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2024 04 03 FAC Special Meeting0aiAt(v� GEM of the DESERT — NOTICE AND CALL OF SPECIAL MEETING OF THE LA QUINTA FINANCIAL ADVISORY COMMISSION TO THE MEMBERS OF THE LA QUINTA FINANCIAL ADVISORY COMMISSION AND TO THE COMMISSION SECRETARY: NOTICE IS HEREBY GIVEN that a Special Meeting of the La Quinta Financial Advisory Commission is hereby called to be held on Wednesday, April 3, 2024, starting at 4:00 p.m.; at La Quinta City Hall located at 78495 Calle Tampico, La Quinta, CA 92253 for the following purpose: ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS 1. SALES TAX TRENDS PRESENTATION BY HDL COMPANIES DIRECTOR OF CLIENT SERVICES BOBBY YOUNG CONSENT CALENDAR 1. APPROVE MEETING MINUTES DATED FEBRUARY 7, 2024 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED DECEMBER 31, 2023 3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED JANUARY 31, 2024 BUSINESS SESSION 1. RECEIVE AND FILE SECOND QUARTER FISCAL YEAR 2023/24 TREASURY REPORTS FOR OCTOBER, NOVEMBER, AND DECEMBER 2023 2. RECEIVE AND FILE FISCAL YEAR 2023/24 BUDGET UPDATE REPORT STUDY SESSION 1. DISCUSS PROJECTS TO BE INCLUDED IN FISCAL YEARS 2024/25 THROUGH 2028/29 CAPITAL IMPROVEMENT PROGRAM 2. DISCUSS THE 2024 ANNUAL COMMUNITY WORKSHOP AND 2024/25 BUDGET PROCESS DEPARTMENTAL REPORTS 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES Dated: March 28, 2024 /sl XeLth DorseL/ Keith Dorsey, Chairperson Attest: Jessica Delgado, Commission Secretary DECLARATION OF POSTING I, Jessica Delgado, Commission Secretary, do hereby declare that the foregoing notice for the La Quinta Financial Advisory Commission Special Meeting of April 3, 2024, was posted on the outside entry to the Council Chamber at 78495 Calle Tampico, and on the bulletin board at 51321 Avenida Bermudas on March 28, 2024. Jessica Delgado, Commission Secretary FINANCIAL ADVISORY COMMISSION Page 1 of 1 SPECIAL MEETING Dated: March 28, 2024 APRIL 3. 2024 ta Qa�Kta (;EmafthrD SEU — Financial Advisory Commission agendas and staff reports are now available on the City's web page: www.laquintaca._gov SPECIAL MEETING FINANCIAL ADVISORY COMMISSION AGENDA CITY HALL COUNCIL CHAMBER 78495 Calle Tampico, La Quinta WEDNESDAY, APRIL 3, 2024, AT 4:00 P.M. ****************************** Members of the public may listen to this meeting by tuning -in live via http://laguinta.12milesout.com/video/live. CALL TO ORDER ROLL CALL: Commissioners: Anderson, Batavick, Kiehl, 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 SALES TAX TRENDS PRESENTATION BY HDL COMPANIES DIRECTOR OF CLIENT SERVICES BOBBY YOUNG CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. 1. APPROVE MEETING MINUTES DATED FEBRUARY 7, 2024 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED DECEMBER 31, 2023 3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED JANUARY 31, 2024 FINANCIAL ADVISORY COMMISSION AGENDA Page 1 of 4 APRIL 3, 2024 SPECIAL MEETING BUSINESS SESSION 1. RECEIVE AND FILE SECOND QUARTER FISCAL YEAR 2023/24 TREASURY REPORTS FOR OCTOBER, NOVEMBER, AND DECEMBER 2023 2. RECEIVE AND FILE FISCAL YEAR 2023/24 BUDGET UPDATE REPORT STUDY SESSION 1. DISCUSS PROJECTS TO BE INCLUDED IN FISCAL YEARS 2024/25 THROUGH 2028/29 CAPITAL IMPROVEMENT PROGRAM 2. DISCUSS THE 2024 ANNUAL COMMUNITY WORKSHOP AND 2024/25 BUDGET PROCESS DEPARTMENTAL REPORTS FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES 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 special meeting of April 3, 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 March 28, 2024. DATED: March 28, 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 FINANCIAL ADVISORY COMMISSION AGENDA Page 2 of 4 APRIL 3, 2024 SPECIAL MEETING 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: 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.]. FINANCIAL ADVISORY COMMISSION AGENDA Page 3 of 4 APRIL 3, 2024 SPECIAL MEETING TELECONFERENCE ACCESSIBILITY — INSTRUCTIONS Teleconference accessibility may be triggered in accordance with AB 2449 (Stats. 2022, Ch. 285), codified in the Brown Act (Government Code § 549531, if a member of the Commission requests to attend and participate in this meeting remotely due to `just cause" or "emergency circumstances," as defined, and only if the request is approved. In such instances, remote public accessibility and participation will be facilitated via Zoom Webinar as detailed at the end of this Agenda. *** TELECONFERENCE PROCEDURES — PURSUANT TO AB 2449*** APPLICABLE ONLY WHEN TELECONFERENCE ACCESSIBILITY IS IN EFFECT Verbal public comments via Teleconference — members of the public may attend and participate in this meeting by teleconference via Zoom and use the "raise your hand" feature when public comments are prompted by the Chair; the City will facilitate the ability for a member of the public to be audible to the Commission and general public and allow him/her/they to speak on the item(s) requested. Please note — members of the public must unmute themselves when prompted upon being recognized by the Chair, in order to become audible to the Commission and the public. Only one person at a time may speak by teleconference and only after being recognized by the Chair. ZOOM LINK: https://us06web.zoom.us/1/82853067939 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 APRIL 3, 2024 SPECIAL MEETING CALL TO ORDER CONSENT CALENDAR ITEM NO. 1 FINANCIAL ADVISORY COMMISSION MINUTES WEDNESDAY, FEBRUARY 7, 2024 A regular 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 (joined the meeting at 4:03 p.m.) and Chair Dorsey ABSENT: None PLEDGE OF ALLEGIANCE Commissioner Batavick led the audience in the Pledge of Allegiance. PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA — None CONFIRMATION OF AGENDA — Confirmed COMMISSIONER WAY JOINED THE MEETING AT 4:03 P.M. ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS — None CONSENT CALENDAR ITEMS 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 CONSENT CALENDAR ITEM NO. 2 — Discussion The Commission and staff discussed the reduction in development impact fees (DIF) was due to decrease in building activity; land acquisition expense for Highway 111 and Dune Palms of $3,583,426 (utilizing housing funds and slated for a future affordable housing development), listed on Top Five Expenditures/Outlays for October - Non -General Fund, noted on page 2 of the staff report; and the Highway Bridge Program federal funding reimbursement of $1,972,448, and the Coachella Valley Association of Governments (CVAG) reimbursement of $794,818, which are both for the Dune Palms bridge project, listed on the October 2023 report, noted on page 2 of the staff report. FINANCIAL ADVISORY COMMISSION MINUTES Page 1 of 3 FEBRUARY 7, 2024 Motion — A motion was made and seconded by Commissioners Batavick/Mills to approve the Consent Calendar as submitted. Motion passed unanimously. BUSINESS SESSION 1. RECEIVE AND FILE FISCAL YEAR 2022/23 GENERAL FUND YEAR-END BUDGET REPORT Finance Director Martinez presented the staff report, which is on file in the Finance Department. The Commission and staff discussed the general fund revenue variances; capital improvement program (CIP) carryover budget; efforts underway to identify funding options for electrical substation infrastructure improvements to increase capacity to allow future developments in the city; the Village Undergrounding Feasibility Study, available funding options, approval process, associated costs, and the community's interest in undergrounding utilities; and the different economic forecasting reports utilized for budget projections. Motion — A motion was made and seconded by Commissioners Mills/Way to receive and file fiscal year 2022/23 general fund year-end budget report as submitted. 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. Finance Director Martinez thanked the Auditing Services subcommittee, which consisted of Commissioners Anderson and Dorsey, for their time and review of the City's request for proposals submitted for auditing services. The subcommittee provided an overview of their review and experience of the interview process with the firms. The Commission inquired about the timeline for completing the City's Annual Comprehensive Financial Reports (ACFR). Staff said that the ACFR will be completed by the end of February 2024 and the root cause for the delay in audit process is due to the new implementations required by the Government Accounting Standards Board. 2. THIRD QUARTER 2023 (JULY -SEPTEMBER) SALES TAX UPDATE FOR THE CITY OF LA QUINTA FINANCIAL ADVISORY COMMISSION MINUTES Page 2 of 3 FEBRUARY 7, 2024 The Commission and staff discussed timeline for staff receiving the HDL Companies California forecast sales tax trends report, included as Attachment 2 to the departmental report. COMMISSIONERS' ITEMS The Commission requested staff provide reports and presentations to the Commission in advance of them being presented to Council so that proper recommendations may be given prior to Council consideration. Finance Director Martinez explained every effort is made to present items within the Commission's purview prior to Council consideration, which at times cannot be accommodated due to meeting dates scheduling conflicts for the Commission; however, in such rare occasions, the reports are provided to the Commission in advance for the Commission's review, comments and/or recommendations prior to Council meetings. Additionally, Finance Director Martinez mentioned that some reports are informative to the Commission, which are not under the Commission's purview nor require recommendations or approval. The Commission asked if staff could provide a listing of reports that require review and recommendations prior to presenting them to Council. Commissioner Mills asked if there will be a special meeting on Wednesday, April 3, 2024. Staff confirmed. Commissioner Anderson mentioned receiving an email from City Clerk's Office regarding completing Statements of Economic Interests — Form 700, which is due by April 1, 2024. ADJOURNMENT There being no further business, it was moved and seconded by Commissioners Batavick/Mast to adjourn this meeting at 5:09 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 FEBRUARY 7, 2024 CONSENT CALENDAR ITEM NO. 2 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: April 3, 2024 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED DECEMBER 31, 2023 RECOMMENDATION Receive and file revenue and expenditure report dated December 31, 2023. EXECUTIVE SUMMARY • The report summarizes the City's year-to-date (YTD) revenues and period expenditures for December 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, including carryovers from the prior fiscal year. Period Activity— represents actual revenues received and expenditures outlaid in the reporting month. Fiscal Activity — represents actual revenues received and expenditures outlaid YTD. Variance Favorable/(Unfavorable) - represents the dollar difference between YTD collections/expenditures and the current budgeted amount. Percent Used— represents the percentage activity as compared to budget. General Fund (GF) December 2023 Revenues Percent of MTD YTD Budget $6,668,170 $18,940,083 24.13% Comparison to 2022 Percent of YTD Budget $19,909,227 29.14% All Funds $18,930,696 $44,061,424 22.36% $33,907,681 19.06% Property Tax December 2023 Expenditures Comparison to 2022 Allocated Interest $ 565,219 Percent of $ Percent of SilverRock Green Fees MTD YTD Budget YTD Budget $17,453,167 17.45% General Fund $10,567,852 $23,622,097 23.86% Payroll (GF) $1,027,569 $5,870,845 43.85% $6,855,961 49.68% All Funds $19,013,938 $66,349,059 29.07% $44,565,946 21.00% Total revenue and expenditure figures are inclusive of internal accounting entries such as transfers in/out and internal service fund quarterly allocations, which are not reflected individually in the Top Five chart. General Fund Top Five Revenue/Income Sources for December Non -General Fund General Fund Sheriff Contract (Sept/Oct) Non -General Fund 1,191,239 Capital Improvement Program - Construction(l) Property Tax $ 2,393,086 Allocated Interest $ 565,219 Measure G Sales Tax $ 1,342,070 SilverRock Green Fees $ 525,613 Transient Occupancy (Hotel) Tax $ 1,232,179 Pension Trust Earnings $ 227,727 Sales Tax $ 1,099,316 OPEB Trust Earnings $ 182,134 Fire Service Credit $ 107,046 County Sales Tax Measure A $ 170,436 General Fund Non -General Fund Sheriff Contract (Sept/Oct) $ 1,191,239 Capital Improvement Program - Construction(l) $ 4,465,091 Contract Legal Services $ 210,828 SilverRock Maintenance $ 244,640 Parks Maintenance Services $ 136,761 Lighting & Landscape Maintenance Contract $ 149,596 Parks Landscape Maintenance Contract $ 134,622 Information Technology Management Services $ 79,263 (1)CIP Construction: Dune Palms Bridge, pavement management plan slurry sealing, and Fred Waring pavement rehab (2)C IF Design: Contracted design expenses associated with cultural campus, Fritz Burns Park master plan, landscape conversions and Civic Center lake/irrigation projects. 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 December 31, 2023 ta �a C:r11.1PUHtir1 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 1 For Fiscal: 2023/24 Period Ending: 12/31/2023 Revenue Summary Accounts are subject to adjusting entries and audit. The City's Annual Comprehensive Financial Report, published annually, is the best resource for all final audited numbers. Page 1 of 3 Variance Original Current Period Fiscal Favorable Percent Total Budget Total Budget Activity Activity (Unfavorable) Used 78,478,100 78,478,100 6,668,170 18,940,083 -59,538,017 24.13% 15,000 15,000 0 -8,794 -23,794 58.63% 2,458,600 2,458,600 662,016 1,284,090 -1,174,510 52.23% 2,922,000 2,922,000 180 -7,745 -2,929,745 0.27% 2,500 2,500 0 -179 -2,679 7.17% 156,000 336,349 9,739 180,347 -156,002 53.62% 101,500 101,500 8,333 24,573 -76,927 24.21% 2,992,000 2,992,000 2,000,000 2,016,316 -975,684 67.39% 50,000 50,000 0 0 -50,000 0.00% 70,000 70,000 0 15,036 -54,964 21.48% 2,028,000 2,028,000 170,436 467,063 -1,560,937 23.03% 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 1,304 7,743 -12,757 37.77% 0 0 55 14,012 14,012 0.00% 55,000 55,000 0 -75 -55,075 0.14% 0 0 0 -165 -165 0.00% 1,401,500 1,401,500 109,547 952,913 -448,587 67.99% 30,000 30,000 0 -3,375 -33,375 11.25% 20,000 20,000 6,338 47,812 27,812 239.06% 36,000 1,423,009 20,943 38,877 -1,384,132 2.73% 1,520,000 1,520,000 92,207 124,516 -1,395,484 8.19% 751,500 751,500 48,438 101,029 -650,471 13.44% 501,500 501,500 28,290 34,443 -467,057 6.87% 100,000 100,000 9,131 10,322 -89,678 10.32% 252,500 252,500 21,988 23,988 -228,512 9.50% 1,000 1,000 0 -71 -1,071 7.10% 100 100 0 -7 -107 6.69% 151,500 151,500 8,487 10,206 -141,294 6.74% 101,000 101,000 7,199 9,359 -91,641 9.27% 154,000 154,000 50,908 72,371 -81,629 46.99% 2,500 2,500 2,000 1,953 -547 78.12% 0 0 565,219 3,413,722 3,413,722 0.00% 1,100 1,100 0 0 -1,100 0.00% 17,950,700 89,820,762 5,155,291 10,118,950 -79,701,812 11.27% 1,500 1,500 0 -5 -1,505 0.36% 1,685,000 1,685,000 373,750 753,274 -931,726 44.70% 2,256,708 2,256,708 765,691 1,539,026 -717,682 68.20% 470,000 470,000 250,000 496,660 26,660 105.67% 1,362,230 1,362,230 215,308 555,073 -807,157 40.75% 5,277,950 5,277,950 1,182,867 2,398,806 -2,879,144 45.45% 87,000 87,000 82,000 81,446 -5,554 93.62% 6,000 6,000 5,000 4,931 -1,069 82.18% 20,000 20,000 182,134 100,758 80,758 503.79% 100,000 100,000 227,727 242,158 142,158 242.16% 123,608,488 197,045,908 18,930,696 44,061,424 -152,984,484 22.36% 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 Budget Report No Decimals CC RevExp Fund 101 -GENERAL 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 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 259 - MAINTENANCE FACILITIES D 270 - ART IN PUBLIC PLACES FUNC 310 - LQ FINANCE AUTHORITY DEE 401- CAPITAL IMPROVEMENT PR( 501- FACILITY & FLEET REPLACEM 502 - INFORMATION TECHNOLOG' 