2024 02 07 FAC.— {a ey-ibe }l_41_RL —
Financial Advisory Commission agendas and
staff reports are now available on the City's
web page: www.laquintaca.gov
FINANCIAL ADVISORY COMMISSION
AGENDA
CITY HALL COUNCIL CHAMBER
78495 Calle Tampico, La Quinta
WEDNESDAY, FEBRUARY 7, 2024, 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, Keihl, Mast, Mills, Way and Chair Dorsey
PLEDGE OF ALLEGIANCE
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA
At this time, members of the public may address the Commission on any matter not listed on the agenda
pursuant to the "Public Comments — Instructions" listed at the end of the agenda. The Commission
values your comments; however, in accordance with State law, no action shall be taken on any item
not appearing on the agenda unless it is an emergency item authorized by the Brown Act [Government
Code § 54954.2(b)].
CONFIRMATION OF AGENDA
ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS — None
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one motion.
1. APPROVE MEETING MINUTES DATED DECEMBER 20, 2023
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED OCTOBER 31, 2023
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED NOVEMBER 30, 2023
BUSINESS SESSION
RECEIVE AND FILE FISCAL YEAR 2022/23 GENERAL FUND YEAR-END BUDGET REPORT
FINANCIAL ADVISORY COMMISSION AGENDA Page 1 of 4 FEBRUARY 7, 2024
STUDY SESSION — None
DEPARTMENTAL REPORTS
1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES
2. THIRD QUARTER 2023 (JULY -SEPTEMBER) SALES TAX UPDATE FOR THE CITY OF LA
QUINTA
COMMISSIONERS' ITEMS
ADJOURNMENT
The La Quinta Financial Advisory Commission next quarterly meeting is on May 8, 2024, 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 February 7, 2024, 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 February 2, 2024.
DATED: February 2, 2024
Jessica Delgado, Commission Secretary
City of La Quinta, California
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 httDS://www.laauintaca.aov/our-citv/citv-aovernment/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.
PUBLIC COMMENTS — INSTRUCTIONS
Members of the public may address the Commission on any matter listed or not listed on the agenda
as follows:
FINANCIAL ADVISORY COMMISSION AGENDA Page 2 of 4 FEBRUARY 7, 2024
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(a)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.
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 § 54953], 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.
*** TELECONFERENCE PROCEDURES — PURSUANT TO AB 2449***
APPLICABLE ONLY WHEN TELECONFERENCE ACCESSIBILITY IS IN EFFECT
FINANCIAL ADVISORY COMMISSION AGENDA Page 3 of 4 FEBRUARY 7, 2024
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 FEBRUARY 7, 2024
CALL TO ORDER
CONSENT CALENDAR ITEM NO. 1
FINANCIAL ADVISORY COMMISSION
iPECIAL MEETIr'`
MINUTES
WEDNESDAY, DECEMBER 20, 2023
A special meeting of the La Quinta Financial Advisory Commission (Commission) was
called to order at 4:00 p.m. by Chair Dorsey.
PRESENT: Commissioners Anderson, Batavick, Keihl, Mast, Mills, Way, and
Chair Dorsey
ABSENT: None
PLEDGE OF ALLEGIANCE
Commissioner Keihl 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
1. ELECTRICAL SUBSTATION UPGRADE UPDATE
City Manager McMillen provided a brief overview of Imperial Irrigation District's (IID) electric
supply and delivery system to the Coachella Valley (CV), details on the City of La Quinta
substations current state, substation bank upgrades needed and associated costs, possible
funding sources, and IID's source of power. Mr. McMillen said that system wide upgrades
are needed by IID to keep up with growth in the CV.
2. CULTURAL CAMPUS PROJECT (Project) UPDATE
Community Resources Management Analyst Calderon and Public Works Management
Analyst Mignogna provided a detailed presentation on Project location; goals and objectives;
design details; funding sources; current budget appropriations; construction cost estimates;
and campus capacity.
3. NEW COMMISSIONER INTRODUCTION (Added Presentation)
Following the presentations Chair Dorsey welcomed new Commissioner Geoffrey Keihl. The
Commission and staff shared a brief introduction of their background and experiences.
FINANCIAL ADVISORY COMMISSION MINUTES Page 1 of 3 DECEMBER 20, 2023
SPECIAL MEETING
CONSENT CALENDAR ITEMS
1. APPROVE MEETING MINUTES DATED NOVEMBER 8, 2023
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
JUNE 30, 2023
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
SEPTEMBER 30, 2023
Motion — A motion was made and seconded by Commissioners Way/Mills to approve
the Consent Calendar as submitted. Motion passed: ayes — 6, noes — 0, abstain — 1
(Keihl).
BUSINESS SESSION
1. RECEIVE AND FILE FISCAL YEAR 2022/23 MEASURE G SALES TAX
COMPLIANCE REPORT (Report)
Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
Finance Director Martinez thanked the subcommittee, which consisted of Commissioners
Batavick and Mast, for their time, recommendations, and thorough review of the Report.
The subcommittee provided an overview of the Report review process and their experience.
The Commission noted the City's continuous fiscal prudence and healthy financial reserves;
discussed reducing the percentage of Measure G reserves by making allocations; and
inquired why the report was presented to Council at the December 19, 2024, meeting in
advance of presenting it to the Commission. Finance Director Martinez explained the Report
is generally presented to Council before year-end and this was Council's last meeting in
2023, and noted every effort is made for the Report to be presented to the Commission prior
to Council review, which could not be accommodated this time due to scheduling conflicts
with meeting dates for the Commission.
Motion — A motion was made and seconded by Commissioners Way/Anderson to receive
and file fiscal year 2022/23 Measure G sales tax compliance report as submitted. Motion
passed unanimously.
2. APPOINT TWO COMMISSIONERS TO SERVE ON THE FISCAL YEAR 2024/25
GENERAL FUND OPERATING BUDGET SUBCOMMITTEE
Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
Commissioner's Anderson, Dorsey, and Keihl expressed their willingness to serve on
the fiscal year 2024/25 general fund operating budget subcommittee.
FINANCIAL ADVISORY COMMISSION MINUTES Page 2 of 3 DECEMBER 20, 2023
SPECIAL MEETING
Motion — A motion was made and seconded by Commissioners Batavick/Way to appoint
Commissioner's Anderson, Dorsey, and Keihl to serve on the fiscal year 2024/25
general fund operating budget subcommittee. Motion passed unanimously.
3. RECEIVE AND FILE FIRST QUARTER FISCAL YEAR 2023/24 TREASURY
REPORTS FOR JULY, AUGUST, AND SEPTEMBER 2023
Principal Management Analyst Hallick presented the staff report, which is on file in the
Finance Department.
Principal Management Analyst Hallick gave a brief overview of the City's portfolio
allocations, quarterly earnings, treasury rates, and portfolio returns over the last four
years.
Motion — A motion was made and seconded by Commissioners Mills/Mast to receive and
file the first quarter fiscal year 2023/24 treasury reports for July, August, and September
2023. Motion passed unanimously.
STUDY SESSION — None
DEPARTMENTAL REPORTS — All reports are on file in the Finance Department.
1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES
Staff provided an update on current and upcoming Finance Department projects and City
events and explained the Highway 111 Corridor project summary found on page four of
Attachment 1.
The Commission inquired on the total cost for damages incurred by Hurricane Hiliary in
August 2023 and subsequent storm. Finance Director Martinez said that the City is
assessing total cost for damages incurred and enumerated some of the major damages
caused.
COMMISSIONERS' ITEMS — None
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Dorsey/Mills to adjourn this meeting at 6:01 p.m. Motion passed unanimously.
Respectfully submitted,
Jessica Delgado, Administrative Technician/Commission Secretary
City of La Quinta, California
FINANCIAL ADVISORY COMMISSION MINUTES Page 3 of 3 DECEMBER 20, 2023
SPECIAL MEETING
CONSENT CALENDAR ITEM NO. 2
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: February 7, 2024
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT
DATED OCTOBER 31, 2023
RECOMMENDATION
Receive and file revenue and expenditure report dated October 31, 2023.
EXECUTIVE SUMMARY
• The report summarizes the City's year-to-date (YTD) revenues and period
expenditures for October 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 Budqet — represents revenue and expenditure budgets the Council
adopted in June 2023 for fiscal year (FY) 2023/24.
Current Total Budqet — represents original adopted budgets plus any Council
approved budget amendments from throughout the year. The FY 2022/23
operating and Capital Improvement Project carryovers to FY 2023/24 will be
processed after the year-end audit is completed.
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.
General Fund
October 2023 Revenues
Non -General Fund
Comparison to 2022
$
966,223
Highway Bridge Program (Dune Palms Construction Reimbursement)
$ 1,972,448
Sales Tax
Percent of
725,567
CVAG (Dune Palms Construction Reimbursement)
Percent of
Transient Occupancy (Hotel) Tax
$
MTD
Allocated Interest
YTD
Budget
$
YTD
Budget
General Fund (GF)
$
3,311,993
$
8,386,917
10.69%
$
9,437,967
13.81%
All Funds
$
7,961,642
$
17,722,736
14.34%
$
19,450,978
10.94%
October 2023 Expenditures
Comparison to 2022
Percent of
Percent of
MTD
YTD
Budget
YTD
Budget
General Fund
$
3,679,253
$
9,193,557
12.62%
$
11,098,988
11.10%
Payroll (GF)
$
771,448
$
3,123,714
23.33%
$
5,136,947
37.23%
All Funds
$
10,042,690
$
38,858,214
32.91%
$
34,399,342
16.23%
General Fund
Top Five Expend itu res/Outlas for October
Non -General Fund
Measure G Sales Tax
$
966,223
Highway Bridge Program (Dune Palms Construction Reimbursement)
$ 1,972,448
Sales Tax
$
725,567
CVAG (Dune Palms Construction Reimbursement)
$ 794,818
Transient Occupancy (Hotel) Tax
$
624,069
Allocated Interest
$ 657,124
'roperty Tax
$
489,671
SilverRock Green Fees
$ 336,368
=ranchise Taxes - Burrlec
$
100,096
Gas Tax
$ 266,926
(')CIP Construction: Dune Palms Bridge.
(2)CIP Contribution to Other Agencies: Payments to lead agency, City of Indio, on Jefferson Street slurry project and Avenue 50 widening.
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, Principal Management Analyst
Approved by: Claudia Martinez, Finance Director
Attachment: 1. Revenue and Expenditure Report for October 31, 2023
Top Five Expend itu res/Outlas for October
General Fund
Non -General Fund
Sheriff Contract (July and August)
$
2,083,980
Land Acquisition - Hwy 111 & Dune Palms
$
3,583,426
Visit Greater Palm Springs
$
126,226
Capital Improvement Program (CIP) - Construction(')
$
807,850
Parks Maintenance Services
$
80,048
CIP - Contribution to Other Agencies (2)
$
563,053
Parks Landscape Maintenance
$
67,311
SilverRock Maintenance
$
220,641
lMarketing & Tourism Promotions
$
62,007
lSoftware Licenses
$
148,385
(')CIP Construction: Dune Palms Bridge.
(2)CIP Contribution to Other Agencies: Payments to lead agency, City of Indio, on Jefferson Street slurry project and Avenue 50 widening.
