La Quinta, California Balance Sheet -Governmental Funds June 30, 2022 Liabilities Special Capital Projects Accounts payable $ 8,095,423 $ Revenue Fund Fund Other Total Accrued liabilities 427,678 Housing Capital Governmental Governmental Unearned revenues General Authority Improvement Funds Funds Assets 7,072,753 25,850 - - 7,098,603 Pooled cash and investments $ 135,854,470 $ 16,522,629 $ 1,222,437 $ 34,238,364 $ 187,837,900 Restricted cash and investments 10,137,888 - - - 10,137,888 Receivables Total liabilities 15,614,207 115,856 2,316,750 Accounts 924,921 15,754 899,368 295,688 2,135,731 Taxes 6,452,356 - - 677,264 7,129,620 Notes and loans - 22,685,029 1,482,170 - 22,685,029 Accrued interest 89,853 5,041,561 2,092,563 21,416 5,152,830 Leases 1,523,705 - 1,523,705 Prepaid costs 46,990 96,590 143,580 Deposits 47,964 47,964 Due from other governments 22,235,983 5,478,837 147,640 1,411,662 29,274,122 Due from other funds 943,965 943,965 Land held for resale 5,403,652 5,403,652 Total assets $ 183,613,783 $ 49,791,774 $ 2,269,445 $ 36,740,984 $ 272,415,986 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities Accounts payable $ 8,095,423 $ 71,995 $ 905,534 $ 887,046 $ 9,959,998 Accrued liabilities 427,678 18,011 - 32,091 477,780 Unearned revenues - - 1,411,216 4,993,504 6,404,720 Deposits payable 7,072,753 25,850 - - 7,098,603 Due to other governments 18,353 - 1,273,276 1,291,629 Due to other funds - - - 943,965 943,965 Total liabilities 15,614,207 115,856 2,316,750 8,129,882 26,176,695 Deferred Inflows of Resources Unavailable revenue 610,393 25,660,061 943,167 421,436 27,635,057 Leases 1,482,170 - - - 1,482,170 Total Deferred Inflows of Resources 2,092,563 25,660,061 943,167 421,436 29,117,227 See Notes to Financial Statements 23 City of La Quinta, California Balance Sheet—Governmental Funds June 30, 2022 See Notes to Financial Statements 24 Special Capital Projects Revenue Fund Fund Other Total Housing Capital Governmental Governmental General Authority Improvement Funds Funds Fund Balances Nonspendable Prepaid costs $ 46,990 $ $ $ 96,590 $ 143,580 Land held for resale 5,403,652 - 5,403,652 Due from successor agency 21,915,347 - 21,915,347 Restricted for Planning and development projects - 24,015,857 1,102,695 25,118,552 Public safety - 1,073,419 1,073,419 Community services 13,970,309 13,970,309 Public works 7,353,021 7,353,021 Capital projects - 6,897,057 6,897,057 Section 115 trust 10,137,888 - 10,137,888 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 1,209,100 1,209,100 Assigned for Public safety 11,183,821 11,183,821 Sales Tax Reserve 15,355,043 15,355,043 Capital projects 30,761,847 30,761,847 Unassigned 33,893,325 - (990,472) (2,303,425) 30,599,428 Total fund balance 165,907,013 24,015,857 (990,472) 28,189,666 217,122,064 Total liabilities, deferred inflows of resources and fund balances $ 183,613,783 $ 49,791,774 $ 2,269,445 $ 36,740,984 $ 272,415,986 See Notes to Financial Statements 24 City of La Quinta, California Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position June 30, 2022 Amounts reported for governmental activities in the statement of net position are different because: Fund balances of governmental funds $ 217,122,064 Capital assets net of accumulated depreciation/amortization are not financial resources, and therefore have not been included as current financial resources in governmental fund activity 504,365,670 Net OPEB asset is not considered a current financial resource 137,411 Long-term liabilities, including leases, financed purchases, compensated absences and pension liabilities are not due and payable in the current period and therefore are not reported in the governmental funds: Leases $ (27,414) Financed purchases (22,079) Compensated absences (962,229) Net pension liability (7,691,773) (8,703,495) Deferred outflows related to pensions 6,206,560 Deferred outflows related to OPEB 249,972 Deferred inflows related to pensions (7,627,291) Deferred inflows related to OPEB (219,265) Revenues reported as unavailable revenue in the governmental funds are recognized in the statement of activities 27,635,057 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 23,561,034 Net Position of Governmental Activities $ 762,727,717 See Notes to Financial Statements 25 City of La Quinta, California Statement of Revenues, Expenditures, and Changes in Fund Balances—Governmental Funds Year Ended June 30, 2022 See Notes to Financial Statements 26 Special Capital Projects Revenue Fund Fund Other Total Housing Capital Governmental Governmental General Authority Improvements Funds Funds Revenues Taxes $ 63,010,284 $ $ $ 2,096,876 $ 65,107,160 Assessments - 969,257 969,257 Licenses and permits 4,521,449 - 4,521,449 Intergovernmental 8,636,752 2,121,980 5,230,403 15,989,135 Charges for services 1,623,951 - - 1,623,951 Investment income (loss) (51,519) 1,448,361 469,293 1,866,135 Net decrease in fair value of investments (3,964,822) (488,218) (958,287) (5,411,327) Fines and forfeitures 657,589 - - 657,589 Developer participation - - 70,916 5,513,230 5,584,146 Miscellaneous 562,810 365,484 - 42,105 970,399 Total revenues 74,996,494 1,325,627 2,192,896 13,362,877 91,877,894 Expenditures Current General government 10,515,450 - - 1,100 10,516,550 Public safety 25,686,299 - - 55,483 25,741,782 Planning and development 3,711,442 1,187,673 35,981 298,969 5,234,065 Community services 4,360,453 50,700 - 1,914,751 6,325,904 Public works 2,095,663 - - 3,558,417 5,654,080 Capital outlay 739,530 6,374,663 53,253 7,167,446 Debt service Principal 10,705 - - 10,705 Interest 779 - 11,135 11,914 Total expenditures 47,120,321 1,238,373 6,410,644 5,893,108 60,662,446 Excess (Deficiency) of Revenues over (under) Expenditures 27,876,173 87,254 (4,217,748) 7,469,769 31,215,448 Other Financing Sources (Uses) Transfers in - - 4,604,440 1,527,000 6,131,440 Transfers out (4,773,315) - (1,908,125) (6,681,440) Total other financing sources (uses) (4,773,315) 4,604,440 (381,125) (550,000) Extraordinary Item Successor Agency loan 487,612 121,903 - - 609,515 Net Changes in Fund Balances 23,590,470 209,157 386,692 7,088,644 31,274,963 Fund Balances, Beginning of Year As restated 142,316,543 23,806,700 (1,377,164) 21,101,022 185,847,101 Fund Balances, End of Year $ 165,907,013 $ 24,015,857 $ (990,472) $ 28,189,666 $ 217,122,064 See Notes to Financial Statements 26 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, 2022 Amounts reported for governmental activities in the statement of activities are different because: Net changes in fund balances - total governmental funds 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 and amortization expense. This is the amount by which capital outlays exceeded depreciation in the current period. Purchase of capital assets recorded in governmental funds Expenditures classified in various functions are reclassified as capital additions Depreciation and Amortization Expense, net of adjustments for deletions Debt service payments for principal payments are reported as expenditures in the governmental funds, but are not reported as expenses in the statement of activities Lease principal payments Financed purchases payments 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. 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. 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. Revenues reported as unavailable revenue in the governmental funds are recognized as operating contributions and grants in the statement of activities. 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. Change in net position of governmental activities 7,167,447 (5,074,036) (7,613,813) $ 31,274,963 (5,520,402) 10,705 19,146 (11,920) 16,917 1,841,126 1,324,426 630,189 $ 29,585,150 See Notes to Financial Statements 27 Assets Current Pooled cash and investments Receivables Accrued interest Prepaid costs Deposits Inventories Total current assets Noncurrent Capital assets not being depreciated Capital assets, net of depreciation Right to use leased assets, net of accumulated amortization Total noncurrent assets Total assets Liabilities Current Accounts payable Accrued liabilities Deposits payable Accrued interest Current portion of capital leases Total current liabilities Noncurrent Liabilities Long-term portion of capital leases Total liabilities Net Position Net investment in capital assets Unrestricted Total net position Total liabilities and net position City of La Quinta, California Statement of Net Position — Proprietary Funds June 30, 2022 Business -Type Activities Enterprise Funds Golf Course $ 1,109,952 344 250,000 72,319 1,432,615 Governmental Activities Internal Service Funds $ 10,133,133 6,340 229,522 10,368,995 39,712,955 5,904,645 2,780,866 7,459,212 563,778 130,157 772 43,057,599 13,494,014 98,772 44,490,214 23,863,009 359,509 165,155 - 1,416 35,500 - 772 170 250,317 98,772 646,098 265,513 315,520 36,462 961,618 301,975 42,491,762 13,358,780 1,036,834 10,202,254 43,528,596 23,561,034 $ 44,490,214 $ 23,863,009 See Notes to Financial Statements 28 City of La Quinta, California Statement of Revenues, Expenses, and Changes in Fund Net Position — Proprietary Funds Year Ended June 30, 2022 Operating Revenues Sales and service charges Insurance recoveries Total operating revenues Operating Expenses Administration and general Fuel and oil Maintenance and parts Contract services Software and supplies Depreciation and amortization expense Other Total operating expenses Operating Loss Nonoperating Revenues (Expenses) Investment income Net decrease in fair value of investments Miscellaneous revenues Gain on disposal of capital assets Interest expense Total nonoperating revenues (expenses) Income (Loss) Before Transfers Transfers in Changes in Net Position Net Position, Beginning of the Year, as restated Net Position at End of Year Business -Type Activities Enterprise Funds Golf Course Governmental Activities - Internal Service Funds $ 4,679,163 $ 4,333,901 - 82,637 41679,163 4,416,538 39,934 296,351 - 122,100 - 123,855 4,005,260 675,979 - 1,530,336 505,505 990,046 183,160 - 4,733,859 3,738,667 (54,696) 677,871 4,329 79,631 (45,279) (315,854) - 187,320 - 4,203 (12,422) (2,982) (53,372) (47,682) (108,068) 630,189 550,000 - 441,932 630,189 43,086,664 22,930,845 $ 43,528,596 $ 23,561,034 See Notes to Financial Statements 29 Operating Activities Cash received from customers and users Cash received from interfund services provided Cash received from insurance recoveries Cash payments to suppliers for goods and services Cash payments to employees for services Net Cash from Operating Activities Non -Capital Financing Activities Cash transfers in Capital and Financing Activities Cash paid for lease liability- principal portion Cash paid for lease liability- interest portion Capital contributions Acquisition and construction of capital assets Proceeds from sales of capital assets Net Cash used for Capital and Related Financing Activities Investing activities Investment loss Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year City of La Quinta, California Statement of Cash Flows — Proprietary Funds Year Ended June 30, 2022 Business -Type Governmental Activities- Activities - Enterprise Funds Internal Golf Course Service Funds $ 4,699,093 (4,425,303) (39,934) 4,339,997 82,637 (2,685,423) 233,856 1,737,211 550,000 (230,784) (11,650) (48,570) (291,004) (41,082) 451,770 658,182 (122,589) (2,812) 187,320 (948,910) 4,203 (238,752) 615,671 9,517,462 $ 1,109,952 $ 10,133,133 See Notes to Financial Statements 30 City of La Quinta, California Statement of Cash Flows — Proprietary Funds Year Ended June 30, 2022 Net Cash from (used for) Operating Activities Non Cash Capital and Related Financing Activities Lease liability for the acquisition of a right to use leased asset $ 233,856 $ 1,737,211 $ (152,272) $ - See Notes to Financial Statements 31 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) $ (54,696) $ 677,871 Adjustments to reconcile operating income (loss) to net cash from (used for) operating activities: Depreciation and amortization 505,505 990,046 Changesin Accounts receivable - 6,096 Inventories 19,929 - Prepaid costs - (7,599) Accounts payable (236,882) 70,613 Accrued liabilities - 184 Net Cash from (used for) Operating Activities Non Cash Capital and Related Financing Activities Lease liability for the acquisition of a right to use leased asset $ 233,856 $ 1,737,211 $ (152,272) $ - See Notes to Financial Statements 31 See Notes to Financial Statements 32 City of La Quinta, California Statement of Fiduciary Net Position June 30, 2022 Pension Trust Private -Purpose Fund Trust Fund Successor Supplemental Agency of the Pension Plan former RDA Assets Pooled cash and investments $ 84,782 $ 18,190,868 Receivables Notes and loans - 987,464 Accrued interest 54 9,203 Prepaid asset - 304,775 Due from other governments - 1,273,276 Restricted assets Cash and investments with fiscal agent - 26 Capital assets- land - 8,631,040 Total assets 84,836 29,396,652 Deferred Outflows of Resources Deferred charge on refunding - 15,766,509 Total deferred outflows of resources - 15,766,509 Liabilities Accounts payable - 25,036 Accrued interest - 1,078,810 Long-term liabilities Due in one year - 16,559,682 Due in more than one year - 183,741,791 Total liabilities - 201,405,319 Net Position (Deficit) Restricted for pensions $ 84,836 Held in trust $ (156,242,158) See Notes to Financial Statements 32 See Notes to Financial Statements 33 City of La Quinta, California Statement of Changes in Fiduciary Net Position Year Ended June 30, 2022 Pension Trust Private -Purpose Fund Trust Fund Successor Supplemental Agency of the Pension Plan Former RDA Additions Taxes $ - $ 20,065,372 Investment income 671 50,111 Net decrease in fair value of investments (2,789) (73,710) Other revenues 5,000 59,282 Total additions 2,882 20,101,055 Deductions Administrative expenses 12,833 54,421 Contractual services - 1,139,256 Interest and fiscal charges - 1,912,072 Total deductions 12,833 3,105,749 Extraordinary Item Successor Agency loan principal - (609,515) Changes in Net Position (9,951) 16,385,791 Net Position/(Deficit) - Beginning of the Year, as restated 94,787 (172,627,949) Net Position/(Deficit) - End of the Year $ 84,836 $ (156,242,158) See Notes to Financial Statements 33 City of La Quinta, California Notes to Financial Statements June 30, 2022 Note 1- Summary of Significant Accounting Policies Reporting Entity The City of La Quinta, California (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. 34 City of La Quinta, California Notes to Financial Statements June 30, 2022 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. 35 City of La Quinta, California Notes to Financial Statements June 30, 2022 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. 36 City of La Quinta, California Notes to Financial Statements June 30, 2022 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. 37 City of La Quinta, California Notes to Financial Statements June 30, 2022 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. W., City of La Quinta, California Notes to Financial Statements June 30, 2022 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. 39 City of La Quinta, California Notes to Financial Statements June 30, 2022 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. Lease Receivable Lease receivable is recorded by the City as the present value of future lease payments expected to be received from the lessee during the lease term, reduced by any provision for estimated uncollectible amounts. Lease receivables are subsequently reduced over the life of the lease as cash is received in the applicable reporting period. The present value of future lease payments to be received are discounted based on the interest rate the City charges the lessee. 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. 40 City of La Quinta, California Notes to Financial Statements June 30, 2022 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 Equipment and furniture Vehicles Infrastructure Software Right to use leased asset 10-30 years 3-20 years 5-10 years 10-50 years 5-10 years Shorter of useful life or lease term Right to use leased assets are recognized at the lease commencement date and represent City of La Quinta's right to use an underlying asset for the lease term. Right to use leased assets are measured at the initial value of the lease liability plus any payments made to the lessor before commencement of the lease term, less any lease incentives received from the lessor at or before the commencement of the lease term, plus any initial direct costs necessary to please the lease asset into service. Right to use leased assets are amortized over the shorter of the lease term or useful lives of the underlying asset using the straight-line method. The amortization period varies from 3 to S years. Property Taxes Under California law, property taxes are assessed and collected by the counties up to 1 percent of assessed value, plus other increases approved by the voters. The property taxes are recorded initially in a pool, and are then allocated to the cities based on complex formulas. Accordingly, the City of La Quinta accrues only those taxes that are received from the County within 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 asset 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 9 and 11 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 19 for more information on the deferred outflows of resources related to debt refundings. 41 City of La Quinta, California Notes to Financial Statements June 30, 2022 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 asset 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 two items on the governmental fund balance sheet that qualify for reporting in this category. The first is unavailable revenues that were not received within the City's availability period. These amounts are deferred and recognized as inflows of resources in the period that the amounts become available. At the government -wide statements, this item is eliminated and recognized as revenue in the period earned since "availability" of resources is not a criteria used in government -wide statements. The second item is a deferred inflow related to leases where the City is the lessor. The deferred inflows of resources related to leases is recognized on a straight line basis as an inflow of resources (revenue) over the term of the lease. Additionally, governmental activities recorded deferred inflows of resources related to pensions and OPEB. See Notes 9 and 11 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. 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. Lease liabilities represent the City's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments expected to be made during the lease term. The present value of lease payments is discounted based on a borrowing rate determined by the City. 42 City of La Quinta, California Notes to Financial Statements June 30, 2022 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. 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. 43 City of La Quinta, California Notes to Financial Statements June 30, 2022 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. 87— In June 2017, GASB issued Statement No. 87, Leases. As of July 1, 2021, the City adopted GASB Statement No. 87, Leases. The implementation of this standard establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. The standard requires recognition of certain right to use leased assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. The standard also requires lessors to recognize a lease receivable and deferred inflow of resources. The effect of the implementation of this standard on beginning net position is disclosed in Note 18 and the additional disclosures required by this standards are included in Notes 4 and 5. 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. 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. 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. 44 City of La Quinta, California Notes to Financial Statements June 30, 2022 GASB Statement No. 99 — In April 2022, the GASB issued Statement No. 99, Omnibus 2022. The objectives of this Statement are to enhance comparability in accounting and reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB Statements and (2) accounting and financial reporting for financial guarantees. The requirements of this Statement related to extension of the use of the London Interbank Offered Rate (LIBOR), accounting for Supplemental Nutrition Assistance Program (SNAP) distributions, disclosures of nonmonetary transactions, pledges of future revenues by pledging governments, clarification of certain provisions in Statement No. 34, as amended, and terminology updates related to Statements No. 53 and No. 63 are effective upon issuance. The requirements of this Statement related to leases, Public -Private and Public -Public Partnerships (PPPs), and Subscription -Based Information Technology Arrangements (SBITAs) are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. The requirements of this Statement related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement No. 53 are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter. The City has not determined the effect on the financial statements. GASB Statement No. 100— In June 2022, the GASB issued Statement No. 100, Accounting Changes and Error Corrections—An Amendment of GASB Statement No. 62. The primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. The requirements of this Statement are effective for accounting changes and error corrections made in fiscal years beginning after June 15, 2023, and all reporting periods thereafter. The City has not determined the effect on the financial statements. GASB Statement No. 101— In June 2022, the GASB issued Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter. The City has not determined the effect on the financial statements. Note 2 - Cash and Investments Cash and investments as of June 30, 2022, are classified in the accompanying financial statements as follows: Statement of Net Position Cash and investments Restricted cash and investments Statement of Fiduciary Net Position Cash and investments Cash and investments with fiscal agent Total cash and investments $ 199,080,985 10,137,888 18,275,650 26 $ 227,494,549 45 City of La Quinta, California Notes to Financial Statements June 30, 2022 Cash and investment as of June 30, 2022, consist of the following: Cash on hand $ 4,300 Deposits with financial institutions 9,710,180 Investments 217,780,069 Total cash and investments $ 227,494,549 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. 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 50%-80%, respectively. There are no limitations on the maximum amount that can be invested in one issuer or the maximum maturity of an investments. 46 Maximum Maximum Maximum Percentage Investment Investment Types 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 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 50%-80%, respectively. There are no limitations on the maximum amount that can be invested in one issuer or the maximum maturity of an investments. 46 City of La Quinta, California Notes to Financial Statements June 30, 2022 Disclosures Relating to Interest Rate Risk Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of short term and long-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. Information about the sensitivity of the fair values of the City's investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity: Remaining Maturity (in Years) 1 year Investment Type Total Or Less 1 to 3 years 3 to 5 years Certificates of Deposit Federal agency securities Federal Farm Credit Bank Federal National Mortgage Association Federal Home Loan Mortgage Corp Federal Home Loan Bank U.S. Treasury Notes Corporate Notes Local Agency Investment Fund CAMP Riverside County Pool Section 115 Trust Equity Mutual Funds Fixed Income Mutual Funds Held by Fiscal Agent Money Market Mutual Funds Total $ 31,318,110 $ 6,852,392 $ 17,772,362 $ 6,693,356 12,305,565 2,974,005 7,032,260 2,299,300 6,584,832 999,310 1,894,590 3,690,932 5,871,006 - 929,580 4,941,426 12,795,683 - 3,151,383 9,644,300 64,252,055 42,259,095 8,696,350 13,296,610 1,850,088 997,095 396,248 456,745 34,180,264 34,180,264 - - 27,875,714 27,875,714 - - 11,183,822 11,183,822 - - 2,873,349 2,873,349 - - 6,689,555 6,689,555 - - 26 26 - - $ 217,780,069 $ 136,884,627 $ 39,872,773 $ 41,022,669 47 City of La Quinta, California Notes to Financial Statements June 30, 2022 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: Investment Type Federal Agency Securities Corporate Notes CAMP Total Exempt from Credit Risk disclosure: U.S. Treasury Notes Not rated: Certificates of Deposit Local Agency Investment Pool Riverside County Pool Section 115 Trust: Equity Mutual Funds Fixed Income Mutual Funds Held by Fiscal Agent: Money Market Mutual Funds Total investments Concentration of Credit Risk Total AAA AA+ AA AA- $ 37,557,086 $ - $ 37,557,086 $ - $ - 1,850,088 852,993 - 499,680 497,415 27,875,714 27,875,714 - - - 67,282,888 $ 28,728,707 $ 37,557,086 $ 499,680 $ 497,415 64,252,055 31,318,110 34,180,264 11,183,822 2,873,349 6,689,555 26 $ 217,780,069 Investments in any one issuer that represent 5 percent or more of total City's investments are as follows: Issuer Federal Farm Credit Bank Federal Home Loan Bank Investment Type Federal Agency Securities Federal Agency Securities Reported Percent of Amount Portfolio $ 12,305,565 6% 12,795,683 6% W. City of La Quinta, California Notes to Financial Statements June 30, 2022 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 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. 49 City of La Quinta, California Notes to Financial Statements June 30, 2022 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. 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, 2022: Investments U.S. Treasury Notes Federal Agency Securities Corporate Notes Certificates of Deposit Section 115 Trust Equity Mutual Funds Fixed Income Mutual Funds Total leveled investments Investments with uncategorized inputs Local Agency Investment Fund CAMP Riverside County Pool Held by Fiscal Agent Money Market Mutual Funds Total investments Total Level 1 Level 2 $ 64,252,055 $ 64,252,055 $ 37,557,086 - 1,850,088 - 31,318,110 - 2,873,349 2,873,349 6,689,555 6,689,555 144,540,243 34,180,264 27,875,714 11,183,822 26 $ 217,780,069 37,557,086 1,850,088 31,318,110 $ 73,814,959 $ 70,725,284 50 City of La Quinta, California Notes to Financial Statements June 30, 2022 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, 2022, the outstanding principal balance is $2,035,388 and the outstanding interest is $3,254,405. 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. 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, 2022, the outstanding principal balance is $20,628,343 and the outstanding interest balance is $1,777,312. 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 $21,298 at June 30, 2022. 51 City of La Quinta, California Notes to Financial Statements June 30, 2022 Note 4 - Capital Assets Capital asset activity for governmental activities for the year ended June 30, 2022, is as follows: Governmental activities Capital assets, not being depreciated Land Right of way Construction -in -progress Total capital assets, not being depreciated Capital assets, being depreciated Buildings and improvements Equipment and furniture Vehicles Infrastructure Total capital assets, being depreciated Less accumulated depreciation for Buildings and improvements Equipment and furniture Vehicles Infrastructure Total accumulated depreciation Total capital assets, being depreciated, net Right to use leased assets, being amortized Building Equipment Vehicles Total right to use leased assets, being amortized Less Accumulated Amortization for Building Equipment Vehicles Total Accumulated amortization Total right to use leased assets, being amortized, net Total Governmental Activitites Balance at July 1, 2021 Balance at As Restated Additions Deletions Transfers June 30, 2022 $ 66,901,495 $ 604,525 $ 160,000 $ 67,346,020 285,857,353 - - 285,857,353 38,189,785 6,992,340 4,574,002 (23,488,638) 17,119,485 390,948,633 7,596,865 4,734,002 (23,488,638) 370,322,858 74,672,282 141,884 - 3,802,065 78,616,231 4,249,712 101,000 262,645 - 4,088,067 1,319,594 796,759 210,684 - 1,905,669 236,137,878 59,500 870,770 19,686,573 255,013,181 316,379,466 1,099,143 1,344,099 23,488,638 339,623,148 10,791 10,791 93,984 93,984 39,899,185 2,513,420 - - 42,412,605 2,801,135 321,767 262,645 2,860,257 917,005 130,164 58,822 988,347 140,585,492 6,196,642 799,536 145,982,598 184,202,817 9,161,993 1,121,003 192,243,807 132,176,649 (8,062,850) 223,096 23,488,638 147,379,341 78,226 78,226 38,118 38,118 179,597 179,597 295,941 - 295,941 - 33,681 33,681 10,791 10,791 93,984 93,984 138,456 138,456 295,941 (138,456) - 157,485 $ 523,421,223 $ (604,441) $ 4,957,098 $ $ 517,859,684 52 City of La Quinta, California Notes to Financial Statements June 30, 2022 Depreciation expense was charged to the following functions in the Statement of Activities: General governments $ 364,842 Planning and development 24,629 Community services 1,513,484 Public works 6,407,448 Internal service funds 990,046 $ 9,300,449 Capital asset activity for business -type activities for the year ended June 30, 2022, is as follows: Balance at Depreciation expense was charged to the following functions in the Statement of Activities: Golf Course $ 505,505 53 July 1, 2021 Balance at As Restated Additions Deletions June 30, 2022 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 48,570 - 1,670,293 Software 20,255 - - 20,255 Total capital assets, being depreciated 8,278,443 48,570 - 8,327,013 Less accumulated depreciation for Buildings and improvements 3,723,277 214,548 - 3,937,825 Equipment and furniture 1,529,952 58,114 - 1,588,066 Software 20,255 - - 20,255 Total accumulated depreciation 5,273,484 272,662 - 5,546,146 Total capital assets, being depreciated, net 3,004,959 (224,093) - 2,780,866 Right to use leased assets, being amortized Equipment 644,349 152,272 - 796,621 Less Accumulated Amortization for Equipment - 232,843 - 232,843 Total right to use leased assets, being amortized, net 644,349 (80,571) - 563,778 Total Business -Type Activities $ 43,362,263 $ (304,664) $ - $ 43,057,599 Depreciation expense was charged to the following functions in the Statement of Activities: Golf Course $ 505,505 53 City of La Quinta, California Notes to Financial Statements June 30, 2022 Note 5 - 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, 2022: Compensated absences and the net pension liability have been typically liquidated from the General Fund. A description of the City's net pension liability is detailed at Note 9. A description of the City's net OPEB (asset)/liability is detailed at Note 11. A description of the City's lease activity is detailed in Note 6. Financed Purchases The City has entered into agreements for the purchase of copiers purchased under financing leases. Such leases require annual payments of principal and interest, with interest rates ranging from 8.47% to 9.5%, and will be fully amortized by the year 2024. Payments under financed purchases at June 30, 2022 are: Year Ending June 30, Principal 2023 $ 20,300 2024 551 Interest $ 1,228 $ 20,851 $ 1,228 The following is a summary of changes in business -type activities long-term liabilities of the City for the fiscal year ended June 30, 2022: July 01, 2021 Balance Due within as, restated Additions Deletions June 30, 2022 One year Business- Type Activities Leases $ 644,349 $ 152,272 $ (230,784) $ 565,837 $ 250,317 54 Balance at July 01, 2021 Balance Due within as, restated Additions Deletions June 30, 2022 One year Governmental Activities Compensated absences payable $ 950,309 $ 962,230 $ 950,310 $ 962,229 $ 268,371 Leases 295,942 - 133,294 162,648 109,536 Financed purchases 41,225 - 19,146 22,079 21,528 Net pension liability 14,502,311 - 6,810,538 7,691,773 - $ 15,789,787 $ 962,230 $ 7,913,288 $ 8,838,729 $ 399,435 Compensated absences and the net pension liability have been typically liquidated from the General Fund. A description of the City's net pension liability is detailed at Note 9. A description of the City's net OPEB (asset)/liability is detailed at Note 11. A description of the City's lease activity is detailed in Note 6. Financed Purchases The City has entered into agreements for the purchase of copiers purchased under financing leases. Such leases require annual payments of principal and interest, with interest rates ranging from 8.47% to 9.5%, and will be fully amortized by the year 2024. Payments under financed purchases at June 30, 2022 are: Year Ending June 30, Principal 2023 $ 20,300 2024 551 Interest $ 1,228 $ 20,851 $ 1,228 The following is a summary of changes in business -type activities long-term liabilities of the City for the fiscal year ended June 30, 2022: July 01, 2021 Balance Due within as, restated Additions Deletions June 30, 2022 One year Business- Type Activities Leases $ 644,349 $ 152,272 $ (230,784) $ 565,837 $ 250,317 54 City of La Quinta, California Notes to Financial Statements June 30, 2022 A description of the City's lease activity is detailed in Note 6. Remaining principal and interest payments on the leases are as follows: Government Activities Year Ending June 30, Principal Interest 2023 $ 109,536 $ 1,773 2024 42,189 506 2025 10,923 78 $ 162,648 $ 2,357 Business Activities Year Ending June 30, Principal Interest 2023 $ 250,317 $ 11,288 2024 191,658 6,190 2025 72,564 2,820 2026 32,029 1,416 2027 19,269 241 $ 565,837 $ 21,955 Note 6 - Leases Lessee Activities The City has entered into multiple lease agreements for buildings and equipment. The City is required to make principal and interest payments through February 2027. The lease agreements have interest rates between 1.5% to 4% based on the City's estimated incremental borrowing rate at the inception of the lease. As of June 30, 2022, the net right to use asset balance is $721,263 and the lease liability balance is $728,485. The current year amortization and interest expense associated with the lease activities was $371,299 and $16,182. Lessor Activities The City has accrued a receivable for three land leases. The remaining receivable for these leases was $1,523,705 for the year ended June 30, 2022. Deferred inflows related to these leases were $1,482,170 as of June 30, 2022. Interest revenue recognized on these leases was $47,794 for the year ended June 30, 2022. Principal receipts of $130,551 were recognized during the fiscal year. The interest rate on the leases was 3 percent. Final receipt is expected in fiscal year 2043. 55 City of La Quinta, California Notes to Financial Statements June 30, 2022 Note 7 - Interfund Receivables and Payables The composition of current interfund receivable and payable balances is as follows: Due from Other Funds General Fund Interfund balances reflect short term borrowings for deficit cash balances at June 30, 2022. Note 8 - Interfund Transfers Transfers In Capital Improvements Fund Non -major Governmental Funds Golf Course Fund Tota I Transfer Out Non -Major General Fund Governmental $ 2,696,315 1,527,000 550,000 $ 4,773,315 $ 1,908,125 $ 1,908,125 Due to Other Funds Non -Major Governmental $ 943,965 Tota I $ 4,604,440 1,527,000 550,000 $ 6,681,440 a. $2,696,315 was transferred from the General Fund to the Capital Improvement Fund to fund various capital projects. b. $1,908,125 was transferred to the Capital Improvement Fund from various non -major funds to support capital project operations and expenses. c. $1,527,000 was transferred from the General Fund to various non -major funds to support various administrative operations and expenses within the City. d. $550,000 was transferred from the General Fund to the Golf Course Fund to subsidize operations. Note 9 - 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 (CAPERS). Benefit provisions under these plans are established by State statute and City resolution. CAPERS 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. 56 City of La Quinta, California Notes to Financial Statements June 30, 2022 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, 2022 are summarized as follows: 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 $4,650,357 for the year ended June 30, 2022. 57 Tier I Tier II PEPRA Before On or After On and after Hire date November 1, 2012 November 1, 2012 January 1, 2013 Benefit formula 2.5% @55 2% @60 2% @62 Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 and up 50 and up 52 and up Monthly benefits, as a % of eligible compensation 2% to 2.5% 2% to 2.5% 1% to 2% Required employee contribution rates 8.00% 7.00% 6.75% Required employer contribution rates 12.200% 8.650% 7.590% 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 $4,650,357 for the year ended June 30, 2022. 57 City of La Quinta, California Notes to Financial Statements June 30, 2022 Pension Liabilities, Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions As of June 30, 2022, the City reported a liability of $7,691,773 for its proportionate share of the collective net pension liability. The net pension liability was measured as of June 30, 2021, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2020.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, 2020 and 2021 is as follows: Proportion -June 30, 2020 Proportion -June 30, 2021 Change- Increase (Decrease) 0.13329 0.14222 0.00893 For the year ended June 30, 2022, the City recognized pension expense of $2,809,231. At June 30, 2022, the City reported deferred outflows and deferred inflows of resources related to pensions as follows: Pension contributions subsequent to measurement date Differences between expected and actual experience Net difference between projected and actual earnings on pension plan investments Change in employer's proportion Difference between the city's contribution and proportionate share of contributions Tota I Deferred Outflows Deferred Inflows of Resources of Resources $ 4,650,357 $ 862,550 - 6,714,510 184,893 723,690 508,760 189,091 $ 6,206,560 $ 7,627,291 The $4,650,357 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, 2023. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows: Year Ended June 30, 2023 $ (1,296,832) 2024 (1,380,466) 2025 (1,538,246) 2026 (1,855,544) Tota I $ (6,071,088) �.� City of La Quinta, California Notes to Financial Statements June 30, 2022 Actuarial Methods and Assumptions Used to Determine Total Pension Liability For the measurement period ended June 30, 2021 (the measurement date), the total pension liability was determined by rolling forward the June 30, 2020 total pension liability. The total pension liability in the June 30, 2020 actuarial valuation was determined using the following actuarial methods and assumptions: Valuation Date Measurement Date Actuarial Cost Method Discount Rate Inflation Projected Salary Increase Mortality Rate Table Post-retirement benefit increase Discount Rate Miscellaneous June 30, 2020 June 30, 2021 Entry -Age Normal Cost Method 7.15% 2.50% Varies by Entry Age and Service Derived using CaIPERS' Membership Data for all Fund Contract COLA up to 2.50% until Purchasing Power Protection Allowance Floor on Purchasing Power applies 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, CAPERS 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. 59 City of La Quinta, California Notes to Financial Statements June 30, 2022 These geometric rates of return are summarized in the following table: Strategic Real Return Real Return Asset Class 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% 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 $ 15,031,557 $ 7,691,773 $ 1,624,078 Pension Plan Fiduciary Net Position Detailed information about the Plan's fiduciary net position is available in the separately issued CalPERS financial reports. Note 10 - 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, 2022, there was one plan member. There are no required contributions by plan members. During the 2021-2022 fiscal year the City made no contributions to fund the Supplemental Pension Savings Plan. M City of La Quinta, California Notes to Financial Statements June 30, 2022 Note 11- 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' $143/month for the calendar year 2021 and $149/month for calendar year 2022, 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 CAPERS 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, 2021, 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 Tota 1 118 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, 2022, the City's cash contributions to the plan including the implied subsidy were $91,530. The City made no contributions to the CERBT trust. 61 City of La Quinta, California Notes to Financial Statements June 30, 2022 Net OPEB Liability/(Asset) Actuarial Assumptions — The net OPEB liability/(asset) in the June 30, 2021 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Actuarial Cost Method Actuarial Assumptions Discount Rate Inflation Investment Rate of Return Mortality Healthcare Trend Rate Entry -Age Normal Cost Method 5.50% 2.25% 5.50% (1) 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, 2021 valuation were based on the results of an actuarial experience study for the period. Discount Rate The discount rate used to measure the total OPEB liability was 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. 62 City of La Quinta, California Notes to Financial Statements June 30, 2022 Changes in Net OPEB Liability: The changes in the net OPEB liability/(asset) for the Plan as of June 30, 2022 are as follows: Balance at June 30, 2021 Changes in the year Service cost Interest Differences between expected and actual experience Net investment income Employer contributions Benefit payments Administrative expense Net changes Balance at June 30, 2022 Total OPEB Liability Plan Fiduciary Net Position Net OPEB Liability/(Asset) $ 1,815,611 $ 1,715,041 $ 100,570 87,732 102,210 (1,617) (89,947) 336,983 89,947 (89,947) (624) 87,732 102,210 (1,617) (336,983) (89,947) 624 98,378 336,359 (237,981) $ 1,913,989 $ 2,051,400 $ (137,411) 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 -percentage -point lower (4.50 percent) or 1 -percentage -point higher (6.50 percent) than the current discount rate: Net OPEB Liability/(Asset) 1% Decrease (4.50%) $ 99,669 Discount Rate (5.50%) $ (137,411) Sensitivity of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates 1% Increase (6.50%) $ (335,885) 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: Net OPEB Liability/(Asset) 1% Decrease (5.7% decreasing to 2.8%) $ (386,351) Current Trend Rate (6.7% decreasing to 3.8%) $ (137,411) 1% Increase (7.7% decreasing to 4.8%) $ 170,042 63 City of La Quinta, California Notes to Financial Statements June 30, 2022 For the year ended June 30, 2022, the City recognized OPEB expense of $74,613. At June 30, 2022, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: OPEB contributions subsequent to measurement date Changes in assumptions Difference between expected and actual liability Net difference between projected and investment earnings Total Deferred Deferred Outflows of Inflows of Resources Resources $ 91,530 $ - 35,344 34,886 123,098 1,451 - 182,928 $ 249,972 $ 219,265 The $91,530 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, 2023. Other amounts reported as deferred outflows or deferred inflows of resources related to OPEB will be recognized in as OPEB expense as follows: Year Ended June 30, 2023 $ (21,643) 2024 (33,313) 2025 (30,203) 2026 (32,121) 2026 16,412 Thereafter 40,045 Total $ (60,823) Note 12 - 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 members, 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, 2022 was $10,137,888. 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. 64 City of La Quinta, California Notes to Financial Statements June 30, 2022 Note 13 - 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 124 California public entities and is organized under a joint powers' agreement pursuant to California Government Code §6500 et seq. The purpose 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. 65 City of La Quinta, California Notes to Financial Statements June 30, 2022 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 Property Insurance —The City of La Quinta participates in the all-risk property protection program of the CJ PIA. 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 $85,196,200. There is a $10,000 deductible per occurrence except for non -emergency 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. The coverage will not pay for loss or damage caused by "earthquake shock" until the amount of loss or damage exceeds 5% per unit of coverage subject to a minimum deductible of $100,000 per occurrence. Crime Insurance —The City of La Quinta purchases crime insurance coverage from Alliant Insurance Services. 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, 2022 Note 14 - 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, 2022, 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, 2022, 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, 2022. 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, 2022, the City has committed $10,000,000. Carryovers: These funds are items appropriated in a prior fiscal year that have yet to be spent. Carryovers committed to Fiscal Year 2021-2022 totaled $1,209,100 at June 30, 2022. 67 City of La Quinta, California Notes to Financial Statements June 30, 2022 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, 2022 is $11,183,821. Assigned to capital projects is comprised of carryover balances for capital projects. The capital project carryover balances as of June 30, 2022 are $30,761,847. Accumulated resources related to the City's sales tax Measure G is $15,355,043 as of June 30, 2022. Deficit Fund Balance At June 30, 2022, the following funds had deficit fund balances: Major Capital Projects Funds Capital Improvement $ (990,472) Nonmajor Special Revenue Funds Quimby (713,669) Housing Grant (123,215) Disaster Reovery (97,108) Nonmajor Capital Projects Funds Library Development (1,273,276) Note 15 - 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, 2022, the Golf Course had a loss before transfers of $108,068. City of La Quinta, California Notes to Financial Statements June 30, 2022 Note 16 - Construction Commitments Various construction projects were in progress at June 30, 2022. 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, 2022, with an estimated cost to complete. Project Name Project Number Contract Amount Expenditures to date as of June 30, 2022 Remaining Commitments Capital Improvement Fund Dune Palms Bridge Improvement 111205 $ 18,176,565 $ (3,168,202) $ 15,008,363 LQ Village Complete Streets- Road Diet Project 151603 12,567,196 (11,955,639) 611,557 La Quinta X Park 151609 4,686,639 (4,482,357) 204,282 Civic Center Campus Lake/Irrigation Conversion 201606 675,270 (152,530) 522,740 Silverrock Event Space 201608 7,304,503 (7,002,181) 302,322 Washington Street at Fred Waring Dr 201701 1,860,744 (1,739,359) 121,385 Eisenhower Retention Basin Landscape 201704 750,000 (385,987) 364,013 Ave 53 Jefferson St Roundabout 201709 2,651,617 (259,000) 2,392,617 Corporate Yard Admin Offices & Crew 201805 411,013 (55,773) 355,240 Village Art Plaza Promenade & Cultural Campus 201901 3,310,000 (60,087) 3,249,913 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 (315) 262,685 Hwy 111 Corridor Area Plan Implementation 201905 2,250,000 (464,704) 1,785,296 Citywide Catch Basin Modification 201908 250,000 - 250,000 Washington St at Ave 50/Calle Tampico 201923 195,400 (22,915) 172,485 Monroe Street Pavement Rehab (Ave 52) 202001 941,000 (473,877) 467,123 SilverRock Retention Basin Soil Stabilization 202007 437,250 (231,054) 206,196 Dune Palms Rd Pavement Rehab- Fred Waring to Miles 202101 1,021,100 (1,580) 1,019,520 Fritz Burns Park Improvements 202102 350,000 (54,172) 295,828 Citywide Striping Refresh 202104 400,000 (30,770) 369,230 Note 17 - Reimbursement Agreements On September 9, 2014, the City entered into a sales tax sharing agreement. Under the terms of the agreement the City shall make quarterly payments of 50 percent of any sales tax generated from the business in an amount not 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 business opened in December 2014. As of June 30, 2022, the City made $360,345 in reimbursement payments to the owner leaving an outstanding balance of $39,655. City of La Quinta, California Notes to Financial Statements June 30, 2022 Note 18 - Adoption of New Standard and Correction of Error As of July 1, 2021, the City adopted GASB Statement No. 87, Leases. The implementation of the standard established a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. The Statement requires recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. The standard also requires lessors to recognize a lease receivable and deferred inflow of resources. Beginning net position/fund balance was restated to retroactively adopt the provisions of GASB Statement No. 87. As part of the current year's reconciliation of Construction in Progress (CIP) balances, the City identified an entry made in the previous year in which a CIP project was erroneously written off twice. Additionally, as part of the current year reconciliation of depreciated assets, the City identified an asset deletion that was not previously written off. In order to correct the entry, the Governmental Activities beginning net position has been restated. As part of the current year's testing of the Private -Purpose Trust Fund — Successor Agency of the Former RDA long term liabilities, the City identified a bond principal payment that was incorrectly recorded in the prior year. In order to correct the entry, the funds beginning net position has been restated. Net Position (Deficit)/Fund Balance at July 1, 2021, as previously reported Recognition of right to use leased asset Recognition of lease receivables Recognition of lease liability Recognition of deferred inflows of resources Net write off of previously reported capital lease liability Write off of deletions not previously written off Recognition of CIP previously written off Bond payment previously incorrectly recorded Net Position (Deficit)/Fund Balance Business -Type Activities Governmental Enterprise Funds Activities Golf Course Private -Purpose Trust Fund Successor General Agency of the Fund former RDA $ 728,802,408 $ 43,086,664 $ 142,316,543 $ (171,262,948) 295,941 644,349 - 1,612,721 - 1,612,721 (295,941) (644,349) - (1,612,721) (1,612,721) 104,866 (42,009) 4,277,302 (1,365,001) $ 733,142,567 $ 43,086,664 $ 142,316,543 $ (172,627,949) Note 19 - 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, 2012, 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. 70 City of La Quinta, California Notes to Financial Statements June 30, 2022 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). Cash and Investments Cash and investments reported in the accompanying financial statements consisted of the following: Cash and investments pooled with the City Cash and investments with fiscal agent See note 2 for required cash and investments disclosures. Loans Receivable Owner Participation Agreement — Torre Nissan $ 18,190,868 26 $ 18,190,894 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, 2022 is $987,464. 71 City of La Quinta, California Notes to Financial Statements June 30, 2022 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, 2022, is $1,273,276. 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, 2021 Additions Deductions June 30, 2022 Deferred charge on refunding $ 16,891,504 $ - $ 1,124,995 $ 15,766,509 Long -Term Debt A description of long-term debt outstanding of the Successor Agency as of June 30, 2022, follows: Tax allocation bonds City loans Unamortized premiums/ discounts Total 2016 Series A Restated Balance at July 1, 2021 $ 186,295,000 30,088,278 (1,413,349) Additions Balance Due within Repayments June 30, 2022 One year $ - $ 11,985,000 $ 174,310,000 $ 13,190,000 609,516 3,303,610 27,394,184 3,369,682 10,638 (1,402,711) $ 214,969,929 $ 609,516 $ 15,299,248 $ 200,301,473 $ 16,559,682 On December 22, 2016, the La Quinta Redevelopment Project Areas No. 1 and 2 Subordinate Tax Allocation Refunding Bonds 2016 Taxable Series A Bonds were issued for $35,055,000 by the Successor Agency to the La Quinta Redevelopment Agency (the "Agency") to refinance on an advance basis the La Quinta Redevelopment Agency's (the "Prior Agency") previously issued $6,000,000 La Quinta Redevelopment Project Area No. 2, Subordinate Taxable Tax Allocation Bonds, Series 2011 (the "2011 Project Area No. 2 Taxable Bonds") of which $5,810,000 was outstanding and the Prior Agency's loan obligation under the Loan Agreement, dated February 3, 2004 as supplemented by the Second Supplemental Loan Agreement, dated as of March 1, 2011 (the "2011 Loan Obligation") in connection with the La Quinta Financing Authority's previously issued $28,850,000 Local Agency Subordinate Taxable Revenue Bonds, 2011 Series A (the "2011 Taxable Housing Bonds") of which $26,635,000 was outstanding. 