2019 06 18 FA Special MeetingFINANCING AUTHORITY 1 JUNE 18, 2019
SPECIAL MEETING
NOTICE AND CALL OF SPECIAL MEETING
OF THE LA QUINTA FINANCING AUTHORITY
TO THE MEMBERS OF THE FINANCING AUTHORITY OF THE CITY OF
LA QUINTA AND TO THE CITY CLERK/AUTHORITY SECRETARY:
NOTICE IS HEREBY GIVEN that a special meeting of the Financing
Authority of the City of La Quinta is hereby called to be held on June 18,
2019, at 4 p.m. at La Quinta City Hall, 78495 Calle Tampico, La Quinta,
California for the following purpose:
CONSENT CALENDAR
1. APPROVE MINUTES OF JUNE 19, 2018
BUSINESS SESSION
1. ADOPT A RESOLUTION TO APPROVE FISCAL YEAR 2019/20
BUDGET [RESOLUTION NO. FA 2019-001]
Dated: June 14, 2019 Linda Evans
Linda Evans, Chairperson
Attest:
Monika Radeva
Financing Authority Secretary
DECLARATION OF POSTING
I, Monika Radeva, Authority Secretary, do hereby declare that the foregoing
notice for the Special La Quinta Financing Authority meeting of June 18,
2019, was posted on the outside entry to the Council Chamber at 78495
Calle Tampico and on the bulletin boards at 51321 Avenida Bermudas and
78630 Highway 111 on June 14, 2019.
DATED: June 14, 2019
MONIKA RADEVA, Authority Secretary
La Quinta Financing Authority
FINANCING AUTHORITY AGENDA 1 JUNE 18, 2019
SPECIAL MEETING
FINANCING AUTHORITY
AGENDA
CITY HALL COUNCIL CHAMBER
78495 Calle Tampico, La Quinta
SPECIAL MEETING
TUESDAY, JUNE 18, 2019, AT 4:00 P.M.
CALL TO ORDER
ROLL CALL: Authority Members: Fitzpatrick, Peña, Radi, Sanchez,
Chairperson Evans
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA
At this time, members of the public may address the Financing Authority on any matter
not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes. The Financing Authority 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 GC 54954.2(b).
CONFIRMATION OF AGENDA
CLOSED SESSION – NONE
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 MINUTES DATED JUNE 19, 2018 3
BUSINESS SESSION
PAGE
1. ADOPT A RESOLUTION TO APPROVE FISCAL YEAR 2019/20
BUDGET [RESOLUTION NO. FA 2018-001]
5
Financing Authority agendas and
staff reports are now available on the
City’s web page: www.laquintaca.gov
FINANCING AUTHORITY AGENDA 2 JUNE 18, 2019
SPECIAL MEETING
CHAIR AND AUTHORITY MEMBERS' ITEMS
ADJOURNMENT
*****************************************
For information about the next special meeting of the Financing Authority,
please contact the City Clerk’s Office at (760) 777-7000.
DECLARATION OF POSTING
I, Monika Radeva, Authority Secretary of the La Quinta Financing Authority, do
hereby declare that the foregoing agenda for the La Quinta Financing Authority
meeting was posted near the entrance to the Council Chambers at 78495 Calle
Tampico and on the bulletin boards at the La Quinta Cove Post Office at 51321
Avenida Bermudas and at the Stater Brothers Supermarket 78630 Highway 111,
on June 14, 2019.
DATED: June 14, 2019
MONIKA RADEVA, Authority Secretary
La Quinta Financing Authority
Public Notices
The La Quinta City Council Chamber is handicapped accessible. If special equipment
is needed for the hearing impaired, please call the City Clerk’s Office at (760)
777-7092, twenty-four (24) hours in advance of the meeting and accommodations
will be made.
If special electronic equipment is needed to make presentations to the Financing
Authority, arrangement should be made in advance by contacting the City Clerk's
Office at (760) 777-7092. A one (1) week notice is required.
If background material is to be presented to the Financing Authority during a
meeting, please be advised that eight (8) copies of all documents, exhibits, etc.,
must be supplied to the City Clerk for distribution. It is requested that this take
place prior to the beginning of the meeting.
Any writings or documents provided to a majority of the Financing Authority
regarding any item on this agenda will be made available for public inspection at the
City Clerk counter at City Hall located at 78495 Calle Tampico, La Quinta, California,
92253, during normal business hours.
FINANCING AUTHORITY MINUTES Page 1 of 2 JUNE 19, 2018
SPECIAL MEETING
FINANCING AUTHORITY
MINUTES
SPECIAL MEETING
TUESDAY, JUNE 19, 2018
CALL TO ORDER
A special meeting of the La Quinta Financing Authority was called to order at
8:57 p.m. by Chairperson Evans.