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, Principal Management Analyst
Approved by: Claudia Martinez, Finance Director
Attachment: 1. Revenue and Expenditure Report for October 31, 2023
ta ow�trcu
Lr1LlI COMA
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
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: 2023/24 Period Ending: 10/31/2023
Revenue Summary
Variance
Original Current Period Fiscal Favorable Percent
Total Budget Total Budget Activity Activity (Unfavorable) Used
78,478,100
78,478,100
3,311,993
8,386,917
-70,091,183
10.69%
15,000
15,000
0
-8,794
-23,794
58.63%
2,458,600
2,458,600
266,926
535,524
-1,923,076
21.78%
2,922,000
2,922,000
284
-8,135
-2,930,135
0.28%
2,500
2,500
0
-179
-2,679
7.17%
156,000
156,000
170,610
170,608
14,608
109.36%
101,500
101,500
8,333
7,906
-93,594
7.79%
2,992,000
2,992,000
17,024
16,316
-2,975,684
0.55%
50,000
50,000
0
0
-50,000
0.00%
70,000
70,000
7,876
10,934
-59,066
15.62%
2,028,000
2,028,000
148,023
296,626
-1,731,374
14.63%
500
500
0
-17
-517
3.41%
12,500
12,500
0
0
-12,500
0.00%
5,000
5,000
0
0
-5,000
0.00%
20,500
20,500
1,336
5,023
-15,477
24.50%
0
0
54
13,901
13,901
0.00%
55,000
55,000
0
-75
-55,075
0.14%
0
0
0
-165
-165
0.00%
1,401,500
1,401,500
92,793
744,480
-657,020
53.12%
30,000
30,000
0
-3,375
-33,375
11.25%
20,000
20,000
8,942
33,782
13,782
168.91%
36,000
36,000
0
17,934
-18,066
49.82%
1,520,000
1,520,000
0
24,136
-1,495,864
1.59%
751,500
751,500
9,380
23,654
-727,846
3.15%
501,500
501,500
0
3,315
-498,185
0.66%
100,000
100,000
0
1,191
-98,809
1.19%
252,500
252,500
0
2,000
-250,500
0.79%
1,000
1,000
0
-71
-1,071
7.10%
100
100
0
-7
-107
6.69%
151,500
151,500
0
915
-150,585
0.60%
101,000
101,000
0
1,635
-99,365
1.62%
154,000
154,000
968
16,797
-137,203
10.91%
2,500
2,500
0
-47
-2,547
1.88%
0
0
657,124
2,396,864
2,396,864
0.00%
1,100
1,100
0
0
-1,100
0.00%
17,950,700
17,950,700
2,990,965
2,991,429
-14,959,271
16.66%
1,500
1,500
0
-5
-1,505
0.36%
1,685,000
1,685,000
0
370,024
-1,314,976
21.96%
2,256,708
2,256,708
2,741
771,194
-1,485,514
34.17%
470,000
470,000
0
246,660
-223,340
52.48%
1,362,230
1,362,230
0
339,765
-1,022,465
24.94%
5,277,950
5,277,950
370,656
666,835
-4,611,115
12.63%
87,000
87,000
0
-554
-87,554
0.64%
6,000
6,000
0
-69
-6,069
1.16%
20,000
20,000
0
-81,376
-101,376
406.88%
100,000
100,000
-104,388
-270,764
-370,764
270.76%
123,608,488
123,608,488
7,961,642
17,722,736
-105,885,752
14.34%
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: 2023/24 Period Ending: 10/31/2023
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
72,828,750
72,828,750
3,679,253
9,193,557
63,635,193
12.62%
201- GAS TAX FUND
2,802,400
2,802,400
56,616
408,985
2,393,415
14.59%
202 - LIBRARY & MUSEUM FUND
2,240,160
2,240,160
25,752
111,509
2,128,651
4.98%
210 - FEDERAL ASSISTANCE FUND
156,300
156,300
0
0
156,300
0.00%
212 - SLESA (COPS) FUND
100,000
100,000
5,817
5,817
94,183
5.82%
215 - LIGHTING & LANDSCAPING F
3,186,915
3,186,915
239,232
706,213
2,480,702
22.16%
221- AB 939 - CALRECYCLE FUND
150,000
150,000
29,620
61,128
88,872
40.75%
223 - MEASURE A FUND
1,865,000
1,865,000
0
0
1,865,000
0.00%
226 - EMERGENCY MANAGEMENT
12,000
12,000
0
9,750
2,250
81.25%
227 - STATE HOMELAND SECURITI
5,000
5,000
0
0
5,000
0.00%
230 - CASp FUND, AB 1379
5,500
5,500
0
0
5,500
0.00%
231- SUCCESSOR AGCY PA 1 RORF
0
0
0
15,000,437
-15,000,437
0.00%
235 - SO COAST AIR QUALITY FUN
54,000
54,000
2,257
5,549
48,451
10.28%
237 - SUCCESSOR AGCY PA 1 ADM
0
0
1,000
2,600
-2,600
0.00%
241- HOUSING AUTHORITY
1,596,340
1,596,340
101,013
739,275
857,065
46.31%
243 - RDA LOW -MOD HOUSING FL
250,000
250,000
0
0
250,000
0.00%
247 - ECONOMIC DEVELOPMENT 1
31,500
31,500
0
15,606
15,894
49.54%
249 - SA 2011 LOW/MOD BOND FI
250,000
250,000
3,583,426
3,583,426
-3,333,426
1,433.37%
250 -TRANSPORTATION DIFFUNC
550,000
550,000
0
400,000
150,000
72.73%
251- PARKS & REC DIF FUND
650,000
650,000
0
0
650,000
0.00%
253 - LIBRARY DEVELOPMENT DIF
15,000
15,000
0
0
15,000
0.00%
259 - MAINTENANCE FACILITIES D
180,000
180,000
0
0
180,000
0.00%
270 - ART IN PUBLIC PLACES FUNC
233,000
233,000
337
26,925
206,075
11.56%
310 - LQ FINANCE AUTHORITY DEE
1,100
1,100
0
0
1,100
0.00%
401- CAPITAL IMPROVEMENT PR(
17,950,700
17,950,700
1,580,534
4,712,179
13,238,521
26.25%
501- FACILITY & FLEET REPLACEM
1,448,750
1,448,750
62,308
159,045
1,289,705
10.98%
502 - INFORMATION TECHNOLOG'
3,082,620
3,082,620
209,772
908,551
2,174,069
29.47%
503 - PARK EQUIP & FACILITY FUN
2,242,200
2,242,200
58,264
342,149
1,900,051
15.26%
504 - INSURANCE FUND
1,118,000
1,118,000
3,075
1,105,078
12,922
98.84%
601- SILVERROCK RESORT
5,034,993
5,034,993
401,918
1,336,952
3,698,041
26.55%
760 -SUPPLEMENTAL PENSION PL
12,850
12,850
0
12,833
17
99.87%
761- CERBT OPEB TRUST
1,800
1,800
0
394
1,406
21.88%
762 - PARS PENSION TRUST
30,000
30,000
2,496
10,258
19,742
34.19%
Report Total:
118,084,878
118,084,878
10,042,690
38,858,214
79,226,664
32.91%
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
Page 3 of 3
Fund Descriptions
Fund #
Name
Notes
101
General Fund
The primary fund of the City used to account for all revenue and expenditures of the City; a broad range of municipal
activities are provided through this fund.
105
Disaster Recovery Fund
Accounts for use of one-time federal funding designed to deliver relief to American workers and aid in 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 County.
225
Infrastructure Fund
Developer fees for the acquisition, construction or improvement of the City's infrastructure as defined by Resolution
226
Emergency Mgmt. Performance Grant (EMPG)
Federal Emergency Management Agency (FEMA) grant for emergency preparedness.
227
State Homeland Security Programs (SHSP)
Federal Emergency Management Agency (FEMA) grant for emergency preparedness.
230
CASP Fund, ABI 379 / SBI 186
Certified Access Specialist (CASp) program fees for ADA Accessibility Improvements; derived from Business
License renewals. Assembly Bill (AB) 1379 and Senate Bill (SB) 1186.
231
Successor Agency PA 1 RORF Fund
Successor Agency (SA) Project Area (PA) 1 Redevelopment Obligation Retirement Fund (RORF) for Redevelopment
Property Tax Trust Fund (RPTTF) taxes received for debt service payments on recognized obligations of the former
Redevelopment Agency (RDA).
235
SO Coast Air Quality Fund (AB2766, PM10)
Contributions from the South Coast Air Quality Management District. Uses are limited to the reduction and control of
airborne pollutants. Assembly Bill (AB) 2766.
237
Successor Agency PA 1 Admin Fund
Successor Agency (SA) Project Area (PA) 1 for administration of the Recognized Obligation Payment Schedule
(ROPS) associated with the former Redevelopment Agency (RDA).
241
Housing Authority
Activities of the Housinq Authority which is to promote and provide quality affordable housinq.
243
RDA Low -Moderate Housing Fund
Activities of the Housing Authority which is to promote and provide quality affordable housing. Accounts for RDA loan
repayments (20% for Housinq) and housinq proqrams,.
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 requirements.
This bond was fully paid in October 2018.
401
Capital Improvement Program Fund
Planning, design, and construction of various capital projects throughout the City.
405
SA PA 1 Capital Improvement Fund
Successor Agency (SA) Project Area (PA) 1 bond proceeds restricted by the bond indenture covenants. Used for
SilverRock infrastructure improvements.
501
Equipment Replacement Fund
Internal Service Fund for vehicles, heavy equipment, and related facilities.
502
Information Technology Fund
Internal Service Fund for computer hardware and software and phone systems.
503
Park Equipment & Facility Fund
Internal Service Fund for park equipment and facilities.
504
Insurance Fund
Internal Service Fund for city-wide insurance coverages.
601
SilverRock Resort Fund
Enterprise Fund for activities of the city -owned golf course.
602
SilverRock Golf Reserve Fund
Enterprise Fund for golf course reserves for capital improvements.
760
Supplemental Pension Plan (PARS Account)
Supplemental pension savings plan for excess retiree benefits to general employees of the City.
761
Other Post Benefit Obligation Trust (OPEB)
For retiree medical benefits and unfunded liabilities.
762
Pension Trust Benefit (PARS Account)
I For all pension -related benefits and unfunded liabilities.
Page 3 of 3
CONSENT CALENDAR ITEM NO. 3
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: February 7, 2024
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT
DATED NOVEMBER 30, 2023
RECOMMENDATION
Receive and file revenue and expenditure report dated November 30, 2023.
EXECUTIVE SUMMARY
• The report summarizes the City's year-to-date (YTD) revenues and period
expenditures for November 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 2023 for fiscal year (FY) 2023/24.
Current Total Budget — represents original adopted budgets plus any Council
approved budget amendments from throughout the year. The FY 2022/23
operating and Capital Improvement Project carryovers to FY 2023/24 will be
processed after the year-end audit is completed.
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
November 2023 Revenues Comparison to 2022
Percent of Percent of
MTD YTD Budget YTD Budget
General Fund (GF) $ 3,884,996 $ 12,271,913 15.64% $ 12,746,008 18.66%
All Funds $ 5,435,762 $ 23,158,498 18.74% $ 23,999,076 13.49%
November 2023 Expenditures
MTD YTD
General Fund
$
3,490,578
$
12,684,135
Payroll (GF)
$
1,719,562
$
4,843,276
All Funds
$
6,508,066
$
45,366,280
e rce nt
Budget
17.42% $
36.17% $
38.42% $
Comparison to 2022
Percent
YTD
Budget
13,377,053
13
5,850,453
42
38,352,611
18
(1)CIP Construction: Construction expenses for Dune Palms bridge project - construction and management;
pavement rehab projects on Avenues 50, 52 and Fred Waring Drive
(2 )Shade structures for X -park, Fritz Burns, and Pioneer parks; park benches and lake pump for SilverRock event
site.
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, Principal Management Analyst
Approved by: Claudia Martinez, Finance Director
Attachment: 1. Revenue and Expenditure Report for November 30, 2023
Top Five Revenue/Income Sources for November
General Fund
Non -General Fund
Measure G Sales Tax
$
1,136,836
SilverRock Green Fees
$ 480,401
Transient Occupancy (Hotel) Tax
$
1,122,529
Allocated Interest
$ 451,639
Sales Tax
$
865,626
Non -Allocated Interest (Pension Trust)
$ 285,194
Franchise Tax- Cable Television
$
155,519
Housing Rent Revenue
$ 98,885
Property Tax
$
105,816
lGas Tax - SB1
$ 86,550
Top
Five Expenditures/Outlays for November
General Fund
Non -General Fund
Sheriff Contract (Sept.)
$
1,114,989
Capital Improvement Program (CIP) - Construction(')
$ 1,776,438
Plan Checks
$
128,284
Parks (2)
$ 303,761
X -Park Programming
$
101,020
SilverRock Maintenance
$ 275,189
Marketing and Tourism Promotions
$
78,799
Housing Rental Expense
$ 55,218
Janitorial
$
33,599
Library Maintenance
$ 52,225
(1)CIP Construction: Construction expenses for Dune Palms bridge project - construction and management;
pavement rehab projects on Avenues 50, 52 and Fred Waring Drive
(2 )Shade structures for X -park, Fritz Burns, and Pioneer parks; park benches and lake pump for SilverRock event
site.
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, Principal Management Analyst
Approved by: Claudia Martinez, Finance Director
Attachment: 1. Revenue and Expenditure Report for November 30, 2023
ta Q"fra
CALIFORNIA
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
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: 2023/24 Period Ending: 11/30/2023
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
78,478,100
78,478,100
3,884,996
12,271,913
-66,206,187
15.64%
15,000
15,000
0
-8,794
-23,794
58.63%
2,458,600
2,458,600
86,550
622,075
-1,836,525
25.30%
2,922,000
2,922,000
210
-7,925
-2,929,925
0.27%
2,500
2,500
0
-179
-2,679
7.17%
156,000
156,000
0
170,608
14,608
109.36%
101,500
101,500
8,333
16,239
-85,261
16.00%
2,992,000
2,992,000
0
16,316
-2,975,684
0.55%
50,000
50,000
0
0
-50,000
0.00%
70,000
70,000
4,101
15,036
-54,964
21.48%
2,028,000
2,028,000
0
296,626
-1,731,374
14.63%
500
500
0
-17
-517
3.41%
12,500
12,500
0
0
-12,500
0.00%
5,000
5,000
0
0
-5,000
0.00%
20,500
20,500
1,416
6,439
-14,061
31.41%
0
0
57
13,957
13,957
0.00%
55,000
55,000
0
-75
-55,075
0.14%
0
0
0
-165
-165
0.00%
1,401,500
1,401,500
98,885
843,366
-558,134
60.18%
30,000
30,000
0
-3,375
-33,375
11.25%
20,000
20,000
7,692
41,474
21,474
207.37%
36,000
36,000
0
17,934
-18,066
49.82%
1,520,000
1,520,000
8,173
32,309
-1,487,691
2.13%
751,500
751,500
28,937
52,591
-698,909
7.00%
501,500
501,500
2,838
6,153
-495,347
1.23%
100,000
100,000
0
1,191
-98,809
1.19%
252,500
252,500
0
2,000
-250,500
0.79%
1,000
1,000
0
-71
-1,071
7.10%
100
100
0
-7
-107
6.69%
151,500
151,500
804
1,719
-149,781
1.13%
101,000
101,000
524
2,160
-98,840
2.14%
154,000
154,000
4,665
21,463
-132,537
13.94%
2,500
2,500
0
-47
-2,547
1.88%
0
0
451,639
2,848,503
2,848,503
0.00%
1,100
1,100
0
0
-1,100
0.00%
17,950,700
17,950,700
0
2,991,429
-14,959,271
16.66%
1,500
1,500
0
-5
-1,505
0.36%
1,685,000
1,685,000
9,500
379,524
-1,305,476
22.52%
2,256,708
2,256,708
2,141
773,335
-1,483,373
34.27%
470,000
470,000
0
246,660
-223,340
52.48%
1,362,230
1,362,230
0
339,765
-1,022,465
24.94%
5,277,950
5,277,950
549,105
1,215,940
-4,062,010
23.04%
87,000
87,000
0
-554
-87,554
0.64%
6,000
6,000
0
-69
-6,069
1.16%
20,000
20,000
0
-81,376
-101,376
406.88%
100,000
100,000
285,194
14,431
-85,569
14.43%
123,608,488
123,608,488
5,435,762
23,158,498
-100,449,990
18.74%
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: 2023/24 Period Ending: 11/30/2023
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
72,828,750
72,828,750
3,490,578
12,684,135
60,144,615
17.42%
201- GAS TAX FUND
2,802,400
2,802,400
51,215
460,200
2,342,200
16.42%
202 - LIBRARY & MUSEUM FUND
2,240,160
2,240,160
76,767
188,276
2,051,884
8.40%
210 - FEDERAL ASSISTANCE FUND
156,300
156,300
0
0
156,300
0.00%
212 - SLESA (COPS) FUND
100,000
100,000
6,736
12,553
87,447
12.55%
215 - LIGHTING & LANDSCAPING F
3,186,915
3,186,915
97,105
803,318
2,383,597
25.21%
221- AB 939 - CALRECYCLE FUND
150,000
150,000
11,406
72,534
77,466
48.36%
223 - MEASURE A FUND
1,865,000
1,865,000
0
0
1,865,000
0.00%
226 - EMERGENCY MANAGEMENT
12,000
12,000
0
9,750
2,250
81.25%
227 - STATE HOMELAND SECURITI
5,000
5,000
0
0
5,000
0.00%
230 - CASp FUND, AB 1379
5,500
5,500
0
0
5,500
0.00%
231- SUCCESSOR AGCY PA 1 RORF
0
0
0
15,000,437
-15,000,437
0.00%
235 - SO COAST AIR QUALITY FUN
54,000
54,000
2,143
7,692
46,308
14.24%
237 - SUCCESSOR AGCY PA 1 ADM
0
0
0
2,600
-2,600
0.00%
241- HOUSING AUTHORITY
1,596,340
1,596,340
100,774
840,049
756,291
52.62%
243 - RDA LOW -MOD HOUSING FL
250,000
250,000
0
0
250,000
0.00%
247 - ECONOMIC DEVELOPMENT 1
31,500
31,500
3,950
19,556
11,944
62.08%
249 - SA 2011 LOW/MOD BOND FI
250,000
250,000
-1,000
3,582,426
-3,332,426
1,432.97%
250 -TRANSPORTATION DIFFUNC
550,000
550,000
0
400,000
150,000
72.73%
251- PARKS & REC DIF FUND
650,000
650,000
0
0
650,000
0.00%
253 - LIBRARY DEVELOPMENT DIF
15,000
15,000
0
0
15,000
0.00%
259 - MAINTENANCE FACILITIES D
180,000
180,000
0
0
180,000
0.00%
270 - ART IN PUBLIC PLACES FUNC
233,000
233,000
1,500
28,425
204,575
12.20%
310 - LQ FINANCE AUTHORITY DEE
1,100
1,100
0
0
1,100
0.00%
401- CAPITAL IMPROVEMENT PR(
17,950,700
17,950,700
1,844,318
6,556,496
11,394,204
36.53%
501- FACILITY & FLEET REPLACEM
1,448,750
1,448,750
30,795
189,839
1,258,911
13.10%
502 - INFORMATION TECHNOLOG'
3,082,620
3,082,620
13,312
921,863
2,160,757
29.91%
503 - PARK EQUIP & FACILITY FUN
2,242,200
2,242,200
303,761
645,910
1,596,290
28.81%
504 - INSURANCE FUND
1,118,000
1,118,000
887
1,105,965
12,035
98.92%
601- SILVERROCK RESORT
5,034,993
5,034,993
471,366
1,808,318
3,226,675
35.92%
760 -SUPPLEMENTAL PENSION PL
12,850
12,850
0
12,833
17
99.87%
761- CERBT OPEB TRUST
1,800
1,800
0
394
1,406
21.88%
762 - PARS PENSION TRUST
30,000
30,000
2,453
12,711
17,289
42.37%
Report Total:
118,084,878
118,084,878
6,508,066
45,366,280
72,718,598
38.42%
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
Page 3 of 3
Fund Descriptions
Fund #
Name
Notes
101
General Fund
The primary fund of the City used to account for all revenue and expenditures of the City; a broad range of municipal
activities are provided through this fund.