72 City of La Quinta, California Notes to Financial Statements June 30, 2022 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, 2022, is $27,985,000 with an unamortized discount of $186,173. 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. Year Ending June 30, Principal Interest Total 2023 $ 1,430,000 $ 1,079,255 $ 2,509,255 2024 1,465,000 1,035,479 2,500,479 2025 1,510,000 988,315 2,498,315 2026 1,565,000 937,680 2,502,680 2027 1,620,000 882,845 2,502,845 2028-2032 9,020,000 3,438,433 12,458,433 2033-2037 10,085,000 1,311,415 11,396,415 2038-2040 1,290,000 63,152 1,353,152 $ 27,985,000 $ 9,736,574 $ 37,721,574 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, 2022 were $146,325,000. The principal and interest on the bonds are payable solely from the pledged tax revenues allocated to the Successor Agency from the project areas. 73 Future debt service requirements on these bonds are as follows: Year Ending June 30, Principal 2023 2024 2025 2026 2027 2028-2032 2033-2035 Loans from the City of La Quinta $ 11,760,000 11,790,000 11,845,000 11,920,000 12,060,000 63,635,000 23,315,000 City of La Quinta, California Notes to Financial Statements Interest $ 2,449,336 2,405,638 2,338,010 2,227,650 2,072,532 6,794,780 709,725 June 30, 2022 Total $ 14,209,336 14,195,638 14,183,010 14,147,650 14,132,532 70,429,780 24,024,725 $ 146,325,000 $ 18,997,671 $ 165,322,671 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, 2022, principal and interest due to the City of La Quinta was $27,394,184, 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 $203,044,245 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 $20,063,872 and the debt service obligation on the bonds was $15,285,741. Insurance The Successor Agency of the Former Agency is covered under the insurance policy of the City of La Quinta at June 30, 2022. 74 City of La Quinta, California Notes to Financial Statements June 30, 2022 Note 20 - 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, 2022 was $14,358,699. Note 21- Subsequent Events CaIPERS Investment Return In July of 2022, CalPERS announced a net investment return of negative 6.1% for fiscal year ending 2021-22. This, along with the change in the discount rate to 6.8% will negatively impact the GASB 68 Net Pension Liability in future reporting periods. As the investment pool experienced gains in fiscal year 2021 resulting in a drastically reduced liability in fiscal year 2022, the City expects the inverse to be true in fiscal year 2023 as all gains were lost in fiscal year 2022. See Note 9 for further discussion on the Net Pension Liability and details as to the timing of the actuarially driven reporting process. Highway 111 Bridge Funding In November 2020, Caltrans advised the City that the Highway Bridge Planning (HBP) Funding Program had been oversubscribed for FY2020/21 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. Due to higher engineer's estimates, the updated construction phase which includes construction, construction engineering, and contingency is estimated at $25,370,901. The HBP Funding will ultimately contribute 88.53% or up to $15,905,300 toward eligible (Construction Phase) costs which the City has agreed to advance. Staff and the Financial Advisory Commission (FAC) recommend using a combination of Unassigned Reserves and Measure G Reserves for this advance funding. The City anticipates these funds will be reimbursed within two to five fiscal years. On October 18, 2022, City Council approved an additional $4,501,803 in advanced funding from the City's unassigned reserves. The bids received were higher than the current budget and funding made available to the project. Staff recommends awarding the project and requesting additional funds from both the Caltrans sponsored Highway Bridge (HBP) Funding Program and the Coachella Valley Association of Governments (CVAG). 75 Required Supplementary Information June 30, 2022 City of La Quinta, California This page intentionally left blank. City of La Quinta, California Budgetary Comparison Schedule - General Fund Year Ended June 30, 2022 See Note to Required Supplementary Information 76 Variance with Budget Amounts Actual Final Budget Original Final Amounts Positive (Negative) Budgetary Fund Balance, July 1 $ 142,316,543 $ 142,316,543 $ 142,316,543 $ - Resources (Inflows) Taxes 45,957,000 58,047,000 63,010,284 4,963,284 Licenses and permits 2,252,000 3,572,000 4,521,449 949,449 Intergovernmental 8,251,100 8,099,422 8,636,752 537,330 Charges for services 876,010 876,010 1,623,951 747,941 Use of money and property 545,000 545,000 (4,016,341) (4,561,341) Fines and forfeitures 294,000 609,000 657,589 48,589 Miscellaneous 629,100 629,100 562,810 (66,290) Extraordinary Item - - 487,612 487,612 Amounts available for appropriations 201,120,753 214,694,075 217,800,649 3,106,574 Charges to Appropriation (Outflows) General government Legislative 302,200 302,200 251,153 51,047 City manager 1,076,000 1,096,000 796,578 299,422 City attorney 696,000 796,000 370,189 425,811 Marketing 1,325,900 1,540,900 1,389,343 151,557 Human resources 376,000 411,000 269,015 141,985 City clerk 625,200 667,200 586,861 80,339 Fiscal services 1,444,100 1,444,100 1,241,161 202,939 Central services 3,155,850 5,441,850 4,776,763 665,087 The Hub customer services 986,000 1,066,000 834,387 231,613 Public safety Police 17,805,100 17,805,100 16,831,255 973,845 Code compliance 1,506,320 1,559,320 1,312,923 246,397 Fire 7,615,800 7,646,300 7,542,121 104,179 Planning and development Current planning 678,600 748,600 559,340 189,260 Public buildings 1,321,200 1,378,700 1,374,563 4,137 Building & safety 919,800 1,094,800 960,672 134,128 Administration 656,200 746,200 816,867 (70,667) Community services Community services admin 808,500 888,500 661,768 226,732 Wellness center 597,900 677,900 612,277 65,623 Recreation programs/special events 908,300 1,078,300 640,734 437,566 Park maintenance 2,530,900 2,656,900 2,445,674 211,226 See Note to Required Supplementary Information 76 Public works Administration Development services Maintenance/operations - street Engineering services Capital outlay Debt Service Principal Interest Transfers out Total charges to appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — General Fund Year Ended June 30, 2022 See Note to Required Supplementary Information 77 Variance with Budget Amounts Actual Final Budget Original Final Amounts Positive (Negative) $ 739,900 $ 739,900 $ 535,839 $ 204,061 431,200 448,200 374,998 73,202 496,600 503,600 426,354 77,246 761,800 1,101,900 758,472 343,428 505,000 1,246,322 739,530 506,792 - - 10,705 (10,705) - - 779 (779) 6,892,356 35,854,857 4,773,315 31,081,542 55,162,726 88,940,649 51,893,636 37,047,013 $ 145,958,027 $ 125,753,426 $ 165,907,013 $ 40,153,587 See Note to Required Supplementary Information 77 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Extraordinary item Miscellaneous Amounts available for appropriations Charges to Appropriation (Outflows) Planning and development Community services Total charges to appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Housing Authority Year Ended June 30, 2022 Budget Amounts Original Final $ 23,806,700 $ 23,806,700 Actual Amounts $ 23,806,700 Variance with Final Budget Positive (Negative) 195,400 195,400 960,143 764,743 - 370,000 121,903 (248,097) 711,000 1,136,000 365,484 (770,516) 24,713,100 25,508,100 25,254,230 (253,870) 1,542,200 1,761,200 1,187,673 573,527 250,000 250,000 50,700 199,300 1,792,200 2,011,200 1,238,373 772,827 $ 22,920,900 $ 23,496,900 $ 24,015,857 $ 518,957 See Note to Required Supplementary Information 78 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 2022 Proportion of the net pension liability 0.1034% 0.1260% 0.1257% 0.1272% 0.1287% 0.13134% 0.13329% 0.14222% 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 $ 7,691,773 Covered payroll $ 5,421,945 $ 5,480,758 $ 5,569,002 $ 5,739,416 $ 6,064,875 $ 6,669,204 $ 7,066,830 $ 6,238,425 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% 123.30% Plan fiduciary net position as a percentage of the total pension liability 79.82% 78.40% 74.06% 73.31% 75.30% 77.73% 77.71% 90.60% * - Fiscal year 2015 was the first year of implementation, therefore, only eight 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. 79 City of La Quinta, California Schedule of Pension Plan Contributions — Miscellaneous Plan Last 10 Years* 2015 2016 2017 2018 2019 2020 2021 2022 Actuarially determined contributions - miscellaneous $ 728,073 $ 797,603 $ 949,231 $ 1,061,439 $ 1,284,275 $ 1,479,137 $ 2,581,158 $ 4,650,357 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) (4,650,357) 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 $ 6,580,736 Contributions as a percentage of covered payroll 13.28% 14.32% 16.549/o 17.50% 19.26% 20.93% 41.38% 70.67% * - Fiscal year 2015 was the first year of implementation, therefore, only eight 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. mc Total OPEB Liability Service cost Interest Differences between expected and actual experience Changes of assumptions Benefit payments Net Change in Total OPEB Liability Total OPEB liability - beginning Total OPEB liability - ending Plan Fiduciary Net Position (FNP) Employer contributions Net investment income Benefit payments Administrative expense Net Change in Plan Fiduciary Net Position Plan Fiduciary Net Position- Beginning of Year Plan Fiduciary Net Position- End of Year Net OPEB liability/(asset) - End of Year Fiduciary Net Position as a percentage of City of La Quinta, California Schedule of Changes in the Net OPEB Liability/(Asset) and Related Ratios Last 10 Years* 2018 2019 2020 2021 2022 $ 90,827 $ 93,438 $ 85,174 $ 88,219 $ 87,732 93,346 100,177 93,071 97,183 102,210 - 71,533 - 103,495 (1,617) (44,229) (14,219) 44,464 (91,822) (86,570) (98,584) (98,490) (89,947) 92,351 134,349 65,442 234,871 98,378 1,288,598 1,380,949 1,515,298 1,580,740 1,815,611 $ 1,380,949 $ 1,515,298 $ 1,580,740 $ 1,815,611 $ 1,913,989 $ - $ 1,609,970 $ 98,584 $ 98,490 $ 89,947 (1,680) 106,805 88,052 336,983 (86,570) (98,584) (98,490) (89,947) (406) (327) (803) (624) 1,521,314 106,478 87,249 336,359 - 1,521,314 1,627,792 1,715,041 $ $ 1,521,314 $ 1,627,792 $ 1,715,041 $ 2,051,400 $ 1,380,949 $ (6,016) $ (47,052) $ 100,570 $ (137,411) the Total OPEB Liability 0.0% 100.4% 103.0% 94.5% 107.2% Covered -employee payroll 5,603,428 6,064,875 6,669,204 7,066,830 6,238,425 Net OPEB liability/(asset) as a percentage of covered -employee payroll 24.6% -0.1% -0.7% 1.4% -2.2% Notes to Schedule: * Fiscal year 2018 was the first year of implementation, therefore only five years are shown. 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. City of La Quinta, California Schedule of OPEB Contributions Last 10 Years* 2018 2019 2020 2021 2022 Actuarially determined contribution (ADC) $ 201,513 $ 88,280 $ 90,229 $ 86,939 $ 101,376 Contributions in relation to the (ADC) 1,609,970 98,584 98,490 89,947 91,530 Contribution deficiency (excess) (1,408,457) (10,304) (8,261) (3,008) 9,846 Covered payroll $ 6,064,875 $ 6,669,204 $ 7,066,830 $ 6,238,425 $ 6,580,736 Contributions as a percentage of payroll 26.5% 1.5% 1% 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, therefore only five years are shown. City of La Quinta, California Note to Required Supplementary Information June 30, 2022 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, 2022: Variance $ (70,667) (11,340) (58,295) (4,798) (45,917) Budget Actual General Fund Administration $ 746,200 $ 816,867 Debt Service - 11,340 Library and Museum Transfers out - 58,295 South Coast Air Quality Planning and Development 42,500 47,298 Measure A Public Works - 45,917 Variance $ (70,667) (11,340) (58,295) (4,798) (45,917) Supplementary Information June 30, 2022 City of La Quinta, California This page intentionally left blank. City of La Quinta, California Other Governmental Funds June 30, 2022 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. Housing Grant Fund —To account for housing related grants as required by outside agencies for reporting purposes. Law Enforcement Fund —To account for law enforcement grants and restricted revenue for public safety. EI City of La Quinta, California Other Governmental Funds June 30, 2022 Measure A Fund — In 1988, Riverside County voters approved a half cent sales tax, known as Measure A, to fund a variety of highway improvements, local street and road maintenance, commuter assistance and specialized highway transit projects. This fund is used to collect this tax and pursuant to the provision of Measure A, it is restricted for local street and road expenditures. Economic Development Fund — To account for the revenues and expenditures related to proceeds from sale of City owned land and future economic development. AB 1379 Fund —To account for the revenues and expenditures related to the annual business license accessibility fee to be used for expenses enhancing accessibility requirements. Transportation Uniform Mitigation Fee Fund — To account for the revenues and expenditures related to Transportation Uniform Mitigation Fee monies. Disaster Recovery Fund —To account for the use of one-time federal funding designed to deliver relief to American workers and aid in economic recovery in the wake of COVID-19. This Act was passed by Congress in 2021, to provide Coronavirus fiscal recovery funds to state and local governments. 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. W City of La Quinta, California Combining Balance Sheet - Nonmajor Governmental Funds June 30, 2022 Special Revenue Funds State Library and Federal Lighting and Gas Tax Museum Assistance SLESA Landscaping Assets Pooled cash and investments $ 1,711,782 $ 8,902,260 $ 2,127 $ 378,119 $ 683,255 Receivables Accounts 28,122 - - - - Taxes 140,031 - - - 22,581 Accrued interest 1,085 5,641 1 240 433 Prepaid costs - 433 - - - Due from other governments 63,438 1,162,201 169,546 - - Total assets $ 1,944,458 $ 10,070,535 $ 171,674 $ 378,359 $ 706,269 Liabilities and Fund Balances Liabilities Accounts payable $ 7,998 $ 94,694 $ - $ 956 $ 77,352 Accrued liabilities 18,397 3,681 - 10,013 Unearned revenues - - - Due to other governments Due to other funds - - - - Total liabilities 26,395 98,375 - 956 87,365 Deferred Inflow of Resources Unavailable revenues - - 169,546 - - Fund Balances Nonspendable Prepaid costs 433 Restricted for Planning and development projects - - Public safety - - 377,403 Community services - 9,971,727 2,128 - - Public works 1,918,063 - - 618,904 Capital projects - - Unassigned - - - - Total fund balances 1,918,063 9,972,160 2,128 377,403 618,904 Total liabilities and fund balances $ 1,944,458 $ 10,070,535 $ 171,674 $ 378,359 $ 706,269 City of La Quinta, California Combining Balance Sheet — Nonmajor Governmental Funds June 30, 2022 M Special Revenue Funds La Quinta Public Art in South Coast Quimby Safety Officer Public Places Air Quality AB 939 Assets Pooled cash and investments $ $ 50,351 $ 833,169 $ 44,097 $ 848,578 Receivables Accounts - - - - Taxes - - - - Accrued interest 32 528 28 538 Prepaid costs - - - - Due from other governments - - 13,566 2,911 Total assets $ $ 50,383 $ 833,697 $ 57,691 $ 852,027 Liabilities and Fund Balances Liabilities Accounts payable $ $ $ $ 20,707 $ 39,451 Accrued liabilities - - Unearned revenues Due to other governments Due to other funds 713,669 - - Total liabilities 713,669 20,707 39,451 Deferred Inflow of Resources Unavailable revenues - - - Fund Balances Nonspendable Prepaid costs - - Restricted for Planning and development projects 36,984 812,576 Public safety 50,383 - - Community services - 833,697 Public works - Capital projects Unassigned (713,669) - - - - Total fund balances (713,669) 50,383 833,697 36,984 812,576 Total liabilities and fund balances $ - $ 50,383 $ 833,697 $ 57,691 $ 852,027 M City of La Quinta, California Combining Balance Sheet — Nonmajor Governmental Funds June 30, 2022 W. Special Revenue Funds Housing Law Economic Grant Enforcement Measure A Development AB 1379 Assets Pooled cash and investments $ $ 247,096 $ 4,222,941 $ 3,146,698 $ 67,304 Receivables Accounts - - 267,566 - Taxes - 514,652 - - Accrued interest 157 2,676 1,994 43 Prepaid costs 96,157 - - - - Due from other governments - - - - - Total assets $ 96,157 $ 247,253 $ 4,740,269 $ 3,416,258 $ 67,347 Liabilities and Fund Balances Liabilities Accounts payable $ - $ - $ - $ 7,509 $ 903 Accrued liabilities - - Unearned revenues Due to other governments - - Due to other funds 219,372 10,924 - - Total liabilities 219,372 10,924 7,509 903 Deferred Inflow of Resources Unavailable revenues - - 251,890 - Fund Balances Nonspendable Prepaid costs 96,157 - - Restricted for Planning and development projects - - 66,444 Public safety 236,329 - - Community services - - 3,156,859 Public works 4,740,269 - Capital projects - Unassigned (219,372) - - - - Total fund balances (123,215) 236,329 4,740,269 3,156,859 66,444 Total liabilities and fund balances $ 96,157 $ 247,253 $ 4,740,269 $ 3,416,258 $ 67,347 W. City of La Quinta, California Combining Balance Sheet — Nonmajor Governmental Funds June 30, 2022 Special Revenue Funds Capital Projects Funds Transportation Maintenance Uniform Disaster Facilities Assets Mitigation Fee Recovery DIF Infrastructure Civic Center Pooled cash and investments Receivables $ 444,116 $ 4,893,295 $ 192,367 $ 18,937 $ 1,148,601 Accounts Taxes - - - - - Accrued interest - - - - Prepaid costs 3,101 122 12 727 Due from other governments - - - - Total assets $ 444,116 $ 4,896,396 $ 192,489 $ 18,949 $ 1,149,328 Liabilities and Fund Balances Liabilities Accounts payable Accrued liabilities $ 437,519 $ $ 12,395 $ $ 22,798 Unearned revenues Due to other governments 4,993,504 Due to other funds Total liabilities 437,519 4,993,504 12,395 22,798 Deferred Inflow of Resources Unavailable revenues Fund Balances Nonspendable Prepaid costs _ _ Restricted for Planning and development projects 6,597 180,094 Public safety - - Community services Public works - Capital projects 18,949 1,126,530 Unassigned - (97,108) - - - Total fund balances 6,597 (97,108) 180,094 18,949 1,126,530 Total liabilities and fund balances $ 444,116 $ 4,896,396 $ 192,489 $ 18,949 $ 1,149,328 City of La Quinta, California Combining Balance Sheet — Nonmajor Governmental Funds June 30, 2022 Capital Projects Funds Parks and Library Community Transportation Recreation Development Center Street Facility Assets Pooled cash and investments $ 4,593,409 $ 680,496 $ $ 638,690 $ 75,737 Receivables Accounts - - - - Taxes - - - - Accrued interest 2,911 431 405 48 Prepaid costs - - - - Due from other governments - - - - Total assets $ 4,596,320 $ 680,927 $ $ 639,095 $ 75,785 Liabilities and Fund Balances Liabilities Accounts payable $ 92,851 $ 6,659 $ $ 65,254 $ Accrued liabilities - - - Unearned revenues Due to other governments 1,273,276 Due to other funds - - - - Total liabilities 92,851 6,659 1,273,276 65,254 Deferred Inflow of Resources Unavailable revenues - - - - Fund Balances Nonspendable Prepaid costs Restricted for Planning and development projects Public safety Community services - Public works - - - 75,785 Capital projects 4,503,469 674,268 573,841 - Unassigned - - (1,273,276) - - Total fund balances 4,503,469 674,268 (1,273,276) 573,841 75,785 Total liabilities and fund balances $ 4,596,320 $ 680,927 $ - $ 639,095 $ 75,785 City of La Quinta, California Combining Balance Sheet — Nonmajor Governmental Funds June 30, 2022 91 Capital Projects Funds Fund Total Financing Governmental Park Facility Fire Facility Authority Funds Assets Pooled cash and investments $ 5,894 $ 409,045 $ - $ 34,238,364 Receivables Accounts - - - 295,688 Taxes - - - 677,264 Accrued interest 4 259 - 21,416 Prepaid costs - - - 96,590 Due from other governments - - 1,411,662 Total assets $ 5,898 $ 409,304 $ - $ 36,740,984 Liabilities and Fund Balances Liabilities Accounts payable $ - $ - $ - $ 887,046 Accrued liabilities - - 32,091 Unearned revenues - - 4,993,504 Due to other governments - 1,273,276 Due to other funds - - - 943,965 Total liabilities - - - 8,129,882 Deferred Inflow of Resources Unavailable revenues - - - 421,436 Fund Balances Nonspendable Prepaid costs - - - 96,590 Restricted for Planning and development projects - - - 1,102,695 Public safety - 409,304 - 1,073,419 Community services 5,898 - - 13,970,309 Public works - 7,353,021 Capital projects - - 6,897,057 Unassigned - - - (2,303,425) Total fund balances 5,898 409,304 - 28,189,666 Total liabilities and fund balances $ 5,898 $ 409,304 $ $ 36,740,984 91 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances — Nonmajor Governmental Funds Year Ended June 30, 2022 92 Special Revenue Funds State Library and Federal Lighting and Gas Tax Museum Assistance SLESA Landscaping Revenues Taxes $ $ $ $ $ - Assessments 969,257 Intergovernmental 1,788,042 3,103,537 1,530 161,285 - Investment income 12,459 70,896 (101) 2,717 3,001 Net decrease in fair value of investments (50,768) (275,476) (2,857) (11,237) (20,209) Developer participation - Miscellaneous - 1,988 - - Total revenues 1,749,733 2,900,945 (1,428) 152,765 952,049 Expenditures Current General government - - - - Public safety 40,837 Planning and development - - Community services - 1,859,934 - - Public works 1,002,825 - 1,530 2,108,145 Capital outlay - - - Debt service Interest and fiscal charges - - - - Total expenditures 1,002,825 1,859,934 1,530 40,837 2,108,145 Excess (Deficiency) of Revenues over (under) Expenditures 746,908 1,041,011 (2,958) 111,928 (1,156,096) Other Financing Sources (Uses) Transfers in 190,000 - - 1,285,000 Transfers out (482,614) (58,295) - Total other financing sources (uses) (292,614) (58,295) - 1,285,000 Net Change in Fund Balances 454,294 982,716 (2,958) 111,928 128,904 Fund Balances, Beginning of Year 1,463,769 8,989,444 5,086 265,475 490,000 Fund Balances, End of Year $ 1,918,063 $ 9,972,160 $ 2,128 $ 377,403 $ 618,904 92 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds Year Ended June 30, 2022 93 Special Revenue Funds La Quinta Public Art in South Coast Quimby Safety Officer Public Places Air Quality AB 939 Revenues Taxes $ $ $ $ $ 65,870 Assessments - Intergovernmental 52, 791 69,686 Investment income 405 6,657 327 6,616 Net decrease in fair value of investments (1,591) (25,798) (1,360) (26,507) Developer participation 158,972 Miscellaneous - Totalrevenues (1,186) 139,831 51,758 115,665 Expenditures Current General government - Public safety - Planning and development - 47,298 109,742 Community services 54,817 - - Public works - Capital outlay 53,253 Debt service Interest and fiscal charges - - - Total expenditures 108,070 47,298 109,742 Excess (Deficiency) of Revenues over (under) Expenditures (1,186) 31,761 4,460 5,923 Other Financing Sources (Uses) Transfers in 2,000 50,000 - - Transfers out (713,669) - (12,678) Total other financing sources (uses) (713,669) 2,000 37,322 - - Net Change in Fund Balances (713,669) 814 69,083 4,460 5,923 Fund Balances, Beginning of Year 49,569 764,614 32,524 806,653 Fund Balances, End of Year $ (713,669) $ 50,383 $ 833,697 $ 36,984 $ 812,576 93 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances — Nonmajor Governmental Funds Year Ended June 30, 2022 94 Special Revenue Funds Housing Law Economic Grant Enforcement Measure A Development AB 1379 Revenues Taxes $ $ $ 2,031,006 $ $ Assessments - - Intergovernmental 34,827 - 18,705 Investment income 2,320 30,150 273,103 506 Net decrease in fair value of investments (9,805) (118,901) (99,068) (1,990) Developer participation - Miscellaneous - 40,117 - - Total revenues 27,342 1,982,372 174,035 17,221 Expenditures Current General government - Public safety 14,646 - - Planning and development 123,215 - 16,843 1,871 Community services - - - - Public works 45,917 Capital outlay - Debt service Interest and fiscal charges - - - - Total expenditures 123,215 14,646 45,917 16,843 1,871 Excess (Deficiency) of Revenues over (under) Expenditures (123,215) 12,696 1,936,455 157,192 15,350 Other Financing Sources (Uses) Transfers in - - - - Transfers out (195,415) (395,454) (50,000) Total other financing sources (uses) (195,415) (395,454) (50,000) - Net Change in Fund Balances (123,215) (182,719) 1,541,001 107,192 15,350 Fund Balances, Beginning of Year 419,048 3,199,268 3,049,667 51,094 Fund Balances, End of Year $ (123,215) $ 236,329 $ 4,740,269 $ 3,156,859 $ 66,444 94 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances — Nonmajor Governmental Funds Year Ended June 30, 2022 Revenues Taxes Assessments Intergovernmental Investment income Net decrease in fair value of investments Developer participation Miscellaneous Total revenues Expenditures Current General government Public safety Planning and development Community services Public works Capital outlay Debt service Interest and fiscal charges Total expenditures Excess (Deficiency) of Revenues over(under)Expenditures Other Financing Sources (Uses) Transfers in Transfers out Total other financing sources (uses) Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year Special Revenue Funds (97,108) Capital Projects Funds (450) 627,910 7,457 47,015 Transportation 498,620 Maintenance $ (97,108) $ 180,094 $ Uniform Disaster Facilities Mitigation Fee Recovery DIF Infrastructure Civic Center - 11,120 1,035 156 7,028 (860) (108,228) (4,708) (606) (30,211) - 136,752 - 651,093 (860) (97,108) 133,079 (450) 627,910 (860) (97,108) 133,079 (450) 627,910 (860) (97,108) 133,079 (450) 627,910 7,457 47,015 19,399 498,620 $ 6,597 $ (97,108) $ 180,094 $ 18,949 $ 1,126,530 95 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances — Nonmajor Governmental Funds Year Ended June 30, 2022 Revenues Taxes Assessments Intergovernmental Investment income Net decrease in fair value of investments Developer participation Miscellaneous Total revenues Expenditures Current General government Public safety Planning and development Community services Public works Capital outlay Debt service Interest and fiscal charges Total expenditures Excess (Deficiency) of Revenues over(under)Expenditures Other Financing Sources (Uses) Transfers in Transfers out Total other financing sources (uses) Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year Capital Projects Funds 2,236,980 Parks and Library Community 32,498 Transportation Recreation Development Center Street Facility $ 4,503,469 $ 674,268 $ (1,273,276) $ 573,841 $ 75,785 29,072 3,596 192 3,732 575 (123,443) (15,051) - (16,385) (2,092) 2,731,351 1,032,032 196,456 352,108 34,015 2,636,980 1,020,577 196,648 339,455 32,498 400,000 - 11,135 400,000 - 11,135 - - 2,236,980 1,020,577 185,513 339,455 32,498 2,236,980 1,020,577 185,513 339,455 32,498 2,266,489 (346,309) (1,458,789) 234,386 43,287 $ 4,503,469 $ 674,268 $ (1,273,276) $ 573,841 $ 75,785 .O City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances — Nonmajor Governmental Funds Year Ended June 30, 2022 Debt Service Capital Projects Funds Fund 97 Total Financing Governmental Park Facility Fire Facility Authority Funds Revenues Taxes $ $ $ $ 2,096,876 Assessments 969,257 Intergovernmental 5,230,403 Investment income 50 2,581 1,100 469,293 Net decrease in fair value of investments (188) (10,948) - (958,287) Developer participation 40 220,411 5,513,230 Miscellaneous - - - 42,105 Total revenues (98) 212,044 1,100 13,362,877 Expenditures Current General government - - 1,100 1,100 Public safety - 55,483 Planning and development 298,969 Community services 1,914,751 Public works 3,558,417 Capital outlay 53,253 Debt service Interest and fiscal charges - 11,135 Total expenditures - - 1,100 5,893,108 Excess (Deficiency) of Revenues over (under) Expenditures (98) 212,044 - 7,469,769 Other Financing Sources (Uses) Transfers in - - 1,527,000 Transfers out (1,908,125) Total other financing sources (uses) - - (381,125) Net Change in Fund Balances (98) 212,044 7,088,644 Fund Balances, Beginning of Year 5,996 197,260 21,101,022 Fund Balances, End of Year $ 5,898 $ 409,304 $ $ 28,189,666 97 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property Transfers in Amounts available for appropriations Charges to Appropriation (Outflows) City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund State Gas Tax Year Ended June 30, 2022 Budget Amounts Original Final $ 1,463,769 $ 1,463,769 Actual Amounts $ 1,463,769 1,766,880 1,766,880 1,788,042 9,000 9,000 (38,309) 190,000 190,000 190,000 Variance with Final Budget Positive (Negative) WF 21,162 (47,309) 3,429,649 3,429,649 3,403,502 (26,147) Public works 1,226,400 1,276,400 1,002,825 273,575 Transfers out 781,100 1,708,283 482,614 1,225,669 Total charges to appropriations 2,007,500 2,984,683 1,485,439 1,499,244 Budgetary Fund Balance, June 30 $ 1,422,149 $ 444,966 $ 1,918,063 $ 1,473,097 W.� Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property Miscellaneous revenue Amounts available for appropriations Charges to Appropriation (Outflows) City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund Library and Museum Year Ended June 30, 2022 Budget Amounts Original Final $ 8,989,444 $ 8,989,444 Variance with Final Budget Actual Positive Amounts (Negative) $ 8,989,444 $ - 2,755,200 2,755,200 3,103,537 348,337 90,000 90,000 (204,580) (294,580) 5,500 6,700 1,988 (4,712) 11,840,144 11,841,344 11,890,389 49,045 Community services 4,301,510 4,727,500 1,859,934 2,867,566 Capital outlay 5,000 5,000 - 5,000 Transfers out - - 58,295 (58,295) Total charges to appropriations 4,306,510 4,732,500 1,918,229 2,814,271 Budgetary Fund Balance, June 30 $ 7,533,634 $ 7,108,844 $ 9,972,160 $ 2,863,316 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property Amounts available for appropriations Charges to Appropriation (Outflows) Public works Transfers out Total charges to appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund Federal Assistance Year Ended June 30, 2022 Budget Amounts Original Final $ 5,086 $ 5,086 151,000 151,000 Variance with Final Budget Actual Positive Amounts (Negative) $ 5,086 $ - 1,530 (149,470) (2,958) (2,958) 156,086 156,086 3,658 (152,428) 20,000 20,000 128,350 187,377 148,350 207,377 1,530 18,470 187,377 1,530 205,847 $ 7,736 $ (51,291) $ 2,128 $ 53,419 100 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property Amounts available for appropriations Charges to Appropriation (Outflows) Public safety Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund SLESA Year Ended June 30, 2022 Budget Amounts Original Final $ 265,475 $ 265,475 100,000 100,000 1,000 1,000 366,475 366,475 100,000 100,000 $ 266,475 $ 266,475 Actual Amounts $ 265,475 161,285 (8,520) 418,240 Variance with Final Budget Positive (Negative) 61,285 (9,520) 51,765 40,837 59,163 $ 377,403 $ 110,928 101 Budgetary Fund Balance, July 1 Resources (Inflows) Assessments Use of money and property Transfers in Amounts available for appropriations Charges to Appropriation (Outflows) Public works City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund Lighting and Landscaping Year Ended June 30, 2022 Budget Amounts Actual Original Final Amounts $ 490,000 $ 490,000 $ 490,000 981,700 981,700 969,257 8,000 8,000 (17,208) 1,285,000 1,285,000 1,285,000 Variance with Final Budget Positive (Negative) I El (12,443) (25,208) 2,764,700 2,764,700 2,727,049 (37,651) 2,257,400 2,257,400 2,108,145 149,255 Budgetary Fund Balance, June 30 $ 507,300 $ 507,300 $ 618,904 $ 111,604 102 Budgetary Fund Balance, July 1 Charges to Appropriation (Outflows) Transfers out Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund Quimby Year Ended June 30, 2022 Budget Amounts Original Final - 1,180,635 Actual Amounts Variance with Final Budget Positive (Negative) W� 713,669 466,966 $ - $ (1,180,635) $ (713,669) $ 466,966 103 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Transfers in Amounts available for appropriations City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund La Quinta Public Safety Officer Year Ended June 30, 2022 Budget Amounts Original Final $ 49,569 $ 49,569 Actual Amounts $ 49,569 600 600 (1,186) 2,000 2,000 2,000 Variance with Final Budget Positive (Negative) W� (1,786) 52,169 52,169 50,383 (1,786) Budgetary Fund Balance, June 30 $ 52,169 $ 52,169 $ 50,383 $ (1,786) 104 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Transfer In Amounts available for appropriations Charges to Appropriation (Outflows) City of La Quinta, California Budgetary Comparison Schedule -Special Revenue Fund Art in Public Places Year Ended June 30, 2022 Budget Amounts Original Final $ 764,614 $ 764,614 Actual Amounts $ 764,614 Variance with Final Budget Positive (Negative) WF 5,000 5,000 (19,141) (24,141) 75,000 75,000 158,972 83,972 50,000 50,000 50,000 - 36,747 Transfers out 894,614 894,614 954,445 59,831 Community services 77,000 77,000 54,817 22,183 Capital outlay 50,000 90,000 53,253 36,747 Transfers out - 615,700 12,678 603,022 Total charges to appropriations 127,000 782,700 120,748 661,952 Budgetary Fund Balance, June 30 $ 767,614 $ 111,914 $ 833,697 $ 721,783 105 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund South Coast Air Quality Year Ended June 30, 2022 Budget Amounts Original Final $ 32,524 $ 32,524 52,000 800 52,000 800 Actual Amounts $ 32,524 Variance with Final Budget Positive (Negative) WF 52,791 791 (1,033) (1,833) Amounts available for appropriations 85,324 85,324 84,282 (1,042) Charges to Appropriation (Outflows) Planning and development 42,500 42,500 47,298 (4,798) Budgetary Fund Balance, June 30 $ 42,824 $ 42,824 $ 36,984 $ (5,840) 106 Budgetary Fund Balance, July 1 Resources (InFlows) Taxes Intergovernmental Use of money and property Amounts available for appropriations Charges to Appropriation (Outflows) Planning and development Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund AB 939 Year Ended June 30, 2022 Budget Amounts Original Final $ 806,653 $ 806,653 65,000 65,000 - 55,120 5,000 5,000 876,653 931,773 Variance with Final Budget Actual Positive Amounts (Negative) $ 806,653 $ - 65,870 870 69,686 14,566 (19,891) (24,891) 922,318 (9,455) 150,000 205,120 109,742 95,378 $ 726,653 $ 726,653 $ 812,576 $ 85,923 107 Budgetary Fund Balance, July 1 Amounts available for appropriations Charges to Appropriation (Outflows) Planning and development Total Charges to Appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund Housing Grants Year Ended June 30, 2022 Budget Amounts Original Final $ (33,108) $ (33,108) (33,108) (33,108) 160,000 Variance with Final Budget Actual Positive Amounts (Negative) $ - $ 33,108 123,215 - 160,000 123,215 $ (33,108) $ (193,108) $ (123,215) $ 33,108 33,108 W City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund Law Enforcement Year Ended June 30, 2022 109 Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 $ 419,048 $ 419,048 $ 419,048 $ - Resources (Inflows) Use of money and property 5,000 5,000 (7,485) (12,485) Miscellaneous revenue 17,000 17,000 34,827 17,827 Amounts available for appropriations 441,048 441,048 446,390 5,342 Charges to Appropriation (Outflows) Public safety 17,000 17,000 14,646 2,354 Transfers out - 286,397 195,415 90,982 Total Charges to Appropriations 17,000 303,397 210,061 93,336 Budgetary Fund Balance, June 30 $ 424,048 $ 137,651 $ 236,329 $ 98,678 109 Budgetary Fund Balance, July 1 Resources (Inflows) Taxes Use of money and property Miscellaneous revenue City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund Measure A Year Ended June 30, 2022 Budget Amounts Original Final $ 3,199,268 $ 3,199,268 1,552,000 15,000 1,552,000 15,000 Actual Amounts $ 3,199,268 Variance with Final Budget Positive (Negative) 2,031,006 479,006 (88,751) (103,751) 40,117 40,117 Amounts available for appropriations 4,766,268 4,766,268 5,181,640 415,372 Charges to Appropriation (OutFlows) Public works - - 45,917 (45,917) Transfers out 1,220,500 2,614,501 395,454 2,219,047 Total charges to appropriations 1,220,500 2,614,501 441,371 2,173,130 Budgetary Fund Balance, June 30 $ 3,545,768 $ 2,151,767 $ 4,740,269 $ 2,588,502 110 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Amounts available for appropriations Charges to Appropriation (Outflows) Planning and development Transfers out City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund Economic Development Year Ended June 30, 2022 Budget Amounts Original Final — $ 3,049,667 $ 3,049,667 Variance with Final Budget Actual Positive Amounts (Negative) $ 3,049,667 $ - 30,000 30,000 174,035 144,035 3,079,667 3,079,667 3,223,702 144,035 21,500 21,500 16,843 50,000 50,000 4,657 Total Charges to Appropriations 21,500 71,500 66,843 4,657 Budgetary Fund Balance, June 30 $ 3,058,167 $ 3,058,167 $ 3,156,859 $ 98,692 111 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property Amounts available for appropriations City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund AB 1379 Year Ended June 30, 2022 Budget Amounts Original Final — $ 51,094 $ 51,094 19,000 200 70,294 19,000 200 70,294 Variance with Final Budget Actual Positive Amounts (Negative) $ 51,094 $ - 18,705 (295) (1,484) (1,684) 68,315 (1,979) Charges to Appropriation (Outflows) Planning and development 5,600 5,600 1,871 3,729 Budgetary Fund Balance, June 30 $ 64,694 $ 64,694 $ 66,444 $ 1,750 112 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Miscellaneous revenue Amounts available for appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule—Special Revenue Fund Disaster Recovery Year Ended June 30, 2022 Budget Amounts Original Final - 4,993,504 Actual Amounts (97,108) Variance with Final Budget Positive (Negative) (97,108) (4,993,504) 4,993,504 (97,108) (5,090,612) $ 4,993,504 $ (97,108) $ (5,090,612) 113 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Developer participation Transfers in Amounts available for appropriations City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Capital Improvement Year Ended June 30, 2022 Budget Amounts Original Final $ (1,377,164) $ (1,377,164) Variance with Final Budget Actual Positive Amounts (Negative) $ (1,377,164) $ - - 21,995,493 2,121,980 (19,873,513) - 1,081,700 70,916 (1,010,784) 9,894,806 45,461,728 4,604,440 (40,857,288) 8,517,642 67,161,757 5,420,172 (61,741,585) Charges to Appropriation (Outflows) Planning and development - 2,622,885 35,981 2,586,904 Capital outlay 9,894,806 65,253,209 6,374,663 58,878,546 Total charges to appropriations 9,894,806 67,876,094 6,410,644 61,465,450 Budgetary Fund Balance, June 30 $ (1,377,164) $ (714,337) $ (990,472) $ (276,135) 114 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Amounts available for appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Maintenance Facilities DIF Fund Year Ended June 30, 2022 Budget Amounts Original Final $ 47,015 $ 47,015 Actual Amounts $ 47,015 Variance with Final Budget Positive (Negative) WF 1,000 1,000 (3,673) (4,673) 25,000 135,000 136,752 1,752 73,015 183,015 180,094 (2,921) $ - $ 183,015 $ 180,094 $ (2,921) 115 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Amounts available for appropriations Charges to Appropriation (Outflows) Transfers out City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Infrastructure Year Ended June 30, 2022 Budget Amounts Original Final $ 19,399 $ 19,399 100 100 19,499 19,499 22,618 Actual Amounts $ 19,399 (450) Variance with Final Budget Positive (Negative) WF (550) 18,949 (550) 22,618 Budgetary Fund Balance, June 30 $ 19,499 $ (3,119) $ 18,949 $ 22,068 116 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Amounts available for appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Civic Center Year Ended June 30, 2022 Budget Amounts Original Final $ 498,620 $ 498,620 Actual Amounts $ 498,620 Variance with Final Budget Positive (Negative) W� 2,000 2,000 (23,183) (25,183) 150,000 600,000 651,093 51,093 650,620 1,100,620 1,126,530 25,910 $ 650,620 $ 1,100,620 $ 1,126,530 $ 25,910 117 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Amounts available for appropriations Charges to Appropriation (Outflows) Public works Transfers out City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Transportation Year Ended June 30, 2022 Budget Amounts Original Final $ 2,266,489 $ 2,266,489 Variance with Final Budget Actual Positive Amounts (Negative) $ 2,266,489 $ - 28,000 28,000 (94,371) (122,371) 400,000 2,700,000 2,731,351 31,351 2,694,489 4,994,489 4,903,469 (91,020) 400,000 400,000 204,500 1,416,757 400,000 1,416,757 Total charges to appropriations 604,500 1,816,757 400,000 1,416,757 Budgetary Fund Balance, June 30 $ 2,089,989 $ 3,177,732 $ 4,503,469 $ 1,325,737 118 119 City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Parks and Recreation Year Ended June 30, 2022 Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 $ (346,309) $ (346,309) $ (346,309) $ - Resources (Inflows) Use of money and property 1,000 1,000 (11,455) (12,455) Developer participation 350,000 850,000 1,032,032 182,032 Amounts available for appropriations 4,691 504,691 674,268 169,577 Budgetary Fund Balance, June 30 $ 4,691 $ 504,691 $ 674,268 $ 169,577 119 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Library Development Year Ended June 30, 2022 Budget Amounts Original Final $ (1,458,789) $ (1,458,789) 50,000 175,000 Actual Amounts $ (1,458,789) 192 196,456 Variance with Final Budget Positive (Negative) 192 21,456 Amounts available for appropriations (1,408,789) (1,283,789) (1,262,141) 21,648 Charges to Appropriation (Outflows) Debt service Interest and fiscal charges 30,000 30,000 11,135 18,865 Budgetary Fund Balance, June 30 $ (1,438,789) $ (1,313,789) $ (1,273,276) $ 40,513 120 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Amounts available for appropriations Charges to Appropriation (Outflows) Transfers out Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Community Center Year Ended June 30, 2022 Budget Amounts Original Final $ 234,386 $ 234,386 2,000 2,000 70,000 370,000 Variance with Final Budget Actual Positive Amounts (Negative) 234,386 $ - (12,653) (14,653) 352,108 (17,892) 306,386 606,386 573,841 (32,545) 125,000 125,000 - 125,000 $ 181,386 $ 481,386 $ 573,841 $ 92,455 121 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Amounts available for appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Street Facility Year Ended June 30, 2022 Budget Amounts Original Final $ 43,287 $ 43,287 Actual Amounts $ 43,287 Variance with Final Budget Positive (Negative) ►, W (1,517) (1,517) 34,015 34,015 43,287 43,287 75,785 32,498 $ 43,287 $ 43,287 $ 75,785 $ 32,498 122 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Park Facility Year Ended June 30, 2022 Budget Amounts Original Final $ 5,996 $ 5,996 $ Variance with Final Budget Actual Positive Amounts (Negative) 5,996 $ - (138) (138) 40 40 Amounts available for appropriations 5,996 5,996 5,898 (98) Budgetary Fund Balance, June 30 $ 5,996 $ 5,996 $ 5,898 $ (98) 123 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Amounts available for appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Fire Facility Year Ended June 30, 2022 Budget Amounts Original Final $ 197,260 $ 197,260 Actual Amounts $ 197,260 Variance with Final Budget Positive (Negative) W� 1,000 1,000 (8,367) (9,367) 65,000 190,000 220,411 30,411 263,260 388,260 409,304 21,044 $ 263,260 $ 388,260 $ 409,304 $ 21,044 124 City of La Quinta, California Budgetary Comparison Schedule — Debt Service Fund Financing Authority Year Ended June 30, 2022 Budget Amounts Original Final Budgetary Fund Balance, July 1 $ - $ - $ Resources (Inflows) Use of money and property Amounts available for appropriations Charges to Appropriation (Outflows) General government Budgetary Fund Balance, June 30 $ Actual Amounts 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 Variance with Final Budget Positive (Negative) ►, 125 City of La Quinta, California Internal Service Funds Year Ended June 30, 2022 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 goods 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. 126 Assets Current Pooled cash and investments Receivables Accrued interest Prepaid costs Total current assets Noncurrent Capital assets - net Right to use leased assets, net of accumulated amortization Total noncurrent assets Total assets Liabilities Current Accounts payable Accrued liabilities Accrued interest Current portion of capital leases Total current liabilities Noncurrent Long-term portion of capital leases Total liabilities City of La Quinta, California Combining Statement of Net Position Internal Service Funds June 30, 2022 Governmental Activities - Internal Service Funds Park Equipment Information Equipment Replacement Technology and Facilities Insurance Totals $ 3,637,791 $ 2,301,010 $ 3,763,789 $ 430,543 $ 10,133,133 2,224 1,458 2,385 273 6,340 - 104,934 - 124,588 229,522 3,640,015 2,407,402 3,766,174 555,404 10,368,995 1,470,432 172,369 11,721,056 13,363,857 130,157 - - 130,157 1,416 - - 1,416 1,600,589 172,369 11,721,056 13,494,014 170 98,772 5,240,604 2,579,771 15,487,230 555,404 23,863,009 63,638 97,739 2,042 1,736 165,155 - 1,416 - - 1,416 170 - 170 98,772 - - - 98,772 2,308,247 3,764,132 553,668 10,202,254 162,580 99,155 2,042 1,736 265,513 Total net position 5,041,562 36,462 - - - 36,462 199,042 99,155 2,042 1,736 301,975 Net Position Net investment in capital assets 1,465,355 172,369 11,721,056 - 13,358,780 Unrestricted 3,576,207 2,308,247 3,764,132 553,668 10,202,254 Total net position 5,041,562 2,480,616 15,485,188 553,668 23,561,034 Total liabilities and net position $ 5,240,604 $ 2,579,771 $ 15,487,230 $ 555,404 $ 23,863,009 127 City of La Quinta, California Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds Year Ended June 30, 2022 Operating Expenses Administration and general 103,353 Governmental Activities - Internal Service Funds 30,776 152,715 296,351 Fuel and oil Park - Equipment Information Equipment and 123,558 297 Replacement Technology Facilities Insurance Totals Operating Revenues 536,835 139,144 - 675,979 Sales and service charges $ 1,191,750 $ 1,782,151 $ 350,000 $ 1,010,000 $ 4,333,901 Insurance recoveries 10,561 - 72,076 - 82,637 Total operating revenues 1,202,311 1,782,151 422,076 1,010,000 4,416,538 Operating Expenses Administration and general 103,353 40,283 30,776 152,715 296,351 Fuel and oil 122,100 - - 122,100 Maintenance and parts 123,558 297 - (12,970) 123,855 Contract services - 536,835 139,144 - 675,979 Software and supplies - 761,436 - 768,900 1,530,336 Depreciation and (2,982) (2,982) amortization expense 407,676 84,134 498,236 - 990,046 Total operating expenses 756,687 1,422,985 637,380 921,615 3,738,667 Operating Income (Loss) 445,624 359,166 (215,304) 88,385 677,871 Nonoperating Revenue (Expenses) Investment income 30,274 17,116 30,776 1,465 79,631 Net decrease in fair value of investments (115,548) (68,589) (118,747) (12,970) (315,854) Miscellaneous revenue 187,320 187,320 Gain on disposal of capital assets 4,203 4,203 Interest expense (2,982) (2,982) Total nonoperating revenues 103,267 (51,473) (87,971) (11,505) (47,682) Changes in Net Position 548,891 307,693 (303,275) 76,880 630,189 Net Position Beginning of Year, as restated 4,492,671 2,172,923 15,788,463 476,788 22,930,845 End of Year $ 5,041,562 $ 2,480,616 $ 15,485,188 $ 553,668 $ 23,561,034 128 City of La Quinta, California Combining Statement of Cash Flows Internal Service Funds Year Ended June 30, 2022 Net Change in Cash and Cash Equivalents (816) Governmental Activities - Internal Service Funds 82,437 68,045 615,671 Cash and Cash Equivalents, Beginning of Year Park 1,835,005 3,681,352 362,498 Equipment Information Equipment $ 2,301,010 $ 3,763,789 $ 430,543 Replacement Technology and Facilities Insurance Totals Operating Activities from (used for) operating activities Cash received from interfund services provided $ 1,191,750 $ 1,782,151 $ 350,000 $ 1,016,096 $ 4,339,997 Cash received from insurance recoveries 10,561 - 72,076 - 82,637 Cash paid to suppliers for goods and services (345,638) (1,263,952) (139,417) (936,416) (2,685,423) Net Cash from Operating Activities 856,673 518,199 282,659 79,680 1,737,211 Capital and Related Financing Activities 990,046 Changes in Cash paid for lease liability- principal portion (122,589) - - - (122,589) Cash paid for lease liability- interest portion (2,812) Accounts receivable - - (2,812) Capital contributions 187,320 Accounts payable 3,373 65,959 187,320 Acquisition and construction of capital assets (837,570) Accrued liabilities (111,340) 183 (948,910) Proceeds from sales of capital assets 4,203 Net Cash from Operating Activities $ 856,673 $ 518,199 4,203 Net Cash from (used for) Capital and $ 1,737,211 Related Financing Activities (771,448) (111,340) (882,788) Investing Activities Investment loss (86,041) (52,194) (88,882) (11,635) (238,752) Net Change in Cash and Cash Equivalents (816) 466,005 82,437 68,045 615,671 Cash and Cash Equivalents, Beginning of Year 3,638,607 1,835,005 3,681,352 362,498 9,517,462 Cash and Cash Equivalents, End of Year $ 3,637,791 $ 2,301,010 $ 3,763,789 $ 430,543 $ 10,133,133 Reconciliation of operating income to net cash from (used for) operating activities Operating income (loss) $ 445,624 $ 359,166 $ (215,304) $ 88,385 $ 677,871 Adjustments to reconcile operating income (loss) to net cash from (used for) operating activities Depreciation 407,676 84,134 498,236 - 990,046 Changes in Prepaid costs - 8,757 - (16,356) (7,599) Accounts receivable - - - 6,096 6,096 Accounts payable 3,373 65,959 (273) 1,554 70,613 Accrued liabilities - 183 - 1 184 Net Cash from Operating Activities $ 856,673 $ 518,199 $ 282,659 $ 79,680 $ 1,737,211 129 Other Information June 30, 2022 City of La Quinta, California This page intentionally left blank. City of La Quinta, California Project Status Year Ended June 30, 2022 Project Status: Highway 111 Bridge Funding In November 2020, Caltrans advised the City that the Highway Bridge Planning (HBP) Funding Program had been oversubscribed for FY2020/21 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 Financial Advisory Commission (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. As of June 30, 2022, advances and reimbursements related to the project are as follows: Year Ending June 30, 2022 Council Approved Allocated Amounts Measure G Unassigned Reimbursements Reserves Reserves Received 7,468,061 $ 7,468,061 130 This page intentionally left blank. Statistical Section June 30, 2022 City of La Quinta, California This page intentionally left blank. City of La Quinta Statistical Section Year Ended June 30, 2022 This part of the City of La Quinta's annual comprehensive 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 overtime. 132 Revenue Capacity These schedules contain information to help the reader assess the factors affecting the City's ability to generate its property taxes. 144 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. 153 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. 160 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. 