PRESENT: Authority Members Fitzpatrick, Peña, Radi, Sanchez, Chairperson Evans
ABSENT: None
CLOSED SESSION – None
PUBLIC COMMENT – None
CONFIRMATION OF AGENDA – Confirmed
ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS
– None
CONSENT CALENDAR
1.APPROVE SPECIAL MEETING MINUTES DATED JUNE 20, 2017
MOTION – A motion was made and seconded by Authority Members Radi/Peña
to approve the Consent Calendar as recommended. Motion passed
unanimously.
BUSINESS SESSION
1.ADOPT A RESOLUTION TO APPROVE FISCAL YEAR 2018/19
BUDGET [RESOLUTION NO. FA 2018-001]
Finance Authority waived presentation of the staff report, which is on file in
the Clerk’s Office.
Chairperson Evans said the Financing Authority will pay off the outstanding
balance of the 1996 Lease Revenue Refunding Bonds by October 2018.
CONSENT CALENDAR ITEM NO. 1
3
FINANCING AUTHORITY MINUTES Page 2 of 2 JUNE 19, 2018
SPECIAL MEETING
MOTION – A motion was made and seconded by Authority Members Peña/Radi
to adopt Resolution No. FA 2018-001 approving the La Quinta Financing
Authority Fiscal Year 2018/19 Budget, as recommended:
A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY APPROVING
A BUDGET FOR FISCAL YEAR 2018/19
Motion passed unanimously.
2. ADOPT A RESOLUTION TO APROVE A DEBT MANAGEMENT
POLICY [RESOLUTION NO. FA 2018-002]
Finance Authority waived presentation of the staff report, which is on file in
the Clerk’s Office.
MOTION – A motion was made and seconded by Authority Members
Peña/Fitzpatrick to adopt Resolution No. FA 2018-002 approving the La Quinta
Financing Authority Fiscal Year 2018/19 Budget, as recommended:
A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY APPROVING
A DEBT MANAGEMENT POLICY
Motion passed unanimously.
STUDY SESSION – None
PUBLIC HEARINGS – None
DEPARTMENTAL REPORTS – None
CHAIR AND AUTHORITY MEMBERS' ITEMS – None
REPORTS AND INFORMATIONAL ITEMS – None
ADJOURNMENT
There being no further business, it was moved and seconded by Authority
Members Radi/Fitzpatrick to adjourn at 8:59 p.m. Motion passed
unanimously.
Respectfully submitted,
MONIKA RADEVA, Authority Secretary
La Quinta Financing Authority
4
City of La Quinta
FINANCING AUTHORITY MEETING: June 18, 2019
STAFF REPORT
AGENDA TITLE: ADOPT RESOLUTION TO APPROVE FISCAL YEAR 2019/20
BUDGET
RECOMMENDATION
Adopt a Resolution of the La Quinta Financing Authority approving the
2019/20 La Quinta Financing Authority Budget.
EXECUTIVE SUMMARY
Annually, the budget is prepared and submitted for the Financing
Authority’s review and approval (Attachment 1).
Projected revenues of $1,000 will fund expenditures of $1,000 for the
required annual filing of a State Controller’s Report.
FISCAL IMPACT
2019/20, the revenues are projected to be $1,000 and the expenditures are
also projected to be $1,000.
BACKGROUND/ANALYSIS
At the Council Meeting of May 21, 2019, the annual budget was presented
for review; no changes have been made to the proposed budget since then.
The Financing Authority’s revenues are derived from the City of La Quinta’s
General Fund. With the 1996 Civic Center Bond fully repaid, expenditures
have reduced from the prior year by $670,600. Expenses for 2019/20 are
limited to the required annual filing of a State Controller’s Report. Revenue
and expense are details in Attachment 1.
ALTERNATIVES
The Authority may further adjust the various appropriations.
Prepared by: Karla Romero, Finance Director
Approved by: Frank J. Spevacek, City Manager
Attachment: 1. 2019/20 Finance Authority Budget
BUSINESS SESSION ITEM NO.
5
6
RESOLUTION NO. FA 2019 -
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY APPROVING A BUDGET FOR FISCAL
YEAR 2019/20
WHEREAS, each year the La Quinta Financing Authority adopts a
Budget for Revenues and Expenditures for the upcoming Fiscal Year; and
WHEREAS, the Financing Authority desires to make provisions for a
level of services commensurate with the needs of the City; and
WHEREAS, the Financing Authority has reviewed said budget and has
had public meetings to receive public input; and
WHEREAS, the Financing Authority has, after due deliberation and
consideration, made such amendments in the proposed budget as it
considers desirable; and
NOW, THEREFORE, BE IT RESOLVED by the La Quinta Financing
Authority to adopt, as follows:
SECTION 1. The Fiscal Year 2019/20 Budget which is on file with the La
Quinta Financing Authority Secretary is hereby approved.
SECTION 2. Budget adjustment procedures are approved as follows:
A. Additional appropriations and the transfer of cash or unappropriated
fund balance from one fund to another shall be made only upon
Financing Authority approval.