105
Disaster Recovery Fund
Accounts for use of one-time federal funding designed to deliver relief to American workers and aid in 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 County.
225
Infrastructure Fund
Developer fees for the acquisition, construction or improvement of the City's infrastructure as defined by Resolution
226
Emergency Mgmt. Performance Grant (EMPG)
Federal Emergency Management Agency (FEMA) grant for emergency preparedness.
227
State Homeland Security Programs (SHSP)
Federal Emergency Management Agency (FEMA) grant for emergency preparedness.
230
CASP Fund, ABI 379 / SBI 186
Certified Access Specialist (CASp) program fees for ADA Accessibility Improvements; derived from Business
License renewals. Assembly Bill (AB) 1379 and Senate Bill (SB) 1186.
231
Successor Agency PA 1 RORF Fund
Successor Agency (SA) Project Area (PA) 1 Redevelopment Obligation Retirement Fund (RORF) for Redevelopment
Property Tax Trust Fund (RPTTF) taxes received for debt service payments on recognized obligations of the former
Redevelopment Agency (RDA).
235
SO Coast Air Quality Fund (AB2766, PM10)
Contributions from the South Coast Air Quality Management District. Uses are limited to the reduction and control of
airborne pollutants. Assembly Bill (AB) 2766.
237
Successor Agency PA 1 Admin Fund
Successor Agency (SA) Project Area (PA) 1 for administration of the Recognized Obligation Payment Schedule
(ROPS) associated with the former Redevelopment Agency (RDA).
241
Housing Authority
Activities of the Housinq Authority which is to promote and provide quality affordable housinq.
243
RDA Low -Moderate Housing Fund
Activities of the Housing Authority which is to promote and provide quality affordable housing. Accounts for RDA loan
repayments (20% for Housinq) and housinq proqrams,.
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 requirements.
This bond was fully paid in October 2018.
401
Capital Improvement Program Fund
Planning, design, and construction of various capital projects throughout the City.
405
SA PA 1 Capital Improvement Fund
Successor Agency (SA) Project Area (PA) 1 bond proceeds restricted by the bond indenture covenants. Used for
SilverRock infrastructure improvements.
501
Equipment Replacement Fund
Internal Service Fund for vehicles, heavy equipment, and related facilities.
502
Information Technology Fund
Internal Service Fund for computer hardware and software and phone systems.
503
Park Equipment & Facility Fund
Internal Service Fund for park equipment and facilities.
504
Insurance Fund
Internal Service Fund for city-wide insurance coverages.
601
SilverRock Resort Fund
Enterprise Fund for activities of the city -owned golf course.
602
SilverRock Golf Reserve Fund
Enterprise Fund for golf course reserves for capital improvements.
760
Supplemental Pension Plan (PARS Account)
Supplemental pension savings plan for excess retiree benefits to general employees of the City.
761
Other Post Benefit Obligation Trust (OPEB)
For retiree medical benefits and unfunded liabilities.
762
Pension Trust Benefit (PARS Account)
I 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: February 7, 2024
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE FISCAL YEAR 2022/23 GENERAL FUND YEAR-
END BUDGET REPORT
RECOMMENDATION
Receive and file Fiscal Year 2022/23 General Fund Year -End Budget Report.
EXECUTIVE SUMMARY
• After closing the prior fiscal year, Finance presents a year-end summary that
compares the final budget to actual transactions.
• Revenue was approximately $5.6 million higher than budgeted.
Expenditures (including approved carryovers from 2021/22 into 2022/23) were $48.3
million under budget. Of these savings, approximately $25.2 million will be carried
over to 2023/24 for General Fund capital improvements and operations, for a net
savings of $23.1 million. In addition, $13.8 million was allocated to Measure G
reserves.
• The City Council was presented this report on January 16, 2024.
FISCAL IMPACT
Amended budget carryovers from 2022/23 to 2023/24 total $32,846,582 for all Funds and
are funded with budgetary savings from 2022/23.
General Fund (101) - Operating
General Fund (101) - Capital Improvements
Gas Tax Fund (201)
Lighting & Landscape Fund (215)
Housing Authority Fund (241)
RDA Low -Mod Housing Fund (243)
2011 Bond Fund (249)
Facility and Fleet Replacement Fund (501)
Information Technology Fund (502)
Park Equipment & Facility Fund (503)
$
950,000
$
2,600,009
$
13,000,000
$
22,623,372
$
300,000
$
300,000
$
100,000
$
167,000
$
400,000
$
400,000
$
-
$
50,000
$
3,624,192
$
4,961,201
$
150,000
$
700,000
$
-
$
195,000
$
200,000
$
850,000
TOTAL CARRYOVERS BY FUND $
18,724,192
$
32,846,582
BACKGROUND/ANALYSIS
The Fiscal Year 2022/23 General Fund Year -End Budget Report (Report) focuses on the
General Fund. Revenues were over budget by $5,656,391 mostly due to tax revenues.
Overall, all department expenditures were under budget with total savings of
$48,300,324. Of these savings, $25,223,381 will be carried over to 2023/24 for multi-year
capital projects and operations.
Revenues, expenditures, carryovers, reserve balances, and a year -over -year comparison
are discussed in the Fiscal Year 2022/23 General Fund Year -End Budget Report
(Attachment 1).
ALTERNATIVES
Council may request additional information regarding this report before approving the
recommended amended budget carryovers.
Prepared by: Claudia Martinez, Finance Director
Approved by: Jon McMillen, City Manager
Attachment: 1. Fiscal Year 2022/23 General Fund Year -End Budget Report
ATTACHMENT
ta �a
CALIFORNIA
FISCAL YEAR 2022/23 GENERAL FUND YEAR-END BUDGET
REPORT
OVERVIEW
The City oversees multiple sources of funds which are reported in the Annual
Comprehensive Financial Report (ACFR) issued annually and presented at a public
meeting shortly thereafter. This Fiscal Year 2022/23 Budget Report (Report) focuses on
the General Fund and summarizes the overall financial activities of fiscal year (FY)
2022/23 and the City's financial position through June 30, 2023.
The chart below provides a summary comparison of the FY 2022/23 final budget versus
actual revenues and expenses.
Despite ongoing economic pressures, the City ended FY 2022/23 in a solid fiscal position
as demonstrated by revenues exceeding budgetary projections, and expenditure savings
which has helped build the City's reserves and remain in strong financial standing.
As the City continues to remain fiscally strong, staff will closely monitor economic
conditions while identifying strategic financial priorities and addressing critical needs such
as infrastructure and capital improvement projects.
Operational revenues were approximately $5.6 million over budget, and expenses after
adjustments, carryovers, and reserve savings were about $12.5 million under budget
resulting in a budget surplus of $18.2 million. Due to reimbursement of federal funding,
the surplus includes $7.5 million of Measure G reserves that was replenished for the Dune
Palms Bridge project.
7=kyId64111=1L7/�\ 7I2164ri:=L:�
As detailed in Exhibit A and summarized on the chart below, most General Fund revenues
experienced positive variances when compared to the final budget.
Tax Revenue
61,746,700
65,145,998
3,399,298
6%
Licenses & Permits
3,461,200
3,994,913
533,713
15%
Intergovernmental
9,378,000
9,989,060
611,060
7%
Charges for Services
1,391,100
1,558,859
167,759
12%
Fines, Forfeitures & Abatements
522,000
563,495
41,495
8%
Use of Money & Property
2,855,000
2,161,178
(693,822)
-24%
Miscellaneous/Transfers In
6,395,100
7,479,742
1,084,642
17%
Total Revenues
85,749,100
90,893,246
5,144,145
6%
Investments Fair Market Value Adjustment 893,437 893,437
RDA Loan Interest Earned, Extraordinary Gain (381,192) (381,192)
512,245 512,245
• Taxes represent 72% of all General Fund revenues and include the three largest
funding sources for the City — sales taxes $28,888,079, transient occupancy taxes
(TOT) $16,687,728, and property taxes $11,223,765. Combined, these top three
revenues account for $56,799,572 or 87% of all taxes.
• Licenses and permits continued to overperform as a result of new housing projects
accelerating as residential and commercial property values remain high and
lumber prices dropping significantly over the prior year.
• Use of Money and Property includes the annual fair market value adjustment to
the City's investments. In FY 2022/23 the portfolio holdings were valued less than
book value due to market conditions, therefore a negative adjustment in the
amount of $893,437 was recorded. The City's investments have a five-year horizon
with laddered maturities. The City has worked diligently to leverage highly
restricted investments under volatile market conditions. On June 30, 2022, the
portfolio was earning a 0.79% rate of return and on June 30, 2023 the return was
2.09%.
• Miscellaneous and Transfers In revenue includes $381,192 to record the annual
former Redevelopment Agency loan repayment interest earned in FY 2022/23. 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. This amount is
also reduced from revenues as an adjustment because it is earned, but not
received until a future date.
EXPENSE VARIANCES
General Fund expenses are summarized in the chart below by department, and details
by department and expense category are located in Exhibit B. All departmental
expenditures remained within budget. Savings were achieved from vacant positions,
workflow efficiencies, and prudent management of contract and professional services.
City Council
354,700
312,671
(42,029)
-
City Manager
1,326,164
1,083,016
(243,148)
City Attorney
796,000
358,188
(437,812)
-
Human Resources
591,898
439,030
(152,868)
49,500
City Clerk
1,264,079
996,957
(267,122)
-
Finance
1,610,216
1,560,869
(49,347)
-
Centralized Services
61,817,234
20,949,055
(40,868,179)
24,310,381
Police
18,269,800
16,244,512
(2,025,288)
34,500
Fire
9,296,722
7,702,139
(1,594,583)
358,000
Community Resources Admin.
883,980
740,952
(143,028)
-
Wellness Center Operations
757,040
717,948
(39,092)
-
Recreational Programs & Events
1,498,751
1,099,230
(399,521)
-
Parks Maintenance
3,207,347
3,107,294
(100,053)
74,500
Marketing & Community Relations
1,833,378
1,648,064
(185,314)
-
Public Buildings
1,553,936
1,504,048
(49,888)
-
Design & Development Admin.
775,228
771,529
(3,699)
-
Planning
749,304
652,601
(96,703)
-
Building
1,457,240
1,386,587
(70,653)
-
Code Compliance/Animal Control
1,677,746
1,571,807
(105,939)
-
The Hub
1,244,439
996,706
(247,733)
-
Public Works Administration
800,848
625,176
(175,672)
-
Public Works Dev. Services
514,551
413,090
(101,461)
-
Streets
773,415
474,366
(299,049)
-
Engineering Services
1,248,656
646,511
(602,145)
396,500
Total Operating/CIP Expenditures
114,302,672
66,002,347
(48,300,324)
25,223,381
Estimated
Actual
Variance
Carryovers to 2023/24
Capital Improvements
22,623,372
22,623,372
Operational
2,600,009
2,600,009
Total Carryovers
25,223,381
25,223,381
I rA k W199.'Wra: rx i I
Plus Measure G Reserves 3,353,000 13,859,148 10,506,148
• Centralized Services (CS) represents the largest budget variance in the amount
of $40.8 million. CS captures citywide expenses such as pension liabilities,
retiree medical benefits, and transfers out to other funds such as the Gas Tax
Fund for street improvements, Lighting and Landscape Fund, SilverRock Golf
Course Fund, Public Safety Fund, Economic Development Fund and the Capital
Improvement Project Fund. This department also has the greatest amount of
carryovers to FY 2023/24 to fund multi-year capital improvement projects in the
amount of $22,623,672 as detailed in Exhibit C, which is mainly attributed to
projects currently in progress such as the Dune Palms Bridge project and road
improvements. Capital improvement carryover funding ($9,528,039 or 42%) is
provided from Measure G sales tax revenue.
• To ensure funds are available for critical services such as Police and Fire, the City
budget incorporates the rates originally disclosed by the County. FY 2022/23
savings are derived from enhancing and modifying resources post pandemic.
o For Police services, savings of $2,025,288 were a result of prudent
management of contract service costs, along with carryovers totaling
$34,500 for vehicle and bicycle upgrades.
o For Fire services, savings of $1,594,583 include $358,000 for a Fire ladder
truck purchase to be carried over to FY 2023/24, the remaining overage
was the result of tax revenues exceeding projections and expenditure
savings in contract service costs and salary and benefits.