163 Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year. 131 City of La Quinta Net Position by Component (Table 1) Year Ended June 30, 2022 Fiscal Year 2013 2014 2015 2016 2017 Governmental Activities Net investment in capital assets $ 529,681,342 Restricted 49,598,397 Unrestricted 83,399,745 Total Governmental Activities Net Position 662,679,484 $ 527,614,666 $ 523,495,389 $ 516,499,682 $ 517,039,487 53,669,248 62,472,221 61,148,731 38,824,860 83,907,046 74,362,189 84,439,071 118,125,125 665,190,960 660,329,799 662,087,484 673,989,472 Business -Type Activities Net investment in capital assets 41,741,443 41,354,565 44,118,111 43,898,784 43,836,868 Restricted - - - - - Unrestricted (4,750,604) (4,674,666) (4,892,647) (5,086,906) (5,140,966) Total Business -Type Activities Net Position 36,990,839 36,679,899 39,225,464 38,811,878 38,695,902 Primary Government Net investment in capital assets 571,422,785 568,969,231 567,613,500 560,398,466 560,876,355 Restricted 49,598,397 53,669,248 62,472,221 61,148,731 38,824,860 Unrestricted 78,649,141 79,232,380 69,469,542 79,352,165 112,984,159 Total Primary Government Net Position 699,670,323 701,870,859 699,555,263 700,899,362 712,685,374 Source: City of La Quinta 132 City of La Quinta Net Position by Component (Table 1) Year Ended June 30, 2022 Fiscal Year 2018 2019 2020 2021 2022 Primary Government: 554,499,474 562,597,505 549,490,377 561,921,091 560,188,798 Governmental Activities: $ 510,913,594 $ 519,221,969 $ 509,777,422 $ 519,203,177 $ 517,697,036 Net investment in capital assets 39,204,789 44,815,499 46,001,248 46,711,801 54,412,358 Restricted 130,950,644 138,584,041 142,418,499 162,887,430 190,618,323 Unrestricted 681,069,027 702,621,509 698,197,169 728,802,408 762,727,717 Total Governmental Activities Net Position Business -Type Activities: 43,585,880 43,375,536 39,712,955 42,717,914 42,491,762 Net investment in capital assets - - - - - Restricted (5,203,212) 240,125 3,145,820 368,750 1,036,834 Unrestricted 38,382,668 43,615,661 42,858,775 43,086,664 43,528,596 Total Business -Type Activities Net Position 133 Primary Government: 554,499,474 562,597,505 549,490,377 561,921,091 560,188,798 Net investment in capital assets 39,204,789 44,815,499 46,001,248 46,711,801 54,412,358 Restricted 125,747,432 138,824,166 145,564,319 163,256,180 191,655,157 Unrestricted 719,451,695 746,237,170 741,055,944 771,889,072 806,256,313 Total Primary Government Net Position 133 City of La Quinta Changes in Net Position (Table 2) Year Ended June 30, 2022 Program Revenues Fiscal Year Governmental activities: 2013 2014 2015 2016 2017 Expenses Governmental activities: 38,812 71,042 121,140 192,538 504,127 General government $ 4,511,023 $ 4,830,239 $ 5,166,732 $ 5,645,004 $ 5,565,727 Public safety 21,047,691 21,169,423 21,636,149 22,067,603 23,378,824 Planning and development 2,274,541 3,098,015 2,212,013 3,359,732 2,882,321 Community services 4,986,104 4,130,085 5,992,362 6,214,098 6,584,268 Public works 11,803,133 12,610,994 18,116,732 12,157,245 10,927,160 Contribution to other agencies - - - - - Interest on long-term debt 447,048 405,977 340,716 343,129 309,463 Total governmental activities expenditures 45,069,540 46,244,733 53,464,704 49,786,811 49,647,763 Business -type activities: Golf course 4,208,855 4,971,977 5,053,360 4,373,586 3,965,644 Total business -type activities expenditures 4,208,855 4,971,977 5,053,360 4,373,586 3,965,644 Total Primary Government Expenditures 49,278,395 51,216,710 58,518,064 54,160,397 53,613,407 Program Revenues Governmental activities: Charges for services: General government 38,812 71,042 121,140 192,538 504,127 Public safety 927,604 1,412,819 1,655,421 1,378,704 341,368 Planning and development 112,695 595,980 489,589 467,053 564,327 Community services 245,392 1,224,719 307,869 386,824 453,098 Public works 1,209,438 1,195,703 1,197,069 1,134,630 741,703 Operating grants and contributions 28,068,940 14,587,153 16,829,107 12,213,338 6,187,803 Capital grants and contributions 3,981,286 3,536,444 1,076,145 3,316,153 Total governmental activities program revenues 30,602,881 23,068,702 24,136,639 16,849,232 12,108,579 Business -type activities: Charges for services: Golf course 3,736,879 3,481,424 3,561,857 3,621,495 3,446,340 Capital grants and contributions 2,872,122 Total business -type activities program revenues 3,736,879 3,481,424 6,433,979 3,621,495 3,446,340 Total Primary Government Program Revenues 34,339,760 26,550,126 30,570,618 20,470,727 15,554,919 Net Revenues (Expenditures): Governmental activities (14,466,659) (23,176,031) (29,328,065) (32,937,579) (37,539,184) Business -type activities (471,976) (1,490,553) 1,380,619 (752,091) (519,304) Total Net Revenues (Expenditures) (14,938,635) (24,666,584) (27,947,446) (33,689,670) (38,058,488) General Revenues and Other Changes in Net Position: Governmental activities: Taxes: Property taxes 7,043,604 9,193,753 8,776,491 8,798,296 15,521,335 Tax increment - - - - - Transient occupancy taxes 5,980,684 6,307,737 6,637,183 7,835,745 9,433,970 Sales tax 7,833,545 8,786,819 8,873,008 9,107,046 10,060,305 Franchise taxes 1,669,476 1,688,263 1,861,453 1,799,938 1,815,491 Business license taxes 292,966 307,654 306,087 334,465 365,451 Othertaxes 518,778 580,834 530,336 516,964 585,333 Motor vehicle in lieu, unrestricted 3,157,330 3,291,042 3,486,367 3,651,549 3,813,213 Investment income 1,605,718 2,190,357 1,981,343 2,390,468 442,710 Net Increase (Decrease) of Investment Fair Value Gain (loss) on sale of capital assets 28,551 - - - - Miscellaneous 192,509 243,498 296,346 376,193 460,614 Special Item (interfund loan payoff) - - - - - Extraordinary gain/loss on dissolution of RDA (2,189,984) (6,402,450) - - 7,344,050 Transfers - (500,000) (247,739) (115,400) (401,300) Total governmental activities 26,133,177 25,687,507 32,500,875 34,695,264 49,441,172 Business -type activities: Investment income 2,225 1,567 2,043 4,282 2,028 Net Increase (Decrease) of Investment Fair Value - - - - - Miscellaneous 100,799 678,046 915,164 218,823 - Transfers 500,000 247,739 115,400 401,300 Total business -type activities 103,024 1,179,613 1,164,946 338,505 403,328 Total Primary Government 26,236,201 26,867,120 33,665,821 35,033,769 49,844,500 Changes in Net Position Governmental activities 11,666,518 2,511,476 3,172,810 1,757,685 11,901,988 Business -type activities (368,952) (310,940) 2,545,565 (413,586) (115,976) Total Primary Government 11,297,566 2,200,536 5,718,375 1,344,099 11,786,012 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 activates and 'miscellaneous' under business type activities. This is also dicussed in the Notes to Basic Financial Statements section of the 2018/19 CAFR, Note 19: Special Item. 134 City of La Quinta Changes in Net Position (Table 2) Year Ended June 30, 2022 Fiscal Year 2018 2019 2020 2021 2022 Program Revenues: Expenditures: Governmental activities: $ 8,869,174 $ 9,085,863 $ 9,877,251 $ 8,106,209 $ 9,733,224 General government 22,508,088 23,164,976 24,009,725 24,429,310 25,741,782 Public safety 4,352,134 5,913,321 5,845,836 6,508,522 4,716,745 Planning and development 9,231,268 6,202,084 11,362,950 6,958,234 8,439,863 Community services 15,580,975 4,430,519 32,248,031 11,438,197 14,985,480 Public works - - - - - Contribution to other agencies 1,468,971 210,941 98,049 42,081 11,914 Interest on long-term debt 62,010,610 49,007,703 83,441,842 57,482,553 63,629,008 Total governmental activities expenditures Business -type activities: 4,318,463 4,558,922 4,148,190 4,169,286 4,746,281 Golf course 4,318,463 4,558,922 4,148,190 4,169,286 4,746,281 Total business -type activities expenditures 66,329,073 53,566,625 87,590,032 61,651,839 68,375,289 Total Primary Government Expenditures 135 Program Revenues: Governmental activities: Charges for services: 883,153 516,115 615,348 1,541,535 1,402,810 General government 367,848 376,249 367,277 770,760 648,914 Public safety 724,499 636,683 799,040 710,529 1,315,760 Planning and development 442,656 479,542 366,896 178,554 137,769 Community services 1,054,902 1,119,816 1,436,362 1,503,633 3,378,132 Public works 4,259,916 5,623,509 7,817,482 4,413,523 5,786,773 Operating grants and contributions 4,455,060 5,462,395 9,613,752 15,770,048 11,952,031 Capital grants and contributions 12,188,034 14,214,310 21,016,157 24,888,582 24,622,189 Total governmental activities program revenues Business -type activities: Charges for services: 3,567,718 3,773,396 2,746,748 3,509,096 4,679,163 Golf course Capital grants and contributions 3,567,718 3,773,396 2,746,748 3,509,096 4,679,163 Total business -type activities program revenues 15,755,752 17,987,706 23,762,905 28,397,678 29,301,352 Total Primary Government Program Revenues Net Revenues (Expenditures): (49,822,576) (34,793,394) (62,425,685) (32,593,971) (39,006,819) Governmental activities (750,745) (785,526) (1,401,442) (660,190) (67,118) Business -type activities (50,573,321) (35,578,920) (63,827,127) (33,254,161) (39,073,937) Total Net Revenues (Expenditures) General Revenues and Other Changes in Net Position: Governmental activities: Taxes: 15,887,015 16,423,843 16,710,544 16,893,629 17,823,858 Property taxes - - - - - Tax increment 10,752,788 11,230,915 8,079,394 11,847,139 18,365,424 Transient occupancy taxes 18,956,985 20,905,243 19,136,015 23,323,549 28,204,906 Sales tax 1,977,179 2,032,848 1,996,593 2,055,505 2,240,468 Franchise taxes 345,187 418,707 378,744 383,551 446,745 Business license taxes 718,472 713,237 662,545 1,568,997 1,352,585 Other taxes 3,941,348 4,086,536 4,290,417 4,376,455 4,663,327 Motor vehicle in lieu, unrestricted 803,654 5,150,613 5,110,358 1,427,664 219,164 Investment income (5,727,183) Net Increase (Decrease) of Investment Fair Value - - - - - Gain (loss) on sale of capital assets 649,566 394,347 1,404,143 1,457,788 943,160 Miscellaneous - (5,553,561) - - - Special Item (interfund loan payoff) 3,624,121 993,148 867,792 739,933 609,515 Extraordinary gain/loss on dissolution of RDA (434,000) (450,000) (635,200) (875,000) (550,000) Transfers 57,222,315 56,345,876 58,001,345 63,199,210 68,591,969 Total governmental activities Business -type activities: 3,511 14,958 9,356 13,081 4,329 Investment income - - - - (45,279) Net Increase (Decrease) of Investment Fair Value - 5,553,561 - - - Miscellaneous 434,000 450,000 6351200 8751000 550,000 Transfers 437,511 6,018,519 644,556 888,081 509,050 Total business -type activities 57,659,826 62,364,395 58,645,901 64,087,291 69,101,019 Total Primary Government Changes in Net Position 7,399,739 21,552,482 (4,424,340) 30,605,239 29,585,150 Governmental activities (313,234) 5,232,993 (756,886) 227,891 441,932 Business -type activities 7,086,505 26,785,475 (5,181,226) 30,833,130 30,027,082 Total Primary Government 135 Expenses General government Public safety Planning and development Community services Public works Contribution to other agencies Interest on long-term debt Total Governmental Activities Expenditures City of La Quinta Changes in Net Position - Governmental Activities (Table 3) Year Ended June 30, 2022 Fiscal Year 2013 2014 2015 2016 2017 $ 4,511,023 $ 4,830,239 $ 5,166,732 $ 5,645,004 $ 5,565,727 21,047,691 21,169,423 21,636,149 22,067,603 23,378,824 2,274,541 3,098,015 2,212,013 3,359,732 2,882,321 4,986,104 4,130,085 5,992,362 6,214,098 6,584,268 11,803,133 12, 610,994 18,116,732 12,157,245 10,927,160 447,048 405,977 340,716 343,129 309,463 45,069,540 46,244,733 53,464,704 49,786,811 49,647,763 Program Revenues 9,193,753 8,776,491 8,798,296 15,521,335 5,980,684 Charges for services: 6,637,183 7,835,745 9,433,970 7,833,545 8,786,819 General government 38,812 71,042 121,140 192,538 504,127 Public safety 927,604 1,412,819 1,655,421 1,378,704 341,368 Planning and development 112,695 595,980 489,589 467,053 564,327 Community services 245,392 1,224,719 307,869 386,824 453,098 Public works 1,209,438 1,195,703 1,197,069 1,134,630 741,703 Operating grants and contributions 28,068,940 14,587,153 16,829,107 12,213,338 6,187,803 Capital grants and contributions 4,115,238 3,981,286 3,536,444 1,076,145 3,316,153 Total Governmental Activities Program Revenue: 34,718,119 23,068,702 24,136,639 16,849,232 12,108,579 Net Revenues (Expenditures) General Revenues and Other Changes in Net Position Taxes: Property taxes Tax increment Transient occupancy taxes Sales tax Franchise tax Business license taxes Other tax Motor vehicle in lieu, unrestricted Investment income Net Increase (Decrease) of Investment Fair Value Gain (loss) on sale of capital assets Miscellaneous Special item (interfund loan payoff) Extraordinary gain/loss on dissolution of RDA Transfers Total Governmental Activities Changes in Net Position Source: City of La Quinta (10,351,421) (23,176,031) (29,328,065) (32,937,579) (37,539,184) 7,043,604 9,193,753 8,776,491 8,798,296 15,521,335 5,980,684 6,307,737 6,637,183 7,835,745 9,433,970 7,833,545 8,786,819 8,873,008 9,107,046 10,060,305 1,669,476 1,688,263 1,861,453 1,799,938 1,815,491 292,966 307,654 306,087 334,465 365,451 518,778 580,834 530,336 516,964 585,333 3,157,330 3,291,042 3,486,367 3,651,549 3,813,213 1,605,718 2,190,357 1,981,343 2,390,468 442,710 28,551 - - 376,193 460,614 192,509 243,498 296,346 - - (2,189,984) (6,402,450) - 7,344,050 - (500,000) (247,739) (115,400) (401,300) 26,133,177 25,687,507 32,500,875 34,695,264 49,441,172 15,781,756 2,511,476 3,172,810 1,757,685 11,901,988 136 City of La Quinta Changes in Net Position - Governmental Activities (Table 3) Year Ended June 30, 2022 Fiscal Year 137 Expenditures: $ 8,869,174 $ 9,085,863 $ 9,877,251 $ 8,106,209 $ 9,733,224 General government 22,508,088 23,164,976 24,009,725 24,429,310 25,741,782 Public safety 4,352,134 5,913,321 5,845,836 6,508,522 4,716,745 Planning and development 9,231,268 6,202,084 11,362,950 6,958,234 8,439,863 Community services 15,580,975 4,430,519 32,248,031 11,438,197 14,985,480 Public works - - - - - Contribution to other agencies 1,468,971 210,941 98,049 42,081 11,914 Interest on long-term debt 62,010,610 49,007,703 83,441,842 57,482,553 63,629,008 Total Governmental Activities Expenditures Program Revenues: Charges for services: 883,153 516,115 615,348 1,541,535 1,402,810 General government 367,848 376,249 367,277 770,760 648,914 Public safety 724,499 636,683 799,040 710,529 1,315,760 Planning and development 442,656 479,542 366,896 178,554 137,769 Community services 1,054,902 1,119,816 1,436,362 1,503,633 3,378,132 Public works 4,259,916 5,623,509 7,817,482 4,413,523 5,786,773 Operating grants and contributions 4,455,060 5,462,395 9,613,752 15,770,048 11,952,031 Capital grants and contributions Total Governmental Activities Program 12,188,034 14,214,310 21,016,157 24,888,582 24,622,189 Revenues (49,822,576) (34,793,394) (62,425,685) (32,593,971) (39,006,819) Net Revenues (Expenditures) General Revenues and Other Changes in Net Position: Taxes: 15,887,015 16,423,843 16,710,544 16,893,629 17,823,858 Property taxes - - - - - Tax increment 10,752,788 11,230,915 8,079,394 11,847,139 18,365,424 Transient occupancy taxes 18,956,985 20,905,243 19,136,015 23,323,549 28,204,906 Sales tax 1,977,179 2,032,848 1,996,593 2,055,505 2,240,468 Franchise tax 345,187 418,707 378,744 383,551 446,745 Business license taxes 718,472 713,237 662,545 1,568,997 1,352,585 Other tax 3,941,348 4,086,536 4,290,417 4,376,455 4,663,327 Motor vehicle in lieu, unrestricted 803,654 5,150,613 5,110,358 1,427,664 219,164 Investment income (5,727,183) Net Increase (Decrease) of Investment Fair Value 649,566 394,347 1,404,143 1,457,788 943,160 Gain (loss) on sale of capital assets - - - - - Miscellaneous (5,553,561) - - - Special item (interfund loan payoff) 3,624,121 993,148 867,792 739,933 609,515 Extraordinary gain/loss on dissolution of RDA (434,000) (450,000) (635,200) (875,000) (550,000) Transfers 57,222,315 56,345,876 58,001,345 63,199,210 68,591,969 Total Governmental Activities 7,399,739 21,552,482 (4,424,340) 30,605,239 29,585,150 Changes in Net Position 137 City of La Quinta Changes in Net Position — Business -type Activities (Table 4) Year Ended June 30, 2022 Fiscal Year 2013 2014 2015 2016 2017 Expenses Golf course $ 4,208,855 $ 4,971,977 $ 5,053,360 $ 4,373,586 $ 3,965,644 Total Business -Type Activities Expenditures 4,208,855 4,971,977 5,053,360 4,373,586 3,965,644 Program revenues Charges for services: Golf course 3,736,879 3,481,424 3,561,857 3,621,495 3,446,340 Capital grants and contributions - - 2,872,122 - - Total Business -Type Activities Program Revenues 3,736,879 3,481,424 6,433,979 3,621,495 3,446,340 Net Revenues (Expenditures) (471,976) (1,490,553) 1,380,619 (752,091) (519,304) General Revenues and Other Changes in Net Position Investment income 2,225 1,567 2,043 4,282 2,028 Net Increase (Decrease) of Investment Fair Value - - - - - Gain (loss) on sale of capital assets - - - - Miscellaneous 100,799 678,046 915,164 218,823 - Transfers - 500,000 247,739 115,400 401,300 Capital contributions - - - - Total Business -Type Activities 103,024 1,179,613 1,164,946 338,505 403,328 Changes in Net Position (368,952) (310,940) 2,545,565 (413,586) (115,976) Source: City of La Quinta 138 City of La Quinta Changes in Net Position — Business -type Activities (Table 4) Year Ended June 30, 2022 Fiscal Year 2018 2019 2020 2021 2022 Expenditures: $ 4,318,463 $ 4,558,922 $ 4,148,190 $ 4,169,286 $ 4,746,281 Golf course 4,318,463 4,558,922 4,148,190 4,169,286 4,746,281 Total Business -Type Activities Expenditures 139 Program revenues: Charges for services: 3,567,718 3,773,396 2,746,748 3,509,096 4,679,163 Golf course - - - - - Capital grants and contributions 3,567,718 3,773,396 2,746,748 3,509,096 4,679,163 Total Business -Type Activities Program Revenue: (750,745) (785,526) (1,401,442) (660,190) (67,118) Net Revenues (Expenditures) General Revenues and Other Changes in Net Position: 3,511 14,958 9,356 13,081 4,329 Investment income - - - - (45,279) Net Increase (Decrease) of Investment Fair Value - Gain (loss) on sale of capital assets - 5,553,561 Miscellaneous 434,000 450,000 635,200 875,000 550,000 Transfers - - - Capital contributions 437,511 6,018,519 644,556 888,081 509,050 Total Business -Type Activities (313,234) 5,232,993 (756,886) 227,891 441,932 Changes in Net Position 139 City of La Quinta Fund Balances of Governmental Funds (Table 5) Year Ended June 30, 2022 All other governmental funds Fiscal Year Nonspendable: 2013 2014 2015 2016(1) 2017 General fund 10,310 8,422 10,349 Nonspendable: 2,062,589 - - Prepaid costs $ 11,786 $ 1,500 $ 15,653 $ 204,589 $ 10,578 Land held for resale 8,320,000 8,320,000 8,320,000 8,320,000 8,320,000 Advances to other funds 15,509,691 15,163,183 14,943,098 14,974,800 15,022,660 Deposits 4,830 4,830 33,985 - - Due from Other Governments 41,378,966 34,976,516 26,715,575 25,105,681 29,154,040 Restricted for: 11,626,441 12,459,516 10,711,704 9,872,124 10,040,222 Debt service - - - - - Section 115 Trust (Note 11) - - - - - Committed: 2,234 - - - - Emergency Reserve(2) 16,034,995 16,034,995 15,372,600 15,576,000 16,534,000 Natural Disaster Reserve(') - - - - - Economic Disaster Reserve(') - - - - - Post retirement health benefits(') 1,523,401 1,523,401 1,523,401 1,523,400 1,523,400 Capital Replacement Reserve(') 2,848,737 1,507,429 1,727,390 2,302,000 - Cash Flow Reserve(') - 2,836,820 3,843,150 3,894,000 4,134,000 Pension Trust(4) - - - - Carryovers 356,438 476,400 4,274,046 120,000 Other - - - - - Assigned: Continuing appropriations 1,013,533 209,000 - Public Safety (Note 13b) - - 9,371,699 Sales Tax Reserve (Note 13b) - Capital Projects (Note 13b) - - - - 6,322,570 Unassigned 5,926,651 10,699,641 13,837,312 13,822,012 16,949,526 Total general fund 92,572,590 91,633,753 86,808,564 98,565,571 107,462,473 All other governmental funds Nonspendable: Prepaid costs 10,310 8,422 10,349 Notes and loans 2,062,589 - - Advances to other funds - Deposits 13,600 - - - - Restricted: Planning and development projects 3,730,533 5,970,006 13,108,499 18,211,200 22,664,093 Public safety 258,968 274,274 301,843 189,988 83,506 Community services 11,626,441 12,459,516 10,711,704 9,872,124 10,040,222 Public works 262,754 1,571,163 1,129,697 1,250,827 1,546,505 Capital Projects 1,392,581 1,590,168 3,873,699 3,597,221 4,490,534 Debt service 2,234 - - - - Assigned: Continuing appropriations - Unassigned (13,179,196) (12,370,462) (12,703,744) (11,655,344) (11,423,008) Total all other governmental funds 6,180,814 9,494,665 16,421,698 21,474,438 27,412,201 Total Governmental Funds 98,753,404 101,128,418 103,230,262 120,040,009 134,874,674 Notes: MIn 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 (z) 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. 140 City of La Quinta Fund Balances of Governmental Funds (Table 5) Year Ended June 30, 2022 Fiscal Year 2018 2019 2020 2021 2022 All other governmental funds: General fund: 386 2,875 1,019 96,590 Nonspendable: $ 90,657 $ 37,182 $ 14,065 $ 25,246 $ 46,990 Prepaid costs 8,320,000 5,730,990 5,403,652 5,403,652 5,403,652 Land held for resale 14,954,085 - - - - Advances to other funds - - - - - Deposits 29,611,707 27,915,770 26,069,742 24,070,622 21,915,347 Due from Other Governments 342,919 1,391,721 1,607,101 931,352 1,073,419 Restricted for: - - - - - Debt service 2,033,627 6,540,000 10,249,738 11,381,922 10,137,888 Section 115 Trust (Note 11) 4,203,991 3,904,492 3,128,962 3,018,894 6,897,057 Committed: - - - - - Emergency Reserve (2) 7,400,000 10,000,000 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 11,000,000 Economic Disaster Reserve (2) - - - - - Post retirement health benefits(') 5,000,000 5,000,000 6,540,000 10,000,000 10,000,000 Capital Replacement Reserve (2) 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 Cash Flow Reserve (2) 2,000,000 - - - Pension Trust(4) 2,186,500 745,300 1,778,800 1,209,870 1,209,100 Carryovers - - - - - Other Assigned: - - - - - Continuing appropriations 9,754,327 9,864,841 10,491,654 11,423,931 11,183,821 Public Safety (Note 13b) 5,169,970 7,721,975 8,736,219 15,128,658 15,355,043 Sales Tax Reserve (Note 13b) 4,996,815 11,853,162 13,155,144 13,431,089 30,761,847 Capital Projects (Note 13b) 19,199,506 16,228,627 19,094,651 24,241,553 33,893,325 Unassigned 121,823,567 117,637,847 123,333,665 142,316,543 165,907,013 Total general fund 141 All other governmental funds: Nonspendable: 386 2,875 1,019 96,590 Prepaid costs - - - - Notes and loans Advances to other funds Deposits Restricted: 22,607,600 22,996,435 23,680,641 24,751,443 25,118,552 Planning and development projects 342,919 1,391,721 1,607,101 931,352 1,073,419 Public safety 10,016,652 13,775,710 14,376,472 12,813,788 13,970,309 Community services 2,033,627 2,667,401 3,208,072 5,196,324 7,353,021 Public works 4,203,991 3,904,492 3,128,962 3,018,894 6,897,057 Capital Projects - - - Debt service Assigned: - - Continuing appropriations (11,347,062) (1,852,211) (5,175,243) (3,182,262) (3,293,897) Unassigned 27,857,727 42,883,934 40,828,880 43,530,558 51,215,051 Total all other governmental funds 149,681,294 160,521,781 164,162,545 185,847,101 217,122,064 Total Governmental Funds 141 Revenues Taxes Assessments Licenses and permits Intergovernmental Charges for services Use of money and property Contributions, fines, and forfeitures Developer participation Miscellaneous Total Revenues Expenditures Current: General government Public safety Planning and development Community services Public works Capital projects Debt service: Principal retirement Interest and fiscal charges Payment to bond escrow Payments under pass-through obligations Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other financing sources (uses): Issuance of tax allocation bonds Issuance of revenue bonds Proceeds from sale of land Transfers in Transfers out Other debts issued Capital leases Proceeds from sale of capital assets Total Other Financing Sources (Uses) Extraordinary gain/loss on dissolution of RDA Special item (interfund loan payoff) Net Change in Fund Balances City of La Quinta Changes in Fund Balances of Governmental Funds (Table 6) Year Ended June 30, 2022 Fiscal Year 2013 2014 2015 2016 2017 $ 23,506,679 $ 27,192,089 $ 26,678,471 $ 28,057,989 $ 41,832,117 954,058 951,181 940,221 944,050 953,699 566,510 953,540 1,356,978 1,161,820 1,118,911 15,464,942 16,506,666 15,702,943 14,960,676 4,870,334 625,813 1,238, 277 1,341,438 1,332,541 1,021, 336 1,582,762 2,175,048 1,950,957 7,475,742 4,659,301 18,377,253 838,972 1,956,452 28,459 348,345 1,226,825 3,059,254 2,803,681 1,441,075 1,042,568 491,267 575,001 580,843 992,282 289,047 4,587,888 4,068,827 20,168,038 21,189,086 27,514,768 1,748,477 4,411,536 4,011,432 5,067,370 4,617,050 8,622,783 7,974,747 556,871 558,019 437,678 411,010 71,366,932 44,578,648 5,050,425 5,267,024 5,845,197 21,664,472 22,125,962 23,377,755 2,097,525 3,294,259 2,549,779 4,798,123 4,983,038 4,626,401 5,283,309 4,101,210 4,025,958 11,097,186 7,209,874 6,859,428 594,383 632,615 651,625 348,334 346,137 307,600 50,933,757 47,960,119 48,243,743 (8,570,823) 8,911,380 2,378,227 8,434,515 7,891,915 29,841,053 4,201,763 12,037,331 6,420,538 21,503,514 (29,841,053) (4,335,679) (12,322,714) (6,614,349) (21,904,814) 71,045 9,000 121,652 - 192,697 (133,916) (276,383) (193,811) (401,300) - (6,402,450) 7,344,050 (8,378,126) 2,375,014 2,101,844 8,240,704 14,834,665 Debt Service as a Percentage of Noncapital Expenditures (l) 1.6% 2.6% 2.2% 2.4% 2.5% Notes: MThe 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. 142 City of La Quinta Changes in Fund Balances of Governmental Funds (Table 6) Year Ended June 30, 2022 2018 2019 2020 2021 2022 Excess (Deficiency) of Revenues Over (Under) 11,525,266 16,285,194 3,218,531 20,512,153 31,215,448 Expenditures Kevenues: $ 44,931,250 $ 48,462,493 $ 44,881,038 $ 53,493,786 $ 65,107,160 Taxes 950,541 961,633 957,017 984,435 969,257 Assessments 1,394,820 1,555,026 1,913,519 2,020,596 4,521,449 Licenses and permits 12,555,259 14,075,980 17,107,595 25,720,328 15,989,135 Intergovernmental 1,279,864 1,170,825 1,179,592 964,710 1,623,951 Charges for services 2,388,683 4,824,651 5,219,088 2,601,482 (3,545,192) Use of money and property 375,390 375,491 665,193 779,606 657,589 Contributions, fines, and forfeitures 1,534,628 2,231,471 1,863,587 1,844,665 5,584,146 Developer participation 1,196,057 2,425,675 1,371,095 645,780 970,399 Miscellaneous 66,606,492 76,083,245 75,157,724 89,055,388 91,877,894 Total Revenues - (5,553,561) - - - Expenditures 14,806,620 10,840,487 3,640,761 21,684,557 31,274,963 Current: 7,737,111 10,129,408 7,732,495 8,464,230 10,516,550 General government 22,508,088 23,164,976 24,009,725 24,429,310 25,741,782 Public safety 4,310,589 6,415,466 5,436,281 6,544,477 5,234,065 Planning and development 5,236,083 5,944,200 6,159,707 5,583,420 6,325,904 Community services 4,146,135 4,219,461 5,421,606 5,287,280 5,654,080 Public works 9,015,861 9,096,460 23,150,511 18,219,385 7,167,446 Capital projects Debt service: 666,988 650,000 - - 10,705 Principal retirement 1,460,371 178,080 28,868 15,133 11,914 Interest and fiscal charges - - - - - Payment to bond escrow - - - - - Payments under pass-through obligations 55,081,226 59,798,051 71,939,193 68,543,235 60,662,446 Total Expenditures Excess (Deficiency) of Revenues Over (Under) 11,525,266 16,285,194 3,218,531 20,512,153 31,215,448 Expenditures Debt Service as a Percentage of Noncapital 3.26% 2.03% 0.06% 0.03% 0.06% Expenditures �') 143 Other financing sources (uses): Issuance of tax allocation bonds Issuance of revenue bonds - - - 1,219,485 - Proceeds from sale of land 7,432,340 12,942,596 16,467,409 10,781,267 6,131,440 Transfers in (7,775,107) (13,826,890) (16,912,971) (11,568,281) (6,681,440) Transfers out Other debts issued Capital leases Proceeds from sale of capital assets (342,767) (884,294) (445,562) 432,471 (550,000) Total Other Financing Sources (Uses) 3,624,121 993,148 867,792 739,933 609,515 Extraordinary gain/loss on dissolution of RDA - (5,553,561) - - - Special item (interfund loan payoff) 14,806,620 10,840,487 3,640,761 21,684,557 31,274,963 Net Change in Fund Balances Debt Service as a Percentage of Noncapital 3.26% 2.03% 0.06% 0.03% 0.06% Expenditures �') 143 City of La Quinta Tax Revenue by Source (Table 7) Year Ended June 30, 2022 $70 $60 $50 $40 $30 $20 $10 $0 Tax Revenue by Source (Excluding Tax Increment) (in millions) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ■Property Tax (2) ■ Transient Occupancy Tax ■Sales Tax ■Franchise Tax ■ Business License Tax oDocument Transfer Tax 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. (Z) 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 144 Tax Transient Business Document Fiscal Property Increment Occupancy Franchise License Transfer Year Tax (2) (1) Tax Sales Tax Tax Tax Tax Total 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 2022 17,823,858 - 18,365,424 28,204,906 2,240,468 446,745 1,352,585 68,433,986 $70 $60 $50 $40 $30 $20 $10 $0 Tax Revenue by Source (Excluding Tax Increment) (in millions) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ■Property Tax (2) ■ Transient Occupancy Tax ■Sales Tax ■Franchise Tax ■ Business License Tax oDocument Transfer Tax 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. (Z) 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 144 Business Name Fiscal Year 2021-22 Business Category Arco AM PM Best Buy Circle K Cliffhouse Costco Floor & Decor G&M Oil Genesis/Hyundai of La Quinta Hobby Lobby Home Depot In N Out Burger Kohl's La Quinta Chevrolet & Cadillac La Quinta Resort & Club Lavender Bistro Lowe's Marshalls PGA West Private Ross Target T3 Maxx Torre Nissan Tower Mart Vons Walmart Supercenter Service Stations Electronics/Appliance Stores Service Stations Fine Dining Discount Dept. Stores Building Materials Service Stations New Motor Vehicle Dealers Specialty Stores Building Materials Quick -Service Restaurants Department Stores New Motor Vehicle Dealers Hotels/Motels Fine Dining Building Materials Family Apparel Leisure/Entertainment Family Apparel Discount Dept. Stores Family Apparel New Motor Vehicle Dealers Service Stations Grocery Stores Discount Dept. Stores Business Name City of La Quinta Top 25 Sales Tax Producers (Table 8) Year Ended June 30, 2022 Fiscal Year 2012-13 Business Category Arco AM/PM Bed Bath & Beyond Best Buy BevMo Chevrolet Cadillac of La Quinta Circle K Costco G&MOil Hyundai of La Quinta Home Depot Kohl's La Quinta Resort & Club Lowe's Marshalls Ralphs Ross Stater Bros Stein Mart Target Torre Nissan Tower Mart USA Gas Verizon Wireless Vintners Shell Station Walmart Supercenter Service Stations Home Furnishings Electronics/Appliance Stores Convenience Stores/Liquor New Motor Vehicle Dealers Service Stations Discount Dept. Stores Service Stations New Motor Vehicle Dealers Building Materials Department Stores Hotels -Liquor Building Materials Family Apparel Grocery Stores Family Apparel Grocery Stores Department Stores Discount Dept. Stores New Motor Vehicle Dealers Service Stations Service Stations Electronics/Appliance Stores Service Stations Discount Dept. Stores Percent of Fiscal Year Total Paid by Top 25 Accounts: 65.33% Percent of Fiscal Year Total Paid by Top 25 Accounts: 69.77% $30 $25 $20 $15 $10 $5 Combined Sales Tax Revenue (in millions) $0 i i I I I I I I I 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 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. 145 Fiscal Year 2021-22 Business Name (l) Business Category Amazon Fulfillment Services General Merchandise Amazon MFA General Merchandise Best Buy 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 & Decor Building Materials G & M Oil Service Stations Home Depot Building Materials In N Out Quick -Service Restaurants Kohl's Department Stores La Quinta Resort & Club Hotels/Motels Lowe's Building Materials Marshalls Family Apparel Mathis Brothers Furniture Home Furnishings PGA West Private Leisure/Entertainment Ross Family Apparel Target Discount Dept Stores Tesla Motors New Motor Vehicle Dealers TJ Maxx Family Apparel Tower Mart Service Stations Verizon Wireless Electronics/Appliance Stores Vons Grocery Stores Walmart Supercenter Discount Dept. Stores Percent of Fiscal Year Total Paid by Top 25 Accounts: 44.79% City of La Quinta Top 25 Measure G Sales Tax Producers (Table 9) Year Ended June 30, 2022 Business Name Fiscal Year 2012-13 Business Category Measure G was passed in November 2016 and implemented on April 1, 2017. Ten-year is data not available. 146 Apparel stores General merchandise Food stores Eating and drinking places Building materials Auto dealers and supplies Service stations Other retail stores All other outlets Total Other re 1 Service 7 F City of La Quinta Taxable Sales by Category (Table 10) Year Ended June 30, 2022 Calendar Year 2012 2013 2014 2015 2016 $ 24,430 $ 25,741 $ 25,461 $ 25,115 $ 26,280 220,970 223,324 216,871 208,189 206,808 25,854 26,394 25,748 22,845 25,359 94,859 97,662 101,647 106,216 115,974 65,445 68,606 73,087 75,658 78,299 62,668 72,839 84,826 87,440 83,010 56,001 52,093 47,541 40,777 34,566 99,028 100,811 101,721 105,284 107,648 130,421 142,049 150,746 155,173 172,135 779,676 809,519 827,648 826,697 850,079 Taxable Sales Calendar Year 2012 9% al merchandise 28% Food stores 3% ng places 12% 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 147 City of La Quinta Taxable Sales by Category (Table 10) Year Ended June 30, 2022 Calendar Year 2017 2018 2019 2020 2021 $ 31,822 $ 34,508 $ 33,937 $ 24,929 $ 38,612 222,767 232,147 235,969 235,841 274,045 25,964 26,126 26,191 30,610 30,350 117,064 122,255 132,184 100,187 149,526 83,383 86,569 89,036 111,231 128,048 81,264 82,702 85,401 78,189 105,011 37,558 42,164 42,998 33,742 46,985 104,834 114,980 111,239 101,620 140,854 180,360 210,360 220,260 222,916 260,247 885,016 951,811 977,215 939,265 1,173,678 Other rete 12° Service 4� Taxable Sales Calendar Year 2021 Apparel stores All other ni letc 3% Apparel stores General merchandise Food stores Eating and drinking places Building materials Auto dealers and supplies Service stations Other retail stores All other outlets Total Building materials 11% andise d stores 3% drinking places 13% 148 $16,000 $15,000 $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Taxable Assessed Value (in millions) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 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. (z) Prior years 2012 through 2015 adjusted to match current reportingg 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 149 City of La Quinta Assessed Value of Taxable Property (Table 11) Year Ended June 30, 2022 City of La Quinta, Tax District 02-2375 Fiscal Year Ended Unsecured Home Owner Taxable Direct Rate June 30, Residential Commercial Agriculture(4) Other (1) Property (z) Exemption(5) Assessed Value 0) 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 2022 13,470,995,430 758,841,326 59,428,116 816,367,506 104,233,962 (46,243,400) 15,163,622,940 1.0000 $16,000 $15,000 $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Taxable Assessed Value (in millions) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 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. (z) Prior years 2012 through 2015 adjusted to match current reportingg 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 149 City of La Quinta Direct and Overlapping Property Tax Rates (Table 12) Year Ended June 30, 2022 City Non -Project Area ��. (1) (1) -,-. v (1) (1) - - (1) -. I... IlYfll 1- 1.11 Direct Rates: 0.0797 0.1492 0.1492 0.1322 0.1660 0.1761 0.1495 0.1488 0.1455 0.1367 City of La Quinta 0.0760 0.0760 0.0760 0.0760 0.0760 0.0760 0.0646 0.0646 0.0646 0.0646 ERAF Share of La Quinta General Fund 0.0800 0.1000 0.1000 0.1000 0.1000 0.1000 0.0113 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 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 County of Riverside 0.1958 0.1958 0.1958 0.1958 0.1958 0.1958 0.0978 0.0978 0.0978 0.0978 ERAF Share of County 0.0980 0.0980 0.0980 0.0980 County Free Library 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 County Structure Fire Protection 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 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 Desert Sands Unified School 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 Desert Community College District 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 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 Riverside County Regional Park & Open Sp 0.0039 0.0039 0.0039 0.0039 0.0040 0.0040 0.0040 0.0040 0.0040 0.0040 CV Public Cemetery 0.0031 0.0031 0.0031 0.0031 0.0031 0.0031 0.0032 0.0032 0.0032 0.0032 CV Mosquito & Vector Control 0.0127 0.0127 0.0127 0.0126 0.0126 0.0126 0.0126 0.0127 0.0127 0.0127 Desert Recreation District 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 CVWD State Water Project 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 CV Resource Conservation 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 CVWD Improvement District 1 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 CVWD Storm Water Unit 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 Total Direct Rate "' 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Tax Rate Area 020-005 020-005 020-005 020-005 020-160 020-160 020-160 020-160 020-160 020-160 Overlapping Rates (4) Coachella Valley Unified School District 0.0797 0.1492 0.1492 0.1322 0.1660 0.1761 0.1495 0.1488 0.1455 0.1367 Desert Sands Unified School 0.1116 0.1095 0.1098 0.1092 0.0860 0.0725 0.0742 0.0738 0.0739 0.0750 Coachella Valley Water District 0.0800 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1100 Desert Community College District 0.0200 0.0200 0.0233 0.0209 0.0204 0.0403 0.0398 0.0398 0.0395 0.0395 Total Overlapping Rate 0.2912 0.3787 0.3823 0.3622 0.3724 0.3889 0.3635 0.3624 0.3589 0.3611 Total Direct and Overlapping Rate 1.2912 1.3787 1.3823 1.3622 1.3724 1.3889 1.3635 1.3625 1.3589 1.3612 Notes: (1) Direct rate from Tax Rate Area (TRA) 020-160 and overlapping rates provided by HdL, Coren & Cone; data source Riverside County Assessor 2012/13-2021/22 Annual Tax Increment (Rate) Tables. (Z) 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 150 Taxpayer HP LQ Investment LP Inland American La Quinta Pavilion HJ CG Partners Hawthorn IL PropCo Town and Country Partners Walmart Real Estate Business Trust CM Wave Dev East of Madison SilverRock Phase I LLC Aventine Dev KSL Desert Resort T D Desert Development LP MSR Resort Golf Course Coral Option I Iota Griffin LLC WRM La Quinta Village Resort Total SilverRock East of Ma, CM Wave Dev Walmart Real Estatf Business Trust Town and Co Partners City of La Quinta Principal Property Taxpayers (Table 13) Year Ended June 30, 2022 Principal Property Tax Payers FY 2021-22 HJ CG Partners HP LQ Investment LP J American La nta Pavilion (1) Taxable valuations include secured and unsecured Source: HdL, Coren & Cone; Riverside County Assessor 2012/13 and 2021/22 Combined Tax Rolls and the SBE Non -Unitary Tax Roll (Preliminary) 151 Fiscal Year 2021-22 Fiscal Year 2012-13 Percent of Percent of Total City Total City Taxable Taxable Taxable Taxable Assessed Value Assessed Assessed Value Assessed Rank (1) Value Rank Value 1 $ 145,679,052 0.96% $ 0.000/0 2 50,769,495 0.33% 5 43,399,514 0.42% 3 47,091,774 0.31% - 0.000/0 4 46,235,034 0.30% 0.000/0 5 36,851,361 0.24% - 0.000/0 6 32,387,856 0.21% 9 28,668,169 0.28% 7 31,640,020 0.21% - 0.000/0 8 28,498,109 0.190/0 4 45,365,091 0.44% 9 27,707,383 0.18% - 0.000/0 10 27,664,067 0.18% - 0.000/0 - 1 151,877,857 1.47% 2 100,155,108 0.97% 3 61,124,895 0.59% 6 42,839,010 0.41% 7 35,412,485 0.34% 8 30,170,000 0.29% - 10 24,486,681 0.24% $ 474,524,151 3.13% 563,498,810 5.46% Principal Property Tax Payers FY 2021-22 HJ CG Partners HP LQ Investment LP J American La nta Pavilion (1) Taxable valuations include secured and unsecured Source: HdL, Coren & Cone; Riverside County Assessor 2012/13 and 2021/22 Combined Tax Rolls and the SBE Non -Unitary Tax Roll (Preliminary) 151 This page intentionally left blank. City of La Quinta Property Tax Levies and Collections (Table 14) Year Ended June 30, 2022 $8 $7 $6 $5 $4 $3 $2 $1 $0 Property Tax Collections (in millions) 2013 2014 2015 2016 2017 2018 2019 2020(4) 2021 2022 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 152 Collections within the Fiscal Year of Levy Total Collections to Date Fiscal Year Taxes Levied Collections in Ended June for the Fiscal Percent of Subsequent Percent of 30 Year (l) Amount Levy Years (Z) Amount (3) Levy 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% 202 0(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% 2022 7,291,506 7,140,010 97.92% 163,569 7,303,579 100.17% $8 $7 $6 $5 $4 $3 $2 $1 $0 Property Tax Collections (in millions) 2013 2014 2015 2016 2017 2018 2019 2020(4) 2021 2022 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 152 Governmental Activities: Reimbursement Agreement Capital leases USDA Loan Provident Savings Loan Notes Payable- Eisenhower Drive Property Developer Agreement City Hall Lease Revenue Bonds Total Governmental Business -type Activities: Capital Leases Total Business -Type Activities Total Primary Government City of La Quinta Ratios of Outstanding Debt by Type (Table 15) Year Ended June 30, 2022 Fiscal Year Ended 2013 2014 2015 2016 2017 Population - State Department of Finance January 1 38,401 39,032 39,694 39,977 71,045 129,063 103,869 155,395 530,163 702,105 686,345 668,933 649,698 628,448 1,441,096 1,405, 755 1,367,344 1,325,596 1,280, 221 - - - - 2,250,000 3,425,000 2,930,000 2,405,000 1,850,000 1,265,000 5,639,246 5,151,163 4,545,146 3,980,689 5,953,832 43,736 - 43,736 - - - - 5,682,982 5,151,163 4,545,146 3,980,689 5,953,832 Population - State Department of Finance January 1 38,401 39,032 39,694 39,977 40,677 Number of Households 23,612 23,871 24,150 24,432 24,544 Median Household Income $ 111,077 $ 109,365 $ 97,526 $ 99,157 $ 104,749 Percentage of Personal Income 0.22% 0.20% 0.19% 0.16% 0.23% Debt Per Capita 148 132 115 100 146 Notes: (z) Details regarding the City's outstanding debt can be found in the notes to the financial statements. Leases for business -type activities were added in FY 2022 as a result of GASB 87. Source: City of La Quinta; HDL, Coren & Cone 153 City of La Quinta Ratios of Outstanding Debt by Type (Table 15) Year Ended June 30, 2022 41,204 40,389 Fiscal Year Ended 41,247 37,860 Population - State Department of Finance January 1 2018 2019 2020 2021 2022 $ 107,447 $ 117,802 $ 120,097 $ 121,816 $ 119,479 Median Household Income 0.09% 0.03% Governmental Activities: $ - $ - $ - $ - $ - Reimbursement Agreement 667,035 757,971 761,790 459,275 184,727 Capital leases - - - - - USDA Loan - - - - - Provident Savings Loan 1,125,000 - - - - Notes Payable- Eisenhower Drive Property - - - - - Developer Agreement 650,000 - City Hall Lease Revenue Bonds 2,442,035 757,971 761,790 459,275 184,727 Total Governmental Business -type Activities: 565,837 Capital Leases (2) - - - - 565,837 Total Business -Type Activities 2,442,035 757,971 761,790 459,275 750,564 Total Primary Government 41,204 40,389 40,660 41,247 37,860 Population - State Department of Finance January 1 24,643 24,764 24,957 25,177 23,796 Number of Households $ 107,447 $ 117,802 $ 120,097 $ 121,816 $ 119,479 Median Household Income 0.09% 0.03% 0.00% 0.01% 0.03% Percentage of Personal Income 59 19 - 11 20 Debt Per Capita Debt Per Capita 160 r 148 140 120 100 80 60 40 20 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 154 City of La Quinta Ratio of General Bonded Debt Outstanding (Table 16) Year Ended June 30, 2022 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Percent of Per Median Assessed Household Value (Z) Income 0.03% 31 Outstanding General Bonded Debt 27 0.02% 20 0.02% Fiscal Year City Hall Tax 0.01% Ended June Lease Local Agency Allocation 0.00% 30, Obligation Bonds Bonds Total 2013 $ 3,425,000 $ - $ - $ 3,425,000 2014 2,930,000 - - 2,930,000 2015 2,405,000 - - 2,405,000 2016 1,850,000 - - 1,850,000 2017 1,265,000 - - 1,265,000 2018 650,000 - - 650,000 2019 - - - - 2020 - - - - 2021 - - - - 2022 - - - - 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Percent of Per Median Assessed Household Value (Z) Income 0.03% 31 0.03% 27 0.02% 20 0.02% 45 0.01% 31 0.01% 6 0.00% - 0.00% - 0.00% - 0.00% - General Bonded Debt as a Percent of Assessed Value 0.03% 0.03% 0.02% 0.02% 0.01% 0.01% 0.00% 0.009/6 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 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. 155 Total Assessed Valuation(') $ 15,209,866,340 Overlapping Debt (3) Overlapping Tax and Assessment Debt Desert Community College District Coachella Valley Unified School District Desert Sands Unified School District (DSUSD) DSUSD Community Facilities District No. 1 Coachella Valley Water District Assessment District 68 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) Desert Sands Unified School District COP Total Overlapping General Fund Debt Overlapping Tax Increment Debt Successor Agencies Total Overlapping Tax Increment Debt Total Gross Overlapping Debt Less: Riverside County Supported Obligations Total Net Overlapping Debt Direct General Fund Debt City of La Quinta General Fund Obligations Total Direct General Fund Debt Total Net Combined Direct and Overlapping Debt City of La Quinta Direct and Overlapping Debt (Table 17) Year Ended June 30, 2022 Percentage Outstanding Debt Estimated Share of Applicable (2) 6/30/22 Overlapping Debt 16.37% $ 510,745,000 $ 83,629,386 50.50% 226,567,400 114,409,740 20.10% 389,440,000 78,257,968 88.91% 575,000 511,244 86.46% 810,000 700,286 277,508,624 4.60% 720,218,351 33,101,235 4.60% 820,060,000 37,689,958 50.50% 32,665,000 16,494,845 20.10% 19,505,000 3,919,530 91,205,568 62.01% 484,463,028 300,438,863 Notes: M Total assessed valuation is from the Equalized Assessor report which includes homeowner exemptions. 669,153,055 669,153,055 750,564 750,564 750,564 $ 669,903,619 (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. 156 Assessed valuation (1) Conversion Percentage Adjusted assessed valuation (2) Debt limit percentage (z) Debt limit Total net debt applicable to limit General obligation bonds (3) Legal debt margin Total debt applicable to the limit as a percentage of debt limit City of La Quinta Legal Debt Margin Information (Table 18) Year Ended June 30, 2022 Fiscal Year 2013 2014 2015 2016 2017 $ 10,274,998,112 $ 10,726,752,603 $11,369,346,292 $ 11,930,906,878 $ 12,457,435,999 25% 25% 25% 25% 25% 2,568,749,528 2,681,688,151 2,842,336,573 2,982,726,720 3,114,359,000 15% 15% 15% 15% 15% 385,312,429 402,253,223 426,350,486 447,409,008 467,153,850 $ 385,312,429 $ 402,253,223 $ 426,350,486 $ 447,409,008 $ 467,153,850 0.00/0 0.00/0 0.00/0 0.00/0 Notes: M 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. 0.0% 157 City of La Quinta Legal Debt Margin Information (Table 18) Year Ended June 30, 2022 482,532,000 500,690,171 524,261,980 538,491,208 568,635,860 Debt limit Total net debt applicable to limit - - - - - General obligation bonds (3) $ 482,532,000 $ 500,690,171 $ 524,261,980 $ 538,491,208 $ 568,635,860 Legal debt margin Total debt applicable to the 0.00/0 0.00/0 0.00/0 0.00/0 0.00/0 limit as a percentage of debt limit 158 Fiscal Year 2018 2019 2020 2021 2022 $ 12,867,519,997 $ 13,351,737,881 $ 13,980,319,465 $ 14,359,765,558 $ 15,163,622,940 Assessed valuation 1 25% 25% 25% 25% 25% 3,216,879,999 3,337,934,470 3,495,079,866 3,589,941,390 3,790,905,735 15% 15% 15% 15% 15% Debt limit percentage 482,532,000 500,690,171 524,261,980 538,491,208 568,635,860 Debt limit Total net debt applicable to limit - - - - - General obligation bonds (3) $ 482,532,000 $ 500,690,171 $ 524,261,980 $ 538,491,208 $ 568,635,860 Legal debt margin Total debt applicable to the 0.00/0 0.00/0 0.00/0 0.00/0 0.00/0 limit as a percentage of debt limit 158 City of La Quinta Pledged -Revenue Coverage (Table 19) Year Ended June 30, 2022 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. (z) 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). 159 Local Agency Revenue Bonds (City Hall Project) Fiscal Year Less UTHer Debt Service Ended June Lease Debt Net Lease Coverage 30, Revenue (z) Payments Revenue Principal Interest Ratio (3) 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 - - - - - - 2022 - - - - - - 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. (z) 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). 159 City of La Quinta Demographic and Economic Statistics (Table 20) Year Ended June 30, 2022 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 27,000 24,500 22,000 19,500 17,000 Mean Household Income 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Number of Dwelling Units 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unemployment Rate Calendar Year Sources 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 City Land (Sq Miles) (3) 35.16 35.16 35.71 35.71 35.71 35.71 35.71 35.71 35.71 35.71 Population (1)(3) 38,261 38,689 39,240 39,769 40,065 40,217 40,389 40,660 41,247 37,860 Mean Household Income (in dollars) (4) $111,077 $109,365 $97,526 $99,157 $104,749 $107,447 $117,802 $120,097 $121,816 $119,479 Number of Dwelling Units (1) 23,612 23,871 24,150 24,432 24,544 24,643 24,764 24,957 25,177 23,796 Persons per Household (1) 2.58 2.59 2.60 2.62 2.64 2.63 2.68 2.60 2.60 2.60 Per Capita Income (3) $43,053 $42,226 $37,510 $37,846 $39,288 $39,999 $42,931 $46,248 $47,986 $52,632 Labor Force (2) 16,658 16,983 17,483 18,033 18,617 18,917 19,142 19,267 19,083 19,850 Employment (2) 15,517 16,000 16,675 17,175 17,533 18,000 18,308 17,800 17,483 18,892 Unemployment Rate (2) 6.85% 5.79% 4.62% 4.76% 5.82% 4.85% 4.36% 7.61% 8.44% 4.83% Median age (3) 43.6 44.8 45.1 45.3 45.7 46 46.4 47.1 47.9 48.6 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 27,000 24,500 22,000 19,500 17,000 Mean Household Income 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Number of Dwelling Units 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unemployment Rate $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Per Capita Income and Unemployment 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -Per Capita In -me -Unemployment Rale Sources: (1) State of California Department of Finance; State of California, Department of Finance, E-5 Population and Housing Estimates for Cities, Counties and the State, Sacramento, California, released May 2022. The estimates incorporate 2020 Census counts. (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. 160 r• r: r. r r r rr�. rr�. rr�. rr�. . rr�. rr�. . rr . rr . : rr . • rr . $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Per Capita Income and Unemployment 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -Per Capita In -me -Unemployment Rale Sources: (1) State of California Department of Finance; State of California, Department of Finance, E-5 Population and Housing Estimates for Cities, Counties and the State, Sacramento, California, released May 2022. The estimates incorporate 2020 Census counts. (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. 160 Employer Activity Desert Sands Unified School District Government La Quinta Resort & Club/ PGA West Hotel & Golf Resort Wal-Mart Super Center Retailer Costco Retailer Home Depot Retailer Lowe's Home Improvement Retailer Imperial Irrigation District Utility Company Target Retailer Vons Grocery Store Stater Bros Grocery Store In N Out Fast Food Rancho La Quinta Golf Resort Tradition Golf Club Golf Resort Total employment listed Total City Employment - July 1 City of La Quinta Principal Employers (Table 21) Year Ended June 30, 2022 Notes: ili 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 161 Fiscal Year 2021-22 Fiscal Year 2012-13 Percent of Percent of Number of Total Number of Total EmployeesEmployment Rank EmployeesEmployment 1 2,862 14.42% 2 1,176 7.21% 2 1,400 7.05% 1 2,346 14.39% 3 300 1.51% 3 340 2.09% 4 297 1.50% 4 244 1.50% 5 181 0.91% 6 160 0.98% 6 150 0.76% - 0.00% 7 132 0.66% 8 140 0.86% 8 132 0.66% 7 148 0.91% 9 104 0.52% 10 98 0.60% 10 90 0.45% 9 119 0.73% 11 84 0.42% - 0.00% 12 68 0.34% 5 209 1.28% 11 95 0.58% 5,800 29.22% 5,075 31.13% 19,850 16,300 Notes: ili 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 161 City of La Quinta Full-time City Employees (Table 22) Year Ended June 30, 2022 100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 Total Full -Time City Employees 2013 2014(1) 2015 2016(2) 2017 2018 2019 2020 2021(3) 2022 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. 162 Fiscal Year Function 2013 2014 Ill 2015 2016 ca> 2017 2018 2019 2020 2021(3) 2022 Administration -City Mgr. Offic( 11.00 8.00 7.00 4.00 4.00 5.00 7.00 8.00 8.00 8.00 City Clerk 5.00 4.00 4.00 3.00 3.00 5.00 5.00 4.00 4.00 4.00 Finance 8.00 7.00 8.00 7.00 7.00 8.00 8.00 8.00 9.00 9.00 Community Services 10.75 12.00 11.65 - - - - - - - Building and Safety 21.00 - - - - - - - - - Planning and Development 9.00 - - - - - - - - - Community Development - 19.00 20.00 - - - - - - - Public Works 23.25 20.00 21.35 - - - - - 27.00 27.00 Community Resources dal - - - 18.00 18.00 18.00 18.00 23.00 19.00 20.00 Design and Development (b) - - - 27.00 27.00 29.00 32.00 33.00 18.00 18.00 Facilities - - - 19.00 19.00 19.00 19.00 19.00 - - Total 88.00 70.00 72.00 78.00 78.00 84.00 89.00 95.00 85.00 86.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 Total Full -Time City Employees 2013 2014(1) 2015 2016(2) 2017 2018 2019 2020 2021(3) 2022 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. 