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2024 08 29 FAC Special MeetingtaQ�r�, 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 Thursday, August 29, 2024, starting at 3:30 p.m.; al La Quinta City Hall located at 78495 Calle Tampico, La Quinta, CA 92253 for the following purpose: CONSENT CALENDAR 1. APPROVE SPECIAL MEETING MINUTES DATED JUNE 5, 2024 2. APPROVE MEETING MINUTES DATED AUGUST 14, 2024 3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED APRIL 30, 2024 4. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED MAY 31, 2024 BUSINESS SESSION 1. RECEIVE AND FILE THE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2023 2. APPOINT MEMBERS OF THE COMMISSION TO SERVE AS CHAIRPERSON AND VICE - CHAIRPERSON FOR FISCAL YEAR 2024/25 3. RECEIVE AND FILE FOURTH QUARTER FISCAL YEAR 2023/24 TREASURY REPORTS FOR APRIL, MAY, AND JUNE 2024 STUDY SESSION 1. REVIEW STRATEGIC PLAN DRAFT DEPARTMENTAL REPORTS 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES 2. FIRST QUARTER 2024 (JANUARY-MARCH) SALES TAX UPDATE Dated: August 27, 2024 Attest: (W Claudia Martinez, Interim Commission Secretary /s/ Xelth Dorsey/ Keith Dorsey, Chairperson DECLARATION OF POSTING I, Claudia Martinez, Interim Commission Secretary, do hereby declare that the foregoing notice for the La Quinta Financial Advisory Commission Special Meeting of August 29, 2024, was posted on the City's website, near the entrance to the Council Chamber at 78495 Calle Tampico, and on the bulletin board at 51321 Avenida Bermudas on August 27, 2024. - Dated: August 27, 2024 Claudia Martinez, Interim Commission Secretary FINANCIAL ADVISORY COMMISSION Page 1 of 1 AUGUST 29, 2024 SPECIAL MEETING Financial Advisory Commission agendas and staff reports are now available on the City's web page: www.laquintaca._gov SPECIA1 MEETING FINANCIAL ADVISORY COMMISSION AGENDA CITY HALL COUNCIL CHAMBER 78495 Calle Tampico, La Quinta THURSDAY. AUGUST 29. 2024. AT 3:30 P.M. Members of the public may listen to this meeting by tuning -in live via www.laquintaca.gov/livemeetings. CALL TO ORDER ROLL CALL: Commissioners: Anderson, Batavick, Kiehl, Lee, Mast, Way, and Chair Dorsey PLEDGE OF ALLEGIANCE PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA At this time, members of the public may address the Commission on any matter not listed on the agenda pursuant to the "Public Comments — Instructions" listed at the end of the agenda. The Commission values your comments; however, in accordance with State law, no action shall be taken on any item not appearing on the agenda unless it is an emergency item authorized by the Brown Act [Government Code § 54954.2(b)]. CONFIRMATION OF AGENDA ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS - None CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. PAGE 1. APPROVE SPECIAL MEETING MINUTES DATED JUNE 5, 2024 2. APPROVE MEETING MINUTES DATED AUGUST 14, 2024 3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED APRIL 30, 2024 FINANCIAL ADVISORY COMMISSION Page 1 of 4 AUGUST 29, 2024 SPECIAL MEETING AGENDA 4. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED MAY 31, 2024 BUSINESS SESSION PAGE 1. RECEIVE AND FILE THE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2023 2. APPOINT MEMBERS OF THE COMMISSION TO SERVE AS CHAIRPERSON AND VICE -CHAIRPERSON FOR FISCAL YEAR 2024/25 3. RECEIVE AND FILE FOURTH QUARTER FISCAL YEAR 2023/24 TREASURY REPORTS FOR APRIL, MAY, AND JUNE 2024 STUDY SESSION PAGE 1 - REVIEW STRATEGIC PLAN DRAFT DEPARTMENTAL REPORTS PAGE 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES 2. FIRST QUARTER 2024 (JANUARY-MARCH) SALES TAX UPDATE COMMISSIONERS' ITEMS ADJOURNMENT The La Quinta Financial Advisory Commission will hold a special meeting on October 2, 2024, commencing at 3:30 p.m. at the La Quinta City Hall Council Chamber, 78495 Calle Tampico, La Quinta, CA 92253 DECLARATION OF POSTING I, Claudia Martinez, Interim 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 August 29, 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 August 27, 2024. DATED: August 27, 2024 3( Claudia Martinez, Interim Commission Secretary City of La Quinta, California FINANCIAL ADVISORY COMMISSION Page 2 of 4 AUGUST 29, 2024 SPECIAL MEETING AGENDA Public Notices • Agenda packet materials are available for public inspection: 1) at the Clerk's Office at La Quinta City Hall, located at 78495 Calle Tampico, La Quinta, California 92253; and 2) on the City's website at https://www.laguintaca.gov/our-city/city-government/boards-and-commissions/financial- advisory-commission, in accordance with the Brown Act [Government Code § 54957.5; AB 2647 (Stats. 2022, Ch. 971)]. • The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please contact Commission Secretary at (760) 777-7055, 24-hours in advance of the meeting and accommodations will be made. • If background material is to be presented to the Commission during a Commission meeting, please be advised that 15 copies of all documents, exhibits, etc., must be supplied to the Commission Secretary for distribution. It is requested that this takes place prior to the beginning of the meeting. PUBLIC COMMENTS — INSTRUCTION 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 CMartinez(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. FINANCIAL ADVISORY COMMISSION Page 3 of 4 AUGUST 29, 2024 SPECIAL MEETING AGENDA Public speakers may elect to use printed presentation materials to aid their comments; 15 copies of such printed materials shall be provided to the Commission Secretary to be disseminated to the Commission, made public, and incorporated into the public record of the meeting; it is requested that the printed materials are provided prior to the beginning of the meeting. There shall be no use of Chamber resources and technology to display visual or audible presentations during public comments, unless permitted by the Chair. All writings or documents, including but not limited to emails and attachments to emails, submitted to the City regarding any item(s) listed or not listed on this agenda are public records. All information in such writings and documents is subject to disclosure as being in the public domain and subject to search and review by electronic means, including but not limited to the City's Internet Web site and any other Internet Web -based platform or other Web -based form of communication. All information in such writings and documents similarly is subject to disclosure pursuant to the California Public Records Act [Government Code § 7920.000 et seq.]. TELECONFERENCE ACCESSIBILITY — INSTRUCTIONS Teleconference accessibility may be triggered in accordance with AB 2449 (Stats. 2022, Ch. 285), codified in the Brown Act [Government Code § 54953], if a member of the Commission requests to attend and participate in this meeting remotely due to `just cause" or "emergency circumstances," as defined, and only if the request is approved. In such instances, remote public accessibility and participation will be facilitated via Zoom Webinar as detailed at the end of this Agenda. *** TELECONFERENCE PROCEDURES — PURSUANT TO AB 2449*** APPLICABLE ONLY WHEN TELECONFERENCE ACCESSIBILITY IS IN EFFECT Verbal public comments via Teleconference — members of the public may attend and participate in this meeting by teleconference via Zoom and use the "raise your hand" feature when public comments are prompted by the Chair; the City will facilitate the ability for a member of the public to be audible to the Commission and general public and allow him/her/they to speak on the item(s) requested. Please note — members of the public must unmute themselves when prompted upon being recognized by the Chair, in order to become audible to the Commission and the public. Only one person at a time may speak by teleconference and only after being recognized by the Chair. ZOOM LINK: https://us06web.zoom.us/m/82853067939 Meeting ID: 898 3998 4651 Or join by phone: (253) 215 — 8782 Written public comments — can be provided in person during the meeting or emailed to CMartinez(c-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 Page 4 of 4 AUGUST 29, 2024 SPECIAL MEETING AGENDA CONSENT CALENDAR ITEM NO. 1 FINANCIAL ADVISORY COMMISSION SPECIAL MEETING MINUTES WEDNESDAY, JUNE 5, 2024 CALL TO ORDER A special meeting of the La Quinta Financial Advisory Commission (Commission) was called to order at 4:00 p.m. by Chair Dorsey. PRESENT: Commissioners Anderson, Batavick, Kiehl, Mast, Mills, Way, and Chair Dorsey ABSENT: None PLEDGE OF ALLEGIANCE Commissioner Way led the audience in the Pledge of Allegiance. PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA — None CONFIRMATION OF AGENDA Staff requested that Business Session Item No. 1 regarding the fiscal year 2024/25 Investment Policy be moved up on the agenda and considered before the Consent Calendar. The Commission concurred. ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS 1. PROCLAMATIONS — RECOGNITION OF SERVICE FOR OUTGOING COMMISSIONER MILLS Staff presented a Proclamation to Commissioner Mills in honor of his service and dedication to the La Quinta community. The Commission thanked Commissioner Mills for his distinguished services and extended their best wishes for continued success in all his future endeavors. BUSINESS SESSION >>> taken out of Agenda order 1. APPROVE THE FISCAL YEAR 2024125 INVESTMENT POLICY Principal Management Analyst Hallick presented the staff report, which is on file in the Finance Department. Motion — A motion was made and seconded by Commissioners Way/Anderson to approve the fiscal year 2024/25 Investment Policy, as submitted. Motion passed unanimously. FINANCIAL ADVISORY COMMISSION Page 1 of 3 JUNE 5, 2024 SPECIAL MEETING MINUTES 5 CONSENT CALENDAR ITEMS 1. APPROVE MEETING MINUTES DATED MAY 8, 2024 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED MARCH 31, 2024 Motion — A motion was made and seconded by Commissioners Mills/Mast to approve the Consent Calendar, as submitted. Motion passed unanimously. BUSINESS SESSION >>> continued 2. DISCUSS FISCAL YEAR 2024/25 PRELIMINARY PROPOSED BUDGET AND APPROVE ALLOCATION OF MEASURE G SALES TAX REVENUE Finance Director Martinez presented the staff report, which is on file in the Finance Department. The Commission and staff discussed Capital Improvement Program (CIP) general and state funding; revenue allocation for CIP; and federal funding for damages incurred due to Tropical Storm Hilary in August 2023 and subsequent rainstorm. Motion — A motion was made and seconded by Commissioners Mast/Way to approve allocation of Measure G sales tax revenue, as submitted. Motion passed unanimously. 3. APPROVE THE FINANCIAL ADVISORY COMMISSION'S FISCAL YEAR 2024/25 MEETING DATES AND AMEND THE REGULAR QUARTERLY MEETING START TIME FROM 4:00 P.M. TO 3:30 P.M. Finance Director Martinez presented the staff report, which is on file in the Finance Department. The Commission and staff discussed changing the Commission's regular quarterly meetings start time from 4:00 p.m. to 3:30 p.m. starting with regular quarterly meeting on August 14, 2024, and amending the fiscal year 2024/25 meeting dates as follows: August 14, 2024 (Wednesday) regular quarterly meeting October 2, 2024 (Wednesday) special meeting November 13, 2024 (Wednesday) regular quarterly meeting December 4, 2024 (Wednesday) special meeting February 12, 2025 (Wednesday) regular quarterly meeting March 26, 2025 special Added (Wednesday)spe "mil, 2-025— Ymleeting TT (Wednesday)special eetiRg Replaced with March 26, 2025 May 7, 2025 (Wednesday) regular quarterly meeting June 4, 2025 (Wednesday) special meeting Added june 11�2025 (We dnesday)menial mooting Replaced with June 4, 2025 Motion — A motion was made and seconded by Commissioners Anderson/Mast to amend the Commission's regular quarterly meetings start time from 4 p.m. to 3:30 p.m. effective FINANCIAL ADVISORY COMMISSION Page 2 of 3 JUNE 5, 2024 SPECIAL MEETING MINUTES 6 August 2024, and to approve the special meeting dates for fiscal year 2023/24 as amended above. Motion passed unanimously. 4. RECEIVE AND FILE THIRD QUARTER FISCAL YEAR 2023/24 TREASURY REPORTS FOR JANUARY, FEBRUARY, AND MARCH 2O24 Principal Management Analyst Hallick presented the staff report, which is on file in the Finance Department. The Commission and staff discussed the investment yield comparison to other city investment reports. Motion — A motion was made and seconded by Commissioners Mills/Kiehl to receive and file third quarter fiscal year 2023/24 treasury reports for January, February, and March 2024, as submitted. Motion passed unanimously. STUDY SESSION — None DEPARTMENTAL REPORTS 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES Staff provided an update on current and upcoming Finance Department projects and City events. The Commission and staff discussed process for transitioning audit information between current auditors and selected new auditors. COMMISSIONERS' ITEMS The Commission discussed how community input is best gathered for uses of Measure G funds. Commissioner Batavick thanked Commissioner Mills wife, Yolanda, for the support she provided to Commissioner Mills during his time serving the City. ADJOURNMENT There being no further business, it was moved and seconded by Commissioners Way/Mast to adjourn this meeting at 5:25 p.m. Motion passed unanimously. Respectfully submitted, Jessica Delgado, Administrative Technician/Commission Secretary City of La Quinta, California FINANCIAL ADVISORY COMMISSION Page 3 of 3 JUNE 5, 2024 SPECIAL MEETING MINUTES 7 CONSENT CALENDAR ITEM NO. 2 FINANCIAL ADVISORY COMMISSION MINUTES WEDNESDAY, AUGUST 14, 2024 CALL TO ORDER A regular quarterly meeting of the La Quinta Financial Advisory Commission (Commission) was called to order at 3:30 p.m. by Chair Dorsey. PRESENT: Commissioners Anderson, Kiehl, and Chair Dorsey ABSENT: Commissioner Batavick, Lee, Mast, and Way ADJOURNMENT Due to a lack of a quorum this meeting was adjourned at 3:31 p.m. Respectfully submitted, Daniela Batuta, Finance Technician/Commission Secretary City of La Quinta, California FINANCIAL ADVISORY COMMISSION MINUTES Page 1 of 1 AUGUST 14, 202R 10 CONSENT CALENDAR ITEM NO. 3 City of La Quinta FINANCIAL ADVISORY COMMISSION SPECIAL MEETING: August 29, 2024 STAFF REPORT 'AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED APRIL 30, 2024 RECOMMENDATION Receive and file revenue and expenditure report dated April 30, 2024. EXECUTIVE SUMMARY • The report summarizes the City's year-to-date (YTD) revenues and period expenditures for April 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 Budget — represents revenue and expenditure budgets the Council adopted in June 2023 for fiscal year (FY) 2023/24. Current Total Budget — represents original adopted budgets plus any Council approved budget amendments from throughout the year, 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. 11 April 2024 Revenues Comparison to 2023 YTD Percent of YTD Percent of MTD YTD Budget YTD Budget General Fund (GF) $7,459,653 $53,310,408 67.30% $53,429,653 68.03% All Funds $11,453,572 $106,002,866 53.27% $90,660,307 47.83% April 2024 Expenditures Comparison to 2023 YTD Percent of YTD Percent of MTD YTD Budget YTD Budget General Fund $4,291,935 $45,784,630 45.05% $44,193,213 38.85% Payroll (GF) $813,747 $9,612,612 71.79% $20,358,992 84.83% All Funds $7,493,653 $102,179,371 43.66% $91,513,204 38.77% General Fund Non -General Fund Transient Occupancy (Hotel) Tax $ 2,328,841 Allocated Interest $ 1,701,042 Measure G Sales Tax $ 1,382,154 County Government Revenue -Library/Museum $ 1,263,928 Sales Tax $ 1,128,322 SilverRock Green Fees $ 438,864 Property Tax $ 790,974 Gas Tax Fund $ 157,013 CSA 152 Assessments $ 520,573 County Sales Tax Measure A $ 143,340 i op rive txpenanures/uuyays Tor Apni General Fund Non -General Fund Sheriff Contract (January/February) $ 2,307,409 Capital Improvement Program - Construction(') $ 1,804,007 Grants/Economic Development $ 150,000 Capital Improvement Program - Design(2) $ 226,445 Plan Checks $ 141,987 Gas Tax Fund- Road Repairs/Improvements $ 179,692 Parks Landscape Maintenance Contract $ 130,020 SilverRock Maintenance $ 117,203 Marketing and Tourism Promotions $ 123,252 Lighting & Landscape Maintenance Contract $ 86,922 (1)CIP Construction: Dune Palms bridge; X-Park; Misc. ADA improvements; parkway landscape conversion project. (2)CIP Design: Fritz Burns Park; Village utility undergrounding study; cultural campus. 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 April 30, 2024 12 ATTACHMENT 1 ta Qa�fra For Fiscal: 2023/24 Period Ending: 04/30/2024 CALIFORNIA Revenue Summary Variance Original Current Period Fiscal Favorable Percent Fund Total Budget Total Budget Activity Activity (Unfavorable) Used 101- GENERAL FUND 78,478,100 79,208,100 7,459,653 53,310,408 -25,897,692 67.30% 105 - DISASTER RECOVERY FUND 15,000 15,000 0 -8,794 -23,794 58.63% 201- GAS TAX FUND 2,458,600 3,247,900 157,013 2,665,852 -582,048 82.08% 202 - LIBRARY & MUSEUM FUND 2,922,000 2,922,000 1,264,436 1,713,372 -1,208,628 58.64% 203 - PUBLIC SAFETY FUND (MEASURE G) 2,500 2,500 0 -179 -2,679 7.17% 210- FEDERAL ASSISTANCE FUND 156,000 375,259 0 180,347 -194,912 48.06% 212 - SLESA (COPS) FUND 101,500 161,500 8,333 144,065 -17,435 89.20% 215 - LIGHTING & LANDSCAPING FUND 2,992,000 2,992,000 0 2,542,814 -449,186 84.99% 220-QUIMBYFUND 50,000 0 0 0 0 0.00% 221- AB 939 - CALRECYCLE FUND 70,000 70,000 17,847 48,476 -21,524 69.25% 223 - MEASURE A FUND 2,028,000 2,028,000 143,340 1,281,286 -746,714 63.18% 225 - INFRASTRUCTURE FUND 500 500 0 -17 -517 3.41% 226 - EMERGENCY MANAGEMENT PERFORMAN9�5198ANT (EMPG92,500 0 0 -12,500 0.00% 227 - STATE HOMELAND SECURITY PROGRAMS (S}fl11110 5,000 0 4,312 -688 86.24% 230 - CASp FUND, AB 1379 20,500 20,500 1,076 13,115 -7,385 63.98% 231- SUCCESSOR AGCY PA 1 RORF 0 0 7 5,154,632 5,154,632 0.00% 235 - SO COAST AIR QUALITY FUND 55,000 80,000 0 25,043 -54,957 31.30% 237 - SUCCESSOR AGCY PA 1 ADMIN 0 0 0 -165 -165 0.00% 241- HOUSING AUTHORITY 1,401,500 1,771,500 127,742 1,423,304 -348,196 80.34% 243 - RDA LOW -MOD HOUSING FUND 30,000 30,000 0 -3,375 -33,375 11.25% 247 - ECONOMIC DEVELOPMENT FUND 20,000 20,000 1,833 54,917 34,917 274.59% 249 - SA 2011 LOW/MOD BOND FUND (Refinartil*^02016) 1,423,009 0 1,448,384 25,375 101.78% 250- TRANSPORTATION DIF FUND 1,520,000 620,000 96,216 262,675 -357,325 42.37% 251- PARKS & REC DIF FUND 751,500 301,500 50,544 210,153 -91,347 69.70% 252 - CIVIC CENTER DIF FUND 501,500 141,500 29,520 76,383 -65,117 53.98% 253 - LIBRARY DEVELOPMENT DIF 100,000 40,000 9,528 23,820 -16,180 59.55% 254 - COMMUNITY & CULTURAL CENTERS DIF252,500 102,500 22,944 56,492 -46,008 55.11% 255 - STREET FACILITY DIF FUND 1,000 1,000 0 -71 -1,071 7.10% 256 - PARK FACILITY DIF FUND 100 100 0 -7 -107 6.69% 257 - FIRE PROTECTION DIF 151,500 41,500 8,856 22,787 -18,713 54.91% 259 - MAINTENANCE FACILITIES DIF FUND 101,000 46,000 7,512 20,107 -25,893 43.71% 270 - ART IN PUBLIC PLACES FUND 154,000 154,000 7,364 89,823 -64,177 58.33% 275 - LQ PUBLIC SAFETY OFFICER 2,500 2,500 0 1,953 -547 78.12% 299 - INTEREST ALLOCATION FUND 0 0 1,701,042 6,730,168 6,730,168 0.00% 310 - LQ FINANCE AUTHORITY DEBT SERVICE 1,100 1,100 0 0 -1,100 0.00% 401- CAPITAL IMPROVEMENT PROGRAMS17,950,700 90,688,672 0 16,956,037 -73,732,635 18.70% 405 - SA PA 1 CAPITAL IMPRV FUND 1,500 1,500 0 -5 -1,505 0.36% 501- FACILITY & FLEET REPLACEMENT 1,685,000 1,685,000 0 1,152,726 -532,274 68.41% 502 - INFORMATION TECHNOLOGY 2,256,708 2,256,708 2,952 2,313,795 57,087 102.53% 503 - PARK EQUIP & FACILITY FUND 470,000 470,000 0 746,660 276,660 158.86% 504 - INSURANCE FUND 1,362,230 1,362,230 0 1,020,380 -341,850 74.91% 601- SILVERROCK RESORT 5,277,950 6,493,950 495,561 5,902,597 -591,353 90.89% 602 - SILVERROCK GOLF RESERVE 87,000 87,000 0 81,446 -5,554 93.62% 760 -SUPPLEMENTAL PENSION PLAN 6,000 6,000 0 4,931 -1,069 82.18% 761- CERBT OPEB TRUST 20,000 20,000 0 145,502 125,502 727.51% 762 - PARS PENSION TRUST 100,000 100,000 -159,747 186,714 86,714 186.71% Report Total: 123,608,488 199,008,028 11,453,572 106,002,866 -93,005,162 53.27% 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 13 For Fiscal: 2023/24 Period Ending: 04/30/2024 Expenditure Summary Variance Original Current Period Fiscal Favorable Percent Fund Total Budget Total Budget Activity Activity (Unfavorable) Used 101- GENERAL FUND 72,828,750 101,638,631 4,291,935 45,784,630 55,854,000 45.05% 201- GAS TAX FUND 2,802,400 5,561,461 231,420 2,348,512 3,212,949 42.23% 202 - LIBRARY & MUSEUM FUND 2,240,160 4,934,483 22,834 1,226,767 3,707,716 24.86% 203 - PUBLIC SAFETY FUND (MEAS 0 41,687 0 11,625 30,063 27.89% 210 - FEDERAL ASSISTANCE FUND 156,300 375,559 16,419 196,768 178,791 52.39% 212 - SLESA (COPS) FUND 100,000 100,000 17,920 66,493 33,507 66.49% 215 - LIGHTING & LANDSCAPING F 3,186,915 3,353,915 250,991 1,975,393 1,378,522 58.90% 220 - QUIMBY FUND 0 445,176 0 0 445,176 0.00% 221- AB 939 - CALRECYCLE FUND 150,000 150,000 10,900 126,134 23,866 84.09% 223 - MEASURE A FUND 1,865,000 4,810,319 0 2,673,169 2,137,150 55.57% 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 16,696,117 -16,696,117 0.00% 235 - SO COAST AIR QUALITY FUN 54,000 39,000 12,378 40,373 -1,373 103.52% 237 - SUCCESSOR AGCY PA 1 ADM 0 0 0 5,850 -5,850 0.00% 241- HOUSING AUTHORITY 1,596,340 2,326,340 89,642 1,501,208 825,132 64.53% 243 - RDA LOW -MOD HOUSING FL 250,000 300,000 0 0 300,000 0.00% 247 - ECONOMIC DEVELOPMENT 1 31,500 31,500 123 22,127 9,373 70.25% 249 - SA 2011 LOW/MOD BOND FI 250,000 3,824,192 0 3,582,426 241,766 93.68% 250- TRANSPORTATION DIF FUNC 550,000 1,669,775 0 409,936 1,259,839 24.55% 251- PARKS & REC DIF FUND 650,000 1,121,285 0 34,179 1,087,106 3.05% 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 36,205 112,747 629,964 15.18% 310 - LQ FINANCE AUTHORITY DEE 1,100 1,100 0 0 1,100 0.00% 401- CAPITAL IMPROVEMENT PR( 17,950,700 85,866,873 2,162,414 16,211,530 69,655,343 18.88% 501- FACILITY & FLEET REPLACEM 1,448,750 2,331,044 24,541 372,440 1,958,603 15.98% 502 - INFORMATION TECHNOLOG' 3,082,620 3,277,620 73,641 1,615,269 1,662,351 49.28% 503 - PARK EQUIP & FACILITY FUN 2,242,200 3,092,200 12,015 695,032 2,397,168 22.48% 504 - INSURANCE FUND 1,118,000 1,118,000 0 1,107,755 10,245 99.08% 601- SILVERROCK RESORT 5,034,993 6,266,242 237,558 5,312,853 953,389 84.79% 760 -SUPPLEMENTAL PENSION PL 12,850 12,850 0 12,833 17 99.87% 761- CERBT OPEB TRUST 1,800 1,800 0 1,194 606 66.35% 762 - PARS PENSION TRUST 30,000 30,000 2,719 26,059 3,941 86.86% Report Total: 118,084,878 234,056,188 7,493,653 102,179,371 131,876,817 43.66% 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 14 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 Safe (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 Agent (FEMA) grant for emergency preparedness. 230 CASP Fund, AB1379 / SB1186 Certified Access Specialist (CASp) program fees for ADA Accessibility Improvements; derived from Business License renewals. Assembly Bill AB 1379 and Senate Bill SB 1186. 231 Successor Agency PA 1 RORF Fund Successor Agency (SA) Project Area (PA) 1 Redevelopment Obligation Retirement Fund (RORF) for Redevelopment Property Tax Trust Fund (RPTTF) taxes received for debt service payments on recognized obligations of the former Redevelopment Agency (RDA). 235 SO Coast Air Quality Fund (AB2766, PM10) Contributions from the South Coast Air Quality Management District. Uses are limited to the reduction and control of airborne pollutants. Assembly Bill AB 2766. 237 Successor Agency PA 1 Admin Fund Successor Agency (SA) Project Area (PA) 1 for administration of the Recognized Obligation Payment Schedule ROPS associated with the former Redevelopment Agency (RDA). 241 Housing Authority Activities of the Housing Authority which is to promote and provide quality affordable housing. 243 RDA Low -Moderate Housing Fund Activities of the Housing Authority which is to promote and provide quality affordable housing. Accounts for RDA loan repayments 20 /o for Housing) and housing programs,. 244 Housing Grants Activites related Local Early Action Planning (LEAP) and S62 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) ISupplemental pension savings plan for excess retiree benefits to general employees of the City. 761 Other Post Benefit Obligation Trust (OPEB) For retiree medical benefits and unfunded liabilities. 762 Pension Trust Benefit (PARS Account) For all pension -related benefits and unfunded liabilities. 15 Page 3 of 3 16 CONSENT CALENDAR ITEM NO. 4 City of La Quinta FINANCIAL ADVISORY COMMISSION SPECIAL MEETING: August 29, 2024 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED MAY 31, 2024 RECOMMENDATION Receive and file revenue and expenditure report dated May 31, 2024. EXECUTIVE SUMMARY • The report summarizes the City's year-to-date (YTD) revenues and period expenditures for May 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 Budget — represents revenue and expenditure budgets the Council adopted in June 2023 for fiscal year (FY) 2023/24. Current Total Budget — represents original adopted budgets plus any Council approved budget amendments from throughout the year, 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. 17 May2024 Revenues YTD Percent of MTD YTD Budget General Fund (GF) $9,303,026 $62,613,569 75.55% All Funds $11,838,600 $117,842,793 58.14% May2024 Expenditures YTD Percent of MTD YTD Budget General Fund $2,861,918 $48,646,548 47.75% Payroll (GF) $804,933 $10,417,546 77.80% All Funds $6,197,104 $108,377,666 46.26% General Fund Transient Occupancy (Hotel) Tax Property Tax Measure G Sales Tax Sales Tax Comparison to 2023 YTD Percent YTD Budge $66,401,667 84. $120,185,044 63. Comparison to 2023 YTD Percent YTD Budget $50,293,266 44.21 $21,108,127 87.9E $99,499,999 42.1E Non -General Fund $ 2,921,575 Allocated Interest $ 645,314 $ 2,666,184 Lighting and Landscape District Assessments $ 424,724 $ 1,451,498 SilverRock Green Fees $ 291,519 $ 1,142,907 County Sales Tax (Measure A) $ 176,036 General Fund Non -General Fund Sheriff Contract (March) $ 1,163,856 Capital Improvement Program - Construction(l) $ 1,705,449 Marketing and Tourism Promotions $ 115,802 Homelessness Assistance $ 250,000 Parks Landscape Maintenance Contract $ 65,010 SilverRock Maintenance $ 177,287 Plan Checks $ 59,252 Machinery & Equipment (IT Fund)(2) $ 148,262 Animal Shelter Contract Services $ 56,537 Lighting & Landscape Maintenance $ 137,472 (1)CIP Construction: North La Quinta landscape conversion project; Fred Waring pavement; Dune Palms bridge (2)Machinery & Equipment: Council chambers audio-visual/meeting services upgrades; city-wide new printers/copiers 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 May 31, 2024 18 ATTACHMENT 1 For Fiscal: 2023/24 Period Ending: 05/31/2024 CALIFORNIA Revenue Summary Variance Original Current Period Fiscal Favorable Percent Fund Total Budget Total Budget Activity Activity (Unfavorable) Used 101- GENERAL FUND 78,478,100 82,877,100 9,303,026 62,613,569 -20,263,531 75.55% 105 - DISASTER RECOVERY FUND 15,000 15,000 0 -8,794 -23,794 58.63% 201- GAS TAX FUND 2,458,600 3,247,900 161,526 2,827,377 -420,523 87.05% 202 - LIBRARY & MUSEUM FUND 2,922,000 2,922,000 324 1,713,697 -1,208,303 58.65% 203 - PUBLIC SAFETY FUND (MEASURE G) 2,500 2,500 0 -179 -2,679 7.17% 210 - FEDERAL ASSISTANCE FUND 156,000 375,259 0 180,347 -194,912 48.06% 212 - SLESA (COPS) FUND 101,500 161,500 41,667 185,732 24,232 115.00% 215 - LIGHTING & LANDSCAPING FUND 2,992,000 2,992,000 424,724 2,967,538 -24,462 99.18% 220-QUIMBYFUND 50,000 0 0 0 0 0.00% 221- AB 939 - CALRECYCLE FUND 70,000 70,000 110,296 158,772 88,772 226.82% 223 - MEASURE A FUND 2,028,000 2,028,000 176,036 1,457,322 -570,678 71.86% 225 - INFRASTRUCTURE FUND 500 500 0 -17 -517 3.41% 226 - EMERGENCY MANAGEMENT PERFORMAPIQMGANT (EMPGg2,500 24,550 24,550 12,050 196.40% 227 - STATE HOMELAND SECURITY PROGRAMS (5}M 5,000 0 4,312 -688 86.24% 230 - CASp FUND, AB 1379 20,500 20,500 1,276 14,391 -6,109 70.20% 231- SUCCESSOR AGCY PA 1 RORF 0 0 6 5,155,830 5,155,830 0.00% 235 - SO COAST AIR QUALITY FUND 55,000 80,000 0 25,043 -54,957 31.30% 237 - SUCCESSOR AGCY PA 1 ADMIN 0 0 0 -165 -165 0.00% 241- HOUSING AUTHORITY 1,401,500 1,771,500 98,747 1,522,050 -249,450 85.92% 243 - RDA LOW -MOD HOUSING FUND 30,000 30,000 0 -3,375 -33,375 11.25% 247 - ECONOMIC DEVELOPMENT FUND 20,000 20,000 2,958 57,876 37,876 289.38% 249 - SA 2011 LOW/MOD BOND FUND (RefinantVa^02016) 1,423,009 0 1,448,384 25,375 101.78% 250 - TRANSPORTATION DIF FUND 1,520,000 620,000 173,538 436,213 -183,787 70.36% 251- PARKS & REC DIF FUND 751,500 301,500 16,848 227,001 -74,499 75.29% 252 - CIVIC CENTER DIF FUND 501,500 141,500 19,783 96,165 -45,335 67.96% 253 - LIBRARY DEVELOPMENT DIF 100,000 40,000 3,176 26,996 -13,004 67.49% 254 - COMMUNITY & CULTURAL CENTERS DIF252,500 102,500 7,648 64,140 -38,360 62.58% 255 - STREET FACILITY DIF FUND 1,000 1,000 0 -71 -1,071 7.10% 256 - PARK FACILITY DIF FUND 100 100 0 -7 -107 6.69% 257 - FIRE PROTECTION DIF 151,500 41,500 5,828 28,615 -12,885 68.95% 259 - MAINTENANCE FACILITIES DIF FUND 101,000 46,000 10,596 30,703 -15,297 66.74% 270 - ART IN PUBLIC PLACES FUND 154,000 154,000 72,250 162,073 8,073 105.24% 275 - LQ PUBLIC SAFETY OFFICER 2,500 2,500 0 1,953 -547 78.12% 299 - INTEREST ALLOCATION FUND 0 0 645,314 7,375,482 7,375,482 0.00% 310 - LQ FINANCE AUTHORITY DEBT SERVICE 1,100 1,100 0 0 -1,100 0.00% 401- CAPITAL IMPROVEMENT PROGRAMS17,950,700 90,688,672 50,000 17,006,037 -73,682,635 18.75% 405 - SA PA 1 CAPITAL IMPRV FUND 1,500 1,500 0 -5 -1,505 0.36% 501- FACILITY & FLEET REPLACEMENT 1,685,000 1,685,000 0 1,152,726 -532,274 68.41% 502 - INFORMATION TECHNOLOGY 2,256,708 2,256,708 4,165 2,317,960 61,252 102.71% 503 - PARK EQUIP & FACILITY FUND 470,000 470,000 0 746,660 276,660 158.86% 504 - INSURANCE FUND 1,362,230 1,362,230 0 1,020,380 -341,850 74.91% 601- SILVERROCK RESORT 5,277,950 6,493,950 346,473 6,249,070 -244,880 96.23% 602 - SILVERROCK GOLF RESERVE 87,000 87,000 0 81,446 -5,554 93.62% 760 -SUPPLEMENTAL PENSION PLAN 6,000 6,000 0 4,931 -1,069 82.18% 761- CERBT OPEB TRUST 20,000 20,000 0 145,502 125,502 727.51% 762 - PARS PENSION TRUST 100,000 100,000 137,847 324,561 224,561 324.56% Report Total: 123,608,488 202,677,028 11,838,600 117,842,793 -84,834,235 58.14% 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 19 For Fiscal: 2023/24 Period Ending: 05/31/2024 Expenditure Summary Variance Original Current Period Fiscal Favorable Percent Fund Total Budget Total Budget Activity Activity (Unfavorable) Used 101- GENERAL FUND 72,828,750 101,876,631 2,861,918 48,646,548 53,230,083 47.75% 201- GAS TAX FUND 2,802,400 5,561,461 54,047 2,402,559 3,158,903 43.20% 202 - LIBRARY & MUSEUM FUND 2,240,160 4,934,483 24,432 1,251,199 3,683,284 25.36% 203 - PUBLIC SAFETY FUND (MEAS 0 41,687 0 11,625 30,063 27.89% 210 - FEDERAL ASSISTANCE FUND 156,300 375,559 0 196,768 178,791 52.39% 212 - SLESA (COPS) FUND 100,000 100,000 8,442 74,935 25,065 74.94% 215 - LIGHTING & LANDSCAPING F 3,186,915 3,353,915 286,405 2,261,798 1,092,117 67.44% 220 - QUIMBY FUND 0 445,176 0 0 445,176 0.00% 221- AB 939 - CALRECYCLE FUND 150,000 150,000 6,614 132,748 17,252 88.50% 223 - MEASURE A FUND 1,865,000 4,810,319 0 2,673,169 2,137,150 55.57% 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 16,696,117 -16,696,117 0.00% 235 - SO COAST AIR QUALITY FUN 54,000 39,000 3,355 43,728 -4,728 112.12% 237 - SUCCESSOR AGCY PA 1 ADM 0 0 2,030 7,880 -7,880 0.00% 241- HOUSING AUTHORITY 1,596,340 2,326,340 93,389 1,594,596 731,744 68.55% 243 - RDA LOW -MOD HOUSING FL 250,000 300,000 250,000 250,000 50,000 83.33% 247 - ECONOMIC DEVELOPMENT 1 31,500 31,500 164 22,291 9,209 70.77% 249 - SA 2011 LOW/MOD BOND FI 250,000 3,824,192 0 3,582,426 241,766 93.68% 250- TRANSPORTATION DIF FUNC 550,000 1,669,775 0 409,936 1,259,839 24.55% 251- PARKS & REC DIF FUND 650,000 1,121,285 0 34,179 1,087,106 3.05% 252 - CIVIC CENTER DIF FUND 0 249,925 0 0 249,925 0.00% 253 - LIBRARY DEVELOPMENT DIF 15,000 15,000 0 1,191 13,809 7.94% 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 6,084 118,831 623,880 16.00% 310 - LQ FINANCE AUTHORITY DEE 1,100 1,100 0 0 1,100 0.00% 401- CAPITAL IMPROVEMENT PR( 17,950,700 85,866,873 1,865,123 18,076,653 67,790,220 21.05% 501- FACILITY & FLEET REPLACEM 1,448,750 2,331,044 64,690 437,130 1,893,913 18.75% 502 - INFORMATION TECHNOLOG' 3,082,620 3,277,620 254,341 1,869,610 1,408,010 57.04% 503 - PARK EQUIP & FACILITY FUN 2,242,200 3,092,200 1,000 696,032 2,396,168 22.51% 504 - INSURANCE FUND 1,118,000 1,118,000 784 1,108,540 9,460 99.15% 601- SILVERROCK RESORT 5,034,993 6,266,242 411,630 5,724,483 541,759 91.35% 760 -SUPPLEMENTAL PENSION PL 12,850 12,850 0 12,833 17 99.87% 761- CERBT OPEB TRUST 1,800 1,800 0 1,194 606 66.35% 762 - PARS PENSION TRUST 30,000 30,000 2,657 28,716 1,284 95.72% Report Total: 118,084,878 234,294,188 6,197,104 108,377,666 125,916,522 46.26% 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 20 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 Safe (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 Boll (AB) 939, 223 Measure A Fund County sales tax allocations which are restricted to street -related expenditures. 224 TUMF Fund Developer -paid Transportation Uniform Mitigation Fees (TUMF) utilized for traffic projects in Riverside County. 225 Infrastructure Fund Developer fees for the acquisition, construction or improvement of the City's infrastructure as defined by Resolution 226 Emergency Mgmt. Performance Grant (EMPG) Federal Emergency Management Agency (FEMA) grant for emergency preparedness. 227 State Homeland Security Programs (SHSP) Federal Emergency Management Agency (FEMA) grant for emergency preparedness. 230 CASP Fund, AB1379 / SB1186 Certified Access Specialist (CASp) program fees for ADA Accessibility Improvements; derived from Business License renewals. Assembly Bill AB 1379 and Senate Bill SB 1186. 231 Successor Agency PA 1 RORF Fund Successor Agency (SA) Project Area (PA) 1 Redevelopment Obligation Retirement Fund (RORF) for Redevelopment Property Tax Trust Fund (RPTTF) taxes received for debt service payments on recognized obligations of the former Redevelopment Agency (RDA). 235 SO Coast Air Quality Fund (AB2766, PM10) Contributions from the South Coast Air Quality Management District. Uses are limited to the reduction and control of airborne ollutants. Assembl Bill AB 2766. 237 Successor Agency PA 1 Admin Fund Successor Agency (SA) Project Area (PA) 1 for administration of the Recognized Obligation Payment Schedule ROPS associated with the former Redevelopment Agency (RDA). 241 Housing Authority Activities of the Housing Authority which is to promote and provide quality affordable housing. 243 RDA Low -Moderate Housing Fund Activities of the Housing Authority which is to promote and provide quality affordable housing. Accounts for RDA loan repayments 20 /o for Housing) and housing programs,. 244 Housing Grants Activites related Local Early Action Planning (LEAP) and SB2 grants for housing planning and development. 247 Economic Development Fund Proceeds from sale of City -owned land and transfers from General Fund for future economic development. 249 SA 2011 Low/Mod Bond Fund Successor Agency (SA) low/moderate housing fund; 2011 bonds refinanced in 2016. 250 Transportation DIF Fund Developer impact fees collected for specific public improvements - transportation related. 251 Parks & Rec. DIF Fund Developer impact fees collected for specific public improvements - parks and recreation. 252 Civic Center DIF Fund Developer impact fees collected for specific public improvements - Civic Center. 253 Library Development DIF Fund Developer impact fees collected for specific public improvements - library. 254 Community Center DIF Fund Developer impact fees collected for specific public improvements - community center. 255 Street Facility DIF Fund Developer impact fees collected for specific public improvements - streets. 256 Park Facility DIF Fund Developer impact fees collected for specific public improvements - parks. 257 Fire Protection DIF Fund Developer impact fees collected for specific public improvements - fire protection. 259 Maintenance Facilities DIF Fund Developer impact fees collected for specific public improvements - maintenance facilities. 270 Art In Public Places Fund Developer fees collected in lieu of art placement; utilized for acquisition, installation and maintenance of public artworks. 275 LQ Public Safety Officer Fund Annual transfer in from General Fund; distributed to public safety officers disabled or killed in the line of duty. 299 Interest Allocation Fund Interest earned on investments. 310 LQ Finance Authority Debt Service Fund Accounted for the debt service the Financing Authority's outstanding debt and any related reporting requirements. This bond was fully paid in October 2018. 401 Capital Improvement Program Fund Planning, design, and construction of various capital projects throughout the City. 405 SA PA 1 Capital Improvement Fund Successor Agency (SA) Project Area (PA) 1 bond proceeds restricted by the bond indenture covenants. Used for SilverRock infrastructure improvements. 501 Equipment Replacement Fund Internal Service Fund for vehicles, heavy equipment, and related facilities. 502 Information Technology Fund Internal Service Fund for computer hardware and software and phone systems. 503 Park Equipment & Facility Fund Internal Service Fund for park equipment and facilities. 504 Insurance Fund Internal Service Fund for city-wide insurance coverages. 601 SilverRock Resort Fund Enterprise Fund for activities of the city -owned golf course. 602 SilverRock Golf Reserve Fund Enterprise Fund for golf course reserves for capital improvements. 760 Supplemental Pension Plan PARS Account Supplemental pension savings plan for excess retiree benefits to general employees of the City. 761 Other Post Benefit Obligation Trust (OPEB) For retiree medical benefits and unfunded liabilities. 762 Pension Trust Benefit (PARS Account) For all pension -related benefits and unfunded liabilities. 21 Page 3 of 3 22 BUSINESS SESSION ITEM NO. 1 City of La Quinta FINANCIAL ADVISORY COMMISSION SPECIAL MEETING August 29, 2024 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR YEAR ENDED JUNE 30, 2023 RECOMMENDATION Receive and file the Annual Comprehensive Financial Report for the year ended June 30, 2023. EXECUTIVE SUMMARY • California cities must obtain an annual audit of their financial statements by an independent auditor at the close of each fiscal year. • The annual audit produces the Annual Comprehensive Financial Report (ACFR) (Exhibit A), which was issued on July 19, 2024. • The independent auditors rendered an unmodified ("clean") opinion, which is the most favorable conclusion. • The City Council discussed, received and filed the ACFR on August 6, 2024. FISCAL IMPACT - None BACKGROUND/ANALYSIS At the end of each fiscal year, the City's financial records are audited by an independent audit firm pursuant to California law. The results (including City background information, statistical data, and detailed financial reports) are compiled and presented in the ACFR. In the independent auditors' report (located at the front of the financial section of the ACFR), Eide Bailly Certified Public Accountants issued an unmodified opinion on the City's financial statements for the year ended June 30, 2023, which is the most favorable conclusion. The independent audit involved examining evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and estimates made by management, and evaluating the overall financial statement presentation. 23 Attachment 1, provides a summary of the ACFR which is in Exhibit A. Attachment 2, provides a summary of Unrestricted Funds. In order to allow for ample review of the ACFR, the Financial Advisory Commissioners were provided a copy prior to the meeting. In addition, a copy of the ACFR can be found in the Finance section on the City's website. While the City's financial statements were presented fairly in all significant aspects, a material weakness in the City's internal controls over financial reporting was identified for accounting entry adjustments, entries were fully resolved prior to issuance. As in previous years, the ACFR will be submitted to the Government Finance Officers Association (GFOA) award program for excellence in financial reporting. A Single Audit for fiscal year 2022/23 — a separate audit requirement under Federal law for entities that spend $750,000 or more in federal funds during a fiscal year, was issued on July 25, 2024. ALTERNATIVES The ACFR and audit are required by State law, therefore, no alternatives are recommended. Prepared by: Claudia Martinez, Finance Director/City Treasurer Approved by: Jon McMillen, City Manager Attachments: 1. 2022/23 Annual Comprehensive Financial Report Summary 2. 2022/23 Unrestricted Funds Summary 24 ATTACHMENT 1 r Fiscal Year 2022/23 Annual Comprehensive Financial Report (ACFR) CALIFORNIA Summary Summary of ACFR Contents The fiscal year (FY) 2022/23 Annual Comprehensive Financial Report (ACFR) (Exhibit A) contains numerous comprehensive financial reports pertaining to all aspects of the City's finances and includes financial statements for all City funds (general, special revenue, housing, capital project, internal service, and other fund types). The ACFR also contains information regarding the City's accounting methods and procedures, and the results of the independent audit. Financial information is conveyed both by major fund type and in a comprehensive manner; thus, the information is somewhat complex to interpret. Because of this, specific detailed information regarding the General Fund year-end budget results for FY 2022/23 was presented separately at the January 16, 2024, Council meeting. The Management Discussion and Analysis section provides an overview and analysis of the financial statements, which is useful when reading through the ACFR. In addition, the Notes to the Basic Financial Statements provide a written explanation of accounting methods and year -over -year changes. The Statistical Section presents a ten-year comparison of City financial, economic, and demographic trends. Responsibility for both the accuracy and the completeness of all disclosures rests with the City of La Quinta. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to fairly present the financial position and results of City operations. The ACFR was prepared in conformance with Generally Accepted Accounting Principles (GAAP). The City's financial reporting is based upon all Governmental Accounting Standards Board (GASB) pronouncements; these pronouncements are the most authoritative source of governmental GAAP. Eide Bailly LLP, Certified Public Accountants, has issued an unmodified ("clean") opinion on the City's financial statements for the year ended June 30, 2023, which is the most favorable conclusion. While the City's financial statements were presented fairly in all significant aspects, a material weakness in the City's internal controls over financial reporting was identified for accounting entry adjustments from both the current and prior years, all entries were fully resolved prior to issuance of the ACFR. In addition, the City is in the process of implementing additional internal procedures and guidance related to financial reporting to improve the accuracy of the information presented. We believe that the ACFR meets the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting Program requirements and have submitted it to determine eligibility for another certificate. The City has previously received this prestigious award for the last twenty-six years. 25 Significant Changes and Financial Highlights Governmental Revenues and Expenses Governmental Activities include thirty-one (31) individual governmental funds. There are four (4) major governmental funds: the General Fund, one Capital Improvement capital project fund, one Housing Authority special revenue fund, and one Disaster Recovery special revenue fund. Data from the other twenty-seven (27) governmental funds are combined into a single, aggregate presentation. Key Highlights: • General Fund's overall fund balance increased by approximately $20.1 million when compared to the ending balance in FY 2021/22. This was mostly attributed to transient occupancy tax and sales tax revenue exceeding budget projections, coupled with expenditure savings. • General Fund Reserves are 100% funded to established target amounts for FY 2022/23 representing a combined balance of $45 million. • At the end of FY 2022/23, the City had positive balances in all three categories of Net Position (Net Investment in Capital Assets, Restricted, and Unrestricted) for the governmental and business -type activities. • Governmental revenues increased over the prior fiscal year with the major items being attributed to investment income, fair value of investments, and property taxes, which were then offset by decreases in charges for services, and capital grants and contributions. • A majority of General Fund revenues experienced positive variances when compared to the final budget. • Actual expenses were $48.2 million lower than the final budget, of which $2.6 million was carried over into FY 2023/24 for continuing appropriations related to operations. Funds not being carried over are recognized as Unassigned Fund Balance in the General Fund. Capital Improvement Projects (CIP) revenue commitments totaling $22.6 million are reflected in Assigned reserves and operational carryovers are noted in Committed reserves. Governmental Fund Balances The focus of the City's governmental funds is to provide information on near -term inflows, outflows, and balances. Such information is useful in assessing the City's financing requirements. In particular, Unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. The Unassigned General Fund balance comprised $44,105,041, or 24%, of the total $185,977,508 balance and included savings from total final FY 2022/23 General Fund budgeted expenditures including transfers and multi -year capital project carryovers. As of the end of FY 2022/23, the City's total governmental funds reported combined ending fund balances of $239,819,968 and General Fund balances of $185,977,508 as follows: 2022/23 Governmental Fund Balances 26 Category General Fund Percent All Other Funds Percent Total Funds Percent Nonspendable $ 25,130,438 14% $ 468 0.001 % $ 25,130,906 10% Restricted 5,317,487 3% 61,906,132 115% 67,223,619 28% Committed 47,600,009 26% - 0% 47,600,009 20% Assigned 63,824,533 34% - 0% 63,824,533 27% Unassigned 44,105,041 24% 8,064,140 -15% 36,040,901 15% TOTAL $ 185,977,508 100% $ 53,842,460 100% $ 239,819,968 100% When compared to FY 2021/22, total governmental fund balance increased by $22,697,904 and total General Fund balance increased by $20,070,495. 2021/22 Governmental Fund Balances Category General Fund Percent All Other Funds Percent Total Funds Percent Nonspendable $ 27,365,989 16% $ 96,590 0.189% $ 27,462,579 13% Restricted 10,137,888 6% 54,412,358 106% 64,550,246 30% Committed 37,209,100 22% - 0% 37,209,100 17% Assigned 57,300,711 35% - 0% 57,300,711 26% Unassigned L 33,893,325 20% 3,293,897 -6% 30,599,428 14 0 TOTAL $ 165,907,013 100% $ 51,215,051 100% $ 217,122,064 100% General Fund Balances A year -over -year decrease of $2,236,000 in Nonspendable is mainly attributed to the FY 2022/23 Redevelopment Agency (RDA) loan repayment of $2,696,000 offset by interest earnings of $381,000 resulting in a net decrease of $2,315,000 in Due from Other Governments. The outstanding loan balance to the RDA of $24,501,000 is recognized as 80% in the General Fund and 20% in the Housing Authority Fund. Additional information on the loan repayment can be found in Note 19 of the financial statements. Restricted reserves are limited to funds held in a Section 115 Pension Trust, set aside to fund the City's pension obligations. As of FY 2021/22, the trust balance was at $10.1 million and, due to a one-time additional discretionary payment of $5,000,000 made to CalPERS to pay down the City's unfunded pension obligations, the updated balance is $5.3 million. All Other Funds fund balance decreased by $7,494,000 and represents totals for the Housing Fund and other Restricted funds. Committed reserves increased by approximately $10,391,000 due to operational carryovers and the recent update to the City's Reserve Policy, which included increasing and funding the new target levels for the Natural Disaster Emergency Reserve, Economic Downturn Reserve, and the Capital Improvement Reserve categories. All reserve categories are fully funded to current target levels. An increase of $6,524,000 in assigned reserves was due to Measure G sales tax reserve of $13,859,000 which included advanced funding reimbursed back to reserves for the Dune Palms Bridge project and $803,000 in the fire services trust. 27 Outstanding Debt Total governmental activities debt decreased by $254,013 from $1,957,439 to $1,703,426. This decrease is attributed to a reduction of $109,537 in leases and $314,809 in subscription IT liabilities offset by an increase of $191,861 in compensated absences. Governmental Activities 2022 Debt Type: As Restated 2023 Leases $ 162,648 $ 53,111 Financed Purchases 22,079 551 Compensated Absences 962,229 1,154,090 Subscription IT liabilities 810,483 495,674 TOTAL $ 1,957,439 $ 1,703,426 The City adopted and implemented GASB Statement No. 96, Subscription- Based Information Technology Arrangements (SBITAs), which establishes that a SBITA results in a right -to -use subscription asset- an intangible asset- and a corresponding subscription liability. GASB 96 will require governments to recognize a subscription liability for the amount owed on contracts offset by a capitalized asset. This standard will allow the reader of the government -wide financial statements a better view of the government's net position which is influenced by the underlying event and cash flows related to future fiscal periods. Additional information on long-term debt can be found in Note 5 of the financial statements. Defined Benefit Pension Plan and Section 115 Trust As of June 30, 2023, the City reported a liability of $13,550,553 for its proportionate share of the collective net pension liability. The net pension liability was measured as of June 30, 2022, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2021. Detailed information about the pension plan's fiduciary net position is available in the separately issued CalPERS financial reports. As of June 30, 2023, the Section 115 Pension Trust had a balance of $5,317,487, additional information can be found in Note 12. The trust sets aside monies to fund the City's pension obligations. Contributions to the trust are irrevocable and assets are protected from creditors. The purpose of the trust is to address the City's pension obligations by accumulating assets to reduce the net pension liability. However, assets in the trust are recorded as restricted fund balance until they are transferred to the pension plan (CaIPERS). Additional information on the City's Pension Plan can be found in Note 9 and information on the Section 115 Trust can be found in Note 12. Other Post -Employment Benefit Plan (OPEB) In contrast to the Net Pension Liability, the OPEB Trust established to fund retiree health benefits, had a balance of $1,792,999 which decreases the OPEB liability of $1,415,511 and is reported as an asset balance of $377,488. Additional information on OPEB can be found in Note 11 of the financial statements. Major Capital Improvements 28 The Capital Improvement Fund is primarily used to record the expenditures for capital projects. The fund had forty-seven (47) active Capital Improvement Projects during FY 2022/23. The five most active projects were: • Dune Palms Bridge Improvements ($4,050,000) • La Quinta Landscape Renovation Improvements ($2,923,000) • Avenue 53 and Jefferson Roundabout ($2,758,000) • Citywide Striping Refresh ($295,000) • Highway 111 Corridor Area Plan Improvements ($285,000) These projects, along with others, leveraged State or Federal grant funds or were significantly supported with Measure G sales tax revenues. Long-term Financial Sustainability The City ensures that its long-range goals are met through a variety of Boards and Commissions. Each is comprised of Council appointed residents, may include a City Council representative, and are supported by City staff. In addition, the City has adopted various financial policies and practices with the goal of sustaining a fiscally resilient government over the long-term, as well as increasing transparency and encouraging public engagement. The City has taken a proactive approach to rising pension and public safety costs by building its reserve categories and paying down the City's pension obligations. The City also continues to collaborate with Riverside County and other regional cities on police services to identify long-term savings. As of June 30, 2023, all four of the City's reserve categories (Cash Flow Reserve, Natural Disaster, Economic Disaster, and Capital Replacement) are fully funded to policy targets. The City has a mixture of housing and commercial developments under construction, and approved housing developments on the horizon. The Highway 111 Corridor Plan (Plan) continues to be a priority with daily traffic exceeding 40,000 vehicles, and accounting for nearly 80% of the City's annual sales tax revenue. The City Council has a history of implementing strategic measures to ensure the long-term fiscal sustainability of the City. These measures include adopting a structurally balanced budget, funding long-term needs, and maintaining robust reserve levels. As a result, the City has been able to maintain essential services despite economic fluctuations and is well -prepared to face future financial challenges. 29 ATTACHMENT 2 ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR 2022/2023 — UNRESTRICTED FUNDS SUMMARY The Annual Comprehensive Financial Report (ACFR) is a set of financial statements for a state, municipality or other governmental entity that comply with the accounting requirements established by the Governmental Accounting Standards Board (GASB). GASB is a private non -governmental organization, an arm of the Financial Accounting Foundation, that creates accounting reporting standards, or generally accepted accounting principles (GAAP), for state and local governments in the United States, i.e. GASB sets the standards governing the content of an ACFR. The ACFR must be audited by an independent auditor using generally accepted government auditing standards. GASB Concepts Statement No. 34 requires the net assets of a government to be reported in three (3) categories: 1) invested in capital assets net of related debt, 2) restricted, and 3) unrestricted. As shown in the chart below, the City's Net Position (total assets and deferred outflows) is stated on page 5 of the Management Discussion and Analysis or MD&A of the fiscal year (FY) 2022/23 ACFR for La Quinta, and further described in detail on page 8. Net Position Summary FY 2022/23 Capital Assets $ 574,870,283 Restricted $ 62,283,620 Unrestricted $ 221,443,417 TOTAL NET POSITION $ 858,597,320 Per ACFR reporting guidelines, in particular GASB No. 34, the three (3) categories of a government's net assets are defined as follows: Capital Assets category reflects investments in capital assets (e.g., land, buildings; machinery, equipment), net of related debt, which the City uses to provide services to citizens; consequently, these assets are not available for future spending. City capital assets totaling $574,870,283 or 67% of the city's total $858,597,320 Net Position (total assets and deferred outflows) include: • 129 miles of streets and 121 miles of sidewalks • 17 parks with amenities that include swimming pools, pickleball and tennis courts; X Park; soccer fields and softball/baseball diamonds; dog parks; playground equipment; and more. • 22 city -owned buildings 30 • 82.6 miles of bike paths • 4,800-plus street signs • 50 traffic light signals, 111 public safety cameras • 582 catch basins Restricted category is comprised of funds earmarked for a specific purpose; these restrictions are imposed on the City by an outside agency. Unrestricted category is defined as funds that can be used to meet ongoing obligations because they are not restricted by an outside agency. However, of note is that GASB reporting requirements for the ACFR do not take into account fund restrictions in accordance with the City's established policies. For purposes of ACFR reporting, the City's unrestricted net position is comprised of funds committed or assigned for certain reserves or projects, including assets that are in non - spendable form per the agency's established policies and procedures. For La Quinta some of the major restrictions to Unrestricted funds, as reported by FY 2022/23 ACFR are summarized below: • Non -Spendable: Land Held for Resale $5,403,652 • Non -Spendable: Due from Successor Agency $19,600,793 (Payable in annual installments through FY 2029130 from the Successor Agency's Redevelopment Property Tax Trust Fund (RPTTF) enforceable obligations) • Restricted for Pension Trust (Section 115 Trust) $5,317,487 • Reserves — Committed • Reserves — Assigned • Internal Service Funds $45,000,000 $63,824,533 $24,699,097 (Equipment Replacement, Information Technology, Park Equipment and Facilities, and Insurance) Unassigned Fund Balance The Unassigned Fund Balance at approximately $36.1 million, as reported by the City's FY 2022/23 ACFR, are funds that have not been assigned to other Special Revenue Funds and that have not been restricted, committed, or assigned to specific purposes within the General Fund. The full detail of the $221,443,417 Unrestricted net cash position, as reported in the City's FY 2022/23 ACFR, is provided in the table below and demonstrates that the City does not have $221.4 million available to meet ongoing obligations due to internal restrictions and obligations: 31 FY 2022/23 ACFR Unrestricted Net Position Summary Governmental Activities- Unrestricted Net Position Nonspendable Prepaid Costs 126,461 Land held for resale 5,403,652 Due from Successor Agency 19,600,793 Restricted for Section 115 Trust 5,317,487 (:nmmittarl to Natural Disaster Reserve Economic Downturn Reserve Cash Flow Reserve Capital Replacement Reservie Carryovers Assigned for Public Safety Sales Tax Reserve Capital Projects Unassigned Internal Service Funds- Unrestricted Unavailable Revenues: Housing Authority & Non -Major Special Revenue Funds SUB -TOTAL $ Business -Type Activities: Unrestricted Net Position (SilverRock) UNRESTRICTED GRAND TOTAL $ 15,000,000 13,000,000 5,000,000 12,000,000 2,600,009 11,986,970 29,214,191 22,623,372 36,040,901 24,699,097 17,664,177 220,277,110 1,166,307 221,443,417 The City and City Council have an obligation to La Quinta's residents/taxpayers to spend/allocate funds responsibly — staying within budget to cover all cost obligations/expenditures to keep the City safe and to maintain City facilities, roads, sidewalks, and parks. The City Council and Staff remain conservative in spending taxpayers' dollars. Every year at budget time, surplus funds are put into reserve accounts — some with specific designated uses and others that are unassigned. These funds are available in case of emergencies, such as an earthquake or other natural disaster, or other type of emergency such as a pandemic or recession, and to help meet rising costs as we continue to keep pace with current inflation. It is vital for the City and for local governments to maintain adequate levels of fund balance to mitigate current and future risks such as revenue shortfalls and unanticipated expenditures. In previous years, it is our fiscally conservative approach that has helped us weather the storms caused by extraordinary events such as the great recession of 2008 and the global pandemic, as well as cyclical economic changes affecting our community. Staff and elected officials understand their fiduciary responsibility to ensure and maintain continuing trust from their citizens and members of the public and feel this document is representative of our efforts. 32 NET POSITION (UNRESTRICTED) CATEGORY DEFINITIONS As stated in Governmental Accounting Standards Board (GASB) Summary of Statement No. 34 — Basic Financial Statements- and Management's Discussion and Analysis (MD&A) for state and local governments, the definitions provided give a brief description on the categories that make up the unrestricted net position in both governmental activities and business -type activities. Governmental Activities Non -spendable includes amounts that cannot be spent on operating expenditures because they are either not in spendable form or are legally or contractually required to be maintained intact. This may include prepaid items, land held for resale, and amounts due from the Successor Agency to pay estimated installment payments of enforceable obligations until obligations of the Former Agency are paid in full and assets have been liquidated. Restricted includes amounts that are externally imposed by creditors, grantors, contributions, laws and regulations of other governments, or imposed by law. The Section 115 Trust is irrevocably dedicated to funding obligations of the City's pension beneficiaries, other post -employment beneficiaries or costs of administering the Trust. Committed includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of City's highest authority, the City Council. The formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is by a resolution. This includes the City's four (4) defined reserve categories and carryovers for General Fund operational expenditures. Assigned includes amounts that are constrained by the City's intent to be used for specific purposes, but are neither restricted nor committed. City Council is authorized to assign amounts to a specific purpose pursuant to the policy -making powers granted through a resolution. This includes Public Safety which represents property tax accumulated and held in trust by the County of Riverside for fire protection, accumulated resources related to the City's sales tax Measure G, and capital projects which is comprised of carryover balances for capital projects. Unassigned includes the residual amounts that have not been restricted, committed, or assigned to specific purposes. The General Fund is the only fund that reports a positive unassigned fund balance. The unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. Internal Service Funds are used to allocate costs among the City's various functions. The City has four (4) internal service funds: Equipment Replacement, Information Technology, Park Equipment and Facilities, and Insurance. Unavailable Revenues represents when an asset is recorded but the revenue is not yet available, such as a deferred inflow. These deferred resources are reported as 33 unavailable until such time as the revenue becomes available. The unrestricted net position is the remaining portion of net position that is not externally restricted. Business -Type Activities represents the City's enterprise fund to account for the SilverRock Golf Course operations, which is considered a major fund. 34 EXHIBIT A CITY OF LA QUINTA ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR ENDED JUNE 307 2023 Prepared by: Finance Department 36 City of La Quinta, California Annual Comprehensive Financial Report Year Ended June 30, 2023 Prepared By: Finance Department 37 38 City of La Quinta, California Table of Contents June 30, 2023 INTRODUCTORY SECTION Letterof Transmittal................................................................................................................................................i Listof Principal Officers........................................................................................................................................vii OrganizationalChart............................................................................................................................................viii Certificate of Achievement for Excellence in Financial Reporting(GFOA)............................................................ ix FINANCIAL SECTION IndependentAuditor's Report.................................................................................................................................. 1 Management's Discussion and Analysis.................................................................................................................... 5 Government Wide Financial Statements Statementof Net Position................................................................................................................................... 16 Statementof Activities........................................................................................................................................ 18 Government Fund Financial Statements Balance Sheet —Governmental Funds................................................................................................................. 20 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ............................ 22 Statement of Revenues, Expenditures, and Changes in Fund Balances — Governmental Funds ........................ 23 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities........................................................................................... 24 Proprietary Fund Financial Statements Statement of Net Position — Proprietary Funds.................................................................................................. 25 Statement of Revenues, Expenses, and Changes in Fund Net Position — Proprietary Funds ............................. 26 Statement of Cash Flows — Proprietary Funds.................................................................................................... 27 Fiduciary Fund Financial Statements Statement of Fiduciary Net Position................................................................................................................... 29 Statement of Changes in Fiduciary Net Position................................................................................................. 30 Notes to Financial Statements................................................................................................................................ 31 REQUIRED SUPPLEMENTARY INFORMATION Budgetary Comparison Schedule — General Fund............................................................................................... 73 Budgetary Comparison Schedule — Housing Authority....................................................................................... 75 Budgetary Comparison Schedule — Disaster Recovery........................................................................................ 76 Schedule of Proportionate Share of the Net Pension Liability — Miscellaneous Plan ......................................... 77 Schedule of Pension Plan Contributions — Miscellaneous Plan........................................................................... 78 Schedule of Changes in the Net OPEB Liability/(Asset) and Related Ratios........................................................ 79 Schedule of OPEB Contributions......................................................................................................................... 80 Note to Required Supplementary Information................................................................................................... 81 39 City of La Quinta, California Table of Contents June 30, 2023 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES Combining Balance Sheet — Nonmajor Governmental Funds............................................................................. 84 Combining Statement of Revenues, Expenditures and Changes in Fund Balances — Nonmajor Governmental Funds.......................................................................................................................... 90 Budgetary Comparison Schedules — Special Revenue Funds StateGas Tax....................................................................................................................................................... 96 Libraryand Museum............................................................................................................................................ 97 FederalAssistance............................................................................................................................................... 98 SLESA................................................................................................................................................................... 99 Lightingand Landscaping.................................................................................................................................. 100 Quimby.............................................................................................................................................................. 101 LaQuinta Public Safety Officer.......................................................................................................................... 102 Artin Public Places............................................................................................................................................ 103 SouthCoast Air Quality...................................................................................................................................... 104 AB939................................................................................................................................................................ 105 HousingGrants.................................................................................................................................................. 106 LawEnforcement............................................................................................................................................... 107 MeasureA......................................................................................................................................................... 108 EconomicDevelopment.................................................................................................................................... 109 AB1379.............................................................................................................................................................. 110 Budgetary Comparison Schedules — Capital Projects Funds CapitalImprovement......................................................................................................................................... 111 Maintenance Facilities DIF Fund....................................................................................................................... 112 Infrastructure.................................................................................................................................................... 113 CivicCenter........................................................................................................................................................ 114 Transportation................................................................................................................................................... 115 Parksand Recreation......................................................................................................................................... 116 LibraryDevelopment......................................................................................................................................... 117 CommunityCenter............................................................................................................................................ 118 StreetFacility..................................................................................................................................................... 119 ParkFacility........................................................................................................................................................ 120 FireFacility......................................................................................................................................................... 121 Budgetary Comparison Schedules — Debt Service Funds FinancingAuthority........................................................................................................................................... 122 Internal Service Funds Combining Statement of Net Position............................................................................................................... 124 Combining Statement of Revenues, Expenses and Changes in Fund Net Position ........................................... 125 Combining Statement of Cash Flows................................................................................................................. 126 40 City of La Quinta, California Table of Contents June 30, 2023 STATISTICAL SECTION Net Position by Component (Table 1)............................................................................................................... 128 Changes in Net Position (Table 2)...................................................................................................................... 130 Changes in Net Position — Governmental Activities (Table 3)........................................................................... 132 Changes in Net Position — Business -type Activities (Table 4)............................................................................ 134 Fund Balances of Governmental Funds (Table 5).............................................................................................. 136 Changes in Fund Balances of Governmental Funds (Table 6)........................................................................... 138 Tax Revenue by Source (Table 7)....................................................................................................................... 140 Top 25 Bradley -Burns Sales Tax Producers (Table 8)........................................................................................ 141 Top 25 Measure G Sales Tax Producers (Table 9)............................................................................................. 142 Taxable Sales by Category (Table 10)................................................................................................................ 143 Assessed Value of Taxable Property (Table 11)................................................................................................. 145 Direct and Overlapping Property Tax Rates (Table 12)..................................................................................... 146 Principal Property Taxpayers (Table 13)............................................................................................................ 147 Property Tax Levies and Collections (Table 14)................................................................................................. 148 Ratios of Outstanding Debt by Type (Table 15)................................................................................................. 149 Ratio of General Bonded Debt Outstanding (Table 16)..................................................................................... 151 Direct and Overlapping Debt (Table 17)............................................................................................................ 152 Legal Debt Margin Information (Table 18)........................................................................................................ 153 Pledged -Revenue Coverage (Table 19)............................................................................................................. 155 Demographic and Economic Statistics (Table 20)............................................................................................. 156 Principal Employers (Table 21).......................................................................................................................... 157 Full-time City Employees by Function (Table 22).............................................................................................. 158 Operating Indicators by Function (Table 23)..................................................................................................... 159 Capital Asset Statistics by Function (Table 24).................................................................................................. 160 Schedule of Insurance in Force (Table 25)........................................................................................................ 161 Other Information ProjectStatus.................................................................................................................................................... 162 41 This page intentionally left blank. 42 July 19, 2024 To the Citizens of La Quinta, and the Honorable Mayor and Members of the City Council: It is with great pleasure that we present to you the Annual Comprehensive Financial Report (ACFR) of the City of La Quinta for the fiscal year ending June 30, 2023. The ACFR has been prepared by the Finance Department for the benefit of City Council members, citizens, investors, grantors, employees, and others who may have an interest in the financial well-being of the City. The ACFR presents information regarding the City's financial activities. This transmittal letter provides a non -technical summary of the City's finances, services, achievements, and economic outlook. A more detailed analysis is presented in the Management's Discussion and Analysis section (MD&A) that immediately follows the independent auditor's report. The MD&A provides an overview and analysis of the basic financial statements and complements this transmittal. Responsibility for both the accuracy and the completeness of all disclosures rests with the City of La Quinta. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to fairly present the financial position and results of City operations. Supplementary disclosures are included to summarize the City's financial activities. This ACFR was prepared in conformance with Generally Accepted Accounting Principles (GAAP). The City's financial reporting is based upon all Governmental Accounting Standards Board (GASB) Statements; these pronouncements are the most authoritative source for governmental GAAP. The City is responsible for ensuring an adequate internal control structure is in place. The internal control structure is subject to constant evaluation by the management of the City and annual review by independent auditors. Reviews determine the adequacy of the internal control structure, as well as to determine if the City complied with applicable laws and regulations. In reviewing internal control structures, the cost of a control should not exceed the benefits to be derived, hence the objective is to provide reasonable, rather than absolute assurance, that the financial statements are free of any material misstatements. Eide Bailly LLP, Certified Public Accountants, has issued an unmodified ("clean") opinion on the City's financial statements for the year ended June 30, 2023. This is the most favorable conclusion. The independent auditor's report is located at the front of the financial section. The independent audit involved examining evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and estimates made by management, and evaluating the overall financial statement presentation and conformity with GAAP. Government Profile The City of La Quinta is located 120 miles east of Los Angeles in the eastern portion of Riverside County known as the Coachella Valley. The City has a permanent population of approximately 38,000, within a boundary of 36 square miles. Each year nearly 18,000 seasonal residents also call La Quinta home from October through May. A natural paradise in the Coachella Valley, the City is nestled between the Santa Rosa and San Bernardino Mountains, is an integral part of the Coachella Valley's world-renowned resort and retirement area, and is known for its championship golf, festivals and community events, health and wellness, stunning views and spectacular trails. The City was incorporated in 1982 as a general law City and became a charter city in November 1996. It is governed by a five -member City Council under the Council/Manager form of government. The Mayor is directly elected, serves a two-year term, and represents the City at many public functions; the four Council Members serve four-year terms, with two Council Members elected every two years. The Mayor and Council Members are elected at large and also serve as the Board of Directors of the Housing and Finance Authorities. The Council appoints the City Manager, who in turn appoints the Directors of the various departments except for the City Attorney who is appointed by the Council. The Finance Director also serves as the City/Housing Authority Treasurer and the City Manager is also the Executive Director of the Housing Authority. The City provides a range of services, which include street and infrastructure construction and maintenance; community development and planning; affordable housing programs; code compliance; recreational and cultural activities; and operations management. The City contracts with other government agencies and private entities for specific services, including police and fire protection, library and museum services, water and sewer service, electricity service, public transit, refuse collection, and street sweeping. The City's annual operating and capital improvement budgets are adopted by resolutions for the fiscal year that begins July 1st. Separate resolutions are adopted by the City Council and Board of Directors of the Housing and Finance Authorities. The annual budget is the foundation for the City's financial planning and control. The budget is prepared by fund, function, department, and line item. Department Directors may transfer line -item resources within a division with the approval of the City Manager. The City Manager may authorize transfers between divisions and departments. Local Economy According to the State of California Employment Development Department, as of October 2023, the unadjusted unemployment rate for La Quinta was 5.5%, which was slightly higher than unadjusted rates for Riverside County's at 5.4% and the statewide average of 5.0%. Current unemployment rates are greatly impacted by the continuing gains in jobs in the Leisure & Hospitality and Private Education and Health Services sectors. The City's dominant industries are tourism, recreation, and retail, with the following being major employers: Desert Sands Unified School District, PGA West and Citrus Club, La Quinta Resort and Club, Costco, and Wal-Mart Super Center. Throughout the year La Quinta hosts a variety of multi -generational open-air events and shines in the national spotlight as the only PGA golf tour event in the region with the American Express Golf Tournament, which includes two nights of outdoor concerts. The City also co -hosts Ironman 70.3 Indian Wells La Quinta, which brings over 3,000 athletes and supporters from all over the world to the Coachella Valley. The City's cultural diversity, values, unique characteristics and attributes are commemorated through artists who showcase their high -quality artwork at the fine art event, La Quinta Art Celebration, which is now held twice a year and is ranked number one in the United States by Art Fair Sourcebook's Top 100 Fine Art Events. Substantially or entirely completed projects during 2022/23 included Longhorn Steakhouse, Welbe Health, a new Panera drive-thru, and WDC Kitchen & Bath along the Highway 111 Corridor, and Rd Rnnr Restaurant in Old Town La Quinta. Lona-term Financial Plannin Sound financial governance and prudent planning continues to be management's focus. The City has a long history of providing superior service, life enrichment opportunities, and a quality environment to its residents, businesses, and visitors. La Quinta has taken a proactive approach to rising pension and public safety costs by building its reserve categories and paying down the City's pension obligations. The City also continues to collaborate with Riverside County and other regional cities on police services to identify long-term savings. The City ensures that its long-range goals are met through a variety of Boards and Commissions. Each is comprised of Council -appointed residents, may include a City Council representative, and are supported by City staff. In addition, the City has adopted various financial policies and practices with the goal of sustaining a fiscally resilient government over the long-term, assuring fiscal sustainability, as well as increasing transparency and encouraging public engagement. In 2022/23, the General Fund's overall fund balance increased by almost $20.1 million when compared to the ending balance in 2021/22, mainly due to revenue increases surpassing budget projections in areas such as transient occupancy taxes and sales tax. As of June 30, 2023, all four of the City's reserve categories (Cash Flow Reserve, Natural Disaster, Economic Disaster, and Capital Replacement) are fully funded to policy targets. In June 2023 the City Council adopted a balanced budget without the use of reserves for fiscal year 2023/24. The adopted budget had operating revenues exceeding expenses by $1,649,350. The 2023/24 budget included sustained funding for essential services, such as police, fire, and maintenance of critical infrastructure. La Quinta has cultivated a sound foundation of General Fund revenues including sales tax, transient occupancy tax, and property tax. The City was incorporated in 1982 after Proposition 13 was approved (the landmark property tax reform initiative enacted in 1978); as such, the City receives a smaller share of property tax revenue but has also secured additional property tax revenue from the County for fire and library services. AVA The Future The City has a mixture of housing and commercial developments under construction. Larger residential developments underway include Jefferson Street Apartments, Solterra, Point Happy Homes, Barcelona Club Apartments (formerly Desert Club Apartments), Cantera at Coral Mountain, and Palo Verde and commercial developments include luxury Montage and lifestyle Pendry hotels, Hampton Inn, and Dune Palms mixed -use project. Approved housing developments on the horizon include La Quinta Village Apartments, Sierra Blanca, and Club at Coral Mountain. The Highway 111 Corridor Plan (Plan) continues to be a priority with daily traffic exceeding 40,000 vehicles, and accounting for nearly 80% of the City's annual sales tax revenue. The two mile -long, 400-acre regional commercial hub at the center of the City, is being evaluated to create a more connected and walkable environment through the implementation of form -based code (FBC). FBC is anticipated to reshape the corridor by adding mixed -use and infill development and incorporating ever -evolving shopping trends. The City recently acquired vacant property on the north side of Highway 111, which is anticipated to be developed as a mixed -use project with commercial and residential components furthering the City's goals of fostering mixed -use development, affordable housing, multi -modal transportation, and the development of the Highway 111 corridor. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its ACFR for the fiscal year ended June 30, 2022. This was the twenty-sixth consecutive year that the City received this prestigious award. In order to be awarded a Certificate of Achievement, the City must publish an easily readable and efficiently organized ACFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for one year. We believe that our current ACFR continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. We would like to express our appreciation to the City Council and the Financial Advisory Commission for their ongoing oversight of the financial affairs of the City and their prudent fiscal, economic, and land use policy and direction. We also thank City staff with ►TA taQ�r�, special appreciation to the Finance Department for their continued effort to provide accurate financial data and the preparation of this report. Respectfully Submitted, Jon McMillen, City Manager Claudia Martinez, Finance Director 191 City of La Quinta List of Principal Officers June 30, 2023 CITY COUNCIL Linda Evans, Mayor Steve Sanchez, Mayor Pro Tern Kathleen Fitzpatrick, Council Member Deborah McGarrey Council Member John Pena, Council Member ADMINISTRATION Jon McMillen, City Manager Claudia Martinez, Finance Director/ City Treasurer Danny Castro, Design and Development Director Bryan McKinney, Public Works Director/ City Engineer Gilbert Villalpando, Business Unit/Housing Development Director Monika Radeva, City Clerk William H. Ihrke, City Attorney vii 49 t(V Qai�trcv CALIFORNIA CITY OF LA 0UINTA LA OUJ NTACALIFORNIA ORGANIZATIONAL CHART For listing of staffing by department and total number of employees, see Statistical Section - Full Time City Employees by Function. viii 50 Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to City of La Quinta California For its Annual Comprehensive Financial Report For the Fiscal Year Ended Tune 30.2022 Executive Diroc:tor/CEO ix 51 This page intentionally left blank. 52 EideBailly. CPAs & BUSINESS ADVISORS Independent Auditor's Report To the Honorable Mayor and Members of City Council City of La Quinta, California Report on the Audit of the Financial Statements Opinions We have audited the financial statements of the governmental activities, business -type activities, each major fund, and the aggregate remaining fund information of the City of La Quinta, California (City), as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the City's basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2023, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Adoption of New Accounting Standard As discussed in Note 1 and 18 to the financial statements, the City has adopted the provisions of Government Accounting Standards Board (GASB) Statement No. 96, Subscription -Based Information Technology Arrangements (SBITAs), for the year ended June 30, 2023. Accordingly, a restatement has been made to the governmental activities net position as of July 1, 2022, to restate beginning net position. Our opinions are not modified with respect to this matter. What inspires you, inspires us. I eideboilly.com 10681 Foothill Blvd., Ste. 300 Rancho Cucamonga, CA 91730-3831 1 T 909.466.4410 F 909.466.4431 EOE 53 Correction of Error As discussed in Note 18 to the financial statements, certain errors resulting in a misstatement of amounts previously reported for Governmental Activities Capital Assets, activities of the Housing Authority, and activities of the Private -Purpose Trust Fund Successor Agency of the former RDA as of June 30, 2022, were discovered during the current year. Accordingly, a restatement has been made to the Governmental Activities, the Housing Authority and the Private -Purpose Trust Fund Successor Agency of the former RDA net position/fund balance as of June 30, 2022, to correct the error. Our opinions are not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, no such opinion is expressed. 54 Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control —related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, schedule of the City's proportionate share of the net pension liability, schedule of pension plan contributions, schedule of changes in the net OPEB liability/(asset) and related ratios, schedule of OPEB contributions, and the budgetary comparison schedules for the General Fund, Housing Authority and Disaster Recover special revenue funds and the related notes, as listed on the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City's basic financial statements. The combining and individual fund statements and schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole. 55 Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory, the statistical sections and the Project Status: Highway 111 Bridge Funding but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated July 19, 2024, on our consideration of the City's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City's internal control over financial reporting and compliance. Rancho Cucamonga, California July 19, 2024 4 56 MANAGEMENT DISCUSSION AND ANALYSIS (UNAUDITED) This narrative provides an overview and analysis of the City of La Quinta's (City) financial activities for the fiscal year ending June 30, 2023. The City Executive Team encourages readers to consider this information in conjunction with the data provided in our transmittal letter, which is in an earlier section of this report. All amounts, unless otherwise indicated, are rounded to the nearest thousand dollars and dates are represented by fiscal year. At the close of 2022/23 (June 30, 2023): • The total assets and deferred outflows of the City exceeded its total liabilities and deferred inflows at the close of the fiscal year 2022/23 by $858,597,000 (net position). Of this amount, $221,443,000 (unrestricted net position) may be used to meet ongoing obligations and approximately $574,870,000 or 67% was invested in capital assets and is not available to meet ongoing obligations. • Governmental activities total net position increased by $35,135,000 and the Business -Type total net position decreased by $120,000 which is attributable to the SilverRock Golf Course. • Governmental funds (General Fund, Housing Authority, Disaster Recovery Fund, Capital Improvement Fund, sixteen (16) non -major special revenue funds, ten (10) non -major capital projects funds, and one (1) non -major debt service fund) had a combined ending fund balance of $239,820,000, an increase of $19,852,000. The primary reasons for this increase can be attributed to taxes exceeding the original budget projections coupled with expenditure savings and a positive fair market value adjustment to the overall investment portfolio. • The unassigned General Fund balance comprised $44,105,000, or 24%, of the total $185,978,000 balance and represented 39% of total final General Fund budgeted expenses including transfers and multi -year capital projects. • Total governmental activities debt decreased by $254,000 from $1,957,000 to $1,703,000. Government -Wide Financial Statements The government -wide financial statements provide a broad overview of the City's finances. There are two statements — statement of net position and statement of activities, as described below. The statement of net position presents information on all City assets and deferred outflows of resources as well as liabilities, and deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the City's financial position is improving or deteriorating. The statement of activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event occurs giving rise to the change, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods, for example, earned but unused vacation leave. Both of these government -wide financial statements distinguish City functions, which are principally supported by taxes, fees, and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or 58 5 a significant portion of their costs through user charges (business -type activities). Governmental activities include general government, public safety, community services, planning and development and public works; business -type activities include the SilverRock Golf course operations. The government -wide financial statements include not only the City of La Quinta (known as the primary government), but also the La Quinta Financing Authority and the La Quinta Housing Authority. Although legally separate entities, they function for all practical purposes as City departments. The government -wide financial statements are listed in the table of contents under the Financial Section of this report. Fund Financial Statements A fund is a grouping of related accounts and is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure compliance with finance -related legal requirements. All City's funds are aggregated into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government -wide financial statements. However, unlike the government -wide financial statements, governmental fund financial statements focus on near -term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near -term financing requirements. Because the focus is narrower than the government -wide financial statements, it is useful to compare this information with similar information presented for governmental activities in the government -wide financial statements. By doing so, readers may better understand the long-term impact of the government's near - term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City maintains thirty-one (31) individual governmental funds, which are distinguished between major and non -major funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances. There are four (4) major governmental funds: the General Fund, the Housing Authority special revenue fund, the Disaster Recovery special revenue fund, and the Capital Improvement capital project fund. Data from the other twenty-seven (27) governmental funds are combined into a single, aggregate presentation. Individual fund data for each of these non -major governmental funds is provided in the form of combining statements in the Combining and Individual Fund Statements and Schedules section of the report. 59 0 The City adopts an annual budget for its General Fund. A budgetary comparison schedule has been provided to demonstrate compliance with the adopted budget. The basic governmental fund financial statements can be found in the table of contents under the heading Basic Financial Statements. Proprietary Funds Proprietary funds are broken down into enterprise and internal service funds. Enterprise funds are used to report the same functions presented as business -type activities in the government -wide financial statements. The City maintains one (1) enterprise fund to account for the SilverRock Golf Course operations, which is considered a major fund. Internal service funds are used to allocate costs among the City's various functions. The City has four (4) internal service funds: Equipment Replacement, Information Technology, Park Equipment and Facilities, and Insurance. Because these four (4) services predominantly benefit governmental rather than business - type functions, they have been included within governmental activities in the government -wide financial statements. The internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements. Individual fund data forthe internal service funds is provided in the form of combining statements on the Combining and Individual Fund Statements and Schedules section of the report. The basic proprietary fund financial statements are listed in the table of contents under Proprietary Funds: Statement of Net Position, Statement of Revenues, Expenses and Changes in Fund Net Position, and Statement of Cash Flows. Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government -wide financial statements because the resources of those funds are not available to support the City's own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The City reports on two fiduciary funds: 1) the Supplemental Pension Trust fund which accounts for the Defined Contribution Pension Trust established to provide supplemental retirement benefits for employees, and (2) Successor Agency of the Former RDA Private -Purpose Trust Fund which provides for activities associated with the dissolution of the former Redevelopment Agency. The basic fiduciary fund financial statements are listed in the table of contents under Fiduciary Funds: Statement of Net Position — Fiduciary Funds and Changes in Net Position — Fiduciary Funds. Notes to the Financial Statements The notes to the financial statements provide information that is essential to obtain a full understanding of the data provided in the government -wide and fund financial statements. These notes are listed in the table of contents under Notes to Financial Statements. 60 Other Information In addition to the financial statements and accompanying notes, this report also presents the combining statements referred to earlier in connection with non -major governmental funds, internal service funds, and agency funds. The non -major governmental funds' combining statements are presented immediately following the Required Supplementary Information while the combined statements for the internal service funds and agency funds are presented following the budgetary comparison schedules for the debt service funds. As noted earlier, net position may serve over time as a useful indicator of a government's financial position. The City's net position, the difference between assets and liabilities and deferred inflows/outflows, is one way to measure the City's financial health or financial position. Over time, increases or decreases in the City's net position indicate whether its financial health is improving or deteriorating. The City's net position increased from $823,582,00 to $858,597,000 at the close of the 2022/23, which is $35,015,000 more than the previous year. Increases were reflected in restricted and unrestricted net position for governmental activities. The largest portion of the City's Net Position ($560,189,000 or 68% for 2021/22 and $574,870,000 or 67% for 2022/23) reflects investment in capital assets (e.g., land, buildings; machinery, and equipment), net of related debt. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. City of La Quinta Net Position Governmental Activities Business -Type Activities Total by Fiscal Year 2022 % 2022 % 2022 As Restated 2023 Change As Restated 2023 Change As Restated 2023 Change Current and other assets $ 281,978,427 $ 309,087,961 10% $ 1,432,615 $ 1,546,130 8% $ 283,411,042 $ 310,634,091 10% Ca italassets 517,859,684 533,177,093 3% 43,057,599 42,558,046 -1% 560,917,283 575,735,139 3% Total Assets 799,838,111 842,265,054 5% 44,490,214 44,104,176 -1 % 844,328,325 886,369,230 5% Deferred outflows of resources 6,456,532 19,619,118 204% 0% 6,456,532 19,619,118 204% _ 0% Current liabilities 25,399,471 26,214,135 3% 395,781 379,823 -4% 25,795,252 26,593,958 3% Non -current liabilities 8,838,729 15,253,979 73% 565,837 315,520 0% 9,404,566 15,569,499 66% Total Liabilities 34,238,200 41,468,114 21% 961,618 695,343 -28% 35,199,818 42,163,457 20% Deferred inflows of resources 9,328,726 5,227,571 -44% 0% 9,328,726 5,227,571 -44% Net Position: Net investment in capital assets 517,697,036 532,627,757 3% 42,491,762 42,242,526 -1% 560,188,798 574,870,283 3% Prior Period Adjustment (Net) 17,325,415 - -100 % - - 0% - - 0% Restricted 54,412,358 62,283,620 14% - - 0% 54,412,358 62,283,620 14% Unrestricted 190,618,323 220,277,110 16% 1 1,036,834 1,166,307 12% 191,655,157 221,443,417 16% Total Net Position $ 780,053,132 $ 815,188,487 5% $ 43,528,596 $ 43,408,833 0% $ 823,581,728 $ 858,597,320 4% An additional portion of the City's net position ($62,284,000 or 7% in 2023 and $54,412,000 or 7% in 2022) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position $221,443,000 (26%) may be used to meet the government's ongoing obligations to citizens and creditors. At the end of 2022/23, the City had positive balances in all three categories of net position for the governmental and business -type activities. 61 0 Governmental Activities Governmental activities net position increased by $35,135,000 accounting for a positive 5% percent change in the net position from the previous year. Key elements of these changes are as follows: City of La Quinta Changes in Net Position Governmental Activities Business -Type Activities Total by Fiscal Year 2022 As Restated 2023 Change 2022 As Restated 2023 Change 2022 As Restated 2023 Change PROGRAM REVENUES: Charges for Services $ 6,80,385 $ 6,551,700 $ (331,685) $ 4,679,163 $ 4,]6],458 $ 88,295 $ 11,562,548 $ 11,319,158 $ (243,390) Operating Grants and Contributions 5,786,773 7,136,358 1,349,585 - - - 5,786,773 7,136,358 1,349,585 Capital Gant, and Contributions 11,952,031 8,760,788 (3,191,243) - - - 11,952,031 8,760,788 (3,191,243) GENERAL REVENUES & TRANSFERS - PmpertyTaxe, 17,823,858 20,697,061 2,873,223 - - - 17,823,858 20,697,081 2,873,223 Other Taxes 50,630,128 51,942,858 1,332,730 - - - 50,630,128 51,942,858 1,332,730 Investment Inc.— 219,164 5,058,717 4,839,553 4, 329 11:456 8, 127 223,493 5,0]1,1]3 4,17,61 Net Change in Fair Value oflnvestnents (5,727,183) (1,519,171) 4,208,012 '15:279, 20,M65 65,944 (5,]]2,462) (1,498,506) 4,273,956 Motor Vehic le In Lieu 4,663,327 5,110,569 447,242 - - - 4,663:327 5, 110,569 M1,242 Miscellaneous 943 160 1,432,619 489,459 943 160 1 432 619 489,459 4,638,213 4,800,579 162,366 97,792,856 109,9]2,098 12,179,242 TOTAL REVENUES 93,154,643 105,171,319 12,016,876 EXPENSES: General Government 9,733,224 17,213,248 7,480,024 - - - 9, 733:114 15:113, 248 ],480,024 Public Safety 25,]41,]82 25,45], 350 (284,432) - - - 25,]41,]82 25,45], 350 (284,432) Planning & Development 4,]16,745 3,146,264 (1,570,481) - - - 4,116,]45 3, 146:164 (1:570:481) Community Services 8,439,863 9,550,001 1,110,138 - - - 8,439,863 9, 550 001 1, 110138 Public Worl¢ 14,985,480 14,043,]9] (941,683) - - - 14,985,480 14,043,197 (941,683) Interest on Long -Term Debt 11,914 25, 504 13,590 - - - 11,914 25,504 13,590 Golf Course 4,746,281 5,520 342 774,061 4,746,281 5,520 342 774,061 4,746,281 3,320,342 ]]4,061 68,375,289 74,956,306 6,581,217 TOTAL EXPENSES 63,629,008 69,436,164 5,807,156 Excess or Deficiency before Transfers & Extraordinary Rem, 29,525,635 35,735,355 6,209,720 (108,068) (719,763) fill 695 29,417,567 35,015,592 5,598,025 TRANSFERS & EXTRAORDINARY HEMS: Extraordinary Gain on Dissolution of RDA 609,515 - (609,515) - - - 609,515 - (609,515) Transfers 550 0- 600 000 50 000 552,01) 600 000 50 000 441,93i (119,763) (561,695) 30,027,082 35,015,592 4,988,510 Inc— in Net Position 29, 535,15() 35,135,355 5,550,205 Prior Period Adjustment (Net) 17,325,415 - (17,325,415) - - - 17,325,415 - (17,325,415) Net Position - Beginning 733 142 567 78 0053 132 46 910 565 43,066,664 43,526,596 441,932 776,229,231 823,561,726 47,352,497 $ 43,528,596 $ 43,408,833 119 ]63 823,581,728 858,597,320 35,015,592 NET POSITION- ENDING 780,053,132 $ 815 186 48] $ 35,135,355 Governmental revenues overall increased by $12,017,000 with the largest increases being $4,840,000 in investment income, followed by $4,208,000 for fair value of investments and $2,873,000 in property taxes. Expenses for Governmental Activities increased by $5,807,000 (an 8% increase when compared to 2021/22). The $7,480,000 increase in General Government reflects the additional discretionary payment made for the City's unfunded pension obligation in 2022/23. A decrease in Planning & Development totaling $1,570,000 was the result of reduced programs such as the Small Business relief programs offered during the pandemic. As noted earlier Governmental Activities include 31 individual governmental funds and include capital asset activity allocated on a percentage basis by department. Additional information on capital asset activity distribution can be found in Note 4. • The General Fund contributed $600,000 to the business -type activities of the golf course. Funds were utilized to support operations per the adjusted budget. Business -Type Activities This was the eighteenth full year of operations for the SilverRock Golf Resort since the golf course opened in 2005. Charges for services primarily consisted of green fees which totaled $4,767,000, $88,000 higher than the previous year, with golf course expenses of $5,520,000, which were $774,000 or approximately 16% more than the previous year. C% In 2022/23, the General Fund transferred $600,000 to the SilverRock Golf Fund to support operations. After this transfer, the net position decreased by $120,000. As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance -related legal requirements. Governmental Funds The focus of the City's governmental funds is to provide information on near -term inflows, outflows, and balances. Such information is useful in assessing the City's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. As of the end of 2022/23, the City's governmental funds reported combined ending fund balances as follows: City of La Quinta Governmental Fund Balances Category General Fund Percent All Other Funds Percent Total Funds Percent Nonspendable $ 25,130,438 14% $ 468 0.001 % $ 25,130,906 10% Restricted 5,317,487 3% 61,906,132 115% 67,223,619 28% Committed 47,600,009 26% - 0% 47,600,009 20% Assigned 63,824,533 34% - 0% 63,824,533 27% Unassigned 1 44,105,041 24% 8,064,140 -15%1 36,040,901 15% $ 185,977,508 100% $ 53,842,460 100% $ 239,819,968 100% TOTAL Governmental fund balances ended the year totaling $239,820,000, an increase of $19,852,000 in comparison with the prior years' ending balance of $219,968,000. These collective fund balances include the General Fund, Housing Authority, Financing Authority, Capital Improvement Fund, and various Special Revenue funds. Nonspendable Nonspendable fund balance totaled $25,131,000 or 10%; this represents amounts that are not available to pay for operating expenditures because they are in the form of land and receivables. Restricted Restricted fund balance totaled $67,224,000 or 28%; these amounts represent funds with external limitations on spending. Significant restrictions include: Section 115 trust of $5,317,000 restricted for pension liabilities; Library and Museum totaling $11,547,000 which represents property tax increment money that can only be used for library and museum services; Measure A funding of $4,114,000 which can only be used for transportation; Transportation capital project fund of $5,518,000 in developer fees that are restricted for the acquisition, construction and improvement of the City's infrastructure; and Economic Development funding of $3,283,000 that can only be used for future economic development in the City. 63 10 Committed $47,600,000 (20%) are committed fund balances which are the result of self-imposed limitations established by the City Council. The City adopted a Reserve Policy in May 2018 which established General Fund committed reserve categories including Natural Disaster Reserves, Economic Disaster Reserves, Cash Flow Reserves, and Capital Replacement Reserves. As of June 30, 2023, all of these categories are fully funded to target levels. Assigned Assigned funds are constrained by the City's intent to use them for specific purposes and represent a total of $63,825,000 (27%) of the total fund balance. $22,623,000 represents funds for approved multi -year capital projects that were not spent by the end of the year, therefore they are carried over until the projects are completed. Available Measure G sales tax revenue ended the year at $29,214,000 and $11,987,000 represents funds held in trust with the County of Riverside for fire services. Unassigned The remaining fund balance or $36,041,000 represents unassigned fund balances or the residual net resources after taking into consideration the other classifications. The Capital Improvement Fund accounted for $6,100,000 of the negative $8,064,000 balance of all other funds. The remaining negative balance was largely attributed to the Library Development Impact Fee Fund. This amount represents an advance due to the Redevelopment (RDA) Successor Agency and is included in the Successor Agency of the former RDA as a receivable. General Fund The General Fund is the City's chief operating fund. At the end of 2022/23, the unassigned fund balance was $44,105,000 while total fund balance was $185,978,000. The General Fund balance increased by $20,070,000 in 2022/23. Key factors were: A year -over -year decrease of $2,236,000 in non -spendable is attributed the 2022/23 Redevelopment Agency loan repayment of $2,696,000 offset by interest earnings of $381,000 resulted in a net decrease of $2,315,000 in Due from Other Governments. The outstanding loan balance of $24,501,000 is recognized as 80% in the General Fund and 20% in the Housing Authority Fund. Restricted reserves are limited to funds held in a Section 115 Pension Trust set aside to fund the City's pension obligations. The trust was initially established in 2018/19 with $6,540,000 and in 2019/20 an additional $3,460,000 was deposited. In FY 2022/23, a one-time additional discretionary payment of $5,000,000 was made to CalPERS to pay down the City's unfunded pension obligations utilizing pension trust funds. • Committed reserves increased by $10,391,000 due to operational carryovers and due to the recent update to the City's Reserve Policy which include increasing and funding the new target levels for the Natural Disaster 64 11 Emergency Reserves, Economic Downturn Reserves, and the Capital Improvement Reserves categories. An increase of $6,524,000 in assigned reserves was due to Measure G sales tax reserve ($13,859,000) and the advanced funding no longer needing to be subsidized by the City which has been placed back in reserves and ($803,000) in the fire services trust. Assigned to public safety represents property tax accumulated and held in trust by the County of Riverside for fire protection, disaster preparedness and response, fire prevention, rescue, hazardous materials mitigation, technical rescue response, medical emergency services, and public service assistance (the County and City negotiated an agreement wherein the County fire service property tax revenue generated in the two former City redevelopment project areas is pledged to the City to fund the aforementioned services). This portion of assigned fund balance as of June 30, 2023 is $11,987,000. These increases combined with a decrease in multi -year Capital Projects ($8,138,000) contributed to the overall increase in assigned reserves. Housing Authority Fund The Housing Authority Fund is used to account forthe activities of the Housing Authority; the Housing Authority invests in programs and projects that preserve and increase the supply of affordable housing in the City. The fund balance decreased by $496,000 to end the year at $26,366,000. Capital Improvement Fund The Capital Improvement Fund is primarily used to record the expenditures for capital projects. The fund had forty-seven (47) active Capital Improvement Projects budgeted during 2022/23. The five most active projects were: • Dune Palms Bridge Improvements ($4,050,000) • La Quinta Landscape Renovation Improvements ($2,923,000) • Avenue 53 and Jefferson Roundabout ($2,758,000) • Citywide Striping Refresh ($295,000) • Highway 111 Corridor Area Plan Improvements ($285,000) These projects, along with others, leveraged State or Federal grant funds or were significantly supported with Measure G sales tax revenues. The City of La Quinta's proprietary funds provide the same type of information found in the government -wide financial statements, but in more detail. 65 12 The financial activities of the City enterprise fund are addressed in the discussion of the City's business -type activities. In addition, the City has four (4) internal service funds to accumulate resources for equipment and vehicle replacement, information technology, insurance, and park equipment and facility replacement. Most General Fund revenues experienced positive variances when compared to the final budget specifically related to use of money and property and tax revenues. Revenue appropriations and transfers in increased by $17,428,000 between the original ($68,321,000) and final amended budget ($85,749,000). The category representing the largest variances is taxes which represents 76% of all General Fund revenues. Actuals for taxes include the three largest funding sources for the City — sales taxes $28,888,000, transient occupancy taxes (TOT) $16,688,000, and property taxes $11,224,000. Combined, these top three revenues account for $56,800,000 or 87% of all taxes, resulting in a $1,864,000 increase from the prior fiscal year primarily in property taxes and sales taxes offset by a decrease in transient occupancy taxes. The Extraordinary Item includes $381,000 to record the annual former Redevelopment Agency loan repayment interest earned in 2022/23. The loan repayments are structured to pay all principal first, then interest. Each year the City records the payment received and interest earned in accordance with the State Department of Finance approved loan repayment schedule. Loan repayments are not budgeted; these funds are recognized in unassigned reserves and reduce non -spendable reserves each year. Furthermore, 80% of the extraordinary gain is recognized in the General Fund and 20% in the Housing Authority Fund. Expenditure appropriations and transfers out increased by $49,652,000 between the original ($64,651,000) and final amended budget ($114,303,000) which included the following significant change: • $30,762,000 in operational and capital improvement project carryover appropriations from prior fiscal years to 2022/23 as approved by City Council. Capital Assets The City's capital assets for its governmental and business -type activities as of June 30, 2023, were $575,735,000 (net of accumulated depreciation). This includes land, right of way, buildings and improvements, machinery and equipment, streets and bridges, construction in progress, and the right to use leased assets. The investment in capital assets decreased by $472,000 in 2022/23 primarily due to an increase in construction in progress. The following chart lists the asset categories for governmental and business -like activities net of depreciation: M. 13 City of La Quinta Capital Assets (net of depreciation) Description Governmental Activities 2022 As Restated 2023 Business -Type Activities 2022 As Restated 2023 Total By Fiscal Year 2022 As Restated 2023 Land $ 81,790,496 $ 83,717,732 $ 39,712,956 $ 39,712,956 $ 121,503,452 $ 123,430,688 Buildings & Inprovements 36,203,626 36,354,815 2,698,640 2,484,095 38,902,266 38,838,910 Equipment & Furniture 1,127,854 1,147,737 82,227 49,910 1,210,081 1,197,647 Vehicles 917,322 1,281,556 - - 917,322 1,281,556 Infrastructure 394,887,936 401,770,282 - - 394,887,936 401,770,282 Right to use Leased Assets 157,485 49,643 563,778 311,085 721,263 360,728 Right to use Subscription IT Assets 945,351 592,321 - - 945,351 592,321 Construction in Progress 17 119 485 8,263,007 17 119 485 8,263 007 533 149 555 533,177,093 43,057,601 42,558,045 576 207 156 575,735,138 TOTAL Major capital asset events under Governmental Activities included the following: • Recording infrastructure improvements, street improvements, street right of way, street sidewalks and curbs and gutters, traffic signals, street medians, and construction in progress. Business -Type Activities The Golf Course capital asset balance at June 30, 2023, was $42,558,000, net of accumulated depreciation. The balance decrease of $500,000 reflects accumulated depreciation and amortization expensed in 2022/23. Additional information on the City of La Quinta's capital assets can be found in Note 4 to the financial statements. Long -Term Debt At the end of 2022/23, the City governmental activities had total outstanding debt of $1,703,000, which is $254,000 less than the previous year. Of the total amount, $53,000 represents leases and $1,154,000 in employee compensated absences. City of La Quinta Outstanding Debt Governmental Activities 2022 Debt Type: As Restated 2023 Leases $ 162,648 $ 53,111 Financed Purchases 22,079 551 Compensated Absences 962,229 1,154,090 Subscription IT liabilities 810,483 495,674 TOTAL $ 1,957,439 $ 1,703,426 Additional information on long-term debt can be found in Note 5 of the financial statements. 67 14 This financial report is designed to provide a general overview of the City's finances. Questions concerning this information or requests for additional information should be addressed to the City of La Quinta, Claudia Martinez, Finance Director/City Treasurer, 78-495 Calle Tampico, La Quinta, CA, 92253, by telephone at 760-777-7055, or by email at finance@laquintaca. .:, 15 Assets Cash and investments Restricted cash and investments Receivables Accounts Taxes Notes and loans Accrued interest Leases Prepaid costs Deposits Due from other governments Inventories Land held for resale Net OPEB asset Capital assets not being depreciated Capital assets, net of depreciation Right to use lease assets, net of accumulated amortization Right to use subscription IT assets, net of accumulated amortization Total assets Deferred Outflows of Resources Deferred amounts related to OPEB Deferred amounts related to pensions Total deferred outflows of resources Liabilities Accounts payable Accrued liabilities Unearned revenue Deposits payable Accrued interest Due to other governments Noncurrent liabilities Due within one year Due in more than one year Total liabilities City of La Quinta, California Statement of Net Position June 30, 2023 Primary Government Governmental Business -Type Activities Activities Total $ 228,672,516 $ 1,183,294 $ 229,855,810 5,317,487 - 5,317,487 1,650,990 - 1,650,990 7,581,730 - 7,581,730 22,494,501 - 22,494,501 5,568,153 554 5,568,707 1,432,355 - 1,432,355 379,516 - 379,516 47,964 250,000 297,964 30,161,609 - 30,161,609 - 112,282 112,282 5,403,652 - 5,403,652 377,488 - 377,488 378,055,087 39,712,956 417,768,043 154,480,042 2,534,005 157,014,047 49,643 311,085 360,728 592,321 - 592,321 842,265,054 44,104,176 886,369,230 369,541 19,249,577 19, 619,118 6,655,971 649,254 11,468,560 6,319,068 51 1,121,231 694,575 14,559,404 41,468,114 - 369,541 - 19,249,577 19, 619,118 343,903 35,500 420 191,659 123,861 695,343 6,999,874 649,254 11,468,560 6,354,568 471 1,121,231 886,234 14,683,265 42,163,457 See Notes to Financial Statements 16 69 This page intentionally left blank. 70 Deferred Inflows of Resources Deferred amounts related to OPEB Deferred amounts related to pensions Deferred amounts related to leases Total deferred inflows of resources Net Position Net investment in capital assets Restricted for Planning and development projects Public safety Public works Capital projects Community services Other Unrestricted Total net position City of La Quinta, California Statement of Net Position June 30, 2023 Primary Government Governmental Business -Type Activities Activities Total $ 591,305 3,284,647 1,351,619 5,227,571 $ 591,305 3,284,647 1,351,619 5,227,571 532,627,757 42,242,526 574,870,283 27,585,913 - 27,585,913 1,278,307 - 1,278,307 7,535,519 - 7,535,519 9,794,607 - 9,794,607 15,711,786 - 15,711,786 377,488 - 377,488 220,277,110 1,166,307 221,443,417 $ 815,188,487 $ 43,408,833 $ 858,597,320 See Notes to Financial Statements 17 71 Functions/Programs Expenses Primary Government General government $ 17,213,248 Public safety 25,457,350 Planning and development 3,146,264 Community services 9,550,001 Public works 14,043,797 Interest on long-term debt 25,504 Total governmental activities Business -Type Activities Golf Course Total primary government City of La Quinta, California Statement of Activities Year Ended June 30, 2023 Program Revenues Operating Capital Charges for Contributions Contributions Services and Grants and Grants $ 1,716,965 $ 20,138 $ 272,066 555,423 - 170,167 1,356,426 138,974 4,010,626 185,979 5,987,860 - 2,736,907 989,386 4,307,929 69,436,164 6,551,700 7,136,358 8,760,788 5,520,342 4,767,458 $ 74,956,506 $ 11,319,158 $ 7,136,358 $ 8,760,788 General Revenues Taxes Property taxes, levied for general purpose Transient occupancy taxes Sales taxes Franchise taxes Business licenses taxes Othertaxes Motor vehicle in lieu - unrestricted Investment income Net change in fair value of investments Other Transfers Total General Revenues and Transfers Change in Net Position Net Position at Beginning of Year, as restated Net Position at End of Year See Notes to Financial Statements 18 72 City of La Quinta, California Statement of Activities Year Ended June 30, 2023 Net (Expense) Revenue and Changes in Net Position Total Primary Government Program Governmental Business -Type Revenues Activities Activities Total $ 2,009,169 $ (15,204,079) $ 725,590 (24,731,760) 5,506,026 2,359,762 6,173,839 (3,376,162) 8,034,222 (6,009,575) - (25,504) 22,448,846 (46,987,318) - $ (15,204,079) - (24,731,760) - 2,359,762 - (3,376,162) (6,009,575) (25,504) (46,987,318) 4,767,458 - (752,884) (752,884) $ 27,216,304 (46,987,318) (752,884) (47,740,202) 20,697,081 - 20,697,081 19,262,569 - 19,262,569 28,888,079 - 28,888,079 2,375,729 - 2,375,729 489,738 - 489,738 926,743 - 926,743 5,110,569 - 5,110,569 5,058,717 12,456 5,071,173 (1,519,171) 20,665 (1,498,506) 1,432,619 - 1,432,619 (600,000) 600,000 - 82,122,673 633,121 82,755,794 35,135,355 (119,763) 35,015,592 780,053,132 43,528,596 823,581,728 $ 815,188,487 $ 43,408,833 $ 858,597,320 See Notes to Financial Statements 19 73 City of La Quinta, California Balance Sheet — Governmental Funds June 30, 2023 Special Capital Projects Revenue Funds Fund Other Total Housing Disaster Capital Governmental Governmental General Authority Recovery Improvement Funds Funds Assets Pooled cash and investments $ 153,479,076 $ 19,341,514 $ 9,928,036 $ $ 34,338,192 $ 217,086,818 Restricted cash and investments 5,317,487 - - - 5,317,487 Receivables Accounts 442,644 103,604 934,765 169,977 1,650,990 Taxes 6,946,383 - - 635,347 7,581,730 Notes and loans - 22,494,501 - - 22,494,501 Accrued interest 130,076 5,388,914 8,794 30,106 5,557,890 Leases 1,432,355 - - - 1,432,355 Prepaid costs 125,993 - 468 126,461 Deposits - 47,964 - - 47,964 Due from other governments 20,898,192 4,900,199 2,778,080 1,585,138 30,161,609 Due from other funds 2,796,975 - - - 2,796,975 Land held for resale 5,403,652 - - - - 5,403,652 Total assets $ 196,972,833 $ 52,276,696 $ 9,936,830 $ 3,712,845 $ 36,759,228 $ 299,658,432 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities Accounts payable $ 2,517,578 $ 68,780 $ $ 2,652,202 $ 788,168 $ 6,026,728 Accrued liabilities 572,702 19,697 - 44,574 636,973 Unearned revenues - - 9,987,008 1,481,552 - 11,468,560 Deposits payable 6,292,718 26,350 - - - 6,319,068 Due to other governments 2,604 - - 1,118,627 1,121,231 Due to other funds - - - 1,965,854 831,121 2,796,975 Total liabilities 9,385,602 114,827 9,987,008 6,099,608 2,782,490 28,369,535 Deferred Inflows of Resources Unavailable revenue 258,104 25,796,035 - 3,712,845 350,326 30,117,310 Leases 1,351,619 - - - 1,351,619 Total Deferred Inflows of Resources 1,609,723 25,796,035 3,712,845 350,326 31,468,929 See Notes to Financial Statements 20 74 City of La Quinta, California Balance Sheet — Governmental Funds June 30, 2023 Special Capital Projects Revenue Funds Fund Other Total Housing Disaster Capital Governmental Governmental General Authority Recovery Improvement Funds Funds Fund Balances Nonspendable Prepaid costs $ 125,993 $ $ $ $ 468 $ 126,461 Land held for resale 5,403,652 - 5,403,652 Due from successor agency 19,600,793 - 19,600,793 Restricted for Planning and development projects - 26,365,834 1,220,079 27,585,913 Public safety - 1,278,307 1,278,307 Community services 15,711,786 15,711,786 Public works 7,535,519 7,535,519 Capital projects - 9,794,607 9,794,607 Section 115 trust 5,317,487 - 5,317,487 Committed to Natural Disaster Reserve 15,000,000 15,000,000 Economic Downturn Reserve 13,000,000 13,000,000 Cash Flow Reserve 5,000,000 5,000,000 Capital Replacement Reserve 12,000,000 12,000,000 Carryovers 2,600,009 2,600,009 Assigned for Public safety 11,986,970 11,986,970 Sales Tax Reserve 29,214,191 29,214,191 Capital projects 22,623,372 22,623,372 Unassigned 44,105,041 (50,178) (6,099,608) (1,914,354) 36,040,901 Total fund balance 185,977,508 26,365,834 (50,178) - (6,099,608) 33,626,412 239,819,968 Total liabilities, deferred inflows of resources and fund balances $ 196,972,833 $ 52,276,696 $ 9,936,830 $ 3,712,845 $ 36,759,228 $ 299,658,432 See Notes to Financial Statements 21 75 City of La Quinta, California Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position Amounts reported for governmental activities in the statement of net position are different because: Fund balances of governmental funds Capital assets net of accumulated depreciation/amortization are not financial resources, and therefore have not been included as current financial resources in governmental fund activity Net OPEB asset is not considered a current financial resource Long-term liabilities, including leases, compensated absences and pension liabilities are not due and payable in the current period and therefore are not reported in the governmental funds: Leases Financed purchases Compensated absences Net pension liability Deferred outflows related to pensions Deferred outflows related to OPEB Deferred inflows related to pensions Deferred inflows related to OPEB Revenues reported as unavailable revenue in the governmental funds are recognized in the statement of activities June 30, 2023 $ 239,819,968 519,153,301 377,488 $ (16,649) (551) (1,154,090) (13,550,553) (14,721,843) 19, 249, 577 369,541 (3,284,647) (591,305) 30,117, 310 Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The assets and liabilities of the internal service funds are included in governmental activities of the statement of net position 24,699,097 Net Position of Governmental Activities $ 815,188,487 See Notes to Financial Statements 22 76 City of La Quinta, California Statement of Revenues, Expenditures, and Changes in Fund Balances — Governmental Funds Year Ended June 30, 2023 Special Capital Projects Revenue Funds Fund Other Total Housing Disaster Capital Governmental Governmental General Authority Recovery Improvements Funds Funds Revenues Taxes $ 65,146,000 $ $ $ $ 2,121,115 $ 67,267,115 Assessments - 981,315 981,315 Licenses and permits 3,994,989 - 3,994,989 Intergovernmental 9,989,061 391,120 5,973,761 16,353,942 Charges for services 1,558,784 - - 1,558,784 Investment income (loss) 3,282,418 1,782,543 208,625 747,080 6,020,666 Net decrease in fair value of investments (893,437) (88,316) (161,695) (284,853) (1,428,301) Fines and forfeitures 563,494 - - 563,494 Developer participation - - 420 4,215,701 4,216,121 Miscellaneous 2,479,742 96,405 - - 26,101 2,602,248 Total revenues 86,121,051 1,790,632 46,930 391,540 13,780,220 102,130,373 Expenditures Current General government 20,966,498 907 20,967,405 Public safety 25,362,426 - - 94,924 25,457,350 Planning and development 4,303,714 1,830,275 33,757 335,345 6,503,091 Community services 5,782,682 254,998 - 2,025,777 8,063,457 Public works 2,148,743 - - 4,321,870 6,470,613 Capital outlay 536,087 201,409 13,394,469 48,347 14,180,312 Debt service Principal 10,764 - - - 10,764 Interest - - - 25,504 25,504 Total expenditures 59,110,914 2,286,682 13,428,226 6,852,674 81,678,496 Excess (Deficiency) of Revenues over (under) Expenditures 27,010,137 (496,050) 46,930 (13,036,686) 6,927,546 20,451,877 Other Financing Sources (Uses) Transfers in - - 7,927,550 2,152,000 10,079,550 Transfers out (6,939,642) - (3,739,908) (10,679,550) Total other financing sources (uses) (6,939,642) - 7,927,550 (1,587,908) (600,000) Net Changes in Fund Balances 20,070,495 (496,050) 46,930 (5,109,136) 5,339,638 19,851,877 Fund Balances, Beginning of Year, As Restated 165,907,013 26,861,884 (97,108) (990,472) 28,286,774 219,968,091 Fund Balances, End of Year $ 185,977,508 $ 26,365,834 $ (50,178) $ (6,099,608) $ 33,626,412 $ 239,819,968 See Notes to Financial Statements 23 77 City of La Quinta, California Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Amounts reported for governmental activities in the statement of activities are different because: Net changes in fund balances - total governmental funds Governmental funds report capital projects (outlays) as expenditures. However, in the statement of activities, the costs of those assets are allocated over their estimated useful lives as depreciation and amortization expense. This is the amount by which capital outlays exceeded depreciation in the current period. Purchase of capital assets recorded in governmental funds Capital outlay recorded in governmental funds that is attributed to repairs and maintenance projects that do not increase the service life or capacity of a capital asset Depreciation and Amortization Expense, net of adjustments for deletions Debt service payments for principal payments are reported as expenditures in the governmental funds, but are not reported as expenses in the statement of activities Lease principal payments Financed purchases payments Compensated absences expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. Governmental funds report OPEB contributions as expenditures. However, in the Statement of Activities, OPEB expense is measured as the change in OPEB liability and the amortization of deferred outflows and inflows of resources related to OPEB. This amount represents the net change in OPEB related amounts. Governmental funds report pension contributions as expenditures. However, in the Statement of Activities, pension expense is measured as the change in pension liability and the amortization of deferred outflows and inflows of resources related to pension. This amount represents the net change in pension related amounts. Revenues reported as unavailable revenue in the governmental funds are recognized as operating contributions and grants in the statement of activities. Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The net revenues (expenses) of the internal service funds is reported with governmental activities. Change in net position of governmental activities Funds to the Statement of Activities Year Ended June 30, 2023 $ 14,180,312 (4,911,083) (8,926,070) $ 19,851,877 343,159 10,764 21,528 (191,861) (12, 394) 11,526,881 2,482,251 1,103,150 $ 35,135,355 See Notes to Financial Statements 24 78 City of La Quinta, California Statement of Net Position — Proprietary Funds June 30, 2023 Assets Current Pooled cash and investments Receivables Accrued interest Prepaid costs Deposits Inventories Total current assets Noncurrent Capital assets not being depreciated Capital assets, net of depreciation Right to use lease assets, net of accumulated amortization Right to use subscription IT assets, net of accumulated amortization Total noncurrent assets Total assets Liabilities and Net Position Liabilities Current Accounts payable Accrued liabilities Deposits payable Accrued interest Current portion of lease liability Current portion of subscription IT liability Total current liabilities Noncurrent Long-term portion of lease liability Long-term portion of subscription IT liability Total noncurrent liabilities Total liabilities Net Position Net investment in capital assets Unrestricted Total net position Total liabilities and net position Business -Type Activities Enterprise Funds Golf Course Governmental Activities Internal Service Funds $ 1,183,294 $ 11,585,698 554 250,000 112,282 1,546,130 39,712,956 2,534,005 311,085 42,558,046 44,104,176 343,903 35,500 420 191,659 571,482 123,861 123,861 695,343 42,242,526 1,166,307 43,408,833 $ 44,104,176 10,263 253,055 11,849,016 5,904,644 7,493,719 33,108 592,321 14,023,792 25,872,808 629,243 12,281 51 31,159 352,117 1,024,851 5,303 143,557 148,860 1,173, 711 13,491,656 11,207,441 24,699,097 $ 25,872,808 See Notes to Financial Statements 25 79 City of La Quinta, California Statement of Revenues, Expenses, and Changes in Fund Net Position — Proprietary Funds Year Ended June 30, 2023 Business -Type Governmental Activities Activities - Enterprise Funds Internal Golf Course Service Funds Operating Revenues Sales and service charges $ 4,767,458 $ 5,397,132 Total operating revenues 41767,458 5,397,132 Operating Expenses Administration and general 170,828 232,217 Fuel and oil - 138,412 Maintenance and parts 6,676 392,721 Contract services 4,602,361 1,319,083 Software and supplies - 1,211,891 Depreciation and amortization expense 499,555 1,558,551 Other 240,922 - Total operating expenses 5,520,342 4,852,875 Operating Income (Loss) (752,884) 544,257 Nonoperating Revenues (Expenses) Investment income 12,456 229,187 Net change in fair value of investments 20,665 (90,871) Miscellaneous revenues - 208,148 Gain on disposal of capital assets - 234,172 Interest expense - (21,743) Total nonoperating revenues (expenses) 33,121 558,893 Income (Loss) Before Transfers (719,763) 1,103,150 Transfers in 600,000 - Total transfers 600,000 - Changes in Net Position (119,763) 1,103,150 Net Position, Beginning of the Year, as restated 43,528,596 23,595,947 Net Position at End of Year $ 43,408,833 $ 24,699,097 See Notes to Financial Statements 26 80 City of La Quinta, California Statement of Cash Flows — Proprietary Funds Year Ended June 30, 2023 Business -Type Activities - Enterprise Funds Golf Course Operating Activities Cash received from customers and users $ 4,727,503 Cash received from interfund services provided - Cash payments to suppliers for goods and services (4,865,565) Cash payments to employees for services (170,828) Net Cash from Operating Activities (308,890) Non -Capital Financing Activities Cash transfers in 600,000 Capital and Financing Activities Cash paid for lease liability- principal portion (250,317) Cash paid for lease liability- interest portion (352) Capital contributions - Acquisition and construction of capital assets - Proceeds from sales of capital assets - Cash paid for subscription liability- principal portion - Cash paid for subscription liability- interest portion - Net Cash used for Capital and Related Financing Activities (250,669) Investing activities Investment income 32,901 Net Increase in Cash and Cash Equivalents 73,342 Cash and Cash Equivalents at Beginning of Year 1,109,952 Cash and Cash Equivalents at End of Year Governmental Activities - Internal Service Funds 5,397,132 (2,842,904) 2,554,228 (98,773) (1,371) 208,148 (1,126,503) 234,172 (431,239) (9,848) (1,225,414) 123,751 1,452,565 10,133,133 $ 1,183,294 $ 11,585,698 See Notes to Financial Statements 27 81 City of La Quinta, California Statement of Cash Flows — Proprietary Funds Year Ended June 30, 2023 Business -Type Governmental Activities- Activities - Enterprise Funds Internal Golf Course Service Funds Reconciliation of Operating (Loss) to Net Cash used for Operating Income Operating income (loss) $ (752,884) $ 544,257 Adjustments to reconcile operating income (loss) to net cash from (used for) operating activities: Depreciation and amortization 499,555 1,558,551 Changesin Inventories (39,955) - Prepaid costs - (23,533) Accounts payable (15,606) 464,088 Accrued liabilities - 10,865 Net Cash from Operating Activities $ (308,890) $ 2,554,228 Non Cash Capital and Related Financing Activities Subscription liability for the acquisition of a right to use subscription IT asset $ - $ 116,430 See Notes to Financial Statements 28 82 City of La Quinta, California Statement of Fiduciary Net Position June 30, 2023 Pension Trust Private -Purpose Fund Trust Fund Successor Supplemental Agency of the Pension Plan former RDA Assets Pooled cash and investments $ 78,261 $ 15,570,390 Receivables Accounts - 23 Accrued interest 69 170 Prepaid costs - 283,042 Due from other governments - 1,118,627 Restricted assets Cash and investments with fiscal agent - 1,549 Total assets 78,330 16,973,801 Deferred Outflows of Resources Deferred charge on refunding - 14,641,514 Total deferred outflows of resources - 14,641,514 Liabilities Accrued interest - 1,053,666 Long-term liabilities Due in one year - 16,692,076 Due in more than one year - 168,753,382 Total liabilities - 186,499,124 Net Position (Deficit) Restricted for pensions $ 78,330 - Held in trust $ (154,883,809) See Notes to Financial Statements 29 83 City of La Quinta, California Statement of Changes in Fiduciary Net Position Year Ended June 30, 2023 Pension Trust Private -Purpose Fund Trust Fund Successor Supplemental Agency of the Pension Plan Former RDA Additions Taxes $ - $ 20,124,588 Investment income 1,580 35,605 Net change in fair value of investments (253) 28,282 Other revenues 5,000 - Total additions 6,327 20,188,475 Deductions Administrative expenses 12,833 30,864 Interest and fiscal charges - 6,105,657 Total deductions 12,833 6,136,521 Changes in Net Position (6,506) 14,051,954 Net Position/(Deficit) - Beginning of the Year, as restated 84,836 (168,935,763) Net Position/(Deficit) - End of the Year $ 78,330 $ (154,883,809) See Notes to Financial Statements 30 84 City of La Quinta, California Notes to Financial Statements June 30, 2023 Note 1- Summary of Significant Accounting Policies Reporting Entity The City of La Quinta, California (City) was incorporated May 1, 1982, under the general laws of the State of California. In November 1996, the City became a charter City. The City operates under the Council — Manager form of government. The City provides many community services including public safety, highway and street maintenance, health and social services, cultural and leisure services, public improvements, planning and zoning services, and community development services. The accounting policies of the City conform to generally accepted accounting principles as applicable to governments. As required by generally accepted accounting principles, these financial statements present the City and its component units, which are entities for which the City is considered to be financially accountable. The City is considered to be financially accountable for an organization if the City appoints a voting majority of that organization's governing body and the City is able to impose its will on that organization or there is a potential for that organization to provide specific financial benefits to or impose specific financial burdens on the City. The City is also considered to be financially accountable if an organization is fiscally dependent (i.e., it is unable to adopt its budget, levy taxes, set rates or charges, or issue bonded debt without approval from the City). In certain cases, other organizations are included as component units if the nature and significance of their relationship with the City are such that their exclusion would cause the City's financial statements to be misleading or incomplete. All of the City's component units are considered to be blended component units. Blended component units, although legally separate entities, are, in substance, part of the City's operations and so data from these units are reported with the interfund data of the primary government. The following organizations are considered to be component units of the City: City of La Quinta Public Financing Authority The La Quinta Public Financing Authority (Financing Authority) was established pursuant to a Joint Exercise of Powers Agreement dated November 19, 1991, between the City and the Former Redevelopment Agency (now Successor Agency). The purpose of the Financing Authority is to provide financing necessary for the construction of various public improvements through the issuance of debt. Although the Financing Authority is legally separate, it is reported as if it were part of the City because the City Council also serves as the governing board of the Financing Authority and the management of the City has operational responsibility for the Financing Authority. The activities of the Financing Authority are recorded in the debt service fund. Separate financial statements of the Financing Authority are not prepared. 31 85 City of La Quinta, California Notes to Financial Statements June 30, 2023 City of La Quinta Housing Authority The La Quinta Housing Authority (Housing Authority) was established pursuant to California Housing Authorities Law (Health and Safety Code Sections 34200 et seq.) on September 15, 2009. The purpose of the Housing Authority is to provide safe and sanitary housing opportunities for La Quinta residents. Although the Housing Authority is legally separate, it is reported as if it were part of the City because the City Council also serves as the governing board of the Housing Authority and the management of the City has operational responsibility for the Housing Authority. The activities of the Housing Authority are recorded in the Housing Authority Special Revenue Fund. Separate financial statements of the Housing Authority are not prepared. Government -Wide and Fund Financial Statements The basic financial statements of the City are composed of the following: • Government -wide financial statements • Fund financial statements • Notes to the financial statements Government -Wide Financial Statements The government -wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the primary government and its component units. All fiduciary activities are reported only in the fund financial statements. Governmental activities, which normally are supported by taxes, intergovernmental revenues, and other nonexchange transactions, are reported separately from business -type activities, which rely to a significant extent on fees and charges to external customers for support. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable. The statement of activities demonstrates the degree to which the direct expenses of a given function or segments are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include charges for services, special assessments, and payments made by parties outside of the reporting City's citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program. Taxes and other items not properly included among program revenues are reported instead as general revenues. Amounts paid to acquire capital assets are capitalized as assets in the government -wide financial statements, rather than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the government -wide financial statements, rather than as other financing sources. Amounts paid to reduce long- term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as expenditures. 32 86 City of La Quinta, California Notes to Financial Statements June 30, 2023 Fund Financial Statements The underlying accounting system of the City is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self -balancing accounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. Fund financial statements for the governmental, proprietary, and fiduciary funds are presented after the government -wide financial statements. These statements display information about major funds individually and nonmajor funds in the aggregate for governmental and proprietary funds. Fiduciary statements include financial information for fiduciary funds. Fiduciary funds of the city primarily represent assets held by the City in a custodial capacity for other individuals or organizations. Measurement Focus, Basis of Accounting and Financial Statement Presentation Government -Wide Financial Statements While separate government -wide and fund financial statements are presented, they are interrelated. The governmental activities column incorporates data from governmental funds and internal service funds, while business -type activities incorporate data from the government's enterprise funds. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government -wide financial statements. The government -wide financial statements are reported using the economic resources measurement focus and accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred regardless of the related cash flows. Property taxes are recognized in the year they are levied. Grants and similar items are recognized as soon as all eligibility requirements imposed by the providers are met. Governmental Funds In the fund financial statements, governmental funds are presented using the current resources focus and modified -accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Measurable means that the amounts can be estimated, or otherwise determined. Available means that the amounts were collected during the reporting period or soon enough thereafter to be available to finance the expenditures accrued for the reporting period. The City uses a 60-day availability period. Revenue recognition is subject to the measurable and availability criteria for the governmental funds in the fund financial statements. Exchange transactions are recognized as revenues in the period in which they are earned (i.e., the related goods or services are provided). Locally imposed delivered tax revenues are recognized as revenues in the period in which the underlying exchange transaction on which they are based takes place. Imposed nonexchange transactions are recognized as revenues in the period for which they were imposed. If the period of use is not specified, they are recognized as revenues when an enforceable legal claim to the revenues arises or when they are received, whichever occurs first. Government -mandated and voluntary non - exchange transactions are recognized as revenues when all applicable eligibility requirements have been met. 33 87 City of La Quinta, California Notes to Financial Statements June 30, 2023 Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the government. In the fund financial statements, governmental funds are presented using the current financial resources measurement focus. This means that only current assets, deferred outflows of resources, current liabilities, and deferred inflows of resources are generally included on their balance sheets. The reported fund balance is considered to be a measure of "available spendable resources". Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses). Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Noncurrent portions of long-term receivables due to governmental funds are reported on their balance sheets in spite of their spending measurement focus. Special reporting treatments are used to indicate, however, that they should not be considered "available spendable resources", since they do not represent net current assets. Recognition of governmental fund type revenues represented by noncurrent receivables are deferred until they become current receivables. Noncurrent portions of other long-term receivables are offset by fund balance reserve accounts. Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities. Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended, rather than as fund assets. The proceeds of long-term debt are recorded as other financing sources rather than as a fund liability. Amounts paid to reduce long-term indebtedness are reported as fund expenditures. Proprietary Funds The City's enterprise and internal service funds are proprietary funds. In the fund financial statements, proprietary funds are presented using the accrual basis of accounting. Revenues are recognized when they are earned, and expenses are recognized when the related goods or services are delivered. In the fund financial statements, proprietary funds are presented using the economic resources measurement focus. This means that all assets, all deferred outflows of resources, all liabilities, and all deferred inflows of resources (whether current or noncurrent) associated with their activity are included on their balance sheets. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in total net position. Amounts paid to acquire capital assets are capitalized as assets in the proprietary fund financial statements, rather than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the proprietary fund financial statements, rather than as another financing source. Amounts paid to reduce long-term indebtedness of the proprietary funds are reported as a reduction of the related liability, rather than as expenditures. 34 88 City of La Quinta, California Notes to Financial Statements June 30, 2023 Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the Enterprise Funds are charges to customers for sales and services. Operating expenses for Enterprise Funds include the cost of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Fiduciary Funds The pension and private -purpose trust funds are reported using the economic resources measurement focus and the accrual basis of accounting. Major Funds, Internal Service Funds and Fiduciary Fund Types The City's major governmental funds are as follows: General Fund —This fund is the primary fund of the City and is used to account for all revenue and expenditures of the City not legally restricted as to use. A broad range of municipal activities are provided through this fund including City Manager, City Attorney, Finance, City Clerk, Community Development, Police Services, Public Works, and Community Services. Housing Authority — This fund accounts for the combined housing activities of the Housing Authority in Project Areas 1 and 2 which promotes and provides for quality housing. Revenues will be provided from the receipts and collections of rents, notes and loans. All monies in the Housing Authority must be used in accordance with the applicable housing -related provisions of the California Housing Authorities Law. Disaster Recovery Fund — To account for the use of one-time federal funding designed to deliver relief to American workers and aid in economic recovery in the wake of COVID-19. This Act was passed by Congress in 2021, to provide Coronavirus fiscal recovery funds to state and local governments. Capital Improvement Fund — This capital projects fund is used to account for the planning, design and construction of various capital projects throughout the City. The City's major proprietary fund is as follows: Golf Course — This fund accounts for the activities of the SilverRock Golf Resort. Other fund types of the City are as follows: Special Revenue Funds —These funds account for the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes other than debt service or capital projects. Capital Projects Funds — These funds account for financial resources that are restricted, committed, or assigned to expenditures for capital outlay. 35 89 City of La Quinta, California Notes to Financial Statements June 30, 2023 Debt Service Fund — This fund accounts for the servicing of long-term debt. Internal Service Funds Equipment Replacement Fund — This fund accounts for equipment and vehicle maintenance and replacement services provided to other departments on a cost -reimbursement basis. Information Technology Fund — This fund is used to account for the acquisition for computer equipment, maintenance, and services to support information systems within the City. Costs are reimbursed by the benefiting departments. Park Equipment and Facilities Fund — This fund is used to account for the purchase and replacement of City owned and operated park equipment and facilities. Costs are reimbursed by the benefiting departments. Insurance Fund —This fund accounts for City-wide insurances: liability, property, earthquake, workers compensation and risk management. Expenses are shared among departments on an allocation basis. Fiduciary Funds Pension Trust Fund — This fund accounts for the activities of the Supplemental Pension Savings Plan, which accumulates resources for pension benefit payments to qualified government employees. Private -Purpose Trust Fund — This fund accounts for the assets and liabilities of the Successor Agency to the Former Redevelopment Agency and its allocated revenue to pay estimated installment payments of enforceable obligations until obligations of the Former Agency are paid in full and assets have been liquidated. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or Equity Cash and Investments For financial reporting purposes, investments are adjusted to their fair value. Changes in fair value that occur during a fiscal year are recognized as investment income reported for that fiscal year. Investment income includes interest earnings, changes in fair value, and any gains or losses realized upon the liquidation or sale of investments. The City pools cash and investments of all funds, except for assets held within the Section 115 trust and amounts held by fiscal agents. Each fund's share in this pool is displayed in the accompanying financial statements as cash and investments. Investment income earned by the pooled investments is allocated to the various funds based on each fund's month end cash and investment balance. 36 90 City of La Quinta, California Notes to Financial Statements June 30, 2023 Cash and Cash Equivalents For purposes of the statement of cash flows, cash equivalents are defined as short-term, highly liquid investments that are both readily convertible to known amounts of cash or so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Cash equivalents also represent the proprietary fund's share in the City's cash and investment pool. Cash equivalents have an original maturity date of three months or less from the date of purchase. For purposes of the statement of cash flows, the entire balance of cash and investments on the combined balance sheet for the proprietary funds is considered cash and cash equivalents. Lease Receivable Lease receivable is recorded by the City as the present value of future lease payments expected to be received from the lessee during the lease term, reduced by any provision for estimated uncollectible amounts. Lease receivables are subsequently reduced over the life of the lease as cash is received in the applicable reporting period. The present value of future lease payments to be received are discounted based on the interest rate the City charges the lessee. Restricted Section 115 Trust Cash and Investments All assets in the Section 115 Trust are irrevocably dedicated to funding obligations of the City's pension beneficiaries, other post -employment beneficiaries or costs of administering the Trust. The funds are not considered plan assets of either the pension plan or OPEB plan and are therefore considered restricted assets of the City. Inventory Inventory is valued at cost using the first in/first out (FIFO) method. The City uses the consumption method of accounting for inventories. Prepaid Costs Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government -wide and fund financial statements. The City utilizes the consumption method, in which prepaid items are accounted for in the period that the benefit was received. Capital Assets Capital assets (including infrastructure) are recorded at cost where historical records are available and at an estimated historical cost where no historical records exist. Contributed capital assets are valued at their acquisition value at the date of the contribution. Generally, capital asset purchases in excess of $5,000 are capitalized if they have an expected useful life of three years or more. Capital Assets include public domain (infrastructure) consisting of certain improvements including roads, streets, sidewalks, medians, and storm drains. 