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2025 02 12 FACFINANCIAL ADVISORY COMMISSION Page 1 of 4 FEBRUARY 12, 2025 AGENDA FINANCIAL ADVISORY COMMISSION AGENDA CITY HALL COUNCIL CHAMBER 78495 Calle Tampico, La Quinta WEDNESDAY, FEBRUARY 12, 2025, 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 1. EXPANDING LA QUINTA’S ELECTRICAL CAPACITY UPDATE CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. PAGE 1. RECEIVE AND FILE SPECIAL MEETING MINUTES DATED DECEMBER 4, 2024 5 Financial Advisory Commission agendas and staff reports are now available on the City’s web page: www.laquintaca.gov FINANCIAL ADVISORY COMMISSION Page 2 of 4 FEBRUARY 12, 2025 AGENDA 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED OCTOBER 31, 2024 9 3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED NOVEMBER 30, 2024 15 BUSINESS SESSION PAGE 1. RECEIVE AND FILE FISCAL YEAR 2023/24 GENERAL FUND YEAR-END BUDGET REPORT 21 STUDY SESSION – None DEPARTMENTAL REPORTS PAGE 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES 39 2.THIRD QUARTER 2024 (JULY-SEPT) SALES TAX UPDATE 47 COMMISSIONERS’ ITEMS ADJOURNMENT The La Quinta Financial Advisory Commission will hold a special meeting on March 26, 2025, 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 meeting of February 12, 2025, was posted on the City’s website, near the entrance to the Council Chamber at 78495 Calle Tampico and the bulletin board at 51321 Avenida Bermudas, on February 7, 2025. DATED: February 7, 2025 Claudia Martinez, Finance Director, Interim Commission Secretary City of La Quinta, California Wl FINANCIAL ADVISORY COMMISSION Page 3 of 4 FEBRUARY 12, 2025 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.laquintaca.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 the Clerk’s Office at (760) 777-7091, 24- hours in advance of the meeting and accommodations will be made.  If background material is to be presented to the Commission during a Commission meeting, please be advised that 15 copies of all documents, exhibits, etc., must be supplied to the Commission Secretary for distribution. It is requested that this takes place prior to the beginning of the meeting. PUBLIC COMMENTS – INSTRUCTIONS Members of the public may address the Commission on any matter listed or not listed on the agenda as follows: 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@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 4 of 4 FEBRUARY 12, 2025 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 by the Commission. In such instances, remote public accessibility and participation will be facilitated via Zoom Webinar as detailed below. *** 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/j/89839984651 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@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 1 of 3 DECEMBER 4, 2024 SPECIAL MEETING – MINUTES FINANCIAL ADVISORY COMMISSION SPECIAL MEETING MINUTES WEDNESDAY, DECEMBER 4, 2024 CALL TO ORDER A special meeting of the La Quinta Financial Advisory Commission (Commission) was called to order at 3:30 p.m. by Commissioner Batavick in his capacity as Acting Presiding Officer. PRESENT: Commissioners Batavick, Kiehl, Lee, Mast, Way, and Chair Dorsey (joined the meeting at 3:39 p.m.) ABSENT: Commissioner Anderson PLEDGE OF ALLEGIANCE Commissioner Mast led the audience in the Pledge of Allegiance. PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA – None CONFIRMATION OF AGENDA – Confirmed ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS – None CONSENT CALENDAR ITEMS 1.RECEIVE AND FILE SPECIAL MEETING MINUTES DATED NOVEMBER 13, 2024 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED JUNE 30, 2024 CONSENT CALENDAR ITEM NO. 2 – COMMENTS At the Commission’s request, Principal Financial Analyst Hallick explained the County Government Tax Revenue for Debt Service is property tax revenue allocated to former Redevelopment Agencies in a Redevelopment Property Tax Trust Fund, established by the state to pay off former redevelopment project debts per the City’s Recognized Obligation Payment Schedule approved by the State Department of Finance; the City currently has two bonds, series 2016 and 2021, which are paid twice a year with this tax revenue; general boundary descriptions of the City’s redevelopment project areas 1, 2, and Thermal, part of which was annexed into the La Quinta city limits from the County; how property tax increment revenue is generated through redevelopment project areas; CONSENT CALENDAR ITEM NO. 1 5 FINANCIAL ADVISORY COMMISSION Page 2 of 3 DECEMBER 4, 2024 SPECIAL MEETING – MINUTES and the State does not receive any property tax revenues, however, if property tax revenues are not sufficient to fund school budgets, the State is required to use General Fund monies to provide funding. CHAIR DORSEY JOINED THE MEETING AT 3:39 P.M. MOTION – A motion was made and seconded by Commissioners Kiehl/Way to approve the Consent Calendar as presented. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Anderson). ACTING PRESIDING OFFICER BATAVICK TURNED OVER PRESIDING OFFICER DUTIES TO CHAIR DORSEY FOR THE REMAINDER OF THE MEETING BUSINESS SESSION 1.RECEIVE AND FILE FISCAL YEAR 2023/24 MEASURE G SALES TAX COMPLIANCE REPORT (Report) Finance Director Martinez presented the staff report, which is on file in the Finance Department. The Commission discussed Council will consider the Report at the December 17, 2024, meeting; community attendance and input on citywide project priorities at the annual Community Workshop; Capital Improvement Program (CIP) projects review and approval process, and funding allocations; importance of the current lack of electrical power capacity and infrastructure expansion issues from Imperial Irrigation District (IID); City’s reserve levels; Measure G ballot measure history, revenues are not restricted for certain uses, and revenues allocation over the years since inception; CIP project management and oversight require substantial staff time investment; and CIP annual budgets. MOTION – A motion was made and seconded by Commissioners Lee/Mast to receive and file fiscal year 2023/24 Measure G Sales Tax Compliance Report as presented. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Anderson). 2. APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO SERVE ON THE FISCAL YEAR 2025/26 GENERAL FUND OPERATING BUDGET SUBCOMMITTEE Finance Director Martinez presented the staff report, which is on file in the Finance Department. Commissioners Lee, Mast, and Way expressed their willingness to serve on the fiscal year 2025/26 general fund operating budget subcommittee. 6 FINANCIAL ADVISORY COMMISSION Page 3 of 3 DECEMBER 4, 2024 SPECIAL MEETING – MINUTES MOTION – A motion was made and seconded by Commissioners Mast/Batavick to appoint Commissioners Lee, Mast, and Way to serve on the fiscal year 2025/26 General Fund Operating Budget Subcommittee. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Anderson). 3. RECEIVE AND FILE FIRST QUARTER FISCAL YEAR 2024/25 TREASURY REPORTS FOR JULY, AUGUST, AND SEPTEMBER 2024 Financial Services Analyst Hallick presented the staff report, which is on file in the Finance Department. General discussion followed regarding the new treasury reporting software, Tracker, featuring multiple user logins, access to market data, customizable dashboard and tools for tracking upcoming financial deadlines (maturities) and managing the City’s investment portfolios. MOTION – A motion was made and seconded by Commissioners Lee/Mast to receive and file fiscal year 2024/25 Treasury Reports for July, August, and September 2024 as presented. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Anderson) STUDY SESSION – None DEPARTMENTAL REPORTS 1.FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES Finance Director Martinez presented the departmental report, which is on file in the Finance Department, including audits currently underway, annual reports, committee updates, citywide project updates, and upcoming City events. COMMISSIONERS’ ITEMS The Commission was pleased with the City’s annual Holiday Open House held the night before at City Hall; and noted its gratitude to the City and staff’s service and dedication. ADJOURNMENT There being no further business, it was moved and seconded by Commissioners Lee/Mast to adjourn this meeting at 4:40 p.m. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Anderson). Respectfully submitted, Amanda Guerrero, Temporary Administrative Technician City of La Quinta, California 7 8 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: February 12, 2025 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED OCTOBER 31, 2024 RECOMMENDATION Receive and file revenue and expenditure report dated October 31, 2024. EXECUTIVE SUMMARY The report summarizes the City’s year-to-date (YTD) and month-to-date (MTD) revenues and expenditures for October 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 2024 for fiscal year 2024/25. Current Total Budget – represents original adopted budgets plus any Council approved budget amendments from throughout the year. The 2023/24 operating and Capital Improvement Project carryovers to 2024/25 will be processed after the year-end audit is completed. Period Activity – represents actual revenues received and expenditures outlaid in the reporting month. Fiscal Activity – represents actual revenues received and expenditures outlaid YTD. Variance Favorable/(Unfavorable) - represents the dollar difference between YTD collections/expenditures and the current budgeted amount. Percent Used – represents the percentage activity as compared to budget YTD. CONSENT CALENDAR ITEM NO. 2 9 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. Unlike revenues, expenditures are more likely to be consistent from month to month. However, large debt service payments or CIP expenditures can cause swings. Prepared by: Rosemary Hallick, Principal Management Analyst Approved by: Claudia Martinez, Finance Director Attachment: 1. Revenue and Expenditure Report for October 31, 2024 MTD YTD Percent of Budget YTD Percent of Budget General Fund (GF)3,593,193$ 7,788,555$ 9.42%8,386,917$ 10.69% All Funds 4,121,866$ 12,441,955$ 7.92% 17,722,736$ 14.34% MTD YTD Percent of Budget YTD Percent of Budget General Fund 1,649,210$ 8,202,955$ 9.84%9,193,557$ 12.62% Payroll (GF)878,021$ 3,364,351$ 23.81%3,123,714$ 23.33% All Funds 3,942,208$ 34,072,021$ 23.36% 38,858,214$ 32.91% October 2024 Revenues Comparison to 2023 October 2024 Expenditures Comparison to 2023 General Fund Non-General Fund Measure G Sales Tax 938,573$ Gas Tax 191,792$ Sales Tax 695,793$ SilverRock Green Fees 165,299$ Property Tax 577,644$ SLESA Grant(1)102,997$ Transient Occupancy (Hotel) Tax 554,747$ Allocated Interest 44,894$ Fire Service Credit 170,461$ Developer Impact Fees - Transportation 32,072$ General Fund Non-General Fund Parks Maintenance Services 114,741$ Capital Improvement Program (CIP) - Construction(2)945,895$ Contract Legal Services 90,900$ SilverRock Maintenance 306,994$ Visit Greater Palm Springs 84,144$ Machinery & Equipment 220,228$ Marketing & Tourism Promotions 44,774$ Contract IT Management 84,186$ Contract Traffic Engineer 28,021$ Lighting & Landscape - Supplies 83,752$ Top Five Revenue/Income Sources for October Top Five Expenditures/Outlays for October (1)Supplemental Law Enforcement Services Fund - Citizens' Option for Public Safety (COPS) Grant (2)CIP Construction - Dune Palms Bridge; SRR Park (art pedestals) 10 For Fiscal: 2024/25 Period Ending: 10/31/2024 Page 1 of 3 Revenue Summary Fiscal Activity Variance Favorable (Unfavorable)Fund Period Activity Current Total Budget Original Total Budget Percent Used 101 - GENERAL FUND 7,788,5553,593,19382,714,300 82,714,300 -74,925,745 9.42% 105 - DISASTER RECOVERY FUND -12,424030,000 30,000 -42,424 41.41% 201 - GAS TAX FUND 477,946191,7922,589,000 2,589,000 -2,111,054 18.46% 202 - LIBRARY & MUSEUM FUND -12,3917713,143,000 3,143,000 -3,155,391 0.39% 203 - PUBLIC SAFETY FUND (MEASURE G)-22805,000 5,000 -5,228 4.55% 210 - FEDERAL ASSISTANCE FUND -30190,000 190,000 -190,003 0.00% 212 - SLESA (COPS) FUND 102,258102,997103,000 103,000 -742 99.28% 215 - LIGHTING & LANDSCAPING FUND 23,96713,2174,000,500 4,000,500 -3,976,533 0.60% 221 - AB 939 - CALRECYCLE FUND 10,4503,69180,000 80,000 -69,550 13.06% 223 - MEASURE A FUND 142,33402,025,000 2,025,000 -1,882,666 7.03% 225 - INFRASTRUCTURE FUND -2401,000 1,000 -1,024 2.41% 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)0013,000 13,000 -13,000 0.00% 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)005,500 5,500 -5,500 0.00% 230 - CASp FUND, AB 1379 4,9991,11221,000 21,000 -16,001 23.81% 231 - SUCCESSOR AGCY PA 1 RORF 21,6463,97920,260,000 20,260,000 -20,238,354 0.11% 235 - SO COAST AIR QUALITY FUND -162054,500 54,500 -54,662 0.30% 237 - SUCCESSOR AGCY PA 1 ADMIN -233013,820 13,820 -14,053 1.69% 241 - HOUSING AUTHORITY 149,78327,3111,452,000 1,452,000 -1,302,217 10.32% 243 - RDA LOW-MOD HOUSING FUND -5,289060,000 60,000 -65,289 8.82% 247 - ECONOMIC DEVELOPMENT FUND 39040840,000 40,000 -39,610 0.97% 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)25,522018,000 18,000 7,522 141.79% 250 - TRANSPORTATION DIF FUND 120,63932,072540,000 540,000 -419,361 22.34% 251 - PARKS & REC DIF FUND 44,65416,848253,000 253,000 -208,346 17.65% 252 - CIVIC CENTER DIF FUND 27,5819,840103,000 103,000 -75,419 26.78% 253 - LIBRARY DEVELOPMENT DIF 8,7933,17650,000 50,000 -41,207 17.59% 254 - COMMUNITY & CULTURAL CENTERS DIF 19,8547,648105,000 105,000 -85,146 18.91% 255 - STREET FACILITY DIF FUND -10001,000 1,000 -1,100 10.04% 256 - PARK FACILITY DIF FUND -90100100 -109 9.45% 257 - FIRE PROTECTION DIF 8,1512,95253,000 53,000 -44,849 15.38% 259 - MAINTENANCE FACILITIES DIF FUND 8,7572,50447,000 47,000 -38,243 18.63% 270 - ART IN PUBLIC PLACES FUND 18,297910158,000 158,000 -139,703 11.58% 275 - LQ PUBLIC SAFETY OFFICER -6903,000 3,000 -3,069 2.30% 299 - INTEREST ALLOCATION FUND 2,435,01544,89400 2,435,015 0.00% 310 - LQ FINANCE AUTHORITY DEBT SERVICE -101,500 1,500 -1,501 0.07% 401 - CAPITAL IMPROVEMENT PROGRAMS 117,646027,218,109 27,218,109 -27,100,463 0.43% 405 - SA PA 1 CAPITAL IMPRV FUND -80500500 -508 1.51% 501 - FACILITY & FLEET REPLACEMENT -6,38201,705,000 1,705,000 -1,711,382 0.37% 502 - INFORMATION TECHNOLOGY 13,2408,5832,276,708 2,276,708 -2,263,468 0.58% 503 - PARK EQUIP & FACILITY FUND -4,5860500,000 500,000 -504,586 0.92% 504 - INSURANCE FUND -1,05701,363,230 1,363,230 -1,364,287 0.08% 601 - SILVERROCK RESORT 541,192171,6445,484,500 5,484,500 -4,943,308 9.87% 602 - SILVERROCK GOLF RESERVE -882098,000 98,000 -98,882 0.90% 760 - SUPPLEMENTAL PENSION PLAN -8807,000 7,000 -7,088 1.26% 761 - CERBT OPEB TRUST 156,928040,000 40,000 116,928 392.32% 762 - PARS PENSION TRUST 217,295-117,676200,000 200,000 17,295 108.65% Report Total:4,121,866 12,441,955157,026,267 157,026,267 -144,584,312 7.92% ATTACHMENT 1 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. 