503 - PARK EQUIP & FACILITY FUN 504 - INSURANCE FUND 601- SILVERROCK RESORT 760 -SUPPLEMENTAL PENSION PL 761- CERBT OPEB TRUST 762 - PARS PENSION TRUST Report Total: For Fiscal: 2023/24 Period Ending: 12/31/2023 Fund 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 Total Budget Total Budget Activity Activity (Unfavorable) Used 72,828,750 99,002,131 10,567,852 23,622,097 75,380,033 23.86% 2,802,400 4,811,461 1,183,509 1,648,132 3,163,329 34.25% 2,240,160 4,934,483 161,816 351,180 4,583,304 7.12% 0 41,687 9,687 9,687 32,000 23.24% 156,300 336,649 180,349 180,349 156,300 53.57% 100,000 100,000 9,678 22,230 77,770 22.23% 3,186,915 3,353,915 306,021 1,109,339 2,244,576 33.08% 0 445,176 0 0 445,176 0.00% 150,000 150,000 13,298 85,832 64,168 57.22% 1,865,000 4,810,319 1,001,214 2,594,434 2,215,886 53.93% 12,000 12,000 200 9,950 2,050 82.92% 5,000 5,000 0 0 5,000 0.00% 5,500 5,500 0 0 5,500 0.00% 0 0 0 15,000,437 -15,000,437 0.00% 54,000 54,000 2,369 10,061 43,939 18.63% 0 0 0 2,600 -2,600 0.00% 1,596,340 1,996,340 172,282 1,012,331 984,009 50.71% 250,000 300,000 0 0 300,000 0.00% 31,500 31,500 849 20,405 11,095 64.78% 250,000 3,824,192 0 3,582,426 241,766 93.68% 550,000 1,669,775 1,335 401,335 1,268,440 24.04% 650,000 1,121,285 7,715 7,715 1,113,570 0.69% 0 249,925 0 0 249,925 0.00% 15,000 15,000 0 0 15,000 0.00% 0 125,000 0 0 125,000 0.00% 180,000 180,000 0 0 180,000 0.00% 233,000 742,711 15,488 43,913 698,798 5.91% 1,100 1,100 0 0 1,100 0.00% 17,950,700 84,998,963 4,573,166 11,129,662 73,869,301 13.09% 1,448,750 2,331,044 52,767 242,606 2,088,438 10.41% 3,082,620 3,277,620 146,690 1,068,553 2,209,067 32.60% 2,242,200 3,092,200 6,863 652,773 2,439,427 21.11% 1,118,000 1,118,000 452 1,106,416 11,584 98.96% 5,034,993 5,034,993 597,365 2,405,684 2,629,309 47.78% 12,850 12,850 0 12,833 17 99.87% 1,800 1,800 388 782 1,018 43.46% 30,000 30,000 2,585 15,296 14,704 50.99% 118,084,878 228,216,619 19,013,938 66,349,059 161,867,560 29.07% 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: April 3, 2024 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED JANUARY 31, 2024 RECOMMENDATION Receive and file revenue and expenditure report dated January 31, 2024. EXECUTIVE SUMMARY • The report summarizes the City's year-to-date (YTD) revenues and period expenditures for January 2024 (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, including carryovers from the prior fiscal year. Period Activity— represents actual revenues received and expenditures outlaid in the reporting month. Fiscal Activity — represents actual revenues received and expenditures outlaid YTD. Variance Favorable/(Unfavorable) - represents the dollar difference between YTD collections/expenditures and the current budgeted amount. Percent Used— represents the percentage activity as compared to budget. Top Five Revenue/Income Sources for Janua General Fund 2024 Expenditures Comparison to 2023 Non -General Fund Percent of Property Tax $ 3,764,286 County GovernmentRevenue(l) $ 5,138,906 Transient Occupancy Tax (TOT) $ 1,438,795 Highway Bridge Program (Dune Palms Reimbursement) $ 2,101,680 Measure G Sales Tax $ 1,227,838 SilverRock Green Fees $ 773,179 Sales Tax $ 979,253 Lighting and Landscape District Assessments $ 526,449 STVR Re istratin Fee $ 116,750 Allocated Interest $ 466,743 Ton Five Expenditures/Outlays for Janua General Fund 2024 Expenditures Comparison to 2023 Non -General Fund Percent of Visit Greater Palm Springs $ 97,348 Capital Improvement Program- Construction (2) $ 1,401,019 Marketing & Tourism Promotions $ 70,425 SilverRock Maintenance $ 180,404 Parks Landscape Maintenance Contract $ 67,311 Computers $ 92,071 Parks Maintenance Services $ 35,789 Housing Authority Rental Expenses $ 89,905 Electricity/Utilities $ 33,044 Capital Improvement Program - Design (3) $ 87,086 (')Dedicated revenue from the Redevelopment Property Tax Trust Fund (RPTTF) for Successor Agency semi-annual debt service obligations. (2)CIP Construction: Fred Waring pavement rehab; Dune Palms bridge (3)C IP Design: Cultural Campus and Hwy 111 corridor January 2024 Revenues Comparison to 2023 Percent of Percent of MTD YTD Budget YTD Budget General Fund (GF) $8,098,606 $27,038,689 34.45% $27,980,061 38.05% All Funds $17,883,690 $62,070,114 32.00% $51,225,634 27.76% January 2024 Expenditures Comparison to 2023 Percent of Percent of MTD YTD Budget YTD Budget General Fund $1,469,790 $25,199,937 25.45% $20,773,149 20.06% Payroll (GF) $779,926 $6,758,820 50.48% $7,571,730 54.87% All Funds $4,243,154 $70,794,239 31.02% $50,649,776 22.93% 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 January 31, 2024 ta aiifra 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 1 For Fiscal: 2023/24 Period Ending: 01/31/2024 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 8,098,606 27,038,689 -51,439,411 34.45% 15,000 15,000 0 -8,794 -23,794 58.63% 2,458,600 2,458,600 144,340 1,428,430 -1,030,170 58.10% 2,922,000 2,922,000 399 -7,346 -2,929,346 0.25% 2,500 2,500 0 -179 -2,679 7.17% 156,000 336,349 0 180,347 -156,002 53.62% 101,500 101,500 8,333 32,906 -68,594 32.42% 2,992,000 2,992,000 526,449 2,542,766 -449,234 84.99% 50,000 50,000 0 0 -50,000 0.00% 70,000 70,000 7,220 22,255 -47,745 31.79% 2,028,000 2,028,000 298,842 765,905 -1,262,095 37.77% 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 9,159 -11,341 44.68% 0 0 5,138,963 5,152,975 5,152,975 0.00% 55,000 55,000 13,506 13,431 -41,569 24.42% 0 0 0 -165 -165 0.00% 1,401,500 1,401,500 155,278 1,108,190 -293,310 79.07% 30,000 30,000 0 -3,375 -33,375 11.25% 20,000 20,000 3,207 51,019 31,019 255.10% 36,000 1,423,009 0 38,877 -1,384,132 2.73% 1,520,000 1,520,000 8,018 132,534 -1,387,466 8.72% 751,500 751,500 4,212 105,241 -646,259 14.00% 501,500 501,500 2,460 36,903 -464,597 7.36% 100,000 100,000 794 11,116 -88,884 11.12% 252,500 252,500 1,912 25,900 -226,600 10.26% 1,000 1,000 0 -71 -1,071 7.10% 100 100 0 -7 -107 6.69% 151,500 151,500 738 10,944 -140,556 7.22% 101,000 101,000 626 9,985 -91,015 9.89% 154,000 154,000 3,257 75,628 -78,372 49.11% 2,500 2,500 0 1,953 -547 78.12% 0 0 466,743 3,880,465 3,880,465 0.00% 1,100 1,100 0 0 -1,100 0.00% 17,950,700 89,820,762 2,149,829 12,268,779 -77,551,983 13.66% 1,500 1,500 0 -5 -1,505 0.36% 1,685,000 1,685,000 21,790 775,064 -909,936 46.00% 2,256,708 2,256,708 3,275 1,542,301 -714,407 68.34% 470,000 470,000 0 496,660 26,660 105.67% 1,362,230 1,362,230 0 680,073 -682,157 49.92% 5,277,950 5,277,950 835,004 3,233,811 -2,044,139 61.27% 87,000 87,000 0 81,446 -5,554 93.62% 6,000 6,000 0 4,931 -1,069 82.18% 20,000 20,000 0 100,758 80,758 503.79% 100,000 100,000 -11,528 230,630 130,630 230.63% 123,608,488 197,045,908 17,883,690 62,070,114 -134,975,794 31.50% 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: 01/31/2024 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 99,002,131 1,469,790 25,199,937 73,802,193 25.45% 201- GAS TAX FUND 2,802,400 4,811,461 83,958 1,741,615 3,069,847 36.20% 202 - LIBRARY & MUSEUM FUND 2,240,160 4,934,483 34,470 386,150 4,548,333 7.83% 203 - PUBLIC SAFETY FUND (MEAS 0 41,687 0 9,687 32,000 23.24% 210 - FEDERAL ASSISTANCE FUND 156,300 336,649 0 180,349 156,300 53.57% 212 - SLESA (COPS) FUND 100,000 100,000 0 22,230 77,770 22.23% 215 - LIGHTING & LANDSCAPING F 3,186,915 3,353,915 224,571 1,337,485 2,016,430 39.88% 220 - QUIMBY FUND 0 445,176 0 0 445,176 0.00% 221- AB 939 - CALRECYCLE FUND 150,000 150,000 7,400 93,153 56,847 62.10% 223 - MEASURE A FUND 1,865,000 4,810,319 7,806 2,602,239 2,208,080 54.10% 226 - EMERGENCY MANAGEMENT 12,000 12,000 0 9,950 2,050 82.92% 227 - STATE HOMELAND SECURIT) 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 15,255 25,316 28,684 46.88% 237 - SUCCESSOR AGCY PA 1 ADM 0 0 3,250 5,850 -5,850 0.00% 241- HOUSING AUTHORITY 1,596,340 1,996,340 127,500 1,143,182 853,158 57.26% 243 - RDA LOW -MOD HOUSING FL 250,000 300,000 0 0 300,000 0.00% 247 - ECONOMIC DEVELOPMENT 1 31,500 31,500 0 20,405 11,095 64.78% 249 - SA 2011 LOW/MOD BOND FI 250,000 3,824,192 0 3,582,426 241,766 93.68% 250 -TRANSPORTATION DIFFUNC 550,000 1,669,775 0 401,335 1,268,440 24.04% 251- PARKS & REC DIF FUND 650,000 1,121,285 0 7,715 1,113,570 0.69% 252 - CIVIC CENTER DIF FUND 0 249,925 0 0 249,925 0.00% 253 - LIBRARY DEVELOPMENT DIF 15,000 15,000 0 0 15,000 0.00% 254 - COMMUNITY & CULTURAL C 0 125,000 0 0 125,000 0.00% 259 - MAINTENANCE FACILITIES D 180,000 180,000 0 0 180,000 0.00% 270 - ART IN PUBLIC PLACES FUNC 233,000 742,711 16,859 60,772 681,939 8.18% 310 - LQ FINANCE AUTHORITY DEE 1,100 1,100 0 0 1,100 0.00% 401- CAPITAL IMPROVEMENT PR( 17,950,700 84,998,963 1,540,405 12,747,172 72,251,790 15.00% 501- FACILITY & FLEET REPLACEM 1,448,750 2,331,044 44,462 287,068 2,043,976 12.31% 502 - INFORMATION TECHNOLOG' 3,082,620 3,277,620 178,876 1,247,429 2,030,191 38.06% 503 - PARK EQUIP & FACILITY FUN 2,242,200 3,092,200 21,650 674,423 2,417,777 21.81% 504 - INSURANCE FUND 1,118,000 1,118,000 196 1,106,612 11,388 98.98% 601- SILVERROCK RESORT 5,034,993 5,034,993 464,023 2,869,707 2,165,286 57.00% 760 -SUPPLEMENTAL PENSION PL 12,850 12,850 0 12,833 17 99.87% 761- CERBT OPEB TRUST 1,800 1,800 0 782 1,018 43.46% 762 - PARS PENSION TRUST 30,000 30,000 2,683 17,979 12,021 59.93% Report Total: 118,084,878 228,216,619 4,243,154 70,794,239 157,422,380 31.02% 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: April 3, 2024 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE SECOND QUARTER FISCAL YEAR 2023/24 TREASURY REPORTS FOR OCTOBER, NOVEMBER, AND DECEMBER 2023 RECOMMENDATION Receive and file the second quarter fiscal year 2023/24 Treasury Reports for October, November, and December 2023. BACKGROUND/ANALYSIS Commentary and Summary of Significant Activity The total book value of the portfolio decreased $3.0 million, from $231.4 million at the end of September to $228.4 million at the end of December. In addition to normal operating revenue and expenditures, the City made several large payments for CIP street paving and bridge projects, along with a land purchase that may be designated as a future site for affordable housing. The portfolio is within policy limits for investment types and total allocation by type (see chart below) and is also within policy guidelines for investment ratings. Portfolio Allocations Max Investment Type October November December Allowed Bank Accounts 3.65% 4.45% 3.53% 100% Local Agency Investment Fund (LAIF) City 6.32% 6.33% 6.35% (t) Local Agency Investment Fund (LAIF) Housing 0.91% 0.91% 0.91% (1)(2) Money Market Pool Accounts -CAMP 21.71% 21.80% 21.95% N/A Federal Agency Coupons & Discount Notes 22.93% 22.98% 23.50% 100% Treasury Coupons & Discount Notes 23.33% 21.99% 21.64% 100% Certificates of Deposit (CD's) 17.55% 17.80% 18.19% 30% Corporate Notes 0.64% 0.64% 0.64% 30% Money Market with Fiscal Agent 0.01% 0.01% 0.01% (2) CERBT- OPEB Trust 0.77% 0.77% 0.86% (3) PARS Pension Trust 2.19% 2.32% 2.43% (3) Total 100% 100% 100% (1) LAIF is subject to maximum dollar amount not a percentage of the portfolio (2) Funds held by fiscal agent and the LAIF Housing funds are governed by bond indentures and not subject to City Investment Policy (3) OPEB and pension trusts are fiduciary accounts and not subject to City Investment Policy The fiscal year annual effective rate of return was 3.28% as of December, which was an 8 basis point (bps) increase since September. Total earnings for the quarter of $1.95 million were 996,000 above last year, when the annual effective rate was only 1.55%. City staff routinely evaluates liquidity needs while also monitoring market trends. We are investing money in United States Treasuries in the 1-3 year range to capitalize on the yield environment, while continuing to utilize the California Asset Management Program (CAMP) which is yielding more than the Local Agency Investment Fund (LAIF), for short- term investing. Throughout the quarter, one agency bond, five treasuries, and nine CDs matured, while three agency bonds, six treasuries, and fifteen CDs were purchased. There were no sales or calls. Maturities and purchases are listed in detail in the attached reports. Other Notes Money market funds with the fiscal agent are bond proceeds subject to bond indentures, not the City's investment policy. Successor Agency (SA) funds cannot be invested long- term; therefore SA funds are only invested in LAIF. Looking Ahead The Treasurer follows a "buy and hold" Investment Policy, unless it is fiscally advantageous to actively trade outside of maturity dates. In the short term, the Treasurer will invest in CAMP, LAIF, and U.S. Treasuries as needed. Longer term investments may include Government Sponsored Enterprise (agencies) securities, U.S. Treasuries, Corporate Notes, and Negotiable Certificates of Deposits. All investments recognize both immediate and long-term cash flow needs, and there is sufficient liquidity in the portfolio to meet expenditure requirements for the next six months. ALTERNATIVES - None Prepared by: Rosemary Hallick, Principal Management Analyst Approved by: Claudia Martinez, Finance Director/City Treasurer Attachment: 1. Treasurer's Report for October 1, 2023 to December 31, 2023 Average Days Effective Rate Effective Rate Total Earnings to Maturity of Return MTD of Return YTD YTM October $ 627,849 511 3.19% 3.20% 3.383% November $ 673,511 511 3.55% 3.27% 3.358% December $ 653,006 505 3.35% 3.28% 3.407% Quarter 2 $ 1,954,366 509 3.36% 3.25% 3.383% Quarter 1 2023/24 $ 1,992,690 487 3.20% 3.13% 3.235% Throughout the quarter, one agency bond, five treasuries, and nine CDs matured, while three agency bonds, six treasuries, and fifteen CDs were purchased. There were no sales or calls. Maturities and purchases are listed in detail in the attached reports. Other Notes Money market funds with the fiscal agent are bond proceeds subject to bond indentures, not the City's investment policy. Successor Agency (SA) funds cannot be invested long- term; therefore SA funds are only invested in LAIF. Looking Ahead The Treasurer follows a "buy and hold" Investment Policy, unless it is fiscally advantageous to actively trade outside of maturity dates. In the short term, the Treasurer will invest in CAMP, LAIF, and U.S. Treasuries as needed. Longer term investments may include Government Sponsored Enterprise (agencies) securities, U.S. Treasuries, Corporate Notes, and Negotiable Certificates of Deposits. All investments recognize both immediate and long-term cash flow needs, and there is sufficient liquidity in the portfolio to meet expenditure requirements for the next six months. ALTERNATIVES - None Prepared by: Rosemary Hallick, Principal Management Analyst Approved by: Claudia Martinez, Finance Director/City Treasurer Attachment: 1. Treasurer's Report for October 1, 2023 to December 31, 2023 tev Qa 0 Kr(V GEM of the DESERT — City of La Quinta Portfolio Management Portfolio Summary October 31, 2023 ATTACHMENT 1 City of La Quinta Investments Total Earnings Current Year 231,222,658.45 October 31 Month Ending 627, 849.49 223,194,374.90 Fiscal Year To Date 2,620,539.88 229,695,141.49 100.00% 903 511 3.383 Average Daily Balance 231,466,278.97 243,054,091.33 Effective Rate of Return 3.19% 3.20% 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our finaUeMrtNs utipns to determine the fair market value of investments at month end. Claudia Martinez, Fin tredor/CityTreA=er Reporting period 10/01/2023-10/31/2023 Run Date: 02/01/2024 - 18:16 Portfolio CITY CP PM (PRF_PM1) 7.3.0 Report Ver. 7.3.6.1 Par Market Book % of Days to YTM Investments Value Value Value Portfolio Term Maturity 365 Equiv. Bank Accounts 8,385,735.96 8,385,735.96 8,385,735.96 3.65 1 1 0.000 CAMP TERM 20,000,000.00 20,000,000.00 20,000,000.00 8.71 263 163 5.645 Local Agency Investment Fund -City 14,507,754.14 13,990,936.78 14,507,754.14 6.32 1 1 3.670 Local Agency Invstmnt Fund -Housing 2,084,665.23 2,053,564.57 2,084,665.23 0.91 1 1 3.670 Money Market Accounts - CAMP 29,853,837.11 29,853,837.11 