• The Recreational Programs and Events savings of $399,521 were a result of
effective management of citywide events including the La Quinta Art Celebration.
• The Engineering Services department savings of $602,145 were mainly derived
from contract service savings and La Quinta's share of the CVAG Art & Music Line
in the amount of $196,500 to be carried over to FY 2023/24.
Capital Improvement Program (CIP) carryovers, detailed in Exhibit C total $22,623,372
and operational carryovers, detailed in Exhibit D, from FY 2022/23 to FY 2023/24
increased by $1,650,009 from the original anticipated amount of $950,000 to $2,600,009.
Carryovers allow for operational flexibility and reflects City commitments to projects,
services or purchases that were made in 2022/23 but were not completed, fulfilled, or
paid for by the end of the fiscal year.
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.
RESERVES
The chart below depicts reserve balances by category and the value change from June
30, 2022 to June 30, 2023. These reserve balances reflect the financial health of the City
at fiscal year-end.
Non -spendable balance decreased by a total of $2,235,550 and included an increase in
prepaid costs. The FY 2022/23 Redevelopment Agency loan repayment of $2,695,745
and interest earnings of $381,192 resulted in a decrease of $2,314,553 in Due from Other
Governments.
• The Due from Other Governments balance of $19,600,793 represents the
principal ($7,732,642) and interest ($11,868,151) owed to the General Fund
(80% of total loan repayments). Non -spendable reserves cannot be used to
fund ongoing operations and primarily represent commitments due to the
General 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 balance resulted in a decrease in total
value of $4,820,401 primarily due to utilizing pension trust funds in the amount of $5
million to pay down the City's unfunded pension liability.
Committed reserves increased by $10.3 million due to operational carryovers as
detailed in Exhibit D and additional funding for reserve categories. During the FY 2022/23
mid -year budget report, the Unassigned balance was reduced by $9,000,000 and used
to fund the following reserves:
• $5,000,000 for Natural Disaster Reserve
• $2,000,000 for Economic Disaster Reserve
• $2,000,000 for Capital Replacement Reserve
At this time, all four of the City's reserve categories (Natural Disaster, Economic Disaster,
Cash Flow and Capital Replacement) are fully funded to the updated policy targets as
approved in the Reserve Policy.
An increase of $6.5 million in assigned reserves was primarily due to Measure G sales
tax revenue offset by a decrease in multi-year capital improvement project funding, The
recent advanced funding of about $7.5 million for the Dune Palms Bridge Project allocated
in FY 2021/22 was subsequently approved for federal reimbursements and was returned
to Measure G reserves in FY 2022/23.
The 2023/24 Mid -Year Budget report will be presented to Council by March of 2024. The
Mid -Year Budget Report may include funding options for Council to consider an allocation
of unassigned reserves into reserve categories such as the Pension Trust fund. In
addition, staff will continue to monitor current economic impacts and operating expenses
and request additional reserve funding if necessary.
MEASURE G SUMMARY
The Financial Advisory Commission oversees and audits the use of Measure G sales tax
revenues and prepares the annual Measure G Sales Tax Oversight Report. The summary
below provides a preview of the revenues and expenditures to date. The Measure G
reserve balance ended the fiscal year at $29,214,191.
Fiscal Year
2016/17
2017/18
2018/19
2019/20
2020/21
2021/22
2022/23
Actual $
Actual
Actual
Actual
Actual
Actual
Actual
TOTAL $
1,462,650
9,967,657
10,958,118
10,310,526
12,594,389
15,615,802
16,088,087
76,997,229
ribum
MEASURE G USES
Year
Project Description
Operational
Capital
Reserves
Total by Year
2016/17
Eisenhower Dr. Retention Basin
750,000
X -Park Funding
712,650
W7
r,462,650
2017/18
Public Safety Fund
F300,000
North La Quinta Landscape Improvements
1,802,576
Citywide Drainage Enhancements
2,407,373
La Quinta Village Road Diet Project
1,972,158
X -Park Funding
147,350
Alongi Building Improvements
800,000
SilverRock Event Site/ Alongi Building/ Retention Basin
1,453,850
Measure G Reserves 2017/18
1,084,350
9,967,657
2018/19
Public Safety Fund
850,000
Public Safety Contract Services
2,100,000
Citywide Drainage Enhancements
194,730
North La Quinta Landscape Improvements
2,129,613
Si IverRock Event Site
1,300,000
Measure G Reserves 2018/19
4,383,775
10,958,118
2019/20
Public Safety Contract Services
2,750,000
Corporate Yard Administration/Crew Quarters
411,013
Highway 111 Corridor Improvements
1,000,000
North La Quinta Landscape Improvements
3,703,369
Village Art Plaza Promenade
310,000
Measure G Reserves 2019/20
2,136,144
10,310,526
2020/21
Public Safety Contract Services
4,545,000
X -Park Landscaping
275,000
Highway 111 Corridor Improvements
250,000
Measure G Reserves 2020/21
7,524,389
12,594,389
2021/22
Public Safety Contract Services
5,163,000
Landscape Renovation Improvements
1,408,356
Highway 111 Corridor Improvements
1,000,000
Fritz Burns Park Improvements
350,000
Allocate Advance Dune Palms Bridge Funding
7,468,061
Measure G Reserves 2021/22
226,385
15,615,802
2022/23
Public Safety Contract Services
5,100,000
Landscape Renovation Improvements
500,000
Sports Complex Lighting
300,000
Village Underground Utilities Feasibility
100,000
ADA Transition Plan Update
150,000
Village Parking Lot
500,000
Phase II Public Safety Camera System
1,797,000
Smart Infrastructure Feasibility
250,000
Highway 111 Corridor Improvements
1,000,000
Dune Palms Bridge Advance Funding Reimbursement
1Measure
G Reserves 2022/23lJKiJ=(7,M468,=06
13,859,148
16,088,087
TOTAL $ 20,808,000
$ 26,975,038
$ 29,214,191
$ 76,997,229
27%
35%
38%
The FY 2022/23 Year -End Budget Report provides the City Council and residents with an
overview of significant variances and reflects the City's commitment to fiscal discipline
and transparency.
Questions regarding this report may be directed to the Finance Department by calling
760-777-7150 or by email at finance laquintaca.gov.
4
CITY OF LA QUINTA
GENERAL FUND
REVENUE DETAILS BY CATEGORY
2021/22 2022/23
Actuals Original Budget
EXHIBIT A
2022/23 YEAR-END BUDGET REPORT
2022/23 2022/23
Final Budget Actuals
101 - GENERAL FUND
Fire Service Credit
101-0000-42501
Fire Service Reserves
101-0000-43100
310 - Tax Revenues
340,000
355,000
431,498
57,824
101-0000-40310
Property Tax Revenue
2,741,127
2,890,000
3,015,000
3,098,566
101-0000-40311
No -Low City Property Tax
4,805,049
4,845,000
4,945,000
5,388,267
101-0000-40315
RPTTF Pass Through
2,128,498
2,180,000
2,705,000
2,736,932
101-0000-41320
State Sales Tax
12,589,104
11,000,000
12,250,000
12,799,992
101-0000-41326
Measure G Sales Tax
15,615,802
13,500,000
15,500,000
16,088,087
101-0000-41327
Document Transfer Tax
1,352,585
650,000
750,000
926,743
101-0000-41400
TOT - Hotels
9,448,099
7,300,000
9,000,000
9,772,760
101-0000-41401
TOT - Short Term Vac. Rentals
7,144,654
5,000,000
6,000,000
6,415,354
101-0000-41402
TOT - Bed and Breakfast
104,426
100,000
100,000
103,272
101-0000-41416
TOT - Resort Fees
358,422
375,000
375,000
396,342
101-0000-41505
Franchise Taxes - Burrtec
966,467
1,000,000
1,000,000
1,188,773
101-0000-41508
Southern California Gas Franchise
206,498
160,000
160,000
246,641
101-0000-41509
Cable Television Franchise Fee
676,143
660,000
660,000
677,929
101-0000-41510
Communications Franchise Fees
210,081
275,000
275,000
195,772
101-0000-41800
Property Tax in Lieu of VLF
4,663,327
5,011,700
5,011,700
5,110,569
310 - Tax Revenues Totals:
63,010,284
54,946,700
61,746,700
65,145,998
320 - Licenses & Permits
101-0000-41411 SNR Inspection Fee
101-0000-41415 SNR Registration Fee
101-0000-41600 Business Licenses
101-0000-41602 SNR Business Licenses
101-0000-41610 Film Permits
101-0000-42400 Building Permits
101-0000-42401 Plumbing Permits
101-0000-42402 Mechanical Permits
101-0000-42403 Electrical Permits
101-0000-42404 Miscellaneous Permits
101-0000-42405 Garage Sale Permits
101-0000-42408 Grading Permits
101-0000-42420 Fire Plan Review Fee
101-0000-42421 Fire Inspection Fee
101-0000-42430 Transportation Permits
101-0000-42431 Conditional Use Permits
101-0000-42433 Minor Use Permit
101-0000-42434 Sign Permit
101-0000-42435 Site Development Permit
101-0000-42436 Final Landscaping Plans
101-0000-42437 Development Agreement
101-0000-42439 Temporary Use Permit
101-0000-43632 Public Works Permits
101-0000-43638 NPDES Inspections
320 - Licenses & Permits Totals:
330 - Intergovernmental
101-0000-41710
State Gov't Revenue
101-0000-42500
Fire Service Credit
101-0000-42501
Fire Service Reserves
101-0000-43100
FEMA
1,300
2,000
2,000
2,275
1,022,050
900,000
900,000
962,500
378,882
340,000
355,000
431,498
57,824
40,000
45,000
51,582
1,428
2,000
2,000
1,091
1,185,352
600,000
800,000
1,009,315
201,028
90,000
140,000
175,858
198,643
100,000
140,000
175,576
159,331
80,000
130,000
154,126
312,182
200,000
300,000
340,078
5,670
6,000
6,000
4,540
66,928
15,000
30,000
58,539
99,228
65,000
65,000
69,618
119,607
60,000
130,000
142,218
1,151
2,000
2,000
578
29,573
15,000
75,000
63,591
13,564
8,700
8,700
2,668
26,161
16,500
29,500
26,076
72,028
50,000
70,000
76,941
24,901
12,000
12,000
17,296
3,446
1,000
1,000
3,446
36,588
10,000
10,000
1,656
493,861
200,000
200,000
212,483
10,697
8,000
8,000
11,365
4,521,424
2,823,200
3,461,200
3,994,913
0 0 0 203,682
7,587,538 7,600,000 9,100,000 9,473,316
561,645 0 0 0
24,516 0 0 33,247
101-0000-43633 CSA 152 Assessments 460,052 250,000 275,000 275,816
101-0000-43650 Contributions from Other Agencie! 3,000 3,000 3,000 3,000
330 - Intergovernmental Totals: 8,636,751 7,853,000 9,378,000 9,989,060
340 - Charges for Services
101-0000-42200
Leisure Enrichment
11,658
35,000
35,000
13,313
101-0000-42210
Youth Sports
41,045
40,000
40,000
45,710
101-0000-42211
Adult Sports
5,755
1,000
6,000
8,207
101-0000-42212
Facility Rentals
7,301
35,000
35,000
7,959
101-0000-42213
Special Events
0
10,000
10,000
0
101-0000-42214
Wellness Center Leisure Enrichme
12,652
20,000
20,000
16,556
101-0000-42216
Wellness Center Special Events
(105)
1,000
1,000
0
101-0000-42218
Wellness Center Memberships
52,260
75,000
75,000
88,602
Unaudited, final amounts will be reported in the 2022/23 Financial Statements
CITY OF LA QUINTA
101-0000-42700
Administrative Citations
101-0000-42701
Lot Abatement
101-0000-42702
GENERAL FUND
REVENUE DETAILS BY CATEGORY
2022/23 YEAR-END BUDGET
REPORT
Motor Vehicle Code Fines
101-0000-42706
2021/22
2022/23
2022/23
2022/23
Graffiti Removal
101-0000-42709
Actuals
Original Budget
Final Budget
Actuals
101-0000-42300
Cash Over/Short
1,363
0
0
0
101-0000-42303
NSF Charges
25
400
400
75
101-0000-42412
Minor Adjustment, Plan Checks
28,324
3,000
23,000
33,360
101-0000-42415
Tentative Tract Map
25,414
25,000
25,000
33,124
101-0000-42416
Digitization/Records Management
53,188
30,000
45,000
54,190
101-0000-42417
Modification by Applicant
5,712
2,500
2,500
1,975
101-0000-42440
Appeals - Permits, Licenses, Proje
1,725
3,000
3,000
750
101-0000-42441
Planning Compliance Review
0
0
0
838
101-0000-42443
Zone Change
21,772
10,000
10,000
1,702
101-0000-42445
Environmental Assessment
5,635
5,000
15,000
12,254
101-0000-42446
General Plan Amendment
10,465
10,000
10,000
11,379
101-0000-42447
Home Occupations
10,039
11,000
11,000
6,658
101-0000-42448
Tentative Parcel Map
5,224
10,000
10,000
14,238
101-0000-42451
Specific Plan
4,946
10,000
10,000
5,194
101-0000-42460
Pre -Application Review
11,798
5,000
5,000
6,069
101-0000-42600
Building Plan Check Fees
929,874
526,000
726,000
933,046
101-0000-42610
SMIP Fees
554
600
600
1,409
101-0000-42615
CBSC Administrative Fees
410
600
600
1,409
101-0000-42810
Public Works Dev. Plan Check Fee
334,644
180,000
240,000
223,062
101-0000-43631
CVMSHCP Admin Fee
8,603
2,000
2,000
5,911
101-0000-43635
VGPS TBID Admin Fee
35,057
30,000
30,000
31,868
340 - Charges for Services Totals:
1,625,339
1,081,100