162 Planning and Development: Number of residential units approved 228 494 208 40 120 - 114 92 212 132 Commercial square footage approved 0 113,149 79,092.00 13,000 391,914 7,599 102,552 3,162 152,133 15,537 Notes:(') 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. P) "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. 0) 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. tZrevfously reported only wires, has been updated to include all forms of electronic payment types. teisure Classes line includes X -park and Fritz Burns Pool activity participants starting in 2021-22. 163 City of La Quinta Operating Indicators (Table 23) Year Ended June 30, 2022 Fiscal Year 2013 2014 2015 2016 2017 2018 2019 202013) 202113) 2022 Finance: Number of Animal Licenses Processed 1,505 1,602 1,374 - - - - - - - NumberofAmounts Payable Checks Processed 3,576 3,696 3,833 4,153 3,835 3,621 3,879 3,855 2,998 3,014 Number of investment purchases 30 22 21 22 20 61 56 49 32 93 Par value of investments $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 $223,319,336 Number of cleared checks 3,899 3,922 4,004 4,167 3,932 3,813 3,875 3,962 2,977 2,989 Number of bank wires, drafts, and EFTsIO) 58 58 54 41 44 64 68 57 412 504 City Clerk: Contracts Processed 346 289 238 282 199 243 266 297 217 232 Documents Notarized 301 334 203 157 99 128 74 90 184 256 Documents Recorded with County 125 183 106 112 56 67 45 39 43 150 Subpoenas and Claims Processed 15 21 37 10 8 12 18 15 15 18 Records Requests Fulfilled and Recorded 558 601 580 518 743 572 602 633 847 1,205 Documents Scanned to Electronic Archives 11j 28,798 34,671 164,847 233,182 214,384 593,991 970,894 753,291 190,113 176,426 Public Works: Encroachment permits issued 124 109 127 54 123 121 140 121 138 196 Request for services (1) 740 1322 1,261 3,440 3,207 2,652 2,194 1,938 2,041 1,732 Community Development: Number of Active Business Licenses 3,520 3,998 4,452 3,368 3,681 3,707 3,806 3,592 3,267 3,414 Permits: Single family Detached 83 147 176 108 92 142 122 218 157 467 Single family Attached - 0 4.00 7.00 7 6 14 1 0 27 Residential Pool 162 204 255 217 170 211 243 237 337 424 Wall/Fence 167 220 328 257 209 268 223 312 244 412 Other 1,042 1,158 1,316 1,230 1,258 1,571 1,655 1,401 1,619 2,192 Garage Sale Permits 11j 1,404 1,255 1,290 1,109 1,024 928 959 604 351 461 Total Permits 2,858 2,984 3,369 2,928 2,760 3,126 3,216 2,773 2,708 3,983 Code Compliance (1): Animal Control Incidents Handled 3,206 1,645 1,085 - - - 52 42 30 10 Vehicle abatements 99 88 85 255 212 224 184 149 79 114 Weed abatements 1,404 43 45 57 114 128 80 65 53 74 Nuisance abatements/Property Maintenance 1,668 730 557 1,037 1,180 1,122 921 821 403 952 All Other (2) - - - 1,432 806 888 1,159 1,591 1,511 1,320 Community Services: Library activities: Number of Visits 63,955 71,874 73,924 182,913 190,747 152,725 132,947 84,042 25,950 65,259 Books checked out 220,690 329,154 263,047 234,340 254,323 250,636 241,450 122,084 63,198 149,001 Cards Issued 2,966 2,035 2,418 2,179 2,248 2,276 2,251 919 886 1,610 Number of School Children Visiting 737 1,539 1,562 2,947 4,680 4,528 3,303 3,708 10,221 2,435 Volunteer Hours 2,226 1,340 1,917 2,169 2,248 2,314 2,138 1,173 0 524 Senior Center/Wellness Center 11j Number of visits 9,350 11,500 23,871 62,820 74,141 87,294 82,477 41,934 4,725 20,065 Volunteer Hours 2,233 2,745 1,279 1,585 1,420 1,333 1,148 506 0 0 Recreation activities: Participants: Leisure Classes(s) 1,475 1,177 1,322 2,241 2,278 2,168 2,039 864 269 15,538 Special events 5,970 5,927 6,460 8,185 7,783 10,449 12,650 4,950 390 4,685 Adult Sports 3,865 5,878 5,487 7,192 6,695 6,136 5,932 3,644 0 492 Golf course: Golf rounds played 46,352 43,610 41,904 45,104 43,085 42,590 44,949 33,407 39,073 44,329 Average Green fee $ 67.44 $ 66.83 $ 69.65 $ 66.87 $ 66.80 $ 71.88 $ 72.02 $ 71.23 $ 79.63 $ 92.53 Planning and Development: Number of residential units approved 228 494 208 40 120 - 114 92 212 132 Commercial square footage approved 0 113,149 79,092.00 13,000 391,914 7,599 102,552 3,162 152,133 15,537 Notes:(') 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. P) "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. 0) 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. tZrevfously reported only wires, has been updated to include all forms of electronic payment types. teisure Classes line includes X -park and Fritz Burns Pool activity participants starting in 2021-22. 163 City of La Quinta Capital Asset Statistics by Function (Table 24) Year Ended June 30, 2022 Notes: ili 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. izi 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. i3iIn 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. In 2021-22, the City added one public park, the X -park. Additionally, the park count now includes two sports fields owned by Desert Sands Unified School District but maintained by the City. These parks were already included in the "city -improved acres" line. 164 Fiscal Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Public Works: Streets (miles) 128 128 128 128 128 128 128 129 129 129 Bikepaths (miles) �'� 22 22 34 34 36 36 36 79.1 81.1 81.1 Streetlights (2) 269 277 277 281 372 372 372 372 372 372 Traffic signals 52 54 54 54 54 54 54 50 50 50 Traffic signs 2,984 3,018 3,018 3,018 5,758 5,758 5,408 4,808 4,808 4,808 Bridges 12 13 13 13 13 13 13 13 13 13 Parks and Recreation: Parks(') 13 13 13 13 13 13 13 14 14 17 Park Acreage 218 218 218 218 218 218 218 - - - Undeveloped Park Acrea, 40 40 40 40 40 40 40 - - - City -Owned Acres(3) 238 238 235 City -Improved Acres(3) 114 114 111 Hiking Trails (miles) 17 17 17.4 17.4 Senior/Wellness Center 1 1 1 1 1 1 1 1 1 1 Museum 1 1 1 1 1 1 1 1 1 1 Library 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: Municipal golf courses 1 1 1 1 1 1 1 1 1 1 Notes: ili 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. izi 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. i3iIn 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. In 2021-22, the City added one public park, the X -park. Additionally, the park count now includes two sports fields owned by Desert Sands Unified School District but maintained by the City. These parks were already included in the "city -improved acres" line. 164 Company Name Policy Number Coverage National Union Fire Insurance 01-424-97-61 Crime, Forgery, Fraud Alliant Insurance Services, Inc California Joint Powers Insurance Authority NFP Property & Casualty Beazley Insurance Services California Joint Powers Insurance Authority California Joint Powers Insurance Authority City of La Quinta Schedule of Insurance in Force (Table 25) Year Ended June 30, 2022 Limits $1 Million Term Premium 07/01/21 to 07-01-22 $1,800 Self -Insured All Risk Property Insurance $25 Million 07/01/21 - 07/01/22 $144,771 Pool Including Auto Physical Damage, Single Limit per Occurrence Terrorism, Boiler & Machinery subject to other sublimits W14D19220901 Earthquake $10 Million 03/09/22 to 03/09/23 $175,980 Real & Personal Property Per Occurence ncluding Contingent Tax Interruption Self -Insured Pool Self -Insured Pool Comprehensive General $30 Million 07/01/21 - 07/01/22 $446,349 and Automobile Liability Single Limit per Occurrence Workers' Compensation $10 Million 07/01/21 - 07/01/22 $146,173 Per Occurrence 165 City of La Quinta BUSINESS SESSION ITEM NO. 2 FINANCIAL ADVISORY COMMISSION MEETING: August 9, 2023 STAFF REPORT AGENDATITLE: APPOINT A FINANCIAL ADVISORY COMMISSIONER CHAIRPERSON AND VICE -CHAIRPERSON FOR FISCAL YEAR 2023/24 RECOMMENDATION Appoint a Financial Advisory Commissioner Chairperson and Vice -Chairperson to serve for fiscal year 2023/24. EXECUTIVE SUMMARY • The August 9, 2023 meeting is the first scheduled meeting of the Financial Advisory Commission (FAC) for 2023/24. 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, Administrative Technician Approved by: Claudia Martinez, Finance Director City of La Quinta BUSINESS SESSION ITEM NO. 3 FINANCIAL ADVISORY COMMISSION MEETING August 9, 2023 STAFF REPORT AGENDA TITLE: APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO REVIEW RESPONSES TO THE CITY'S REQUEST FOR PROPOSALS FOR AUDITING SERVICES RECOMMENDATION Appoint two Financial Advisory Commissioners to review responses to the City's Request for Proposals for auditing services. EXECUTIVE SUMMARY • The City will be publishing a Request for Proposals (RFP) for auditing services in the summer of 2023. • Staff recommends the Financial Advisory Commission (FAC) appoint two Commissioners to serve on a subcommittee to review responses received. • The subcommittee shall prepare a report and present key findings to the FAC on November 8, 2023. BACKGROUND/ANALYSIS The City contracts with an external accounting firm to provide the City with annual auditing services for the City, the Housing Authority, the Finance Authority, and the Successor Agency. The audit engagement covers annual reporting including, but not limited to, the Annual Comprehensive Financial Report (ACFR), the Single Audit Report, State Controllers Report, and a Management Report. In addition, the auditors review the GANN Limit, provide training on GASB updates, and present their findings at public meetings of this Commission as well as the City Council. The City has utilized the services of the current auditor since fiscal year 2016-17, and in the interest of financial transparency and fiscal responsibility, is publishing a competitive RFP for auditing services for the fiscal year 2023-24. During the previous selection process, two Investment Advisory Board (the former FAC) members assisted staff with the review of the received proposals. Staff is again recommending the appointment of two Commissioners to serve on this subcommittee. An approximate timeline for the process is as follows: • August 14, 2023: Staff will publish RFP • September 15, 2023: Deadline for submissions • September 29, 2023: Staff completion of initial review • October 13, 2023: Subcommittee completion of review/recommendations for interviews • October 27, 2023: Interviews complete/final selection decision November 8, 2023: FAC meeting to review subcommittee selection/recommend City Council approval. ALTERNATIVES The FAC may choose not to participate in the review of the auditing RFP. Prepared by: Rosemary Hallick, Principal Management Analyst Approved by: Claudia Martinez, Finance Director/City Treasurer 13�b9ILII; UUMS WV3a01am►[elm,I City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: August 9, 2023 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE FOURTH QUARTER FISCAL YEAR 2022/23 TREASURY REPORTS FOR APRIL, MAY, AND JUNE 2023 RECOMMENDATION Receive and file the fourth quarter fiscal year 2022/23 Treasury Reports for April, May, and June 2023. BACKGROUND/ANALYSIS Commentary and Summary of Significant Activity The total book value of the portfolio increased $29.3 million, from $217.3 million at the end of March to $246.6 million at the end of June. 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 Max Investment Type April May June Allowed Bank Accounts 7.44% 6.43% 2.94% 100% Local Agency Investment Fund (LAIF) City 8.63% 13.91% 13.81% (1) Local Agency Investment Fund (LAIF) Housing 0.93% 0.84% 0.83% (1)(2) Money Market Pool Accounts -CAMP 19.41% 17.59% 19.97% N/A Federal Agency Coupons & Discount Notes 21.07% 19.41% 19.68% 100% Treasury Coupons & Discount Notes 23.01% 23.13% 23.37% 100% Certificates of Deposit (CD's) 15.89% 15.45% 15.74% 30% Corporate Notes 0.40% 0.36% 0.75% 30% Money Market with Fiscal Agent 0.00% 0.00% 0.00% (2) CERBT- OPEB Trust 0.83% 0.75% 0.75% (3) PARS Pension Trust 2.39% 2.14% 2.16% (3) Total 100% 100% 100% (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 (3) OPEB and pension trusts are fiduciary accounts and not subject to City Investment Policy The fiscal year annual effective rate of return was 2.09% as of June, which was a 28 basis point (bps) increase since March. Total earnings for the quarter of $1.65 million was $1.18 million above last year, when the annual effective rate was only 0.79% City staff is continuing to evaluate liquidity needs and reinvesting money in short-term United States treasuries and the California Asset Management Program (CAMP) which are yielding more than the Local Agency Investment Fund (LAIF). Average Days Effective Rate Total Earnings to Maturity of Return YTD April $ 547,364 471 1.93% May $ 502,920 448 2.00% June $ 595,986 465 2.09% Quarter 2 $ 1,646,269 461 2.01% Throughout the quarter, one agency bond, six treasuries, and eight CDs matured; five agency bonds, ten treasuries, and twenty-two CDs were purchased. There were no sales or calls. Maturities and purchases are listed in detail in the attached reports. Year -End Summary For fiscal year 2022/23, the City had earnings of nearly $4.6 million, or a 2.09% rate of return, which was $3.1 million and 130 bps better than fiscal 2021/22. As the Federal Open Market Committee (the Fed) steadily raised the federal funds rate throughout the year, staff continually monitored the financial markets and made decisions that would increase yield while still maintaining safety of principal and adequate liquidity. As noted above, rates for the CAMP pool increased at a faster rate than the state-run LAIF and therefore more money was transferred to CAMP as the year progressed. Additionally, staff took advantage of the increasing short-term treasury rates by purchasing treasuries with 3-9 month maturities that were out -yielding both CAMP and LAIF; these were continually rolled -over as they matured, however funds remained highly liquid. We also put additional money into longer-term investments to lock in the rates for longer periods. Although market rates may begin to fall in 2024 as some economists predict, the decisions made this fiscal year will continue to benefit the City over the next few years. By generating additional cash flow, the City can maintain its financial stability and continue to use funds on vital services for our citizens. It is important to note that the Effective Rate of Return is a look -back metric; to gauge the potential for earnings going forward, the Yield to Maturity (YTM) number is more forward-looking. As of June, the City's YTM is 3.19%, inclusive of cash. 2018-19 2019-20 2020-21 2021-22 2022-23 Average Daily Balance $141,628,303 $152,994,488 $160,732,266 $ 191,565,121 $220,315,036 Total Earnings $ 2,894,323 $ 2,798,779 $ 1,533,546 $ 1,508,983 $ 4,595,739 Effective Rate of Return 2.04% 1.82% 0.95% 0.79% 2.09% 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, LAIF, and U.S. Treasuries 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, Principal Management Analyst Approved by: Claudia Martinez, Finance Director/City Treasurer Attachment: 1. Treasurer's Report for April 1, 2023 to June 30, 2023 t(v r(V GEM of rhe DESERT Investments City of La Quinta Portfolio Management Portfolio Summary April 30, 2023 Per Market Value Value Book % of Value Portfolio Term ATTACHMENT City of La Quinta [lays to YTM Maturity 365 Equiv. Bank Accounts 16,438,848.57 16,438,848.57 13,438,848.57 7.44 1 1 0.000 Local Agency Investnnent Fund -City 19,065,011.99 18,645,096.88 19,065,011.99 8.63 1 1 2.870 Local Agency Invstmnt Fund -housing 2,049,939.66 2,024,058.81 2,049,939.66 0.93 1 1 2.870 Money Market Accounts • CAMP 42,865,279.01 42,865,279.01 42,865,279.01 19.41 1 1 4.970 Federal Agency Coupon Securi8es 45.750,000.00 44,185,548.00 45,530,847.05 21.07 1,545 939 2.003 Treasury Coupon Securities 36,750,000.00 35,200,210-00 36,123,303.62 16.36 1,222 796 2.389 Treasury Diseaunt Notes 15,000,000.00 14,811,470.00 14,685,807.94 8.65 158 92 5.015 Certificate of Deposits 35,102,000.00 34,034x313.35 35,101,377.50 15.89 1,668 839 2.428 Corporate Notes 900,000.00 850.165.00 875,660.00 0.40 1,797 629 1.738 Money Market with Fiscal Agent 1,580.39 1,560.39 1,560.39 0.00 1 1 0.000 CERST - ❑PEB Trust 1,828,332.91 1,828,332.91 1,828,332.91 0.83 1 1 0,000 PARS Pension Trust 5,289,313.48 5,289,313.46 5,289,313.46 2.39 1 1 0.000 222,040,285.99 218,174,196.16 220,855,082.10 100.00% 808 471 2.778 Investments Total Earnings April 30 Month Ending Fiscal Year To Hate Current Year 547,363.91 3,496,833.95 Average Daily Balance 218,742,801.97 217,581,254.05 Effective Date of Return 3.04% 1.9310 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our fine ' t institutions to determine the fair market value of investments at month end. Claudia Martinez, Finance DirectodCi y Treasurer Reporting period 0410112023-04!3012023 Portfolio CITY CP Run Date: 07124/2023 -15:33 PM (PRF _PMI) 7.3 0 ReportVer. 7.3.6.1 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2023 Page 1 Local Agency Investment Fund -City 98-33-434 1055 Local Agency Inv Fund 19,065,011.99 18,645,096.66 19,065,011.99 2.870 1 1 2.870 Subtotal and Average 19,009,706.16 19,065,011.99 18,645,096.66 19,065,011.99 1 1 2.870 Local Agency Invstmnt Fund -Housing 25-33-005 1113 Local Agency Inv Fund 2,049,939.66 2,024,058.81 2,049,939.66 2.870 1 1 2.870 Subtotal and Average 2,043,992.69 2,049,939.66 2,024,058.81 2,049,939.66 1 1 2.870 Money Market Accounts - CAMP Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Bank Accounts 1 1 4.970 Subtotal and Average 40,438,779.53 42,865,279.01 42,865,279.01 SYS1293 1293 Bank of New York 09/01/2020 8,686,810.74 8,686,810.74 8,686,810.74 1 1 0.000 059731851 1228 Bank of the West 08/20/2019 6,794,667.50 6,794,667.50 6,794,667.50 1 1 0.000 SYS1059 1059 City Petty Cash 07/01/2016 3,300.00 3,300.00 3,300.00 1 1 0.000 SYS1318 1318 Dune Palms Mobile Estates 03/09/2021 771,119.35 771,119.35 771,119.35 1 1 0.000 SYS1062 1062 La Quinta Palms Realty 07/01/2016 182,950.98 182,950.98 182,950.98 1 1 0.000 1.600 1,461 Subtotal and Average 12,930,571.92 1.680 11/01/2023 16,438,848.57 16,438,848.57 16,438,848.57 1 1 0.000 Local Agency Investment Fund -City 98-33-434 1055 Local Agency Inv Fund 19,065,011.99 18,645,096.66 19,065,011.99 2.870 1 1 2.870 Subtotal and Average 19,009,706.16 19,065,011.99 18,645,096.66 19,065,011.99 1 1 2.870 Local Agency Invstmnt Fund -Housing 25-33-005 1113 Local Agency Inv Fund 2,049,939.66 2,024,058.81 2,049,939.66 2.870 1 1 2.870 Subtotal and Average 2,043,992.69 2,049,939.66 2,024,058.81 2,049,939.66 1 1 2.870 Money Market Accounts - CAMP SYS 1153 1153 California Asset Management Pr 09/26/2018 42,865,279.01 42,865,279.01 42,865,279.01 4.970 1 1 4.970 Subtotal and Average 40,438,779.53 42,865,279.01 42,865,279.01 42,865,279.01 1 1 4.970 Federal Agency Coupon Securities 3133EKZK5 1223 Federal Farm Credit Bank 09/12/2019 500,000.00 495,050.00 499,400.00 1.600 1,432 105 1.632 08/14/2023 3133EJYL7 1158 Federal Farm Credit Bank 10/15/2018 250,000.00 247,895.00 247,275.00 2.800 1,786 127 3.041 09/05/2023 3133EK4X1 1234 Federal Farm Credit Bank 11/01/2019 1,000,000.00 982,820.00 996,900.00 1.600 1,461 184 1.680 11/01/2023 3130AFW94 1177 Federal Home Loan Bank 03/01/2019 500,000.00 490,495.00 498,550.00 2.500 1,810 288 2.563 02/13/2024 3133ELNEO 1246 Federal Farm Credit Bank 02/14/2020 1,000,000.00 973,270.00 999,000.00 1.430 1,461 289 1.456 02/14/2024 3135GAGK1 1482 Federal National Mtg Assn 04/12/2023 3,000,000.00 2,996,250.00 3,000,000.00 5.050 366 347 5.050 04/12/2024 3133ENYH7 1401 Federal Farm Credit Bank 06/10/2022 500,000.00 488,785.00 499,080.00 2.625 731 406 2.720 06/10/2024 3135GOV75 1206 Federal National Mtg Assn 07/15/2019 500,000.00 483,785.00 495,950.00 1.750 1,814 428 1.922 07/02/2024 3133EKWV4 1212 Federal Farm Credit Bank 08/02/2019 500,000.00 481,620.00 499,500.00 1.850 1,820 452 1.871 07/26/2024 3135GAGA3 1480 Federal National Mtg Assn 04/03/2023 2,000,000.00 1,997,480.00 2,000,000.00 5.200 484 456 5.206 07/30/2024 3133EKP75 1224 Federal Farm Credit Bank 09/17/2019 500,000.00 480,875.00 498,750.00 1.600 1,827 505 1.652 09/17/2024 3133ELEA8 1242 Federal Farm Credit Bank 12/17/2019 1,000,000.00 963,030.00 998,600.00 1.700 1,736 505 1.731 09/17/2024 3135GO6E8 1291 Federal National Mtg Assn 11/18/2020 500,000.00 467,975.00 499,250.00 0.420 1,461 567 0.458 11/18/2024 3133ENGN4 1355 Federal Farm Credit Bank 12/09/2021 1,000,000.00 942,950.00 1,000,000.00 0.970 1,096 588 0.970 12/09/2024 3135GAAW1 1300 Federal National Mtg Assn 12/30/2020 500,000.00 466,265.00 500,000.00 0.400 1,461 609 0.400 12/30/2024 3130AP2U8 1353 Federal Home Loan Bank 12/07/2021 1,000,000.00 932,570.00 987,100.00 0.550 1,127 617 0.976 01/07/2025 Portfolio CITY CP Run Date: 07/24/2023 - 15:33 PM (PRF_PM2) 7.3.0 Report Ver. 7.3.6.1 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2023 Page 2 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM Maturity 365 Date Federal Agency Coupon Securities 3130AQWY5 1374 Federal Home Loan Bank 02/25/2022 1,000,000.00 948,830.00 1,000,000.00 1.700 1,095 665 1.700 02/24/2025 3135G03U5 1365 Federal National Mtg Assn 01/28/2022 500,000.00 466,145.00 487,790.00 0.625 1,180 722 1.400 04/22/2025 3134GVYG7 1279 Federal Home Loan Mtg Corp 05/27/2020 1,000,000.00 929,150.00 1,000,000.00 0.625 1,826 757 0.625 05/27/2025 3133ELH23 1280 Federal Farm Credit Bank 06/09/2020 500,000.00 463,835.00 499,850.00 0.500 1,826 770 0.506 06/09/2025 3133ELH80 1282 Federal Farm Credit Bank 06/10/2020 500,000.00 463,165.00 500,000.00 0.680 1,826 771 0.680 06/10/2025 3130AJKW8 1281 Federal Home Loan Bank 06/03/2020 500,000.00 463,945.00 499,850.00 0.500 1,836 774 0.506 06/13/2025 3130AJRP6 1283 Federal Home Loan Bank 06/30/2020 300,000.00 277,452.00 300,000.00 0.680 1,826 791 0.680 06/30/2025 3137EAEU9 1297 Federal Home Loan Mtg Corp 12/07/2020 1,000,000.00 921,340.00 997,300.00 0.375 1,687 812 0.434 07/21/2025 3137EAEU9 1361 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 460,670.00 487,090.00 0.375 1,293 812 1.120 07/21/2025 3135G05S8 1288 Federal National Mtg Assn 08/14/2020 500,000.00 459,065.00 500,000.00 0.500 1,826 836 0.500 08/14/2025 3136G4M75 1290 Federal National Mtg Assn 08/28/2020 500,000.00 461,305.00 499,750.00 0.520 1,816 840 0.530 08/18/2025 3136G4N74 1289 Federal National Mtg Assn 08/21/2020 1,000,000.00 918,910.00 1,000,000.00 0.560 1,826 843 0.560 08/21/2025 3137EAEX3 1307 Federal Home Loan Mtg Corp 02/23/2021 500,000.00 457,925.00 495,999.50 0.375 1,673 876 0.552 09/23/2025 3137EAEX3 1310 Federal Home Loan Mtg Corp 03/30/2021 1,000,000.00 915,850.00 983,940.00 0.375 1,638 876 0.740 09/23/2025 3130ARGJ4 1385 Federal Home Loan Bank 04/14/2022 500,000.00 481,855.00 500,000.00 2.500 1,279 897 2.500 10/14/2025 3134GW5R3 1362 Federal Home Loan Mtg Corp 01/05/2022 400,000.00 366,560.00 391,360.00 0.650 1,391 910 1.232 10/27/2025 3135G06G3 1354 Federal National Mtg Assn 12/07/2021 1,000,000.00 917,720.00 976,300.00 0.500 1,431 921 1.120 11/07/2025 3135GA2Z3 1292 Federal National Mtg Assn 11/17/2020 500,000.00 456,545.00 499,250.00 0.560 1,826 931 0.590 11/17/2025 3130AKFA9 1298 Federal Home Loan Bank 12/07/2020 500,000.00 455,875.00 497,400.00 0.375 1,831 956 0.480 12/12/2025 3135GA7D7 1299 Federal National Mtg Assn 12/23/2020 500,000.00 454,885.00 500,000.00 0.600 1,826 967 0.600 12/23/2025 3134GXGZ1 1301 Federal Home Loan Mtg Corp 12/30/2020 500,000.00 457,500.00 500,000.00 0.550 1,826 974 0.550 12/30/2025 3130AKMZ6 1302 Federal Home Loan Bank 01/14/2021 500,000.00 452,625.00 500,000.00 0.510 1,826 989 0.510 01/14/2026 313OAKN28 1304 Federal Home Loan Bank 01/29/2021 500,000.00 452,630.00 500,000.00 0.550 1,826 1,004 0.550 01/29/2026 3130ALV92 1312 Federal Home Loan Bank 03/30/2021 500,000.00 461,460.00 500,000.00 1.050 1,826 1,064 0.938 03/30/2026 3130AMFS6 1324 Federal Home Loan Bank 06/17/2021 1,000,000.00 910,130.00 993,420.00 0.750 1,821 1,138 0.885 06/12/2026 3133EM2C5 1330 Federal Farm Credit Bank 08/10/2021 500,000.00 447,385.00 498,000.00 0.710 1,826 1,197 0.792 08/10/2026 3133EM4X7 1338 Federal Farm Credit Bank 09/28/2021 1,000,000.00 903,210.00 991,080.00 0.800 1,808 1,228 0.985 09/10/2026 3130APBM6 1337 Federal Home Loan Bank 09/30/2021 1,000,000.00 899,350.00 999,000.00 1.000 1,826 1,248 1.021 09/30/2026 3130APB46 1339 Federal Home Loan Bank 10/13/2021 1,000,000.00 897,040.00 998,250.00 0.950 1,826 1,261 0.986 10/13/2026 3134GW6C5 1359 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 445,685.00 486,000.00 0.800 1,757 1,276 1.403 10/28/2026 3133ENCQ1 1344 Federal Farm Credit Bank 11/02/2021 1,000,000.00 902,840.00 1,000,000.00 1.270 1,826 1,281 1.270 11/02/2026 3130APTV7 1347 Federal Home Loan Bank 11/24/2021 500,000.00 459,210.00 499,500.00 0.700 1,826 1,303 1.489 11/24/2026 3130AQF65 1358 Federal Home Loan Bank 12/22/2021 1,000,000.00 914,920.00 999,750.00 1.250 1,825 1,330 1.255 12/21/2026 3134GWUQ7 1366 Federal Home Loan Mtg Corp 02/10/2022 1,000,000.00 881,810.00 945,570.00 0.700 1,784 1,339 1.870 12/30/2026 3130AQJR5 1364 Federal Home Loan Bank 01/27/2022 1,000,000.00 909,900.00 1,000,000.00 1.500 1,826 1,367 1.500 01/27/2027 3130AQSA2 1367 Federal Home Loan Bank 02/10/2022 1,000,000.00 919,290.00 1,000,000.00 1.830 1,826 1,381 1.830 02/10/2027 Portfolio CITY CP Run Date: 07/24/2023 - 15:33 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2023 Page 3 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM Maturity 365 Date Federal Agency Coupon Securities 3130ARGY1 1387 Federal Home Loan Bank 04/19/2022 1,000,000.00 948,580.00 1,000,000.00 2.700 1,826 1,449 2.700 04/19/2027 3130ASDV8 1409 Federal Home Loan Bank 06/28/2022 300,000.00 288,681.00 300,000.00 3.300 1,826 1,519 3.300 06/28/2027 3133ENL99 1426 Federal Farm Credit Bank 09/15/2022 1,000,000.00 982,610.00 997,492.55 3.375 1,826 1,598 3.430 09/15/2027 3133ENQ29 1433 Federal Farm Credit Bank 09/30/2022 1,000,000.00 1,007,250.00 996,400.00 4.000 1,825 1,612 4.080 09/29/2027 3133EN3H1 1441 Federal Farm Credit Bank 11/29/2022 1,000,000.00 1,007,980.00 998,650.00 4.000 1,826 1,673 4.030 11/29/2027 3133EN3S7 1446 Federal Farm Credit Bank 12/07/2022 1,000,000.00 997,550.00 998,000.00 3.750 1,826 1,681 3.794 12/07/2027 3133EPAV7 1464 Federal Farm Credit Bank 02/15/2023 1,000,000.00 1,008,390.00 995,400.00 3.875 1,825 1,750 3.977 02/14/2028 3134GYPJ5 1484 Federal Home Loan Mtg Corp 04/24/2023 1,000,000.00 997,380.00 999,100.00 5.200 1,820 1,813 5.220 04/17/2028 Subtotal and Average 44,980,638.89 46,750,000.00 44,185,548.00 46,530,847.05 1,545 939 2.003 Treasury Coupon Securities 91282CCD1 1350 U.S. Treasury 12/07/2021 1,000,000.00 996,340.00 995,468.75 0.125 540 30 0.432 05/31/2023 912828R69 1443 U.S. Treasury 12/02/2022 4,000,000.00 3,990,200.00 3,944,075.80 1.625 180 30 4.515 05/31/2023 91282CCK5 1452 U.S. Treasury 01/04/2023 2,000,000.00 1,984,200.00 1,956,875.00 0.125 177 60 4.635 06/30/2023 91282CCN9 1341 U.S. Treasury 10/22/2021 500,000.00 493,830.00 497,792.97 0.125 647 91 0.375 07/31/2023 9128284X5 1462 U.S. Treasury 02/07/2023 1,000,000.00 992,540.00 988,900.00 2.750 205 122 4.787 08/31/2023 912828T26 1217 U.S. Treasury 08/21/2019 500,000.00 492,715.00 499,300.00 1.375 1,501 152 1.410 09/30/2023 91282CBA8 1351 U.S. Treasury 12/07/2021 1,000,000.00 971,130.00 990,000.00 0.125 738 228 0.623 12/15/2023 91282CBEO 1342 U.S. Treasury 10/22/2021 1,000,000.00 966,910.00 991,000.00 0.125 815 259 0.531 01/15/2024 91282CBR1 1352 U.S. Treasury 12/07/2021 1,000,000.00 961,020.00 989,800.00 0.250 829 319 0.704 03/15/2024 91282CBV2 1360 U.S. Treasury 01/05/2022 500,000.00 479,280.00 494,882.81 0.375 831 350 0.830 04/15/2024 912828XT2 1418 U.S. Treasury 05/04/2022 1,000,000.00 970,470.00 985,240.00 2.000 758 396 2.736 05/31/2024 9128282U3 1400 U.S. Treasury 06/09/2022 500,000.00 482,930.00 490,850.00 1.875 814 488 2.727 08/31/2024 91282CDB4 1343 U.S. Treasury 10/22/2021 1,000,000.00 946,600.00 996,320.00 0.625 1,089 533 0.750 10/15/2024 9128283DO 1390 U.S. Treasury 05/03/2022 1,000,000.00 968,790.00 985,190.00 2.250 912 549 2.870 10/31/2024 912828YV6 1241 U.S. Treasury 12/16/2019 1,000,000.00 956,880.00 989,687.50 1.500 1,811 579 1.718 11/30/2024 91282CAT8 1311 U.S. Treasury 03/30/2021 1,000,000.00 913,830.00 977,500.00 0.250 1,676 914 0.750 10/31/2025 91282CAZ4 1315 U.S. Treasury 04/22/2021 500,000.00 457,365.00 492,187.50 0.375 1,683 944 0.720 11/30/2025 91282CBC4 1303 U.S. Treasury 01/07/2021 500,000.00 457,090.00 498,632.81 0.375 1,819 975 0.431 12/31/2025 91282CBH3 1309 U.S. Treasury 02/23/2021 500,000.00 455,295.00 495,100.00 0.375 1,803 1,006 0.577 01/31/2026 91282CBQ3 1319 U.S. Treasury 05/28/2021 500,000.00 455,920.00 494,165.00 0.500 1,737 1,034 0.750 02/28/2026 91282CBQ3 1382 U.S. Treasury 03/23/2022 750,000.00 683,880.00 698,025.00 0.500 1,438 1,034 2.353 02/28/2026 91282CBT7 1320 U.S. Treasury 05/28/2021 500,000.00 458,985.00 499,525.00 0.750 1,768 1,065 0.770 03/31/2026 91282CBT7 1322 U.S. Treasury 06/17/2021 500,000.00 458,985.00 498,450.00 0.750 1,748 1,065 0.816 03/31/2026 9128286S4 1383 U.S. Treasury 03/23/2022 1,000,000.00 960,660.00 999,010.00 2.375 1,499 1,095 2.400 04/30/2026 91282CCF6 1321 U.S. Treasury 06/01/2021 1,000,000.00 912,810.00 997,060.00 0.750 1,825 1,126 0.810 05/31/2026 Run Date: 07/24/2023 - 15:33 Portfolio CITY CP PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2023 Page 4 Portfolio CITY CP Run Date: 07/24/2023 - 15:33 PM (PRF_PM2) 7.3.0 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Treasury Coupon Securities 91282CCF6 1323 U.S. Treasury 06/17/2021 500,000.00 456,405.00 497,095.00 0.750 1,809 1,126 0.870 05/31/2026 91282CCP4 1335 U.S. Treasury 09/29/2021 1,000,000.00 905,660.00 983,750.00 0.625 1,766 1,187 0.970 07/31/2026 91282CCW9 1336 U.S. Treasury 09/29/2021 1,000,000.00 907,420.00 988,500.00 0.750 1,797 1,218 0.990 08/31/2026 91282CCW9 1380 U.S. Treasury 03/22/2022 500,000.00 453,710.00 466,454.17 0.750 1,623 1,218 2.350 08/31/2026 91282CDG3 1381 U.S. Treasury 03/22/2022 500,000.00 458,010.00 473,396.82 1.125 1,684 1,279 2.350 10/31/2026 912828Z78 1369 U.S. Treasury 02/10/2022 1,000,000.00 924,490.00 986,700.00 1.500 1,816 1,371 1.781 01/31/2027 91282CEF4 1391 U.S. Treasury 05/03/2022 1,000,000.00 958,130.00 976,860.00 2.500 1,793 1,430 3.010 03/31/2027 91282CEN7 1398 U.S. Treasury 06/08/2022 500,000.00 483,280.00 495,000.00 2.750 1,787 1,460 2.971 04/30/2027 912828X88 1397 U.S. Treasury 06/07/2022 1,000,000.00 953,200.00 969,687.50 2.375 1,803 1,475 3.041 05/15/2027 91282CET4 1399 U.S. Treasury 06/08/2022 500,000.00 480,820.00 491,842.18 2.625 1,818 1,491 2.980 05/31/2027 91282CEW7 1465 U.S. Treasury 02/15/2023 1,000,000.00 985,160.00 967,220.00 3.250 1,596 1,521 4.075 06/30/2027 91282CFB2 1417 U.S. Treasury 08/15/2022 1,000,000.00 965,740.00 989,460.00 2.750 1,811 1,552 2.980 07/31/2027 91282CFB2 1422 U.S. Treasury 08/29/2022 1,000,000.00 965,740.00 979,645.67 2.750 1,797 1,552 3.200 07/31/2027 9128282RO 1439 U.S. Treasury 11/18/2022 1,000,000.00 946,410.00 927,110.00 2.250 1,731 1,567 3.950 08/15/2027 91282CFH9 1456 U.S. Treasury 01/24/2023 500,000.00 490,350.00 489,175.00 3.125 1,680 1,583 3.640 08/31/2027 91282CGH8 1460 U.S. Treasury 02/02/2023 1,000,000.00 997,030.00 996,369.14 3.500 1,824 1,736 3.580 01/31/2028 Subtotal and Average 36,123,303.62 36,750,000.00 35,200,210.00 36,123,303.62 1,222 798 2.389 Treasury Discount Notes 912796ZR3 1453 U.S. Treasury 01/04/2023 3,000,000.00 2,975,940.00 2,932,950.00 4.572 176 59 4.807 06/29/2023 912797FR3 1468 U.S. Treasury 03/07/2023 3,000,000.00 2,973,660.00 2,951,790.00 4.821 120 65 5.037 07/05/2023 912796Y37 1463 U.S. Treasury 02/07/2023 2,000,000.00 1,973,720.00 1,954,412.92 4.636 177 94 4.877 08/03/2023 912797GF8 1481 U.S. Treasury 04/11/2023 2,000,000.00 1,972,560.00 1,968,951.36 4.696 119 99 4.904 08/08/2023 912796Z51 1471 U.S. Treasury 03/09/2023 3,000,000.00 2,950,290.00 2,927,220.00 4.991 175 122 5.258 08/31/2023 912796YH6 1470 U.S. Treasury 03/09/2023 2,000,000.00 1,965,300.00 1,950,283.66 4.917 182 129 5.184 09/07/2023 Subtotal and Average 19,967,505.12 15,000,000.00 14,811,470.00 14,685,607.94 158 92 5.015 Certificate of Deposits 32117BCX4 1179 First National Bank 03/05/2019 248,000.00 247,889.24 248,000.00 2.800 1,522 4 2.802 05/05/2023 725404AB3 1194 Pittsfield Cooperative Bank 06/07/2019 245,000.00 244,285.32 245,000.00 2.500 1,461 37 2.502 06/07/2023 619165JD6 1173 Morton Community 03/20/2019 248,000.00 247,149.99 248,000.00 2.750 1,553 50 2.753 06/20/2023 74934YAH4 1144 RCB Bank 06/20/2018 245,000.00 244,303.67 245,000.00 3.150 1,826 50 3.152 06/20/2023 02616AAH2 1285 American First CU 06/26/2020 248,000.00 246,085.43 248,000.00 0.350 1,095 56 0.350 06/26/2023 02772JBD1 1205 American National Bank 07/19/2019 248,000.00 246,211.83 248,000.00 2.000 1,461 79 2.001 07/19/2023 32110YLK9 1147 First National Bank of America 07/20/2018 245,000.00 243,856.32 245,000.00 3.150 1,826 80 3.152 07/20/2023 06426KAN8 1151 Bank of New England 07/31/2018 249,000.00 247,659.79 249,000.00 3.250 1,826 91 3.252 07/31/2023 Portfolio CITY CP Run Date: 07/24/2023 - 15:33 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2023 Page 5 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 75472RAD3 1218 Raymond James Bank 08/23/2019 244,000.00 241,389.59 244,000.00 1.950 1,461 114 1.951 08/23/2023 89579NCD3 1262 Triad Bank 03/30/2020 248,000.00 243,782.87 248,000.00 1.350 1,278 151 1.352 09/29/2023 57116ARV2 1155 Cache Valley BK F/K/A Marlin 10/17/2018 248,000.00 245,582.98 248,000.00 3.300 1,826 169 3.302 10/17/2023 625925AR3 1160 Municipal Trust and Savings 10/17/2018 245,000.00 242,496.93 245,000.00 3.200 1,826 169 3.202 10/17/2023 90348JEJ5 1161 UBS Bank USA 10/17/2018 245,000.00 242,669.87 245,000.00 3.350 1,826 169 3.352 10/17/2023 474067AQ8 1154 Jefferson Financial CU 10/19/2018 245,000.00 242,663.31 245,000.00 3.350 1,826 171 3.352 10/19/2023 20143PDV9 1162 Commercial Bank 11/15/2018 248,000.00 245,304.21 248,000.00 3.400 1,826 198 3.402 11/15/2023 67054NAN3 1164 Numerica Credit Union 11/28/2018 248,000.00 245,360.88 248,000.00 3.550 1,826 211 3.552 11/28/2023 48115LAD6 1396 Jovia Financial Credit Union 06/07/2022 248,000.00 243,668.03 248,000.00 2.500 548 220 2.502 12/07/2023 635573AL2 1170 National Cooperative Bank, N.A 12/21/2018 245,000.00 241,884.29 245,000.00 3.400 1,826 234 3.402 12/21/2023 066851 WJ1 1172 Bar Harbor Bank and Trust 12/31/2018 248,000.00 244,675.97 248,000.00 3.350 1,824 242 3.352 12/29/2023 89269FDP7 1415 Tradition Capital 07/20/2022 246,000.00 241,757.34 246,000.00 3.000 551 266 3.008 01/22/2024 51210SQU4 1208 Lakeside Bank 07/30/2019 248,000.00 241,751.14 248,000.00 2.000 1,644 273 2.003 01/29/2024 77579ADFO 1251 Rollstone B&T 02/12/2020 245,000.00 237,900.53 245,000.00 1.650 1,461 287 1.651 02/12/2024 66736ABP3 1181 Northwest Bank 02/13/2019 248,000.00 243,281.49 248,000.00 2.950 1,826 288 2.951 02/13/2024 949763XY7 1174 Wells Fargo 02/27/2019 248,000.00 243,162.92 248,000.00 3.000 1,826 302 3.001 02/27/2024 50625LAW3 1384 Lafayette FCU 03/30/2022 248,000.00 240,556.23 248,000.00 2.050 729 332 2.053 03/28/2024 882213AB7 1260 Texas Bank Financial 03/31/2020 245,000.00 235,626.51 245,000.00 1.100 1,458 332 1.101 03/28/2024 472382AQ3 1272 The Jefferson Bank 04/15/2020 248,000.00 238,275.01 248,000.00 1.250 1,461 350 1.251 04/15/2024 08016PDQ9 1270 Belmont Bank and Trust 04/16/2020 248,000.00 238,248.20 248,000.00 1.250 1,461 351 1.251 04/16/2024 69506YRH4 1269 Pacific Western Bank 04/16/2020 245,000.00 235,580.78 245,000.00 1.300 1,461 351 1.301 04/16/2024 56065GAG3 1188 Main Street Bank 04/26/2019 248,000.00 241,268.37 248,000.00 2.600 1,827 361 2.603 04/26/2024 33640VDD7 1231 First Service Bank 11/15/2019 248,000.00 238,618.30 248,000.00 1.700 1,643 380 1.701 05/15/2024 48128HXU7 1185 JP Morgan Chase 05/16/2019 245,000.00 239,655.24 245,000.00 3.250 1,827 381 3.254 05/16/2024 46256YAZ2 1186 Iowa State Bank 05/23/2019 245,000.00 237,417.97 245,000.00 2.400 1,827 388 2.403 05/23/2024 538036GVO 1238 Live Oak Bank 11/27/2019 248,000.00 238,791.77 248,000.00 1.800 1,644 393 1.802 05/28/2024 156634AK3 1184 Century Next Bank 05/29/2019 248,000.00 240,846.55 248,000.00 2.500 1,827 394 2.503 05/29/2024 72651LCL6 1195 Plains Commerce Bank 06/07/2019 245,000.00 237,744.03 245,000.00 2.550 1,827 403 2.553 06/07/2024 299547AQ2 1196 Liberty FCU F/K/A Evansville T 06/12/2019 248,000.00 240,645.88 248,000.00 2.600 1,827 408 2.603 06/12/2024 524661CB9 1197 Legacy Bank 06/19/2019 248,000.00 239,967.19 248,000.00 2.400 1,827 415 2.403 06/19/2024 176688CP2 1199 Citizens State Bank 06/21/2019 248,000.00 239,930.04 248,000.00 2.400 1,827 417 2.403 06/21/2024 20416TAQ5 1202 Communitywide FCU 06/28/2019 248,000.00 239,610.91 248,000.00 2.250 1,827 424 2.253 06/28/2024 761402BY1 1203 Revere Bank 06/28/2019 247,000.00 238,846.12 247,000.00 2.300 1,827 424 2.303 06/28/2024 00257TBD7 1207 Abacus Federal Savings 07/26/2019 248,000.00 238,170.23 248,000.00 1.950 1,827 452 1.952 07/26/2024 33625CCP2 1209 First Security Bank of WA 07/30/2019 248,000.00 238,744.78 248,000.00 2.000 1,827 456 2.002 07/30/2024 710571DS6 1210 People's Bank 07/31/2019 248,000.00 238,725.30 248,000.00 2.000 1,827 457 2.002 07/31/2024 Portfolio CITY CP Run Date: 07/24/2023 - 15:33 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2023 Page 6 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 740367HP5 1213 Preferred Bank 08/16/2019 249,000.00 239,109.71 249,000.00 2.000 1,827 473 2.002 08/16/2024 33766LAJ7 1216 FirsTier Bank 08/23/2019 249,000.00 238,808.40 249,000.00 1.950 1,827 480 1.952 08/23/2024 938828BH2 1215 Washington Federal 08/23/2019 248,000.00 238,009.78 248,000.00 2.000 1,827 480 2.002 08/23/2024 336460CX6 1222 First State Bk DeQueen 08/30/2019 248,000.00 237,757.01 248,000.00 1.800 1,827 487 1.802 08/30/2024 334342CD2 1221 First Natl Bk of Syracuse 08/30/2019 249,000.00 238,879.26 249,000.00 1.850 1,827 487 1.852 08/30/2024 15118RRH2 1220 Celtic Bank 08/30/2019 248,000.00 237,919.90 248,000.00 1.850 1,827 487 1.852 08/30/2024 05580AD50 1333 BMW Bank 09/10/2021 245,000.00 230,741.87 245,000.00 0.650 1,096 498 0.651 09/10/2024 06652CHBO 1227 BankWest Inc 09/27/2019 248,000.00 236,567.04 248,000.00 1.700 1,827 515 1.702 09/27/2024 84223QAN7 1286 Southern Bancorp Bk 06/26/2020 248,000.00 231,928.16 248,000.00 0.500 1,582 543 0.500 10/25/2024 804375DL4 1235 Sauk Valley B&T Co 11/07/2019 248,000.00 236,305.28 248,000.00 1.700 1,827 556 1.702 11/07/2024 61690UNX4 1237 Morgan Stanley Bank 11/20/2019 245,000.00 234,219.11 245,000.00 1.950 1,827 569 1.952 11/20/2024 61760A3B3 1236 Morgan Stanley Private Bk, NA 11/20/2019 245,000.00 234,034.07 245,000.00 1.900 1,827 569 1.902 11/20/2024 064520BG3 1287 Bank Princeton 06/30/2020 248,000.00 231,384.44 248,000.00 0.500 1,644 609 0.500 12/30/2024 80865MAB3 1454 Scient FCU 01/13/2023 248,000.00 247,833.72 248,000.00 4.650 731 623 4.656 01/13/2025 89388CEYO 1328 Transportation Alliance Bk TAB 07/23/2021 248,000.00 229,995.76 248,000.00 0.400 1,280 633 0.401 01/23/2025 06417NZQ9 1329 Bank OZK 07/29/2021 248,000.00 230,521.66 248,000.00 0.400 1,280 639 0.401 01/29/2025 90983WBT7 1249 United Community 02/07/2020 248,000.00 235,307.87 248,000.00 1.650 1,827 648 1.652 02/07/2025 32114VBT3 1250 First National Bank Michigan 02/14/2020 248,000.00 235,176.96 248,000.00 1.650 1,827 655 1.652 02/14/2025 35637RDC8 1248 Freedom Financial 02/14/2020 248,000.00 234,743.04 248,000.00 1.550 1,827 655 1.552 02/14/2025 029728BC5 1255 American State 02/21/2020 248,000.00 234,827.25 248,000.00 1.600 1,827 662 1.602 02/21/2025 17286TAGO 1252 Citadel FCU 02/27/2020 248,000.00 234,934.82 248,000.00 1.650 1,827 668 1.652 02/27/2025 00435JBH5 1256 Access Bank 03/13/2020 248,000.00 234,815.92 248,000.00 1.600 1,826 682 1.601 03/13/2025 49306SJ56 1475 Kay Bank, N.A. 03/15/2023 244,000.00 246,095.79 244,000.00 5.000 733 686 5.008 03/17/2025 909557KQ2 1477 United Bankers Bank 03/16/2023 248,000.00 250,173.12 248,000.00 5.000 732 686 4.823 03/17/2025 849430BF9 1257 Spring Bank 03/20/2020 248,000.00 234,231.34 248,000.00 1.500 1,826 689 1.501 03/20/2025 05465DAE8 1258 Axos Bank 03/26/2020 248,000.00 234,806.70 248,000.00 1.650 1,826 695 1.651 03/26/2025 020080BX4 1267 Alma Bank 03/30/2020 248,000.00 233,998.51 248,000.00 1.400 1,824 697 1.399 03/28/2025 2027506M2 1268 Commonwealth Business Bk 03/31/2020 248,000.00 233,623.25 248,000.00 1.250 1,826 700 1.251 03/31/2025 654062JZ2 1266 Nicolet Natl Bank 03/31/2020 248,000.00 234,318.44 248,000.00 1.400 1,826 700 1.401 03/31/2025 14042TDD6 1271 Capital One USA FDIC33954 04/08/2020 245,000.00 231,993.04 245,000.00 1.600 1,826 708 1.601 04/08/2025 02007GPX5 1388 Ally Bank Midvale 04/21/2022 245,000.00 236,200.61 245,000.00 2.550 1,096 721 2.550 04/21/2025 52168UHY1 1389 Leader Bank 04/22/2022 245,000.00 236,189.46 245,000.00 2.550 1,096 722 2.552 04/22/2025 32112UDR9 1274 First Natl Bk McGregor 04/28/2020 248,000.00 233,556.74 248,000.00 1.350 1,826 728 1.351 04/28/2025 32027BALl 1273 First Freedom Bank 04/29/2020 249,000.00 233,913.04 249,000.00 1.200 1,826 729 1.201 04/29/2025 33847E3A3 1276 Flagstar 04/30/2020 248,000.00 233,322.02 248,000.00 1.250 1,826 730 1.251 04/30/2025 32056GDJ6 1278 1st Internet Bank 05/11/2020 248,000.00 231,577.14 248,000.00 1.000 1,827 742 0.985 05/12/2025 Portfolio CITY CP Run Date: 07/24/2023 - 15:33 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2023 Page 7 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 95960NKD8 1277 Western State Bank 05/13/2020 245,000.00 228,891.10 245,000.00 1.000 1,826 743 1.001 05/13/2025 254673E69 1392 Discover Bank Greenwood DE CF 05/24/2022 245,000.00 238,864.02 245,000.00 3.100 1,099 757 3.103 05/27/2025 169894AS1 1284 Chippewa Valley Bk 06/24/2020 248,000.00 228,774.79 248,000.00 0.600 1,826 785 0.600 06/24/2025 307811DF3 1363 Farmers & Merch 01/14/2022 249,000.00 230,994.22 249,000.00 0.900 1,277 805 0.900 07/14/2025 70962LAF9 1331 Pentagon FCU 09/01/2021 249,000.00 229,171.01 249,000.00 0.700 1,462 855 0.687 09/02/2025 914242AAO 1429 University Credit Union 09/26/2022 248,000.00 246,743.52 248,000.00 4.000 1,096 879 3.891 09/26/2025 51507LCC6 1305 Landmark Community Bank 01/22/2021 248,000.00 224,697.01 248,000.00 0.500 1,826 997 0.500 01/22/2026 84229LBA9 1434 Southern Bank Sardis GA 10/28/2022 244,000.00 245,244.85 244,000.00 4.250 1,188 1,003 4.254 01/28/2026 87270LDL4 1306 TIAA FKA EverBank 02/12/2021 245,000.00 221,901.48 245,000.00 0.500 1,826 1,018 0.500 02/12/2026 64034KAZ4 1376 Nelnet Bank 03/02/2022 245,000.00 230,323.59 245,000.00 1.800 1,461 1,036 1.801 03/02/2026 59524LAA4 1474 Mid Carolina Credit Union 03/13/2023 248,000.00 253,675.92 248,000.00 4.850 1,096 1,047 4.855 03/13/2026 39573LBC1 1313 Greenstate FCU 04/16/2021 249,000.00 227,597.13 249,000.00 0.950 1,826 1,081 0.951 04/16/2026 89235MKY6 1314 Toyota Financial Savings Bank 04/22/2021 245,000.00 223,649.26 245,000.00 0.900 1,826 1,087 0.900 04/22/2026 14622LAAO 1316 Carter FCU 04/27/2021 248,000.00 225,061.33 248,000.00 0.750 1,826 1,092 0.750 04/27/2026 62384RAT3 1485 Mountain America Federal CU 04/28/2023 248,000.00 253,327.06 248,000.00 4.700 1,096 1,093 4.705 04/28/2026 31617CAV5 1317 Fidelity Homestead 04/30/2021 248,000.00 224,991.32 248,000.00 0.700 1,826 1,095 0.711 04/30/2026 501798RP9 1356 LCA Bank Corp 12/27/2021 248,000.00 226,265.72 248,000.00 1.000 1,642 1,152 1.000 06/26/2026 92559TAJ7 1325 Vibrant Credit Union 07/02/2021 249,000.00 225,696.23 248,377.50 0.800 1,824 1,156 0.852 06/30/2026 300185LM5 1457 Evergreen Bank Group 01/27/2023 248,000.00 247,502.45 248,000.00 3.850 1,277 1,183 3.849 07/27/2026 38149MXK4 1326 Goldman Sachs 07/28/2021 248,000.00 225,952.10 248,000.00 1.000 1,826 1,184 1.001 07/28/2026 795451AFO 1327 Sallie Mae Bank Salt Lake City 07/28/2021 248,000.00 225,952.10 248,000.00 1.000 1,826 1,184 1.001 07/28/2026 87165ET98 1332 Synchrony Bank Retail 09/03/2021 245,000.00 221,944.56 245,000.00 0.900 1,826 1,221 0.900 09/03/2026 20786ADL6 1334 Connect One 09/24/2021 248,000.00 223,317.19 248,000.00 0.800 1,826 1,242 0.800 09/24/2026 59013KPNO 1345 Merrick Bank 11/09/2021 249,000.00 226,137.91 249,000.00 1.100 1,826 1,288 1.101 11/09/2026 14042RQBO 1346 Capital One Natl Assn FDIC4297 11/17/2021 248,000.00 225,264.86 248,000.00 1.100 1,826 1,296 1.101 11/17/2026 20825WAR1 1357 Connexus CU 12/23/2021 249,000.00 226,849.16 249,000.00 1.250 1,826 1,332 1.250 12/23/2026 89786MAF1 1368 True Sky FCU 02/04/2022 245,000.00 226,019.96 245,000.00 1.600 1,826 1,375 1.601 02/04/2027 02357QAQO 1372 Amerant Bank 02/14/2022 245,000.00 225,867.08 245,000.00 1.600 1,828 1,387 1.601 02/16/2027 07371AYE7 1370 Beal Bank TX 02/23/2022 245,000.00 228,471.81 245,000.00 1.900 1,820 1,388 1.901 02/17/2027 073710E88 1371 Beal Bank USA 02/23/2022 245,000.00 228,471.81 245,000.00 1.900 1,820 1,388 1.901 02/17/2027 59161YAP1 1373 Metro Credit Union 02/18/2022 249,000.00 230,292.76 249,000.00 1.700 1,826 1,389 1.701 02/18/2027 24773RCR4 1377 Delta Natl B&T 03/09/2022 245,000.00 229,261.52 245,000.00 2.000 1,814 1,396 2.001 02/25/2027 27004PCM3 1375 Eaglemark Savings 03/02/2022 245,000.00 229,353.66 245,000.00 2.000 1,826 1,401 2.001 03/02/2027 91139LAB2 1378 United Roosevelt Savings 03/11/2022 248,000.00 231,061.15 248,000.00 1.900 1,826 1,410 1.901 03/11/2027 064860MCO 1476 Bank of the Sierra 03/15/2023 244,000.00 251,279.91 244,000.00 4.600 1,461 1,414 4.604 03/15/2027 565819AG4 1379 Marathon Bnak 03/16/2022 248,000.00 230,099.22 248,000.00 1.800 1,826 1,415 1.801 03/16/2027 Portfolio CITY CP Run Date: 07/24/2023 - 15:33 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2023 Page 8 Portfolio CITY CP Run Date: 07/24/2023 - 15:33 PM (PRF_PM2) 7.3.0 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits 108622NJ6 1479 Bridgewater Bank 03/29/2023 248,000.00 258,152.88 248,000.00 4.850 1,461 1,428 4.767 03/29/2027 20033A3A2 1386 Comenity Capital Bank 04/14/2022 248,000.00 237,772.51 248,000.00 2.650 1,826 1,444 2.652 04/14/2027 397417AQ9 1419 Greenwoods State Bank 05/17/2022 248,000.00 241,488.24 248,000.00 3.050 1,826 1,477 3.052 05/17/2027 02589ADH2 1421 American Express, NB 08/29/2022 245,000.00 242,368.98 245,000.00 3.450 1,793 1,548 3.067 07/27/2027 88413QDN5 1420 Third Federal Savings and Loan 08/19/2022 245,000.00 240,962.01 245,000.00 3.300 1,826 1,571 3.302 08/19/2027 89789AAG2 1473 Truliant FCU 03/10/2023 248,000.00 258,125.03 248,000.00 4.700 1,645 1,593 4.707 09/10/2027 732329BD8 1425 Ponce Bank 09/15/2022 248,000.00 245,968.47 248,000.00 3.500 1,826 1,598 3.502 09/15/2027 052392BT3 1427 Austin Telco FCU 09/21/2022 248,000.00 249,018.56 248,000.00 3.800 1,826 1,604 3.770 09/21/2027 22258JAB7 1430 County Schools FCU 09/30/2022 248,000.00 255,367.19 248,000.00 4.400 1,826 1,613 4.325 09/30/2027 34520LATO 1435 Forbright Bank 11/02/2022 248,000.00 257,592.94 248,000.00 4.600 1,826 1,646 4.602 11/02/2027 25460FDW3 1438 Direct FCU 11/07/2022 248,000.00 259,719.42 248,000.00 4.800 1,827 1,652 4.735 11/08/2027 914098DJ4 1442 University Bank 11/30/2022 249,000.00 254,739.63 249,000.00 4.200 1,826 1,674 4.202 11/30/2027 25844MAK4 1447 Dort Financial CU 12/16/2022 247,000.00 255,800.55 247,000.00 4.500 1,826 1,690 4.503 12/16/2027 01664MAB2 1448 All In FCU 12/20/2022 248,000.00 255,814.09 248,000.00 4.400 1,826 1,694 4.402 12/20/2027 51828MAC8 1449 Latino Comm. CU 12/21/2022 248,000.00 256,890.88 248,000.00 4.500 1,826 1,695 4.503 12/21/2027 45157PAZ3 1450 Ideal CU 12/29/2022 248,000.00 257,149.34 248,000.00 4.500 1,826 1,703 4.502 12/29/2027 01882MAC6 1451 AlliantCU 12/30/2022 247,000.00 261,486.75 247,000.00 5.000 1,826 1,704 5.003 12/30/2027 78472EABO 1455 SPCO Credit Union 01/20/2023 249,000.00 256,540.77 249,000.00 4.350 1,826 1,725 4.352 01/20/2028 82671DAB3 1458 Signature FCU 01/31/2023 248,000.00 256,326.03 248,000.00 4.400 1,826 1,736 4.402 01/31/2028 79772FAG1 1459 San Francisco FCU 02/03/2023 248,000.00 255,677.91 248,000.00 4.350 1,826 1,739 4.352 02/03/2028 530520AH8 1466 Liberty First CU 02/21/2023 248,000.00 257,418.47 248,000.00 4.500 1,827 1,758 4.504 02/22/2028 09582YAF9 1467 Blue Ridge Bank 02/28/2023 244,000.00 250,060.18 244,000.00 4.200 1,826 1,764 4.202 02/28/2028 011852AEO 1469 Alaska USA/Global FCU 03/08/2023 248,000.00 258,723.98 248,000.00 4.600 1,827 1,773 4.606 03/08/2028 92891CCZ3 1472 VystarCU 03/10/2023 248,000.00 258,175.24 248,000.00 4.550 1,827 1,775 4.555 03/10/2028 00833JAQ4 1478 Affinity Bank 03/17/2023 248,000.00 262,143.97 248,000.00 4.900 1,827 1,782 4.906 03/17/2028 724468AC7 1483 Pitney Bowes Bank 04/14/2023 244,000.00 251,996.98 244,000.00 4.350 1,826 1,809 4.355 04/13/2028 Subtotal and Average 35,285,044.17 35,102,000.00 34,034,313.35 35,101,377.50 1,668 839 2.428 Corporate Notes 594918BQ6 1157 Microsoft Corporation 10/15/2018 400,000.00 397,180.00 378,360.00 2.000 1,758 99 3.222 08/08/2023 45950VPS9 1308 International Finance Corp. 02/26/2021 500,000.00 452,985.00 497,300.00 0.500 1,826 1,032 0.610 02/26/2026 Subtotal and Average 875,660.00 900,000.00 850,165.00 875,660.00 1,797 629 1.738 Money Market with Fiscal Agent SYS1058 1058 US Bank 07/01/2016 1,560.39 1,560.39 1,560.39 1 1 0.000 Portfolio CITY CP Run Date: 07/24/2023 - 15:33 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Page Portfolio Details - Investments April 30, 2023 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Subtotal and Average 1,555.43 1,560.39 1,560.39 1,560.39 1 1 0.000 CERBT - OPEB Trust SYS1114 1114 CaIPERS CERBT Plan 07/01/2022 1,828,332.91 1,828,332.91 1,828,332.91 1 1 0.000 Subtotal and Average 1,828,332.91 1,828,332.91 1,828,332.91 1,828,332.91 1 1 0.000 PARS Pension Trust SYS1230 1230 Pblc Agncy Rtrmnt Sery 5,289,313.46 5,289,313.46 5,289,313.46 1 1 0.000 Subtotal and Average 5,257,711.53 5,289,313.46 5,289,313.46 5,289,313.46 1 1 0.000 Total and Average 218,742,801.97 Run Date: 07/24/2023 - 15:33 222,040,285.99 216,174,196.16 220,855,082.10 808 471 2.778 Portfolio CITY CP PM (PRF_PM2) 7.3.0 t(v Qa City of La Quinta Total Earnings GEMoftheDESERT - Sorted by Fund - Fund April 1, 2023 - April 30, 2023 City of La Quinta CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 98-33-434 1055 101 LAIF 19,065,011.99 18,937,383.16 19,065,011.99 2.870 3.164 49,251.33 0.00 0.00 49,251.33 SYS1059 1059 101 CITYPC 3,300.00 3,300.00 3,300.00 0.00 0.00 0.00 0.00 SYS1114 1114 101 CALPRS 1,828,332.91 1,828,332.91 1,828,332.91 0.00 0.00 0.00 0.00 17312QJ26 1123 101 CITINA 0.00 245,000.00 0.00 2.900 2.900 194.66 0.00 0.00 194.66 29278TAY6 1125 101 ENER 0.00 240,000.00 0.00 2.950 2.950 543.12 0.00 0.00 543.12 74934YAH4 1144 101 RCB 245,000.00 245,000.00 245,000.00 3.150 3.150 634.32 0.00 0.00 634.32 32110YLK9 1147 101 1STNBA 245,000.00 245,000.00 245,000.00 3.150 3.150 634.32 0.00 0.00 634.32 06426KAN8 1151 101 NWENGL 249,000.00 249,000.00 249,000.00 3.250 3.250 665.14 0.00 0.00 665.14 SYS1153 1153 101 CAMP 42,865,279.01 38,699,934.72 42,865,279.01 4.970 5.198 165,344.29 0.00 0.00 165,344.29 474067AQ8 1154 101 JEFF 245,000.00 245,000.00 245,000.00 3.350 3.350 674.59 0.00 0.00 674.59 57116ARV2 1155 101 MARBUS 248,000.00 248,000.00 248,000.00 3.300 3.300 672.66 0.00 0.00 672.66 594918BQ6 1157 101 MCRSFT 400,000.00 378,360.00 378,360.00 2.000 2.144 666.66 0.00 0.00 666.66 3133EJYL7 1158 101 FFCB 250,000.00 247,275.00 247,275.00 2.800 2.870 583.33 0.00 0.00 583.33 625925AR3 1160 101 MUNTRS 245,000.00 245,000.00 245,000.00 3.200 3.200 644.38 0.00 0.00 644.38 90348JEJ5 1161 101 UBS 245,000.00 245,000.00 245,000.00 3.350 3.350 674.59 0.00 0.00 674.59 20143PDV9 1162 101 COMMBK 248,000.00 248,000.00 248,000.00 3.400 3.400 693.04 0.00 0.00 693.04 67054NAN3 1164 101 NMRCA 248,000.00 248,000.00 248,000.00 3.550 3.550 723.62 0.00 0.00 723.62 635573AL2 1170 101 NLCOOP 245,000.00 245,000.00 245,000.00 3.400 3.400 684.66 0.00 0.00 684.66 066851WJ1 1172 101 BARHAR 248,000.00 248,000.00 248,000.00 3.350 3.350 682.85 0.00 0.00 682.85 619165JD6 1173 101 MORTN 248,000.00 248,000.00 248,000.00 2.750 2.750 560.55 0.00 0.00 560.55 949763XY7 1174 101 WELLS 248,000.00 248,000.00 248,000.00 3.000 3.000 611.51 0.00 0.00 611.51 3130AFW94 1177 101 FHLB 500,000.00 498,550.00 498,550.00 2.500 2.542 1,041.66 0.00 0.00 1,041.66 32117BCX4 1179 101 1STNBK 248,000.00 248,000.00 248,000.00 2.800 2.800 570.74 0.00 0.00 570.74 66736ABP3 1181 101 NRTHWS 248,000.00 248,000.00 248,000.00 2.950 2.950 601.32 0.00 0.00 601.32 156634AK3 1184 101 CENTNX 248,000.00 248,000.00 248,000.00 2.500 2.500 509.60 0.00 0.00 509.60 48128HXU7 1185 101 JPMORG 245,000.00 245,000.00 245,000.00 3.250 3.250 654.45 0.00 0.00 654.45 46256YAZ2 1186 101 IOWAST 245,000.00 245,000.00 245,000.00 2.400 2.400 483.29 0.00 0.00 483.29 56065GAG3 1188 101 MAINST 248,000.00 248,000.00 248,000.00 2.600 2.600 529.97 0.00 0.00 529.97 20726ABA5 1189 101 CONGRS 0.00 248,000.00 0.00 2.500 2.500 475.61 0.00 0.00 475.61 725404AB3 1194 101 PITTS 245,000.00 245,000.00 245,000.00 2.500 2.500 503.43 0.00 0.00 503.43 Run Date: 07/24/2023 - 16:17 