29,853,837.11 13.00 1 1 5.560 Federal Agency Coupon Securities 51,000,000.00 47,938,104.00 50,753,437.74 22.10 1,540 831 2.252 Federal Agency Discount 2,000,000.00 1,936,440.00 1,916,929.44 0.83 287 232 5.533 Treasury Coupon Securities 44,750,000.00 42,452,162.50 43,841,420.04 19.09 1,175 730 3.147 Treasury Discount Notes 10,000,000.00 9,911,090.00 9,740,908.32 4.24 180 60 5.469 Certificate of Deposits 40,317,000.00 38,459,922.97 40,316,377.50 17.55 1,673 913 2.891 Corporate Notes 1,500,000.00 1,388,915.00 1,470,410.00 0.64 1,827 1,411 3.054 Money Market with Fiscal Agent 13,847.37 13,847.37 13,847.37 0.01 1 1 0.000 CERBT - OPEB Trust 1,773,353.25 1,773,353.25 1,773,353.25 0.77 1 1 0.000 PARS Pension Trust 5,036,465.39 5,036,465.39 5,036,465.39 2.19 1 1 0.000 Investments Total Earnings Current Year 231,222,658.45 October 31 Month Ending 627, 849.49 223,194,374.90 Fiscal Year To Date 2,620,539.88 229,695,141.49 100.00% 903 511 3.383 Average Daily Balance 231,466,278.97 243,054,091.33 Effective Rate of Return 3.19% 3.20% 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our finaUeMrtNs utipns to determine the fair market value of investments at month end. Claudia Martinez, Fin tredor/CityTreA=er Reporting period 10/01/2023-10/31/2023 Run Date: 02/01/2024 - 18:16 Portfolio CITY CP PM (PRF_PM1) 7.3.0 Report Ver. 7.3.6.1 City of La Quinta Portfolio Management Page 1 Portfolio Details - Investments October 31, 2023 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Bank Accounts 7 1 7 7 7 7 1 7 7 7 Subtotal and Average 6,789,079.01 8,385,735.96 8,385,735.96 8,385,735.96 1 1 0.000 CAMP TERM Subtotal and Average 20,000,000.00 20,000,000.00 20,000,000.00 20,000,000.00 263 163 5.645 Local Agency Investment Fund -City 1 1 Subtotal and Average 19,249,069.70 14,507,754.14 13,990,936.78 14,507,754.14 1 1 3.670 Local Agency Invstmnt Fund -Housing 1 1 Subtotal and Average 2,077,453.36 2,084,665.23 2,053,564.57 2,084,665.23 1 1 3.670 Money Market Accounts - CAMP 1 1 Subtotal and Average 29,718,127.08 29,853,837.11 29,853,837.11 29,853,837.11 1 1 5.560 Federal Agency Coupon Securities Portfolio CITY CP City of La Quinta Portfolio Management Portfolio Details - Investments October 31, 2023 Page 2 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Federal Agency Coupon Securities City of La Quinta Portfolio Management Portfolio Details - Investments October 31, 2023 Page 3 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Federal Agency Coupon Securities Subtotal and Average 50,688,953.87 Federal Agency Discount Subtotal and Average 1,916,929.44 Treasury Coupon Securities 51,000,000.00 47,938,104.00 50,753,437.74 1,540 831 2.252 2,000,000.00 1,936,440.00 1,916,929.44 287 232 5.533 City of La Quinta Portfolio Management Portfolio Details - Investments October 31, 2023 Page 4 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Treasury Coupon Securities Subtotal and Average 43,290,283.27 44,750,000.00 42,452,162.50 43,841,420.04 1,175 730 3.147 City of La Quinta Portfolio Management Portfolio Details - Investments October 31, 2023 Page 5 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Treasury Discount Notes Subtotal and Average 9,715,385.07 Certificate of Deposits 10,000,000.00 9,911,090.00 9,740,908.32 180 60 5.469 City of La Quinta Portfolio Management Portfolio Details - Investments October 31, 2023 Page 6 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits City of La Quinta Portfolio Management Portfolio Details - Investments October 31, 2023 Page 7 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM Maturity 365 Date Certificate of Deposits 299547AQ2 1196 Liberty FCU F/K/A Evansville T 06/12/2019 248,000.00 243,411.39 248,000.00 2.600 1,827 224 2.603 06/12/2024 87270LDL4 1306 TIAA F/K/A EverBank 02/12/2021 245,000.00 218,208.79 245,000.00 0.500 1,826 834 0.500 02/12/2026 300185LM5 1457 Evergreen Bank Group 01/27/2023 248,000.00 237,123.90 248,000.00 3.850 1,277 999 3.849 07/27/2026 307811DF3 1363 Farmers & Merch 01/14/2022 249,000.00 229,594.29 249,000.00 0.900 1,277 621 0.900 07/14/2025 30960QAR8 1526 Farmers Insurance Group FCU 07/26/2023 248,000.00 246,944.86 248,000.00 5.400 733 635 5.408 07/28/2025 31617CAV5 1317 Fidelity Homestead 04/30/2021 248,000.00 219,499.08 248,000.00 0.700 1,826 911 0.711 04/30/2026 33847E3A3 1276 Flagstar 04/30/2020 248,000.00 232,268.51 248,000.00 1.250 1,826 546 1.251 04/30/2025 34520LATO 1435 Forbright Bank 11/02/2022 248,000.00 240,531.52 248,000.00 4.600 1,826 1,462 4.602 11/02/2027 35637RDC8 1248 Freedom Financial 02/14/2020 248,000.00 235,098.49 248,000.00 1.550 1,827 471 1.552 02/14/2025 35089LAFO 1491 Four Points FCU 05/10/2023 248,000.00 241,963.08 248,000.00 4.550 1,097 922 4.443 05/11/2026 38149MXK4 1326 Goldman Sachs 07/28/2021 248,000.00 218,731.91 248,000.00 1.000 1,826 1,000 1.001 07/28/2026 38120MCA2 1511 Golden State Business Bank 06/22/2023 249,000.00 240,599.06 249,000.00 4.450 1,461 1,329 4.453 06/22/2027 39573LBC1 1313 Greenstate FCU 04/16/2021 249,000.00 222,231.25 249,000.00 0.950 1,826 897 0.951 04/16/2026 397417AQ9 1419 Greenwoods State Bank 05/17/2022 248,000.00 228,397.05 248,000.00 3.050 1,826 1,293 3.052 05/17/2027 42228LAN1 1547 Healthcare Systems FCU 10/27/2023 248,000.00 248,000.00 248,000.00 5.100 1,827 1,822 5.106 10/27/2028 45157PAZ3 1450 Ideal CU 12/29/2022 248,000.00 239,537.52 248,000.00 4.500 1,826 1,519 4.502 12/29/2027 46256YAZ2 1186 Iowa State Bank 05/23/2019 245,000.00 240,414.88 245,000.00 2.400 1,827 204 2.403 05/23/2024 472312AA5 1514 Jeep Country FCU 06/29/2023 248,000.00 241,707.56 248,000.00 4.700 1,461 1,336 4.704 06/29/2027 48115LAD6 1396 Jovia Financial Credit Union 06/07/2022 248,000.00 247,000.40 248,000.00 2.500 548 36 2.502 12/07/2023 48128HXU7 1185 JP Morgan Chase 05/16/2019 245,000.00 239,997.86 245,000.00 3.250 1,827 197 3.254 05/16/2024 49306SJ56 1475 Kay Bank, N.A. 03/15/2023 244,000.00 241,674.50 244,000.00 5.000 733 502 5.008 03/17/2025 499724AP7 1532 Knoxville TVA Credit Union 08/25/2023 248,000.00 242,398.63 248,000.00 4.850 1,827 1,759 4.854 08/25/2028 51828MAC8 1449 Latino Comm. CU 12/21/2022 248,000.00 239,561.60 248,000.00 4.500 1,826 1,511 4.503 12/21/2027 530520AH8 1466 Liberty First CU 02/21/2023 248,000.00 239,230.62 248,000.00 4.500 1,827 1,574 4.504 02/22/2028 501798RP9 1356 LCA Bank Corp 12/27/2021 248,000.00 220,060.09 248,000.00 1.000 1,642 968 1.000 06/26/2026 52168UHY1 1389 Leader Bank 04/22/2022 245,000.00 234,197.01 245,000.00 2.550 1,096 538 2.552 04/22/2025 52171MAM7 1549 Leaders Credit Union 10/30/2023 248,000.00 245,089.12 248,000.00 5.100 1,827 1,825 5.106 10/30/2028 52470QEC4 1539 Legacy Bank & Trust 09/27/2023 248,000.00 238,632.79 248,000.00 4.500 1,827 1,792 4.505 09/27/2028 524661CB9 1197 Legacy Bank 06/19/2019 248,000.00 242,804.20 248,000.00 2.400 1,827 231 2.403 06/19/2024 50625LAW3 1384 Lafayette FCU 03/30/2022 248,000.00 244,248.92 248,000.00 2.050 729 148 2.053 03/28/2024 538036GVO 1238 Live Oak Bank 11/27/2019 248,000.00 242,389.72 248,000.00 1.800 1,644 209 1.802 05/28/2024 51210SQU4 1208 Lakeside Bank 07/30/2019 248,000.00 245,636.54 248,000.00 2.000 1,644 89 2.003 01/29/2024 51507LCC6 1305 Landmark Community Bank 01/22/2021 248,000.00 221,298.73 248,000.00 0.500 1,826 813 0.500 01/22/2026 560507AQ8 1522 Maine Savings FCU 07/21/2023 248,000.00 241,892.40 248,000.00 4.800 1,827 1,724 4.806 07/21/2028 56065GAG3 1188 Main Street Bank 04/26/2019 248,000.00 244,264.24 248,000.00 2.600 1,827 177 2.603 04/26/2024 58404DTP6 1545 Medallion Bank 10/20/2023 248,000.00 247,819.78 248,000.00 4.850 1,827 1,815 4.855 10/20/2028 Portfolio CITY CP Run Date: 02/01/2024 - 18:16 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments October 31, 2023 Page 8 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits City of La Quinta Portfolio Management Portfolio Details - Investments October 31, 2023 Page 9 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits Corporate Notes Subtotal and Average 39,623,538.79 Subtotal and Average 1,470,410.00 Money Market with Fiscal Agent 40,317,000.00 38,459,922.97 40,316,377.50 1,673 913 2.891 1,500,000.00 1,388,915.00 1,470,410.00 1,827 1,411 3.054 City of La Quinta Portfolio Management Page 10 Portfolio Details - Investments October 31, 2023 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Subtotal and Average 13,794.83 13,847.37 13,847.37 13,847.37 1 1 0.000 CERBT - OPEB Trust SYS1114 1114 CaIPERS CERBT Plan 07/01/2023 1,773,353.25 1,773,353.25 1,773,353.25 1 1 0.000 Subtotal and Average 1,773,353.25 1,773,353.25 1,773,353.25 1,773,353.25 1 1 0.000 PARS Pension Trust SYS1230 1230 Pblc Agncy Rtrmnt Sery 5,036,465.39 5,036,465.39 5,036,465.39 1 1 0.000 Subtotal and Average 5,139,901.30 5,036,465.39 5,036,465.39 5,036,465.39 1 1 0.000 Total and Average 231,466,278.97 231,222,658.45 223,194,374.90 229,695,141.49 903 511 3.383 ta Qaigta City of La Quinta Total Earnings Sorted by Fund - Fund October 1, 2023 - October 31, 2023 Adjusted Interest Earnings Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund City of La Quinta Total Earnings October 1, 2023 - October 31, 2023 Adjusted Interest Earnings Page 2 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings October 1, 2023 - October 31, 2023 Adjusted Interest Earnings Page 3 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings October 1, 2023 - October 31, 2023 Adjusted Interest Earnings Page 4 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund 0.699 666.66 666.66 City of La Quinta Total Earnings October 1, 2023 - October 31, 2023 Adjusted Interest Earnings Page 5 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund City of La Quinta Total Earnings October 1, 2023 - October 31, 2023 Adjusted Interest Earnings Page 6 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund City of La Quinta Total Earnings October 1, 2023 - October 31, 2023 Adjusted Interest Earnings Page 7 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund KEYBNK BKSIER UNBKRS BRIDWA FNMA FNMA MTNAMR BANK59 BANKRS 72.943 989.96 City of La Quinta Total Earnings October 1, 2023 - October 31, 2023 Adjusted Interest Earnings Page 8 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund KNOX TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 9 October 1, 2023 - October 31, 2023 Adjusted Interest Earnings Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion r;ainl/Lnss Earnings Fund: General Fund 3.187 556,224.57 Subtotal 228,995,828.78 229,151,274.32 227,468,311.82 Fund: Fiscal Agent 0.00 54.29 0.00 0.00 0.00 Subtotal 13,847.37 13,793.08 13,847.37 Fund: Housing Authority: WSA and LQ Subtotal 128, 317.0 7 141, 682.52 128, 317.0 7 Fund: SA Low/Mod Bond Fund Subtotal 2,084,665.23 2,066,034.56 2,084,665.23 3.187 556,224.57 0.00 64,530.00 620,754.57 4.634 54.29 0.00 0.00 54.29 0.00 0.00 0.00 0.00 4.012 7,040.63 0.00 0.00 7,040.63 Total 231,222,658.45 231,372,784.48 229,695,141.49 3.193 563,319.49 0.00 64,530.00 627,849.49 TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 t(VQ�a City of La Quinta Portfolio Management Portfolio Summary November 30, 2023 City of La Quinta Average Daily Balance 230,593,438.13 240,610,826.00 Effective Rate of Return 3.55% 3.27% 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment fi i anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued an ial institu . $ determine the fair market value of investments at month end. 2 00.j 1 Claudia Martinez, Finance DirectorlCity Treasure Reporting period 11/01/2023-11/30/2023 Portfolio CITY CP Par Market Book of Days to YTM Investments Value Value Value Portfolio Term Maturity 366 Equiv. 10,203,654.50 10,203,654.50 10,203,654.50 4.45 1 1 0.000 20,000,000.00 20,000,000.00 20,000,000.00 8.72 263 133 5.645 14,507,754.14 13,990,936.78 14,507,754.14 6.33 1 1 3.843 2,084,665.23 2,053,564.57 2,084,665.23 0.91 1 1 3.843 29, 990,769.01 29, 990,769.01 29, 990,769.01 13.08 1 1 5.580 51,000,000.00 48,491,112.00 50,756,307.74 22.14 1,547 837 2.310 2,000,000.00 1,945,840.00 1,916,929.44 0.84 287 202 5.533 45,500,000.00 43,625,270.00 44,580,620.04 19.44 1,179 712 3.170 6,000,000.00 5,926,180.00 5,841,105.48 2.55 181 85 5.556 40,811,000.00 39,175,787.93 40,810,377.50 17.80 1,673 914 2.936 1,500,000.00 1,422,520.00 1,470,410.00 0.64 1,827 1,381 3.054 13,903.88 13,903.88 13,903.88 0.01 1 1 0.000 1,773,353.25 1,773,353.25 1,773,353.25 0.77 1 1 0.000 5,319,206.44 5,319,206.44 5,319,206.44 2.32 1 1 0.000 230,704,306.45 223,932,098.36 229,269,056.65 100.00% 912 511 3.358 Investments Total Earnings November 30 Month Ending Fiscal Year To Date Current Year 673,510.84 3,294,050.72 Average Daily Balance 230,593,438.13 240,610,826.00 Effective Rate of Return 3.55% 3.27% 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment fi i anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued an ial institu . $ determine the fair market value of investments at month end. 2 00.j 1 Claudia Martinez, Finance DirectorlCity Treasure Reporting period 11/01/2023-11/30/2023 Portfolio CITY CP City of La Quinta Portfolio Management Page 1 Portfolio Details - Investments November 30, 2023 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Bank Accounts 7 1 7 7 7 7 7 7 7 7 Subtotal and Average 9,746,186.54 10,203,654.50 10,203,654.50 10,203,654.50 1 1 0.000 CAMP TERM Subtotal and Average 20,000,000.00 20,000,000.00 20,000,000.00 20,000,000.00 263 133 5.645 Local Agency Investment Fund -City 1 1 Subtotal and Average 14,507,754.14 14,507,754.14 13,990,936.78 14,507,754.14 1 1 3.843 Local Agency Invstmnt Fund -Housing 1 1 Subtotal and Average 2,084,665.23 2,084,665.23 2,053,564.57 2,084,665.23 1 1 3.843 Money Market Accounts - CAMP 1 1 Subtotal and Average 29,858,401.51 29,990,769.01 29,990,769.01 29,990,769.01 1 1 5.580 Federal Agency Coupon Securities Portfolio CITY CP City of La Quinta Portfolio Management Portfolio Details - Investments November 30, 2023 Page 2 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Federal Agency Coupon Securities 313OAKN28 683 89 662 City of La Quinta Portfolio Management Portfolio Details - Investments November 30, 2023 Page 3 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Federal Agency Coupon Securities Subtotal and Average 50,356,399.74 Federal Agency Discount Subtotal and Average 1,916,929.44 Treasury Coupon Securities 51,000,000.00 48,491,112.00 50,756,307.74 1,547 837 2.310 2,000,000.00 1,945,840.00 1,916,929.44 287 202 5.533 City of La Quinta Portfolio Management Portfolio Details - Investments November 30, 2023 Page 4 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Treasury Coupon Securities Subtotal and Average 44,457,420.04 45,500,000.00 43,625,270.00 44,580,620.04 1,179 712 3.170 City of La Quinta Portfolio Management Portfolio Details - Investments November 30, 2023 Page 5 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Treasury Discount Notes Subtotal and Average 8,699,834.73 Certificate of Deposits 6,000,000.00 5,926,180.00 5,841,105.48 181 85 5.556 City of La Quinta Portfolio Management Portfolio Details - Investments November 30, 2023 Page 6 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits City of La Quinta Portfolio Management Portfolio Details - Investments November 30, 2023 Page 7 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM Maturity 365 Date Certificate of Deposits 872701-/31-4 1306 TIAA F/K/A EverBank 02/12/2021 245,000.00 220,184.43 245,000.00 0.500 1,826 804 0.500 02/12/2026 300185LM5 1457 Evergreen Bank Group 01/27/2023 248,000.00 239,350.66 248,000.00 3.850 1,277 969 3.849 07/27/2026 307811DF3 1363 Farmers & Merch 01/14/2022 249,000.00 230,862.41 249,000.00 0.900 1,277 591 0.900 07/14/2025 30960QAR8 1526 Farmers Insurance Group FCU 07/26/2023 248,000.00 247,610.43 248,000.00 5.400 733 605 5.408 07/28/2025 31617CAV5 1317 Fidelity Homestead 04/30/2021 248,000.00 221,847.03 248,000.00 0.700 1,826 881 0.711 04/30/2026 33847E3A3 1276 Flagstar 04/30/2020 248,000.00 233,200.92 248,000.00 1.250 1,826 516 1.251 04/30/2025 