1,391,100
1,558,859
350 - Fines, Forfeitures & Abatements
101-0000-42700
Administrative Citations
101-0000-42701
Lot Abatement
101-0000-42702
Vehicle Abatement
101-0000-42703
Vehicle Impound Fee
101-0000-42705
Motor Vehicle Code Fines
101-0000-42706
Parking Violations
101-0000-42707
Misc Fines
101-0000-42708
Graffiti Removal
101-0000-42709
False Alarm Fees - Police
101-0000-42710
False Alarm Fees - Fire
350 - Fines, Forfeitures & Abatements Totals
360 - Use of Money & Property
101-0000-41900 Allocated Interest
101-0000-41910 GASB 31 Interest
101-0000-41930 Interest Revenue
101-0000-42120 Lease Revenue
360 - Use of Money & Property Totals:
370 - Miscellaneous
101-0000-41410
Zoning Change Mitigation Fees
101-0000-41504
AMR Compliance
101-0000-41507
Burrtec Admin Cost Reimburseme
101-0000-41920
Memorial Tree Revenue
101-0000-42000
Insurance Recoveries
101-0000-42140
Sales of Publications & Materials
101-0000-42301
Miscellaneous Revenue
101-0000-42305
Miscellaneous Reimbursements
101-0000-43505
Credit Card Fee Revenue
101-0000-45000
Sale of Other Assets
101-0000-48500
Extraordinary Gain
22,702
370 - Miscellaneous Totals:
400,708
180,000
240,000
339,246
188
5,000
5,000
931
47,293
35,000
35,000
42,773
50,870
65,000
65,000
55,457
62,927
100,000
100,000
69,488
29,183
40,000
40,000
22,702
9,413
8,000
8,000
1,221
8,675
9,000
9,000
8,071
32,295
15,000
15,000
19,222
16,038
5.000
5,000
4,383
657,589 462,000 522,000 563,495
931,973
400,000
2,700,000
2,865,841
(3,964,823)
0
0
(893,437)
47,795
0
0
45,221
153,367
155,000
155,000
143,553
(2,831,688)
555,000
2,855,000
2,161,178
287,773
400,000
1,000,000
1,612,340
21,632
20,000
20,000
0
181,278
120,000
120,000
66,614
0
0
0
1,000
3,448
5,000
30,000
46,299
30
100
100
640
3,557
5,000
77,000
113,339
62,243
50,000
75,000
168,735
0
0
48,000
59,589
1,486
0
25,000
29,994
487,613
0
0
381,192
1,049,059
600,100
1,395,100
2,479,742
Unaudited, final amounts will be reported in the 2022/23 Financial Statements
CITY OF LA QUINTA
GENERALFUND
REVENUE DETAILS BY CATEGORY 2022/23 YEAR-END BUDGET REPORT
2021/22
2022/23
2022/23
2022/23
Actuals
Original Budget
Final Budget
Actuals
380 - Transfers In
101-0000-49500 Transfers In 0
0
5,000,000
5,000,000
380 - Transfers In Totals: 0
0
5,000,000
5,000,000
101 - GENERAL FUND Totals: 76,668,758 68,321,100 85,749,100 90,893,246
Non -Cash Transactions
Adjusted Operating Revenues
3,477,210
80,145,968
Unaudited, final amounts will be reported in the 2022/23 Financial Statements
512,245
91,405,491
CITY OF LA QUINTA
GENERAL FUND
EXPENSE SUMMARY BY DEPARTMENT
2021/22 2022/23
Actuals Original Budget
EXHIBIT B
2022/23 YEAR-END BUDGET REPORT
2022/23 2022/23
Final Budget Actuals
1001 - City Council
251,153
351,400
354,700
312,671
Salaries and Benefits
233,149
295,900
299,200
245,737
Maintenance & Operations
18,004
55,500
55,500
66,934
1002 - City Manager
796,578
1,177,540
1,326,164
1,083,016
Salaries and Benefits
500,384
539,340
687,964
725,331
Contract Services
89,320
145,000
145,000
108,078
Maintenance & Operations
95,974
115,000
115,000
112,481
Other Expenses
46,000
300,000
300,000
58,927
Internal Service Charges
64,900
78,200
78,200
78,200
1003 - City Attorney
370,189
796,000
796,000
358,188
Contract Services
370,189
796,000
796,000
358,188
1004 - Human Resources
269,015
495,698
591,898
439,030
Salaries and Benefits
175,125
255,798
258,298
233,383
Contract Services
28,107
90,000
163,700
112,314
Maintenance & Operations
46,683
103,900
123,900
47,333
Internal Service Charges
19,100
46,000
46,000
46,000
1005 - City Clerk
586,861
1,257,526
1,264,079
996,957
Salaries and Benefits
446,644
703,218
709,771
590,870
Contract Services
48,057
385,000
385,000
242,931
Maintenance & Operations
17,760
34,700
34,700
28,548
Internal Service Charges
74,400
134,608
134,608
134,608
1006 - Finance
1,241,161
1,595,830
1,610,216
1,560,869
Salaries and Benefits
940,346
1,145,530
1,159,916
1,147,772
Contract Services
117,464
205,000
205,000
182,801
Maintenance & Operations
14,851
40,700
40,700
25,696
Internal Service Charges
168,500
204,600
204,600
204,600
1007 - Central Services
9,738,291
14,447,100
61,817,234
20,949,055
Salaries and Benefits
3,773,246
3,352,600
13,068,216
12,620,892
Maintenance & Operations
166,068
213,200
413,200
108,667
Capital Expenses
599,125
20,000
480,000
452,554
Internal Service Charges
784,550
822,300
822,300
822,300
Transfers Out
4,415,303
10,039,000
47,033,518
6,944,642
2001 - Police
16,868,265
18,185,900
18,269,800
16,244,512
Contract Services
Maintenance & Operations
Repair & Maintenance
Utilities
Capital Expenses
Internal Service Charges
2002 - Fire
Salaries and Benefits
Contract Services
Maintenance & Operations
Utilities
Capital Expenses
Internal Service Charges
Transfers Out
3001 - Community Resources Administration
Salaries and Benefits
Contract Services
Maintenance & Operations
Internal Service Charges
3002 - Wellness Center Operations
Salaries and Benefits
16,745,378
18,072,000
18,072,000
16,077,040
7,428
18,000
18,000
7,689
0
0
61,000
60,540
17,348
21,000
21,000
17,823
37,010
0
22,900
6,519
61,100
74,900
74,900
74,900
8,008,530
8,851,872
9,296,722
7,702,139
263,818
290,272
292,022
197,817
6,962,420
8,123,000
8,123,000
7,033,798
115,487
150,000
150,000
122,699
80,798
87,000
87,000
84,211
103,395
15,000
458,100
77,014
119,600
186,600
186,600
186,600
363,012
0
0
0
661,768
880,480
883,980
740,952
513,569
546,180
549,680
448,931
38,081
92,000
92,000
71,803
43,318
161,800
161,800
139,718
66,800
80,500
80,500
80,500
612,277
682,102
757,040
717,948
476,972 477,502 552,440 559,481
Unaudited, final amounts will be reported in the 2022/23 Financial Statements
CITY OF LA QUINTA
GENERAL FUND EXPENSE
SUMMARY BY DEPARTMENT
2022/23 YEAR-END BUDGET REPORT
2021/22
2022/23
2022/23
2022/23
Actuals
Original Budget
Final Budget
Actuals
Contract Services
21,545
48,000
48,000
24,849
Maintenance & Operations
31,761
56,700
56,700
33,718
Internal Service Charges
82,000
99,900
99,900
99,900
3003 - Recreation Programs & Special Events
640,734
1,088,734
1,498,751
1,099,230
Salaries and Benefits
101,002
212,534
286,551
200,323
Contract Services
243,964
330,000
486,000
474,543
Maintenance & Operations
242,568
501,500
681,500
379,664
Internal Service Charges
53,200
44,700
44,700
44,700
3005 - Parks Maintenance
2,445,674
3,042,072
3,207,347
3,107,294
Salaries and Benefits
340,651
398,222
426,997
418,129
Contract Services
582,436
657,200
729,700
729,648
Maintenance & Operations
634,026
774,850
838,850
803,016
Utilities
403,660
508,400
508,400
453,101
Internal Service Charges
484,900
703,400
703,400
703,400
3007 - Marketing & Community Relations
1,389,343
1,632,128
1,833,378
1,648,064
Salaries and Benefits
238,729
267,328
268,578
160,546
Contract Services
436,633
404,200
509,200
481,020
Maintenance & Operations
675,781
914,600
1,009,600
960,497
Internal Service Charges
38,200
46,000
46,000
46,000
3008 - Public Buildings
1,374,563
1,390,052
1,553,936
1,504,048
Salaries and Benefits
506,901
553,052
566,936
557,885
Contract Services
207,930
242,000
242,000
208,330
Maintenance & Operations
187,230
179,500
274,500
257,246
Utilities
200,502
158,500
213,500
223,587
Internal Service Charges
272,000
257,000
257,000
257,000
6001 - Design & Development Administration
816,867
756,824
775,228
771,529
Salaries and Benefits
448,748
408,024
426,428
427,755
Contract Services
222,248
160,000
160,000
162,361
Maintenance & Operations
3,471
11,700
11,700
4,313
Internal Service Charges
142,400
177,100
177,100
177,100
6002 - Planning
559,340
744,830
749,304
652,601
Salaries and Benefits
376,017
428,230
432,704
417,922
Contract Services
113,128
225,000
225,000
146,180
Maintenance & Operations
12,995
22,600
22,600
19,500
Internal Service Charges
57,200
69,000
69,000
69,000
6003 - Building
960,672
1,291,362
1,457,240
1,386,587
Salaries and Benefits
547,698
723,362
739,240
619,142
Contract Services
246,380
290,000
440,000
491,810
Maintenance & Operations
3,095
10,300
10,300
7,935
Internal Service Charges
163,500
267,700
267,700
267,700
6004 - Code Compliance/Animal Control
1,312,923
1,663,996
1,677,746
1,571,807
Salaries and Benefits
686,027
857,996
867,746
786,495
Contract Services
349,121
433,500
433,500
421,802
Maintenance & Operations
9,874
20,300
24,300
11,310
Internal Service Charges
267,900
352,200
352,200
352,200
6006 - The Hub
834,387
1,236,482
1,244,439
996,706
Salaries and Benefits
600,711
916,382
924,339
749,203
Contract Services
95,036
130,000
130,000
58,115
Maintenance & Operations
5,140
6,200
6,200
5,489
Internal Service Charges
133,500
183,900
183,900
183,900
7001 - Public Works Administration
535,839
794,862
800,848
625,176
Salaries and Benefits
454,607
543,362
549,348
527,426
Contract Services
0
150,000
150,000
500
Maintenance & Operations
4,932
9,500
9,500
5,250
Unaudited, final amounts will be reported in the 2022/23 Financial Statements
CITY OF LA QUINTA
GENERAL FUND EXPENSE SUMMARY BY DEPARTMENT
2022/23 YEAR-END BUDGET REPORT
2021/22
2022/23
2022/23
2022/23
Actuals
Original Budget
Final Budget
Actuals
Internal Service Charges
76,300
92,000
92,000
92,000
7002 - Public Works Development Services
374,998
512,960
514,551
413,090
Salaries and Benefits
147,359
170,060
171,651
156,072
Contract Services
155,250
250,000
250,000
166,779
Maintenance & Operations
2,189
5,000
5,000
2,339
Internal Service Charges
70,200
87,900
87,900
87,900
7003 - Streets
426,354
754,768
773,415
474,366
Salaries and Benefits
277,298
362,768
381,415
257,948
Contract Services
64,753
260,000
260,000
63,383
Maintenance & Operations
27,104
58,000
58,000
65,600
Other Expenses
0
5,000
5,000
18,434
Internal Service Charges
57,200
69,000
69,000
69,000
7006 - Engineering Services
758,472
1,020,756
1,248,656
646,511
Salaries and Benefits
322,004
351,456
353,956
241,985
Contract Services
271,577
590,000
590,000
300,994
Maintenance & Operations
9,002
10,300
10,300
5,802
Other Expenses
98,689
0
225,400
28,731
Internal Service Charges
57,200
69,000
69,000
69,000
GENERAL FUND EXPENSES
51,834,255
64,651,274
114,302,672
66,002,347
Unaudited, final amounts will be reported in the 2022/23 Financial Statements
CITY OF LA QUINTA EXHIBIT C
Project # Project Name General Fund Measure G I TOTAL
111205 Dune Palms Bridge Improvements
4,858,991
-
4,858,991
2223DRA Citywide Drainage Enhancements
1,419,027
-
1,419,027
2223ADA ADA Improvements
60,000
-
60,000
2223PMP Pavement Management
3,771,921
-
3,771,921
2223STI Sidewalk Improvements
2,036
-
2,036
201603 Landscape Renovations
426,073
3,104,039
3,530,112
201606 Civic Center Campus Lake
521,515
-
521,515
201805 Corporate Yard Admin. Offices
-
355,240
355,240
201901 Village Art Plaza Promenade
-
308,208
308,208
201905 Highway 111 Corridor
-
2,500,079
2,500,079
201908 Citywide Catch Basin Modifications
250,000
-
250,000
202102 Fritz Burns Park Improvements
-
294,683
294,683
202108 FY 21/22 PMP Slurry Seal Improvements
(29,376)
-
(29,376)
202202 City Hall Capacity Improvements
550,000
-
550,000
202204 Sports Complex Lighting Replacement
-
273,951
273,951
202206 Village Utilities Undergrounding Project
24,315
84,208
108,523
202007 SilverRock Retention Basin Soil Stabilization
54,432
-
54,432
202208 Citywide Miscellaneous ADA Improvements
75,236
-
75,236
202209 ADA Transition Plan Update
-
150,000
150,000
202211 Village Parking Lot
-
500,000
500,000
202212 Phase II Camera System
-
1,797,000
1,797,000
202213 Smart Infrastructure Improvements Feasibility Study
-
249,650
249,650
202217 Storm Drain Maintenance
707,708
-
707,708
202218 SilverRock Park Venue WIFI & Camera Backbone
-
(89,018)
(89,018)
202222 Blackhawk Way School Crossing
21,938
-
21,938
SAVINGS Prior CIP Project Savings
346,531
-
346,531
999902 Jefferson Interchange
34,987
-
34,987
TOTAL $ 13,095,333 $ 9,528,039 $ 22,623,372
58% 42% 100%
balances represent temporary fundina until arants are
EXHIBIT D
AMENDED CARRYOVERS
Estimated carryovers from the 2022/23 to 2023/24 budget were estimated based on projected invoices in the
Spring of 2023. Upon completion of the final audit, Finance verifies account balances and carryovers and
amended carryovers will be added to the 2023/24 budget.