11 For Fiscal: 2024/25 Period Ending: 10/31/2024 Page 2 of 3 Expenditure Summary Fiscal Activity Variance Favorable (Unfavorable)Fund Period Activity Current Total Budget Original Total Budget Percent Used 101 - GENERAL FUND 8,202,9551,649,21083,331,665 83,331,665 75,128,710 9.84% 201 - GAS TAX FUND 210,83357,1223,443,100 3,443,100 3,232,267 6.12% 202 - LIBRARY & MUSEUM FUND 202,79337,1172,555,615 2,555,615 2,352,822 7.94% 210 - FEDERAL ASSISTANCE FUND 00198,500 198,500 198,500 0.00% 212 - SLESA (COPS) FUND 33,9270100,000 100,000 66,073 33.93% 215 - LIGHTING & LANDSCAPING FUND 1,029,257227,2633,957,700 3,957,700 2,928,443 26.01% 221 - AB 939 - CALRECYCLE FUND 20,5196,519200,000 200,000 179,481 10.26% 223 - MEASURE A FUND 002,335,000 2,335,000 2,335,000 0.00% 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)11,0381,28812,000 12,000 962 91.99% 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)005,000 5,000 5,000 0.00% 230 - CASp FUND, AB 1379 005,500 5,500 5,500 0.00% 231 - SUCCESSOR AGCY PA 1 RORF 15,050,68004,452,755 4,452,755 -10,597,925 338.01% 235 - SO COAST AIR QUALITY FUND 1,819040,000 40,000 38,181 4.55% 237 - SUCCESSOR AGCY PA 1 ADMIN 1,600010,000 10,000 8,400 16.00% 241 - HOUSING AUTHORITY 309,32387,8041,715,440 1,715,440 1,406,117 18.03% 243 - RDA LOW-MOD HOUSING FUND 300,8000250,000 250,000 -50,800 120.32% 247 - ECONOMIC DEVELOPMENT FUND 3,83485031,500 31,500 27,666 12.17% 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)00250,000 250,000 250,000 0.00% 250 - TRANSPORTATION DIF FUND 400,00001,579,109 1,579,109 1,179,109 25.33% 253 - LIBRARY DEVELOPMENT DIF 0015,000 15,000 15,000 0.00% 254 - COMMUNITY & CULTURAL CENTERS DIF 00500,000 500,000 500,000 0.00% 259 - MAINTENANCE FACILITIES DIF FUND 00100,000 100,000 100,000 0.00% 270 - ART IN PUBLIC PLACES FUND 44,30616,223233,000 233,000 188,694 19.02% 310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,500 1,500 1,500 0.00% 401 - CAPITAL IMPROVEMENT PROGRAMS 3,208,816988,62627,218,109 27,218,109 24,009,293 11.79% 501 - FACILITY & FLEET REPLACEMENT 552,951253,2221,628,750 1,628,750 1,075,799 33.95% 502 - INFORMATION TECHNOLOGY 1,183,025127,8613,217,945 3,217,945 2,034,920 36.76% 503 - PARK EQUIP & FACILITY FUND 556,5211,0002,000,000 2,000,000 1,443,479 27.83% 504 - INSURANCE FUND 1,039,2337061,058,000 1,058,000 18,767 98.23% 601 - SILVERROCK RESORT 1,683,292484,5355,365,000 5,365,000 3,681,708 31.38% 760 - SUPPLEMENTAL PENSION PLAN 12,833012,850 12,850 17 99.87% 761 - CERBT OPEB TRUST 44601,500 1,500 1,054 29.71% 762 - PARS PENSION TRUST 11,2192,86330,000 30,000 18,781 37.40% Report Total:3,942,208 34,072,021145,854,538 145,854,538 111,782,517 23.36% Accounts are subject to adjusting entries and audit. The City's Annual Comprehensive Financial Report, published annually, is the best resource for all final audited numbers. 12 Fund #Name Notes 101 General Fund The primary fund of the City used to account for all revenue and expenditures of the City; a broad range of municipal activities are provided through this fund. 105 Disaster Recovery Fund Accounts for use of one-time federal funding designed to deliver relief to American workers and aid in the economic recovery iin the wake of COVID-19. The American Rescue Plan Act (ARPA) was passed by Congress in 2021 to provide fiscal recovery funds to state and local governments. 201 Gas Tax Fund Gasoline sales tax allocations received from the State which are restricted to street-related expenditures. 202 Library and Museum Fund Revenues from property taxes and related expenditures for library and museum services. 203 Public Safety Fund General Fund Measure G sales tax revenue set aside for public safety expenditures. 210 Federal Assistance Fund Community Development Block Grant (CDBG) received from the federal government and the expenditures of those resources. 212 SLESF (COPS) Fund Supplemental Law Enforcement Services Funds (SLESF) received from the State for law enforcement activities. Also known as Citizen's Option for Public Safety (COPS). 215 Lighting & Landscaping Fund Special assessments levied on real property for city-wide lighting and landscape maintenance/improvements and the expenditures of those resources. 220 Quimby Fund Developer fees received under the provisions of the Quimby Act for park development and improvements. 221 AB939 Fund/Cal Recycle Franchise fees collected from the city waste hauler that are used to reduce waste sent to landfills through recycling efforts. Assembly Bill (AB) 939. 223 Measure A Fund County sales tax allocations which are restricted to street-related expenditures. 224 TUMF Fund Developer-paid Transportation Uniform Mitigation Fees (TUMF) utilized for traffic projects in Riverside County. 225 Infrastructure Fund Developer fees for the acquisition, construction or improvement of the City’s infrastructure as defined by Resolution 226 Emergency Mgmt. Performance Grant (EMPG)Federal Emergency Management Agency (FEMA) grant for emergency preparedness. 227 State Homeland Security Programs (SHSP)Federal Emergency Management Agency (FEMA) grant for emergency preparedness. 230 CASP Fund, 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% 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. Fund Descriptions Page 3 of 3 13 14 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: February 12, 2025 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED NOVEMBER 30, 2024 RECOMMENDATION Receive and file revenue and expenditure report dated November 30, 2024. EXECUTIVE SUMMARY The report summarizes the City’s year-to-date (YTD) and month-to-date (MTD) revenues and expenditures for November 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 2024 for fiscal year 2024/25. Current Total Budget – represents original adopted budgets plus any Council approved budget amendments from throughout the year. The 2023/24 operating and Capital Improvement Project carryovers to 2024/25 will be processed after the year-end audit is completed. Period Activity – represents actual revenues received and expenditures outlaid in the reporting month. Fiscal Activity – represents actual revenues received and expenditures outlaid YTD. Variance Favorable/(Unfavorable) - represents the dollar difference between YTD collections/expenditures and the current budgeted amount. Percent Used – represents the percentage activity as compared to budget YTD. CONSENT CALENDAR ITEM NO. 3 15 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. Unlike revenues, expenditures are more likely to be consistent from month to month. However, large debt service payments or CIP expenditures can cause swings. Prepared by: Rosemary Hallick, Principal Management Analyst Approved by: Claudia Martinez, Finance Director Attachment: 1. Revenue and Expenditure Report for November 30, 2024 MTD YTD Percent of Budget YTD Percent of Budget General Fund (GF)2,837,742$ 10,626,427$ 12.85% 12,271,913$ 15.64% All Funds 4,221,155$ 19,103,352$ 9.00% 23,158,498$ 18.74% MTD YTD Percent of Budget YTD Percent of Budget General Fund 3,598,063$ 13,366,258$ 12.73% 12,684,135$ 17.42% Payroll (GF)874,200$ 9,783,115$ 30.76% 4,843,276$ 36.17% All Funds 7,310,986$ 43,342,411$ 18.80% 45,366,280$ 38.42% Comparison to 2023 November 2024 Expenditures Comparison to 2023 November 2024 Revenues General Fund Non-General Fund Measure G Sales Tax 972,015$ SilverRock Green Fees 339,692$ Transient Occupancy (Hotel) Tax 769,745$ Allocated Interest 317,070$ Sales Tax 549,986$ Gas Tax 189,504$ Franchise Tax- Cable Television 148,771$ Non-Allocated Interest (Pension Trust)138,809$ Building Plan Check Fees 57,559$ County Sales Tax (Measure A)130,268$ General Fund Non-General Fund Sheriff Contract (Sept.)1,141,098$ Capital Improvement Program (CIP) - Construction(1)2,019,136$ Contingency for Operations 444,147$ Affordable Housing Project Development 307,105$ Contract Legal Services 117,597$ SilverRock Maintenance 252,632$ Professional Services - Streets 112,240$ Lighting & Landscape Maintenance Contract 129,664$ X-Park Programming 106,071$ Software Licenses 90,734$ Top Five Revenue/Income Sources for November Top Five Expenditures/Outlays for November (1)CIP Construction: Construction expenses for Dune Palms bridge project ; SRR temporary golf cart path paving; pavement management plan slurry sealing; and Sports Complex lighting. 