34520LATO 1435 Forbright Bank 11/02/2022 248,000.00 241,678.18 248,000.00 4.600 1,826 1,432 4.602 11/02/2027 35637RDC8 1248 Freedom Financial 02/14/2020 248,000.00 235,950.17 248,000.00 1.550 1,827 441 1.552 02/14/2025 35089LAFO 1491 Four Points FCU 05/10/2023 248,000.00 243,812.21 248,000.00 4.550 1,097 892 4.443 05/11/2026 372348DJ8 1556 The Genoa Banking Company 11/28/2023 248,000.00 248,000.00 248,000.00 4.600 1,827 1,824 4.605 11/28/2028 38149MXK4 1326 Goldman Sachs 07/28/2021 248,000.00 221,469.89 248,000.00 1.000 1,826 970 1.001 07/28/2026 38120MCA2 1511 Golden State Business Bank 06/22/2023 249,000.00 242,555.79 249,000.00 4.450 1,461 1,299 4.453 06/22/2027 39573LBC1 1313 Greenstate FCU 04/16/2021 249,000.00 224,477.70 249,000.00 0.950 1,826 867 0.951 04/16/2026 397417AQ9 1419 Greenwoods State Bank 05/17/2022 248,000.00 230,735.79 248,000.00 3.050 1,826 1,263 3.052 05/17/2027 42228LAN1 1547 Healthcare Systems FCU 10/27/2023 248,000.00 245,799.00 248,000.00 5.100 1,827 1,792 5.106 10/27/2028 45157PAZ3 1450 Ideal CU 12/29/2022 248,000.00 240,516.10 248,000.00 4.500 1,826 1,489 4.502 12/29/2027 46256YAZ2 1186 Iowa State Bank 05/23/2019 245,000.00 241,289.44 245,000.00 2.400 1,827 174 2.403 05/23/2024 472312AA5 1514 Jeep Country FCU 06/29/2023 248,000.00 243,518.55 248,000.00 4.700 1,461 1,306 4.704 06/29/2027 48115LAD6 1396 Jovia Financial Credit Union 06/07/2022 248,000.00 247,673.96 248,000.00 2.500 548 6 2.502 12/07/2023 48128HXU7 1185 JP Morgan Chase 05/16/2019 245,000.00 239,997.86 245,000.00 3.250 1,827 167 3.254 05/16/2024 49306SJ56 1475 Kay Bank, N.A. 03/15/2023 244,000.00 242,180.20 244,000.00 5.000 733 472 5.008 03/17/2025 499724AP7 1532 Knoxville TVA Credit Union 08/25/2023 248,000.00 243,275.93 248,000.00 4.850 1,827 1,729 4.854 08/25/2028 51828MAC8 1449 Latino Comm. CU 12/21/2022 248,000.00 240,490.22 248,000.00 4.500 1,826 1,481 4.503 12/21/2027 530520AHB 1466 Liberty First CU 02/21/2023 248,000.00 240,271.26 248,000.00 4.500 1,827 1,544 4.504 02/22/2028 501798RP9 1356 LCA Bank Corp 12/27/2021 248,000.00 222,598.63 248,000.00 1.000 1,642 938 1.000 06/26/2026 52168UHY1 1389 Leader Bank 04/22/2022 245,000.00 234,859.74 245,000.00 2.550 1,096 508 2.552 04/22/2025 52171MAM7 1549 Leaders Credit Union 10/30/2023 248,000.00 245,859.48 248,000.00 5.100 1,827 1,795 5.106 10/30/2028 524700EC4 1539 Legacy Bank & Trust 09/27/2023 248,000.00 239,465.79 248,000.00 4.500 1,827 1,762 4.505 09/27/2028 524661CB9 1197 Legacy Bank 06/19/2019 248,000.00 243,686.65 248,000.00 2.400 1,827 201 2.403 06/19/2024 50625LAW3 1384 Lafayette FCU 03/30/2022 248,000.00 245,114.26 248,000.00 2.050 729 118 2.053 03/28/2024 538036GVO 1238 Live Oak Bank 11/27/2019 248,000.00 243,426.26 248,000.00 1.800 1,644 179 1.802 05/28/2024 51210SQU4 1208 Lakeside Bank 07/30/2019 248,000.00 246,407.81 248,000.00 2.000 1,644 59 2.003 01/29/2024 51507LCC6 1305 Landmark Community Bank 01/22/2021 248,000.00 223,205.68 248,000.00 0.500 1,826 783 0.500 01/22/2026 560507AQ8 1522 Maine Savings FCU 07/21/2023 248,000.00 242,801.51 248,000.00 4.800 1,827 1,694 4.806 07/21/2028 56065GAG3 1188 Main Street Bank 04/26/2019 248,000.00 245,015.95 248,000.00 2.600 1,827 147 2.603 04/26/2024 58404DTP6 1545 Medallion Bank 10/20/2023 248,000.00 248,616.02 248,000.00 4.850 1,827 1,785 4.855 10/20/2028 Portfolio CITY CP Run Date: 02/01/2024 - 18:18 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments November 30, 2023 Page 8 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits City of La Quinta Portfolio Management Portfolio Details - Investments November 30, 2023 Page 9 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits Corporate Notes Subtotal and Average 40,662,344.17 Subtotal and Average 1,470,410.00 40,811,000.00 39,175,787.93 40,810,377.50 1,673 914 2.936 1, 500, 000.00 1,422, 520.00 1,470,410.00 1,827 1,381 3.054 City of La Quinta Portfolio Management Page 10 Portfolio Details - Investments November 30, 2023 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Money Market with Fiscal Agent 1 1 Subtotal and Average 13,849.25 13,903.88 13,903.88 13,903.88 1 1 0.000 CERBT - OPEB Trust Subtotal and Average 1,773,353.25 1,773,353.25 1,773,353.25 1,773,353.25 1 1 1 1 0.000 PARS Pension Trust 1 1 Subtotal and Average 5,045,890.09 5,319,206.44 5,319,206.44 5,319,206.44 1 1 0.000 Total and Average 230,593,438.13 230,704,306.45 223,932,098.36 229,269,056.65 912 511 3.358 ta Qaigta City of La Quinta Total Earnings Sorted by Fund - Fund November 1, 2023 - November 30, 2023 Adjusted Interest Earnings Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund City of La Quinta Total Earnings November 1, 2023 - November 30, 2023 Adjusted Interest Earnings Page 2 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings November 1, 2023 - November 30, 2023 Adjusted Interest Earnings Page 3 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings November 1, 2023 - November 30, 2023 Adjusted Interest Earnings Page 4 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings November 1, 2023 - November 30, 2023 Adjusted Interest Earnings Page 5 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings November 1, 2023 - November 30, 2023 Adjusted Interest Earnings Page 6 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings November 1, 2023 - November 30, 2023 Adjusted Interest Earnings Page 7 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund City of La Quinta Total Earnings November 1, 2023 - November 30, 2023 Adjusted Interest Earnings Page 8 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings Page 9 November 1, 2023 - November 30, 2023 Adjusted Interest Earnings Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund Subtotal 228,472,283.60 227,468,311.82 227,037,033.80 3.572 537,498.00 0.00 129,119.16 666,617.16 Fund: Fiscal Agent Subtotal 13,903.88 13,847.37 13,903.88 4.965 56.51 0.00 0.00 56.51 Fund: Housing Authority: WSA and LQ Subtotal 133,453.74 128,317.07 133,453.74 0.00 0.00 0.00 0.00 Fund: SA Low/Mod Bond Fund Subtotal 2,084,665.23 2,084,665.23 2,084,665.23 3.990 6,837.17 0.00 0.00 6,837.17 Total 230,704,306.45 229,695,141.49 229,269,056.65 3.574 544,391.68 0.00 129,119.16 673,510.84 taQ�r�, City of La Quinta Portfolio Management Portfolio Summary December 31, 2023 City of La Quinta Par Market Book of Days to YTM Investments Value Value Value Portfolio Term Maturity 365 Equiv. t Investments Total Earnings Current Year 229,846,760.91 December 31 Month Ending 653.005.71 224,301, 222.07 Fiscal Year To Date 3,947,056.43 228,416,248.76 100.00% 920 505 3.407 Average Daily Balance 229,230,087.47 238,693,418.97 Effective Rate of Return 3.35% 3.28% 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment jifity and anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued_ stitutions to determine the fair market value of investments at month end. Claudia Martinez, ce DirectorfCity t asurer Reporting period 12/01/2023-12/31/2023 Run Date: 02/012024 - 18:22 Portfolio CITY CP PM (PRF—PMI) 7.3 .0 Report Ver. 7.3.6.1 City of La Quinta Portfolio Management Page 1 Portfolio Details - Investments December 31, 2023 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Bank Accounts 1 1 7 7 7 7 7 7 7 7 Subtotal and Average 9,092,321.78 8,062,744.13 8,062,744.13 8,062,744.13 1 1 0.000 CAMP TERM Subtotal and Average 20,000,000.00 20,000,000.00 20,000,000.00 20,000,000.00 263 102 5.645 Local Agency Investment Fund -City 1 1 Subtotal and Average 14,507,754.14 14,507,754.14 13,990,936.78 14,507,754.14 1 1 3.929 Local Agency Invstmnt Fund -Housing 1 1 Subtotal and Average 2,084,665.23 2,084,665.23 2,053,564.57 2,084,665.23 1 1 3.929 Money Market Accounts - CAMP 1 1 Subtotal and Average 29,995,331.00 30,132,190.61 30,132,190.61 30,132,190.61 1 1 5.550 Federal Agency Coupon Securities Portfolio CITY CP City of La Quinta Portfolio Management Portfolio Details - Investments December 31, 2023 Page 2 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Federal Agency Coupon Securities City of La Quinta Portfolio Management Portfolio Details - Investments December 31, 2023 Page 3 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Federal Agency Coupon Securities Subtotal and Average 50,853,035.09 Federal Agency Discount Subtotal and Average 1,916,929.44 Treasury Coupon Securities 52,000,000.00 50,037,016.00 51,755,823.74 1,524 798 2.358 2,000,000.00 1,951,080.00 1,916,929.44 287 171 5.533 498,632.81 669 699 City of La Quinta Portfolio Management Portfolio Details - Investments December 31, 2023 Page 4 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Treasury Coupon Securities Subtotal and Average 44,131,270.24 45,500,000.00 44,027,795.00 44,557,338.79 1,202 720 3.242 City of La Quinta Portfolio Management Portfolio Details - Investments December 31, 2023 Page 5 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Treasury Discount Notes Subtotal and Average 7,225,015.19 Certificate of Deposits 5,000,000.00 4,910,030.00 4,869,608.38 180 128 5.504 City of La Quinta Portfolio Management Portfolio Details - Investments December 31, 2023 Page 6 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits City of La Quinta Portfolio Management Portfolio Details - Investments December 31, 2023 Page 7 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 87270LDL4 1306 TIAA F/K/A EverBank 02/12/2021 245,000.00 223,602.97 245,000.00 0.500 1,826 773 0.500 02/12/2026 300185LM5 1457 Evergreen Bank Group 01/27/2023 248,000.00 241,854.89 248,000.00 3.850 1,277 938 3.849 07/27/2026 307811DF3 1363 Farmers & Merch 01/14/2022 249,000.00 233,528.25 249,000.00 0.900 1,277 560 0.900 07/14/2025 30960QAR8 1526 Farmers Insurance Group FCU 07/26/2023 248,000.00 248,154.97 248,000.00 5.400 733 574 5.408 07/28/2025 31617CAV5 1317 Fidelity Homestead 04/30/2021 248,000.00 225,081.63 248,000.00 0.700 1,826 850 0.711 04/30/2026 33847E3A3 1276 Flagstar 04/30/2020 248,000.00 235,443.90 248,000.00 1.250 1,826 485 1.251 04/30/2025 34520LATO 1435 Forbright Bank 11/02/2022 248,000.00 245,955.75 248,000.00 4.600 1,826 1,401 4.602 11/02/2027 319137CB9 1562 First Bank 12/28/2023 244,000.00 243,388.29 244,000.00 4.450 729 725 4.456 12/26/2025 35637RDC8 1248 Freedom Financial 02/14/2020 248,000.00 237,817.29 248,000.00 1.550 1,827 410 1.552 02/14/2025 35089LAFO 1491 Four Points FCU 05/10/2023 248,000.00 244,255.51 248,000.00 4.550 1,097 861 4.443 05/11/2026 372348DJB 1556 The Genoa Banking Company 11/28/2023 248,000.00 244,824.06 248,000.00 4.600 1,827 1,793 4.605 11/28/2028 37173RAL7 1561 Genesee Regional Bank 12/27/2023 244,000.00 242,829.86 244,000.00 4.200 1,097 1,092 3.638 12/28/2026 38149MXK4 1326 Goldman Sachs 07/28/2021 248,000.00 224,336.93 248,000.00 1.000 1,826 939 1.001 07/28/2026 38120MCA2 1511 Golden State Business Bank 06/22/2023 249,000.00 242,682.58 249,000.00 4.450 1,461 1,268 4.453 06/22/2027 39573LBC1 1313 Greenstate FCU 04/16/2021 249,000.00 227,728.72 249,000.00 0.950 1,826 836 0.951 04/16/2026 397417AQ9 1419 Greenwoods State Bank 05/17/2022 248,000.00 233,839.82 248,000.00 3.050 1,826 1,232 3.052 05/17/2027 42228LAN1 1547 Healthcare Systems FCU 10/27/2023 248,000.00 245,623.50 248,000.00 5.100 1,827 1,761 5.106 10/27/2028 45157PAZ3 1450 Ideal CU 12/29/2022 248,000.00 245,061.30 248,000.00 4.500 1,826 1,458 4.502 12/29/2027 46256YAZ2 1186 Iowa State Bank 05/23/2019 245,000.00 242,128.24 245,000.00 2.400 1,827 143 2.403 05/23/2024 472312AA5 1514 Jeep Country FCU 06/29/2023 248,000.00 243,625.16 248,000.00 4.700 1,461 1,275 4.704 06/29/2027 48128HXU7 1185 JP Morgan Chase 05/16/2019 245,000.00 243,047.06 245,000.00 3.250 1,827 136 3.254 05/16/2024 49306SJ56 1475 Kay Bank, N.A. 03/15/2023 244,000.00 242,644.57 244,000.00 5.000 733 441 5.008 03/17/2025 499724AP7 1532 Knoxville TVA Credit Union 08/25/2023 248,000.00 243,057.90 248,000.00 4.850 1,827 1,698 4.854 08/25/2028 51828MACB 1449 Latino Comm. CU 12/21/2022 248,000.00 245,109.85 248,000.00 4.500 1,826 1,450 4.503 12/21/2027 530520AH8 1466 Liberty First CU 02/21/2023 248,000.00 240,101.16 248,000.00 4.500 1,827 1,513 4.504 02/22/2028 501798RP9 1356 LCA Bank Corp 12/27/2021 248,000.00 225,580.01 248,000.00 1.000 1,642 907 1.000 06/26/2026 52168UHY1 1389 Leader Bank 04/22/2022 245,000.00 236,813.75 245,000.00 2.550 1,096 477 2.552 04/22/2025 52171MAM7 1549 Leaders Credit Union 10/30/2023 248,000.00 249,782.90 248,000.00 5.100 1,827 1,764 5.106 10/30/2028 52470QEC4 1539 Legacy Bank & Trust 09/27/2023 248,000.00 239,359.38 248,000.00 4.500 1,827 1,731 4.505 09/27/2028 524661CB9 1197 Legacy Bank 06/19/2019 248,000.00 244,512.69 248,000.00 2.400 1,827 170 2.403 06/19/2024 50625LAW3 1384 Lafayette FCU 03/30/2022 248,000.00 245,978.16 248,000.00 2.050 729 87 2.053 03/28/2024 538036GVO 1238 Live Oak Bank 11/27/2019 248,000.00 244,366.54 248,000.00 1.800 1,644 148 1.802 05/28/2024 51210SQU4 1208 Lakeside Bank 07/30/2019 248,000.00 247,277.27 248,000.00 2.000 1,644 28 2.003 01/29/2024 51507LCC6 1305 Landmark Community Bank 01/22/2021 248,000.00 226,745.58 248,000.00 0.500 1,826 752 0.500 01/22/2026 560507AQ8 1522 Maine Savings FCU 07/21/2023 248,000.00 242,626.84 248,000.00 4.800 1,827 1,663 4.806 07/21/2028 56065GAG3 1188 Main Street Bank 04/26/2019 248,000.00 245,794.29 248,000.00 2.600 1,827 116 2.603 04/26/2024 Portfolio CITY CP Run Date: 02/01/2024 - 18:22 PM (PRF_PM2) 7.3.0 City of La Quinta Portfolio Management Portfolio Details - Investments December 31, 2023 Page 8 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits City of La Quinta Portfolio Management Portfolio Details - Investments December 31, 2023 Page 9 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Certificate of Deposits Subtotal and Average 40,833,764.60 Corporate Notes 41,546,000.00 40,174,158.18 41,545,377.50 1,642 891 2.999 City of La Quinta Portfolio Management Page 10 Portfolio Details - Investments December 31, 2023 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Subtotal and Average 1,470,410.00 1,500,000.00 1,448,300.00 1,470,410.00 1,827 1,350 3.054 Money Market with Fiscal Agent SYS1058 1058 US Bank 07/01/2016 13,958.98 13,958.98 13,958.98 1 1 0.000 Subtotal and Average 13,905.66 13,958.98 13,958.98 13,958.98 1 1 0.000 CERBT - OPEB Trust SYS1114 1114 CalPERS CERBT Plan 07/01/2023 1,955,099.21 1,955,099.21 1,955,099.21 1 1 0.000 Subtotal and Average 1,779,216.02 1,955,099.21 1,955,099.21 1,955,099.21 1 1 0.000 PARS Pension Trust SYS1230 1230 Pblc Agncy Rtrmnt Sery 5,544,348.61 5,544,348.61 5,544,348.61 1 1 0.000 Subtotal and Average 5,326,469.09 5,544,348.61 5,544,348.61 5,544,348.61 1 1 0.000 Total and Average 229,230,087.47 229,846,760.91 224,301,222.07 228,416,248.76 920 505 3.407 ta Qaigta City of La Quinta Total Earnings Sorted by Fund - Fund December 1, 2023 - December 31, 2023 Adjusted Interest Earnings Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund 1114 1174 1184 City of La Quinta Total Earnings December 1, 2023 - December 31, 2023 Adjusted Interest Earnings Page 2 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund City of La Quinta Total Earnings December 1, 2023 - December 31, 2023 Adjusted Interest Earnings Page 3 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings December 1, 2023 - December 31, 2023 Adjusted Interest Earnings Page 4 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund City of La Quinta Total Earnings December 1, 2023 - December 31, 2023 Adjusted Interest Earnings Page 5 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings December 1, 2023 - December 31, 2023 Adjusted Interest Earnings Page 6 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund City of La Quinta Total Earnings December 1, 2023 - December 31, 2023 Adjusted Interest Earnings Page 7 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund BRIDWA MTNAMR BANK59 VISION BANKRS 8,666.66 8,666.66 989.96 TE (PRF -TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta Total Earnings December 1, 2023 - December 31, 2023 Adjusted Interest Earnings Page 8 Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer Par Value Book Value Book Value Rate Yield Earned Accretion Gainl/Loss Earnings Fund: General Fund KNOX 898812AC6 City of La Quinta Total Earnings Page 9 December 1, 2023 - December 31, 2023 Adjusted Interest Earnings Ending Beginning Ending Current Annualized Interest Amortization/ Realized Adjusted Interest CUSIP Investment # Fund Issuer par Value Book Value Book Value Rate Yield Earned Accretion rninin ncc Earnings Fund: General Fund Subtotal 227,604,314.60 227,037,033.80 226,173,802.45 Fund: Fiscal Agent Subtotal 13,958.98 13,903.88 13,958.98 Fund: Housing Authority: WSA and LQ Subtotal 143,822.10 133,453.74 143,822.10 Fund: SA Low/Mod Bond Fund Subtotal 2,084,665.23 2,084,665.23 2,084,665.23 Total 229,846,760.91 229,269,056.65 228,416,248.76 3.334 556,848.86 4.666 55.10 0.00 0.00 0.00 0.00 3.990 7,065.07 0.00 3.338 563,969.03 0.00 89,036.68 645,885.54 0.00 55.10 0.00 0.00 89,036.68 653,005.71 TE (PRF—TE) 7.3.6 Report Ver. 7.3.6.1 City of La Quinta City of La Quinta Maturity Report — GEM of the DESERT — Sorted by Maturity Date Amounts due during October 1, 2023 - December 31, 2023 Total Maturities 15,220,000.00 Run Date: 02/01/2024 - 18:11 14,937,314.16 21,541.59 15,241,541.59 304,227.43 Portfolio CITY CP MA (PRF—MA) 7.1.1 Report Ver. 7.3.6.1 Sec. Maturity Purchase Rate Book Value Maturity Net CUSIP Investment # Fund Type Issuer Par Value Date Date at Maturity at Maturity Interest Proceeds Income 912797FAO 1488 101 ATD USTR 3,000,000.00 10/12/2023 05/03/2023 4.780 2,935,470.00 0.00 3,000,000.00 64,530.00 57116ARV2 1155 101 MC1 MARBUS 248,000.00 10/17/2023 10/17/2018 3.300 248,000.00 672.66 248,672.66 672.66 625925AR3 1160 101 MC1 MUNTRS 245,000.00 10/17/2023 10/17/2018 3.200 245,000.00 644.38 245,644.38 644.38 90348JEJ5 1161 101 MC1 UBS 245,000.00 10/17/2023 10/17/2018 3.350 245,000.00 674.59 245,674.59 674.59 474067AQ8 1154 101 MC1 JEFF 245,000.00 10/19/2023 10/19/2018 3.350 245,000.00 4,114.99 249,114.99 4,114.99 3133EK4X1 1234 101 FAC FFCB 1,000,000.00 11/01/2023 11/01/2019 1.600 996,900.00 8,000.00 1,008,000.00 11,100.00 912796YTO 1487 101 ATD USTR 1,000,000.00 11/02/2023 05/03/2023 4.750 975,854.17 0.00 1,000,000.00 24,145.83 20143PDV9 1162 101 MC1 COMMBK 248,000.00 11/15/2023 11/15/2018 3.400 248,000.00 716.14 248,716.14 716.14 912797FL6 1502 101 ATD USTR 4,000,000.00 11/24/2023 05/31/2023 5.180 3,898,126.67 0.00 4,000,000.00 101,873.33 67054NAN3 1164 101 MC1 NMRCA 248,000.00 11/28/2023 11/28/2018 3.550 248,000.00 747.74 248,747.74 747.74 48115LAD6 1396 101 MC1 JOVIA 248,000.00 12/07/2023 06/07/2022 2.500 248,000.00 509.59 248,509.59 509.59 91282CBA8 1351 101 TRC USTR 1,000,000.00 12/15/2023 12/07/2021 0.125 990,000.00 625.00 1,000,625.00 10,625.00 635573AL2 1170 101 MC1 NLCOOP 245,000.00 12/21/2023 12/21/2018 3.400 245,000.00 4,176.41 249,176.41 4,176.41 912796ZN2 1517 101 ATD USTR 3,000,000.00 12/28/2023 06/30/2023 5.240 2,920,963.32 0.00 3,000,000.00 79,036.68 066851WJ1 1172 101 MC1 BARHAR 248,000.00 12/29/2023 12/31/2018 3.350 248,000.00 660.09 248,660.09 660.09 Total Maturities 15,220,000.00 Run Date: 02/01/2024 - 18:11 14,937,314.16 21,541.59 15,241,541.59 304,227.43 Portfolio CITY CP MA (PRF—MA) 7.1.1 Report Ver. 7.3.6.1 t/City of La Quinta City of La Quinta Purchases Report - GEM of the DESERT - Sorted by Security Type - Fund October 1, 2023 - December 31, 2023 Sec. Original Purchase Principal Accrued Interest Rate at Maturity Ending CUSIP Investment # Fund _Type Issuer Par Value Date Payment Periods Purchased at Purchase Purchase Date YTM Book Value Federal Agency Coupon Securities 3130AXEL8 1541 101 FAC FHLB 1,000,000.00 10/03/2023 03/08 - 09/08 999,500.00 Received 4.750 09/08/2028 4.762 999,500.00 3133EPC45 1554 101 FAC FFCB 1,000,000.00 11/13/2023 05/13 - 11/13 999,770.00 4.625 11/13/2028 4.630 999,770.00 3130AYBO8 1566 101 FAC FHLB 1,000,000.00 12/29/2023 06/26 - 12/26 999,516.00 Received 4.750 12/26/2024 4.800 999,516.00 Subtotal 3,000,000.00 2,998,786.00 0.00 2,998,786.00 Treasury Coupon Securities 91282CGT2 1543 101 TRC USTR 1,000,000.00 10/19/2023 03/31 - 09/30 949,180.00 Received 3.625 03/31/2028 4.910 949,180.00 91282CFUO 1550 101 TRC USTR 750,000.00 11/06/2023 04/30 - 10/31 739,200.00 Received 4.125 10/31/2027 4.524 739,200.00 9128285M8 1565 101 TRC USTR 1,000,000.00 12/29/2023 05/15 - 11/15 966,718.75 Received 3.125 11/15/2028 3.880 966,718.75 Subtotal 2,750,000.00 2,655,098.75 0.00 2,655,098.75 Treasury Discount Notes 912796CX5 1542 101 ATD USTR 2,000,000.00 10/18/2023 04/18 - At Maturity 1,945,964.16 5.315 04/18/2024 5.538 1,945,964.16 912797HH3 1551 101 ATD USTR 1,000,000.00 11/06/2023 05/02 - At Maturity 974,178.00 5.222 05/02/2024 5.435 974,178.00 912797HS9 1558 101 ATD USTR 2,000,000.00 12/04/2023 05/30 - At Maturity 1,949,466.22 5.110 05/30/2024 5.315 1,949,466.22 Subtotal 5,000,000.00 4,869,608.38 0.00 4,869,608.38 Certificate of Deposits 58404DTP6 1545 101 MC1 MEDBA 248,000.00 10/20/2023 11/20 - Monthly 248,000.00 4.850 10/20/2028 4.855 248,000.00 666613MK7 1544 101 MC1 NORPNT 248,000.00 10/20/2023 11/20 - Monthly 248,000.00 4.850 10/20/2028 4.855 248,000.00 90355GHG4 1546 101 MC1 UBS 248,000.00 10/25/2023 11/25 - Monthly 248,000.00 4.900 10/25/2028 4.905 248,000.00 42228LAN1 1547 101 MC1 HEALTH 248,000.00 10/27/2023 11/27 - Monthly 248,000.00 5.100 10/27/2028 5.106 248,000.00 52171MAM7 1549 101 MC1 LEADRS 248,000.00 10/30/2023 11/30 - Monthly 248,000.00 5.100 10/30/2028 5.106 248,000.00 98138MCA6 1548 101 MC1 WORKRS 248,000.00 10/30/2023 11/30 - Monthly 248,000.00 5.200 10/30/2028 5.206 248,000.00 913065ADO 1553 101 MC1 UTLTCH 248,000.00 11/08/2023 12/08 - Monthly 248,000.00 5.100 11/08/2027 5.103 248,000.00 92023CAJ2 1552 101 MC1 VLLSTR 247,000.00 11/08/2023 12/08 - Monthly 247,000.00 5.200 11/08/2028 5.205 247,000.00 291916AJ3 1555 101 MC1 EMPOWR 247,000.00 11/15/2023 12/10 - Monthly 247,000.00 5.250 11/15/2028 5.255 247,000.00 372348DJ8 1556 101 MC1 GENOA 248,000.00 11/28/2023 12/28 - Monthly 248,000.00 4.600 11/28/2028 4.605 248,000.00 67886WAJ6 1559 101 MC1 OKLACU 248,000.00 12/14/2023 01/14 - Monthly 248,000.00 5.700 06/14/2024 5.716 248,000.00 77357DADO 1560 101 MC1 ROCKLA 248,000.00 12/22/2023 01/22 - Monthly 248,000.00 4.600 12/22/2026 4.604 248,000.00 37173RAL7 1561 101 MC1 GENSEE 244,000.00 12/27/2023 06/27 - 12/27 244,000.00 4.200 12/28/2026 3.638 244,000.00 1301621313 1564 101 MC1 CALCRE 244,000.00 12/28/2023 06/28 - 12/28 244,000.00 5.100 06/30/2025 5.105 244,000.00 319137CB9 1562 101 MC1 FRBA 244,000.00 12/28/2023 06/28 - 12/28 244,000.00 4.450 12/26/2025 4.456 244,000.00 Received = Accrued Interest at Purchase was received by report ending date. Run Date: 02/01/2024 - 18:10 Portfolio CITY CP PU (PRF_PU) 7.1.1 Report Ver. 7.3.6.1 City of La Quinta Purchases Report October 1, 2023 - December 31, 2023 Page 2 Sec. Original Purchase Principal Accrued Interest Rate at Maturity Ending CUSIP Investment # Fund Tye Issuer Par Value Date Payment Periods Purchased at Purchase Purchase Date Book Value Certificate of Deposits Subtotal 3,954,000.00 3,954,000.00 0.00 3,954,000.00 Total Purchases 14,704,000.00 14,477,493.13 0.00 14,477,493.13 Portfolio CITY US Treasury Rates https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?tvpe=daily treasury yield curve&field tdr date value=2023 5.6 5.35 5.1 4.85 4.6 4.35 4.1 3.85 3.6 3.35 3.1 2.85 2.6 2.35 2.1 1.85 1.6 1.35 1.1 0.85 0.6 0.35 0.1 0.151 yti y+ y1 tiL yL yti yrti y'ti y'4 y11. y1p tih titi titi y5 y� y}i y�i yh y^r y'y 1b y3 k15 y3 ,�Q .ti0 ,tiD 1b ,LO tip ,y6 .y� ,ti0 ,yD ,yO ,LO ,y� ,ti0 ,ti0 ,y0 ,tia ,ti0 ,y0 ,y0 ,fib ,yQ ,tiq ,y0 ti4 ,ti0 g1 gl ,,1 �,1 $1 ,,1 0l y1 p1 til ,,1 al ,y1 al s� w1 �1 til al til 0l �� yl 01 til ql ti4 ,�1 ti'L 1 1• '>i b h b 1 $ A ti ,til ,ti'L S 'L ''� A � � 1 � g tid ti~ Effective Effective Date 1 mo 2 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Rate of Rate of Return City Return City City Portfolio Portfolio Portfolio (month) (YTD) YTM 10/31/2023 5.56 5.57 5.59 5.54 5.44 5.07 4.90 4.82 4.89 4.88 5.21 5.04 3.15 3.19 3.383 11/30/2023 5.56 5.54 5.45 5.38 5.16 4.73 4.48 4.31 4.38 4.37 4.72 4.54 3.55 3.27 3.358 12/29/2023 5.60 5.59 5.40 5.26 4.79 4.23 4.01 3.84 3.88 3.88 4.20 4.03 3.35 3.28 3.407 TREASURY RATES AND PORTFOLIO RETURNS �1-Yr Treasury f5 -Yr Treasury .-Effective Rate of Return City Portfolio (YTD) -.F City Portfolio YTM 5.6 5.35 5.1 4.85 4.6 4.35 4.1 3.85 3.6 3.35 3.1 2.85 2.6 2.35 2.1 1.85 1.6 1.35 1.1 0.85 0.6 0.35 0.1 0.151 yti y+ y1 tiL yL yti yrti y'ti y'4 y11. y1p tih titi titi y5 y� y}i y�i yh y^r y'y 1b y3 k15 y3 ,�Q .ti0 ,tiD 1b ,LO tip ,y6 .y� ,ti0 ,yD ,yO ,LO ,y� ,ti0 ,ti0 ,y0 ,tia ,ti0 ,y0 ,y0 ,fib ,yQ ,tiq ,y0 ti4 ,ti0 g1 gl ,,1 �,1 $1 ,,1 0l y1 p1 til ,,1 al ,y1 al s� w1 �1 til al til 0l �� yl 01 til ql ti4 ,�1 ti'L 1 1• '>i b h b 1 $ A ti ,til ,ti'L S 'L ''� A � � 1 � g tid ti~ BUSINESS SESSION ITEM NO. 2 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING April 3, 2024 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE FISCAL YEAR 2023/24 BUDGET UPDATE REPORT RECOMMENDATION Receive and file fiscal year 2023/24 Budget Update Report. EXECUTIVE SUMMARY • The 2023/24 Budget Update Report (Attachment 1) provides an update of the City's fiscal activities from July to February 2024. • The Budget Update Report includes revenue and expenditure adjustments in the General fund and one additional position. • This report will be presented to the City Council on April 16, 2024. FISCAL IMPACT Staff recommended adjustments are: BACKGROUND/ANALYSIS Throughout the fiscal year, each Department monitors their budget and proposes adjustments to reflect current conditions and ongoing operational needs. Requests are reviewed and discussed by the City Manager and Directors before recommendations are presented in the Budget Report (Attachment 1). Funds with no adjustments have been excluded. Hi- i r=rxnAATIVES The Commission may request additional information regarding this Report. Prepared by: Claudia Martinez, Finance Director Approved by: Jon McMillen, City Manager Attachment: 1. 2023/24 Mid -Year Budget Report ATTACHMENT 1 ta "&(V CALIFORNIA Fiscal Year 2023/24 Budget Update Report 6411 LVA ILy� VA:w The annual budget is a living document, which allows for flexibility and adjustments to accommodate current business needs and updated projections. Budget reports are presented to provide ongoing oversight of public funds, relate current and upcoming activities, and request funding adjustments. All funds are continuously monitored; this report discusses funds with budgetary adjustments. Funds with no adjustments have been excluded. The City of La Quinta remains committed to sound financial management, strict budget oversight, and fiscal responsibility. This budget review shows the City's strong financial position heading into the upcoming budget process as General Fund revenues and expenditures are tracking closely with initial budget projections. Despite this, the economy continues to fluctuate, and it is crucial to monitor and spend responsibly. The City uses a variety of data and models to forecast economic activity, which has a direct effect on City finances used to pay for services. By receiving budget updates, the City Council can closely track City spending and revenue trends to help inform its policy decisions as experts attempt to predict what the future holds. The Fiscal Year (FY) 2023/24 Budget Update Report has several adjustments, which are detailed in Exhibit 1. The recommended adjustments are largely derived from year-to- date revenues collected and expenses incurred, program activities, and operational needs. GENERAL FUND REVENUES General Fund revenue adjustments summarized below total $730,000. Adjustments reflect updated projections based on last fiscal year actuals and year-to-date activity. Revenue Description Adjustment Fire Plan Review Fee $ 35,000 Wellness Center Memberships 30,000 Public Works Development Plan Check Fee 130,000 False Alarm Fees- Police 30,000 Zoning Change Mitigation Fees 260,000 AMR Compliance 85,000 Burrtec Administration Cost Reimbursement 25,000 Miscellaneous Reimbursements 120,000 Credit Card Fee Revenue 15,000 TOTAL GF REVENUE ADJUSTMENTS $ 730,000 The City's top three revenues sources are Sales Tax, Property Tax, and Transient Occupancy Tax (TOT). We will continue to monitor activity to end the year as these key revenue streams are expected to reach close to $55 million. All three of these revenue sources are influenced by the strength of the economy. All revenue streams will continue to be monitored and if necessary, additional adjustments will be recommended in the next budget update report in June. Licenses and Permits - An increase of $35,000 in Fire Plan Review Fees is recommended based on current year-to-date activity due to an increase in Riverside County Fire Marshall assigned staff dedicated to plan reviews. Charges for Services - An increase of $30,000 for Wellness Center memberships is recommended due to an increase in activity primarily due to the expanded operating hours effective January 2023. - An increase of $130,000 for public works development plan check fees is recommended based on increased current year-to-date building activity in private residential tract developments and commercial projects. Fines, Forfeitures & Abatements - Due to the City's efforts to increase communication with businesses and residents, the amount of $30,000 is requested for Police False Alarm Fees to account for an increase in the number of payments received this fiscal year. Miscellaneous - An adjustment of $260,000 for Zoning Change Mitigation Fees is recommended and is reflective of increased year-to-date activity, primarily in the PGA West development. - An increase of $85,000 for AMR Compliance is requested and attributed to the increase in fee distribution from Riverside County EMS Agency to be used for EMS system enhancements. - An increase of $25,000 for the Burrtec Administrative Cost Reimbursement is recommended to reflect the increase in reimbursement which is adjusted annually by the change in the Consumer Price Index (CPI). - Due to additional reimbursements from the State of California related to Senate Bill 90 state mandated cost reimbursement, an additional $120,000 is recommended to reflect current year-to-date activity. - An increase of $15,000 is recommended for Credit Card Fee revenue to account for year-to-date activity due to an increase in online payments. Revenue is collected to off -set related fees paid by the City for credit card processing. GENERAL FUND EXPENDITURES The Finance Department collaborated with all other City departments and conducted a review of all department budgets to identify any new needs and potential areas of savings. Expenditure adjustments are recommended for unanticipated expenses and to avoid budget overruns based on updated operational needs. A summary is provided below and itemized in Exhibit 1. dhn�xpense Description Adjustment Design & Development $ 135,000 Contingency for Staffing $ (10,000) Public Safety 16,500 TOTAL GF EXPENSE ADJUSTMENTS $ 141,500 Design and Development The Planning division is requesting the Council approve a budget adjustment in the current fiscal year to fill a new Assistant Planner position. The position would assist with staff level plan check review and permit processing. Annual costs for the position are estimated at $120,000, but would be offset by reduced contract services currently being utilized. Staff is requesting a proportionate adjustment of $10,000 in the current fiscal year, reducing the amount held in Contingency for Staffing and the addition of the Assistant Planner position. An additional $125,000 is being requested by the Building Division for Plan Check review consulting services. This is based on higher levels of building activity, which have resulted in an overall increase in permits issued and inspection requests. Services