Description/Program
Account Number
Account Name
Estimated
Revised
Climate Assessment
101-1004-60103
Professional Services
$
$
29,500
Employee wellness programs
101-1004-60104
Consultants/Employee Services
$
$
20,000
Marketing efforts to attract group business to hotels
101-1007-60536
TOT Resort Rebate Program
$
300,000
$
300,000
Land Purchase- Highway 111 & Dune Palms
101-1007-99900
Transfers Out
$
-
$
1,387,009
Police electric bicycles
101-2001-60175
Special Enforcement Funds
$
$
18,500
Police motorcycles
101-2001-71031
Vehicles
$
$
16,000
Fire Ladder Truck purchase
101-2002-80101
Machinery& Equipment
$
360,000
$
358,000
Park landscape Improvements
101-3005-60431
Materials/Supplies
$
90,000
$
74,500
Replacement of street signs
101-7006-60103
Professional Services
$
200,000
$
200,000
Art & Music Line contribution
101-7006-60480
Contributions to other agencies
$
-
$
196,500
GENERAL FUND CARRYOVERS $
950,000
$
2,600,009
Heavy machinery/equipment purchase
201-7003-80100
Machinery&Equipment
$
300,000
$
300,000
Median upgrades
215-7004-60431
Materials/Supplies
$
100,000
$
167,000
Dune Palms Mobile Estates improvements
241-9104-72110
Building/Site Improvements
$
400,000
$
400,000
Homelessness Assistance
243-0000-60532
Homelessness Assistance
$
-
$
50,000
Land Purchase- Highway 111 and Dune Palms
249-0000-49500
Transfers In
$
-
$
1,387,009
Land Purchase- Highway 111 and Dune Palms
249-0000-74010
Land Acquisition
$
3,624,192
$
3,574,192
Vehicle upgrades
501-0000-60675
Parts, Accessories, and Upfits
$
-
$
50,000
Vehicle replacement
501-0000-71031
Vehicles, Purchased
$
$
100,000
Council Chamber upgrades
501-0000-71103
City BldgRepl/Repair
$
$
51,000
Heavy machinery/equipment purchase
501-0000-80100
Machinery&Equipment
$
150,000
$
499,000
Audio visual upgrades
502-0000-80100
Machinery & Equipment
$
-
$
195,000
Park supplies and upgrades
503-0000-71060
Parks
$
200,000
$
850,000
SPECIAL FUNDS CARRYOVERS $
4,774,192
$
7,623,201
TOTAL CARRYOVERS FOR ALL FUNDS $ 5,724,192 $ 10,223,210
NOTE: In June 2023 Khen the budget is adopted, all carryovers are estimates based on projected invoices to end fiscal year 2022123. Upon completion of the final
audit, Finance verifies account balances and makes additional carryover recommendations based on current budgetary needs. In no event shall a canyover
exceed the revised per account amount above.
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: February 7, 2024
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
• Citywide Comprehensive Audit for fiscal year 2022/23- In process
• Filed the City's Annual State Controller's Reports for the City and the
Finance Authority for fiscal year 2022/23
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
• Auditing Services Selection Committee
o Interviews were conducted, final recommendation to City Council on
February 20, 2024.
• Financial Statement and Audit training to be scheduled for entire
Commission
CITY UPDATES
• The 2024 Community Workshop will be held on Thursday, February 22 from
5:00 p.m. to 7:00 p.m at the La Quinta Wellness Center Learn more at
https://www.laguintaca.gov/our-city/community-workshop.
• A joint meeting of the City Council and Planning Commission was held on
September 26, 2023 to discuss updates to the Hwy 111 Corridor Specific
Plan. To date, expenditures related to the project are detailed in the Project
Activity Report (Attachment 1), in the amount of $857,830.41. Revenue
allocations of Measure G do not yet include the most recent quarter entry.
• The City is currently studying the feasibility of undergrounding utilities in
various areas of the City. A study session detailing areas to be converted
and estimated costs was held on September 19, 2023, and a follow up study
session to discuss funding options was held on December 19, 2023. Staff
encourages the FAC members to view the meetings as time permits.
• Imperial Irrigation District (IID) power distribution substations in La Quinta
are nearing or have reached capacity and need to be expanded or upgraded
for both existing customers and for new development. A discussion on cost -
share options for electrical substation upgrades was presented to Council
on January 16, 2024. Staff encourages the FAC members to view the
meetings as time permits.
• The City's Land -Secured Financing policy was adopted by City Council on
January 16, 2024.
• On November 21, 2023, the President approved the Major Disaster
Declaration for California. Subsequently to the disaster declaration, FEMA
announced that federal disaster assistance would be made available to the
state of California to supplement recovery efforts in the areas affected by
Hilary. CalOES facilitates both the state CDAA and FEMA Public Assistance
programs, and as part of their facilitation, held an applicant's briefing on
December 7, 2023, which provided an overview of the requirements for all
potential funding and grants. A resolution designating the City's authorized
agent(s) must be filed with Cal OES along with the public assistance
applications through the grant portal in order to allow the City to submit
requests for federal and state public assistance to be approved by Council
on December 19, 2023. The City is currently working with FEMA on the
reporting and reimbursement process. More information on the City's
reimbursement will be provided at future meetings.
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.
City of La Quints
Project Number
201905
Revenues
Account Key
201905MG
GL Account Number
401-0000-49500
401-0000-49500
401-0000-49500
401-0000-49500
401-0000-49500
401-0000-49500
401-0000-49500
401-0000-49500
401-0000-49500
401-0000-49500
401-0000-49500
401-0000-49500
401-0000-49500
401-0000-49500
2/2/2024 2:07:47 PM
ATTACHMENT 1
Project Activity vs Budget Report
By Project Number
Date Range: -
Project Name
Group
Type
Highway 111 Corridor Area Plan Implementati
Fund 401 Construction in Process
St Improvements
Date Range
Beginning
Account Name
Total Budget Budget
Balance
Measure G Funding
-4,250,000.00 -4,250,000.00
0.00
GL Account Name
Post Date
Description
Vendor Name
Transfers In
03/31/2020
MG 201905 HWY 111 CORRIDOR PLAN
Transfers In
06/30/2020
MG 201905 HIGHWAY 111 CORRIDOR AREA PLAN
Transfers In
09/30/2020
MG 201905 HIGHWAY 111 CORRIDOR AREA PLAN
Transfers In
12/31/2020
MG 201905 HIGHWAY 111 CORRIDOR AREA PLAN
Transfers In
03/31/2021
MG 201905 HIGHWAY 111 CORRIDOR AREA PLAN
Transfers In
06/30/2021
MG HIGHWAY 111 CORRIDOR AREA PLAN
Transfers In
09/30/2021
MG 201905 HIGHWAY 111 CORRIDOR PLAN
Transfers In
12/31/2021
MG 201905 HWY CORRIDOR AREA PLAN
Transfers In
03/31/2022
MG 201905 HWY CORRIDOR AREA PLAN
Transfers In
06/30/2022
MG 201905 HWY CORRIDOR AREA PLAN
Transfers In
09/30/2022
MG 201905 HWY CORRIDOR AREA PLAN
Transfers In
12/31/2022
MG 201905 HIGHWAY 111 CORRIDOR AREA
Transfers In
03/31/2023
MG 201905 HIGHWAY 111 CORRIDOR AREA
Transfers In
06/30/2023
MG 201905 HIGHWAY 111 CORRIDOR AREA
201905 Total:
Status
Active
Ending
Total Activity Balance
-749,920.55 -749,920.55
Item Number
Budget
Remaining
-3,500,079.45
Activity
-1,980.00
-5,006.25
-11,715.00
-41,035.00
-7,955.00
-230,049.59
-2,995.00
-30,468.25
-3,020.00
-130,479.46
-14,775.00
-4,537.50
-145,350.50
-120,554.00
-4,250,000.00 -4,250,000.00 0.00 -749,920.55 -749,920.55 -3,500,079.45
Page 1 of 2
Project Activity vs Budget Report
Project Number Project Name
201905 Highway 111 Corridor Area Plan Impl
Report Total:
Group
Fund 401 Construction in Process
Report Tota I:
Group
St Improvements
2/2/2024 2:07:47 PM
Report Tota I:
Project Summary
Date Range
Total Budget Budget
-4,250,000.00 -4,250,000.00
Date Range: -
Summary
Beginning Ending Budget
Balance Total Activity Balance Remaining
0.00 -749,920.55 -749,920.55 -3,500,079.45
-4,250,000.00
-4,250,000.00
0.00 -749,920.55
-749,920.55
-3,500,079.45
Group Summary
Total Budget
Budget
-4,250,000.00
-4,250,000.00
-749,920.55
Date Range
Beginning
Ending
Budget
Total Budget
Budget
Balance Total Activity
Balance
Remaining
-4,250,000.00
-4,250,000.00
0.00 -749,920.55
-749,920.55
-3,500,079.45
-4,250,000.00
-4,250,000.00
Type Summary
Beginning
Ending
Date Range
Total Budget
Budget
-4,250,000.00
-4,250,000.00
0.00 -749,920.55
-749,920.55
-3,500,079.45
Beginning
Ending
Budget
Balance Total Activity
Balance
Remaining
0.00 -749,920.55
-749,920.55
-3,500,079.45
-4,250,000.00 -4,250,000.00 0.00 -749,920.55 -749,920.55 -3,500,079.45
Page 2 of 2
ta&Kra
City of La Quinta
Project Number
Project Name
Group
201905
Highway 111 Corridor Area Plan Implementati
Fund 401 Construction in Process
Expenses
Balance
Total Activity
Date Range
Account Key
Account Name
0.00
Total Budget Budget
201905CG
Contingency Expense
415,910.00 415,910.00
Budget
Balance
Total Activity
Date Range
Account Key
Account Name
0.00
Total Budget Budget
201905CT
Construction Expense
2,988,012.00 2,988,012.00
Budget
Balance
Total Activity
Date Range
Account Key
Account Name
783,389.16 783,389.16
Total Budget Budget
201905D
Design Expense
Item Number
306,926.00 306,926.00
GL Account Number
GL Account Name
Post Date
Description
401-0000-60185
Design
12/18/2020
2019-05 HWY 111 CORRIDOR PROJECT (PLAN&ENG)
401-0000-60185
Design
12/18/2020
2019-05 HWY 111 CORRIDOR PROJECT (PLAN&ENG)
401-0000-60185
Design
04/16/2021
12/2020 - HWY 111 PLANNING/ ENGINEERING SVCS
401-0000-60185
Design
04/16/2021
02/2021 - HWY 111 PLANNING/ ENGINEERING SVCS
401-0000-60185
Design
06/11/2021
04/2021 - HWY 111 PLANNING/ENGINEERING SVCS
401-0000-60185
Design
06/25/2021
05/2021 - HWY 111 PLANNING/ENGINEERING SVCS
401-0000-60185
Design
10/08/2021
06/2021 - HWY 111 PLANNING/ENGINEERING SVCS
401-0000-60185
Design
10/29/2021
07/2021 - HWY 111 PLANNING/ENGINEERING SVCS
401-0000-60185
Design
04/22/2022
03/24/22 - HWY 111 SITE TOUR LUNCH
401-0000-60185
Design
04/22/2022
03/24/22 - HWY 111 SITE TOUR TRANSPORTATION
401-0000-60185
Design
06/30/2022
03/2022 HWY 111 CORRIDOR PLAN NING/ENG INEERIN
401-0000-60185
Design
06/30/2022
06/2022 HWY 111 CORRIDOR PLAN NING/ENG INERRI
401-0000-60185
Design
09/02/2022
07/2022 - HWY 111 CORRIDOR PLAN NING/ENGINERRI
401-0000-60185
Design
03/03/2023
12/2022 HWY 111 CORRIDOR PLAN NING/ENG INEERIN
401-0000-60185
Design
03/03/2023
11/2022 HWY 111 CORRIDOR PLAN NING/ENG INEERIN
401-0000-60185
Design
03/03/2023
10/2022 HWY 111 CORRIDOR PLAN NING/ENG INEERIN
401-0000-60185
Design
03/03/2023
09/2022 HWY 111 CORRIDOR PLAN NING/ENG INEERIN
401-0000-60185
Design
03/17/2023
01/2023 HWY 111 CORRIDOR PLAN NING/ENG INEERIN
401-0000-60185
Design
06/30/2023
04/2023 - HWY 111 CORRIDOR PLAN NING/ENGINEERI
401-0000-60185
Design
06/30/2023
03/2023 - HWY 111 CORRIDOR PLAN NING/ENGINEERI
401-0000-60185
Design
06/30/2023
02/2023 - HWY 111 CORRIDOR PLAN NING/ENGINEERI
401-0000-60185
Design
06/30/2023
06/2023 - HWY 111 CORRIDOR PLAN NING/ENGINERRI
401-0000-60185
Design
06/30/2023
05/2023 - HWY 111 CORRIDOR PLAN NING/ENGINEERI
401-0000-60185
Design
09/08/2023
07/2023 HWY 111 CORRIDOR PLAN NING/ENG INEERIN
401-0000-60185
Design
01/26/2024
10/2023 - HWY 111 CORRIDOR PLAN NING/ENGINEERI
Project Activity vs Budget Report
By Project Number
Date Range: -
Type
Status
St Improvements
Active
Beginning
Ending
Budget
Balance
Total Activity
Balance
Remaining
0.00
0.00
0.00
415,910.00
Beginning
Ending
Budget
Balance
Total Activity
Balance
Remaining
0.00
0.00
0.00
2,988,012.00
Beginning
Ending
Budget
Balance
Total Activity
Balance
Remaining
0.00
783,389.16 783,389.16
-476,463.16
Vendor Name
Item Number
Activity
GHD INC.
153361
25,600.00
GHD INC.
151505
8,290.00
GHD INC.
155454
32,923.75
GHD INC.
158460
78,461.25
GHD INC.
161990
75,409.84
GHD INC.
163575
34,827.25
GHD INC.
165668
19,315.75
GHD INC.
380-0000621
8,620.00
BANK OF THE WEST (PLEASE SEE MAR-226925BM
207.43
BANK OF THE WEST (PLEASE SEE MAR-226925BM
460.00
GHD INC.
380-0012735
41,235.83
GHD INC.
380-0016011
84,123.70
GHD INC.
380-0017688
12,962.50
GHD INC.
380-0025445
9,171.25
GHD INC.
380-0024095
18,251.25
GHD INC.
380-0023845
51,571.25
GHD INC.
380-0020901
49,617.50
GHD INC.
380-0027217
12,726.75
GHD INC.
380-0031910
22,207.51
GHD INC.
380-0030405
9,366.25
GHD INC.
380-0028778
18,667.58
GHD INC.
380-0035378
42,803.21
GHD INC.
380-0033492
22,721.95
GHD INC.
380-0036834
49,312.65
GHD INC.