16 For Fiscal: 2024/25 Period Ending: 11/30/2024 Page 1 of 3 Revenue Summary Fiscal Activity Variance Favorable (Unfavorable)Fund Period Activity Current Total Budget Original Total Budget Percent Used 101 - GENERAL FUND 10,626,4272,837,74282,714,300 82,714,300 -72,087,873 12.85% 105 - DISASTER RECOVERY FUND -12,424030,000 30,000 -42,424 41.41% 201 - GAS TAX FUND 667,450189,5042,589,000 2,589,000 -1,921,550 25.78% 202 - LIBRARY & MUSEUM FUND -11,9674243,143,000 3,143,000 -3,154,967 0.38% 203 - PUBLIC SAFETY FUND (MEASURE G)-22805,000 5,000 -5,228 4.55% 210 - FEDERAL ASSISTANCE FUND -30190,000 190,000 -190,003 0.00% 212 - SLESA (COPS) FUND 110,5918,333103,000 103,000 7,591 107.37% 215 - LIGHTING & LANDSCAPING FUND 23,96704,000,500 4,000,500 -3,976,533 0.60% 221 - AB 939 - CALRECYCLE FUND 10,450080,000 80,000 -69,550 13.06% 223 - MEASURE A FUND 272,602130,2682,025,000 2,025,000 -1,752,398 13.46% 225 - INFRASTRUCTURE FUND -2401,000 1,000 -1,024 2.41% 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)0013,000 13,000 -13,000 0.00% 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)005,500 5,500 -5,500 0.00% 230 - CASp FUND, AB 1379 6,5471,54821,000 21,000 -14,453 31.18% 231 - SUCCESSOR AGCY PA 1 RORF 21,7267920,260,000 20,260,000 -20,238,274 0.11% 235 - SO COAST AIR QUALITY FUND -162054,500 54,500 -54,662 0.30% 237 - SUCCESSOR AGCY PA 1 ADMIN -233013,820 13,820 -14,053 1.69% 241 - HOUSING AUTHORITY 416,21599,9521,452,000 1,452,000 -1,035,785 28.66% 243 - RDA LOW-MOD HOUSING FUND -5,289060,000 60,000 -65,289 8.82% 247 - ECONOMIC DEVELOPMENT FUND 1,9981,60840,000 40,000 -38,002 4.99% 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)25,522018,000 18,000 7,522 141.79% 250 - TRANSPORTATION DIF FUND 178,16157,521540,000 540,000 -361,839 32.99% 251 - PARKS & REC DIF FUND 53,0788,424253,000 253,000 -199,922 20.98% 252 - CIVIC CENTER DIF FUND 35,1897,608103,000 103,000 -67,811 34.16% 253 - LIBRARY DEVELOPMENT DIF 10,3811,58850,000 50,000 -39,619 20.76% 254 - COMMUNITY & CULTURAL CENTERS DIF 23,6783,824105,000 105,000 -81,322 22.55% 255 - STREET FACILITY DIF FUND -10001,000 1,000 -1,100 10.04% 256 - PARK FACILITY DIF FUND -90100100 -109 9.45% 257 - FIRE PROTECTION DIF 10,4042,25453,000 53,000 -42,596 19.63% 259 - MAINTENANCE FACILITIES DIF FUND 12,3823,62647,000 47,000 -34,618 26.35% 270 - ART IN PUBLIC PLACES FUND 30,17311,877158,000 158,000 -127,827 19.10% 275 - LQ PUBLIC SAFETY OFFICER -6903,000 3,000 -3,069 2.30% 299 - INTEREST ALLOCATION FUND 3,298,909317,07000 3,298,909 0.00% 310 - LQ FINANCE AUTHORITY DEBT SERVICE -101,500 1,500 -1,501 0.07% 401 - CAPITAL IMPROVEMENT PROGRAMS 117,646027,218,109 82,430,395 -82,312,749 0.14% 405 - SA PA 1 CAPITAL IMPRV FUND -80500500 -508 1.51% 501 - FACILITY & FLEET REPLACEMENT 367,36801,705,000 1,705,000 -1,337,632 21.55% 502 - INFORMATION TECHNOLOGY 784,3288,3382,276,708 2,276,708 -1,492,381 34.45% 503 - PARK EQUIP & FACILITY FUND 245,4140500,000 500,000 -254,586 49.08% 504 - INSURANCE FUND 339,25001,363,230 1,363,230 -1,023,980 24.89% 601 - SILVERROCK RESORT 931,951390,7595,484,500 5,484,500 -4,552,549 16.99% 602 - SILVERROCK GOLF RESERVE -882098,000 98,000 -98,882 0.90% 760 - SUPPLEMENTAL PENSION PLAN -8807,000 7,000 -7,088 1.26% 761 - CERBT OPEB TRUST 156,928040,000 40,000 116,928 392.32% 762 - PARS PENSION TRUST 356,104138,809200,000 200,000 156,104 178.05% Report Total:4,221,155 19,103,352157,026,267 212,238,553 -193,135,201 9.00% 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. ATTACHMENT 1 17 For Fiscal: 2024/25 Period Ending: 11/30/2024 Page 2 of 3 Expenditure Summary Fiscal Activity Variance Favorable (Unfavorable)Fund Period Activity Current Total Budget Original Total Budget Percent Used 101 - GENERAL FUND 13,366,2583,598,06383,331,665 104,998,185 91,631,926 12.73% 201 - GAS TAX FUND 460,50856,1753,443,100 5,099,202 4,638,695 9.03% 202 - LIBRARY & MUSEUM FUND 286,34458,1142,555,615 4,860,360 4,574,016 5.89% 203 - PUBLIC SAFETY FUND (MEASURE G)00020,376 20,376 0.00% 210 - FEDERAL ASSISTANCE FUND 00198,500 198,500 198,500 0.00% 212 - SLESA (COPS) FUND 52,56018,633100,000 100,000 47,440 52.56% 215 - LIGHTING & LANDSCAPING FUND 1,419,550350,4933,957,700 3,957,700 2,538,150 35.87% 220 - QUIMBY FUND 000262,685 262,685 0.00% 221 - AB 939 - CALRECYCLE FUND 31,51911,000200,000 200,000 168,481 15.76% 223 - MEASURE A FUND 002,335,000 4,456,986 4,456,986 0.00% 226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)11,37333512,000 12,000 627 94.78% 227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)005,000 5,000 5,000 0.00% 230 - CASp FUND, AB 1379 005,500 5,500 5,500 0.00% 231 - SUCCESSOR AGCY PA 1 RORF 15,050,68004,452,755 4,452,755 -10,597,925 338.01% 235 - SO COAST AIR QUALITY FUND 4,2032,38340,000 40,000 35,797 10.51% 237 - SUCCESSOR AGCY PA 1 ADMIN 1,600010,000 10,000 8,400 16.00% 241 - HOUSING AUTHORITY 557,311116,0811,715,440 1,715,440 1,158,129 32.49% 243 - RDA LOW-MOD HOUSING FUND 300,8000250,000 250,000 -50,800 120.32% 247 - ECONOMIC DEVELOPMENT FUND 4,36753231,500 31,500 27,133 13.86% 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)307,105307,105250,000 250,000 -57,105 122.84% 250 - TRANSPORTATION DIF FUND 400,00001,579,109 2,837,567 2,437,567 14.10% 251 - PARKS & REC DIF FUND 000843,615 843,615 0.00% 252 - CIVIC CENTER DIF FUND 000249,925 249,925 0.00% 253 - LIBRARY DEVELOPMENT DIF 0015,000 15,000 15,000 0.00% 254 - COMMUNITY & CULTURAL CENTERS DIF 00500,000 625,000 625,000 0.00% 259 - MAINTENANCE FACILITIES DIF FUND 00100,000 280,000 280,000 0.00% 270 - ART IN PUBLIC PLACES FUND 45,8961,589233,000 741,799 695,903 6.19% 310 - LQ FINANCE AUTHORITY DEBT SERVICE 001,500 1,500 1,500 0.00% 401 - CAPITAL IMPROVEMENT PROGRAMS 5,355,2822,146,46627,218,109 80,453,919 75,098,636 6.66% 501 - FACILITY & FLEET REPLACEMENT 619,52763,0561,628,750 1,860,364 1,240,836 33.30% 502 - INFORMATION TECHNOLOGY 1,313,531130,5063,217,945 3,217,945 1,904,414 40.82% 503 - PARK EQUIP & FACILITY FUND 576,30019,7792,000,000 2,000,000 1,423,700 28.82% 504 - INSURANCE FUND 1,040,0748411,058,000 1,058,000 17,926 98.31% 601 - SILVERROCK RESORT 2,110,302427,0105,365,000 5,365,000 3,254,698 39.33% 760 - SUPPLEMENTAL PENSION PLAN 12,833012,850 12,850 17 99.87% 761 - CERBT OPEB TRUST 44601,500 1,500 1,054 29.71% 762 - PARS PENSION TRUST 14,0442,82530,000 30,000 15,956 46.81% Report Total:7,310,986 43,342,411145,854,538 230,520,172 187,177,761 18.80% 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. 