will assist staff with the increased demand and staffing vacancies for the current fiscal year. Public Safety The Code Compliance Division is requesting an additional $7,000 due to an increase in the City's citation processing system contract. This service provides parking and administrative citation processing, collection services including hearings, and procurement of third -party hearing officers. The Public Safety Administration Division is also requesting an adjustment of $9,500 for unanticipated disaster preparation supplies related to the recent disaster, Tropical Storm Hilary. Due to high demand, the City purchased additional sandbags to ensure that residents were able to protect their home and businesses. The City is currently working with the Federal Emergency Management Agency (FEMA) to seek reimbursement for emergency protective measures, which include sandbag distribution. In summary, the City ended FY 2022/23 in a better position than originally expected and remains in a good position heading into the end of FY 2023/24. This budget update proposes adjustments that continue to ensure a conservative, yet realistic, budget that allows the City to focus resources on building reserves, addressing liabilities, investing in infrastructure, and providing programs, services and events for our community. Staff will continue to closely monitor the budget and economic environment to ensure that the City can pivot if needed. City department spending is on track with projections, and if revenues continue to come in as anticipated or higher, the City will likely end the fiscal year with a budget surplus. All budget projections for both the General Fund and other Funds will continue to be monitored during the Spring of 2024 and an additional update shall be provided during the next FY 2023/24 Budget Update Report. City of La Quinta Exhibit 1 FY 2023/24 Recommended Budget Adjustments General Fund (101) Account No. Description Revenues Expenses REVENUE Licenses and Permits 101-0000-42420 Fire Plan Review Fee 35,000 Charges for Services 101-0000-42218 Wellness Center Memberships 30,000 101-0000-42810 Public Works Development Plan Check Fee 130,000 Fines, Forfeitures & Abatements 101-0000-42709 False Alarm Fees- Police 30,000 Miscellaneous 101-0000-41410 Zoning Change Mitigation Fees 260,000 101-0000-41504 AMR Compliance 85,000 101-0000-41507 Burrtec Admin Cost Reimbursement 25,000 101-0000-42305 Miscellaneous Reimbursements 120,000 101-0000-43505 Credit Card Fee Revenue 15,000 DESIGN & DEVELOPMENT 101-6002-50101 Permanent Full Time (Planning Department) 10,000 101-1007-50115 Contingency for Staffing (10,000) 101-6003-60118 Plan Checks 125,000 PUBLIC SAFETY 101-6004-60111 Administrative Citation Services 7,000 101-6005-60406 Disaster Prep Supplies 9,500 TOTAL GENERAL FUND 730,000 141,500 STUDY SESSION ITEM NO. 1 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING April 3, 2024 STAFF REPORT AGENDA TITL DISCUSS PROJECTS TO BE INCLUDED IN FISCAL YEARS 2024/25 THROUGH 2028/29 CAPITAL IMPROVEMENT PROGRAM RECOMMENDATION Discuss projects to be included in fiscal years 2024/25 through 2028/29 Capital Improvement Program and provide Staff direction. EXECUTIVE SUMMARY • The Capital Improvement Program (CIP) is a five-year plan for major construction projects such as bridges, streets, traffic signals, drainage facilities, landscaping, lighting, parks, and other facilities. • Based upon Council and resident input over the past year, Staff developed a preliminary scope and budget for various projects proposed for the fiscal year (FY) 2024/25 CIP budget. • Council will be requested to appropriate funds for the FY 2024/25 CIP improvements when the operating budget and final CIP is considered in June 2024. FISCAL IMPACT This review does not include fiscal impact. Revenue sources are identified in Attachment 1. ;ACKGROUND/ANALYSIS Staff recommends the following projects be included in the FY 2024/25 CIP: Transportation Projects Transportation projects are generally funded through the Pavement Management Plan (General Fund), Transportation Development Impact Fees (DIF), Gas Tax, Measure A, SB1, and ATP funds. • 2024/25 Pavement Manaaement Plan (General Fund: $2M The City of La Quinta's current Five -Year Pavement Management Plan (PMP) (Attachment 2) spans from 2021 to 2026. The proposed 2024/25 projects include slurry seal and crack seal on streets within the Cove, Fred Waring Drive between Dune Palms Road and Jefferson Street, Calle Cadiz, Saguaro Road, and the Cactus Flower neighborhood in north La Quinta. Highway 111 Corridor Area Plan Implementation and Pavement Resurfacing (Earmark: $4M, Measure G: $3.05M, SB1: $950K) Implement the Highway 111 Corridor Area Plan improvements, which may include landscape, connectivity, and circulation improvements, entry monuments, wayfinding, catalyst project sites, lighting, and art installations. This fiscal year also includes the resurfacing of Highway 111 within the city limits and ADA curb ramp improvements. The resurfacing project was successfully awarded Congressionally Directed Spending (Earmark funding) through Congressman Calvert. • Dune Palms Pavement Rehabilitation (Measure A: $200K) Additional construction funding for the rehabilitation of Dune Palms Road between Miles Avenue and Fred Waring Drive. • Avenue 50 Widening Improvements (Transportation DIF: $579K) This project will be completed in partnership with the City of Indio and includes Widening Avenue 50 from Jefferson Street to Madison Street to the general plan roadway conditions, including a multi -use trail along the north side. • Avenue 50 Sidewalk Improvements (Measure A: $400K) This project includes construction of a 6 ft. sidewalk on the north side of Avenue 50 Street from Washington Street to Avenida Montero. • Washington Street Sidewalk Improvements (Reprogram of 23/24 S131: $478K) This project includes construction of a 6 ft. sidewalk on the east side of Washington Street from Calle Tampico to Avenue 50. • Cove Area Slurry Seal Improvements Phase I (Measure A: $950K) This project is the first of two phases to complete the slurry seal improvements of the cove area streets. • Avenue 52 at Jefferson Street Roundabout Improvements (Transportation DIF: 600K This project will provide an assessment and re -design of the existing roundabout at Avenue 52 and Jefferson Street. • SilverRock Way Slurry Seal Improvements (Measure A: $500K) Improvements include slurry seal and dig outs of SilverRock Way from Avenue 52 to Jefferson Street. Drainage Improvements • Citywide Drainage Enhancements (Earmark: $2M, General Fund: $477K) This project will upgrade drainage facilities for a minimum 150 -year storm protection in accordance with the Focused Drainage Study. The upcoming drainage projects to be completed are Eisenhower Drive at Avenue 50 and on Avenida Bermudas north of Calle Tampico. Staff is currently pursuing funding for these projects from Earmark funding through Senator Dianne Feinstein and Senator Alex Padilla's offices. Parks and Facilities Projects • Landscape and Lighting Median Island Improvements (General Fund: $500K) This project entails refurbishing City -owned medians south of Highway 111, prioritized over five years. Staff has developed an implementation strategy that recommends priorities and landscape materials. Maintenance and Operations Yard (General Fund: $500K, Measure G: $400K, Maintenance and Facilities Development Impact Fees: $100K) This project was approved by Council as part of the 2018/19 CIP. The proposed funding will begin the construction phase for the Maintenance and Operations Yard improvements. • Cultural Campus (Measure G: $1M, Community and Cultural Center DIF: $500K) This project was approved by Council as part of the 2019/20 CIP. The proposed funding includes additional Construction funding for the Cultural Campus site improvements. Fritz Burns Park Improvements (Measure G: $2.5M, General Fund: $2M, Reprogram Project 2023-04: $500K) This project was approved by Council as part of the 2021/22 CIP. The proposed funding includes construction funding for the three phases of additional park amenity improvements at Fritz Burns Park once the design effort is complete. • City Hall Drainage Improvements (General Fund: $1M) This project will address exterior drainage improvements needed to prevent flooding at La Quinta City Hall for future storm events. Citywide Dog Park Improvements (Reprogram Project 2023-10: $1 M, Measure G: 500K This project entails the construction of dog park facilities at SilverRock Park and in north La Quinta. Improvements may include agility elements, seating, and drinking fountains. • Welcome Center Improvements (Measure G: $750K) Construction of a restroom facility, drinking fountain, and bicycle tune-up station at the new City -owned Welcome Center property located near the entrance to the Bear Creek Trail on Eisenhower Drive and Calle Tampico. Recurring Maintenance Funds • ADA Accessible Ramps — Various Locations (General Fund: $20K) • Citywide Preventative Maintenance Plan Improvements (Equipment Replacement Fund: $50K) • Sidewalks — Various Locations (General Fund: $50K) • Citywide Traffic Signal Maintenance Improvements (Measure A: $235K) Other Adjustments • Citywide Miscellaneous Concrete Improvements (General Fund: $1M) This project entails the repair or replacement of sidewalk panels, curb and gutters, and other various concrete improvements throughout the City. • Citywide Miscellaneous ADA Improvements (CDBG: $175K) This is a continuation of implementing ADA improvements at City parks, buildings, intersection curb ramps and sidewalks based upon the City's ADA Transition Plan Report. • Village Parking Lot Utility Undergrounding (General Fund: $500K) This project would entail the undergrounding of several existing utility poles on the City -owned parking lot on Avenida Bermudas near Avenida La Fonda in the La Quinta Village. Undergrounding of the utility poles would allow for better use of the parking lot. Existing Developer Impact Fee Reimbursement Agreements (Transportation DIF: $400K) The City entered into reimbursement agreements with nine development entities that constructed improvements for the benefit of the City in anticipation of future reimbursement from development impact fees. In 2017 the Council set reimbursement priorities; 9 of 11 developers submitted the required documentation and have been included in the approved repayment plan (Attachment 3). Projects on the Horizon The CIP also identified future year projects, some of which are listed below: • Corporate Centre Drive Gap Closure (FY 2025/26) • Avenue 47 Pavement Rehabilitation (Washington Street to Adams Street) (FY 2025/26) • North La Quinta Slurry Seal Improvements/Pavement Repair (FY 2026/27) • Washington Street Pavement Rehabilitation Project (Sagebrush Lane to Fred Waring Drive) (FY 2027/28) Staff seeks direction on all projects included in the draft CIP. After incorporating comments from Council, an updated CIP program will be presented for adoption in June. Prepared by: Julie Mignogna, Management Analyst Approved by: Bryan McKinney, P.E., Public Works Director/City Engineer Attachments: 1. Draft FY 2024/25 through 2028/29 CIP Project Revenue Summary 2. 2021 Pavement Management - 5 Year Plan 3. DIF Reimbursement Agreement Repayment Schedule Project # Project Description 2024/2025 CITY OF LA QUINTA CAPITAL IMPROVEMENT PROGRAM REVENUE SUMMARY Community General Fund Measure G /Cultural SB 1 Road Operating Sales Tax Center DIF Maint/Rehab DIF Transportation Maintenance and Facilities DIF Other Other Measure A Revenue Revenue Source ATTACHMENT 1 Total 2425ADA ADA Accessible Ramps - Various Locations 20,000 20,000 2425CPM Citywide Preventative Maintenance Plan Improvements 50,000 Equip Replacement Fund 50,000 2425PMP Pavement Management Plan Street Improvements 2,000,000 2,000,000 2425STI Sidewalks - Various Locations 55,000 55,000 2425TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000 235,000 Citywide Drainage Enhancements 477,000 235,000 2425DRA Citywide Drainage Enhancements 477,000 400,000 400,000 2,000,000 Earmark Funding 2025 2,477,000 201702 Developer Reimbursement for DIF Eligible Improvements 201805 Maintenance and Operations Yard 3,500,000 4,000,000 400,000 7,500,000 400,000 201804 Landscape and Lighting Median Island Improvements 500,000 202501 Citywide Striping Refresh 500,000 500,000 201805 Maintenance and Operations Yard 500,000 400,000 100,000 Cove Area Slurry Seal Improvements Phase 2 1,000,000 201901 Cultural Campus Avenue 47 Pavement Rehabilitation (Washington Street to Adams Street) 1,000,000 500,000 512,617 202505 1,500,000 201905 Highway 111 Corridor Area Plan Implementation (for 2022-25) 202506 3,050,000 950,000 430,000 4,000,000 Earmark Funding 2024 8,000,000 202101 Dune Palms Pavement Rehabilitation (Miles Avenue to Fred Waring Drive) 580,000 202508 200,000 1,000,000 200,000 202102 Fritz Burns Park Improvements 2,000,000 2,500,000 500,000 Reprogram project 202304 5,000,000 202205 Avenue 50 Widening Improvements (Jefferson Street to Madison Street) 579,109 579,109 202401 Avenue 50 Sidewalk Improvements (Washington Street to Avenida Montero) 400,000 400,000 202402 Washington Street Sidewalk Improvements (Calle Tampico to Avenue 52) 478,000 Reprogram of 23/24 SB1 funds 478,000 202403 Cove Area Slurry Seal Improvements Phase 1 950,000 950,000 202404 City Hall Drainage Improvements 1,000,000 1,000,000 202405 Citywide Miscellaneous ADA Improvements 175,000 CDBG 175,000 202406 Citywide Miscellaneous Concrete Improvements 1,000,000 1,000,000 202407 Citywide Dog Park Improvements 500,000 1,000,000 Reprogram project 202310 1,500,000 202408 Village Parking Lot Utility Undergrounding 500,000 500,000 202409 Welcome Center Improvements 750,000 750,000 202410 Avenue 52 at Jefferson Street Roundabout Improvements 600,000 600,000 202411 SilverRock Way Slurry Seal Improvements 500,000 500,000 FY 2024/2025 SUBTOTAL: 8,052,000 8,200,000 500,000 1,428,000 1,579,109 100,000 2,285,000 7,725,000 2025/2026 25,019,109 2526ADA ADA Accessible Ramps - Various Locations 20,000 20,000 2526CPM Citywide Preventative Maintenance Plan Improvements 50,000 Equip Replacement Fund 50,000 2526PMP Pavement Management Plan Street Improvements 2,000,000 2,000,000 2526STI Sidewalks - Various Locations 55,000 55,000 2526TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000 2425DRA Citywide Drainage Enhancements 477,000 477,000 201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000 201804 Landscape and Lighting Median Island Improvements 500,000 500,000 201805 Maintenance and Operations Yard 3,500,000 4,000,000 7,500,000 201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000 202501 Citywide Striping Refresh 500,000 500,000 202502 Highway 111/Simon Drive Dual Left Turn Lanes 723,850 723,850 202503 Cove Area Slurry Seal Improvements Phase 2 950,000 950,000 202504 Avenue 47 Pavement Rehabilitation (Washington Street to Adams Street) 512,617 512,617 202505 Phase III Public Safety Camera System 3,000,000 3,000,000 202506 Washington Street at Lake La Quinta Drive (New Traffic Signal) 430,000 430,000 202507 Francis Hack Lane Pavement Rehabilitation (Avenida Bermudas to Cul -De -Sac) 580,000 580,000 202508 Corporate Centre Drive Gap Closure 1,000,000 1,000,000 202509 5 -Year PMPUpdate 75,000 75,000 FY 2025/2026 SUBTOTAL: 6,552,000 8,000,000 2026/2027 0 950,000 1,830,000 2,626,467 50,000 20,008,467 2627ADA ADA Accessible Ramps - Various Locations 20,000 20,000 2627CPM Citywide Preventative Maintenance Plan Improvements 50,000 Equip Replacement Fund 50,000 D D 0 2 M Z Project # Project Description CITY OF LA QUINTA CAPITAL IMPROVEMENT PROGRAM REVENUE SUMMARY Community General Fund Measure G /Cultural SB 1 Road Operating Sales Tax Center DIF Maint/Rehab DIF Transportation Maintenance and Facilities Other DIF Measure A Revenue Other Revenue