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 2 April 1, 2023 -April 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 72651LCL6 1195 101 PLAINS 245,000.00 245,000.00 245,000.00 2.550 2.550 513.49 0.00 0.00 513.49 299547AQ2 1196 101 EVNSCU 248,000.00 248,000.00 248,000.00 2.600 2.600 529.97 0.00 0.00 529.97 524661CB9 1197 101 LEGCY 248,000.00 248,000.00 248,000.00 2.400 2.400 489.21 0.00 0.00 489.21 176688CP2 1199 101 CTZNST 248,000.00 248,000.00 248,000.00 2.400 2.400 489.20 0.00 0.00 489.20 20416TAQ5 1202 101 COMMW 248,000.00 248,000.00 248,000.00 2.250 2.250 458.63 0.00 0.00 458.63 761402BY1 1203 101 REVER 247,000.00 247,000.00 247,000.00 2.300 2.300 466.94 0.00 0.00 466.94 02772JBD1 1205 101 AMRNTL 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 3135GOV75 1206 101 FNMA 500,000.00 495,950.00 495,950.00 1.750 1.789 729.17 0.00 0.00 729.17 00257TBD7 1207 101 ABACUS 248,000.00 248,000.00 248,000.00 1.950 1.950 397.48 0.00 0.00 397.48 51210SQU4 1208 101 LKSIDE 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 33625CCP2 1209 101 1STSEC 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 710571 DS6 1210 101 PEOPLE 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 3133EKWV4 1212 101 FFCB 500,000.00 499,500.00 499,500.00 1.850 1.878 770.83 0.00 0.00 770.83 740367HP5 1213 101 PREFRD 249,000.00 249,000.00 249,000.00 2.000 2.000 409.32 0.00 0.00 409.32 938828131-12 1215 101 WSHFED 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 33766LAJ7 1216 101 1STIER 249,000.00 249,000.00 249,000.00 1.950 1.950 399.08 0.00 0.00 399.08 912828T26 1217 101 USTR 500,000.00 499,300.00 499,300.00 1.375 1.373 563.53 0.00 0.00 563.53 75472RAD3 1218 101 RAYJAM 244,000.00 244,000.00 244,000.00 1.950 1.950 391.07 0.00 0.00 391.07 15118RRH2 1220 101 CELTIC 248,000.00 248,000.00 248,000.00 1.850 1.850 377.10 0.00 0.00 377.10 334342CD2 1221 101 1STNBS 249,000.00 249,000.00 249,000.00 1.850 1.850 378.62 0.00 0.00 378.62 336460CX6 1222 101 1STDQN 248,000.00 248,000.00 248,000.00 1.800 1.800 366.90 0.00 0.00 366.90 3133EKZK5 1223 101 FFCB 500,000.00 499,400.00 499,400.00 1.600 1.624 666.67 0.00 0.00 666.67 3133EKP75 1224 101 FFCB 500,000.00 498,750.00 498,750.00 1.600 1.626 666.67 0.00 0.00 666.67 06652CHB0 1227 101 BNKWST 248,000.00 248,000.00 248,000.00 1.700 1.700 346.52 0.00 0.00 346.52 059731851 1228 101 BOTW 6,794,667.50 7,709,850.66 6,794,667.50 0.01 0.00 0.00 0.01 SYS1230 1230 101 PARS 5,289,313.46 5,256,621.81 5,289,313.46 0.00 0.00 0.00 0.00 33640VDD7 1231 101 1STSER 248,000.00 248,000.00 248,000.00 1.700 1.700 346.52 0.00 0.00 346.52 3133EK4X1 1234 101 FFCB 1,000,000.00 996,900.00 996,900.00 1.600 1.627 1,333.33 0.00 0.00 1,333.33 804375DL4 1235 101 SAUKVL 248,000.00 248,000.00 248,000.00 1.700 1.700 346.52 0.00 0.00 346.52 61760A363 1236 101 MSPRIV 245,000.00 245,000.00 245,000.00 1.900 1.900 382.60 0.00 0.00 382.60 61690UNX4 1237 101 MORGST 245,000.00 245,000.00 245,000.00 1.950 1.950 392.67 0.00 0.00 392.67 538036GV0 1238 101 LIVEOK 248,000.00 248,000.00 248,000.00 1.800 1.800 366.90 0.00 0.00 366.90 912828YV6 1241 101 USTR 1,000,000.00 989,687.50 989,687.50 1.500 1.520 1,236.27 0.00 0.00 1,236.27 3133ELEA8 1242 101 FFCB 1,000,000.00 998,600.00 998,600.00 1.700 1.726 1,416.67 0.00 0.00 1,416.67 3133ELNE0 1246 101 FFCB 1,000,000.00 999,000.00 999,000.00 1.430 1.451 1,191.67 0.00 0.00 1,191.67 35637RDC8 1248 101 FRDMFI 248,000.00 248,000.00 248,000.00 1.550 1.550 315.95 0.00 0.00 315.95 90983WBT7 1249 101 UNTDCM 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 Run Date: 07/24/2023 - 16:17 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 3 April 1, 2023 -April 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 32114VBT3 1250 101 1STNMI 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 77579ADF0 1251 101 RLLSTN 245,000.00 245,000.00 245,000.00 1.650 1.650 332.26 0.00 0.00 332.26 17286TAGO 1252 101 CITADL 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 029728BC5 1255 101 AMERST 248,000.00 248,000.00 248,000.00 1.600 1.600 326.14 0.00 0.00 326.14 00435J131-15 1256 101 ACCSS 248,000.00 248,000.00 248,000.00 1.600 1.600 326.14 0.00 0.00 326.14 849430BF9 1257 101 SPRING 248,000.00 248,000.00 248,000.00 1.500 1.500 305.76 0.00 0.00 305.76 05465DAE8 1258 101 AXOS 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 882213AB7 1260 101 TEXAS 245,000.00 245,000.00 245,000.00 1.100 1.100 221.51 0.00 0.00 221.51 89579NCD3 1262 101 TRIAD 248,000.00 248,000.00 248,000.00 1.350 1.350 275.18 0.00 0.00 275.18 654062JZ2 1266 101 NCOLET 248,000.00 248,000.00 248,000.00 1.400 1.400 285.37 0.00 0.00 285.37 020080BX4 1267 101 ALMABK 248,000.00 248,000.00 248,000.00 1.400 1.400 285.37 0.00 0.00 285.37 2027506M2 1268 101 CMWBUS 248,000.00 248,000.00 248,000.00 1.250 1.250 254.79 0.00 0.00 254.79 69506YRH4 1269 101 PACWST 245,000.00 245,000.00 245,000.00 1.300 1.300 261.78 0.00 0.00 261.78 08016PDQ9 1270 101 BELB&T 248,000.00 248,000.00 248,000.00 1.250 1.250 254.79 0.00 0.00 254.79 14042TDD6 1271 101 CAPONE 245,000.00 245,000.00 245,000.00 1.600 1.600 322.19 0.00 0.00 322.19 472382AQ3 1272 101 THEJEF 248,000.00 248,000.00 248,000.00 1.250 1.250 254.80 0.00 0.00 254.80 32027BALl 1273 101 1STFDM 249,000.00 249,000.00 249,000.00 1.200 1.200 245.60 0.00 0.00 245.60 32112UDR9 1274 101 1STMCG 248,000.00 248,000.00 248,000.00 1.350 1.350 275.18 0.00 0.00 275.18 33847E3A3 1276 101 FLGSTR 248,000.00 248,000.00 248,000.00 1.250 1.250 254.79 0.00 0.00 254.79 95960NKD8 1277 101 WSTRNS 245,000.00 245,000.00 245,000.00 1.000 1.000 201.37 0.00 0.00 201.37 32056GDJ6 1278 101 1STINT 248,000.00 248,000.00 248,000.00 1.000 1.000 203.84 0.00 0.00 203.84 3134GVYG7 1279 101 FHLMC 1,000,000.00 1,000,000.00 1,000,000.00 0.625 0.634 520.83 0.00 0.00 520.83 3133ELH23 1280 101 FFCB 500,000.00 499,850.00 499,850.00 0.500 0.507 208.33 0.00 0.00 208.33 3130AJKW8 1281 101 FHLB 500,000.00 499,850.00 499,850.00 0.500 0.507 208.33 0.00 0.00 208.33 3133ELH80 1282 101 FFCB 500,000.00 500,000.00 500,000.00 0.680 0.689 283.34 0.00 0.00 283.34 3130AJRP6 1283 101 FHLB 300,000.00 300,000.00 300,000.00 0.680 0.689 170.00 0.00 0.00 170.00 169894AS1 1284 101 CHIPVA 248,000.00 248,000.00 248,000.00 0.600 0.600 122.30 0.00 0.00 122.30 02616AAH2 1285 101 AMR1ST 248,000.00 248,000.00 248,000.00 0.350 0.350 71.34 0.00 0.00 71.34 84223QAN7 1286 101 STHRNB 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 064520BG3 1287 101 BKPRNC 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 3135G05S8 1288 101 FNMA 500,000.00 500,000.00 500,000.00 0.500 0.507 208.33 0.00 0.00 208.33 3136G4N74 1289 101 FNMA 1,000,000.00 1,000,000.00 1,000,000.00 0.560 0.568 466.67 0.00 0.00 466.67 3136G4M75 1290 101 FNMA 500,000.00 499,750.00 499,750.00 0.520 0.527 216.66 0.00 0.00 216.66 3135G06E8 1291 101 FNMA 500,000.00 499,250.00 499,250.00 0.420 0.426 175.00 0.00 0.00 175.00 3135GA2Z3 1292 101 FNMA 500,000.00 499,250.00 499,250.00 0.560 0.569 233.34 0.00 0.00 233.34 SYS1293 1293 101 BNY 8,686,810.74 8,914,873.21 8,686,810.74 0.00 0.00 0.00 0.00 3137EAEU9 1297 101 FHLMC 1,000,000.00 997,300.00 997,300.00 0.375 0.381 312.50 0.00 0.00 312.50 Run Date: 07/24/2023 - 16:17 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 4 April 1, 2023 -April 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 3130AKFA9 1298 101 FHLB 500,000.00 497,400.00 497,400.00 0.375 0.382 156.25 0.00 0.00 156.25 3135GA7D7 1299 101 FNMA 500,000.00 500,000.00 500,000.00 0.600 0.608 250.00 0.00 0.00 250.00 3135GAAW1 1300 101 FNMA 500,000.00 500,000.00 500,000.00 0.400 0.406 166.66 0.00 0.00 166.66 3134GXGZ1 1301 101 FHLMC 500,000.00 500,000.00 500,000.00 0.550 0.558 229.17 0.00 0.00 229.17 3130AKMZ6 1302 101 FHLB 500,000.00 500,000.00 500,000.00 0.510 0.517 212.50 0.00 0.00 212.50 91282CBC4 1303 101 USTR 500,000.00 498,632.81 498,632.81 0.375 0.379 155.39 0.00 0.00 155.39 3130AKN28 1304 101 FHLB 500,000.00 500,000.00 500,000.00 0.550 0.558 229.17 0.00 0.00 229.17 51507LCC6 1305 101 LNDMRK 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 87270LDL4 1306 101 EVRBA 245,000.00 245,000.00 245,000.00 0.500 0.500 100.68 0.00 0.00 100.68 3137EAEX3 1307 101 FHLMC 500,000.00 495,999.50 495,999.50 0.375 0.383 156.25 0.00 0.00 156.25 45950VPS9 1308 101 IFC 500,000.00 497,300.00 497,300.00 0.500 0.507 207.18 0.00 0.00 207.18 91282CBH3 1309 101 USTR 500,000.00 495,100.00 495,100.00 0.375 0.382 155.39 0.00 0.00 155.39 3137EAEX3 1310 101 FHLMC 1,000,000.00 983,940.00 983,940.00 0.375 0.386 312.50 0.00 0.00 312.50 91282CAT8 1311 101 USTR 1,000,000.00 977,500.00 977,500.00 0.250 0.258 207.07 0.00 0.00 207.07 3130ALV92 1312 101 FHLB 500,000.00 500,000.00 500,000.00 1.050 1.065 437.50 0.00 0.00 437.50 39573LBC1 1313 101 GRNST 249,000.00 249,000.00 249,000.00 0.950 0.950 194.42 0.00 0.00 194.42 89235MKY6 1314 101 TOYFSB 245,000.00 245,000.00 245,000.00 0.900 0.900 181.23 0.00 0.00 181.23 91282CAZ4 1315 101 USTR 500,000.00 492,187.50 492,187.50 0.375 0.382 154.54 0.00 0.00 154.54 14622LAA0 1316 101 CARTER 248,000.00 248,000.00 248,000.00 0.750 0.750 152.88 0.00 0.00 152.88 31617CAV5 1317 101 FIDHMS 248,000.00 248,000.00 248,000.00 0.700 0.700 142.68 0.00 0.00 142.68 SYS1318 1318 101 DPME 771,119.35 744,415.70 771,119.35 0.00 0.00 0.00 0.00 91282CBQ3 1319 101 USTR 500,000.00 494,165.00 494,165.00 0.500 0.502 203.81 0.00 0.00 203.81 91282CBT7 1320 101 USTR 500,000.00 499,525.00 499,525.00 0.750 0.749 307.37 0.00 0.00 307.37 91282CCF6 1321 101 USTR 1,000,000.00 997,060.00 997,060.00 0.750 0.754 618.13 0.00 0.00 618.13 91282CBT7 1322 101 USTR 500,000.00 498,450.00 498,450.00 0.750 0.750 307.37 0.00 0.00 307.37 91282CCF6 1323 101 USTR 500,000.00 497,095.00 497,095.00 0.750 0.756 309.06 0.00 0.00 309.06 3130AMFS6 1324 101 FHLB 1,000,000.00 993,420.00 993,420.00 0.750 0.765 625.00 0.00 0.00 625.00 92559TAJ7 1325 101 VIBRNT 249,000.00 248,377.50 248,377.50 0.800 0.802 163.73 0.00 0.00 163.73 38149MXK4 1326 101 GLDMAN 248,000.00 248,000.00 248,000.00 1.000 1.000 203.83 0.00 0.00 203.83 795451AF0 1327 101 SALMAE 248,000.00 248,000.00 248,000.00 1.000 1.000 203.83 0.00 0.00 203.83 89388CEYO 1328 101 TABBK 248,000.00 248,000.00 248,000.00 0.400 0.400 81.53 0.00 0.00 81.53 06417NZQ9 1329 101 BKOZK 248,000.00 248,000.00 248,000.00 0.400 0.400 81.53 0.00 0.00 81.53 3133EM2C5 1330 101 FFCB 500,000.00 498,000.00 498,000.00 0.710 0.723 295.83 0.00 0.00 295.83 70962LAF9 1331 101 PENTGN 249,000.00 249,000.00 249,000.00 0.700 0.700 143.26 0.00 0.00 143.26 87165ET98 1332 101 SYNCHR 245,000.00 245,000.00 245,000.00 0.900 0.900 181.23 0.00 0.00 181.23 05580AD50 1333 101 BMW 245,000.00 245,000.00 245,000.00 0.650 0.650 130.89 0.00 0.00 130.89 20786ADL6 1334 101 CONNEC 248,000.00 248,000.00 248,000.00 0.800 0.800 163.06 0.00 0.00 163.06 Run Date: 07/24/2023 - 16:17 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 5 April 1, 2023 -April 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 91282CCP4 1335 101 USTR 1,000,000.00 983,750.00 983,750.00 0.625 0.641 517.96 0.00 0.00 517.96 91282CCW9 1336 101 USTR 1,000,000.00 988,500.00 988,500.00 0.750 0.753 611.42 0.00 0.00 611.42 3130APBM6 1337 101 FHLB 1,000,000.00 999,000.00 999,000.00 1.000 1.015 833.33 0.00 0.00 833.33 3133EM4X7 1338 101 FFCB 1,000,000.00 991,080.00 991,080.00 0.800 0.818 666.66 0.00 0.00 666.66 3130APB46 1339 101 FHLB 1,000,000.00 998,250.00 998,250.00 0.950 0.965 791.67 0.00 0.00 791.67 3133EMX64 1340 101 FFCB 0.00 499,002.04 0.00 0.170 2.876 63.75 0.00 997.96 1,061.71 91282CCN9 1341 101 USTR 500,000.00 497,792.97 497,792.97 0.125 0.127 51.80 0.00 0.00 51.80 91282CBEO 1342 101 USTR 1,000,000.00 991,000.00 991,000.00 0.125 0.127 103.59 0.00 0.00 103.59 91282CDB4 1343 101 USTR 1,000,000.00 996,320.00 996,320.00 0.625 0.627 513.60 0.00 0.00 513.60 3133ENCQ1 1344 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 1.270 1.288 1,058.33 0.00 0.00 1,058.33 59013KPNO 1345 101 MRRCK 249,000.00 249,000.00 249,000.00 1.100 1.100 225.12 0.00 0.00 225.12 14042RQB0 1346 101 CAPINA 248,000.00 248,000.00 248,000.00 1.100 1.100 224.22 0.00 0.00 224.22 3130APTV7 1347 101 FHLB 500,000.00 499,500.00 499,500.00 0.700 0.710 291.67 0.00 0.00 291.67 91282CCD1 1350 101 USTR 1,000,000.00 995,468.75 995,468.75 0.125 0.126 103.02 0.00 0.00 103.02 91282CBA8 1351 101 USTR 1,000,000.00 990,000.00 990,000.00 0.125 0.127 103.02 0.00 0.00 103.02 91282CBR1 1352 101 USTR 1,000,000.00 989,800.00 989,800.00 0.250 0.251 203.80 0.00 0.00 203.80 3130AP21-18 1353 101 FHLB 1,000,000.00 987,100.00 987,100.00 0.550 0.565 458.34 0.00 0.00 458.34 3135G06G3 1354 101 FNMA 1,000,000.00 976,300.00 976,300.00 0.500 0.519 416.67 0.00 0.00 416.67 3133ENGN4 1355 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 0.970 0.983 808.33 0.00 0.00 808.33 501798RP9 1356 101 LCA 248,000.00 248,000.00 248,000.00 1.000 1.000 203.83 0.00 0.00 203.83 20825WAR1 1357 101 CNNXS 249,000.00 249,000.00 249,000.00 1.250 1.250 255.82 0.00 0.00 255.82 3130AQF65 1358 101 FHLB 1,000,000.00 999,750.00 999,750.00 1.250 1.268 1,041.67 0.00 0.00 1,041.67 3134GW6C5 1359 101 FHLMC 500,000.00 486,000.00 486,000.00 0.800 0.834 333.33 0.00 0.00 333.33 91282CBV2 1360 101 USTR 500,000.00 494,882.81 494,882.81 0.375 0.379 154.09 0.00 0.00 154.09 3137EAEU9 1361 101 FHLMC 500,000.00 487,090.00 487,090.00 0.375 0.390 156.25 0.00 0.00 156.25 3134GW5R3 1362 101 FHLMC 400,000.00 391,360.00 391,360.00 0.650 0.674 216.67 0.00 0.00 216.67 307811DF3 1363 101 FARMER 249,000.00 249,000.00 249,000.00 0.900 0.900 184.19 0.00 0.00 184.19 3130AQJR5 1364 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.500 1.521 1,250.00 0.00 0.00 1,250.00 3135G03U5 1365 101 FNMA 500,000.00 487,790.00 487,790.00 0.625 0.650 260.42 0.00 0.00 260.42 3134GWUQ7 1366 101 FHLMC 1,000,000.00 945,570.00 945,570.00 0.700 0.751 583.34 0.00 0.00 583.34 3130AQSA2 1367 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.830 1.855 1,525.00 0.00 0.00 1,525.00 89786MAF1 1368 101 TRUSKY 245,000.00 245,000.00 245,000.00 1.600 1.600 322.20 0.00 0.00 322.20 912828Z78 1369 101 USTR 1,000,000.00 986,700.00 986,700.00 1.500 1.533 1,243.09 0.00 0.00 1,243.09 07371AYE7 1370 101 BEALTX 245,000.00 245,000.00 245,000.00 1.900 1.900 382.60 0.00 0.00 382.60 073710E88 1371 101 BEALUS 245,000.00 245,000.00 245,000.00 1.900 1.900 382.60 0.00 0.00 382.60 02357QAQO 1372 101 AMRNT 245,000.00 245,000.00 245,000.00 1.600 1.600 322.19 0.00 0.00 322.19 59161YAP1 1373 101 METRO 249,000.00 249,000.00 249,000.00 1.700 1.700 347.92 0.00 0.00 347.92 Run Date: 07/24/2023 - 16:17 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 6 April 1, 2023 -April 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 3130AQWY5 1374 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.700 1.724 1,416.67 0.00 0.00 1,416.67 27004PCM3 1375 101 EGLMRK 245,000.00 245,000.00 245,000.00 2.000 2.000 402.74 0.00 0.00 402.74 64034KAZ4 1376 101 NELNET 245,000.00 245,000.00 245,000.00 1.800 1.800 362.46 0.00 0.00 362.46 24773RCR4 1377 101 DELTA 245,000.00 245,000.00 245,000.00 2.000 2.000 402.74 0.00 0.00 402.74 91139LAB2 1378 101 URSVLT 248,000.00 248,000.00 248,000.00 1.900 1.900 387.29 0.00 0.00 387.29 565819AG4 1379 101 MRTHON 248,000.00 248,000.00 248,000.00 1.800 1.800 366.90 0.00 0.00 366.90 91282CCW9 1380 101 USTR 500,000.00 466,454.17 466,454.17 0.750 0.797 305.70 0.00 0.00 305.70 91282CDG3 1381 101 USTR 500,000.00 473,396.82 473,396.82 1.125 1.197 465.91 0.00 0.00 465.91 91282CBQ3 1382 101 USTR 750,000.00 698,025.00 698,025.00 0.500 0.533 305.70 0.00 0.00 305.70 912828654 1383 101 USTR 1,000,000.00 999,010.00 999,010.00 2.375 2.396 1,967.16 0.00 0.00 1,967.16 50625LAW3 1384 101 LFYTT 248,000.00 248,000.00 248,000.00 2.050 2.050 417.86 0.00 0.00 417.86 3130ARGJ4 1385 101 FHLB 500,000.00 500,000.00 500,000.00 2.500 2.535 1,041.67 0.00 0.00 1,041.67 20033A3A2 1386 101 CCBA 248,000.00 248,000.00 248,000.00 2.650 2.650 540.17 0.00 0.00 540.17 3130ARGY1 1387 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 2.700 2.738 2,250.00 0.00 0.00 2,250.00 02007GPX5 1388 101 ALLY 245,000.00 245,000.00 245,000.00 2.550 2.550 513.49 0.00 0.00 513.49 52168UHY1 1389 101 LEADR 245,000.00 245,000.00 245,000.00 2.550 2.550 513.49 0.00 0.00 513.49 9128283D0 1390 101 USTR 1,000,000.00 985,190.00 985,190.00 2.250 2.302 1,863.63 0.00 0.00 1,863.63 91282CEF4 1391 101 USTR 1,000,000.00 976,860.00 976,860.00 2.500 2.552 2,049.18 0.00 0.00 2,049.18 254673E69 1392 101 DISCOV 245,000.00 245,000.00 245,000.00 3.100 3.100 624.25 0.00 0.00 624.25 48115LAD6 1396 101 JOVIA 248,000.00 248,000.00 248,000.00 2.500 2.500 509.60 0.00 0.00 509.60 912828X88 1397 101 USTR 1,000,000.00 969,687.50 969,687.50 2.375 2.470 1,968.23 0.00 0.00 1,968.23 91282CEN7 1398 101 USTR 500,000.00 495,000.00 495,000.00 2.750 2.799 1,138.88 0.00 0.00 1,138.88 91282CET4 1399 101 USTR 500,000.00 491,842.18 491,842.18 2.625 2.676 1,081.73 0.00 0.00 1,081.73 91282821.13 1400 101 USTR 500,000.00 490,850.00 490,850.00 1.875 1.894 764.26 0.00 0.00 764.26 3133ENYH7 1401 101 FFCB 500,000.00 499,080.00 499,080.00 2.625 2.666 1,093.75 0.00 0.00 1,093.75 3130ASDV8 1409 101 FHLB 300,000.00 300,000.00 300,000.00 3.300 3.346 825.00 0.00 0.00 825.00 89269FDP7 1415 101 TRADCP 246,000.00 246,000.00 246,000.00 3.000 3.000 606.58 0.00 0.00 606.58 91282CFB2 1417 101 USTR 1,000,000.00 989,460.00 989,460.00 2.750 2.802 2,279.01 0.00 0.00 2,279.01 912828XT2 1418 101 USTR 1,000,000.00 985,240.00 985,240.00 2.000 2.036 1,648.35 0.00 0.00 1,648.35 397417AQ9 1419 101 GRNWDS 248,000.00 248,000.00 248,000.00 3.050 3.050 621.69 0.00 0.00 621.69 88413QDN5 1420 101 3RD 245,000.00 245,000.00 245,000.00 3.300 3.300 664.52 0.00 0.00 664.52 02589ADH2 1421 101 AMEXNB 245,000.00 245,000.00 245,000.00 3.450 3.450 694.73 0.00 0.00 694.73 91282CFB2 1422 101 USTR 1,000,000.00 979,645.67 979,645.67 2.750 2.830 2,279.01 0.00 0.00 2,279.01 732329BD8 1425 101 PONCE 248,000.00 248,000.00 248,000.00 3.500 3.500 713.42 0.00 0.00 713.42 3133ENL99 1426 101 FFCB 1,000,000.00 997,492.55 997,492.55 3.375 3.430 2,812.50 0.00 0.00 2,812.50 052392BT3 1427 101 AUSTEL 248,000.00 248,000.00 248,000.00 3.800 3.800 774.58 0.00 0.00 774.58 914242AA0 1429 101 UNIVCU 248,000.00 248,000.00 248,000.00 4.000 4.000 815.34 0.00 0.00 815.34 Run Date: 07/24/2023 - 16:17 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 7 April 1, 2023 -April 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 22258JAB7 1430 101 CNTYSC 248,000.00 248,000.00 248,000.00 4.400 4.400 896.87 0.00 0.00 896.87 3133ENQ29 1433 101 FFCB 1,000,000.00 996,400.00 996,400.00 4.000 4.070 3,333.34 0.00 0.00 3,333.34 84229LBA9 1434 101 STHBNK 244,000.00 244,000.00 244,000.00 4.250 4.250 852.33 0.00 0.00 852.33 34520LAT0 1435 101 FORBRT 248,000.00 248,000.00 248,000.00 4.600 4.600 937.64 0.00 0.00 937.64 912796YV5 1436 101 USTR 0.00 4,893,349.12 0.00 4.363 30.597 0.00 0.00 106,650.88 106,650.88 912796YV5 1437 101 USTR 0.00 1,958,436.61 0.00 4.375 29.793 0.00 0.00 41,563.39 41,563.39 25460FDW3 1438 101 DIRFCU 248,000.00 248,000.00 248,000.00 4.800 4.800 978.40 0.00 0.00 978.40 9128282R0 1439 101 USTR 1,000,000.00 927,110.00 927,110.00 2.250 2.447 1,864.64 0.00 0.00 1,864.64 3133EN31-11 1441 101 FFCB 1,000,000.00 998,650.00 998,650.00 4.000 4.061 3,333.33 0.00 0.00 3,333.33 914098DJ4 1442 101 UNIVBK 249,000.00 249,000.00 249,000.00 4.200 4.200 859.56 0.00 0.00 859.56 912828R69 1443 101 USTR 4,000,000.00 3,944,075.80 3,944,075.80 1.625 1.653 5,357.15 0.00 0.00 5,357.15 3133EN3S7 1446 101 FFCB 1,000,000.00 998,000.00 998,000.00 3.750 3.810 3,125.00 0.00 0.00 3,125.00 25844MAK4 1447 101 DORTCU 247,000.00 247,000.00 247,000.00 4.500 4.500 913.56 0.00 0.00 913.56 01664MAB2 1448 101 ALL IN 248,000.00 248,000.00 248,000.00 4.400 4.400 896.88 0.00 0.00 896.88 51828MAC8 1449 101 LATCOM 248,000.00 248,000.00 248,000.00 4.500 4.500 917.27 0.00 0.00 917.27 45157PAZ3 1450 101 IDEAL 248,000.00 248,000.00 248,000.00 4.500 4.500 917.26 0.00 0.00 917.26 01882MAC6 1451 101 ALIANT 247,000.00 247,000.00 247,000.00 5.000 5.000 1,015.06 0.00 0.00 1,015.06 91282CCK5 1452 101 USTR 2,000,000.00 1,956,875.00 1,956,875.00 0.125 0.129 207.19 0.00 0.00 207.19 912796ZR3 1453 101 USTR 3,000,000.00 2,932,950.00 2,932,950.00 4.572 0.00 0.00 0.00 0.00 80865MAB3 1454 101 SCIENT 248,000.00 248,000.00 248,000.00 4.650 4.650 947.84 0.00 0.00 947.84 78472EAB0 1455 101 SPCOCU 249,000.00 249,000.00 249,000.00 4.350 4.350 890.26 0.00 0.00 890.26 91282CFH9 1456 101 USTR 500,000.00 489,175.00 489,175.00 3.125 3.168 1,273.77 0.00 0.00 1,273.77 300185LM5 1457 101 EVRGRN 248,000.00 248,000.00 248,000.00 3.850 3.850 784.77 0.00 0.00 784.77 82671DAB3 1458 101 SIGFCU 248,000.00 248,000.00 248,000.00 4.400 4.400 896.88 0.00 0.00 896.88 79772FAG1 1459 101 SF FCU 248,000.00 248,000.00 248,000.00 4.350 4.350 886.68 0.00 0.00 886.68 91282CGH8 1460 101 USTR 1,000,000.00 996,369.14 996,369.14 3.500 3.542 2,900.56 0.00 0.00 2,900.56 9128284X5 1462 101 USTR 1,000,000.00 988,900.00 988,900.00 2.750 2.758 2,241.85 0.00 0.00 2,241.85 912796Y37 1463 101 USTR 2,000,000.00 1,954,412.92 1,954,412.92 4.636 0.00 0.00 0.00 0.00 3133EPAV7 1464 101 FFCB 1,000,000.00 995,400.00 995,400.00 3.875 3.947 3,229.16 0.00 0.00 3,229.16 91282CEW7 1465 101 USTR 1,000,000.00 967,220.00 967,220.00 3.250 3.388 2,693.37 0.00 0.00 2,693.37 530520AH8 1466 101 LBRTY1 248,000.00 248,000.00 248,000.00 4.500 4.500 917.26 0.00 0.00 917.26 09582YAF9 1467 101 BLURDG 244,000.00 244,000.00 244,000.00 4.200 4.200 842.30 0.00 0.00 842.30 912797FR3 1468 101 USTR 3,000,000.00 2,951,790.00 2,951,790.00 4.821 0.00 0.00 0.00 0.00 011852AE0 1469 101 ALASKA 248,000.00 248,000.00 248,000.00 4.600 4.600 937.64 0.00 0.00 937.64 912796YH6 1470 101 USTR 2,000,000.00 1,950,283.66 1,950,283.66 4.917 0.00 0.00 0.00 0.00 912796Z51 1471 101 USTR 3,000,000.00 2,927,220.00 2,927,220.00 4.991 0.00 0.00 0.00 0.00 92891CCZ3 1472 101 VYSTAR 248,000.00 248,000.00 248,000.00 4.550 4.550 927.45 0.00 0.00 927.45 Run Date: 07/24/2023 - 16:17 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 8 April 1, 2023 -April 30, 2023 Fund: Fiscal Agent SYS1058 1058 231 USBANK 1,560.39 1,555.26 1,560.39 4.013 5.13 0.00 0.00 Adjusted Interest Earnings Subtotal 1,560.39 1,555.26 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings 182,950.98 0.00 0.00 0.00 0.00 Subtotal 182,950.98 209,195.24 182,950.98 Fund: General Fund 0.00 0.00 Fund: SA Low/Mod Bond Fund 89789AAG2 1473 101 TRUFCU 248,000.00 248,000.00 248,000.00 4.700 4.700 958.03 0.00 0.00 958.03 59524LAA4 1474 101 MIDCAR 248,000.00 248,000.00 248,000.00 4.850 4.850 988.61 0.00 0.00 988.61 49306SJ56 1475 101 KEYBNK 244,000.00 244,000.00 244,000.00 5.000 5.000 1,002.74 0.00 0.00 1,002.74 064860MC0 1476 101 BKSIER 244,000.00 244,000.00 244,000.00 4.600 4.600 922.52 0.00 0.00 922.52 909557KQ2 1477 101 UNBKRS 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 00833JAQ4 1478 101 AFFNTY 248,000.00 248,000.00 248,000.00 4.900 4.900 998.79 0.00 0.00 998.79 108622NJ6 1479 101 BRIDWA 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 3135GAGA3 1480 101 FNMA 2,000,000.00 0.00 2,000,000.00 5.200 5.272 8,088.89 0.00 0.00 8,088.89 912797GF8 1481 101 USTR 2,000,000.00 0.00 1,968,951.36 4.696 0.00 0.00 0.00 0.00 3135GAGK1 1482 101 FNMA 3,000,000.00 0.00 3,000,000.00 5.050 5.120 7,995.83 0.00 0.00 7,995.83 724468AC7 1483 101 PITBOW 244,000.00 0.00 244,000.00 4.350 4.350 494.35 0.00 0.00 494.35 3134GYPJ5 1484 101 FHLMC 1,000,000.00 0.00 999,100.00 5.200 5.277 1,011.11 0.00 0.00 1,011.11 62384RAT3 1485 101 MTNAMR 248,000.00 0.00 248,000.00 4.700 4.700 63.87 0.00 0.00 63.87 Subtotal 219,805,834.96 215,035,244.69 218,620,631.07 3.007 392,850.87 0.00 149,212.23 542,063.10 Fund: Fiscal Agent SYS1058 1058 231 USBANK 1,560.39 1,555.26 1,560.39 4.013 5.13 0.00 0.00 5.13 Subtotal 1,560.39 1,555.26 1,560.39 4.013 5.13 0.00 0.00 5.13 Fund: Housing Authority: WSA and LQ SYS1062 1062 241 LQPR 182,950.98 209,195.24 182,950.98 0.00 0.00 0.00 0.00 Subtotal 182,950.98 209,195.24 182,950.98 0.00 0.00 0.00 0.00 Fund: SA Low/Mod Bond Fund 25-33-005 1113 249 LAIF 2,049,939.66 2,036,215.89 2,049,939.66 2.870 3.164 5,295.68 0.00 0.00 5,295.68 Subtotal 2,049,939.66 2,036,215.89 2,049,939.66 3.164 5,295.68 0.00 0.00 5,295.68 Total 222,040,285.99 217,282,211.08 220,855,082.10 3.005 398,151.68 0.00 149,212.23 547,363.91 Run Date: 07/24/2023 - 16:17 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 k1a Qaiifta GEM ofrheDESERT City of La Quinta Portfolio Management Portfolio Summary May 31, 2023 City of La Quinta Investments Par Par Market Value Book Value °% of Portfolio Term Days to Maturity YTM 365 Equiv. Bank Accounts 15,731,488.11 15,731,488.11 15,731,488.11 6.43 1 1 0.000 Local Agency Investment Fund -City 34,065,011.99 33,645,096.65 34,065,011.99 13.91 1 1 2.993 Local Agency Invstmnt Fund -Housing 2,049,939.66 2,024,058,81 2,049,939.86 0,84 1 1 2.993 Money Market Accounts - CAMP 43,053,174.78 43,053,174_78 43,053,174.78 17.59 1 1 5.160 Federal Agency Coupon Securities 46,750,000.00 43,942,524.50 46,530,847.05 19.01 1,545 908 2.003 FedemlAgency Discount 1,000,0D0.00 985,790.00 982,351.39 0.40 131 102 5.075 Treasury Coupon Securities 33,750,000-00 32,060,452.50 33,158,759.07 13.54 1,400 942 2.281 Treasury Discount Notes 24,000,000.00 23,675,259.00 23,479,068.78 9.59 161 94 5-094 Certificate of Deposits 37,826000.00 36,669,274.78 37,825,377.50 15.45 1,669 880 2.576 Corporate Nates 900,000.()() 848.783.00 875,680.00 0-36 1,797 598 1.738 Money Market with Fiscal Agent 1,565.80 1.565.80 1,565.60 0.00 1 1 0,000 CERST - OPE B Trust 1,828,332, 91 1,828,332.91 1,828.332.91 0.75 1 1 0.000 PARS Pension Trust 5.237,081.17 5,237,061.17 5,237,()61.17 2,14 1 1 0.000 246,192,574.42 239,702,853.41 244,818,638.21 140.40°% 754 2.952 Investments Total Earnings Current Year May 31 Month Ending 502,919.56 Fiscal Year To Date 3,999,753.51 Average Daily Balance 222,830,422.62 218,067,007.08 Effective Rate of Return 2.66°% 2.00% 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy- As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our financial institutimns to determine the fair market value of investments at month end. C—U I — �11 Claudia Martinez, Finance orJCity Tre urer Reporting period 0510112023-0513112023 Run pale: 07/25/2023 - 17:41 Portfolio CITY CP PM (PRF_PM1) 7.3.4 Report Ver. 7 3.6 1 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2023 Page 1 Local Agency Investment Fund -City 98-33-434 1055 Local Agency Inv Fund 34,065,011.99 33,645,096.65 34,065,011.99 2.993 1 1 2.993 Subtotal and Average 20,032,753.93 34,065,011.99 33,645,096.65 34,065,011.99 1 1 2.993 Local Agency Invstmnt Fund -Housing 25-33-005 1113 Local Agency Inv Fund 2,049,939.66 2,024,058.81 2,049,939.66 2.993 1 1 2.993 Subtotal and Average 2,049,939.66 2,049,939.66 2,024,058.81 2,049,939.66 1 1 2.993 Money Market Accounts - CAMP Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Bank Accounts 43,053,174.78 5.160 1 1 5.160 SYS1293 1293 Bank of New York 09/01/2020 4,203,008.47 4,203,008.47 4,203,008.47 1 1 0.000 059731851 1228 Bank of the West 08/20/2019 10,687,259.93 10,687,259.93 10,687,259.93 1 1 0.000 SYS1059 1059 City Petty Cash 07/01/2016 3,300.00 3,300.00 3,300.00 1 1 0.000 SYS1318 1318 Dune Palms Mobile Estates 03/09/2021 797,129.78 797,129.78 797,129.78 1 1 0.000 SYS1062 1062 La Quinta Palms Realty 07/01/2016 40,789.93 40,789.93 40,789.93 1 1 0.000 2.800 1,786 Subtotal and Average 10,619,540.31 3.041 15,731,488.11 15,731,488.11 15,731,488.11 1 1 0.000 Local Agency Investment Fund -City 98-33-434 1055 Local Agency Inv Fund 34,065,011.99 33,645,096.65 34,065,011.99 2.993 1 1 2.993 Subtotal and Average 20,032,753.93 34,065,011.99 33,645,096.65 34,065,011.99 1 1 2.993 Local Agency Invstmnt Fund -Housing 25-33-005 1113 Local Agency Inv Fund 2,049,939.66 2,024,058.81 2,049,939.66 2.993 1 1 2.993 Subtotal and Average 2,049,939.66 2,049,939.66 2,024,058.81 2,049,939.66 1 1 2.993 Money Market Accounts - CAMP SYS 1153 1153 California Asset Management Pr 09/26/2018 43,053,174.78 43,053,174.78 43,053,174.78 5.160 1 1 5.160 Subtotal and Average 42,871,340.16 43,053,174.78 43,053,174.78 43,053,174.78 1 1 5.160 Federal Agency Coupon Securities 3133EKZK5 1223 Federal Farm Credit Bank 09/12/2019 500,000.00 496,275.00 499,400.00 1.600 1,432 74 1.632 08/14/2023 3133EJYL7 1158 Federal Farm Credit Bank 10/15/2018 250,000.00 248,462.50 247,275.00 2.800 1,786 96 3.041 09/05/2023 3133EK4X1 1234 Federal Farm Credit Bank 11/01/2019 1,000,000.00 984,220.00 996,900.00 1.600 1,461 153 1.680 11/01/2023 3130AFW94 1177 Federal Home Loan Bank 03/01/2019 500,000.00 490,475.00 498,550.00 2.500 1,810 257 2.563 02/13/2024 3133ELNEO 1246 Federal Farm Credit Bank 02/14/2020 1,000,000.00 974,640.00 999,000.00 1.430 1,461 258 1.456 02/14/2024 3135GAGK1 1482 Federal National Mtg Assn 04/12/2023 3,000,000.00 2,983,380.00 3,000,000.00 5.050 366 316 5.050 04/12/2024 3133ENYH7 1401 Federal Farm Credit Bank 06/10/2022 500,000.00 488,155.00 499,080.00 2.625 731 375 2.720 06/10/2024 3135GOV75 1206 Federal National Mtg Assn 07/15/2019 500,000.00 483,885.00 495,950.00 1.750 1,814 397 1.922 07/02/2024 3133EKWV4 1212 Federal Farm Credit Bank 08/02/2019 500,000.00 481,190.00 499,500.00 1.850 1,820 421 1.871 07/26/2024 3135GAGA3 1480 Federal National Mtg Assn 04/03/2023 2,000,000.00 1,987,820.00 2,000,000.00 5.200 484 425 5.206 07/30/2024 3133EKP75 1224 Federal Farm Credit Bank 09/17/2019 500,000.00 479,435.00 498,750.00 1.600 1,827 474 1.652 09/17/2024 3133ELEA8 1242 Federal Farm Credit Bank 12/17/2019 1,000,000.00 961,450.00 998,600.00 1.700 1,736 474 1.731 09/17/2024 3135GO6E8 1291 Federal National Mtg Assn 11/18/2020 500,000.00 466,150.00 499,250.00 0.420 1,461 536 0.458 11/18/2024 3133ENGN4 1355 Federal Farm Credit Bank 12/09/2021 1,000,000.00 938,920.00 1,000,000.00 0.970 1,096 557 0.970 12/09/2024 3135GAAW1 1300 Federal National Mtg Assn 12/30/2020 500,000.00 464,385.00 500,000.00 0.400 1,461 578 0.400 12/30/2024 3130AP2U8 1353 Federal Home Loan Bank 12/07/2021 1,000,000.00 928,850.00 987,100.00 0.550 1,127 586 0.976 01/07/2025 Portfolio CITY CP Run Date: 07/25/2023 - 17:41 PM (PRF_PM2) 7.3.0 Report Ver. 7.3.6.1 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2023 Page 2 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM Maturity 365 Date Federal Agency Coupon Securities 3130AQWY5 1374 Federal Home Loan Bank 02/25/2022 1,000,000.00 943,510.00 1,000,000.00 1.700 1,095 634 1.700 02/24/2025 3135G03U5 1365 Federal National Mtg Assn 01/28/2022 500,000.00 465,100.00 487,790.00 0.625 1,180 691 1.400 04/22/2025 3134GVYG7 1279 Federal Home Loan Mtg Corp 05/27/2020 1,000,000.00 925,220.00 1,000,000.00 0.625 1,826 726 0.625 05/27/2025 3133ELH23 1280 Federal Farm Credit Bank 06/09/2020 500,000.00 462,430.00 499,850.00 0.500 1,826 739 0.506 06/09/2025 3133ELH80 1282 Federal Farm Credit Bank 06/10/2020 500,000.00 460,320.00 500,000.00 0.680 1,826 740 0.680 06/10/2025 3130AJKW8 1281 Federal Home Loan Bank 06/03/2020 500,000.00 462,510.00 499,850.00 0.500 1,836 743 0.506 06/13/2025 3130AJRP6 1283 Federal Home Loan Bank 06/30/2020 300,000.00 275,685.00 300,000.00 0.680 1,826 760 0.680 06/30/2025 3137EAEU9 1297 Federal Home Loan Mtg Corp 12/07/2020 1,000,000.00 917,100.00 997,300.00 0.375 1,687 781 0.434 07/21/2025 3137EAEU9 1361 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 458,550.00 487,090.00 0.375 1,293 781 1.120 07/21/2025 3135G05S8 1288 Federal National Mtg Assn 08/14/2020 500,000.00 456,085.00 500,000.00 0.500 1,826 805 0.500 08/14/2025 3136G4M75 1290 Federal National Mtg Assn 08/28/2020 500,000.00 459,590.00 499,750.00 0.520 1,816 809 0.530 08/18/2025 3136G4N74 1289 Federal National Mtg Assn 08/21/2020 1,000,000.00 912,800.00 1,000,000.00 0.560 1,826 812 0.560 08/21/2025 3137EAEX3 1307 Federal Home Loan Mtg Corp 02/23/2021 500,000.00 456,405.00 495,999.50 0.375 1,673 845 0.552 09/23/2025 3137EAEX3 1310 Federal Home Loan Mtg Corp 03/30/2021 1,000,000.00 912,810.00 983,940.00 0.375 1,638 845 0.740 09/23/2025 3130ARGJ4 1385 Federal Home Loan Bank 04/14/2022 500,000.00 479,065.00 500,000.00 2.500 1,279 866 2.500 10/14/2025 3134GW5R3 1362 Federal Home Loan Mtg Corp 01/05/2022 400,000.00 363,904.00 391,360.00 0.650 1,391 879 1.232 10/27/2025 3135G06G3 1354 Federal National Mtg Assn 12/07/2021 1,000,000.00 912,170.00 976,300.00 0.500 1,431 890 1.120 11/07/2025 3135GA2Z3 1292 Federal National Mtg Assn 11/17/2020 500,000.00 453,390.00 499,250.00 0.560 1,826 900 0.590 11/17/2025 3130AKFA9 1298 Federal Home Loan Bank 12/07/2020 500,000.00 453,705.00 497,400.00 0.375 1,831 925 0.480 12/12/2025 3135GA7D7 1299 Federal National Mtg Assn 12/23/2020 500,000.00 451,365.00 500,000.00 0.600 1,826 936 0.600 12/23/2025 3134GXGZ1 1301 Federal Home Loan Mtg Corp 12/30/2020 500,000.00 455,170.00 500,000.00 0.550 1,826 943 0.550 12/30/2025 3130AKMZ6 1302 Federal Home Loan Bank 01/14/2021 500,000.00 449,190.00 500,000.00 0.510 1,826 958 0.510 01/14/2026 313OAKN28 1304 Federal Home Loan Bank 01/29/2021 500,000.00 449,095.00 500,000.00 0.550 1,826 973 0.550 01/29/2026 3130ALV92 1312 Federal Home Loan Bank 03/30/2021 500,000.00 458,515.00 500,000.00 1.050 1,826 1,033 0.938 03/30/2026 3130AMFS6 1324 Federal Home Loan Bank 06/17/2021 1,000,000.00 904,470.00 993,420.00 0.750 1,821 1,107 0.885 06/12/2026 3133EM2C5 1330 Federal Farm Credit Bank 08/10/2021 500,000.00 443,790.00 498,000.00 0.710 1,826 1,166 0.792 08/10/2026 3133EM4X7 1338 Federal Farm Credit Bank 09/28/2021 1,000,000.00 897,380.00 991,080.00 0.800 1,808 1,197 0.985 09/10/2026 3130APBM6 1337 Federal Home Loan Bank 09/30/2021 1,000,000.00 891,710.00 999,000.00 1.000 1,826 1,217 1.021 09/30/2026 3130APB46 1339 Federal Home Loan Bank 10/13/2021 1,000,000.00 889,310.00 998,250.00 0.950 1,826 1,230 0.986 10/13/2026 3134GW6C5 1359 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 441,810.00 486,000.00 0.800 1,757 1,245 1.403 10/28/2026 3133ENCQ1 1344 Federal Farm Credit Bank 11/02/2021 1,000,000.00 895,510.00 1,000,000.00 1.270 1,826 1,250 1.270 11/02/2026 3130APTV7 1347 Federal Home Loan Bank 11/24/2021 500,000.00 455,730.00 499,500.00 0.700 1,826 1,272 1.489 11/24/2026 3130AQF65 1358 Federal Home Loan Bank 12/22/2021 1,000,000.00 911,220.00 999,750.00 1.250 1,825 1,299 1.255 12/21/2026 3134GWUQ7 1366 Federal Home Loan Mtg Corp 02/10/2022 1,000,000.00 873,670.00 945,570.00 0.700 1,784 1,308 1.870 12/30/2026 3130AQJR5 1364 Federal Home Loan Bank 01/27/2022 1,000,000.00 901,210.00 1,000,000.00 1.500 1,826 1,336 1.500 01/27/2027 3130AQSA2 1367 Federal Home Loan Bank 02/10/2022 1,000,000.00 911,270.00 1,000,000.00 1.830 1,826 1,350 1.830 02/10/2027 Portfolio CITY CP Run Date: 07/25/2023 - 17:41 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2023 Page 3 Portfolio CITY CP Run Date: 07/25/2023 - 17:41 PM (PRF_PM2) 7.3.0 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Federal Agency Coupon Securities 3130ARGY1 1387 Federal Home Loan Bank 04/19/2022 1,000,000.00 941,130.00 1,000,000.00 2.700 1,826 1,418 2.700 04/19/2027 3130ASDV8 1409 Federal Home Loan Bank 06/28/2022 300,000.00 286,488.00 300,000.00 3.300 1,826 1,488 3.300 06/28/2027 3133ENL99 1426 Federal Farm Credit Bank 09/15/2022 1,000,000.00 974,420.00 997,492.55 3.375 1,826 1,567 3.430 09/15/2027 3133ENQ29 1433 Federal Farm Credit Bank 09/30/2022 1,000,000.00 1,002,810.00 996,400.00 4.000 1,825 1,581 4.080 09/29/2027 3133EN3H1 1441 Federal Farm Credit Bank 11/29/2022 1,000,000.00 999,280.00 998,650.00 4.000 1,826 1,642 4.030 11/29/2027 3133EN3S7 1446 Federal Farm Credit Bank 12/07/2022 1,000,000.00 989,100.00 998,000.00 3.750 1,826 1,650 3.794 12/07/2027 3133EPAV7 1464 Federal Farm Credit Bank 02/15/2023 1,000,000.00 999,700.00 995,400.00 3.875 1,825 1,719 3.977 02/14/2028 3134GYPJ5 1484 Federal Home Loan Mtg Corp 04/24/2023 1,000,000.00 981,140.00 999,100.00 5.200 1,820 1,782 5.220 04/17/2028 Subtotal and Average 46,530,847.05 46,750,000.00 43,942,524.50 46,530,847.05 1,545 908 2.003 Federal Agency Discount 313384LP2 1490 Federal Home Loan Bank 05/03/2023 1,000,000.00 985,790.00 982,351.39 4.850 131 102 5.075 09/11/2023 Subtotal and Average 918,973.88 1,000,000.00 985,790.00 982,351.39 131 102 5.075 Treasury Coupon Securities 91282CCK5 1452 U.S. Treasury 01/04/2023 2,000,000.00 1,991,820.00 1,956,875.00 0.125 177 29 4.635 06/30/2023 91282CCN9 1341 U.S. Treasury 10/22/2021 500,000.00 495,685.00 497,792.97 0.125 647 60 0.375 07/31/2023 9128284X5 1462 U.S. Treasury 02/07/2023 1,000,000.00 993,670.00 988,900.00 2.750 205 91 4.787 08/31/2023 912828T26 1217 U.S. Treasury 08/21/2019 500,000.00 493,420.00 499,300.00 1.375 1,501 121 1.410 09/30/2023 91282CBA8 1351 U.S. Treasury 12/07/2021 1,000,000.00 972,620.00 990,000.00 0.125 738 197 0.623 12/15/2023 91282CBEO 1342 U.S. Treasury 10/22/2021 1,000,000.00 968,240.00 991,000.00 0.125 815 228 0.531 01/15/2024 91282CBR1 1352 U.S. Treasury 12/07/2021 1,000,000.00 961,800.00 989,800.00 0.250 829 288 0.704 03/15/2024 91282CBV2 1360 U.S. Treasury 01/05/2022 500,000.00 479,355.00 494,882.81 0.375 831 319 0.830 04/15/2024 912828XT2 1418 U.S. Treasury 05/04/2022 1,000,000.00 968,830.00 985,240.00 2.000 758 365 2.736 05/31/2024 91282821.13 1400 U.S. Treasury 06/09/2022 500,000.00 481,385.00 490,850.00 1.875 814 457 2.727 08/31/2024 91282CDB4 1343 U.S. Treasury 10/22/2021 1,000,000.00 944,260.00 996,320.00 0.625 1,089 502 0.750 10/15/2024 9128283DO 1390 U.S. Treasury 05/03/2022 1,000,000.00 965,040.00 985,190.00 2.250 912 518 2.870 10/31/2024 912828YV6 1241 U.S. Treasury 12/16/2019 1,000,000.00 953,320.00 989,687.50 1.500 1,811 548 1.718 11/30/2024 91282CAT8 1311 U.S. Treasury 03/30/2021 1,000,000.00 909,960.00 977,500.00 0.250 1,676 883 0.750 10/31/2025 91282CAZ4 1315 U.S. Treasury 04/22/2021 500,000.00 455,370.00 492,187.50 0.375 1,683 913 0.720 11/30/2025 91282CBC4 1303 U.S. Treasury 01/07/2021 500,000.00 454,805.00 498,632.81 0.375 1,819 944 0.431 12/31/2025 91282CBH3 1309 U.S. Treasury 02/23/2021 500,000.00 453,280.00 495,100.00 0.375 1,803 975 0.577 01/31/2026 91282CBQ3 1319 U.S. Treasury 05/28/2021 500,000.00 453,635.00 494,165.00 0.500 1,737 1,003 0.750 02/28/2026 91282CBQ3 1382 U.S. Treasury 03/23/2022 750,000.00 680,452.50 698,025.00 0.500 1,438 1,003 2.353 02/28/2026 91282CBT7 1320 U.S. Treasury 05/28/2021 500,000.00 456,465.00 499,525.00 0.750 1,768 1,034 0.770 03/31/2026 91282CBT7 1322 U.S. Treasury 06/17/2021 500,000.00 456,465.00 498,450.00 0.750 1,748 1,034 0.816 03/31/2026 Portfolio CITY CP Run Date: 07/25/2023 - 17:41 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2023 Page 4 Portfolio CITY CP Run Date: 07/25/2023 - 17:41 PM (PRF_PM2) 7.3.0 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Treasury Coupon Securities 912828654 1383 U.S. Treasury 03/23/2022 1,000,000.00 954,220.00 999,010.00 2.375 1,499 1,064 2.400 04/30/2026 91282CCF6 1321 U.S. Treasury 06/01/2021 1,000,000.00 908,010.00 997,060.00 0.750 1,825 1,095 0.810 05/31/2026 91282CCF6 1323 U.S. Treasury 06/17/2021 500,000.00 454,005.00 497,095.00 0.750 1,809 1,095 0.870 05/31/2026 91282CCP4 1335 U.S. Treasury 09/29/2021 1,000,000.00 900,350.00 983,750.00 0.625 1,766 1,156 0.970 07/31/2026 91282CCW9 1336 U.S. Treasury 09/29/2021 1,000,000.00 901,800.00 988,500.00 0.750 1,797 1,187 0.990 08/31/2026 91282CCW9 1380 U.S. Treasury 03/22/2022 500,000.00 450,900.00 466,454.17 0.750 1,623 1,187 2.350 08/31/2026 91282CDG3 1381 U.S. Treasury 03/22/2022 500,000.00 454,960.00 473,396.82 1.125 1,684 1,248 2.350 10/31/2026 912828Z78 1369 U.S. Treasury 02/10/2022 1,000,000.00 917,310.00 986,700.00 1.500 1,816 1,340 1.781 01/31/2027 91282CEF4 1391 U.S. Treasury 05/03/2022 1,000,000.00 950,000.00 976,860.00 2.500 1,793 1,399 3.010 03/31/2027 91282CEN7 1398 U.S. Treasury 06/08/2022 500,000.00 478,965.00 495,000.00 2.750 1,787 1,429 2.971 04/30/2027 912828X88 1397 U.S. Treasury 06/07/2022 1,000,000.00 944,730.00 969,687.50 2.375 1,803 1,444 3.041 05/15/2027 91282CET4 1399 U.S. Treasury 06/08/2022 500,000.00 476,485.00 491,842.18 2.625 1,818 1,460 2.980 05/31/2027 91282CEW7 1465 U.S. Treasury 02/15/2023 1,000,000.00 975,740.00 967,220.00 3.250 1,596 1,490 4.075 06/30/2027 91282CFB2 1417 U.S. Treasury 08/15/2022 1,000,000.00 956,600.00 989,460.00 2.750 1,811 1,521 2.980 07/31/2027 91282CFB2 1422 U.S. Treasury 08/29/2022 1,000,000.00 956,600.00 979,645.67 2.750 1,797 1,521 3.200 07/31/2027 912828280 1439 U.S. Treasury 11/18/2022 1,000,000.00 937,730.00 927,110.00 2.250 1,731 1,536 3.950 08/15/2027 91282CFH9 1456 U.S. Treasury 01/24/2023 500,000.00 485,450.00 489,175.00 3.125 1,680 1,552 3.640 08/31/2027 91282CGH8 1460 U.S. Treasury 02/02/2023 1,000,000.00 986,640.00 996,369.14 3.500 1,824 1,705 3.580 01/31/2028 91282CGT2 1524 U.S. Treasury 05/31/2023 1,000,000.00 992,580.00 990,000.00 3.625 1,766 1,765 3.853 03/31/2028 91282CHA2 1525 U.S. Treasury 05/31/2023 1,000,000.00 987,500.00 985,000.00 3.500 1,796 1,795 3.837 04/30/2028 Subtotal and Average 36,027,673.15 33,750,000.00 32,060,452.50 33,158,759.07 1,400 942 2.281 Treasury Discount Notes 912796ZR3 1453 U.S. Treasury 01/04/2023 3,000,000.00 2,988,210.00 2,932,950.00 4.572 176 28 4.807 06/29/2023 912797FR3 1468 U.S. Treasury 03/07/2023 3,000,000.00 2,986,230.00 2,951,790.00 4.821 120 34 5.037 07/05/2023 912796Y37 1463 U.S. Treasury 02/07/2023 2,000,000.00 1,981,940.00 1,954,412.92 4.636 177 63 4.877 08/03/2023 912797GF8 1481 U.S. Treasury 04/11/2023 2,000,000.00 1,981,220.00 1,968,951.36 4.696 119 68 4.904 08/08/2023 912797GJO 1489 U.S. Treasury 05/03/2023 1,000,000.00 987,210.00 984,010.00 4.878 118 89 5.096 08/29/2023 912796Z51 1471 U.S. Treasury 03/09/2023 3,000,000.00 2,960,130.00 2,927,220.00 4.991 175 91 5.258 08/31/2023 912796YH6 1470 U.S. Treasury 03/09/2023 2,000,000.00 1,972,500.00 1,950,283.66 4.917 182 98 5.184 09/07/2023 912797FAO 1488 U.S. Treasury 05/03/2023 3,000,000.00 2,941,620.00 2,935,470.00 4.780 162 133 5.022 10/12/2023 912796YTO 1487 U.S. Treasury 05/03/2023 1,000,000.00 977,750.00 975,854.17 4.750 183 154 5.003 11/02/2023 912797FL6 1502 U.S. Treasury 05/31/2023 4,000,000.00 3,898,440.00 3,898,126.67 5.180 177 176 5.464 11/24/2023 Subtotal and Average 19,390,860.12 24,000,000.00 23,675,250.00 23,479,068.78 161 94 5.094 Portfolio CITY CP Run Date: 07/25/2023 - 17:41 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2023 Page 5 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM Maturity 365 Date Certificate of Deposits 725404AB3 1194 Pittsfield Cooperative Bank 06/07/2019 245,000.00 244,867.53 245,000.00 2.500 1,461 6 2.502 06/07/2023 619165JD6 1173 Morton Community 03/20/2019 248,000.00 247,660.07 248,000.00 2.750 1,553 19 2.753 06/20/2023 74934YAH4 1144 RCB Bank 06/20/2018 245,000.00 244,718.38 245,000.00 3.150 1,826 19 3.152 06/20/2023 02616AAH2 1285 American First CU 06/26/2020 248,000.00 247,130.96 248,000.00 0.350 1,095 25 0.350 06/26/2023 02772JBD1 1205 American National Bank 07/19/2019 248,000.00 246,918.48 248,000.00 2.000 1,461 48 2.001 07/19/2023 32110YLK9 1147 First National Bank of America 07/20/2018 245,000.00 244,298.81 245,000.00 3.150 1,826 49 3.152 07/20/2023 06426KAN8 1151 Bank of New England 07/31/2018 249,000.00 248,111.61 249,000.00 3.250 1,826 60 3.252 07/31/2023 75472RAD3 1218 Raymond James Bank 08/23/2019 244,000.00 242,061.11 244,000.00 1.950 1,461 83 1.951 08/23/2023 89579NCD3 1262 Triad Bank 03/30/2020 248,000.00 244,604.78 248,000.00 1.350 1,278 120 1.352 09/29/2023 57116ARV2 1155 Cache Valley BK F/K/A Marlin 10/17/2018 248,000.00 245,881.67 248,000.00 3.300 1,826 138 3.302 10/17/2023 625925AR3 1160 Municipal Trust and Savings 10/17/2018 245,000.00 242,813.93 245,000.00 3.200 1,826 138 3.202 10/17/2023 90348JEJ5 1161 UBS Bank USA 10/17/2018 245,000.00 242,953.98 245,000.00 3.350 1,826 138 3.352 10/17/2023 474067AQ8 1154 Jefferson Financial CU 10/19/2018 245,000.00 242,922.81 245,000.00 3.350 1,826 140 3.352 10/19/2023 20143PDV9 1162 Commercial Bank 11/15/2018 248,000.00 245,514.26 248,000.00 3.400 1,826 167 3.402 11/15/2023 67054NAN3 1164 Numerica Credit Union 11/28/2018 248,000.00 245,509.42 248,000.00 3.550 1,826 180 3.552 11/28/2023 48115LAD6 1396 Jovia Financial Credit Union 06/07/2022 248,000.00 244,010.42 248,000.00 2.500 548 189 2.502 12/07/2023 635573AL2 1170 National Cooperative Bank, N.A 12/21/2018 245,000.00 242,019.07 245,000.00 3.400 1,826 203 3.402 12/21/2023 066851 WJ1 1172 Bar Harbor Bank and Trust 12/31/2018 248,000.00 244,774.85 248,000.00 3.350 1,824 211 3.352 12/29/2023 89269FDP7 1415 Tradition Capital 07/20/2022 246,000.00 241,905.08 246,000.00 3.000 551 235 3.008 01/22/2024 51210SQU4 1208 Lakeside Bank 07/30/2019 248,000.00 242,094.78 248,000.00 2.000 1,644 242 2.003 01/29/2024 77579ADFO 1251 Rollstone B&T 02/12/2020 245,000.00 238,279.76 245,000.00 1.650 1,461 256 1.651 02/12/2024 66736ABP3 1181 Northwest Bank 02/13/2019 248,000.00 243,380.99 248,000.00 2.950 1,826 257 2.951 02/13/2024 949763XY7 1174 Wells Fargo 02/27/2019 248,000.00 243,227.75 248,000.00 3.000 1,826 271 3.001 02/27/2024 50625LAW3 1384 Lafayette FCU 03/30/2022 248,000.00 240,781.60 248,000.00 2.050 729 301 2.053 03/28/2024 882213AB7 1260 Texas Bank Financial 03/31/2020 245,000.00 236,043.29 245,000.00 1.100 1,458 301 1.101 03/28/2024 472382AQ3 1272 The Jefferson Bank 04/15/2020 248,000.00 238,571.66 248,000.00 1.250 1,461 319 1.251 04/15/2024 08016PDQ9 1270 Belmont Bank and Trust 04/16/2020 248,000.00 238,542.93 248,000.00 1.250 1,461 320 1.251 04/16/2024 69506YRH4 1269 Pacific Western Bank 04/16/2020 245,000.00 235,848.35 245,000.00 1.300 1,461 320 1.301 04/16/2024 56065GAG3 1188 Main Street Bank 04/26/2019 248,000.00 241,249.01 248,000.00 2.600 1,827 330 2.603 04/26/2024 33640VDD7 1231 First Service Bank 11/15/2019 248,000.00 238,684.77 248,000.00 1.700 1,643 349 1.701 05/15/2024 48128HXU7 1185 JP Morgan Chase 05/16/2019 245,000.00 239,387.03 245,000.00 3.250 1,827 350 3.254 05/16/2024 46256YAZ2 1186 Iowa State Bank 05/23/2019 245,000.00 237,331.37 245,000.00 2.400 1,827 357 2.403 05/23/2024 538036GVO 1238 Live Oak Bank 11/27/2019 248,000.00 238,591.69 248,000.00 1.800 1,644 362 1.802 05/28/2024 156634AK3 1184 Century Next Bank 05/29/2019 248,000.00 240,268.45 248,000.00 2.500 1,827 363 2.503 05/29/2024 72651LCL6 1195 Plains Commerce Bank 06/07/2019 245,000.00 237,299.24 245,000.00 2.550 1,827 372 2.553 06/07/2024 299547AQ2 1196 Liberty FCU F/K/A Evansville T 06/12/2019 248,000.00 240,142.08 248,000.00 2.600 1,827 377 2.603 06/12/2024 Portfolio CITY CP Run Date: 07/25/2023 - 17:41 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2023 Page 6 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 524661CB9 1197 Legacy Bank 06/19/2019 248,000.00 239,487.66 248,000.00 2.400 1,827 384 2.403 06/19/2024 176688CP2 1199 Citizens State Bank 06/21/2019 248,000.00 239,444.86 248,000.00 2.400 1,827 386 2.403 06/21/2024 20416TAQ5 1202 Communitywide FCU 06/28/2019 248,000.00 238,901.73 248,000.00 2.250 1,827 393 2.253 06/28/2024 761402BY1 1203 Revere Bank 06/28/2019 247,000.00 238,154.02 247,000.00 2.300 1,827 393 2.303 06/28/2024 00257TBD7 1207 Abacus Federal Savings 07/26/2019 248,000.00 237,689.72 248,000.00 1.950 1,827 421 1.952 07/26/2024 33625CCP2 1209 First Security Bank of WA 07/30/2019 248,000.00 237,737.22 248,000.00 2.000 1,827 425 2.002 07/30/2024 710571DS6 1210 People's Bank 07/31/2019 248,000.00 237,972.25 248,000.00 2.000 1,827 426 2.002 07/31/2024 740367HP5 1213 Preferred Bank 08/16/2019 249,000.00 238,566.29 249,000.00 2.000 1,827 442 2.002 08/16/2024 33766LAJ7 1216 FirsTier Bank 08/23/2019 249,000.00 238,257.26 249,000.00 1.950 1,827 449 1.952 08/23/2024 938828BH2 1215 Washington Federal 08/23/2019 248,000.00 237,449.82 248,000.00 2.000 1,827 449 2.002 08/23/2024 336460CX6 1222 First State Bk DeQueen 08/30/2019 248,000.00 236,685.32 248,000.00 1.800 1,827 456 1.802 08/30/2024 334342CD2 1221 First Natl Bk of Syracuse 08/30/2019 249,000.00 237,791.97 249,000.00 1.850 1,827 456 1.852 08/30/2024 15118RRH2 1220 Celtic Bank 08/30/2019 248,000.00 236,836.99 248,000.00 1.850 1,827 456 1.852 08/30/2024 05580AD50 1333 BMW Bank 09/10/2021 245,000.00 230,445.78 245,000.00 0.650 1,096 467 0.651 09/10/2024 06652CHBO 1227 BankWest Inc 09/27/2019 248,000.00 235,983.78 248,000.00 1.700 1,827 484 1.702 09/27/2024 84223QAN7 1286 Southern Bancorp Bk 06/26/2020 248,000.00 231,549.04 248,000.00 0.500 1,582 512 0.500 10/25/2024 804375DL4 1235 Sauk Valley B&T Cc 11/07/2019 248,000.00 235,633.11 248,000.00 1.700 1,827 525 1.702 11/07/2024 61690UNX4 1237 Morgan Stanley Bank 11/20/2019 245,000.00 233,489.03 245,000.00 1.950 1,827 538 1.952 11/20/2024 61760A363 1236 Morgan Stanley Private Bk, NA 11/20/2019 245,000.00 233,314.93 245,000.00 1.900 1,827 538 1.902 11/20/2024 064520BG3 1287 Bank Princeton 06/30/2020 248,000.00 230,200.44 248,000.00 0.500 1,644 578 0.500 12/30/2024 80865MAB3 1454 Scient FCU 01/13/2023 248,000.00 246,364.03 248,000.00 4.650 731 592 4.656 01/13/2025 89388CEYO 1328 Transportation Alliance Bk TAB 07/23/2021 248,000.00 229,447.12 248,000.00 0.400 1,280 602 0.401 01/23/2025 06417NZQ9 1329 Bank OZK 07/29/2021 248,000.00 229,270.61 248,000.00 0.400 1,280 608 0.401 01/29/2025 90983WBT7 1249 United Community 02/07/2020 248,000.00 234,458.86 248,000.00 1.650 1,827 617 1.652 02/07/2025 32114VBT3 1250 First National Bank Michigan 02/14/2020 248,000.00 234,311.80 248,000.00 1.650 1,827 624 1.652 02/14/2025 35637RDC8 1248 Freedom Financial 02/14/2020 248,000.00 233,900.16 248,000.00 1.550 1,827 624 1.552 02/14/2025 029728BC5 1255 American State 02/21/2020 248,000.00 233,957.14 248,000.00 1.600 1,827 631 1.602 02/21/2025 17286TAGO 1252 Citadel FCU 02/27/2020 248,000.00 234,039.84 248,000.00 1.650 1,827 637 1.652 02/27/2025 00435JBH5 1256 Access Bank 03/13/2020 248,000.00 233,914.58 248,000.00 1.600 1,826 651 1.601 03/13/2025 49306SJ56 1475 Kay Bank, N.A. 03/15/2023 244,000.00 244,455.30 244,000.00 5.000 733 655 5.008 03/17/2025 909557KQ2 1477 United Bankers Bank 03/16/2023 248,000.00 248,503.80 248,000.00 5.000 732 655 4.823 03/17/2025 849430BF9 1257 Spring Bank 03/20/2020 248,000.00 233,336.65 248,000.00 1.500 1,826 658 1.501 03/20/2025 05465DAE8 1258 Axos Bank 03/26/2020 248,000.00 233,865.11 248,000.00 1.650 1,826 664 1.651 03/26/2025 020080BX4 1267 Alma Bank 03/30/2020 248,000.00 232,728.50 248,000.00 1.400 1,824 666 1.399 03/28/2025 2027506M2 1268 Commonwealth Business Bk 03/31/2020 248,000.00 232,398.28 248,000.00 1.250 1,826 669 1.251 03/31/2025 654062JZ2 1266 Nicolet Natl Bank 03/31/2020 248,000.00 233,059.37 248,000.00 1.400 1,826 669 1.401 03/31/2025 Portfolio CITY CP Run Date: 07/25/2023 - 17:41 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2023 Page 7 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 14042TDD6 1271 Capital One USA FDIC33954 04/08/2020 245,000.00 231,067.53 245,000.00 1.600 1,826 677 1.601 04/08/2025 02007GPX5 1388 Ally Bank Midvale 04/21/2022 245,000.00 235,032.74 245,000.00 2.550 1,096 690 2.550 04/21/2025 52168UHY1 1389 Leader Bank 04/22/2022 245,000.00 235,019.32 245,000.00 2.550 1,096 691 2.552 04/22/2025 32112UDR9 1274 First Natl Bk McGregor 04/28/2020 248,000.00 232,234.10 248,000.00 1.350 1,826 697 1.351 04/28/2025 32027BALl 1273 First Freedom Bank 04/29/2020 249,000.00 232,457.78 249,000.00 1.200 1,826 698 1.201 04/29/2025 33847E3A3 1276 Flagstar 04/30/2020 248,000.00 231,874.18 248,000.00 1.250 1,826 699 1.251 04/30/2025 32056GDJ6 1278 1st Internet Bank 05/11/2020 248,000.00 230,711.11 248,000.00 1.000 1,827 711 0.985 05/12/2025 95960NKD8 1277 Western State Bank 05/13/2020 245,000.00 228,050.54 245,000.00 1.000 1,826 712 1.001 05/13/2025 254673E69 1392 Discover Bank Greenwood DE CF 05/24/2022 245,000.00 237,539.21 245,000.00 3.100 1,099 726 3.103 05/27/2025 169894AS1 1284 Chippewa Valley Bk 06/24/2020 248,000.00 228,180.24 248,000.00 0.600 1,826 754 0.600 06/24/2025 307811DF3 1363 Farmers & Merch 01/14/2022 249,000.00 230,302.77 249,000.00 0.900 1,277 774 0.900 07/14/2025 70962LAF9 1331 Pentagon FCU 09/01/2021 249,000.00 228,444.28 249,000.00 0.700 1,462 824 0.687 09/02/2025 914242AAO 1429 University Credit Union 09/26/2022 248,000.00 245,241.04 248,000.00 4.000 1,096 848 3.891 09/26/2025 51507LCC6 1305 Landmark Community Bank 01/22/2021 248,000.00 223,806.55 248,000.00 0.500 1,826 966 0.500 01/22/2026 84229LBA9 1434 Southern Bank Sardis GA 10/28/2022 244,000.00 243,328.51 244,000.00 4.250 1,188 972 4.254 01/28/2026 87270LDL4 1306 TIAA FKA EverBank 02/12/2021 245,000.00 221,017.79 245,000.00 0.500 1,826 987 0.500 02/12/2026 64034KAZ4 1376 Nelnet Bank 03/02/2022 245,000.00 229,120.30 245,000.00 1.800 1,461 1,005 1.801 03/02/2026 59524LAA4 1474 Mid Carolina Credit Union 03/13/2023 248,000.00 251,734.25 248,000.00 4.850 1,096 1,016 4.855 03/13/2026 39573LBC1 1313 Greenstate FCU 04/16/2021 249,000.00 226,496.52 249,000.00 0.950 1,826 1,050 0.951 04/16/2026 89235MKY6 1314 Toyota Financial Savings Bank 04/22/2021 245,000.00 222,579.50 