37 91 City of La Quinta, California Notes to Financial Statements June 30, 2023 Capital assets used in operations are depreciated over their estimated useful lives using the straight-line method in the government -wide financial statements and in the fund financial statements of the proprietary funds. Depreciation is charged as an expense against operations and accumulated depreciation is reported on the respective balance sheet. The following schedule summarizes capital asset useful lives: Building and improvements Equipment and furniture Vehicles Infrastructure Software Right to use leased asset 10-30 years 3-20 years 5-10 years 10-50 years 5-10 years Shorter of useful life or lease term Right to use lease assets are recognized at the lease commencement date and represent the City's right to use an underlying asset for the lease term. Right to use leased assets are measured at the initial value of the lease liability plus any payments made to the lessor before commencement of the lease term, less any lease incentives received from the lessor at or before the commencement of the lease term, plus any initial direct costs necessary to please the lease asset into service. Right to use leased assets are amortized over the shorter of the lease term or useful lives of the underlying asset using the straight-line method. The amortization period varies from 3 to 5 years. Right to use subscription IT assets are recognized at the subscription commencement date and represent the City's right to use the underlying IT asset for the subscription term. Right to use subscription IT assets are measured at the initial value of the subscription liability plus any payments made to the vendor at the commencement of the subscription term, less any subscription incentives received from the vendor at or before the commencement of the subscription term, plus any capitalizable initial implementation costs necessary to place the subscription asset into service. Right to use subscription IT assets are amortized over the shorter of the subscription term or useful life of the underlying asset using the straight line method. The amortization period varies from 3 to 5 years. Property Taxes Under California law, property taxes are assessed and collected by the counties up to 1 percent of assessed value, plus other increases approved by the voters. The property taxes are recorded initially in a pool, and are then allocated to the cities based on complex formulas. Accordingly, the City of La Quinta accrues only those taxes that are received from the County within sixty days after year-end. Lien date Levy date Due dates Collection dates January 1 July 1 November 1 and February 1 December 10 and April 10 38 92 City of La Quinta, California Notes to Financial Statements June 30, 2023 Deferred Outflows/Inflows of Resources In addition to assets, the statements of net position and the governmental fund balance sheet will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. Governmental activities recorded deferred outflows of resources related to pensions and other post -employment benefits. See Notes 9 and 11 for more information about deferred outflows of pensions and post -employment benefits, respectively. The Private Purpose Trust Fund- Successor Agency of the former RDA recorded deferred outflows of resources related to debt refundings. See Note 19 for more information on the deferred outflows of resources related to debt refundings. In addition to liabilities, the statements of net position and governmental fund balance sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The City has reported two items on the governmental fund balance sheet that qualify for reporting in this category. The first is unavailable revenues that were not received within the City's availability period. These amounts are deferred and recognized as inflows of resources in the period that the amounts become available. At the government -wide statements, this item is eliminated and recognized as revenue in the period earned since "availability" of resources is not a criteria used in government -wide statements. The second item is a deferred inflow related to leases where the City is the lessor. The deferred inflows of resources related to leases is recognized on a straight line basis as an inflow of resources (revenue) over the term of the lease. Additionally, governmental activities recorded deferred inflows of resources related to pensions and OPEB. See Notes 9 and 11 for more information about deferred inflows of pensions and post -employment benefits, respectively. Compensated Absences Vacation and sick time are vested on a percentage based on number of years employed at the City. Maximum accumulation of sick and vacation is 40 and 60 days, respectively. Upon termination or retirement, permanent employees are entitled to receive compensation at their current base salary for all unused vacation leave. If an employee terminates with a minimum of two years' service, the employee is entitled to receive 25 percent of the value of his unused sick leave. The percentage increases by 25 percent for each five-year period until the employee is entitled to 100 percent of the value of their unused sick leave. This will occur upon the completion of twenty years of continuous employment. The General Fund resources are used to pay for the accumulated benefits to employees. Long -Term Obligations In the government -wide financial statements and proprietary fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business -type activities or proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. 39 93 City of La Quinta, California Notes to Financial Statements June 30, 2023 In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Lease liabilities represent the City's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments expected to be made during the lease term. The present value of lease payments is discounted based on a borrowing rate determined by the City. Subscription liabilities represent the City's obligation to make subscription payments arising from the subscription contract. Subscription liabilities are recognized at the subscription commencement date based on the present value of future subscription payments expected to be made during the subscription term. The present value of subscription payments is discounted based on a borrowing rate determined by the City. Fund Balance In the fund financial statements, governmental funds report the following fund balance classifications: Nonspendable includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. Restricted includes amounts that are constrained on the use of resources by either (a) external creditors, grantors, contributors, or laws of regulations of other governments or (b) by law through constitutional provisions or enabling legislation. Committed includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the City's highest authority, the City Council. The formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is by a resolution. Assigned includes amounts that are constrained by the City's intent to be used for specific purposes but are neither restricted nor committed. City Council is authorized to assign amounts to a specific purpose. The City Council authorizes assigned amounts for specific purposes pursuant to the policy -making powers granted through a resolution. Unassigned includes the residual amounts that have not been restricted, committed, or assigned to specific purposes. The general fund is the only fund that reports a positive unassigned fund balance. 40 94 City of La Quinta, California Notes to Financial Statements June 30, 2023 Fund Balance Flow Assumptions — governmental fund financial statements Sometimes the City will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the City's policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last. Net Position Flow Assumption — government -wide and proprietary fund financial statements Sometimes the City will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government -wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the City's policy to consider restricted net position to have been depleted before unrestricted net position is applied. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and deferred outflows/inflows of resources and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. New Accounting Pronouncements Adopted in the Current Year GASB Statement No. 91— In May 2019, the GASB issued Statement No. 91, Conduit Debt Obligations. The objective of this Statement is to provide a single method of reporting conduit debt obligations by issues and eliminate diversity in practice. The Statement is effective for reporting periods beginning after December 15, 2021, or FY 2022/2023. The City has determined that this Statement does not have a material effect on the financial statements. GASB Statement No. 94 — In March 2020, the GASB issued Statement No. 94, Public -Private and Public -Public Partnerships and Availability Payment Arrangements. The objective of this Statement is to improve financial reporting by addressing issues related to public -private and public -public partnership arrangements (PPPs). The Statement is effective for reporting periods beginning after June 15, 2022, or FY 2022/2023. The City has determined that this Statement does not have a material effect on the financial statements. 41 95 City of La Quinta, California Notes to Financial Statements June 30, 2023 GASB Statement No. 96 — As of July 1, 2022, the City adopted GASB Statement No. 96, Subscription -Based Information Technology Arrangements (SBITAs). The implementation of this standard establishes that a SBITA results in a right to use subscription IT asset -an intangible asset - and a corresponding liability. The standard provides the capitalization criteria for outlays other than subscription payments, including implementation costs of a SBITA. The Statement requires recognition of certain SBITA assets and liabilities for SBITAs that previously were recognized as outflows of resources based on the payment provisions of the contract. As a result of implementing this standard the City recognized a right to use subscription asset and subscription liability of $945,351 and $810,483 as of July 1, 2022, respectively. As a result of these adjustments there was no effect on beginning net position. The additional disclosures required by this standard are included in Notes 4, 5 and 18. Effective in Future Fiscal Years The City is currently evaluating the potential impact of the following issued, but not yet effective, accounting standards. GASB Statement No. 99 — In April 2022, the GASB issued Statement No. 99, Omnibus 2022. The objectives of this Statement are to enhance comparability in accounting and reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB Statements and (2) accounting and financial reporting for financial guarantees. The requirements of this Statement related to extension of the use of the London Interbank Offered Rate (LIBOR), accounting for Supplemental Nutrition Assistance Program (SNAP) distributions, disclosures of nonmonetary transactions, pledges of future revenues by pledging governments, clarification of certain provisions in Statement No. 34, as amended, and terminology updates related to Statements No. 53 and No. 63 are effective upon issuance. The requirements of this Statement related to leases, Public -Private and Public -Public Partnerships (PPPs), and Subscription -Based Information Technology Arrangements (SBITAs) are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. The requirements of this Statement related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement No. 53 are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter. The City has not determined the effect on the financial statements. GASB Statement No. 100 — In June 2022, the GASB issued Statement No. 100, Accounting Changes and Error Corrections —An Amendment of GASB Statement No. 62. The primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. The requirements of this Statement are effective for accounting changes and error corrections made in fiscal years beginning after June 15, 2023, and all reporting periods thereafter. The City has not determined the effect on the financial statements. GASB Statement No. 101— In June 2022, the GASB issued Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter. The City has not determined the effect on the financial statements. 42 96 City of La Quinta, California Notes to Financial Statements June 30, 2023 GASB Statement No. 102 — In December 2023, the GASB issued Statement No. 102, Certain Risk Disclosures. The objective of this Statement is to provide users of government financial statements with essential information about risks related to a state or local government's vulnerabilities due to the variety of risks they face. The requirements of this Statement are effective for fiscal years beginning after June 15, 2024. The City has not determined the effect on the financial statements. GASB Statement No. 103 — In April 2024, the GASB issued Statement No. 103, Financial Reporting Model Improvements. The objective of this statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government's accountability. The requirements of this Statement are effective for fiscal years beginning after June 15, 2025. The City has not determined the effect on the financial statements. Note 2 - Cash and Investments Cash and investments as of June 30, 2023, are classified in the accompanying financial statements as follows: Statement of Net Position Cash and investments $ 229,855,810 Restricted cash and investments 5,317,487 Statement of Fiduciary Net Position Cash and investments 15,648,651 Cash and investments with fiscal agent 1,549 Total cash and investments $ 250,823,497 Cash and investment as of June 30, 2023, consist of the following: Cash on hand $ 4,300 Deposits with financial institutions 7,502,528 Investments 243,316,669 Total cash and investments $ 250,823,497 Investments Authorized by the California Government Code and the City's Investment Policy The table below identifies the investment types that are authorized by the California Government Code and the City's investment policy. The table also identifies certain provisions of the California Government Code (or the City's investment policy, if more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. 43 97 City of La Quinta, California Notes to Financial Statements June 30, 2023 This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City's investment policy. Maximum Investment Types Maturity U.S. Treasury Obligations 5 years U.S. Agency Securities 5 years Local Agency Bonds 5 years California Local Agency Obligations 5 years Commercial Paper 270 days Certificates of Deposit 5 years Negotiable Certificates of Deposits 5 years Corporate Notes 5 years Investment Pools (Riverside County Pool) N/A Money Market Mutual Funds N/A Local Agency Investment Fund (LAIF) N/A Investment Agreements 92 days Investments Authorized by the City Section 115 Trust Maximum Percentage Maximum Allowed Investment N/A N/A N/A 20 million N/A N/A N/A N/A 25% 10% of any outstanding issue 30% 250,000 30% 250,000 30% 5 million N/A N/A 20% 10% of City funds N/A LAIF Limit 20% N/A Investments of the Trust are governed by the provisions of the City of La Quinta Section 115 Trust Agreement, rather than the general provisions of the California Government Code or the City's investment policy. Investments authorized for funds held in the Section 115 Trust include Equity and Fixed Income Mutual Funds. The strategic range allowed for Equity and Fixed Income Mutual Funds is 20%-40% and 50%-80%, respectively. There are no limitations on the maximum amount that can be invested in one issuer or the maximum maturity of an investments. Disclosures Relating to Interest Rate Risk Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of short term and long-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. 44 98 City of La Quinta, California Notes to Financial Statements June 30, 2023 Information about the sensitivity of the fair values of the City's investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity: Investment Type Certificates of Deposit Federal agency securities Federal Farm Credit Bank Federal National Mortgage Association Federal Home Loan Mortgage Corp Federal Home Loan Bank U.S. Treasury Notes Corporate Notes Local Agency Investment Fund CAMP Riverside County Pool Section 115 Trust Equity Mutual Funds Fixed Income Mutual Funds Held by Fiscal Agent Money Market Mutual Funds Total Disclosures Relating to Credit Risk Remaining Maturity (in Years) 1 year Total Or Less 1 to 3 years 3 to 5 years $ 37,410,002 $ 8,717,090 $ 14,241,426 $ 14,451,486 15,091,193 3,196,153 3,774,480 8,120,560 10,480,400 2,983,260 7,497,140 - 6,770,671 - 4,465,036 2,305,635 13,430,583 1,481,695 5,771,560 6,177,328 56,460,543 32,023,160 9,901,508 14,535,875 1,811,650 398,820 446,340 966,490 35,567,034 35,567,034 - - 49,242,190 49,242,190 - - 11,986,970 11,986,970 - - 1,565,315 1,565,315 - - 3,498,569 3,498,569 - - 1,549 1,549 - - $ 243,316,669 $ 150,661,805 $ 46,097,490 $ 46,557,374 Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. The City's investment policy limits investments in commercial paper and money market mutual funds to those rated the highest rating as rated by Moody's or Standard and Poor's (S&P). Presented below are the S&P ratings as of year-end: Investment Type Federal Agency Securities Corporate Notes CAMP Total Exempt from Credit Risk disclosure: U.S. Treasury Notes Not rated: Certificates of Deposit Local Agency Investment Pool Riverside County Pool Section 115 Trust: Equity Mutual Funds Fixed Income Mutual Funds Held by Fiscal Agent: Money Market Mutual Funds Total investments Total AAA AA+ AA AA- 45,772,847 $ - $ 45,772,847 $ - $ 1,811,650 845,160 - 966,490 49,242,190 49,242,190 - - 96,826,687 $ 50,087,350 $ 45,772,847 $ 966,490 $ 56,460,543 37,410,002 35,567,034 11,986,970 1,565,315 3,498,569 1,549 $ 243,316,669 45 99 City of La Quinta, California Notes to Financial Statements June 30, 2023 Concentration of Credit Risk Investments in any one issuer that represent 5 percent or more of total City's investments are as follows: Issuer Federal Farm Credit Bank Federal Home Loan Bank Custodial Credit Risk Investment Type Federal Agency Securities Federal Agency Securities Reported Percent of Amount Portfolio $ 15,091,193 6% 13,430,583 6% Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker -dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The City utilizes delivery versus payment for investment purchases, which requires investments to be received prior to delivery of cash payment. The California Government Code and the City's investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits: The California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The market value of the pledged securities in the collateral pool must equal at least 110 percent of the total amount deposited by the public agencies. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150 percent of the secured public deposits, or by letters of credit issued by the Federal Home Loan Bank of San Francisco having a value of 105 percent of the secured public deposits. As a public funds depository Bank of the West maintains a public funds deposit collateralization program that is designed to comply with all applicable statutes and regulations governing public funds deposits, including pledge and perfection of collateral. Accounts holding public funds are labeled as such and trigger collateralization. Collateral needs are met based on the prior day close of business. However, same -day collateral requests may be accommodated upon request. Investment in Riverside County Pool The City is a voluntary participant in the Riverside County Pooled Investment Fund that is regulated by California Government Code Section 53646 and managed by the Riverside County Treasurer. The City's investment in this pool is reported in the accompanying financial statements of net position and prepared using the accrual basis of accounting. Investments are reported at fair value. The balance available for withdrawal is based on the accounting records maintained by the County. The Riverside County Pooled Investment Fund is not registered with the Securities and Exchange Commission and is not rated. 46 100 City of La Quinta, California Notes to Financial Statements June 30, 2023 Investment in State Investment Pool The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by the California Government Code under the oversight of the Treasurer of the State of California. The fair value of the City's investment in this pool is reported in the accompanying financial statements at amounts based upon the City's pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relations to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. Deposits and withdrawals are made on the basis of $1 and not fair value. Accordingly, the City's measurement of fair value of its investment with LAIF is based on uncategorized inputs, not defined as a level 1, level 2, or level 3 input. LAIF is not registered with the Securities and Exchange Commission and is not rated. Investment in California Asset Management Program The City is a voluntary participant in the California Asset Management Program (CAMP) that is regulated by the California Government Code Section 53601 (p) and managed by a Board of Trustees comprised of finance directors and treasurers of California public agencies that are members of the Joint Powers Authority. The City's investment in this pool is reported in the accompanying financial statements of net position and prepared using the accrual basis of accounting. Investments are reported at fair value. The balance available for withdrawal is based on the accounting records maintained by CAMP. CAMP is not registered with the Securities and Exchange Commission. Fair Value Measurements The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. Investments categorized as Level 2 are valued using the market approach and quoted market prices. 47 101 City of La Quinta, California Notes to Financial Statements The City has the following recurring fair value measurements as of June 30, 2023: Investments U.S. Treasury Notes Federal Agency Securities Corporate Notes Certificates of Deposit Section 115 Trust Equity Mutual Funds Fixed Income Mutual Funds June 30, 2023 Total Level 1 Level 2 $ 56,460,543 $ 56,460,543 45,772,847 - 1,811,650 - 37,410,002 - 1,565,315 1,565,315 3,498,569 3,498,569 Total leveled investments 146,518,926 Investments with uncategorized inputs Local Agency Investment Fund 35,567,034 CAMP 49, 242,190 Riverside County Pool 11,986,970 Held by Fiscal Agent Money Market Mutual Funds 1,549 Total investments $ 243,316,669 Note 3 - Notes Receivable 45,772,847 1,811,650 37,410,002 $ 61,524,427 $ 84,994,499 In September 1994, the former redevelopment agency sold certain real property to LINC Housing for $2,112,847. The property was used to construct single-family homes and rental units to increase the City's supply of low- and moderate -income housing. The note bears interest at 6 percent per annum and is due in full on June 15, 2029. On February 1, 2012, this receivable was transferred to the Housing Authority, which took over the housing function of the former redevelopment agency upon dissolution. As of June 30, 2023, the outstanding principal balance is $2,035,388 and the outstanding interest is $3,376,529. In February 2011, the former redevelopment agency entered into Disposition and Development Agreement with Coral Mountain Partners L.P. ("Coral Mountain") to fund up to $29,000,000 for the construction of a low- and moderate -income apartment complex with an estimated completion date of the apartment complex of March 2014. The former redevelopment agency's $29,000,000 loan is evidenced by a Promissory Note executed by Coral Mountain ("Note"). Interest on the outstanding note amount will bear simple interest of 1 percent. Principal and interest will be repaid on or before May 1st of each year from annual residual receipts as defined in the Note once the project is completed and may be repaid early if the property is refinanced, or if the property is transferred to another entity. On February 1, 2012, this receivable was transferred to the Housing Authority which took over the housing function of the former redevelopment agency upon dissolution. As of June 30, 2023, the outstanding principal balance is $20,437,816 and the outstanding interest balance is $1, 981, 691. Other notes receivable as of February 1, 2012, included in the Housing Authority which took over the housing function of the former redevelopment agency upon dissolution totaled $21,297 and the outstanding interest balance is $13,902 at June 30, 2023. 48 102 City of La Quinta, California Notes to Financial Statements June 30, 2023 Note 4 - Capital Assets Capital asset activity for governmental activities for the year ended June 30, 2023, is as follows: Governmental activities Capital assets, not being depreciated Land Right of way Construction -in -progress Total capital assets, not being depreciated Capital assets, being depreciated Buildings and improvements Equipment and furniture Vehicles Infrastructure Total capital assets, being depreciated Less accumulated depreciation for Buildings and improvements Equipment and furniture Vehicles Infrastructure Total accumulated depreciation Total capital assets, being depreciated, net Right to use lease assets, being amortized Building Equipment Vehicles Total right to use lease assets, being amortized Less Accumulated Amortization for Building Equipment Vehicles Total Accumulated amortization Total right to use lease assets, being amortized, net Right to use subscription IT assets, being amortized Less accumulated amortization Net right to use subscription IT assets Total Governmental Activitites Balance at July 01, 2022 As Restated Additions $ 81,790,496 $ 1,087,236 $ 285,857,353 - 17,119,485 8,132,282 384,767,334 9,219,518 Balance at Deletions Transfers June 30, 2023 $ 840,000 83,717,732 216,995 286,074,348 (16,988,760) 8,263,007 (15,931,765) 378,055,087 78,616,231 207,433 35,056 2,624,883 81,413,491 3,302,956 254,824 - 44,601 3,602,381 1,905,669 680,642 320,216 - 2,266,095 255,013,181 48,220 - 13,262,281 268,323,682 338,838,037 1,191,119 355,272 15,931,765 355,605,649 42,412,605 2,666,228 20,157 45,058,676 2,175,102 279,542 - 2,454,644 988,347 316,408 320,216 984,539 145,982,598 6,645,150 - 152,627,748 191,558,652 9,907,328 340,373 201,125,607 147,279,385 (8,716,209) 14,899 15,931,765 154,480,042 78,226 - - 78,226 38,118 - 38,118 179,597 57,639 121,958 295,941 57,639 238,302 33,681 33,682 67,363 10,791 10,791 - 21,582 93,984 63,369 57,639 99,714 138,456 107,842 57,639 188,659 157,485 (107,842) 49,643 945,351 116,430 1,061,781 - 469,460 469,460 945,351 (353,030) 592,321 $ 533,149,555 $ 42,437 $ 14,899 $ $ 533,177,093 49 103 City of La Quinta, California Notes to Financial Statements June 30, 2023 Depreciation and amortization expense was charged to the following functions in the Statement of Activities: General governments $ 481,271 Planning and development 24,630 Community services 1,543,484 Public works 6,876,694 Internal service funds 1,558,551 $ 10,484,630 Capital asset activity for business -type activities for the year ended June 30, 2023, is as follows: Balance at Balance at July 01, 2022 Additions Deletions June 30, 2023 Business -Type activities Capital assets, not being depreciated Land $ 39,712,956 $ - $ - $ 39,712,956 Capital assets, being depreciated Buildings and improvements 6,636,465 - - 6,636,465 Equipment and furniture 1,670,293 - - 1,670,293 Software 20,255 - - 20,255 Total capital assets, being depreciated 8,327,013 - - 8,327,013 Less accumulated depreciation for Buildings and improvements 3,937,825 214,545 - 4,152,370 Equipment and furniture 1,588,066 32,317 - 1,620,383 Software 20,255 - - 20,255 Total accumulated depreciation 5,546,146 246,862 - 5,793,008 Total capital assets, being depreciated, net 2,780,867 (246,862) - 2,534,005 Right to use lease assets, being amortized Equipment 796,621 - - 796,621 Less Accumulated Amortization for Equipment 232,843 252,693 - 485,536 Total right to use lease assets, being amortized, net 563,778 (252,693) - 311,085 Total Business -Type Activities $ 43,057,601 $ (499,555) $ - $ 42,558,046 Depreciation and amortization expense was charged to the following functions in the Statement of Activities: Golf Course 499.555 50 104 City of La Quinta, California Notes to Financial Statements June 30, 2023 Note 5 - Changes in Long -Term Liabilities The following is a summary of changes in governmental long-term liabilities of the City for the fiscal year ended June 30, 2023: Balance at July 01, 2022 Balance as, restated Additions Deletions June 30, 2023 Governmental Activities Due within One year Compensated absences payable $ 962,229 $ 1,154,091 $ 962,230 $ 1,154,090 $ 299,718 Leases 162,648 - 109,537 53,111 42,189 Financed purchases 22,079 - 21,528 551 551 Subscription IT liabilities 810,483 116,430 431,239 495,674 352,117 $ 1,957,439 $ 1,270,521 $ 1,524,534 $ 1,703,426 $ 694,575 Compensated absences have been typically liquidated from the General Fund. Leases The City has entered into multiple lease agreements for buildings, vehicles, and equipment. The City is required to make principal and interest payments through 2025. The lease agreements have interest rates between 1.5% to 4% based on the City's estimated incremental borrowing rate at the inception of the lease. As of June 30, 2023, the net right to use asset balance is $49,643 and the lease liability balance is $53,111. The current year amortization and interest expense associated with the lease activities was $107,841 and $1,773. Remaining principal and interest payments on the leases are as follows: Financed Purchases Year Ending June 30, Principal Interest 2024 $ 42,189 $ 506 2025 10,922 78 $ 53,111 $ 584 The City has entered into agreements for the purchase of copiers purchased under financing leases. Such leases require annual payments of principal and interest, with interest rates ranging from 8.47% to 9.5%, and will be fully amortized by the year 2024. Payments under financed purchases at June 30, 2023 are: Year Ending June 30, 2024 Principal $ 551 $ 551 Interest 51 105 City of La Quinta, California Notes to Financial Statements June 30, 2023 Subscription IT Liabilities The City has entered into several Subscription -Based Information Technology Arrangements (SBITAs) for virtual permitting software, employee hiring subscription, website design & implementation software, HR and finance software, and Microsoft office software. The City is required to make principal and interest payments through June 2027. The subscription liability was valued using discount rates between 3.87% and 4.14% based on the City incremental borrowing rate at the inception of the subscriptions. Principal and interest payments on the SBITAs are as follows: Year Ending June 30, 2024 2025 2026 2027 Principal $ 352,117 55,248 43,292 45,017 Interest $ 10,759 4,783 3,109 1,369 $ 495,674 $ 20,020 The following is a summary of changes in business -type activities long-term liabilities of the City for the fiscal year ended June 30, 2023: Balance at July 01, 2021 Additions Deletions Balance Due within June 30, 2023 One year Business- Type Activities Leases $ 565,837 $ - $ 250,317 $ 315,520 $ 191,659 The City Golf Course fund has entered into multiple lease agreements for equipment. The City is required to make principal and interest payments through 2027. The lease agreements have interest rates between 1.5% to 4% based on the City's estimated incremental borrowing rate at the inception of the lease. As of June 30, 2023, the net right to use asset balance is $311,085 and the lease liability balance is $315,520. The current year amortization and interest expense associated with the lease activities was $252,693 and $11,288. Remaining principal and interest payments on the leases are as follows: Year Ending June 30, 2024 2025 2026 2027 Principal $ 191,659 72,564 32,029 19,268 $ 315,520 Interest $ 6,396 2,820 1,416 241 $ 10,873 52 106 City of La Quinta, California Notes to Financial Statements June 30, 2023 Note 6 - Leases- Lessor Activities The City has accrued a receivable for three land leases. The remaining receivable for these leases was $1,432,355 for the year ended June 30, 2023. Deferred inflows related to these leases were $1,351,619 as of June 30, 2023. Interest revenue recognized on these leases was $45,221 for the year ended June 30, 2023. Principal receipts of $91,350 were recognized during the fiscal year. The interest rate on the leases was 3 percent. Final receipt is expected in fiscal year 2043. Year Ending June 30, Principal 2024 $ 98,239 2025 105,698 2026 113,403 2027 121,480 2028 129,867 2029 - 2033 404,921 2034 - 2038 192,164 2039 - 2043 266,583 $ 1,432,355 Note 7 - Interfund Receivables and Payables Interest $ 42,419 39,168 35,799 32,187 28,397 90,434 56,133 21,158 $ 345,695 The composition of current interfund receivable and payable balances is as follows: Due to Other Funds Non -Major Due from Other Funds Governmental General Fund $ 2,796,975 Interfund balances reflect short term borrowings for deficit cash balances at June 30, 2023. 53 107 Note 8 - Interfund Transfers Transfers In Capital Improvements Fund Non -major Governmental Funds Golf Course Fund Total City of La Quinta, California Notes to Financial Statements Transfer Out Non -Major General Fund Governmental $ 4,187,642 $ 3,739,908 2,152,000 - 600,000 - $ 6,939,642 3,739,908 June 30, 2023 Total $ 7,927,550 2,152,000 600,000 $ 10,679,550 a. $4,187,642 was transferred from the General Fund to the Capital Improvement Fund to fund various capital projects. b. $3,739,908 was transferred to the Capital Improvement Fund from various non -major funds to fund various capital projects. c. $2,152,000 was transferred from the General Fund to various non -major funds to support various administrative operations and expenses within the City. d. $600,000 was transferred from the General Fund to the Golf Course Fund to subsidize operations. Note 9 - Defined Benefit Pension Plan Miscellaneous Plan Plan Description All qualified employees are eligible to participate in the City's Miscellaneous Employee Pension Plan, a cost - sharing multiple -employer defined benefit pension plans administered by the California Public Employees' Retirement System (CaIPERS). Benefit provisions under these plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provision, assumption and membership information. Copies of the report can be found on the CalPERS website. Benefits Provided CaIPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non -duty disability benefits after 10 years of service. The death benefit is one of the following: The Basic Death Benefit, the 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost -of -living adjustments for each plan are applied as specified by the Public Employees' Retirement Law. The Plan's provisions and benefits in effect at June 30, 2023 are summarized as follows: 54 108 City of La Quinta, California Notes to Financial Statements June 30, 2023 Tier I Tier II PEPRA Before On or After On or After Hire date November 1, 2012 November 1, 2012 January 1, 2013 Benefit formula 2.5% @55 2% @60 2% @62 Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 and up 50 and up 52 and up Monthly benefits, as a % of eligible compensation 2% to 2.5% 2% to 2.5% 1%to 2% Required employee contribution rates 8.00% 7.00% 6.75% Required employer contribution rates 12.200% 8.650% 7.590% Contributions Section 20814(c) of the California Public Employees' Retirement Law (PERL) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions are determined annually on an actuarial basis as of June 30th by CAPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, and any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contributions to the pension plan were $13,089,144 for the year ended June 30, 2023. Pension Liabilities, Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions As of June 30, 2023, the City reported a liability of $13,550,553 for its proportionate share of the collective net pension liability. The net pension liability was measured as of June 30, 2022, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2021.The City's proportion of the collective net pension liability was based on a projection of the City's long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. The City's proportion of the collective net pension liability as of June 30, 2022 and 2023 is as follows: Proportion- June 30, 2022 0.14222 Proportion- June 30, 2023 0.28959 Change- Increase(Decrease) 0.14737 For the year ended June 30, 2023, the City recognized pension expense of $1,562,261. 55 109 City of La Quinta, California Notes to Financial Statements June 30, 2023 At June 30, 2023, the City reported deferred outflows and deferred inflows of resources related to pensions as follows: Pension contributions subsequent to measurement date Changes in assumptions Differences between expected and actual experience Net difference between projected and actual earnings on pension plan investments Change in employer's proportion Difference between the city's contribution and proportionate share of contributions Total Deferred Outflows Deferred Inflows of Resources of Resources 13,089,144 $ - 1,388,537 - 272,122 182,255 2,482,101 - 60,959 3,044,268 1,956,714 58,124 19,249,577 $ 3,284,647 The $13,089,144 reported as deferred outflows of resources resulting from contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2024. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows: Year Ended June 30, 2024 $ 603,470 2025 496,676 2026 257,503 2027 1,518,137 Total $ 2,875,786 Actuarial Methods and Assumptions Used to Determine Total Pension Liability For the measurement period ended June 30, 2022 (the measurement date), the total pension liability was determined by rolling forward the June 30, 2021 total pension liability. The total pension liability in the June 30, 2021 actuarial valuation was determined using the following actuarial methods and assumptions: Valuation Date Measurement Date Actuarial Cost Method Discount Rate Inflation Projected Salary Increase Mortality Rate Table Post -retirement benefit increase Miscellaneous June 30, 2021 June 30, 2022 Entry -Age Normal Cost Method 6.90% 2.30% Varies by Entry Age and Service Derived using CaIPERS' Membership Data for all Fund Contract COLA up to 2.30% until Purchasing Power Protection Allowance Floor on Purchasing Power applies 56 110 City of La Quinta, California Notes to Financial Statements June 30, 2023 Changes of Assumptions The Board of Directors for Ca1PERS approved a change in the discount rate from 7.15% to 6.90% and a change in the inflation rate from 2.50% to 2.30% during measurement year ended June 30, 2022. Discount Rate The discount rate used to measure the total pension liability was 6.90 percent. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that the City's contributions will be made at rates equal to the difference between actuarially determined contributions rates and the employee rate. Based on those assumptions, each pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated and, combined with risk estimates, are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. These geometric rates of return are summarized in the following table: Asset Class Strategic Allocation Real Return Global equity - cap -weighted 30.00% 4.45% Global equity - non -cap -weighted 12.00% 3.84% Private equity 13.00% 7.28% Treasury 5.00% 0.27% Mortgage -backed Securities 5.00% 0.50% Investment Grade Corporates 10.00% 1.56% High Yield 5.00% 2.27% Emergind Market Debt 5.00% 2.48% Private Debt 5.00% 3.57% Real Assets 15.00% 3.21% Leverage -5.00% -0.59% Total 100 % 57 111 City of La Quinta, California Notes to Financial Statements June 30, 2023 Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the City's proportionate share of the net position liability for each Plan, calculated using the discount rate for each Plan, as well as what the City's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1 percent point lower or 1 percent higher than the current rate: Net Pension Liability Pension Plan Fiduciary Net Position Discount Rate - 1% (5.90%) $ 21,725,786 Current Discount Rate (6.90%) $ 13,550,553 Discount Rate +1% (7.90%) $ 6,824,364 Detailed information about the Plan's fiduciary net position is available in the separately issued CalPERS financial reports. Note 10 - Defined Contribution Plan Plan Description The Supplemental Pension Savings Plan is a defined contribution pension plan established by the City to provide retirement excess benefits to general employees of the City. At June 30, 2023, there was one plan member. There are no required contributions by plan members. During the 2022-2023 fiscal year the City made no contributions to fund the Supplemental Pension Savings Plan. Note 11- Other Post Employment Benefit Plan (OPEB) Plan Description The City's Retiree Health Plan is a single -employer defined benefit healthcare plan. The City contributes on behalf of all eligible retirees' $149/month for the calendar year 2022 and $151/month for calendar year 2023, increased in all future years according to the rate of medical inflation. These benefits are provided per contract between the City and the employee associations. A separate financial report is not available for the plan. The City participates in the California Employers' Retiree Benefit Trust (CERBT) for the purpose of accumulating funding for OPEB obligations. The CERBT is a Section 115 Trust and is an agent multiple employer plan for those electing to prefund OPEB obligations. 58 112 City of La Quinta, California Notes to Financial Statements June 30, 2023 Benefits Provided Retirees are eligible for medical benefits if they retire at age 50+, have 5+ years of service within CalPERS, and were enrolled in the CalPERS health system at retirement. The City provides PEMHCA minimum for each subscriber, regardless of elected coverage tier. Employees Covered by Benefit Terms At June 30, 2022, the most recent valuation date, the following current and former employees were covered by the benefit terms of the plan: Active employees Inactive employees or beneficiaries currently receiving benefits Tota I Contributions 97 23 120 The City makes contributions to the plan based on an actuarially determined rate. Employees are not required to contribute to the plan. For the year ended June 30, 2023, the City's cash contributions to the plan including the implied subsidy were $58,070. The City made no contributions to the CERBT trust. Net OPEB Liability/(Asset) Actuarial Assumptions —The net OPEB liability/(asset) in the June 30, 2022 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Actuarial Cost Method Actuarial Assumptions Discount Rate Inflation Investment Rate of Return Mortality Healthcare Trend Rate Entry -Age Normal Cost Method 5.50% 2.30% 5.50% (1) 6.5% for fiscal year 2023, gradually decreasing to an ultimate rate of 3.73% in fiscal year 2075. (1) Derived using CaIPERS Membership Data for all Funds Mortality rates were based on the CalPERS November 2021 Experience Study for Public Agency Miscellaneous Plans. 59 113 City of La Quinta, California Notes to Financial Statements June 30, 2023 Changes of Assumptions Healthcare trend rates were decreased from a rate of 6.7% decreasing gradually to an ultimate rate of 3.8% to 6.5% decreasing gradually to an ultimate rate of 3.73% for the valuation as of June 30, 2022. Discount Rate The discount rate used to measure the total OPEB liability was 5.50 percent for the Plan. The projection of cash flows used to determine the discount rate assumed that the City contribution will be made at rates equal to the actuarially determined contribution rates. Changes in Net OPEB Liability: The changes in the net OPEB liability/(asset) for the Plan as of June 30, 2023 are as follows: Balance at June 30, 2022 Changes in the year Service cost Interest Differences between expected and actual experience Changes of assumptions Net investment income Employer contributions Benefit payments Administrative expense Net changes Balance at June 30, 2023 Total OPEB Plan Fiduciary Net OPEB Liability Net Position Liability/(Asset) $ 1,913,989 $ 2,051,400 $ (137,411) 85,049 - 85,049 107,396 - 107,396 (623,785) - (623,785) 26,883 - 26,883 - (257,883) 257,883 - 94,021 (94,021) (94,021) (94,021) - - (518) 518 (498,478) (258,401) (240,077) $ 1,415,511 $ 1,792,999 $ (377,488) Sensitivity of the Net OPEB Liability to Changes in the Discount Rate The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (4.50 percent) or 1-percentage-point higher (6.50 percent) than the current discount rate: Net OPEB Liability/(Asset) 1% Decrease (4.50%) $ (196,245) Discount Rate (5.50%) $ (377,488) 1% Increase (6.50%) $ (528,996) 60 114 City of La Quinta, California Notes to Financial Statements June 30, 2023 Sensitivity of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower (5.5 percent decreasing to 2.7 percent) or 1-percentage-point higher (7.5 percent decreasing to 4.7 percent) than the current healthcare cost trend rates: 1% Decrease Current Trend Rate 1% Increase (5.5% decreasing (6.5% decreasing (7.5% decreasing to 2.7%) to 3.7%) to 4.7%) Net OPEB Liability/(Asset) $ (560,670) $ (377,488) $ (149,652) For the year ended June 30, 2023, the City recognized OPEB expense of $72,955. At June 30, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflows of Resources OPEB contributions subsequent to measurement date $ 58,070 Changes in assumptions 54,979 Difference between expected and actual liability 104,808 Net difference between projected and investment earnings 151,684 Total $ 369,541 Deferred Inflows of Resources 28,614 562,691 $ 591,305 The $58,070 reported as deferred outflows of resources related to OPEB resulting from City contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability for the fiscal year ending June 30, 2024. Other amounts reported as deferred outflows or deferred inflows of resources related to OPEB will be recognized in as OPEB expense as follows: Year Ended June 30, 2024 $ (18,865) 2025 (15,755) 2026 (17,673) 2026 30,861 2027 (45,265) Thereafter (213,137) Total $ (279,834) 61 115 City of La Quinta, California Notes to Financial Statements June 30, 2023 Note 12 - Section 115 Trust In the fiscal year 2019, the City Council approved the creation of a Section 115 Trust Agreement with U.S Bank National Association, and Public Agency Retirement Services (PARS), Trust Administrator. The Section 115 Trust was established as a means to set aside monies to fund the City's pension and OPEB obligations. Contributions to the Section 115 Trust are irrevocable, the assets are dedicated to providing benefits to plan members, and the assets are protected from creditors of the City. The purpose of the creation of the section 115 Trust was to address the City's pension obligations by accumulating assets to reduce the net pension liability. However, in accordance with generally accepted accounting principles, the assets in the Section 115 Trust are not considered to have present service capacity as plan assets and are therefore considered restricted assets of the City rather than pension plan assets. Accordingly, the Section 115 Trust's assets are recorded as restricted for pension benefits in the City's General Fund rather than assets of the pension plan during the measurement of the net pension liability. The assets held in trust will be considered pension plan assets at the time they are transferred out of the Trust into the pension plan. The balance in the Trust for the fiscal year ended June 30, 2023 was $5,317,487. The City currently funds its OPEB obligations through the CERBT program, and although the Section 115 Trust is able to accept OPEB funds, the City has no immediate plans to fund OPEB obligations through the Section 115 Trust. Note 13 - Risk Management Description of Self -Insurance Pool Pursuant to Joint Powers Agreement The City of La Quinta is a member of the California Joint Powers Insurance Authority (Authority). The Authority is composed of 124 California public entities and is organized under a joint powers' agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self -insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance for property and other lines of coverage. The California JPIA began covering claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine -member Executive Committee. Self -Insurance Programs of the CJPIA Each member pays an annual contribution at the beginning of the coverage period. A retrospective adjustment is then conducted annually thereafter, for coverage years 2012-13 and prior. Coverage years 2013-14 and forward are not subject to routine annual retrospective adjustment. The total funding requirement for self- insurance programs is based on actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk -sharing pool. 62 116 City of La Quinta, California Notes to Financial Statements June 30, 2023 Primary Liability Program Claims are pooled separately between police and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the second layer. (4) Incurred costs from $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers. The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. Subsidence losses also have a $50 million per occurrence limit. The coverage structure is composed of a combination of pooled self-insurance, reinsurance, and excess insurance. Workers' Compensation Claims are pooled separately between public safety (police and fire) and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $75,000 to $200,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers. For 2020-21 the Authority's pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers' Compensation Law. Employer's Liability losses are pooled among members to $1 million. Coverage from $1 million to $5 million is purchased through reinsurance policies, and Employer's Liability losses from $5 million to $10 million are pooled among members. Purchased Insurance Property Insurance —The City of La Quinta participates in the all-risk property protection program of the CJPIA. This insurance protection is underwritten by several insurance companies. City of La Quinta property is currently insured according to a schedule of covered property submitted by the City of La Quinta to the CJPIA. City of La Quinta property currently has all-risk property insurance protection in the amount of $89,106,544. There is a $10,000 deductible per occurrence except for non -emergency vehicle insurance which has a $2,500 deductible. Special Event Tenant User Liability Insurance —The City of La Quinta further protects against liability damages by requiring tenant users of certain property to purchase low-cost tenant user liability insurance for certain activities on agency property. The insurance premium is paid by the tenant user and is paid to the City of La Quinta according to a schedule. The City of La Quinta then pays for the insurance. The insurance is facilitated by the Authority. 63 117 City of La Quinta, California Notes to Financial Statements June 30, 2023 Earthquake and Flood Insurance — The City of La Quinta purchases earthquake and flood insurance on a portion of its property. The earthquake insurance is part of the property protection insurance program of the Authority. The coverage will not pay for loss or damage caused by "earthquake shock" until the amount of loss or damage exceeds 5% per unit of coverage subject to a minimum deductible of $100,000 per occurrence. Crime Insurance — The City of La Quinta purchases crime insurance coverage from Alliant Insurance Services. The policy covers theft, forgery, identity fraud, computer crime, and monetary fraud with a single loss limit of $1,000,000 and a deductible of $5,000 per occurrence. Cyber Incident Insurance — The City of La Quinta purchases Cyber Incident Response insurance coverage through the Authority. The maximum single limit of insurance is $1,000,000. Adequacy of Protection During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2022-2023. Note 14 - Fund Balance Fund Balance Commitments In the governmental fund financial statements, committed reserves include: Natural Disaster Emergency Reserves: These funds may be utilized for the preparation, recovery, and restoration of services before, during and/or after a natural disaster (such as flood, earthquake, etc.) as defined by City Code 2.20.020. The target is $15,000,000 and will be reviewed every five years by conducting a risk analysis of all City assets, insurance levels, and potential federal/state contributions towards disaster recovery efforts. For the year ended June 30, 2023, the City has committed $15,000,000 for this purpose. Economic Downturn Reserves: These funds may be used in such instances as a declared national, state, or regional recession; loss of a major (top 10) revenue -generating business; or a natural disaster resulting in a significant decline in revenues. These reserves may also be used if overall revenues decrease, or expenditures increase more than 10% of the previous year's actual revenues or expenditures. The target of $13,000,000, was based on a long-term analysis of the revenue and expenditure flows (which included the financial impacts of the Great Recession, the loss of Redevelopment Agencies, and the COVID-19 pandemic) as well as the application of the Consumer Price Index (CPI) increases to the original base target. 64 118 City of La Quinta, California Notes to Financial Statements June 30, 2023 Cash Flow Reserves: These funds are maintained to have adequate cash on hand to account for the uneven receipt of revenue. For example, property tax accounts for a large percentage of annual revenue, the bulk of which is not remitted until December and May of each year. The target for the Cash Flow Reserves is 10% of each year's revenue budget, or a minimum of $5,000,000. The cash flow reserve is fully funded as of June 30, 2023. Capital Improvement Reserves: These funds may be used for capital assets and infrastructure rehabilitation, improvement, and replacement. The target of $12,000,000 is based on annual depreciation of assets and may be adjusted by the Consumer Price Index (CPI). For the year ended June 30, 2023, the City has committed $12,000,000. Carryovers: These funds are items appropriated in a prior fiscal year that have yet to be spent. Carryovers committed to Fiscal Year 2022-2023 totaled $2,600,009 at June 30, 2023. Assigned Fund Balance The City has the following assigned fund balance shown on the balance sheet: Assigned to public safety represents property tax accumulated and withheld by the County of Riverside to be used for fire protection, disaster preparedness, fire prevention, rescue, hazardous materials mitigation, technical rescue response, medical emergency services, and public service assists. The assigned fund balance related to this item as of June 30, 2023 is $11,986,970. Assigned to capital projects is comprised of carryover balances for capital projects. The capital project carryover balances as of June 30, 2023 are $22,623,372. Accumulated resources related to the City's sales tax Measure G is $29,214,191 as of June 30, 2023. Deficit Fund Balance At June 30, 2023, the following funds had deficit fund balances: Major Capital Projects Fund Capital Improvement (6,099,608) Nonmajor Special Revenue Funds Quimby (735,460) Housing Grant (60,267) Nonmajor Capital Projects Fund Library Development (1,118,627) 65 119 City of La Quinta, California Notes to Financial Statements June 30, 2023 Note 15 - Golf Course Management Agreement The City entered into an agreement with Landmark Golf Management LLC (operator) to manage the golf operations at the city -owned SilverRock Golf Course. The Agreement entered into on April 6, 2004, sets forth a five-year term commencing upon the completion of the golf course. On January 14, 2005, the golf course was deemed to be complete, and management was turned over to the operator. The contract has been amended and extended numerous times with the current contract expiring June 30, 2023. The contract provides that the operator will manage the day-to-day operations, hire employees, provide golf pro shop and food services, manage all marketing and promotional activities, prepare the annual budget report for Council consideration, and manage accounting and payroll functions. In addition to the annual payment for management services, the City has advanced the operator $250,000 to pay for golf course expenses. Twice a month the operator submits a request for reimbursement to the City to replenish the City's advance. In addition, the agreement sets forth the establishment of a capital reserve fund of 2 percent of green fees. For the fiscal year ending June 30, 2023, the Golf Course had a loss before transfers of $719,763. Note 16 - Construction Commitments Various construction projects were in progress at June 30, 2023. Projects costs are paid out of the capital improvements fund. The following material construction commitments, for which funds have been encumbered, existed at June 30, 2023, with an estimated cost to complete. Project Name Project Number Contract Amount Expenditures to date as of June 30, 2023 Remaining Commitments Capital Improvement Fund Dune Palms Bridge Improvement 111205 $ 30,374,245 $ (7,218,082) $ 23,156,163 La Quinta X Park 151609 4,686,639 (4,504,148) 182,491 La Quinta Landscape Renovation Improvement 201603 9,963,148 (6,419,536) 3,543,612 Civic Center Campus Lake/Irrigation Conversion 201606 675,270 (153,754) 521,516 SilverRock Event Space 201608 7,304,503 (7,002,256) 302,247 Washington Street at Fred Waring Dr 201701 1,860,744 (1,739,921) 120,823 Ave 53 Jefferson St Roundabout 201709 3,281,617 (3,016,952) 264,665 Corporate Yard Admin Offices & Crew 201805 591,013 (55,772) 535,241 Village Art Plaza Promenade & Cultural Campus 201901 3,310,000 (182,469) 3,127,531 Avenue 50 Bridge Spanning The Evacuation Channel 201902 16,349,000 (22,064) 16,326,936 LQ Skate Park Conver to Other Activity 201903 263,000 (315) 262,685 Hwy 111 Corridor Area Plan Implementation 201905 4,250,000 (749,921) 3,500,079 Citywide Catch Bsin Modification 201908 250,000 - 250,000 Avenue 48 Art and Music Line Project 202008 2,400,000 (129,359) 2,270,641 Dune Palms Rd Pavement Rehab -Fred 202101 1,021,100 (19,453) 1,001,647 Fritz Burns Park Improvements 202102 6,350,000 (84,032) 6,265,968 Avenue 50 Pavement Rehab ( Washington St) 202201 1,100,000 (15,562) 1,084,438 City Hall Capacity Improvements 202202 800,000 (75) 799,925 FredWring Drive Pavement Rehabilitation 202203 1,470,211 (14,262) 1,455,949 66 120 City of La Quinta, California Notes to Financial Statements June 30, 2023 Expenditures Project Contract to date as of Remaining Project Name Number Amount June 30, 2023 Commitments Sports Complex Lighting Replacement 202204 300,000 (26,050) 273,950 Avenue 50 Widening Improvements 202205 539,400 (2,525) 536,875 Village Utilities Underground Project 202206 124,315 (15,793) 108,522 Highway 111 at Jefferson Street Rehab 202207 541,432 (26,310) 515,122 ADA Transition Plan Update 202209 150,000 - 150,000 Moon River Drive Pavement Rehab 202210 400,000 (271,359) 128,641 Village Parking Lot 202211 500,000 - 500,000 Phase II Camera System 202212 1,797,000 - 1,797,000 Smart Infrastructure Improvements 202213 250,000 (350) 249,650 Ave 52 Pavement Rehabilitation 202214 500,000 (10,213) 489,787 Ave 58 Pavement Rehabilitation 202301 1,380,000 - 1,380,000 Avenue 52 Monroe Street 202302 150,000 - 150,000 Washington street sidewalk improvement 202303 478,000 - 478,000 Highway 111 Event Site 202304 500,000 - 500,000 X Park Pedestrian Signal 202305 250,000 - 250,000 La Quinta Parks Phase Sports Complex 202306 650,000 - 650,000 Citywide Miscellaneous ADA improvements 202307 136,300 - 136,300 X Park Building ADA Improvements 202308 350,000 - 350,000 Washington Street Connector 202309 1,200,000 - 1,200,000 Silverrock Dust Control Improvements 202310 1,000,000 - 1,000,000 Note 17 - Reimbursement Agreements On September 9, 2014, the City entered into a sales tax sharing agreement. Under the terms of the agreement the City shall make quarterly payments of 50 percent of any sales tax generated from the business in an amount not to exceed $400,000 over an eight -year period. Due to the reporting of sales tax information by the California Department of Tax and Fee Administration to the City, the reimbursement payments by the City will lag by one quarter. The agreement terminates when either the $400,000 limit is reached or in eight years whichever comes first. The business opened in December 2014. As of June 30, 2023, the City made $400,000 in reimbursement payments to the owner leaving an outstanding balance of $0. Note 18 - Adoption of New Standard and Correction of Error As of July 1, 2022, the City adopted GASB Statement No. 96, Subscription -Based Information Technology Arrangements (SBITAs). The implementation of this standard establishes that a SBITA results in a right to use subscription IT asset - an intangible asset - and a corresponding liability. The standard provides the capitalization criteria for outlays other than subscription payments, including implementation costs of a SBITA. The Statement requires recognition of certain SBITA assets and liabilities for SBITAs that previously were recognized as outflows of resources based on the payment provisions of the contract. Beginning net position and fund balance were restated to retroactively adopt the provisions of GASB Statement No. 96. As part of the restatement as a result of implementation of GASB 96, capital assets in the amount of $99,956 were written off. 67 121 City of La Quinta, California Notes to Financial Statements June 30, 2023 As part of the current year's review of the activities of the Private -Purpose Trust Fund- Successor Agency of the Former RDA (PPTF), the City identified activities recorded in the PPTF that should have been recorded in the City's Housing Authority Fund. As a result, the PPTF and the Housing Authority's beginning net position/fund balance has been restated by $2,846,027. Additionally, in the prior years, the PPTF purchased land, a portion of which was not recorded in the PPTF ($5,813,436). In total, land in the amount of $14,444,476, is part of the Housing Authority and the PPTF and Governmental Activities beginning net position has been adjusted accordingly. The PPTF incorrectly recorded underwriters fees in the previous years. As a result, an adjustment in the amount of $1,216,538 was recorded to reduce beginning net position. Governmental Activities Information Governmental Technology Activities ISF Fund Private -Purpose Trust Fund Housing Successor Authority Agency of the Fund former RDA Net Position/Fund Balance at July 1, 2022, as previously reported $ 762,727,717 $ 2,480,617 $ 24,015,857 $ (156,242,158) Recognition of right to use subscription IT asset 945,351 945,351 Recognition of subscription IT liability (810,483) (810,483) Net write off of previously reported capital asset (99,956) (99,956) Recognition of Housing Authority land 14,444,476 - (8,631,040) Recognition of Housing Authority activities 2,846,027 2,846,027 (2,846,027) Correction to previously recorded underwriters fees - - (1,216,538) Net Position/Fund Balance at July 1, 2022, as restated $ 780,053,132 $ 2,515,529 $ 26,861,884 $ (168,935,763) The effect of the restatement to the June 30, 2022 change in net position/fund balance is as follows: Change in Net Position/Fund Balance, June 30, 2022, as previously reported Recognition of right to use subscription IT asset Recognition of subscription IT liability Net write off of previously reported capital asset Recognition of Housing Authority land Recognition of Housing Authority activities Correction to previously recorded underwriters fees Change in Net Position/Fund Balance June 30, 2022, as restated Governmental Activities Information Governmental Technology Activities ISF Fund Private -Purpose Trust Fund Housing Successor Authority Agency of the Fund former RDA $ 29,585,150 $ 307,693 $ 209,157 $ 16,385,791 945,351 945,351 - - (810,483) (810,483) (99,956) (99,956) 14,444,476 - (8,631,040) 2,846,027 2,846,027 (2,846,027) - - (1,216,538) $ 46,910,565 $ 342,605 $ 3,055,184 $ 3,692,186 68 122 City of La Quinta, California Notes to Financial Statements June 30, 2023 Note 19 - Successor Agency Trust for Assets of Former Redevelopment Agency On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 ("the Bill") that provides for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City of La Quinta that previously had reported a redevelopment agency within the reporting entity of the City as a blended component unit. The Bill provides that upon dissolution of a redevelopment agency, either the city or another unit of local government will agree to serve as the "successor agency" to hold the assets until they are distributed to other units of state and local government. On January 3, 2012, the City Council elected to become the Successor Agency for the Former Redevelopment Agency ('Former Agency") in accordance with the Bill as part of City resolution number 2012-002. After enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the State of California cannot enter into new projects, obligations or commitments. Subject to the control of a newly established oversight board, remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution (including the completion of any unfinished projects that were subject to legally enforceable contractual commitments). In future fiscal years, successor agencies will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the Former Agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated. In accordance with the timeline set forth in the Bill (as modified by the California Supreme Court on December 29, 2011) all redevelopment agencies in the State of California were dissolved and ceased to operate as a legal entity as of February 1, 2012. The Successor Agency to the Former Agency is reported as a fiduciary fund (private purpose trust fund). Cash and Investments Cash and investments reported in the accompanying financial statements consisted of the following: Cash and investments pooled with the City $ 15,570,390 Cash and investments with fiscal agent 1,549 $ 15,571,939 See note 2 for required cash and investments disclosures. 69 123 City of La Quinta, California Notes to Financial Statements June 30, 2023 Due from other Governments La Quinta Library In April 2005, an advance of $2,490,273 was made from the former redevelopment agency to provide funding for the construction of the public library. The loan accrues interest at the earnings rate of the City's investment pool fund. The remaining balance of this loan at June 30, 2023, is $1,118,627. Deferred Outflows of Resources As debt is refunded, the difference between the carrying value of the refunded debt and the reacquisition price is recorded as a deferred outflow of resources and amortized over the shorter of the new or refunded debt, whichever is shorter. Activity during the fiscal year is comprised of the following: Balance at Balance July 01, 2022 Additions Deductions June 30, 2023 Deferred charge on refunding $ 15,766,509 $ - $ 1,124,995 $ 14,641,514 Long -Term Debt A description of long-term debt outstanding of the Successor Agency as of June 30, 2023, follows: Tax allocation bonds City loans Unamortized premiums/ discounts Tota I 2016 Series A Restated Balance at July 01, 2022 Additions $ 174,310,000 $ - 27,394,184 476,491 (186,173) $ 201,518,011 $ Balance Due within Repayments June 30, 2023 One year $ 13,190,000 $ 161,120,000 $ 13,255,000 3,369,682 24,500,993 3,437,076 10,638 (175,535) 476,491 $ 16,570,320 $ 185,445,458 $ 16,692,076 On December 22, 2016, the La Quinta Redevelopment Project Areas No. 1 and 2 Subordinate Tax Allocation Refunding Bonds 2016 Taxable Series A Bonds were issued for $35,055,000 by the Successor Agency to the La Quinta Redevelopment Agency (the "Agency") to refinance on an advance basis the La Quinta Redevelopment Agency's (the "Prior Agency") previously issued $6,000,000 La Quinta Redevelopment Project Area No. 2, Subordinate Taxable Tax Allocation Bonds, Series 2011 (the "2011 Project Area No. 2 Taxable Bonds") of which $5,810,000 was outstanding and the Prior Agency's loan obligation under the Loan Agreement, dated February 3, 2004 as supplemented by the Second Supplemental Loan Agreement, dated as of March 1, 2011 (the "2011 Loan Obligation") in connection with the La Quinta Financing Authority's previously issued $28,850,000 Local Agency Subordinate Taxable Revenue Bonds, 2011 Series A (the "2011 Taxable Housing Bonds") of which $26,635,000 was outstanding. 70 124 City of La Quinta, California Notes to Financial Statements June 30, 2023 The Bonds were issued on a subordinate basis to the $65,600,000 Successor Agency to the La Quinta Redevelopment Agency, La Quinta Redevelopment Project Areas No. 1 and 2, Tax Allocation Refunding Bonds, 2014 Series. The Bonds are payable from and secured by the Pledged Tax Revenues, as defined herein, to be derived from the La Quinta Redevelopment Project Area No. 1 and La Quinta Redevelopment Project Area No. 2. The principal of and interest on the Bonds are payable solely from the pledged tax revenues allocated to the Successor Agency from the project areas. The principal balance of outstanding bonds at June 30, 2023, is $26,555,000 with an unamortized discount of $175,534. The Bonds mature in 2040, but may be called before maturity and redeemed at the option of the Agency, in whole or in part, from the proceeds of refunding bonds or other available funds, on September 1, 2026 or on any date thereafter prior to maturity at a redemption price equal to the principal amount of Bonds to be redeemed, without premium, plus accrued interest to the redemption date. Year Ending June 30, Principal Interest Total 2024 $ 1,465,000 $ 1,035,479 $ 2,500,479 2025 1,510,000 988,315 2,498,315 2026 1,565,000 937,680 2,502,680 2027 1,620,000 882,845 2,502,845 2028 1,675,000 824,065 2,499,065 2029-2033 9,375,000 3,072,634 12,447,634 2034-2038 8,655,000 897,966 9,552,966 2039-2040 690,000 18,334 708,334 $ 26,555,000 $ 8,657,318 $ 35,212,318 2021 Series A On April 14, 2021, the Agency issued $156,915,000 in Series 2021 A Tax Allocation Refunding Bonds to refund the Series 2013 A and B and Series 2014 A Tax Allocation Bonds. The bonds are payable in annual installments ranging from $4,785,000 to $13,610,000 until maturity on September 1, 2034. Interest is payable semiannually on March 1 and September 1 of each year, at a rate of 2.774%. Bonds outstanding at June 30, 2023 were $134,565,000. The principal and interest on the bonds are payable solely from the pledged tax revenues allocated to the Successor Agency from the project areas. 71 125 Future debt service requirements on these bonds are as follows: Year Ending June 30, 2024 2025 2026 2027 2028 2029-2033 2034-2035 Loans from the City of La Quinta Principal $ 11,790,000 11,845,000 11,920,000 12,060,000 12,240,000 65,005,000 9,705,000 City of La Quinta, California Notes to Financial Statements June 30, 2023 Interest $ 2,405,638 2,338,010 2,227,650 2,072,532 1,881,273 5,354,057 269,175 Total $ 14,195,638 14,183,010 14,147,650 14,132,532 14,121,273 70,359,057 9,974,175 $ 134,565,000 $ 16,548,335 $ 151,113,335 The City of La Quinta loaned money to the Former Agency to cover operating and capital shortfalls. In a letter dated November 6, 2013, the California Department of Finance approved the loans as enforceable obligations to be paid through Successor Agency property tax. This loan approved split between the City's General and the Housing Authority Funds. As of June 30, 2023, principal and capitalized interest due to the City of La Quinta was $24,500,993 and is included as part of the due from other governments balance in the City's General and the Housing Authority Funds. On November 22, 2017, the Department of Finance (DOF) approved the last and final Recognized Obligation Payment Schedules (ROPS). The ROPS is a comprehensive schedule which includes all bond debt service payments, City loan repayments, administration, and annual reporting requirements from fiscal years 2018-2019 to 2039-2040. Estimated future loan payment requirements on the City loan are as follows: Year Ending June 30, Principal Interest Total 2024 $ 3,437,076 $ - $ 3,437,076 2025 3,505,817 - 3,505,817 2026 3,575,934 - 3,575,934 2027 3,647,452 - 3,647,452 2028 3,720,401 - 3,720,401 2029-2030 6,614,313 - 61614,313 $ 24,500,993 $ - $ 24,500,993 72 126 City of La Quinta, California Notes to Financial Statements June 30, 2023 Pledged Tax Revenues The City pledged, as security for bonds issued, either directly or through the Financing Authority, a portion of tax increment revenue (including Low and Moderate Income Housing set -aside and pass through allocations) that it receives. The bonds issued were to provide financing for various capital projects, accomplish Low and Moderate Income Housing projects and to defease previously issued bonds. Assembly Bill 1X 26 provided that upon dissolution of the Redevelopment Agency, property taxes allocated to redevelopment agencies no longer are deemed tax increment but rather property tax revenues and will be allocated first to successor agencies to make payments on the indebtedness incurred by the dissolved redevelopment agency. Total principal and interest remaining on the debt is $186,325,653 with annual debt service requirements as indicated above. For the current year, the total property tax revenue recognized by the Successor Agency for the payment of indebtedness incurred was $20,124,588 and the debt service obligation on the bonds was $16,271,464. Insurance The Successor Agency of the Former Agency is covered under the insurance policy of the City of La Quinta at June 30, 2023. 73 127 This page intentionally left blank. 128 Required Supplementary Information June 30, 2023 City of La Quinta, California 129 City of La Quinta, California Budgetary Comparison Schedule - General Fund Year Ended June 30, 2023 Variance with Budget Amounts Actual Final Budget Original Final Amounts Positive (Negative) Budgetary Fund Balance, July 1 $ 165,907,013 $ 165,907,013 $ 165,907,013 $ - Resources (Inflows) Taxes 54,946,700 61,746,700 65,146,000 3,399,300 Licenses and permits 2,823,200 3,461,200 3,994,989 533,789 Intergovernmental 7,853,000 9,378,000 9,989,061 611,061 Charges for services 1,081,100 1,391,100 1,558,784 167,684 Use of money and property 555,000 2,855,000 2,388,981 (466,019) Fines and forfeitures 462,000 522,000 563,494 41,494 Miscellaneous 600,100 1,395,100 2,479,742 1,084,642 Transfer In - 5,000,000 - (5,000,000) Amounts available for appropriations 234,228,113 251,656,113 252,028,064 371,951 Charges to Appropriation (Outflows) General government Legislative 351,400 354,700 312,671 42,029 City manager 1,177,540 1,326,164 1,083,016 243,148 City attorney 796,000 796,000 358,188 437,812 Marketing 1,632,128 1,833, 378 1,648,064 185,314 Human resources 495,698 591,898 439,030 152,868 City clerk 1,257,526 1,264,079 996,957 267,122 Fiscal services 1,595,830 1,610,216 1,560,869 49,347 Central services 4,388,100 14,303,716 13,570,997 732,719 The Hub customer services 1,236,482 1,244,439 996,706 247,733 Public safety Police 18,185,900 18,246,900 16,165,493 2,081,407 Code compliance 1,663,996 1,677,746 1,571,807 105,939 Fire 8,836,872 8,838,622 7,625,126 1,213,496 Planning and development Current planning 744,830 749,304 652,601 96,703 Public buildings 1,390,052 1,553,936 1,504,048 49,888 Building & safety 1,291,362 1,457,240 1,375,536 81,704 Administration 756,824 775,228 771,529 3,699 Community services Community services admin 880,480 883,980 740,952 143,028 Wellness center 682,102 757,040 717,948 39,092 Recreation programs/special events 1,088,734 1,498,751 1,216,488 282,263 Park maintenance 3,042,072 3,207,347 3,107,294 100,053 See Note to Required Supplementary Information 73 130 Public works Administration Development services Maintenance/operations - street Engineering services Capital outlay Debt Service Principal Transfers out Total charges to appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — General Fund Year Ended June 30, 2023 Budget Amounts Original Final Actual Amounts Variance with Final Budget Positive (Negative) $ 794,862 $ 800,848 $ 614,776 $ 186,072 512,960 514,551 413,090 101,461 754,768 773,415 474,366 299,049 1,020,756 1,248,656 646,511 602,145 35,000 961,000 536,087 424,913 - - 10,764 (10,764) 10,039,000 47,033,518 6,939,642 40,093,876 64,651,274 114,302,672 66,050,556 48,252,116 $ 169,576,839 $ 137,353,441 $ 185,977,508 $ 48,624,067 See Note to Required Supplementary Information 74 131 City of La Quinta, California Budgetary Comparison Schedule — Housing Authority Year Ended June 30, 2023 Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1, as restated $ 26,861,884 $ 26,861,884 $ 26,861,884 $ - Resources (Inflows) Use of money and property 120,500 120,500 1,694,227 1,573,727 Extraordinary item 200,000 200,000 - (200,000) Miscellaneous 1,151,000 1,274,000 96,405 (1,177,595) Amounts available for appropriations 28,333,384 28,456,384 28,652,516 196,132 Charges to Appropriation (Outflows) Planning and development 1,712,670 2,112,295 1,830,275 282,020 Community services 250,000 305,000 254,998 50,002 Capital Outlay - - 201,409 (201,409) Total charges to appropriations 1,962,670 2,417,295 2,286,682 130,613 Budgetary Fund Balance, June 30 $ 26,370,714 $ 26,039,089 $ 26,365,834 $ 326,745 See Note to Required Supplementary Information 75 132 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Miscellaneous revenue Amounts available for appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Disaster Recovery Year Ended June 30, 2023 Budget Amounts Original Final $ (97,108) $ (97,108) Variance with Final Budget Actual Positive Amounts (Negative) $ (97,108) $ - 10,000 10,000 46,930 36,930 4,993,505 4,993,505 - (4,993,505) 4,906,397 4,906,397 (50,178) (4,956,575) $ 4,906,397 $ 4,906,397 $ (50,178) $ (4,956,575) See Note to Required Supplementary Information 76 133 City of La Quinta, California Schedule of Proportionate Share of the Net Pension Liability — Miscellaneous Plan Last 10 Years* 2015 2016 2017 2018 2019 2020 2021 2022 2023 Proportion of the net pension liability 0.1034% 0.1260% 0.1257% 0.1272% 0.1287% 0.13134% 0.13329% 0.14222% 0.28959% Proportionate share of the net pension liability $ 6,433,391 $ 8,651,290 $ 10,874,098 $ 12,612,523 $ 12,403,691 $ 13,458,200 $ 14,502,311 $ 7,691,773 $ 13,550,553 Covered payroll $ 5,421,945 $ 5,480,758 $ 5,569,002 $ 5,739,416 $ 6,064,875 $ 6,669,204 $ 7,066,830 $ 6,238,425 $ 6,223,072 Proportionate share of the net pension liability as a percentage of covered payroll 118.65% 157.85% 195.26% 219.75% 204.52% 201.80% 205.22% 123.30% 217.75% Plan fiduciary net position as a percentage of the total pension liability 79.82% 78.40% 74.06% 73.31% 75.30% 77.73% 77.71% 90.60% 90.60% * - Fiscal year 2015 was the first year of implementation, therefore, only nine years are shown. Changes in Assumptions The discount rate changed from 7.65 percent used for the June 30, 2016 measurement date to 7.15 percent used for the June 30, 2017 measurement date. The discount rate changed from 7.15 percent used for the June 30, 2021 measurement date to 6.90 percent used for the June 30, 2022 measurement date. The inflation rate changed from 2.50 percent used for the June 30, 2021 measurement date to 2.30 percent used for the June 30, 2022 measurement date. Covered Payroll In accordance with GASB Statement No. 82, Pension Issues - An Amendment of GASB Statement No. 67, No. 68, and No. 73, we have restated to show covered payroll based on pensionable earnings. 