Source Total 2627PMP Pavement Management Plan Street Improvements 2,000,000 2,000,000 2627STI Sidewalks - Various Locations 55,000 55,000 2627TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000 2627DRA Citywide Drainage Enhancements 477,000 477,000 201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000 201804 Landscape and Lighting Median Island Improvements 500,000 500,000 201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000 202601 North La Quinta Slurry Seal Improvements/Pavement Repair 1,500,000 1,500,000 202602 Citywide Arterial Slurry Seal Improvements 1,000,000 1,000,000 FY 2026/2027 SUBTOTAL: 3,052,000 1,000,000 2027/2028 0 1,000,000 400,000 1,735,000 50,000 7,237,000 2728ADA ADA Accessible Ramps - Various Locations 20,000 20,000 2728CPM Citywide Preventative Maintenance Plan Improvements 50,000 Equip Replacement Fund 50,000 2728PMP Pavement Management Plan Street Improvements 2,000,000 2,000,000 2728STI Sidewalks - Various Locations 55,000 55,000 2728TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000 2728DRA Citywide Drainage Enhancements 477,000 477,000 201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000 201804 Landscape and Lighting Median Island Improvements 500,000 500,000 201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000 202701 Washington Street Pavement Rehabilitation Project (Sagebrush Lane to Fred Waring Drive) 994,367 2,000,000 2,994,367 FY 2027/2028 SUBTOTAL: 3,052,000 1,000,000 2028/2029 0 994,367 400,000 2,235,000 50,000 7,731,367 2829ADA ADA Accessible Ramps - Various Locations 20,000 20,000 2829CPM Citywide Preventative Maintenance Plan Improvements 50,000 Equip Replacement Fund 50,000 2829PMP Pavement Management Plan Street Improvements 2,000,000 2,000,000 2829STI Sidewalks - Various Locations 55,000 55,000 2829TMI Citywide Traffic Signal Maintenance Improvements 235,000 235,000 2829DRA Citywide Drainage Enhancements 477,000 477,000 201702 Developer Reimbursement for DIF Eligible Improvements 400,000 400,000 201804 Landscape and Lighting Median Island Improvements 500,000 500,000 201905 Highway 111 Corridor Area Plan Implementation 1,000,000 1,000,000 202701 Washington Street Pavement Rehabilitation Project (Sagebrush Lane to Fred Waring Drive) 998,053 1,995,502 2,993,555 FY 2028/2029 SUBTOTAL: 3,052,000 1,000,000 0 998,053 400,000 2,230,502 50,000 7,730,555 TOTAL FISCAL YEARS 2024/25 THROUGH 2028/29: 23,760,000 19,200,000 500,000 5,370,420 4,609,109 100,000 11,111,969 7,925,000 67,726,498 ATTACHMENT 2 CITY OF LA QUINTA PAVEMENT MAINTENANCE AND REHABILITATION BUDGET MAP 2021-26 r(Ll;p'"A%lsqa rury,rA`r � _ ���111SJ'Q1 d \1 LEGEND La Quinta 5traets PAVEMENT MANAGEMENT PLAN 2021-22 2022---23 2023-24 2024-25 2025-26 CAPITAL IMPROVEMENT PROGRAM 2021-22 2022-23 2023-24 2024-25 2025-26 L a M 0 1 SiRc-S. tl3� i "^ iu IM ATTACHMENT 3 CITY OF LA QUINTA CAPITAL IMPROVEMENT PROGRAM DEVELOPER REIMBURSEMENT AGREEMENT REPAYMENT DEVELOPER AGREEMENT TOTAL POINTS (RESPONSIVE / CONFIRMED) DATE CIP PROJECT DESCRIPTION NTE AMOUNT ACCRUED FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25/26 FY 26/27 FY 27/28 FY 28/29 ND La Quints Partners, LLC 4 -Dec -07 Avenue 52 - Improved One Lane ofTravet & Installed Raised/Landscaped Median 1,344,690 SS 65,455 $ 65,455 66,536 77,563 90,000 90,000 101,106 101,408 140,021 204,400 225,000 East of Madison, LLC 4 -Dec -07 Avenue 52 - Improved One Lane of Travel & Installed 1/2 Raised/Landscaped Medi $ 669,920 17 $ 61,818 $ 61,818 $ 62,839 $ 73,254 $ 85,000 $ 85,000 $ 95,489 $ 95,775 $ - $ - $ East of Madison, LLC (Part 1) 26 -Jan -16 Madison Street -Improved One Lane of Travel & Installed Raised/Landscaped Med $ 976,266 14 $ 50,909 $ 50,909 $ 51,750 $ 60,327 $ 70,000 $ 70,000 $ 78,638 $ 78,873 $ 108,905 $ 158,978 $ 175,000 Toll Brother's Inc. (Part 1) 6 -Feb -08 Avenue 50 - Installed Full Median Curb & Median Island Landscape $ 179,062 13 $ 47,273 $ 47,273 $ 48,054 jjjj$ - $ - $ - $ - $ - $ - $ - $ - East of Madison, LLC (Part 2) 26 -Jan -16 Avenue 54 - Improved One Lane of Travel & Striped 1/2 width Painted Median $ 524,010 11 $ 40,000 $ 40,000 $ 40,661 $ 47,400 $ 55,000 $ 55,000 $ 61,787 $ 61,972 $ 85,568 $ - $ NO Lo Quinta Partners, LLC 26 -Jan -16 Madison Street - Improved One Lane of Travel $ 418,400 11 $ 40,000 $ 40,000 $ 40,661 $ 47,400 $ 55,000 $ 55,000 $ 61,787 $ 61,972 $ $ $ Lennar Homes of California, Inc 6 -Jun -11 Fred Waring Drive - Installed full Median Curb & Median Island Landscape $ 103,083 30 $ 36,364 $ 36,364 N $ - $ - $ - $ - $ - $ $ $ $ Sam's Real Estate Business Trus 10 -Oct -12 Dune Palms Road - Installed Full Median Curb & Median Island Landscape $ 228,697 9 $ 32,727 $ 32,727 $ 33,268 $ 38,782 $ 45,000 $ 45,000 $ $ $ $ $ Toll Brother's Inc. (Part 2) 6 -Feb -08 Avenue 52 - Median Island Improvements (Landscape Only) 95,596 7 25,455 25,455 25,875 $ - TOTAL DEVELOPER REIMBURSEMENT. $ 4,539,723 110 $ 400,000 $ 400,000 $ 400,000 $ 400,000 $ 400,000 $ 400,000 $ 400,000 $ 400,000 $ 400,000 $ 400,000 $ 400,000 $ 139,723 © Denotes the final payment due to the Developer This repayment plan is applicable to the Developers who have submitted invoices to the City, and the City has reviewed / approved repayment. This method calculates the overall percentage based on the Total Points Accrued, and allows the Developers to receive annual payments accordingly, until the Agreement has been satisfied. The percentage of (Total Points Accrued / Total Points) was determined for each Developer Reimbursement Agreement and multiplied by an annual anticipated payment of $400,000 to determine how much each Developer shall receive each year. In the event that a Developer's Agreement was fulfilled in a year, and there was a remainder of the anticipated $400,000, a new percentage, excluding the points from the previously repaid developer, was calculated and redistributed within that same Fiscal Year. DEVELOPER AGREEMENT (NON-RESPONSIVE) DATE CIP PROJECT DESCRIPTION TOTAL POINTS NTE AMOUNT ACCRUED Greystone Clubhouse Assoc., LL 12 -Jun -08 Avenue 52 - Improved One Lane of Trave & Installed Raised/Landscaped Median 463,894 15 T.D. Desert Development LLP 12 -Oct -06 Avenue 50 - Installed 1/2 Median Curb (with Landscape) $ 186,900 10 TOTAL DEVELOPER REIMBURSEMENT- 650,794 25 The above listed developers (two total) have not submitted the appropriate invoices or documentation, and are therefore considered as "Non -Responsive". The repayment plan above does not include the total of the Non -Responsive Developers ($650,794) in its total ($4,539,723). City of La Quinta STUDY SESSION ITEM NO. 2 FINANCIAL ADVISORY COMMISSION MEETING April 3, 2024 STAFF REPORT AGENDA TITLL: DISCUSS THE 2024 ANNUAL COMMUNITY WORKSHOP AND 2024/25 BUDGET PROCESS RECOMMENDATION Discuss the 2024 Annual Community Workshop and 2024/25 budget process. EXECUTIVE SUMMAR' • Annually the City hosts a community workshop to garner input on City priorities from interested parties. Approximately 106 participants attended the 2024 Community Workshop. • This workshop marks the beginning of the fiscal year (FY) 2024/25 budget cycle, which includes expenses from Measure G sales tax revenue. FISCAL IMPACT - None BACKGROUND/ANALYSIS The 2024 Community Workshop was held on Thursday, February 22, 2024 and was attended by about 106 active participants. The workshop included a recap of major initiatives and accomplishments underway for 2023/24, the City's past and current financial status and priorities, the importance of the City's Mission Statement and proposed update to its Sacred Values, and an introduction and feedback session on the City's Strategic Plan and focus points. In accordance with the Measure G ballot measure, the FAC provides oversight of Measure G funds. Some priorities identified during the community workshop may be funded with current or future Measure G revenues. The annual budget process is approximately six months from January to June of each year. Multiple public meetings are held to garner community input before the final budget is presented for adoption. The FAC is a vital part of the budget process and oversees approximately $15,000,000 of annual revenue appropriations from Measure G sales tax. A timeline ensures the annual budget is adopted by June 30 of each year. ALTERNATIVES The FAC may request additional information. Prepared by: Claudia Martinez, Finance Director Attachment: 1. 2024/25 Budget Timeline CITY OF LA QUINTA ATTACHMENT 1 FY 2023/24 The annual budget process coordinates the allocation of city revenues for essential services such as police and fire, community programs and events, and capital improvement projects. The City invites you to participate and/or track public meetings regarding the fiscal year 2024/25 budget. Proposed public meeting dates are summarized below and as meetings occur budget information presented will be available online on a dedicated City webpage within the Finance Department at: https://www.laquintaca.gov/our-city/city-departments/finance/budget/proposed-budget-2024- 25-timeline Questions regarding the fiscal year 2024/25 budget may be directed to finance@laquintaca.gov or by calling 760-777-7055. W-:11ft .- 2/22/2024 Annual Community Workshop 4/2/2024 City Council Meeting Proposed Capital Improvement Program (CIP) Study Session 4/3/2024 Financial Aavisory commission ivieeting Proposed Capital Improvement Program (CIP) Study Session 5/8/2024 Financiai Auvisory t ommission meeant, Preliminary General Fund Revenue & Expense Projections City Council Meeting 5/21/2024 Budget Study Session #1 (General Fund and Internal Service Funds focus City Council Meeting 6/4/2024 Budget Study Session #2 (All Appropriations- General Fund, Internal Service Funds, Enterprise, and Special Revenue Funds) 6/4/2024 Housina Authoritv Meetinr Budget Study Session #1(Housing Funds Only) 6/5/2024 Financial Advisory Commission Meetinr Final review of proposed Measure G sales tax uses 6/12/2024 Housing Commission Meeting Final Review of proposed Housing Authority Budget 6/18/2024 City Council Meeting Operating and CIP Budget Adoption 6/18/2024 Housing Authority Meeting Budget Adoption 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: April 3, 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, anticipated completion by 4/30/2024 • Single Audit for federal funds for fiscal year 2022/23- In process COMMITTEE UPDATES • FY 2024/25 General Fund Operating Budget (Commissioners Anderson, Batavick, and Dorsey) o The FY 2024/25 budget process is in process by City staff and management. Once all requests have been received, the committee will meet to cover revenue projections, expenditure requests, and proposed uses of Measure G sales tax revenue. o Finance Director to coordinate meeting timeline with committee members for late April • 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- Interviews were conducted, undergoing contract negotiations with final recommendation to City Council on April 16, 2024 • Financial Statement and Audit training - staff is currently researching options CITY UPDATES The City of La Quinta is partnering with neighboring cities and agencies to hold the Coachella Valley Local Government Vendor Fair on Wednesday, April 17. This event aims to raise local business awareness of what we buy and how to do business with public agencies, which can often be an intimidating and complicated process. The event will feature education on how to get started doing business with these agencies and then allow the vendors to meet the various decision -makers from the departments that determine what is needed to run their operations. Register for this free event below: https://www.eventbrite.com/e/coachel la -valley -local -government -vendor - fa i r -ti ckets-839292034067 9, PALM SPRINGS IIE EEpR AGEN OF N�THEEOAE%ELUIVALLEY 5 IINTINC. 4ENN:BINC. WEO CEVELOPMIENT. ELECTRICAL , P, GAAPNIC CESVPk' 4ANKETIMC... ANC NNCN. "" MIONEI FTp IOil P 1,, .1 59 w7h Hwy 111 Corridor Specific Plan; prior City Council and Planning Commission joint meeting held on: o September 26, 2023 o To date, expenditures related to the project are detailed in the Project Activity Report (Attachment 1), in the amount of $860,167.91 Revenue allocations of Measure G do not yet include the most recent quarter entry. • The City is currently exploring the following: o Feasibility of undergrounding utilities in various areas of the City; prior City Council study sessions held on: ■ September 19, 2023 ■ December 19, 2023 o Imperial Irrigation District (IID) power distribution substations in La Quinta cost -share options for upgrades; prior City Council study sessions held on: ■ January 16, 2024 Staff encourages the FAC members to view the meetings as time permits. Tropical Storm Hilary — Federal Disaster Assistance o The City is currently working with FEMA and meeting on a weekly basis on the reporting and reimbursement process. More information on the City's potential reimbursement will be provided at future meetings. A recent addition to the City' website is a dedicated page for City Council Meeting Recaps. Council Recaps briefly summarize and highlight topics from the City Council Meeting agenda. This recap is provided by City staff as a public service and is not an official record of Council action. Stay updated by following the link below: https://www.laguintaca.gov/our-city/city-government/city-council/city-council- meeting-recaps As always, residents can access City Council agendas, minutes and past meeting videos at: httas://www.laauintaca.aov/business/citv-council/citv-council-aaendas 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 401-0000-49500 401-0000-49500 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 Transfers In 09/30/2023 MG 201905 HIGHWAY 111 CORRIDOR AREA Transfers In 12/31/2023 MG 201905 HIGHWAY 111 CORRIDOR AREA Total Revenues: Status Active Ending Total Activity Balance -801,533.20 -801,533.20 Item Number Budget Remaining -3,448,466.80 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 -49,950.15 -1,662.50 -4,250,000.00 -4,250,000.00 0.00 -801,533.20 -801,533.20 -3,448,466.80 201905 Total: -4,250,000.00 -4,250,000.00 0.00 -801,533.20 -801,533.20 -3,448,466.80 3/28/2024 8:43:32 PM 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 3/28/2024 8:43:32 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 -801,533.20 -801,533.20 -3,448,466.80 -4,250,000.00 -4,250,000.00 0.00 -801,533.20 -801,533.20 -3,448,466.80 Group Summary Total Budget Budget -4,250,000.00 -4,250,000.00 -801,533.20 Date Range Beginning Ending Budget Total Budget Budget Balance Total Activity Balance Remaining -4,250,000.00 -4,250,000.00 0.00 -801,533.20 -801,533.20 -3,448,466.80 -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 -801,533.20 -801,533.20 -3,448,466.80 Beginning Ending Budget Balance Total Activity Balance Remaining 0.00 -801,533.20 -801,533.20 -3,448,466.80 -4,250,000.00 -4,250,000.00 0.00 -801,533.20 -801,533.20 -3,448,466.80 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 3/28/2024 8:45:51 PM Page 1 of 4 Project Activity vs Budget Report Date Range: 3/28/2024 8:45:51 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 76,778.75 76,778.75 173,479.25 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 11/2021 - HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.29 620.00 401-0000-60103 Professional Services 01/14/2022 12/2021 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.30 930.00 401-0000-60103 Professional Services 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 06/2022 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.36 1,625.00 401-0000-60103 Professional Services 06/30/2022 05/2022 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.35 967.50 401-0000-60103 Professional Services 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 2019-08.44 725.00 401-0000-60103 Professional Services 05/05/2023 03/2023 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.45 