245,000.00 0.900 1,826 1,056 0.900 04/22/2026 14622LAAO 1316 Carter FCU 04/27/2021 248,000.00 223,994.01 248,000.00 0.750 1,826 1,061 0.750 04/27/2026 62384RAT3 1485 Mountain America Federal CU 04/28/2023 248,000.00 251,112.14 248,000.00 4.700 1,096 1,062 4.705 04/28/2026 31617CAV5 1317 Fidelity Homestead 04/30/2021 248,000.00 223,586.38 248,000.00 0.700 1,826 1,064 0.711 04/30/2026 35089LAFO 1491 Four Points FCU 05/10/2023 248,000.00 250,349.41 248,000.00 4.550 1,097 1,075 4.443 05/11/2026 87868YAQ6 1501 Technology Credit Union 05/30/2023 248,000.00 253,564.97 248,000.00 5.000 1,095 1,093 5.005 05/29/2026 501798RP9 1356 LCA Bank Corp 12/27/2021 248,000.00 225,199.66 248,000.00 1.000 1,642 1,121 1.000 06/26/2026 92559TAJ7 1325 Vibrant Credit Union 07/02/2021 249,000.00 224,392.56 248,377.50 0.800 1,824 1,125 0.852 06/30/2026 300185LM5 1457 Evergreen Bank Group 01/27/2023 248,000.00 245,720.29 248,000.00 3.850 1,277 1,152 3.849 07/27/2026 38149MXK4 1326 Goldman Sachs 07/28/2021 248,000.00 224,718.05 248,000.00 1.000 1,826 1,153 1.001 07/28/2026 795451AFO 1327 Sallie Mae Bank Salt Lake Clty 07/28/2021 248,000.00 224,718.05 248,000.00 1.000 1,826 1,153 1.001 07/28/2026 87165ET98 1332 Synchrony Bank Retail 09/03/2021 245,000.00 220,821.30 245,000.00 0.900 1,826 1,190 0.900 09/03/2026 20786ADL6 1334 Connect One 09/24/2021 248,000.00 222,158.50 248,000.00 0.800 1,826 1,211 0.800 09/24/2026 59013KPNO 1345 Merrick Bank 11/09/2021 249,000.00 224,849.51 249,000.00 1.100 1,826 1,257 1.101 11/09/2026 14042RQBO 1346 Capital One Natl Assn FDIC4297 11/17/2021 248,000.00 223,992.05 248,000.00 1.100 1,826 1,265 1.101 11/17/2026 20825WAR1 1357 Connexus CU 12/23/2021 249,000.00 225,470.10 249,000.00 1.250 1,826 1,301 1.250 12/23/2026 89786MAF1 1368 True Sky FCU 02/04/2022 245,000.00 224,552.86 245,000.00 1.600 1,826 1,344 1.601 02/04/2027 Portfolio CITY CP Run Date: 07/25/2023 - 17:41 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2023 Page 8 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 02357QAQO 1372 Amerant Bank 02/14/2022 245,000.00 224,383.00 245,000.00 1.600 1,828 1,356 1.601 02/16/2027 07371AYE7 1370 Beal Bank TX 02/23/2022 245,000.00 226,916.06 245,000.00 1.900 1,820 1,357 1.901 02/17/2027 073710E88 1371 Beal Bank USA 02/23/2022 245,000.00 226,916.06 245,000.00 1.900 1,820 1,357 1.901 02/17/2027 59161YAP1 1373 Metro Credit Union 02/18/2022 249,000.00 228,739.71 249,000.00 1.700 1,826 1,358 1.701 02/18/2027 24773RCR4 1377 Delta Natl B&T 03/09/2022 245,000.00 227,670.88 245,000.00 2.000 1,814 1,365 2.001 02/25/2027 27004PCM3 1375 Eaglemark Savings 03/02/2022 245,000.00 227,767.61 245,000.00 2.000 1,826 1,370 2.001 03/02/2027 91139LAB2 1378 United Roosevelt Savings 03/11/2022 248,000.00 229,452.11 248,000.00 1.900 1,826 1,379 1.901 03/11/2027 064860MCO 1476 Bank of the Sierra 03/15/2023 244,000.00 249,072.06 244,000.00 4.600 1,461 1,383 4.604 03/15/2027 565819AG4 1379 Marathon Bnak 03/16/2022 248,000.00 228,507.12 248,000.00 1.800 1,826 1,384 1.801 03/16/2027 108622NJ6 1479 Bridgewater Bank 03/29/2023 248,000.00 255,497.53 248,000.00 4.850 1,461 1,397 4.767 03/29/2027 20033A3A2 1386 Comenity Capital Bank 04/14/2022 248,000.00 235,945.60 248,000.00 2.650 1,826 1,413 2.652 04/14/2027 60425SKB4 1486 Minnwest Bank 05/01/2023 248,000.00 250,543.37 248,000.00 4.250 1,463 1,432 4.254 05/03/2027 397417AQ9 1419 Greenwoods State Bank 05/17/2022 248,000.00 239,526.97 248,000.00 3.050 1,826 1,446 3.052 05/17/2027 02589ADH2 1421 American Express, NB 08/29/2022 245,000.00 240,349.89 245,000.00 3.450 1,793 1,517 3.067 07/27/2027 88413QDN5 1420 Third Federal Savings and Loan 08/19/2022 245,000.00 238,943.12 245,000.00 3.300 1,826 1,540 3.302 08/19/2027 89789AAG2 1473 Truliant FCU 03/10/2023 248,000.00 255,710.29 248,000.00 4.700 1,645 1,562 4.707 09/10/2027 732329BD8 1425 Ponce Bank 09/15/2022 248,000.00 243,835.09 248,000.00 3.500 1,826 1,567 3.502 09/15/2027 052392BT3 1427 Austin Telco FCU 09/21/2022 248,000.00 246,805.44 248,000.00 3.800 1,826 1,573 3.770 09/21/2027 22258JAB7 1430 County Schools FCU 09/30/2022 248,000.00 252,800.87 248,000.00 4.400 1,826 1,582 4.325 09/30/2027 34520LATO 1435 Forbright Bank 11/02/2022 248,000.00 255,148.11 248,000.00 4.600 1,826 1,615 4.602 11/02/2027 25460FDW3 1438 Direct FCU 11/07/2022 248,000.00 257,218.35 248,000.00 4.800 1,827 1,621 4.735 11/08/2027 914098DJ4 1442 University Bank 11/30/2022 249,000.00 252,130.55 249,000.00 4.200 1,826 1,643 4.202 11/30/2027 25844MAK4 1447 Dort Financial CU 12/16/2022 247,000.00 253,338.33 247,000.00 4.500 1,826 1,659 4.503 12/16/2027 01664MAB2 1448 All In FCU 12/20/2022 248,000.00 253,352.63 248,000.00 4.400 1,826 1,663 4.402 12/20/2027 51828MAC8 1449 Latino Comm. CU 12/21/2022 248,000.00 254,403.77 248,000.00 4.500 1,826 1,664 4.503 12/21/2027 45157PAZ3 1450 Ideal CU 12/29/2022 248,000.00 254,432.33 248,000.00 4.500 1,826 1,672 4.502 12/29/2027 01882MAC6 1451 AlliantCU 12/30/2022 247,000.00 258,655.53 247,000.00 5.000 1,826 1,673 5.003 12/30/2027 78472EABO 1455 SPCO Credit Union 01/20/2023 249,000.00 254,049.58 249,000.00 4.350 1,826 1,694 4.352 01/20/2028 82671DAB3 1458 Signature FCU 01/31/2023 248,000.00 253,715.09 248,000.00 4.400 1,826 1,705 4.402 01/31/2028 79772FAG1 1459 San Francisco FCU 02/03/2023 248,000.00 253,187.00 248,000.00 4.350 1,826 1,708 4.352 02/03/2028 530520AH8 1466 Liberty First CU 02/21/2023 248,000.00 254,866.39 248,000.00 4.500 1,827 1,727 4.504 02/22/2028 09582YAF9 1467 Blue Ridge Bank 02/28/2023 244,000.00 247,515.29 244,000.00 4.200 1,826 1,733 4.202 02/28/2028 011852AEO 1469 Alaska USA/Global FCU 03/08/2023 248,000.00 256,125.32 248,000.00 4.600 1,827 1,742 4.606 03/08/2028 92891CCZ3 1472 VystarCU 03/10/2023 248,000.00 255,586.32 248,000.00 4.550 1,827 1,744 4.555 03/10/2028 00833JAQ4 1478 Affinity Bank 03/17/2023 248,000.00 259,459.66 248,000.00 4.900 1,827 1,751 4.906 03/17/2028 724468AC7 1483 Pitney Bowes Bank 04/14/2023 244,000.00 249,467.28 244,000.00 4.350 1,826 1,778 4.355 04/13/2028 Portfolio CITY CP Run Date: 07/25/2023 - 17:41 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Page Portfolio Details - Investments May 31, 2023 Corporate Notes Average Purchase Stated 400,000.00 Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits Subtotal and Average 875,660.00 900,000.00 848,783.00 875,660.00 1,797 598 1.738 Money Market with Fiscal Agent 062119BT8 1492 Bank Five Nine 05/12/2023 248,000.00 252,682.56 248,000.00 4.250 1,827 1,807 4.255 05/12/2028 152577BN1 1493 Central Bank 05/12/2023 248,000.00 249,854.54 248,000.00 4.000 1,827 1,807 4.005 05/12/2028 23248UAB3 1494 Cy -Fair FCU 05/12/2023 248,000.00 255,510.59 248,000.00 4.500 1,827 1,807 4.505 05/12/2028 91527PBY2 1495 Univest Bank & Trust 05/12/2023 248,000.00 253,813.77 248,000.00 4.350 1,827 1,807 4.355 05/12/2028 92834ABT2 1496 VisionBank 05/12/2023 248,000.00 250,420.15 248,000.00 4.050 1,827 1,807 4.055 05/12/2028 12547CBJ6 1497 CIBC Bank USA 05/16/2023 244,000.00 249,683.09 244,000.00 4.350 1,827 1,811 4.355 05/16/2028 843383CS7 1498 Southern Bank Poplar MO 05/17/2023 248,000.00 252,127.26 248,000.00 4.200 1,827 1,812 4.205 05/17/2028 06610RCA5 1499 Bankers Bank 05/24/2023 248,000.00 251,572.90 248,000.00 4.150 1,827 1,819 4.155 05/24/2028 90352RDB8 1500 US Alliance FCU 05/26/2023 248,000.00 256,133.17 248,000.00 4.550 1,827 1,821 4.555 05/26/2028 Subtotal and Average 36,395,312.98 37,826,000.00 36,669,274.78 37,825,377.50 1,669 880 2.576 Corporate Notes 594918BQ6 1157 Microsoft Corporation 10/15/2018 400,000.00 398,068.00 378,360.00 2.000 1,758 68 3.222 08/08/2023 45950VPS9 1308 International Finance Corp. 02/26/2021 500,000.00 450,715.00 497,300.00 0.500 1,826 1,001 0.610 02/26/2026 Subtotal and Average 875,660.00 900,000.00 848,783.00 875,660.00 1,797 598 1.738 Money Market with Fiscal Agent SYS1058 1058 US Bank 07/01/2016 1,565.80 1,565.80 1,565.80 1 1 0.000 Subtotal and Average 1,560.56 1,565.80 1,565.80 1,565.80 1 1 0.000 CERBT - OPEB Trust SYS1114 1114 CalPERS CERBT Plan 07/01/2022 1,828,332.91 1,828,332.91 1,828,332.91 1 1 0.000 Subtotal and Average 1,828,332.91 1,828,332.91 1,828,332.91 1,828,332.91 1 1 0.000 PARS Pension Trust SYS1230 1230 Pblc Agncy Rtrmnt Sery 5,237,061.17 5,237,061.17 5,237,061.17 1 1 0.000 Subtotal and Average 5,287,627.90 5,237,061.17 5,237,061.17 5,237,061.17 1 1 0.000 Total and Average 222,830,422.62 Run Date: 07/25/2023 - 17:41 246,192,574.42 239,702,853.01 244,818,638.21 764 448 2.952 Portfolio CITY CP PM (PRF_PM2) 7.3.0 t(vQ�� GEM of the DESERT - City of La Quinta Total Earnings Sorted by Fund - Fund May 1, 2023 - May 31, 2023 City of La Quinta CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 98-33-434 1055 101 LAIF 34,065,011.99 19,065,011.99 34,065,011.99 2.993 3.312 53,631.96 0.00 0.00 53,631.96 SYS1059 1059 101 CITYPC 3,300.00 3,300.00 3,300.00 0.00 0.00 0.00 0.00 SYS1114 1114 101 CALPRS 1,828,332.91 1,828,332.91 1,828,332.91 0.00 0.00 0.00 0.00 74934YAH4 1144 101 RCB 245,000.00 245,000.00 245,000.00 3.150 3.150 655.46 0.00 0.00 655.46 32110YLK9 1147 101 1STNBA 245,000.00 245,000.00 245,000.00 3.150 3.150 655.46 0.00 0.00 655.46 06426KAN8 1151 101 NWENGL 249,000.00 249,000.00 249,000.00 3.250 3.250 687.31 0.00 0.00 687.31 SYS 1153 1153 101 CAMP 43,053,174.78 42,865,279.01 43,053,174.78 5.160 5.161 187,895.77 0.00 0.00 187,895.77 474067AQ8 1154 101 JEFF 245,000.00 245,000.00 245,000.00 3.350 3.350 697.07 0.00 0.00 697.07 57116ARV2 1155 101 MARBUS 248,000.00 248,000.00 248,000.00 3.300 3.300 695.08 0.00 0.00 695.08 594918BQ6 1157 101 MCRSFT 400,000.00 378,360.00 378,360.00 2.000 2.075 666.67 0.00 0.00 666.67 3133EJYL7 1158 101 FFCB 250,000.00 247,275.00 247,275.00 2.800 2.778 583.33 0.00 0.00 583.33 625925AR3 1160 101 MUNTRS 245,000.00 245,000.00 245,000.00 3.200 3.200 665.86 0.00 0.00 665.86 90348JEJ5 1161 101 UBS 245,000.00 245,000.00 245,000.00 3.350 3.350 697.08 0.00 0.00 697.08 20143PDV9 1162 101 COMMBK 248,000.00 248,000.00 248,000.00 3.400 3.400 716.14 0.00 0.00 716.14 67054NAN3 1164 101 NMRCA 248,000.00 248,000.00 248,000.00 3.550 3.550 747.74 0.00 0.00 747.74 635573AL2 1170 101 NLCOOP 245,000.00 245,000.00 245,000.00 3.400 3.400 707.48 0.00 0.00 707.48 066851WJ1 1172 101 BARHAR 248,000.00 248,000.00 248,000.00 3.350 3.350 705.61 0.00 0.00 705.61 619165JD6 1173 101 MORTN 248,000.00 248,000.00 248,000.00 2.750 2.750 579.23 0.00 0.00 579.23 949763XY7 1174 101 WELLS 248,000.00 248,000.00 248,000.00 3.000 3.000 631.89 0.00 0.00 631.89 3130AFW94 1177 101 FHLB 500,000.00 498,550.00 498,550.00 2.500 2.460 1,041.67 0.00 0.00 1,041.67 32117BCX4 1179 101 1STNBK 0.00 248,000.00 0.00 2.800 2.800 95.12 0.00 0.00 95.12 66736ABP3 1181 101 NRTHWS 248,000.00 248,000.00 248,000.00 2.950 2.950 621.36 0.00 0.00 621.36 156634AK3 1184 101 CENTNX 248,000.00 248,000.00 248,000.00 2.500 2.500 526.57 0.00 0.00 526.57 48128HXU7 1185 101 JPMORG 245,000.00 245,000.00 245,000.00 3.250 3.250 676.27 0.00 0.00 676.27 46256YAZ2 1186 101 IOWAST 245,000.00 245,000.00 245,000.00 2.400 2.400 499.40 0.00 0.00 499.40 56065GAG3 1188 101 MAINST 248,000.00 248,000.00 248,000.00 2.600 2.600 547.64 0.00 0.00 547.64 725404AB3 1194 101 PITTS 245,000.00 245,000.00 245,000.00 2.500 2.500 520.21 0.00 0.00 520.21 72651LCL6 1195 101 PLAINS 245,000.00 245,000.00 245,000.00 2.550 2.550 530.61 0.00 0.00 530.61 299547AQ2 1196 101 EVNSCU 248,000.00 248,000.00 248,000.00 2.600 2.600 547.64 0.00 0.00 547.64 524661CB9 1197 101 LEGCY 248,000.00 248,000.00 248,000.00 2.400 2.400 505.51 0.00 0.00 505.51 Run Date: 07/25/2023 - 17:01 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 2 May 1, 2023 - May 31, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 176688CP2 1199 101 CTZNST 248,000.00 248,000.00 248,000.00 2.400 2.400 505.52 0.00 0.00 505.52 20416TAQ5 1202 101 COMMW 248,000.00 248,000.00 248,000.00 2.250 2.250 473.92 0.00 0.00 473.92 761402BY1 1203 101 REVER 247,000.00 247,000.00 247,000.00 2.300 2.300 482.49 0.00 0.00 482.49 02772JBD1 1205 101 AMRNTL 248,000.00 248,000.00 248,000.00 2.000 2.000 421.26 0.00 0.00 421.26 3135GOV75 1206 101 FNMA 500,000.00 495,950.00 495,950.00 1.750 1.731 729.17 0.00 0.00 729.17 00257TBD7 1207 101 ABACUS 248,000.00 248,000.00 248,000.00 1.950 1.950 410.73 0.00 0.00 410.73 51210SQU4 1208 101 LKSIDE 248,000.00 248,000.00 248,000.00 2.000 2.000 421.26 0.00 0.00 421.26 33625CCP2 1209 101 1STSEC 248,000.00 248,000.00 248,000.00 2.000 2.000 421.26 0.00 0.00 421.26 710571 DS6 1210 101 PEOPLE 248,000.00 248,000.00 248,000.00 2.000 2.000 421.26 0.00 0.00 421.26 3133EKWV4 1212 101 FFCB 500,000.00 499,500.00 499,500.00 1.850 1.817 770.84 0.00 0.00 770.84 740367HP5 1213 101 PREFRD 249,000.00 249,000.00 249,000.00 2.000 2.000 422.96 0.00 0.00 422.96 938828131-12 1215 101 WSHFED 248,000.00 248,000.00 248,000.00 2.000 2.000 421.26 0.00 0.00 421.26 33766LAJ7 1216 101 1STIER 249,000.00 249,000.00 249,000.00 1.950 1.950 412.38 0.00 0.00 412.38 912828T26 1217 101 USTR 500,000.00 499,300.00 499,300.00 1.375 1.373 582.31 0.00 0.00 582.31 75472RAD3 1218 101 RAYJAM 244,000.00 244,000.00 244,000.00 1.950 1.950 404.10 0.00 0.00 404.10 15118RRH2 1220 101 CELTIC 248,000.00 248,000.00 248,000.00 1.850 1.850 389.67 0.00 0.00 389.67 334342CD2 1221 101 1STNBS 249,000.00 249,000.00 249,000.00 1.850 1.850 391.24 0.00 0.00 391.24 336460CX6 1222 101 1STDQN 248,000.00 248,000.00 248,000.00 1.800 1.800 379.13 0.00 0.00 379.13 3133EKZK5 1223 101 FFCB 500,000.00 499,400.00 499,400.00 1.600 1.572 666.67 0.00 0.00 666.67 3133EKP75 1224 101 FFCB 500,000.00 498,750.00 498,750.00 1.600 1.574 666.66 0.00 0.00 666.66 06652CHB0 1227 101 BNKWST 248,000.00 248,000.00 248,000.00 1.700 1.700 358.07 0.00 0.00 358.07 059731851 1228 101 BOTW 10,687,259.93 6,794,667.50 10,687,259.93 0.01 0.00 0.00 0.01 SYS1230 1230 101 PARS 5,237,061.17 5,289,313.46 5,237,061.17 0.00 0.00 0.00 0.00 33640VDD7 1231 101 1STSER 248,000.00 248,000.00 248,000.00 1.700 1.700 358.07 0.00 0.00 358.07 3133EK4X1 1234 101 FFCB 1,000,000.00 996,900.00 996,900.00 1.600 1.575 1,333.33 0.00 0.00 1,333.33 804375DL4 1235 101 SAUKVL 248,000.00 248,000.00 248,000.00 1.700 1.700 358.07 0.00 0.00 358.07 61760A3133 1236 101 MSPRIV 245,000.00 245,000.00 245,000.00 1.900 1.900 395.36 0.00 0.00 395.36 61690UNX4 1237 101 MORGST 245,000.00 245,000.00 245,000.00 1.950 1.950 405.76 0.00 0.00 405.76 538036GV0 1238 101 LIVEOK 248,000.00 248,000.00 248,000.00 1.800 1.800 379.13 0.00 0.00 379.13 912828YV6 1241 101 USTR 1,000,000.00 989,687.50 989,687.50 1.500 1.520 1,277.24 0.00 0.00 1,277.24 3133ELEA8 1242 101 FFCB 1,000,000.00 998,600.00 998,600.00 1.700 1.670 1,416.66 0.00 0.00 1,416.66 3133ELNE0 1246 101 FFCB 1,000,000.00 999,000.00 999,000.00 1.430 1.404 1,191.67 0.00 0.00 1,191.67 35637RDC8 1248 101 FRDMFI 248,000.00 248,000.00 248,000.00 1.550 1.550 326.48 0.00 0.00 326.48 90983WBT7 1249 101 UNTDCM 248,000.00 248,000.00 248,000.00 1.650 1.650 347.54 0.00 0.00 347.54 32114VBT3 1250 101 1STNMI 248,000.00 248,000.00 248,000.00 1.650 1.650 347.54 0.00 0.00 347.54 77579ADF0 1251 101 RLLSTN 245,000.00 245,000.00 245,000.00 1.650 1.650 343.33 0.00 0.00 343.33 17286TAG0 1252 101 CITADL 248,000.00 248,000.00 248,000.00 1.650 1.650 347.54 0.00 0.00 347.54 Run Date: 07/25/2023 - 17:01 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 3 May 1, 2023 - May 31, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 029728BC5 1255 101 AMERST 248,000.00 248,000.00 248,000.00 1.600 1.600 337.01 0.00 0.00 337.01 00435JBH5 1256 101 ACCSS 248,000.00 248,000.00 248,000.00 1.600 1.600 337.01 0.00 0.00 337.01 849430BF9 1257 101 SPRING 248,000.00 248,000.00 248,000.00 1.500 1.500 315.94 0.00 0.00 315.94 05465DAE8 1258 101 AXOS 248,000.00 248,000.00 248,000.00 1.650 1.650 347.54 0.00 0.00 347.54 882213AB7 1260 101 TEXAS 245,000.00 245,000.00 245,000.00 1.100 1.100 228.89 0.00 0.00 228.89 89579NCD3 1262 101 TRIAD 248,000.00 248,000.00 248,000.00 1.350 1.350 284.35 0.00 0.00 284.35 654062JZ2 1266 101 NCOLET 248,000.00 248,000.00 248,000.00 1.400 1.400 294.88 0.00 0.00 294.88 020080BX4 1267 101 ALMABK 248,000.00 248,000.00 248,000.00 1.400 1.400 294.88 0.00 0.00 294.88 2027506M2 1268 101 CMWBUS 248,000.00 248,000.00 248,000.00 1.250 1.250 263.29 0.00 0.00 263.29 69506YRH4 1269 101 PACWST 245,000.00 245,000.00 245,000.00 1.300 1.300 270.51 0.00 0.00 270.51 08016PDQ9 1270 101 BELB&T 248,000.00 248,000.00 248,000.00 1.250 1.250 263.29 0.00 0.00 263.29 14042TDD6 1271 101 CAPONE 245,000.00 245,000.00 245,000.00 1.600 1.600 332.94 0.00 0.00 332.94 472382AQ3 1272 101 THEJEF 248,000.00 248,000.00 248,000.00 1.250 1.250 263.28 0.00 0.00 263.28 32027BALl 1273 101 1STFDM 249,000.00 249,000.00 249,000.00 1.200 1.200 253.77 0.00 0.00 253.77 32112UDR9 1274 101 1STMCG 248,000.00 248,000.00 248,000.00 1.350 1.350 284.35 0.00 0.00 284.35 33847E3A3 1276 101 FLGSTR 248,000.00 248,000.00 248,000.00 1.250 1.250 263.29 0.00 0.00 263.29 95960NKD8 1277 101 WSTRNS 245,000.00 245,000.00 245,000.00 1.000 1.000 208.08 0.00 0.00 208.08 32056GDJ6 1278 101 1STINT 248,000.00 248,000.00 248,000.00 1.000 1.000 210.63 0.00 0.00 210.63 3134GVYG7 1279 101 FHLMC 1,000,000.00 1,000,000.00 1,000,000.00 0.625 0.613 520.83 0.00 0.00 520.83 3133ELH23 1280 101 FFCB 500,000.00 499,850.00 499,850.00 0.500 0.491 208.33 0.00 0.00 208.33 3130AJKW8 1281 101 FHLB 500,000.00 499,850.00 499,850.00 0.500 0.491 208.34 0.00 0.00 208.34 3133ELH80 1282 101 FFCB 500,000.00 500,000.00 500,000.00 0.680 0.667 283.33 0.00 0.00 283.33 3130AJRP6 1283 101 FHLB 300,000.00 300,000.00 300,000.00 0.680 0.667 170.00 0.00 0.00 170.00 169894AS1 1284 101 CHIPVA 248,000.00 248,000.00 248,000.00 0.600 0.600 126.38 0.00 0.00 126.38 02616AAH2 1285 101 AMR1ST 248,000.00 248,000.00 248,000.00 0.350 0.350 73.72 0.00 0.00 73.72 84223QAN7 1286 101 STHRNB 248,000.00 248,000.00 248,000.00 0.500 0.500 105.32 0.00 0.00 105.32 064520BG3 1287 101 BKPRNC 248,000.00 248,000.00 248,000.00 0.500 0.500 105.32 0.00 0.00 105.32 3135G05S8 1288 101 FNMA 500,000.00 500,000.00 500,000.00 0.500 0.491 208.34 0.00 0.00 208.34 3136G4N74 1289 101 FNMA 1,000,000.00 1,000,000.00 1,000,000.00 0.560 0.549 466.67 0.00 0.00 466.67 3136G4M75 1290 101 FNMA 500,000.00 499,750.00 499,750.00 0.520 0.510 216.67 0.00 0.00 216.67 3135G06E8 1291 101 FNMA 500,000.00 499,250.00 499,250.00 0.420 0.413 175.00 0.00 0.00 175.00 3135GA2Z3 1292 101 FNMA 500,000.00 499,250.00 499,250.00 0.560 0.550 233.33 0.00 0.00 233.33 SYS1293 1293 101 BNY 4,203,008.47 8,686,810.74 4,203,008.47 0.00 0.00 0.00 0.00 3137EAEU9 1297 101 FHLMC 1,000,000.00 997,300.00 997,300.00 0.375 0.369 312.50 0.00 0.00 312.50 3130AKFA9 1298 101 FHLB 500,000.00 497,400.00 497,400.00 0.375 0.370 156.25 0.00 0.00 156.25 3135GA7D7 1299 101 FNMA 500,000.00 500,000.00 500,000.00 0.600 0.589 250.00 0.00 0.00 250.00 3135GAAW1 1300 101 FNMA 500,000.00 500,000.00 500,000.00 0.400 0.392 166.67 0.00 0.00 166.67 Run Date: 07/25/2023 - 17:01 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 4 May 1, 2023 - May 31, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 3134GXGZ1 1301 101 FHLMC 500,000.00 500,000.00 500,000.00 0.550 0.540 229.16 0.00 0.00 229.16 3130AKMZ6 1302 101 FHLB 500,000.00 500,000.00 500,000.00 0.510 0.500 212.50 0.00 0.00 212.50 91282CBC4 1303 101 USTR 500,000.00 498,632.81 498,632.81 0.375 0.379 160.56 0.00 0.00 160.56 3130AKN28 1304 101 FHLB 500,000.00 500,000.00 500,000.00 0.550 0.540 229.16 0.00 0.00 229.16 51507LCC6 1305 101 LNDMRK 248,000.00 248,000.00 248,000.00 0.500 0.500 105.32 0.00 0.00 105.32 87270LDL4 1306 101 EVRBA 245,000.00 245,000.00 245,000.00 0.500 0.500 104.04 0.00 0.00 104.04 3137EAEX3 1307 101 FHLMC 500,000.00 495,999.50 495,999.50 0.375 0.371 156.25 0.00 0.00 156.25 45950VPS9 1308 101 IFC 500,000.00 497,300.00 497,300.00 0.500 0.507 214.09 0.00 0.00 214.09 91282CBH3 1309 101 USTR 500,000.00 495,100.00 495,100.00 0.375 0.382 160.57 0.00 0.00 160.57 3137EAEX3 1310 101 FHLMC 1,000,000.00 983,940.00 983,940.00 0.375 0.374 312.50 0.00 0.00 312.50 91282CAT8 1311 101 USTR 1,000,000.00 977,500.00 977,500.00 0.250 0.254 210.60 0.00 0.00 210.60 3130ALV92 1312 101 FHLB 500,000.00 500,000.00 500,000.00 1.050 1.030 437.50 0.00 0.00 437.50 39573LBC1 1313 101 GRNST 249,000.00 249,000.00 249,000.00 0.950 0.950 200.91 0.00 0.00 200.91 89235MKY6 1314 101 TOYFSB 245,000.00 245,000.00 245,000.00 0.900 0.900 187.27 0.00 0.00 187.27 91282CAZ4 1315 101 USTR 500,000.00 492,187.50 492,187.50 0.375 0.382 159.65 0.00 0.00 159.65 14622LAA0 1316 101 CARTER 248,000.00 248,000.00 248,000.00 0.750 0.750 157.97 0.00 0.00 157.97 31617CAV5 1317 101 FIDHMS 248,000.00 248,000.00 248,000.00 0.700 0.700 147.44 0.00 0.00 147.44 SYS1318 1318 101 DPME 797,129.78 771,119.35 797,129.78 0.00 0.00 0.00 0.00 91282CBQ3 1319 101 USTR 500,000.00 494,165.00 494,165.00 0.500 0.502 210.59 0.00 0.00 210.59 91282CBT7 1320 101 USTR 500,000.00 499,525.00 499,525.00 0.750 0.749 317.63 0.00 0.00 317.63 91282CCF6 1321 101 USTR 1,000,000.00 997,060.00 997,060.00 0.750 0.754 638.62 0.00 0.00 638.62 91282CBT7 1322 101 USTR 500,000.00 498,450.00 498,450.00 0.750 0.750 317.63 0.00 0.00 317.63 91282CCF6 1323 101 USTR 500,000.00 497,095.00 497,095.00 0.750 0.756 319.32 0.00 0.00 319.32 3130AMFS6 1324 101 FHLB 1,000,000.00 993,420.00 993,420.00 0.750 0.741 625.00 0.00 0.00 625.00 92559TAJ7 1325 101 VIBRNT 249,000.00 248,377.50 248,377.50 0.800 0.802 169.18 0.00 0.00 169.18 38149MXK4 1326 101 GLDMAN 248,000.00 248,000.00 248,000.00 1.000 1.000 210.63 0.00 0.00 210.63 795451AF0 1327 101 SALMAE 248,000.00 248,000.00 248,000.00 1.000 1.000 210.63 0.00 0.00 210.63 89388CEYO 1328 101 TABBK 248,000.00 248,000.00 248,000.00 0.400 0.400 84.25 0.00 0.00 84.25 06417NZQ9 1329 101 BKOZK 248,000.00 248,000.00 248,000.00 0.400 0.400 84.25 0.00 0.00 84.25 3133EM2C5 1330 101 FFCB 500,000.00 498,000.00 498,000.00 0.710 0.699 295.83 0.00 0.00 295.83 70962LAF9 1331 101 PENTGN 249,000.00 249,000.00 249,000.00 0.700 0.700 148.04 0.00 0.00 148.04 87165ET98 1332 101 SYNCHR 245,000.00 245,000.00 245,000.00 0.900 0.900 187.28 0.00 0.00 187.28 05580AD50 1333 101 BMW 245,000.00 245,000.00 245,000.00 0.650 0.650 135.25 0.00 0.00 135.25 20786ADL6 1334 101 CONNEC 248,000.00 248,000.00 248,000.00 0.800 0.800 168.51 0.00 0.00 168.51 91282CCP4 1335 101 USTR 1,000,000.00 983,750.00 983,750.00 0.625 0.641 535.22 0.00 0.00 535.22 91282CCW9 1336 101 USTR 1,000,000.00 988,500.00 988,500.00 0.750 0.753 631.79 0.00 0.00 631.79 3130APBM6 1337 101 FHLB 1,000,000.00 999,000.00 999,000.00 1.000 0.982 833.33 0.00 0.00 833.33 Run Date: 07/25/2023 - 17:01 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 5 May 1, 2023 - May 31, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 3133EM4X7 1338 101 FFCB 1,000,000.00 991,080.00 991,080.00 0.800 0.792 666.67 0.00 0.00 666.67 3130APB46 1339 101 FHLB 1,000,000.00 998,250.00 998,250.00 0.950 0.934 791.67 0.00 0.00 791.67 91282CCN9 1341 101 USTR 500,000.00 497,792.97 497,792.97 0.125 0.127 53.52 0.00 0.00 53.52 91282CBEO 1342 101 USTR 1,000,000.00 991,000.00 991,000.00 0.125 0.127 107.05 0.00 0.00 107.05 91282CDB4 1343 101 USTR 1,000,000.00 996,320.00 996,320.00 0.625 0.626 529.38 0.00 0.00 529.38 3133ENCQ1 1344 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 1.270 1.246 1,058.34 0.00 0.00 1,058.34 59013KPNO 1345 101 MRRCK 249,000.00 249,000.00 249,000.00 1.100 1.100 232.63 0.00 0.00 232.63 14042RQB0 1346 101 CAP1NA 248,000.00 248,000.00 248,000.00 1.100 1.100 231.69 0.00 0.00 231.69 3130APTV7 1347 101 FHLB 500,000.00 499,500.00 499,500.00 0.700 0.688 291.67 0.00 0.00 291.67 91282CCD1 1350 101 USTR 0.00 995,468.75 0.00 0.125 5.664 103.02 0.00 4,531.25 4,634.27 91282CBA8 1351 101 USTR 1,000,000.00 990,000.00 990,000.00 0.125 0.127 106.45 0.00 0.00 106.45 91282CBR1 1352 101 USTR 1,000,000.00 989,800.00 989,800.00 0.250 0.251 210.60 0.00 0.00 210.60 3130AP21-18 1353 101 FHLB 1,000,000.00 987,100.00 987,100.00 0.550 0.547 458.33 0.00 0.00 458.33 3135G06G3 1354 101 FNMA 1,000,000.00 976,300.00 976,300.00 0.500 0.502 416.66 0.00 0.00 416.66 3133ENGN4 1355 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 0.970 0.952 808.33 0.00 0.00 808.33 501798RP9 1356 101 LCA 248,000.00 248,000.00 248,000.00 1.000 1.000 210.63 0.00 0.00 210.63 20825WAR1 1357 101 CNNXS 249,000.00 249,000.00 249,000.00 1.250 1.250 264.35 0.00 0.00 264.35 3130AQF65 1358 101 FHLB 1,000,000.00 999,750.00 999,750.00 1.250 1.227 1,041.67 0.00 0.00 1,041.67 3134GW6C5 1359 101 FHLMC 500,000.00 486,000.00 486,000.00 0.800 0.808 333.34 0.00 0.00 333.34 91282CBV2 1360 101 USTR 500,000.00 494,882.81 494,882.81 0.375 0.378 158.81 0.00 0.00 158.81 3137EAEU9 1361 101 FHLMC 500,000.00 487,090.00 487,090.00 0.375 0.378 156.25 0.00 0.00 156.25 3134GW5R3 1362 101 FHLMC 400,000.00 391,360.00 391,360.00 0.650 0.652 216.67 0.00 0.00 216.67 307811 DF3 1363 101 FARMER 249,000.00 249,000.00 249,000.00 0.900 0.900 190.33 0.00 0.00 190.33 3130AQJR5 1364 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.500 1.472 1,250.00 0.00 0.00 1,250.00 3135G03U5 1365 101 FNMA 500,000.00 487,790.00 487,790.00 0.625 0.629 260.41 0.00 0.00 260.41 3134GWUQ7 1366 101 FHLMC 1,000,000.00 945,570.00 945,570.00 0.700 0.726 583.33 0.00 0.00 583.33 3130AQSA2 1367 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.830 1.796 1,525.00 0.00 0.00 1,525.00 89786MAF1 1368 101 TRUSKY 245,000.00 245,000.00 245,000.00 1.600 1.600 332.93 0.00 0.00 332.93 912828Z78 1369 101 USTR 1,000,000.00 986,700.00 986,700.00 1.500 1.533 1,284.53 0.00 0.00 1,284.53 07371AYE7 1370 101 BEALTX 245,000.00 245,000.00 245,000.00 1.900 1.900 395.36 0.00 0.00 395.36 073710E88 1371 101 BEALUS 245,000.00 245,000.00 245,000.00 1.900 1.900 395.36 0.00 0.00 395.36 02357QAQO 1372 101 AMRNT 245,000.00 245,000.00 245,000.00 1.600 1.600 332.93 0.00 0.00 332.93 59161YAP1 1373 101 METRO 249,000.00 249,000.00 249,000.00 1.700 1.700 359.52 0.00 0.00 359.52 3130AQWY5 1374 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.700 1.668 1,416.67 0.00 0.00 1,416.67 27004PCM3 1375 101 EGLMRK 245,000.00 245,000.00 245,000.00 2.000 2.000 416.17 0.00 0.00 416.17 64034KAZ4 1376 101 NELNET 245,000.00 245,000.00 245,000.00 1.800 1.800 374.55 0.00 0.00 374.55 24773RCR4 1377 101 DELTA 245,000.00 245,000.00 245,000.00 2.000 2.000 416.16 0.00 0.00 416.16 Run Date: 07/25/2023 - 17:01 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 6 May 1, 2023 - May 31, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 91139LAB2 1378 101 URSVLT 248,000.00 248,000.00 248,000.00 1.900 1.900 400.20 0.00 0.00 400.20 565819AG4 1379 101 MRTHON 248,000.00 248,000.00 248,000.00 1.800 1.800 379.13 0.00 0.00 379.13 91282CCW9 1380 101 USTR 500,000.00 466,454.17 466,454.17 0.750 0.797 315.90 0.00 0.00 315.90 91282CDG3 1381 101 USTR 500,000.00 473,396.82 473,396.82 1.125 1.179 473.84 0.00 0.00 473.84 91282CBQ3 1382 101 USTR 750,000.00 698,025.00 698,025.00 0.500 0.533 315.90 0.00 0.00 315.90 912828654 1383 101 USTR 1,000,000.00 999,010.00 999,010.00 2.375 2.358 2,000.68 0.00 0.00 2,000.68 50625LAW3 1384 101 LFYTT 248,000.00 248,000.00 248,000.00 2.050 2.050 431.79 0.00 0.00 431.79 3130ARGJ4 1385 101 FHLB 500,000.00 500,000.00 500,000.00 2.500 2.453 1,041.66 0.00 0.00 1,041.66 20033A3A2 1386 101 CCBA 248,000.00 248,000.00 248,000.00 2.650 2.650 558.16 0.00 0.00 558.16 3130ARGY1 1387 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 2.700 2.649 2,250.00 0.00 0.00 2,250.00 02007GPX5 1388 101 ALLY 245,000.00 245,000.00 245,000.00 2.550 2.550 530.61 0.00 0.00 530.61 52168UHY1 1389 101 LEADR 245,000.00 245,000.00 245,000.00 2.550 2.550 530.61 0.00 0.00 530.61 9128283D0 1390 101 USTR 1,000,000.00 985,190.00 985,190.00 2.250 2.265 1,895.38 0.00 0.00 1,895.38 91282CEF4 1391 101 USTR 1,000,000.00 976,860.00 976,860.00 2.500 2.552 2,117.48 0.00 0.00 2,117.48 254673E69 1392 101 DISCOV 245,000.00 245,000.00 245,000.00 3.100 3.100 645.06 0.00 0.00 645.06 48115LAD6 1396 101 JOVIA 248,000.00 248,000.00 248,000.00 2.500 2.500 526.57 0.00 0.00 526.57 912828X88 1397 101 USTR 1,000,000.00 969,687.50 969,687.50 2.375 2.447 2,015.66 0.00 0.00 2,015.66 91282CEN7 1398 101 USTR 500,000.00 495,000.00 495,000.00 2.750 2.755 1,158.29 0.00 0.00 1,158.29 91282CET4 1399 101 USTR 500,000.00 491,842.18 491,842.18 2.625 2.675 1,117.59 0.00 0.00 1,117.59 91282821.13 1400 101 USTR 500,000.00 490,850.00 490,850.00 1.875 1.894 789.75 0.00 0.00 789.75 3133ENYH7 1401 101 FFCB 500,000.00 499,080.00 499,080.00 2.625 2.580 1,093.75 0.00 0.00 1,093.75 3130ASDV8 1409 101 FHLB 300,000.00 300,000.00 300,000.00 3.300 3.238 825.00 0.00 0.00 825.00 89269FDP7 1415 101 TRADCP 246,000.00 246,000.00 246,000.00 3.000 3.000 626.79 0.00 0.00 626.79 91282CFB2 1417 101 USTR 1,000,000.00 989,460.00 989,460.00 2.750 2.802 2,354.97 0.00 0.00 2,354.97 912828XT2 1418 101 USTR 1,000,000.00 985,240.00 985,240.00 2.000 2.035 1,702.99 0.00 0.00 1,702.99 397417AQ9 1419 101 GRNWDS 248,000.00 248,000.00 248,000.00 3.050 3.050 642.43 0.00 0.00 642.43 88413QDN5 1420 101 3RD 245,000.00 245,000.00 245,000.00 3.300 3.300 686.67 0.00 0.00 686.67 02589ADH2 1421 101 AMEXNB 245,000.00 245,000.00 245,000.00 3.450 3.450 717.88 0.00 0.00 717.88 91282CFB2 1422 101 USTR 1,000,000.00 979,645.67 979,645.67 2.750 2.830 2,354.97 0.00 0.00 2,354.97 732329BD8 1425 101 PONCE 248,000.00 248,000.00 248,000.00 3.500 3.500 737.21 0.00 0.00 737.21 3133ENL99 1426 101 FFCB 1,000,000.00 997,492.55 997,492.55 3.375 3.320 2,812.50 0.00 0.00 2,812.50 052392BT3 1427 101 AUSTEL 248,000.00 248,000.00 248,000.00 3.800 3.800 800.39 0.00 0.00 800.39 914242AA0 1429 101 UNIVCU 248,000.00 248,000.00 248,000.00 4.000 4.000 842.52 0.00 0.00 842.52 22258JAB7 1430 101 CNTYSC 248,000.00 248,000.00 248,000.00 4.400 4.400 926.78 0.00 0.00 926.78 3133ENQ29 1433 101 FFCB 1,000,000.00 996,400.00 996,400.00 4.000 3.939 3,333.33 0.00 0.00 3,333.33 84229LBA9 1434 101 STHBNK 244,000.00 244,000.00 244,000.00 4.250 4.250 880.74 0.00 0.00 880.74 34520LAT0 1435 101 FORBRT 248,000.00 248,000.00 248,000.00 4.600 4.600 968.90 0.00 0.00 968.90 Run Date: 07/25/2023 - 17:01 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 7 May 1, 2023 - May 31, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 25460FDW3 1438 101 DIRFCU 248,000.00 248,000.00 248,000.00 4.800 4.800 1,011.03 0.00 0.00 1,011.03 9128282R0 1439 101 USTR 1,000,000.00 927,110.00 927,110.00 2.250 2.447 1,926.80 0.00 0.00 1,926.80 3133EN31-11 1441 101 FFCB 1,000,000.00 998,650.00 998,650.00 4.000 3.930 3,333.33 0.00 0.00 3,333.33 914098DJ4 1442 101 UNIVBK 249,000.00 249,000.00 249,000.00 4.200 4.200 888.21 0.00 0.00 888.21 912828R69 1443 101 USTR 0.00 3,944,075.80 0.00 1.625 18.904 5,357.14 0.00 55,924.20 61,281.34 3133EN3S7 1446 101 FFCB 1,000,000.00 998,000.00 998,000.00 3.750 3.687 3,125.00 0.00 0.00 3,125.00 25844MAK4 1447 101 DORTCU 247,000.00 247,000.00 247,000.00 4.500 4.500 944.02 0.00 0.00 944.02 01664MAB2 1448 101 ALL IN 248,000.00 248,000.00 248,000.00 4.400 4.400 926.77 0.00 0.00 926.77 51828MAC8 1449 101 LATCOM 248,000.00 248,000.00 248,000.00 4.500 4.500 947.83 0.00 0.00 947.83 45157PAZ3 1450 101 IDEAL 248,000.00 248,000.00 248,000.00 4.500 4.500 947.84 0.00 0.00 947.84 01882MAC6 1451 101 ALIANT 247,000.00 247,000.00 247,000.00 5.000 5.000 1,048.91 0.00 0.00 1,048.91 91282CCK5 1452 101 USTR 2,000,000.00 1,956,875.00 1,956,875.00 0.125 0.129 214.08 0.00 0.00 214.08 912796ZR3 1453 101 USTR 3,000,000.00 2,932,950.00 2,932,950.00 4.572 0.00 0.00 0.00 0.00 80865MAB3 1454 101 SCIENT 248,000.00 248,000.00 248,000.00 4.650 4.650 979.43 0.00 0.00 979.43 78472EAB0 1455 101 SPCOCU 249,000.00 249,000.00 249,000.00 4.350 4.350 919.94 0.00 0.00 919.94 91282CFH9 1456 101 USTR 500,000.00 489,175.00 489,175.00 3.125 3.168 1,316.24 0.00 0.00 1,316.24 300185LM5 1457 101 EVRGRN 248,000.00 248,000.00 248,000.00 3.850 3.850 810.93 0.00 0.00 810.93 82671DAB3 1458 101 SIGFCU 248,000.00 248,000.00 248,000.00 4.400 4.400 926.77 0.00 0.00 926.77 79772FAG1 1459 101 SF FCU 248,000.00 248,000.00 248,000.00 4.350 4.350 916.24 0.00 0.00 916.24 91282CGH8 1460 101 USTR 1,000,000.00 996,369.14 996,369.14 3.500 3.542 2,997.24 0.00 0.00 2,997.24 9128284X5 1462 101 USTR 1,000,000.00 988,900.00 988,900.00 2.750 2.758 2,316.58 0.00 0.00 2,316.58 912796Y37 1463 101 USTR 2,000,000.00 1,954,412.92 1,954,412.92 4.636 0.00 0.00 0.00 0.00 3133EPAV7 1464 101 FFCB 1,000,000.00 995,400.00 995,400.00 3.875 3.820 3,229.17 0.00 0.00 3,229.17 91282CEW7 1465 101 USTR 1,000,000.00 967,220.00 967,220.00 3.250 3.388 2,783.15 0.00 0.00 2,783.15 530520AH8 1466 101 LBRTY1 248,000.00 248,000.00 248,000.00 4.500 4.500 947.84 0.00 0.00 947.84 09582YAF9 1467 101 BLURDG 244,000.00 244,000.00 244,000.00 4.200 4.200 870.38 0.00 0.00 870.38 912797FR3 1468 101 USTR 3,000,000.00 2,951,790.00 2,951,790.00 4.821 0.00 0.00 0.00 0.00 011852AE0 1469 101 ALASKA 248,000.00 248,000.00 248,000.00 4.600 4.600 968.90 0.00 0.00 968.90 912796YH6 1470 101 USTR 2,000,000.00 1,950,283.66 1,950,283.66 4.917 0.00 0.00 0.00 0.00 912796Z51 1471 101 USTR 3,000,000.00 2,927,220.00 2,927,220.00 4.991 0.00 0.00 0.00 0.00 92891CCZ3 1472 101 VYSTAR 248,000.00 248,000.00 248,000.00 4.550 4.550 958.36 0.00 0.00 958.36 89789AAG2 1473 101 TRUFCU 248,000.00 248,000.00 248,000.00 4.700 4.700 989.96 0.00 0.00 989.96 59524LAA4 1474 101 MIDCAR 248,000.00 248,000.00 248,000.00 4.850 4.850 1,021.55 0.00 0.00 1,021.55 49306SJ56 1475 101 KEYBNK 244,000.00 244,000.00 244,000.00 5.000 5.000 1,036.16 0.00 0.00 1,036.16 064860MC0 1476 101 BKSIER 244,000.00 244,000.00 244,000.00 4.600 4.600 953.28 0.00 0.00 953.28 909557KQ2 1477 101 UNBKRS 248,000.00 248,000.00 248,000.00 5.000 5.000 1,053.15 0.00 0.00 1,053.15 00833JAQ4 1478 101 AFFNTY 248,000.00 248,000.00 248,000.00 4.900 4.900 1,032.09 0.00 0.00 1,032.09 Run Date: 07/25/2023 - 17:01 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 8 May 1, 2023 - May 31, 2023 Portfolio CITY CP Run Date: 07/25/2023 - 17:01 TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 Adjusted Interest Earnings Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund 108622NJ6 1479 101 BRIDWA 248,000.00 248,000.00 248,000.00 4.850 4.850 1,021.56 0.00 0.00 1,021.56 3135GAGA3 1480 101 FNMA 2,000,000.00 2,000,000.00 2,000,000.00 5.200 5.102 8,666.67 0.00 0.00 8,666.67 912797GF8 1481 101 USTR 2,000,000.00 1,968,951.36 1,968,951.36 4.696 0.00 0.00 0.00 0.00 3135GAGK1 1482 101 FNMA 3,000,000.00 3,000,000.00 3,000,000.00 5.050 4.955 12,625.00 0.00 0.00 12,625.00 724468AC7 1483 101 PITBOW 244,000.00 244,000.00 244,000.00 4.350 4.350 901.46 0.00 0.00 901.46 3134GYPJ5 1484 101 FHLMC 1,000,000.00 999,100.00 999,100.00 5.200 5.107 4,333.34 0.00 0.00 4,333.34 62384RAT3 1485 101 MTNAMR 248,000.00 248,000.00 248,000.00 4.700 4.700 989.96 0.00 0.00 989.96 60425SKB4 1486 101 MINWST 248,000.00 0.00 248,000.00 4.250 4.250 866.30 0.00 0.00 866.30 912796YT0 1487 101 USTR 1,000,000.00 0.00 975,854.17 4.750 0.00 0.00 0.00 0.00 912797FA0 1488 101 USTR 3,000,000.00 0.00 2,935,470.00 4.780 0.00 0.00 0.00 0.00 912797GJ0 1489 101 USTR 1,000,000.00 0.00 984,010.00 4.878 0.00 0.00 0.00 0.00 313384LP2 1490 101 FHLB 1,000,000.00 0.00 982,351.39 4.850 0.00 0.00 0.00 0.00 35089LAF0 1491 101 FRPNTS 248,000.00 0.00 248,000.00 4.550 4.550 649.22 0.00 0.00 649.22 062119BT8 1492 101 BANK59 248,000.00 0.00 248,000.00 4.250 4.250 548.66 0.00 0.00 548.66 152577BN1 1493 101 CENTRL 248,000.00 0.00 248,000.00 4.000 4.000 516.38 0.00 0.00 516.38 23248UAB3 1494 101 CYFAIR 248,000.00 0.00 248,000.00 4.500 4.500 580.93 0.00 0.00 580.93 91527PBY2 1495 101 UNIVST 248,000.00 0.00 248,000.00 4.350 4.350 561.57 0.00 0.00 561.57 92834ABT2 1496 101 VISION 248,000.00 0.00 248,000.00 4.050 4.050 522.84 0.00 0.00 522.84 12547CBJ6 1497 101 CIBCBK 244,000.00 0.00 244,000.00 4.350 4.350 465.27 0.00 0.00 465.27 843383CS7 1498 101 SBPOPM 248,000.00 0.00 248,000.00 4.200 4.200 399.52 0.00 0.00 399.52 06610RCA5 1499 101 BANKRS 248,000.00 0.00 248,000.00 4.150 4.150 197.38 0.00 0.00 197.38 90352RDB8 1500 101 USAFCU 248,000.00 0.00 248,000.00 4.550 4.550 154.58 0.00 0.00 154.58 87868YAQ6 1501 101 TECHCU 248,000.00 0.00 248,000.00 5.000 5.000 33.97 0.00 0.00 33.97 912797FL6 1502 101 USTR 4,000,000.00 0.00 3,898,126.67 5.180 0.00 0.00 0.00 0.00 91282CGT2 1503 101 USTR 1,000,000.00 0.00 1,000,000.00 3.625 3.615 99.04 0.00 0.00 99.04 91282CHA2 1504 101 USTR 1,000,000.00 0.00 1,000,000.00 3.500 3.472 95.11 0.00 0.00 95.11 Subtotal 244,100,279.03 218,620,631.07 242,751,342.82 2.598 436,970.57 0.00 60,455.45 497,426.02 Fund: Fiscal Agent SYS1058 1058 231 USBANK 1,565.80 1,560.39 1,565.80 4.082 5.41 0.00 0.00 5.41 Subtotal 1,565.80 1,560.39 1,565.80 4.082 5.41 0.00 0.00 5.41 Fund: Housing Authority : WSA and LQ SYS1062 1062 241 LQPR 40,789.93 182,950.98 40,789.93 0.00 0.00 0.00 0.00 Subtotal 40,789.93 182,950.98 40,789.93 0.00 0.00 0.00 0.00 Portfolio CITY CP Run Date: 07/25/2023 - 17:01 TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total 246,192,574.42 220,855,082.10 244,843,638.21 2.601 442,464.11 Run Date: 07/25/2023 - 17:01 0.00 60,455.45 502,919.56 Portfolio CITY CP TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 Total Earnings Page 9 May 1, 2023 - May 31, 2023 Adjusted Interest Earnings Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: SA Low/Mod Bond Fund 25-33-005 1113 249 LAIF 2,049,939.66 2,049,939.66 2,049,939.66 2.993 3.152 5,488.13 0.00 0.00 5,488.13 Subtotal 2,049,939.66 2,049,939.66 2,049,939.66 3.152 5,488.13 0.00 0.00 5,488.13 Total 246,192,574.42 220,855,082.10 244,843,638.21 2.601 442,464.11 Run Date: 07/25/2023 - 17:01 0.00 60,455.45 502,919.56 Portfolio CITY CP TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 GEM afthr DESERT -- City of La Quinta Portfolio Management Portfolio Summary June 30, 2023 ATTACHMENT 1 City of La Quinta Investments Total Eannings June 30 Month Ending Fiscal Year To Date Fiscal Year Ending Current Year 595.985.84 4,595,739.35 4,595,739.35 Average Dally Balance 245,418,022.50 220,375,035.74. Effective Rate of Return 2.96% 2.09°% 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our fiWcial institutions to determine the fair market value of investments at month end. ®►�lr a411HOWIM, Claudia Martinez, Finance DirectorlCity Treasurer Reporting period 0610512023-0613012023 Run Dale: 08/0112023 -1 4:03 Portfolio CITY CP PM (PRF PMI) 7.3.0 Report Ver. 7.3.6 1 Par Market Book % of Oays to YTM Investments Value Value Value Portfolio Term maturity 365 Equiv- Bank Accounts 7,253,223.97 7,253,223.97 7,263,223.97 2.94 1 1 0.000 Local Agency Investment Fund -C ty 34,065,011.99 33,645,096.65 34,065,071.99 13.81 1 1 3.167 Local Agency Invstmnt Fund -Housing 2,049,939.66 2,024,058.81 2,049,939.56 0.83 1 1 3.167 Money Market Accounts - CAMP 49,242,189.95 49,242,189.95 49,242,189.95 19.97 1 t 5.240 Federal Agency Coupon Securities 47,750,000.00 44,782,396.50 47,529,037.05 19.28 1,551 897 2.043 Federal Agency Discount 1,000,000.00 990,450.00 982,351.39 0.40 131 72 5.075 Treasury Coupon Securities 34,750,000.00 32,754,862.50 34,150,884.07 13.85 1,412 946 2.373 Treasury Discount Notes 24,000,000.00 23,705,680.00 23,457,082.10 9.52 162 87 5.184 Certificate ofDeposits 38,821,000.00 37,410,002.69 36,820,377.50 15.74 1,660 905 2.691 Corporate Notes 1,900,000.00 1,811,650.00 1,843,770.00 0.75 1,813 1,228 3.089 Money Market with Fiscal Agent 1,548-62 1, 548.62 1,548.62 0.00 1 1 0.000 CERBT- OPEBTrust 1,855,123.49 1,855,123.49 1,855,123.49 0.75 1 1 0.000 PARS Pension Trust 5,317,487.02 5,317,487.02 5,317,487.02 2.16 1 1 0.000 248,045,524.70 246,793,770.40 246,583,026,81 100.00% 787 465 3.193 Investments Total Eannings June 30 Month Ending Fiscal Year To Date Fiscal Year Ending Current Year 595.985.84 4,595,739.35 4,595,739.35 Average Dally Balance 245,418,022.50 220,375,035.74. Effective Rate of Return 2.96% 2.09°% 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our fiWcial institutions to determine the fair market value of investments at month end. ®►�lr a411HOWIM, Claudia Martinez, Finance DirectorlCity Treasurer Reporting period 0610512023-0613012023 Run Dale: 08/0112023 -1 4:03 Portfolio CITY CP PM (PRF PMI) 7.3.0 Report Ver. 7.3.6 1 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2023 Page 1 Local Agency Investment Fund -City 98-33-434 1055 Local Agency Inv Fund 34,065,011.99 33,645,096.65 34,065,011.99 3.167 1 1 3.167 Subtotal and Average 34,065,011.99 34,065,011.99 33,645,096.65 34,065,011.99 1 1 3.167 Local Agency Invstmnt Fund -Housing 25-33-005 1113 Local Agency Inv Fund 2,049,939.66 2,024,058.81 2,049,939.66 3.167 1 1 3.167 Subtotal and Average 2,049,939.66 2,049,939.66 2,024,058.81 2,049,939.66 1 1 3.167 Money Market Accounts - CAMP Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Bank Accounts 49,242,189.95 5.240 1 1 5.240 SYS1293 1293 Bank of New York 09/01/2020 273,521.42 273,521.42 273,521.42 1 1 0.000 059731851 1228 Bank of the West 08/20/2019 6,155,663.56 6,155,663.56 6,155,663.56 1 1 0.000 SYS1059 1059 City Petty Cash 07/01/2016 3,300.00 3,300.00 3,300.00 1 1 0.000 SYS1318 1318 Dune Palms Mobile Estates 03/09/2021 773,523.40 773,523.40 773,523.40 1 1 0.000 SYS1062 1062 La Quinta Palms Realty 07/01/2016 47,215.59 47,215.59 47,215.59 1 1 0.000 2.800 1,786 Subtotal and Average 13,991,228.31 3.041 7,253,223.97 7,253,223.97 7,253,223.97 1 1 0.000 Local Agency Investment Fund -City 98-33-434 1055 Local Agency Inv Fund 34,065,011.99 33,645,096.65 34,065,011.99 3.167 1 1 3.167 Subtotal and Average 34,065,011.99 34,065,011.99 33,645,096.65 34,065,011.99 1 1 3.167 Local Agency Invstmnt Fund -Housing 25-33-005 1113 Local Agency Inv Fund 2,049,939.66 2,024,058.81 2,049,939.66 3.167 1 1 3.167 Subtotal and Average 2,049,939.66 2,049,939.66 2,024,058.81 2,049,939.66 1 1 3.167 Money Market Accounts - CAMP SYS 1153 1153 California Asset Management Pr 09/26/2018 49,242,189.95 49,242,189.95 49,242,189.95 5.240 1 1 5.240 Subtotal and Average 43,859,475.29 49,242,189.95 49,242,189.95 49,242,189.95 1 1 5.240 Federal Agency Coupon Securities 3133EKZK5 1223 Federal Farm Credit Bank 09/12/2019 500,000.00 497,725.00 499,400.00 1.600 1,432 44 1.632 08/14/2023 3133EJYL7 1158 Federal Farm Credit Bank 10/15/2018 250,000.00 248,902.50 247,275.00 2.800 1,786 66 3.041 09/05/2023 3133EK4X1 1234 Federal Farm Credit Bank 11/01/2019 1,000,000.00 987,150.00 996,900.00 1.600 1,461 123 1.680 11/01/2023 3130AFW94 1177 Federal Home Loan Bank 03/01/2019 500,000.00 491,245.00 498,550.00 2.500 1,810 227 2.563 02/13/2024 3133ELNEO 1246 Federal Farm Credit Bank 02/14/2020 1,000,000.00 975,200.00 999,000.00 1.430 1,461 228 1.456 02/14/2024 3135GAGK1 1482 Federal National Mtg Assn 04/12/2023 3,000,000.00 2,983,260.00 3,000,000.00 5.050 366 286 5.050 04/12/2024 3133ENYH7 1401 Federal Farm Credit Bank 06/10/2022 500,000.00 487,175.00 499,080.00 2.625 731 345 2.720 06/10/2024 3135GOV75 1206 Federal National Mtg Assn 07/15/2019 500,000.00 482,155.00 495,950.00 1.750 1,814 367 1.922 07/02/2024 3133EKWV4 1212 Federal Farm Credit Bank 08/02/2019 500,000.00 481,210.00 499,500.00 1.850 1,820 391 1.871 07/26/2024 3135GAGA3 1480 Federal National Mtg Assn 04/03/2023 2,000,000.00 1,987,560.00 2,000,000.00 5.200 484 395 5.206 07/30/2024 3133EKP75 1224 Federal Farm Credit Bank 09/17/2019 500,000.00 478,200.00 498,750.00 1.600 1,827 444 1.652 09/17/2024 3133ELEA8 1242 Federal Farm Credit Bank 12/17/2019 1,000,000.00 958,790.00 998,600.00 1.700 1,736 444 1.731 09/17/2024 3135GO6E8 1291 Federal National Mtg Assn 11/18/2020 500,000.00 466,850.00 499,250.00 0.420 1,461 506 0.458 11/18/2024 3133ENGN4 1355 Federal Farm Credit Bank 12/09/2021 1,000,000.00 938,980.00 1,000,000.00 0.970 1,096 527 0.970 12/09/2024 3135GAAW1 1300 Federal National Mtg Assn 12/30/2020 500,000.00 464,465.00 500,000.00 0.400 1,461 548 0.400 12/30/2024 3130AP2U8 1353 Federal Home Loan Bank 12/07/2021 1,000,000.00 930,730.00 987,100.00 0.550 1,127 556 0.976 01/07/2025 Portfolio CITY CP Run Date: 08/01/2023 - 14:03 PM (PRF_PM2) 7.3.0 Report Ver. 7.3.6.1 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2023 Page 2 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM Maturity 365 Date Federal Agency Coupon Securities 3130AQWY5 1374 Federal Home Loan Bank 02/25/2022 1,000,000.00 943,680.00 1,000,000.00 1.700 1,095 604 1.700 02/24/2025 3135G03U5 1365 Federal National Mtg Assn 01/28/2022 500,000.00 462,325.00 487,790.00 0.625 1,180 661 1.400 04/22/2025 3134GVYG7 1279 Federal Home Loan Mtg Corp 05/27/2020 1,000,000.00 921,080.00 1,000,000.00 0.625 1,826 696 0.625 05/27/2025 3133ELH23 1280 Federal Farm Credit Bank 06/09/2020 500,000.00 459,715.00 499,850.00 0.500 1,826 709 0.506 06/09/2025 3133ELH80 1282 Federal Farm Credit Bank 06/10/2020 500,000.00 457,585.00 500,000.00 0.680 1,826 710 0.680 06/10/2025 3130AJKW8 1281 Federal Home Loan Bank 06/03/2020 500,000.00 457,305.00 499,850.00 0.500 1,836 713 0.506 06/13/2025 3130AJRP6 1283 Federal Home Loan Bank 06/30/2020 300,000.00 275,385.00 300,000.00 0.680 1,826 730 0.680 06/30/2025 3137EAEU9 1297 Federal Home Loan Mtg Corp 12/07/2020 1,000,000.00 912,200.00 997,300.00 0.375 1,687 751 0.434 07/21/2025 3137EAEU9 1361 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 456,100.00 487,090.00 0.375 1,293 751 1.120 07/21/2025 3135G05S8 1288 Federal National Mtg Assn 08/14/2020 500,000.00 455,420.00 500,000.00 0.500 1,826 775 0.500 08/14/2025 3136G4M75 1290 Federal National Mtg Assn 08/28/2020 500,000.00 456,640.00 499,750.00 0.520 1,816 779 0.530 08/18/2025 3136G4N74 1289 Federal National Mtg Assn 08/21/2020 1,000,000.00 911,450.00 1,000,000.00 0.560 1,826 782 0.560 08/21/2025 3137EAEX3 1307 Federal Home Loan Mtg Corp 02/23/2021 500,000.00 453,580.00 495,999.50 0.375 1,673 815 0.552 09/23/2025 3137EAEX3 1310 Federal Home Loan Mtg Corp 03/30/2021 1,000,000.00 907,160.00 983,940.00 0.375 1,638 815 0.740 09/23/2025 3130ARGJ4 1385 Federal Home Loan Bank 04/14/2022 500,000.00 474,070.00 500,000.00 2.500 1,279 836 2.500 10/14/2025 3134GW5R3 1362 Federal Home Loan Mtg Corp 01/05/2022 400,000.00 363,276.00 391,360.00 0.650 1,391 849 1.232 10/27/2025 3135G06G3 1354 Federal National Mtg Assn 12/07/2021 1,000,000.00 906,100.00 976,300.00 0.500 1,431 860 1.120 11/07/2025 3135GA2Z3 1292 Federal National Mtg Assn 11/17/2020 500,000.00 453,025.00 499,250.00 0.560 1,826 870 0.590 11/17/2025 3130AKFA9 1298 Federal Home Loan Bank 12/07/2020 500,000.00 448,690.00 497,400.00 0.375 1,831 895 0.480 12/12/2025 3135GA7D7 1299 Federal National Mtg Assn 12/23/2020 500,000.00 451,150.00 500,000.00 0.600 1,826 906 0.600 12/23/2025 3134GXGZ1 1301 Federal Home Loan Mtg Corp 12/30/2020 500,000.00 451,640.00 500,000.00 0.550 1,826 913 0.550 12/30/2025 3130AKMZ6 1302 Federal Home Loan Bank 01/14/2021 500,000.00 448,950.00 500,000.00 0.510 1,826 928 0.510 01/14/2026 313OAKN28 1304 Federal Home Loan Bank 01/29/2021 500,000.00 448,820.00 500,000.00 0.550 1,826 943 0.550 01/29/2026 3130ALV92 1312 Federal Home Loan Bank 03/30/2021 500,000.00 452,360.00 500,000.00 1.050 1,826 1,003 0.938 03/30/2026 3130AMFS6 1324 Federal Home Loan Bank 06/17/2021 1,000,000.00 891,570.00 993,420.00 0.750 1,821 1,077 0.885 06/12/2026 3133EM2C5 1330 Federal Farm Credit Bank 08/10/2021 500,000.00 443,300.00 498,000.00 0.710 1,826 1,136 0.792 08/10/2026 3133EM4X7 1338 Federal Farm Credit Bank 09/28/2021 1,000,000.00 888,860.00 991,080.00 0.800 1,808 1,167 0.985 09/10/2026 3130APBM6 1337 Federal Home Loan Bank 09/30/2021 1,000,000.00 891,930.00 999,000.00 1.000 1,826 1,187 1.021 09/30/2026 3130APB46 1339 Federal Home Loan Bank 10/13/2021 1,000,000.00 891,280.00 998,250.00 0.950 1,826 1,200 0.986 10/13/2026 3134GW6C5 1359 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 442,895.00 486,000.00 0.800 1,757 1,215 1.403 10/28/2026 3133ENCQ1 1344 Federal Farm Credit Bank 11/02/2021 1,000,000.00 899,690.00 1,000,000.00 1.270 1,826 1,220 1.270 11/02/2026 3130APTV7 1347 Federal Home Loan Bank 11/24/2021 500,000.00 458,135.00 499,500.00 0.700 1,826 1,242 1.489 11/24/2026 3130AQF65 1358 Federal Home Loan Bank 12/22/2021 1,000,000.00 899,320.00 999,750.00 1.250 1,825 1,269 1.255 12/21/2026 3134GWUQ7 1366 Federal Home Loan Mtg Corp 02/10/2022 1,000,000.00 878,600.00 945,570.00 0.700 1,784 1,278 1.870 12/30/2026 3130AQJR5 1364 Federal Home Loan Bank 01/27/2022 1,000,000.00 900,640.00 1,000,000.00 1.500 1,826 1,306 1.500 01/27/2027 3130AQSA2 1367 Federal Home Loan Bank 02/10/2022 1,000,000.00 909,820.00 1,000,000.00 1.830 1,826 1,320 1.830 02/10/2027 Portfolio CITY CP Run Date: 08/01/2023 - 14:03 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2023 Page 3 Portfolio CITY CP Run Date: 08/01/2023 - 14:03 PM (PRF_PM2) 7.3.0 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Federal Agency Coupon Securities 3130ARGY1 1387 Federal Home Loan Bank 04/19/2022 1,000,000.00 939,790.00 1,000,000.00 2.700 1,826 1,388 2.700 04/19/2027 3130ASDV8 1409 Federal Home Loan Bank 06/28/2022 300,000.00 286,413.00 300,000.00 3.300 1,826 1,458 3.300 06/28/2027 3133ENL99 1426 Federal Farm Credit Bank 09/15/2022 1,000,000.00 962,080.00 997,492.55 3.375 1,826 1,537 3.430 09/15/2027 3133ENQ29 1433 Federal Farm Credit Bank 09/30/2022 1,000,000.00 989,600.00 996,400.00 4.000 1,825 1,551 4.080 09/29/2027 3133EN3H1 1441 Federal Farm Credit Bank 11/29/2022 1,000,000.00 985,980.00 998,650.00 4.000 1,826 1,612 4.030 11/29/2027 3133EN3S7 1446 Federal Farm Credit Bank 12/07/2022 1,000,000.00 976,060.00 998,000.00 3.750 1,826 1,620 3.794 12/07/2027 3133EPAV7 1464 Federal Farm Credit Bank 02/15/2023 1,000,000.00 986,300.00 995,400.00 3.875 1,825 1,689 3.977 02/14/2028 3134GYPJ5 1484 Federal Home Loan Mtg Corp 04/24/2023 1,000,000.00 984,140.00 999,100.00 5.200 1,820 1,752 5.220 04/17/2028 3133EPME2 1505 Federal Farm Credit Bank 06/08/2023 1,000,000.00 988,690.00 998,190.00 3.875 1,827 1,804 3.915 06/08/2028 Subtotal and Average 47,296,126.05 47,750,000.00 44,782,396.50 47,529,037.05 1,551 897 2.043 Federal Agency Discount 313384LP2 1490 Federal Home Loan Bank 05/03/2023 1,000,000.00 990,450.00 982,351.39 4.850 131 72 5.075 09/11/2023 Subtotal and Average 982,351.39 1,000,000.00 990,450.00 982,351.39 131 72 5.075 Treasury Coupon Securities 91282CCN9 1341 U.S. Treasury 10/22/2021 500,000.00 498,075.00 497,792.97 0.125 647 30 0.375 07/31/2023 9128284X5 1462 U.S. Treasury 02/07/2023 1,000,000.00 995,900.00 988,900.00 2.750 205 61 4.787 08/31/2023 912828T26 1217 U.S. Treasury 08/21/2019 500,000.00 495,250.00 499,300.00 1.375 1,501 91 1.410 09/30/2023 91282CBA8 1351 U.S. Treasury 12/07/2021 1,000,000.00 977,230.00 990,000.00 0.125 738 167 0.623 12/15/2023 91282CBEO 1342 U.S. Treasury 10/22/2021 1,000,000.00 972,620.00 991,000.00 0.125 815 198 0.531 01/15/2024 912828V80 1516 U.S. Treasury 06/30/2023 2,000,000.00 1,963,680.00 1,964,400.00 2.250 215 214 5.374 01/31/2024 91282CBR1 1352 U.S. Treasury 12/07/2021 1,000,000.00 964,650.00 989,800.00 0.250 829 258 0.704 03/15/2024 91282CBV2 1360 U.S. Treasury 01/05/2022 500,000.00 480,585.00 494,882.81 0.375 831 289 0.830 04/15/2024 912828XT2 1418 U.S. Treasury 05/04/2022 1,000,000.00 969,490.00 985,240.00 2.000 758 335 2.736 05/31/2024 91282821.13 1400 U.S. Treasury 06/09/2022 500,000.00 480,295.00 490,850.00 1.875 814 427 2.727 08/31/2024 91282CDB4 1343 U.S. Treasury 10/22/2021 1,000,000.00 941,910.00 996,320.00 0.625 1,089 472 0.750 10/15/2024 9128283DO 1390 U.S. Treasury 05/03/2022 1,000,000.00 960,900.00 985,190.00 2.250 912 488 2.870 10/31/2024 912828YV6 1241 U.S. Treasury 12/16/2019 1,000,000.00 949,260.00 989,687.50 1.500 1,811 518 1.718 11/30/2024 91282CAT8 1311 U.S. Treasury 03/30/2021 1,000,000.00 902,420.00 977,500.00 0.250 1,676 853 0.750 10/31/2025 91282CAZ4 1315 U.S. Treasury 04/22/2021 500,000.00 451,250.00 492,187.50 0.375 1,683 883 0.720 11/30/2025 91282CBC4 1303 U.S. Treasury 01/07/2021 500,000.00 450,585.00 498,632.81 0.375 1,819 914 0.431 12/31/2025 91282CBH3 1309 U.S. Treasury 02/23/2021 500,000.00 448,830.00 495,100.00 0.375 1,803 945 0.577 01/31/2026 91282CBQ3 1319 U.S. Treasury 05/28/2021 500,000.00 449,065.00 494,165.00 0.500 1,737 973 0.750 02/28/2026 91282CBQ3 1382 U.S. Treasury 03/23/2022 750,000.00 673,597.50 698,025.00 0.500 1,438 973 2.353 02/28/2026 91282CBT7 1320 U.S. Treasury 05/28/2021 500,000.00 451,815.00 499,525.00 0.750 1,768 1,004 0.770 03/31/2026 Portfolio CITY CP Run Date: 08/01/2023 - 14:03 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2023 Page 4 CUSIP Investment # Issuer Average Purchase Balance Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM Maturity 365 Date Treasury Coupon Securities 91282CBT7 1322 U.S. Treasury 06/17/2021 500,000.00 451,815.00 498,450.00 0.750 1,748 1,004 0.816 03/31/2026 912828654 1383 U.S. Treasury 03/23/2022 1,000,000.00 942,810.00 999,010.00 2.375 1,499 1,034 2.400 04/30/2026 91282CCF6 1321 U.S. Treasury 06/01/2021 1,000,000.00 897,970.00 997,060.00 0.750 1,825 1,065 0.810 05/31/2026 91282CCF6 1323 U.S. Treasury 06/17/2021 500,000.00 448,985.00 497,095.00 0.750 1,809 1,065 0.870 05/31/2026 