380-0041445
54,534.71
2/2/2024 2:08:04 PM Page 1 of 4
Project Activity vs Budget Report Date Range:
2/2/2024 2:08:04 PM Page 2 of 4
Date Range
Beginning
Ending
Budget
Account Key
Account Name
Total Budget Budget
Balance
Total Activity Balance
Remaining
201905P
Professional Expense
250,258.00 250,258.00
0.00
74,441.25 74,441.25
175,816.75
GL Account Number
GL Account Name
Post Date
Description
Vendor Name
Item Number
Activity
401-0000-60103
Professional Services
03/20/2020
02/2020 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
8 JOB 2019-08
1,980.00
401-0000-60103
Professional Services
04/24/2020
03/2020 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
9 JOB 2019-08
825.00
401-0000-60103
Professional Services
06/12/2020
05/2020 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
11 JOB 2019-08
330.00
401-0000-60103
Professional Services
06/30/2020
06/2020 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
12 JOB 2019-08
3,851.25
401-0000-60103
Professional Services
09/04/2020
07/2020 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
13 JOB 2019-08
9,240.00
401-0000-60103
Professional Services
09/25/2020
08/2020 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
14 JOB 2019-08
2,475.00
401-0000-60103
Professional Services
10/09/2020
09/2020 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
15 JOB 2019-08
2,182.50
401-0000-60103
Professional Services
12/04/2020
10/2020 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
16 JOB 2019-08
4,962.50
401-0000-60103
Professional Services
01/15/2021
HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
17 JOB 2019-08
2,657.50
401-0000-60103
Professional Services
01/22/2021
HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
18 JOB 2019-08
720.00
401-0000-60103
Professional Services
03/05/2021
HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
19 JOB 2019-08
980.00
401-0000-60103
Professional Services
03/19/2021
HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.20
3,597.50
401-0000-60103
Professional Services
04/23/2021
HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.21
2,072.50
401-0000-60103
Professional Services
05/28/2021
HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.22
1,657.50
401-0000-60103
Professional Services
06/18/2021
HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.23
1,850.00
401-0000-60103
Professional Services
06/30/2021
HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.24
2,847.50
401-0000-60103
Professional Services
09/17/2021
07/2021 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.25
630.00
401-0000-60103
Professional Services
09/17/2021
08/2021 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.26
2,365.00
401-0000-60103
Professional Services
11/05/2021
09/2021 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.27
790.00
401-0000-60103
Professional Services
12/03/2021
10/2021 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.28
1,742.50
401-0000-60103
Professional Services
01/14/2022
12/2021 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.30
930.00
401-0000-60103
Professional Services
01/14/2022
11/2021 - HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.29
620.00
401-0000-60103
Professional Services
02/25/2022
01/2022 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.31
192.50
401-0000-60103
Professional Services
03/18/2022
02/2022 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.32
1,277.50
401-0000-60103
Professional Services
04/15/2022
03/2022 - HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.33
1,860.00
401-0000-60103
Professional Services
06/30/2022
05/2022 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.35
967.50
401-0000-60103
Professional Services
06/30/2022
06/2022 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.36
1,625.00
401-0000-60103
Professional Services
08/26/2022
07/2022 2019-05 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.37
1,812.50
401-0000-60103
Professional Services
10/07/2022
08/2022 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.38
1,700.00
401-0000-60103
Professional Services
10/28/2022
09/2022 - 2019-05 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019.08.39
1,962.50
401-0000-60103
Professional Services
12/16/2022
12/2022 - 2019-05 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.41
875.00
401-0000-60103
Professional Services
02/03/2023
12/2022 - 2019-05 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.42
3,312.50
401-0000-60103
Professional Services
02/24/2023
01/2023 - 2019-05 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.43
700.00
401-0000-60103
Professional Services
05/05/2023
03/2023 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.45
2,137.50
401-0000-60103
Professional Services
05/05/2023
03/2023 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.44
725.00
401-0000-60103
Professional Services
06/23/2023
05/2023 - 2019-05 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.47
1,250.00
401-0000-60103
Professional Services
06/30/2023
06/2023 - 2019-05 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.48
675.00
401-0000-60103
Professional Services
08/25/2023
07/2023 HIGHWAY 111 CORRIDOR
NAI CONSULTING INC
2019-08.49
637.50
2/2/2024 2:08:04 PM Page 2 of 4
Project Activity vs Budget Report
401-0000-60103
Professional Services
401-0000-60103
Professional Services
401-0000-60103
Professional Services
401-0000-60103
Professional Services
401-0000-60103
Professional Services
Account Key
Account Name
201905T
Technical Expense
10/13/2023
08/2023 - 2019-05 HIGHWAY 111 CORRIDOR
10/27/2023
09/2023 HIGHWAY 111 CORRIDOR
11/17/2023
10/2023 - 2019-05 HIGHWAY 111 CORRIDOR
01/19/2024
11/2023 HIGHWAY 111 CORRIDOR
01/19/2024
12/2023 HIGHWAY 111 CORRIDOR
201905 Total:
Date Range
Total Budget Budget
288,894.00 288,894.00
4,250,000.00 4,250,000.00 0.00 857,830.41 857,830.41 3,392,169.59
2/2/2024 2:08:04 PM Page 3 of 4
Date Range: -
NAI CONSULTING INC
2019-08.50
437.50
NAI CONSULTING INC
2019-08.51
700.00
NAI CONSULTING INC
2019-08.52
525.00
NAI CONSULTING INC
2019-08.53
887.50
NAI CONSULTING INC
2019-08.54
875.00
Beginning
Ending
Budget
Balance
Total Activity Balance
Remaining
0.00
0.00 0.00
288,894.00
4,250,000.00 4,250,000.00 0.00 857,830.41 857,830.41 3,392,169.59
2/2/2024 2:08:04 PM Page 3 of 4
Project Activity vs Budget Report
Project Number Project Name
201905 Highway 111 Corridor Area Plan Impl
Report Total:
Group
Fund 401 Construction in Process
Report Tota I:
Group
St Improvements
2/2/2024 2:08:04 PM
Report Tota I:
Project Summary
Date Range
Total Budget Budget
4,250,000.00 4,250,000.00
Date Range: -
Summary
Beginning Ending Budget
Balance Total Activity Balance Remaining
0.00 857,830.41 857,830.41 3,392,169.59
4,250,000.00
4,250,000.00
0.00 857,830.41
857,830.41
3,392,169.59
Group Summary
Total Budget
Budget
4,250,000.00
4,250,000.00
857,830.41
Date Range
Beginning
Ending
Budget
Total Budget
Budget
Balance Total Activity
Balance
Remaining
4,250,000.00
4,250,000.00
0.00 857,830.41
857,830.41
3,392,169.59
4,250,000.00
4,250,000.00
Type Summary
Beginning
Ending
Date Range
Total Budget
Budget
4,250,000.00
4,250,000.00
0.00 857,830.41
857,830.41
3,392,169.59
Beginning
Ending
Budget
Balance Total Activity
Balance
Remaining
0.00 857,830.41
857,830.41
3,392,169.59
4,250,000.00 4,250,000.00 0.00 857,830.41 857,830.41 3,392,169.59
Page 4 of 4
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: February 7, 2024
SUBJECT: THIRD QUARTER 2023 (JULY -SEPTEMBER) SALES TAX UPDATE
FOR THE CITY OF LA QUINTA
The attached report was prepared by consultants HdL Companies as an update of
sales tax receipts for third quarter sales from July to September 2023.
• La Quinta's overall adjusted sales tax receipts for major industry groups
decreased 1.5% as compared to last year. As a comparison, Riverside
County was down 2.0% and the state was down 1.7%. The decrease was
primarily driven by the Autos and Transportation business group, which
includes Fuel and Service stations that were down due to fuel price
decreases. 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.
La Quinta
Riverside County
Southern California
California
Per Capita Sales
$9,900
$8,800
$7,000
$6,00
$5,00
$4,900
'� $3,000
2Q 30 30 40 1Q 2Q 30 40 10 20 30 40 1Q
23 23 20 20 2E 21 21 21 22 22 22 22 23
4erods shown reflectthe period in which the sales occured - Point of Sa'e
• General consumer goods (such as department stores) made up 37% of
sales tax revenue and 40% of Measure G revenue.
• Autos and transportation made up 10% of sales tax revenue and 15% of
Measure G revenue.
• The City continues to benefit from online purchasing in the form of the
County pool share, which was 14% of our sales tax revenue.
Sales Tax
Autos
and
Transportation
Building
and
Construction
Business
and
Industry
Restaurants
and
Hotels
Autos
and
Transportation
3023 Percent of Total
Food
Fuel and and
ners
Sa
-Service Drug s 6und
Stations and
Industry
10%
State and
County
Pools
Restaurants
and
Hotels
3Q23 Percent of Total
F.--�,d
Fuel and Mrd
Service Or.i s
Stations
90%
15%
Measure
and
Construction
Generar
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 2023/24 budget was forecasted slightly
below 2022/23 actuals, based on known information as of Spring 2023, and will be
reviewed throughout the fiscal year if needed.
Fiscal year-to-date sales tax collections are shown in the chart below. Combined,
the City has received $10.3 million in sales and transactions taxes through
November 2023, as compared to $10.6 million in the same period last year.
Quarter
Payment
Bradley Burns 33060
Measure G 520
MG % of BB
3 July 2023 Advance
$
833,873
$ 1,091,167
130.86%
3 August 2023 Advance
$
725,567
$ 966,223
133.17%
3 September 2023 -3rd Qtr Payment
$
865,626
$ 1,136,836
131.33%
3 Total
2023 $
2,425,066
$ 3,194,227
131.72%
4 October 2023 Advance
$
1,099,316
$ 1,342,070
122.08%
4 November 2023 Advance
$
979,253
$ 1,227,838
125.39%
4 December 2023 4th Qtr Payment
#DIV/0!
4 Total
2023 $
2,078,569
$ 2,569,908
123.64%
1 January 2024 advance
#DIV/0!
1 February 2024 advance
#DIV/0!
1 March 2024 1st Qtr payment
#DIV/0!
1 Total
2024 $
-
$ -
#DIV/0!
2 April 2024 Advance
#DIV/0!
2 May 2024 Advance
#DIV/0!
2 June 2024 - 2nd Qtr Payment
#DIV/0!
2 Total
2024 $
$
#DIV/0!
Attachment 1: HdL Q3 2023 Sales Tax Update
Attachment 2: HdL December 2023 California Forecast
ATTACHMENT 1
CITY OF LA QU I NTA
SALES TAX UPDATE 06 &Ktev
3Q 2023 (JULY - SEPTEMBER)
LA QUINTA -1.5% 1.
TOTAL:4)
• 1COUNTY
*Allocation aberrations have been adjusted to reflect sales activity SALES TAX BY MAJOR BUSINESS GROUP
$1,000,000
$800,000
$600,000
$400,000
Legend
$200,000 Q3 2022*
$0 ■ • Q3 2023*
General Restaurants County Building Autos Fuel and Food Business
Consumer and and State and and Service and and
Goods Hotels Pools Construction Transportation Stations Drugs Industry
CITY OF LA QUINTA HIGHLIGHTS ( D TOP 25 PRODUCERS
La Quinta's receipts from July through
September were 0.9% below the third
sales period in 2022. Excluding reporting
aberrations, actual sales were down 1.5%.
Receipts from fuel -service stations declined
as prices at the pump were significantly
lower than in 3Q22. Additionally, spending
in the building -construction category
is down, with consumers choosing to
conserve and spend only on necessities.
Moreover, high interest rates have created
weakening affordability, putting a damper
on revenue from auto -transportation. The
business -industry sector slumped in the
third quarter of 2023, as new orders stalled
after over -production in 2022.
Receipts from restaurants -hotels dipped
as consumers picked less expensive dining
options. Likewise, consumers continued
to look for ways to save, reducing overall
receipts from general consumer goods.
On the positive, a new business addition
helped to boost totals from food -drugs.
The City's share of the countywide use tax
pool decreased 0.8% 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
$3,205,811 in revenue.
Net of aberrations, taxable sales for all
Riverside County declined 2.0% over the
comparable period; the Southern California
region was down 1.5%.
Arco AM PM
Best Buy
BevMo
Circle K
Cliffhouse
Costco
Floor & Decor
G&MOil
Genesis/Hyundai of La
Quinta
Hobby Lobby
Home Depot
In N Out Burger
Kohls
La Quinta Chevrolet &
Cadillac
La Quinta Resort & Club
Lowes
Marshalls
McDonald's
Ross
Target
TJ Maxx
Torre Nissan
Tower Mart
Ulta Beauty
Walmart Supercenter
HdL° Companies
www.hdlcompanies.com 1888.861.0220 Published by HdL Companies in Winter 2024
(S) STATEWIDE RESULTS
California's local one cent sales and use
tax receipts for sales during the months of
July through September were 1.6% lower
than the same quarter one year ago after
adjusting for accounting anomalies. The
third quarter of the calendar year continued
with a challenging comparison to prior year
growth and stagnating consumer demand
in the face of higher prices of goods.
Fuel and service stations contributed the
greatest overall decline as lower fuel prices
at the pump reduced receipts from gas
stations and petroleum providers. While
global crude oil prices have stabilized, they
remained 15% lower year -over -year. This
decline also impacted the general consumer
goods category as those retailers selling
fuel experienced a similar drop. Despite
OPEC and Russia production cuts having
upward pressure on pricing, global demand
during the winter months has softened.
Along with merchants selling gas, many
other general consumer categories
were also down from the 2022 quarter,
confirming consumers pulling back
on purchases. Home furnishings and
electronic -appliances were a couple of the
largest sectors with the biggest reductions.
As inflation and higher prices were the
main story a year ago, currently it appears
to be a balancing act between wants and
needs, leaving meek expectations for the
upcoming holiday shopping season.
Even following a long, wet first half of 2023,
spending at building and construction
suppliers moderately slowed. The current
high interest rate environment did not help
the summer period and still represents the
largest potential headwind for the industry
with depressed commercial development,
slowing public infrastructure projects
and new housing starts waiting for more
profitable financial conditions.
Despite continued increases of new car
registrations, revenue from the autos -
transportation sector slipped 2.6%. The
improved activity remains mostly attributed
to rental car agencies restocking their fleets.
Like other segments, elevated financing costs
are expected to impede future retail volume.
Use taxes remitted via the countywide
pools dipped 3.0%, marking the fourth
consecutive quarter of decline. While
overall online sales volume is steady, pool
collections dropped with the offsetting
effect of more taxes allocated directly
to local agencies via in-state fulfillment
generated at large warehouses and through
existing retail outlets.
Cons.Goods
Building
12%
Restaurants remained an economic bright
spot through summer exhibiting a 2.6% gain.
As tourism, holiday and business travel are
all expected to have recovered in 2024, the
industry is bracing for implementation of AB
1228 - new CA law setting minimum wages
for'fast food restaurants'.