2,137.50 401-0000-60103 Professional Services 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 3/28/2024 8:45:51 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 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 02/23/2024 01/2024 HIGHWAY 111 CORRIDOR 201905 Total: Date Range Total Budget Budget 288,894.00 288,894.00 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 NAI CONSULTING INC 2019-08.55 2,337.50 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 0.00 860,167.91 860,167.91 3,389,832.09 3/28/2024 8:45:51 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 3/28/2024 8:45:51 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 0.00 860,167.91 860,167.91 3,389,832.09 4,250,000.00 4,250,000.00 0.00 860,167.91 860,167.91 3,389,832.09 Group Summary Total Budget Budget 4,250,000.00 4,250,000.00 860,167.91 Date Range Beginning Ending Budget Total Budget Budget Balance Total Activity Balance Remaining 4,250,000.00 4,250,000.00 0.00 860,167.91 860,167.91 3,389,832.09 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 0.00 860,167.91 860,167.91 3,389,832.09 Beginning Ending Budget Balance Total Activity Balance Remaining 0.00 860,167.91 860,167.91 3,389,832.09 4,250,000.00 4,250,000.00 0.00 860,167.91 860,167.91 3,389,832.09 Page 4 of 4 POWER POINTS FAC SPECIAL MEETING APRIL 3, 2024 Financial Advisory Commission Special Meeting 4/3/2024 a fF f {CALOfi Financial Advisory Commission Special Meeting 4/3/2024 Presentation Item No. 1 Sales Tax Trends Presentation by HDL Companies Director of Client Services Bobby Young City of la Quinta Financial Advisory Commissio Sales Tax Trends Update April 3, 2024 HdL° Companies r Q About He TRIFECTA Superior service Increased revenue Decreased costs *V $3 BILLION 0FPn n1� o0 COMPLIANCE RESULTS Help reduce risk Average city growth by keeping current with rates are —3%, ever-changing legislation HdL clients are 2x that! 711111 Mffr 700 99/0 LOCAL GOVERNMENT CLIENT RETENTION CLIENTS HdLQ Companies La Quinta Sales Tax Rate Breakdown State General Fund 3.9375% City/County General Fund (Bradley -Burns) 1.0000% La Quints Measure G (LOU G) 1.0000 OLi 11ty P u bli c Safety (Prop 172) County RaaIignment (Mental H e althTW e I fareIPu U i c Safety) Countywide Transportation Fund Riverside County Transportation Commission (R T ) (IS T ) Total R ate 0.5000% 1.5625% 0.2500% 0.5000% HdL° Co m pa n i es QStatewide Sales Tax Trends 4Q 10 20 30 4G 10 2Q 3Q 4Q 10 20 3Q 20 `'1 21 21 21 22 22 22 22 23 23 23 Calendar Year Results ,aOO.00a _600.00OK AAO-OOOK 00_0OOK ,000.000 .800.000K a .600.0OOK 40 3 Quarterly] Results MMMJ 0.0 00 0 00K 9.000.000K B-000.0 OO 7.000.0 OOF '96,000.0OOK .95-0 00.0 OOK 2011 2012 2013 2D14 2015 2016 2017 2018 2019 2020 2021 2022 2023 HdLO Companies ?� Statewide - Major Industry Groups Calendar Year Results State & County Pools Business And industry Court: 351.452 General Cons wner Goods Count 432,621 Autos And Tran s por to tion ,:curd: 81,158 Restaurants And HoWls Gaunt: 146.600— Fuel And Service Stats Court. 14,650 Building And Construction court. 35.327 Food And Drugs Count: 41.088 $1 000.00OK '11 12 13 '14 '155 16 17 18 '19 '20 '21 600.0001 200-OOOK 000.DOOK 400,000K 400.00M 5200.000K 22 '23 HdLQ Companies QConsiderations Interest Rates Tourism & Business Travel Inflation AB 1228 Fast Food Consumer Spending Minimum Wage Savings Trends Gas Prices HdL'a Companies QInflation &Sales Tax Current Conditions • Steady demand for consumer goods 4 upward pressure on prices 4 upward pressure on spending & sales tax • Supply chain bottlenecks and labor shortages 4 downward pressure on supply -> upward pressure on prices upward pressure on spending & sales tax r HdLQ Companies QOnline vs Brick & Mortar: Allocation Brick & Mortar Online S1 600M S1.400M S1 200M 20.1 °lo Growth 2012 - 2023 L� iii$soom $BOOM 558.5% Growth 2012 2023 $4OflM $200M $0 M '00 G1 02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '1$ '19 '20 21 '22 '23 Legend: Brick & Mortar - Statewide General Consumer Goods from Place -of -Sale locations Online - Statewide General Consumer Goods from Fulfillment Centers and County Use -Tax Pool Allocations HdP40 Years of Companies Growing Revenue QOnline sales allocations... it's complicated �nfine - Order i Fulfiffinent ShI peed toCafifoania Uxal tax is allocated to the jurisdiction in which laced or dovvn loaded L Center Cu stomer- from the fuIfaffinent center is located utsideCalifornia Cakifornis-4 Location Online - Order is Cakifoania FulfitEment Shipped to Per C E��FA Regulation 1��2, fa cal taxis allocated placed or downloaded Centerto Custom er from. the j urisd iction where the order is placed in California Calif oan is Location Onfi ne Out of State Shipped to Local taxis allocated to the countywide pool based Fulfillment Center California Customer an point of delivery Online Out of State Picked Up In -Stare Lo cal tax is allocated to the Cou nt vide pool based Fuffi liment Center (Click & Col lect� on point of delivery In -Stare (Goods Shipped to Leal Tax is a I located to the j urisdic#ion where Orli ne withdrawn f ram California Custo the store is located store inventory) In -Store (Goods ON i ne withdrawn f roar, picked Up In -Stare Local Tax is al located to the j uri sdiction where store inventory) Ktick & Collect) the stare is located in -Store (Goods Local Tax is a I loc aced to the j urisdiction where In -Store withdrawn f rofn In -Store the store is ]ocated store i rnrentory) HdLQ Companies HdL Statewide Trend % Change Cc, YoY 19.1% 16.6% 17.3% 10.3% 8.0% 5.0% I -1.4% -3.3% -1.9% -2.5% I -0.7% 0.7% 1 N 3,000 - c 0 2,500 2,000 1,500 1,000 500 1.4% 1.8% 2.6% 2.1% 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 HdLQ Companies Q HdL Statewide Trend - Annual Outlook (FY) %Change ==MUM "M M'24/Z�51 25/26 mmm YOy 2.7% 5.6% 4.6% -2.0k 13.1% 14.9% 2.Ok11% 2.0% 28%3.0% 2.9%3.0% General Consumers Resta u ra nts County Pool(s) Building & Const. Autos Food & Drugs Gas Stations & Diesel Business & Industry 35%(44%) 22%(17%) 14% 10%(11%) 9%(12%) 4%(3%) 4%(3%) 1%(10%) 16% 5% 9% 16% La Quinta Major Industry Groups - 13 Quarter eo Trend - Bradley Burns General Consumer Goods Count: 666 Restaurants And Hatels Count: 238 State & County Pools Building And Construction Count: 30 A utos A nd Tra ns portation Count: 37 Foal And Drugs Count: 31 Fue I A nd Se ry ice Stations Count: 9 Business And Industry Count: 362 $1,40014 CITY TOTAL $4,400K $4,000K $1'20DK - — $3,600K $3,200K W,DDDK $2,800K $2,400K S2,000K $SU01 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 40 20 21 21 21 21 22 22 22 22 23 23 23 23 U01 0-�� V/ — $16,000K $14,000K $4U0 $12,000K 11,111111111111111, bpLudllllllll $10,000K DD $s,00aK $6,000K S4,000K :77; SOK 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 40 10 20 30 40 10 20 30 40 10 20 30 4-Q 20 21 21 21 21 22 22 22 22 23 23 23 23 By Fiscal Year HcIL Companies La Quinta Major Indust QTrend - Measure G Count: 2,934 Restaurants And Hotels Count: 191 Autos And Transportation Count: 605 Building And Construction Court: 476 Business And Industry Count: 3,495 Food And Drugs 011nt: 99 Fuel And Service Stations Count: 39 Transfers & Unidentified Count. 2,327 ry Groups - 13 Quarter $2,OOOK CITY TOTAL $5,200K $4,800K - $4,400K $1,600K _ $4,OOOK $3,600K — -- $3,200K S2,800K $1,200K 40 10 2Q 3Q 4Q 10 20 3Q 4Q 1Q 2Q 3Q 4Q 20 21 21 21 21 22 22 22 22 23 23 23 23 $800 $20,000K $16,000K $12,000K $400K - $8,000K $4,000K $OK $� (.4,4,000)K 2015 2016 2017 2018 201a 2020 2021 2022 2023 *Q 10 2Q 3Q 4Q 1Q 20 30 40 10 20 30 40 20 21 21 21 21 22 22 22 22 23 23 23 23 By Fiscal Year HcIL Companies ppipor: Lu P% AT?LLI 3: = ZNO en? WHO? HERE? r%. f*fto Z W i �• � i HOW? W Z W 4 HOW? When? WHERE? LUQ Why? = 2 When? WHAT? WHEN? What? o WhenW WHERE? when? What. z ,. �- ;• 0%.. B V'A i Financial Advisory Commission Special Meeting 4/3/2024 Study Session Item No. 1 Discuss Projects to be Included in Fiscal Years 2024/25 Through 2028/29 Capital Improvement Program 7 ` _ .� -_ y� µ kap •H�h1 J �:r` .,f. ,J. Purpose and Timeline • Review CIP — 5 -year plan • City Council — Study Session — SB1 RMRA and Measure AApproval on April 16 —Public Hearing in June —Appropriate first year funds with City Budget • Finance Advisory Commission —April 3, 2024 FY 2024/25 Projects • Transportation Projects • Drainage Projects • Landscape Renovation Projects • Parks and Facilities Projects • Other CIP Projects • DIF Reimbursements Transportation Projects • 2024/25 Pavement Management Plan (PMP) — Fourth year of 5 -Year PMP — Crack seal and Slurry Seal streets within the Cove — Calle Cadiz and Saguaro Road — Cactus Flower neighborhood in north La Quinta — Fred Waring Drive between Dune Palms Road and Jefferson Street 5 -Year Pavement Management Plan (PMP) Transportation Projects • Highway 111 Corridor Area Plan Implementation & Pavement Resurfacing — Resurfacing of Highway 111 within City limits and ADA curb ramp improvements — Resurfacing was successfully awarded Earmark funding through Congressman Calvert — Specific Plan almost complete — Banking construction funding for demonstration project — Environmental for demonstration project site near completion ir- Transportation Projects • Dune Palms Pavement Rehabilitation — Rehabilitation of Dune Palms Road between Miles Avenue and Fred Waring Drive — Additional construction funding • Avenue 50 Widening Improvements — In coordination with the City of Indio — Widening Avenue 50 from Jefferson Street to Madison Street — Multi -use trail on the north side Transportation Projects • Avenue 50 Sidewalk Improvements — Construct a 6 ft. sidewalk on the north side of Avenue 50 from Washington Street to Avenida Montero • Washington Street Sidewalk Improvements — Construct a 6 ft. sidewalk on east side of Washington St. — From the bridge to Calle Tampico Transportation Projects • Cove Area Slurry Seal Improvements Phase I — First of two phases to complete slurry seal of cove area streets — A supplement to PMP • Avenue 52 at Jefferson Street Roundabout Improvements — Provide an assessment and re -design of existing roundabout at Avenue 52 and Jefferson Street • SilverRock Way Slurry Seal Improvements — Slurry seal and dig outs of SilverRock Way from Avenue 52 to Jefferson Street Recently Completed Pavement Improvement Projects �y h -kl r.l ,"T Recently Completed Pavement Improvement Projects — Highway 111/Jefferson Intersection — Moon River Drive Pavement Rehabilitation — Jefferson REAS Slurry — Citywide Striping — FY 21/22 Pavement Management Plan — Fred Waring Drive Pavement Rehabilitation — Avenue 50 and Avenue 52 Pavement Rehabilitation — FY 22/23 Pavement Management Plan Drainage Improvements • Citywide Enhancements — Minimum 150 -year storm protection — Next projects: Eisenhower Drive at Avenue 50 and at Avenida Bermudas north of Calle Tampico — Pursuing Congressionally Directed Spending (Earmark funding) Landscape Renovation Projects Landscape Renovation Project • Landscape & Lighting Median Island Improvements — Refurbish southern medians — Utilizing landscape contractor and staff — Future Project: Avenue 52 between Washington Street and SilverRock Way qu x�wz.'n Landscape Renovation Projects Landscape Renovation Project • Landscape & Lighting Median Island Improvements — Refurbish southern medians — Utilizing landscape contractor and staff — Future Project: Avenue 52 between Washington Street and SilverRock Way qu Parks and Facilities Projects • Maintenance and Operations Yard — Funding to begin the construction phase • Cultural Campus — Master Plan complete — Design Underway — Additional funding for Cultural Campus Site Improvements Parks and Facilities Projects • Fritz Burns Park Improvements — Master plan complete — Design for final three phases underway — Construction funding for additional park amenity improvements • City Hall Drainage Improvements — Address exterior drainage improvements — Needed to prevent flooding for future storm events Parks and Facilities Projects • Citywide Dog Park Improvements — Construction of dog park facilities • SilverRock • North La Quinta • Welcome Center Improvements — Construction of restroom facility, drinking fountain, and bicycle tune-up station — New City -Owned property at Eisenhower Drive and Calle Tampico (near entrance to Bear Creek Trail) Recurring Maintenance Funds • ADAAccessible Ramps — Various Locations • Citywide Preventative Maintenance Plan Improvements • Sidewalks —Various Locations • Citywide Traffic Signal Maintenance Improvements Other CIP Projects • Citywide Miscellaneous Concrete Improvements — Repair and replacement of sidewalk panels, curb and gutters, and various concrete improvements citywide • Citywide Miscellaneous ADA Improvements — Implementation of ADA Transition Plan Report — Continuation of improvements at City park, buildings intersection curb ramps, and sidewalks • Village Parking Lot Utility Undergrounding — Undergrounding existing utility poles at city -owned parking lot on Avenida Bermudas near Avenida La Fonda DIF Reimbursements • Pay down existing obligations — In lieu of approving new Transportation DIF Projects — $400,000 per year — After this FY 4 out of 9 developers complete — Anticipated completion: 2028/29 Projects on the Horizon • Corporate Centre Drive Gap Closure (FY 2025/26) • Avenue 47 Pavement Rehabilitation (FY 2025/26) — Washington Street to Adams Street • North LQ Slurry Seal/Pavement Repair (FY 2026/27) • Washington St Pavement Rehabilitation (FY 2027/28) — Sage Brush Avenue to Fred Waring Drive FISCAL YEAR 2024/2025 IMPROVEMENT SUMMARY $29,869,109 Street Improvements Pedestrian 7.12% Street Improvements 42.95% Public Facilities 16.07% Parks 21.76% Landscape & Lighting 1.67% Drainage Traffic Signals Improvements 0.79% 8.29% Developer Reimbursements 1.34% FISCAL YEAR 202412025 REVENUE SUMMARY $29,859,109 Is Measure G -General Fund $9,200,000 $8,452.000 DHF Transporlatlom 81,579,109 • Marcdernance & Faalilpes DIP $100,000 n.a or e24 Funds i.02% SB 1 R w eklnufthah 4.7691 Reprogram of FY 2124 Funds $1.5w,000 COBG Grant $175,900 Is Earmark Funding $5400,000 Is SB 1 Roan Malnt I Rahah $1.429,900 Equpment Replacement Funo W.0o0 Mallemaif[e & F.d10es DIF 09350 Ct3EG Gram 0.595L Fqulpmem Fund ■ Measure A $2,295,000 +Community & Cullum! Canter DIF E500,000 12 l' UESTIONS & ` DISCUSSION An Financial Advisory Commission Special Meeting 4/3/2024 Business Session Item No. 1 Receive and File Second Quarter Fiscal Year 2023/24 Treasury reports for October, November, and December 2023 A N 'k! S r.ter•_ 1vr a Portfolio Allocations as of Dec 2023 0 14 Financial Advisory Commission Special Meeting 4/3/2024 Business Session Item No. 2 Receive and File Fiscal Year 2023/24 Budget Update Report t � o- 1�'r"-{ City Budget Outlook L� G STRONG REVENUE EXPENSES ON TARGET MONITOR ECONOMIC ENVIRONMENT Mid -Year Report Content • General Fund Recommended Adjustments: — Revenues $730,000 — Expenses $141,500 — Additional full-time position discussion 11 a a k.,# a 17 Financial Advisory Commission Special Meeting 4/3/2024 Study Session Item No. 2 Discuss The 2024 Annual Community Workshop and 2024/25 Budget Process ;• x4X 2024 Community Workshop "Mapping Our Tomorrow" Date: Thursday, February 22nd Location: La Quinta Wellness Center Approximate Number of Participants: 106 (80 Residents, 26 City Staff) _ 2024 Community Workshop Overview 440 444; Am -,r- FY 2024/25 Budget Schedule • May 8 — Financial Advisory Commission • May 21 — City Council, Study Session #1 • June 4 — City Council, Study Session #2 • June 5 —Financial Advisory Commission • June 12 — Housing Commission • June 18 — City Council, Adoption For the latest budget information visit: www.laquintaca.gov/business/finance/budget Fiscal Year Re -cap Finance Update Strategic Plan Introduction Mission Statement/Sacred mkValues rr '•rte•'' 3 'a The Financial Advisory Commission's Next Regular Quarterly Meeting is on May 8, 2024 F OWL. a