91282CCP4 1335 U.S. Treasury 09/29/2021 1,000,000.00 890,660.00 983,750.00 0.625 1,766 1,126 0.970 07/31/2026 91282CCW9 1336 U.S. Treasury 09/29/2021 1,000,000.00 891,640.00 988,500.00 0.750 1,797 1,157 0.990 08/31/2026 91282CCW9 1380 U.S. Treasury 03/22/2022 500,000.00 445,820.00 466,454.17 0.750 1,623 1,157 2.350 08/31/2026 91282CDG3 1381 U.S. Treasury 03/22/2022 500,000.00 449,435.00 473,396.82 1.125 1,684 1,218 2.350 10/31/2026 912828Z78 1369 U.S. Treasury 02/10/2022 1,000,000.00 905,550.00 986,700.00 1.500 1,816 1,310 1.781 01/31/2027 91282CEF4 1391 U.S. Treasury 05/03/2022 1,000,000.00 936,840.00 976,860.00 2.500 1,793 1,369 3.010 03/31/2027 91282CEN7 1398 U.S. Treasury 06/08/2022 500,000.00 472,150.00 495,000.00 2.750 1,787 1,399 2.971 04/30/2027 912828X88 1397 U.S. Treasury 06/07/2022 1,000,000.00 930,940.00 969,687.50 2.375 1,803 1,414 3.041 05/15/2027 91282CET4 1399 U.S. Treasury 06/08/2022 500,000.00 469,630.00 491,842.18 2.625 1,818 1,430 2.980 05/31/2027 91282CEW7 1465 U.S. Treasury 02/15/2023 1,000,000.00 961,450.00 967,220.00 3.250 1,596 1,460 4.075 06/30/2027 91282CFB2 1417 U.S. Treasury 08/15/2022 1,000,000.00 942,380.00 989,460.00 2.750 1,811 1,491 2.980 07/31/2027 91282CFB2 1422 U.S. Treasury 08/29/2022 1,000,000.00 942,380.00 979,645.67 2.750 1,797 1,491 3.200 07/31/2027 9128282RO 1439 U.S. Treasury 11/18/2022 1,000,000.00 924,060.00 927,110.00 2.250 1,731 1,506 3.950 08/15/2027 91282CFH9 1456 U.S. Treasury 01/24/2023 500,000.00 478,030.00 489,175.00 3.125 1,680 1,522 3.640 08/31/2027 91282CGH8 1460 U.S. Treasury 02/02/2023 1,000,000.00 970,700.00 996,369.14 3.500 1,824 1,675 3.580 01/31/2028 91282CGT2 1508 U.S. Treasury 06/15/2023 1,000,000.00 976,480.00 984,600.00 3.625 1,751 1,735 3.980 03/31/2028 91282CGT2 1524 U.S. Treasury 05/31/2023 1,000,000.00 976,480.00 990,000.00 3.625 1,766 1,735 3.853 03/31/2028 91282CHA2 1525 U.S. Treasury 05/31/2023 1,000,000.00 971,250.00 985,000.00 3.500 1,796 1,765 3.837 04/30/2028 Subtotal and Average 33,684,129.90 34,750,000.00 32,754,862.50 34,150,884.07 1,412 948 2.373 Treasury Discount Notes 912797FR3 1468 U.S. Treasury 03/07/2023 3,000,000.00 2,999,190.00 2,951,790.00 4.821 120 4 5.037 07/05/2023 912796Y37 1463 U.S. Treasury 02/07/2023 2,000,000.00 1,991,220.00 1,954,412.92 4.636 177 33 4.877 08/03/2023 912797GF8 1481 U.S. Treasury 04/11/2023 2,000,000.00 1,989,740.00 1,968,951.36 4.696 119 38 4.904 08/08/2023 912797GJO 1489 U.S. Treasury 05/03/2023 1,000,000.00 991,830.00 984,010.00 4.878 118 59 5.096 08/29/2023 912796Z51 1471 U.S. Treasury 03/09/2023 3,000,000.00 2,974,620.00 2,927,220.00 4.991 175 61 5.258 08/31/2023 912796YH6 1470 U.S. Treasury 03/09/2023 2,000,000.00 1,981,100.00 1,950,283.66 4.917 182 68 5.184 09/07/2023 912797FAO 1488 U.S. Treasury 05/03/2023 3,000,000.00 2,956,320.00 2,935,470.00 4.780 162 103 5.022 10/12/2023 912796YTO 1487 U.S. Treasury 05/03/2023 1,000,000.00 982,340.00 975,854.17 4.750 183 124 5.003 11/02/2023 912797FL6 1502 U.S. Treasury 05/31/2023 4,000,000.00 3,917,080.00 3,898,126.67 5.180 177 146 5.464 11/24/2023 912796ZN2 1517 U.S. Treasury 06/30/2023 3,000,000.00 2,922,240.00 2,920,963.32 5.240 181 180 5.532 12/28/2023 Portfolio CITY CP Run Date: 08/01/2023 - 14:03 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2023 Page 5 CUSIP Average Investment # Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM Maturity 365 Date Subtotal and Average 23,380,904.22 24,000,000.00 23,705,680.00 23,467,082.10 162 87 5.184 Certificate of Deposits 02772JBD1 1205 American National Bank 07/19/2019 248,000.00 247,581.89 248,000.00 2.000 1,461 18 2.001 07/19/2023 32110YLK9 1147 First National Bank of America 07/20/2018 245,000.00 244,721.16 245,000.00 3.150 1,826 19 3.152 07/20/2023 06426KAN8 1151 Bank of New England 07/31/2018 249,000.00 248,539.01 249,000.00 3.250 1,826 30 3.252 07/31/2023 75472RAD3 1218 Raymond James Bank 08/23/2019 244,000.00 242,806.72 244,000.00 1.950 1,461 53 1.951 08/23/2023 89579NCD3 1262 Triad Bank 03/30/2020 248,000.00 245,477.83 248,000.00 1.350 1,278 90 1.352 09/29/2023 57116ARV2 1155 Cache Valley BK F/K/A Marlin 10/17/2018 248,000.00 246,408.90 248,000.00 3.300 1,826 108 3.302 10/17/2023 625925AR3 1160 Municipal Trust and Savings 10/17/2018 245,000.00 243,354.75 245,000.00 3.200 1,826 108 3.202 10/17/2023 90348JEJ5 1161 UBS Bank USA 10/17/2018 245,000.00 243,464.84 245,000.00 3.350 1,826 108 3.352 10/17/2023 474067AQ8 1154 Jefferson Financial CU 10/19/2018 245,000.00 243,420.14 245,000.00 3.350 1,826 110 3.352 10/19/2023 20143PDV9 1162 Commercial Bank 11/15/2018 248,000.00 246,093.43 248,000.00 3.400 1,826 137 3.402 11/15/2023 67054NAN3 1164 Numerica Credit Union 11/28/2018 248,000.00 246,070.63 248,000.00 3.550 1,826 150 3.552 11/28/2023 48115LAD6 1396 Jovia Financial Credit Union 06/07/2022 248,000.00 244,858.88 248,000.00 2.500 548 159 2.502 12/07/2023 635573AL2 1170 National Cooperative Bank, N.A 12/21/2018 245,000.00 242,698.05 245,000.00 3.400 1,826 173 3.402 12/21/2023 066851WJ1 1172 Bar Harbor Bank and Trust 12/31/2018 248,000.00 245,482.37 248,000.00 3.350 1,824 181 3.352 12/29/2023 89269FDP7 1415 Tradition Capital 07/20/2022 246,000.00 242,770.53 246,000.00 3.000 551 205 3.008 01/22/2024 51210SQU4 1208 Lakeside Bank 07/30/2019 248,000.00 243,172.10 248,000.00 2.000 1,644 212 2.003 01/29/2024 77579ADFO 1251 Rollstone B&T 02/12/2020 245,000.00 239,407.94 245,000.00 1.650 1,461 226 1.651 02/12/2024 66736ABP3 1181 Northwest Bank 02/13/2019 248,000.00 244,274.93 248,000.00 2.950 1,826 227 2.951 02/13/2024 949763XY7 1174 Wells Fargo 02/27/2019 248,000.00 244,132.61 248,000.00 3.000 1,826 241 3.001 02/27/2024 50625LAW3 1384 Lafayette FCU 03/30/2022 248,000.00 241,893.40 248,000.00 2.050 729 271 2.053 03/28/2024 882213AB7 1260 Texas Bank Financial 03/31/2020 245,000.00 237,306.30 245,000.00 1.100 1,458 271 1.101 03/28/2024 472382AQ3 1272 The Jefferson Bank 04/15/2020 248,000.00 239,904.34 248,000.00 1.250 1,461 289 1.251 04/15/2024 08016PDQ9 1270 Belmont Bank and Trust 04/16/2020 248,000.00 239,877.03 248,000.00 1.250 1,461 290 1.251 04/16/2024 69506YRH4 1269 Pacific Western Bk/Banc of CA 04/16/2020 245,000.00 237,133.40 245,000.00 1.300 1,461 290 1.301 04/16/2024 56065GAG3 1188 Main Street Bank 04/26/2019 248,000.00 242,335.41 248,000.00 2.600 1,827 300 2.603 04/26/2024 33640VDD7 1231 First Service Bank 11/15/2019 248,000.00 239,602.15 248,000.00 1.700 1,643 319 1.701 05/15/2024 48128HXU7 1185 JP Morgan Chase 05/16/2019 245,000.00 239,987.74 245,000.00 3.250 1,827 320 3.254 05/16/2024 46256YAZ2 1186 Iowa State Bank 05/23/2019 245,000.00 238,078.95 245,000.00 2.400 1,827 327 2.403 05/23/2024 538036GVO 1238 Live Oak Bank 11/27/2019 248,000.00 239,493.43 248,000.00 1.800 1,644 332 1.802 05/28/2024 156634AK3 1184 Century Next Bank 05/29/2019 248,000.00 241,034.41 248,000.00 2.500 1,827 333 2.503 05/29/2024 72651LCL6 1195 Plains Commerce Bank 06/07/2019 245,000.00 237,645.76 245,000.00 2.550 1,827 342 2.553 06/07/2024 299547AQ2 1196 Liberty FCU F/K/A Evansville T 06/12/2019 248,000.00 240,492.39 248,000.00 2.600 1,827 347 2.603 06/12/2024 524661CB9 1197 Legacy Bank 06/19/2019 248,000.00 239,871.55 248,000.00 2.400 1,827 354 2.403 06/19/2024 176688CP2 1199 Citizens State Bank 06/21/2019 248,000.00 239,827.16 248,000.00 2.400 1,827 356 2.403 06/21/2024 20416TAQ5 1202 Communitywide FCU 06/28/2019 248,000.00 239,307.78 248,000.00 2.250 1,827 363 2.253 06/28/2024 Portfolio CITY CP Run Date: 08/01/2023 - 14:03 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2023 Page 6 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM Maturity 365 Date Certificate of Deposits 761402BY1 1203 Revere Bank 06/28/2019 247,000.00 238,562.77 247,000.00 2.300 1,827 363 2.303 06/28/2024 00257TBD7 1207 Abacus Federal Savings 07/26/2019 248,000.00 237,333.90 248,000.00 1.950 1,827 391 1.952 07/26/2024 33625CCP2 1209 First Security Bank of WA 07/30/2019 248,000.00 237,566.49 248,000.00 2.000 1,827 395 2.002 07/30/2024 710571DS6 1210 People's Bank 07/31/2019 248,000.00 237,744.92 248,000.00 2.000 1,827 396 2.002 07/31/2024 740367HP5 1213 Preferred Bank 08/16/2019 249,000.00 238,088.93 249,000.00 2.000 1,827 412 2.002 08/16/2024 33766LAJ7 1216 FirsTier Bank 08/23/2019 249,000.00 237,770.66 249,000.00 1.950 1,827 419 1.952 08/23/2024 938828BH2 1215 Washington Federal 08/23/2019 248,000.00 236,955.16 248,000.00 2.000 1,827 419 2.002 08/23/2024 336460CX6 1222 First State Bk DeQueen 08/30/2019 248,000.00 236,429.68 248,000.00 1.800 1,827 426 1.802 08/30/2024 334342CD2 1221 First Natl Bk of Syracuse 08/30/2019 249,000.00 237,525.32 249,000.00 1.850 1,827 426 1.852 08/30/2024 15118RRH2 1220 Celtic Bank 08/30/2019 248,000.00 236,571.40 248,000.00 1.850 1,827 426 1.852 08/30/2024 05580AD50 1333 BMW Bank 09/10/2021 245,000.00 230,135.35 245,000.00 0.650 1,096 437 0.651 09/10/2024 06652CHBO 1227 BankWest Inc 09/27/2019 248,000.00 235,397.09 248,000.00 1.700 1,827 454 1.702 09/27/2024 84223QAN7 1286 Southern Bancorp Bk 06/26/2020 248,000.00 231,067.24 248,000.00 0.500 1,582 482 0.500 10/25/2024 804375DL4 1235 Sauk Valley B&T Cc 11/07/2019 248,000.00 234,815.16 248,000.00 1.700 1,827 495 1.702 11/07/2024 61690UNX4 1237 Morgan Stanley Bank 11/20/2019 245,000.00 232,597.80 245,000.00 1.950 1,827 508 1.952 11/20/2024 61760A3B3 1236 Morgan Stanley Private Bk, NA 11/20/2019 245,000.00 232,433.87 245,000.00 1.900 1,827 508 1.902 11/20/2024 064520BG3 1287 Bank Princeton 06/30/2020 248,000.00 229,686.29 248,000.00 0.500 1,644 548 0.500 12/30/2024 80865MAB3 1454 Scient FCU 01/13/2023 248,000.00 244,618.77 248,000.00 4.650 731 562 4.656 01/13/2025 89388CEYO 1328 Transportation Alliance Bk TAB 07/23/2021 248,000.00 228,543.16 248,000.00 0.400 1,280 572 0.401 01/23/2025 06417NZQ9 1329 Bank OZK 07/29/2021 248,000.00 228,348.77 248,000.00 0.400 1,280 578 0.401 01/29/2025 90983WBT7 1249 United Community 02/07/2020 248,000.00 233,184.86 248,000.00 1.650 1,827 587 1.652 02/07/2025 32114VBT3 1250 First National Bank Michigan 02/14/2020 248,000.00 233,016.12 248,000.00 1.650 1,827 594 1.652 02/14/2025 35637RDC8 1248 Freedom Financial 02/14/2020 248,000.00 232,625.13 248,000.00 1.550 1,827 594 1.552 02/14/2025 029728BC5 1255 American State 02/21/2020 248,000.00 232,650.21 248,000.00 1.600 1,827 601 1.602 02/21/2025 17286TAGO 1252 Citadel FCU 02/27/2020 248,000.00 232,704.13 248,000.00 1.650 1,827 607 1.652 02/27/2025 00435JBH5 1256 Access Bank 03/13/2020 248,000.00 232,479.06 248,000.00 1.600 1,826 621 1.601 03/13/2025 49306SJ56 1475 Kay Bank, N.A. 03/15/2023 244,000.00 242,349.72 244,000.00 5.000 733 625 5.008 03/17/2025 909557KQ2 1477 United Bankers Bank 03/16/2023 248,000.00 246,347.74 248,000.00 5.000 732 625 4.823 03/17/2025 849430BF9 1257 Spring Bank 03/20/2020 248,000.00 231,899.98 248,000.00 1.500 1,826 628 1.501 03/20/2025 05465DAE8 1258 Axos Bank 03/26/2020 248,000.00 232,378.42 248,000.00 1.650 1,826 634 1.651 03/26/2025 020080BX4 1267 Alma Bank 03/30/2020 248,000.00 231,287.71 248,000.00 1.400 1,824 636 1.399 03/28/2025 2027506M2 1268 Commonwealth Business Bk 03/31/2020 248,000.00 231,230.42 248,000.00 1.250 1,826 639 1.251 03/31/2025 654062JZ2 1266 Nicolet Natl Bank 03/31/2020 248,000.00 231,860.54 248,000.00 1.400 1,826 639 1.401 03/31/2025 14042TDD6 1271 Capital One USA FDIC33954 04/08/2020 245,000.00 229,518.75 245,000.00 1.600 1,826 647 1.601 04/08/2025 02007GPX5 1388 Ally Bank Midvale 04/21/2022 245,000.00 233,240.58 245,000.00 2.550 1,096 660 2.550 04/21/2025 52168UHY1 1389 Leader Bank 04/22/2022 245,000.00 233,223.84 245,000.00 2.550 1,096 661 2.552 04/22/2025 Portfolio CITY CP Run Date: 08/01/2023 - 14:03 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2023 Page 7 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 32112UDR9 1274 First Natl Bk McGregor 04/28/2020 248,000.00 230,632.28 248,000.00 1.350 1,826 667 1.351 04/28/2025 32027BALl 1273 First Freedom Bank 04/29/2020 249,000.00 230,878.04 249,000.00 1.200 1,826 668 1.201 04/29/2025 33847E3A3 1276 Flagstar 04/30/2020 248,000.00 230,640.98 248,000.00 1.250 1,826 669 1.251 04/30/2025 32056GDJ6 1278 1st Internet Bank 05/11/2020 248,000.00 229,067.05 248,000.00 1.000 1,827 681 0.985 05/12/2025 95960NKD8 1277 Western State Bank 05/13/2020 245,000.00 226,446.16 245,000.00 1.000 1,826 682 1.001 05/13/2025 254673E69 1392 Discover Bank Greenwood DE CF 05/24/2022 245,000.00 235,438.07 245,000.00 3.100 1,099 696 3.103 05/27/2025 169894AS1 1284 Chippewa Valley Bk 06/24/2020 248,000.00 226,404.04 248,000.00 0.600 1,826 724 0.600 06/24/2025 307811DF3 1363 Farmers & Merch 01/14/2022 249,000.00 228,585.97 249,000.00 0.900 1,277 744 0.900 07/14/2025 70962LAF9 1331 Pentagon FCU 09/01/2021 249,000.00 226,609.17 249,000.00 0.700 1,462 794 0.687 09/02/2025 914242AAO 1429 University Credit Union 09/26/2022 248,000.00 242,624.65 248,000.00 4.000 1,096 818 3.891 09/26/2025 51507LCC6 1305 Landmark Community Bank 01/22/2021 248,000.00 221,580.24 248,000.00 0.500 1,826 936 0.500 01/22/2026 84229LBA9 1434 Southern Bank Sardis GA 10/28/2022 244,000.00 240,327.99 244,000.00 4.250 1,188 942 4.254 01/28/2026 87270LDL4 1306 TIAA F/K/A EverBank 02/12/2021 245,000.00 218,795.70 245,000.00 0.500 1,826 957 0.500 02/12/2026 64034KAZ4 1376 Nelnet Bank 03/02/2022 245,000.00 226,538.94 245,000.00 1.800 1,461 975 1.801 03/02/2026 59524LAA4 1474 Mid Carolina Credit Union 03/13/2023 248,000.00 248,355.15 248,000.00 4.850 1,096 986 4.855 03/13/2026 39573LBC1 1313 Greenstate FCU 04/16/2021 249,000.00 223,890.36 249,000.00 0.950 1,826 1,020 0.951 04/16/2026 89235MKY6 1314 Toyota Financial Savings Bank 04/22/2021 245,000.00 220,047.21 245,000.00 0.900 1,826 1,026 0.900 04/22/2026 14622LAAO 1316 Carter FCU 04/27/2021 248,000.00 221,413.36 248,000.00 0.750 1,826 1,031 0.750 04/27/2026 62384RAT3 1485 Mountain America Federal CU 04/28/2023 248,000.00 247,614.68 248,000.00 4.700 1,096 1,032 4.705 04/28/2026 31617CAV5 1317 Fidelity Homestead 04/30/2021 248,000.00 221,234.41 248,000.00 0.700 1,826 1,034 0.711 04/30/2026 35089LAFO 1491 Four Points FCU 05/10/2023 248,000.00 246,843.15 248,000.00 4.550 1,097 1,045 4.443 05/11/2026 87868YAQ6 1501 Technology Credit Union 05/30/2023 248,000.00 249,898.22 248,000.00 5.000 1,095 1,063 5.005 05/29/2026 16141BAC5 1506 Chartway FCU 06/09/2023 248,000.00 249,475.37 248,000.00 4.900 1,096 1,074 4.905 06/09/2026 01025RAG4 1510 Alabama Credit Union 06/20/2023 248,000.00 250,189.60 248,000.00 5.000 1,098 1,087 5.005 06/22/2026 501798RP9 1356 LCA Bank Corp 12/27/2021 248,000.00 222,432.13 248,000.00 1.000 1,642 1,091 1.000 06/26/2026 92559TAJ7 1325 Vibrant Credit Union 07/02/2021 249,000.00 221,835.88 248,377.50 0.800 1,824 1,095 0.852 06/30/2026 300185LM5 1457 Evergreen Bank Group 01/27/2023 248,000.00 242,249.15 248,000.00 3.850 1,277 1,122 3.849 07/27/2026 38149MXK4 1326 Goldman Sachs 07/28/2021 248,000.00 221,967.85 248,000.00 1.000 1,826 1,123 1.001 07/28/2026 795451AFO 1327 Sallie Mae Bank Salt Lake City 07/28/2021 248,000.00 221,967.85 248,000.00 1.000 1,826 1,123 1.001 07/28/2026 87165ET98 1332 Synchrony Bank Retail 09/03/2021 245,000.00 218,083.61 245,000.00 0.900 1,826 1,160 0.900 09/03/2026 20786ADL6 1334 Connect One 09/24/2021 248,000.00 219,311.35 248,000.00 0.800 1,826 1,181 0.800 09/24/2026 59013KPNO 1345 Merrick Bank 11/09/2021 249,000.00 221,853.69 249,000.00 1.100 1,826 1,227 1.101 11/09/2026 14042RQBO 1346 Capital One Natl Assn FDIC4297 11/17/2021 248,000.00 221,025.50 248,000.00 1.100 1,826 1,235 1.101 11/17/2026 20825WAR1 1357 Connexus CU 12/23/2021 249,000.00 222,357.30 249,000.00 1.250 1,826 1,271 1.250 12/23/2026 89786MAF1 1368 True Sky FCU 02/04/2022 245,000.00 221,403.81 245,000.00 1.600 1,826 1,314 1.601 02/04/2027 02357QAQO 1372 Amerant Bank 02/14/2022 245,000.00 221,202.89 245,000.00 1.600 1,828 1,326 1.601 02/16/2027 Portfolio CITY CP Run Date: 08/01/2023 - 14:03 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2023 Page 8 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 07371AYE7 1370 Beal Bank TX 02/23/2022 245,000.00 223,658.27 245,000.00 1.900 1,820 1,327 1.901 02/17/2027 073710E88 1371 Beal Bank USA 02/23/2022 245,000.00 223,658.27 245,000.00 1.900 1,820 1,327 1.901 02/17/2027 59161YAP1 1373 Metro Credit Union 02/18/2022 249,000.00 225,431.18 249,000.00 1.700 1,826 1,328 1.701 02/18/2027 24773RCR4 1377 Delta Natl B&T 03/09/2022 245,000.00 224,367.11 245,000.00 2.000 1,814 1,335 2.001 02/25/2027 27004PCM3 1375 Eaglemark Savings 03/02/2022 245,000.00 224,483.97 245,000.00 2.000 1,826 1,340 2.001 03/02/2027 91139LAB2 1378 United Roosevelt Savings 03/11/2022 248,000.00 226,089.38 248,000.00 1.900 1,826 1,349 1.901 03/11/2027 064860MCO 1476 Bank of the Sierra 03/15/2023 244,000.00 245,114.40 244,000.00 4.600 1,461 1,353 4.604 03/15/2027 565819AG4 1379 Marathon Bnak 03/16/2022 248,000.00 225,157.05 248,000.00 1.800 1,826 1,354 1.801 03/16/2027 108622NJ6 1479 Bridgewater Bank 03/29/2023 248,000.00 251,348.68 248,000.00 4.850 1,461 1,367 4.767 03/29/2027 20033A3A2 1386 Comenity Capital Bank 04/14/2022 248,000.00 232,337.15 248,000.00 2.650 1,826 1,383 2.652 04/14/2027 60425SKB4 1486 Minnwest Bank 05/01/2023 248,000.00 246,519.45 248,000.00 4.250 1,463 1,402 4.254 05/03/2027 397417AQ9 1419 Greenwoods State Bank 05/17/2022 248,000.00 235,771.76 248,000.00 3.050 1,826 1,416 3.052 05/17/2027 85279AAC6 1509 St Vincent Med Center FCU 06/16/2023 248,000.00 249,887.46 248,000.00 4.600 1,461 1,446 4.604 06/16/2027 38120MCA2 1511 Golden State Business Bank 06/22/2023 249,000.00 249,523.39 249,000.00 4.450 1,461 1,452 4.453 06/22/2027 472312AA5 1514 Jeep Country FCU 06/29/2023 248,000.00 250,823.41 248,000.00 4.700 1,461 1,459 4.704 06/29/2027 02589ADH2 1421 American Express, NB 08/29/2022 245,000.00 236,548.33 245,000.00 3.450 1,793 1,487 3.067 07/27/2027 88413QDN5 1420 Third Federal Savings and Loan 08/19/2022 245,000.00 235,163.43 245,000.00 3.300 1,826 1,510 3.302 08/19/2027 89789AAG2 1473 Truliant FCU 03/10/2023 248,000.00 251,464.66 248,000.00 4.700 1,645 1,532 4.707 09/10/2027 732329BD8 1425 Ponce Bank 09/15/2022 248,000.00 239,889.31 248,000.00 3.500 1,826 1,537 3.502 09/15/2027 052392BT3 1427 Austin Telco FCU 09/21/2022 248,000.00 242,767.31 248,000.00 3.800 1,826 1,543 3.770 09/21/2027 22258JAB7 1430 County Schools FCU 09/30/2022 248,000.00 248,730.76 248,000.00 4.400 1,826 1,552 4.325 09/30/2027 34520LATO 1435 Forbright Bank 11/02/2022 248,000.00 250,880.85 248,000.00 4.600 1,826 1,585 4.602 11/02/2027 25460FDW3 1438 Direct FCU 11/07/2022 248,000.00 252,884.05 248,000.00 4.800 1,827 1,591 4.735 11/08/2027 914098DJ4 1442 University Bank 11/30/2022 249,000.00 248,036.91 249,000.00 4.200 1,826 1,613 4.202 11/30/2027 25844MAK4 1447 Dort Financial CU 12/16/2022 247,000.00 249,069.37 247,000.00 4.500 1,826 1,629 4.503 12/16/2027 01664MAB2 1448 All In FCU 12/20/2022 248,000.00 249,071.38 248,000.00 4.400 1,826 1,633 4.402 12/20/2027 51828MAC8 1449 Latino Comm. CU 12/21/2022 248,000.00 250,093.61 248,000.00 4.500 1,826 1,634 4.503 12/21/2027 45157PAZ3 1450 Ideal CU 12/29/2022 248,000.00 250,103.47 248,000.00 4.500 1,826 1,642 4.502 12/29/2027 01882MAC6 1451 AlliantCU 12/30/2022 247,000.00 254,364.90 247,000.00 5.000 1,826 1,643 5.003 12/30/2027 78472EABO 1455 SPCO Credit Union 01/20/2023 249,000.00 249,729.46 249,000.00 4.350 1,826 1,664 4.352 01/20/2028 82671DAB3 1458 Signature FCU 01/31/2023 248,000.00 249,579.24 248,000.00 4.400 1,826 1,675 4.402 01/31/2028 79772FAG1 1459 San Francisco FCU 02/03/2023 248,000.00 248,900.29 248,000.00 4.350 1,826 1,678 4.352 02/03/2028 530520AH8 1466 Liberty First CU 02/21/2023 248,000.00 250,495.98 248,000.00 4.500 1,827 1,697 4.504 02/22/2028 09582YAF9 1467 Blue Ridge Bank 02/28/2023 244,000.00 243,312.86 244,000.00 4.200 1,826 1,703 4.202 02/28/2028 011852AEO 1469 Alaska USA/Global FCU 03/08/2023 248,000.00 251,743.45 248,000.00 4.600 1,827 1,712 4.606 03/08/2028 92891CCZ3 1472 VystarCU 03/10/2023 248,000.00 251,213.41 248,000.00 4.550 1,827 1,714 4.555 03/10/2028 Portfolio CITY CP Run Date: 08/01/2023 - 14:03 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2023 Page 9 Corporate Notes 594918BQ6 1157 45950VPS9 1308 931142EE9 1512 Microsoft Corporation International Finance Corp Wal-Mart Stores, Inc Subtotal and Average Money Market with Fiscal Agent SYS1058 1058 US Bank Subtotal and Average CERBT - OPEB Trust SYS1114 1114 CalPERS CERBT Plan Subtotal and Average PARS Pension Trust SYS1230 1230 Pblc Agncy Rtrmnt Sery Subtotal and Average Run Date: 08/01/2023 - 14:03 1,037,845.00 1,565.23 1,829,225.93 5,239, 742.03 10/15/2018 400,000.00 398,820.00 Average Purchase 06/26/2023 1,000,000.00 966,490.00 1,900,000.00 Stated 973,110.00 3.700 Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits 00833JAQ4 1478 Affinity Bank 03/17/2023 248,000.00 254,976.25 248,000.00 4.900 1,827 1,721 4.906 03/17/2028 724468AC7 1483 Pitney Bowes Bank 04/14/2023 244,000.00 245,203.63 244,000.00 4.350 1,826 1,748 4.355 04/13/2028 062119BT8 1492 Bank Five Nine 05/12/2023 248,000.00 248,341.47 248,000.00 4.250 1,827 1,777 4.255 05/12/2028 152577BN1 1493 Central Bank 05/12/2023 248,000.00 245,581.79 248,000.00 4.000 1,827 1,777 4.005 05/12/2028 23248UAB3 1494 Cy -Fair FCU 05/12/2023 248,000.00 251,101.14 248,000.00 4.500 1,827 1,777 4.505 05/12/2028 91527PBY2 1495 Univest Bank & Trust 05/12/2023 248,000.00 249,445.34 248,000.00 4.350 1,827 1,777 4.355 05/12/2028 92834ABT2 1496 VisionBank 05/12/2023 248,000.00 246,133.72 248,000.00 4.050 1,827 1,777 4.055 05/12/2028 12547CBJ6 1497 CIBC Bank USA 05/16/2023 244,000.00 245,393.35 244,000.00 4.350 1,827 1,781 4.355 05/16/2028 843383CS7 1498 Southern Bank Poplar MO 05/17/2023 248,000.00 247,788.98 248,000.00 4.200 1,827 1,782 4.205 05/17/2028 06610RCA5 1499 Bankers Bank 05/24/2023 248,000.00 247,233.22 248,000.00 4.150 1,827 1,789 4.155 05/24/2028 90352RDB8 1500 US Alliance FCU 05/26/2023 248,000.00 251,679.34 248,000.00 4.550 1,827 1,791 4.555 05/26/2028 23204HPB8 1507 Customers Bank 06/14/2023 244,000.00 247,234.73 244,000.00 4.500 1,827 1,810 4.505 06/14/2028 910286GN7 1513 United Fidelity Bank 06/29/2023 248,000.00 251,347.77 248,000.00 4.500 1,827 1,825 4.505 06/29/2028 31911KAK4 1515 First Bank Elk River 06/30/2023 248,000.00 250,388.55 248,000.00 4.400 1,827 1,826 4.405 06/30/2028 Subtotal and Average 38,000,477.50 38,821,000.00 37,410,002.89 38,820,377.50 1,666 905 2.691 Corporate Notes 594918BQ6 1157 45950VPS9 1308 931142EE9 1512 Microsoft Corporation International Finance Corp Wal-Mart Stores, Inc Subtotal and Average Money Market with Fiscal Agent SYS1058 1058 US Bank Subtotal and Average CERBT - OPEB Trust SYS1114 1114 CalPERS CERBT Plan Subtotal and Average PARS Pension Trust SYS1230 1230 Pblc Agncy Rtrmnt Sery Subtotal and Average Run Date: 08/01/2023 - 14:03 1,037,845.00 1,565.23 1,829,225.93 5,239, 742.03 10/15/2018 400,000.00 398,820.00 02/26/2021 500,000.00 446,340.00 06/26/2023 1,000,000.00 966,490.00 1,900,000.00 1, 811, 650.00 07/01/2016 1,548.62 1,548.62 07/01/2022 1,855,123.49 1,855,123.49 1,548.62 1,548.62 1,855,123.49 1,855,123.49 378,360.00 2.000 1,758 38 3.222 08/08/2023 497,300.00 0.500 1,826 971 0.610 02/26/2026 973,110.00 3.700 1,827 1,822 4.303 06/26/2028 1,848,770.00 1,813 1,228 3.089 1,548.62 1,548.62 1,855,123.49 1,855,123.49 5,317,487.02 5,317,487.02 5,317,487.02 5,317,487.02 5,317,487.02 5,317,487.02 1 1 0.000 1 1 0.000 1 1 0.000 1 1 0.000 1 1 0.000 1 1 0.000 Portfolio CITY CP PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2023 Average Purchase Stated Daysto YTM CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Run Date: 08/01/2023 - 14:03 Total and Average 245,418,022.50 248,005,524.70 240,793,770.40 246,583,026.81 787 465 3.193 Page 10 Portfolio CITY CP PM (PRF_PM2) 7.3.0 t(v Qa City of La Quinta Total Earnings GEMoftheDESERT - Sorted by Fund - Fund June 1, 2023 - June 30, 2023 City of La Quinta CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 98-33-434 1055 101 LAIF 34,065,011.99 34,065,011.99 34,065,011.99 3.167 3.152 88,257.40 0.00 0.00 88,257.40 SYS1059 1059 101 CITYPC 3,300.00 3,300.00 3,300.00 0.00 0.00 0.00 0.00 SYS1114 1114 101 CALPRS 1,855,123.49 1,828,332.91 1,855,123.49 0.00 0.00 0.00 0.00 74934YAH4 1144 101 RCB 0.00 245,000.00 0.00 3.150 3.150 422.88 0.00 0.00 422.88 32110YLK9 1147 101 1STNBA 245,000.00 245,000.00 245,000.00 3.150 3.150 634.32 0.00 0.00 634.32 06426KAN8 1151 101 NWENGL 249,000.00 249,000.00 249,000.00 3.250 3.250 665.14 0.00 0.00 665.14 SYS 1153 1153 101 CAMP 49,242,189.95 43,053,174.78 49,242,189.95 5.240 5.341 189,015.17 0.00 0.00 189,015.17 474067AQ8 1154 101 JEFF 245,000.00 245,000.00 245,000.00 3.350 3.350 674.59 0.00 0.00 674.59 57116ARV2 1155 101 MARBUS 248,000.00 248,000.00 248,000.00 3.300 3.300 672.66 0.00 0.00 672.66 594918BQ6 1157 101 MCRSFT 400,000.00 378,360.00 378,360.00 2.000 2.144 666.67 0.00 0.00 666.67 3133EJYL7 1158 101 FFCB 250,000.00 247,275.00 247,275.00 2.800 2.870 583.34 0.00 0.00 583.34 625925AR3 1160 101 MUNTRS 245,000.00 245,000.00 245,000.00 3.200 3.200 644.38 0.00 0.00 644.38 90348JEJ5 1161 101 UBS 245,000.00 245,000.00 245,000.00 3.350 3.350 674.59 0.00 0.00 674.59 20143PDV9 1162 101 COMMBK 248,000.00 248,000.00 248,000.00 3.400 3.400 693.04 0.00 0.00 693.04 67054NAN3 1164 101 NMRCA 248,000.00 248,000.00 248,000.00 3.550 3.550 723.62 0.00 0.00 723.62 635573AL2 1170 101 NLCOOP 245,000.00 245,000.00 245,000.00 3.400 3.400 684.66 0.00 0.00 684.66 066851WJ1 1172 101 BARHAR 248,000.00 248,000.00 248,000.00 3.350 3.350 682.85 0.00 0.00 682.85 619165JD6 1173 101 MORTN 0.00 248,000.00 0.00 2.750 2.750 373.70 0.00 0.00 373.70 949763XY7 1174 101 WELLS 248,000.00 248,000.00 248,000.00 3.000 3.000 611.51 0.00 0.00 611.51 3130AFW94 1177 101 FHLB 500,000.00 498,550.00 498,550.00 2.500 2.542 1,041.67 0.00 0.00 1,041.67 66736ABP3 1181 101 NRTHWS 248,000.00 248,000.00 248,000.00 2.950 2.950 601.32 0.00 0.00 601.32 156634AK3 1184 101 CENTNX 248,000.00 248,000.00 248,000.00 2.500 2.500 509.60 0.00 0.00 509.60 48128HXU7 1185 101 JPMORG 245,000.00 245,000.00 245,000.00 3.250 3.250 654.45 0.00 0.00 654.45 46256YAZ2 1186 101 IOWAST 245,000.00 245,000.00 245,000.00 2.400 2.400 483.28 0.00 0.00 483.28 56065GAG3 1188 101 MAINST 248,000.00 248,000.00 248,000.00 2.600 2.600 529.97 0.00 0.00 529.97 725404AB3 1194 101 PITTS 0.00 245,000.00 0.00 2.500 2.500 100.68 0.00 0.00 100.68 72651LCL6 1195 101 PLAINS 245,000.00 245,000.00 245,000.00 2.550 2.550 513.49 0.00 0.00 513.49 299547AQ2 1196 101 EVNSCU 248,000.00 248,000.00 248,000.00 2.600 2.600 529.97 0.00 0.00 529.97 524661CB9 1197 101 LEGCY 248,000.00 248,000.00 248,000.00 2.400 2.400 489.21 0.00 0.00 489.21 176688CP2 1199 101 CTZNST 248,000.00 248,000.00 248,000.00 2.400 2.400 489.20 0.00 0.00 489.20 Run Date: 08/01/2023 - 14:27 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 2 June 1, 2023 - June 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 20416TAQ5 1202 101 COMMW 248,000.00 248,000.00 248,000.00 2.250 2.250 458.63 0.00 0.00 458.63 761402BY1 1203 101 REVER 247,000.00 247,000.00 247,000.00 2.300 2.300 466.93 0.00 0.00 466.93 02772JBD1 1205 101 AMRNTL 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 3135GOV75 1206 101 FNMA 500,000.00 495,950.00 495,950.00 1.750 1.789 729.16 0.00 0.00 729.16 00257TBD7 1207 101 ABACUS 248,000.00 248,000.00 248,000.00 1.950 1.950 397.48 0.00 0.00 397.48 51210SQU4 1208 101 LKSIDE 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 33625CCP2 1209 101 1STSEC 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 710571 DS6 1210 101 PEOPLE 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 3133EKWV4 1212 101 FFCB 500,000.00 499,500.00 499,500.00 1.850 1.878 770.83 0.00 0.00 770.83 740367HP5 1213 101 PREFRD 249,000.00 249,000.00 249,000.00 2.000 2.000 409.32 0.00 0.00 409.32 938828131-12 1215 101 WSHFED 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 33766LAJ7 1216 101 1STIER 249,000.00 249,000.00 249,000.00 1.950 1.950 399.08 0.00 0.00 399.08 912828T26 1217 101 USTR 500,000.00 499,300.00 499,300.00 1.375 1.373 563.52 0.00 0.00 563.52 75472RAD3 1218 101 RAYJAM 244,000.00 244,000.00 244,000.00 1.950 1.950 391.07 0.00 0.00 391.07 15118RRH2 1220 101 CELTIC 248,000.00 248,000.00 248,000.00 1.850 1.850 377.10 0.00 0.00 377.10 334342CD2 1221 101 1STNBS 249,000.00 249,000.00 249,000.00 1.850 1.850 378.62 0.00 0.00 378.62 336460CX6 1222 101 1STDQN 248,000.00 248,000.00 248,000.00 1.800 1.800 366.90 0.00 0.00 366.90 3133EKZK5 1223 101 FFCB 500,000.00 499,400.00 499,400.00 1.600 1.624 666.66 0.00 0.00 666.66 3133EKP75 1224 101 FFCB 500,000.00 498,750.00 498,750.00 1.600 1.626 666.67 0.00 0.00 666.67 06652CHB0 1227 101 BNKWST 248,000.00 248,000.00 248,000.00 1.700 1.700 346.52 0.00 0.00 346.52 059731851 1228 101 BOTW 6,155,663.56 10,687,259.93 6,155,663.56 0.01 0.00 0.00 0.01 SYS1230 1230 101 PARS 5,317,487.02 5,237,061.17 5,317,487.02 0.00 0.00 0.00 0.00 33640VDD7 1231 101 1STSER 248,000.00 248,000.00 248,000.00 1.700 1.700 346.52 0.00 0.00 346.52 3133EK4X1 1234 101 FFCB 1,000,000.00 996,900.00 996,900.00 1.600 1.627 1,333.34 0.00 0.00 1,333.34 804375DL4 1235 101 SAUKVL 248,000.00 248,000.00 248,000.00 1.700 1.700 346.52 0.00 0.00 346.52 61760A363 1236 101 MSPRIV 245,000.00 245,000.00 245,000.00 1.900 1.900 382.60 0.00 0.00 382.60 61690UNX4 1237 101 MORGST 245,000.00 245,000.00 245,000.00 1.950 1.950 392.67 0.00 0.00 392.67 538036GV0 1238 101 LIVEOK 248,000.00 248,000.00 248,000.00 1.800 1.800 366.90 0.00 0.00 366.90 912828YV6 1241 101 USTR 1,000,000.00 989,687.50 989,687.50 1.500 1.511 1,229.51 0.00 0.00 1,229.51 3133ELEA8 1242 101 FFCB 1,000,000.00 998,600.00 998,600.00 1.700 1.726 1,416.67 0.00 0.00 1,416.67 3133ELNE0 1246 101 FFCB 1,000,000.00 999,000.00 999,000.00 1.430 1.451 1,191.66 0.00 0.00 1,191.66 35637RDC8 1248 101 FRDMFI 248,000.00 248,000.00 248,000.00 1.550 1.550 315.95 0.00 0.00 315.95 90983WBT7 1249 101 UNTDCM 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 32114VBT3 1250 101 1STNMI 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 77579ADF0 1251 101 RLLSTN 245,000.00 245,000.00 245,000.00 1.650 1.650 332.26 0.00 0.00 332.26 17286TAG0 1252 101 CITADL 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 029728BC5 1255 101 AMERST 248,000.00 248,000.00 248,000.00 1.600 1.600 326.14 0.00 0.00 326.14 Run Date: 08/01/2023 - 14:27 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 3 June 1, 2023 - June 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 00435J131-15 1256 101 ACCSS 248,000.00 248,000.00 248,000.00 1.600 1.600 326.14 0.00 0.00 326.14 849430BF9 1257 101 SPRING 248,000.00 248,000.00 248,000.00 1.500 1.500 305.76 0.00 0.00 305.76 05465DAE8 1258 101 AXOS 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 882213AB7 1260 101 TEXAS 245,000.00 245,000.00 245,000.00 1.100 1.100 221.51 0.00 0.00 221.51 89579NCD3 1262 101 TRIAD 248,000.00 248,000.00 248,000.00 1.350 1.350 275.18 0.00 0.00 275.18 654062JZ2 1266 101 NCOLET 248,000.00 248,000.00 248,000.00 1.400 1.400 285.37 0.00 0.00 285.37 020080BX4 1267 101 ALMABK 248,000.00 248,000.00 248,000.00 1.400 1.400 285.37 0.00 0.00 285.37 2027506M2 1268 101 CMWBUS 248,000.00 248,000.00 248,000.00 1.250 1.250 254.79 0.00 0.00 254.79 69506YRH4 1269 101 PACWST 245,000.00 245,000.00 245,000.00 1.300 1.300 261.78 0.00 0.00 261.78 08016PDQ9 1270 101 BELB&T 248,000.00 248,000.00 248,000.00 1.250 1.250 254.79 0.00 0.00 254.79 14042TDD6 1271 101 CAPONE 245,000.00 245,000.00 245,000.00 1.600 1.600 322.19 0.00 0.00 322.19 472382AQ3 1272 101 THEJEF 248,000.00 248,000.00 248,000.00 1.250 1.250 254.80 0.00 0.00 254.80 32027BALl 1273 101 1STFDM 249,000.00 249,000.00 249,000.00 1.200 1.200 245.60 0.00 0.00 245.60 32112UDR9 1274 101 1STMCG 248,000.00 248,000.00 248,000.00 1.350 1.350 275.18 0.00 0.00 275.18 33847E3A3 1276 101 FLGSTR 248,000.00 248,000.00 248,000.00 1.250 1.250 254.80 0.00 0.00 254.80 95960NKD8 1277 101 WSTRNS 245,000.00 245,000.00 245,000.00 1.000 1.000 201.37 0.00 0.00 201.37 32056GDJ6 1278 101 1STINT 248,000.00 248,000.00 248,000.00 1.000 1.000 203.84 0.00 0.00 203.84 3134GVYG7 1279 101 FHLMC 1,000,000.00 1,000,000.00 1,000,000.00 0.625 0.634 520.84 0.00 0.00 520.84 3133ELH23 1280 101 FFCB 500,000.00 499,850.00 499,850.00 0.500 0.507 208.34 0.00 0.00 208.34 3130AJKW8 1281 101 FHLB 500,000.00 499,850.00 499,850.00 0.500 0.507 208.33 0.00 0.00 208.33 3133ELH80 1282 101 FFCB 500,000.00 500,000.00 500,000.00 0.680 0.689 283.33 0.00 0.00 283.33 3130AJRP6 1283 101 FHLB 300,000.00 300,000.00 300,000.00 0.680 0.689 170.00 0.00 0.00 170.00 169894AS1 1284 101 CHIPVA 248,000.00 248,000.00 248,000.00 0.600 0.600 122.30 0.00 0.00 122.30 02616AAH2 1285 101 AMR1ST 0.00 248,000.00 0.00 0.350 0.350 61.83 0.00 0.00 61.83 84223QAN7 1286 101 STHRNB 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 064520BG3 1287 101 BKPRNC 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 3135G05S8 1288 101 FNMA 500,000.00 500,000.00 500,000.00 0.500 0.507 208.33 0.00 0.00 208.33 3136G4N74 1289 101 FNMA 1,000,000.00 1,000,000.00 1,000,000.00 0.560 0.568 466.66 0.00 0.00 466.66 3136G4M75 1290 101 FNMA 500,000.00 499,750.00 499,750.00 0.520 0.527 216.67 0.00 0.00 216.67 3135G06E8 1291 101 FNMA 500,000.00 499,250.00 499,250.00 0.420 0.426 175.00 0.00 0.00 175.00 3135GA2Z3 1292 101 FNMA 500,000.00 499,250.00 499,250.00 0.560 0.569 233.33 0.00 0.00 233.33 SYS1293 1293 101 BNY 273,521.42 4,203,008.47 273,521.42 0.00 0.00 0.00 0.00 3137EAEU9 1297 101 FHLMC 1,000,000.00 997,300.00 997,300.00 0.375 0.381 312.50 0.00 0.00 312.50 3130AKFA9 1298 101 FHLB 500,000.00 497,400.00 497,400.00 0.375 0.382 156.25 0.00 0.00 156.25 3135GA7137 1299 101 FNMA 500,000.00 500,000.00 500,000.00 0.600 0.608 250.00 0.00 0.00 250.00 3135GAAW1 1300 101 FNMA 500,000.00 500,000.00 500,000.00 0.400 0.406 166.67 0.00 0.00 166.67 3134GXGZ1 1301 101 FHLMC 500,000.00 500,000.00 500,000.00 0.550 0.558 229.17 0.00 0.00 229.17 Run Date: 08/01/2023 - 14:27 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 4 June 1, 2023 - June 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 3130AKMZ6 1302 101 FHLB 500,000.00 500,000.00 500,000.00 0.510 0.517 212.50 0.00 0.00 212.50 91282CBC4 1303 101 USTR 500,000.00 498,632.81 498,632.81 0.375 0.379 155.31 0.00 0.00 155.31 3130AKN28 1304 101 FHLB 500,000.00 500,000.00 500,000.00 0.550 0.558 229.17 0.00 0.00 229.17 51507LCC6 1305 101 LNDMRK 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 87270LDL4 1306 101 EVRBA 245,000.00 245,000.00 245,000.00 0.500 0.500 100.69 0.00 0.00 100.69 3137EAEX3 1307 101 FHLMC 500,000.00 495,999.50 495,999.50 0.375 0.383 156.25 0.00 0.00 156.25 45950VPS9 1308 101 IFC 500,000.00 497,300.00 497,300.00 0.500 0.507 207.18 0.00 0.00 207.18 91282CBH3 1309 101 USTR 500,000.00 495,100.00 495,100.00 0.375 0.382 155.38 0.00 0.00 155.38 3137EAEX3 1310 101 FHLMC 1,000,000.00 983,940.00 983,940.00 0.375 0.386 312.50 0.00 0.00 312.50 91282CAT8 1311 101 USTR 1,000,000.00 977,500.00 977,500.00 0.250 0.254 203.81 0.00 0.00 203.81 3130ALV92 1312 101 FHLB 500,000.00 500,000.00 500,000.00 1.050 1.065 437.50 0.00 0.00 437.50 39573LBC1 1313 101 GRNST 249,000.00 249,000.00 249,000.00 0.950 0.950 194.42 0.00 0.00 194.42 89235MKY6 1314 101 TOYFSB 245,000.00 245,000.00 245,000.00 0.900 0.900 181.24 0.00 0.00 181.24 91282CAZ4 1315 101 USTR 500,000.00 492,187.50 492,187.50 0.375 0.380 153.69 0.00 0.00 153.69 14622LAA0 1316 101 CARTER 248,000.00 248,000.00 248,000.00 0.750 0.750 152.88 0.00 0.00 152.88 31617CAV5 1317 101 FIDHMS 248,000.00 248,000.00 248,000.00 0.700 0.700 142.68 0.00 0.00 142.68 SYS1318 1318 101 DPME 773,523.40 797,129.78 773,523.40 0.00 0.00 0.00 0.00 91282CBQ3 1319 101 USTR 500,000.00 494,165.00 494,165.00 0.500 0.502 203.81 0.00 0.00 203.81 91282CBT7 1320 101 USTR 500,000.00 499,525.00 499,525.00 0.750 0.749 307.37 0.00 0.00 307.37 91282CCF6 1321 101 USTR 1,000,000.00 997,060.00 997,060.00 0.750 0.750 614.76 0.00 0.00 614.76 91282CBT7 1322 101 USTR 500,000.00 498,450.00 498,450.00 0.750 0.750 307.37 0.00 0.00 307.37 91282CCF6 1323 101 USTR 500,000.00 497,095.00 497,095.00 0.750 0.752 307.37 0.00 0.00 307.37 3130AMFS6 1324 101 FHLB 1,000,000.00 993,420.00 993,420.00 0.750 0.765 625.00 0.00 0.00 625.00 92559TAJ7 1325 101 VIBRNT 249,000.00 248,377.50 248,377.50 0.800 0.802 163.73 0.00 0.00 163.73 38149MXK4 1326 101 GLDMAN 248,000.00 248,000.00 248,000.00 1.000 1.000 203.84 0.00 0.00 203.84 795451AF0 1327 101 SALMAE 248,000.00 248,000.00 248,000.00 1.000 1.000 203.84 0.00 0.00 203.84 89388CEYO 1328 101 TABBK 248,000.00 248,000.00 248,000.00 0.400 0.400 81.53 0.00 0.00 81.53 06417NZQ9 1329 101 BKOZK 248,000.00 248,000.00 248,000.00 0.400 0.400 81.53 0.00 0.00 81.53 3133EM2C5 1330 101 FFCB 500,000.00 498,000.00 498,000.00 0.710 0.723 295.84 0.00 0.00 295.84 70962LAF9 1331 101 PENTGN 249,000.00 249,000.00 249,000.00 0.700 0.700 143.26 0.00 0.00 143.26 87165ET98 1332 101 SYNCHR 245,000.00 245,000.00 245,000.00 0.900 0.900 181.23 0.00 0.00 181.23 05580AD50 1333 101 BMW 245,000.00 245,000.00 245,000.00 0.650 0.650 130.89 0.00 0.00 130.89 20786ADL6 1334 101 CONNEC 248,000.00 248,000.00 248,000.00 0.800 0.800 163.06 0.00 0.00 163.06 91282CCP4 1335 101 USTR 1,000,000.00 983,750.00 983,750.00 0.625 0.641 517.95 0.00 0.00 517.95 91282CCW9 1336 101 USTR 1,000,000.00 988,500.00 988,500.00 0.750 0.753 611.41 0.00 0.00 611.41 3130APBM6 1337 101 FHLB 1,000,000.00 999,000.00 999,000.00 1.000 1.015 833.34 0.00 0.00 833.34 3133EM4X7 1338 101 FFCB 1,000,000.00 991,080.00 991,080.00 0.800 0.818 666.67 0.00 0.00 666.67 Run Date: 08/01/2023 - 14:27 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 5 June 1, 2023 - June 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 3130APB46 1339 101 FHLB 1,000,000.00 998,250.00 998,250.00 0.950 0.965 791.66 0.00 0.00 791.66 91282CCN9 1341 101 USTR 500,000.00 497,792.97 497,792.97 0.125 0.127 51.79 0.00 0.00 51.79 91282CBEO 1342 101 USTR 1,000,000.00 991,000.00 991,000.00 0.125 0.127 103.59 0.00 0.00 103.59 91282CDB4 1343 101 USTR 1,000,000.00 996,320.00 996,320.00 0.625 0.626 512.29 0.00 0.00 512.29 3133ENCQ1 1344 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 1.270 1.288 1,058.33 0.00 0.00 1,058.33 59013KPNO 1345 101 MRRCK 249,000.00 249,000.00 249,000.00 1.100 1.100 225.12 0.00 0.00 225.12 14042RQB0 1346 101 CAP1NA 248,000.00 248,000.00 248,000.00 1.100 1.100 224.22 0.00 0.00 224.22 3130APTV7 1347 101 FHLB 500,000.00 499,500.00 499,500.00 0.700 0.710 291.66 0.00 0.00 291.66 91282CBA8 1351 101 USTR 1,000,000.00 990,000.00 990,000.00 0.125 0.126 102.72 0.00 0.00 102.72 91282CBR1 1352 101 USTR 1,000,000.00 989,800.00 989,800.00 0.250 0.251 203.81 0.00 0.00 203.81 3130AP2U8 1353 101 FHLB 1,000,000.00 987,100.00 987,100.00 0.550 0.565 458.33 0.00 0.00 458.33 3135G06G3 1354 101 FNMA 1,000,000.00 976,300.00 976,300.00 0.500 0.519 416.67 0.00 0.00 416.67 3133ENGN4 1355 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 0.970 0.983 808.34 0.00 0.00 808.34 501798RP9 1356 101 LCA 248,000.00 248,000.00 248,000.00 1.000 1.000 203.84 0.00 0.00 203.84 20825WAR1 1357 101 CNNXS 249,000.00 249,000.00 249,000.00 1.250 1.250 255.82 0.00 0.00 255.82 3130AQF65 1358 101 FHLB 1,000,000.00 999,750.00 999,750.00 1.250 1.268 1,041.66 0.00 0.00 1,041.66 3134GW6C5 1359 101 FHLMC 500,000.00 486,000.00 486,000.00 0.800 0.834 333.33 0.00 0.00 333.33 91282CBV2 1360 101 USTR 500,000.00 494,882.81 494,882.81 0.375 0.378 153.69 0.00 0.00 153.69 3137EAEU9 1361 101 FHLMC 500,000.00 487,090.00 487,090.00 0.375 0.390 156.25 0.00 0.00 156.25 3134GW5R3 1362 101 FHLMC 400,000.00 391,360.00 391,360.00 0.650 0.674 216.66 0.00 0.00 216.66 307811DF3 1363 101 FARMER 249,000.00 249,000.00 249,000.00 0.900 0.900 184.19 0.00 0.00 184.19 3130AQJR5 1364 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.500 1.521 1,250.00 0.00 0.00 1,250.00 3135G03U5 1365 101 FNMA 500,000.00 487,790.00 487,790.00 0.625 0.650 260.42 0.00 0.00 260.42 3134GWUQ7 1366 101 FHLMC 1,000,000.00 945,570.00 945,570.00 0.700 0.751 583.33 0.00 0.00 583.33 3130AQSA2 1367 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.830 1.855 1,525.00 0.00 0.00 1,525.00 89786MAF1 1368 101 TRUSKY 245,000.00 245,000.00 245,000.00 1.600 1.600 322.19 0.00 0.00 322.19 912828Z78 1369 101 USTR 1,000,000.00 986,700.00 986,700.00 1.500 1.533 1,243.10 0.00 0.00 1,243.10 07371AYE7 1370 101 BEALTX 245,000.00 245,000.00 245,000.00 1.900 1.900 382.60 0.00 0.00 382.60 073710E88 1371 101 BEALUS 245,000.00 245,000.00 245,000.00 1.900 1.900 382.60 0.00 0.00 382.60 02357QAQO 1372 101 AMRNT 245,000.00 245,000.00 245,000.00 1.600 1.600 322.19 0.00 0.00 322.19 59161YAP1 1373 101 METRO 249,000.00 249,000.00 249,000.00 1.700 1.700 347.92 0.00 0.00 347.92 3130AQWY5 1374 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.700 1.724 1,416.66 0.00 0.00 1,416.66 27004PCM3 1375 101 EGLMRK 245,000.00 245,000.00 245,000.00 2.000 2.000 402.74 0.00 0.00 402.74 64034KAZ4 1376 101 NELNET 245,000.00 245,000.00 245,000.00 1.800 1.800 362.46 0.00 0.00 362.46 24773RCR4 1377 101 DELTA 245,000.00 245,000.00 245,000.00 2.000 2.000 402.74 0.00 0.00 402.74 91139LAB2 1378 101 URSVLT 248,000.00 248,000.00 248,000.00 1.900 1.900 387.29 0.00 0.00 387.29 565819AG4 1379 101 MRTHON 248,000.00 248,000.00 248,000.00 1.800 1.800 366.90 0.00 0.00 366.90 Run Date: 08/01/2023 - 14:27 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 6 June 1, 2023 - June 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 91282CCW9 1380 101 USTR 500,000.00 466,454.17 466,454.17 0.750 0.797 305.71 0.00 0.00 305.71 91282CDG3 1381 101 USTR 500,000.00 473,396.82 473,396.82 1.125 1.179 458.56 0.00 0.00 458.56 91282CBQ3 1382 101 USTR 750,000.00 698,025.00 698,025.00 0.500 0.533 305.71 0.00 0.00 305.71 912828654 1383 101 USTR 1,000,000.00 999,010.00 999,010.00 2.375 2.358 1,936.14 0.00 0.00 1,936.14 50625LAW3 1384 101 LFYTT 248,000.00 248,000.00 248,000.00 2.050 2.050 417.86 0.00 0.00 417.86 3130ARGJ4 1385 101 FHLB 500,000.00 500,000.00 500,000.00 2.500 2.535 1,041.67 0.00 0.00 1,041.67 20033A3A2 1386 101 CCBA 248,000.00 248,000.00 248,000.00 2.650 2.650 540.17 0.00 0.00 540.17 3130ARGY1 1387 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 2.700 2.738 2,250.00 0.00 0.00 2,250.00 02007GPX5 1388 101 ALLY 245,000.00 245,000.00 245,000.00 2.550 2.550 513.50 0.00 0.00 513.50 52168UHY1 1389 101 LEADR 245,000.00 245,000.00 245,000.00 2.550 2.550 513.49 0.00 0.00 513.49 9128283D0 1390 101 USTR 1,000,000.00 985,190.00 985,190.00 2.250 2.265 1,834.24 0.00 0.00 1,834.24 91282CEF4 1391 101 USTR 1,000,000.00 976,860.00 976,860.00 2.500 2.552 2,049.18 0.00 0.00 2,049.18 254673E69 1392 101 DISCOV 245,000.00 245,000.00 245,000.00 3.100 3.100 624.24 0.00 0.00 624.24 48115LAD6 1396 101 JOVIA 248,000.00 248,000.00 248,000.00 2.500 2.500 509.60 0.00 0.00 509.60 912828X88 1397 101 USTR 1,000,000.00 969,687.50 969,687.50 2.375 2.429 1,936.14 0.00 0.00 1,936.14 91282CEN7 1398 101 USTR 500,000.00 495,000.00 495,000.00 2.750 2.755 1,120.93 0.00 0.00 1,120.93 91282CET4 1399 101 USTR 500,000.00 491,842.18 491,842.18 2.625 2.661 1,075.82 0.00 0.00 1,075.82 9128282U3 1400 101 USTR 500,000.00 490,850.00 490,850.00 1.875 1.894 764.26 0.00 0.00 764.26 3133ENYH7 1401 101 FFCB 500,000.00 499,080.00 499,080.00 2.625 2.666 1,093.75 0.00 0.00 1,093.75 3130ASDV8 1409 101 FHLB 300,000.00 300,000.00 300,000.00 3.300 3.346 825.00 0.00 0.00 825.00 89269FDP7 1415 101 TRADCP 246,000.00 246,000.00 246,000.00 3.000 3.000 606.58 0.00 0.00 606.58 91282CFB2 1417 101 USTR 1,000,000.00 989,460.00 989,460.00 2.750 2.802 2,279.00 0.00 0.00 2,279.00 912828XT2 1418 101 USTR 1,000,000.00 985,240.00 985,240.00 2.000 2.024 1,639.35 0.00 0.00 1,639.35 397417AQ9 1419 101 GRNWDS 248,000.00 248,000.00 248,000.00 3.050 3.050 621.69 0.00 0.00 621.69 88413QDN5 1420 101 3RD 245,000.00 245,000.00 245,000.00 3.300 3.300 664.52 0.00 0.00 664.52 02589ADH2 1421 101 AMEXNB 245,000.00 245,000.00 245,000.00 3.450 3.450 694.72 0.00 0.00 694.72 91282CFB2 1422 101 USTR 1,000,000.00 979,645.67 979,645.67 2.750 2.830 2,279.00 0.00 0.00 2,279.00 732329BD8 1425 101 PONCE 248,000.00 248,000.00 248,000.00 3.500 3.500 713.42 0.00 0.00 713.42 3133ENL99 1426 101 FFCB 1,000,000.00 997,492.55 997,492.55 3.375 3.430 2,812.50 0.00 0.00 2,812.50 052392BT3 1427 101 AUSTEL 248,000.00 248,000.00 248,000.00 3.800 3.800 774.58 0.00 0.00 774.58 914242AA0 1429 101 UNIVCU 248,000.00 248,000.00 248,000.00 4.000 4.000 815.34 0.00 0.00 815.34 22258JAB7 1430 101 CNTYSC 248,000.00 248,000.00 248,000.00 4.400 4.400 896.87 0.00 0.00 896.87 3133ENQ29 1433 101 FFCB 1,000,000.00 996,400.00 996,400.00 4.000 4.070 3,333.33 0.00 0.00 3,333.33 84229LBA9 1434 101 STHBNK 244,000.00 244,000.00 244,000.00 4.250 4.250 852.33 0.00 0.00 852.33 34520LAT0 1435 101 FORBRT 248,000.00 248,000.00 248,000.00 4.600 4.600 937.64 0.00 0.00 937.64 25460FDW3 1438 101 DIRFCU 248,000.00 248,000.00 248,000.00 4.800 4.800 978.40 0.00 0.00 978.40 9128282R0 1439 101 USTR 1,000,000.00 927,110.00 927,110.00 2.250 2.447 1,864.64 0.00 0.00 1,864.64 Run Date: 08/01/2023 - 14:27 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 7 June 1, 2023 - June 30, 2023 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 3133EN31-11 1441 101 FFCB 1,000,000.00 998,650.00 998,650.00 4.000 4.061 3,333.34 0.00 0.00 3,333.34 914098DJ4 1442 101 UNIVBK 249,000.00 249,000.00 249,000.00 4.200 4.200 859.56 0.00 0.00 859.56 3133EN3S7 1446 101 FFCB 1,000,000.00 998,000.00 998,000.00 3.750 3.810 3,125.00 0.00 0.00 3,125.00 25844MAK4 1447 101 DORTCU 247,000.00 247,000.00 247,000.00 4.500 4.500 913.56 0.00 0.00 913.56 01664MAB2 1448 101 ALL IN 248,000.00 248,000.00 248,000.00 4.400 4.400 896.88 0.00 0.00 896.88 51828MAC8 1449 101 LATCOM 248,000.00 248,000.00 248,000.00 4.500 4.500 917.27 0.00 0.00 917.27 45157PAZ3 1450 101 IDEAL 248,000.00 248,000.00 248,000.00 4.500 4.500 917.26 0.00 0.00 917.26 01882MAC6 1451 101 ALIANT 247,000.00 247,000.00 247,000.00 5.000 5.000 1,015.06 0.00 0.00 1,015.06 91282CCK5 1452 101 USTR 0.00 1,956,875.00 0.00 0.125 27.866 200.28 0.00 43,125.00 43,325.28 912796ZR3 1453 101 USTR 0.00 2,932,950.00 0.00 4.572 29.801 0.00 0.00 67,050.00 67,050.00 80865MAB3 1454 101 SCIENT 248,000.00 248,000.00 248,000.00 4.650 4.650 947.84 0.00 0.00 947.84 78472EAB0 1455 101 SPCOCU 249,000.00 249,000.00 249,000.00 4.350 4.350 890.26 0.00 0.00 890.26 91282CFH9 1456 101 USTR 500,000.00 489,175.00 489,175.00 3.125 3.168 1,273.78 0.00 0.00 1,273.78 300185LM5 1457 101 EVRGRN 248,000.00 248,000.00 248,000.00 3.850 3.850 784.77 0.00 0.00 784.77 82671DAB3 1458 101 SIGFCU 248,000.00 248,000.00 248,000.00 4.400 4.400 896.88 0.00 0.00 896.88 79772FAG1 1459 101 SF FCU 248,000.00 248,000.00 248,000.00 4.350 4.350 886.68 0.00 0.00 886.68 91282CGH8 1460 101 USTR 1,000,000.00 996,369.14 996,369.14 3.500 3.542 2,900.55 0.00 0.00 2,900.55 9128284X5 1462 101 USTR 1,000,000.00 988,900.00 988,900.00 2.750 2.758 2,241.85 0.00 0.00 2,241.85 912796Y37 1463 101 USTR 2,000,000.00 1,954,412.92 1,954,412.92 4.636 0.00 0.00 0.00 0.00 3133EPAV7 1464 101 FFCB 1,000,000.00 995,400.00 995,400.00 3.875 3.947 3,229.17 0.00 0.00 3,229.17 91282CEW7 1465 101 USTR 1,000,000.00 967,220.00 967,220.00 3.250 3.386 2,691.91 0.00 0.00 2,691.91 530520AH8 1466 101 LBRTY1 248,000.00 248,000.00 248,000.00 4.500 4.500 917.26 0.00 0.00 917.26 09582YAF9 1467 101 BLURDG 244,000.00 244,000.00 244,000.00 4.200 4.200 842.30 0.00 0.00 842.30 912797FR3 1468 101 USTR 3,000,000.00 2,951,790.00 2,951,790.00 4.821 0.00 0.00 0.00 0.00 011852AE0 1469 101 ALASKA 248,000.00 248,000.00 248,000.00 4.600 4.600 937.64 0.00 0.00 937.64 912796YH6 1470 101 USTR 2,000,000.00 1,950,283.66 1,950,283.66 4.917 0.00 0.00 0.00 0.00 912796Z51 1471 101 USTR 3,000,000.00 2,927,220.00 2,927,220.00 4.991 0.00 0.00 0.00 0.00 92891CCZ3 1472 101 VYSTAR 248,000.00 248,000.00 248,000.00 4.550 4.550 927.45 0.00 0.00 927.45 89789AAG2 1473 101 TRUFCU 248,000.00 248,000.00 248,000.00 4.700 4.700 958.03 0.00 0.00 958.03 59524LAA4 1474 101 MIDCAR 248,000.00 248,000.00 248,000.00 4.850 4.850 988.61 0.00 0.00 988.61 49306SJ56 1475 101 KEYBNK 244,000.00 244,000.00 244,000.00 5.000 5.000 1,002.74 0.00 0.00 1,002.74 064860MC0 1476 101 BKSIER 244,000.00 244,000.00 244,000.00 4.600 4.600 922.52 0.00 0.00 922.52 909557KQ2 1477 101 UNBKRS 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 00833JAQ4 1478 101 AFFNTY 248,000.00 248,000.00 248,000.00 4.900 4.900 998.79 0.00 0.00 998.79 108622NJ6 1479 101 BRIDWA 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 3135GAGA3 1480 101 FNMA 2,000,000.00 2,000,000.00 2,000,000.00 5.200 5.272 8,666.66 0.00 0.00 8,666.66 912797GF8 1481 101 USTR 2,000,000.00 1,968,951.36 1,968,951.36 4.696 0.00 0.00 0.00 0.00 Run Date: 08/01/2023 - 14:27 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 8 June 1, 2023 - June 30, 2023 Run Date: 08/01/2023 - 14:27 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 Adjusted Interest Earnings Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund 3135GAGK1 1482 101 FNMA 3,000,000.00 3,000,000.00 3,000,000.00 5.050 5.120 12,625.00 0.00 0.00 12,625.00 724468AC7 1483 101 PITBOW 244,000.00 244,000.00 244,000.00 4.350 4.350 872.39 0.00 0.00 872.39 3134GYPJ5 1484 101 FHLMC 1,000,000.00 999,100.00 999,100.00 5.200 5.277 4,333.33 0.00 0.00 4,333.33 62384RAT3 1485 101 MTNAMR 248,000.00 248,000.00 248,000.00 4.700 4.700 958.03 0.00 0.00 958.03 60425SKB4 1486 101 MINWST 248,000.00 248,000.00 248,000.00 4.250 4.250 866.30 0.00 0.00 866.30 912796YT0 1487 101 USTR 1,000,000.00 975,854.17 975,854.17 4.750 0.00 0.00 0.00 0.00 912797FA0 1488 101 USTR 3,000,000.00 2,935,470.00 2,935,470.00 4.780 0.00 0.00 0.00 0.00 912797GJ0 1489 101 USTR 1,000,000.00 984,010.00 984,010.00 4.878 0.00 0.00 0.00 0.00 313384LP2 1490 101 FHLB 1,000,000.00 982,351.39 982,351.39 4.850 0.00 0.00 0.00 0.00 35089LAF0 1491 101 FRPNTS 248,000.00 248,000.00 248,000.00 4.550 4.550 927.45 0.00 0.00 927.45 062119BT8 1492 101 BANK59 248,000.00 248,000.00 248,000.00 4.250 4.250 866.30 0.00 0.00 866.30 152577BN1 1493 101 CENTRL 248,000.00 248,000.00 248,000.00 4.000 4.000 815.34 0.00 0.00 815.34 23248UAB3 1494 101 CYFAIR 248,000.00 248,000.00 248,000.00 4.500 4.500 917.27 0.00 0.00 917.27 91527PBY2 1495 101 UNIVST 248,000.00 248,000.00 248,000.00 4.350 4.350 886.68 0.00 0.00 886.68 92834ABT2 1496 101 VISION 248,000.00 248,000.00 248,000.00 4.050 4.050 825.53 0.00 0.00 825.53 12547CBJ6 1497 101 CIBCBK 244,000.00 244,000.00 244,000.00 4.350 4.350 872.39 0.00 0.00 872.39 843383CS7 1498 101 SBPOPM 248,000.00 248,000.00 248,000.00 4.200 4.200 856.11 0.00 0.00 856.11 06610RCA5 1499 101 BANKRS 248,000.00 248,000.00 248,000.00 4.150 4.150 845.92 0.00 0.00 845.92 90352RDB8 1500 101 USAFCU 248,000.00 248,000.00 248,000.00 4.550 4.550 927.45 0.00 0.00 927.45 87868YAQ6 1501 101 TECHCU 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 912797FL6 1502 101 USTR 4,000,000.00 3,898,126.67 3,898,126.67 5.180 0.00 0.00 0.00 0.00 3133EPME2 1505 101 FFCB 1,000,000.00 0.00 998,190.00 3.875 3.936 2,475.69 0.00 0.00 2,475.69 16141BAC5 1506 101 CHRTWY 248,000.00 0.00 248,000.00 4.900 4.900 699.15 0.00 0.00 699.15 23204HPB8 1507 101 CUST 244,000.00 0.00 244,000.00 4.500 4.500 511.40 0.00 0.00 511.40 91282CGT2 1508 101 USTR 1,000,000.00 0.00 984,600.00 3.625 3.672 1,584.70 0.00 0.00 1,584.70 85279AAC6 1509 101 STVINC 248,000.00 0.00 248,000.00 4.600 4.600 437.57 0.00 0.00 437.57 01025RAG4 1510 101 ALABAM 248,000.00 0.00 248,000.00 5.000 5.000 339.73 0.00 0.00 339.73 38120MCA2 1511 101 GLDNST 249,000.00 0.00 249,000.00 4.450 4.450 242.86 0.00 0.00 242.86 931142EE9 1512 101 WALMRT 1,000,000.00 0.00 973,110.00 3.700 3.855 513.89 0.00 0.00 513.89 910286GN7 1513 101 UNTFDL 248,000.00 0.00 248,000.00 4.500 4.501 30.58 0.00 0.00 30.58 472312AA5 1514 101 JEEPCO 248,000.00 0.00 248,000.00 4.700 4.699 31.93 0.00 0.00 31.93 31911KAK4 1515 101 1STELK 248,000.00 0.00 248,000.00 4.400 0.00 0.00 0.00 0.00 912828V80 1516 101 USTR 2,000,000.00 0.00 1,964,400.00 2.250 2.310 124.31 0.00 0.00 124.31 912796ZN2 1517 101 USTR 3,000,000.00 0.00 2,920,963.32 5.240 0.00 0.00 0.00 0.00 91282CGT2 1524 101 USTR 1,000,000.00 990,000.00 990,000.00 3.625 3.652 2,971.31 0.00 0.00 2,971.31 91282CHA2 1525 101 USTR 1,000,000.00 985,000.00 985,000.00 3.500 3.524 2,853.26 0.00 0.00 2,853.26 Subtotal 245,906,820.83 242,726,342.82 244,484,322.94 2.942 480,493.77 0.00 110,175.00 590,668.77 Run Date: 08/01/2023 - 14:27 Portfolio CITY CP TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total 248,005,524.70 244,818,638.21 246,583,026.81 Run Date: 08/01/2023 - 14:27 2.943 485,810.84 0.00 110,175.00 595,985.84 Portfolio CITY CP TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 Total Earnings Page 9 June 1, 2023 - June 30, 2023 Adjusted Interest Earnings Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: Fiscal Agent SYS1058 1058 231 USBANK 1,548.62 1,565.80 1,548.62 4.647 5.98 0.00 0.00 5.98 Subtotal 1,548.62 