77 134 City of La Quinta, California Schedule of Pension Plan Contributions — Miscellaneous Plan Last 10 Years* 2015 2016 2017 2018 2019 2020 2021 2022 2023 Actuarially determined contributions - miscellaneous $ 728,073 $ 797,603 $ 949,231 $ 1,061,439 $ 1,284,275 $ 1,479,137 $ 2,581,158 $ 4,650,357 $ 1,920,092 Contributions in relation to the actuarially determined contribution (728,073) (797,603) (949,231) (1,061,439) (1,284,275) (1,479,137) (2,581,158) (4,650,357) (13,089,144) Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ - $ - $(11,169,052) Covered payroll $ 5,480,758 $ 5,569,002 $ 5,739,416 $ 6,064,875 $ 6,669,204 $ 7,066,830 $ 6,238,425 $ 6,223,072 $ 6,682,312 Contributions as a percentage of covered payroll 13.28% 14.32% 16.54% 17.50% 19.26% 20.93% 41.38% 74.73% 195.88% * - Fiscal year 2015 was the first year of implementation, therefore, only nine years are shown. Covered Payroll In accordance with GASB Statement No. 82, Pension Issues - An Amendment of GASB Statement No. 67, No. 68, and No. 73, we have restated to show covered payroll based on pensionable earnings. 78 135 City of La Quinta, California Schedule of Changes in the Net OPEB Liability/(Asset) and Related Ratios Last 10 Years* 2018 2019 2020 2021 2022 2023 Total OPEB Liability Service cost $ 90,827 $ 93,438 $ 85,174 $ 88,219 $ 87,732 $ 85,049 Interest 93,346 100,177 93,071 97,183 102,210 107,396 Differences between expected and actual experience - 71,533 - 103,495 (1,617) (623,785) Changes of assumptions (44,229) (14,219) 44,464 26,883 Benefit payments (91,822) (86,570) (98,584) (98,490) (89,947) (94,021) Net Change in Total OPEB Liability 92,351 134,349 65,442 234,871 98,378 (498,478) Total OPEB liability- beginning 1,288,598 1,380,949 1,515,298 1,580,740 1,815,611 1,913,989 TotalOPEBliability- ending $ 1,380,949 $ 1,515,298 $ 1,580,740 $ 1,815,611 $ 1,913,989 $ 1,415,511 Plan Fiduciary Net Position (FNP) Employer contributions $ $ 1,609,970 $ 98,584 $ 98,490 $ 89,947 $ 94,021 Net investment income (1,680) 106,805 88,052 336,983 (257,883) Benefit payments (86,570) (98,584) (98,490) (89,947) (94,021) Administrative expense (406) (327) (803) (624) (518) Net Change in Plan Fiduciary Net Position 1,521,314 106,478 87,249 336,359 (258,401) Plan Fiduciary Net Position- Beginning of Year - 1,521,314 1,627,792 1,715,041 2,051,400 Plan Fiduciary Net Position- End of Year $ $ 1,521,314 $ 1,627,792 $ 1,715,041 $ 2,051,400 $ 1,792,999 Net OPEB liability/(asset) - End of Year $ 1,380,949 $ (6,016) $ (47,052) $ 100,570 $ (137,411) $ (377,488) Fiduciary Net Position as a percentage of the Total OPEB Liability 0.0% 100.4% 103.0% 94.5% Covered -employee payroll 5,603,428 6,064,875 6,669,204 7,066,830 Net OPEB liability/(asset) as a percentage of covered -employee payroll 24.6% -0.1% -0.7% 1.4% Notes to Schedule: * Fiscal year 2018 was the first year of implementation, therefore only six years are shown. Changes in Assumptions The discount rate and long-term expected rate of return changed from 6.00 percent used for the June 30, 2019 measurement date to 5.50 percent used for the June 30, 2020 measurement date. The inflation assumption was changed from 2.50 percent used for the June 30, 2019 measurement date to 2.25 percent used for the June 30, 2020 measurement date. For the June 30, 2020 measurement date, healthcare trend rates were reset to reflect updated cost increase expectations. 107.2% 126.7% 6,238,425 6,223,072 -2.2% -6.1% 79 136 City of La Quinta, California Schedule of OPEB Contributions Last 10 Years* 2018 2019 2020 2021 2022 2023 Actuarially determined contribution (ADC) $ 201,513 $ 88,280 $ 90,229 $ 86,939 $ 101,376 $ 78,734 Contributions in relation to the (ADC) 1,609,970 98,584 98,490 89,947 91,530 58,070 Contribution deficiency (excess) (1,408,457) (10,304) (8,261) (3,008) 9,846 20,664 Covered -employee payroll $ 6,064,875 $ 6,669,204 $ 7,066,830 $ 6,238,425 $ 6,223,072 $ 6,682,312 Contributions as a percentage of covered-emp 26.5% 1.5% 1.4% 1.4% 1.5% 0.9% Notes to Schedule Valuation date: Actuarially determined contribution rates are calculated as of June 30, one year prior to the end of the fiscal year in which contributions reported. Methods and assumptions used to determined contribution rates Actuarial cost method Entry -Age Normal Cost Method Amortization method Level percent of payroll Amortization period 19 years Asset valuation method Market value Inflation 2.25% Healthcare Trend Rate 7% in the first year, trending down to 4% over 58 years. Investment rate of return 5.50% Retirement age 55 Mortality Derived using CalPERS Membership Data for all Funds Notes to Schedule: * Fiscal year 2018 was the first year of implementation, therefore only six years are shown. 80 137 City of La Quinta, California Note to Required Supplementary Information June 30, 2023 Note 1- Budget Procedures General Budget Policies The City adopts an annual budget prepared on the modified accrual basis of accounting for its governmental funds and on the accrual basis of accounting for its proprietary funds. The City manager or his designee is authorized to transfer budgeted amounts between the accounts of any department or funds that are approved by City Council. Prior year appropriations lapse unless they are approved for carryover into the following fiscal year. Expenditures may not legally exceed appropriations at the department level. The City did not adopt a budget for the Transportation Uniform Mitigation Fee Special Revenue Fund. Budget Basis of Accounting Budget for governmental funds is adopted on a basis consistent with generally accepted accounting principles (GAAP). Expenditures in Excess of Appropriations The following funds had expenditures in excess of appropriations for the year ended June 30, 2023: Budget Actual Variance General Fund Debt Service $ - $ 10,764 $ (10,764) Housing Authority Capital Outlay - 201,409 (201,409) Library and Museum Transfers out - 122,382 (122,382) South Coast Air Quality Planning and Development 46,500 52,827 (6,327) AB 939 Planning and Development 150,000 180,543 (30,543) Housing Grants Planning and Development 90,000 97,052 (7,052) Law Enforcement Public Safety 17,000 29,366 (12,366) Transfer Out - 49,296 (49,296) Measure A Public Works - 33,703 (33,703) Library Development Debt Service 15,000 25,504 (10,504) 81 138 Supplementary Information June 30, 2023 City of La Quinta, California 139 This page intentionally left blank. 140 City of La Quinta, California Other Governmental Funds June 30, 2023 Special Revenue Funds Special revenue funds are used to account for specific revenues (other than expendable trusts and major capital projects) and the related expenditures that are legally required to be accounted for in a separate fund. The City of La Quinta has the following Special Revenue Funds: State Gas Tax Fund —To account for gasoline allocations made by the State of California. These revenues are restricted by the State to expenditures for street -related purposes only. Library and Museum Fund — To account for revenues from property tax increment dedicated library and museum services. Federal Assistance Fund — To account for revenues from the Community Development Block Grants received from the Federal Government and the expenditures of those resources. State Law Enforcement Services Account (SLESA) Fund —To account for state funded "Citizens for Public Safety" (COPS) program activities, as per Assembly Bill 3229, which supplements frontline police services such as anti - gang community crime prevention. Lighting and Landscaping Fund — To account for special assessments levied on real property and the expenditure thereof from City-wide lighting and landscape maintenance and improvements. Quimby Fund — To account for the accumulation of developer fees received under the provisions of the Quimby Act for park development and improvements. Capital projects to be funded from this source will be budgeted and expended in a separate capital projects fund. La Quinta Public Safety Officer Fund — To account for contributions to be distributed to public safety officers disabled or killed in the line of duty. Art in Public Places — To account for development fees paid in lieu of acquisition and installation of approved artworks in a development with expenditures restricted to acquisition, installation, maintenance and repair of artworks at approved sites. South Coast Air Quality Fund — To account for contributions from the South Coast Air Quality Management District. Use is limited to reduction and control of airborne pollutants. AB 939 Fund —To account for the State mandated program to reduce waste sent to the landfills through recycling efforts. Housing Grant Fund — To account for housing related grants as required by outside agencies for reporting purposes. Law Enforcement Fund — To account for law enforcement grants and restricted revenue for public safety. 82 141 City of La Quinta, California Other Governmental Funds June 30, 2023 Measure A Fund — In 1988, Riverside County voters approved a half cent sales tax, known as Measure A, to fund a variety of highway improvements, local street and road maintenance, commuter assistance and specialized highway transit projects. This fund is used to collect this tax and pursuant to the provision of Measure A, it is restricted for local street and road expenditures. Economic Development Fund —To account for the revenues and expenditures related to proceeds from sale of City owned land and future economic development. AB 1379 Fund — To account for the revenues and expenditures related to the annual business license accessibility fee to be used for expenses enhancing accessibility requirements. Transportation Uniform Mitigation Fee Fund —To account for the revenues and expenditures related to Transportation Uniform Mitigation Fee monies. Capital Project Funds Capital projects funds account for the financial resources to be used for the acquisition, construction or improvements of major capital facilities and infrastructure. Infrastructure Fund —To account for the accumulation of resources provided through developer fees for the acquisition, construction or improvement of the City's infrastructure, prior to adoption of the new Developer Impact Fee Structure on August 16, 1999. This fund accounts for all developer resources received prior to this date, and is budgeted by the Council through adoption of the annual capital improvement program budget. Civic Center Fund —This fund accounts for the accumulation of resources provided through developer fees for the acquisition, construction, or improvement of the Civic Center. Maintenance Facilities DIF, Transportation Fund, Parks and Recreations Fund, Library Development Fund, Community Center Fund, Street Facility Fund, Park Facility Fund, Fire Facility Fund —To account for the accumulation of resources provided through developer fees for the acquisition, construction, or improvement of the City's infrastructure. The Developer Impact Fee was adopted by the City Council on August 16, 1999. Eight funds have been established to account for the specific impact areas of these fees, and are budgeted by the Council through adoption of the annual Capital Improvement Program budget. Debt Service Funds Debt Service Funds are used to account for the accumulation of resources for, and the payment of, governmental long-term debt principal and interest. La Quinta Financing Authority Fund — This fund is used to account for the debt service that will be used for the principal and interest payments of the Financing Authority's outstanding debt and any related reporting requirements. 83 142 City of La Quinta, California Combining Balance Sheet - Nonmajor Governmental Funds June 30, 2023 Special Revenue Funds State Library and Federal Lighting and Gas Tax Museum Assistance SLESA Landscaping Assets Pooled cash and investments $ 2,579,476 $ 10,296,846 $ 2,152 $ 482,257 $ 799,316 Receivables Accounts - - - - - Taxes 232,421 - - - 45,397 Accrued interest 2,285 9,121 2 427 708 Prepaid costs - 468 - - - Due from other governments 1,376,888 180,349 - 11,448 Total assets $ 2,814,182 $ 11,683,323 $ 182,503 $ 482,684 $ 856,869 Liabilities and Fund Balances Liabilities Accounts payable $ 1,698 $ 131,262 $ $ 918 $ 287,970 Accrued liabilities 25,399 4,354 - 14,821 Due to other governments - - - Due to other funds - - - - Total liabilities 27,097 135,616 918 302,791 Deferred Inflow of Resources Unavailable revenues - - 180,349 - - Fund Balances Nonspendable Prepaid costs 468 - Restricted for Planning and development projects - - Public safety - - 481,766 Community services - 11,547,239 2,154 - - Public works 2,787,085 - - 554,078 Capital projects - - Unassigned - - Total fund balances 2,787,085 11,547,707 2,154 481,766 554,078 Total liabilities and fund balances $ 2,814,182 $ 11,683,323 $ 182,503 $ 482,684 $ 856,869 84 143 City of La Quinta, California Combining Balance Sheet — Nonmajor Governmental Funds June 30, 2023 Special Revenue Funds La Quinta Public Art in South Coast Quimby Safety Officer Public Places Air Quality AB 939 Assets Pooled cash and investments $ $ 53,093 $ 870,589 $ 84,772 $ 728,940 Receivables Accounts - - - - Taxes - - - - Accruedinterest 47 771 75 646 Prepaid costs - - - - Due from other governments - 12,627 3,826 Total assets $ $ 53,140 $ 871,360 $ 97,474 $ 733,412 Liabilities and Fund Balances Liabilities Accounts payable $ $ $ $ 11,254 $ 2,412 Accrued liabilities - - Due to other governments Due to other funds 735,460 - - Total liabilities 735,460 11,254 2,412 Deferred Inflow of Resources Unavailable revenues - - - Fund Balances Nonspendable Prepaid costs - - Restricted for Planning and development projects 86,220 731,000 Public safety 53,140 - - - Community services - 871,360 Public works - Capital projects Unassigned (735,460) - - - Total fund balances (735,460) 53,140 871,360 86,220 731,000 Total liabilities and fund balances $ $ 53,140 $ 871,360 $ 97,474 $ 733,412 85 144 Assets Pooled cash and investments Receivables Accounts Taxes Accrued interest Prepaid costs Due from other governments Total assets Liabilities and Fund Balances Liabilities Accounts payable Accrued liabilities Due to other governments Due to other funds Total liabilities Deferred Inflow of Resources Unavailable revenues Fund Balances Nonspendable Prepaid costs Restricted for Planning and development projects Public safety Community services Public works Capital projects Unassigned Total fund balances City of La Quinta, California Combining Balance Sheet — Nonmajor Governmental Funds June 30, 2023 Special Revenue Funds Housing Law Economic Grant Enforcement Measure A Development AB 1379 $ $ 202,308 $ 3,753,241 $ 3,288,072 $ 86,425 - - 169,977 - - 357,529 - - 179 3,325 2,912 77 $ $ 202,487 $ 4,114,095 $ 3,460,961 $ 86,502 60,267 35,394 60,267 35,394 $ 7,510 $ 1,923 7,510 1,923 169,977 - 84,579 167,093 - - - - 3,283,474 4,114,095 - (60,267) - - - (60,267) 167,093 4,114,095 3,283,474 84,579 Total liabilities and fund balances $ $ 202,487 $ 4,114,095 $ 3,460,961 $ 86,502 86 145 City of La Quinta, California Combining Balance Sheet — Nonmajor Governmental Funds June 30, 2023 Special Revenue Funds Capital Projects Funds Transportation Maintenance Uniform Facilities Mitigation Fee DIF Infrastructure Civic Center Transportation Assets Pooled cash and investments $ 349,818 $ 311,407 $ 19,225 $ 1,666,219 $ 5,513,259 Receivables Accounts - - - - - Taxes - - - - Accrued interest 276 17 1,475 4,883 Prepaid costs - - - - Due from other governments - - - - Total assets $ 349,818 $ 311,683 $ 19,242 $ 1,667,694 $ 5,518,142 Liabilities and Fund Balances Liabilities Accounts payable $ 343,221 $ - $ - $ - $ - Accrued liabilities - Due to other governments Due to other funds - Total liabilities 343,221 Deferred Inflow of Resources Unavailable revenues - Fund Balances Nonspendable Prepaid costs - - Restricted for Planning and development projects 6,597 311,683 Public safety - - Community services Public works - - - Capital projects 19,242 1,667,694 5,518,142 Unassigned - - - - Total fund balances 6,597 311,683 19,242 1,667,694 5,518,142 Total liabilities and fund balances $ 349,818 $ 311,683 $ 19,242 $ 1,667,694 $ 5,518,142 87 146 Assets Pooled cash and investments Receivables Accounts Taxes Accrued interest Prepaid costs Due from other governments Total assets Liabilities and Fund Balances Liabilities Accounts payable Accrued liabilities Due to other governments Due to other funds Total liabilities Deferred Inflow of Resources Unavailable revenues Fund Balances Nonspendable Prepaid costs Restricted for PI d d I City of La Quinta, California Combining Balance Sheet — Nonmajor Governmental Funds June 30, 2023 Capital Projects Funds Parks and Library Community Recreation Development Center Street Facility Park Facility $ 1,607,785 $ $ 979,452 $ 80,190 $ 7,552 1,424 868 71 7 $ 1,609,209 $ - $ 980,320 $ 80,261 $ 7,559 1,118,627 1,118,627 anning an eve opment projects Public safety - Community services - 7,559 Public works - - 80,261 - Capital projects 1,609,209 980,320 - Unassigned - (1,118,627) - Total fund balances 1,609,209 (1,118,627) 980,320 80,261 7,559 Total liabilities and fund balances $ 1,609,209 $ $ 980,320 $ 80,261 $ 7,559 88 147 City of La Quinta, California Combining Balance Sheet — Nonmajor Governmental Funds June 30, 2023 Capital Projects Debt Service Fund Fund Total Financing Governmental Fire Facility Authority Funds Assets Pooled cash and investments $ 575,798 $ $ 34,338,192 Receivables Accounts - 169,977 Taxes - 635,347 Accrued interest 510 30,106 Prepaid costs - 468 Due from other governments - 1,585,138 Total assets $ 576,308 $ $ 36,759,228 Liabilities and Fund Balances Liabilities Accounts payable $ - $ $ 788,168 Accrued liabilities 44,574 Due to other governments 1,118,627 Due to other funds 831,121 Total liabilities 2,782,490 Deferred Inflow of Resources Unavailable revenues 350,326 Fund Balances Nonspendable Prepaid costs 468 Restricted for Planning and development projects - 1,220,079 Public safety 576,308 1,278,307 Community services - 15,711,786 Public works 7,535,519 Capital projects 9,794,607 Unassigned - (1,914,354) Total fund balances 576,308 33,626,412 Total liabilities and fund balances $ 576,308 $ $ 36,759,228 89 148 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances — Nonmajor Governmental Funds Year Ended June 30, 2023 Revenues Taxes Assessments Intergovernmental Investment income Net decrease in fair value of investments Developer participation Miscellaneous Total revenues Expenditures Current General government Public safety Planning and development Community services Public works Capital outlay Debt service Interest and fiscal charges Total expenditures Excess (Deficiency) of Revenues over(under)Expenditures Other Financing Sources (Uses) Transfers in Transfers out Total other financing sources (uses) Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year al Revenue Funds State Library and Federal Lighting and Gas Tax Museum Assistance SLESA Landscaping - - - - 981,315 1,809,499 3,531,533 181,574 165,271 - 48,630 212,997 37 9,398 13,718 (32,270) (83,053) (11) (4,748) (6,620) - 2,602 - - 23,499 1,825,859 3,664,079 181,600 169,921 1,011,912 65,558 - 1,966,150 - - 1,308,114 - 3,315 2,576,738 65,558 1,308,114 2,576,738 1,966,150 3,315 517,745 1,697,929 178,285 104,363 (1,564,826) 600,000 - - - 1,500,000 (248,723) (122,382) (178,259) - 351,277 (122,382) (178,259) - 1,500,000 869,022 1,575,547 26 104,363 (64,826) 1,918,063 9,972,160 2,128 377,403 618,904 $ 2,787,085 $ 11,547,707 $ 2,154 $ 481,766 $ 554,078 90 149 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds Year Ended June 30, 2023 Revenues Taxes Assessments Intergovernmental Investment income Net decrease in fair value of investments Developer participation Miscellaneous Total revenues Expenditures Current General government Public safety Planning and development Community services Public works Capital outlay Debt service Interest and fiscal charges Total expenditures Excess (Deficiency) of Revenues over(under)Expenditures Other Financing Sources (Uses) Transfers in Transfers out Total other financing sources (uses) Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year Revenue Funds La Quinta Public Art in South Coast Quimby Safety Officer Public Places Air Quality AB 939 $ $ $ $ $ 84,847 101,757 - 1,087 17,868 1,635 15,170 (330) (5,242) (1,329) (1,050) - 83,086 757 95,712 102,063 98,967 - 52,827 180,543 59,627 - - 48,347 - 107,974 52,827 180,543 757 (12,262) 49,236 (81,576) 2,000 50,000 - (21,791) - (75) (21,791) 2,000 49,925 - (21,791) 2,757 37,663 49,236 (81,576) (713,669) 50,383 833,697 36,984 812,576 $ (735,460) $ 53,140 $ 871,360 $ 86,220 $ 731,000 91 150 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds Year Ended June 30, 2023 Special Revenue Funds Housing Law Economic Grant Enforcement Measure A Development AB 1379 Revenues Taxes $ $ $ 2,036,268 $ $ Assessments - - Intergovernmental 160,000 4,896 - 19,231 Investment income - 4,565 74,637 149,413 1,688 Net decrease in fair value of investments (35) (8,641) (19,798) (861) Developer participation - - Miscellaneous - - - - Total revenues 160,000 9,426 2,102,264 129,615 20,058 Expenditures Current General government - - - - - Public safety - 29,366 - - Planning and development 97,052 - 3,000 1,923 Community services - - - - Public works 33,703 Capital outlay - Debt service Interest and fiscal charges - - - - - Total expenditures 97,052 29,366 33,703 3,000 1,923 Excess (Deficiency) of Revenues over (under) Expenditures 62,948 (19,940) 2,068,561 126,615 18,135 Other Financing Sources (Uses) Transfers in - - - - Transfers out (49,296) (2,694,735) Total other financing sources (uses) - (49,296) (2,694,735) - - Net Change in Fund Balances 62,948 (69,236) (626,174) 126,615 18,135 Fund Balances, Beginning of Year (123,215) 236,329 4,740,269 3,156,859 66,444 Fund Balances, End of Year $ (60,267) $ 167,093 $ 4,114,095 $ 3,283,474 $ 84,579 92 151 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances — Nonmajor Governmental Funds Year Ended June 30, 2023 Revenues Taxes Assessments Intergovernmental Investment income Net decrease in fair value of investments Developer participation Miscellaneous Total revenues Expenditures Current General government Public safety Planning and development Community services Public works Capital outlay Debt service Interest and fiscal charges Total expenditures Excess (Deficiency) of Revenues over (under) Expenditures Other Financing Sources (Uses) Transfers in Transfers out Total other financing sources (uses) Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year Special Revenue Capital Proiects Funds Transportation Maintenance Uniform Facilities Mitigation Fee DIF Infrastructure Civic Center Transportation 5,489 398 30,521 103,344 (4,212) (105) (19,897) (48,299) 130,312 - 530,615 1,755,485 131,589 293 541,239 1,810,530 400,000 - - - 400,000 131,589 293 541,239 1,410,530 (75) (395,857) - - (75) (395,857) - 131,589 293 541,164 1,014,673 6,597 180,094 18,949 1,126,530 4,503,469 $ 6,597 $ 311,683 $ 19,242 $ 1,667,694 $ 5,518,142 93 152 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds Year Ended June 30, 2023 Capital Projects Funds Parks and Library Community Recreation Development Center Street Facility Park Facility Revenues Taxes $ $ $ $ $ Assessments Intergovernmental - Investment income 25,884 17,248 1,621 136 Net decrease in fair value of investments (28,661) (12,503) (505) (75) Developer participation 966,433 180,153 401,734 3,360 1,600 Miscellaneous - - - - Total revenues 963,656 180,153 406,479 4,476 1,661 Expenditures Current General government - - - - - Public safety Planning and development Community services Public works Capital outlay - Debt service Interest and fiscal charges 25,504 Total expenditures - 25,504 - - - Excess (Deficiency) of Revenues over (under) Expenditures 963,656 154,649 406,479 4,476 1,661 Other Financing Sources (Uses) Transfers in - - - - - Transfers out (28,715) Total other financing sources (uses) (28,715) - - - - Net Change in Fund Balances 934,941 154,649 406,479 4,476 1,661 Fund Balances, Beginning of Year 674,268 (1,273,276) 573,841 75,785 5,898 Fund Balances, End of Year $ 1,609,209 $ (1,118,627) $ 980,320 $ 80,261 $ 7,559 94 153 City of La Quinta, California Combining Statement of Revenues, Expenditures and Changes in Fund Balances — Nonmajor Governmental Funds Year Ended June 30, 2023 Revenues Taxes Assessments Intergovernmental Investment income Net decrease in fair value of investments Developer participation Miscellaneous Total revenues Expenditures Current General government Public safety Planning and development Community services Public works Capital outlay Debt service Interest and fiscal charges Total expenditures Excess (Deficiency) of Revenues over (under) Expenditures Other Financing Sources (Uses) Transfersin Transfers out Total other financing sources (uses) Net Change in Fund Balances Fund Balances, Beginning of Year Fund Balances, End of Year Debt Service Total Financing Governmental Fire Facility Authority Funds $ $ $ 2,121,115 981,315 5,973,761 10,689 907 747,080 (6,608) - (284,853) 162,923 4,215,701 - - 26,101 167,004 907 13,780,220 - 907 907 - 94,924 335,345 2,025,777 4,321,870 48,347 - 25,504 - 907 6,852,674 167,004 - 6,927,546 2,152,000 (3,739,908) - (1,587,908) 167,004 5,339,638 409,304 28,286,774 $ 576,308 $ $ 33,626,412 95 154 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property Transfers in Amounts available for appropriations Charges to Appropriation (Outflows) City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund State Gas Tax Year Ended June 30, 2023 Budget Amounts Original Final $ 1,918,063 $ 1,918,063 2,083,011 8,000 600,000 4,609,074 2,091,011 8,000 600,000 4,617,074 Actual Amounts $ 1,918,063 1,809,499 16,360 600,000 4,343,922 Variance with Final Budget Positive (Negative) (281,512) 8,360 (273,152) Public works 1,747,140 1,758,759 1,308,114 450,645 Transfers out 940,211 1,956,659 248,723 1,707,936 Total charges to appropriations 2,687,351 3,715,418 1,556,837 2,158,581 Budgetary Fund Balance, June 30 $ 1,921,723 $ 901,656 $ 2,787,085 $ 1,885,429 96 155 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property Miscellaneous revenue Amounts available for appropriations Charges to Appropriation (Outflows) Community services Capital outlay Transfers out Total charges to appropriations City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund Library and Museum Year Ended June 30, 2023 Budget Amounts Original Final $ 9,972,160 $ 9,972,160 Variance with Final Budget Actual Positive Amounts (Negative) $ 9,972,160 $ - 2,800,000 2,800,000 3,531,533 731,533 60,000 60,000 129,944 69,944 7,000 7,000 2,602 (4,398) 12,839,160 12,839,160 13,636,239 797,079 1,904,146 5,000 4,761,601 5,000 1,966,150 2,795,451 - 5,000 122,382 (122,382) 1,909,146 4,766,601 2,088,532 2,678,069 Budgetary Fund Balance, June 30 $ 10,930,014 $ 8,072,559 $ 11,547,707 $ 3,475,148 97 156 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property Amounts available for appropriations Charges to Appropriation (Outflows) Public works Transfers out Total charges to appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund Federal Assistance Year Ended June 30, 2023 Budget Amounts Original Final $ 2,128 $ 2,128 156,000 391,126 158,128 393,254 20,000 20,000 132,600 367,726 Actual Amounts $ 2,128 181,574 26 Variance with Final Budget Positive (Negative) C� (209,552) 26 183,728 (209,526) 3,315 16,685 178,259 189,467 152,600 387,726 181,574 206,152 $ 5,528 $ 5,528 $ 2,154 $ (3,374) 98 157 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property Amounts available for appropriations Charges to Appropriation (Outflows) Public safety Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund SLESA Year Ended June 30, 2023 Budget Amounts Actual Original Final Amounts $ 377,403 $ 377,403 $ 377,403 100,000 100,000 165,271 1,000 1,000 4,650 478,403 478,403 547,324 100,000 100,000 65,558 Variance with Final Budget Positive (Negative) C� W 65,271 3,650 68,921 34,442 $ 378,403 $ 378,403 $ 481,766 $ 103,363 99 158 Budgetary Fund Balance, July 1 Resources (Inflows) Assessments Use of money and property Miscellaneous Transfers in City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund Lighting and Landscaping Year Ended June 30, 2023 Budget Amounts Original Final $ 618,904 $ 618,904 Actual Amounts $ 618,904 982,300 982,300 981,315 1,000 1,000 7,098 - - 23,499 1,500,000 1,500,000 1,500,000 Variance with Final Budget Positive (Negative) C, W (985) 6,098 23,499 Amounts available for appropriations 3,102,204 3,102,204 3,130,816 28,612 Charges to Appropriation (Outflows) Public works 2,465,376 2,710,631 2,576,738 133,893 Budgetary Fund Balance, June 30 $ 636,828 $ 391,573 $ 554,078 $ 162,505 100 159 Budgetary Fund Balance, July 1 Resources (Inflows) Developer participation Amounts available for appropriations Charges to Appropriation (Outflows) Transfers out City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund Quimby Year Ended June 30, 2023 Budget Amounts Original Final $ (713,669) $ (713,669) 25,000 25,000 466,967 Variance with Final Budget Actual Positive Amounts (Negative) $ (713,669) $ - - (25,000) (713,669) (25,000) 21,791 445,176 Budgetary Fund Balance, June 30 $ (688,669) $ (1,155,636) $ (735,460) $ 420,176 101 160 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Transfers in Amounts available for appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund La Quinta Public Safety Officer Year Ended June 30, 2023 Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) $ 50,383 $ 50,383 $ 50,383 $ - 200 200 757 557 2,000 2,000 2,000 - 52,583 52,583 53,140 557 $ 52,583 $ 52,583 $ 53,140 $ 557 102 161 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Transfer In Amounts available for appropriations Charges to Appropriation (Outflows) Community services Capital outlay Transfers out Total charges to appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule - Special Revenue Fund Art in Public Places Year Ended June 30, 2023 Budget Amounts Original Final $ 833,697 $ 833,697 Actual Amounts $ 833,697 Variance with Final Budget Positive (Negative) C� W 3,000 3,000 12,626 9,626 100,000 100,000 83,086 (16,914) 50,000 50,000 50,000 - 986,697 986,697 979,409 (7,288) 77,000 77,000 59,627 17,373 100,000 136,700 48,347 88,353 - 212,465 75 212,390 177,000 426,165 108,049 318,116 $ 809,697 $ 560,532 $ 871,360 $ 310,828 103 162 City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund South Coast Air Quality Year Ended June 30, 2023 Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 $ 36,984 $ 36,984 $ 36,984 $ - Resources (Inflows) Intergovernmental 54,000 54,000 101,757 47,757 Use of money and property 400 400 306 (94) Amounts available for appropriations 91,384 91,384 139,047 47,663 Charges to Appropriation (Outflows) Planning and development 46,500 46,500 52,827 (6,327) Budgetary Fund Balance, June 30 $ 44,884 $ 44,884 $ 86,220 $ 41,336 104 163 Budgetary Fund Balance, July 1 Resources (InFlows) Taxes Use of money and property Amounts available for appropriations Charges to Appropriation (Outflows) Planning and development City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund AB 939 Year Ended June 30, 2023 Budget Amounts Original Final $ 812,576 $ 812,576 Variance with Final Budget Actual Positive Amounts (Negative) $ 812,576 $ - 60,000 60,000 84,847 24,847 4,000 4,000 14,120 10,120 876,576 876,576 911,543 34,967 150,000 150,000 180,543 (30,543) Total charges to appropriations 150,000 150,000 180,543 (30,543) Budgetary Fund Balance, June 30 $ 726,576 $ 726,576 $ 731,000 $ 4,424 105 164 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Amounts available for appropriations Charges to Appropriation (Outflows) Planning and development Total charges to appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund Housing Grants Year Ended June 30, 2023 Budget Amounts Original Final $ (123,215) $ (123,215) $ Variance with Final Budget Actual Positive Amounts (Negative) (123,215) $ - - 160,000 160,000 (123,215) (123,215) 36,785 160,000 - 90,000 90,000 $ (123,215) $ (213,215) $ 97,052 (7,052) 97,052 (7,052) (60,267) $ 152,948 106 165 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property Miscellaneous revenue Amounts available for appropriations Charges to Appropriation (Outflows) Public safety Transfers out City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund Law Enforcement Year Ended June 30, 2023 Budget Amounts Actual Original Final Amounts $ 236,329 $ 236,329 $ 236,329 2,100 2,100 17,000 17,000 4,896 4,530 Variance with Final Budget Positive (Negative) R 4,896 2,430 (17,000) 255,429 255,429 245,755 (9,674) 17,000 17,000 29,366 (12,366) 49,296 (49,296) Total charges to appropriations 17,000 17,000 78,662 (61,662) Budgetary Fund Balance, June 30 $ 238,429 $ 238,429 $ 167,093 $ (71,336) 107 166 Budgetary Fund Balance, July 1 Resources (Inflows) Taxes Use of money and property Miscellaneous revenue Amounts available for appropriations Charges to Appropriation (OutFlows) City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund Measure A Year Ended June 30, 2023 Budget Amounts Original Final $ 4,740,269 $ 4,740,269 Actual Amounts $ 4,740,269 1,865,000 1,865,000 2,036,268 10,000 10,000 65,996 6,615,269 6,615,269 6,842,533 Variance with Final Budget Positive (Negative) C� 171,268 55,996 227,264 Public works - - 33,703 (33,703) Transfers out 3,882,000 5,843,145 2,694,735 3,148,410 Total charges to appropriations 3,882,000 5,843,145 2,728,438 3,114,707 Budgetary Fund Balance, June 30 $ 2,733,269 $ 772,124 $ 4,114,095 $ 3,341,971 108 167 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Amounts available for appropriations Charges to Appropriation (Outflows) City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund Economic Development Year Ended June 30, 2023 Budget Amounts Original Final $ 3,156,859 $ 3,156,859 Variance with Final Budget Actual Positive Amounts (Negative) $ 3,156,859 $ - 15,000 15,000 12 9, 615 114,615 3,171,859 3,171,859 3,286,474 114,615 Planning and development 21,500 21,500 3,000 18,500 Total charges to appropriations 21,500 21,500 3,000 18,500 Budgetary Fund Balance, June 30 $ 3,150,359 $ 3,150,359 $ 3,283,474 $ 133,115 109 168 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Use of money and property Amounts available for appropriations Charges to Appropriation (Outflows) Planning and development Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Special Revenue Fund AB 1379 Year Ended June 30, 2023 Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) $ 66,444 $ 66,444 $ 66,444 $ - 20,000 20,000 19,231 (769) 200 200 827 627 86,644 86,644 86,502 (142) 5,500 5,500 1,923 3,577 $ 81,144 $ 81,144 $ 84,579 $ 3,435 110 169 Budgetary Fund Balance, July 1 Resources (Inflows) Intergovernmental Developer participation Transfers in Amounts available for appropriations Charges to Appropriation (Outflows) City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Capital Improvement Year Ended June 30, 2023 Budget Amounts Original Final $ (990,472) $ (990,472) 13,136,811 12,146,339 22,057,829 921,527 56,493,897 78,482,781 Variance with Final Budget Actual Positive Amounts (Negative) $ (990,472) $ - 391,120 (21,666,709) 420 (921,107) 7,927,550 (48,566,347) 7,328,618 (71,154,163) Planning and development - 2,591,436 33,757 2,557,679 Capital outlay 13,136,811 75,821,693 13,394,469 62,427,224 Total charges to appropriations 13,136,811 78,413,129 13,428,226 64,984,903 Budgetary Fund Balance, June 30 $ (990,472) $ 69,652 $ (6,099,608) $ (6,169,260) City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Maintenance Facilities DIF Fund Year Ended June 30, 2023 Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 $ 180,094 $ 180,094 $ 180,094 $ - Resources (Inflows) Use of money and property 500 500 1,277 777 Developer participation 75,000 75,000 130,312 55,312 Amounts available for appropriations 255,594 255,594 311,683 56,089 Budgetary Fund Balance, June 30 $ 255,594 $ 255,594 $ 311,683 $ 56,089 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Amounts available for City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Infrastructure Year Ended June 30, 2023 Budget Amounts Original Final $ 18,949 $ 18,949 100 100 Variance with Final Budget Actual Positive Amounts (Negative) $ 18,949 $ - 293 193 appropriations 19,049 19,049 19,242 193 Budgetary Fund Balance, June 30 $ 19,049 $ 19,049 $ 19,242 $ 193 113 172 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Amounts available for appropriations Charges to Appropriation (Outflows) Transfers Out Total charges to appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Civic Center Year Ended June 30, 2023 Budget Amounts Original Final $ 1,126,530 $ 1,126,530 Variance with Final Budget Actual Positive Amounts (Negative) $ 1,126,530 $ - 1,000 1,000 10,624 9,624 300,000 300,000 530,615 230,615 1,427,530 1,427,530 1,667,769 240,239 250,000 250,000 75 249,925 250,000 250,000 75 249,925 $ 1,177,530 $ 1,177,530 $ 1,667,694 $ 490,164 114 173 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Amounts available for appropriations Charges to Appropriation (Outflows) Public works Transfers out City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Transportation Year Ended June 30, 2023 Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) $ 4,503,469 $ 4,503,469 $ 4,503,469 $ - 20,000 20,000 55,045 35,045 1,000,000 1,000,000 1,755,485 755,485 5,523,469 400,000 100,000 5,523,469 400,000 1,516,757 6,313,999 400,000 395,857 790,530 1,120,900 Total charges to appropriations 500,000 1,916,757 795,857 1,120,900 Budgetary Fund Balance, June 30 $ 5,023,469 $ 3,606,712 $ 5,518,142 $ 1,911,430 115 174 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Parks and Recreation Year Ended June 30, 2023 Budget Amounts Original Final $ 674,268 $ 674,268 1,000 1,000 500,000 500,000 Variance with Final Budget Actual Positive Amounts (Negative) $ 674,268 $ - (2,777) (3,777) 966,433 466,433 Amounts available for appropriations 1,175,268 1,175,268 1,637,924 462,656 Charges to Appropriation (Outflows) Transfers out 500,000 500,000 28,715 471,285 Total charges to appropriations 500,000 500,000 28,715 471,285 Budgetary Fund Balance, June 30 $ 675,268 $ 675,268 $ 1,609,209 $ 933,941 116 175 Budgetary Fund Balance, July 1 Resources (Inflows) Developer participation Amounts available for appropriations Charges to Appropriation (Outflows) Debt service Interest and fiscal charges City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Library Development Year Ended June 30, 2023 Budget Amounts Original Final $ (1,273,276) $ (1,273,276) Variance with Final Budget Actual Positive Amounts (Negative) $ (1,273,276) $ - 75,000 75,000 180,153 105,153 (1,198,276) (1,198,276) (1,093,123) 105,153 15,000 15,000 25,504 (10,504) Budgetary Fund Balance, June 30 $ (1,213,276) $ (1,213,276) $ (1,118,627) $ 94,649 117 176 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Amounts available for appropriations Charges to Appropriation (Outflows) Transfers out Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Community Center Year Ended June 30, 2023 Budget Amounts Actual Original Final Amounts $ 573,841 $ 573,841 $ 573,841 2,000 2,000 4,745 150,000 150,000 401,734 725,841 725,841 980,320 - 125,000 - Variance with Final Budget Positive (Negative) C� W 2,745 251,734 254,479 125,000 $ 725,841 $ 600,841 $ 980,320 $ 379,479 118 177 City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Street Facility Year Ended June 30, 2023 Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 $ 75,785 $ 75,785 $ 75,785 $ - Resources (Inflows) Use of money and property - - 1,116 1,116 Developer participation 10,000 10,000 3,360 (6,640) Amounts available for appropriations 85,785 85,785 80,261 (5,524) Budgetary Fund Balance, June 30 $ 85,785 $ 85,785 $ 80,261 $ (5,524) 119 178 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Park Facility Year Ended June 30, 2023 Budget Amounts Original Final $ 5,898 $ 5,898 Variance with Final Budget Actual Positive Amounts (Negative) $ 5,898 $ - 61 61 1,600 1,600 Amounts available for appropriations 5,898 5,898 7,559 1,661 Budgetary Fund Balance, June 30 $ 5,898 $ 5,898 $ 7,559 $ 1,661 120 179 Budgetary Fund Balance, July 1 Resources (Inflows) Use of money and property Developer participation Amounts available for appropriations Budgetary Fund Balance, June 30 City of La Quinta, California Budgetary Comparison Schedule — Capital Projects Fund Fire Facility Year Ended June 30, 2023 Budget Amounts Original Final $ 409,304 $ 409,304 Variance with Final Budget Actual Positive Amounts (Negative) $ 409,304 $ - 1,000 1,000 4,081 3,081 100,000 100,000 162,923 62,923 510,304 510,304 576,308 66,004 $ 510,304 $ 510,304 $ 576,308 $ 66,004 121 180 City of La Quinta, California Budgetary Comparison Schedule — Debt Service Fund Financing Authority Year Ended June 30, 2023 Variance with Final Budget Budget Amounts Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 $ - $ - $ - $ - Resources (Inflows) Use of money and property 1,100 Amounts available for appropriations 1,100 Charges to Appropriation (Outflows) General government Budgetary Fund Balance, June 30 $ 1,100 1,100 907 (193) 1,100 907 (193) 1,100 907 193 122 181 City of La Quinta, California Internal Service Funds Year Ended June 30, 2023 Internal service funds are used to account for activities involved in rendering services to departments within the City. Costs of materials and services used are accumulated in this fund and charged to the user departments as such goods are delivered or services rendered. The City of La Quinta has the following Internal Service Funds: Equipment Replacement Fund — To account for the operational maintenance and ultimate replacement of City owned and operated vehicles and equipment. Information Technology Fund — To account for the purchase and replacement of information systems. Park Equipment and Facilities Fund —To account for the purchase and replacement of City owned and operated park equipment and facilities. Insurance Fund — To account for the City's insurance coverage. 123 182 Assets Current Pooled cash and investments Receivables Accrued interest Prepaid costs Total current assets Noncurrent Capital assets - net Right to use leased assets, net of accumulated amortization Right to use subscription IT assets, net of accumulated amortization Total noncurrent assets Totalassets Liabilities Current Accounts payable Accrued liabilities Accrued interest Current portion of leases Current portion of subscription IT arrangement Total current liabilities Noncurrent Long-term portion of leases Long-term portion of subscription IT arrangement Total noncurrent liabilities Total liabilities Net Position Net investment in capital assets Unrestricted Total net position Total liabilities and net position City of La Quinta, California Combining Statement of Net Position Internal Service Funds June 30, 2023 Governmental Activities - Internal Service Funds Par Equipment Information Equipment Replacement Technology and Facilities Insurance Totals $ 4,206,434 $ 2,997,084 $ 3,770,268 $ 611,912 $ 11,585,698 3,726 2,655 3,340 542 10,263 - 252,053 - 1,002 253,055 4,210,160 3,251,792 3,773,608 613,456 11,849,016 1,896,836 160,972 11,340,555 13,398,363 33,108 - - 33,108 - 592,321 - 592,321 1,929,944 753,293 11,340,555 14,023,792 6,140,104 4,005,085 15,114,163 613,456 25,872,808 13,146 221,464 393,768 865 629,243 - 12,281 - - 12,281 51 - 51 31,159 - 31,159 - 352,117 - - 352,117 44,356 585,862 393,768 865 1,024,851 5,303 - 5,303 - 143,557 143,557 5,303 143,557 - - 148,860 49,659 729,419 393,768 865 1,173,711 1,893,482 257,619 11,340,555 - 13,491,656 4,196,963 3,018,047 3,379,840 612,591 11,207,441 6,090,445 3,275,666 14,720,395 612,591 24,699,097 $ 6,140,104 $ 4,005,085 $ 15,114,163 $ 613,456 $ 25,872,808 124 183 City of La Quinta, California Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds Year Ended June 30, 2023 Governmental Activities - Internal Service Funds Par Equipment Information Equipment and Replacement Technology Facilities Insurance Totals Operating Revenues Sales and service charges $ 1,664,000 $ 2,263,132 $ 450,000 $ 1,020,000 $ 5,397,132 Total operating revenues 1,664,000 2,263,132 450,000 1,020,000 5,397,132 Operating Expenses Administration and general (3,410) 43,788 - 191,839 232,217 Fuel and oil 138,412 - - - 138,412 Maintenance and parts 392,721 - - - 392,721 Contract services - 569,598 749,485 - 1,319,083 Software and supplies - 441,845 - 770,046 1,211,891 Depreciation and amortization expense 532,821 498,796 526,934 - 1,558,551 Total operating expenses 1,060,544 1,554,027 1,276,419 961,885 4,852,875 Operating Income (Loss) 603,456 709,105 (826,419) 58,115 544,257 Nonoperating Revenue (Expenses) Investment income 82,866 57,513 80,886 7,922 229,187 Net decrease in fair value of investments (33,905) (30,592) (19,260) (7,114) (90,871) Miscellaneous revenue 208,148 - - - 208,148 Gain on disposal of capital assets 189,571 44,601 - - 234,172 Interest expense (1,253) (20,490) - - (21,743) Total nonoperating revenues 445,427 51,032 61,626 808 558,893 Changes in Net Position 1,048,883 760,137 (764,793) 58,923 1,103,150 Net Position Beginning of Year, as restated 5,041,562 2,515,529 15,485,188 553,668 23,595,947 End of Year $ 6,090,445 $ 3,275,666 $ 14,720,395 $ 612,591 $ 24,699,097 125 184 Operating Activities Cash received from interfund services provided Cash paid to suppliers for goods and services Net Cash from Operating Activities Capital and Related Financing Activities Cash paid for lease liability- principal portion Cash paid for lease liability- interest portion Capital contributions Acquisition and construction of capital assets Proceeds from sales of capital assets Cash paid for subscription liability- principal portion Cash paid for subscription liability- interest portion Net Cash used for Capital and Related Financing Activities Investing Activities Investment Income Net Cash from Investing Activities Net Change in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Year Reconciliation of operating income to net cash from (used for) operating activities Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from (used for) operating activities Depreciation/amortization Changesin Prepaid costs Accounts payable Accrued liabilities Total adjustments Net Cash from Operating Activities Non -Cash Transactions Capital assets acquired by lease City of La Quinta, California Combining Statement of Cash Flows Internal Service Funds Year Ended June 30, 2023 Governmental Activities - Internal Service Funds Park Equipment Information Equipment Replacement Technology and Facilities Insurance Totals $ 1,664,000 $ 2,263,132 $ 450,000 $ 1,020,000 $ 5,397,132 (578,215) (1,067,760) (357,759) (839,170) (2,842,904) 1,085,785 1,195,372 92,241 180,830 2,554,228 (98,772) (98,772) (1,372) (1,372) 208,148 208,148 (862,176) (117,894) (146,433) (1,126,503) 189,571 44,601 234,172 - (431,239) (431,239) (9,848) (9,848) (564,601) (514,380) (146,433) - (1,225,414) 47,459 15,082 60,671 539 123,751 47,459 15,082 60,671 539 123,751 568,643 696,074 6,479 181,369 1,452,565 3,637,791 2,301,010 3,763,789 430,543 10,133,133 $ 4,206,434 $ 2,997,084 $ 3,770,268 $ 611,912 $ 11,585,698 $ 603,456 $ 709,105 $ (826,419) $ 58,115 $ 544,257 532,821 498,796 526,934 - 1,558,551 - (147,119) - 123,586 (23,533) (50,492) 123,725 391,726 (871) 464,088 - 10,865 - - 10,865 482,329 486,267 918,660 122,715 2,009,971 $ 1,085,785 $ 1,195,372 $ 92,241 $ 180,830 $ 2,554,228 $ $ 116,966 $ $ $ 116,966 126 185 This page intentionally left blank. 186 Statistical Section June 30, 2023 City of La Quinta, California 187 This page intentionally left blank. 188 City of La Quinta, California Statistical Section Year Ended June 30, 2023 This part of the City of La Quinta's annual comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health. Contents Page Financial Trends These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time. 128 Revenue Capacity These schedules contain information to help the reader assess the factors affecting the City's ability to generate its property taxes. 140 Debt Capacity These schedules present information to help the reader assess the affordability of the City's current levels of understanding debt and the City's ability to use additional debt in the future. 149 Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place and to help make comparisons over time and with other governments. 156 Operating Information These schedules contain information about the City's operations and resources to help the reader understand how the City's financial information relates to the services the City provides and the activities it performs. 159 Sources: Unless otherwise noted, the information in these schedules are derived from the annual comprehensive financial reports for the relevant year. 127 189 City of La Quinta, California Net Position by Component (Table 1) Last Ten Fiscal Years (Accrual basis of accounting) Fiscal Year 2014 2015 2016 2017 2018 Governmental Activities Net investment in capital assets $ 527,614,666 $ 523,495,389 $ 516,499,682 $ 517,039,487 $ 510,913,594 Restricted 53,669,248 62,472,221 61,148,731 38,824,860 39,204,789 Unrestricted 83,907,046 74,362,189 84,439,071 118,125,125 130,950,644 Total Governmental Activities Net Positior 665,190,960 660,329,799 662,087,484 6735989,472 6819069,027 Business -Type Activities Net investment in capital assets 41,354,565 44,118,111 43,898,784 43,836,868 43,585,880 Unrestricted (4,674,666) (4,892,647) (5,086,906) (5,140,966) (5,203,212) Total Business -Type Activities Net Positic 36,679,899 39,225,464 38,811,878 38,695,902 38,382,668 Primary Government Net investment in capital assets 568,969,231 567,613,500 560,398,466 560,876,355 554,499,474 Restricted 53,669,248 62,472,221 61,148,731 38,824,860 39,204,789 Unrestricted 79,232,380 69,469,542 79,352,165 112,984,159 125,747,432 Total Primary Government Net Position 701,870,859 699,555,263 700,899,362 712,685,374 719,451,695 Source: City of La Quinta 128 190 City of La Quinta, California Net Position by Component (Table 1) Last Ten Fiscal Years (Accrual basis of accounting) Fiscal Year 2019 2020 2021 2022 2023 Governmental Activities: $ 519,221,969 $ 509,777,422 $ 519,203,177 $ 517,697,036 $ 532,627,757 Net investment in capital assets 44,815,499 46,001,248 46,711,801 54,412,355 62,283,620 Restricted 138,584,041 142,418,499 162,887,430 190,618,323 220,277,110 Unrestricted 702,621,509 698,197,169 728,802,408 762,727,717 815,188,487 Total Governmental Activities Net Position Business -Type Activities: 43,375,536 39,712,955 42,717,914 42,491,762 42,242,526 Net investment in capital assets 240,125 3,145,820 368,750 1,036,834 1,166,307 Unrestricted 43,615,661 42,858,775 43,086,664 43,528,596 43,408,833 Total Business -Type Activities Net Position Primary Government: 562,597,505 549,490,377 561,921,091 560,188,798 574,870,283 Net investment in capital assets 44,815,499 46,001,248 46,711,801 53,601,581 62,283,620 Restricted 138,824,166 145,564,319 163,256,180 192,465,934 221,443,417 Unrestricted 746,237,170 741,055,944 771,889,072 806,256,313 858,597,320 Total Primary Government Net Position 129 191 City of La Quinta Changes in Net Position (Table 2) Last Ten Fiscal Years (Accrual basis of accounting) Fiscal Year 2014 2015 2016 2017 2018 Expenses Governmental activities: General government $ 4,830,239 $ 5,166,732 $ 5,645,004 $ 5,565,727 $ 8,869,174 Public safety 21,169,423 21,636,149 22,067,603 23,378,824 22,508,088 Planning and development 3,098,015 2,212,013 3,359,732 2,882,321 4,352,134 Community services 4,130,085 5,992,362 6,214,098 6,584,268 9,231,268 Public works 12,610,994 18,116,732 12,157,245 10,927,160 15,580,975 Interest on long-temr debt 405,977 340,716 343,129 309,463 1,468,971 Total governmental activities expenditures 46,244,733 53,464,704 49,786,811 49,647,763 62,010,610 Business -type activities: Golf course 4,971,977 5,053,360 4,373,586 3,965,644 4,318,463 Total business -type activities expenditures 4,971,977 5,053,360 4,373,586 3,965,644 4,318,463 Total Primary Government Expenditures 51,216,710 58,518,064 54,160,397 53,613,407 66,329,073 Program Revenues Governmental activities: Charges for services: General government 71,042 121,140 192,538 504,127 883,153 Public safety 1,412,819 1,655,421 1,378,704 341,368 367,848 Planning and development 595,980 489,589 467,053 564,327 724,499 Community services 1,224,719 307,869 386,824 453,098 442,656 Public works 1,195,703 1,197,069 1,134,630 741,703 1,054,902 Operating grants and contributions 14,587,153 16,829,107 12,213,338 6,187,803 4,259,916 Capital grants and contributions 3,981,286 3,536,444 1,076,145 3,316,153 4,455,060 Total governmental activities program revenues 23,068,702 24,136,639 16,849,232 12,108,579 12,188,034 Business -type activities: Charges for services: Golf course 3,481,424 3,561,857 3,621,495 3,446,340 3,567,718 Capital grants and contributions - 2,872,122 - - - Total business -type activities program revenues 3,481,424 6,433,979 3,621,495 3,446,340 3,567,718 Total Primary Government Program Revenues 26,550,126 30,570,618 20,470,727 15,554,919 15,755,752 Net Revenues (Expenditures): Governmental activities (23,176,031) (29,328,065) (32,937,579) (37,539,184) (49,822,576) Business -type activities (1,490,553) 1,380,619 (752,091) (519,304) (750,745) Total Net Revenues (Expenditures) (24,666,584) (27,947,446) (33,689,670) (38,058,488) (50,573,321) General Revenues and Other Changes in Net Position: Governmental activities: Taxes: Property taxes 9,193,753 8,776,491 8,798,296 15,521,335 15,887,015 Transient occupancy taxes 6,307,737 6,637,183 7,835,745 9,433,970 10,752,788 Sales tax 8,786,819 8,873,008 9,107,046 10,060,305 18,956,985 Franchise taxes 1,688,263 1,861,453 1,799,938 1,815,491 1,977,179 Business license taxes 307,654 306,087 334,465 365,451 345,187 Othertaxes 580,834 530,336 516,964 585,333 718,472 Motor vehicle in lieu, unrestricted 3,291,042 3,486,367 3,651,549 3,813,213 3,941,348 Investment income 2,190,357 1,981,343 2,390,468 442,710 803,654 Net Increase (Decrease) of Investment Fair Value Miscellaneous 243,498 296,346 376,193 460,614 649,566 Special Item (interfund loan payoff) - - - - - Extraordinary gain/loss on dissolution of RDA (6,402,450) - - 7,344,050 3,624,121 Transfers (500,000) (247,739) (115,400) (401,300) (434,000) Total governmental activities 25,687,507 32,500,875 34,695,264 49,441,172 57,222,315 Business -type activities: Investment income 1,567 2,043 4,282 2,028 3,511 Net Increase (Decrease) of Investment Fair Value Miscellaneous 678,046 915,164 218,823 - - Transfers 500,000 247,739 115,400 401,300 434,000 Total business -type activities 1,179,613 1,164,946 338,505 403,328 437,511 Total Primary Government 25,367,120 33,665,821 35,033,769 49,844,500 57,659,826 Changes in Net Position Governmental activities 2,511,476 3,172,810 1,757,685 11,901,988 7,399,739 Business -type activities (310,940) 2,545,565 (413,586) (115,976) (313,234) Total Primary Government 2,200,536 5,718,375 1,344,099 11,786,012 7,086,505 Source r City of La Quinta For fiscal 2018/19, there is a one-time entry for an interfund loan noted as a'special item' under governmental activites and 'miscellaneous' under business type activities. This is also d!cussed in the Notes to Basic Financial Statements section of the 2018/19 CAFR, Note 19: Special Item. 130 192 City of La Quinta Changes in Net Position (Table 2) Last Ten Fiscal Years (Accrual basis of accounting) Fiscal Year 2019 2020 2021 2022 2023 Expenditures: Governmental activities: $ 9,085,863 $ 9,877,251 $ 8,106,209 $ 9,733,224 $ 17,213,248 General government 23,164,976 24,009,725 24,429,310 25,741,782 25,457,350 Public safety 5,913,321 5,845,836 6,508,522 4,716,745 3,146,264 Planning and development 6,202,084 11,362,950 6,958,234 8,439,863 9,550,001 Community services 4,430,519 32,248,031 11,438,197 14,985,480 14,043,797 Public works 210,941 98,049 42,081 11,914 25,504 Interest on long-term debt 49,007,703 83,441,842 57,482,553 63,629,008 69,436,164 Total governmental activities expenditures Business -type activities: 4,558,922 4,148,190 4,169,286 4,746,281 5,520,342 Golf course 4,558,922 4,148,190 4,169,286 4,746,281 5,520,342 Total business -type activities expenditures 53,566,625 87,590,032 61,651,839 68,375,289 74,956,506 Total Primary Government Expenditures Program Revenues: Governmental activities: Charges for services: 516,115 615,348 1,541,535 1,402,810 1,716,965 General government 376,249 367,277 770,760 648,914 555,423 Public safety 636,683 799,040 710,529 1,315,760 1,356,426 Planning and development 479,542 366,896 178,554 137,769 185,979 Community services 1,119,816 1,436,362 1,503,633 3,378,132 2,736,907 Public works 5,623,509 7,817,482 4,413,523 5,786,773 7,136,358 Operating grants and contributions 5,462,395 9,613,752 15,770,048 11,952,031 8,760,788 Capital grants and contributions 14,214,310 21,016,157 24,888,582 24,622,189 22,448,846 Total governmental activities program revenues Business -type activities: Charges for services: 3,773,396 2,746,748 3,509,096 4,679,163 4,767,458 Golf course - - - - - Capital grants and contributions 3,773,396 2,746,748 3,509,096 4,679,163 4,767,458 Total business -type activities program revenues 17,987,706 23,762,905 28,397,678 29,301,352 27,216,304 Total Primary Government Program Revenues Net Revenues (Expenditures): (34,793,394) (62,425,685) (32,593,971) (39,006,040) (46,987,318) Governmental activities (785,526) (1,401,442) (660,190) (67,118) (752,884) Business -type activities (35,578,920) (63,827,127) (33,254,161) (39,073,158) (47,740,202) Total Net Revenues (Expenditures) General Revenues and Other Changes in Net Position: Governmental activities: Taxes: 16,423,843 16,710,544 16,893,629 17,823,858 20,697,081 Property taxes 11,230,915 8,079,394 11,847,139 18,365,424 19,262,569 Transient occupancy taxes 20,905,243 19,136,015 23,323,549 28,204,906 28,888,079 Sales tax 2,032,848 1,996,593 2,055,505 2,240,468 2,375,729 Franchise taxes 418,707 378,744 383,551 446,745 489,738 Business license taxes 713,237 662,545 1,568,997 1,352,585 926,743 Othertaxes 4,086,536 4,290,417 4,376,455 4,663,327 5,110,569 Motor vehicle in lieu, unrestricted 5,150,613 5,110,358 1,427,664 219,164 5,058,717 Investment income (5,727,183) (1,519,171) Net Increase (Decrease) of Investment Fair Value 394,347 1,404,143 1,457,788 943,160 1,432,619 Miscellaneous (5,553,561) - - - - Special Item (intertund loan payoff) 993148 867,792 739,933 609,515 - Extraordinary gain/loss on dissolution of RDA (450:000) (635,200) (875,000) (550,000) (600,000) Transfers 56,345,876 58,001,345 63,199,210 68,591,969 82,122,673 Total governmental activities Business -type activities: 14,958 9,356 13,081 4,329 12,456 Investment income (45,279) 20,665 Net Increase (Decrease) of Investment Fair Value 5,553,561 - - - - Miscellaneous 450,000 6351200 875,000 550,000 600,000 Transfers 6,018,519 644,556 888,081 509,050 633,121 Total business -type activities 62,364,395 5 53Tf 9U,69T,2W 6§,-Ti5T,5fF 82,755,794 Total Primary Government Changes in Net Position 21,552,482 (4,424,340) 30,605,239 29,585,150 35,135,355 Governmental activities 5,232,993 (756,886) 227,891 441,932 (119,763) Business -type activities 26,785,475 (5,181,226) 30,833,130 30,027,082 35,015,592 Total Primary Government 131 193 City of La Quinta Changes in Net Position - Governmental Activities (Table 3) Last Ten Fiscal Years (Accrual basis of accounting) Fiscal Year 2014 2015 2016 2017 2018 Expenses General government $ 4,830,239 $ 5,166,732 $ 5,645,004 $ 5,565,727 $ 8,869,174 Public safety 21,169,423 21,636,149 22,067,603 23,378,824 22,508,088 Planning and development 3,098,015 2,212,013 3,359,732 2,882,321 4,352,134 Community services 4,130,085 5,992,362 6,214,098 6,584,268 9,231,268 Public works 12,610,994 18,116,732 12,157,245 10,927,160 15,580,975 Interest on long-term debt 405,977 340,716 343,129 309,463 1,468,971 Total Governmental Activities Expenditures 46,244,733 53,464,704 49,786,811 49,647,763 62,010,610 Program Revenues Charges for services: General government 71,042 121,140 192,538 504,127 883,153 Public safety 1,412,819 1,655,421 1,378,704 341,368 367,848 Planning and development 595,980 489,589 467,053 564,327 724,499 Community services 1,224,719 307,869 386,824 453,098 442,656 Public works 1,195,703 1,197,069 1,134,630 741,703 1,054,902 Operating grants and contributions 14,587,153 16,829,107 12,213,338 6,187,803 4,259,916 Capital grants and contributions 3,981,286 3,536,444 1,076,145 3,316,153 4,455,060 Total Governmental Activities Program Revenues 23,068,702 24,136,639 16,849,232 12,108,579 12,188,034 Net Revenues (Expenditures) (23,176,031) (29,328,065) (32,937,579) (37,539,184) (49,822,576) General Revenues and Other Changes in Net Position Taxes: Property taxes 9,193,753 8,776,491 8,798,296 15,521,335 15,887,015 Transient occupancy taxes 6,307,737 6,637,183 7,835,745 9,433,970 10,752,788 Sales tax 8,786,819 8,873,008 9,107,046 10,060,305 18,956,985 Franchise tax 1,688,263 1,861,453 1,799,938 1,815,491 1,977,179 Business license taxes 307,654 306,087 334,465 365,451 345,187 Other tax 580,834 530,336 516,964 585,333 718,472 Motor vehicle in lieu, unrestricted 3,291,042 3,486,367 3,651,549 3,813,213 3,941,348 Investment income 2,190,357 1,981,343 2,390,468 442,710 803,654 Net Increase (Decrease) of Investment Fair Value Gain (loss) on sale of capital assets - - 376,193 460,614 649,566 Miscellaneous 243,498 296,346 - - - Special item (interfund loan payoff) Extraordinary gain/loss on dissolution of RDA (6,402,450) - 7,344,050 3,624,121 Transfers (500,000) (247,739) (115,400) (401,300) (434,000) Total Governmental Activities 25,687,507 32,500,875 34,695,264 49,441,172 57,222,315 Changes in Net Position 2,511,476 3,172,810 1,757,685 11,901,988 7,399,739 Source: City of La Quinta 132 194 City of La Quinta Changes in Net Position - Governmental Activities (Table 3) Last Ten Fiscal Years (Accrual basis of accounting) Fiscal Year 2019 2020 2021 2022 2023 $ 9,085,863 $ 9,877,251 $ 8,106,209 $ 9,732,445 $ 17,213,248 23,164,976 24,009,725 24,429,310 25,741,782 25,457,350 5,913,321 5,845,836 6,508,522 4,716,745 3,146,264 6,202,084 11,362,950 6,958,234 8,439,863 9,550,001 4,430,519 32,248,031 11,438,197 14,985,480 14,043,797 210,941 98,049 42,081 11,914 25,504 49,007,703 83,441,842 57,482,553 63,628,229 69,436,164 516,115 615,348 1,541,535 1,402,810 1,716,965 376,249 367,277 770,760 648,914 555,423 636,683 799,040 710,529 1,315,760 1,356,426 479,542 366,896 178,554 137,769 185,979 1,119,816 1,436,362 1,503,633 3,378,132 2,736,907 5,623,509 7,817,482 4,413,523 5,786,773 7,136,358 5,462,395 9,613,752 15,770,048 11,952,031 8,760,788 14,214,310 21,016,157 24,888,582 24,622,189 22,448,846 Expenditures: General government Public safety Planning and development Community services Public works Interest on long-term debt Total Governmental Activities Expenditures Program Revenues: Charges for services: General government Public safety Planning and development Community services Public works Operating grants and contributions Capital grants and contributions Total Governmental Activities Program Revenues (34,793,394) (62,425,685) (32,593,971) (39,006,040) (46,987,318) Net Revenues (Expenditures) General Revenues and other changes in Net Position: Taxes: 16,423,843 16,710,544 16,893,629 17,823,858 20,697,081 Property taxes 11,230,915 8,079,394 11,847,139 18,365,424 19,262,569 Transient occupancy taxes 20,905,243 19,136,015 23,323,549 28,204,906 28,888,079 Sales tax 2,032,848 1,996,593 2,055,505 2,240,468 2,375,729 Franchise tax 418,707 378,744 383,551 446,745 489,738 Business license taxes 713,237 662,545 1,568,997 1,352,585 926,743 Othertax 4,086,536 4,290,417 4,376,455 4,663,327 5,110,569 Motor vehicle in lieu, unrestricted 5,150,613 5,110,358 1,427,664 219,164 5,058,717 Investment income (5,727,183) (1,519,171) Net Increase (Decrease) of Investment Fair Value 394,347 1,404,143 1,457,788 942,381 - Gain (loss) on sale of capital assets - - - - 1,432,619 Miscellaneous (5,553,561) - - - - Special item (interfund loan payoff) 993,148 867,792 739,933 609,515 Extraordinary gain/loss on dissolution of RDA (450,000) (635,200) (875,000) (550,000) (600,000) Transfers 56,345,876 58,001,345 63,199,210 68,591,190 82,122,673 Total Governmental Activities 21,552,482 (4,424,340) 30,605,239 29,585,150 35,135,355 Changes in Net Position 133 195 City of La Quinta Changes in Net Position — Business -type Activities (Table 4) Last Ten Fiscal Years (Accrual basis of accounting) Fiscal Year 2014 2015 2016 2017 2018 Expenses Golf course $ 4,971,977 $ 5,053,360 $ 4,373,586 $ 3,965,644 $ 4,318,463 Total Business -Type Activities Expenditures 4,971,977 5,053,360 4,373,586 3,965,644 4,318,463 Program revenues Charges for services: Golf course 3,481,424 3,561,857 3,621,495 3,446,340 3,567,718 Capital grants and contributions - 2,872,122 - - - Total Business -Type Activities Program Revenues 3,481,424 6,433,979 3,621,495 3,446,340 3,567,718 Net Revenues (Expenditures) (1,490,553) 1,380,619 (752,091) (519,304) (750,745) General Revenues and Other Changes in Net Position Investment income 1,567 2,043 4,282 2,028 3,511 Net Increase (Decrease) of Investment Fair Value - - - - - Miscellaneous 678,046 915,164 218,823 - - Transfers 500,000 247,739 115,400 401,300 434,000 Total Business -Type Activities 1,179,613 1,164,946 338,505 403,328 437,511 Changes in Net Position (310,940) 2,545,565 (413,586) (115,976) (313,234) Source: City of La Quinta 134 196 City of La Quinta Changes in Net Position — Business -type Activities (Table 4) Last Ten Fiscal Years (Accrual basis of accounting) Fiscal Year 2019 2020 2021 2022 2023 Expenditures: $ 4,558,922 $ 4,148,190 $ 4,169,286 $ 4,746,281 $ 5,520,342 Golf course 4,558,922 4,148,190 4,169,286 4,746,281 5,520,342 Total Business -Type Activities Expenditures Program revenues: Charges for services: 3,773,396 2,746,748 3,509,096 4,679,163 4,767,458 Golf course - - - - - Capital grants and contributions 3,773,396 2,746,748 3,509,096 4,679,163 4,767,458 Total Business -Type Activities Program Revenues (785,526) (1,401,442) (660,190) (67,118) (752,884) Net Revenues (Expenditures) General Revenues and Other Changes in Net Position: 14,958 9,356 13,081 4,329 12,456 Investment income - - - (45,279) 20,665 Net Increase (Decrease) of Investment Fair Value 5,553,561 - - - - Miscellaneous 450,000 635,200 875,000 550,000 600,000 Transfers 6,018,519 644,556 888,081 509,050 633,121 Total Business -Type Activities 5,232,993 (756,886) 227,891 441,932 (119,763) Changes in Net Position 135 197 City of La Quinta Fund Balances of Governmental Funds (Table 5) Last Ten Fiscal Years (Modified accrual basis of accounting) Fiscal Year 2014 2015 2016(') 2017 2018 General fund Nonspendable: Prepaid costs $ 1,500 $ 15,653 $ 204,589 $ 10,578 $ 90,657 Land held for resale 8,320,000 8,320,000 8,320,000 8,320,000 8,320,000 Advances to other funds 15,163,183 14,943,098 14,974,800 15,022,660 14,954,085 Deposits 4,830 33,985 - - - Due from Other Governments 34,976,516 26,715,575 25,105,681 29,154,040 29,611,707 Restricted for: Section 115 Trust (Note 11) Committed: Emergency Reserve(2) 16,034,995 15,372,600 15,576,000 16,534,000 - Natural Disaster Reserve(2) - - - - 7,400,000 Economic Disaster Reserve(2) - - - - 8,140,000 Post retirement health benefits(3) 1,523,401 1,523,401 1,523,400 1,523,400 - Capital Replacement Reserve(2) 1,507,429 1,727,390 2,302,000 - 5,000,000 Cash Flow Reserve(2) 2,836,820 3,843,150 3,894,000 4,134,000 5,000,000 Pension Trust(4) - - - - 2,000,000 Carryovers 356,438 476,400 4,274,046 120,000 2,186,500 Assigned: Continuing appropriations 209,000 - - - - Public Safety (Note 14) - 9,371,699 9,754,327 Sales Tax Reserve (Note 14) - 5,169,970 Capital Projects (Note 14) - - - 6,322,570 4,996,815 Unassigned 10,699,641 13, 837, 312 13,822,012 16,949,526 19,199, 506 Total general fund 91,633,753 86,808,564 98,565,571 107,462,473 121,823,567 All other governmental funds Nonspendable: Prepaid costs - - 8,422 10,349 - Restricted: Planning and development projects 5,970,006 13,108,499 18,211,200 22,664,093 22,607,600 Public safety 274,274 301,843 189,988 83,506 342,919 Community services 12,459,516 10,711,704 9,872,124 10,040,222 10,016,652 Public works 1,571,163 1,129,697 1,250,827 1,546,505 2,033,627 Capital Projects 1,590,168 3,873,699 3,597,221 4,490,534 4,203,991 Unassigned (12,370,462) (12,703,744) (11,655,344) (11,423,008) (11,347,062) Total all other governmental funds 9,494,665 16,421,698 21,474,438 27,412,201 27,857,727 Total Governmental Funds 101,128,418 103,230,262 120,040,009 134,874,674 149,681,294 Notes: 0)In Fiscal Year 2016-17, the City recognized property tax held by the County of Riverside as available to fund current obligations and as such the General Fund fund balance was adjusted up by 8,569,043 to 98,565,571. See Note 19 for FY 2016-17 (2) In Fiscal year 2017-18, the City adopted a reserves policy which modifed, added and/ or eliminated reserve category names. Emergency Reserves are now split into Natural Disaster and Economic Disaster, Working Capital Reserve was re -named Cash Flow Reserve, and Capital Replacement and Pension Trust were added. (3) In Fiscal Year 2017-18 the City opened a trust for Other Post Employment Benefits (OPEB), and this reserve was deposited into the trust. See Note 10. (4) In Fiscal Year 2018-19 the City opened a trust for Pension Benefits, and this reserve was deposited into the trust. See Note 11. 136 198 City of La Quinta Fund Balances of Governmental Funds (Table 5) Last Ten Fiscal Years (Modified accrual basis of accounting) Fiscal Year 2019 2020 2021 2022 2023 General fund: Nonspendable: $ 37,182 $ 14,065 $ 25,246 $ 46,990 $ 125,993 Prepaid costs 5,730,990 5,403,652 5,403,652 5,403,652 5,403,652 Land held for resale - - - - - Advances to other funds - - - - - Deposits 27,915,770 26,069,742 24,070,622 21,915,347 19,600,793 Due from Other Governments Restricted for: 6,540,000 10,249,738 11,381,922 10,137,888 5,317,487 Section 115 Trust (Note 11) Committed: - - - - - Emergency Reserve(2) 10,000,000 10,000,000 10,000,000 10,000,000 15,000,000 Natural Disaster Reserve(2) 11,000,000 6,800,000 11,000,000 11,000,000 13,000,000 Economic Disaster Reserve(�) - - - - - Post retirement health benefits(3) 5,000,000 6,540,000 10,000,000 10,000,000 12,000,000 Capital Replacement Reserve(2) 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 Cash Flow Reservelzl - - - - Pension Trust(4) 745,300 1,778,800 1,209,870 1,209,100 2,600,009 Carryovers Assigned: - - - - - Continuing appropriations 9,864,841 10,491,654 11,423,931 11,183,821 11,986,970 Public Safety (Note 14) 7,721,975 8,736,219 15,128,658 15,355,043 29,214,191 Sales Tax Reserve (Note 14) 11,853,162 13,155,144 13,431,089 30,761,847 22,623,372 Capital Projects (Note 14) 16,228,627 19,094,651 24,241,553 33,893,325 44,105,041 Unassigned 117,637,847 123,333,665 142,316,543 165,907,013 185,977,508 Total general fund All other governmental funds: Nonspendable: 386 2,875 1,019 96,590 468 Prepaid costs Restricted: 22,996,435 23,680,641 24,751,443 25,118,552 27,585,913 Planning and development projects 1,391,721 1,607,101 931,352 1,073,419 1,278,307 Public safety 13,775,710 14,376,472 12,813,788 13,159,532 15,711,786 Community services 2,667,401 3,208,072 5,196,324 7,353,021 7,535,519 Public works 3,904,492 3,128,962 3,018,894 6,897,057 9,794,607 Capital Projects (1,852,211) (5,175,243) (3,182,262) (2,483,120) (8,064,140) Unassigned 42,883,934 40,828,880 43,530,558 51,215,051 53,842,460 Total all other governmental funds 160,521,781 164,162,545 185,847,101 217,122,064 239,819,968 Total Governmental Funds 137 199 City of La Quinta Changes in Fund Balances of Governmental Funds (Table 6) Last Ten Fiscal Years (Modified accrual basis of accounting) Fiscal Year 2014 2015 2016 2017 2018 Revenues Taxes $ 27,192,089 $ 26,678,471 $ 28,057,989 $ 41,832,117 $ 44,931,250 Assessments 951,181 940,221 944,050 953,699 950,541 Licenses and permits 953,540 1,356,978 1,161,820 1,118,911 1,394,820 Intergovernmental 16,506,666 15,702,943 14,960,676 4,870,334 12,555,259 Charges for services 1,238,277 1,341,438 1,332,541 1,021,336 1,279,864 Use of money and property 2,175,048 1,950,957 7,475,742 4,659,301 2,388,683 Contributions, fines, and forfeitures 838,972 1,956,452 28,459 348,345 375,390 Developer participation 3,059,254 2,803,681 1,441,075 1,042,568 1,534,628 Miscellaneous 575,001 580,843 992,282 289,047 1,196,057 Total Revenues 53,490,028 53,311,984 56,394,634 56,135,658 66,606,492 Expenditures Current: General government 4,068,827 5,050,425 5,267,024 5,845,197 7,737,111 Public safety 21,189,086 21,664,472 22,125,962 23,377,755 22,508,088 Planning and development 1,748,477 2,097,525 3,294,259 2,549,779 4,310,589 Community services 4,011,432 4,798,123 4,983,038 4,626,401 5,236,083 Public works 4,617,050 5,283,309 4,101,210 4,025,958 4,146,135 Capital projects 7,974,747 11,097,186 7,209,874 6,859,428 9,015,861 Debt service: Principal retirement 558,019 594,383 632,615 651,625 666,988 Interest and fiscal charges 411,010 348,334 346,137 307,600 1,460,371 Total Expenditures 44,578,648 50,933,757 47,960,119 48,243,743 55,081,226 Excess (Deficiency) of Revenues Over (Under) Expenditures 8,911,380 2,378,227 8,434,515 7,891,915 11,525,266 Other financing sources (uses): Proceeds from sale of land - - - - - Transfers in 4,201,763 12,037,331 6,420,538 21,503,514 7,432,340 Transfers out (4,335,679) (12,322,714) (6,614,349) (21,904,814) (7,775,107) Capital Leases 9,000 Total Other Financing Sources (Uses) (133,916) (276,383) (193,811) (401,300) (342,767) Extraordinary gain/loss on dissolution of RDA (6,402,450) 7,344,050 3,624,121 Special item (interfund loan payoff) - - - - - Net Change in Fund Balances 2,375,014 2,101,844 8,240,704 14,834,665 14,806,620 Debt Service as a Percentage of Noncapital Expenditures (1) 2.6% 2.2% 2.4% 2.5% 3.3% Notes: (')The capitalizable expenditures were derived from the Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds and Note 4, Capital Assets. 138 200 City of La Quinta Changes in Fund Balances of Governmental Funds (Table 6) Last Ten Fiscal Years (Modified accrual basis of accounting) Fiscal Year 2019 2020 2021 2022 2023 Revenues: $ 48,462,493 $ 44,881,038 $ 53,493,786 $ 65,107,160 $ 67,267,115 Taxes 961,633 957,017 984,435 969,257 981,315 Assessments 1,555,026 1,913,519 2,020,596 4,521,449 3,994,989 Licenses and permits 14,075,980 17,107,595 25,720,328 15,989,135 16,353,942 Intergovernmental 1,170,825 1,179,592 964,710 1,623,951 1,558,784 Charges for services 4,824,651 5,219,088 2,601,482 (3,545,192) 4,592,365 Use of money and property 375,491 665,193 779,606 657,589 563,494 Contributions, fines, and forfeitures 2,231,471 1,863,587 1,844,665 5,584,146 4,216,121 Developer participation 2,425,675 1,371,095 645,780 970,399 2,602,248 Miscellaneous 76,083,245 75,157,724 89,055,388 91,877,894 102,130,373 Total Revenues Expenditures Current: 10,129,408 7,732,495 8,464,230 10,515,771 20,967,405 General government 23,164,976 24,009,725 24,429,310 25,741,782 25,457,350 Public safety 6,415,466 5,436,281 6,544,477 5,234,065 6,503,091 Planning and development 5,944,200 6,159,707 5,583,420 6,325,904 8,063,457 Community services 4,219,461 5,421,606 5,287,280 5,654,080 6,470,613 Public works 9,096,460 23,150,511 18,219,385 7,167,446 14,180,312 Capital projects Debt service: 650,000 - - 10,705 10,764 Principal retirement 178,080 28,868 15,133 11,914 25,504 Interest and fiscal charges 59,798,051 71,939,193 68,543,235 60,661,667 81,678,496 Total Expenditures Excess (Deficiency) of Revenues Over (Under) 16,285,194 3,218,531 20,512,153 31,216,227 20,451,877 Expenditures Other financing sources (uses): - - 1,219,485 - - Proceeds from sale of land 12,942,596 16,467,409 10,781,267 6,131,440 10,079,550 Transfers in (13,826,890) (16,912,971) (11,568,281) (6,681,440) (10,679,550) Transfers out Capital Leases (884,294) (445,562) 432,471 (550,000) (600,000) Total Other Financing Sources (Uses) 993,148 867,792 739,933 609,515 Extraordinary gain/loss on dissolution of RDA (5,553,561) - - - Special item (interfund loan payoff) 10,840,487 3,640,761 21,684,557 31,275,742 19,851,877 Net Change in Fund Balances Debt Service as a Percentage of Noncapital 2.03% 0.06% 0.03% 0.06% 0.06% Expenditures i'i 139 201 City of La Quinta Tax Revenue by Source (Table 7) Last Ten Fiscal Years Fiscal Property Transient Business Document Year Tax(i) Occupancy Tax Sales Tax Franchise Tax License Tax Transfer Tax Total 2014 9,193,753 6,307,737 8,786,819 1,688,263 307,654 580,834 26,865,060 2015 8,776,491 6,637,183 8,873,008 1,861,453 306,087 530,336 26,984,558 2016 8,798,296 7,835,745 9,107,046 1,799,938 334,465 516,964 28,392,454 2017 15,521,335 9,433,970 10,060,305 1,815,491 365,451 585,333 37,781,885 2018 15,887,015 10,752,788 18,956,985 1,977,179 345,187 718,472 48,637,626 2019 16,423,843 11,230,915 20,905,243 2,032,848 418,707 713,237 51,724,793 2020 16,710,544 8,079,394 19,136,015 1,996,593 378,744 662,545 46,963,835 2021 16,893,629 11,847,139 23,323,549 2,055,505 383,551 1,568,997 56,072,370 2022 17,823,858 18,365,424 28,204,906 2,240,468 446,745 1,352,585 68,433,986 2023 20,697,081 19,262,569 28,888,079 2,375,729 489,738 926,743 72,639,939 Tax Revenue by Source i 80,000,000 70,000,000 60,000,000 50,000,000 - 40,000,000 - 30,000,000 20,000,000 10,000,000 / 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 ■ Property Tax(1) ■ Transient Occupancy Tax ■ Sales Tax ■ Franchise Tax ■ Business License Tax ■ Document Transfer Tax Notes: (1) Starting in 2017, the revenue collected by the County that is remitted to the City for fire services is included in the property tax number. Source: City of La Quinta 140 202 City of La Quinta Top 25 Bradley -Burns Sales Tax Producers (Table 8) Current Year and Nine Years Ago (in dollars) Fiscal Year 2022-23 Fiscal Year 2013-14 Business Name (') Business Category Business Name (1) Business Category Arco AM PM Service Stations Arco AM/PM Service Stations Best Buy Electronics/Appliance Stores Bed Bath & Beyond Home Furnishings Circle K Service Stations Best Buy Electronics/Appliance Stores Cliffhouse Fine Dining Chevrolet Cadillac of La Quinta New Motor Vehicle Dealers Costco Discount Dept. Stores Circle K Service Stations Floor & Decor Building Materials Cliffhouse Fine Dining G&M Oil Service Stations Costco Discount Dept. Stores Genesis/Hyundai of La Quinta New Motor Vehicle Dealers G & M Oil Service Stations Hobby Lobby Specialty Stores Hyundai of La Quinta New Motor Vehicle Dealers Home Depot Building Materials Home Depot Building Materials In N Out Burger Quick -Service Restaurants Kohl's Department Stores Kohl's Department Stores La Quinta Resort & Club Hotels -Liquor La Quinta Chevrolet & Cadillac New Motor Vehicle Dealers Lowe's Building Materials La Quinta Resort & Club Hotels/Motels Marshalls Family Apparel Lowe's Building Materials Ralphs Grocery Stores Marshalls Family Apparel Ross Family Apparel PGA West Private Clubhouse Leisure/Entertainment Stater Bros Grocery Stores Ross Family Apparel Stein Mart Department Stores Target Discount Dept. Stores Stuft Pizza Bar & Grill Casual Dining TJ Maxx Family Apparel Target Discount Dept. Stores Torre Nissan New Motor Vehicle Dealers Torre Nissan New Motor Vehicle Dealers Tower Mart Service Stations Tower Mart Service Stations Ulta Beauty Specialty Stores USA Gas Service Stations Vons Grocery Stores Vintners Shell Station Service Stations Walmart Supercenter Discount Dept. Stores Walmart Supercenter Discount Dept. Stores Percent of Fiscal Year Total Paid by Top 25 Accounts: 64.81 % Percent of Fiscal Year Total Paid by Top 25 Accounts: 69.44% Combined Sales Tax Revenue (in millions) $0 i I I I I I I I I 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Notes: (1) Firms are listed alphabetically. State law does not allow for the disclosure of the sales tax revenue amounts by account. Top 25 businesses listed for state Bradley -Burns sales tax allocation only. For Top 25 business listings by local Measure G, see next page. Sales tax revenue chart includes total remitted for both. 141 203 This page intentionally left blank. 