B. Transfers of budgeted appropriations between divisions or capital
projects shall be made only upon Financing Authority approval.
C. Transfers of budgeted appropriations between accounts within a
division or capital project may be made with the approval of the
Executive Director or his designee.
D. Prior year budget continuing Appropriations and Encumbrances for
unexpended capital project appropriations remaining from
uncompleted prior year capital projects shall be made with Executive
Director approval. These carry-over appropriations are for prior year
Financing Authority approved capital projects and shall not exceed the
7
Resolution No. FA 2019 -
Budget Approval FY 2019/20
Adopted: June 18, 2019
Page 2 of 2
approved project budget.
SECTION 3. The Executive Director shall render a monthly report on the
status of City operations as it relates to the approved budget and any
amendments thereto.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La
Quinta Financing Authority held on this 18th day of June 2018, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
________________________________
LINDA EVANS, Chairperson
La Quinta Financing Authority, California
ATTEST:
_______________________________
MONIKA RADEVA, Secretary
La Quinta Financing Authority, California
(SEAL)
APPROVED AS TO FORM:
_________________________________
WILLIAM H. IHRKE, Authority Counsel
La Quinta Financing Authority, California
8
2019/20ADOPTED BUDGET
FINANCE
AUTHORITY
ATTACHMENT 1
9
THIS PAGE INTENTIONALLY LEFT BLANK.
10
2017/18
Actuals
2018/19
Original
2018/19
Current
2019/20
Proposed
2019/20
Adopted
310 - LQ FINANCE AUTHORITY DEBT SERVICE
176.69 0.00 0.00 0.00 0.00310-0000-41915 Non-Allocated Intere
671,274.25 671,600.00 671,600.00 1,000.00 1,000.00310-0000-42111 Rental Income
94.76 0.00 0.00 0.00 0.00310-0000-49500 Transfers In
CE AUTHORITY DEBT SERVICE Totals:671,545.70 671,600.00 671,600.00 1,000.00 1,000.00
FINANCE AUTHORITY REVENUE 671,545.70 671,600.00 671,600.00 1,000.00 1,000.00
176.69 0.00 0.00 0.00 0.00
671,274.25 671,600.00 671,600.00 1,000.00 1,000.00
94.76 0.00 0.00 0.00 0.00
671,545.70 671,600.00 671,600.00 1,000.00 1,000.00
671,545.70 671,600.00 671,600.00 1,000.00 1,000.00
CITY OF LA QUINTA FINANCE AUTHORITY REVENUES 2019/20 ADOPTED BUDGET
1 11
2017/18
Actuals
2018/19
Original
2018/19
Current
2019/20
Proposed
2019/20
Adopted
310 - LQ FINANCE AUTHORITY DEBT SERVICE
0000 - Undesignated
60 - Contract Services
0.00 0.00 0.00 1,000.00 1,000.00310-0000-60181 Contract Services Fees
60 - Contract Services Totals:0.00 0.00 0.00 1,000.00 1,000.00
0000 - Undesignated Totals:0.00 0.00 0.00 1,000.00 1,000.00
9501 - 9501 - Financing Authority
60 - Contract Services
2,633.00 3,000.00 3,000.00 0.00 0.00310-9501-60102 Administration
500.00 500.00 500.00 0.00 0.00310-9501-60181 Contract Services Fees
60 - Contract Services Totals:3,133.00 3,500.00 3,500.00 0.00 0.00
68 - Capital Expenses
615,000.00 650,000.00 650,000.00 0.00 0.00310-9501-82130 1996 FA Bonds Principal
53,141.25 18,100.00 18,100.00 0.00 0.00310-9501-83370 1996 FA Series Bonds Interes
68 - Capital Expenses Totals:668,141.25 668,100.00 668,100.00 0.00 0.00
9501 - 9501 - Financing Authority Totals:671,274.25 671,600.00 671,600.00 0.00 0.00
Q FINANCE AUTHORITY DEBT SERVICE Totals:671,274.25 671,600.00 671,600.00 1,000.00 1,000.00
0.00 0.00 0.00 1,000.00 1,000.00
0.00 0.00 0.00 1,000.00 1,000.00
0.00 0.00 0.00 1,000.00 1,000.00
2,633.00 3,000.00 3,000.00 0.00 0.00
500.00 500.00 500.00 0.00 0.00
3,133.00 3,500.00 3,500.00 0.00 0.00
615,000.00 650,000.00 650,000.00 0.00 0.00
53,141.25 18,100.00 18,100.00 0.00 0.00
668,141.25 668,100.00 668,100.00 0.00 0.00
671,274.25 671,600.00 671,600.00 0.00 0.00
671,274.25 671,600.00 671,600.00 1,000.00 1,000.00
CITY OF LA QUINTA FINANCE AUTHORITY EXPENSES 2019/20 ADOPTED BUDGET
2 12