1,565.80 1,548.62 4.647 5.98 0.00 0.00 5.98 Fund: Housing Authority : WSA and LQ SYS1062 1062 241 LQPR 47,215.59 40,789.93 47,215.59 0.00 0.00 0.00 0.00 Subtotal 47,215.59 40,789.93 47,215.59 0.00 0.00 0.00 0.00 Fund: SA Low/Mod Bond Fund 25-33-005 1113 249 LAIF 2,049,939.66 2,049,939.66 2,049,939.66 3.167 3.152 5,311.09 0.00 0.00 5,311.09 Subtotal 2,049,939.66 2,049,939.66 2,049,939.66 3.152 5,311.09 0.00 0.00 5,311.09 Total 248,005,524.70 244,818,638.21 246,583,026.81 Run Date: 08/01/2023 - 14:27 2.943 485,810.84 0.00 110,175.00 595,985.84 Portfolio CITY CP TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 GEM of tb, DESERT — City of La Quinta Maturity Report Sorted by Maturity Date Amounts due during April 1, 2023 - June 30, 2023 City of La Quinta Run Date: 07/24/2023 - 16:16 Total Maturities 19,467,000.00 19,147,157.32 44,331.15 19,511,331.15 364,173.83 Portfolio CITY CP MA (PRF_MA) 7.1.1 Report Ver. 7.3.6.1 Sec. Maturity Purchase Rate Book Value Maturity Net CUSIP Investment # Fund Type Issuer Par Value Date Date at Maturity at Maturity Interest Proceeds Income 17312QJ26 1123 101 MC1 CITINA 245,000.00 04/11/2023 04/11/2018 2.900 245,000.00 3,542.77 248,542.77 3,542.77 912796YV5 1436 101 ATD USTR 5,000,000.00 04/27/2023 11/02/2022 4.363 4,893,349.12 0.00 5,000,000.00 106,650.88 912796YV5 1437 101 ATD USTR 2,000,000.00 04/27/2023 11/07/2022 4.375 1,958,436.61 0.00 2,000,000.00 41,563.39 20726ABA5 1189 101 MC1 CONGRS 248,000.00 04/28/2023 04/30/2019 2.500 248,000.00 492.60 248,492.60 492.60 29278TAY6 1125 101 MC1 ENER 240,000.00 04/28/2023 04/30/2018 2.950 240,000.00 562.52 240,562.52 562.52 3133EMX64 1340 101 FAC FFCB 500,000.00 04/28/2023 10/22/2021 0.170 499,002.04 425.00 500,425.00 1,422.96 32117BCX4 1179 101 MC1 1STNBK 248,000.00 05/05/2023 03/05/2019 2.800 248,000.00 570.74 248,570.74 570.74 91282CCD1 1350 101 TRC USTR 1,000,000.00 05/31/2023 12/07/2021 0.125 995,468.75 625.00 1,000,625.00 5,156.25 912828R69 1443 101 TRC USTR 4,000,000.00 05/31/2023 12/02/2022 1.625 3,944,075.80 32,500.00 4,032,500.00 88,424.20 725404AB3 1194 101 MC1 PITTS 245,000.00 06/07/2023 06/07/2019 2.500 245,000.00 3,054.11 248,054.11 3,054.11 619165JD6 1173 101 MC1 MORTN 248,000.00 06/20/2023 03/20/2019 2.750 248,000.00 579.23 248,579.23 579.23 74934YAH4 1144 101 MC1 RCB 245,000.00 06/20/2023 06/20/2018 3.150 245,000.00 655.46 245,655.46 655.46 02616AAH2 1285 101 MC1 AMR1ST 248,000.00 06/26/2023 06/26/2020 0.350 248,000.00 73.72 248,073.72 73.72 912796ZR3 1453 101 ATD USTR 3,000,000.00 06/29/2023 01/04/2023 4.572 2,932,950.00 0.00 3,000,000.00 67,050.00 91282CCK5 1452 101 TRC USTR 2,000,000.00 06/30/2023 01/04/2023 0.125 1,956,875.00 1,250.00 2,001,250.00 44,375.00 Run Date: 07/24/2023 - 16:16 Total Maturities 19,467,000.00 19,147,157.32 44,331.15 19,511,331.15 364,173.83 Portfolio CITY CP MA (PRF_MA) 7.1.1 Report Ver. 7.3.6.1 GEM ofthe DESERT - City of La Quinta Purchases Report Sorted by Security Type - Fund April 1, 2023 - June 30, 2023 City of La Quinta Federal Agency Discount Sec. Original Purchase Principal Accrued Interest Rate at Maturity Ending CUSIP Investment # Fund Type Issuer Par Value Date Payment Periods Purchased at Purchase Purchase Date YTM Book Value Federal Agency Coupon Securities Subtotal 1,000,000.00 982,351.39 0.00 1487 101 ATD 982,351.39 Treasury Coupon Securities 3135GAGA3 1480 101 FAC FNMA 2,000,000.00 04/03/2023 10/03 - 04/03 2,000,000.00 5.200 07/30/2024 5.206 2,000,000.00 3135GAGK1 1482 101 FAC FNMA 3,000,000.00 04/12/2023 10/12 - 04/12 3,000,000.00 5.050 04/12/2024 5.050 3,000,000.00 3134GYPJ5 1484 101 FAC FHLMC 1,000,000.00 04/24/202310/17-04/17 999,100.00 Received 5.200 04/17/2028 5.220 999,100.00 3133EPME2 1505 101 FAC FFCB 1,000,000.00 06/08/202312/08-06/08 998,190.00 3.875 06/08/2028 3.915 998,190.00 Received 2.250 01/31/2024 5.374 Subtotal 7,000,000.00 6,997,290.00 0.00 5,000,000.00 4,949,000.00 6,997,290.00 Federal Agency Discount 313384LP2 1490 101 AFD FHLB 1,000,000.00 05/03/2023 09/11 -At Maturity 982,351.39 ATD 4.850 09/11/2023 5.006 982,351.39 1,968,951.36 4.696 Subtotal 1,000,000.00 982,351.39 0.00 1487 101 ATD 982,351.39 Treasury Coupon Securities 05/03/202311/02 -At Maturity 975,854.17 4.750 11/02/2023 4.935 975,854.17 912797FAO 1488 91282CGT2 1503 101 TRC USTR 1,000,000.00 05/31/202309/30-03/31 1,000,000.00 6,041.67 3.625 03/31/2028 3.624 1,000,000.00 91282CHA2 1504 101 TRC USTR 1,000,000.00 05/31/202310/31-04/30 1,000,000.00 2,948.37 3.500 04/30/2028 3.500 1,000,000.00 91282CGT2 1508 101 TRC USTR 1,000,000.00 06/15/202309/30-03/31 984,600.00 Received 3.625 03/31/2028 3.980 984,600.00 912828V80 1516 101 TRC USTR 2,000,000.00 06/30/2023 07/31 - 01/31 1,964,400.00 Received 2.250 01/31/2024 5.374 1,964,400.00 ATD USTR Subtotal 5,000,000.00 4,949,000.00 8,990.04 5.240 12/28/2023 5.457 4,949,000.00 Treasury Discount Notes 724468AC7 1483 912797GF8 1481 101 ATD USTR 2,000,000.00 04/11/202308/08 -At Maturity 1,968,951.36 4.696 08/08/2023 4.837 1,968,951.36 912796YTO 1487 101 ATD USTR 1,000,000.00 05/03/202311/02 -At Maturity 975,854.17 4.750 11/02/2023 4.935 975,854.17 912797FAO 1488 101 ATD USTR 3,000,000.00 05/03/2023 10/12 - At Maturity 2,935,470.00 4.780 10/12/2023 4.953 2,935,470.00 912797GJO 1489 101 ATD USTR 1,000,000.00 05/03/2023 08/29 - At Maturity 984,010.00 4.878 08/29/2023 5.026 984,010.00 912797FL6 1502 101 ATD USTR 4,000,000.00 05/31/202311/24 -At Maturity 3,898,126.67 5.180 11/24/2023 5.389 3,898,126.67 912796ZN2 1517 101 ATD USTR 3,000,000.00 06/30/2023 12/28 - At Maturity 2,920,963.32 5.240 12/28/2023 5.457 2,920,963.32 Subtotal 14,000,000.00 13,683,375.52 0.00 13,683,375.52 Certificate of Deposits 724468AC7 1483 101 MC1 PITBOW 244,000.00 04/14/2023 10/14 - 04/14 244,000.00 4.350 04/13/2028 4.355 244,000.00 62384RAT3 1485 101 MC1 MTNAMR 248,000.00 04/28/2023 06/01 - Monthly 248,000.00 4.700 04/28/2026 4.705 248,000.00 60425SKB4 1486 101 MC1 MINWST 248,000.00 05/01/2023 06/01 - Monthly 248,000.00 4.250 05/03/2027 4.254 248,000.00 35089LAFO 1491 101 MC1 FRPNTS 248,000.00 05/10/2023 06/10 - Monthly 248,000.00 4.550 05/11/2026 4.443 248,000.00 062119BT8 1492 101 MC1 BANK59 248,000.00 05/12/2023 06/12 - Monthly 248,000.00 4.250 05/12/2028 4.255 248,000.00 152577BN1 1493 101 MC1 CENTRL 248,000.00 05/12/2023 06/12 - Monthly 248,000.00 4.000 05/12/2028 4.005 248,000.00 Received = Accrued Interest at Purchase was received by report ending date Run Date: 07/24/2023 - 16:15 Portfolio CITY CP PU (PRF_PU) 7.1.1 Report Ver. 7.3.6.1 City of La Quinta Purchases Report Page 2 April 1, 2023 - June 30, 2023 Subtotal 5,445,000.00 5,445,000.00 0.00 5,445,000.00 Corporate Notes 931142EE9 1512 101 MC2 WALMRT 1,000,000.00 06/26/202312/26-06/26 973,110.00 3.700 06/26/2028 4.303 973,110.00 Subtotal 1,000,000.00 973,110.00 0.00 973,110.00 Total Purchases 33,445,000.00 33,030,126.91 8,990.04 33,030,126.91 Portfolio CITY CP Run Date: 07/24/2023 - 16:15 PU (PRF_PU) 7.1.1 Report Ver. 7.3.6.1 Sec. Original Purchase Principal Accrued Interest Rate at Maturity Ending CUSIP Investment # Fund Type Issuer Par Value Date Payment Periods Purchased at Purchase Purchase Date YTM Book Value Certificate of Deposits 23248UAB3 1494 101 MC1 CYFAIR 248,000.00 05/12/2023 06/12 - Monthly 248,000.00 4.500 05/12/2028 4.505 248,000.00 91527PBY2 1495 101 MC1 UNIVST 248,000.00 05/12/2023 06/12 - Monthly 248,000.00 4.350 05/12/2028 4.355 248,000.00 92834ABT2 1496 101 MC1 VISION 248,000.00 05/12/2023 06/12 - Monthly 248,000.00 4.050 05/12/2028 4.055 248,000.00 12547CBJ6 1497 101 MC1 CIBCBK 244,000.00 05/16/2023 11/16 - 05/16 244,000.00 4.350 05/16/2028 4.355 244,000.00 843383CS7 1498 101 MC1 SBPOPM 248,000.00 05/17/2023 06/17 - Monthly 248,000.00 4.200 05/17/2028 4.205 248,000.00 06610RCA5 1499 101 MC1 BANKRS 248,000.00 05/24/2023 06/24 - Monthly 248,000.00 4.150 05/24/2028 4.155 248,000.00 90352RDB8 1500 101 MC1 USAFCU 248,000.00 05/26/2023 06/26 - Monthly 248,000.00 4.550 05/26/2028 4.555 248,000.00 87868YAQ6 1501 101 MC1 TECHCU 248,000.00 05/30/2023 07/01 - Monthly 248,000.00 5.000 05/29/2026 5.005 248,000.00 16141BAC5 1506 101 MC1 CHRTWY 248,000.00 06/09/2023 07/09 - Monthly 248,000.00 4.900 06/09/2026 4.905 248,000.00 23204HPB8 1507 101 MC1 CUST 244,000.00 06/14/2023 12/14 - 06/14 244,000.00 4.500 06/14/2028 4.505 244,000.00 85279AAC6 1509 101 MC1 STVINC 248,000.00 06/16/2023 07/16 - Monthly 248,000.00 4.600 06/16/2027 4.604 248,000.00 01025RAG4 1510 101 MC1 ALABAM 248,000.00 06/20/2023 07/20 - Monthly 248,000.00 5.000 06/22/2026 5.005 248,000.00 38120MCA2 1511 101 MC1 GLDNST 249,000.00 06/22/2023 07/22 - Monthly 249,000.00 4.450 06/22/2027 4.453 249,000.00 472312AA5 1514 101 MC1 JEEPCO 248,000.00 06/29/2023 07/29 - Monthly 248,000.00 4.700 06/29/2027 4.704 248,000.00 910286GN7 1513 101 MC1 UNTFDL 248,000.00 06/29/2023 07/29 - Monthly 248,000.00 4.500 06/29/2028 4.505 248,000.00 31911KAK4 1515 101 MC1 1STELK 248,000.00 06/30/2023 07/30- Monthly 248,000.00 4.400 06/30/2028 4.405 248,000.00 Subtotal 5,445,000.00 5,445,000.00 0.00 5,445,000.00 Corporate Notes 931142EE9 1512 101 MC2 WALMRT 1,000,000.00 06/26/202312/26-06/26 973,110.00 3.700 06/26/2028 4.303 973,110.00 Subtotal 1,000,000.00 973,110.00 0.00 973,110.00 Total Purchases 33,445,000.00 33,030,126.91 8,990.04 33,030,126.91 Portfolio CITY CP Run Date: 07/24/2023 - 16:15 PU (PRF_PU) 7.1.1 Report Ver. 7.3.6.1 US Treasury Rates https:Hhome.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?tvpe=daily treasury yield curve&field tdr date value=2023 5.4 5.15 4.9 4.65 4.4 4.15 - 3.9 3.65 3.4 3.15 2.9 2.65 2.4 2.15 1.9 me 4 1.65 1.4 1.15 0.9 A00- 0.65 0.4 0.15 -0.1�- titi titi titi titi titi titi titi titi titi titi titi titi titi titi titi titi titi titi ti� ti15 ti til til tilb do do do do do do do do �o do ,to ,tdd o do It, o o 1, do do do do do �o do o\ ti\ ti\o\ ti\ o\ � v � do titi titi ti ti 3 � h � � � � do titi titi ti ti 3 a h o Effective Effective 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 Rate of Rate of Return City Return City City Portfolio Portfolio Portfolio (month) (YTD) YTM 4/28/2023 4.35 5.14 5.10 5.06 4.80 4.04 3.75 3.51 3.49 3.44 3.80 3.67 3.04 1.93 2.78 5/31/2023 5.28 5.37 5.52 5.46 5.18 4.40 4.04 3.74 3.69 3.64 4.01 3.85 2.66 2.00 2.95 6/30/2023 5.24 5.39 5.43 5.47 5.40 4.87 4.49 4.13 3.97 3.81 4.06 3.85 2.95 2.09 3.19 TREASURY RATES AND PORTFOLIO RETURNS 1 -Yr Treasury f 5 -Yr Treasury r- Effective Rate of Return City Portfolio (YTD) City Portfolio YTM 5.4 5.15 4.9 4.65 4.4 4.15 - 3.9 3.65 3.4 3.15 2.9 2.65 2.4 2.15 1.9 me 4 1.65 1.4 1.15 0.9 A00- 0.65 0.4 0.15 -0.1�- titi titi titi titi titi titi titi titi titi titi titi titi titi titi titi titi titi titi ti� ti15 ti til til tilb do do do do do do do do �o do ,to ,tdd o do It, o o 1, do do do do do �o do o\ ti\ ti\o\ ti\ o\ � v � do titi titi ti ti 3 � h � � � � do titi titi ti ti 3 a h o City of La Quinta STUDY SESSION ITEM NO. 1 FINANCIAL ADVISORY COMMISSION MEETING: August 9, 2023 STAFF REPORT AGENDA TITLr' DISCUSS THE CITY'S OUTSTANDING PENSION OBLIGATIONS RECOMMENDATION Discuss the City's outstanding pension obligations. EXECUTIVE SUMMARY • As of June 30, 2022, the City's CalPERS Actuarial Valuation Report for the Classic Plan reported unfunded liabilities of $14,454,307, $100,835 for Tier II, and $336,777 for the PEPRA Tier. • These balances do not yet reflect the substantial payments made towards the unfunded liabilities in fiscal year 2022/23, which will be shown on the August 2024 actuarial valuation reports. • As of June 30, 2023, the City's pension trust had a balance of $5,317,487. • Staff would like to discuss potential actions for fiscal year 2023/24 that could reduce interest costs and avoid negative amortizations. FISCAL IMPACT - None 3ACKGROUND/ANALYSIS Annually in August, CalPERS issues an actuarial report for each pension tier. These reports update participating agencies on their unfunded pension liability, projected future contributions towards the unfunded liability, and ongoing `normal cost' payroll contributions (employer and employee rates). The reports issued in August 2023 have a measurement date of June 30, 2022. The unfunded liability is a moving target and can change from year to year based on the following factors: • Payroll growth rates (salary adjustments, currently at 2.80%) • Inflation rate (currently at 2.3%) • Anticipated investment returns from PERS (discount rate, currently at 6.8%) • Policies set by CalPERS Board of Administration • Amortization period of unfunded liabilities (from 30 to 20 years) and 15 years for inactive employees • Life expectancy of plan members Below is a summary of the City's unfunded pension liability for each pension tier. Each year the City pays an amount towards the unfunded liability directly to CaIPERS. This can be paid monthly or in July with a lump sum discounted contribution. Due to the payments made in fiscal year 2022/23 to pay off the current obligation, the City did not have a required Unfunded Accrued Liability (UAL) payment for fiscal year 2023/24. However, $930,000 was budgeted in the current fiscal year in anticipation of unfunded liabilities increasing due to the retirement fund investment performance for year ending June 2022. In order to mitigate the expected loss for fiscal year 2024/25, the City will be making the following payments for each tier based on the amount budgeted: • Classic Tier: $492,388 • Tier II: $100,835 • PEPRA Tier: $336,777 These payments would pay off the Tier II and PEPRA Tier unfunded liability as reflected in the current June 30, 2022 actuarial valuation reports in its entirety and pay enough of the Classic Tier unfunded liability to avoid negative amortization (which is when the amount due goes up due to interest costs before it starts going down as payments are made). The goal of this study session is to discuss what the City has accomplished so far, what the current actuarial reports are estimating, and how the City can mitigate negative amortization and incur additional savings on this ongoing liability. AL i ERNATIVES This item is for discussion, no alternatives are recommended. Prepared by: Claudia Martinez, Finance Director/City Treasurer Classic Tier Tier II PEPRA Tier Entry Age Normal Accrued Liability $56,737,219 $1,178,605 $3,761,808 Plan's Market Value of Assets $42,282,912 $1,077,770 $3,425,031 Unfunded Accrued Liability $14,454,307 $100,835 $336,777 Funded Ratio 74.5% 91.4% 91.0% Each year the City pays an amount towards the unfunded liability directly to CaIPERS. This can be paid monthly or in July with a lump sum discounted contribution. Due to the payments made in fiscal year 2022/23 to pay off the current obligation, the City did not have a required Unfunded Accrued Liability (UAL) payment for fiscal year 2023/24. However, $930,000 was budgeted in the current fiscal year in anticipation of unfunded liabilities increasing due to the retirement fund investment performance for year ending June 2022. In order to mitigate the expected loss for fiscal year 2024/25, the City will be making the following payments for each tier based on the amount budgeted: • Classic Tier: $492,388 • Tier II: $100,835 • PEPRA Tier: $336,777 These payments would pay off the Tier II and PEPRA Tier unfunded liability as reflected in the current June 30, 2022 actuarial valuation reports in its entirety and pay enough of the Classic Tier unfunded liability to avoid negative amortization (which is when the amount due goes up due to interest costs before it starts going down as payments are made). The goal of this study session is to discuss what the City has accomplished so far, what the current actuarial reports are estimating, and how the City can mitigate negative amortization and incur additional savings on this ongoing liability. AL i ERNATIVES This item is for discussion, no alternatives are recommended. Prepared by: Claudia Martinez, Finance Director/City Treasurer DEPARTMENTAL REPORT ITEM NO.1 City of La Qu i nta FINANCIAL ADVISORY COMMISSION MEETING DEPARTMENT REPORT TO: Members of the Financial Advisory Commission FROM Claudia Martinez, Finance Director DATE- August 9, 2023 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 • Interim Audit for fiscal year 2022/23 will be taking place September 11 — September 22 BUDGET UPDATE • The City of La Quinta's budget for fiscal year 2023/24 was adopted by City Council on June 20, 2023 COMMITTEE UPDATES • 10 -Year Projection Task Force (Commissioners Anderson, Batavick, and Dorsey) o Conducted initial meeting on January 20, 2023 o Additional meetings to be scheduled in late August -September • Auditing Services Selection Committee o RFP in process • Financial Statement and Audit training to be scheduled for entire Commission 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. 2 City of La Qu i nta FINANCIAL ADVISORY COMMISSION MEETING DEPARTMENT REPORT TO: Members of the Financial Advisory Commission FROM: Rosemary Hallick, Principal Management Analyst DATE: August 9, 2023 SUBJECT: FIRST QUARTER 2023 (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 2023. • La Quinta's overall adjusted sales tax receipts for major industry groups increased 3.8%, which compared to Riverside County with a 1.5% decrease and the state with a 1.1 % decrease. The increase was primarily driven by the Restaurants and Hotels business group, along with a slight increase in the County Pool. The General Consumer Goods sector showed a slight decrease, which tracks with the nationwide trend of consumer spending shifting from goods to services. Details may be found in the attached Sales Tax Update prepared by HdL. • The City's sales -per -capita remains higher than both the county and state averages. Por Capita Sales La Quinfa Riverside County Southern California California 10 20 30 40 10 20 30 40 10 20 30 40 20 20 20 20 21 21 21 21 22 22 22 22 T�s shm--n rCTlect the period In h n the Wlee6"wred-Point of sale $12,000 $10,000 $8,000 $5,000 $4,000 $2,000 $0 IQ 23 • General consumer goods (such as department stores) made up 31 % of sales tax revenue and 36% of Measure G revenue. • Autos and transportation made up 8% of sales tax revenue and 14% of Measure G revenue. • The City continues to benefit from online purchasing in the form of the County pool share, which was 15% of our sales tax revenue. L'Sales Tax -.] Autos and Transportation Building and Construction Measure G Business and Industry Building and Construction Ti Food and Drug s 1Q23 Percent of Total Fuel and Service Stations 1 Q23 Percent of Total Food and Drug s Fuel and SeNce Stations Business and Industry Restaurants and Hotels Restaurants and Hotels General Consumer Goods General Consumer Goods 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 2022/23 budget was conservatively forecasted based on known information as of Spring 2022; and may be subject to amendments throughout the year. The fiscal year 2022/23 budget (inclusive of adjustments made during the mid -year process and approved by Council on February 21, 2023) and year-to-date sales tax collections are shown in the chart below. Based on receipts through May 2023, the city anticipates meeting or exceeding the 2022/23 budget. Quarter Payment Bradley Burns 33060 Measure G 520 MG % of BB 3 July 2022 Advance $ 899,897 $ 1,100,441 122.29% 3 August 2022 Advance $ 1,138,925 $ 1,328,947 116.68% 3 September 2022 3rd Qtr Payment $ 405,447 $ 858,514 211.74% 3 Total 2022 $ 2,444,270 $ 3,287,902 134.51% 4 October 2022 Advance $ 1,228,968 $ 1,455,913 118.47% 4 November 2022 Advance $ 1,028,053 $ 1,236,285 120.25% 4 December 2022 4th Qtr Payment $ 1,378,373 $ 1,762,443 127.86% 4 Total 2022 $ 3,635,394 $ 4,454,640 122.54% 1 January 2023 advance $ 1,208,100 $ 1,420,306 117.57% 1 February 2023 advance $ 1,234,646 $ 1,429,458 115.78% 1 March 2023 1st Qtr Payment $ 1,200,528 $ 1,630,213 135.79% 1 Total 2023 $ 3,643,275 $ 4,479,977 122.97% 2 April 2023 Advance $ 1,008,044 $ 1,264,524 125.44% 2 May 2023 Advance $ 1,019,918 $ 1,294,975 126.97% 2 June 2023 2nd Qtr Payment 2 Total 2023$ 2,027,962 '$ 2,559,499 125.93% FY 2022/23 Total YTD $ 11,750,901 $ 14,782,018 125.79% FY 2022/23 Current Budget $ 12,250,000 $ 15,500,000 126.53% Attachment 1: HdL Q1 2023 Sales Tax Update Attachment 2: HdL June 2023 California Forecast ATTACHMENT 1 CITY OF LA QU I NTA SALES TAX UPDATE 1Q 2023 (JANUARY- MARCH) .Q 0 0 TOTAL: $ 3,583,752 1 Q2023 COUNTY STATE *Allocation aberrations have been adjusted to reflect sales activity SALES TAX BY MAJOR BUSINESS GROUP $1,200,000 $1,000,000 $800,000 $600,000 $400,000 Legend Q 1 2022* $200,000 ■ . • Q1 2023* $0 General Restaurants County Building Autos Food Fuel and Business Consumer and and State and and and Service and Goods Hotels Pools Construction Transportation Drugs Stations Industry CITY OF LA QUINTA HIGHLIGHTS TOP 25 PRODUCERS La Quinta's receipts from January through March were 4.1% above the first sales period in 2022. Excluding reporting aberrations, actual sales were up 3.8%. Higher menu prices combined with food delivery resulted in overall positive results for restaurants -hotels. The business - industry sector reported a strong sales quarter. Increased labor costs and a spike in lumber prices resulted in an increase in building - construction revenue. Inflation continues to push up totals from food -drugs. Spending in the general consumer goods category is trending downward as consumers remain cautious, while the country has so far avoided a recession. With reduced incentives potential buyers are choosing to hold on to their leased vehicles at the end of the term, reducing overall revenues from auto -transportation. Consumers enjoyed lower prices at the pump in 1Q23, however, revenue from fuel -service stations was negatively impacted. The City's share of the countywide use tax pool increased 5.5% 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 $4,396,885 in revenue. Net of aberrations, taxable sales for all of Riverside County declined 1.5% over the comparable time period; the Southern California region was down 0.8%. Best Buy Cart Mart Circle K Cliffhouse Costco Floor & Decor Genesis/Hyundai of La Quinta Hideaway Club Home Depot Kohls La Quinta Chevrolet & Cadillac La Quinta Resort & Club Lavender Bistro Lowes PGA West Private PGA WEST Private Clubhouse & Golf Courses Rancho La Quinta Country Club Ross Stuft Pizza Bar & Grill Target TJ Maxx Torre Nissan Tower Mart Vons Walmart Supercenter HdP Companies www.hdlcompanies.com 1888.861.0220 Published by HdL Companies in Summer 2023 (S) STATEWIDE RESULTS California's local one cent sales and use tax receipts for sales during the months of January through March were 1.1% lower than the same quarter one year ago after adjusting for accounting anomalies. The first quarter of the calendar year experienced heavy rainfall and a slight pullback by consumers during this post - holiday period. The building and construction sector was most impacted by wet weather conditions, especially contractors and paint/glass vendors. Furthermore, when coupled with year -over -year (YOY) lumber price declines, the sector saw a 9.7% statewide drop. YOY declines in fuel prices at the pump reduced receipts from gas stations and petroleum providers. Even with OPEC's recent production cuts, the global cost of crude oil has remained steady setting up for moderate gas prices for travelers and commuters in the coming summermonths. Retailers also selling fuel experienced a similar impact and when combined with weak results from department stores, overall general consumer goods' returns slightly declined. After multiple years of high demand for vehicles (especially high-end luxury and electronic/hybrid brands), along with inflation driving car prices higher, customers demand has softened with revenue slumping 1.3%. The return of available inventory later this calendar year may sustain downward pressure on activity, potentially giving buyers more leverage to negotiate lower prices. Use taxes remitted via the countywide pools decreased 1.1%, marking the second consecutive quarter of decline. Cooling consumer confidence, expansion of more in-state fulfillment centers and retailers using existing locations to deliver goods tied to online orders continue to shift taxes away from the pools. While the offsetting effect was these revenues being allocated directly to jurisdictions where the goods were sourced, only a limited number of agencies benefited. Spending at local restaurants and hotels continues to be robust. Patrons were unaffected by increased menu prices and wait times and maintained their wiIlingness to dine out. In addition, investments in warehouse/farm/construction equipment was steady. For the remainder of 2023 sales taxes may decrease modestly, then begin a nominal recovery in early 2024. Volatile economic indicators such as the Federal Funds rate, unemployment levels, and discretionary spending will influence outcomes. While it appears the Federal Reserve's actions to fight inflation is taking effect, any lasting downward pressure on consumer pricing could also hinder short term growth. Pools 15% Restaurants Cons.Goods 31% Autos/Trans. *ADJUSTED FOR ECONOMIC DATA La Quinta County HdL State Business Type Q1 '23* Change Change Change Casual Dining 313.9 10.9%0 8.0%0 9.7%0 Leisure/Entertainment 230.5 5.5%0 5.9%0 15.6%0 Service Stations 122.3 -14.8%0 -11.4%0 -9.8%0 Electronics/Appliance Stores 118.9 -0.4% ID -5.3%0 -2.4% ID Fine Dining 99.6 10.1%0 -0.3% ID 2.1%0 Quick -Service Restaurants 96.9 14.0%0 5.0%0 5.1%0 Grocery Stores 91.5 6.6%0 5.7%0 5.4%0 Family Apparel 84.5 5.0%0 3.0%0 2.3%0 Specialty Stores 79.7 8.7%0 3.9%0 3.8%0 Home Furnishings 43.9 -43.9%0 -12.6% ID -10.4%0 *Allnratinn aherratinns have heen adjusted to reflert .ea/es artivity *In thousands of dollars Hdt-j, CALIFORNIA FORECAST SALES TAX TRENDS &ECONOMIC DRIVERS JUNE 2023 FAiE[43:IiTil:1►rdPa HdL provides relevant information and analyses on the economic forces affecting California's local government agencies. In addition, HdL's Revenue Enhancement and Economic Development Services help clients to maximize revenues. HdUQ STATEWIDE Companies SALES TAX TREN DS Overview: As of June 2023, the uncertainty of whether the nation will enter a recession continues to loom. Over the past year, the most significant trend observed has been strong employment numbers despite certain industry outlooks requiring a smaller workforce. The low unemployment rate has been a key driving force behind the Fed Funds 500% rate increase dating back to the summer of 2022. Yet, inflation lingers. Recent sales tax performance echoed more cautious behaviors by consumers, along with commodity prices fluctuating in multiple directions. Given the melting pot of economic indicators, our current outlook at this juncture is a modest decline in sales tax returns through CY 2023, with small levels of growth beginning in early 2024. 2022/2312023/24 Autos/Transportation -3.3% Tax receipts associated with the automotive industry experienced a decline for the first time since the onset of the pandemic in early 2020. This drop can be attributed to hesitation from potential buyers purchasing a high-cost vehicle. Additionally, the increasing inventory of cars available on dealership lots has begun to exert pressure on prices. Though the average transaction price remained slightly higher YOY, it has finally dropped below the Manufacturer's Suggested Retail Price (MSRP) after several years of consumers being required to pay over sticker price. Simultaneously, the wholesale price of used cars has experienced a notable decline, indicating retail prices are likely to follow suit. There is an expectation that both used and new vehicles will become more readily available in the months ahead, leading to increased competition and subsequently exerted downward pressure on vehicle pricing through the remainder of CY 2023. ABuilding/Construction 0.0%1-0.6% Prior to the end of CY 2022, new home construction starts declined significantly, but other types of construction posted stable activity levels. In Q1 of 2023, four noteworthy trends were observed. First, adverse weather limited building activity which impacted painting, groundwork and foundation sets. Wet weather also decreased seasonal homeowner spending on yard improvements. Second, the value of lumber retail prices plummeted as much as 64% compared to a year ago as retailers finally sold off the pricier inventory. The direct result led to a big decrease in comparative sales totals. Third, pro builders started pulling back on new starts until the price of other construction inputs and financing rates rolled back to more profitable levels. Lastly, the fourth trend relates to the average consumer who is now purchasing fewer big-ticket items and scaling back on DIY projects. Expect returns from Q2 2023 to reflect contractors making up for delays. However, short term receipts are predicted to weaken due to the continuous decline of lumber prices and the pause in general construction taking place. Business/Industry 5.2%12.3% In a down -shift, only nine of the twenty-one business types in this varied tax group trended positively for the quarter. Claiming almost 30% of all revenues, fulfillment centers continued expanding with more direct taxpayer allocations to agencies. Several regional energy projects bolstered electrical equipment revenues and large (non - auto) transportation equipment sales increased 33%. Technology needs and other 13213 efforts buoyed business services outcomes. Conversely, garden -agricultural supply transactions slowed by 19%, likely attributed to financing challenges. After considerable growth during the pandemic, demand faded for medical biotech -related supplies/equipment. The heavy industrial sector also dipped, strained by the cost of capital and uncertainty. HdL projects modest overall growth, however, given the group's unique composition, predictions vary based on the size and character of local businesses and industry taxpayers. HdL Companies Consensus Forecast June 2023 2022/2312023/24 45101 Food/Drugs 1.4%12.0% Like other sectors, the impacts of higher pricing and shopping behavior yielded only a modest 0.3% bump in Q1 2023 payments. Higher tallies at grocery chains were offset by weaker returns from cannabis merchants and convenience stores. This segment is the most stable of all and is on track to produce an average of 2% gains in 2023 and the years to follow. Expect some contraction from areas of the state where stores are over concentrated. Additionally, expansion of merchant stores is anticipated where new communities are established and regional populations are on the rise. Fuel/Service Stations -0.5%1-9.5% This category is now experiencing downward pressure in all facets. Regular gasoline, diesel, jet fuel, and West Texas Intermediate (WTI) oil barrel prices have all declined while consumption of fuel was lower in CY 2022 and in Q1 of 2023. WTI crude ended CY 2022 significantly below the Q4 2022 projection, with consumption remaining flat. CY 2023 projections are similarly reduced from what was presented in the March edition of HdL's California Forecast. As a result of these factors, our forecast now predicts an additional reduction of 10% per quarter through the end of CY 2023, followed by a flattening out in the first two quarters of 2024 and no growth for FY 2024-2025. Iml General Consumer Goods 0.1%1-0.5% • • Local tax receipts for Q1 2023 showed signs of retreat, contracting 1.9% compared to the same period YOY. As overall demand weakens, retailers appearto expect a slowdown, particularly in the discretionary and durable good categories. Consumer confidence and sentiment have both contributed toward a deceleration within this sector. Consequently, local tax has begun to emulate consumer trends. With excess savings drying up, access to credit becoming more stringent, and modest income gains taking place, households are becoming more prudent with their buying habits which has encouraged some customers to compromise on quality or switching to more affordable brands. Additionally, many consumers are now shifting to spending on services rather than tangible items. Our forecast shifts moderate declines slightly forward through the end of CY 2023 with growth returning in the spring of 2024. Hd E 0 STATEWIDE Companies SALES TAX TRENDS 2022/2312023/24 Restaurants/Hotels 8.1%13.5% Since Q1 of 2022, the restaurant industry has experienced an increase of menu prices due to various inflationary impacts that have persisted to current day. However, the pace of growth in restaurant sales has slowed in recent months. Though consumers continue to dine out, they are looking for the best value deal and may opt for take-out instead of enjoying sit down establishments. Meanwhile, hotels are still awaiting a full return of international tourism. The slow return of travelers will offset any moderation in the tourism industry over the next few years. Leisure activities are expected to trend at a similar pace as the demand for experiences holds strong. NATIONALAND STATEWIDE ECONOMICS ECONOMIC DRIVERS 2022/2312023/24 U.S. Real GDP Growth 1.6%11.3% • Real GDP growth in Q1 of 2023 clocked in at 1.1%, a slowdown from the 2.6% growth in Q4 of 2022. Weaker GDP growth in Q1 was driven exclusively by a sharp reduction in inventories. The real growth in final demand, which is a more important measure than output and indicates the pace at which spending drives the economy, reached 3.5%. This growth rate is the highest since the first half of 2021. Moreover, consumer spending was the largest contributor to growth. The U.S. Bureau of Economic Analysis' monthly data on real consumer spending jumped to a record high level in April, suggesting continued consumer spending in Q2 and overall economic growth. 0 CA Unemployment Rate 4.2%14.4% According to the latest figures from the Bureau of Labor Statistics, the ratio of unemployed persons to job openings in California is 0.9. In short, there are not enough workers to fill the number of job openings. This is because California's labor force contracted during the pandemic. As of Q1 in 2023, there were still 180,000 fewer workers in the state's labor force than there were prior to the pandemic, while the national labor force has expanded over the same period. These figures reveal a contradiction— the state's economy has added jobs since the pandemic, but there are fewer workers active in the California economy. The most plausible explanation is that there has been an increase in the number of workers holding more than one job among the state's workforce. Going forward, worker availability will be a primary constraint on job growth in the state. \ . CATotal Nonfarm Employment Growth 3.3%11.6% In Q1 of 2023, California total nonfarm employment grew 2.8% YOY, a decrease from the 3.5% YOY growth seen in Q4 of 2022. Nonetheless, the latest monthly data from the Employment Development Department (EDD) showed that the Golden State added about 47,000 jobs in May, indicating a 2.4% increase from May 2022. Notably, California's nonfarm jobs gain during May amounted to 14% of the overall 339,000 jobs gained in the nation during the month. While California's economy has added more jobs relative to other states in the nation, this is mostly a function of its size (whereby a small percentage increase in job growth will translate into a relatively high number of jobs). Overall, California's job growth has still lagged other states, including Texas and Florida. 2022/2312023/24 State and County Pools 0.6%1-0.3% Patterns of online spending behaviors have held steady. However, with additions of in-state fulfillment centers delivering products to nearby local shoppers, less merchandise is received from out-of-state locations. This trend has resulted in fewer dollars available for distribution in the countywide pools. For the second consecutive quarter, comparative results have decreased. The business development strategy of housing products for local delivery destinations will boost local taxes for a limited number of jurisdictions which have these types of facilities. The tradeoff is expected reductions in available pool use taxes through the end of CY 2023. 2022/2312023/24 U.S. Unemployment Rate 3.5%13.6% JIM Unemployment in the nation at the start of 2023 remains rock bottom. In May, unemployment was 3.7% and 3.5% overall in Q1 of 2023 even as consumer spending continues despite inflation. In May, the numbers for job gains exceeded 300,000 and the participation rate continues to increase, suggesting that rising income is having the expected effect of expanding labor supply, though at too slow of a pace. The U.S. job openings rate, while down, is still higherthan before the pandemic. However, supply is struggling to keep up with demand. CA Residential Building Permits 129,553 1 132,703 After three consecutive quarters of double-digit declines, California home sales returned to moderate growth in Q1 of 2023. However, home sales are still down about 40% YOY as higher mortgage rates cool the housing market from its pandemic surge. Despite steep declines in home sale activity, there are only about 75,000 homes for sale in California (about two months of supply), according to recent Redfin data. In other words, if no new units were added to the housing market, based on current sales activity, the number of homes for sale would be exhausted in two months. A healthy housing market is typically considered to be one that has six months of supply. The long-term problem is that California does not build enough housing and the number of permits issued for new housing in the state remains far below historic levels. While California's economy continues to expand, its growth is increasingly constrained by the state's housing market with no apparent relief in sight. CA Median Existing LaJ Home Price $655,1541$631,186 California house prices have fallen to 10% below their pre -pandemic peak. Despite the pullback, house prices remain 27% above their pre - pandemic levels. Since the start of the pandemic, annual house price growth has averaged 11.3%, compared to 6.1% in the 10 years prior to the pandemic. Price depreciation will be somewhat limited in 2023 despite a high interest rate environment causing further weakness in home prices. Beacon Economics is forecasting house prices to fall 6.3% in 2023. Further house price drops will be limited, especially when compared to the Great Recession, due to consumer balance sheets being stronger today than they were then, unemployment rates remaining at all-time lows, and the acute housing shortage in the state. HdL Companies Consensus Forecast June 2023 HdLa 40 Years of Companies Growing Revenue 888.861.0220 1 solutions@hdlcompanies.com I hdlcompanies.com HdL Companies 888.861.0220 1 solutions@hdlcompanies.com I hdlcompanies.com California's allocation data trails actual sales activity by three to six months. HdL compensates for the lack of current information by reviewing the latest reports, statistics and perspectives from fifty or more economists, analysts and trade associations to reach a consensus on probable trends for coming quarters. The forecast is used to help project revenues based on statewide formulas and for reference in tailoring sales tax estimates appropriate to each client's specific demographics, tax base and regional trends. Beacon Economics LLC 310.571.3399 1 BeaconEcon.com Beacon Economics has proven to be one of the most thorough and accurate economic research/analytical forecasting firms in the country. Their evaluation of the key drivers impacting local economies and tax revenues provides additional perspective to HdL's quarterly consensus updates. The collaboration and sharing of information between Beacon and HdL helps both companies enhance the accuracy of the work that they perform for their respective clients. POWER POINTS FAC MEETING AUGUST 9, 2023 Financial Advisory Commission Meeting 8/9/2023 Sar C:,1I.08 N" IN' Financial Advisory Commission Meeting 8/9/2023 Business Session Item No. 1 Receive and File the Annual Comprehensive Financial Report for the Year Ended June 30, 2022 L ✓ Conducted virtually by Eide Bailly LLP, Certified Public Accountants from October 2022 — June 2023 ✓ Reviewed nearly 800 documents & conducted several Audit Summary 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 ACFR Content Major Events Financial Statements Summaries & Charts Governmental Fund Balances Prepaid Costs Land held for resale 5,403,652 Housing Funds 24,015,857 RDA Loan 21,915,347 Mstricted Funds 30,396,501 $ 46,990 Pension Trust 37,209,100 57,300,711 30,599,428 Governmental Fund Balances Category General Fund All Other Funds Total Funds Cash Flow Reserve 5,000,000 Capital Replacement 10,000,000 Total $ 165,907,013 $ 51,215,051 $ 217,122,064 Natural Disaster $ 10,000,00 Economic Disaster 11,000,00 Cash Flow Reserve 5,000,000 Capital Replacement 10,000,000 Operational Carryovers 1,209,100 MM L$ 11,183,8 Long -Term Debt Irrevocable Section 115 Pension Trust Major Infrastructure Investments SilverRock Infrastructure La Quinta X Park Improvements $1,573,000 $2,078,000 Monroe Street SilverRock Event Site Pavement $438,000 Rehabilitation $430,000 Fire Station No. 70 Revitalization $363,000 Pension Liability $ 6,540,000 ($ 2,446,115) The Future 0 Adopted a balanced 2023/24 budget Continue to address long-term liabilities Mixture of housing and commercial developments are under construction Long-term vision and planning are a priority s s -r p► QUESTIONS & DISCUSSION Financial Advisory Commission Meeting 8/9/2023 Business Session Item No. 2 Appoint a Financial Advisory Commissioner Chairperson and Vice - Chairperson to Serve for Fiscal Year 2023/24 Past 5 Year Appointments Fiscal Year 2017/18 2018/19 2019/20 2020/21 2021/22 d 2022/23 Chairperson I Vice- Chairperson Financial Advisory Commission Meeting 8/9/2023 Business Session Item No. 4 Receive and File the Fourth Quarter Fiscal Year 2022/23 Treasury Report for April, May, and June 2023 W 8/9/2023 15 iq VAB, Iti Fiscal Year Comparison: Earnings 2018-192019-20 2020-21 2021-22 2022-23 Average Daily Balance $ 141,628,303 $ 152,994,488 $ 160,732,266 $ 191,565,121 $ 220,315,036 Total Earnings $ 2,894,323 $ 2,798,779 $ 1,533,546 $ 1,508,983 $ 4,595,739 Effective Rate of Return 2.04% 1.82% 0.95% 0.79% 2.09% Going Forward • Will continue to monitor all economic news daily • Will continue to utilize 3 brokers in order to ensure competitive pricing on investments • Will manage cash effectively to maintain needed liquidity while maximizing potential earnings $1112if I [9 4 Financial Advisory Commission Meeting 8/9/2023 Study Session Item No. 1 Discuss the City's Outstanding Pension Obligations Pension Funding Update ta �a — 1; Fm nfrl T)kSkRT — Proprietary and Confidential © 2023 Govinvest Inc. 21 La Quinta, CA Gov r 22 8/9/2023 11 CaIPERS Investment Return: June 30, 2021 21.3% Investment Return Valuation Report Received August 2022 Experience Gain 21.3%(Actual); 7% (Assumed) = 14.3% https://www.caIpers.ca.gov/docs/funding-risk-mitigation-policy. pdf 23 CaIPERS Investment Return: June 30, 2022 -6.1% Investment Return Valuation Report Expected August 2023 Experience Loss -6.1%(Actual); 6.8% (Assumed) = 12.9% https://www.caIpers.ca.gov/docs/funding-risk-mitigation-poIicv. pdf 24 8/9/2023 12 CaIPERS Investment Return: June 30, 2023 5.8% Investment Return Valuation Report Expected August 2024 Experience Loss 5.8%(Actual); 6.8% (Assumed) = 1.0% https://www.caIpers.ca.gov/docs/funding-risk-mitigation-policy. pdf 25 AAk, CaIPERS Market Value of Assets " Reflects private equity and real asset valuations as of Mar 31 " Reflects private equity and real asset valuations as of June 30 www.calpers.ca.gov/docs/board-agendas/202211/financeadmin/item-5b-02 a REV.pdf 26 al 8/9/2023 13 How Do the Investment Losses Impact the UAL and Future Employer Contributions . • Govl nvest The Fln—kd Forecasting Auth-Py 27 7th Yr. Since Return Announced Public AVW CA11f1'IbWons St' Required Payment IP 3rd Yr. 1sO Required Payment by 70Q0 anwn - Today Ann mvd 5 -yea, ramp 15 years of coil Ngfl erAS 1st 2nd Yr. *-"T�WlNoNo Pmt. Pmt. lune 10r 7070 P*bft * wdi" 7072.21 2DdG-�i 16{t•4i F—N vrn Rr�mr 1 urtar, Interest starts to accrue as soon as returns are Valuations Deliveredto announced. Balance negatively accrues for 6 years Public Agencies l Yr. Later and doesn't fall below original loss balance for more than 10 years. Gov!, i_v c"_•t 28 N-1 8/9/2023 14 • Investment Experience Loss Negatively Amortizes by 23% $1,400,000 $1,230,460 Balance Exceeds Principal Loss for More Than 10 Years $1,200,000 Initial Loss $800,000 Two -Year Valuation Lag Principal Payments $1,000,000 $600,000 Interest Cost $1,206,563 Per Million and 5 -Year Ramp adds Total Payments $2,206,563 24% extra interest cost $400,000 \ 7 Yr. Easy Pmt. Plan $200,000 Loss Yr 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 —Experience Loss Balance —Minimum Required Payment Copyright© 2023 Govinvest Inc. Proprietary and Confidential Govinvest 29 How Has Your Agency Been Impacted? Projections based on 2021 Govinvest Model 30 . • Gov-nvest The Finonclul Foremsfing Aulhnrlly 8/9/2023 15 31 1) Paid off the UAL in its entirety in FY 22-23 as it was known as of June 30, 2021 actuarial valuation. 2) Ahead of schedule, La Quinta paid off the majority of the FY 21-22 investment loss in FY 22-23, even though the first required payment on this loss isn't due until FY 24-25. The two actions above reduced the interest cost by 79% and saved La Quinta taxpayers nearly $15 million over 20 yrs. Congratulations to La Quinta staff, Financial Advisory Commission and City Council for their aggressive response! 32 8/9/2023 16 Fiscal Year End (FYE) 2020 2021 Accrued Liability (AL) $54,124,823 $58,138,554 Market Value of Assets (MVA) $38,328,457 $48,239,962 Unfunded Accrued Liability (UAL) $15,796,366 Funded Status 70.81% Assumption 7.00% Actual Experience 4.70% Experience Gain/Loss -2.30% 33 Fiscal Year End (FYE) Accrued Liability (AL) Assets with CalPERS Assets in 5115 Trust Unfunded Accrued Liability (UAL) Funded Status Assumption Actual Experience Experience Gain/Loss 34 2022 2023 Projected Change $61,677,632 $63,257,585 $1,579,953 $46,785,713 $59,604,521 $12,818,808 $9,898,592 $14,891,919 $3,653,064 -$11,238,855 82.97% 75.86% 94.23% 7.12% 7.00% 6.80% 6.80% 21.30% -6.10% 5.80% 14.30% -12.90% -1.00% 2020 2021 Projected 2022 2023 Projected Change $54,124,823 $58,138,554 $61,677,632 $63,257,585 $1,579,953 $38,328,457 $48,239,962 $46,785,713 $59,604,521 $12,818,808 $10,249,738 $11,381,922 $10,137,888 $5,317,487 -$4,820,401 $5,546,628 -$1,483,330 $4,754,031 -$1,664,423 -$6,418,454 89.75% 102.55% 92.29% 102.63% 10.34% 7.00% 7.00% 6.80% 6.80% 4.70% 21.30% -6.10% 5.80% -2.30% 14.30% -12.90% -1.00% 8/9/2023 17 35 Pension Management 36 . • GovI nvest The Flnonclul Fnre H.9 Aulhnrlly 35 8/9/2023 asoe pubi>C ARenry Funded Status 05VI WtiGn AW 6/30/2022 Estimates Public Agency Funded Ratios •95> 1�� asp 3 ]sY.86W. y�pp woo rowis� y ssw�o� sur • ev+�es� r.enn Source: 6/30/23 AA- Ca1PERS Total PERF 70.6% 81.2% 72Y• 72% La Quinta 89.8% 102.6% 92.3% 102.6% 35 Pension Management 36 . • GovI nvest The Flnonclul Fnre H.9 Aulhnrlly 35 8/9/2023 37 1) Payment of budgeted pension funding to reduce negative amortization should reduce the remaining interest cost by 32% and save the City an additional $1M. 2) Potentially the City could budget and pay the remaining UAL Balance off in 24-25 which we currently estimate to be approximately $3 million saving the City approximately $2.5 Million. 3) Prior to making the 24-25 payment, the City should assess how the 23-24 investment earnings faired. UV 8/9/2023 19 39 Reference . • Govt nvest The Fln 1.1 F.—ti.g Aoh.,Ily 40 8/9/2023 20 2021 Valuation Year 2022 Valuation Year 2020 22-23 $ 14,891,919 $ 1,169,754 $ 14,891,919 $ 12,434,383 $ 2,999,584E$ 1 202123-24 $ 15,915,557 $ - $ 3,242,203 $ - $ 3,242,203 $ $ 2 2022 2425 $ 16,997,815 $ 458,754 $ 3,462,673 $ 167,820 $ 3,462,673 $ 167,820 $ 3 2023 25-26 $ 17,679,571 $ 800,54] $ 3,524,702 $ 218,679 $ 3,524,702 $ 218,679 $ 4 202426-27 $ 18,054,464 $ 1,142,339 $ 3,538,390 $ 269,538 $ 3,538,390 $ 269,538 $ 5 202527-28 $ 18,101,627 $ 1,484,132 $ 3,500,449 $ 320,397 $ 3,500,449 $ 320,397 $ 6 2026 28-29 $ 17,798,776 $ 1,825,924 $ 3,407,36B $ 371,256 $ 3,407,368 $ 371,256 $ 7 202729-30 $ 17,122,107 $ 1,796,172 $ 3,255,398 $ 341,503 $ 3,255,398 $ 341,503 $ 8 2028 30-31 $ 16,430,173 $ 1,796,172 $ 3,123,842 $ 341,503 $ 3,123,842 $ 341,503 $ 9 202931-32 $ 15,691,188 $ 1,796,172 $ 2,983,340 $ 341,503 $ 2,983,340 $ 341,503 $ 10 203032-33 $ 14,901,951 $ 1,796,172 $ 2,833,283 $ 341,503 $ 2,833,283 $ 341,503 $ 11 2031 33-34 $ 14,059,046 $ 1,796,172 $ 2,673,023 $ 341,503 $ 2,673,023 $ 341,503 $ 12 2032 3435 $ 13,158,824 $ 1,796,172 $ 2,501,865 $ 341,503 $ 2,501,865 $ 341,503 $ 13 2033 35-36 $ 12,197,387 $ 1,796,172 $ 2,319,069 $ 341,503 $ 2,319,069 $ 341,503 $ 14 203436-37 $ 11,170,572 $ 1,796,172 $ 2,123,842 $ 341,503 $ 2,123,842 $ 341,503 $ 15 2035 37-38 $ 10,073,933 $ 1,796,172 $ 1,915,340 $ 341,503 $ 1,915,340 $ 341,503 $ 16 203638-39 $ 8,902,723 $ 1,796,172 $ 1,692,660 $ 341,503 $ 1,692,660 $ 341,503 $ 17 203739-40 $ 7,651,871 $ 1,796,172 $ 1,454,838 $ 341,503 $ 1,454,838 $ 341,503 $ 18 203840-41 $ 6,315,961 $ 1,796,172 $ 1,200,843 $ 341,503 $ 1,200,843 $ 341,503 $ 19 2039 41-42 $4,889,209 1 1,796,172 $ 129:11 $ 341,503 $ 929,577 $ 341,503 $ 20 2040 42-43 $ 3,365,438 $ 1,796,172 $ 639,865 $ 341,503 $ 639,865 $ 341,503 $ 21 204143-44 $ 1,738,050 $ 1,796,172 $ 330,453 $ 341,503 $ 330,453 $ 341,503 $ 22 204244-45 $- - $ $ 23 204345-46 Total Payments $ 33,824,028 $ 18,904,621 $ 6,470,238 Principal $ 14,891,919 $ 14,891,919 $ 3,242,203 Interest $ 18,932,109 $ 4,012,702 $ 3,228,035 Interest Savings N/A $ 14,919,407 N/A Percent lnterest5avings 79% 41 3,242,2031 $ 930,275 ' 1 Year 2,549,584 $ 247,623 $ 2,999,584E$ 2,467,053 $ 247,623 $ 2,947,653 $ 2,378,909 $ 247,623 $ 2,892,190 $ 2,284,771 $ 247,623 $ 2,821,554 $ 2,184,233 $ 247,623 $ 2,734,712 $ 2,076,857 $ 217,870 $ 2,630,564 $ 1,992,928 $ 217,870 $ 2,538,680 $ 1,903,291 $ 217,870 $ 2,429,146 $ 1,807,559 $ 217,870 $ 2,312,163 $ 1,705,318 $ 217,870 $ 2,187,226 $ 1,596,124 $ 217,870 $ 2,053,793 $ 1,479,504 $ 217,870 $ 1,911,286 $ 1,354,955 $ 217,870 $ 1,759,089 $ 1,221,936 $ 217,870 $ 1,596,542 $ 1,079,872 $ 217,870 $ 1,422,943 $ 928,148 $ 217,870 $ 1,237,538 $ 766,106 $ 217,870 $ 1,039,527 $ 593,045 $217,870 $ 626,050 $ 408,217 $ 217,870 $ 602,193 $ 210,820 $ 217,870 $ 360,977 $ $ $ 53,379 $ $ 53,379 $ $ 5,436,437 $ $ 3,242,203 $ $ 2,194,234 $ $ 1,047,969 32% Assumes payment is made by 12/31/23 2023Valua 258,655 269,688 280,721 291,754 273,034 273,034 273,034 273,034 273,034 273,034 273,034 273,034 273,034 273,034 273,034 273,034 273,034 273,034 273,034 55,164 55,164 5,554,279 2,999,584 2,554,695 40.0% 35.4% 35.0% 30.0% 25.0% 24.6% 15.7% 12.5% 16.6% 20.1% 21.7% 18.4% 21.3% 16.3% 19.5% 20.0% 12.5% i9.1% 13.8% . `S.7% 14.5% 15.3% 8% 13.3% 18.4% 15.0% . 12 J10%. 8.6% 5% �� 10•.�% 10.0% �- _5 �`Q.6% - 6.7% 5.8% 3.9% 3. o 2.4% 5.0% 2.0% . 0.0% -5.0% -10.0%-3.1% -6.191 -5.1% -6.1% -15.0% -20.0% Dot Com Crash -25.0% Great Recession -24.0% -30.0% m m co ago coo coo o m m m 0p m o 0 0 0 0 0 0 0 0 0 o a in a m m o m m m m m 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N H H H H H N N N N H H H H N N N N N N N N N N N N N N N N N N N al al al al al al al al al N N N N N Plan Year Ending June 30 L__i Actual Return -Discount Rate --- 5 per. Mov. Avg. (Actual Return) Compound Annual Rates of Return through June 30, 2023 1 Year 5 Year 10 Year 20 Year 30 Year Compound Annual Return 5.8% 6.1% 7.1% 1 7.0% 7.5% 42 41 42 8/9/2023 21 Disclaimer While tested against actuarial valuation results, the software results will not necessarily match actuarial valuation results, as no two actuarial models are identical. The software offers financially sound projections and analysis; however, outputs do not guarantee compliance with standards under the Government Accounting Standards Board or Generally Accepted Accounting Principles. The software and this presentation are not prepared in accordance with standards as promulgated by the American Academy of Actuaries, nor do outputs or this presentation constitute Statements of Actuarial Opinion. Govinvest has used census data, plan provisions, and actuarial assumptions provided by Customer and/or Customer's actuary to develop the software for Customer. Govinvest has relied on this information without audit. 43 44 8/9/2023 22 45 8/9/2023 23