204 Fiscal Year 2022-23 Business Name l'l Business Category Amazon Fulfillment Services General Merchandise Amazon MFA General Merchandise Best Buy Electronics/Appliance Stores Circle K Service Stations Costco Discount Dept. Stores Dept. of Motor Vehicles Allocation Used Automotive Dealers Desert European Motor Cars New Motor Vehicle Dealers Ferrari of San Francisco New Motor Vehicle Dealers Floor & Decor Building Materials G & M Oil Service Stations Home Depot Building Materials Kohl's Department Stores La Quinta Resort & Club Hotels/Motels Lowe's Building Materials Marshalls Family Apparel Mathis Brothers Furniture Home Furnishings PGA West Private Clubhouse Leisure/Entertainment Ross Family Apparel Target Discount Dept Stores Tesla Motors New Motor Vehicle Dealers TJ Maxx Family Apparel Tower Mart Service Stations Verizon Wireless Electronics/Appliance Stores Vons Grocery Stores Walmart Supercenter Discount Dept. Stores Percent of Fiscal Year Total Paid by Top 25 Accounts: 44.41 % City of La Quinta Top 25 Measure G Sales Tax Producers (Table 9) Current Year and Nine Years Ago (in dollars) Fiscal Year 2013-14 Business Name Business Cateaory Measure G was passed in November 2016 and implemented on April 1, 2017. Ten-year is data not available. Notes: (1) Firms are listed alphabetically. State law does not allow for the disclosure of the sales tax revenue amounts by account. Source: HdL, Coren & Cone 142 205 Apparel stores General merchandise Food stores Eating and drinking places Building materials Auto dealers and supplies Service stations Other retail stores All other outlets Total Other retail 12% Service st. 6% Au City of La Quinta Taxable Sales by Category(l) (Table 10) Last Ten Calendar Years (in thousands) Calendar Year 2013 2014 2015 2016 2017 $ 25,741 $ 25,461 $ 25,115 $ 26,280 $ 31,822 223,324 216,871 208,189 206,808 222,767 26,394 25,748 22,845 25,359 25,964 97,662 101,647 106,216 115,974 117,064 68,606 73,087 75,658 78,299 83,383 72,839 84,826 87,440 83,010 81,264 52,093 47,541 40,777 34,566 37,558 100,811 101,721 105,284 107,648 104,834 142,049 150,746 155,173 172,135 180,360 809,519 827,648 826,697 850,079 885,016 Taxable Sales Calendar Year 2012 n--I t-- 9% merchandise 28% :ood stores 3% <ing places 12% Notes: (1) Due to confidentiality issues preventing the disclosure of the largest sales tax payers by business name, this categorical list has been provided as an alternative source of information regarding the City of La Quinta's sales tax revenue. Source: HdL. Coren & Cone 143 206 City of La Quinta Taxable Sales by Category (Table 10) Last Ten Calendar Years (in dollars) Calendar Year 2018 2019 2020 2021 2022 $ 34,508 $ 33,937 $ 24,929 $ 38,612 $ 39,992 232,147 235,969 235,841 274,045 300,399 26,126 26,191 30,610 30,350 32,324 122,255 132,184 100,187 149,526 169,175 86,569 89,036 111,231 128,048 135,282 82,702 85,401 78,189 105,011 100,165 42,164 42,998 33,742 46,985 56,830 114,980 111,239 101,620 140,854 139,870 210,360 220,260 222,916 260,247 298,944 951,811 977,215 939,265 1,173,678 1,272,981 Other retail 11% Service: 4°G Taxable Sales Calendar Year 2021 A-rol cf-- Building materials 11% Apparel stores General merchandise Food stores Eating and drinking places Building materials Auto dealers and supplies Service stations Other retail stores All other outlets Total andise d stores 3% drinking places 13% 144 207 City of La Quinta Assessed Value of Taxable Property (Table 11) Last Ten Fiscal Years (in dollars) City of La Quinta, Tax District 02-2375 Fiscal Year Ended Unsecured Home Owner Taxable Assessed Direct Rate June 30, Residential Commercial Agriculture(4) Other 19 Property (2) Exemptionlsl Value (3) 2014 8,959,562,854 743,340,208 20,374,889 945,004,639 108,387,013 (167,489,253) 10,776,669,603 1.0000 2015 10,116,938,804 1,061,204,501 65,769,114 77,926,274 106,672,900 (49,232,400) 11,379,279,193 1.0000 2016 10,634,834,332 1,088,406,355 64,533,443 79,120,572 113,142,376 (49,130,200) 11,930,906,878 1.0000 2017 11,071,273,174 1,195,736,674 57,463,638 71,281,946 110,768,767 (49,088,200) 12,457,435,999 1.0000 2018 11,462,635,317 1,227,709,957 59,538,912 61,350,883 105,984,928 (49,700,000) 12,867,519,997 1.0000 2019 11,869,224,686 1,288,839,436 61,861,498 85,526,307 95,584,154 (49,298,200) 13,351,737,881 1.0000 2020 12,394,924,833 1,292,239,063 91,242,090 139,850,650 110,001,629 (47,938,800) 13,980,319,465 1.0000 2021 12,962,202,378 755,379,455 62,798,676 537,520,834 89,135,215 (47,271,000) 14,359,765,558 1.0000 2022 13,470,995,430 758,841,326 59,428,116 816,367,506 104,233,962 (46,243,400) 15,163,622,940 1.0000 2023 14,665,975,863 823,683,645 65,165,909 1,047,386,146 110,581,331 (45,703,000) 16,667,089,894 1.0000 $17,000 $16,000 $15,000 $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Taxable Assessed Value (in millions) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Notes: (1) Other includes dry farm, government owned, institutional, irrigated, miscellaneous, recreational, vacant, cross reference, and unknown. Starting in 2016, prior years 2007 through 2015 were adjusted to match current reporting categories for consistency. 121 Prior years 2012 through 2015 adjusted to match current reportingg for consistency. 131 In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1 % based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2 % ). With few exceptions, property is only re -assessed at the time that it is sold to a new owner; at which time the new assessed value is the purchase price of the property sold. The assessed valuation data shown above represents only the data currently available with respect to the actual market value of taxable property and is subject to the limitations described above. (4) In 2016 (and going forward) data will be obtained from California Municipal and The Auditor -Controller's Office. The existing column headers were slightly modified to accommodate the property type classifications. The column labeled agriculture was formerly "industrial". (5) Prior to 2015, this column also included Exempt Property Valuations Source:: Cal Muni; County of Riverside Assessor Combined Tax Rolls Equalized Auditor and Assessor's Net; Riverside County Auditor -Controller 145 208 City of La Quinta Direct and Overlapping Property Tax Rates (Table 12) Last Ten Fiscal Years (Rate per $100 of assessed value) City Non -Project Area 20110) 2015(1) 2016(') 2017(') 2018 2019 2020 2021 2022 2023 Direct Rates: City of La Quinta 0.0760 0.0760 0.0760 0.0760 0.0760 0.0646 0.0646 0.0646 0.0646 0.0646 ERAF Share of La Quinta General Fund 0.0000 0.0000 0.0000 0.0000 0.0000 0.0113 0.0113 0.0113 0.0113 0.0113 Redevelopment Agency Project Area 1 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 Redevelopment Agency Project Area 2 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 County of Riverside 0.1958 0.1958 0.1958 0.1958 0.1958 0.0978 0.0978 0.0978 0.0978 0.0978 ERAF Share of County 0.0000 0.0000 0.0000 0.0000 0.0000 0.0980 0.0980 0.0980 0.0980 0.0980 County Free Library 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 County Structure Fire Protection 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 Coachella Valley Unified School District 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 Desert Sands Unified School 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 Desert Community College District 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 Riverside County Office of Education 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 Riverside County Regional Park & Open Spec( 0.0039 0.0039 0.0039 0.0040 0.0040 0.0040 0.0040 0.0040 0.0040 0.0040 CV Public Cemetery 0.0031 0.0031 0.0031 0.0031 0.0031 0.0032 0.0032 0.0032 0.0032 0.0032 CV Mosquito & Vector Control 0.0127 0.0127 0.0126 0.0126 0.0126 0.0126 0.0127 0.0127 0.0127 0.0127 Desert Recreation District 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 CVWD State Water Project 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 CV Resource Conservation 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 CVWD Improvement District 1 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 CVWD Storm Water Unit 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 Total Direct Rate 131 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 Tax Rate Area 020-005 020-005 020-005 020-160 020.160 020-160 020.160 020-160 020-160 020-160 Overlapping Rates j4) : Coachella Valley Unified School District 0.1492 0.1492 0.1322 0.1660 0.1761 0.1495 0.1488 0.1455 0.1367 0.1345 Desert Sands Unified School 0.1095 0.1098 0.1092 0.0860 0.0725 0.0742 0.0738 0.0739 0.0750 0.0750 Coachella Valley Water District 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1100 0.1100 Desert Community College District 0.0200 0.0233 0.0209 0.0204 0.0403 0.0398 0.0398 0.0395 0.0395 0.0395 Total Overlapping Rate 0.3787 0.3823 0.3622 0.3724 0.3889 0.3635 0.3624 0.3589 0.3611 0.3590 Total Direct and Overlapping Rate 1.3787 1.3823 1.3622 1.3724 1.3889 1.3635 1.3625 1.3589 1.3612 1.3590 Notes: )1) Direct rate from Tax Rate Area (TRA) 020-160 and overlapping rates provided by HdL, Coren & Cone; data source Riverside County Assessor 2012/13-2021/22 Annual Tax Increment (Rate) Tables. (2) Direct rate taken from an analysis of the TRA in the project area and does not include State ERAF deductions and overlapping rates provided by California Municipal Statistics )3) In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00 % fixed amount for direct taxes. This 1 % is shared by all taxing agencies for which the subject property resides within. )4) Overlapping rates are based upon a single tax rate area only. Source: County of Riverside Auditor Controller's Office,- HdL, Coren & Cone 146 209 City of La Quinta Principal Property Taxpayers (Table 13) Current Year and Nine Years Ago (in dollars) Fiscal Year 2022-23 Percent of Total City Taxable Taxable Assessed Assessed Taxpayer Rank Value (') Value Rank HP LQ Investment LP 1 $ 211,499,603 1.27% The Hideaway Club 2 54,306,131 0.33% Inland American La Quinta Pavilion 3 51,784,882 0.31% 4 HJ CG Partners 4 51,774,167 0.31% Hawthorn II Propco 5 47,159,732 0.28% Mediterra La Quinta Owner LLC 6 37,588,387 0.23% CM Wave Dev 7 36,155,993 0.22% Walmart Real Estate Business Trust 8 32,998,572 0.20% 8 SilverRock Phase I LLC 9 32,580,882 0.20% Aventine Dev 10 28,217,348 0.17% 9 LQR Golf LLC - 1 TD Desert Development LP 2 East Of Madison 3 Coral Option 1 5 Lennar Homes of California 6 Town and Country Partners 7 Costco Wholesale Corp - 10 Total $ 584,065,697 3.50% Principal Property Tax Payers FY 2022-23 SilverRock Phase I LLC Walmart Real Estate Busines CM Wavel Mediterra La Qui Owner LLC Hawthorn II Pr Inland American La Quinta Pavilion Fiscal Year 2013-14 Percent of Total City Taxable Taxable Assessed Value Assessed (1) 11 i1 . - v.vv io 0.00% 44,267,502 0.41% - 0.00% 0.00% 0.00% - 0.00% 28,905,663 0.27% - 0.00% 24,316,859 0.23% 187,262,071 1.74% 66,184,018 0.61% 52,669,611 0.49% 43,458,609 0.40% 30,530,804 0.28% 30,170,000 0.28% 22,877,221 0.21 % 530,642,358 4.92% HP LQ Investment LP ub (1) Taxable valuations include secured and unsecured Source: HdL, Coren & Cone; Riverside County Assessor 2013114 and 2022123 Combined Tax Rolls and the SBE Non -Unitary Tax Roll (Preliminary) 147 210 City of La Quinta Property Tax Levies and Collections (Table 14) Last Ten Fiscal Years (in dollars) Collections within the Fiscal Year of Levy Total Collections to Date Taxes Levied Collections in Fiscal Year Ended for the Fiscal Subsequent Percent of June 30 Year M Amount Percent of Levy Years (2) Amount (3) Levy 2014 5,814,571 5,808,387 99.89% 202,342 6,010,729 103.37% 2015 5,965,704 6,100,655 102.26% 170,306 6,270,961 105.12% 2016 6,657,414 6,420,215 96.44% 194,668 6,614,883 99.36% 2017 6,764,963 6,592,548 97.45% 137,921 6,730,469 99.49% 2018 6,868,411 6,717,291 97.80% 116,182 6,833,473 99.49% 2019 6,934,311 6,736,814 97.15% 126,876 6,863,690 98.98% 2020(4) 7,058,939 6,777,777 96.02% 156,792 6,934,570 98.24% 2021 7,139,091 6,891,637 96.53% 106,190 6,997,827 98.02% 2022 7,291,506 7,140,010 97.92% 163,569 7,303,579 100.17% 2023 7,925,552 7,845,743 98.99% 118,092 7,963,835 100.48% $8 $7 $6 $5 $4 $3 $2 $1 $0 Property Tax Collections (in millions) 2014 2015 2016 2017 2018 2019 2020(4) 2021 2022 2023 Notes: (1) Taxes Levied. The total tax levy is based on the Statement of Original Charge from the Riverside County Auditor -Controller Office. The amount presented include City property taxes for tax districts 02-2374 and 02-2375 and are not inclusive of the redevelopment increment values. (2) Collections in Subsequent Years. The City participates in the Riverside County Teeter program; the secured taxes are remitted in a series of advances and settlement payments, the last of which is not received by the City until October of the subsequent year. (3) Collections to Date. The total amount does not include any apportionment adjustments that are the result of successful appeals of a taxpayer assessed valuation, escaped bills, refunds, or any other adjustments made by the County Auditor -Controller. As such, the percentage of the levy collected may be higher or lower than expected. Additionally, the increment values of the former Redevelopment Agency are allocated through a waterfall distribution process in accordance with California Health and Safety Code 34183 and 34188, and are not reflected on the Statement of Original Charge. (4)The statement of original charge that was posted on the the Auditor-Conroller (ACO) website had not been updated at time of publishing the 19/20 CAFR. The number reported in the'taxes levied' column has now been adjusted to accurately reflect the ACO number, which subsequently changed the percent collected as well. Source: County of Riverside Auditor Controller's Office 148 211 Governmental Activities: Leases Financed Purchases USDA Loan Provident Savings Loan Notes Payable- Eisenhower Drive Property Subscription IT Liabilities City Hall Lease Revenue Bonds Total Governmental Business -type Activities: Leases(i) Total Business -Type Activities City of La Quinta Ratios of Outstanding Debt by Type (Table 15) Last Ten Fiscal Years (in dollars) Fiscal Year Ended 2014 2015 2016 2017 2018 $ 129,063 $ 103,869 $ 155,395 $ 530,163 $ 667,035 686,345 668,933 649,698 628,448 1,405, 755 1,367,344 1,325,596 1,280, 221 - - - - 2,250,000 1,125,000 2,930,000 2,405,000 1,850,000 1,265,000 650,000 Total Primary Government 5,151,163 4,545,146 3,980,689 5,953,832 2,442,035 Population - State Department of Finance January 1 39,032 39,694 39,977 40,677 41,204 Number of Households 23,871 24,150 24,432 24,544 24,643 Median Household Income 109,365 97,526 99,157 104,749 107,447 Percentage of Personal Income 0.20% 0.19% 0.16% 0.23% 0.09% Debt Per Capita 132 115 100 146 59 Notes: (1) Details regarding the City's outstanding debt can be found in the notes to the financial statements. Leases for business -type activities were added in FY 2022 as a result of GASB 87. Subscription IT Liabilities for governmental activities were added in FY 2023 as a result of GASB 96. (2) Taxonomy changed from capital lease to leases Source: City of La Quinta; HDL, Coren & Cone 149 212 City of La Quinta Ratios of Outstanding Debt by Type (Table 15) Last Ten Fiscal Years (in dollars) Fiscal Year Ended 2019 2020 2021 2022 2023 Governmental Activities: $ 757,971 $ 761,790 $ 418,050 $ 162,648 $ 53,111 Leases(2) - - 41,225 22,079 551 Financed Purchases - - - USDA Loan Provident Savings Loan Notes Payable- Eisenhower Drive Property 495,674 Subscription IT Liabilities(') - - - - - City Hall Lease Revenue Bonds 757,971 761,790 459,275 184,727 549,336 Total Governmental Business -type Activities: - - - 565,837 315,520 Leases(l) - - - 565,837 315,520 Total Business -Type Activities 757,971 761,790 459,275 750,564 864,856 Total Primary Government 40,389 40,660 41,247 37,860 37,979 Population - State Department of Finance January 1 24,764 24,957 25,177 23,796 24,233 Number of Households 117,802 120,097 121,816 119,479 130,398 Median Household Income 0.03% 0.00% 0.01% 0.03% 0.03% Percentage of Personal Income 19 - 11 20 23 Debt Per Capita 160 140 120 100 80 60 40 20 2014 2015 Debt Per Capita 146 2016 2017 2018 2019 2020 2021 2022 2023 150 213 City of La Quinta Ratio of General Bonded Debt Outstanding (Table 16) Last Ten Fiscal Years (in dollars) Outstandina General Bonded Debt (') Fiscal Year City Hall Percent of Per Median Ended June Lease Local Agency Tax Allocation Assessed Household 30, Obligation Bonds Bonds Total Value (2) Income 2014 2,930,000 2,930,000 0.03% 27 2015 2,405,000 2,405,000 0.02% 20 2016 1,850,000 1,850,000 0.02% 45 2017 1,265,000 1,265,000 0.01% 31 2018 650,000 - 650,000 0.01% 6 2019 - - - 0.00% 2020 - - 0.00% 2021 - - 0.00% 2022 - - 0.00% 2023 - - 0.00% General Bonded Debt as a Percent of Assessed Value 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Notes: (1) General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enterprise funds (of which the City has none) (2) Assessed value has been used because the actual value of taxable property is not readily available in the State of California. Source: City of La Quinta 151 214 Total Assessed Valuation I'I $ 16,712,792,894 Overlapping Debt (3) Overlapping Tax and Assessment Debt Desert Community College District Coachella Valley Unified School District Desert Sands Unified School District (DSUSD) DSUSD Community Facilities District No. 1 Coachella Valley Water District Assessment District 68 Total Overlapping Tax and Assessment Debt Overlapping General Fund Debt Riverside County General Fund Obligations Riverside County Pension Obligations Coachella Valley Unified School District Certificates of Participation (COP) Desert Sands Unified School District COP Desert Recreation District General Fund Obligations Total Overlapping General Fund Debt Overlapping Tax Increment Debt Successor Agencies Total Overlapping Tax Increment Debt Total Gross Overlapping Debt Less: Riverside County Supported Obligations Total Net Overlapping Debt Direct General Fund Debt City of La Quinta General Fund Obligations Total Direct General Fund Debt Total Net Combined Direct and Overlapping Debt City of La Quinta Direct and Overlapping Debt (Table 17) June 30, 2023 (in dollars) Percentage Outstanding Debt Estimated Share of Applicable (2) 6/30/23 Overlapping Debt 16.51 % $ 486,615,000 $ 80,354,735 50.87 % 217,263,949 110,526,516 20.32% 365,405,000 74,253,950 88.91 % 445,000 395,658 86.46% 665,000 574,926 266,105,785 4.62% $ 686,776,829 $ 31,694,751 4.62% 748,540,000 34,545,121 50.87% 37,188, 380 18,918,473 20.32% 13,785,000 2,801,250 26.86% 1,389, 522 373,281 88,332,876 12.99%-100% 459,067,321 282,940,743 Notes: I'ITotal assessed valuation is from the Equalized Assessor reportwhich includes homeowner exemptions. 637,379,404 637,379,404 $ 549,336 549,336 549,336 D W1,92?3,14U (2) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of the overlapping district's taxable assessed value that is within the city's boundaries divided by the district's total taxable assessed value (3) Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should betaken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt of each overlapping government. 152 215 Assessed valuation (1) Conversion Percentage Adjusted assessed valuation(2) Debt limit percentage "I Debt limit Total net debt applicable to limit General obligation bonds (3) Legal debt margin Total debt applicable to the limit as a percentage of debt limit City of La Quinta Legal Debt Margin Information (Table 18) Last Ten Fiscal Years (in dollars) Fiscal Year 2014 2015 2016 2017 2018 $ 10,726,752,603 $ 11,369,346,292 $ 11,930,906,878 $ 12,457,435,999 $ 12,867,519,997 25% 25% 25% 25% 25% 2,681,688,151 2,842,336,573 2,982,726,720 3,114,359,000 3,216,879,999 15% 15% 15% 15% 15% 402,253,223 426,350,486 447,409,008 467,153,850 482,532,000 $ 402,253,223 $ 426,350,486 $ 447,409,008 $ 467,153,850 $ 482,532,000 0.0% 0.0% 0.0% 0.0% 0.0% Notes: O)Assessed Valuation is from the Equalized Auditor's Net report which excludes the homeowner exemptions (2) Section 43605 of the Government Code of the State of California limits the amount of indebtedness for public improvements to 15% of the gross assessed valuation or property. However, this provision was enacted when assessed valuation was based on 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State. This is the equivalent of 3.75% of the full assessed value. (3) The City of La Quinta has no general bonded indebtedness 153 216 City of La Quinta Legal Debt Margin Information (Table 18) Last Ten Fiscal Years (in dollars) Fiscal Year 2019 2020 2021 2022 2023 $ 13,351,737,881 $ 13,980,319,465 $ 14,359,765,558 $ 15,163,622,940 $ 16,667,089,894 Assessed valuation l 25% 25% 25% 25% 25% 3,337,934,470 3,495,079,866 3,589,941,390 3,790,905,735 4,166,772,474 15% 15% 15% 15% 15% Debt limit percentage V) 500,690,171 524,261,980 538,491,208 568,635,860 625,015,871 Debt limit Total net debt applicable to limit - - - - - General obligation bonds (3) $ 500,690,171 $ 524,261,980 $ 538,491,208 $ 568,635,860 $ 625,015,871 Legal debt margin Total debt applicable to the limit 0.0% 0.0% 0.0% 0.0% 0.0% as a percentage of debt limit 154 217 City of La Quinta Pledged -Revenue Coverages�1 (Table 19) Last Ten Fiscal Years (in dollars) Local Agency Revenue Bonds (City Hall Project) Less Other Fiscal Year Lease Debt Net Lease Debt Service Coverage Ended June 30, Revenue (2) Payments Revenue Principal Interest Ratio (3) 2014 671,351 - 671,351 495,000 176,351 1.00 2015 673,046 - 673,046 525,000 148,046 1.00 2016 673,075 - 673,075 555,000 118,076 1.00 2017 671,441 - 671,441 585,000 86,441 1.00 2018 668,141 - 668,141 615,000 53,141 1.00 2019 668,038 - 668,038 650,000 18,038 1.00 2020 - - - - - - 2021 - - - - 2022 - - - - 2023 - - - - Notes: (1) Details regarding the city's outstanding debt can be found in the notes to the financial statements. The City of La Quinta has no general bonded indebtedness. (2) Lease revenue consist of payments from the City General Fund and Civic Center Development Impact Fee Fund. (3) Coverage ratio is a measure of the City's ability to meet its obligation. A ratio of greater than or equal to one indicates that sufficient revenue has been generated to satisfy the debt service requirements. The ratio is calculated as total available revenue (net lease revenue) divided by total debt service requirements (principal and interest) . Source: City of La Quinta 155 218 City of La Quinta Demographic and Economic Statistics (Table 20) Last Ten Calendar Years Calendar Year Sources 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 City Land (Sq Miles) (3) 35.16 35.71 35.71 35.71 35.71 35.71 35.71 35.71 35.71 35.71 Population (1)(3) 38,689 39,240 39,769 40,065 40,217 40,389 40,660 41,247 37,860 37,979 Mean Household Income (in dollars) (4) $109,365 $97,526 $99,157 $104,749 $107,447 $117,802 $120,097 $121,816 $119,479 $130,398 Number of Dwelling Units (1) 23,871 24,150 24,432 24,544 24,643 24,764 24,957 25,177 23,796 24,233 Persons per Household (1) 2.59 2.60 2.62 2.64 2.63 2.68 2.60 2.60 2.60 2.34 Per Capita Income (3) $42,226 $37,510 $37,846 $39,288 $39,999 $42,931 $46,248 $47,986 $52,632 $53,899 Labor Force (2) 16,983 17,483 18,033 18,617 18,917 19,142 19,267 19,083 19,850 19,942 Employment (2) 16,000 16,675 17,175 17,533 18,000 18,308 17,800 17,483 18,892 19,175 Unemployment Rate (2) 5.79 % 4.62 % 4.76 % 5.82 % 4.85 % 4.36 % 7.61 % 8.44 % 4.83 % 3.85 % Median age (3) 44.8 45.1 45.3 45.7 46 46.4 47.1 47.9 48.6 49.6 Mean Household Income $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Number of Dwelling Units 27,000 24,500 22,000 19,500 17,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unemployment Rate 2023 1 2022 2021 2020 2019 2018 2017 2016 2015 2014 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% Per Capita Income and Unemployment $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -Per Capita Income -Unemployment Rate Sources. (1) State of California Department of Finance; State of California, Department of Finance, E-5 Population and Housing Estimates for Cities, Counties and the State, Sacramento, California, released May 2022. The estimates incorporate 2020 Census counts. (2) State of California Employment Development Department Website. Previous years' data updated in 2018/19 to utilize 12-month average and final numbers. Rise in average unemployment rate for 2019/20 was due to double digit unemployment at end of fiscal year due to the Coronavirus pandemic. (3) HdL, Coren & Cone (4) Mean Household Income from US Census Bureau report Table S1901. Previously, calculated using "Persons per Household" mulitplied by "Per Capita Income". Starting in 2017, data is from the US Census Bureau American Fact Finder. 156 219 City of La Quinta Principal Employers (Table 21) Current Year and Nine Years Ago Fiscal Year 2022-23 Fiscal Year 2013-14 Percent of Percent of Number of Total Number of Total Employer Activity Employees Employment Rank Employees Employment (')Desert Sands Unified School District Government 1 1000-4999 5.01-25.07% 3 1,180 7.92 % (2)PGA West and Citrus Club Golf Resort 1 1000-4999 5.01-25.07% 2 1,198 8.04% La Quinta Resort Golf Resort 3 500-999 2.51-5.01% 1 1,250 8.39% Costco Retailer 2 250-499 1.25-2.50% 5 246 1.65% Wal-Mart Super Center Retailer 2 250-499 1.25-2.50% 4 352 2.36% Eisenhower George & Julia Argyros Center Healthcare 3 100-249 0.50-1.25% Hideaway Club Golf Resort 3 100-249 0.50-1.25% Home Depot Retailer 3 100-249 0.50-1.25% 7 168 1.13% Homesmart Professionals Real Estate 3 100-249 0.50-1.25% Kohl's Retailer 3 100-249 0.50-1.25% Lowe's Retailer 3 100-249 0.50-1.25% 8 153 1.03% Madison Club Golf Resort 3 100-249 0.50-1.25% Quarry at La Quinta Golf Resort 3 100-249 0.50-1.25% Rancho La Quinta Golf Resort 3 100-249 0.50-1.25% 6 175 1.17 % Stater Bros Retailer 3 100-249 0.50-1.25% 10 114 0.77 % Target Retailer 3 100-249 0.50-1.25% Traditions Properties Golf Resort 3 100-249 0.50-1.25% Total employment listed 4,200-14,983 21.06-75.13% 5,077 34.07% Total City Employment - July 1 19,942 14,900 Notes: For fiscal year 2022-23, the City has changed the formatting of employment reporting to reflect a category'range' that businesses fall into, rather than an exact number. It was becoming increasingly difficult to obtain employment numbers from some local establishments as this is considered proprietary information. Additionally, this data format matches what is reported by the EDD and sourced from Data Axle. Reporting in this manner reflects the true seasonality of many of the jobs in our community, as employment at many of these firms is likely highest in the winter months when the population is at its peak. (')Desert Sands Unified employs approximately 4,000 people district -wide, of which the following locations are located in La Quinta: the District Administrative Offices, La Quinta High School, La Quinta Middle School, Benjamin Franklin Elementary, and Truman Elementary (2) PGA West and Citrus Club are accounted for as one entity and as such, their employment numbers are reported together; the combined entities account for 9 golf courses, 5 clubhouses, 2 private clubs, and multiple restaurants. Source: Data Axle, Linkedln, company websites, California EDD 157 220 City of La Quinta Full-time City Employees by Function (Table 22) Last Ten Fiscal Years Fiscal Year Function 20110) 2015 2016I21 2017 2018 2019 2020 2021i'I 2022 2023 Administration -City Mgr. Office 8.00 7.00 4.00 4.00 5.00 7.00 8.00 8.00 8.00 8.00 City Clerk 4.00 4.00 3.00 3.00 5.00 5.00 4.00 4.00 4.00 6.00 Finance 7.00 8.00 7.00 7.00 8.00 8.00 8.00 9.00 9.00 9.00 Community Services 12.00 11.65 - - - - - - - - Building and Safety - - Planning and Development - - - - - - - - - - Community Development 19.00 20.00 - - - - - - - - Public Works 20.00 21.35 - - - - - 27.00 27.00 27.00 Community Resources cal - - 18.00 18.00 18.00 18.00 23.00 19.00 20.00 21.00 Design and Development tbI - - 27.00 27.00 29.00 32.00 33.00 18.00 18.00 20.00 Facilities I0I - - 19.00 19.00 19.00 19.00 19.00 - - - Total 70.00 72.00 78.00 78.00 84.00 89.00 95.00 85.00 86.00 91.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 Notes Total Full -Time City Employees 2014(1) 2015 2016(2) 2017 2018 2019 2020 2021(3) 2022 2023 The City of La Quinta contracts with the County of Riverside for Police Services and with the California Department of Forestry through a contract with the County of Riverside for Fire Services. In addition, the City -owned Golf Course is operated by Landmark Golf. These positions have not been included as these positions are not City employees. (') The City merged the Building and Safety Department with the Planning and Development Department in 2014. The resultant department was referred to as Community Development until 2016, see below. (2) During FY 2015-16 the City was subject to a major reorganization in an attempt to improve efficiency and controls that effectively terminated the Community Services, Community Development, and Public Works departments. Following is a brief description of the reorganization for each department: a) The Community Resources department has taken over specific roles of the prior Community Development and Community Services departments including, but not limited to human resources, police, fire, library, museum, recreation, marketing, code compliance, animal control, and emergency services. b) The Design and Development department has taken over specific roles of the prior Community Development, Public Works, and Finance departments including, but not limited to customer service, business and animal licensing, planning, building, engineering services, and development services. c) The Facilities department has taken over specific roles of the prior Community Services and Public Works departments including, but not limited to, parks, streets, buildings, lighting and landscaping. (3) During the FY 2020-21 the City created the Public Works Division, consisting of the Facilities Division as well as Public Works, Engineering, and Capital Improvement (which were moved out of Design & Development). In addition, there were impacts due to the novel Coronavirus pandemic that led to a reduction in workforce. Source, City of La Quinta 158 221 City of La Quinta Operating Indicators by Function (Table 23) Last Ten Fiscal Years Fiscal Year 2014 2015 2016 2017 2018 2019 2020n) 2021131 2022 2023 Finance: Number of Animal Licenses Processed I'l 1,602 1,374 - - - - - - - - Number ofAccounts Payable Checks Processed 3,696 3,833 4,153 3,835 3,621 3,879 3,855 2,998 3,014 3,196 Number of investment purchases 22 21 22 20 61 56 49 32 93 98 Par value of investments $ 136,323,300 $ 128,990,447 $ 137,594,669 $ 139,613,063 $ 150,117,079 $ 163,665,838 $ 170,194,404 $ 187,171,960 $ 223,319,336 $ 248,005,525 Number of cleared checks 3,922 4,004 4,167 3,932 3,813 3,875 3,962 2,977 2,989 3,078 Number of bank wires, drafts, and EFTsl4i 58 54 41 44 64 68 57 412 504 568 City Clerk: Contracts Processed 289 238 282 199 243 266 297 217 232 226 Documents Notarized 334 203 157 99 128 74 90 184 256 143 Documents Recorded with County 183 106 112 56 67 45 39 43 150 91 Subpoenas and Claims Processed 21 37 10 8 12 18 15 15 18 27 Records Requests Fulfilled and Recorded 601 580 518 743 572 602 633 847 1,205 1,201 Pages of Electronic Documents Archived') 34,671 164,847 233,182 214,384 593,991 970,894 753,291 190,113 176,426 131,141 Public Works: Encroachment permits issued 109 127 54 123 121 140 121 138 196 163 Request for services l'i 1322 1261 3,440 3,207 2,652 2,194 1,938 2,041 1,732 2,983 Community Development: Number of Active Business Licenses "I 3,998 4,452 3,368 3,681 3,707 3,806 3,592 3,267 3,414 3,630 Permits: Single family Detached 147 176 108 92 142 122 218 157 467 407 Single family Attached - 4 7.00 7.00 6 14 1 0 27 4 Residential Pool 204 255 217 170 211 243 237 337 424 369 Wall/Fence 220 328 257 209 268 223 312 244 412 504 Other 1,158 1,316 1,230 1,258 1,571 1,655 1,401 1,619 2,192 2,474 Garage Sale Permits l'I 1,255 1,290 1,109 1,024 928 959 604 351 461 343 Total Permits 2,984 3,369 2,928 2,760 3,126 3,216 2,773 2,708 3,983 4,101 Code Compliance I'I: Animal Control Incidents Handled i'l 1,645 1,085 0 - - 52 42 30 10 19 Vehicle abatements 88 85 255 212 224 184 149 79 114 108 Weed abatements 43 45 57 114 128 80 65 53 74 44 Nuisance abatements/Property Maintenance 730 557 1,037 1,180 1,122 921 821 403 952 776 All Other'2I - - 1,432 806 888 1,159 1,591 1,511 1,320 1,071 Community Services: Library activities: Number of Visits 71,874 73,924 182,913 190,747 152,725 132,947 84,042 25,950 65,259 80,364 Books checked out 329,154 263,047 234,340 254,323 250,636 241,450 122,084 63,198 149,001 150,286 Cards Issued 2,035 2,418 2,179 2,248 2,276 2,251 919 886 1,610 1,827 Number of School Children Visiting 1,539 1,562 2,947 4,680 4,528 3,303 3,708 10,221 2,435 5,968 Volunteer Hours 1,340 1,917 2,169 2,248 2,314 2,138 1,173 0 524 853 Senior Center/Wellness Center Number of visits 11,500 23,871 62,820 74,141 87,294 82,477 41,934 4,725 20,065 30,007 Volunteer Hours 2,745 1,279 1,585 1,420 1,333 1,148 506 0 0 84 Recreation activities: Participants: Leisure Classesl'I 1,177 1,322 2,241 2,278 2,168 2,039 864 269 15,538 35,786 Special events 5,927 6,460 8,185 7,783 10,449 12,650 4,950 390 4,685 9,929 Adult Sports 5,878 5,487 7,192 6,695 6,136 5,932 3,644 0 492 1,379 Goff course: Golf rounds played 43,610 41,904 45,104 43,085 42,590 44,949 33,407 39,073 44,329 44,438 Average Green fee $ 66.83 $ 69.65 $ 66.87 $ 66.80 $ 71.88 $ 72.02 $ 71.23 $ 79.63 $ 92.53 $ 92.39 Planning and Development: Number of residential units approved 494 208 40 120 0 114 92 212 132 429 Commercial square footage approved 113,149 79,092 13,000.00 391,914 7,599 102,552 3,162 152,133 15,537 32,071 Notes, 1) Data on this table may vary from year to year due to restructuring, personnel, and systems changes that have taken place at the city over the past five years. Examples include animal licensing and control contracted to County of Riverside May 2015, business licenses and garage sale permits transferred to Community Development Department, tracking system for active business licenses updated, vacation rental requirements for permits changed, Codes Department began using GoEnforce tracking software, Public Works Department expanded use of GoRequest system, City Clerk's ofce completed project to archive all old documents and plans, and has now tmnsitioned archiving documents electronically, and the Senior Center became the Wellness Center in 2015. nl "All Other' category includes building codes, business license, commercial, hazardous conditions, health/safety, other, parking, vacation rentals, and zoning. For2016, data was annualized using the seven months of actual "total closed incidents" provided by GoEnforce. i'l Declines in the reported numbers for the Library, Wellness Center, and any related recreational activities are due to facility closures and restrictions as a result of the novel Coronavirus pandemic. For 2021,'School Children Visiting'the library includes virtual storytime attendance. (4)Pmviously reported only wires, has been updated to include all forms of electronic payment types. (s)Leisure Classes line includes X-park and Fritz Burns Pool activity participants starting in 2021-22. Source, City of La Quints 159 222 City of La Quinta Capital Asset Statistics by Function (Table 24) Last Ten Fiscal Years Fiscal Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Public Works: Streets (miles) 128 128 128 128 128 128 129 129 129 129 Bikepaths (miles)(') 22 34 34 36 36 36 79 81.1 81.1 82.6 Streetlights (2) 277 277 281 372 372 372 372 372 372 382 Traffic signals 54 54 54 54 54 54 50 50 50 50 Traffic signs 3,018 3,018 3,018 5,758 5,758 5,408 4,808 4,808 4,808 4,858 Bridges 13 13 13 13 13 13 13 13 13 13 Parks and Recreation: Parks (3) 13 13 13 13 13 13 14 14 17 17 Park Acreage 218 218 218 218 218 218 - - - - Undeveloped Park Acrea< 40 40 40 40 40 40 - - - - City -Owned Acres (3) 238 238 235 235 City -Improved Acres (3) 114 114 111 111 Hiking Trails (miles) 17 17 17 17.4 17.4 Senior/Wellness Center 1 1 1 1 1 1 1 1 1 1 Museum 1 1 1 1 1 1 1 1 1 1 Library 1 1 1 1 1 1 1 1 1 1 Public Safety: Fire Stations 3 3 3 3 3 3 3 3 3 3 Golf Course: Municipal golf courses 1 1 1 1 1 1 1 1 1 1 Notes: (1) Bike path miles were updated to include both Class I (off-street) and Class II (on -street, painted bike lanes) bicycle paths in 2015; the City has been adding Class II through various projects and the 2020 number has been updated accordingly. (2) In fiscal year ending 2009 street lights at intersections were included for the first time. Additionally, the decorative streetlights in Old Town were added for the first time in 2017. P)In fiscal year 2019-20, the City added one public park, the SilverRock Event Site. In 2020, the City aligned reporting with the Developmental Impact Fee Study from August 2019 which identifies parks as 'City -Owned' and 'City-Improvedby acreage in Table 3.1. In 2021-22, the City added one public park, the X-park. Additionally, the park count now includes two sports fields owned by Desert Sands Unified School District but maintained by the City. These parks were already included in the "city -improved acres" line. 160 223 Company Name Policy Number Coverage National Union Fire Insurance 01-309-02-02 Crime, Forgery, Fraud Alliant Insurance Services, Inc California Joint Powers Insurance Authority California Joint Powers Insurance Authority California Joint Powers Insurance Authority Source: City of La Quinta City of La Quinta Schedule of Insurance in Force (Table 25) June 30, 2023 Limits Term Premium $1 Million Self -Insured All Risk Property Insurance $25 Million Pool Including Auto Physical Damage, Single Limit per Occurrence Terrorism, Boiler & Machinery subject to other sublimits Earthquake Real & Personal Property Including Contingent Tax Interruption Self -Insured Comprehensive General $50 Million Pool and Automobile Liability Single Limit per Occurrence Self -Insured Workers' Compensation $10 Million Pool Per Occurrence 07/01/22 to 07/01/23 $1,800 07/01/22 - 07/01/23 $224,780 07/01/22 - 07/01/23 $399,391 07/01/22-07/01/23 $216,066 161 224 Other Information June 30, 2023 City of La Quinta, California 225 City of La Quinta, California Project Status Year Ended June 30, 2023 Project Status: Highway 111 Bridge Funding In November 2020, Caltrans advised the City that the Highway Bridge Planning (HBP) Funding Program had been oversubscribed for fiscal years 2020/21 and 2021/22 and there is no additional programming capacity for projects already in construction or ready to advertise. At the direction of the City Council, in June 2021, the City agreed to provide "at risk" advance funding using the Advance Construction Procedure outlined in Section 3.7 of the Caltrans Local Procedures Manual, and Caltrans approved the City's request. The environmental, engineering/design and right-of-way phases are complete and are fully funded. The construction phase which includes construction, construction engineering, and contingency is estimated at $20,869,098. The HBP Funding will ultimately contribute 88.53% or up to $14,936,122 toward eligible (Construction Phase) costs. This is the amount the City is required to advance. Staff and the Financial Advisory Commission (FAC) recommend using a combination of unassigned reserves and Measure G reserves for this advance funding due to their current balances. The City anticipates these funds to be reimbursed within two to five fiscal years. In fiscal year 2022/2023, the advanced funding was approved for federal reimbursement, and the City will no longer need to subsidize the funds as originally anticipated, Funds allocated from Measure G Reserves and Unassigned Reserves have been removed from the project allocation. 162 226 City of La Quinta BUSINESS SESSION ITEM NO. 2 FINANCIAL ADVISORY COMMISSION SPECIAL MEETING: August 29, 2024 STAFF REPORT AGENDA TITLE: APPOINT MEMBERS OF THE COMMISSION TO SERVE AS CHAIRPERSON AND VICE -CHAIRPERSON FOR FISCAL YEAR 2024/25 RECOMMENDATION Appoint members of the Commission to serve as Chairperson and Vice -Chairperson for fiscal year 2024/25. EXECUTIVE SUMMARY • The August 14, 2024, meeting is the first scheduled meeting of the Financial Advisory Commission (FAC) for fiscal 2024/25. • Pursuant to La Quinta Municipal Code (LQMC) 2.06.050, the FAC shall vote to elect one of its members as Chairperson and elect another as Vice -Chairperson at its first meeting held after June 30t" of each year. FISCAL IMPACT None. BACKGROUND/ANALYSIS In accordance with LQMC Section 2.06.050, "unless otherwise provided by law, ordinance or resolution of the City Council, each Board, Commission and Committee shall choose one of its members as Chairperson and one as Vice -Chairperson at its first meeting held after June 30th of each year." Pursuant to this section, staff has placed this item on the agenda for appointment of a Chairperson and a Vice -Chairperson. ALTERNATIVES This action is required by the LQMC, thus, staff does not recommend an alternative. Prepared by: Rosemary Hallick, Principal Management Analyst Approved by: Claudia Martinez, Finance Director 227 228 BUSINESS SESSION ITEM NO. 3 City of La Quinta FINANCIAL ADVISORY COMMISSION SPECIAL MEETING: August 29, 2024 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE FOURTH QUARTER FISCAL YEAR 2023/24 TREASURY REPORTS FOR APRIL, MAY, AND JUNE 2024 RECOMMENDATION Receive and file the fourth quarter fiscal year 2023/24 Treasury Reports for April, May, and June 2024. BACKGROUND/ANALYSIS Commentary and Summary of Significant Activity The total book value of the portfolio increased $29.8 million, from $249.4 million at the end of March to $279.2 million at the end of June. In addition to normal operating revenue and expenditures, the City received federal funds reimbursement for the Dune Palms bridge project, and a $15.05 million Redevelopment Property Tax Trust Fund (RPTTF) pass -through apportionment payment which funds debt service obligations that will be paid in August. The portfolio is within policy limits for investment types and total allocation by type (see chart below) and is also within policy guidelines for investment ratings. Portfolio Allocations Max Investment Type April May June Allowed Bank Accounts 0.48% -0.41 % -0.38% 100% Local Agency Investment Fund (LAIF) City 7.88% 7.63% 7.11 % (t) Local Agency Investment Fund (LAIF) Housing 0.84% 0.82% 0.76% (1)(2) Money Market/Mutual Funds 8.06% 11.81 % 18.41 % 20% Money Market Pool Accounts -CAMP 20.46% 19.90% 18.63% N/A Federal Agency Coupons 24.27% 23.87% 22.07% 100% Treasury Coupons & Discount Notes 18.24% 17.29% 15.77% 100% Certificates of Deposit (CD's) 15.80% 15.20% 13.99% 30% Corporate Notes 0.98% 0.95% 0.89% 30% Money Market with Fiscal Agent 0.00% 0.00% 0.00% (2) CERBT- OPEB Trust 0.79% 0.77% 0.72% (3) PARS Pension Trust 2.17% 2.16% 2.03% (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 Inestment Policy (3) OPEB and pension trusts are fiduciary accounts and not subject to City Investment Policy 229 The fiscal year annual effective rate of return was 3.52% as of June, which was a seventeen (17) basis point (bps) increase since March. Total earnings for the quarter of $2.5 million were $854,822 above last year, when the annual effective rate was only 2.01 %. 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. Additionally, the City has a sweep function on both our operating account and our custody bank cash account, whereby funds are placed into highly -rated government funds (Invesco Treasury Portfolio — ticker TYCXX and First American Treasury Fund — ticker FUZXX) that earn interest until such time that money is reinvested or used for operations. Both funds had an average yield of 5.17% during the fourth quarter and combined earned about $365,000 in interest. Average Days Effective Rate Effective Rate Total Earnings to Maturity of Return MTD of Return YTD YTM April $ 780,763 513 3.77% 3.42% 3.733% May $ 844,391 509 3.94% 3.47% 3.835% June $ 875,937 471 4.09% 3.52% 3.948% Quarter 4 $ 2,501,091 498 3.93% 3.47% 3.839% The City's actual cash holdings for operations are a combination of the aforementioned mutual fund and the bank account on the treasury reporting. The sweep function always ensures a peg (minimum) balance in the operating account to maximize earnings. The operating account total is reflected as a negative "book value" on the treasury reporting, inclusive of outstanding payments that have not yet cleared the account. However, the sweep account continually replenishes the operating account peg balance, to ensure that the City's operating account never falls to a negative balance. The chart below demonstrates the balances for June: June 2024 Bank Balance BMO Bank Balance- Operating Account $ 1,502,000.00 BMO Balance- Treasury Fund (sweep account) $ 45,624,859.06 Total Bank Balance $ 47,126,859.06 Less Outstanding Items $ (3,716,952.31) Book Balance $ 43,409,906.75 Sympro Investment #1628 YYCXX Invesco Treasury Fund $ 45,624,859.06 Sympro Investment #1228 BMO Bank Account $ (2,214,952.31) Balance $ 43,409,906.75 Throughout the quarter, two federal agency bonds, seven treasuries, and sixteen CDs matured, as well as our CAMP TERM investment. Seven federal agency bonds, five treasuries, and ten CDs were purchased. Maturities and purchases are listed in detail in the attached reports. 230 Year -End Summary For fiscal year 2023/24, the City had earnings of just over $8.6 million, or a 3.52% rate of return, which was $4.0 million and 143 bps better than fiscal 2022/23. The Federal Open Market Committee (the Fed) maintained the federal funds rate throughout the year, and we were able to take advantage of the high rates in the liquidity pools as well as with the treasury mutual funds. Staff continually monitored the financial markets and made decisions that increased yield while still maintaining safety of principal and adequate liquidity. As the markets started pricing in potential future rate cuts, staff began rolling shorter -term treasuries (3-9 months) into longer 1-3 year terms in order to lock in yield for future years. The decisions made this fiscal year will continue to benefit the City over the next couple of years, even as rates begin to fall in 2024, generating cash flow which can be used to our citizen's benefit and add to the City's financial stability. It is important to note that the Effective Rate of Return is a look -back metric; to gauge the potential for earnings, the Yield to Maturity (YTM) number is more forward - looking. As of June, the City's YTM is 3.948%, inclusive of cash. 2019-20 2020-21 2021-22 2022-23 2023-24 Average Daily Balance $ 152,994,488 $ 160,732,266 $ 191,565,121 $ 220,315,036 $ 243,442,561 Total Earnings $ 2,798,779 $ 1,533,546 $ 1,508,983 $ 4,595,739 $ 8,603,100 Effective Rate of Return 1.82% 0.95% 0.79% 2.09% 3.52% 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 Money Market/Mutual Funds, CAMP, LAIF, and U.S. Treasuries as needed. Longer term investments may include Government Sponsored Enterprise (agencies) securities, U.S. Treasuries, Corporate Notes, and Negotiable Certificates of Deposits. All investments recognize both immediate and long-term cash flow needs, and there is sufficient liquidity in the portfolio to meet expenditure requirements for the next six months. ALTERNATIVES - None Prepared by: Rosemary Hallick, Principal Management Analyst Approved by: Claudia Martinez, Finance Director/City Treasurer Attachment: 1. Treasurer's Report for April 1, 2024 to June 30, 2024 231 t(v Qa 1 0 (r(V GEM of the DESERT Par Investments Value City of La Quinta Portfolio Management Portfolio Summary April 30, 2024 Market Value Book % of Value Portfolio Term ATTACHMENT 1 City of La Quinta Days to YTM Maturity 365 Equiv. Bank Accounts 1,216,698.12 1,216,698.12 1,216,698.12 0.48 1 1 0.000 Local Agency Investment Fund -City 19,862,904.17 19,346,086.81 19,862,904.17 7.88 1 1 4.272 Local Agency Invstmnt Fund -Housing 2,128,106.00 2,097,005.34 2,128,106.00 0.84 1 1 4.272 Money Market/Mutual Funds 3,010,440.61 3,010,440.61 3,010,440.61 1.19 1 1 5.170 Money Market Accounts - CAMP 51,555,049.77 51,555,049.77 51,555,049.77 20.46 1 1 5.440 Federal Agency Coupon Securities 61,400,000.00 58,917,033.00 61,136,936.58 24.27 1,595 929 2.800 Treasury Coupon Securities 42,000,000.00 39,932,355.00 41,063,668.44 16.30 1,433 875 3.173 Treasury Discount Notes 5,000,000.00 4,976,690.00 4,888,064.22 1.94 157 32 5.386 Certificate of Deposits 39,817,000.00 38,955,230.08 39,816,377.50 15.80 1,633 823 3.105 Corporate Notes 2,500,000.00 2,396,680.00 2,473,790.00 0.98 1,821 1,452 3.689 Mutual Funds 17,304,253.14 17,304,253.14 17,304,253.14 6.87 1 1 5.200 Money Market with Fiscal Agent 1,656.88 1,656.88 1,656.88 0.00 1 1 0.000 CERBT- OPEBTrust 1,999,431.68 1,999,431.68 1,999,431.68 0.79 1 1 0.000 PARS Pension Trust 5,478,141.39 5,478,141.39 5,478,141.39 2.17 1 1 0.000 253,273,681.76 247,186,751.82 251,935,518.50 100.00% 900 513 3.733 Investments Total Earnings April 30 Month Ending Fiscal Year To Date Current Year 780,763.26 6,882,772.55 Average Daily Balance 252,013,584.66 240,834,188.71 Effective Rate of Return 3.77% 3.42% 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our financial institutions to determine the fair market value of investments at month end. 8/27/2024 Claudia Martinez, Finance Director/City Treasurer Reporting period 04/01/2024-04130/2024 Portfolio CITY CID Run Date: 08/22/2024 - 1134 PM (PRF_PM1) 7.3.0 Repo?SZ. 7.3.6.1 City of La Quinta Portfolio Management Page 1 Portfolio Details - Investments April 30, 2024 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 SYS1293 1293 Bank of New York 09/01/2020 0.00 0.00 0.00 1 1 0.000 059731851 1228 BMO f/k/a Bank of the West 08/20/2019 110,630.05 110,630.05 110,630.05 1 1 0.000 SYS1059 1059 City Petty Cash 07/01/2016 3,300.00 3,300.00 3,300.00 1 1 0.000 SYS1318 1318 Dune Palms Mobile Estates 03/09/2021 943,815.50 943,815.50 943,815.50 1 1 0.000 SYS1062 1062 La Quinta Palms Realty 07/01/2016 158,952.57 158,952.57 158,952.57 1 1 0.000 SYS1585 1585 US Bank 03/12/2024 0.00 0.00 0.00 1 1 0.000 Subtotal and Average 5,048,342.78 1,216,698.12 1,216,698.12 1,216,698.12 1 1 0.000 CAMP TERM Subtotal and Average 7,333,333.33 Local Agency Investment Fund -City 98-33-434 1055 Local Agency Inv Fund 19,862,904.17 19,346,086.81 19,862,904.17 4.272 1 1 4.272 Subtotal and Average 19,772,760.90 19,862,904.17 19,346,086.81 19,862,904.17 1 1 4.272 Local Agency Invstmnt Fund -Housing 25-33-005 1113 Local Agency Inv Fund 2,128,106.00 2,097,005.34 2,128,106.00 4.272 1 1 4.272 Subtotal and Average 2,117,606.98 2,128,106.00 2,097,005.34 2,128,106.00 1 1 4.272 Money Market/Mutual Funds FUZXX 1627 First American Treasury Fund 03/12/2024 3,010,440.61 3,010,440.61 3,010,440.61 5.170 1 1 5.170 Subtotal and Average 1,104,958.39 3,010,440.61 3,010,440.61 3,010,440.61 1 1 5.170 Money Market Accounts - CAMP SYS1153 1153 California Asset Management Pr 09/26/2018 51,555,049.77 51,555,049.77 51,555,049.77 5.440 1 1 5.440 Subtotal and Average 43,734,913.28 51,555,049.77 51,555,049.77 51,555,049.77 1 1 5.440 Federal Agency Coupon Securities 3133EKWV4 1212 Federal Farm Credit Bank 08/02/2019 500,000.00 495,860.00 499,500.00 1.850 1,820 86 1.871 07/26/2024 3133EKP75 1224 Federal Farm Credit Bank 09/17/2019 500,000.00 492,945.00 498,750.00 1.600 1,827 139 1.652 09/17/2024 3133ELEA8 1242 Federal Farm Credit Bank 12/17/2019 1,000,000.00 986,010.00 998,600.00 1.700 1,736 139 1.731 09/17/2024 3133ELH23 1280 Federal Farm Credit Bank 06/09/2020 500,000.00 474,455.00 499,850.00 0.500 1,826 404 0.506 06/09/2025 3133ELH80 1282 Federal Farm Credit Bank 06/10/2020 500,000.00 475,875.00 500,000.00 0.680 1,826 405 0.680 06/10/2025 3133EM2C5 1330 Federal Farm Credit Bank 08/10/2021 500,000.00 453,015.00 498,000.00 0.710 1,826 831 0.792 08/10/2026 3133EM4X7 1338 Federal Farm Credit Bank 09/28/2021 1,000,000.00 906,100.00 991,080.00 0.800 1,808 862 0.985 09/10/2026 Portfolio CITY CP Run Date: 08/22/2024 - 11:34 PM (PRF_PM2) 7.3.0 233 Report Ver. 7.3.6.1 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2024 Page 2 CUSIP Investment # Issuer Average Purchase Balance Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Federal Agency Coupon Securities 3133ENCQ1 1344 Federal Farm Credit Bank 11/02/2021 1,000,000.00 910,240.00 1,000,000.00 1.270 1,826 915 1.270 11/02/2026 3133ENGN4 1355 Federal Farm Credit Bank 12/09/2021 1,000,000.00 973,540.00 1,000,000.00 0.970 1,096 222 0.970 12/09/2024 3133ENYH7 1401 Federal Farm Credit Bank 06/10/2022 500,000.00 498,465.00 499,080.00 2.625 731 40 2.720 06/10/2024 3133ENL99 1426 Federal Farm Credit Bank 09/15/2022 1,000,000.00 952,950.00 997,492.55 3.375 1,826 1,232 3.430 09/15/2027 3133ENQ29 1433 Federal Farm Credit Bank 09/30/2022 1,000,000.00 971,890.00 996,400.00 4.000 1,825 1,246 4.080 09/29/2027 3133EN3H1 1441 Federal Farm Credit Bank 11/29/2022 1,000,000.00 970,760.00 998,650.00 4.000 1,826 1,307 4.030 11/29/2027 3133EN3S7 1446 Federal Farm Credit Bank 12/07/2022 1,000,000.00 962,450.00 998,000.00 3.750 1,826 1,315 3.794 12/07/2027 3133EPAV7 1464 Federal Farm Credit Bank 02/15/2023 1,000,000.00 966,200.00 995,400.00 3.875 1,825 1,384 3.977 02/14/2028 3133EPME2 1505 Federal Farm Credit Bank 06/08/2023 1,000,000.00 967,110.00 998,190.00 3.875 1,827 1,499 3.915 06/08/2028 3133EPQDO 1527 Federal Farm Credit Bank 07/31/2023 1,000,000.00 980,500.00 998,655.69 4.250 1,813 1,538 4.280 07/17/2028 3133EPSK2 1531 Federal Farm Credit Bank 08/18/2023 1,000,000.00 980,270.00 990,400.00 4.250 1,816 1,559 4.467 08/07/2028 3133EPC45 1554 Federal Farm Credit Bank 11/13/2023 1,000,000.00 995,110.00 999,770.00 4.625 1,827 1,657 4.630 11/13/2028 3133EPW84 1568 Federal Farm Credit Bank 01/18/2024 1,000,000.00 963,680.00 992,100.00 3.875 1,827 1,723 4.051 01/18/2029 3133EPW84 1569 Federal Farm Credit Bank 01/30/2024 1,000,000.00 963,680.00 994,400.00 3.875 1,815 1,723 4.000 01/18/2029 3133ERAK7 1590 Federal Farm Credit Bank 04/23/2024 1,000,000.00 983,210.00 985,690.00 4.375 1,813 1,805 4.701 04/10/2029 3133EP3B9 1598 Federal Farm Credit Bank 02/14/2024 1,000,000.00 974,300.00 991,400.00 4.125 1,826 1,749 4.318 02/13/2029 3130AJKW8 1281 Federal Home Loan Bank 06/03/2020 500,000.00 474,565.00 499,850.00 0.500 1,836 408 0.506 06/13/2025 3130AJRP6 1283 Federal Home Loan Bank 06/30/2020 300,000.00 285,255.00 300,000.00 0.680 1,826 425 0.680 06/30/2025 3130AKFA9 1298 Federal Home Loan Bank 12/07/2020 500,000.00 463,280.00 497,400.00 0.375 1,831 590 0.480 12/12/2025 3130AKMZ6 1302 Federal Home Loan Bank 01/14/2021 500,000.00 461,735.00 500,000.00 0.510 1,826 623 0.510 01/14/2026 313OAKN28 1304 Federal Home Loan Bank 01/29/2021 500,000.00 459,920.00 500,000.00 0.550 1,826 638 0.550 01/29/2026 3130ALV92 1312 Federal Home Loan Bank 03/30/2021 500,000.00 463,375.00 500,000.00 1.050 1,826 698 0.938 03/30/2026 3130AMFS6 1324 Federal Home Loan Bank 06/17/2021 1,000,000.00 913,640.00 993,420.00 0.750 1,821 772 0.885 06/12/2026 3130APBM6 1337 Federal Home Loan Bank 09/30/2021 1,000,000.00 905,870.00 999,000.00 1.000 1,826 882 1.021 09/30/2026 3130APB46 1339 Federal Home Loan Bank 10/13/2021 1,000,000.00 903,430.00 998,250.00 0.950 1,826 895 0.986 10/13/2026 3130APTV7 1347 Federal Home Loan Bank 11/24/2021 500,000.00 464,385.00 499,500.00 2.000 1,826 937 1.489 11/24/2026 3130AP2U8 1353 Federal Home Loan Bank 12/07/2021 1,000,000.00 968,740.00 987,100.00 0.550 1,127 251 0.976 01/07/2025 313OAQF65 1358 Federal Home Loan Bank 12/22/2021 1,000,000.00 914,330.00 999,750.00 1.250 1,825 964 1.255 12/21/2026 3130AQJR5 1364 Federal Home Loan Bank 01/27/2022 1,000,000.00 908,640.00 1,000,000.00 1.500 1,826 1,001 1.500 01/27/2027 3130AQSA2 1367 Federal Home Loan Bank 02/10/2022 1,000,000.00 916,990.00 1,000,000.00 1.830 1,826 1,015 1.830 02/10/2027 3130AQWY5 1374 Federal Home Loan Bank 02/25/2022 1,000,000.00 971,600.00 1,000,000.00 1.700 1,095 299 1.700 02/24/2025 3130ARGJ4 1385 Federal Home Loan Bank 04/14/2022 500,000.00 481,500.00 500,000.00 2.500 1,279 531 2.500 10/14/2025 3130ARGY1 1387 Federal Home Loan Bank 04/19/2022 1,000,000.00 936,850.00 1,000,000.00 2.700 1,826 1,083 2.700 04/19/2027 3130ASDV8 1409 Federal Home Loan Bank 06/28/2022 300,000.00 284,400.00 300,000.00 3.300 1,826 1,153 3.300 06/28/2027 3130AXEL8 1541 Federal Home Loan Bank 10/03/2023 1,000,000.00 999,280.00 999,500.00 4.750 1,802 1,591 4.762 09/08/2028 3130AYBQ8 1566 Federal Home Loan Bank 12/29/2023 1,000,000.00 996,510.00 999,516.00 4.750 363 239 4.800 12/26/2024 Run Date: 08/22/2024 - 11:34 Portfolio CITY CP PM (PRF_PM2) 7.3.0 234 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2024 Page 3 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Federal Agency Coupon Securities 3130AYKN5 1573 Federal Home Loan Bank 01/31/2024 1,000,000.00 996,660.00 999,992.84 4.810 345 254 4.810 01/10/2025 3130AYXU5 1579 Federal Home Loan Bank 02/15/2024 2,000,000.00 1,949,800.00 2,000,000.00 4.450 1,824 1,748 4.450 02/12/2029 3130AYYJ9 1580 Federal Home Loan Bank 02/15/2024 1,000,000.00 992,730.00 1,000,000.00 5.000 1,827 1,751 5.000 02/15/2029 313013141-8 1595 Federal Home Loan Bank 04/25/2024 900,000.00 893,745.00 900,000.00 5.040 1,824 1,818 5.040 04/23/2029 3134GVYG7 1279 Federal Home Loan Mtg Corp 05/27/2020 1,000,000.00 950,940.00 1,000,000.00 0.625 1,826 391 0.625 05/27/2025 3137EAEU9 1297 Federal Home Loan Mtg Corp 12/07/2020 1,000,000.00 943,800.00 997,300.00 0.375 1,687 446 0.434 07/21/2025 3134GXGZ1 1301 Federal Home Loan Mtg Corp 12/30/2020 500,000.00 462,475.00 500,000.00 0.550 1,826 608 0.550 12/30/2025 3137EAEX3 1307 Federal Home Loan Mtg Corp 02/23/2021 500,000.00 467,975.00 495,999.50 0.375 1,673 510 0.552 09/23/2025 3137EAEX3 1310 Federal Home Loan Mtg Corp 03/30/2021 1,000,000.00 935,950.00 983,940.00 0.375 1,638 510 0.740 09/23/2025 3134GW6C5 1359 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 449,870.00 486,000.00 0.800 1,757 910 1.403 10/28/2026 3137EAEU9 1361 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 471,900.00 487,090.00 0.375 1,293 446 1.120 07/21/2025 3134GW5R3 1362 Federal Home Loan Mtg Corp 01/05/2022 400,000.00 374,368.00 391,360.00 0.650 1,391 544 1.232 10/27/2025 3134GWUQ7 1366 Federal Home Loan Mtg Corp 02/10/2022 1,000,000.00 890,810.00 945,570.00 0.700 1,784 973 1.870 12/30/2026 3134GYPJ5 1484 Federal Home Loan Mtg Corp 04/24/2023 1,000,000.00 995,100.00 999,100.00 5.200 1,820 1,447 5.220 04/17/2028 3134H1UX9 1584 Federal Home Loan Mtg Corp 02/29/2024 1,000,000.00 992,610.00 1,000,000.00 5.500 1,824 1,762 5.500 02/26/2029 3134H1D26 1591 Federal Home Loan Mtg Corp 04/24/2024 1,000,000.00 997,060.00 999,500.00 5.600 1,819 1,812 5.611 04/17/2029 3135GOV75 1206 Federal National Mtg Assn 07/15/2019 500,000.00 496,800.00 495,950.00 1.750 1,814 62 1.922 07/02/2024 3135GO5S8 1288 Federal National Mtg Assn 08/14/2020 500,000.00 470,995.00 500,000.00 0.500 1,826 470 0.500 08/14/2025 3136G4N74 1289 Federal National Mtg Assn 08/21/2020 1,000,000.00 942,480.00 1,000,000.00 0.560 1,826 477 0.560 08/21/2025 3136G4M75 1290 Federal National Mtg Assn 08/28/2020 500,000.00 470,725.00 499,750.00 0.520 1,816 474 0.530 08/18/2025 3135GO6E8 1291 Federal National Mtg Assn 11/18/2020 500,000.00 487,100.00 499,250.00 0.420 1,461 201 0.458 11/18/2024 3135GA2Z3 1292 Federal National Mtg Assn 11/17/2020 500,000.00 466,135.00 499,250.00 0.560 1,826 565 0.590 11/17/2025 3135GA7D7 1299 Federal National Mtg Assn 12/23/2020 500,000.00 464,325.00 500,000.00 0.600 1,826 601 0.600 12/23/2025 3135GAAW1 1300 Federal National Mtg Assn 12/30/2020 500,000.00 484,170.00 500,000.00 0.400 1,461 243 0.400 12/30/2024 3135GO6G3 1354 Federal National Mtg Assn 12/07/2021 1,000,000.00 932,670.00 976,300.00 0.500 1,431 555 1.120 11/07/2025 3135GO3U5 1365 Federal National Mtg Assn 01/28/2022 500,000.00 478,260.00 487,790.00 0.625 1,180 356 1.400 04/22/2025 3135GAGA3 1480 Federal National Mtg Assn 04/03/2023 2,000,000.00 1,998,040.00 2,000,000.00 5.200 484 90 5.206 07/30/2024 3135GAPL9 1583 Federal National Mtg Assn 02/26/2024 1,000,000.00 995,110.00 1,000,000.00 5.150 1,096 1,031 5.150 02/26/2027 3135GAQR5 1592 Federal National Mtg Assn 04/24/2024 1,000,000.00 997,140.00 999,000.00 5.050 701 694 5.103 03/26/2026 3135GAQZ7 1593 Federal National Mtg Assn 04/24/2024 1,000,000.00 997,410.00 999,100.00 5.250 1,073 1,066 5.282 04/02/2027 3135GARK9 1594 Federal National Mtg Assn 04/24/2024 1,000,000.00 996,970.00 1,000,000.00 5.500 1,093 1,086 5.500 04/22/2027 Subtotal and Average 57,729,270.58 61,400,000.00 58,917,033.00 61,136,936.58 1,595 929 2.800 Treasury Coupon Securities 912828YV6 1241 U.S. Treasury 12/16/2019 1,000,000.00 977,990.00 989,687.50 1.500 1,811 213 1.718 11/30/2024 91282CBC4 1303 U.S. Treasury 01/07/2021 500,000.00 462,460.00 498,632.81 0.375 1,819 609 0.431 12/31/2025 Run Date: 08/22/2024 - 11:34 Portfolio CITY CP PM (PRF_PM2) 7.3.0 235 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2024 Page 4 CUSIP Investment # Issuer Average Purchase Balance Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Treasury Coupon Securities 91282CBH3 1309 U.S. Treasury 02/23/2021 500,000.00 460,725.00 495,100.00 0.375 1,803 640 0.577 01/31/2026 91282CAT8 1311 U.S. Treasury 03/30/2021 1,000,000.00 929,920.00 977,500.00 0.250 1,676 548 0.750 10/31/2025 91282CAZ4 1315 U.S. Treasury 04/22/2021 500,000.00 464,140.00 492,187.50 0.375 1,683 578 0.720 11/30/2025 91282CBQ3 1319 U.S. Treasury 05/28/2021 500,000.00 460,275.00 494,165.00 0.500 1,737 668 0.750 02/28/2026 91282CBT7 1320 U.S. Treasury 05/28/2021 500,000.00 461,155.00 499,525.00 0.750 1,768 699 0.770 03/31/2026 91282CCF6 1321 U.S. Treasury 06/01/2021 1,000,000.00 916,210.00 997,060.00 0.750 1,825 760 0.810 05/31/2026 91282CBT7 1322 U.S. Treasury 06/17/2021 500,000.00 461,155.00 498,450.00 0.750 1,748 699 0.816 03/31/2026 91282CCF6 1323 U.S. Treasury 06/17/2021 500,000.00 458,105.00 497,095.00 0.750 1,809 760 0.870 05/31/2026 91282CCP4 1335 U.S. Treasury 09/29/2021 1,000,000.00 908,130.00 983,750.00 0.625 1,766 821 0.970 07/31/2026 91282CCW9 1336 U.S. Treasury 09/29/2021 1,000,000.00 907,970.00 988,500.00 0.750 1,797 852 0.990 08/31/2026 91282CDB4 1343 U.S. Treasury 10/22/2021 1,000,000.00 978,750.00 996,320.00 0.625 1,089 167 0.750 10/15/2024 912828Z78 1369 U.S. Treasury 02/10/2022 1,000,000.00 913,320.00 986,700.00 1.500 1,816 1,005 1.781 01/31/2027 91282CCW9 1380 U.S. Treasury 03/22/2022 500,000.00 453,985.00 466,454.17 0.750 1,623 852 2.350 08/31/2026 91282CDG3 1381 U.S. Treasury 03/22/2022 500,000.00 455,530.00 473,396.82 1.125 1,684 913 2.350 10/31/2026 91282CBQ3 1382 U.S. Treasury 03/23/2022 750,000.00 690,412.50 698,025.00 0.500 1,438 668 2.353 02/28/2026 9128286S4 1383 U.S. Treasury 03/23/2022 1,000,000.00 949,810.00 999,010.00 2.375 1,499 729 2.400 04/30/2026 9128283DO 1390 U.S. Treasury 05/03/2022 1,000,000.00 984,730.00 985,190.00 2.250 912 183 2.870 10/31/2024 91282CEF4 1391 U.S. Treasury 05/03/2022 1,000,000.00 936,210.00 976,860.00 2.500 1,793 1,064 3.010 03/31/2027 912828X88 1397 U.S. Treasury 06/07/2022 1,000,000.00 930,160.00 969,687.50 2.375 1,803 1,109 3.041 05/15/2027 91282CEN7 1398 U.S. Treasury 06/08/2022 500,000.00 470,645.00 495,000.00 2.750 1,787 1,094 2.971 04/30/2027 91282CET4 1399 U.S. Treasury 06/08/2022 500,000.00 468,165.00 491,842.18 2.625 1,818 1,125 2.980 05/31/2027 9128282U3 1400 U.S. Treasury 06/09/2022 500,000.00 494,240.00 490,850.00 1.875 814 122 2.727 08/31/2024 91282CF132 1417 U.S. Treasury 08/15/2022 1,000,000.00 937,340.00 989,460.00 2.750 1,811 1,186 2.980 07/31/2027 912828XT2 1418 U.S. Treasury 05/04/2022 1,000,000.00 997,180.00 985,240.00 2.000 758 30 2.736 05/31/2024 91282CFB2 1422 U.S. Treasury 08/29/2022 1,000,000.00 937,340.00 979,645.67 2.750 1,797 1,186 3.200 07/31/2027 9128282RO 1439 U.S. Treasury 11/18/2022 1,000,000.00 921,480.00 927,110.00 2.250 1,731 1,201 3.950 08/15/2027 91282CFH9 1456 U.S. Treasury 01/24/2023 500,000.00 473,770.00 489,175.00 3.125 1,680 1,217 3.640 08/31/2027 91282CGH8 1460 U.S. Treasury 02/02/2023 1,000,000.00 955,040.00 996,369.14 3.500 1,824 1,370 3.580 01/31/2028 91282CEW7 1465 U.S. Treasury 02/15/2023 1,000,000.00 953,480.00 967,220.00 3.250 1,596 1,155 4.075 06/30/2027 91282CGT2 1508 U.S. Treasury 06/15/2023 1,000,000.00 958,360.00 984,600.00 3.625 1,751 1,430 3.980 03/31/2028 91282CGT2 1524 U.S. Treasury 05/31/2023 1,000,000.00 958,360.00 990,000.00 3.625 1,766 1,430 3.853 03/31/2028 91282CHA2 1525 U.S. Treasury 05/31/2023 1,000,000.00 953,320.00 985,000.00 3.500 1,796 1,460 3.837 04/30/2028 9128282U3 1535 U.S. Treasury 09/07/2023 3,000,000.00 2,965,440.00 2,899,170.81 1.875 359 122 5.440 08/31/2024 9128282N9 1536 U.S. Treasury 09/07/2023 2,000,000.00 1,983,600.00 1,942,840.00 2.125 328 91 5.431 07/31/2024 91282CGT2 1543 U.S. Treasury 10/19/2023 1,000,000.00 958,360.00 949,180.00 3.625 1,625 1,430 4.910 03/31/2028 91282CFUO 1550 U.S. Treasury 11/06/2023 750,000.00 732,802.50 739,200.00 4.125 1,455 1,278 4.524 10/31/2027 Run Date: 08/22/2024 - 11:34 Portfolio CITY CP PM (PRF_PM2) 7.3.0 236 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2024 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 Coupon Securities 9128285M8 1565 U.S. Treasury 12/29/2023 1,000,000.00 933,980.00 966,718.75 3.125 1,783 1,659 3.880 11/15/2028 91282CJR3 1567 U.S. Treasury 01/02/2024 1,000,000.00 958,670.00 997,067.49 3.750 1,825 1,705 3.815 12/31/2028 91282CJV4 1570 U.S. Treasury 01/31/2024 1,000,000.00 985,900.00 998,482.98 4.250 731 640 4.330 01/31/2026 91282CJT9 1571 U.S. Treasury 01/31/2024 1,000,000.00 976,990.00 996,813.45 4.000 1,080 989 4.115 01/15/2027 91282CFQ9 1572 U.S. Treasury 01/31/2024 1,000,000.00 995,110.00 995,910.11 4.375 274 183 4.930 10/31/2024 9128286B1 1581 U.S. Treasury 02/15/2024 1,000,000.00 909,920.00 925,976.56 2.625 1,827 1,751 4.285 02/15/2029 91282CKG5 1588 U.S. Treasury 04/01/2024 1,000,000.00 973,910.00 996,200.00 4.125 1,825 1,795 4.210 03/31/2029 91282CEM9 1597 U.S. Treasury 04/30/2024 1,000,000.00 917,810.00 921,300.00 2.875 1,826 1,825 4.658 04/30/2029 Subtotal and Average 41,351,434.42 42,000,000.00 39,932,355.00 41,063,668.44 1,433 875 3.173 Treasury Discount Notes 912797HH3 1551 U.S. Treasury 11/06/2023 1,000,000.00 999,850.00 974,178.00 5.222 178 1 5.511 05/02/2024 912797HS9 1558 U.S. Treasury 12/04/2023 2,000,000.00 1,991,500.00 1,949,466.22 5.110 178 29 5.389 05/30/2024 912796ZW2 1582 U.S. Treasury 02/15/2024 2,000,000.00 1,985,340.00 1,964,420.00 5.083 126 50 5.320 06/20/2024 Subtotal and Average 5,990,777.24 5,000,000.00 4,976,690.00 4,888,064.22 157 32 5.386 Certificate of Deposits 336460CX6 1222 First State Bk DeQueen 08/30/2019 248,000.00 245,093.44 248,000.00 1.800 1,827 121 1.802 08/30/2024 31911KAK4 1515 First Bank Elk River 06/30/2023 248,000.00 251,571.20 248,000.00 4.400 1,827 1,521 4.405 06/30/2028 32027BALl 1273 First Freedom Bank 04/29/2020 249,000.00 239,455.83 249,000.00 1.200 1,826 363 1.201 04/29/2025 32021YEV1 1574 First Federal Savings 02/09/2024 248,000.00 244,458.56 248,000.00 4.250 881 799 4.245 07/09/2026 33766LAJ7 1216 FirsTier Bank 08/23/2019 249,000.00 246,363.09 249,000.00 1.950 1,827 114 1.952 08/23/2024 32056GDJ6 1278 1st Internet Bank 05/11/2020 248,000.00 237,678.24 248,000.00 1.000 1,827 376 0.985 05/12/2025 32112UDR9 1274 First Natl Bk McGregor 04/28/2020 248,000.00 238,878.56 248,000.00 1.350 1,826 362 1.351 04/28/2025 334342CD2 1221 First Natl Bk of Syracuse 08/30/2019 249,000.00 246,121.56 249,000.00 1.850 1,827 121 1.852 08/30/2024 32114VBT3 1250 First National Bank Michigan 02/14/2020 248,000.00 241,145.28 248,000.00 1.650 1,827 289 1.652 02/14/2025 33625CCP2 1209 First Security Bank of WA 07/30/2019 248,000.00 245,929.20 248,000.00 2.000 1,827 90 2.002 07/30/2024 33640VDD7 1231 First Service Bank 11/15/2019 248,000.00 247,632.96 248,000.00 1.700 1,643 14 1.701 05/15/2024 88413QDN5 1420 Third Federal Savings and Loan 08/19/2022 245,000.00 234,283.70 245,000.00 3.300 1,826 1,205 3.302 08/19/2027 00257TBD7 1207 Abacus Federal Savings 07/26/2019 248,000.00 245,993.68 248,000.00 1.950 1,827 86 1.952 07/26/2024 00435JBH5 1256 Access Bank 03/13/2020 248,000.00 240,418.64 248,000.00 1.600 1,826 316 1.601 03/13/2025 00833JAQ4 1478 Affinity Bank 03/17/2023 248,000.00 249,993.92 248,000.00 4.900 1,827 1,416 4.906 03/17/2028 01025RAG4 1510 Alabama Credit Union 06/20/2023 248,000.00 248,290.16 248,000.00 5.000 1,098 782 5.005 06/22/2026 011852AEO 1469 Alaska USA/Global FCU 03/08/2023 248,000.00 247,337.84 248,000.00 4.600 1,827 1,407 4.606 03/08/2028 01882MAC6 1451 AlliantCU 12/30/2022 247,000.00 249,521.87 247,000.00 5.000 1,826 1,338 5.003 12/30/2027 01664MAB2 1448 All In FCU 12/20/2022 248,000.00 245,520.00 248,000.00 4.400 1,826 1,328 4.402 12/20/2027 Run Date: 08/22/2024 - 11:34 Portfolio CITY CP PM (PRF_PM2) 7.3.0 237 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2024 Page 6 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 02007GPX5 1388 Ally Bank Midvale 04/21/2022 245,000.00 238,892.15 245,000.00 2.550 1,096 355 2.550 04/21/2025 020080BX4 1267 Alma Bank 03/30/2020 248,000.00 239,659.76 248,000.00 1.400 1,824 331 1.399 03/28/2025 029728BC5 1255 American State 02/21/2020 248,000.00 240,897.28 248,000.00 1.600 1,827 296 1.602 02/21/2025 02589ADH2 1421 American Express, NB 08/29/2022 245,000.00 235,513.60 245,000.00 3.450 1,793 1,182 3.067 07/27/2027 02357QAQO 1372 Amerant Bank 02/14/2022 245,000.00 224,625.80 245,000.00 1.600 1,828 1,021 1.601 02/16/2027 052392BT3 1427 Austin Telco FCU 09/21/2022 248,000.00 240,812.96 248,000.00 3.800 1,826 1,238 3.770 09/21/2027 05465DAE8 1258 Axos Bank 03/26/2020 248,000.00 240,252.48 248,000.00 1.650 1,826 329 1.651 03/26/2025 05765LBUO 1520 Balboa Thrift and Loan 07/19/2023 248,000.00 253,704.00 248,000.00 4.400 1,827 1,540 4.405 07/19/2028 062119BT8 1492 Bank Five Nine 05/12/2023 248,000.00 244,302.32 248,000.00 4.250 1,827 1,472 4.255 05/12/2028 06610RCA5 1499 Bankers Bank 05/24/2023 248,000.00 243,392.16 248,000.00 4.150 1,827 1,484 4.155 05/24/2028 07371AYE7 1370 Beal Bank TX 02/23/2022 245,000.00 226,514.75 245,000.00 1.900 1,820 1,022 1.901 02/17/2027 073710E88 1371 Beal Bank USA 02/23/2022 245,000.00 226,514.75 245,000.00 1.900 1,820 1,022 1.901 02/17/2027 06417NZQ9 1329 Bank OZK 07/29/2021 248,000.00 239,558.08 248,000.00 0.400 1,280 273 0.401 01/29/2025 064520BG3 1287 Bank Princeton 06/30/2020 248,000.00 240,254.96 248,000.00 0.500 1,644 243 0.500 12/30/2024 064860MCO 1476 Bank of the Sierra 03/15/2023 244,000.00 242,587.24 244,000.00 4.600 1,461 1,048 4.604 03/15/2027 09582YAF9 1467 Blue Ridge Bank 02/28/2023 244,000.00 239,876.40 244,000.00 4.200 1,826 1,398 4.202 02/28/2028 05580AD50 1333 BMW Bank 09/10/2021 245,000.00 240,822.75 245,000.00 0.650 1,096 132 0.651 09/10/2024 06652CHBO 1227 BankWest Inc 09/27/2019 248,000.00 244,359.36 248,000.00 1.700 1,827 149 1.702 09/27/2024 05584CJJ6 1533 BNY Mellon 09/07/2023 244,000.00 242,716.56 244,000.00 4.500 1,827 1,590 4.505 09/07/2028 108622NJ6 1479 Bridgewater Bank 03/29/2023 248,000.00 248,414.16 248,000.00 4.850 1,461 1,062 4.767 03/29/2027 130162BL3 1564 California Credit Union 12/28/2023 244,000.00 243,885.32 244,000.00 5.100 550 425 5.105 06/30/2025 14042RQBO 1346 Capital One Natl Assn FDIC4297 11/17/2021 248,000.00 225,870.96 248,000.00 1.100 1,826 930 1.101 11/17/2026 14042TDD6 1271 Capital One USA FDIC33954 04/08/2020 245,000.00 236,971.35 245,000.00 1.600 1,826 342 1.601 04/08/2025 14622LAAO 1316 Carter FCU 04/27/2021 248,000.00 229,075.12 248,000.00 0.750 1,826 726 0.750 04/27/2026 20033A3A2 1386 Comenity Capital Bank 04/14/2022 248,000.00 233,472.16 248,000.00 2.650 1,826 1,078 2.652 04/14/2027 15118RRH2 1220 Celtic Bank 08/30/2019 248,000.00 245,133.12 248,000.00 1.850 1,827 121 1.852 08/30/2024 156634AK3 1184 Century Next Bank 05/29/2019 248,000.00 247,446.96 248,000.00 2.500 1,827 28 2.503 05/29/2024 152577BN1 1493 Central Bank 05/12/2023 248,000.00 242,028.16 248,000.00 4.000 1,827 1,472 4.005 05/12/2028 169894AS1 1284 Chippewa Valley Bk 06/24/2020 248,000.00 235,900.08 248,000.00 0.600 1,826 419 0.600 06/24/2025 16141BAC5 1506 Chartway FCU 06/09/2023 248,000.00 247,722.24 248,000.00 4.900 1,096 769 4.905 06/09/2026 12547CBJ6 1497 CIBC Bank USA 05/16/2023 244,000.00 241,223.28 244,000.00 4.350 1,827 1,476 4.355 05/16/2028 17286TAGO 1252 Citadel FCU 02/27/2020 248,000.00 240,867.52 248,000.00 1.650 1,827 302 1.652 02/27/2025 2027506M2 1268 Commonwealth Business Bk 03/31/2020 248,000.00 239,292.72 248,000.00 1.250 1,826 334 1.251 03/31/2025 20825WAR1 1357 Connexus CU 12/23/2021 249,000.00 226,834.02 249,000.00 1.250 1,826 966 1.250 12/23/2026 22258JAB7 1430 County Schools FCU 09/30/2022 248,000.00 245,470.40 248,000.00 4.400 1,826 1,247 4.325 09/30/2027 20416TAQ5 1202 Communitywide FCU 06/28/2019 248,000.00 246,769.92 248,000.00 2.250 1,827 58 2.253 06/28/2024 Run Date: 08/22/2024 - 11:34 Portfolio CITY CP PM (PRF_PM2) 7.3.0 238 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2024 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 20786ADL6 1334 Connect One 09/24/2021 248,000.00 225,050.08 248,000.00 0.800 1,826 876 0.800 09/24/2026 227563GC1 1596 Cross River Bank 04/26/2024 244,000.00 242,072.40 244,000.00 4.500 1,095 1,090 4.500 04/26/2027 176688CP2 1199 Citizens State Bank 06/21/2019 248,000.00 246,983.20 248,000.00 2.400 1,827 51 2.403 06/21/2024 23204HPB8 1507 Customers Bank 06/14/2023 244,000.00 248,401.76 244,000.00 4.500 1,827 1,505 4.505 06/14/2028 23248UAB3 1494 Cy -Fair FCU 05/12/2023 248,000.00 246,578.96 248,000.00 4.500 1,827 1,472 4.505 05/12/2028 24773RCR4 1377 Delta Natl B&T 03/09/2022 245,000.00 226,938.60 245,000.00 2.000 1,814 1,030 2.001 02/25/2027 25460FDW3 1438 Direct FCU 11/07/2022 248,000.00 248,734.08 248,000.00 4.800 1,827 1,286 4.735 11/08/2027 254673E69 1392 Discover Bank Greenwood DE CIF 05/24/2022 245,000.00 239,818.25 245,000.00 3.100 1,099 391 3.103 05/27/2025 25844MAK4 1447 Dort Financial CU 12/16/2022 247,000.00 245,364.86 247,000.00 4.500 1,826 1,324 4.503 12/16/2027 27004PCM3 1375 Eaglemark Savings 03/02/2022 245,000.00 226,862.65 245,000.00 2.000 1,826 1,035 2.001 03/02/2027 291916AJ3 1555 Empower FCU 11/15/2023 247,000.00 253,599.84 247,000.00 5.250 1,827 1,659 5.255 11/15/2028 299547AQ2 1196 Liberty FCU F/K/A Evansville T 06/12/2019 248,000.00 247,223.76 248,000.00 2.600 1,827 42 2.603 06/12/2024 87270LDL4 1306 TIAA F/K/A EverBank 02/12/2021 245,000.00 226,286.90 245,000.00 0.500 1,826 652 0.500 02/12/2026 300185LM5 1457 Evergreen Bank Group 01/27/2023 248,000.00 242,333.20 248,000.00 3.850 1,277 817 3.849 07/27/2026 307811DF3 1363 The Farmers & Merchants Bank 01/14/2022 249,000.00 236,754.18 249,000.00 0.900 1,277 439 0.900 07/14/2025 30960QAR8 1526 Farmers Insurance Group FCU 07/26/2023 248,000.00 248,872.96 248,000.00 5.400 733 453 5.408 07/28/2025 31617CAV5 1317 Fidelity Homestead 04/30/2021 248,000.00 227,837.60 248,000.00 0.700 1,826 729 0.711 04/30/2026 33847E3A3 1276 Flagstar 04/30/2020 248,000.00 238,690.08 248,000.00 1.250 1,826 364 1.251 04/30/2025 34520LATO 1435 Forbright Bank 11/02/2022 248,000.00 247,087.36 248,000.00 4.600 1,826 1,280 4.602 11/02/2027 319137CB9 1562 First Bank 12/28/2023 244,000.00 241,723.48 244,000.00 4.450 729 604 4.456 12/26/2025 35637RDC8 1248 Freedom Financial 02/14/2020 248,000.00 240,954.32 248,000.00 1.550 1,827 289 1.552 02/14/2025 35089LAFO 1491 Four Points FCU 05/10/2023 248,000.00 245,978.80 248,000.00 4.550 1,097 740 4.443 05/11/2026 372348DJ8 1556 The Genoa Banking Company 11/28/2023 248,000.00 248,042.16 248,000.00 4.600 1,827 1,672 4.605 11/28/2028 37173RAL7 1561 Genesee Regional Bank 12/27/2023 244,000.00 240,115.52 244,000.00 4.200 1,097 971 3.638 12/28/2026 38149MXK4 1326 Goldman Sachs 07/28/2021 248,000.00 227,135.76 248,000.00 1.000 1,826 818 1.001 07/28/2026 38120MCA2 1511 Golden State Business Bank 06/22/2023 249,000.00 246,793.86 249,000.00 4.450 1,461 1,147 4.453 06/22/2027 39573LBC1 1313 Greenstate FCU 04/16/2021 249,000.00 230,262.75 249,000.00 0.950 1,826 715 0.951 04/16/2026 397417AQ9 1419 Greenwoods State Bank 05/17/2022 248,000.00 235,959.60 248,000.00 3.050 1,826 1,111 3.052 05/17/2027 42228LAN1 1547 Healthcare Systems FCU 10/27/2023 248,000.00 252,967.44 248,000.00 5.100 1,827 1,640 5.106 10/27/2028 45157PAZ3 1450 Ideal CU 12/29/2022 248,000.00 246,385.52 248,000.00 4.500 1,826 1,337 4.502 12/29/2027 46256YAZ2 1186 Iowa State Bank 05/23/2019 245,000.00 244,519.80 245,000.00 2.400 1,827 22 2.403 05/23/2024 472312AA5 1514 Jeep Country FCU 06/29/2023 248,000.00 247,623.04 248,000.00 4.700 1,461 1,154 4.704 06/29/2027 48128HXU7 1185 JP Morgan Chase 05/16/2019 245,000.00 244,840.26 245,000.00 3.250 1,827 15 3.254 05/16/2024 49306SJ56 1475 Kay Bank, N.A. 03/15/2023 244,000.00 243,468.08 244,000.00 5.000 733 320 5.008 03/17/2025 499724AP7 1532 Knoxville TVA Credit Union 08/25/2023 248,000.00 250,207.20 248,000.00 4.850 1,827 1,577 4.854 08/25/2028 51828MAC8 1449 Latino Comm. CU 12/21/2022 248,000.00 246,348.32 248,000.00 4.500 1,826 1,329 4.503 12/21/2027 Run Date: 08/22/2024 - 11:34 Portfolio CITY CP PM (PRF_PM2) 7.3.0 239 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2024 Page 8 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 530520AH8 1466 Liberty First CU 02/21/2023 248,000.00 246,422.72 248,000.00 4.500 1,827 1,392 4.504 02/22/2028 501798RP9 1356 Milestone Bk F/K/A LCA Bank Co 12/27/2021 248,000.00 228,184.80 248,000.00 1.000 1,642 786 1.000 06/26/2026 52168UHY1 1389 Leader Bank 04/22/2022 245,000.00 238,877.45 245,000.00 2.550 1,096 356 2.552 04/22/2025 52171MAM7 1549 Leaders Credit Union 10/30/2023 248,000.00 253,009.60 248,000.00 5.100 1,827 1,643 5.106 10/30/2028 52470QEC4 1539 Legacy Bank & Trust 09/27/2023 248,000.00 246,869.12 248,000.00 4.500 1,827 1,610 4.505 09/27/2028 524661CB9 1197 Legacy Bank 06/19/2019 248,000.00 247,022.88 248,000.00 2.400 1,827 49 2.403 06/19/2024 538036GVO 1238 Live Oak Bank 11/27/2019 248,000.00 247,362.64 248,000.00 1.800 1,644 27 1.802 05/28/2024 51507LCC6 1305 Simmons Bank, F/K/A Landmark 01/22/2021 248,000.00 229,466.96 248,000.00 0.500 1,826 631 0.500 01/22/2026 560507AQ8 1522 Maine Savings FCU 07/21/2023 248,000.00 249,567.36 248,000.00 4.800 1,827 1,542 4.806 07/21/2028 58404DTP6 1545 Medallion Bank 10/20/2023 248,000.00 255,603.68 248,000.00 4.850 1,827 1,633 4.855 10/20/2028 59161YAP1 1373 Metro Credit Union 02/18/2022 249,000.00 228,711.48 249,000.00 1.700 1,826 1,023 1.701 02/18/2027 59524LAA4 1474 Mid Carolina Credit Union 03/13/2023 248,000.00 