18 Fund #Name Notes 101 General Fund The primary fund of the City used to account for all revenue and expenditures of the City; a broad range of municipal activities are provided through this fund. 105 Disaster Recovery Fund Accounts for use of one-time federal funding designed to deliver relief to American workers and aid in the economic recovery iin the wake of COVID-19. The American Rescue Plan Act (ARPA) was passed by Congress in 2021 to provide fiscal recovery funds to state and local governments. 201 Gas Tax Fund Gasoline sales tax allocations received from the State which are restricted to street-related expenditures. 202 Library and Museum Fund Revenues from property taxes and related expenditures for library and museum services. 203 Public Safety Fund General Fund Measure G sales tax revenue set aside for public safety expenditures. 210 Federal Assistance Fund Community Development Block Grant (CDBG) received from the federal government and the expenditures of those resources. 212 SLESF (COPS) Fund Supplemental Law Enforcement Services Funds (SLESF) received from the State for law enforcement activities. Also known as Citizen's Option for Public Safety (COPS). 215 Lighting & Landscaping Fund Special assessments levied on real property for city-wide lighting and landscape maintenance/improvements and the expenditures of those resources. 220 Quimby Fund Developer fees received under the provisions of the Quimby Act for park development and improvements. 221 AB939 Fund/Cal Recycle Franchise fees collected from the city waste hauler that are used to reduce waste sent to landfills through recycling efforts. Assembly Bill (AB) 939. 223 Measure A Fund County sales tax allocations which are restricted to street-related expenditures. 224 TUMF Fund Developer-paid Transportation Uniform Mitigation Fees (TUMF) utilized for traffic projects in Riverside County. 225 Infrastructure Fund Developer fees for the acquisition, construction or improvement of the City’s infrastructure as defined by Resolution 226 Emergency Mgmt. Performance Grant (EMPG)Federal Emergency Management Agency (FEMA) grant for emergency preparedness. 227 State Homeland Security Programs (SHSP)Federal Emergency Management Agency (FEMA) grant for emergency preparedness. 230 CASP Fund, 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% 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. Fund Descriptions Page 3 of 3 19 20 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: February 12, 2025 STAFF REPORT AGENDA TITLE: RECEIVE AND FILE FISCAL YEAR 2023/24 GENERAL FUND YEAR- END BUDGET REPORT RECOMMENDATION Receive and file Fiscal Year 2023/24 General Fund Year-End Budget Report. EXECUTIVE SUMMARY After closing the prior fiscal year, Finance presents a year-end summary that compares the final budget to actual transactions. Revenue was approximately $5.9 million higher than budgeted. Expenditures (including approved carryovers from 2022/23 into 2023/24) were $34.5 million under budget. Of these savings, approximately $22.5 million will be carried over to 2024/25 for General Fund capital improvements and operations, for a net savings of $11.9 million. In addition, $3.7 million was allocated to Measure G reserves. This report will be presented to City Council at the February 18, 2025, meeting. FISCAL IMPACT Amended budget carryovers from fiscal years 2023/24 to 2024/25 total $26,096,520 for all Funds and are funded with budgetary savings from 2023/24. ESTIMATED REVISED General Fund (101) - Operating 900,000$ 900,000$ General Fund (101) - Capital Improvements 21,500,000$ 21,666,520$ Gas Tax Fund (201)950,000$ 650,000$ Library and Museum Fund (202)150,000$ 150,000$ Lighting & Landscape Fund (215)800,000$ 575,000$ Housing Authority Fund (241)500,000$ 250,000$ RDA Low-Mod Housing Fund (243)-$ 50,000$ 2011 Bond Fund (249)-$ 200,000$ Facility and Fleet Replacement Fund (501)450,000$ 805,000$ Information Technology Fund (502)-$ 150,000$ Park Equipment & Facility Fund (503)700,000$ 700,000$ 25,950,000$ 26,096,520$ CARRYOVER TOTALS BY FUND TOTAL CARRYOVERS BY FUND BUSINESS SESSION ITEM NO. 1 21 BACKGROUND/ANALYSIS The Fiscal Year 2023/24 General Fund Year-End Budget Report (Report) focuses on the General Fund. Revenues were over budget by $5,982,114 due to tax revenues, intergovernmental- fire service credit, and interest earnings. Overall, all department expenditures were under budget with total savings of $34,513,983. Of these savings, $22,566,520 will be carried over to 2024/25 for multi-year capital projects and operations. Revenues, expenditures, carryovers, reserve balances, and a year-over-year comparison are discussed in the Fiscal Year 2023/24 General Fund Year-End Budget Report (Attachment 1). ALTERNATIVES The Commission may request additional information regarding this Report. Prepared by: Claudia Martinez, Finance Director Approved by: Jon McMillen, City Manager Attachment: 1. Fiscal Year 2023/24 General Fund Year-End Budget Report 22 OVERVIEW The City oversees multiple sources of funds which are reported in the Annual Comprehensive Financial Report (ACFR) issued annually and presented at a public meeting shortly thereafter. This Fiscal Year 2023/24 Budget Report (Report) focuses on the General Fund and summarizes the overall financial activities of fiscal year (FY) 2023/24 and the City’s financial position through June 30, 2024. The chart below provides a summary comparison of the FY 2023/24 final budget versus actual revenues and expenses. The City concluded FY 2023/24 in a strong financial position, with total revenues exceeding projections by $5.9 million, reaching $117.4 million. Expenditures were managed efficiently, coming in $12.1 million under budget at $93.7 million, contributing to a significantly higher surplus than anticipated. The actual surplus after carryovers reached $23.7 million, surpassing the budgeted surplus by $18.1 million. General Fund 2023/24 Final Budget 2023/24 Actuals Variance Operational Revenues 82,877,100 88,859,214 * 5,982,114 Capital/Operational Carryovers 25,223,381 25,223,381 - Use of Measure G Reserves - - - CIP Savings/Use of Reserves 3,320,000 3,320,000 - Total Revenues 111,420,481 117,402,595 5,982,114 Operational/CIP Expenses Multi-Year Capital Improvements 41,489,381 15,768,244 (25,721,137) Operational 60,387,250 51,594,404 (8,792,846) Expenses Before Carryovers 101,876,631 67,362,648 (34,513,983) Plus Carryovers to 2024/25 Multi-Year Capital Improvements 21,666,520 21,666,520 Operational 900,000 900,000 Adjusted Expenditures 101,876,631 89,929,168 (11,947,463) Plus Measure G Reserves 4,000,000 3,771,183 (228,817) Total Expenditures 105,876,631 93,700,351 (12,176,280) Surplus/(Deficit) After Carryovers 5,543,850 23,702,244 18,158,394 *Reduced by non-cash transactions FISCAL YEAR 2023/24 GENERAL FUND YEAR-END BUDGET REPORT ATTACHMENT 1 23 This positive fiscal outcome was driven by higher-than-expected revenues and prudent spending controls, reinforcing the City's commitment to financial stability and responsible budget management. Looking ahead, the City remains committed to responsible financial management by monitoring economic trends, prioritizing key investments, and ensuring continued funding for essential infrastructure and capital projects. REVENUE VARIANCES As detailed in Exhibit A and summarized on the chart below, most General Fund revenues experienced positive variances when compared to the final budget.  