With one more quarterly result to go in
2023, the recent trend of a moderate decline
appears likely before a recovery in 2024.
Initial reports from the holiday shopping
season reflect a 3% bump in retail sales
compared to 2022. Lingering consumer
confidence may have also received welcome
news as the Federal Reserve considers
softening rates by mid -2024.
Fuel
Others
Pools
14%
Restaurants
16%
Autos/Trans.
10%
*ADJUSTED FOR
ECONOMIC DATA
La Quinta
County
HdL State
Business Type
Q3'23*
Change
Change
Change
Casual Dining
176.5
-1.7%10
1.4%0
2.8%0
Service Stations
118.6
-10.1%0
-7.8%0
-7.4%0
Electronics/Appliance Stores
93.3
-1.7%0
-12.4% 4D
-14.1%10
Quick -Service Restaurants
86.3
5.2%0
1.9%0
2.7%0
Family Apparel
75.5
16.9%10
4.9%0
3.1%0
Specialty Stores
61.3
2.1%10
-1.1%40
-2.0%10
Grocery Stores
60.8
2.7%0
0.0%I0
2.3%0
Fast -Casual Restaurants
31.9
-0.2% ID
1.2%4D
3.3%10
Leisure/Entertainment
31.7
-2.8% ID
7.5%0
8.1%0
Fine Dining
27.1
11.8%0
-9.4%4D
-6.0%4D
*Allnratinn aherratinns have heen arliusterl to reflert .sales nrtivity
*In thousands of dollars
ANIMOR54 0 1 VA
Ll
t
F -I
IM
pet
HduCompanies
888.861.0220 1 solutions@hdlcompanies.com I hdlcompanies.com
HdP STATEWIDE
Companies SALES TAX TRENDS
Overview: Confounding some economy experts, consumer spending did not plunge in 2023. Even as product prices, consumer
patterns and world influences vacillated through the post pandemic economy these past two years, HdL has consistently
not forecasted a recession -based sales tax outlook. Recent trends show inflation has cooled, although not yet hit desired
Federal Reserve targets. Interest rate hikes kept borrowing costs for homes, transportation, and equipment above 2022 levels.
Financing costs are expected to begin a gradual descent in the back half of 2024. Households should stay on a path of placing
greater spending priorities on essential items while deferring non-essential purchases when possible.
2023/2412024/25
m6;, Autos/Transportation - 2.0%
Vehicle owners face the highest level of negative equity in over three
years, a consequence of soaring prices and financing burdens that
have created a precarious situation for recent buyers. Repossessions
are on the rise as used car values plummet from their peak just a year
ago, intensifying financial strain on shoppers, particularly those with
suboptimal credit scores. Consequently, tax revenue from the auto -
transportation sector is anticipated to dip slightly over the next three
quarters. However, as the Federal Reserve gradually relaxes monetary
policies in the upcoming year, there is expectancy of a resurgence
powered by the release of significant pent-up demand that has
accumulated since the onset of the pandemic.
ABuilding/Construction -0.8%13.5%
Cement and asphalt batch plant activity appears to begrowing because
of heightened infrastructure work around the state in addition to
delayed repair projects related to last year's storms. Roofing supply
houses and roofing contractors also saw large sales increases this
fall. Lumber prices have plateaued, but most other commodity rates
are still increasing. Big -box home improvement centers are drawing
fewer customers as shoppers forego appliances and other big-ticket
outlays. Recent mortgage interest rate declines did little to benefit
new development but with rates expected to move toward their new
base by the middle of 2024, new home and commercial development
are expected to accelerate, sparking gradual growth in overall sales
that stabilizes in fiscal year 2026-27.
Business/Industry 2.3%12.2%
As predicted, results rose 3.7% over the year ago quarter - primarily
driven by fulfillment center revenues. Accounting for nearly 30% of
total revenues, fulfillment centers expanded as ecommerce leans into
satisfying more orders from California-based warehouses (places
of sale). Overall, the group posted mixed results. Gains by trailers/
auto parts and energy/utilities were partially offset in reductions of
other segments. Heavy and light industry faced inventory, pricing,
labor and demand challenges that drove down returns significantly.
Considering the influencing variables for these various sectors, HdL
projects modest overall improvement for this diverse category. Given
its unique composition, jurisdictional predictions vary based on the
size and character of these companies within each community.
Food/Drugs 0.1%12.0%
Grocery stores climbed 2.3% in 3Q23 from priced -based gains as
inflationary pressures pushed up revenues despite smaller volumes.
Convenience and drug stores saw weaker sales as consumers
became price sensitive, diverting spending to retailers that are more
affordable or offer better deals. Cannabis declined 3.3% as demand
softened when compared to the spike during the pandemic. Further,
competitive merchant pressure caused a significant drop in the price
of cannabis products. Drug stores should experience shifting in brand
loyalty as one of the major chains begins closing locations throughout
the state. Nevertheless, food -drugs should rise modestly at 1% in the
short term, gradually increasing to 2% in fiscal year 2024-25.
HdL Companies California Forecast
December 2023
2023/2412024/25
Fuel/Service Stations -1.2%10.2%
Tax generators experienced a temporary spike in prices of regular,
diesel, jet fuel and crude oil late in the third quarter and early fourth
quarter of 2023. Given ongoing volatility across the globe, this surge
mitigated a portion of the anticipated drop in associated sales tax in
the third quarter (meaning revenues fell, but less than was forecast).
In addition, future outcomes show a shallower reduction than the
previously anticipated change for the fourth quarter of 2023. The
forecast now reflects slower historical patterns of growth for the
2024 calendar year and long-term annual gains of 2% from fiscal years
2025-2026 through 2028-2029.
General Consumer Goods -0.9%11.4%
The third quarter 2023 performance slightly outpaced our
expectations but still sustained a mild contraction in tax payments.
This was driven by tighter family budgets while previously mentioned
headwinds permeated the economy in the form of elevated interest
rates, diminished savings, and the anticipation of student loan debt
payments resuming. Most recent readings of consumer confidence
and sentiment reflect favorable expectations for general merchandise
sellers. Many retailers have kept their guidance stagnant but strength
remains in off-price concepts as consumers enjoy the treasure hunt
experience. The outlook for the group remains soft with mild growth
returning in the second half of 2024.
Restaurants/Hotels 2.9%13.7%
Menu prices should continue to rise, but at a slower pace than last
year. In 2Q24, AB 1228 takes effect, requiring new minimum wages
for fast-food restaurants (defined as part of a national fast-food chain
with sixty or more establishments Nationally). This law contributes
to these rising prices; of note, a few major corporations already
announced intent to pass costs along to patrons. Restaurants are
strategically offering deals to entice consumers to keep eating out.
Hotel room rates should flatten out, but not drop as vacancy levels
remain steady. The one segment that is seeing decline is fine dining as
guests opt for more price -conscious alternatives.
State and County Pools -1.1%12.0%
" Long-standing eccentricity in sales tax laws led to use taxes paid into
county pools declining for the fourth consecutive quarter. Returns for
many online merchants are up. More in-state fulfillment has diverted
tax allocations away from pools and toward fulfillment center sites
as noted in the Business -Industry group, however. Early holiday
sales reports showed ecommerce trends produced greater shopper
penetration as increases for the entire Cyber 5 period (Thanksgiving
through Cyber Monday) rose at a faster pace than the same period
of 2022. Acknowledging continuously changing tax distributions to
local agencies alongwith more buy online, pick up in store activity, FY
2023-24 results fell slightly. Outer year's projections capture 2 to 3%
per annum growth for pool -based revenues.
r* NATIONAL AND STATEWIDE
Ecomom�Cs ECONOMIC DRIVERS
2023/2412024/25
U.S. Real GDP Growth 2.5%11.9%
NMI Real GDP growth in the third quarter of 2023 came in at 5.2%, a
significant acceleration from 2.1% growth in the second quarter.
Consumer spending and inventory investment largely drove rapid GDP
growth in the third quarter. The U.S. consumer remains a powerhouse,
constituting nearly 70% of all economic activity in the nation. Beacon
Economics' forecast also cal Is for a slowing (not recession) of economic
growth in 2024 from the current pace, seeing a different pattern of
growth than the Fed. Beacon predicts that consumer demand may
continue to keep inflation above the Fed's target. This, in turn, means
the Fed may not loosen as they are predicting, leading to a more
challenging environment for credit -sensitive parts of the economy.
According to the GDPNow estimate from the Atlanta Fed, growth in
the fourth quarter of 2023 could come in between 2% and 3%.
00 CA Unemployment Rate 4.7%15.0%
On a quarterly basis, employment has declined in each month going
back to July. Similarly, the state's unemployment rate increased to 4.8%
in October, up from 4.1%a year earlier. During the peak of California's
labor market in July 2022, there were roughly 2job openings for every
unemployed worker. Since then however, the number of job openings
and job seekers has converged. In September 2023, there were an
estimated 911,000 job openings and 913,500 job seekers, yielding
a ratio of 1.003. A ratio of 1 means there is 1 job opening for every
unemployed person.
CA Total Nonfarm
1 ; Employment Growth 1.9%10.7%
After 29 months of post -pandemic job growth dating back to April
2021, employment growth in California was flat in September and
declined in October. California's total nonfarm employment has
grown 17.9% since the trough of the pandemic; however, employment
declined 0.2% year -over -year in October, the latest data available.
Furthermore, on a quarterly basis, employment has declined in each
month going back to July. The cooling labor market is a lagged response
to interest rate hikes during the past year and a half. Additionally,
employment growth in California is constrained by the state's high
housing costs, which have contributed to significant net domestic
migration losses.
2023/2412024/25
U.S. Unemployment Rate 3.9%14.3%
11 ■ Unemployment in the nation remains rock bottom with rates at
3.7% in November, and 3.7% overall in the third quarter of 2023. In
October, there were 0.7 unemployed persons for every job opening,
indicating a tight labor market, despite higher interest rates. The U.S.
job openings rate was 5.3% in October, 2.1 percentage points lower
than its peak of 7.4% in March 2022, but still higher than before the
Pandemic. Moreover, the labor force participation rate continues to
increase, suggesting that rising income is having the expected effect of
expanding labor supply, albeit at too slow of a pace.
CA Residential
Building Permits
140,295 1 146,633
California's housing shortage is deep. By some estimates, the state
was 3.5 million homes short of what it needed to accommodate its
population in 2016. While the state has been building housing units
at a rapid pace (about 450,000 units since the beginning of 2020 to
the third quarter of 2023, according to the California Department
of Finance), that pace of building will need to be sustained and/or
accelerated over a decade or more to change the market. Additionally,
the CDF's updated forecasts showing a flatlined population growth
in California over the next several decades will also need to hold.
•�i. CA Median Existing
1J Home Price $696,863 1 $723,489
After nine months of year -over -year declines stretching back to
October 2022, the median sale price for an existing single-family home
in California returned to growth in July, rising 1.3%. Since then, price
growth has accelerated, reaching 7.6% year -over -year in October
2023, the most recent month of data available. Currently, home prices
are 38.5% above the pre -pandemic peak in February 2020, and 1.6%
below the pandemic peak in March 2022. On a quarterly basis, Beacon
Economics expects home prices to surpass the pandemic peak by mid
2024. The state's severe housing shortage is a major reason why prices
have returned to growth even though sales are still declining. Existing
homeowners who are reluctant to sell because they are "locked -in" to
low mortgage rates are further exacerbating the housing shortage.
Watchourwebinar 0
for more info! 0
HdL Companies California Forecast
December 2023
HdE° Comp
Delivering Insight, Revenue, and Efficiency
to Local Government
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
HdUs 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
FEBRUARY 7,2024
Financial Advisory Commission
Meeting
February 7, 2024
l
•.
- .'r
T
a CAL
Financial Advisory Commission
B1 — 2022/23 Year -End Budget Report
Report Content
Revenues Expenditures
Reserve
Summary
Carryovers
Exhibits
2/7/2024
w
Tax Revenue
61,746,700
65,145,998
3,399,298
Licenses & Permits
3,461,200
3,994,913
533,713
Intergovernmental
9,378,000
9,989,060
611,060
Charges for Services
1,391,100
1,558,859
167,759
Fines, Forfeitures & Abatements
522,000
563,495
41,495
Use of Money & Property
2,855,000
2,161,178
(693,822)
Miscellaneous/Transfers In
6,395,100
7,479,742
1,084,642
Total Revenues
85,749,100
90,893,246
5,144,145
Investments Fair Market Value Adjustment 893,437 893,437
RDA Loan Interest Earned, Extraordinary Gain (381,192) (381,192)
512,245 512,245
0
3
Carryovers to 2023/24
Capital Improvements
■ Total $22,623,372
■ For 26 Projects and CIP Savings, detailed in Exhibit C
Operating
■ Total $2,600,009
Other Funds
■ Total $7,623,201
Reserve/Fund Balance I As of June 30, 2022 11 As of June 30, 2023 11 Change in Value
TOTAL FUND BALANCE 165,907,013 11 185,977,51111 20,070,498
Advances to Other
Due from Other Governments.11
Non-SpendableTotal
Restricted
•
1
1 1
Committed
Operational Carryovers
1,209,100
2,600,009
1,390,90
Cash Flow Reserve
Natural Disaster Reserve
5,000,000
10,000,000
5,000,000
15,000,000
-
5,000,0
Economic Disaster
11,000,000
13,000,000
2,000,0
Capital Replacement Reserve
Total Committed
10,000,000
37,209,100
12,000,000
47,600,009
2,000,0
10,390,90
Assigned
Public Safety Fire Services
11,183,821
11,986,970
803,149
Measure G Sales Tax
15,355,043
29,214,191
13,859,148
Capital Projects
30,761,847
22,623,372
(8,138,475)
Total Assiqned
57,300,711
63,824,533
6,523,822
TOTAL FUND BALANCE 165,907,013 11 185,977,51111 20,070,498
Measure G Summary
REVENUES SINCE INCEPTION
$77 MILLION
$18 I
51� —
514 —
512
n
n 510
5$
58
24 _
W17 17118 18!18 :912Q 29121 21M 22x23
Rua I Year
■ FY 22-23 Measure G Revenue : $16.1 million
■ Revenues since inception: $77 million
On the Horizon
--a-- - , 1 4-,"
Fiscally healthy & well managed
resources
Maintenance & preservation
of roads, landscape, &
facilities
■ IID/Undergrounding Utilities
. ■ Sphere of Influence
The Financial Advisory Commission's
Next Regular Quarterly Meeting is on
May 8, 2024
F
OWL.
a