247,947.92 248,000.00 4.850 1,096 681 4.855 03/13/2026 60425SKB4 1486 Minnwest Bank 05/01/2023 248,000.00 244,401.52 248,000.00 4.250 1,463 1,097 4.254 05/03/2027 60936TAL3 1538 Money One FCU 09/14/2023 248,000.00 251,739.84 248,000.00 5.000 1,827 1,597 5.005 09/14/2028 61690UNX4 1237 Morgan Stanley Bank 11/20/2019 245,000.00 240,521.40 245,000.00 1.950 1,827 203 1.952 11/20/2024 59013KPNO 1345 Merrick Bank 11/09/2021 249,000.00 226,746.87 249,000.00 1.100 1,826 922 1.101 11/09/2026 565819AG4 1379 Marathon Bank 03/16/2022 248,000.00 228,065.76 248,000.00 1.800 1,826 1,049 1.801 03/16/2027 61760A3133 1236 Morgan Stanley Private Bk, NA 11/20/2019 245,000.00 240,455.25 245,000.00 1.900 1,827 203 1.902 11/20/2024 62384RAT3 1485 Mountain America Federal CU 04/28/2023 248,000.00 246,685.60 248,000.00 4.700 1,096 727 4.705 04/28/2026 654062JZ2 1266 Nicolet Natl Bank 03/31/2020 248,000.00 239,617.60 248,000.00 1.400 1,826 334 1.401 03/31/2025 64034KAZ4 1376 Nelnet Bank 03/02/2022 245,000.00 231,245.70 245,000.00 1.800 1,461 670 1.801 03/02/2026 666613MK7 1544 Northpointe Bank 10/20/2023 248,000.00 250,425.44 248,000.00 4.850 1,827 1,633 4.855 10/20/2028 06426KDE5 1576 Bank of New England 02/14/2024 248,000.00 247,194.00 248,000.00 4.850 335 258 4.856 01/14/2025 67886WAJ6 1559 Oklahoma Credit Union 12/14/2023 248,000.00 248,086.80 248,000.00 5.700 183 44 5.716 06/14/2024 70962LAF9 1331 Pentagon FCU 09/01/2021 249,000.00 234,881.70 249,000.00 0.700 1,462 489 0.687 09/02/2025 710571DS6 1210 People's Bank 07/31/2019 248,000.00 245,929.20 248,000.00 2.000 1,827 91 2.002 07/31/2024 724468AC7 1483 Pitney Bowes Bank 04/14/2023 244,000.00 241,233.04 244,000.00 4.350 1,826 1,443 4.355 04/13/2028 72651LCL6 1195 Plains Commerce Bank 06/07/2019 245,000.00 244,242.95 245,000.00 2.550 1,827 37 2.553 06/07/2024 732329BD8 1425 Ponce Bank 09/15/2022 248,000.00 238,514.00 248,000.00 3.500 1,826 1,232 3.502 09/15/2027 740367HP5 1213 Preferred Bank 08/16/2019 249,000.00 246,559.80 249,000.00 2.000 1,827 107 2.002 08/16/2024 761402BY1 1203 Revere Bank 06/28/2019 247,000.00 245,742.77 247,000.00 2.300 1,827 58 2.303 06/28/2024 77357DADO 1560 Rockland Federal Credit Union 12/22/2023 248,000.00 246,502.08 248,000.00 4.600 1,096 965 4.604 12/22/2026 795451AFO 1327 Sallie Mae Bank Salt Lake City 07/28/2021 248,000.00 227,497.84 248,000.00 1.000 1,826 818 1.001 07/28/2026 804375DL4 1235 Sauk Valley B&T Co 11/07/2019 248,000.00 243,409.52 248,000.00 1.700 1,827 190 1.702 11/07/2024 843383CS7 1498 Southern Bank Poplar MO 05/17/2023 248,000.00 243,848.48 248,000.00 4.200 1,827 1,477 4.205 05/17/2028 80865MAB3 1454 Scient FCU 01/13/2023 248,000.00 246,963.36 248,000.00 4.650 731 257 4.656 01/13/2025 Run Date: 08/22/2024 - 11:34 Portfolio CITY CID PM (PRF_PM2) 7.3.0 240 City of La Quinta Portfolio Management Portfolio Details - Investments April 30, 2024 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 79772FAG1 1459 San Francisco FCU 02/03/2023 248,000.00 245,133.12 248,000.00 4.350 1,826 1,373 4.352 02/03/2028 82671DAB3 1458 Signature FCU 01/31/2023 248,000.00 245,557.20 248,000.00 4.400 1,826 1,370 4.402 01/31/2028 78472EABO 1455 SPCO Credit Union 01/20/2023 249,000.00 246,111.60 249,000.00 4.350 1,826 1,359 4.352 01/20/2028 849430BF9 1257 Spring Bank 03/20/2020 248,000.00 240,054.08 248,000.00 1.500 1,826 323 1.501 03/20/2025 84229LBA9 1434 Southern Bank Sardis GA 10/28/2022 244,000.00 240,828.00 244,000.00 4.250 1,188 637 4.254 01/28/2026 84287PJH6 1577 Southern First Bank 02/14/2024 248,000.00 246,888.96 248,000.00 4.700 455 378 4.687 05/14/2025 84223QAN7 1286 Southern Bancorp Bk 06/26/2020 248,000.00 242,263.76 248,000.00 0.500 1,582 177 0.500 10/25/2024 85279AAC6 1509 St Vincent Med Center FCU 06/16/2023 248,000.00 246,879.04 248,000.00 4.600 1,461 1,141 4.604 06/16/2027 87165ET98 1332 Synchrony Bank Retail 09/03/2021 245,000.00 223,454.70 245,000.00 0.900 1,826 855 0.900 09/03/2026 89388CEYO 1328 Transportation Alliance Bk TAB 07/23/2021 248,000.00 239,384.48 248,000.00 0.400 1,280 267 0.401 01/23/2025 87868YAQ6 1501 Technology Credit Union 05/30/2023 248,000.00 248,213.28 248,000.00 5.000 1,095 758 5.005 05/29/2026 89235MKY6 1314 Toyota Financial Savings Bank 04/22/2021 245,000.00 226,286.90 245,000.00 0.900 1,826 721 0.900 04/22/2026 89789AAG2 1473 Truliant FCU 03/10/2023 248,000.00 247,769.36 248,000.00 4.700 1,645 1,227 4.707 09/10/2027 89841MAX5 1563 Trustone Financial CU 12/28/2023 248,000.00 247,642.88 248,000.00 5.150 365 240 5.164 12/27/2024 89786MAF1 1368 True Sky FCU 02/04/2022 245,000.00 224,772.80 245,000.00 1.600 1,826 1,009 1.601 02/04/2027 898812AC6 1537 Tucson FCU 09/08/2023 248,000.00 251,710.08 248,000.00 5.000 1,827 1,591 5.005 09/08/2028 90355GHG4 1546 UBS Bank USA 10/25/2023 248,000.00 250,948.72 248,000.00 4.900 1,827 1,638 4.905 10/25/2028 909557KQ2 1477 United Bankers Bank 03/16/2023 248,000.00 247,511.44 248,000.00 5.000 732 320 4.823 03/17/2025 914098DJ4 1442 University Bank 11/30/2022 249,000.00 244,856.64 249,000.00 4.200 1,826 1,308 4.202 11/30/2027 914242AAO 1429 University Credit Union 09/26/2022 248,000.00 244,374.24 248,000.00 4.000 1,096 513 3.891 09/26/2025 91527PBY2 1495 Univest Bank & Trust 05/12/2023 248,000.00 245,212.48 248,000.00 4.350 1,827 1,472 4.355 05/12/2028 90983WBT7 1249 United Community 02/07/2020 248,000.00 241,296.56 248,000.00 1.650 1,827 282 1.652 02/07/2025 910286GN7 1513 United Fidelity Bank 06/29/2023 248,000.00 252,424.32 248,000.00 4.500 1,827 1,520 4.505 06/29/2028 91139LAB2 1378 United Roosevelt Savings 03/11/2022 248,000.00 228,799.84 248,000.00 1.900 1,826 1,044 1.901 03/11/2027 90352RDB8 1500 US Alliance FCU 05/26/2023 248,000.00 247,065.04 248,000.00 4.550 1,827 1,486 4.555 05/26/2028 91739JAB1 1523 Utah First FCU 07/21/2023 245,000.00 248,425.10 245,000.00 5.000 1,827 1,542 5.006 07/21/2028 913065ADO 1553 United Teletech Financial FCU 11/08/2023 248,000.00 251,114.88 248,000.00 5.100 1,461 1,286 5.103 11/08/2027 92559TAJ7 1325 Vibrant Credit Union 07/02/2021 249,000.00 227,839.98 248,377.50 0.800 1,824 790 0.852 06/30/2026 92834ABT2 1496 VisionBank 05/12/2023 248,000.00 242,482.00 248,000.00 4.050 1,827 1,472 4.055 05/12/2028 92023CAJ2 1552 ValleyStar Credit Union 11/08/2023 247,000.00 253,021.86 247,000.00 5.200 1,827 1,652 5.205 11/08/2028 92891CCZ3 1472 VystarCU 03/10/2023 248,000.00 246,913.76 248,000.00 4.550 1,827 1,409 4.555 03/10/2028 98138MCA6 1548 Workers FCU 10/30/2023 248,000.00 254,016.48 248,000.00 5.200 1,827 1,643 5.206 10/30/2028 93882861-12 1215 Washington Federal 08/23/2019 248,000.00 245,413.36 248,000.00 2.000 1,827 114 2.002 08/23/2024 95960NKD8 1277 Western State Bank 05/13/2020 245,000.00 234,866.80 245,000.00 1.000 1,826 377 1.001 05/13/2025 Subtotal and Average 40,181,944.17 39,817,000.00 38,955,230.08 39,816,377.50 1,633 823 3.105 Run Date: 08/22/2024 - 11:34 Portfolio CITY CID PM (PRF_PM2) 7.3.0 241 City of La Quinta Portfolio Management Page 10 Portfolio Details - Investments April 30, 2024 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Corporate Notes 09290DAA9 1587 Blackrock Funding Inc 03/28/2024 1,000,000.00 980,940.00 1,003,380.00 4.700 1,812 1,778 4.620 03/14/2029 45950VPS9 1308 International Finance Corp. 02/26/2021 500,000.00 458,660.00 497,300.00 0.500 1,826 666 0.610 02/26/2026 931142EE9 1512 Wal-Mart Stores, Inc 06/26/2023 1,000,000.00 957,080.00 973,110.00 3.700 1,827 1,517 4.303 06/26/2028 Subtotal and Average 2,473,790.00 2,500,000.00 2,396,680.00 2,473,790.00 1,821 1,452 3.689 TYCXX BMO 1628 Invesco Treasury Portfolio Subtotal and Average 02/05/2024 17,538,179.23 17,304,253.14 17,304,253.14 17,304,253.14 5.200 1 1 5.200 17,304,253.14 17,304,253.14 17,304,253.14 1 1 5.200 Money Market with Fiscal Agent SYS1058 1058 US Bank 07/01/2016 1,656.88 1,656.88 1,656.88 1 1 0.000 Subtotal and Average 1,650.43 1,656.88 1,656.88 1,656.88 1 1 0.000 CERBT - OPEB Trust SYS1114 1114 CalPERS CERBT Plan 07/01/2023 1,999,431.68 1,999,431.68 1,999,431.68 1 1 0.000 Subtotal and Average 1,999,431.68 1,999,431.68 1,999,431.68 1,999,431.68 1 1 0.000 PARS Pension Trust SYS1230 1230 PblcAgncyRtrmntSery 5,478,141.39 5,478,141.39 5,478,141.39 1 1 0.000 Subtotal and Average 5,635,191.24 5,478,141.39 5,478,141.39 5,478,141.39 1 1 0.000 Total and Average 252,013,584.66 253,273,681.76 247,186,751.82 251,935,518.50 900 513 3.733 Run Date: 08/22/2024 - 11:34 Portfolio CITY CID PM (PRF_PM2) 7.3.0 242 r City of La Quinta Total Earnings GEM ofrheDESERT - Sorted by Fund - Fund April 1, 2024 - April 30, 2024 City of La Quinta CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 98-33-434 1055 101 LAIF 19,862,904.17 19,669,740.01 19,862,904.17 4.272 4.557 73,667.77 0.00 0.00 73,667.77 SYS1059 1059 101 CITYPC 3,300.00 3,300.00 3,300.00 0.00 0.00 0.00 0.00 SYS1114 1114 101 CALPRS 1,999,431.68 1,999,431.68 1,999,431.68 0.00 0.00 0.00 0.00 SYS1153 1153 101 CAMP 51,555,049.77 30,546,571.66 51,555,049.77 5.440 7.769 195,046.42 0.00 0.00 195,046.42 156634AK3 1184 101 CENTNX 248,000.00 248,000.00 248,000.00 2.500 2.500 509.60 0.00 0.00 509.60 48128HXU7 1185 101 JPMORG 245,000.00 245,000.00 245,000.00 3.250 3.250 654.46 0.00 0.00 654.46 46256YAZ2 1186 101 IOWAST 245,000.00 245,000.00 245,000.00 2.400 2.400 483.29 0.00 0.00 483.29 56065GAG3 1188 101 MAINST 0.00 248,000.00 0.00 2.600 2.600 459.31 0.00 0.00 459.31 72651LCL6 1195 101 PLAINS 245,000.00 245,000.00 245,000.00 2.550 2.550 513.49 0.00 0.00 513.49 299547AQ2 1196 101 EVNSCU 248,000.00 248,000.00 248,000.00 2.600 2.600 529.97 0.00 0.00 529.97 524661CB9 1197 101 LEGCY 248,000.00 248,000.00 248,000.00 2.400 2.400 489.21 0.00 0.00 489.21 176688CP2 1199 101 CTZNST 248,000.00 248,000.00 248,000.00 2.400 2.400 489.20 0.00 0.00 489.20 20416TAQ5 1202 101 COMMW 248,000.00 248,000.00 248,000.00 2.250 2.250 458.63 0.00 0.00 458.63 761402BY1 1203 101 REVER 247,000.00 247,000.00 247,000.00 2.300 2.300 466.93 0.00 0.00 466.93 3135GOV75 1206 101 FNMA 500,000.00 495,950.00 495,950.00 1.750 1.789 729.17 0.00 0.00 729.17 00257TBD7 1207 101 ABACUS 248,000.00 248,000.00 248,000.00 1.950 1.950 397.48 0.00 0.00 397.48 33625CCP2 1209 101 1STSEC 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 710571DS6 1210 101 PEOPLE 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 3133EKWV4 1212 101 FFCB 500,000.00 499,500.00 499,500.00 1.850 1.878 770.83 0.00 0.00 770.83 740367HP5 1213 101 PREFRD 249,000.00 249,000.00 249,000.00 2.000 2.000 409.32 0.00 0.00 409.32 93882861-112 1215 101 WSHFED 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 33766LAJ7 1216 101 1STIER 249,000.00 249,000.00 249,000.00 1.950 1.950 399.08 0.00 0.00 399.08 15118RRH2 1220 101 CELTIC 248,000.00 248,000.00 248,000.00 1.850 1.850 377.10 0.00 0.00 377.10 334342CD2 1221 101 1STNBS 249,000.00 249,000.00 249,000.00 1.850 1.850 378.62 0.00 0.00 378.62 336460CX6 1222 101 1STDQN 248,000.00 248,000.00 248,000.00 1.800 1.800 366.90 0.00 0.00 366.90 3133EKP75 1224 101 FFCB 500,000.00 498,750.00 498,750.00 1.600 1.626 666.67 0.00 0.00 666.67 06652CHBO 1227 101 BNKWST 248,000.00 248,000.00 248,000.00 1.700 1.700 346.52 0.00 0.00 346.52 059731851 1228 101 BOTW 110,630.05 981,809.84 110,630.05 0.01 0.00 0.00 0.01 SYS1230 1230 101 PARS 5,478,141.39 5,640,606.75 5,478,141.39 0.00 0.00 0.00 0.00 33640VDD7 1231 101 1STSER 248,000.00 248,000.00 248,000.00 1.700 1.700 346.52 0.00 0.00 346.52 Run Date: 08/22/2024 - 13:57 Portfolio CITY CID TE (PRF_TE) 7.3.6 `48)rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 2 April 1, 2024 - April 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 804375DL4 1235 101 SAUKVL 248,000.00 248,000.00 248,000.00 1.700 1.700 346.52 0.00 0.00 346.52 61760A3133 1236 101 MSPRIV 245,000.00 245,000.00 245,000.00 1.900 1.900 382.61 0.00 0.00 382.61 61690UNX4 1237 101 MORGST 245,000.00 245,000.00 245,000.00 1.950 1.950 392.67 0.00 0.00 392.67 538036GVO 1238 101 LIVEOK 248,000.00 248,000.00 248,000.00 1.800 1.800 366.90 0.00 0.00 366.90 912828YV6 1241 101 USTR 1,000,000.00 989,687.50 989,687.50 1.500 1.511 1,229.51 0.00 0.00 1,229.51 3133ELEA8 1242 101 FFCB 1,000,000.00 998,600.00 998,600.00 1.700 1.726 1,416.67 0.00 0.00 1,416.67 35637RDC8 1248 101 FRDMFI 248,000.00 248,000.00 248,000.00 1.550 1.550 315.95 0.00 0.00 315.95 90983WBT7 1249 101 UNTDCM 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 32114VBT3 1250 101 1STNM1 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 17286TAGO 1252 101 CITADL 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 029728BC5 1255 101 AMERST 248,000.00 248,000.00 248,000.00 1.600 1.600 326.14 0.00 0.00 326.14 00435JBH5 1256 101 ACCSS 248,000.00 248,000.00 248,000.00 1.600 1.600 326.14 0.00 0.00 326.14 849430BF9 1257 101 SPRING 248,000.00 248,000.00 248,000.00 1.500 1.500 305.76 0.00 0.00 305.76 05465DAE8 1258 101 AXOS 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 654062JZ2 1266 101 NCOLET 248,000.00 248,000.00 248,000.00 1.400 1.400 285.37 0.00 0.00 285.37 020080BX4 1267 101 ALMABK 248,000.00 248,000.00 248,000.00 1.400 1.400 285.37 0.00 0.00 285.37 2027506M2 1268 101 CMWBUS 248,000.00 248,000.00 248,000.00 1.250 1.250 254.79 0.00 0.00 254.79 69506YRH4 1269 101 PACWST 0.00 245,000.00 0.00 1.300 1.300 130.89 0.00 0.00 130.89 08016PDQ9 1270 101 BELB&T 0.00 248,000.00 0.00 1.250 1.250 135.89 0.00 0.00 135.89 14042TDD6 1271 101 CAPONE 245,000.00 245,000.00 245,000.00 1.600 1.600 322.19 0.00 0.00 322.19 472382AQ3 1272 101 THEJEF 0.00 248,000.00 0.00 1.250 1.250 127.40 0.00 0.00 127.40 32027BALl 1273 101 1STFDM 249,000.00 249,000.00 249,000.00 1.200 1.200 245.60 0.00 0.00 245.60 32112UDR9 1274 101 1STMCG 248,000.00 248,000.00 248,000.00 1.350 1.350 275.18 0.00 0.00 275.18 33847E3A3 1276 101 FLGSTR 248,000.00 248,000.00 248,000.00 1.250 1.250 254.79 0.00 0.00 254.79 95960NKD8 1277 101 WSTRNS 245,000.00 245,000.00 245,000.00 1.000 1.000 201.37 0.00 0.00 201.37 32056GDJ6 1278 101 1STINT 248,000.00 248,000.00 248,000.00 1.000 1.000 203.84 0.00 0.00 203.84 3134GVYG7 1279 101 FHLMC 1,000,000.00 1,000,000.00 1,000,000.00 0.625 0.634 520.83 0.00 0.00 520.83 3133ELH23 1280 101 FFCB 500,000.00 499,850.00 499,850.00 0.500 0.507 208.33 0.00 0.00 208.33 3130AJKW8 1281 101 FHLB 500,000.00 499,850.00 499,850.00 0.500 0.507 208.33 0.00 0.00 208.33 3133ELH80 1282 101 FFCB 500,000.00 500,000.00 500,000.00 0.680 0.689 283.34 0.00 0.00 283.34 3130AJRP6 1283 101 FHLB 300,000.00 300,000.00 300,000.00 0.680 0.689 170.00 0.00 0.00 170.00 169894AS1 1284 101 CHIPVA 248,000.00 248,000.00 248,000.00 0.600 0.600 122.30 0.00 0.00 122.30 84223QAN7 1286 101 STHRNB 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 064520BG3 1287 101 BKPRNC 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 3135G05S8 1288 101 FNMA 500,000.00 500,000.00 500,000.00 0.500 0.507 208.33 0.00 0.00 208.33 3136G4N74 1289 101 FNMA 1,000,000.00 1,000,000.00 1,000,000.00 0.560 0.568 466.67 0.00 0.00 466.67 3136G4M75 1290 101 FNMA 500,000.00 499,750.00 499,750.00 0.520 0.527 216.66 0.00 0.00 216.66 Run Date: 08/22/2024 - 13:57 Portfolio CITY CID TE (PRF_TE) 7.3.6 `rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 3 April 1, 2024 - April 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 3135G06E8 1291 101 FNMA 500,000.00 499,250.00 499,250.00 0.420 0.426 175.00 0.00 0.00 175.00 3135GA2Z3 1292 101 FNMA 500,000.00 499,250.00 499,250.00 0.560 0.569 233.34 0.00 0.00 233.34 3137EAEU9 1297 101 FHLMC 1,000,000.00 997,300.00 997,300.00 0.375 0.381 312.50 0.00 0.00 312.50 3130AKFA9 1298 101 FHLB 500,000.00 497,400.00 497,400.00 0.375 0.382 156.25 0.00 0.00 156.25 3135GA7D7 1299 101 FNMA 500,000.00 500,000.00 500,000.00 0.600 0.608 250.00 0.00 0.00 250.00 3135GAAW1 1300 101 FNMA 500,000.00 500,000.00 500,000.00 0.400 0.406 166.66 0.00 0.00 166.66 3134GXGZ1 1301 101 FHLMC 500,000.00 500,000.00 500,000.00 0.550 0.558 229.17 0.00 0.00 229.17 3130AKMZ6 1302 101 FHLB 500,000.00 500,000.00 500,000.00 0.510 0.517 212.50 0.00 0.00 212.50 91282CBC4 1303 101 USTR 500,000.00 498,632.81 498,632.81 0.375 0.377 154.53 0.00 0.00 154.53 313OAKN28 1304 101 FHLB 500,000.00 500,000.00 500,000.00 0.550 0.558 229.17 0.00 0.00 229.17 51507LCC6 1305 101 LNDMRK 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 87270LDL4 1306 101 EVRBA 245,000.00 245,000.00 245,000.00 0.500 0.500 100.69 0.00 0.00 100.69 3137EAEX3 1307 101 FHLMC 500,000.00 495,999.50 495,999.50 0.375 0.383 156.25 0.00 0.00 156.25 45950VPS9 1308 101 IFC 500,000.00 497,300.00 497,300.00 0.500 0.504 206.05 0.00 0.00 206.05 91282CBH3 1309 101 USTR 500,000.00 495,100.00 495,100.00 0.375 0.380 154.53 0.00 0.00 154.53 3137EAEX3 1310 101 FHLMC 1,000,000.00 983,940.00 983,940.00 0.375 0.386 312.50 0.00 0.00 312.50 91282CAT8 1311 101 USTR 1,000,000.00 977,500.00 977,500.00 0.250 0.256 205.97 0.00 0.00 205.97 3130ALV92 1312 101 FHLB 500,000.00 500,000.00 500,000.00 1.050 1.065 437.50 0.00 0.00 437.50 39573LBC1 1313 101 GRNST 249,000.00 249,000.00 249,000.00 0.950 0.950 194.42 0.00 0.00 194.42 89235MKY6 1314 101 TOYFSB 245,000.00 245,000.00 245,000.00 0.900 0.900 181.23 0.00 0.00 181.23 91282CAZ4 1315 101 USTR 500,000.00 492,187.50 492,187.50 0.375 0.380 153.69 0.00 0.00 153.69 14622LAAO 1316 101 CARTER 248,000.00 248,000.00 248,000.00 0.750 0.750 152.88 0.00 0.00 152.88 31617CAV5 1317 101 FIDHMS 248,000.00 248,000.00 248,000.00 0.700 0.700 142.68 0.00 0.00 142.68 SYS1318 1318 101 DPME 943,815.50 920,055.76 943,815.50 0.00 0.00 0.00 0.00 91282CBQ3 1319 101 USTR 500,000.00 494,165.00 494,165.00 0.500 0.502 203.81 0.00 0.00 203.81 91282CBT7 1320 101 USTR 500,000.00 499,525.00 499,525.00 0.750 0.749 307.37 0.00 0.00 307.37 91282CCF6 1321 101 USTR 1,000,000.00 997,060.00 997,060.00 0.750 0.750 614.76 0.00 0.00 614.76 91282CBT7 1322 101 USTR 500,000.00 498,450.00 498,450.00 0.750 0.750 307.37 0.00 0.00 307.37 91282CCF6 1323 101 USTR 500,000.00 497,095.00 497,095.00 0.750 0.752 307.37 0.00 0.00 307.37 3130AMFS6 1324 101 FHLB 1,000,000.00 993,420.00 993,420.00 0.750 0.765 625.00 0.00 0.00 625.00 92559TAJ7 1325 101 VIBRNT 249,000.00 248,377.50 248,377.50 0.800 0.802 163.73 0.00 0.00 163.73 38149MXK4 1326 101 GLDMAN 248,000.00 248,000.00 248,000.00 1.000 1.000 203.83 0.00 0.00 203.83 795451AFO 1327 101 SALMAE 248,000.00 248,000.00 248,000.00 1.000 1.000 203.83 0.00 0.00 203.83 89388CEYO 1328 101 TABBK 248,000.00 248,000.00 248,000.00 0.400 0.400 81.53 0.00 0.00 81.53 06417NZQ9 1329 101 BKOZK 248,000.00 248,000.00 248,000.00 0.400 0.400 81.53 0.00 0.00 81.53 3133EM2C5 1330 101 FFCB 500,000.00 498,000.00 498,000.00 0.710 0.723 295.83 0.00 0.00 295.83 70962LAF9 1331 101 PENTGN 249,000.00 249,000.00 249,000.00 0.700 0.700 143.26 0.00 0.00 143.26 Run Date: 08/22/2024 - 13:57 Portfolio CITY CID TE (PRF_TE) 7.3.6 'rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 4 April 1, 2024 - April 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 87165ET98 1332 101 SYNCHR 245,000.00 245,000.00 245,000.00 0.900 0.900 181.23 0.00 0.00 181.23 05580AD50 1333 101 BMW 245,000.00 245,000.00 245,000.00 0.650 0.650 130.89 0.00 0.00 130.89 20786ADL6 1334 101 CONNEC 248,000.00 248,000.00 248,000.00 0.800 0.800 163.06 0.00 0.00 163.06 91282CCP4 1335 101 USTR 1,000,000.00 983,750.00 983,750.00 0.625 0.637 515.11 0.00 0.00 515.11 91282CCW9 1336 101 USTR 1,000,000.00 988,500.00 988,500.00 0.750 0.753 611.42 0.00 0.00 611.42 3130APBM6 1337 101 FHLB 1,000,000.00 999,000.00 999,000.00 1.000 1.015 833.33 0.00 0.00 833.33 3133EM4X7 1338 101 FFCB 1,000,000.00 991,080.00 991,080.00 0.800 0.818 666.66 0.00 0.00 666.66 3130APB46 1339 101 FHLB 1,000,000.00 998,250.00 998,250.00 0.950 0.965 791.67 0.00 0.00 791.67 91282CDB4 1343 101 USTR 1,000,000.00 996,320.00 996,320.00 0.625 0.626 512.29 0.00 0.00 512.29 3133ENCQ1 1344 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 1.270 1.288 1,058.33 0.00 0.00 1,058.33 59013KPNO 1345 101 MRRCK 249,000.00 249,000.00 249,000.00 1.100 1.100 225.12 0.00 0.00 225.12 14042RQBO 1346 101 CAP1NA 248,000.00 248,000.00 248,000.00 1.100 1.100 224.22 0.00 0.00 224.22 3130APTV7 1347 101 FHLB 500,000.00 499,500.00 499,500.00 2.000 2.030 833.33 0.00 0.00 833.33 3130AP2U8 1353 101 FHLB 1,000,000.00 987,100.00 987,100.00 0.550 0.565 458.34 0.00 0.00 458.34 3135G06G3 1354 101 FNMA 1,000,000.00 976,300.00 976,300.00 0.500 0.519 416.67 0.00 0.00 416.67 3133ENGN4 1355 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 0.970 0.983 808.33 0.00 0.00 808.33 501798RP9 1356 101 LCA 248,000.00 248,000.00 248,000.00 1.000 1.000 203.83 0.00 0.00 203.83 20825WAR1 1357 101 CNNXS 249,000.00 249,000.00 249,000.00 1.250 1.250 255.82 0.00 0.00 255.82 313OAQF65 1358 101 FHLB 1,000,000.00 999,750.00 999,750.00 1.250 1.268 1,041.67 0.00 0.00 1,041.67 3134GW6C5 1359 101 FHLMC 500,000.00 486,000.00 486,000.00 0.800 0.834 333.33 0.00 0.00 333.33 91282CBV2 1360 101 USTR 0.00 494,882.81 0.00 0.375 27.336 71.72 0.00 5,117.19 5,188.91 3137EAEU9 1361 101 FHLMC 500,000.00 487,090.00 487,090.00 0.375 0.390 156.25 0.00 0.00 156.25 3134GW5R3 1362 101 FHLMC 400,000.00 391,360.00 391,360.00 0.650 0.674 216.67 0.00 0.00 216.67 307811DF3 1363 101 FARMER 249,000.00 249,000.00 249,000.00 0.900 0.900 184.19 0.00 0.00 184.19 3130AQJR5 1364 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.500 1.521 1,250.00 0.00 0.00 1,250.00 3135G03U5 1365 101 FNMA 500,000.00 487,790.00 487,790.00 0.625 0.650 260.42 0.00 0.00 260.42 3134GWUQ7 1366 101 FHLMC 1,000,000.00 945,570.00 945,570.00 0.700 0.751 583.34 0.00 0.00 583.34 3130AQSA2 1367 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.830 1.855 1,525.00 0.00 0.00 1,525.00 89786MAF1 1368 101 TRUSKY 245,000.00 245,000.00 245,000.00 1.600 1.600 322.20 0.00 0.00 322.20 912828Z78 1369 101 USTR 1,000,000.00 986,700.00 986,700.00 1.500 1.524 1,236.26 0.00 0.00 1,236.26 07371AYE7 1370 101 BEALTX 245,000.00 245,000.00 245,000.00 1.900 1.900 382.60 0.00 0.00 382.60 073710E88 1371 101 BEALUS 245,000.00 245,000.00 245,000.00 1.900 1.900 382.60 0.00 0.00 382.60 02357QAQO 1372 101 AMRNT 245,000.00 245,000.00 245,000.00 1.600 1.600 322.19 0.00 0.00 322.19 59161YAP1 1373 101 METRO 249,000.00 249,000.00 249,000.00 1.700 1.700 347.92 0.00 0.00 347.92 3130AQWY5 1374 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.700 1.724 1,416.67 0.00 0.00 1,416.67 27004PCM3 1375 101 EGLMRK 245,000.00 245,000.00 245,000.00 2.000 2.000 402.74 0.00 0.00 402.74 64034KAZ4 1376 101 NELNET 245,000.00 245,000.00 245,000.00 1.800 1.800 362.46 0.00 0.00 362.46 Run Date: 08/22/2024 - 13:57 Portfolio CITY CID TE (PRF_TE) 7.3.6 'rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 5 April 1, 2024 - April 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 24773RCR4 1377 101 DELTA 245,000.00 245,000.00 245,000.00 2.000 2.000 402.74 0.00 0.00 402.74 91139LAB2 1378 101 URSVLT 248,000.00 248,000.00 248,000.00 1.900 1.900 387.29 0.00 0.00 387.29 565819AG4 1379 101 MRTHON 248,000.00 248,000.00 248,000.00 1.800 1.800 366.90 0.00 0.00 366.90 91282CCW9 1380 101 USTR 500,000.00 466,454.17 466,454.17 0.750 0.797 305.70 0.00 0.00 305.70 91282CDG3 1381 101 USTR 500,000.00 473,396.82 473,396.82 1.125 1.191 463.44 0.00 0.00 463.44 91282CBQ3 1382 101 USTR 750,000.00 698,025.00 698,025.00 0.500 0.533 305.70 0.00 0.00 305.70 9128286S4 1383 101 USTR 1,000,000.00 999,010.00 999,010.00 2.375 2.383 1,956.71 0.00 0.00 1,956.71 3130ARGJ4 1385 101 FHLB 500,000.00 500,000.00 500,000.00 2.500 2.535 1,041.67 0.00 0.00 1,041.67 20033A3A2 1386 101 CCBA 248,000.00 248,000.00 248,000.00 2.650 2.650 540.17 0.00 0.00 540.17 3130ARGY1 1387 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 2.700 2.738 2,250.00 0.00 0.00 2,250.00 02007GPX5 1388 101 ALLY 245,000.00 245,000.00 245,000.00 2.550 2.550 513.49 0.00 0.00 513.49 52168UHY1 1389 101 LEADR 245,000.00 245,000.00 245,000.00 2.550 2.550 513.50 0.00 0.00 513.50 9128283DO 1390 101 USTR 1,000,000.00 985,190.00 985,190.00 2.250 2.289 1,853.72 0.00 0.00 1,853.72 91282CEF4 1391 101 USTR 1,000,000.00 976,860.00 976,860.00 2.500 2.552 2,049.18 0.00 0.00 2,049.18 254673E69 1392 101 DISCOV 245,000.00 245,000.00 245,000.00 3.100 3.100 624.25 0.00 0.00 624.25 912828X88 1397 101 USTR 1,000,000.00 969,687.50 969,687.50 2.375 2.456 1,957.42 0.00 0.00 1,957.42 91282CEN7 1398 101 USTR 500,000.00 495,000.00 495,000.00 2.750 2.784 1,132.83 0.00 0.00 1,132.83 91282CET4 1399 101 USTR 500,000.00 491,842.18 491,842.18 2.625 2.661 1,075.82 0.00 0.00 1,075.82 91282821-13 1400 101 USTR 500,000.00 490,850.00 490,850.00 1.875 1.894 764.26 0.00 0.00 764.26 3133ENYH7 1401 101 FFCB 500,000.00 499,080.00 499,080.00 2.625 2.666 1,093.75 0.00 0.00 1,093.75 3130ASDV8 1409 101 FHLB 300,000.00 300,000.00 300,000.00 3.300 3.346 825.00 0.00 0.00 825.00 91282CFB2 1417 101 USTR 1,000,000.00 989,460.00 989,460.00 2.750 2.787 2,266.48 0.00 0.00 2,266.48 912828XT2 1418 101 USTR 1,000,000.00 985,240.00 985,240.00 2.000 2.024 1,639.35 0.00 0.00 1,639.35 397417AQ9 1419 101 GRNWDS 248,000.00 248,000.00 248,000.00 3.050 3.050 621.69 0.00 0.00 621.69 88413QDN5 1420 101 3RD 245,000.00 245,000.00 245,000.00 3.300 3.300 664.52 0.00 0.00 664.52 02589ADH2 1421 101 AMEXNB 245,000.00 245,000.00 245,000.00 3.450 3.450 694.73 0.00 0.00 694.73 91282CFB2 1422 101 USTR 1,000,000.00 979,645.67 979,645.67 2.750 2.815 2,266.48 0.00 0.00 2,266.48 732329BD8 1425 101 PONCE 248,000.00 248,000.00 248,000.00 3.500 3.500 713.42 0.00 0.00 713.42 3133ENL99 1426 101 FFCB 1,000,000.00 997,492.55 997,492.55 3.375 3.430 2,812.50 0.00 0.00 2,812.50 052392BT3 1427 101 AUSTEL 248,000.00 248,000.00 248,000.00 3.800 3.800 774.58 0.00 0.00 774.58 914242AAO 1429 101 UNIVCU 248,000.00 248,000.00 248,000.00 4.000 4.000 815.34 0.00 0.00 815.34 22258JAB7 1430 101 CNTYSC 248,000.00 248,000.00 248,000.00 4.400 4.400 896.87 0.00 0.00 896.87 3133ENQ29 1433 101 FFCB 1,000,000.00 996,400.00 996,400.00 4.000 4.070 3,333.34 0.00 0.00 3,333.34 84229LBA9 1434 101 STHBNK 244,000.00 244,000.00 244,000.00 4.250 4.250 852.33 0.00 0.00 852.33 34520LATO 1435 101 FORBRT 248,000.00 248,000.00 248,000.00 4.600 4.600 937.64 0.00 0.00 937.64 25460FDW3 1438 101 DIRFCU 248,000.00 248,000.00 248,000.00 4.800 4.800 978.40 0.00 0.00 978.40 9128282RO 1439 101 USTR 1,000,000.00 927,110.00 927,110.00 2.250 2.434 1,854.39 0.00 0.00 1,854.39 Run Date: 08/22/2024 - 13:57 Portfolio CITY CID TE (PRF_TE) 7.3.6 47ort Ver. 7.3.6.1 City of La Quinta Total Earnings Page 6 April 1, 2024 - April 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 3133EN31-11 1441 101 FFCB 1,000,000.00 998,650.00 998,650.00 4.000 4.061 3,333.33 0.00 0.00 3,333.33 914098DJ4 1442 101 UNIVBK 249,000.00 249,000.00 249,000.00 4.200 4.200 859.56 0.00 0.00 859.56 3133EN3S7 1446 101 FFCB 1,000,000.00 998,000.00 998,000.00 3.750 3.810 3,125.00 0.00 0.00 3,125.00 25844MAK4 1447 101 DORTCU 247,000.00 247,000.00 247,000.00 4.500 4.500 913.56 0.00 0.00 913.56 01664MAB2 1448 101 ALL IN 248,000.00 248,000.00 248,000.00 4.400 4.400 896.88 0.00 0.00 896.88 51828MAC8 1449 101 LATCOM 248,000.00 248,000.00 248,000.00 4.500 4.500 917.27 0.00 0.00 917.27 45157PAZ3 1450 101 IDEAL 248,000.00 248,000.00 248,000.00 4.500 4.500 917.26 0.00 0.00 917.26 01882MAC6 1451 101 ALIANT 247,000.00 247,000.00 247,000.00 5.000 5.000 1,015.06 0.00 0.00 1,015.06 80865MAB3 1454 101 SCIENT 248,000.00 248,000.00 248,000.00 4.650 4.650 947.84 0.00 0.00 947.84 78472EABO 1455 101 SPCOCU 249,000.00 249,000.00 249,000.00 4.350 4.350 890.26 0.00 0.00 890.26 91282CFH9 1456 101 USTR 500,000.00 489,175.00 489,175.00 3.125 3.168 1,273.77 0.00 0.00 1,273.77 300185LM5 1457 101 EVRGRN 248,000.00 248,000.00 248,000.00 3.850 3.850 784.77 0.00 0.00 784.77 82671DAB3 1458 101 SIGFCU 248,000.00 248,000.00 248,000.00 4.400 4.400 896.88 0.00 0.00 896.88 79772FAG1 1459 101 SF FCU 248,000.00 248,000.00 248,000.00 4.350 4.350 886.68 0.00 0.00 886.68 91282CGH8 1460 101 USTR 1,000,000.00 996,369.14 996,369.14 3.500 3.522 2,884.62 0.00 0.00 2,884.62 3133EPAV7 1464 101 FFCB 1,000,000.00 995,400.00 995,400.00 3.875 3.947 3,229.16 0.00 0.00 3,229.16 91282CEW7 1465 101 USTR 1,000,000.00 967,220.00 967,220.00 3.250 3.369 2,678.57 0.00 0.00 2,678.57 530520AH8 1466 101 LBRTY1 248,000.00 248,000.00 248,000.00 4.500 4.500 917.26 0.00 0.00 917.26 09582YAF9 1467 101 BLURDG 244,000.00 244,000.00 244,000.00 4.200 4.200 842.30 0.00 0.00 842.30 011852AEO 1469 101 ALASKA 248,000.00 248,000.00 248,000.00 4.600 4.600 937.64 0.00 0.00 937.64 92891CCZ3 1472 101 VYSTAR 248,000.00 248,000.00 248,000.00 4.550 4.550 927.46 0.00 0.00 927.46 89789AAG2 1473 101 TRUFCU 248,000.00 248,000.00 248,000.00 4.700 4.700 958.03 0.00 0.00 958.03 59524LAA4 1474 101 MIDCAR 248,000.00 248,000.00 248,000.00 4.850 4.850 988.61 0.00 0.00 988.61 49306SJ56 1475 101 KEYBNK 244,000.00 244,000.00 244,000.00 5.000 5.000 1,002.74 0.00 0.00 1,002.74 064860MCO 1476 101 BKSIER 244,000.00 244,000.00 244,000.00 4.600 4.600 922.52 0.00 0.00 922.52 909557KQ2 1477 101 UNBKRS 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 00833JAQ4 1478 101 AFFNTY 248,000.00 248,000.00 248,000.00 4.900 4.900 998.79 0.00 0.00 998.79 108622NJ6 1479 101 BRIDWA 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 3135GAGA3 1480 101 FNMA 2,000,000.00 2,000,000.00 2,000,000.00 5.200 5.272 8,666.67 0.00 0.00 8,666.67 3135GAGK1 1482 101 FNMA 0.00 3,000,000.00 0.00 5.050 5.120 4,629.17 0.00 0.00 4,629.17 724468AC7 1483 101 PITBOW 244,000.00 244,000.00 244,000.00 4.350 4.350 872.38 0.00 0.00 872.38 3134GYPJ5 1484 101 FHLMC 1,000,000.00 999,100.00 999,100.00 5.200 5.277 4,333.33 0.00 0.00 4,333.33 62384RAT3 1485 101 MTNAMR 248,000.00 248,000.00 248,000.00 4.700 4.700 958.03 0.00 0.00 958.03 60425SKB4 1486 101 MINWST 248,000.00 248,000.00 248,000.00 4.250 4.250 866.30 0.00 0.00 866.30 35089LAFO 1491 101 FRPNTS 248,000.00 248,000.00 248,000.00 4.550 4.550 927.45 0.00 0.00 927.45 062119BT8 1492 101 BANK59 248,000.00 248,000.00 248,000.00 4.250 4.250 866.30 0.00 0.00 866.30 152577BN1 1493 101 CENTRL 248,000.00 248,000.00 248,000.00 4.000 4.000 815.34 0.00 0.00 815.34 Run Date: 08/22/2024 - 13:57 Portfolio CITY CID TE (PRF_TE) 7.3.6 &rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 7 April 1, 2024 - April 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 23248UAB3 1494 101 CYFAIR 248,000.00 248,000.00 248,000.00 4.500 4.500 917.27 0.00 0.00 917.27 91527PBY2 1495 101 UNIVST 248,000.00 248,000.00 248,000.00 4.350 4.350 886.68 0.00 0.00 886.68 92834ABT2 1496 101 VISION 248,000.00 248,000.00 248,000.00 4.050 4.050 825.53 0.00 0.00 825.53 12547CBJ6 1497 101 CIBCBK 244,000.00 244,000.00 244,000.00 4.350 4.350 872.39 0.00 0.00 872.39 843383CS7 1498 101 SBPOPM 248,000.00 248,000.00 248,000.00 4.200 4.200 856.11 0.00 0.00 856.11 06610RCA5 1499 101 BANKRS 248,000.00 248,000.00 248,000.00 4.150 4.150 845.92 0.00 0.00 845.92 90352RDB8 1500 101 USAFCU 248,000.00 248,000.00 248,000.00 4.550 4.550 927.45 0.00 0.00 927.45 87868YAQ6 1501 101 TECHCU 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 3133EPME2 1505 101 FFCB 1,000,000.00 998,190.00 998,190.00 3.875 3.936 3,229.17 0.00 0.00 3,229.17 16141BAC5 1506 101 CHRTWY 248,000.00 248,000.00 248,000.00 4.900 4.900 998.79 0.00 0.00 998.79 23204HPB8 1507 101 CUST 244,000.00 244,000.00 244,000.00 4.500 4.500 902.46 0.00 0.00 902.46 91282CGT2 1508 101 USTR 1,000,000.00 984,600.00 984,600.00 3.625 3.672 2,971.32 0.00 0.00 2,971.32 85279AAC6 1509 101 STVINC 248,000.00 248,000.00 248,000.00 4.600 4.600 937.65 0.00 0.00 937.65 01025RAG4 1510 101 ALABAM 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 38120MCA2 1511 101 GLDNST 249,000.00 249,000.00 249,000.00 4.450 4.450 910.72 0.00 0.00 910.72 931142EE9 1512 101 WALMRT 1,000,000.00 973,110.00 973,110.00 3.700 3.855 3,083.33 0.00 0.00 3,083.33 910286GN7 1513 101 UNTFDL 248,000.00 248,000.00 248,000.00 4.500 4.500 917.27 0.00 0.00 917.27 472312AA5 1514 101 JEEPCO 248,000.00 248,000.00 248,000.00 4.700 4.700 958.02 0.00 0.00 958.02 31911KAK4 1515 101 1STELK 248,000.00 248,000.00 248,000.00 4.400 4.400 896.87 0.00 0.00 896.87 05765LBUO 1520 101 BALBOA 248,000.00 248,000.00 248,000.00 4.400 4.400 896.88 0.00 0.00 896.88 6067-001TERM 1521 101 CAMP 0.00 20,000,000.00 0.00 5.645 5.644 34,021.64 0.00 0.00 34,021.64 560507AQ8 1522 101 MAINE 248,000.00 248,000.00 248,000.00 4.800 4.800 978.40 0.00 0.00 978.40 91739JAB1 1523 101 UTHIST 245,000.00 245,000.00 245,000.00 5.000 5.000 1,006.85 0.00 0.00 1,006.85 91282CGT2 1524 101 USTR 1,000,000.00 990,000.00 990,000.00 3.625 3.652 2,971.32 0.00 0.00 2,971.32 91282CHA2 1525 101 USTR 1,000,000.00 985,000.00 985,000.00 3.500 3.562 2,883.57 0.00 0.00 2,883.57 30960QAR8 1526 101 FARMIG 248,000.00 248,000.00 248,000.00 5.400 5.400 1,100.71 0.00 0.00 1,100.71 3133EPQDO 1527 101 FFCB 1,000,000.00 998,655.69 998,655.69 4.250 4.315 3,541.67 0.00 0.00 3,541.67 91282CEK3 1528 101 USTR 0.00 980,080.00 0.00 2.500 28.139 1,991.76 0.00 19,920.00 21,911.76 3133EPSK2 1531 101 FFCB 1,000,000.00 990,400.00 990,400.00 4.250 4.351 3,541.67 0.00 0.00 3,541.67 499724AP7 1532 101 KNOX 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 05584CJJ6 1533 101 BNYMEL 244,000.00 244,000.00 244,000.00 4.500 4.500 902.47 0.00 0.00 902.47 9128282U3 1535 101 USTR 3,000,000.00 2,899,170.81 2,899,170.81 1.875 1.924 4,585.60 0.00 0.00 4,585.60 9128282N9 1536 101 USTR 2,000,000.00 1,942,840.00 1,942,840.00 2.125 2.194 3,502.75 0.00 0.00 3,502.75 898812AC6 1537 101 TUCSON 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 60936TAL3 1538 101 MONEY1 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 52470QEC4 1539 101 LEGBKT 248,000.00 248,000.00 248,000.00 4.500 4.500 917.27 0.00 0.00 917.27 3130AXEL8 1541 101 FHLB 1,000,000.00 999,500.00 999,500.00 4.750 4.818 3,958.34 0.00 0.00 3,958.34 Run Date: 08/22/2024 - 13:57 Portfolio CITY CID TE (PRF_TE) 7.3.6 'rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 8 April 1, 2024 - April 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 912796CX5 1542 101 USTR 0.00 1,945,964.16 0.00 5.315 59.620 0.00 0.00 54,035.84 54,035.84 91282CGT2 1543 101 USTR 1,000,000.00 949,180.00 949,180.00 3.625 3.809 2,971.32 0.00 0.00 2,971.32 666613MK7 1544 101 NORPNT 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 58404DTP6 1545 101 MEDBA 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 90355GHG4 1546 101 UBS 248,000.00 248,000.00 248,000.00 4.900 4.900 998.80 0.00 0.00 998.80 42228LAN1 1547 101 HEALTH 248,000.00 248,000.00 248,000.00 5.100 5.100 1,039.56 0.00 0.00 1,039.56 98138MCA6 1548 101 WORKRS 248,000.00 248,000.00 248,000.00 5.200 5.200 1,059.95 0.00 0.00 1,059.95 52171MAM7 1549 101 LEADRS 248,000.00 248,000.00 248,000.00 5.100 5.100 1,039.56 0.00 0.00 1,039.56 91282CFUO 1550 101 USTR 750,000.00 739,200.00 739,200.00 4.125 4.195 2,548.87 0.00 0.00 2,548.87 912797HH3 1551 101 USTR 1,000,000.00 974,178.00 974,178.00 5.222 0.00 0.00 0.00 0.00 92023CAJ2 1552 101 VLLSTR 247,000.00 247,000.00 247,000.00 5.200 5.200 1,055.67 0.00 0.00 1,055.67 913065ADO 1553 101 UTLTCH 248,000.00 248,000.00 248,000.00 5.100 5.100 1,039.56 0.00 0.00 1,039.56 3133EPC45 1554 101 FFCB 1,000,000.00 999,770.00 999,770.00 4.625 4.690 3,854.16 0.00 0.00 3,854.16 291916AJ3 1555 101 EMPOWR 247,000.00 247,000.00 247,000.00 5.250 5.250 1,065.82 0.00 0.00 1,065.82 372348DJ8 1556 101 GENOA 248,000.00 248,000.00 248,000.00 4.600 4.600 937.65 0.00 0.00 937.65 912797HS9 1558 101 USTR 2,000,000.00 1,949,466.22 1,949,466.22 5.110 0.00 0.00 0.00 0.00 67886WAJ6 1559 101 OKLACU 248,000.00 248,000.00 248,000.00 5.700 5.700 1,161.86 0.00 0.00 1,161.86 77357DADO 1560 101 ROCKLA 248,000.00 248,000.00 248,000.00 4.600 4.600 937.65 0.00 0.00 937.65 37173RAL7 1561 101 GENSEE 244,000.00 244,000.00 244,000.00 4.200 4.200 842.30 0.00 0.00 842.30 319137CB9 1562 101 FRBA 244,000.00 244,000.00 244,000.00 4.450 4.450 892.44 0.00 0.00 892.44 89841MAX5 1563 101 TRUFIN 248,000.00 248,000.00 248,000.00 5.150 5.150 1,049.75 0.00 0.00 1,049.75 130162131-3 1564 101 CALCRE 244,000.00 244,000.00 244,000.00 5.100 5.100 1,022.80 0.00 0.00 1,022.80 9128285M8 1565 101 USTR 1,000,000.00 966,718.75 966,718.75 3.125 3.241 2,575.55 0.00 0.00 2,575.55 3130AYBQ8 1566 101 FHLB 1,000,000.00 999,516.00 999,516.00 4.750 4.818 3,958.34 0.00 0.00 3,958.34 91282CJR3 1567 101 USTR 1,000,000.00 997,067.49 997,067.49 3.750 3.771 3,090.66 0.00 0.00 3,090.66 3133EPW84 1568 101 FFCB 1,000,000.00 992,100.00 992,100.00 3.875 3.960 3,229.17 0.00 0.00 3,229.17 3133EPW84 1569 101 FFCB 1,000,000.00 994,400.00 994,400.00 3.875 3.951 3,229.17 0.00 0.00 3,229.17 91282CJV4 1570 101 USTR 1,000,000.00 998,482.98 998,482.98 4.250 4.268 3,502.75 0.00 0.00 3,502.75 91282CJT9 1571 101 USTR 1,000,000.00 996,813.45 996,813.45 4.000 4.024 3,296.70 0.00 0.00 3,296.70 91282CFQ9 1572 101 USTR 1,000,000.00 995,910.11 995,910.11 4.375 4.403 3,604.47 0.00 0.00 3,604.47 3130AYKN5 1573 101 FHLB 1,000,000.00 999,992.84 999,992.84 4.810 4.877 4,008.33 0.00 0.00 4,008.33 32021YEV1 1574 101 1STFED 248,000.00 248,000.00 248,000.00 4.250 4.250 866.30 0.00 0.00 866.30 06426KDE5 1576 101 NWENGL 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 84287PJH6 1577 101 STHRN1 248,000.00 248,000.00 248,000.00 4.700 4.700 958.03 0.00 0.00 958.03 3130AYXU5 1579 101 FHLB 2,000,000.00 2,000,000.00 2,000,000.00 4.450 4.512 7,416.67 0.00 0.00 7,416.67 3130AYYJ9 1580 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 5.000 5.069 4,166.67 0.00 0.00 4,166.67 9128286131 1581 101 USTR 1,000,000.00 925,976.56 925,976.56 2.625 2.843 2,163.46 0.00 0.00 2,163.46 Run Date: 08/22/2024 - 13:57 Portfolio CITY CID TE (PRF_TE) 7.3.6 `A%rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 9 April 1, 2024 - April 30, 2024 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 912796ZW2 1582 101 USTR 2,000,000.00 1,964,420.00 1,964,420.00 5.083 0.00 0.00 0.00 0.00 3135GAPL9 1583 101 FNMA 1,000,000.00 1,000,000.00 1,000,000.00 5.150 5.222 4,291.67 0.00 0.00 4,291.67 3134H1UX9 1584 101 FHLMC 1,000,000.00 1,000,000.00 1,000,000.00 5.500 5.576 4,583.34 0.00 0.00 4,583.34 SYS1585 1585 101 USBANK 0.00 23,577.24 0.00 0.00 0.00 0.00 0.00 09290DAA9 1587 101 BLKRCK 1,000,000.00 1,003,380.00 1,003,380.00 4.700 4.749 3,916.67 0.00 0.00 3,916.67 91282CKG5 1588 101 USTR 1,000,000.00 0.00 996,200.00 4.125 4.129 3,381.15 0.00 0.00 3,381.15 3133ERAK7 1590 101 FFCB 1,000,000.00 0.00 985,690.00 4.375 4.500 972.22 0.00 0.00 972.22 31341-11D26 1591 101 FHLMC 1,000,000.00 0.00 999,500.00 5.600 5.681 1,088.89 0.00 0.00 1,088.89 3135GAQR5 1592 101 FNMA 1,000,000.00 0.00 999,000.00 5.050 5.125 981.95 0.00 0.00 981.95 3135GAQZ7 1593 101 FNMA 1,000,000.00 0.00 999,100.00 5.250 5.328 1,020.84 0.00 0.00 1,020.84 3135GARK9 1594 101 FNMA 1,000,000.00 0.00 1,000,000.00 5.500 5.576 1,069.44 0.00 0.00 1,069.44 313013141-8 1595 101 FHLB 900,000.00 0.00 900,000.00 5.040 5.110 756.00 0.00 0.00 756.00 227563GC1 1596 101 CRSRVR 244,000.00 0.00 244,000.00 4.500 4.500 150.41 0.00 0.00 150.41 91282CEM9 1597 101 USTR 1,000,000.00 0.00 921,300.00 2.875 3.095 78.13 0.00 0.00 78.13 3133EP3B9 1598 101 FFCB 1,000,000.00 991,400.00 991,400.00 4.125 4.219 3,437.50 0.00 0.00 3,437.50 FUZXX 1627 101 1STAME 3,010,440.61 1,035,654.92 3,010,440.61 5.170 21.910 18,650.64 0.00 0.00 18,650.64 TYCXX BMO 1628 101 INVSCO 17,304,253.14 17,546,245.65 17,304,253.14 5.200 4.196 60,516.43 0.00 0.00 60,516.43 Subtotal 250,984,966.31 247,110,967.22 249,646,803.05 4.028 693,793.95 0.00 79,073.03 772,866.98 Fund: Fiscal Agent SYS1058 1058 231 USBANK 1,656.88 1,650.21 1,656.88 4.918 6.67 0.00 0.00 6.67 Subtotal 1,656.88 1,650.21 1,656.88 4.918 6.67 0.00 0.00 6.67 Fund: Housing Authority : WSA and LQ SYS1062 1062 241 LQPR 158,952.57 151,522.65 158,952.57 0.00 0.00 0.00 0.00 Subtotal 158,952.57 151,522.65 158,952.57 0.00 0.00 0.00 0.00 Fund: SA Low/Mod Bond Fund 25-33-005 1113 249 LAIF 2,128,106.00 2,105,608.10 2,128,106.00 4.272 4.559 7,889.61 0.00 0.00 7,889.61 Subtotal 2,128,106.00 2,105,608.10 2,128,106.00 4.559 7,889.61 0.00 0.00 7,889.61 Total 253,273,681.76 249,369,748.18 251,935,518.50 4.030 701,690.23 0.00 79,073.03 780,763.26 Run Date: 08/22/2024 - 13:57 Portfolio CITY CID TE (PRF_TE) 7.3.6 A54ort Ver. 7.3.6.1 t(v Qa 1 0 (r(V GEM of the DESERT Investments City of La Quinta Portfolio Management Portfolio Summary May 31, 2024 Par Market Book % of Value Value Value Portfolio Term City of La Quinta Days to YTM Maturity 365 Equiv. Bank Accounts -1,055,382.47 -1,055,382.47 -1,055,382.47 -0.41 1 1 0.000 Local Agency Investment Fund -City 19,862,904.17 19,346,086.81 19,862,904.17 7.63 1 1 4.332 Local Agency Invstmnt Fund -Housing 2,128,106.00 2,097,005.34 2,128,106.00 0.82 1 1 4.332 Money Market/Mutual Funds 3,529,623.54 3,529,623.54 3,529,623.54 1.36 1 1 5.160 Money Market Accounts - CAMP 51,792,279.44 51,792,279.44 51,792,279.44 19.90 1 1 5.430 Federal Agency Coupon Securities 62,400,000.00 60,262,619.00 62,129,836.58 23.87 1,599 912 2.834 Treasury Coupon Securities 44,000,000.00 42,170,555.00 43,057,702.82 16.54 1,463 918 3.280 Treasury Discount Notes 2,000,000.00 1,995,020.00 1,964,420.00 0.75 126 19 5.320 Certificate of Deposits 39,563,000.00 38,649,292.43 39,562,377.50 15.20 1,618 826 3.167 Corporate Notes 2,500,000.00 2,417,610.00 2,473,790.00 0.95 1,821 1,421 3.689 Mutual Funds 27,202,301.08 27,202,301.08 27,202,301.08 10.45 1 1 5.190 Money Market with Fiscal Agent 1,663.36 1,663.36 1,663.36 0.00 1 1 0.000 CERBT- OPEBTrust 1,999,431.68 1,999,431.68 1,999,431.68 0.77 1 1 0.000 PARS Pension Trust 5,613,331.25 5,613,331.25 5,613,331.25 2.16 1 1 0.000 261,537,258.05 256,021,436.46 260,262,384.95 100.00% 888 509 3.835 Investments Total Earnings May 31 Month Ending Fiscal Year To Date Current Year 844,391.19 7,727,163.74 Average Daily Balance 252,239,962.29 241,886,507.10 Effective Rate of Return 3.94% 3.47% 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our financial institutions to determine the fair market value of investments at month end. 8/27/2024 Claudia Martinez, Finance Director/City Treasurer Reporting period 05/01/2024-05/31/2024 Portfolio CITY CID Run Date: 08/22/2024 - 13,53 PM (PRF_PM1) 7.3.0 ReposhbZ. 7.3.6.1 City of La Quinta Portfolio Management Page 1 Portfolio Details - Investments May 31, 2024 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 SYS1293 1293 Bank of New York 09/01/2020 0.00 0.00 0.00 1 1 0.000 059731851 1228 BMO f/k/a Bank of the West 08/20/2019-2,200,428.07 -2,200,428.07 -2,200,428.07 1 1 0.000 SYS1059 1059 City Petty Cash 07/01/2016 3,300.00 3,300.00 3,300.00 1 1 0.000 SYS1318 1318 Dune Palms Mobile Estates 03/09/2021 981,559.01 981,559.01 981,559.01 1 1 0.000 SYS1062 1062 La Quinta Palms Realty 07/01/2016 160,186.59 160,186.59 160,186.59 1 1 0.000 SYS1585 1585 US Bank 03/12/2024 0.00 0.00 0.00 1 1 0.000 Subtotal and Average 1,901,101.97 -1,055,382.47 -1,055,382.47 -1,055,382.47 1 1 0.000 Local Agency Investment Fund -City 98-33-434 1055 Local Agency Inv Fund 19,862,904.17 19,346,086.81 19,862,904.17 4.332 1 1 4.332 Subtotal and Average 19,862,904.17 19,862,904.17 19,346,086.81 19,862,904.17 1 1 4.332 Local Agency Invstmnt Fund -Housing 25-33-005 1113 Local Agency Inv Fund 2,128,106.00 2,097,005.34 2,128,106.00 4.332 1 1 4.332 Subtotal and Average 2,128,106.00 2,128,106.00 2,097,005.34 2,128,106.00 1 1 4.332 Money Market/Mutual Funds FUZXX 1627 First American Treasury Fund 03/12/2024 3,529,623.54 3,529,623.54 3,529,623.54 5.160 1 1 5.160 Subtotal and Average 3,045,237.45 3,529,623.54 3,529,623.54 3,529,623.54 1 1 5.160 Money Market Accounts - CAMP SYS1153 1153 California Asset Management Pr 09/26/2018 51,792,279.44 51,792,279.44 51,792,279.44 5.430 1 1 5.430 Subtotal and Average 51,562,702.34 51,792,279.44 51,792,279.44 51,792,279.44 1 1 5.430 Federal Agency Coupon Securities 3133EKWV4 1212 Federal Farm Credit Bank 08/02/2019 500,000.00 497,310.00 499,500.00 1.850 1,820 55 1.871 07/26/2024 3133EKP75 1224 Federal Farm Credit Bank 09/17/2019 500,000.00 494,380.00 498,750.00 1.600 1,827 108 1.652 09/17/2024 3133ELEA8 1242 Federal Farm Credit Bank 12/17/2019 1,000,000.00 988,850.00 998,600.00 1.700 1,736 108 1.731 09/17/2024 3133ELH23 1280 Federal Farm Credit Bank 06/09/2020 500,000.00 477,305.00 499,850.00 0.500 1,826 373 0.506 06/09/2025 3133ELH80 1282 Federal Farm Credit Bank 06/10/2020 500,000.00 477,095.00 500,000.00 0.680 1,826 374 0.680 06/10/2025 3133EM2C5 1330 Federal Farm Credit Bank 08/10/2021 500,000.00 456,665.00 498,000.00 0.710 1,826 800 0.792 08/10/2026 3133EM4X7 1338 Federal Farm Credit Bank 09/28/2021 1,000,000.00 914,860.00 991,080.00 0.800 1,808 831 0.985 09/10/2026 3133ENCQ1 1344 Federal Farm Credit Bank 11/02/2021 1,000,000.00 917,490.00 1,000,000.00 1.270 1,826 884 1.270 11/02/2026 3133ENGN4 1355 Federal Farm Credit Bank 12/09/2021 1,000,000.00 977,840.00 1,000,000.00 0.970 1,096 191 0.970 12/09/2024 3133ENYH7 1401 Federal Farm Credit Bank 06/10/2022 500,000.00 499,735.00 499,080.00 2.625 731 9 2.720 06/10/2024 Portfolio CITY CP Run Date: 08/22/2024 - 13:53 PM (PRF_PM2) 7.3.0 253 Report Ver. 7.3.6.1 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2024 Page 2 CUSIP Investment # Issuer Average Purchase Balance Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Federal Agency Coupon Securities 3133ENL99 1426 Federal Farm Credit Bank 09/15/2022 1,000,000.00 960,550.00 997,492.55 3.375 1,826 1,201 3.430 09/15/2027 3133ENQ29 1433 Federal Farm Credit Bank 09/30/2022 1,000,000.00 979,150.00 996,400.00 4.000 1,825 1,215 4.080 09/29/2027 3133EN3H1 1441 Federal Farm Credit Bank 11/29/2022 1,000,000.00 978,400.00 998,650.00 4.000 1,826 1,276 4.030 11/29/2027 3133EN3S7 1446 Federal Farm Credit Bank 12/07/2022 1,000,000.00 970,290.00 998,000.00 3.750 1,826 1,284 3.794 12/07/2027 3133EPAV7 1464 Federal Farm Credit Bank 02/15/2023 1,000,000.00 974,940.00 995,400.00 3.875 1,825 1,353 3.977 02/14/2028 3133EPME2 1505 Federal Farm Credit Bank 06/08/2023 1,000,000.00 975,900.00 998,190.00 3.875 1,827 1,468 3.915 06/08/2028 3133EPQDO 1527 Federal Farm Credit Bank 07/31/2023 1,000,000.00 989,230.00 998,655.69 4.250 1,813 1,507 4.280 07/17/2028 3133EPSK2 1531 Federal Farm Credit Bank 08/18/2023 1,000,000.00 989,070.00 990,400.00 4.250 1,816 1,528 4.467 08/07/2028 3133EPC45 1554 Federal Farm Credit Bank 11/13/2023 1,000,000.00 1,001,610.00 999,770.00 4.625 1,827 1,626 4.630 11/13/2028 3133EPW84 1568 Federal Farm Credit Bank 01/18/2024 1,000,000.00 973,380.00 992,100.00 3.875 1,827 1,692 4.051 01/18/2029 3133EPW84 1569 Federal Farm Credit Bank 01/30/2024 1,000,000.00 973,380.00 994,400.00 3.875 1,815 1,692 4.000 01/18/2029 3133ERAK7 1590 Federal Farm Credit Bank 04/23/2024 1,000,000.00 994,140.00 985,690.00 4.375 1,813 1,774 4.701 04/10/2029 3133EP3B9 1598 Federal Farm Credit Bank 02/14/2024 1,000,000.00 983,550.00 991,400.00 4.125 1,826 1,718 4.318 02/13/2029 3130AJKW8 1281 Federal Home Loan Bank 06/03/2020 500,000.00 476,750.00 499,850.00 0.500 1,836 377 0.506 06/13/2025 3130AJRP6 1283 Federal Home Loan Bank 06/30/2020 300,000.00 286,653.00 300,000.00 0.680 1,826 394 0.680 06/30/2025 3130AKFA9 1298 Federal Home Loan Bank 12/07/2020 500,000.00 466,895.00 497,400.00 0.375 1,831 559 0.480 12/12/2025 3130AKMZ6 1302 Federal Home Loan Bank 01/14/2021 500,000.00 464,910.00 500,000.00 0.510 1,826 592 0.510 01/14/2026 313OAKN28 1304 Federal Home Loan Bank 01/29/2021 500,000.00 464,355.00 500,000.00 0.550 1,826 607 0.550 01/29/2026 3130ALV92 1312 Federal Home Loan Bank 03/30/2021 500,000.00 466,580.00 500,000.00 1.050 1,826 667 0.938 03/30/2026 3130AMFS6 1324 Federal Home Loan Bank 06/17/2021 1,000,000.00 920,820.00 993,420.00 0.750 1,821 741 0.885 06/12/2026 3130APBM6 1337 Federal Home Loan Bank 09/30/2021 1,000,000.00 914,630.00 999,000.00 1.000 1,826 851 1.021 09/30/2026 3130APB46 1339 Federal Home Loan Bank 10/13/2021 1,000,000.00 912,180.00 998,250.00 0.950 1,826 864 0.986 10/13/2026 3130APTV7 1347 Federal Home Loan Bank 11/24/2021 500,000.00 467,900.00 499,500.00 2.000 1,826 906 1.489 11/24/2026 3130AP2U8 1353 Federal Home Loan Bank 12/07/2021 1,000,000.00 972,430.00 987,100.00 0.550 1,127 220 0.976 01/07/2025 313OAQF65 1358 Federal Home Loan Bank 12/22/2021 1,000,000.00 917,190.00 999,750.00 1.250 1,825 933 1.255 12/21/2026 3130AQJR5 1364 Federal Home Loan Bank 01/27/2022 1,000,000.00 918,220.00 1,000,000.00 1.500 1,826 970 1.500 01/27/2027 3130AQSA2 1367 Federal Home Loan Bank 02/10/2022 1,000,000.00 925,490.00 1,000,000.00 1.830 1,826 984 1.830 02/10/2027 3130AQWY5 1374 Federal Home Loan Bank 02/25/2022 1,000,000.00 974,660.00 1,000,000.00 1.700 1,095 268 1.700 02/24/2025 3130ARGJ4 1385 Federal Home Loan Bank 04/14/2022 500,000.00 483,895.00 500,000.00 2.500 1,279 500 2.500 10/14/2025 3130ARGY1 1387 Federal Home Loan Bank 04/19/2022 1,000,000.00 946,260.00 1,000,000.00 2.700 1,826 1,052 2.700 04/19/2027 3130ASDV8 1409 Federal Home Loan Bank 06/28/2022 300,000.00 286,974.00 300,000.00 3.300 1,826 1,122 3.300 06/28/2027 3130AXEL8 1541 Federal Home Loan Bank 10/03/2023 1,000,000.00 1,008,590.00 999,500.00 4.750 1,802 1,560 4.762 09/08/2028 3130AYBQ8 1566 Federal Home Loan Bank 12/29/2023 1,000,000.00 997,040.00 999,516.00 4.750 363 208 4.800 12/26/2024 3130AYKN5 1573 Federal Home Loan Bank 01/31/2024 1,000,000.00 997,190.00 999,992.84 4.810 345 223 4.810 01/10/2025 3130AYXU5 1579 Federal Home Loan Bank 02/15/2024 2,000,000.00 1,960,080.00 2,000,000.00 4.450 1,824 1,717 4.450 02/12/2029 3130AYYJ9 1580 Federal Home Loan Bank 02/15/2024 1,000,000.00 997,380.00 1,000,000.00 5.000 1,827 1,720 5.000 02/15/2029 Run Date: 08/22/2024 - 13:53 Portfolio CITY CP PM (PRF_PM2) 7.3.0 254 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2024 Page 3 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Federal Agency Coupon Securities 313013141-8 1595 Federal Home Loan Bank 04/25/2024 900,000.00 900,639.00 900,000.00 5.040 1,824 1,787 5.040 04/23/2029 3134GVYG7 1279 Federal Home Loan Mtg Corp 05/27/2020 1,000,000.00 957,230.00 1,000,000.00 0.625 1,826 360 0.625 05/27/2025 3137EAEU9 1297 Federal Home Loan Mtg Corp 12/07/2020 1,000,000.00 948,330.00 997,300.00 0.375 1,687 415 0.434 07/21/2025 3134GXGZ1 1301 Federal Home Loan Mtg Corp 12/30/2020 500,000.00 466,530.00 500,000.00 0.550 1,826 577 0.550 12/30/2025 3137EAEX3 1307 Federal Home Loan Mtg Corp 02/23/2021 500,000.00 470,430.00 495,999.50 0.375 1,673 479 0.552 09/23/2025 3137EAEX3 1310 Federal Home Loan Mtg Corp 03/30/2021 1,000,000.00 940,860.00 983,940.00 0.375 1,638 479 0.740 09/23/2025 3134GW6C5 1359 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 453,655.00 486,000.00 0.800 1,757 879 1.403 10/28/2026 3137EAEU9 1361 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 474,165.00 487,090.00 0.375 1,293 415 1.120 07/21/2025 3134GW5R3 1362 Federal Home Loan Mtg Corp 01/05/2022 400,000.00 376,528.00 391,360.00 0.650 1,391 513 1.232 10/27/2025 3134GWUQ7 1366 Federal Home Loan Mtg Corp 02/10/2022 1,000,000.00 898,740.00 945,570.00 0.700 1,784 942 1.870 12/30/2026 3134GYPJ5 1484 Federal Home Loan Mtg Corp 04/24/2023 1,000,000.00 997,150.00 999,100.00 5.200 1,820 1,416 5.220 04/17/2028 3134H1UX9 1584 Federal Home Loan Mtg Corp 02/29/2024 1,000,000.00 999,110.00 1,000,000.00 5.500 1,824 1,731 5.500 02/26/2029 3134H1D26 1591 Federal Home Loan Mtg Corp 04/24/2024 1,000,000.00 998,650.00 999,500.00 5.600 1,819 1,781 5.611 04/17/2029 3135GOV75 1206 Federal National Mtg Assn 07/15/2019 500,000.00 498,560.00 495,950.00 1.750 1,814 31 1.922 07/02/2024 3135GO5S8 1288 Federal National Mtg Assn 08/14/2020 500,000.00 473,290.00 500,000.00 0.500 1,826 439 0.500 08/14/2025 3136G4N74 1289 Federal National Mtg Assn 08/21/2020 1,000,000.00 947,500.00 1,000,000.00 0.560 1,826 446 0.560 08/21/2025 3136G4M75 1290 Federal National Mtg Assn 08/28/2020 500,000.00 473,550.00 499,750.00 0.520 1,816 443 0.530 08/18/2025 3135GO6E8 1291 Federal National Mtg Assn 11/18/2020 500,000.00 488,315.00 499,250.00 0.420 1,461 170 0.458 11/18/2024 3135GA2Z3 1292 Federal National Mtg Assn 11/17/2020 500,000.00 468,680.00 499,250.00 0.560 1,826 534 0.590 11/17/2025 3135GA7D7 1299 Federal National Mtg Assn 12/23/2020 500,000.00 467,255.00 500,000.00 0.600 1,826 570 0.600 12/23/2025 3135GAAW1 1300 Federal National Mtg Assn 12/30/2020 500,000.00 486,395.00 500,000.00 0.400 1,461 212 0.400 12/30/2024 3135GO6G3 1354 Federal National Mtg Assn 12/07/2021 1,000,000.00 938,090.00 976,300.00 0.500 1,431 524 1.120 11/07/2025 3135GO3U5 1365 Federal National Mtg Assn 01/28/2022 500,000.00 480,235.00 487,790.00 0.625 1,180 325 1.400 04/22/2025 3135GAGA3 1480 Federal National Mtg Assn 04/03/2023 2,000,000.00 1,998,140.00 2,000,000.00 5.200 484 59 5.206 07/30/2024 3135GAPL9 1583 Federal National Mtg Assn 02/26/2024 1,000,000.00 997,040.00 1,000,000.00 5.150 1,096 1,000 5.150 02/26/2027 3135GAQR5 1592 Federal National Mtg Assn 04/24/2024 1,000,000.00 998,640.00 999,000.00 5.050 701 663 5.103 03/26/2026 3135GAQZ7 1593 Federal National Mtg Assn 04/24/2024 1,000,000.00 997,430.00 999,100.00 5.250 1,073 1,035 5.282 04/02/2027 3135GARK9 1594 Federal National Mtg Assn 04/24/2024 1,000,000.00 1,002,750.00 1,000,000.00 5.500 1,093 1,055 5.500 04/22/2027 3135GAS36 1599 Federal National Mtg Assn 05/15/2024 1,000,000.00 992,540.00 992,900.00 4.750 1,826 1,809 4.912 05/15/2029 Subtotal and Average 61,681,430.13 62,400,000.00 60,262,619.00 62,129,836.58 1,599 912 2.834 Treasury Coupon Securities 912828YV6 1241 U.S. Treasury 12/16/2019 1,000,000.00 981,280.00 989,687.50 1.500 1,811 182 1.718 11/30/2024 91282CBC4 1303 U.S. Treasury 01/07/2021 500,000.00 465,255.00 498,632.81 0.375 1,819 578 0.431 12/31/2025 91282CBH3 1309 U.S. Treasury 02/23/2021 500,000.00 463,655.00 495,100.00 0.375 1,803 609 0.577 01/31/2026 91282CAT8 1311 U.S. Treasury 03/30/2021 1,000,000.00 935,350.00 977,500.00 0.250 1,676 517 0.750 10/31/2025 Run Date: 08/22/2024 - 13:53 Portfolio CITY CP PM (PRF_PM2) 7.3.0 255 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2024 Page 4 CUSIP Investment # Issuer Average Purchase Balance Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Treasury Coupon Securities 91282CAZ4 1315 U.S. Treasury 04/22/2021 500,000.00 466,915.00 492,187.50 0.375 1,683 547 0.720 11/30/2025 91282CBQ3 1319 U.S. Treasury 05/28/2021 500,000.00 463,240.00 494,165.00 0.500 1,737 637 0.750 02/28/2026 91282CBT7 1320 U.S. Treasury 05/28/2021 500,000.00 464,005.00 499,525.00 0.750 1,768 668 0.770 03/31/2026 91282CCF6 1321 U.S. Treasury 06/01/2021 1,000,000.00 922,540.00 997,060.00 0.750 1,825 729 0.810 05/31/2026 91282CBT7 1322 U.S. Treasury 06/17/2021 500,000.00 464,005.00 498,450.00 0.750 1,748 668 0.816 03/31/2026 91282CCF6 1323 U.S. Treasury 06/17/2021 500,000.00 461,270.00 497,095.00 0.750 1,809 729 0.870 05/31/2026 91282CCP4 1335 U.S. Treasury 09/29/2021 1,000,000.00 914,880.00 983,750.00 0.625 1,766 790 0.970 07/31/2026 91282CCW9 1336 U.S. Treasury 09/29/2021 1,000,000.00 914,610.00 988,500.00 0.750 1,797 821 0.990 08/31/2026 91282CDB4 1343 U.S. Treasury 10/22/2021 1,000,000.00 982,860.00 996,320.00 0.625 1,089 136 0.750 10/15/2024 912828Z78 1369 U.S. Treasury 02/10/2022 1,000,000.00 920,200.00 986,700.00 1.500 1,816 974 1.781 01/31/2027 91282CCW9 1380 U.S. Treasury 03/22/2022 500,000.00 457,305.00 466,454.17 0.750 1,623 821 2.350 08/31/2026 91282CDG3 1381 U.S. Treasury 03/22/2022 500,000.00 458,850.00 473,396.82 1.125 1,684 882 2.350 10/31/2026 91282CBQ3 1382 U.S. Treasury 03/23/2022 750,000.00 694,860.00 698,025.00 0.500 1,438 637 2.353 02/28/2026 9128286S4 1383 U.S. Treasury 03/23/2022 1,000,000.00 954,490.00 999,010.00 2.375 1,499 698 2.400 04/30/2026 9128283DO 1390 U.S. Treasury 05/03/2022 1,000,000.00 987,470.00 985,190.00 2.250 912 152 2.870 10/31/2024 91282CEF4 1391 U.S. Treasury 05/03/2022 1,000,000.00 942,700.00 976,860.00 2.500 1,793 1,033 3.010 03/31/2027 912828X88 1397 U.S. Treasury 06/07/2022 1,000,000.00 937,310.00 969,687.50 2.375 1,803 1,078 3.041 05/15/2027 91282CEN7 1398 U.S. Treasury 06/08/2022 500,000.00 473,965.00 495,000.00 2.750 1,787 1,063 2.971 04/30/2027 91282CET4 1399 U.S. Treasury 06/08/2022 500,000.00 471,660.00 491,842.18 2.625 1,818 1,094 2.980 05/31/2027 9128282U3 1400 U.S. Treasury 06/09/2022 500,000.00 495,730.00 490,850.00 1.875 814 91 2.727 08/31/2024 91282CFB2 1417 U.S. Treasury 08/15/2022 1,000,000.00 944,530.00 989,460.00 2.750 1,811 1,155 2.980 07/31/2027 91282CFB2 1422 U.S. Treasury 08/29/2022 1,000,000.00 944,530.00 979,645.67 2.750 1,797 1,155 3.200 07/31/2027 9128282RO 1439 U.S. Treasury 11/18/2022 1,000,000.00 929,340.00 927,110.00 2.250 1,731 1,170 3.950 08/15/2027 91282CFH9 1456 U.S. Treasury 01/24/2023 500,000.00 477,305.00 489,175.00 3.125 1,680 1,186 3.640 08/31/2027 91282CGH8 1460 U.S. Treasury 02/02/2023 1,000,000.00 963,200.00 996,369.14 3.500 1,824 1,339 3.580 01/31/2028 91282CEW7 1465 U.S. Treasury 02/15/2023 1,000,000.00 960,230.00 967,220.00 3.250 1,596 1,124 4.075 06/30/2027 91282CGT2 1508 U.S. Treasury 06/15/2023 1,000,000.00 966,520.00 984,600.00 3.625 1,751 1,399 3.980 03/31/2028 91282CGT2 1524 U.S. Treasury 05/31/2023 1,000,000.00 966,520.00 990,000.00 3.625 1,766 1,399 3.853 03/31/2028 91282CHA2 1525 U.S. Treasury 05/31/2023 1,000,000.00 961,720.00 985,000.00 3.500 1,796 1,429 3.837 04/30/2028 9128282U3 1535 U.S. Treasury 09/07/2023 3,000,000.00 2,974,380.00 2,899,170.81 1.875 359 91 5.440 08/31/2024 9128282N9 1536 U.S. Treasury 09/07/2023 2,000,000.00 1,989,540.00 1,942,840.00 2.125 328 60 5.431 07/31/2024 91282CGT2 1543 U.S. Treasury 10/19/2023 1,000,000.00 966,520.00 949,180.00 3.625 1,625 1,399 4.910 03/31/2028 91282CFUO 1550 U.S. Treasury 11/06/2023 750,000.00 738,075.00 739,200.00 4.125 1,455 1,247 4.524 10/31/2027 9128285M8 1565 U.S. Treasury 12/29/2023 1,000,000.00 943,360.00 966,718.75 3.125 1,783 1,628 3.880 11/15/2028 91282CJR3 1567 U.S. Treasury 01/02/2024 1,000,000.00 967,890.00 997,067.49 3.750 1,825 1,674 3.815 12/31/2028 91282CJV4 1570 U.S. Treasury 01/31/2024 1,000,000.00 988,520.00 998,482.98 4.250 731 609 4.330 01/31/2026 Run Date: 08/22/2024 - 13:53 Portfolio CITY CID PM (PRF_PM2) 7.3.0 256 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2024 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 Coupon Securities 91282CJT9 1571 U.S. Treasury 01/31/2024 1,000,000.00 982,150.00 996,813.45 4.000 1,080 958 4.115 01/15/2027 91282CFQ9 1572 U.S. Treasury 01/31/2024 1,000,000.00 996,030.00 995,910.11 4.375 274 152 4.930 10/31/2024 9128286B1 1581 U.S. Treasury 02/15/2024 1,000,000.00 920,120.00 925,976.56 2.625 1,827 1,720 4.285 02/15/2029 91282CKG5 1588 U.S. Treasury 04/01/2024 1,000,000.00 983,050.00 996,200.00 4.125 1,825 1,764 4.210 03/31/2029 91282CEM9 1597 U.S. Treasury 04/30/2024 1,000,000.00 928,200.00 921,300.00 2.875 1,826 1,794 4.658 04/30/2029 91282CFUO 1603 U.S. Treasury 05/31/2024 1,000,000.00 984,100.00 982,790.00 4.125 1,248 1,247 4.675 10/31/2027 91282CKT7 1605 U.S. Treasury 05/31/2024 2,000,000.00 2,000,320.00 1,996,484.38 4.500 1,826 1,825 4.540 05/31/2029 Subtotal and Average 41,127,992.13 44,000,000.00 42,170,555.00 43,057,702.82 1,463 918 3.280 Treasury Discount Notes 912796ZW2 1582 U.S. Treasury 02/15/2024 2,000,000.00 1,995,020.00 1,964,420.00 5.083 126 19 5.320 06/20/2024 Subtotal and Average 3,819,539.30 2,000,000.00 1,995,020.00 1,964,420.00 126 19 5.320 Certificate of Deposits 336460CX6 1222 First State Bk DeQueen 08/30/2019 248,000.00 245,790.32 248,000.00 1.800 1,827 90 1.802 08/30/2024 31911KAK4 1515 First Bank Elk River 06/30/2023 248,000.00 250,301.44 248,000.00 4.400 1,827 1,490 4.405 06/30/2028 32027BALl 1273 First Freedom Bank 04/29/2020 249,000.00 239,866.68 249,000.00 1.200 1,826 332 1.201 04/29/2025 32021YEV1 1574 First Federal Savings 02/09/2024 248,000.00 244,076.64 248,000.00 4.250 881 768 4.245 07/09/2026 33766LAJ7 1216 FirsTier Bank 08/23/2019 249,000.00 247,042.86 249,000.00 1.950 1,827 83 1.952 08/23/2024 32056GDJ6 1278 1st Internet Bank 05/11/2020 248,000.00 238,112.24 248,000.00 1.000 1,827 345 0.985 05/12/2025 32112UDR9 1274 First Natl Bk McGregor 04/28/2020 248,000.00 239,258.00 248,000.00 1.350 1,826 331 1.351 04/28/2025 334342CD2 1221 First Natl Bk of Syracuse 08/30/2019 249,000.00 246,811.29 249,000.00 1.850 1,827 90 1.852 08/30/2024 32114VBT3 1250 First National Bank Michigan 02/14/2020 248,000.00 241,643.76 248,000.00 1.650 1,827 258 1.652 02/14/2025 33625CCP2 1209 First Security Bank of WA 07/30/2019 248,000.00 246,621.12 248,000.00 2.000 1,827 59 2.002 07/30/2024 88413QDN5 1420 Third Federal Savings and Loan 08/19/2022 245,000.00 233,717.75 245,000.00 3.300 1,826 1,174 3.302 08/19/2027 00257TBD7 1207 Abacus Federal Savings 07/26/2019 248,000.00 246,693.04 248,000.00 1.950 1,827 55 1.952 07/26/2024 00435JBH5 1256 Access Bank 03/13/2020 248,000.00 240,860.08 248,000.00 1.600 1,826 285 1.601 03/13/2025 00833JAQ4 1478 Affinity Bank 03/17/2023 248,000.00 248,865.52 248,000.00 4.900 1,827 1,385 4.906 03/17/2028 01025RAG4 1510 Alabama Credit Union 06/20/2023 248,000.00 247,776.80 248,000.00 5.000 1,098 751 5.005 06/22/2026 011852AEO 1469 Alaska USA/Global FCU 03/08/2023 248,000.00 246,278.88 248,000.00 4.600 1,827 1,376 4.606 03/08/2028 01882MAC6 1451 AlliantCU 12/30/2022 247,000.00 248,454.83 247,000.00 5.000 1,826 1,307 5.003 12/30/2027 01664MAB2 1448 All In FCU 12/20/2022 248,000.00 244,577.60 248,000.00 4.400 1,826 1,297 4.402 12/20/2027 02007GPX5 1388 Ally Bank Midvale 04/21/2022 245,000.00 239,068.55 245,000.00 2.550 1,096 324 2.550 04/21/2025 020080BX4 1267 Alma Bank 03/30/2020 248,000.00 240,108.64 248,000.00 1.400 1,824 300 1.399 03/28/2025 029728BC5 1255 American State 02/21/2020 248,000.00 241,388.32 248,000.00 1.600 1,827 265 1.602 02/21/2025 02589ADH2 1421 American Express, NB 08/29/2022 245,000.00 234,945.20 245,000.00 3.450 1,793 1,151 3.067 07/27/2027 Run Date: 08/22/2024 - 13:53 Portfolio CITY CP PM (PRF_PM2) 7.3.0 257 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2024 Page 6 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 02357QAQO 1372 Amerant Bank 02/14/2022 245,000.00 224,542.50 245,000.00 1.600 1,828 990 1.601 02/16/2027 052392BT3 1427 Austin Telco FCU 09/21/2022 248,000.00 240,073.92 248,000.00 3.800 1,826 1,207 3.770 09/21/2027 05465DAE8 1258 Axos Bank 03/26/2020 248,000.00 240,654.24 248,000.00 1.650 1,826 298 1.651 03/26/2025 05765LBUO 1520 Balboa Thrift and Loan 07/19/2023 248,000.00 252,364.80 248,000.00 4.400 1,827 1,509 4.405 07/19/2028 058723AQO 1600 Ballston Spa National Bank 05/24/2024 248,000.00 246,993.12 248,000.00 4.800 914 906 4.808 11/24/2026 062119BT8 1492 Bank Five Nine 05/12/2023 248,000.00 243,248.32 248,000.00 4.250 1,827 1,441 4.255 05/12/2028 06610RCA5 1499 Bankers Bank 05/24/2023 248,000.00 242,343.12 248,000.00 4.150 1,827 1,453 4.155 05/24/2028 07371AYE7 1370 Beal Bank TX 02/23/2022 245,000.00 226,372.65 245,000.00 1.900 1,820 991 1.901 02/17/2027 073710E88 1371 Beal Bank USA 02/23/2022 245,000.00 226,372.65 245,000.00 1.900 1,820 991 1.901 02/17/2027 06417NZQ9 1329 Bank OZK 07/29/2021 248,000.00 240,312.00 248,000.00 0.400 1,280 242 0.401 01/29/2025 064520BG3 1287 Bank Princeton 06/30/2020 248,000.00 241,078.32 248,000.00 0.500 1,644 212 0.500 12/30/2024 064860MCO 1476 Bank of the Sierra 03/15/2023 244,000.00 241,884.52 244,000.00 4.600 1,461 1,017 4.604 03/15/2027 09582YAF9 1467 Blue Ridge Bank 02/28/2023 244,000.00 238,958.96 244,000.00 4.200 1,826 1,367 4.202 02/28/2028 05580AD50 1333 BMW Bank 09/10/2021 245,000.00 241,766.00 245,000.00 0.650 1,096 101 0.651 09/10/2024 06652CHBO 1227 BankWest Inc 09/27/2019 248,000.00 245,056.24 248,000.00 1.700 1,827 118 1.702 09/27/2024 05584CJJ6 1533 BNY Mellon 09/07/2023 244,000.00 241,550.24 244,000.00 4.500 1,827 1,559 4.505 09/07/2028 108622NJ6 1479 Bridgewater Bank 03/29/2023 248,000.00 247,598.24 248,000.00 4.850 1,461 1,031 4.767 03/29/2027 130162BL3 1564 California Credit Union 12/28/2023 244,000.00 243,494.92 244,000.00 5.100 550 394 5.105 06/30/2025 14042RQBO 1346 Capital One Natl Assn FDIC4297 11/17/2021 248,000.00 225,888.32 248,000.00 1.100 1,826 899 1.101 11/17/2026 14042TDD6 1271 Capital One USA FDIC33954 04/08/2020 245,000.00 237,373.15 245,000.00 1.600 1,826 311 1.601 04/08/2025 14622LAAO 1316 Carter FCU 04/27/2021 248,000.00 229,400.00 248,000.00 0.750 1,826 695 0.750 04/27/2026 20033A3A2 1386 Comenity Capital Bank 04/14/2022 248,000.00 233,070.40 248,000.00 2.650 1,826 1,047 2.652 04/14/2027 15118RRH2 1220 Celtic Bank 08/30/2019 248,000.00 245,820.08 248,000.00 1.850 1,827 90 1.852 08/30/2024 152577BN1 1493 Central Bank 05/12/2023 248,000.00 241,021.28 248,000.00 4.000 1,827 1,441 4.005 05/12/2028 12526AAM9 1602 CFS Bank 05/30/2024 244,000.00 242,902.00 244,000.00 4.700 1,279 1,277 4.706 11/30/2027 169894AS1 1284 Chippewa Valley Bk 06/24/2020 248,000.00 236,348.96 248,000.00 0.600 1,826 388 0.600 06/24/2025 16141BAC5 1506 Chartway FCU 06/09/2023 248,000.00 247,243.60 248,000.00 4.900 1,096 738 4.905 06/09/2026 12547CBJ6 1497 CIBC Bank USA 05/16/2023 244,000.00 240,135.04 244,000.00 4.350 1,827 1,445 4.355 05/16/2028 17286TAGO 1252 Citadel FCU 02/27/2020 248,000.00 241,333.76 248,000.00 1.650 1,827 271 1.652 02/27/2025 2027506M2 1268 Commonwealth Business Bk 03/31/2020 248,000.00 239,763.92 248,000.00 1.250 1,826 303 1.251 03/31/2025 20825WAR1 1357 Connexus CU 12/23/2021 249,000.00 226,858.92 249,000.00 1.250 1,826 935 1.250 12/23/2026 22258JAB7 1430 County Schools FCU 09/30/2022 248,000.00 244,604.88 248,000.00 4.400 1,826 1,216 4.325 09/30/2027 20416TAQ5 1202 Communitywide FCU 06/28/2019 248,000.00 247,417.20 248,000.00 2.250 1,827 27 2.253 06/28/2024 20786ADL6 1334 Connect One 09/24/2021 248,000.00 225,260.88 248,000.00 0.800 1,826 845 0.800 09/24/2026 227563GC1 1596 Cross River Bank 04/26/2024 244,000.00 241,330.64 244,000.00 4.500 1,095 1,059 4.500 04/26/2027 176688CP2 1199 Citizens State Bank 06/21/2019 248,000.00 247,566.00 248,000.00 2.400 1,827 20 2.403 06/21/2024 Run Date: 08/22/2024 - 13:53 Portfolio CITY CP PM (PRF_PM2) 7.3.0 258 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2024 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 23204HPB8 1507 Customers Bank 06/14/2023 244,000.00 241,501.44 244,000.00 4.500 1,827 1,474 4.505 06/14/2028 23248UAB3 1494 Cy -Fair FCU 05/12/2023 248,000.00 245,475.36 248,000.00 4.500 1,827 1,441 4.505 05/12/2028 24773RCR4 1377 Delta Natl B&T 03/09/2022 245,000.00 226,762.20 245,000.00 2.000 1,814 999 2.001 02/25/2027 25460FDW3 1438 Direct FCU 11/07/2022 248,000.00 247,752.00 248,000.00 4.800 1,827 1,255 4.735 11/08/2027 254673E69 1392 Discover Bank Greenwood DE CIF 05/24/2022 245,000.00 239,749.65 245,000.00 3.100 1,099 360 3.103 05/27/2025 25844MAK4 1447 Dort Financial CU 12/16/2022 247,000.00 244,446.02 247,000.00 4.500 1,826 1,293 4.503 12/16/2027 27004PCM3 1375 Eaglemark Savings 03/02/2022 245,000.00 226,678.90 245,000.00 2.000 1,826 1,004 2.001 03/02/2027 291916AJ3 1555 Empower FCU 11/15/2023 247,000.00 252,159.83 247,000.00 5.250 1,827 1,628 5.255 11/15/2028 299547AQ2 1196 Liberty FCU F/K/A Evansville T 06/12/2019 248,000.00 247,759.44 248,000.00 2.600 1,827 11 2.603 06/12/2024 87270LDL4 1306 TIAA F/K/A EverBank 02/12/2021 245,000.00 226,725.45 245,000.00 0.500 1,826 621 0.500 02/12/2026 300185LM5 1457 Evergreen Bank Group 01/27/2023 248,000.00 242,010.80 248,000.00 3.850 1,277 786 3.849 07/27/2026 307811DF3 1363 The Farmers & Merchants Bank 01/14/2022 249,000.00 237,160.05 249,000.00 0.900 1,277 408 0.900 07/14/2025 30960QAR8 1526 Farmers Insurance Group FCU 07/26/2023 248,000.00 248,352.16 248,000.00 5.400 733 422 5.408 07/28/2025 31617CAV5 1317 Fidelity Homestead 04/30/2021 248,000.00 228,217.04 248,000.00 0.700 1,826 698 0.711 04/30/2026 33847E3A3 1276 Flagstar 04/30/2020 248,000.00 239,012.48 248,000.00 1.250 1,826 333 1.251 04/30/2025 34520LATO 1435 Forbright Bank 11/02/2022 248,000.00 246,152.40 248,000.00 4.600 1,826 1,249 4.602 11/02/2027 319137CB9 1562 First Bank 12/28/2023 244,000.00 241,398.96 244,000.00 4.450 729 573 4.456 12/26/2025 35637RDC8 1248 Freedom Financial 02/14/2020 248,000.00 241,472.64 248,000.00 1.550 1,827 258 1.552 02/14/2025 35089LAFO 1491 Four Points FCU 05/10/2023 248,000.00 245,586.96 248,000.00 4.550 1,097 709 4.443 05/11/2026 372348DJ8 1556 The Genoa Banking Company 11/28/2023 248,000.00 246,712.88 248,000.00 4.600 1,827 1,641 4.605 11/28/2028 37173RAL7 1561 Genesee Regional Bank 12/27/2023 244,000.00 239,595.80 244,000.00 4.200 1,097 940 3.638 12/28/2026 38149MXK4 1326 Goldman Sachs 07/28/2021 248,000.00 227,423.44 248,000.00 1.000 1,826 787 1.001 07/28/2026 38120MCA2 1511 Golden State Business Bank 06/22/2023 249,000.00 246,007.02 249,000.00 4.450 1,461 1,116 4.453 06/22/2027 39573LBC1 1313 Greenstate FCU 04/16/2021 249,000.00 230,586.45 249,000.00 0.950 1,826 684 0.951 04/16/2026 397417AQ9 1419 Greenwoods State Bank 05/17/2022 248,000.00 235,466.08 248,000.00 3.050 1,826 1,080 3.052 05/17/2027 42228LAN1 1547 Healthcare Systems FCU 10/27/2023 248,000.00 251,571.20 248,000.00 5.100 1,827 1,609 5.106 10/27/2028 45157PAZ3 1450 Ideal CU 12/29/2022 248,000.00 245,413.36 248,000.00 4.500 1,826 1,306 4.502 12/29/2027 472312AA5 1514 Jeep Country FCU 06/29/2023 248,000.00 246,784.80 248,000.00 4.700 1,461 1,123 4.704 06/29/2027 49306SJ56 1475 Kay Bank, N.A. 03/15/2023 244,000.00 243,236.28 244,000.00 5.000 733 289 5.008 03/17/2025 499724AP7 1532 Knoxville TVA Credit Union 08/25/2023 248,000.00 248,927.52 248,000.00 4.850 1,827 1,546 4.854 08/25/2028 51828MAC8 1449 Latino Comm. CU 12/21/2022 248,000.00 245,386.08 248,000.00 4.500 1,826 1,298 4.503 12/21/2027 530520AH8 1466 Liberty First CU 02/21/2023 248,000.00 245,398.48 248,000.00 4.500 1,827 1,361 4.504 02/22/2028 501798RP9 1356 Milestone Bk F/K/A LCA Bank Co 12/27/2021 248,000.00 228,492.32 248,000.00 1.000 1,642 755 1.000 06/26/2026 52168UHY1 1389 Leader Bank 04/22/2022 245,000.00 239,051.40 245,000.00 2.550 1,096 325 2.552 04/22/2025 52171MAM7 1549 Leaders Credit Union 10/30/2023 248,000.00 251,645.60 248,000.00 5.100 1,827 1,612 5.106 10/30/2028 52470QEC4 1539 Legacy Bank & Trust 09/27/2023 248,000.00 245,624.16 248,000.00 4.500 1,827 1,579 4.505 09/27/2028 Run Date: 08/22/2024 - 13:53 Portfolio CITY CP PM (PRF_PM2) 7.3.0 259 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2024 Page 8 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 524661CB9 1197 Legacy Bank 06/19/2019 248,000.00 247,605.68 248,000.00 2.400 1,827 18 2.403 06/19/2024 51507LCC6 1305 Simmons Bank, F/K/A Landmark 01/22/2021 248,000.00 229,881.12 248,000.00 0.500 1,826 600 0.500 01/22/2026 560507AQ8 1522 Maine Savings FCU 07/21/2023 248,000.00 248,332.32 248,000.00 4.800 1,827 1,511 4.806 07/21/2028 58404DTP6 1545 Medallion Bank 10/20/2023 248,000.00 254,147.92 248,000.00 4.850 1,827 1,602 4.855 10/20/2028 59161YAP1 1373 Metro Credit Union 02/18/2022 249,000.00 228,569.55 249,000.00 1.700 1,826 992 1.701 02/18/2027 59524LAA4 1474 Mid Carolina Credit Union 03/13/2023 248,000.00 247,464.32 248,000.00 4.850 1,096 650 4.855 03/13/2026 60425SKB4 1486 Minnwest Bank 05/01/2023 248,000.00 243,662.48 248,000.00 4.250 1,463 1,066 4.254 05/03/2027 60936TAL3 1538 Money One FCU 09/14/2023 248,000.00 250,408.08 248,000.00 5.000 1,827 1,566 5.005 09/14/2028 61690UNX4 1237 Morgan Stanley Bank 11/20/2019 245,000.00 241,011.40 245,000.00 1.950 1,827 172 1.952 11/20/2024 59013KPNO 1345 Merrick Bank 11/09/2021 249,000.00 226,846.47 249,000.00 1.100 1,826 891 1.101 11/09/2026 565819AG4 1379 Marathon Bank 03/16/2022 248,000.00 227,869.84 248,000.00 1.800 1,826 1,018 1.801 03/16/2027 61760A3133 1236 Morgan Stanley Private Bk, NA 11/20/2019 245,000.00 240,955.05 245,000.00 1.900 1,827 172 1.902 11/20/2024 62384RAT3 1485 Mountain America Federal CU 04/28/2023 248,000.00 246,264.00 248,000.00 4.700 1,096 696 4.705 04/28/2026 654062JZ2 1266 Nicolet Natl Bank 03/31/2020 248,000.00 240,068.96 248,000.00 1.400 1,826 303 1.401 03/31/2025 64034KAZ4 1376 Nelnet Bank 03/02/2022 245,000.00 231,427.00 245,000.00 1.800 1,461 639 1.801 03/02/2026 666613MK7 1544 Northpointe Bank 10/20/2023 248,000.00 249,086.24 248,000.00 4.850 1,827 1,602 4.855 10/20/2028 06426KDE5 1576 Bank of New England 02/14/2024 248,000.00 247,102.24 248,000.00 4.850 335 227 4.856 01/14/2025 67886WAJ6 1559 Oklahoma Credit Union 12/14/2023 248,000.00 248,024.80 248,000.00 5.700 183 13 5.716 06/14/2024 70962LAF9 1331 Pentagon FCU 09/01/2021 249,000.00 235,300.02 249,000.00 0.700 1,462 458 0.687 09/02/2025 710571DS6 1210 People's Bank 07/31/2019 248,000.00 246,633.52 248,000.00 2.000 1,827 60 2.002 07/31/2024 724468AC7 1483 Pitney Bowes Bank 04/14/2023 244,000.00 240,235.08 244,000.00 4.350 1,826 1,412 4.355 04/13/2028 72651LCL6 1195 Plains Commerce Bank 06/07/2019 245,000.00 244,818.70 245,000.00 2.550 1,827 6 2.553 06/07/2024 732329BD8 1425 Ponce Bank 09/15/2022 248,000.00 237,839.44 248,000.00 3.500 1,826 1,201 3.502 09/15/2027 740367HP5 1213 Preferred Bank 08/16/2019 249,000.00 247,237.08 249,000.00 2.000 1,827 76 2.002 08/16/2024 761402BY1 1203 Revere Bank 06/28/2019 247,000.00 246,380.03 247,000.00 2.300 1,827 27 2.303 06/28/2024 77357DADO 1560 Rockland Federal Credit Union 12/22/2023 248,000.00 245,857.28 248,000.00 4.600 1,096 934 4.604 12/22/2026 795451AFO 1327 Sallie Mae Bank Salt Lake City 07/28/2021 248,000.00 227,770.64 248,000.00 1.000 1,826 787 1.001 07/28/2026 804375DL4 1235 Sauk Valley B&T Co 11/07/2019 248,000.00 244,064.24 248,000.00 1.700 1,827 159 1.702 11/07/2024 843383CS7 1498 Southern Bank Poplar MO 05/17/2023 248,000.00 242,799.44 248,000.00 4.200 1,827 1,446 4.205 05/17/2028 80865MAB3 1454 Scient FCU 01/13/2023 248,000.00 246,906.32 248,000.00 4.650 731 226 4.656 01/13/2025 79772FAG1 1459 San Francisco FCU 02/03/2023 248,000.00 244,158.48 248,000.00 4.350 1,826 1,342 4.352 02/03/2028 82671DAB3 1458 Signature FCU 01/31/2023 248,000.00 244,604.88 248,000.00 4.400 1,826 1,339 4.402 01/31/2028 78472EABO 1455 SPCO Credit Union 01/20/2023 249,000.00 245,145.48 249,000.00 4.350 1,826 1,328 4.352 01/20/2028 849430BF9 1257 Spring Bank 03/20/2020 248,000.00 240,500.48 248,000.00 1.500 1,826 292 1.501 03/20/2025 84229LBA9 1434 Southern Bank Sardis GA 10/28/2022 244,000.00 240,520.56 244,000.00 4.250 1,188 606 4.254 01/28/2026 84287PJH6 1577 Southern First Bank 02/14/2024 248,000.00 246,564.08 248,000.00 4.700 455 347 4.687 05/14/2025 Run Date: 08/22/2024 - 13:53 Portfolio CITY CID PM (PRF_PM2) 7.3.0 260 City of La Quinta Portfolio Management Portfolio Details - Investments May 31, 2024 Page 9 CUSIP Average Investment # Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 84223QAN7 1286 Southern Bancorp Bk 06/26/2020 248,000.00 243,186.32 248,000.00 0.500 1,582 146 0.500 10/25/2024 85279AAC6 1509 St Vincent Med Center FCU 06/16/2023 248,000.00 246,073.04 248,000.00 4.600 1,461 1,110 4.604 06/16/2027 87165ET98 1332 Synchrony Bank Retail 09/03/2021 245,000.00 223,699.70 245,000.00 0.900 1,826 824 0.900 09/03/2026 89388CEYO 1328 Transportation Alliance Bk TAB 07/23/2021 248,000.00 240,188.00 248,000.00 0.400 1,280 236 0.401 01/23/2025 87868YAQ6 1501 Technology Credit Union 05/30/2023 248,000.00 247,724.72 248,000.00 5.000 1,095 727 5.005 05/29/2026 89235MKY6 1314 Toyota Financial Savings Bank 04/22/2021 245,000.00 226,642.15 245,000.00 0.900 1,826 690 0.900 04/22/2026 89789AAG2 1473 Truliant FCU 03/10/2023 248,000.00 246,864.16 248,000.00 4.700 1,645 1,196 4.707 09/10/2027 89841MAX5 1563 Trustone Financial CU 12/28/2023 248,000.00 247,523.84 248,000.00 5.150 365 209 5.164 12/27/2024 89786MAF1 1368 True Sky FCU 02/04/2022 245,000.00 224,704.20 245,000.00 1.600 1,826 978 1.601 02/04/2027 898812AC6 1537 Tucson FCU 09/08/2023 248,000.00 250,383.28 248,000.00 5.000 1,827 1,560 5.005 09/08/2028 90355GHG4 1546 UBS Bank USA 10/25/2023 248,000.00 249,594.64 248,000.00 4.900 1,827 1,607 4.905 10/25/2028 909557KQ2 1477 United Bankers Bank 03/16/2023 248,000.00 247,243.60 248,000.00 5.000 732 289 4.823 03/17/2025 914098DJ4 1442 University Bank 11/30/2022 249,000.00 243,970.20 249,000.00 4.200 1,826 1,277 4.202 11/30/2027 914242AAO 1429 University Credit Union 09/26/2022 248,000.00 244,111.36 248,000.00 4.000 1,096 482 3.891 09/26/2025 91527PBY2 1495 Univest Bank & Trust 05/12/2023 248,000.00 244,138.64 248,000.00 4.350 1,827 1,441 4.355 05/12/2028 90983WBT7 1249 United Community 02/07/2020 248,000.00 241,809.92 248,000.00 1.650 1,827 251 1.652 02/07/2025 910286GN7 1513 United Fidelity Bank 06/29/2023 248,000.00 251,137.20 248,000.00 4.500 1,827 1,489 4.505 06/29/2028 91139LAB2 1378 United Roosevelt Savings 03/11/2022 248,000.00 228,589.04 248,000.00 1.900 1,826 1,013 1.901 03/11/2027 90352RDB8 1500 US Alliance FCU 05/26/2023 248,000.00 245,936.64 248,000.00 4.550 1,827 1,455 4.555 05/26/2028 91739JAB1 1523 Utah First FCU 07/21/2023 245,000.00 247,165.80 245,000.00 5.000 1,827 1,511 5.006 07/21/2028 913065ADO 1553 United Teletech Financial FCU 11/08/2023 248,000.00 250,075.76 248,000.00 5.100 1,461 1,255 5.103 11/08/2027 919853LV1 1601 Valley National Bank 05/29/2024 244,000.00 243,372.92 244,000.00 4.950 730 727 4.950 05/29/2026 92559TAJ7 1325 Vibrant Credit Union 07/02/2021 249,000.00 228,151.23 248,377.50 0.800 1,824 759 0.852 06/30/2026 92834ABT2 1496 VisionBank 05/12/2023 248,000.00 241,467.68 248,000.00 4.050 1,827 1,441 4.055 05/12/2028 92023CAJ2 1552 ValleyStar Credit Union 11/08/2023 247,000.00 251,596.67 247,000.00 5.200 1,827 1,621 5.205 11/08/2028 92891CCZ3 1472 VystarCU 03/10/2023 248,000.00 245,862.24 248,000.00 4.550 1,827 1,378 4.555 03/10/2028 98138MCA6 1548 Workers FCU 10/30/2023 248,000.00 252,632.64 248,000.00 5.200 1,827 1,612 5.206 10/30/2028 938828BH2 1215 Washington Federal 08/23/2019 248,000.00 246,078.00 248,000.00 2.000 1,827 83 2.002 08/23/2024 93883MBA5 1604 Washington Financial 05/31/2024 244,000.00 242,140.72 244,000.00 4.500 1,826 1,825 4.136 05/31/2029 95960NKD8 1277 Western State Bank 05/13/2020 245,000.00 235,204.90 245,000.00 1.000 1,826 346 1.001 05/13/2025 Subtotal and Average 39,530,022.66 39,563,000.00 38,649,292.43 39,562,377.50 1,618 826 3.167 Corporate Notes 09290DAA9 1587 Blackrock Funding Inc 03/28/2024 1,000,000.00 990,810.00 1,003,380.00 4.700 1,812 1,747 4.620 03/14/2029 45950VPS9 1308 International Finance Corp. 02/26/2021 500,000.00 461,640.00 497,300.00 0.500 1,826 635 0.610 02/26/2026 931142EE9 1512 Wal-Mart Stores, Inc 06/26/2023 1,000,000.00 965,160.00 973,110.00 3.700 1,827 1,486 4.303 06/26/2028 Run Date: 08/22/2024 - 13:53 Portfolio CITY CP PM (PRF_PM2) 7.3.0 261 City of La Quinta Portfolio Management Page 10 Portfolio Details - Investments May 31, 2024 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 2,473,790.00 2,500,000.00 2,417,610.00 2,473,790.00 1,821 1,421 3.689 Mutual Funds TYCXX BMO 1628 Invesco Treasury Portfolio 02/05/2024 27,202,301.08 27,202,301.08 27,202,301.08 5.190 1 1 5.190 Subtotal and Average 17,623,545.01 27,202,301.08 27,202,301.08 27,202,301.08 1 1 5.190 Money Market with Fiscal Agent SYS1058 1058 US Bank 07/01/2016 1,663.36 1,663.36 1,663.36 1 1 0.000 Subtotal and Average 1,657.09 1,663.36 1,663.36 1,663.36 1 1 0.000 CERBT - OPEB Trust SYS1114 1114 CaIPERS CERBT Plan 07/01/2023 1,999,431.68 1,999,431.68 1,999,431.68 1 1 0.000 Subtotal and Average 1,999,431.68 1,999,431.68 1,999,431.68 1,999,431.68 1 1 0.000 PARS Pension Trust SYS1230 1230 Pblc Agncy Rtrmnt Sery 5,613,331.25 5,613,331.25 5,613,331.25 1 1 0.000 Subtotal and Average 5,482,502.35 5,613,331.25 5,613,331.25 5,613,331.25 1 1 0.000 Total and Average 252,239,962.29 Run Date: 08/22/2024 - 13:53 261,537,258.05 256,021,436.46 260,262,384.95 888 509 3.835 Portfolio CITY CID PM (PRF_PM2) 7.3.0 262 r City of La Quinta Total Earnings GEM ofrheDESERT - Sorted by Fund - Fund May 1, 2024 - May 31, 2024 City of La Quinta CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 98-33-434 1055 101 LAIF 19,862,904.17 19,862,904.17 19,862,904.17 4.332 4.533 76,470.41 0.00 0.00 76,470.41 SYS1059 1059 101 CITYPC 3,300.00 3,300.00 3,300.00 0.00 0.00 0.00 0.00 SYS1114 1114 101 CALPRS 1,999,431.68 1,999,431.68 1,999,431.68 0.00 0.00 0.00 0.00 SYS1153 1153 101 CAMP 51,792,279.44 51,555,049.77 51,792,279.44 5.430 5.418 237,229.67 0.00 0.00 237,229.67 156634AK3 1184 101 CENTNX 0.00 248,000.00 0.00 2.500 2.500 492.60 0.00 0.00 492.60 48128HXU7 1185 101 JPMORG 0.00 245,000.00 0.00 3.250 3.250 349.04 0.00 0.00 349.04 46256YAZ2 1186 101 IOWAST 0.00 245,000.00 0.00 2.400 2.400 354.41 