Taxes represent 71% of all General Fund revenues and include the three largest funding sources for the City – sales taxes $27,641,660, transient occupancy taxes (TOT) $15,682,835, and property taxes $12,681,739. Combined, these top three revenues account for $56,006,234 or 86% of all taxes.  Intergovernmental had an increase over the original projected estimates provided by Riverside County for the Fire Service credit and additional reimbursements for CSA 152 assessments which included heavy machinery and equipment to support ongoing stormwater maintenance.  Use of Money and Property includes the annual fair market value adjustment to the City’s investments. The June 30, 2024 portfolio market value was more than the market value on June 30, 2023 due to market conditions, therefore a positive adjustment in the amount of $1,689,908 was recorded. The City’s investments have a five-year horizon with laddered maturities. The City has worked diligently to leverage highly restricted investments under volatile market conditions. On June 24 30, 2023, the portfolio was earning a 2.09% rate of return and on June 30, 2024 the return was 3.52%. Miscellaneous and Transfers In revenue includes $272,644 to record the annual former Redevelopment Agency loan repayment interest earned in FY 2023/24. The loan repayments are structured to pay all principal first, then interest. Each year the City records the payment received and interest earned in accordance with the State Department of Finance approved loan repayment schedule. This amount is also reduced from revenues as an adjustment because it is earned, but not received until a future date. EXPENSE VARIANCES General Fund expenses are summarized in the chart below by department, and details by department and expense category are in Exhibit B. Most departmental expenditures remained within budget. Savings were achieved from vacant positions, workflow efficiencies, and prudent management of contracts and professional services. General Fund Expenditures 2023/24 Final Budget 2023/24 Actuals Variance Carryovers to 2024/25 City Council 322,900 318,006 (4,894) - City Manager 1,538,360 1,118,332 (420,028) - City Attorney 800,000 664,255 (135,745) - Human Resources 701,300 498,619 (202,681) - City Clerk 1,174,770 1,033,021 (141,749) - Finance 1,957,270 1,783,589 (173,681) - Centralized Services 44,759,881 17,940,877 (26,819,004) 22,016,520 Police 18,618,300 16,251,852 (2,366,448) Fire 10,247,120 9,021,870 (1,225,250) 400,000 Community Resources Admin. 1,088,160 979,036 (109,124) - Wellness Center Operations 907,870 863,041 (44,829) - Recreational Programs & Events 1,671,150 1,233,529 (437,621) - Parks Maintenance 4,297,450 4,113,554 (183,896) - Marketing & Community Relations 1,864,660 1,850,681 (13,979) - Public Buildings 1,795,750 1,670,209 (125,541) - Design & Development Admin.811,600 709,446 (102,154) - Planning 717,400 560,046 (157,354) - Building 1,523,700 1,521,525 (2,175) - Code Compliance/Animal Control 1,720,340 1,546,678 (173,662) - Public Safety Administration 331,800 123,967 (207,833) - The Hub 1,382,200 1,246,383 (135,817) - Public Works Administration 821,900 686,074 (135,826) - Public Works Dev. Services 532,900 429,434 (103,466) - Streets 885,750 411,774 (473,976) 150,000 Engineering Services 1,404,100 786,850 (617,250) - Total Operating/CIP Expenditures 101,876,631 67,362,648 (34,513,981) 22,566,520 Estimated Actual Variance Carryovers to 2024/25 Capital Improvements - 21,666,520 21,666,520 Operational - 900,000 900,000 Total Carryovers - 22,566,520 22,566,520 Adjusted Expenditures before Reserves 101,876,631 89,929,169 (11,947,461) Plus Measure G Reserves 4,000,000 3,771,183 (228,817) Total Adjusted Expenses 105,876,631 93,700,352 (12,176,278) 25 Centralized Services (CS) represents the largest budget variance in the amount of $26.8 million. CS captures citywide expenses such as pension liabilities, retiree medical benefits, and transfers out to other funds such as the Gas Tax Fund for street improvements, Lighting and Landscape Fund, SilverRock Golf Course Fund, Public Safety Fund, Economic Development Fund and the Capital Improvement Project Fund. This department also has the largest carryovers to FY 2024/25 which fund multi-year capital improvement projects in the amount of $21,666,520 as detailed in Exhibit C. This amount is mainly attributed to substantial projects currently in progress such as the Dune Palms Bridge and Fritz Burns Park improvements. Capital improvement carryover funding of $11,589,540, (or 53%) is provided from Measure G sales tax revenue. To ensure the availability of funds for essential services such as Police and Fire, the City budget aligns with the rates initially disclosed by the County, which may include compensation packages at full scale. FY 2023/24 savings were achieved through service efficiencies and prudent management of salary and benefits. o Police Services: A total savings of $2,366,448 was realized through effective oversight of contract service costs. o Fire Services: Savings of $1,225,250 include $400,000 allocated for a Fire ladder truck purchase, which will be carried over to FY 2024/25. The remaining savings resulted from higher-than-projected tax revenues and actual contract service costs, salaries, and benefits coming in lower than County projections. This responsible financial management ensures continued funding for critical public safety services. City Manager’s Department: Savings of $420,028 were primarily due to contingency savings, including funds allocated for electrical utility feasibility studies. These studies will continue into FY 2024/25. Recreational Programs & Events: Effective management of citywide events, such as the La Quinta Art Celebration, and recreational services, including the Fritz Burns Pool programs, resulted in $437,621 in savings. Streets Department: Savings of $617,250 were achieved through cost reductions in contract services and dust control measures. These efficiencies reflect the City’s commitment to fiscal responsibility while maintaining high-quality services for the community. 26 Capital Improvement Program (CIP) carryovers, detailed in Exhibit C total $21,666,520 and operational carryovers total $900,000, detailed in Exhibit D, from FY 2023/24 to FY 2024/25. Carryovers allow for operational flexibility and reflect City commitments to projects, services, or purchases that were made in 2023/24 but were not completed, fulfilled, or invoiced by the end of the FY. Funds not being carried over are recognized as Unassigned Reserve Fund balance in the General Fund. CIP revenue commitments are reflected in assigned reserves and operational carryovers are noted in committed reserves. RESERVES The chart below depicts reserve balances by category and the value change from June 30, 2023 to June 30, 2024. These reserve balances reflect the financial health of the City at fiscal year-end. Non-spendable balance decreased by a total of $2,432,434 and included an increase in prepaid costs. The FY 2023/24 Redevelopment Agency loan repayment of $2,749,661 and interest earnings of $272,644 resulted in a decrease of $2,477,017 in Due from Other Governments. Reserve/Fund Balance As of June 30, 2023 As of June 30, 2024 Change in Value Non-Spendable Prepaid Costs 125,994 170,577 44,583 