0.00 0.00 354.41 72651LCL6 1195 101 PLAINS 245,000.00 245,000.00 245,000.00 2.550 2.550 530.61 0.00 0.00 530.61 299547AQ2 1196 101 EVNSCU 248,000.00 248,000.00 248,000.00 2.600 2.600 547.64 0.00 0.00 547.64 524661CB9 1197 101 LEGCY 248,000.00 248,000.00 248,000.00 2.400 2.400 505.51 0.00 0.00 505.51 176688CP2 1199 101 CTZNST 248,000.00 248,000.00 248,000.00 2.400 2.400 505.52 0.00 0.00 505.52 20416TAQ5 1202 101 COMMW 248,000.00 248,000.00 248,000.00 2.250 2.250 473.92 0.00 0.00 473.92 761402BY1 1203 101 REVER 247,000.00 247,000.00 247,000.00 2.300 2.300 482.49 0.00 0.00 482.49 3135GOV75 1206 101 FNMA 500,000.00 495,950.00 495,950.00 1.750 1.731 729.17 0.00 0.00 729.17 00257TBD7 1207 101 ABACUS 248,000.00 248,000.00 248,000.00 1.950 1.950 410.73 0.00 0.00 410.73 33625CCP2 1209 101 1STSEC 248,000.00 248,000.00 248,000.00 2.000 2.000 421.26 0.00 0.00 421.26 710571DS6 1210 101 PEOPLE 248,000.00 248,000.00 248,000.00 2.000 2.000 421.26 0.00 0.00 421.26 3133EKWV4 1212 101 FFCB 500,000.00 499,500.00 499,500.00 1.850 1.817 770.84 0.00 0.00 770.84 740367HP5 1213 101 PREFRD 249,000.00 249,000.00 249,000.00 2.000 2.000 422.96 0.00 0.00 422.96 938828131-112 1215 101 WSHFED 248,000.00 248,000.00 248,000.00 2.000 2.000 421.26 0.00 0.00 421.26 33766LAJ7 1216 101 1STIER 249,000.00 249,000.00 249,000.00 1.950 1.950 412.38 0.00 0.00 412.38 15118RRH2 1220 101 CELTIC 248,000.00 248,000.00 248,000.00 1.850 1.850 389.67 0.00 0.00 389.67 334342CD2 1221 101 1STNBS 249,000.00 249,000.00 249,000.00 1.850 1.850 391.24 0.00 0.00 391.24 336460CX6 1222 101 1STDQN 248,000.00 248,000.00 248,000.00 1.800 1.800 379.13 0.00 0.00 379.13 3133EKP75 1224 101 FFCB 500,000.00 498,750.00 498,750.00 1.600 1.574 666.66 0.00 0.00 666.66 06652CHBO 1227 101 BNKWST 248,000.00 248,000.00 248,000.00 1.700 1.700 358.07 0.00 0.00 358.07 059731851 1228 101 BOTW -2,200,428.07 110,630.05 -2,200,428.07 0.01 0.00 0.00 0.01 SYS1230 1230 101 PARS 5,613,331.25 5,478,141.39 5,613,331.25 0.00 0.00 0.00 0.00 33640VDD7 1231 101 1STSER 0.00 248,000.00 0.00 1.700 1.700 173.26 0.00 0.00 173.26 804375DL4 1235 101 SAUKVL 248,000.00 248,000.00 248,000.00 1.700 1.700 358.07 0.00 0.00 358.07 Run Date: 08/22/2024 - 13:59 Portfolio CITY CID TE (PRF_TE) 7.3.6 AlWrt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 2 May 1, 2024 - May 31, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 61760A3133 1236 101 MSPRIV 245,000.00 245,000.00 245,000.00 1.900 1.900 395.35 0.00 0.00 395.35 61690UNX4 1237 101 MORGST 245,000.00 245,000.00 245,000.00 1.950 1.950 405.76 0.00 0.00 405.76 538036GVO 1238 101 LIVEOK 0.00 248,000.00 0.00 1.800 1.800 342.44 0.00 0.00 342.44 912828YV6 1241 101 USTR 1,000,000.00 989,687.50 989,687.50 1.500 1.511 1,270.49 0.00 0.00 1,270.49 3133ELEA8 1242 101 FFCB 1,000,000.00 998,600.00 998,600.00 1.700 1.670 1,416.66 0.00 0.00 1,416.66 35637RDC8 1248 101 FRDMFI 248,000.00 248,000.00 248,000.00 1.550 1.550 326.48 0.00 0.00 326.48 90983WBT7 1249 101 UNTDCM 248,000.00 248,000.00 248,000.00 1.650 1.650 347.54 0.00 0.00 347.54 32114VBT3 1250 101 1STNM1 248,000.00 248,000.00 248,000.00 1.650 1.650 347.54 0.00 0.00 347.54 17286TAGO 1252 101 CITADL 248,000.00 248,000.00 248,000.00 1.650 1.650 347.54 0.00 0.00 347.54 029728BC5 1255 101 AMERST 248,000.00 248,000.00 248,000.00 1.600 1.600 337.01 0.00 0.00 337.01 00435JBH5 1256 101 ACCSS 248,000.00 248,000.00 248,000.00 1.600 1.600 337.01 0.00 0.00 337.01 849430BF9 1257 101 SPRING 248,000.00 248,000.00 248,000.00 1.500 1.500 315.94 0.00 0.00 315.94 05465DAE8 1258 101 AXOS 248,000.00 248,000.00 248,000.00 1.650 1.650 347.54 0.00 0.00 347.54 654062JZ2 1266 101 NCOLET 248,000.00 248,000.00 248,000.00 1.400 1.400 294.88 0.00 0.00 294.88 020080BX4 1267 101 ALMABK 248,000.00 248,000.00 248,000.00 1.400 1.400 294.88 0.00 0.00 294.88 2027506M2 1268 101 CMWBUS 248,000.00 248,000.00 248,000.00 1.250 1.250 263.29 0.00 0.00 263.29 14042TDD6 1271 101 CAPONE 245,000.00 245,000.00 245,000.00 1.600 1.600 332.94 0.00 0.00 332.94 32027BALl 1273 101 1STFDM 249,000.00 249,000.00 249,000.00 1.200 1.200 253.77 0.00 0.00 253.77 32112UDR9 1274 101 1STMCG 248,000.00 248,000.00 248,000.00 1.350 1.350 284.35 0.00 0.00 284.35 33847E3A3 1276 101 FLGSTR 248,000.00 248,000.00 248,000.00 1.250 1.250 263.29 0.00 0.00 263.29 95960NKD8 1277 101 WSTRNS 245,000.00 245,000.00 245,000.00 1.000 1.000 208.08 0.00 0.00 208.08 32056GDJ6 1278 101 1STINT 248,000.00 248,000.00 248,000.00 1.000 1.000 210.63 0.00 0.00 210.63 3134GVYG7 1279 101 FHLMC 1,000,000.00 1,000,000.00 1,000,000.00 0.625 0.613 520.83 0.00 0.00 520.83 3133ELH23 1280 101 FFCB 500,000.00 499,850.00 499,850.00 0.500 0.491 208.33 0.00 0.00 208.33 3130AJKW8 1281 101 FHLB 500,000.00 499,850.00 499,850.00 0.500 0.491 208.34 0.00 0.00 208.34 3133ELH80 1282 101 FFCB 500,000.00 500,000.00 500,000.00 0.680 0.667 283.33 0.00 0.00 283.33 3130AJRP6 1283 101 FHLB 300,000.00 300,000.00 300,000.00 0.680 0.667 170.00 0.00 0.00 170.00 169894AS1 1284 101 CHIPVA 248,000.00 248,000.00 248,000.00 0.600 0.600 126.38 0.00 0.00 126.38 84223QAN7 1286 101 STHRNB 248,000.00 248,000.00 248,000.00 0.500 0.500 105.32 0.00 0.00 105.32 064520BG3 1287 101 BKPRNC 248,000.00 248,000.00 248,000.00 0.500 0.500 105.32 0.00 0.00 105.32 3135G05S8 1288 101 FNMA 500,000.00 500,000.00 500,000.00 0.500 0.491 208.34 0.00 0.00 208.34 3136G4N74 1289 101 FNMA 1,000,000.00 1,000,000.00 1,000,000.00 0.560 0.549 466.67 0.00 0.00 466.67 3136G4M75 1290 101 FNMA 500,000.00 499,750.00 499,750.00 0.520 0.510 216.67 0.00 0.00 216.67 3135G06E8 1291 101 FNMA 500,000.00 499,250.00 499,250.00 0.420 0.413 175.00 0.00 0.00 175.00 3135GA2Z3 1292 101 FNMA 500,000.00 499,250.00 499,250.00 0.560 0.550 233.33 0.00 0.00 233.33 3137EAEU9 1297 101 FHLMC 1,000,000.00 997,300.00 997,300.00 0.375 0.369 312.50 0.00 0.00 312.50 3130AKFA9 1298 101 FHLB 500,000.00 497,400.00 497,400.00 0.375 0.370 156.25 0.00 0.00 156.25 Run Date: 08/22/2024 - 13:59 Portfolio CITY CID TE (PRF_TE) 7.3.6 'rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 3 May 1, 2024 - May 31, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 3135GA7D7 1299 101 FNMA 500,000.00 500,000.00 500,000.00 0.600 0.589 250.00 0.00 0.00 250.00 3135GAAW1 1300 101 FNMA 500,000.00 500,000.00 500,000.00 0.400 0.392 166.67 0.00 0.00 166.67 3134GXGZ1 1301 101 FHLMC 500,000.00 500,000.00 500,000.00 0.550 0.540 229.16 0.00 0.00 229.16 3130AKMZ6 1302 101 FHLB 500,000.00 500,000.00 500,000.00 0.510 0.500 212.50 0.00 0.00 212.50 91282CBC4 1303 101 USTR 500,000.00 498,632.81 498,632.81 0.375 0.377 159.69 0.00 0.00 159.69 313OAKN28 1304 101 FHLB 500,000.00 500,000.00 500,000.00 0.550 0.540 229.16 0.00 0.00 229.16 51507LCC6 1305 101 LNDMRK 248,000.00 248,000.00 248,000.00 0.500 0.500 105.32 0.00 0.00 105.32 87270LDL4 1306 101 EVRBA 245,000.00 245,000.00 245,000.00 0.500 0.500 104.04 0.00 0.00 104.04 3137EAEX3 1307 101 FHLMC 500,000.00 495,999.50 495,999.50 0.375 0.371 156.25 0.00 0.00 156.25 45950VPS9 1308 101 IFC 500,000.00 497,300.00 497,300.00 0.500 0.504 212.91 0.00 0.00 212.91 91282CBH3 1309 101 USTR 500,000.00 495,100.00 495,100.00 0.375 0.380 159.68 0.00 0.00 159.68 3137EAEX3 1310 101 FHLMC 1,000,000.00 983,940.00 983,940.00 0.375 0.374 312.50 0.00 0.00 312.50 91282CAT8 1311 101 USTR 1,000,000.00 977,500.00 977,500.00 0.250 0.254 210.60 0.00 0.00 210.60 3130ALV92 1312 101 FHLB 500,000.00 500,000.00 500,000.00 1.050 1.030 437.50 0.00 0.00 437.50 39573LBC1 1313 101 GRNST 249,000.00 249,000.00 249,000.00 0.950 0.950 200.91 0.00 0.00 200.91 89235MKY6 1314 101 TOYFSB 245,000.00 245,000.00 245,000.00 0.900 0.900 187.27 0.00 0.00 187.27 91282CAZ4 1315 101 USTR 500,000.00 492,187.50 492,187.50 0.375 0.380 158.81 0.00 0.00 158.81 14622LAAO 1316 101 CARTER 248,000.00 248,000.00 248,000.00 0.750 0.750 157.97 0.00 0.00 157.97 31617CAV5 1317 101 FIDHMS 248,000.00 248,000.00 248,000.00 0.700 0.700 147.44 0.00 0.00 147.44 SYS1318 1318 101 DPME 981,559.01 943,815.50 981,559.01 0.00 0.00 0.00 0.00 91282CBQ3 1319 101 USTR 500,000.00 494,165.00 494,165.00 0.500 0.502 210.59 0.00 0.00 210.59 91282CBT7 1320 101 USTR 500,000.00 499,525.00 499,525.00 0.750 0.749 317.63 0.00 0.00 317.63 91282CCF6 1321 101 USTR 1,000,000.00 997,060.00 997,060.00 0.750 0.750 635.24 0.00 0.00 635.24 91282CBT7 1322 101 USTR 500,000.00 498,450.00 498,450.00 0.750 0.750 317.63 0.00 0.00 317.63 91282CCF6 1323 101 USTR 500,000.00 497,095.00 497,095.00 0.750 0.752 317.63 0.00 0.00 317.63 3130AMFS6 1324 101 FHLB 1,000,000.00 993,420.00 993,420.00 0.750 0.741 625.00 0.00 0.00 625.00 92559TAJ7 1325 101 VIBRNT 249,000.00 248,377.50 248,377.50 0.800 0.802 169.18 0.00 0.00 169.18 38149MXK4 1326 101 GLDMAN 248,000.00 248,000.00 248,000.00 1.000 1.000 210.63 0.00 0.00 210.63 795451AFO 1327 101 SALMAE 248,000.00 248,000.00 248,000.00 1.000 1.000 210.63 0.00 0.00 210.63 89388CEYO 1328 101 TABBK 248,000.00 248,000.00 248,000.00 0.400 0.400 84.25 0.00 0.00 84.25 06417NZQ9 1329 101 BKOZK 248,000.00 248,000.00 248,000.00 0.400 0.400 84.25 0.00 0.00 84.25 3133EM2C5 1330 101 FFCB 500,000.00 498,000.00 498,000.00 0.710 0.699 295.83 0.00 0.00 295.83 70962LAF9 1331 101 PENTGN 249,000.00 249,000.00 249,000.00 0.700 0.700 148.04 0.00 0.00 148.04 87165ET98 1332 101 SYNCHR 245,000.00 245,000.00 245,000.00 0.900 0.900 187.28 0.00 0.00 187.28 05580AD50 1333 101 BMW 245,000.00 245,000.00 245,000.00 0.650 0.650 135.25 0.00 0.00 135.25 20786ADL6 1334 101 CONNEC 248,000.00 248,000.00 248,000.00 0.800 0.800 168.51 0.00 0.00 168.51 91282CCP4 1335 101 USTR 1,000,000.00 983,750.00 983,750.00 0.625 0.637 532.28 0.00 0.00 532.28 Run Date: 08/22/2024 - 13:59 Portfolio CITY CID TE (PRF_TE) 7.3.6 AO&rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 4 May 1, 2024 - May 31, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 91282CCW9 1336 101 USTR 1,000,000.00 988,500.00 988,500.00 0.750 0.753 631.79 0.00 0.00 631.79 3130APBM6 1337 101 FHLB 1,000,000.00 999,000.00 999,000.00 1.000 0.982 833.33 0.00 0.00 833.33 3133EM4X7 1338 101 FFCB 1,000,000.00 991,080.00 991,080.00 0.800 0.792 666.67 0.00 0.00 666.67 3130APB46 1339 101 FHLB 1,000,000.00 998,250.00 998,250.00 0.950 0.934 791.67 0.00 0.00 791.67 91282CDB4 1343 101 USTR 1,000,000.00 996,320.00 996,320.00 0.625 0.626 529.38 0.00 0.00 529.38 3133ENCQ1 1344 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 1.270 1.246 1,058.34 0.00 0.00 1,058.34 59013KPNO 1345 101 MRRCK 249,000.00 249,000.00 249,000.00 1.100 1.100 232.63 0.00 0.00 232.63 14042RQBO 1346 101 CAP1NA 248,000.00 248,000.00 248,000.00 1.100 1.100 231.69 0.00 0.00 231.69 3130APTV7 1347 101 FHLB 500,000.00 499,500.00 499,500.00 2.000 1.964 833.33 0.00 0.00 833.33 3130AP2U8 1353 101 FHLB 1,000,000.00 987,100.00 987,100.00 0.550 0.547 458.33 0.00 0.00 458.33 3135G06G3 1354 101 FNMA 1,000,000.00 976,300.00 976,300.00 0.500 0.502 416.66 0.00 0.00 416.66 3133ENGN4 1355 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 0.970 0.952 808.33 0.00 0.00 808.33 501798RP9 1356 101 LCA 248,000.00 248,000.00 248,000.00 1.000 1.000 210.63 0.00 0.00 210.63 20825WAR1 1357 101 CNNXS 249,000.00 249,000.00 249,000.00 1.250 1.250 264.35 0.00 0.00 264.35 313OAQF65 1358 101 FHLB 1,000,000.00 999,750.00 999,750.00 1.250 1.227 1,041.67 0.00 0.00 1,041.67 3134GW6C5 1359 101 FHLMC 500,000.00 486,000.00 486,000.00 0.800 0.808 333.34 0.00 0.00 333.34 3137EAEU9 1361 101 FHLMC 500,000.00 487,090.00 487,090.00 0.375 0.378 156.25 0.00 0.00 156.25 3134GW5R3 1362 101 FHLMC 400,000.00 391,360.00 391,360.00 0.650 0.652 216.67 0.00 0.00 216.67 307811DF3 1363 101 FARMER 249,000.00 249,000.00 249,000.00 0.900 0.900 190.33 0.00 0.00 190.33 3130AQJR5 1364 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.500 1.472 1,250.00 0.00 0.00 1,250.00 3135G03U5 1365 101 FNMA 500,000.00 487,790.00 487,790.00 0.625 0.629 260.41 0.00 0.00 260.41 3134GWUQ7 1366 101 FHLMC 1,000,000.00 945,570.00 945,570.00 0.700 0.726 583.33 0.00 0.00 583.33 3130AQSA2 1367 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.830 1.796 1,525.00 0.00 0.00 1,525.00 89786MAF1 1368 101 TRUSKY 245,000.00 245,000.00 245,000.00 1.600 1.600 332.93 0.00 0.00 332.93 912828Z78 1369 101 USTR 1,000,000.00 986,700.00 986,700.00 1.500 1.524 1,277.47 0.00 0.00 1,277.47 07371AYE7 1370 101 BEALTX 245,000.00 245,000.00 245,000.00 1.900 1.900 395.36 0.00 0.00 395.36 073710E88 1371 101 BEALUS 245,000.00 245,000.00 245,000.00 1.900 1.900 395.36 0.00 0.00 395.36 02357QAQO 1372 101 AMRNT 245,000.00 245,000.00 245,000.00 1.600 1.600 332.93 0.00 0.00 332.93 59161YAP1 1373 101 METRO 249,000.00 249,000.00 249,000.00 1.700 1.700 359.52 0.00 0.00 359.52 3130AQWY5 1374 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.700 1.668 1,416.67 0.00 0.00 1,416.67 27004PCM3 1375 101 EGLMRK 245,000.00 245,000.00 245,000.00 2.000 2.000 416.17 0.00 0.00 416.17 64034KAZ4 1376 101 NELNET 245,000.00 245,000.00 245,000.00 1.800 1.800 374.55 0.00 0.00 374.55 24773RCR4 1377 101 DELTA 245,000.00 245,000.00 245,000.00 2.000 2.000 416.16 0.00 0.00 416.16 91139LAB2 1378 101 URSVLT 248,000.00 248,000.00 248,000.00 1.900 1.900 400.20 0.00 0.00 400.20 565819AG4 1379 101 MRTHON 248,000.00 248,000.00 248,000.00 1.800 1.800 379.13 0.00 0.00 379.13 91282CCW9 1380 101 USTR 500,000.00 466,454.17 466,454.17 0.750 0.797 315.90 0.00 0.00 315.90 91282CDG3 1381 101 USTR 500,000.00 473,396.82 473,396.82 1.125 1.179 473.84 0.00 0.00 473.84 Run Date: 08/22/2024 - 13:59 Portfolio CITY CID TE (PRF_TE) 7.3.6 AO&rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 5 May 1, 2024 - May 31, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 91282CBQ3 1382 101 USTR 750,000.00 698,025.00 698,025.00 0.500 0.533 315.90 0.00 0.00 315.90 9128286S4 1383 101 USTR 1,000,000.00 999,010.00 999,010.00 2.375 2.358 2,000.68 0.00 0.00 2,000.68 3130ARGJ4 1385 101 FHLB 500,000.00 500,000.00 500,000.00 2.500 2.453 1,041.66 0.00 0.00 1,041.66 20033A3A2 1386 101 CCBA 248,000.00 248,000.00 248,000.00 2.650 2.650 558.16 0.00 0.00 558.16 3130ARGY1 1387 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 2.700 2.649 2,250.00 0.00 0.00 2,250.00 02007GPX5 1388 101 ALLY 245,000.00 245,000.00 245,000.00 2.550 2.550 530.61 0.00 0.00 530.61 52168UHY1 1389 101 LEADR 245,000.00 245,000.00 245,000.00 2.550 2.550 530.61 0.00 0.00 530.61 9128283DO 1390 101 USTR 1,000,000.00 985,190.00 985,190.00 2.250 2.265 1,895.38 0.00 0.00 1,895.38 91282CEF4 1391 101 USTR 1,000,000.00 976,860.00 976,860.00 2.500 2.552 2,117.48 0.00 0.00 2,117.48 254673E69 1392 101 DISCOV 245,000.00 245,000.00 245,000.00 3.100 3.100 645.06 0.00 0.00 645.06 912828X88 1397 101 USTR 1,000,000.00 969,687.50 969,687.50 2.375 2.441 2,010.61 0.00 0.00 2,010.61 91282CEN7 1398 101 USTR 500,000.00 495,000.00 495,000.00 2.750 2.755 1,158.29 0.00 0.00 1,158.29 91282CET4 1399 101 USTR 500,000.00 491,842.18 491,842.18 2.625 2.661 1,111.68 0.00 0.00 1,111.68 91282821.13 1400 101 USTR 500,000.00 490,850.00 490,850.00 1.875 1.894 789.75 0.00 0.00 789.75 3133ENYH7 1401 101 FFCB 500,000.00 499,080.00 499,080.00 2.625 2.580 1,093.75 0.00 0.00 1,093.75 3130ASDV8 1409 101 FHLB 300,000.00 300,000.00 300,000.00 3.300 3.238 825.00 0.00 0.00 825.00 91282CFB2 1417 101 USTR 1,000,000.00 989,460.00 989,460.00 2.750 2.787 2,342.03 0.00 0.00 2,342.03 912828XT2 1418 101 USTR 0.00 985,240.00 0.00 2.000 20.251 1,639.34 0.00 14,760.00 16,399.34 397417AQ9 1419 101 GRNWDS 248,000.00 248,000.00 248,000.00 3.050 3.050 642.43 0.00 0.00 642.43 88413QDN5 1420 101 3RD 245,000.00 245,000.00 245,000.00 3.300 3.300 686.67 0.00 0.00 686.67 02589ADH2 1421 101 AMEXNB 245,000.00 245,000.00 245,000.00 3.450 3.450 717.88 0.00 0.00 717.88 91282CFB2 1422 101 USTR 1,000,000.00 979,645.67 979,645.67 2.750 2.815 2,342.03 0.00 0.00 2,342.03 732329BD8 1425 101 PONCE 248,000.00 248,000.00 248,000.00 3.500 3.500 737.21 0.00 0.00 737.21 3133ENL99 1426 101 FFCB 1,000,000.00 997,492.55 997,492.55 3.375 3.320 2,812.50 0.00 0.00 2,812.50 052392BT3 1427 101 AUSTEL 248,000.00 248,000.00 248,000.00 3.800 3.800 800.39 0.00 0.00 800.39 914242AAO 1429 101 UNIVCU 248,000.00 248,000.00 248,000.00 4.000 4.000 842.52 0.00 0.00 842.52 22258JAB7 1430 101 CNTYSC 248,000.00 248,000.00 248,000.00 4.400 4.400 926.78 0.00 0.00 926.78 3133ENQ29 1433 101 FFCB 1,000,000.00 996,400.00 996,400.00 4.000 3.939 3,333.33 0.00 0.00 3,333.33 84229LBA9 1434 101 STHBNK 244,000.00 244,000.00 244,000.00 4.250 4.250 880.74 0.00 0.00 880.74 34520LATO 1435 101 FORBRT 248,000.00 248,000.00 248,000.00 4.600 4.600 968.90 0.00 0.00 968.90 25460FDW3 1438 101 DIRFCU 248,000.00 248,000.00 248,000.00 4.800 4.800 1,011.03 0.00 0.00 1,011.03 9128282RO 1439 101 USTR 1,000,000.00 927,110.00 927,110.00 2.250 2.434 1,916.21 0.00 0.00 1,916.21 3133EN31-11 1441 101 FFCB 1,000,000.00 998,650.00 998,650.00 4.000 3.930 3,333.33 0.00 0.00 3,333.33 914098DJ4 1442 101 UNIVBK 249,000.00 249,000.00 249,000.00 4.200 4.200 888.21 0.00 0.00 888.21 3133EN3S7 1446 101 FFCB 1,000,000.00 998,000.00 998,000.00 3.750 3.687 3,125.00 0.00 0.00 3,125.00 25844MAK4 1447 101 DORTCU 247,000.00 247,000.00 247,000.00 4.500 4.500 944.02 0.00 0.00 944.02 01664MAB2 1448 101 ALL IN 248,000.00 248,000.00 248,000.00 4.400 4.400 926.77 0.00 0.00 926.77 Run Date: 08/22/2024 - 13:59 Portfolio CITY CID TE (PRF_TE) 7.3.6 Alffort Ver. 7.3.6.1 City of La Quinta Total Earnings Page 6 May 1, 2024 - May 31, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 51828MAC8 1449 101 LATCOM 248,000.00 248,000.00 248,000.00 4.500 4.500 947.83 0.00 0.00 947.83 45157PAZ3 1450 101 IDEAL 248,000.00 248,000.00 248,000.00 4.500 4.500 947.84 0.00 0.00 947.84 01882MAC6 1451 101 ALIANT 247,000.00 247,000.00 247,000.00 5.000 5.000 1,048.91 0.00 0.00 1,048.91 80865MAB3 1454 101 SCIENT 248,000.00 248,000.00 248,000.00 4.650 4.650 979.43 0.00 0.00 979.43 78472EABO 1455 101 SPCOCU 249,000.00 249,000.00 249,000.00 4.350 4.350 919.94 0.00 0.00 919.94 91282CFH9 1456 101 USTR 500,000.00 489,175.00 489,175.00 3.125 3.168 1,316.24 0.00 0.00 1,316.24 300185LM5 1457 101 EVRGRN 248,000.00 248,000.00 248,000.00 3.850 3.850 810.93 0.00 0.00 810.93 82671DAB3 1458 101 SIGFCU 248,000.00 248,000.00 248,000.00 4.400 4.400 926.77 0.00 0.00 926.77 79772FAG1 1459 101 SF FCU 248,000.00 248,000.00 248,000.00 4.350 4.350 916.24 0.00 0.00 916.24 91282CGH8 1460 101 USTR 1,000,000.00 996,369.14 996,369.14 3.500 3.522 2,980.77 0.00 0.00 2,980.77 3133EPAV7 1464 101 FFCB 1,000,000.00 995,400.00 995,400.00 3.875 3.820 3,229.17 0.00 0.00 3,229.17 91282CEW7 1465 101 USTR 1,000,000.00 967,220.00 967,220.00 3.250 3.369 2,767.85 0.00 0.00 2,767.85 530520AH8 1466 101 LBRTY1 248,000.00 248,000.00 248,000.00 4.500 4.500 947.84 0.00 0.00 947.84 09582YAF9 1467 101 BLURDG 244,000.00 244,000.00 244,000.00 4.200 4.200 870.38 0.00 0.00 870.38 011852AEO 1469 101 ALASKA 248,000.00 248,000.00 248,000.00 4.600 4.600 968.90 0.00 0.00 968.90 92891CCZ3 1472 101 VYSTAR 248,000.00 248,000.00 248,000.00 4.550 4.550 958.36 0.00 0.00 958.36 89789AAG2 1473 101 TRUFCU 248,000.00 248,000.00 248,000.00 4.700 4.700 989.96 0.00 0.00 989.96 59524LAA4 1474 101 MIDCAR 248,000.00 248,000.00 248,000.00 4.850 4.850 1,021.55 0.00 0.00 1,021.55 49306SJ56 1475 101 KEYBNK 244,000.00 244,000.00 244,000.00 5.000 5.000 1,036.16 0.00 0.00 1,036.16 064860MCO 1476 101 BKSIER 244,000.00 244,000.00 244,000.00 4.600 4.600 953.28 0.00 0.00 953.28 909557KQ2 1477 101 UNBKRS 248,000.00 248,000.00 248,000.00 5.000 5.000 1,053.15 0.00 0.00 1,053.15 00833JAQ4 1478 101 AFFNTY 248,000.00 248,000.00 248,000.00 4.900 4.900 1,032.09 0.00 0.00 1,032.09 108622NJ6 1479 101 BRIDWA 248,000.00 248,000.00 248,000.00 4.850 4.850 1,021.56 0.00 0.00 1,021.56 3135GAGA3 1480 101 FNMA 2,000,000.00 2,000,000.00 2,000,000.00 5.200 5.102 8,666.67 0.00 0.00 8,666.67 724468AC7 1483 101 PITBOW 244,000.00 244,000.00 244,000.00 4.350 4.350 901.46 0.00 0.00 901.46 3134GYPJ5 1484 101 FHLMC 1,000,000.00 999,100.00 999,100.00 5.200 5.107 4,333.34 0.00 0.00 4,333.34 62384RAT3 1485 101 MTNAMR 248,000.00 248,000.00 248,000.00 4.700 4.700 989.96 0.00 0.00 989.96 60425SKB4 1486 101 MINWST 248,000.00 248,000.00 248,000.00 4.250 4.250 895.18 0.00 0.00 895.18 35089LAFO 1491 101 FRPNTS 248,000.00 248,000.00 248,000.00 4.550 4.550 958.37 0.00 0.00 958.37 062119BT8 1492 101 BANK59 248,000.00 248,000.00 248,000.00 4.250 4.250 895.18 0.00 0.00 895.18 152577BN1 1493 101 CENTRL 248,000.00 248,000.00 248,000.00 4.000 4.000 842.52 0.00 0.00 842.52 23248UAB3 1494 101 CYFAIR 248,000.00 248,000.00 248,000.00 4.500 4.500 947.83 0.00 0.00 947.83 91527PBY2 1495 101 UNIVST 248,000.00 248,000.00 248,000.00 4.350 4.350 916.24 0.00 0.00 916.24 92834ABT2 1496 101 VISION 248,000.00 248,000.00 248,000.00 4.050 4.050 853.05 0.00 0.00 853.05 12547CBJ6 1497 101 CIBCBK 244,000.00 244,000.00 244,000.00 4.350 4.350 901.46 0.00 0.00 901.46 843383CS7 1498 101 SBPOPM 248,000.00 248,000.00 248,000.00 4.200 4.200 884.65 0.00 0.00 884.65 06610RCA5 1499 101 BANKRS 248,000.00 248,000.00 248,000.00 4.150 4.150 874.12 0.00 0.00 874.12 Run Date: 08/22/2024 - 13:59 Portfolio CITY CID TE (PRF_TE) 7.3.6 AO&rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 7 May 1, 2024 - May 31, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 90352RDB8 1500 101 USAFCU 248,000.00 248,000.00 248,000.00 4.550 4.550 958.37 0.00 0.00 958.37 87868YAQ6 1501 101 TECHCU 248,000.00 248,000.00 248,000.00 5.000 5.000 1,053.15 0.00 0.00 1,053.15 3133EPME2 1505 101 FFCB 1,000,000.00 998,190.00 998,190.00 3.875 3.809 3,229.17 0.00 0.00 3,229.17 16141BAC5 1506 101 CHRTWY 248,000.00 248,000.00 248,000.00 4.900 4.900 1,032.09 0.00 0.00 1,032.09 23204HPB8 1507 101 CUST 244,000.00 244,000.00 244,000.00 4.500 4.500 932.55 0.00 0.00 932.55 91282CGT2 1508 101 USTR 1,000,000.00 984,600.00 984,600.00 3.625 3.672 3,070.35 0.00 0.00 3,070.35 85279AAC6 1509 101 STVINC 248,000.00 248,000.00 248,000.00 4.600 4.600 968.89 0.00 0.00 968.89 01025RAG4 1510 101 ALABAM 248,000.00 248,000.00 248,000.00 5.000 5.000 1,053.15 0.00 0.00 1,053.15 38120MCA2 1511 101 GLDNST 249,000.00 249,000.00 249,000.00 4.450 4.450 941.09 0.00 0.00 941.09 931142EE9 1512 101 WALMRT 1,000,000.00 973,110.00 973,110.00 3.700 3.731 3,083.34 0.00 0.00 3,083.34 910286GN7 1513 101 UNTFDL 248,000.00 248,000.00 248,000.00 4.500 4.500 947.83 0.00 0.00 947.83 472312AA5 1514 101 JEEPCO 248,000.00 248,000.00 248,000.00 4.700 4.700 989.97 0.00 0.00 989.97 31911KAK4 1515 101 1STELK 248,000.00 248,000.00 248,000.00 4.400 4.400 926.78 0.00 0.00 926.78 05765LBUO 1520 101 BALBOA 248,000.00 248,000.00 248,000.00 4.400 4.400 926.77 0.00 0.00 926.77 560507AQ8 1522 101 MAINE 248,000.00 248,000.00 248,000.00 4.800 4.800 1,011.03 0.00 0.00 1,011.03 91739JAB1 1523 101 UTH1ST 245,000.00 245,000.00 245,000.00 5.000 5.000 1,040.41 0.00 0.00 1,040.41 91282CGT2 1524 101 USTR 1,000,000.00 990,000.00 990,000.00 3.625 3.652 3,070.35 0.00 0.00 3,070.35 91282CHA2 1525 101 USTR 1,000,000.00 985,000.00 985,000.00 3.500 3.524 2,948.37 0.00 0.00 2,948.37 30960QAR8 1526 101 FARMIG 248,000.00 248,000.00 248,000.00 5.400 5.400 1,137.40 0.00 0.00 1,137.40 3133EPQDO 1527 101 FFCB 1,000,000.00 998,655.69 998,655.69 4.250 4.176 3,541.66 0.00 0.00 3,541.66 3133EPSK2 1531 101 FFCB 1,000,000.00 990,400.00 990,400.00 4.250 4.210 3,541.66 0.00 0.00 3,541.66 499724AP7 1532 101 KNOX 248,000.00 248,000.00 248,000.00 4.850 4.850 1,021.56 0.00 0.00 1,021.56 05584CJJ6 1533 101 BNYMEL 244,000.00 244,000.00 244,000.00 4.500 4.500 932.55 0.00 0.00 932.55 9128282U3 1535 101 USTR 3,000,000.00 2,899,170.81 2,899,170.81 1.875 1.924 4,738.45 0.00 0.00 4,738.45 9128282N9 1536 101 USTR 2,000,000.00 1,942,840.00 1,942,840.00 2.125 2.194 3,619.51 0.00 0.00 3,619.51 898812AC6 1537 101 TUCSON 248,000.00 248,000.00 248,000.00 5.000 5.000 1,053.15 0.00 0.00 1,053.15 60936TAL3 1538 101 MONEYI 248,000.00 248,000.00 248,000.00 5.000 5.000 1,053.15 0.00 0.00 1,053.15 52470QEC4 1539 101 LEGBKT 248,000.00 248,000.00 248,000.00 4.500 4.500 947.83 0.00 0.00 947.83 3130AXEL8 1541 101 FHLB 1,000,000.00 999,500.00 999,500.00 4.750 4.663 3,958.33 0.00 0.00 3,958.33 91282CGT2 1543 101 USTR 1,000,000.00 949,180.00 949,180.00 3.625 3.809 3,070.35 0.00 0.00 3,070.35 666613MK7 1544 101 NORPNT 248,000.00 248,000.00 248,000.00 4.850 4.850 1,021.56 0.00 0.00 1,021.56 58404DTP6 1545 101 MEDBA 248,000.00 248,000.00 248,000.00 4.850 4.850 1,021.56 0.00 0.00 1,021.56 90355GHG4 1546 101 UBS 248,000.00 248,000.00 248,000.00 4.900 4.900 1,032.08 0.00 0.00 1,032.08 42228LAN1 1547 101 HEALTH 248,000.00 248,000.00 248,000.00 5.100 5.100 1,074.21 0.00 0.00 1,074.21 98138MCA6 1548 101 WORKRS 248,000.00 248,000.00 248,000.00 5.200 5.200 1,095.28 0.00 0.00 1,095.28 52171MAM7 1549 101 LEADRS 248,000.00 248,000.00 248,000.00 5.100 5.100 1,074.21 0.00 0.00 1,074.21 91282CFUO 1550 101 USTR 750,000.00 739,200.00 739,200.00 4.125 4.151 2,606.15 0.00 0.00 2,606.15 Run Date: 08/22/2024 - 13:59 Portfolio CITY CID TE (PRF_TE) 7.3.6 A]Wrt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 8 May 1, 2024 - May 31, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 912797HH3 1551 101 USTR 0.00 974,178.00 0.00 5.222 967.485 0.00 0.00 25,822.00 25,822.00 92023CAJ2 1552 101 VLLSTR 247,000.00 247,000.00 247,000.00 5.200 5.200 1,090.86 0.00 0.00 1,090.86 913065ADO 1553 101 UTLTCH 248,000.00 248,000.00 248,000.00 5.100 5.100 1,074.21 0.00 0.00 1,074.21 3133EPC45 1554 101 FFCB 1,000,000.00 999,770.00 999,770.00 4.625 4.539 3,854.17 0.00 0.00 3,854.17 291916AJ3 1555 101 EMPOWR 247,000.00 247,000.00 247,000.00 5.250 5.250 1,101.35 0.00 0.00 1,101.35 372348DJ8 1556 101 GENOA 248,000.00 248,000.00 248,000.00 4.600 4.600 968.89 0.00 0.00 968.89 912797HS9 1558 101 USTR 0.00 1,949,466.22 0.00 5.110 32.626 0.00 0.00 50,533.78 50,533.78 67886WAJ6 1559 101 OKLACU 248,000.00 248,000.00 248,000.00 5.700 5.700 1,200.59 0.00 0.00 1,200.59 77357DADO 1560 101 ROCKLA 248,000.00 248,000.00 248,000.00 4.600 4.600 968.89 0.00 0.00 968.89 37173RAL7 1561 101 GENSEE 244,000.00 244,000.00 244,000.00 4.200 4.200 870.38 0.00 0.00 870.38 319137CB9 1562 101 FRBA 244,000.00 244,000.00 244,000.00 4.450 4.450 922.19 0.00 0.00 922.19 89841MAX5 1563 101 TRUFIN 248,000.00 248,000.00 248,000.00 5.150 5.150 1,084.75 0.00 0.00 1,084.75 130162131-3 1564 101 CALCRE 244,000.00 244,000.00 244,000.00 5.100 5.100 1,056.88 0.00 0.00 1,056.88 9128285M8 1565 101 USTR 1,000,000.00 966,718.75 966,718.75 3.125 3.222 2,645.53 0.00 0.00 2,645.53 3130AYBQ8 1566 101 FHLB 1,000,000.00 999,516.00 999,516.00 4.750 4.663 3,958.33 0.00 0.00 3,958.33 91282CJR3 1567 101 USTR 1,000,000.00 997,067.49 997,067.49 3.750 3.771 3,193.68 0.00 0.00 3,193.68 3133EPW84 1568 101 FFCB 1,000,000.00 992,100.00 992,100.00 3.875 3.832 3,229.16 0.00 0.00 3,229.16 3133EPW84 1569 101 FFCB 1,000,000.00 994,400.00 994,400.00 3.875 3.823 3,229.16 0.00 0.00 3,229.16 91282CJV4 1570 101 USTR 1,000,000.00 998,482.98 998,482.98 4.250 4.268 3,619.51 0.00 0.00 3,619.51 91282CJT9 1571 101 USTR 1,000,000.00 996,813.45 996,813.45 4.000 4.024 3,406.60 0.00 0.00 3,406.60 91282CFQ9 1572 101 USTR 1,000,000.00 995,910.11 995,910.11 4.375 4.357 3,685.46 0.00 0.00 3,685.46 3130AYKN5 1573 101 FHLB 1,000,000.00 999,992.84 999,992.84 4.810 4.720 4,008.34 0.00 0.00 4,008.34 32021YEV1 1574 101 1STFED 248,000.00 248,000.00 248,000.00 4.250 4.250 895.18 0.00 0.00 895.18 06426KDE5 1576 101 NWENGL 248,000.00 248,000.00 248,000.00 4.850 4.850 1,021.56 0.00 0.00 1,021.56 84287PJH6 1577 101 STHRN1 248,000.00 248,000.00 248,000.00 4.700 4.700 989.96 0.00 0.00 989.96 3130AYXU5 1579 101 FHLB 2,000,000.00 2,000,000.00 2,000,000.00 4.450 4.366 7,416.67 0.00 0.00 7,416.67 3130AYYJ9 1580 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 5.000 4.906 4,166.66 0.00 0.00 4,166.66 912828661 1581 101 USTR 1,000,000.00 925,976.56 925,976.56 2.625 2.843 2,235.58 0.00 0.00 2,235.58 912796ZW2 1582 101 USTR 2,000,000.00 1,964,420.00 1,964,420.00 5.083 0.00 0.00 0.00 0.00 3135GAPL9 1583 101 FNMA 1,000,000.00 1,000,000.00 1,000,000.00 5.150 5.053 4,291.67 0.00 0.00 4,291.67 3134H1UX9 1584 101 FHLMC 1,000,000.00 1,000,000.00 1,000,000.00 5.500 5.397 4,583.33 0.00 0.00 4,583.33 09290DAA9 1587 101 BLKRCK 1,000,000.00 1,003,380.00 1,003,380.00 4.700 4.596 3,916.67 0.00 0.00 3,916.67 91282CKG5 1588 101 USTR 1,000,000.00 996,200.00 996,200.00 4.125 4.129 3,493.85 0.00 0.00 3,493.85 3133ERAK7 1590 101 FFCB 1,000,000.00 985,690.00 985,690.00 4.375 4.355 3,645.84 0.00 0.00 3,645.84 31341-11D26 1591 101 FHLMC 1,000,000.00 999,500.00 999,500.00 5.600 5.497 4,666.66 0.00 0.00 4,666.66 3135GAQR5 1592 101 FNMA 1,000,000.00 999,000.00 999,000.00 5.050 4.960 4,208.33 0.00 0.00 4,208.33 3135GAQZ7 1593 101 FNMA 1,000,000.00 999,100.00 999,100.00 5.250 5.156 4,375.00 0.00 0.00 4,375.00 Run Date: 08/22/2024 - 13:59 Portfolio CITY CID TE (PRF_TE) 7.3.6 'rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 9 May 1, 2024 - May 31, 2024 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 3135GARK9 1594 101 FNMA 1,000,000.00 1,000,000.00 1,000,000.00 5.500 5.397 4,583.33 0.00 0.00 4,583.33 313013141-8 1595 101 FHLB 900,000.00 900,000.00 900,000.00 5.040 4.945 3,780.00 0.00 0.00 3,780.00 227563GC1 1596 101 CRSRVR 244,000.00 244,000.00 244,000.00 4.500 4.500 932.55 0.00 0.00 932.55 91282CEM9 1597 101 USTR 1,000,000.00 921,300.00 921,300.00 2.875 3.095 2,421.87 0.00 0.00 2,421.87 3133EP3139 1598 101 FFCB 1,000,000.00 991,400.00 991,400.00 4.125 4.082 3,437.50 0.00 0.00 3,437.50 3135GAS36 1599 101 FNMA 1,000,000.00 0.00 992,900.00 4.750 4.565 2,111.11 0.00 0.00 2,111.11 058723AQ0 1600 101 BALSPA 248,000.00 0.00 248,000.00 4.800 4.800 228.29 0.00 0.00 228.29 919853LV1 1601 101 VALNTL 244,000.00 0.00 244,000.00 4.950 4.950 99.27 0.00 0.00 99.27 12526AAM9 1602 101 CFSBK 244,000.00 0.00 244,000.00 4.700 4.700 62.84 0.00 0.00 62.84 91282CFU0 1603 101 USTR 1,000,000.00 0.00 982,790.00 4.125 4.163 112.10 0.00 0.00 112.10 93883MBA5 1604 101 WSHFIN 244,000.00 0.00 244,000.00 4.500 4.500 30.08 0.00 0.00 30.08 91282CKT7 1605 101 USTR 2,000,000.00 0.00 1,996,484.38 4.500 4.496 245.90 0.00 0.00 245.90 FUZXX 1627 101 1STAME 3,529,623.54 3,010,440.61 3,529,623.54 5.160 6.671 17,056.58 0.00 0.00 17,056.58 TYCXX BMO 1628 101 INVSCO 27,202,301.08 17,304,253.14 27,202,301.08 5.190 5.417 79,610.81 0.00 0.00 79,610.81 Subtotal 259,247,302.10 249,646,803.05 257,972,429.00 3.955 745,075.91 0.00 91,115.78 836,191.69 Fund: Fiscal Agent SYS1058 1058 231 USBANK 1,663.36 1,656.88 1,663.36 4.605 6.48 0.00 0.00 6.48 Subtotal 1,663.36 1,656.88 1,663.36 4.605 6.48 0.00 0.00 6.48 Fund: Housing Authority : WSA and LQ SYS1062 1062 241 LQPR 160,186.59 158,952.57 160,186.59 0.00 0.00 0.00 0.00 Subtotal 160,186.59 158,952.57 160,186.59 0.00 0.00 0.00 0.00 Fund: SA Low/Mod Bond Fund 25-33-005 1113 249 LAI F 2,128,106.00 2,128,106.00 2,128,106.00 4.332 4.533 8,193.02 0.00 0.00 8,193.02 Subtotal 2,128,106.00 2,128,106.00 2,128,106.00 4.533 8,193.02 0.00 0.00 8,193.02 Total 261,537,258.05 251,935,518.50 260,262,384.95 3.957 753,275.41 0.00 91,115.78 844,391.19 Run Date: 08/22/2024 - 13:59 Portfolio CITY CID TE (PRF_TE) 7.3.6 Ayagort Ver. 7.3.6.1 t(v Qa 1 0 (r(V GEM of the DESERT Investments City of La Quinta Portfolio Management Portfolio Summary June 30, 2024 Par Market Value Value Book % of Value Portfolio Term City of La Quinta Days to YTM Maturity 365 Equiv. Bank Accounts -1,068,434.88 -1,068,434.88 -1,068,434.88 -0.38 1 1 0.000 Local Agency Investment Fund -City 19,862,904.17 19,346,086.81 19,862,904.17 7.11 1 1 4.480 Local Agency Invstmnt Fund -Housing 2,128,106.00 2,097,005.34 2,128,106.00 0.76 1 1 4.480 Money Market/Mutual Funds 5,768,588.55 5,768,588.55 5,768,588.55 2.07 1 1 5.160 Money Market Accounts - CAMP 52,022,811.27 52,022,811.27 52,022,811.27 18.63 1 1 5.430 Federal Agency Coupon Securities 61,900,000.00 59,961,953.00 61,630,756.58 22.07 1,606 890 2.834 Treasury Coupon Securities 45,000,000.00 43,344,770.00 44,027,932.82 15.77 1,467 905 3.307 Certificate of Deposits 39,066,000.00 38,277,992.96 39,065,377.50 13.99 1,613 852 3.230 Corporate Notes 2,500,000.00 2,429,645.00 2,473,790.00 0.89 1,821 1,391 3.689 Mutual Funds 45,624,859.06 45,624,859.06 45,624,859.06 16.34 1 1 5.170 Money Market with Fiscal Agent 1,670.09 1,670.09 1,670.09 0.00 1 1 0.000 CERBT - OPEB Trust 2,006,405.56 2,006,405.56 2,006,405.56 0.72 1 1 0.000 PARS Pension Trust 5,666,575.00 5,666,575.00 5,666,575.00 2.03 1 1 0.000 280,479,484.82 275,479,927.76 279,211,341.72 100.00% 828 471 3.948 Investments Total Earnings June 30 Month Ending Fiscal Year To Date Fiscal Year Ending Current Year 875,936.74 8,603,100.48 8,603,100.48 Average Daily Balance 260,870,370.40 243,442,561.47 Effective Rate of Return 4.09% 3.52% 1 certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code and the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the City's expenditure requirements for the next six months. The City of La Quinta used the monthly account statements issued by our financial institutions to determine the fair market value of investments at month end. 8/27/2024 Claudia Martinez, Finance Director/City Treasurer Reporting period 06/01/2024-06/30/2024 Run Date: 08/22/2024 - 13,55 Portfolio CITY CID PM (PRF_PM1) 7.3.0 RepVZ.7.3.6.1 City of La Quinta Portfolio Management Page 1 Portfolio Details - Investments June 30, 2024 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 SYS1293 1293 Bank of New York 09/01/2020 0.00 0.00 0.00 1 1 0.000 059731851 1228 BMO f/k/a Bank of the West 08/20/2019-2,214,952.31 -2,214,952.31 -2,214,952.31 1 1 0.000 SYS1059 1059 City Petty Cash 07/01/2016 3,300.00 3,300.00 3,300.00 1 1 0.000 SYS1318 1318 Dune Palms Mobile Estates 03/09/2021 983,031.73 983,031.73 983,031.73 1 1 0.000 SYS1062 1062 La Quinta Palms Realty 07/01/2016 160,185.70 160,185.70 160,185.70 1 1 0.000 SYS1585 1585 US Bank 03/12/2024 0.00 0.00 0.00 1 1 0.000 Subtotal and Average-720,859.58 -1,068,434.88 -1,068,434.88 -1,068,434.88 1 1 0.000 Local Agency Investment Fund -City 98-33-434 1055 Local Agency Inv Fund 19,862,904.17 19,346,086.81 19,862,904.17 4.480 1 1 4.480 Subtotal and Average 19,862,904.17 19,862,904.17 19,346,086.81 19,862,904.17 1 1 4.480 Local Agency Invstmnt Fund -Housing 25-33-005 1113 Local Agency Inv Fund 2,128,106.00 2,097,005.34 2,128,106.00 4.480 1 1 4.480 Subtotal and Average 2,128,106.00 2,128,106.00 2,097,005.34 2,128,106.00 1 1 4.480 Money Market/Mutual Funds FUZXX 1627 First American Treasury Fund 03/12/2024 5,768,588.55 5,768,588.55 5,768,588.55 5.160 1 1 5.160 Subtotal and Average 3,619,606.63 5,768,588.55 5,768,588.55 5,768,588.55 1 1 5.160 Money Market Accounts - CAMP SYS1153 1153 California Asset Management Pr 09/26/2018 52,022,811.27 52,022,811.27 52,022,811.27 5.430 1 1 5.430 Subtotal and Average 51,799,963.83 52,022,811.27 52,022,811.27 52,022,811.27 1 1 5.430 Federal Agency Coupon Securities 3133EKWV4 1212 Federal Farm Credit Bank 08/02/2019 500,000.00 498,730.00 499,500.00 1.850 1,820 25 1.871 07/26/2024 3133EKP75 1224 Federal Farm Credit Bank 09/17/2019 500,000.00 495,785.00 498,750.00 1.600 1,827 78 1.652 09/17/2024 3133ELEA8 1242 Federal Farm Credit Bank 12/17/2019 1,000,000.00 991,770.00 998,600.00 1.700 1,736 78 1.731 09/17/2024 3133ELH23 1280 Federal Farm Credit Bank 06/09/2020 500,000.00 478,630.00 499,850.00 0.500 1,826 343 0.506 06/09/2025 3133ELH80 1282 Federal Farm Credit Bank 06/10/2020 500,000.00 478,135.00 500,000.00 0.680 1,826 344 0.680 06/10/2025 3133EM2C5 1330 Federal Farm Credit Bank 08/10/2021 500,000.00 459,100.00 498,000.00 0.710 1,826 770 0.792 08/10/2026 3133EM4X7 1338 Federal Farm Credit Bank 09/28/2021 1,000,000.00 919,220.00 991,080.00 0.800 1,808 801 0.985 09/10/2026 3133ENCQ1 1344 Federal Farm Credit Bank 11/02/2021 1,000,000.00 921,600.00 1,000,000.00 1.270 1,826 854 1.270 11/02/2026 3133ENGN4 1355 Federal Farm Credit Bank 12/09/2021 1,000,000.00 979,200.00 1,000,000.00 0.970 1,096 161 0.970 12/09/2024 3133ENL99 1426 Federal Farm Credit Bank 09/15/2022 1,000,000.00 965,600.00 997,492.55 3.375 1,826 1,171 3.430 09/15/2027 Portfolio CITY CP Run Date: 08/22/2024 - 13:55 PM (PRF_PM2) 7.3.0 273 Report Ver. 7.3.6.1 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2024 Page 2 CUSIP Investment # Issuer Average Purchase Balance Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Federal Agency Coupon Securities 3133ENQ29 1433 Federal Farm Credit Bank 09/30/2022 1,000,000.00 982,890.00 996,400.00 4.000 1,825 1,185 4.080 09/29/2027 3133EN3H1 1441 Federal Farm Credit Bank 11/29/2022 1,000,000.00 982,380.00 998,650.00 4.000 1,826 1,246 4.030 11/29/2027 3133EN3S7 1446 Federal Farm Credit Bank 12/07/2022 1,000,000.00 974,460.00 998,000.00 3.750 1,826 1,254 3.794 12/07/2027 3133EPAV7 1464 Federal Farm Credit Bank 02/15/2023 1,000,000.00 979,360.00 995,400.00 3.875 1,825 1,323 3.977 02/14/2028 3133EPME2 1505 Federal Farm Credit Bank 06/08/2023 1,000,000.00 980,860.00 998,190.00 3.875 1,827 1,438 3.915 06/08/2028 3133EPQDO 1527 Federal Farm Credit Bank 07/31/2023 1,000,000.00 991,380.00 998,655.69 4.250 1,813 1,477 4.280 07/17/2028 3133EPSK2 1531 Federal Farm Credit Bank 08/18/2023 1,000,000.00 991,240.00 990,400.00 4.250 1,816 1,498 4.467 08/07/2028 3133EPC45 1554 Federal Farm Credit Bank 11/13/2023 1,000,000.00 1,006,540.00 999,770.00 4.625 1,827 1,596 4.630 11/13/2028 3133EPW84 1568 Federal Farm Credit Bank 01/18/2024 1,000,000.00 979,350.00 992,100.00 3.875 1,827 1,662 4.051 01/18/2029 3133EPW84 1569 Federal Farm Credit Bank 01/30/2024 1,000,000.00 979,350.00 994,400.00 3.875 1,815 1,662 4.000 01/18/2029 3133ERAK7 1590 Federal Farm Credit Bank 04/23/2024 1,000,000.00 999,230.00 985,690.00 4.375 1,813 1,744 4.701 04/10/2029 3133EP3B9 1598 Federal Farm Credit Bank 02/14/2024 1,000,000.00 989,490.00 991,400.00 4.125 1,826 1,688 4.318 02/13/2029 3130AJKW8 1281 Federal Home Loan Bank 06/03/2020 500,000.00 478,555.00 499,850.00 0.500 1,836 347 0.506 06/13/2025 3130AJRP6 1283 Federal Home Loan Bank 06/30/2020 300,000.00 286,911.00 300,000.00 0.680 1,826 364 0.680 06/30/2025 3130AKFA9 1298 Federal Home Loan Bank 12/07/2020 500,000.00 469,065.00 497,400.00 0.375 1,831 529 0.480 12/12/2025 3130AKMZ6 1302 Federal Home Loan Bank 01/14/2021 500,000.00 466,730.00 500,000.00 0.510 1,826 562 0.510 01/14/2026 313OAKN28 1304 Federal Home Loan Bank 01/29/2021 500,000.00 466,175.00 500,000.00 0.550 1,826 577 0.550 01/29/2026 3130ALV92 1312 Federal Home Loan Bank 03/30/2021 500,000.00 468,365.00 500,000.00 1.050 1,826 637 0.938 03/30/2026 3130AMFS6 1324 Federal Home Loan Bank 06/17/2021 1,000,000.00 924,750.00 993,420.00 0.750 1,821 711 0.885 06/12/2026 3130APBM6 1337 Federal Home Loan Bank 09/30/2021 1,000,000.00 918,750.00 999,000.00 1.000 1,826 821 1.021 09/30/2026 3130APB46 1339 Federal Home Loan Bank 10/13/2021 1,000,000.00 916,370.00 998,250.00 0.950 1,826 834 0.986 10/13/2026 3130APTV7 1347 Federal Home Loan Bank 11/24/2021 500,000.00 468,075.00 499,500.00 2.000 1,826 876 1.489 11/24/2026 3130AP2U8 1353 Federal Home Loan Bank 12/07/2021 1,000,000.00 975,270.00 987,100.00 0.550 1,127 190 0.976 01/07/2025 313OAQF65 1358 Federal Home Loan Bank 12/22/2021 1,000,000.00 920,780.00 999,750.00 1.250 1,825 903 1.255 12/21/2026 3130AQJR5 1364 Federal Home Loan Bank 01/27/2022 1,000,000.00 923,760.00 1,000,000.00 1.500 1,826 940 1.500 01/27/2027 3130AQSA2 1367 Federal Home Loan Bank 02/10/2022 1,000,000.00 930,790.00 1,000,000.00 1.830 1,826 954 1.830 02/10/2027 3130AQWY5 1374 Federal Home Loan Bank 02/25/2022 1,000,000.00 976,860.00 1,000,000.00 1.700 1,095 238 1.700 02/24/2025 3130ARGJ4 1385 Federal Home Loan Bank 04/14/2022 500,000.00 484,970.00 500,000.00 2.500 1,279 470 2.500 10/14/2025 3130ARGY1 1387 Federal Home Loan Bank 04/19/2022 1,000,000.00 950,790.00 1,000,000.00 2.700 1,826 1,022 2.700 04/19/2027 3130ASDV8 1409 Federal Home Loan Bank 06/28/2022 300,000.00 288,900.00 300,000.00 3.300 1,826 1,092 3.300 06/28/2027 3130AXEL8 1541 Federal Home Loan Bank 10/03/2023 1,000,000.00 1,013,560.00 999,500.00 4.750 1,802 1,530 4.762 09/08/2028 3130AYBQ8 1566 Federal Home Loan Bank 12/29/2023 1,000,000.00 996,640.00 999,516.00 4.750 363 178 4.800 12/26/2024 3130AYKN5 1573 Federal Home Loan Bank 01/31/2024 1,000,000.00 997,290.00 999,992.84 4.810 345 193 4.810 01/10/2025 3130AYXU5 1579 Federal Home Loan Bank 02/15/2024 2,000,000.00 1,971,600.00 2,000,000.00 4.450 1,824 1,687 4.450 02/12/2029 3130AYYJ9 1580 Federal Home Loan Bank 02/15/2024 1,000,000.00 1,003,300.00 1,000,000.00 5.000 1,827 1,690 5.000 02/15/2029 313013141-8 1595 Federal Home Loan Bank 04/25/2024 900,000.00 897,129.00 900,000.00 5.040 1,824 1,757 5.040 04/23/2029 Run Date: 08/22/2024 - 13:55 Portfolio CITY CP PM (PRF_PM2) 7.3.0 274 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2024 Page 3 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Federal Agency Coupon Securities 3134GVYG7 1279 Federal Home Loan Mtg Corp 05/27/2020 1,000,000.00 960,380.00 1,000,000.00 0.625 1,826 330 0.625 05/27/2025 3137EAEU9 1297 Federal Home Loan Mtg Corp 12/07/2020 1,000,000.00 952,750.00 997,300.00 0.375 1,687 385 0.434 07/21/2025 3134GXGZ1 1301 Federal Home Loan Mtg Corp 12/30/2020 500,000.00 468,405.00 500,000.00 0.550 1,826 547 0.550 12/30/2025 3137EAEX3 1307 Federal Home Loan Mtg Corp 02/23/2021 500,000.00 472,560.00 495,999.50 0.375 1,673 449 0.552 09/23/2025 3137EAEX3 1310 Federal Home Loan Mtg Corp 03/30/2021 1,000,000.00 945,120.00 983,940.00 0.375 1,638 449 0.740 09/23/2025 3134GW6C5 1359 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 455,825.00 486,000.00 0.800 1,757 849 1.403 10/28/2026 3137EAEU9 1361 Federal Home Loan Mtg Corp 01/05/2022 500,000.00 476,375.00 487,090.00 0.375 1,293 385 1.120 07/21/2025 3134GW5R3 1362 Federal Home Loan Mtg Corp 01/05/2022 400,000.00 376,928.00 391,360.00 0.650 1,391 483 1.232 10/27/2025 3134GWUQ7 1366 Federal Home Loan Mtg Corp 02/10/2022 1,000,000.00 905,870.00 945,570.00 0.700 1,784 912 1.870 12/30/2026 3134GYPJ5 1484 Federal Home Loan Mtg Corp 04/24/2023 1,000,000.00 994,600.00 999,100.00 5.200 1,820 1,386 5.220 04/17/2028 3134H1UX9 1584 Federal Home Loan Mtg Corp 02/29/2024 1,000,000.00 998,150.00 1,000,000.00 5.500 1,824 1,701 5.500 02/26/2029 3134H1D26 1591 Federal Home Loan Mtg Corp 04/24/2024 1,000,000.00 999,280.00 999,500.00 5.600 1,819 1,751 5.611 04/17/2029 3135GOV75 1206 Federal National Mtg Assn 07/15/2019 500,000.00 499,945.00 495,950.00 1.750 1,814 1 1.922 07/02/2024 3135GO5S8 1288 Federal National Mtg Assn 08/14/2020 500,000.00 475,495.00 500,000.00 0.500 1,826 409 0.500 08/14/2025 3136G4N74 1289 Federal National Mtg Assn 08/21/2020 1,000,000.00 950,830.00 1,000,000.00 0.560 1,826 416 0.560 08/21/2025 3136G4M75 1290 Federal National Mtg Assn 08/28/2020 500,000.00 475,300.00 499,750.00 0.520 1,816 413 0.530 08/18/2025 3135GO6E8 1291 Federal National Mtg Assn 11/18/2020 500,000.00 489,875.00 499,250.00 0.420 1,461 140 0.458 11/18/2024 3135GA2Z3 1292 Federal National Mtg Assn 11/17/2020 500,000.00 470,240.00 499,250.00 0.560 1,826 504 0.590 11/17/2025 3135GA7D7 1299 Federal National Mtg Assn 12/23/2020 500,000.00 468,715.00 500,000.00 0.600 1,826 540 0.600 12/23/2025 3135GAAW1 1300 Federal National Mtg Assn 12/30/2020 500,000.00 488,015.00 500,000.00 0.400 1,461 182 0.400 12/30/2024 3135GO6G3 1354 Federal National Mtg Assn 12/07/2021 1,000,000.00 942,250.00 976,300.00 0.500 1,431 494 1.120 11/07/2025 3135GO3U5 1365 Federal National Mtg Assn 01/28/2022 500,000.00 482,130.00 487,790.00 0.625 1,180 295 1.400 04/22/2025 3135GAGA3 1480 Federal National Mtg Assn 04/03/2023 2,000,000.00 1,999,220.00 2,000,000.00 5.200 484 29 5.206 07/30/2024 3135GAPL9 1583 Federal National Mtg Assn 02/26/2024 1,000,000.00 998,390.00 1,000,000.00 5.150 1,096 970 5.150 02/26/2027 3135GAQR5 1592 Federal National Mtg Assn 04/24/2024 1,000,000.00 997,130.00 999,000.00 5.050 701 633 5.103 03/26/2026 3135GAQZ7 1593 Federal National Mtg Assn 04/24/2024 1,000,000.00 999,650.00 999,100.00 5.250 1,073 1,005 5.282 04/02/2027 3135GARK9 1594 Federal National Mtg Assn 04/24/2024 1,000,000.00 1,003,510.00 1,000,000.00 5.500 1,093 1,025 5.500 04/22/2027 3135GAS36 1599 Federal National Mtg Assn 05/15/2024 1,000,000.00 995,330.00 992,900.00 4.750 1,826 1,779 4.912 05/15/2029 Subtotal and Average 61,780,480.58 61,900,000.00 59,961,953.00 61,630,756.58 1,606 890 2.834 Treasury Coupon Securities 912828YV6 1241 U.S. Treasury 12/16/2019 1,000,000.00 984,320.00 989,687.50 1.500 1,811 152 1.718 11/30/2024 91282CBC4 1303 U.S. Treasury 01/07/2021 500,000.00 467,600.00 498,632.81 0.375 1,819 548 0.431 12/31/2025 91282CBH3 1309 U.S. Treasury 02/23/2021 500,000.00 465,995.00 495,100.00 0.375 1,803 579 0.577 01/31/2026 91282CAT8 1311 U.S. Treasury 03/30/2021 1,000,000.00 939,810.00 977,500.00 0.250 1,676 487 0.750 10/31/2025 91282CAZ4 1315 U.S. Treasury 04/22/2021 500,000.00 469,080.00 492,187.50 0.375 1,683 517 0.720 11/30/2025 Run Date: 08/22/2024 - 13:55 Portfolio CITY CP PM (PRF_PM2) 7.3.0 275 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2024 Page 4 CUSIP Investment # Issuer Average Purchase Balance Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Treasury Coupon Securities 91282CBQ3 1319 U.S. Treasury 05/28/2021 500,000.00 465,585.00 494,165.00 0.500 1,737 607 0.750 02/28/2026 91282CBT7 1320 U.S. Treasury 05/28/2021 500,000.00 466,290.00 499,525.00 0.750 1,768 638 0.770 03/31/2026 91282CCF6 1321 U.S. Treasury 06/01/2021 1,000,000.00 927,380.00 997,060.00 0.750 1,825 699 0.810 05/31/2026 91282CBT7 1322 U.S. Treasury 06/17/2021 500,000.00 466,290.00 498,450.00 0.750 1,748 638 0.816 03/31/2026 91282CCF6 1323 U.S. Treasury 06/17/2021 500,000.00 463,690.00 497,095.00 0.750 1,809 699 0.870 05/31/2026 91282CCP4 1335 U.S. Treasury 09/29/2021 1,000,000.00 919,920.00 983,750.00 0.625 1,766 760 0.970 07/31/2026 91282CCW9 1336 U.S. Treasury 09/29/2021 1,000,000.00 919,690.00 988,500.00 0.750 1,797 791 0.990 08/31/2026 91282CDB4 1343 U.S. Treasury 10/22/2021 1,000,000.00 986,330.00 996,320.00 0.625 1,089 106 0.750 10/15/2024 912828Z78 1369 U.S. Treasury 02/10/2022 1,000,000.00 925,470.00 986,700.00 1.500 1,816 944 1.781 01/31/2027 91282CCW9 1380 U.S. Treasury 03/22/2022 500,000.00 459,845.00 466,454.17 0.750 1,623 791 2.350 08/31/2026 91282CDG3 1381 U.S. Treasury 03/22/2022 500,000.00 461,425.00 473,396.82 1.125 1,684 852 2.350 10/31/2026 91282CBQ3 1382 U.S. Treasury 03/23/2022 750,000.00 698,377.50 698,025.00 0.500 1,438 607 2.353 02/28/2026 9128286S4 1383 U.S. Treasury 03/23/2022 1,000,000.00 958,130.00 999,010.00 2.375 1,499 668 2.400 04/30/2026 9128283DO 1390 U.S. Treasury 05/03/2022 1,000,000.00 989,660.00 985,190.00 2.250 912 122 2.870 10/31/2024 91282CEF4 1391 U.S. Treasury 05/03/2022 1,000,000.00 947,850.00 976,860.00 2.500 1,793 1,003 3.010 03/31/2027 912828X88 1397 U.S. Treasury 06/07/2022 1,000,000.00 941,800.00 969,687.50 2.375 1,803 1,048 3.041 05/15/2027 91282CEN7 1398 U.S. Treasury 06/08/2022 500,000.00 476,365.00 495,000.00 2.750 1,787 1,033 2.971 04/30/2027 91282CET4 1399 U.S. Treasury 06/08/2022 500,000.00 474,180.00 491,842.18 2.625 1,818 1,064 2.980 05/31/2027 9128282U3 1400 U.S. Treasury 06/09/2022 500,000.00 496,965.00 490,850.00 1.875 814 61 2.727 08/31/2024 91282CFB2 1417 U.S. Treasury 08/15/2022 1,000,000.00 949,530.00 989,460.00 2.750 1,811 1,125 2.980 07/31/2027 91282CFB2 1422 U.S. Treasury 08/29/2022 1,000,000.00 949,530.00 979,645.67 2.750 1,797 1,125 3.200 07/31/2027 9128282RO 1439 U.S. Treasury 11/18/2022 1,000,000.00 934,340.00 927,110.00 2.250 1,731 1,140 3.950 08/15/2027 91282CFH9 1456 U.S. Treasury 01/24/2023 500,000.00 479,690.00 489,175.00 3.125 1,680 1,156 3.640 08/31/2027 91282CGH8 1460 U.S. Treasury 02/02/2023 1,000,000.00 968,480.00 996,369.14 3.500 1,824 1,309 3.580 01/31/2028 91282CEW7 1465 U.S. Treasury 02/15/2023 1,000,000.00 964,880.00 967,220.00 3.250 1,596 1,094 4.075 06/30/2027 91282CGT2 1508 U.S. Treasury 06/15/2023 1,000,000.00 971,880.00 984,600.00 3.625 1,751 1,369 3.980 03/31/2028 91282CGT2 1524 U.S. Treasury 05/31/2023 1,000,000.00 971,880.00 990,000.00 3.625 1,766 1,369 3.853 03/31/2028 91282CHA2 1525 U.S. Treasury 05/31/2023 1,000,000.00 967,270.00 985,000.00 3.500 1,796 1,399 3.837 04/30/2028 9128282U3 1535 U.S. Treasury 09/07/2023 3,000,000.00 2,981,790.00 2,899,170.81 1.875 359 61 5.440 08/31/2024 9128282N9 1536 U.S. Treasury 09/07/2023 2,000,000.00 1,994,660.00 1,942,840.00 2.125 328 30 5.431 07/31/2024 91282CGT2 1543 U.S. Treasury 10/19/2023 1,000,000.00 971,880.00 949,180.00 3.625 1,625 1,369 4.910 03/31/2028 91282CFUO 1550 U.S. Treasury 11/06/2023 750,000.00 741,592.50 739,200.00 4.125 1,455 1,217 4.524 10/31/2027 9128285M8 1565 U.S. Treasury 12/29/2023 1,000,000.00 949,570.00 966,718.75 3.125 1,783 1,598 3.880 11/15/2028 91282CJR3 1567 U.S. Treasury 01/02/2024 1,000,000.00 974,450.00 997,067.49 3.750 1,825 1,644 3.815 12/31/2028 91282CJV4 1570 U.S. Treasury 01/31/2024 1,000,000.00 990,390.00 998,482.98 4.250 731 579 4.330 01/31/2026 91282CJT9 1571 U.S. Treasury 01/31/2024 1,000,000.00 985,470.00 996,813.45 4.000 1,080 928 4.115 01/15/2027 Run Date: 08/22/2024 - 13:55 Portfolio CITY CID PM (PRF_PM2) 7.3.0 276 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2024 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 Coupon Securities 91282CFQ9 1572 U.S. Treasury 01/31/2024 1,000,000.00 996,560.00 995,910.11 4.375 274 122 4.930 10/31/2024 9128286B1 1581 U.S. Treasury 02/15/2024 1,000,000.00 927,030.00 925,976.56 2.625 1,827 1,690 4.285 02/15/2029 91282CKG5 1588 U.S. Treasury 04/01/2024 1,000,000.00 989,810.00 996,200.00 4.125 1,825 1,734 4.210 03/31/2029 91282CEM9 1597 U.S. Treasury 04/30/2024 1,000,000.00 935,200.00 921,300.00 2.875 1,826 1,764 4.658 04/30/2029 91282CFUO 1603 U.S. Treasury 05/31/2024 1,000,000.00 988,790.00 982,790.00 4.125 1,248 1,217 4.675 10/31/2027 91282CKT7 1605 U.S. Treasury 05/31/2024 2,000,000.00 2,013,600.00 1,996,484.38 4.500 1,826 1,795 4.540 05/31/2029 91282CJR3 1609 U.S. Treasury 06/12/2024 1,000,000.00 974,450.00 970,230.00 3.750 1,663 1,644 4.480 12/31/2028 Subtotal and Average 43,672,181.82 45,000,000.00 43,344,770.00 44,027,932.82 1,467 905 3.307 Treasury Discount Notes Subtotal and Average 1,244,132.67 Certificate of Deposits 336460CX6 1222 First State Bk DeQueen 08/30/2019 248,000.00 246,469.84 248,000.00 1.800 1,827 60 1.802 08/30/2024 31911KAK4 1515 First Bank Elk River 06/30/2023 248,000.00 251,343.04 248,000.00 4.400 1,827 1,460 4.405 06/30/2028 32027BALl 1273 First Freedom Bank 04/29/2020 249,000.00 240,797.94 249,000.00 1.200 1,826 302 1.201 04/29/2025 32021YEV1 1574 First Federal Savings 02/09/2024 248,000.00 245,009.12 248,000.00 4.250 881 738 4.245 07/09/2026 33766LAJ7 1216 FirsTier Bank 08/23/2019 249,000.00 247,707.69 249,000.00 1.950 1,827 53 1.952 08/23/2024 32056GDJ6 1278 1st Internet Bank 05/11/2020 248,000.00 239,086.88 248,000.00 1.000 1,827 315 0.985 05/12/2025 32112UDR9 1274 First Natl Bk McGregor 04/28/2020 248,000.00 240,165.68 248,000.00 1.350 1,826 301 1.351 04/28/2025 334342CD2 1221 First Natl Bk of Syracuse 08/30/2019 249,000.00 247,486.08 249,000.00 1.850 1,827 60 1.852 08/30/2024 32114VBT3 1250 First National Bank Michigan 02/14/2020 248,000.00 242,432.40 248,000.00 1.650 1,827 228 1.652 02/14/2025 33625CCP2 1209 First Security Bank of WA 07/30/2019 248,000.00 247,251.04 248,000.00 2.000 1,827 29 2.002 07/30/2024 88413QDN5 1420 Third Federal Savings and Loan 08/19/2022 245,000.00 234,011.75 245,000.00 3.300 1,826 1,144 3.302 08/19/2027 00257TBD7 1207 Abacus Federal Savings 07/26/2019 248,000.00 247,347.76 248,000.00 1.950 1,827 25 1.952 07/26/2024 00435JBH5 1256 Access Bank 03/13/2020 248,000.00 241,695.84 248,000.00 1.600 1,826 255 1.601 03/13/2025 00833JAQ4 1478 Affinity Bank 03/17/2023 248,000.00 249,567.36 248,000.00 4.900 1,827 1,355 4.906 03/17/2028 01025RAG4 1510 Alabama Credit Union 06/20/2023 248,000.00 248,590.24 248,000.00 5.000 1,098 721 5.005 06/22/2026 011852AEO 1469 Alaska USA/Global FCU 03/08/2023 248,000.00 246,993.12 248,000.00 4.600 1,827 1,346 4.606 03/08/2028 01882MAC6 1451 AlliantCU 12/30/2022 247,000.00 248,850.03 247,000.00 5.000 1,826 1,277 5.003 12/30/2027 01664MAB2 1448 All In FCU 12/20/2022 248,000.00 245,066.16 248,000.00 4.400 1,826 1,267 4.402 12/20/2027 02007GPX5 1388 Ally Bank Midvale 04/21/2022 245,000.00 239,727.60 245,000.00 2.550 1,096 294 2.550 04/21/2025 020080BX4 1267 Alma Bank 03/30/2020 248,000.00 240,986.56 248,000.00 1.400 1,824 270 1.399 03/28/2025 029728BC5 1255 American State 02/21/2020 248,000.00 242,196.80 248,000.00 1.600 1,827 235 1.602 02/21/2025 02589ADH2 1421 American Express, NB 08/29/2022 245,000.00 235,160.80 245,000.00 3.450 1,793 1,121 3.067 07/27/2027 02357QAQO 1372 Amerant Bank 02/14/2022 245,000.00 225,368.15 245,000.00 1.600 1,828 960 1.601 02/16/2027 Run Date: 08/22/2024 - 13:55 Portfolio CITY CP PM (PRF_PM2) 7.3.0 277 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2024 Page 6 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 052392BT3 1427 Austin Telco FCU 09/21/2022 248,000.00 240,398.80 248,000.00 3.800 1,826 1,177 3.770 09/21/2027 05465DAE8 1258 Axos Bank 03/26/2020 248,000.00 241,497.44 248,000.00 1.650 1,826 268 1.651 03/26/2025 05765LBUO 1520 Balboa Thrift and Loan 07/19/2023 248,000.00 253,441.12 248,000.00 4.400 1,827 1,479 4.405 07/19/2028 058723AQO 1600 Ballston Spa National Bank 05/24/2024 248,000.00 247,566.00 248,000.00 4.800 914 876 4.808 11/24/2026 062119BT8 1492 Bank Five Nine 05/12/2023 248,000.00 244,237.84 248,000.00 4.250 1,827 1,411 4.255 05/12/2028 06610RCA5 1499 Bankers Bank 05/24/2023 248,000.00 243,392.16 248,000.00 4.150 1,827 1,423 4.155 05/24/2028 07371AYE7 1370 Beal Bank TX 02/23/2022 245,000.00 227,146.85 245,000.00 1.900 1,820 961 1.901 02/17/2027 073710E88 1371 Beal Bank USA 02/23/2022 245,000.00 227,146.85 245,000.00 1.900 1,820 961 1.901 02/17/2027 06051XEF5 1606 Bank of America 06/06/2024 243,000.00 243,473.85 243,000.00 5.200 550 525 5.205 12/08/2025 06417NZQ9 1329 Bank OZK 07/29/2021 248,000.00 241,264.32 248,000.00 0.400 1,280 212 0.401 01/29/2025 064520BG3 1287 Bank Princeton 06/30/2020 248,000.00 242,018.24 248,000.00 0.500 1,644 182 0.500 12/30/2024 064860MCO 1476 Bank of the Sierra 03/15/2023 244,000.00 242,148.04 244,000.00 4.600 1,461 987 4.604 03/15/2027 09582YAF9 1467 Blue Ridge Bank 02/28/2023 244,000.00 239,654.36 244,000.00 4.200 1,826 1,337 4.202 02/28/2028 05580AD50 1333 BMW Bank 09/10/2021 245,000.00 242,638.20 245,000.00 0.650 1,096 71 0.651 09/10/2024 06644QAC5 1611 BankFirst 06/21/2024 248,000.00 247,789.20 248,000.00 4.500 1,826 1,816 4.503 06/21/2029 06652CHBO 1227 BankWest Inc 09/27/2019 248,000.00 245,753.12 248,000.00 1.700 1,827 88 1.702 09/27/2024 05584CJJ6 1533 BNY Mellon 09/07/2023 244,000.00 242,723.88 244,000.00 4.500 1,827 1,529 4.505 09/07/2028 108622NJ6 1479 Bridgewater Bank 03/29/2023 248,000.00 247,784.24 248,000.00 4.850 1,461 1,001 4.767 03/29/2027 130162BL3 1564 California Credit Union 12/28/2023 244,000.00 243,834.08 244,000.00 5.100 550 364 5.105 06/30/2025 14042RQBO 1346 Capital One Natl Assn FDIC4297 11/17/2021 248,000.00 227,039.04 248,000.00 1.100 1,826 869 1.101 11/17/2026 14042TDD6 1271 Capital One USA FDIC33954 04/08/2020 245,000.00 238,198.80 245,000.00 1.600 1,826 281 1.601 04/08/2025 146221AAO 1316 Carter FCU 04/27/2021 248,000.00 230,749.12 248,000.00 0.750 1,826 665 0.750 04/27/2026 20033A3A2 1386 Comenity Capital Bank 04/14/2022 248,000.00 233,586.24 248,000.00 2.650 1,826 1,017 2.652 04/14/2027 15118RRH2 1220 Celtic Bank 08/30/2019 248,000.00 246,492.16 248,000.00 1.850 1,827 60 1.852 08/30/2024 152577BN1 1493 Central Bank 05/12/2023 248,000.00 242,045.52 248,000.00 4.000 1,827 1,411 4.005 05/12/2028 12526AAM9 1602 CFS Bank 05/30/2024 244,000.00 243,236.28 244,000.00 4.700 1,279 1,247 4.706 11/30/2027 169894AS1 1284 Chippewa Valley Bk 06/24/2020 248,000.00 237,370.72 248,000.00 0.600 1,826 358 0.600 06/24/2025 16141BAC5 1506 Chartway FCU 06/09/2023 248,000.00 248,037.20 248,000.00 4.900 1,096 708 4.905 06/09/2026 12547CBJ6 1497 CIBC Bank USA 05/16/2023 244,000.00 241,067.12 244,000.00 4.350 1,827 1,415 4.355 05/16/2028 17286TAGO 1252 Citadel FCU 02/27/2020 248,000.00 242,142.24 248,000.00 1.650 1,827 241 1.652 02/27/2025 2027506M2 1268 Commonwealth Business Bk 03/31/2020 248,000.00 240,679.04 248,000.00 1.250 1,826 273 1.251 03/31/2025 20825WAR1 1357 Connexus CU 12/23/2021 249,000.00 227,914.68 249,000.00 1.250 1,826 905 1.250 12/23/2026 22258JAB7 1430 County Schools FCU 09/30/2022 248,000.00 244,830.56 248,000.00 4.400 1,826 1,186 4.325 09/30/2027 20786ADL6 1334 Connect One 09/24/2021 248,000.00 226,600.08 248,000.00 0.800 1,826 815 0.800 09/24/2026 227563GC1 1596 Cross River Bank 04/26/2024 244,000.00 241,472.16 244,000.00 4.500 1,095 1,029 4.500 04/26/2027 23204HPB8 1507 Customers Bank 06/14/2023 244,000.00 242,521.36 244,000.00 4.500 1,827 1,444 4.505 06/14/2028 Run Date: 08/22/2024 - 13:55 Portfolio CITY CP PM (PRF_PM2) 7.3.0 278 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2024 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 23248UAB3 1494 Cy -Fair FCU 05/12/2023 248,000.00 246,430.16 248,000.00 4.500 1,827 1,411 4.505 05/12/2028 24773RCR4 1377 Delta Natl B&T 03/09/2022 245,000.00 227,497.20 245,000.00 2.000 1,814 969 2.001 02/25/2027 25460FDW3 1438 Direct FCU 11/07/2022 248,000.00 248,057.04 248,000.00 4.800 1,827 1,225 4.735 11/08/2027 254673E69 1392 Discover Bank Greenwood DE CIF 05/24/2022 245,000.00 240,318.05 245,000.00 3.100 1,099 330 3.103 05/27/2025 25844MAK4 1447 Dort Financial CU 12/16/2022 247,000.00 244,878.27 247,000.00 4.500 1,826 1,263 4.503 12/16/2027 27004PCM3 1375 Eaglemark Savings 03/02/2022 245,000.00 227,401.65 245,000.00 2.000 1,826 974 2.001 03/02/2027 291916AJ3 1555 Empower FCU 11/15/2023 247,000.00 253,402.24 247,000.00 5.250 1,827 1,598 5.255 11/15/2028 29367RND4 1607 Enterprise Bank 06/07/2024 248,000.00 248,830.80 248,000.00 4.600 1,826 1,802 4.603 06/07/2029 87270LDL4 1306 TIAA F/K/A EverBank 02/12/2021 245,000.00 228,001.90 245,000.00 0.500 1,826 591 0.500 02/12/2026 300185LM5 1457 Evergreen Bank Group 01/27/2023 248,000.00 242,978.00 248,000.00 3.850 1,277 756 3.849 07/27/2026 307811DF3 1363 The Farmers & Merchants Bank 01/14/2022 249,000.00 238,173.48 249,000.00 0.900 1,277 378 0.900 07/14/2025 30960QAR8 1526 Farmers Insurance Group FCU 07/26/2023 248,000.00 248,592.72 248,000.00 5.400 733 392 5.408 07/28/2025 31617CAV5 1317 Fidelity Homestead 04/30/2021 248,000.00 229,603.36 248,000.00 0.700 1,826 668 0.711 04/30/2026 33847E3A3 1276 Flagstar 04/30/2020 248,000.00 239,917.68 248,000.00 1.250 1,826 303 1.251 04/30/2025 34520LATO 1435 Forbright Bank 11/02/2022 248,000.00 246,469.84 248,000.00 4.600 1,826 1,219 4.602 11/02/2027 319137CB9 1562 First Bank 12/28/2023 244,000.00 242,040.68 244,000.00 4.450 729 543 4.456 12/26/2025 35637RDC8 1248 Freedom Financial 02/14/2020 248,000.00 242,281.12 248,000.00 1.550 1,827 228 1.552 02/14/2025 35089LAFO 1491 Four Points FCU 05/10/2023 248,000.00 246,375.60 248,000.00 4.550 1,097 679 4.443 05/11/2026 372348DJ8 1556 The Genoa Banking Company 11/28/2023 248,000.00 248,059.52 248,000.00 4.600 1,827 1,611 4.605 11/28/2028 37173RAL7 1561 Genesee Regional Bank 12/27/2023 244,000.00 240,132.60 244,000.00 4.200 1,097 910 3.638 12/28/2026 38149MXK4 1326 Goldman Sachs 07/28/2021 248,000.00 228,824.64 248,000.00 1.000 1,826 757 1.001 07/28/2026 38120MCA2 1511 Golden State Business Bank 06/22/2023 249,000.00 246,034.41 249,000.00 4.450 1,461 1,086 4.453 06/22/2027 39573LBC1 1313 Greenstate FCU 04/16/2021 249,000.00 231,923.58 249,000.00 0.950 1,826 654 0.951 04/16/2026 397417AQ9 1419 Greenwoods State Bank 05/17/2022 248,000.00 235,808.32 248,000.00 3.050 1,826 1,050 3.052 05/17/2027 42228LAN1 1547 Healthcare Systems FCU 10/27/2023 248,000.00 252,806.24 248,000.00 5.100 1,827 1,579 5.106 10/27/2028 45157PAZ3 1450 Ideal CU 12/29/2022 248,000.00 245,916.80 248,000.00 4.500 1,826 1,276 4.502 12/29/2027 472312AA5 1514 Jeep Country FCU 06/29/2023 248,000.00 246,727.76 248,000.00 4.700 1,461 1,093 4.704 06/29/2027 49306SJ56 1475 Kay Bank, N.A. 03/15/2023 244,000.00 243,433.92 244,000.00 5.000 733 259 5.008 03/17/2025 499724AP7 1532 Knoxville TVA Credit Union 08/25/2023 248,000.00 250,095.60 248,000.00 4.850 1,827 1,516 4.854 08/25/2028 51828MAC8 1449 Latino Comm. CU 12/21/2022 248,000.00 245,862.24 248,000.00 4.500 1,826 1,268 4.503 12/21/2027 530520AH8 1466 Liberty First CU 02/21/2023 248,000.00 246,075.52 248,000.00 4.500 1,827 1,331 4.504 02/22/2028 501798RP9 1356 Milestone Bk F/K/A LCA Bank Co 12/27/2021 248,000.00 229,856.32 248,000.00 1.000 1,642 725 1.000 06/26/2026 52168UHY1 1389 Leader Bank 04/22/2022 245,000.00 239,710.45 245,000.00 2.550 1,096 295 2.552 04/22/2025 52171MAM7 1549 Leaders Credit Union 10/30/2023 248,000.00 252,850.88 248,000.00 5.100 1,827 1,582 5.106 10/30/2028 52470QEC4 1539 Legacy Bank & Trust 09/27/2023 248,000.00 246,888.96 248,000.00 4.500 1,827 1,549 4.505 09/27/2028 51507LCC6 1305 Simmons Bank, F/K/A Landmark 01/22/2021 248,000.00 231,163.28 248,000.00 0.500 1,826 570 0.500 01/22/2026 Run Date: 08/22/2024 - 13:55 Portfolio CITY CP PM (PRF_PM2) 7.3.0 279 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2024 Page 8 CUSIP Investment # Average Issuer Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to Term Maturity YTM 365 Maturity Date Certificate of Deposits 560507A08 1522 Maine Savings FCU 07/21/2023 248,000.00 249,455.76 248,000.00 4.800 1,827 1,481 4.806 07/21/2028 58404DTP6 1545 Medallion Bank 10/20/2023 248,000.00 255,348.24 248,000.00 4.850 1,827 1,572 4.855 10/20/2028 59161YAP1 1373 Metro Credit Union 02/18/2022 249,000.00 229,406.19 249,000.00 1.700 1,826 962 1.701 02/18/2027 59524LAA4 1474 Mid Carolina Credit Union 03/13/2023 248,000.00 248,079.36 248,000.00 4.850 1,096 620 4.855 03/13/2026 60425SKB4 1486 Minnwest Bank 05/01/2023 248,000.00 243,860.88 248,000.00 4.250 1,463 1,036 4.254 05/03/2027 60936TAL3 1538 Money One FCU 09/14/2023 248,000.00 251,588.56 248,000.00 5.000 1,827 1,536 5.005 09/14/2028 61690UNX4 1237 Morgan Stanley Bank 11/20/2019 245,000.00 241,648.40 245,000.00 1.950 1,827 142 1.952 11/20/2024 59013KPNO 1345 Merrick Bank 11/09/2021 249,000.00 228,044.16 249,000.00 1.100 1,826 861 1.101 11/09/2026 565819AG4 1379 Marathon Bank 03/16/2022 248,000.00 228,611.36 248,000.00 1.800 1,826 988 1.801 03/16/2027 61760A3133 1236 Morgan Stanley Private Bk, NA 11/20/2019 245,000.00 241,601.85 245,000.00 1.900 1,827 142 1.902 11/20/2024 62384RAT3 1485 Mountain America Federal CU 04/28/2023 248,000.00 247,005.52 248,000.00 4.700 1,096 666 4.705 04/28/2026 654062JZ2 1266 Nicolet Nat] Bank 03/31/2020 248,000.00 240,946.88 248,000.00 1.400 1,826 273 1.401 03/31/2025 64034KAZ4 1376 Nelnet Bank 03/02/2022 245,000.00 232,512.35 245,000.00 1.800 1,461 609 1.801 03/02/2026 666613MK7 1544 Northpointe Bank 10/20/2023 248,000.00 250,341.12 248,000.00 4.850 1,827 1,572 4.855 10/20/2028 06426KDE5 1576 Bank of New England 02/14/2024 248,000.00 247,231.20 248,000.00 4.850 335 197 4.856 01/14/2025 68584JAT6 1608 Oregon Community Credit Union 06/07/2024 248,000.00 247,799.12 248,000.00 4.850 1,095 1,071 4.850 06/07/2027 70962LAF9 1331 Pentagon FCU 09/01/2021 249,000.00 236,393.13 249,000.00 0.700 1,462 428 0.687 09/02/2025 710571DS6 1210 People's Bank 07/31/2019 248,000.00 247,263.44 248,000.00 2.000 1,827 30 2.002 07/31/2024 724468AC7 1483 Pitney Bowes Bank 04/14/2023 244,000.00 241,054.92 244,000.00 4.350 1,826 1,382 4.355 04/13/2028 732329BD8 1425 Ponce Bank 09/15/2022 248,000.00 238,196.56 248,000.00 3.500 1,826 1,171 3.502 09/15/2027 740367HP5 1213 Preferred Bank 08/16/2019 249,000.00 247,889.46 249,000.00 2.000 1,827 46 2.002 08/16/2024 77357DADO 1560 Rockland Federal Credit Union 12/22/2023 248,000.00 246,392.96 248,000.00 4.600 1,096 904 4.604 12/22/2026 795451AFO 1327 Sallie Mae Bank Salt Lake City 07/28/2021 248,000.00 229,161.92 248,000.00 1.000 1,826 757 1.001 07/28/2026 804375DL4 1235 Sauk Valley B&T Co 11/07/2019 248,000.00 244,771.04 248,000.00 1.700 1,827 129 1.702 11/07/2024 843383CS7 1498 Southern Bank Poplar MO 05/17/2023 248,000.00 243,813.76 248,000.00 4.200 1,827 1,416 4.205 05/17/2028 78413RAV9 1610 RIZE Fed Crr Union F/K/A SCE 06/20/2024 248,000.00 249,991.44 248,000.00 4.700 1,826 1,815 4.703 06/20/2029 80865MAB3 1454 Scient FCU 01/13/2023 248,000.00 247,117.12 248,000.00 4.650 731 196 4.656 01/13/2025 79772FAG1 1459 San Francisco FCU 02/03/2023 248,000.00 244,795.84 248,000.00 4.350 1,826 1,312 4.352 02/03/2028 82671DAB3 1458 Signature FCU 01/31/2023 248,000.00 245,195.12 248,000.00 4.400 1,826 1,309 4.402 01/31/2028 78472EABO 1455 SPCO Credit Union 01/20/2023 249,000.00 245,740.59 249,000.00 4.350 1,826 1,298 4.352 01/20/2028 849430BF9 1257 Spring Bank 03/20/2020 248,000.00 241,363.52 248,000.00 1.500 1,826 262 1.501 03/20/2025 84229LBA9 1434 Southern Bank Sardis GA 10/28/2022 244,000.00 241,140.32 244,000.00 4.250 1,188 576 4.254 01/28/2026 84287PJH6 1577 Southern First Bank 02/14/2024 248,000.00 246,886.48 248,000.00 4.700 455 317 4.687 05/14/2025 842230AN7 1286 Southern Bancorp Bk 06/26/2020 248,000.00 244,106.40 248,000.00 0.500 1,582 116 0.500 10/25/2024 85279AAC6 1509 St Vincent Med Center FCU 06/16/2023 248,000.00 246,085.44 248,000.00 4.600 1,461 1,080 4.604 06/16/2027 87165ET98 1332 Synchrony Bank Retail 09/03/2021 245,000.00 225,025.15 245,000.00 0.900 1,826 794 0.900 09/03/2026 Run Date: 08/22/2024 - 13:55 Portfolio CITY CP PM (PRF_PM2) 7.3.0 280 City of La Quinta Portfolio Management Portfolio Details - Investments June 30, 2024 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 89388CEYO 1328 Transportation Alliance Bk TAB 07/23/2021 248,000.00 241,175.04 248,000.00 0.400 1,280 206 0.401 01/23/2025 87868YAQ6 1501 Technology Credit Union 05/30/2023 248,000.00 248,473.68 248,000.00 5.000 1,095 697 5.005 05/29/2026 89235MKY6 1314 Toyota Financial Savings Bank 04/22/2021 245,000.00 227,952.90 245,000.00 0.900 1,826 660 0.900 04/22/2026 89789AAG2 1473 Truliant FCU 03/10/2023 248,000.00 247,020.40 248,000.00 4.700 1,645 1,166 4.707 09/10/2027 89841MAX5 1563 Trustone Financial CU 12/28/2023 248,000.00 247,588.32 248,000.00 5.150 365 179 5.164 12/27/2024 89786MAF1 1368 True Sky FCU 02/04/2022 245,000.00 225,564.15 245,000.00 1.600 1,826 948 1.601 02/04/2027 898812AC6 1537 Tucson FCU 09/08/2023 248,000.00 251,553.84 248,000.00 5.000 1,827 1,530 5.005 09/08/2028 90355GHG4 1546 UBS Bank USA 10/25/2023 248,000.00 250,852.00 248,000.00 4.900 1,827 1,577 4.905 10/25/2028 909557KQ2 1477 United Bankers Bank 03/16/2023 248,000.00 247,481.68 248,000.00 5.000 732 259 4.823 03/17/2025 914098DJ4 1442 University Bank 11/30/2022 249,000.00 244,400.97 249,000.00 4.200 1,826 1,247 4.202 11/30/2027 914242AAO 1429 University Credit Union 09/26/2022 248,000.00 244,659.44 248,000.00 4.000 1,096 452 3.891 09/26/2025 91527PBY2 1495 Univest Bank & Trust 05/12/2023 248,000.00 245,115.76 248,000.00 4.350 1,827 1,411 4.355 05/12/2028 90983WBT7 1249 United Community 02/07/2020 248,000.00 242,591.12 248,000.00 1.650 1,827 221 1.652 02/07/2025 910286GN7 1513 United Fidelity Bank 06/29/2023 248,000.00 252,163.92 248,000.00 4.500 1,827 1,459 4.505 06/29/2028 91139LAB2 1378 United Roosevelt Savings 03/11/2022 248,000.00 229,330.56 248,000.00 1.900 1,826 983 1.901 03/11/2027 90352RDB8 1500 US Alliance FCU 05/26/2023 248,000.00 246,936.08 248,000.00 4.550 1,827 1,425 4.555 05/26/2028 91739JAB1 1523 Utah First FCU 07/21/2023 245,000.00 248,248.70 245,000.00 5.000 1,827 1,481 5.006 07/21/2028 913065ADO 1553 United Teletech Financial FCU 11/08/2023 248,000.00 250,333.68 248,000.00 5.100 1,461 1,225 5.103 11/08/2027 919853LV1 1601 Valley National Bank 05/29/2024 244,000.00 244,070.76 244,000.00 4.950 730 697 4.950 05/29/2026 92559TAJ7 1325 Vibrant Credit Union 07/02/2021 249,000.00 229,650.21 248,377.50 0.800 1,824 729 0.852 06/30/2026 92834ABT2 1496 VisionBank 05/12/2023 248,000.00 242,484.48 248,000.00 4.050 1,827 1,411 4.055 05/12/2028 92023CAJ2 1552 ValleyStar Credit Union 11/08/2023 247,000.00 252,834.14 247,000.00 5.200 1,827 1,591 5.205 11/08/2028 92891CCZ3 1472 VystarCU 03/10/2023 248,000.00 246,591.36 248,000.00 4.550 1,827 1,348 4.555 03/10/2028 98138MCA6 1548 Workers FCU 10/30/2023 248,000.00 253,823.04 248,000.00 5.200 1,827 1,582 5.206 10/30/2028 938828BH2 1215 Washington Federal 08/23/2019 248,000.00 246,730.24 248,000.00 2.000 1,827 53 2.002 08/23/2024 93883MBA5 1604 Washington Financial 05/31/2024 244,000.00 243,729.16 244,000.00 4.500 1,826 1,795 4.136 05/31/2029 95960NKD8 1277 Western State Bank 05/13/2020 245,000.00 236,148.15 245,000.00 1.000 1,826 316 1.001 05/13/2025 Subtotal and Average 39,577,244.17 39,066,000.00 38,277,992.96 39,065,377.50 1,613 852 3.230 Corporate Notes 09290DAA9 1587 Blackrock Funding Inc 03/28/2024 1,000,000.00 995,670.00 1,003,380.00 4.700 1,812 1,717 4.620 03/14/2029 45950VPS9 1308 International Finance Corp. 02/26/2021 500,000.00 464,065.00 497,300.00 0.500 1,826 605 0.610 02/26/2026 931142EE9 1512 Wal-Mart Stores, Inc 06/26/2023 1,000,000.00 969,910.00 973,110.00 3.700 1,827 1,456 4.303 06/26/2028 Subtotal and Average 2,473,790.00 2,500,000.00 2,429,645.00 2,473,790.00 1,821 1,391 3.689 Run Date: 08/22/2024 - 13:55 Portfolio CITY CID PM (PRF_PM2) 7.3.0 281 City of La Quinta Portfolio Management Page 10 Portfolio Details - Investments June 30, 2024 Average Purchase Stated Days to YTM Maturity CUSIP Investment # Issuer Balance Date Par Value Market Value Book Value Rate Term Maturity 365 Date Mutual Funds TYCXX BMO 1628 Invesco Treasury Portfolio 02/05/2024 45,624,859.06 45,624,859.06 45,624,859.06 5.170 1 1 5.170 Subtotal and Average 27,816,386.35 45,624,859.06 45,624,859.06 45,624,859.06 1 1 5.170 Money Market with Fiscal Agent SYS1058 1058 US Bank 07/01/2016 1,670.09 1,670.09 1,670.09 1 1 0.000 Subtotal and Average 1,663.58 1,670.09 1,670.09 1,670.09 1 1 0.000 CERBT - OPEB Trust SYS1114 1114 CaIPERS CERBT Plan 07/01/2023 2,006,405.56 2,006,405.56 2,006,405.56 1 1 0.000 Subtotal and Average 1,999,664.14 2,006,405.56 2,006,405.56 2,006,405.56 1 1 0.000 PARS Pension Trust SYS1230 1230 Pblc Agncy Rtrmnt Sery 5,666,575.00 5,666,575.00 5,666,575.00 1 1 0.000 Subtotal and Average 5,615,106.04 5,666,575.00 5,666,575.00 5,666,575.00 1 1 0.000 Total and Average 260,870,370.40 Run Date: 08/22/2024 - 13:55 280,479,484.82 275,479,927.76 279,211,341.72 828 471 3.948 Portfolio CITY CID PM (PRF_PM2) 7.3.0 282 r City of La Quinta Total Earnings GEM ofrheDESERT - Sorted by Fund - Fund June 1, 2024 - June 30, 2024 City of La Quinta CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 98-33-434 1055 101 LAIF 19,862,904.17 19,862,904.17 19,862,904.17 4.480 4.533 74,003.62 0.00 0.00 74,003.62 SYS1059 1059 101 CITYPC 3,300.00 3,300.00 3,300.00 0.00 0.00 0.00 0.00 SYS1114 1114 101 CALPRS 2,006,405.56 1,999,431.68 2,006,405.56 0.00 0.00 0.00 0.00 SYS1153 1153 101 CAMP 52,022,811.27 51,792,279.44 52,022,811.27 5.430 5.415 230,531.83 0.00 0.00 230,531.83 72651LCL6 1195 101 PLAINS 0.00 245,000.00 0.00 2.550 2.550 102.70 0.00 0.00 102.70 299547AQ2 1196 101 EVNSCU 0.00 248,000.00 0.00 2.600 2.600 211.99 0.00 0.00 211.99 524661 CB9 1197 101 LEGCY 0.00 248,000.00 0.00 2.400 2.400 309.83 0.00 0.00 309.83 176688CP2 1199 101 CTZNST 0.00 248,000.00 0.00 2.400 2.400 342.44 0.00 0.00 342.44 20416TAQ5 1202 101 COMMW 0.00 248,000.00 0.00 2.250 2.250 428.06 0.00 0.00 428.06 761402BY1 1203 101 REVER 0.00 247,000.00 0.00 2.300 2.300 420.24 0.00 0.00 420.24 3135GOV75 1206 101 FNMA 500,000.00 495,950.00 495,950.00 1.750 1.789 729.16 0.00 0.00 729.16 00257TBD7 1207 101 ABACUS 248,000.00 248,000.00 248,000.00 1.950 1.950 397.48 0.00 0.00 397.48 33625CCP2 1209 101 1STSEC 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 710571DS6 1210 101 PEOPLE 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 3133EKWV4 1212 101 FFCB 500,000.00 499,500.00 499,500.00 1.850 1.878 770.83 0.00 0.00 770.83 740367HP5 1213 101 PREFRD 249,000.00 249,000.00 249,000.00 2.000 2.000 409.32 0.00 0.00 409.32 93882861-112 1215 101 WSHFED 248,000.00 248,000.00 248,000.00 2.000 2.000 407.67 0.00 0.00 407.67 33766LAJ7 1216 101 1STIER 249,000.00 249,000.00 249,000.00 1.950 1.950 399.08 0.00 0.00 399.08 15118RRH2 1220 101 CELTIC 248,000.00 248,000.00 248,000.00 1.850 1.850 377.10 0.00 0.00 377.10 334342CD2 1221 101 1STNBS 249,000.00 249,000.00 249,000.00 1.850 1.850 378.62 0.00 0.00 378.62 336460CX6 1222 101 1STDQN 248,000.00 248,000.00 248,000.00 1.800 1.800 366.90 0.00 0.00 366.90 3133EKP75 1224 101 FFCB 500,000.00 498,750.00 498,750.00 1.600 1.626 666.67 0.00 0.00 666.67 06652CHBO 1227 101 BNKWST 248,000.00 248,000.00 248,000.00 1.700 1.700 346.52 0.00 0.00 346.52 059731851 1228 101 BOTW -2,214,952.31 -2,200,428.07 -2,214,952.31 0.01 0.00 0.00 0.01 SYS1230 1230 101 PARS 5,666,575.00 5,613,331.25 5,666,575.00 0.01 0.00 0.00 0.01 804375DL4 1235 101 SAUKVL 248,000.00 248,000.00 248,000.00 1.700 1.700 346.52 0.00 0.00 346.52 61760A3133 1236 101 MSPRIV 245,000.00 245,000.00 245,000.00 1.900 1.900 382.60 0.00 0.00 382.60 6169OUNX4 1237 101 MORGST 245,000.00 245,000.00 245,000.00 1.950 1.950 392.67 0.00 0.00 392.67 912828YV6 1241 101 USTR 1,000,000.00 989,687.50 989,687.50 1.500 1.511 1,229.51 0.00 0.00 1,229.51 3133ELEA8 1242 101 FFCB 1,000,000.00 998,600.00 998,600.00 1.700 1.726 1,416.67 0.00 0.00 1,416.67 Run Date: 08/22/2024 - 14:01 Portfolio CITY CID TE (PRF_TE) 7.3.6 '&j)rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 2 June 1, 2024 - June 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 35637RDC8 1248 101 FRDMFI 248,000.00 248,000.00 248,000.00 1.550 1.550 315.95 0.00 0.00 315.95 90983WBT7 1249 101 UNTDCM 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 32114VBT3 1250 101 1STNM1 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 17286TAGO 1252 101 CITADL 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 029728BC5 1255 101 AMERST 248,000.00 248,000.00 248,000.00 1.600 1.600 326.14 0.00 0.00 326.14 00435J131-15 1256 101 ACCSS 248,000.00 248,000.00 248,000.00 1.600 1.600 326.14 0.00 0.00 326.14 849430BF9 1257 101 SPRING 248,000.00 248,000.00 248,000.00 1.500 1.500 305.76 0.00 0.00 305.76 05465DAE8 1258 101 AXOS 248,000.00 248,000.00 248,000.00 1.650 1.650 336.33 0.00 0.00 336.33 654062JZ2 1266 101 NCOLET 248,000.00 248,000.00 248,000.00 1.400 1.400 285.37 0.00 0.00 285.37 020080BX4 1267 101 ALMABK 248,000.00 248,000.00 248,000.00 1.400 1.400 285.37 0.00 0.00 285.37 2027506M2 1268 101 CMWBUS 248,000.00 248,000.00 248,000.00 1.250 1.250 254.79 0.00 0.00 254.79 14042TDD6 1271 101 CAPONE 245,000.00 245,000.00 245,000.00 1.600 1.600 322.19 0.00 0.00 322.19 32027BALl 1273 101 1STFDM 249,000.00 249,000.00 249,000.00 1.200 1.200 245.60 0.00 0.00 245.60 32112UDR9 1274 101 1STMCG 248,000.00 248,000.00 248,000.00 1.350 1.350 275.18 0.00 0.00 275.18 33847E3A3 1276 101 FLGSTR 248,000.00 248,000.00 248,000.00 1.250 1.250 254.80 0.00 0.00 254.80 95960NKD8 1277 101 WSTRNS 245,000.00 245,000.00 245,000.00 1.000 1.000 201.37 0.00 0.00 201.37 32056GDJ6 1278 101 1STINT 248,000.00 248,000.00 248,000.00 1.000 1.000 203.84 0.00 0.00 203.84 3134GVYG7 1279 101 FHLMC 1,000,000.00 1,000,000.00 1,000,000.00 0.625 0.634 520.84 0.00 0.00 520.84 3133ELH23 1280 101 FFCB 500,000.00 499,850.00 499,850.00 0.500 0.507 208.34 0.00 0.00 208.34 3130AJKW8 1281 101 FHLB 500,000.00 499,850.00 499,850.00 0.500 0.507 208.33 0.00 0.00 208.33 3133ELH80 1282 101 FFCB 500,000.00 500,000.00 500,000.00 0.680 0.689 283.33 0.00 0.00 283.33 3130AJRP6 1283 101 FHLB 300,000.00 300,000.00 300,000.00 0.680 0.689 170.00 0.00 0.00 170.00 169894AS1 1284 101 CHIPVA 248,000.00 248,000.00 248,000.00 0.600 0.600 122.30 0.00 0.00 122.30 84223QAN7 1286 101 STHRNB 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 064520BG3 1287 101 BKPRNC 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 3135G05S8 1288 101 FNMA 500,000.00 500,000.00 500,000.00 0.500 0.507 208.33 0.00 0.00 208.33 3136G4N74 1289 101 FNMA 1,000,000.00 1,000,000.00 1,000,000.00 0.560 0.568 466.66 0.00 0.00 466.66 3136G4M75 1290 101 FNMA 500,000.00 499,750.00 499,750.00 0.520 0.527 216.67 0.00 0.00 216.67 3135G06E8 1291 101 FNMA 500,000.00 499,250.00 499,250.00 0.420 0.426 175.00 0.00 0.00 175.00 3135GA2Z3 1292 101 FNMA 500,000.00 499,250.00 499,250.00 0.560 0.569 233.33 0.00 0.00 233.33 3137EAEU9 1297 101 FHLMC 1,000,000.00 997,300.00 997,300.00 0.375 0.381 312.50 0.00 0.00 312.50 3130AKFA9 1298 101 FHLB 500,000.00 497,400.00 497,400.00 0.375 0.382 156.25 0.00 0.00 156.25 3135GA7D7 1299 101 FNMA 500,000.00 500,000.00 500,000.00 0.600 0.608 250.00 0.00 0.00 250.00 3135GAAW1 1300 101 FNMA 500,000.00 500,000.00 500,000.00 0.400 0.406 166.67 0.00 0.00 166.67 3134GXGZ1 1301 101 FHLMC 500,000.00 500,000.00 500,000.00 0.550 0.558 229.17 0.00 0.00 229.17 3130AKMZ6 1302 101 FHLB 500,000.00 500,000.00 500,000.00 0.510 0.517 212.50 0.00 0.00 212.50 91282CBC4 1303 101 USTR 500,000.00 498,632.81 498,632.81 0.375 0.377 154.48 0.00 0.00 154.48 Run Date: 08/22/2024 - 14:01 Portfolio CITY CID TE (PRF_TE) 7.3.6 'rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 3 June 1, 2024 - June 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 313OAKN28 1304 101 FHLB 500,000.00 500,000.00 500,000.00 0.550 0.558 229.17 0.00 0.00 229.17 51507LCC6 1305 101 LNDMRK 248,000.00 248,000.00 248,000.00 0.500 0.500 101.92 0.00 0.00 101.92 87270LDL4 1306 101 EVRBA 245,000.00 245,000.00 245,000.00 0.500 0.500 100.68 0.00 0.00 100.68 3137EAEX3 1307 101 FHLMC 500,000.00 495,999.50 495,999.50 0.375 0.383 156.25 0.00 0.00 156.25 45950VPS9 1308 101 IFC 500,000.00 497,300.00 497,300.00 0.500 0.504 206.04 0.00 0.00 206.04 91282CBH3 1309 101 USTR 500,000.00 495,100.00 495,100.00 0.375 0.380 154.54 0.00 0.00 154.54 3137EAEX3 1310 101 FHLMC 1,000,000.00 983,940.00 983,940.00 0.375 0.386 312.50 0.00 0.00 312.50 91282CAT8 1311 101 USTR 1,000,000.00 977,500.00 977,500.00 0.250 0.254 203.81 0.00 0.00 203.81 3130ALV92 1312 101 FHLB 500,000.00 500,000.00 500,000.00 1.050 1.065 437.50 0.00 0.00 437.50 39573LBC1 1313 101 GRNST 249,000.00 249,000.00 249,000.00 0.950 0.950 194.42 0.00 0.00 194.42 89235MKY6 1314 101 TOYFSB 245,000.00 245,000.00 245,000.00 0.900 0.900 181.24 0.00 0.00 181.24 91282CAZ4 1315 101 USTR 500,000.00 492,187.50 492,187.50 0.375 0.380 153.69 0.00 0.00 153.69 14622LAAO 1316 101 CARTER 248,000.00 248,000.00 248,000.00 0.750 0.750 152.88 0.00 0.00 152.88 31617CAV5 1317 101 FIDHMS 248,000.00 248,000.00 248,000.00 0.700 0.700 142.68 0.00 0.00 142.68 SYS1318 1318 101 DPME 983,031.73 981,559.01 983,031.73 0.00 0.00 0.00 0.00 91282CBQ3 1319 101 USTR 500,000.00 494,165.00 494,165.00 0.500 0.502 203.81 0.00 0.00 203.81 91282CBT7 1320 101 USTR 500,000.00 499,525.00 499,525.00 0.750 0.749 307.37 0.00 0.00 307.37 91282CCF6 1321 101 USTR 1,000,000.00 997,060.00 997,060.00 0.750 0.750 614.76 0.00 0.00 614.76 91282CBT7 1322 101 USTR 500,000.00 498,450.00 498,450.00 0.750 0.750 307.37 0.00 0.00 307.37 91282CCF6 1323 101 USTR 500,000.00 497,095.00 497,095.00 0.750 0.752 307.37 0.00 0.00 307.37 3130AMFS6 1324 101 FHLB 1,000,000.00 993,420.00 993,420.00 0.750 0.765 625.00 0.00 0.00 625.00 92559TAJ7 1325 101 VIBRNT 249,000.00 248,377.50 248,377.50 0.800 0.802 163.73 0.00 0.00 163.73 38149MXK4 1326 101 GLDMAN 248,000.00 248,000.00 248,000.00 1.000 1.000 203.84 0.00 0.00 203.84 795451AFO 1327 101 SALMAE 248,000.00 248,000.00 248,000.00 1.000 1.000 203.84 0.00 0.00 203.84 89388CEYO 1328 101 TABBK 248,000.00 248,000.00 248,000.00 0.400 0.400 81.53 0.00 0.00 81.53 06417NZQ9 1329 101 BKOZK 248,000.00 248,000.00 248,000.00 0.400 0.400 81.53 0.00 0.00 81.53 3133EM2C5 1330 101 FFCB 500,000.00 498,000.00 498,000.00 0.710 0.723 295.84 0.00 0.00 295.84 70962LAF9 1331 101 PENTGN 249,000.00 249,000.00 249,000.00 0.700 0.700 143.26 0.00 0.00 143.26 87165ET98 1332 101 SYNCHR 245,000.00 245,000.00 245,000.00 0.900 0.900 181.23 0.00 0.00 181.23 05580AD50 1333 101 BMW 245,000.00 245,000.00 245,000.00 0.650 0.650 130.89 0.00 0.00 130.89 20786ADL6 1334 101 CONNEC 248,000.00 248,000.00 248,000.00 0.800 0.800 163.06 0.00 0.00 163.06 91282CCP4 1335 101 USTR 1,000,000.00 983,750.00 983,750.00 0.625 0.637 515.11 0.00 0.00 515.11 91282CCW9 1336 101 USTR 1,000,000.00 988,500.00 988,500.00 0.750 0.753 611.41 0.00 0.00 611.41 3130APBM6 1337 101 FHLB 1,000,000.00 999,000.00 999,000.00 1.000 