Land Held for Resale 5,403,652 5,403,652 - Advances to Other Funds - - - Due from Other Governments 19,600,794 17,123,777 (2,477,017) Total Non-Spendable 25,130,440 22,698,006 (2,432,434) Restricted Pension Trust 5,317,487 5,666,575 349,088 Committed Operational Carryovers 2,600,009 900,000 (1,700,009) Cash Flow Reserve 5,000,000 5,000,000 - Natural Disaster Reserve 15,000,000 15,000,000 - Economic Disaster 13,000,000 13,000,000 - Capital Replacement Reserve 12,000,000 12,000,000 - Total Committed 47,600,009 45,900,000 (1,700,009) Assigned Public Safety Fire Services 11,986,970 15,652,616 3,665,646 Measure G Sales Tax 29,214,191 32,985,374 3,771,183 Capital Projects 22,623,372 21,666,520 (956,852) Total Assigned 63,824,533 70,304,510 6,479,977 Unassigned 44,105,041 65,216,627 21,111,586 TOTAL FUND BALANCE 185,977,510 209,785,718 23,808,208 27 The Due from Other Governments balance of $17,723,777 represents the principal ($4,982,982) and interest ($12,740,795) owed to the General Fund (80% of total loan repayments). Non-spendable reserves cannot be used to fund ongoing operations and primarily represent commitments due to the General Fund. Restricted reserves are limited to funds held in a Section 115 Pension Trust set aside to fund the City’s pension obligations. The trust balance resulted in an increase in total value to of $349,088 due to investment gains. Committed reserves decreased by $1.7 million due to operational carryovers as detailed in Exhibit D. At this time, all four of the City’s reserve categories (Natural Disaster, Economic Disaster, Cash Flow and Capital Replacement) are fully funded to the updated policy targets as approved in the Reserve Policy. An increase of $6.5 million in assigned reserves was primarily due to Measure G sales tax revenue being offset by a decrease in multi-year capital improvement project funding. In addition, the Public Safety Fire Services account had an increase of $3.6 million due to an increase in Redevelopment Property Tax Trust Fund or RPTTF, and overall assessed valuations of property values resulting in higher property tax collections. The 2024/25 Mid-Year Budget report will be presented to Council by February of 2025. The Mid-Year Budget Report may include funding options for Council to consider an allocation of unassigned reserves into reserve categories such as the Pension Trust fund or to pay down the CalPERS unfunded liability. In addition, staff will continue to monitor current economic impacts and operating expenses and request additional reserve funding if necessary. 28 MEASURE G SUMMARY The Financial Advisory Commission oversees and audits the use of Measure G sales tax revenues and prepares the annual Measure G Sales Tax Oversight Report. The summary below provides a preview of the revenues and expenditures to date. The Measure G reserve balance ended the FY at $32,985,374. Fiscal Year (FY) 2016/17 Actual 1,462,650$ 2017/18 Actual 9,967,657 2018/19 Actual 10,958,118 2019/20 Actual 10,310,526 2020/21 Actual 12,594,389 2021/22 Actual 15,615,802 2022/23 Actual 16,088,087 2023/24 Actual 15,471,183 TOTAL 92,468,412$ Fiscal Year Operational Capital Reserves Total by Year 2016/17 Eisenhower Dr. Retention Basin 750,000 X-Park Funding 712,650 - 1,462,650 2017/18 Public Safety Fund 300,000 North La Quinta Landscape Improvements 1,802,576 Citywide Drainage Enhancements 2,407,373 La Quinta Village Road Diet Project 1,972,158 X-Park Funding 147,350 Alongi Building Improvements 800,000 SilverRock Event Site/ Alongi Building/ Retention Basin 1,453,850 Measure G Reserves 2017/18 1,084,350 9,967,657 2018/19 Public Safety Fund 850,000 Public Safety Contract Services 2,100,000 Citywide Drainage Enhancements 194,730 North La Quinta Landscape Improvements 2,129,613 SilverRock Event Site 1,300,000 Measure G Reserves 2018/19 4,383,775 10,958,118 2019/20 Public Safety Contract Services 2,750,000 Corporate Yard Administration/Crew Quarters 411,013 Highway 111 Corridor Improvements 1,000,000 North La Quinta Landscape Improvements 3,703,369 Village Art Plaza Promenade 310,000 Measure G Reserves 2019/20 2,136,144 10,310,526 2020/21 Public Safety Contract Services 4,545,000 X-Park Landscaping 275,000 Highway 111 Corridor Improvements 250,000 Measure G Reserves 2020/21 7,524,389 12,594,389 2021/22 Public Safety Contract Services 5,163,000 Landscape Renovation Improvements 1,408,356 Highway 111 Corridor Improvements 1,000,000 Fritz Burns Park Improvements 350,000 Allocate Advance Dune Palms Bridge Funding 7,468,061 Measure G Reserves 2021/22 226,385 15,615,802 2022/23 Public Safety Contract Services 5,100,000 Landscape Renovation Improvements 500,000 Sports Complex Lighting 300,000 Village Underground Utilities Feasibility 100,000 ADA Transition Plan Update 150,000 Village Parking Lot 500,000 Phase II Public Safety Camera System 1,797,000 Smart Infrastructure Feasibility 250,000 Highway 111 Corridor Improvements 1,000,000 Dune Palms Bridge Advance Funding Reimbursement (7,468,061) Measure G Reserves 2022/23 13,859,148 16,088,087 2023/24 Public Safety Contract Services 5,100,000 Highway 111 Corridor Improvements 1,000,000 Avenue 48 Art & Music Line 2,400,000 Fritz Burns Park Improvements 1,500,000 Highway 111 Event Site 500,000 Washington St. Connector to Arts & Music Line 1,200,000 Measure G Reserves 2023/24 3,771,183 15,471,183 TOTAL 25,908,000$ 33,575,038$ 32,985,374$ 92,468,412$ 28%36%36% MEASURE G REVENUES AND USES SUMMARY REVENUES MEASURE G USES Project Description 29 The FY 2023/24 Year-End Budget Report presents the City Council and residents with a comprehensive overview of key financial variances, reinforcing the City’s commitment to fiscal responsibility and transparency. Questions regarding this report may be directed to the Finance Department by calling 760-777-7150 or by email at finance@laquintaca.gov. 30 2022/23 Actuals 2023/24 Original Budget 2023/24 Final Budget 2023/24 Actuals 101 - GENERAL FUND 310 - Tax Revenues 3,098,566 3,200,000 3,308,000 3,517,075101-0000-40310 Property Tax Revenue 5,388,267 4,985,000 4,985,000 5,867,985101-0000-40311 No-Low City Property Tax 2,736,932 2,860,000 3,260,000 3,296,679101-0000-40315 RPTTF Pass Through 12,799,992 12,700,000 12,205,000 12,170,477101-0000-41320 State Sales Tax 16,088,087 15,700,000 15,515,000 15,471,183101-0000-41326 Measure G Sales Tax 926,743 650,000 875,000 919,762101-0000-41327 Document Transfer Tax 9,772,760 8,700,000 9,400,000 9,280,952101-0000-41400 TOT - Hotels 6,415,354 5,800,000 5,800,000 5,921,487101-0000-41401 TOT - Short Term Vac. Rentals 103,272 90,000 90,000 107,075101-0000-41402 TOT - Bed and Breakfast 396,342 375,000 375,000 373,321101-0000-41416 TOT - Resort Fees 1,188,773 1,050,000 1,260,000 1,326,900101-0000-41505 Franchise Taxes - Burrtec 246,641 200,000 305,000 304,192101-0000-41508 Southern California Gas Franchise Fee 677,929 675,000 625,000 639,750101-0000-41509 Cable Television Franchise Fee 195,772 200,000 160,000 149,045101-0000-41510 Communications Franchise Fees 5,110,569 5,445,000 5,483,000 5,584,194101-0000-41800 Property Tax in Lieu of VLF 310 - Tax Revenues Totals:65,145,998 62,630,000 63,646,000 64,930,079 320 - Licenses & Permits 2,275 2,000 2,000 1,625101-0000-41411 STVR Inspection Fee 962,500 940,000 940,000 933,250101-0000-41415 STVR Registration Fee 431,498 350,000 350,000 344,147101-0000-41600 Business Licenses 51,582 60,000 60,000 51,446101-0000-41602 STVR