1.015 833.34 0.00 0.00 833.34 3133EM4X7 1338 101 FFCB 1,000,000.00 991,080.00 991,080.00 0.800 0.818 666.67 0.00 0.00 666.67 3130APB46 1339 101 FHLB 1,000,000.00 998,250.00 998,250.00 0.950 0.965 791.66 0.00 0.00 791.66 91282CDB4 1343 101 USTR 1,000,000.00 996,320.00 996,320.00 0.625 0.626 512.29 0.00 0.00 512.29 Run Date: 08/22/2024 - 14:01 Portfolio CITY CID TE (PRF_TE) 7.3.6 rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 4 June 1, 2024 - June 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 3133ENCQ1 1344 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 1.270 1.288 1,058.33 0.00 0.00 1,058.33 59013KPNO 1345 101 MRRCK 249,000.00 249,000.00 249,000.00 1.100 1.100 225.12 0.00 0.00 225.12 14042RQBO 1346 101 CAP1 NA 248,000.00 248,000.00 248,000.00 1.100 1.100 224.22 0.00 0.00 224.22 3130APTV7 1347 101 FHLB 500,000.00 499,500.00 499,500.00 2.000 2.030 833.34 0.00 0.00 833.34 3130AP2U8 1353 101 FHLB 1,000,000.00 987,100.00 987,100.00 0.550 0.565 458.33 0.00 0.00 458.33 3135G06G3 1354 101 FNMA 1,000,000.00 976,300.00 976,300.00 0.500 0.519 416.67 0.00 0.00 416.67 3133ENGN4 1355 101 FFCB 1,000,000.00 1,000,000.00 1,000,000.00 0.970 0.983 808.34 0.00 0.00 808.34 501798RP9 1356 101 LCA 248,000.00 248,000.00 248,000.00 1.000 1.000 203.84 0.00 0.00 203.84 20825WAR1 1357 101 CNNXS 249,000.00 249,000.00 249,000.00 1.250 1.250 255.82 0.00 0.00 255.82 313OAQF65 1358 101 FHLB 1,000,000.00 999,750.00 999,750.00 1.250 1.268 1,041.66 0.00 0.00 1,041.66 3134GW6C5 1359 101 FHLMC 500,000.00 486,000.00 486,000.00 0.800 0.834 333.33 0.00 0.00 333.33 3137EAEU9 1361 101 FHLMC 500,000.00 487,090.00 487,090.00 0.375 0.390 156.25 0.00 0.00 156.25 3134GW5R3 1362 101 FHLMC 400,000.00 391,360.00 391,360.00 0.650 0.674 216.66 0.00 0.00 216.66 307811DF3 1363 101 FARMER 249,000.00 249,000.00 249,000.00 0.900 0.900 184.19 0.00 0.00 184.19 3130AQJR5 1364 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.500 1.521 1,250.00 0.00 0.00 1,250.00 3135G03U5 1365 101 FNMA 500,000.00 487,790.00 487,790.00 0.625 0.650 260.42 0.00 0.00 260.42 3134GWUQ7 1366 101 FHLMC 1,000,000.00 945,570.00 945,570.00 0.700 0.751 583.33 0.00 0.00 583.33 3130AQSA2 1367 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.830 1.855 1,525.00 0.00 0.00 1,525.00 89786MAF1 1368 101 TRUSKY 245,000.00 245,000.00 245,000.00 1.600 1.600 322.19 0.00 0.00 322.19 912828Z78 1369 101 USTR 1,000,000.00 986,700.00 986,700.00 1.500 1.524 1,236.27 0.00 0.00 1,236.27 07371AYE7 1370 101 BEALTX 245,000.00 245,000.00 245,000.00 1.900 1.900 382.60 0.00 0.00 382.60 073710E88 1371 101 BEALUS 245,000.00 245,000.00 245,000.00 1.900 1.900 382.60 0.00 0.00 382.60 02357QAQO 1372 101 AMRNT 245,000.00 245,000.00 245,000.00 1.600 1.600 322.19 0.00 0.00 322.19 59161YAP1 1373 101 METRO 249,000.00 249,000.00 249,000.00 1.700 1.700 347.92 0.00 0.00 347.92 3130AQWY5 1374 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 1.700 1.724 1,416.66 0.00 0.00 1,416.66 27004PCM3 1375 101 EGLMRK 245,000.00 245,000.00 245,000.00 2.000 2.000 402.74 0.00 0.00 402.74 64034KAZ4 1376 101 NELNET 245,000.00 245,000.00 245,000.00 1.800 1.800 362.46 0.00 0.00 362.46 24773RCR4 1377 101 DELTA 245,000.00 245,000.00 245,000.00 2.000 2.000 402.74 0.00 0.00 402.74 91139LAB2 1378 101 URSVLT 248,000.00 248,000.00 248,000.00 1.900 1.900 387.29 0.00 0.00 387.29 565819AG4 1379 101 MRTHON 248,000.00 248,000.00 248,000.00 1.800 1.800 366.90 0.00 0.00 366.90 91282CCW9 1380 101 USTR 500,000.00 466,454.17 466,454.17 0.750 0.797 305.71 0.00 0.00 305.71 91282CDG3 1381 101 USTR 500,000.00 473,396.82 473,396.82 1.125 1.179 458.56 0.00 0.00 458.56 91282CBQ3 1382 101 USTR 750,000.00 698,025.00 698,025.00 0.500 0.533 305.71 0.00 0.00 305.71 9128286S4 1383 101 USTR 1,000,000.00 999,010.00 999,010.00 2.375 2.358 1,936.14 0.00 0.00 1,936.14 3130ARGJ4 1385 101 FHLB 500,000.00 500,000.00 500,000.00 2.500 2.535 1,041.67 0.00 0.00 1,041.67 20033A3A2 1386 101 CCBA 248,000.00 248,000.00 248,000.00 2.650 2.650 540.17 0.00 0.00 540.17 3130ARGY1 1387 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 2.700 2.738 2,250.00 0.00 0.00 2,250.00 Run Date: 08/22/2024 - 14:01 Portfolio CITY CID TE (PRF_TE) 7.3.6 'rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 5 June 1, 2024 - June 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 02007GPX5 1388 101 ALLY 245,000.00 245,000.00 245,000.00 2.550 2.550 513.50 0.00 0.00 513.50 52168UHY1 1389 101 LEADR 245,000.00 245,000.00 245,000.00 2.550 2.550 513.49 0.00 0.00 513.49 9128283DO 1390 101 USTR 1,000,000.00 985,190.00 985,190.00 2.250 2.265 1,834.24 0.00 0.00 1,834.24 91282CEF4 1391 101 USTR 1,000,000.00 976,860.00 976,860.00 2.500 2.552 2,049.18 0.00 0.00 2,049.18 254673E69 1392 101 DISCOV 245,000.00 245,000.00 245,000.00 3.100 3.100 624.24 0.00 0.00 624.24 912828X88 1397 101 USTR 1,000,000.00 969,687.50 969,687.50 2.375 2.429 1,936.14 0.00 0.00 1,936.14 91282CEN7 1398 101 USTR 500,000.00 495,000.00 495,000.00 2.750 2.755 1,120.93 0.00 0.00 1,120.93 91282CET4 1399 101 USTR 500,000.00 491,842.18 491,842.18 2.625 2.661 1,075.82 0.00 0.00 1,075.82 9128282U3 1400 101 USTR 500,000.00 490,850.00 490,850.00 1.875 1.894 764.26 0.00 0.00 764.26 3133ENYH7 1401 101 FFCB 0.00 499,080.00 0.00 2.625 10.142 328.12 0.00 920.00 1,248.12 3130ASDV8 1409 101 FHLB 300,000.00 300,000.00 300,000.00 3.300 3.346 825.00 0.00 0.00 825.00 91282CFB2 1417 101 USTR 1,000,000.00 989,460.00 989,460.00 2.750 2.787 2,266.49 0.00 0.00 2,266.49 397417AQ9 1419 101 GRNWDS 248,000.00 248,000.00 248,000.00 3.050 3.050 621.69 0.00 0.00 621.69 88413QDN5 1420 101 3RD 245,000.00 245,000.00 245,000.00 3.300 3.300 664.52 0.00 0.00 664.52 02589ADH2 1421 101 AMEXNB 245,000.00 245,000.00 245,000.00 3.450 3.450 694.72 0.00 0.00 694.72 91282CFB2 1422 101 USTR 1,000,000.00 979,645.67 979,645.67 2.750 2.815 2,266.49 0.00 0.00 2,266.49 732329BD8 1425 101 PONCE 248,000.00 248,000.00 248,000.00 3.500 3.500 713.42 0.00 0.00 713.42 3133ENL99 1426 101 FFCB 1,000,000.00 997,492.55 997,492.55 3.375 3.430 2,812.50 0.00 0.00 2,812.50 052392BT3 1427 101 AUSTEL 248,000.00 248,000.00 248,000.00 3.800 3.800 774.58 0.00 0.00 774.58 914242AAO 1429 101 UNIVCU 248,000.00 248,000.00 248,000.00 4.000 4.000 815.34 0.00 0.00 815.34 22258JAB7 1430 101 CNTYSC 248,000.00 248,000.00 248,000.00 4.400 4.400 896.87 0.00 0.00 896.87 3133ENQ29 1433 101 FFCB 1,000,000.00 996,400.00 996,400.00 4.000 4.070 3,333.33 0.00 0.00 3,333.33 84229LBA9 1434 101 STHBNK 244,000.00 244,000.00 244,000.00 4.250 4.250 852.33 0.00 0.00 852.33 34520LATO 1435 101 FORBRT 248,000.00 248,000.00 248,000.00 4.600 4.600 937.64 0.00 0.00 937.64 25460FDW3 1438 101 DIRFCU 248,000.00 248,000.00 248,000.00 4.800 4.800 978.40 0.00 0.00 978.40 9128282RO 1439 101 USTR 1,000,000.00 927,110.00 927,110.00 2.250 2.434 1,854.40 0.00 0.00 1,854.40 3133EN31-11 1441 101 FFCB 1,000,000.00 998,650.00 998,650.00 4.000 4.061 3,333.34 0.00 0.00 3,333.34 914098DJ4 1442 101 UNIVBK 249,000.00 249,000.00 249,000.00 4.200 4.200 859.56 0.00 0.00 859.56 3133EN3S7 1446 101 FFCB 1,000,000.00 998,000.00 998,000.00 3.750 3.810 3,125.00 0.00 0.00 3,125.00 25844MAK4 1447 101 DORTCU 247,000.00 247,000.00 247,000.00 4.500 4.500 913.56 0.00 0.00 913.56 01664MAB2 1448 101 ALL IN 248,000.00 248,000.00 248,000.00 4.400 4.400 896.88 0.00 0.00 896.88 51828MAC8 1449 101 LATCOM 248,000.00 248,000.00 248,000.00 4.500 4.500 917.27 0.00 0.00 917.27 45157PAZ3 1450 101 IDEAL 248,000.00 248,000.00 248,000.00 4.500 4.500 917.26 0.00 0.00 917.26 01882MAC6 1451 101 ALIANT 247,000.00 247,000.00 247,000.00 5.000 5.000 1,015.06 0.00 0.00 1,015.06 80865MAB3 1454 101 SCIENT 248,000.00 248,000.00 248,000.00 4.650 4.650 947.84 0.00 0.00 947.84 78472EABO 1455 101 SPCOCU 249,000.00 249,000.00 249,000.00 4.350 4.350 890.26 0.00 0.00 890.26 91282CFH9 1456 101 USTR 500,000.00 489,175.00 489,175.00 3.125 3.168 1,273.78 0.00 0.00 1,273.78 Run Date: 08/22/2024 - 14:01 Portfolio CITY CID TE (PRF_TE) 7.3.6 Affort Ver. 7.3.6.1 City of La Quinta Total Earnings Page 6 June 1, 2024 - June 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 300185LM5 1457 101 EVRGRN 248,000.00 248,000.00 248,000.00 3.850 3.850 784.77 0.00 0.00 784.77 82671DAB3 1458 101 SIGFCU 248,000.00 248,000.00 248,000.00 4.400 4.400 896.88 0.00 0.00 896.88 79772FAG1 1459 101 SF FCU 248,000.00 248,000.00 248,000.00 4.350 4.350 886.68 0.00 0.00 886.68 91282CGH8 1460 101 USTR 1,000,000.00 996,369.14 996,369.14 3.500 3.522 2,884.61 0.00 0.00 2,884.61 3133EPAV7 1464 101 FFCB 1,000,000.00 995,400.00 995,400.00 3.875 3.947 3,229.17 0.00 0.00 3,229.17 91282CEW7 1465 101 USTR 1,000,000.00 967,220.00 967,220.00 3.250 3.368 2,677.61 0.00 0.00 2,677.61 530520AH8 1466 101 LBRTYI 248,000.00 248,000.00 248,000.00 4.500 4.500 917.26 0.00 0.00 917.26 09582YAF9 1467 101 BLURDG 244,000.00 244,000.00 244,000.00 4.200 4.200 842.30 0.00 0.00 842.30 011852AEO 1469 101 ALASKA 248,000.00 248,000.00 248,000.00 4.600 4.600 937.64 0.00 0.00 937.64 92891CCZ3 1472 101 VYSTAR 248,000.00 248,000.00 248,000.00 4.550 4.550 927.46 0.00 0.00 927.46 89789AAG2 1473 101 TRUFCU 248,000.00 248,000.00 248,000.00 4.700 4.700 958.03 0.00 0.00 958.03 59524LAA4 1474 101 MIDCAR 248,000.00 248,000.00 248,000.00 4.850 4.850 988.61 0.00 0.00 988.61 49306SJ56 1475 101 KEYBNK 244,000.00 244,000.00 244,000.00 5.000 5.000 1,002.74 0.00 0.00 1,002.74 064860MCO 1476 101 BKSIER 244,000.00 244,000.00 244,000.00 4.600 4.600 922.52 0.00 0.00 922.52 909557KQ2 1477 101 UNBKRS 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 00833JAQ4 1478 101 AFFNTY 248,000.00 248,000.00 248,000.00 4.900 4.900 998.79 0.00 0.00 998.79 108622NJ6 1479 101 BRIDWA 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 3135GAGA3 1480 101 FNMA 2,000,000.00 2,000,000.00 2,000,000.00 5.200 5.272 8,666.66 0.00 0.00 8,666.66 724468AC7 1483 101 PITBOW 244,000.00 244,000.00 244,000.00 4.350 4.350 872.39 0.00 0.00 872.39 3134GYPJ5 1484 101 FHLMC 1,000,000.00 999,100.00 999,100.00 5.200 5.277 4,333.33 0.00 0.00 4,333.33 62384RAT3 1485 101 MTNAMR 248,000.00 248,000.00 248,000.00 4.700 4.700 958.03 0.00 0.00 958.03 60425SKB4 1486 101 MINWST 248,000.00 248,000.00 248,000.00 4.250 4.250 866.30 0.00 0.00 866.30 35089LAFO 1491 101 FRPNTS 248,000.00 248,000.00 248,000.00 4.550 4.550 927.45 0.00 0.00 927.45 062119BT8 1492 101 BANK59 248,000.00 248,000.00 248,000.00 4.250 4.250 866.30 0.00 0.00 866.30 152577BN1 1493 101 CENTRL 248,000.00 248,000.00 248,000.00 4.000 4.000 815.34 0.00 0.00 815.34 23248UAB3 1494 101 CYFAIR 248,000.00 248,000.00 248,000.00 4.500 4.500 917.27 0.00 0.00 917.27 91527PBY2 1495 101 UNIVST 248,000.00 248,000.00 248,000.00 4.350 4.350 886.68 0.00 0.00 886.68 92834ABT2 1496 101 VISION 248,000.00 248,000.00 248,000.00 4.050 4.050 825.53 0.00 0.00 825.53 12547CBJ6 1497 101 CIBCBK 244,000.00 244,000.00 244,000.00 4.350 4.350 872.39 0.00 0.00 872.39 843383CS7 1498 101 SBPOPM 248,000.00 248,000.00 248,000.00 4.200 4.200 856.11 0.00 0.00 856.11 06610RCA5 1499 101 BANKRS 248,000.00 248,000.00 248,000.00 4.150 4.150 845.92 0.00 0.00 845.92 90352RDB8 1500 101 USAFCU 248,000.00 248,000.00 248,000.00 4.550 4.550 927.45 0.00 0.00 927.45 87868YAQ6 1501 101 TECHCU 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 3133EPME2 1505 101 FFCB 1,000,000.00 998,190.00 998,190.00 3.875 3.936 3,229.16 0.00 0.00 3,229.16 16141BAC5 1506 101 CHRTWY 248,000.00 248,000.00 248,000.00 4.900 4.900 998.79 0.00 0.00 998.79 23204HPB8 1507 101 CUST 244,000.00 244,000.00 244,000.00 4.500 4.500 902.47 0.00 0.00 902.47 91282CGT2 1508 101 USTR 1,000,000.00 984,600.00 984,600.00 3.625 3.672 2,971.31 0.00 0.00 2,971.31 Run Date: 08/22/2024 - 14:01 Portfolio CITY CID TE (PRF_TE) 7.3.6 A9&rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 7 June 1, 2024 - June 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 85279AAC6 1509 101 STVINC 248,000.00 248,000.00 248,000.00 4.600 4.600 937.65 0.00 0.00 937.65 01025RAG4 1510 101 ALABAM 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 38120MCA2 1511 101 GLDNST 249,000.00 249,000.00 249,000.00 4.450 4.450 910.72 0.00 0.00 910.72 931142EE9 1512 101 WALMRT 1,000,000.00 973,110.00 973,110.00 3.700 3.855 3,083.33 0.00 0.00 3,083.33 910286GN7 1513 101 UNTFDL 248,000.00 248,000.00 248,000.00 4.500 4.500 917.27 0.00 0.00 917.27 472312AA5 1514 101 JEEPCO 248,000.00 248,000.00 248,000.00 4.700 4.700 958.02 0.00 0.00 958.02 31911KAK4 1515 101 1STELK 248,000.00 248,000.00 248,000.00 4.400 4.400 896.87 0.00 0.00 896.87 05765LBUO 1520 101 BALBOA 248,000.00 248,000.00 248,000.00 4.400 4.400 896.88 0.00 0.00 896.88 560507AQ8 1522 101 MAINE 248,000.00 248,000.00 248,000.00 4.800 4.800 978.40 0.00 0.00 978.40 91739JAB1 1523 101 UTH1ST 245,000.00 245,000.00 245,000.00 5.000 5.000 1,006.85 0.00 0.00 1,006.85 91282CGT2 1524 101 USTR 1,000,000.00 990,000.00 990,000.00 3.625 3.652 2,971.31 0.00 0.00 2,971.31 91282CHA2 1525 101 USTR 1,000,000.00 985,000.00 985,000.00 3.500 3.524 2,853.26 0.00 0.00 2,853.26 30960QAR8 1526 101 FARMIG 248,000.00 248,000.00 248,000.00 5.400 5.400 1,100.71 0.00 0.00 1,100.71 3133EPQDO 1527 101 FFCB 1,000,000.00 998,655.69 998,655.69 4.250 4.315 3,541.67 0.00 0.00 3,541.67 3133EPSK2 1531 101 FFCB 1,000,000.00 990,400.00 990,400.00 4.250 4.351 3,541.67 0.00 0.00 3,541.67 499724AP7 1532 101 KNOX 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 05584CJJ6 1533 101 BNYMEL 244,000.00 244,000.00 244,000.00 4.500 4.500 902.46 0.00 0.00 902.46 9128282U3 1535 101 USTR 3,000,000.00 2,899,170.81 2,899,170.81 1.875 1.924 4,585.60 0.00 0.00 4,585.60 9128282N9 1536 101 USTR 2,000,000.00 1,942,840.00 1,942,840.00 2.125 2.194 3,502.74 0.00 0.00 3,502.74 898812AC6 1537 101 TUCSON 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 60936TAL3 1538 101 MONEY1 248,000.00 248,000.00 248,000.00 5.000 5.000 1,019.18 0.00 0.00 1,019.18 52470QEC4 1539 101 LEGBKT 248,000.00 248,000.00 248,000.00 4.500 4.500 917.27 0.00 0.00 917.27 3130AXEL8 1541 101 FHLB 1,000,000.00 999,500.00 999,500.00 4.750 4.818 3,958.33 0.00 0.00 3,958.33 91282CGT2 1543 101 USTR 1,000,000.00 949,180.00 949,180.00 3.625 3.809 2,971.31 0.00 0.00 2,971.31 666613MK7 1544 101 NORPNT 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 58404DTP6 1545 101 MEDBA 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 90355GHG4 1546 101 UBS 248,000.00 248,000.00 248,000.00 4.900 4.900 998.79 0.00 0.00 998.79 42228LAN1 1547 101 HEALTH 248,000.00 248,000.00 248,000.00 5.100 5.100 1,039.56 0.00 0.00 1,039.56 98138MCA6 1548 101 WORKRS 248,000.00 248,000.00 248,000.00 5.200 5.200 1,059.95 0.00 0.00 1,059.95 52171MAM7 1549 101 LEADRS 248,000.00 248,000.00 248,000.00 5.100 5.100 1,039.56 0.00 0.00 1,039.56 91282CFUO 1550 101 USTR 750,000.00 739,200.00 739,200.00 4.125 4.151 2,522.08 0.00 0.00 2,522.08 92023CAJ2 1552 101 VLLSTR 247,000.00 247,000.00 247,000.00 5.200 5.200 1,055.67 0.00 0.00 1,055.67 913065ADO 1553 101 UTLTCH 248,000.00 248,000.00 248,000.00 5.100 5.100 1,039.56 0.00 0.00 1,039.56 3133EPC45 1554 101 FFCB 1,000,000.00 999,770.00 999,770.00 4.625 4.690 3,854.17 0.00 0.00 3,854.17 291916AJ3 1555 101 EMPOWR 247,000.00 247,000.00 247,000.00 5.250 5.250 1,065.82 0.00 0.00 1,065.82 372348DJ8 1556 101 GENOA 248,000.00 248,000.00 248,000.00 4.600 4.600 937.65 0.00 0.00 937.65 67886WAJ6 1559 101 OKLACU 0.00 248,000.00 0.00 5.700 5.700 542.20 0.00 0.00 542.20 Run Date: 08/22/2024 - 14:01 Portfolio CITY CID TE (PRF_TE) 7.3.6 'Aftrt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 8 June 1, 2024 - June 30, 2024 CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Current Rate Annualized Yield Interest Earned Adjusted Interest Earnings Amortization/ Realized Accretion Gainl/Loss Adjusted Interest Earnings Fund: General Fund 77357DADO 1560 101 ROCKLA 248,000.00 248,000.00 248,000.00 4.600 4.600 937.65 0.00 0.00 937.65 37173RAL7 1561 101 GENSEE 244,000.00 244,000.00 244,000.00 4.200 4.200 842.30 0.00 0.00 842.30 319137CB9 1562 101 FRBA 244,000.00 244,000.00 244,000.00 4.450 4.450 892.43 0.00 0.00 892.43 89841MAX5 1563 101 TRUFIN 248,000.00 248,000.00 248,000.00 5.150 5.150 1,049.75 0.00 0.00 1,049.75 130162131-3 1564 101 CALCRE 244,000.00 244,000.00 244,000.00 5.100 5.100 1,022.80 0.00 0.00 1,022.80 9128285M8 1565 101 USTR 1,000,000.00 966,718.75 966,718.75 3.125 3.206 2,547.56 0.00 0.00 2,547.56 3130AYBQ8 1566 101 FHLB 1,000,000.00 999,516.00 999,516.00 4.750 4.818 3,958.33 0.00 0.00 3,958.33 91282CJR3 1567 101 USTR 1,000,000.00 997,067.49 997,067.49 3.750 3.770 3,089.54 0.00 0.00 3,089.54 3133EPW84 1568 101 FFCB 1,000,000.00 992,100.00 992,100.00 3.875 3.960 3,229.17 0.00 0.00 3,229.17 3133EPW84 1569 101 FFCB 1,000,000.00 994,400.00 994,400.00 3.875 3.951 3,229.17 0.00 0.00 3,229.17 91282CJV4 1570 101 USTR 1,000,000.00 998,482.98 998,482.98 4.250 4.268 3,502.74 0.00 0.00 3,502.74 91282CJT9 1571 101 USTR 1,000,000.00 996,813.45 996,813.45 4.000 4.024 3,296.70 0.00 0.00 3,296.70 91282CFQ9 1572 101 USTR 1,000,000.00 995,910.11 995,910.11 4.375 4.357 3,566.57 0.00 0.00 3,566.57 3130AYKN5 1573 101 FHLB 1,000,000.00 999,992.84 999,992.84 4.810 4.877 4,008.33 0.00 0.00 4,008.33 32021YEV1 1574 101 1STFED 248,000.00 248,000.00 248,000.00 4.250 4.250 866.30 0.00 0.00 866.30 06426KDE5 1576 101 NWENGL 248,000.00 248,000.00 248,000.00 4.850 4.850 988.60 0.00 0.00 988.60 84287PJH6 1577 101 STHRN1 248,000.00 248,000.00 248,000.00 4.700 4.700 958.03 0.00 0.00 958.03 3130AYXU5 1579 101 FHLB 2,000,000.00 2,000,000.00 2,000,000.00 4.450 4.512 7,416.66 0.00 0.00 7,416.66 3130AYYJ9 1580 101 FHLB 1,000,000.00 1,000,000.00 1,000,000.00 5.000 5.069 4,166.67 0.00 0.00 4,166.67 912828661 1581 101 USTR 1,000,000.00 925,976.56 925,976.56 2.625 2.843 2,163.46 0.00 0.00 2,163.46 912796ZW2 1582 101 USTR 0.00 1,964,420.00 0.00 5.083 34.795 0.00 0.00 35,580.00 35,580.00 3135GAPL9 1583 101 FNMA 1,000,000.00 1,000,000.00 1,000,000.00 5.150 5.222 4,291.66 0.00 0.00 4,291.66 3134H1UX9 1584 101 FHLMC 1,000,000.00 1,000,000.00 1,000,000.00 5.500 5.576 4,583.33 0.00 0.00 4,583.33 09290DAA9 1587 101 BLKRCK 1,000,000.00 1,003,380.00 1,003,380.00 4.700 4.749 3,916.66 0.00 0.00 3,916.66 91282CKG5 1588 101 USTR 1,000,000.00 996,200.00 996,200.00 4.125 4.129 3,381.15 0.00 0.00 3,381.15 3133ERAK7 1590 101 FFCB 1,000,000.00 985,690.00 985,690.00 4.375 4.500 3,645.83 0.00 0.00 3,645.83 31341-11D26 1591 101 FHLMC 1,000,000.00 999,500.00 999,500.00 5.600 5.681 4,666.67 0.00 0.00 4,666.67 3135GAQR5 1592 101 FNMA 1,000,000.00 999,000.00 999,000.00 5.050 5.125 4,208.33 0.00 0.00 4,208.33 3135GAQZ7 1593 101 FNMA 1,000,000.00 999,100.00 999,100.00 5.250 5.328 4,375.00 0.00 0.00 4,375.00 3135GARK9 1594 101 FNMA 1,000,000.00 1,000,000.00 1,000,000.00 5.500 5.576 4,583.34 0.00 0.00 4,583.34 313013141-8 1595 101 FHLB 900,000.00 900,000.00 900,000.00 5.040 5.110 3,780.00 0.00 0.00 3,780.00 227563GC1 1596 101 CRSRVR 244,000.00 244,000.00 244,000.00 4.500 4.500 902.46 0.00 0.00 902.46 91282CEM9 1597 101 USTR 1,000,000.00 921,300.00 921,300.00 2.875 3.095 2,343.75 0.00 0.00 2,343.75 3133EP3139 1598 101 FFCB 1,000,000.00 991,400.00 991,400.00 4.125 4.219 3,437.50 0.00 0.00 3,437.50 3135GAS36 1599 101 FNMA 1,000,000.00 992,900.00 992,900.00 4.750 4.850 3,958.33 0.00 0.00 3,958.33 058723AQO 1600 101 BALSPA 248,000.00 248,000.00 248,000.00 4.800 4.800 978.41 0.00 0.00 978.41 919853LV1 1601 101 VALNTL 244,000.00 244,000.00 244,000.00 4.950 4.950 992.71 0.00 0.00 992.71 Run Date: 08/22/2024 - 14:01 Portfolio CITY CID TE (PRF_TE) 7.3.6 A9&rt Ver. 7.3.6.1 City of La Quinta Total Earnings Page 9 June 1, 2024 - June 30, 2024 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 12526AAM9 1602 101 CFSBK 244,000.00 244,000.00 244,000.00 4.700 4.700 942.57 0.00 0.00 942.57 91282CFU0 1603 101 USTR 1,000,000.00 982,790.00 982,790.00 4.125 4.163 3,362.77 0.00 0.00 3,362.77 93883MBA5 1604 101 WSHFIN 244,000.00 244,000.00 244,000.00 4.500 4.500 902.47 0.00 0.00 902.47 91282CKT7 1605 101 USTR 2,000,000.00 1,996,484.38 1,996,484.38 4.500 4.496 7,377.05 0.00 0.00 7,377.05 06051XEF5 1606 101 BKAMER 243,000.00 0.00 243,000.00 5.200 5.200 865.48 0.00 0.00 865.48 29367RND4 1607 101 ENTRPR 248,000.00 0.00 248,000.00 4.600 4.600 718.86 0.00 0.00 718.86 68584JAT6 1608 101 OREGCU 248,000.00 0.00 248,000.00 4.850 4.850 757.93 0.00 0.00 757.93 91282CJR3 1609 101 USTR 1,000,000.00 0.00 970,230.00 3.750 3.873 1,956.30 0.00 0.00 1,956.30 78413RAV9 1610 101 SCEFCU 248,000.00 0.00 248,000.00 4.700 4.700 319.34 0.00 0.00 319.34 06644QAC5 1611 101 BNKIST 248,000.00 0.00 248,000.00 4.500 4.500 275.18 0.00 0.00 275.18 FUZXX 1627 101 1STAME 5,768,588.55 3,529,623.54 5,768,588.55 5.160 5.920 17,175.72 0.00 0.00 17,175.72 TYCXX BMO 1628 101 INVSCO 45,624,859.06 27,202,301.08 45,624,859.06 5.170 7.441 166,373.34 0.00 0.00 166,373.34 Subtotal 278,189,523.03 257,972,429.00 276,921,379.93 4.100 831,501.28 0.00 36,500.00 868,001.28 Fund: Fiscal Agent SYS1058 1058 231 USBANK 1,670.09 1,663.36 1,670.09 4.923 6.73 0.00 0.00 6.73 Subtotal 1,670.09 1,663.36 1,670.09 4.923 6.73 0.00 0.00 6.73 Fund: Housing Authority : WSA and LQ SYS1062 1062 241 LQPR 160,185.70 160,186.59 160,185.70 0.00 0.00 0.00 0.00 Subtotal 160,185.70 160,186.59 160,185.70 0.00 0.00 0.00 0.00 Fund: SA Low/Mod Bond Fund 25-33-005 1113 249 LAIF 2,128,106.00 2,128,106.00 2,128,106.00 4.480 4.533 7,928.73 0.00 0.00 7,928.73 Subtotal 2,128,106.00 2,128,106.00 2,128,106.00 4.533 7,928.73 0.00 0.00 7,928.73 Total 280,479,484.82 260,262,384.95 279,211,341.72 Run Date: 08/22/2024 - 14:01 4.101 839,436.74 0.00 36,500.00 875,936.74 Portfolio CITY CID TE (PRF_TE) 7.3.6 Zlggort Ver. 7.3.6.1 GEM oftb, DESERT — City of La Quinta Maturity Report Sorted by Maturity Date Amounts due during April 1, 2024 - June 30, 2024 City of La Quinta Sec. Maturity Purchase Rate Book Value Maturity Net CUSIP Investment # Fund Type Issuer Par Value Date Date at Maturity at Maturity Interest Proceeds Income 6067-001TERM 1521 101 BCD CAMP 20,000,000.00 04/12/2024 07/24/2023 5.645 20,000,000.00 813,431.69 20,813,431.69 813,431.69 3135GAGK1 1482 101 FAC FNMA 3,000,000.00 04/12/2024 04/12/2023 5.050 3,000,000.00 75,750.00 3,075,750.00 75,750.00 472382AQ3 1272 101 MC1 THEJEF 248,000.00 04/15/2024 04/15/2020 1.250 248,000.00 263.29 248,263.29 263.29 91282CBV2 1360 101 TRC USTR 500,000.00 04/15/2024 01/05/2022 0.375 494,882.81 937.50 500,937.50 6,054.69 08016PDQ9 1270 101 MC1 BELB&T 248,000.00 04/16/2024 04/16/2020 1.250 248,000.00 263.29 248,263.29 263.29 69506YRH4 1269 101 MC1 PACWST 245,000.00 04/16/2024 04/16/2020 1.300 245,000.00 1,596.86 246,596.86 1,596.86 912796CX5 1542 101 ATD USTR 2,000,000.00 04/18/2024 10/18/2023 5.315 1,945,964.16 0.00 2,000,000.00 54,035.84 56065GAG3 1188 101 MC1 MAINST 248,000.00 04/26/2024 04/26/2019 2.600 248,000.00 547.64 248,547.64 547.64 91282CEK3 1528 101 TRC USTR 1,000,000.00 04/30/2024 08/10/2023 2.500 980,080.00 12,500.00 1,012,500.00 32,420.00 912797HH3 1551 101 ATD USTR 1,000,000.00 05/02/2024 11/06/2023 5.222 974,178.00 0.00 1,000,000.00 25,822.00 33640VDD7 1231 101 MC1 1STSER 248,000.00 05/15/2024 11/15/2019 1.700 248,000.00 346.52 248,346.52 346.52 48128HXU7 1185 101 MC1 JPMORG 245,000.00 05/16/2024 05/16/2019 3.250 245,000.00 2,416.44 247,416.44 2,416.44 46256YAZ2 1186 101 MC1 IOWAST 245,000.00 05/23/2024 05/23/2019 2.400 245,000.00 2,931.95 247,931.95 2,931.95 538036GVO 1238 101 MC1 LIVEOK 248,000.00 05/28/2024 11/27/2019 1.800 248,000.00 330.21 248,330.21 330.21 156634AK3 1184 101 MC1 CENTNX 248,000.00 05/29/2024 05/29/2019 2.500 248,000.00 509.59 248,509.59 509.59 912797HS9 1558 101 ATD USTR 2,000,000.00 05/30/2024 12/04/2023 5.110 1,949,466.22 0.00 2,000,000.00 50,533.78 912828XT2 1418 101 TRC USTR 1,000,000.00 05/31/2024 05/04/2022 2.000 985,240.00 10,000.00 1,010,000.00 24,760.00 72651LCL6 1195 101 MC1 PLAINS 245,000.00 06/07/2024 06/07/2019 2.550 245,000.00 3,132.31 248,132.31 3,132.31 3133ENYH7 1401 101 FAC FFCB 500,000.00 06/10/2024 06/10/2022 2.625 499,080.00 6,562.50 506,562.50 7,482.50 299547AQ2 1196 101 MC1 EVNSCU 248,000.00 06/12/2024 06/12/2019 2.600 248,000.00 194.32 248,194.32 194.32 67886WAJ6 1559 101 MC1 OKLACU 248,000.00 06/14/2024 12/14/2023 5.700 248,000.00 1,200.59 249,200.59 1,200.59 524661CB9 1197 101 MC1 LEGCY 248,000.00 06/19/2024 06/19/2019 2.400 248,000.00 505.51 248,505.51 505.51 912796ZW2 1582 101 ATD USTR 2,000,000.00 06/20/2024 02/15/2024 5.083 1,964,420.00 0.00 2,000,000.00 35,580.00 176688CP2 1199 101 MC1 CTZNST 248,000.00 06/21/2024 06/21/2019 2.400 248,000.00 505.51 248,505.51 505.51 20416TAQ5 1202 101 MC1 COMMWD 248,000.00 06/28/2024 06/28/2019 2.250 248,000.00 412.77 248,412.77 412.77 761402BY1 1203 101 MC1 REVER 247,000.00 06/28/2024 06/28/2019 2.300 247,000.00 2,848.28 249,848.28 2,848.28 Run Date: 08/15/2024 - 17:46 Total Maturities 36,955,000.00 36,748,311.19 937,186.77 37,892,186.77 1,143,875.58 Portfolio CITY CID MA (PRF MA) 7.1.1 2520' Ver. 7.3.6.1 taQ�r�, GEM of the DESERT - City of La Quinta Purchases Report Sorted by Security Type - Fund April 1, 2024 - June 30, 2024 City of La Quinta 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 3133ERAK7 1590 101 FAC FFCB 1,000,000.00 04/23/2024 10/10 - 04/10 985,690.00 Received 4.375 04/10/2029 4.701 985,690.00 3134H1D26 1591 101 FAC FHLMC 1,000,000.00 04/24/2024 10/17 - 04/17 999,500.00 Received 5.600 04/17/2029 5.611 999,500.00 3135GAQR5 1592 101 FAC FNMA 1,000,000.00 04/24/2024 09/26 - 03/26 999,000.00 Received 5.050 03/26/2026 5.103 999,000.00 3135GAQZ7 1593 101 FAC FNMA 1,000,000.00 04/24/2024 10/02 - 04/02 999,100.00 Received 5.250 04/02/2027 5.282 999,100.00 3135GARK9 1594 101 FAC FNMA 1,000,000.00 04/24/2024 10/22 - 04/22 1,000,000.00 Received 5.500 04/22/2027 5.500 1,000,000.00 313013141-8 1595 101 FAC FHLB 900,000.00 04/25/2024 10/23 - 04/23 900,000.00 5.040 04/23/2029 5.040 900,000.00 3135GAS36 1599 101 FAC FNMA 1,000,000.00 05/15/2024 11/15 - 05/15 992,900.00 4.750 05/15/2029 4.912 992,900.00 Subtotal 6,900,000.00 6,876,190.00 0.00 6,876,190.00 Treasury Coupon Securities 91282CKG5 1588 101 TRC USTR 1,000,000.00 04/01/2024 09/30 - 03/31 996,200.00 Received 4.125 03/31/2029 4.210 996,200.00 91282CEM9 1597 101 TRC USTR 1,000,000.00 04/30/2024 10/31 -04/30 921,300.00 2.875 04/30/2029 4.658 921,300.00 91282CFUO 1603 101 TRC USTR 1,000,000.00 05/31/2024 10/31 -04/30 982,790.00 Received 4.125 10/31/2027 4.675 982,790.00 91282CKT7 1605 101 TRC USTR 2,000,000.00 05/31/2024 11/30 - 05/31 1,996,484.38 4.500 05/31/2029 4.540 1,996,484.38 91282CJR3 1609 101 TRC USTR 1,000,000.00 06/12/2024 06/30 - 12/31 970,230.00 Received 3.750 12/31/2028 4.480 970,230.00 Subtotal 6,000,000.00 5,867,004.38 0.00 5,867,004.38 Certificate of Deposits 227563GC1 1596 101 MCI CRSRVR 244,000.00 04/26/2024 10/26 - 04/26 244,000.00 4.500 04/26/2027 4.500 244,000.00 058723AQO 1600 101 MCI BALSPA 248,000.00 05/24/2024 06/24 - Monthly 248,000.00 4.800 11/24/2026 4.808 248,000.00 919853LV1 1601 101 MCI VALNTL 244,000.00 05/29/2024 11/29 - 05/29 244,000.00 4.950 05/29/2026 4.950 244,000.00 12526AAM9 1602 101 MCI CFSBK 244,000.00 05/30/2024 11/30 - 05/31 244,000.00 4.700 11/30/2027 4.706 244,000.00 93883MBA5 1604 101 MCI WSHFIN 244,000.00 05/31/2024 11/30 - 05/30 244,000.00 4.500 05/31/2029 4.136 244,000.00 06051XEF5 1606 101 MCI BKAMER 243,000.00 06/06/2024 12/06 - 06/06 243,000.00 5.200 12/08/2025 5.205 243,000.00 29367RND4 1607 101 MCI ENTRPR 248,000.00 06/07/2024 07/07 - Monthly 248,000.00 4.600 06/07/2029 4.603 248,000.00 68584JAT6 1608 101 MCI OREGCU 248,000.00 06/07/2024 07/07 - Monthly 248,000.00 4.850 06/07/2027 4.850 248,000.00 78413RAV9 1610 101 MCI SCEFCU 248,000.00 06/20/2024 07/20 - Monthly 248,000.00 4.700 06/20/2029 4.703 248,000.00 06644QAC5 1611 101 MCI BNKIST 248,000.00 06/21/2024 07/21 - Monthly 248,000.00 4.500 06/21/2029 4.503 248,000.00 Subtotal 2,459,000.00 2,459,000.00 0.00 2,459,000.00 Total Purchases 15,359,000.00 15,202,194.38 0.00 15,202,194.38 Received = Accrued Interest at Purchase was received by report ending date. Portfolio CITY CID Run Date: 08/15/2024 - 17:45 PU (PRF_PU) 7.1.1 Alert Ver. 7.3.6.1 US Treasury Rates httos://home.treasurv.eov/resource-center/data-chart-center/interest-rates/TextView?tvr)e=dailv treasury vield curve&field tdr date value=2024 Effective Effective Rate of Rate of Date 1 mo 2 mo 3 m❑ 6 m❑ 1 yr 2 yr 3 yr Syr Tyr 10 yr 20 yr 30 yr Return City Return City city Portfolio Portfolio Portfolio (month} (rmD Y-FM 4+3012024 5.48 5.51 5.45 5.44 5.25 5.04 4.87 4.72 4.71 4.69 4.90 4.79 3.77 3.42 3.733 513112024 5.48 5.48 5.46 5.42 5.18 4.89 4.69 4.52 4.52 4.51 4.73 4.65 3.94 3.47 3.835 612812024 5.47 5.47 5.43 5.33 5.09 4.71 4.52 4.33 4.33 4.36 4.61 4.51 4.09 3.52 3.948 TREASURY RATES AND PORTFOLIO RETURNS t1-Yr Treasury t5-Yr Treasury --A- Effective Rate of Return City Portfolio (YTD) --x- City Portfolio YTM 5.60 5.35 5.10 10 4.85 4.60 4.35 4.10 3.35 3.60 3.35 Ilk 3.10 2.85 2.60 2.35 2.10 1.85 1.60 1.35 1.10 0.85 0.60 0.35 0.10 -0. 15��, ��, `r `L ,y`Y �`L ,y`L �'y �`L �^� �^� �`h r`'+ r^ �"v rl, 1 h ,�^� ,L`h ,L`3 �'S ,LR �o �o �o �o ryo do ryo ryo �o ryo N q ^� o\ �� o) \ti W5 �' 294 STUDY SESSION ITEM NO. 1 City of La Quinta FINANCIAL ADVISORY COMMISSION SPECIAL MEETING: August 29, 2024 STAFF REPORT AGENDA TITLE: REVIEW STRATEGIC PLAN DRAFT RECOMMENDATION Review Strategic Plan draft. EXECUTIVE SUMMARY • A Strategic Plan is a living document that is updated periodically as goals are met and priorities shift. • The proposed Strategic Plan (Plan) draft is comprised of a Mission Statement, updated Sacred Values, and 13 Focus Areas and Goals. • Staff requests Commission input on the following 5 Focus Areas: 1. Re -envision Highway 111 Plan Implementation 2. Imperial Irrigation District (IID) Lease Expiration and Equipment/ Infrastructure Needs for existing and future development 3. Underground Utilities 4. Exemplary Public Safety 5. City Boundary Expansion FISCAL IMPACT — None BACKGROUND/ANALYSIS A Strategic Plan is a living document that is updated periodically as goals are met and priorities shift. The proposed draft Plan is the product of citywide staff collaboration, coupled with residents' input received at the 2024 annual Community Workshop and community outreach meeting held in April 2024. Both events were well -attended and generated valuable suggestions and ideas. The Plan is designed to help the City achieve short- and long-term goals that reflect the City's Sacred Values and align with its Mission Statement. The City has updated its Sacred Values as listed in the enclosed Attachment 1. 295 The Plan consists of 13 Focus Areas, listed below and also detailed in Attachment 1, and identifies goals that include action items or steps necessary to reach those goals. Focus Areas vary from long-range "big rock" projects that may take 20 years to accomplish, while others may be shorter -range and take up to five years. Staff requests Commission input on the five items listed in bold. 1) Reenvision Highway 111 Plan Implementation 2) IID Lease Expiration, Equipment Needs 3) Underground Utilities 4) Exemplary Public Safety 5) Leader in Sustainability 6) Marketing and Tourism 7) Community Involvement 8) Affordable Housing Needs 9) City Boundary Expansion 10) Art in Public Places Expansion 11) History Preservation 12) Health, Wellness and Recreation Amenities Enhancement 13) Economic Development Staff anticipates presenting the Plan to Council for feedback and direction in October. Prepared by: Sherry Barkas, Communications Specialist Approved by: Claudia Martinez, Finance Director Attachment: 1. Draft Strategic Plan Overview ATTACHMENT 1 LA QUINTA STRATEGIC PLAN LA C UINTA, CALIFORNIA I I to •'L n�M4y�} IiY i�a.�vYi `'�' iT y�^'-' .%-.Y_`. i :1�Ma: _i Y u '. Y.y. _ 7^.� s ta oa�Ira — GEM of the DESERT — .# m �§(* �-- W-*-" �f� r . .- ..ft vim* r : ' .. -r Lol. Clot ft ` W, F &• -wd how. ompo cam- ow - ."lkw 1 All n- wo *298 i �4� ta oa�Ira — GEM of the DESERT — f' I."kk"RF, ��'.. " 11 §t a1v * 4'� W -AQomaj *ft Iw*. .thmi9w Wool 4#w k $NAox-gov #towsv Aft .Wwa �Yxw o W4 A-4)ft car'ob q! 0Al 10 w To, 'W* Y0 �V I� - g'W 0 ! R� %Xto �M&A. � - l g" t o. AW4. i4mjormot@ we Aft t -k -U ING{, y yo ',''ek .G ! * •, . - V- • �� � 299 ta oa�Ira — GEM of the DESERT — 00affulwoNY) (A4�6-� ktk*kj vow f,9� ��yr-,'. 4coxok- r tmwoko 300 ta oa�Ira — GEM of the DESERT — _ a i a r•.,� .� oll -* 1 mow` .(f, 0 ®fir v' q o) W TWO rowij-4000 tom �..�}`�, -� • �,� `fC�.-�.+`�C�1� � �v : - s - - a. �� ��.��: s s. �all'�.�•� l'E"r+�1d��loL'�",�$ -,� a • .�a � Iv - :l 301 ta oa GEM ofthe DESERT — x Ali` ki 1*~� � ` ik(--q .may: � ` � dsr ', - L►A fto" ,`"! oft, Th. ClCi a . ate . t _mow %V w ma 0 i w Fn�o(wioli)4 *" NW1 r • r° � f i Aw )L4* . I .i . wwkwA WU%Y Coo. 0(0~ 1 " wal Jib. �1� � ��.ef�+ all : # - a ■ ��'� � • `'rs • . a su�.y '■ 302 ta oa�Ira — GEM of the DESERT — r' Ir_k.. �fy� `� _ f"� �•f��y1,•/� � p�/pyi i - �j .. ���{��1W��. 1Omw Us a � .1-0 303 ta oa�Ira — GEM of the DESERT — rw � 1*0 W Iff .W@ O' • l i e ."m AO* " 4"0 C-ft. Lod&#*m .... • e (elod Co:` ' r. �. � a`�1C � d � ' (OWA ` qo% x<4I * f V d lot VUO ' ' '•�gl�" �re 1JlIF�' M) (ko")tk " inf .. 0 fir~ 304 taQ"fr�, — — GEM ofthe DESERT — WO awl, *4ft I%" " 0%. ft'N" wod(Aft" 01* *W#*"W 40 - C" "to *V84%g; La. 6-owitc ko * 4io, 4mtrow R*ww .09 k LCW tw%.*iv ;&g, at& wo" T-op). I�Qm�komvwks-) Nowu Uoi9orl *010*1 ww"Oft FWiKgvlg§m 305 306 DEPARTMENTAL REPORT ITEM NO.1 City of La Qu i nta FINANCIAL ADVISORY COMMISSION SPECIAL MEETING DEPARTMENT REPORT TO: Members of the Financial Advisory Commission FROM: Claudia Martinez, Finance Director DATE: August 29, 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 • Interim Audit for fiscal year 2023/24 will be taking place August 12 — August 23 COMMITTEE UPDATES • 10-Year Projection Task Force (Commissioners Anderson, Batavick, and Dorsey) o Implementation of software in progress, meetings to be scheduled • Financial Statement and Audit training - staff is currently researching options CITY UPDATES • Travertine Development o Approved by Planning Commission & City Council o Development Agreement allows for the formation of Community Facilities Districts (CFDs). • 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 $962,733.40 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. Agreement with IID pending, to be approved by Council. Staff encourages the FAC members to view the meetings as time permits. 307 • 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. 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. Attachment: 1. Project Activity Report 308 City of La Quints ATTACHMENT 1 Project Activity Report By Project Number Report Dates: 07/01/2019 - 08/08/2024 Project Number Project Name Group Type Status 201905 Highway 111 Corridor Area Plan Implementati Fund 401 Construction in Process St Improvements Active Revenues Account Key Account Name Category Total Activity 201905MG Measure G Funding Measure G - Measure G Funding -860,167.91 GL Account Number GL Account Name Post Date Description Vendor Name Item Number Activity 401-0000-49500 Transfers In 03/31/2020 MG 201905 HWY 111 CORRIDOR PLAN -1,980.00 401-0000-49500 Transfers In 06/30/2020 MG 201905 HIGHWAY 111 CORRIDOR AREA PLAN -5,006.25 FY 19/20 Total: -6,986.25 401-0000-49500 Transfers In 09/30/2020 MG 201905 HIGHWAY 111 CORRIDOR AREA PLAN -11,715.00 401-0000-49500 Transfers In 12/31/2020 MG 201905 HIGHWAY 111 CORRIDOR AREA PLAN -41,035.00 401-0000-49500 Transfers In 03/31/2021 MG 201905 HIGHWAY 111 CORRIDOR AREA PLAN -7,955.00 401-0000-49500 Transfers In 06/30/2021 MG HIGHWAY 111 CORRIDOR AREA PLAN -230,049.59 FY 20/21 Total: -290,754.59 401-0000-49500 Transfers In 09/30/2021 MG 201905 HIGHWAY 111 CORRIDOR PLAN -2,995.00 401-0000-49500 Transfers In 12/31/2021 MG 201905 HWY CORRIDOR AREA PLAN -30,468.25 401-0000-49500 Transfers In 03/31/2022 MG 201905 HWY CORRIDOR AREA PLAN -3,020.00 401-0000-49500 Transfers In 06/30/2022 MG 201905 HWY CORRIDOR AREA PLAN -130,479.46 FY 21/22 Total: -166,962.71 401-0000-49500 Transfers In 09/30/2022 MG 201905 HWY CORRIDOR AREA PLAN -14,775.00 401-0000-49500 Transfers In 12/31/2022 MG 201905 HIGHWAY 111 CORRIDOR AREA -4,537.50 401-0000-49500 Transfers In 03/31/2023 MG 201905 HIGHWAY 111 CORRIDOR AREA -145,350.50 401-0000-49500 Transfers In 06/30/2023 MG 201905 HIGHWAY 111 CORRIDOR AREA -120,554.00 FY 22/23 Total: -285,217.00 401-0000-49500 Transfers In 09/30/2023 MG 201905 HIGHWAY 111 CORRIDOR AREA -49,950.15 401-0000-49500 Transfers In 12/31/2023 MG 201905 HIGHWAY 111 CORRIDOR AREA -1,662.50 401-0000-49500 Transfers In 03/31/2024 MG 201905 HIGHWAY 111 CORRIDOR AREA -58,634.71 FY 23/24 Total: -110,247.36 Total Revenues: -860,167.91 Expenses Account Key Account Name Category Total Activity 201905D Design Expense Design - Design Expense 883,179.65 GL Account Number GL Account Name Post Date Description Vendor Name Item Number Activity 401-0000-60185 Design 12/18/2020 2019-05 HWY 111 CORRIDOR PROJECT (PLAN&ENG) GHD INC. 151505 8,290.00 401-0000-60185 Design 12/18/2020 2019-05 HWY 111 CORRIDOR PROJECT (PLAN&ENG) GHD INC. 153361 25,600.00 8/8/2024 2:25:09 PM Page 1 of 5 309 Project Activity Report Report Dates: 07/01/2019 - 08/08/2024 GL Account Number GL Account Name Post Date Description Vendor Name Item Number Activity 401-0000-60185 Design 04/16/2021 02/2021 - HWY 111 PLANNING/ ENGINEERING SVCS GHD INC. 158460 78,461.25 401-0000-60185 Design 04/16/2021 12/2020 - HWY 111 PLANNING/ ENGINEERING SVCS GHD INC. 155454 32,923.75 401-0000-60185 Design 06/11/2021 04/2021 - HWY 111 PLANNING/ENGINEERING SVCS GHD INC. 161990 75,409.84 401-0000-60185 Design 06/25/2021 05/2021 - HWY 111 PLANNING/ENGINEERING SVCS GHD INC. 163575 34,827.25 FY 20/21 Total: 255,512.09 401-0000-60185 Design 10/08/2021 06/2021 - HWY 111 PLANNING/ENGINEERING SVCS GHD INC. 165668 19,315.75 401-0000-60185 Design 10/29/2021 07/2021 - HWY 111 PLANNING/ENGINEERING SVCS GHD INC. 380-0000621 8,620.00 401-0000-60185 Design 04/22/2022 03/24/22 - HWY 111 SITE TOUR LUNCH BANK OF THE WEST (PLEASE SEE MAR-226925BM 207.43 401-0000-60185 Design 04/22/2022 03/24/22 - HWY 111 SITE TOUR TRANSPORTATION BANK OF THE WEST (PLEASE SEE MAR-226925BM 460.00 401-0000-60185 Design 06/30/2022 03/2022 HWY 111 CORRIDOR PLANNING/ENGINEERIN GHD INC. 380-0012735 41,235.83 401-0000-60185 Design 06/30/2022 06/2022 HWY 111 CORRIDOR PLAN NING/ENGINERRI GHD INC. 380-0016011 84,123.70 FY 21/22 Total: 153,962.71 401-0000-60185 Design 09/02/2022 07/2022 - HWY 111 CORRIDOR PLANNING/ENGINERRI GHD INC. 380-0017688 12,962.50 401-0000-60185 Design 03/03/2023 09/2022 HWY 111 CORRIDOR PLANNING/ENGINEERIN GHD INC. 380-0020901 49,617.50 401-0000-60185 Design 03/03/2023 10/2022 HWY 111 CORRIDOR PLANNING/ENGINEERIN GHD INC. 380-0023845 51,571.25 401-0000-60185 Design 03/03/2023 11/2022 HWY 111 CORRIDOR PLANNING/ENGINEERIN GHD INC. 380-0024095 18,251.25 401-0000-60185 Design 03/03/2023 12/2022 HWY 111 CORRIDOR PLANNING/ENGINEERIN GHD INC. 380-0025445 9,171.25 401-0000-60185 Design 03/17/2023 01/2023 HWY 111 CORRIDOR PLANNING/ENGINEERIN GHD INC. 380-0027217 12,726.75 401-0000-60185 Design 06/30/2023 02/2023 - HWY 111 CORRIDOR PLANNING/ENGINEERI GHD INC. 380-0028778 18,667.58 401-0000-60185 Design 06/30/2023 03/2023 - HWY 111 CORRIDOR PLANNING/ENGINEERI GHD INC. 380-0030405 9,366.25 401-0000-60185 Design 06/30/2023 04/2023 - HWY 111 CORRIDOR PLANNING/ENGINEERI GHD INC. 380-0031910 22,207.51 401-0000-60185 Design 06/30/2023 05/2023 - HWY 111 CORRIDOR PLANNING/ENGINEERI GHD INC. 380-0033492 22,721.95 401-0000-60185 Design 06/30/2023 06/2023 - HWY 111 CORRIDOR PLANNING/ENGINERRI GHD INC. 380-0035378 42,803.21 FY 22/23 Total: 270,067.00 401-0000-60185 Design 09/08/2023 07/2023 HWY 111 CORRIDOR PLANNING/ENGINEERIN GHD INC. 380-0036834 49,312.65 401-0000-60185 Design 01/26/2024 10/2023 - HWY 111 CORRIDOR PLANNING/ENGINEERI GHD INC. 380-0041445 54,534.71 401-0000-60185 Design 05/24/2024 01/2024 HWY 111 CORRIDOR PLANNING/ENGINEERIN GHD INC. 380-0047294 32,062.36 401-0000-60185 Design 05/24/2024 03/2024 HWY 111 CORRIDOR PLANNING/ENGINEERIN GHD INC. 380-0048891 53,767.93 401-0000-60185 Design 06/30/2024 04/2024 HWY 111 CORRIDOR PLANNING/ENGINEERIN GHD INC. 380-0051494 13,082.70 401-0000-60185 Design 06/30/2024 05/01-06/30/24 - ONCALL PLANNING SERVICES TERRA NOVA PLANNING & RESE TN1198158 877.50 FY 23/24 Total: 203,637.85 201905P Professional Expense Professional - Professional Expense 79,553.75 GL Account Number GL Account Name Post Date Description Vendor Name Item Number Activity 401-0000-60103 Professional Services 03/20/2020 02/2020 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 8 JOB 2019-08 1,980.00 401-0000-60103 Professional Services 04/24/2020 03/2020 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 9 JOB 2019-08 825.00 401-0000-60103 Professional Services 06/12/2020 05/2020 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 11 JOB 2019-08 330.00 401-0000-60103 Professional Services 06/30/2020 06/2020 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 12 JOB 2019-08 3,851.25 FY 19/20 Total: 6,986.25 401-0000-60103 Professional Services 09/04/2020 07/2020 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 13 JOB 2019-08 9,240.00 8/8/2024 2:25:09 PM Page 2 of 5 310 Project Activity Report Report Dates: 07/01/2019 - 08/08/2024 GL Account Number GL Account Name Post Date Description Vendor Name Item Number Activity 401-0000-60103 Professional Services 09/25/2020 08/2020 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 14JOB 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 FY 20/21 Total: 35,242.50 401-0000-60103 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 05/2022 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.35 967.50 401-0000-60103 Professional Services 06/30/2022 06/2022 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.36 1,625.00 FY 21/22 Total: 13,000.00 401-0000-60103 Professional Services 08/26/2022 07/2022 2019-05 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.37 1,812.50 401-0000-60103 Professional Services 10/07/2022 08/2022 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.38 1,700.00 401-0000-60103 Professional Services 10/28/2022 09/2022 - 2019-05 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019.08.39 1,962.50 401-0000-60103 Professional Services 12/16/2022 12/2022 - 2019-05 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.41 875.00 401-0000-60103 Professional Services 02/03/2023 12/2022 - 2019-05 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.42 3,312.50 401-0000-60103 Professional Services 02/24/2023 01/2023 - 2019-05 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.43 700.00 401-0000-60103 Professional Services 05/05/2023 03/2023 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.45 2,137.50 401-0000-60103 Professional Services 05/05/2023 03/2023 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.44 725.00 401-0000-60103 Professional Services 06/23/2023 05/2023 - 2019-05 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.47 1,250.00 401-0000-60103 Professional Services 06/30/2023 06/2023 - 2019-05 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.48 675.00 FY 22/23 Total: 15,150.00 401-0000-60103 Professional Services 08/25/2023 07/2023 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.49 637.50 401-0000-60103 Professional Services 10/13/2023 08/2023 - 2019-05 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.50 437.50 401-0000-60103 Professional Services 10/27/2023 09/2023 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.51 700.00 401-0000-60103 Professional Services 11/17/2023 10/2023 - 2019-05 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.52 525.00 401-0000-60103 Professional Services 01/19/2024 11/2023 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.53 887.50 Page 3 of 5 8/8/2024 2:25:09 PM 311 Project Activity Report Report Dates: 07/01/2019 - 08/08/2024 GL Account Number GL Account Name Post Date Description Vendor Name Item Number Activity 401-0000-60103 Professional Services 01/19/2024 12/2023 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.54 875.00 401-0000-60103 Professional Services 02/23/2024 01/2024 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.55 2,337.50 401-0000-60103 Professional Services 04/26/2024 03/2024 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.57 500.00 401-0000-60103 Professional Services 05/31/2024 04/2024 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.58 750.00 401-0000-60103 Professional Services 06/30/2024 05/2024 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.59 537.50 401-0000-60103 Professional Services 06/30/2024 06/2024 HIGHWAY 111 CORRIDOR NAI CONSULTING INC 2019-08.60 987.50 FY 23/24 Total: 9,175.00 8/8/2024 2:25:09 PM Total Expenses: 962,733.40 201905 Total: 102,565.49 Page 4 of 5 312 Project Activity Report 8/8/2024 2:25:09 PM Report Dates: 07/01/2019 - 08/08/2024 Summary Project Summary Revenue Over/ Project Number Project Name Total Revenue Total Expense (Under) Expenses 201905 Highway 111 Corridor Area Plan Imr 860,167.91 962,733.40 -102,565.49 Project Totals: 860,167.91 962,733.40 -102,565.49 Group Summary Revenue Over/ Group Total Revenue Total Expense (Under) Expenses Fund 401 Construction in Process 860,167.91 962,733.40 -102,565.49 Group Totals: 860,167.91 962,733.40 -102,565.49 Type Summary Revenue Over/ Type Total Revenue Total Expense (Under) Expenses St Improvements 860,167.91 962,733.40 -102,565.49 Type Totals: 860,167.91 962,733.40 -102,565.49 Page 5 of 5 313 314 DEPARTMENTAL REPORT ITEM NO. 2 City of La Qu i nta FINANCIAL ADVISORY COMMISSION SPECIAL MEETING DEPARTMENT REPORT TO: Members of the Financial Advisory Commission FROM: Rosemary Hallick, Principal Management Analyst DATE: August 29, 2024 SUBJECT: FIRST QUARTER 2024 (JANUARY-MARCH) SALES TAX UPDATE The attached report was prepared by consultants HdL Companies as an update of sales tax receipts for first quarter sales from January to March 2024. • La Quinta's overall adjusted sales tax receipts for major industry groups decreased 3.2% as compared to last year. As a comparison, Riverside County was down 0.3% and the state was down 0.2%. The decrease was spread between various categories such as restaurants (particularly fine dining and fast -casual), state & county pools, building and construction, autos & transportation and fuel & service stations. Details may be found in the attached Sales Tax Update prepared by HdL. • The City's sales -per -capita remains higher than both the county and state averages. La Quinta Riverside County Southern California California Per Capita Sales 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 21 21 21 21 22 22 22 22 23 23 23 23 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 1Q 24 • General consumer goods (such as department stores) made up 32% of sales tax revenue and 38% of Measure G revenue. • Autos and transportation made up 8% of sales tax revenue and 13% of Measure G revenue. • The City continues to benefit from online purchasing in the form of the County pool share, which was 14% of our sales tax revenue. 315 Sales Tax Autos and Transportation Building and I Construction State an County Pools Business and Inc Building and - Constiuction Trar 1 Q 4 Percent of Total Food Fuel and Service and Stations Business and Drug s Ind ustry F-- 3% S s Restaurants and Hotels 1024 Percent of Total Food Fuel and and SeNce Drug s Stations L L - Restaurants and Hotels Measure General Gansu mer Goads General Consumer Goods 316 The City continuously monitors local development, economic conditions, impacts on travel and trade, and legislative and judicial news for any potential changes to sales tax collections. The City's fiscal year 2023/24 budget was forecasted slightly below 2022/23 actuals, based on known information as of Spring 2023, and based on received funds through March 2024 was adjusted downward slightly. April and May have come in slightly stronger than expected but June's true -up payment is yet to be known. It is possible that the City will slightly exceed the current budget. Fiscal year-to-date sales tax collections are shown in the chart below. Combined, the City has received $25.7 million in sales and transactions taxes through May 2024, as compared to $26.5 million in the same period last year. Quarter Payment Bradley Burns Measure G MG % of BB 3 July 2023 Advance $ 833,873 $ 1,091,167 130.86% 3 August 2023 Advance $ 725,567 $ 966,223 133.17% 3 September 2023 -3rd Qtr Payment $ 865,626 $ 1,136,836 131.33% 3 Total 2023 $ 2,425,066 $ 3,194,227 131.72% 4 October 2023 Advance $ 1,099,316 $ 1,342,070 122.08% 4 November 2023 Advance $ 979,253 $ 1,227,838 125.39% 4 December 2023 4th Qtr Payment $ 1,273,172 $ 1,677,790 131.78% 4Total 2023'$ 3,351,741 '$ 4,247,698 126.73% 1 January 2024 advance $ 1,222,359 $ 1,512,916 123.77% 1 February 2024 advance $ 1,128,322 $ 1,382,154 122.50% 1 March 2024 1st Qtr payment $ 1,142,907 $ 1,451,498 127.00% 1 Total 2024 $ 3,493,588 $ 4,346,568 124.42% 2 April 2024 Advance $ 1,037,749 $ 1,272,340 122.61% 2 May 2024 Advance $ 1,037,566 $ 1,302,521 125.54% 2 June 2024 - 2nd Qtr Payment 2 Total 2024 $ 2,075,315 $ 2,574,861 YTD Total $ 11,345,710 $ 14,363,354 Adopted 2023/24 Budget $ 12,700,000 $ 15,700,000 2023/24 Budget Adjustment $ (495,000) $ (185,000) Current 2023/24 Budget $ 12,205,000 $ 15,515,000 Adopted 2024125 Budget $ 12,000,000 $ 15,500,000 Attachment 1: HdL Q1 2024 Sales Tax Update Attachment 2: HdL June 2024 California Forecast 317 ATTACHMENT 1 CITY OF LA QU I NTA SALES TAX UPDATE ta 1Q 2024 (JANUARY - MARCH) • . Q2024 0 COUNTY *Allocation aberrations have been adjusted to reflect sales activity SALES TAX BY MAJOR BUSINESS GROUP $1,200,000 $1,000,000 $800,000 $600,000 $400,000 Legend Q1 2023* $200,000 $6 ■ • Q1 2024* General Restaurants County Building Autos Food Fuel and Business Consumer and and State and and and Service and Goods Hotels Pools Construction Transportation Drugs Stations Industry CITY OF LA QUINTA HIGHLIGHTS ( D TOP 25 PRODUCERS La Quinta's receipts from January through March were 4.0% below the first sales period in 2023. Excluding reporting aberrations, actual sales were down 2.1%. Business closures combined with consumers cutting back on dining out resulted in lowerreceiptsfrom restaurants - hotels. Economic uncertainties and fluctuations in construction material costs have put a damper on sales from building -construction. Higher interest rates continue to deter consumers from making new purchases from the auto - transportation category. Lower prices at the pump stunted growth for fuel -service stations. General consumer goods reported modest growth in the first quarter of 2024, while food - drugs remained flat. A one-time use tax payment temporarily bumped up receipts from the business - industry sector. The City's share of the countywide use tax pool decreased 3.2% when compared to the same period in the prior year. Measure G, the City's voter -approved transactions and use tax, brought in an additional $4,281,229 in revenue. Net of aberrations, taxable sales for all of Riverside County declined 0.3% over the comparable time period; the Southern California region was flat. Arnold Palmers Restaurant Best Buy Circle K Cliffhouse Costco Floor & Decor Genesis/Hyundai of La Quinta Home Depot In N Out Burger Kohls La Quinta Chevrolet & Cadillac La Quinta Resort & Club Lavender Bistro Lowes Madison Club Marshalls PGA West Private PGA WEST Private Clubhouse & Golf Courses Ross Stuft Pizza Bar & Grill Target TJ Maxx Torre Nissan Vons Walmart Supercenter HdL° Companies Published by HdL CompaniANSummer 2024 www.hdlcompanies.com 1888.861.0220 (S) STATEWIDE RESULTS California's local one cent sales and use tax receipts during the months of January through March were 0.2% lower than the same quarter one year ago after adjusting for accounting anomalies. The calendar year first quarter is traditionally the lowest sales tax generating period; however, returns were more on par with the comparison period. One of the only sectors continuing to display declines was autos - transportation. High interest rates created more expensive long- term financing costs. Combined with a dramatic cost of insurance coverage rate spike, this group declined 7.5%. Fuel and service stations was the other sector with a drop over last year. As California drivers embark on summer travel, they'll do so with slightly elevated gas prices versus 2023, probably yielding the final period of negative results for the category heading into 2025. During this post -holiday shopping period, general consumer goods experienced a soft rebound with very modest 0.5% growth. Although retailers selling gas were hurt by fuel prices, it did not stop family apparel and department stores from lifting revenues. Restaurant activity contributed constant growth of 2.1%. Only fine dining establishments remain hindered as more affordable menus are preferred. Also, it appears some eateries made operational changes while implementing AB 1228; however, there isn't enough data yet to understand if this new bill pool allocations improved 1.6%. impacted revenue. Seemingly dramatic one-time events helped boost business - industry, as investments in office supplies -furniture and energy projects were a significant reason for 3.6% gains this quarter. Additionally, strong fulfillment center direct payments demonstrated sustained logistical expansion. When coupled with improved returns via the countywide use tax pools, customers demonstrated e-commerce preferences for obtaining various goods. Overall Cons.Goods Statewide, 2024 begins In a more positive fashion compared to the recent trends of 2023. Buoyed 1st quarter results maysignify'the floor' helping ease tax revenue concerns while awaiting the next growth cycle. The Federal Reserve and their position with the Fed Funds Rate remains the most probable component between economic stagnation or spring -boarding consumer spending. Tourism and local travel in the coming summer period could further inspire confidence. Pools 14% Restaurants Autos/Trans. *ADJUSTED FOR ECONOMIC DATA La Quinta County HdL State Business Type Q1 '24* Change Change Change Casual Dining 318.9 1.8%0 2.1%0 2.4%0 Leisure/Entertainment 214.8 2.8%0 -6.1%© 0.9%0 Electronics/Appliance Stores 118.3 -0.9%0 -5.6%0 -6.9%0 Service Stations 112.5 -7.9%40 -3.4%40 -0.9%40 Quick -Service Restaurants 101.9 4.1%0 6.7%0 2.7%0 Fine Dining 96.1 -3.5%© -1.1%40 -5.2%40 Family Apparel 93.6 10.4%0 8.7%0 7.5%0 Grocery Stores 89.4 -2.3%0 2.7%0 2.7%0 Specialty Stores 78.6 -1.4%0 -0.9%0 -2.3%40 Fast -Casual Restaurants 37.2 -9.7%0 1.3%0 2.2%0 *Allnratinn aherratinn.e have heen adjusted to ref/ert .sales nrtivity *In thousands of dollars CALIFORNIA FORECAST SALES TAX TRENDS &ECONOMIC DRIVERS DUNE 2024 Hid STATEWIDE Companies SALES TAX TRENDS Overview: From a macro perspective, economic variables are contributing in the short term to households paying close attention to essential needs while limiting discretionary purchases. Stubborn interest rate levels (for mortgages, financed purchases, credits cards) are a key component. Inflation remains a factor, elevating the price of many necessary items. Surges in insurance and utility expenses also contribute to limited discretionary spending, resulting in a soft outlook when closing out fiscal year 2023-24. Next year should see modest improvement across most tax generating groups. The Fed's approach to the funds rate along with consumer confidence trends will influence future spending patterns. 2023/2412024/25 IR Autos/Transportation - -0.2% While the number of auto units sold is still inching upwards, many consumers are delaying purchases, hoping for lower interest rates and better deals by year-end. Those buying now are selecting smaller, cheaper cars instead of the fully loaded models that were recently popular. Opting to find the best deal on a lease is becoming more attractive as manufacturers boost lease incentives for affordable monthly payments. This shift, however, defers sales tax revenue to the future, receipts coming monthly over the lease term. Overall, the auto market is normalizing, balancing out the previous years' revenue spikes but leading to moderate declines in tax revenue over the next three quarters. ABuilding/Construction -1.3% 12.7% As roofing contractors worked through a backlog of repair orders, lumberyards that sell little else benefited from the demand for roof sheathing material and some fledgling subdivision starts. Infrastructure projects maintained steady demand for asphalt and concrete, boosting sales for some outlets by double -digits. Paint sales were flat as the market absorbed the loss of all Kelly Moore outlets. High interest rates continue to curb new development, and changes in net metering prices implemented a year ago are now slowing rooftop solar installations. Significant declines in all sales at home improvement centers also lowered results. Small initial rate cuts by the Feds may be enough to energize the construction market when those take place. A Business/Industry 2.2% 12.7% Ecommerce flexed its muscles with a 5.3% increase in "local" online orders filled from CA -based fulfillment centers (places of sale) - comprising about 30% of total revenues. Large solar/energy, and Al technology projects spiked 1Q24 results, as did a bump in medical supply and biotech equipment sales. The industrial segments struggled as inventory, pricing, and demand challenges persisted. Farm/ construction equipment sales also slumped in the face of interest rates staying above acceptable acquisition levels. Given the diversity of this tax group, growth reflects slow expansion. With its unique composition, predictions for B&I vary based on the size and character of local businesses and industry for each jurisdiction. Food/Drugs -1.8% 10.8% Grocery store revenues grew 2.8% as companies utilized more technology to service customers, and consumers turned to eGrocery to obtain products instead of walking into stores. Convenience - liquor stores experienced soft gains but face challenges from patrons seeking better prices at discount stores. Cannabis retail sales continue to slump with a -4.6% return this quarter as the sector pulled back on marketing. In addition, the closure of a major drug store chain has led to increased competition and affected pricing. As this category goes through a stabilization period, the current year anticipates a decline. Only a modest increase expected in fiscal year 2024-25. 2023/2412024/25 Fuel/Service Stations -2.7% 1 1.0% Many of the factors within this group, including gasoline, diesel fuel, and oil barrel prices are experiencing downward pressure compared to a year ago. Statewide consumption of motor vehicle fuel decreased in calendar years 2022 - 2023 and the first two months of 2024. The supply of fuel in California is up, helping to lower prices; however, recent legislation SBX1-2 established lower corporate margin standards thereby restricting the local refineries profits and reducing the incentive to produce fuel in California. This offsetting factor could elevate prices at the pump. Overall, our short-term forecast projects a bump in the second quarter of 2024, followed by overall slow growth in fiscal year 2024-2025. General Consumer Goods -1.3% 11.4% The start of 2024 proved consumer resilience, bouncing back after a soft holiday quarter from direct sales tax allocations. Spending increased within the two largest segments: discount department stores and family apparel, guiding results up 0.5%to beat expectations. Increased foot traffic and customer transactions propelled off -price or value apparel chains to strong gains. Discount department stores rebounded, receiving a small boost from "pulled forward" demand and an extra shopping weekend in the January through March sales quarter. Overshadowing factors like high credit card rates, rising insurance premiums, and a softer labor market linger, putting pressure on household spending. In contrast, consumers have demonstrated over this past year the capacity to shop. The outlook for fiscal year 2024-25 remains modest, recapturing a portion of lost revenues in the current year. Restaurants/Hotels 2.1% 13.3% In response to rising prices, restaurant foot traffic has decelerated. Customers have become more discerning, opting to dine out less frequently. The surge in ingredient costs, labor expenses, and operational overheads has compressed profit marginsfor restaurants. Unfortunately, more restaurant chains are closing underperforming locations due to these challenges. Diners now prioritize value for their money, gravitating toward fast -casual establishments that offer affordable yet satisfying meals. Meanwhile, fine dining venues and leisure activities may experience a decrease in demand as tighter budgets prompt people to choose options that are more economical. State and County Pools -0.8% 12.0% In the recent quarter, online sales rebounded 1.6%, reversing a five - quarter trend of negative comparisons. Economic data demonstrated consumers increasingly favor ecommerce due to convenience and product variety. Over the past year, Chinese based online marketplace operators and fashion retailers broadened this group's tax base while competing directly with more seasoned merchants. Beyond shopper preferences, strategic technology investments and buyer profile refinement should enhance ecommerce outcomes. Despite challenges, only modest pool shrinkage is anticipated this fiscal year followed by a return to limited expansion in 2025. HdL Companies California Forecast June 2024 321 411 OA NATIONALAND STATEWIDE =ow ECONOMIC DRIVERS ECON04+IIC5 2024/2512025/26 U.S. Real GDP Growth 2.4% 12.1% • I Two years ago, the first recession concerns began, driven by the surge in inflation and sharp interest rates that quickly followed. Fortunately, a recession never materialized, and the U.S. economy has continued to expand at a steady pace. The nation's economy grew 2.9% in real terms from 1Q2023 to 1Q2024, despite the 10-year treasury jumping from 1.5%to 4.5% between 2022 to 2024. Growth in the second quarter is shaping up to 2%, forecast to continue in this steady 2-2.5% range for the year. In short, the U.S. is settling into a steady expansion, albeit a slow -growth due to sluggish expansion of labor supply. CA Unemployment Rate 5.4% 15.1% vCalifornia's unemployment rate has continued to rise since its all-time low of 3.9% in the 3rd quarter of 2022. As of the 1Q2024, it stands at nearly 5.3%, while in the nation overall it has remained stable. California now has the highest unemployment rate in the United States. Given its large agricultural workforce, it is not atypical for the state's unemployment rate to be elevated, but this shift is unusual. U.S. Census Current Population Survey data reflects that the increase in unemployment is almost exclusively among young people and may be linked to the state's recent minimum wage hikes. Thejob openings rate in the state has cooled since 2022, but remains higher than at any time prior to the pandemic. Until labor force growth picks up, the pace of hiring will slow, keeping downward pressure on the unemployment rate in the near term. CA Total Nonfarm Employment Growth 0.7% 10.9% California's labor market expanded during 1Q2024 adding 65,000 nonfarm payroll jobs over the previous quarter. Nonfarm employment has increased steadily for three years, and there are now 480,840 more employed in the state compared to the 1st quarter of 2022. Total nonfarm employment in California has grown 2.8% over this time compared to a 4.2% increase in the United States overall. California's labor force participation rate rose slightly YoY to nearly 62.1% in the 1st quarter of 2024 and appears to have settled at this level, remaining unchanged for three quarters. Labor force participation is of concern in the California labor market, as the labor force remains below pre - pandemic levels by 132,000 people. Growth in the labor force has been restricted by the ongoing housing shortage across the state. Absent a surge in housing supply, stagnant labor force expansion will cool the California labor market and restrict job growth. 2024/2512025/26 /\ U.S. Unemployment Rate 4.0% 4.2% O■ While the Federal Reserve's higher interest rates in response to inflation did create a negative shock to the U.S. economy, evidenced by a collapse in real estate transactions, failed banks, and reduced borrowing activity, it's important to note that these effects did not significantly impact U.S. consumer spending. Durable goods sales are likely to flatten somewhat given higher consumer inventories, but services spending will likely make up for any weakness. Beacon Economics expects the U.S. unemployment rate to remain low, real wages to grow at a good pace, and industrial production to remain steady. CA Residential Building Permits 102,233 1 101,891 Residential permits continue to decline, down 9.9% YoY. This trend dates tothe 2nd quarterof 2022. Only 9,189 single-family residential housing permits were approved in 1Q2024, the lowest level in ten years. Construction activity is expected to trend sideways, extending low housing supply in the state. Multifamily housing permits declined by 3.0% from their 1Q23 peak, but remain far above pre -pandemic levels. Multifamily permits are anticipated to remain at this level for the foreseeable future. This lack of further growth, paired with the steady decline in single-family housing permits puts downward pressure on housing affordability in the state in the short term. A housing market with a low inventory and sluggish new home construction will push prospective homeowners into the apartment market putting upward pressure on apartment rents. CA Median Existing l ❑J Home Price $737,092 I $763,541 Watch our webinar for more info. Existing home price growth in California shows no sign of slowing as inventories remain low. While decreases in early 2023 appeared to signal a reversal, the 1st quarter of 2024 saw the median price for an existing single-family home climb to $715,909, representing a 9.6% YoY jump. High mortgage rates continue to negatively affect both buyers and sellers. The Federal Reserve recently announced that inflation is still above their target level, and they expect to cut interest rates only once this year. This cautious approach means that mortgage rates are likely to remain elevated, continuing to limit home inventory, Beacon Economics expects existing home prices to continue trending upward. HdL Companies Califs Forecast June 2024 HdE° Comp Delivering Insight, Revenue, and Efficiency to Local Government HdL Companies 888.861.0220 1 solutions@hdlcompanies.com I hdlcompanies.com California's allocation data trails actual sales activity by three to six months. HdL compensates for the lack of current information by reviewing the latest reports, statistics and perspectives from fifty or more economists, analysts and trade associations to reach a consensus on probable trends for coming quarters. The forecast is used to help project revenues based on statewide formulas and for reference in tailoring sales tax estimates appropriate to each client's specific demographics, tax base and regional trends. Beacon Economics LLC 310.571.3399 1 BeaconEcon.com Beacon Economics has proven to be one of the most thorough and accurate economic research/analytical forecasting firms in the country. Their evaluation of the key drivers impacting local economies and tax revenues provides additional perspective to HdL's quarterly consensus updates. The collaboration and sharing of information between Beacon and HdL helps both companies enhance the accuracy of the work that they perform for their respective clients. POWER POINTS FINANCIAL ADVISORY COMMISSION SPECIAL MEETING AUGUST 29, 2024 Financial Advisory Commission Special Meeting August 29, 2024 W W M r. CA Financial Advisory Commission Special Meeting 8/29/2024 Business Session Item No. 1 Receive and File the Annual Comprehensive Financial Report for the Year Ended June 30, 2023 { IY CAL yg, Air. IL r E _ Y, d ✓ Conducted virtually by Eide Bailly LLP, Certified Public Accountants from October 2023 — June 2024 ✓ Reviewed nearly 1,000 documents & conducted interviews Audit Summary ✓ Issued a clean audit opinion — most favorable conclusion ✓ All new financial regulatory requirements have been implemented ✓ ACFR meets the GFOA's Certificate of Achievement Program's requirements and has been submitted for another certification ✓ Auditor comments regarding the City shall be provided tonight 8/29/2024 EideBadly.. CPAs & BUSINESS ADVISORS CITY OF LA QUINTA, CALIFORNIA Independent Auditor's Communication to those Charged with Governance (AU-C 260) for the fiscal year June 30, 2023 August 29, 2024 AUDITOR'S REQUIRED COMMUNICATION (AU-C 260) Scope of Work Comprehensive Annual Financial Report Federal Awards Report in Accordance with the Uniform Guidance (Single Audit Report) Results (June 30, 2023) • Unmodified opinion 8/29/2024 PROFESSIONAL STANDARDS • Form and express an opinion about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with U.S. GAAP. • Our responsibility is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. • We considered internal control over financial reporting. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. • Our responsibility, as it relates to the audit of the City's major federal program compliance, is to express an opinion on compliance of the City's major federal program based on our audit of the types of compliance requirements as described in the OMB Compliance Supplement. AUDITOR'S REQUIRED COMMUNICATION (AU-C 260) Significant Accounting Policies The City's significant accounting policies are described in Note 1 to the financial statements. As described in Note 1, the City changed accounting policies related to accounting for the provisions of Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription -Based Information Technology Agreements (SBITAs). Significant Accounting Estimates Amounts related to the net pension liability, deferred inflows and outflows of resources and disclosures were based on actuarial valuations and a proportionate share of the CalPERS collective net pension liability. Financial Statement Disclosures The disclosure of the City's defined benefit pension plans, net pension liability and related deferred inflows of resources and deferred outflows of resources in Note 9 to the financial statements. As disclosed in Note 9, a 1% increase or decrease in the discount rate has a significant effect on the City's net pension liability. The disclosure of the City's net OPEB liability and related deferred inflows of resources and deferred outflow of resources in Note 11 to the financial statements. As disclosed in Note 11, a 1% increase or decrease in the discount rate or healthcare cost trend rate has a significant effect on the City's net OPEB liability. 2 8/29/2024 AUDITOR'S REQUIRED COMMUNICATION (AU-C 260) Difficulties Encountered in Performing the Audit None noted Uncorrected and Corrected Misstatements There were no uncorrected misstatements identified as a result of our audit procedures. In our letter to those charged with governance, date July 19, 2024, we have identified misstatements that were brought to the attention of management and corrected. Disagreements with Management None noted Management Consultations with Other Independent Accountants None noted 0 AUDITOR'S REQUIRED COMMUNICATION (AU-C 260) Other Significant Matters, Findings or Issues Financial Statement Audit Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Financial Statement Finding No. 2023-001 — Reporting and Closing - Material Weakness Financial Statement Finding No. 2023-002 — Schedule of Expenditures of Federal Awards (SEFA) Preparation — Material Weakness 7 3 8/29/2024 QUESTIONS? Major Events Lp4rA Financial Statements Summaries & Charts Statement of Net Position Indicators of a City's fiscal health include: ✓ Balanced General Fund budget ✓ Strong General Fund reserve fund ✓ Making required pension contributions on time ✓ Public service levels meet or exceed standards of the community 8/29/2024 Non -Spendable $ 25,130,438 $ 468 Restricted 5,317,487 61,906,132 Committed 47,600,009 - Assigned 63,824,533 - Unassigned 44,105,041 �8,064,140) 0: 53,842,460 Prepaid Costs , 3 Pension Trust Land held for resale 5,403,652 Housing Funds RDA Loan 19,600,79,a Restricted Funds rA Non- en a e 381 Restricted AA_ 5,317,487 Committed_ 47,600,009 Assign = 63,824,533 U 44,105,041 0: Natural Disaster 15'000,000 Economic Disaster 13,000,000 Cash Flow Reserve 5,000,000 Capital Replacement 12,000,000 Operational Carryovers 2,600,009 MI 61, 906,13 8,064,1 Fire Ser����P� Sales Tax (Measure G) Capital Projects $ 25,130,906 67,223,619 47,600,009 63,824,533 36,040,901 $ 5,317,487 26,365,834 35,540,298 6, J06 67,223,619 47,600,001 $ 11,986,970 29,214,191 22,623,372 M Long -Term Debt ebt Type 11 $1,957,439 1 $1,703,426 Irrevocable Section 115 Pension Trust 1 $ 6,540,000 Balance 1 317,487 Major Infrastructure Investments Dune Palms La Quinta Avenue 53 & Bridge Landscape Jefferson Improvements Renovation Roundabout $4,050,000 $2,923,000 $2,758,000 Citywide Striping Highway 111 Refresh Corridor Area Plan Design $295,000 .R"w- ::�.,- $285,000nip. Fiscal Sustainability Ql Adopted a balanced 2023/24 budget 1� Continue to address long-term liabilities AMixture of housing and commercial developments are under construction � Long-term vision and planning are a priority Financial Advisory Commission Special Meeting 8/29/2024 Study Session Item No. 1 Review Strategic Plan Draft 4 14 1 YAW If CITY OF LA QU I NTA STRATEGIC PLAN ca 0"ra -- GEM ,frh, I)E5ER7 - r WHAT IS A STRATEGIC PLAN? s • A living document with Focus Areas and Goals reflective of the City's vision and Sacred Values. • It includes a Mission Statement, Sacred Values and Focus Areas with Goals. • It is reviewed and updated routinely as goals are achieved or the City's priorities change to add new Focus Areas. 7" MISSION STATEMENT O As the "Gem of the Desert," the City of La Quinta is committed to enhancing its unique natural surroundings to the benefit of its diverse residents through support for the arts and culture, public i safety, affordable housing, sustainable fiscal and environmental guidelines, multiracial and multigenerational activities and events, and preservation of its SACRED VALUES • Fiscal Sustainability: In La Quinta we prioritize financial management to ensure the well-being of our community. We are committed to conservative spending practices and providing high quality services and amenities. This proactive approach reflects our dedication to safeguarding the stability and resilience of our City. • Health & Wellness - La Quinta is a place to escape the hustle and bustle of everyday life. Here, anyone can unplug and experience nature, and a legacy of luxury with countless breathtaking views, community parks, and spa retreats. It' no wonder La Quinta is called the "Gem of the Desert." SACRED VALUES • Vibrant & Safe Community: There's something different about La Quinta - something special. Spend enough time here and you'll see why. It's the people. Here we care and uplift one another because we are a community dedicated to supporting the safety and prosperity of all. • Cultural Diversity: In La Quinta, we are committed to making meaningful connections - we celebrate our differences and promote safety and inclusivity. • Visually Beautiful City - Surrounded by some of the country's most beautiful natural landscapes and historic landmarks, La Quinta is a sustainable destination defined b kits beauty - inside and out. Whether it's our local art, unique parks, or our striking mountainscapes, La Quinta shines brightly. COLLABORATIVE EFFORT • The proposed draft Plan has been a collaborative effort of staff citywide. • It also reflects input from our residents during the Community Workshop in February and an outreach meeting in April. 13 FOCUS AREAS • Implement the Reenvision Highway 111 Plan • Address IID Lease Expiration & Equipment Needs • Underground Utilities • Be a Leader in Sustainability • Exemplary Public Safety • Marketing & Tourism • Broaden Community Involvement • Continue to Address Affordable Housing Needs • Expanding La Quinta's Boundaries • Expand Art in Public Places • Preserve La Quinta's History • Enhance Health/Wellness & Recreation Amenities • Economic Development r SEEKING YOUR INPUT • Today, we are highlighting 5 Focus Areas for your input — most of them costly "big rock" projects : • Implement the Reenvision Highway 111 Plan • IID equipment needs — for current and future needs • Undergrounding utilities • Public safety • Possible expansion of the City's boundaries �� -. WHAT'S NEXT • The draft Plan will be presented to each of the City's Commissions for input. • In October, it will be presented to the City Council in a Study Session. • Adoption of a final Strategic Plan by the City Council is anticipated by the end of 2024. DISCUSSION Financial Advisory Commission Special Meeting 8/29/2024 Business Session Item No. 2 Appoint Members of the Commission to Serve as Chairperson and Vice - Chairperson for Fiscal Year 2024/25 1w Ja W Prior Year Appointments Fisc rson Financial Advisory Commission Special Meeting 8/29/2024 Business Session Item No. 3 Receive and File the Fourth Quarter Fiscal Year 2023/24 Treasury Report for April, May, and June 2024 8/29/2024 PortfolioAllocations as of June 2024 HA.076% Cesn- including Sweep Accounts •LAIF-City •LAIF-HA -CAMP -Agencies •Treesulles •CCS +Capmtes -T.= PAN N.i 14 Fiscal Year Comparison: Earnings 2018-19 2021-22 2022-23 2023-24 Average Daily Balance $ 141,628,303 $ 152,994,488 $ 160,732,266 $ 191,565,121 $ 220,315,036 $ 243,442,561 Total Earnings $ 2,894,323 $ 2,798,779 $ 1,533,546 $ 1,508,983 $ 4,595,739 $ 8,603,100 Effective Rate of Return 2.04% 1.82% 0.95% 0.79% 2.09% 3.52% Going Forward • Will continue to monitor all economic news daily • Will continue to utilize 3 brokers to ensure competitive pricing on investments • Will manage cash effectively to maintain needed liquidity while maximizing potential earnings • Will continue to transition out of cash holdings and into pooled money accounts and/or treasuries as Fed rate declines Financial Advisory Commission Special Meeting 8/29/2024 Departmental Report Item No. 2 First Quarter 2024 (January -March) Sales Tax Update for the City of La Quinta _!jj r CAL Summary • Sales Taxes still trending slightly downward — total receipts (on a cash basis) down 3 % to LY for the Quarter • The County and State also saw declines • Overall, consumers continue to be more cautious in their spending and are leaning toward value options Major Industry Groups Sales and MG History Total Cash Variance to Percent of Receipts % Change Final Budget Budget Budget YTD Measure G Fiscal16-17 $ 1,462,650 $ 1,000,000 $ 462,650 146.26% Fiscal17-18 $ 9,967,657 $ 9,600,000 $ 367,657 103.83% Fiscal18-19 $ 10,958,118 9.94% $ 10,145,000 $ 813,118 108.01% Fiscal19-20 $ 10,310,526 -5.91% $ 9,646,500 $ 664,026 106.88% Fiscal20-21 $ 12,594,389 22.15% $ 10,617,200 $ 1,977,189 118.62% Fiscal21-22 $ 15,615,411 23.99% $ 13,500,000 $ 2,115,411 115.67% Fiscal22-23 $ 16,088,087 3.03% $ 15,500,000 $ 588,087 103.79% Fiscal23-24 $ 15,471,183 -3.83% $ 15,515,000 $ (43,817) 99.72% YTD Sales Tax Fiscal16-17 $ 8,597,655 $ 8,604,000 $ (6,345) 99.93% Fiscal17-18 $ 8,989,328 4.56% $ 8,776,100 $ 213,228 102.43% Fiscal18-19 $ 9,947,125 10.65% $ 9,300,000 $ 647,125 106.96% Fiscal19-20 $ 8,825,489 -11.28% $ 8,235,900 $ 589,589 107.16% Fiscal20-21 $ 10,729,160 21.57% $ 9,428,700 $ 1,300,460 113.79% Fiscal21-22 $ 12,589,104 17.34% $ 11,500,000 $ 1,089,104 109.47% Fiscal22-23 $ 12,799,992 1.68% $ 12,250,000 $ 549,992 104.49% Fiscal23-24 $ 12,170,477 -4.92% $ 12,205,000 $ (34,523) 99.72% The Next Regular Financial Advisory Commission Special Meeting will be on October 2, 2024 Wq CAI CALIFORNIA