Business Licenses 1,091 1,500 1,500 1,410101-0000-41610 Film Permits 1,009,315 315,000 440,000 502,000101-0000-42400 Building Permits 175,858 72,000 102,000 106,736101-0000-42401 Plumbing Permits 175,576 81,000 81,000 90,966101-0000-42402 Mechanical Permits 154,126 61,000 61,000 80,147101-0000-42403 Electrical Permits 340,078 170,000 215,000 234,912101-0000-42404 Miscellaneous Permits 4,540 5,000 5,000 5,520101-0000-42405 Garage Sale Permits 58,539 20,000 20,000 8,809101-0000-42408 Grading Permits 69,618 65,000 100,000 119,285101-0000-42420 Fire Plan Review Fee 142,218 100,000 70,000 53,776101-0000-42421 Fire Inspection Fee 578 2,000 2,000 1,220101-0000-42430 Transportation Permits 63,591 21,000 21,000 20,061101-0000-42431 Conditional Use Permits 2,668 3,000 3,000 0101-0000-42433 Minor Use Permit 26,076 17,000 17,000 20,786101-0000-42434 Sign Permit 76,941 55,000 55,000 84,883101-0000-42435 Site Development Permit 17,296 10,000 10,000 11,270101-0000-42436 Final Landscaping Plans 3,446 6,800 6,800 9,049101-0000-42437 Development Agreement 1,656 3,000 3,000 7,490101-0000-42439 Temporary Use Permit 212,483 150,000 125,000 123,763101-0000-43632 Public Works Permits 11,365 11,000 11,000 8,062101-0000-43638 NPDES Inspections 320 - Licenses & Permits Totals:3,994,913 2,521,300 2,701,300 2,820,613 330 - Intergovernmental 203,682 0 0 0101-0000-41710 State Gov't Revenue 9,473,316 9,000,000 9,000,000 11,964,881101-0000-42500 Fire Service Credit 33,247 0 0 0101-0000-43100 FEMA 275,816 175,000 175,000 520,573101-0000-43633 CSA 152 Assessments 3,000 3,000 3,000 3,000101-0000-43650 Contributions from Other Agencies 330 - Intergovernmental Totals:9,989,060 9,178,000 9,178,000 12,488,454 340 - Charges for Services 13,313 11,000 11,000 25,280101-0000-42200 Leisure Enrichment 45,710 40,000 40,000 38,980101-0000-42210 Youth Sports 8,207 5,000 5,000 4,850101-0000-42211 Adult Sports 7,959 10,000 10,000 14,401101-0000-42212 Facility Rentals 0 5,000 5,000 350101-0000-42213 Special Events 16,556 10,000 10,000 30,784101-0000-42214 Wellness Center Leisure Enrichment 0 1,000 1,000 648101-0000-42216 Wellness Center Special Events 88,602 50,000 80,000 113,575101-0000-42218 Wellness Center Memberships 0 0 0 1,009101-0000-42300 Cash Over/Short 3,098,566 3,200,000 3,308,000 3,517,075 5,388,267 4,985,000 4,985,000 5,867,985 2,736,932 2,860,000 3,260,000 3,296,679 12,799,992 12,700,000 12,205,000 12,170,477 16,088,087 15,700,000 15,515,000 15,471,183 926,743 650,000 875,000 919,762 9,772,760 8,700,000 9,400,000 9,280,952 6,415,354 5,800,000 5,800,000 5,921,487 103,272 90,000 90,000 107,075 396,342 375,000 375,000 373,321 1,188,773 1,050,000 1,260,000 1,326,900 246,641 200,000 305,000 304,192 677,929 675,000 625,000 639,750 195,772 200,000 160,000 149,045 5,110,569 5,445,000 5,483,000 5,584,194 65,145,998 62,630,000 63,646,000 64,930,079 2,275 2,000 2,000 1,625 962,500 940,000 940,000 933,250 431,498 350,000 350,000 344,147 51,582 60,000 60,000 51,446 1,091 1,500 1,500 1,410 1,009,315 315,000 440,000 502,000 175,858 72,000 102,000 106,736 175,576 81,000 81,000 90,966 154,126 61,000 61,000 80,147 340,078 170,000 215,000 234,912 4,540 5,000 5,000 5,520 58,539 20,000 20,000 8,809 69,618 65,000 100,000 119,285 142,218 100,000 70,000 53,776 578 2,000 2,000 1,220 63,591 21,000 21,000 20,061 2,668 3,000 3,000 0 26,076 17,000 17,000 20,786 76,941 55,000 55,000 84,883 17,296 10,000 10,000 11,270 3,446 6,800 6,800 9,049 1,656 3,000 3,000 7,490 212,483 150,000 125,000 123,763 11,365 11,000 11,000 8,062 3,994,913 2,521,300 2,701,300 2,820,613 203,682 0 0 0 9,473,316 9,000,000 9,000,000 11,964,881 33,247 0 0 0 275,816 175,000 175,000 520,573 3,000 3,000 3,000 3,000 9,989,060 9,178,000 9,178,000 12,488,454 13,313 11,000 11,000 25,280 45,710 40,000 40,000 38,980 8,207 5,000 5,000 4,850 7,959 10,000 10,000 14,401 0 5,000 5,000 350 16,556 10,000 10,000 30,784 0 1,000 1,000 648 88,602 50,000 80,000 113,575 0 0 0 1,009 CITY OF LA QUINTA GENERAL FUND REVENUE DETAILS BY CATEGORY EXHIBIT A FY 2023/24 YEAR-END BUDGET Unaudited, final amounts to be reported in the FY 2023/24 financial statements 31 2022/23 Actuals 2023/24 Original Budget 2023/24 Final Budget 2023/24 Actuals 75 100 100 135101-0000-42303 NSF Charges 33,360 20,000 20,000 46,756101-0000-42412 Minor Adjustment, Plan Checks 33,124 20,000 20,000 23,788101-0000-42415 Tentative Tract Map 54,190 30,000 30,000 43,465101-0000-42416 Digitization/Records Management 1,975 2,500 2,500 3,686101-0000-42417 Modification by Applicant 750 1,500 1,500 2,000101-0000-42440 Appeals - Permits, Licenses, Projects, Bids 838 500 500 922101-0000-42441 Planning Compliance Review 1,702 10,500 10,500 13,851101-0000-42443 Zone Change 12,254 7,000 7,000 3,158101-0000-42445 Environmental Assessment 11,379 11,000 11,000 11,899101-0000-42446 General Plan Amendment 6,658 7,000 7,000 7,985101-0000-42447 Home Occupations 14,238 10,000 10,000 11,221101-0000-42448 Tentative Parcel Map 5,194 12,000 12,000 12,736101-0000-42451 Specific Plan 0 0 0 3,000101-0000-42456 Lot Exemption Fee 6,069 8,000 8,000 22,955101-0000-42460 Pre-Application Review 933,046 500,000 500,000 654,406101-0000-42600 Building Plan Check Fees 1,409 500 500 602101-0000-42610 SMIP Fees 1,409 600 600 484101-0000-42615 CBSC Administrative Fees 223,062 160,000 320,000 370,662101-0000-42810 Public Works Dev. Plan Check Fee 5,911 2,500 2,500 1,418101-0000-43631 CVMSHCP Admin Fee 31,868 27,500 27,500 29,416101-0000-43635 VGPS TBID Admin Fee 340 - Charges for Services Totals:1,558,859 963,200 1,153,200 1,494,422 350 - Fines, Forfeitures & Abatements 339,246 240,000 140,000 167,138101-0000-42700 Administrative Citations 931 5,000 5,000 7,628101-0000-42701 Lot Abatement 42,773 35,000 35,000 49,689101-0000-42702 Vehicle Abatement 55,457 65,000 65,000 52,059101-0000-42703 Vehicle Impound Fee 69,488 60,000 60,000 49,366101-0000-42705 Motor Vehicle Code Fines 22,702 35,000 35,000 12,861101-0000-42706 Parking Violations 1,221 1,500 1,500 704101-0000-42707 Misc Fines 8,071 9,000 9,000 8,165101-0000-42708 Graffiti Removal 19,222 10,000 40,000 46,053101-0000-42709 False Alarm Fees - Police 4,383 5,000 5,000 14,462101-0000-42710 False Alarm Fees - Fire 350 - Fines, Forfeitures & Abatements Totals:563,495 465,500 395,500 408,126 360 - Use of Money & Property 2,865,841 1,700,000 4,200,000 5,467,129101-0000-41900 Allocated Interest (893,437)0 0 1,689,908101-0000-41910 GASB 31 Interest 45,221 0 0 42,419101-0000-41930 Interest Revenue 143,553 160,000 160,000 134,377101-0000-42120 Lease Revenue 360 - Use of Money & Property Totals:2,161,178 1,860,000 4,360,000 7,333,833 370 - Miscellaneous 1,612,340 550,000 810,000 416,492101-0000-41410 Zoning Change Mitigation Fees 0 20,000 183,000 182,784101-0000-41504 AMR Compliance 66,614 110,000 135,000 135,146101-0000-41507 Burrtec Admin Cost Reimbursement 1,000 0 0 1,000101-0000-41920 Memorial Tree Revenue 46,299 5,000 5,000 912101-0000-42000 Insurance Recoveries 640 100 100 0101-0000-42140 Sales of Publications & Materials 113,339 60,000 60,000 54,882101-0000-42301 Miscellaneous Revenue 168,735 75,000 195,000 207,685101-0000-42305 Miscellaneous Reimbursements 59,589 40,000 55,000 72,468101-0000-43505 Credit Card Fee Revenue 29,994 0 0 2,227101-0000-45000 Sale of Other Assets 381,192 0 0 272,644101-0000-48500 Extraordinary Gain 370 - Miscellaneous Totals:2,479,742 860,100 1,443,100 1,346,240 75 100 100 135 33,360 20,000 20,000 46,756 33,124 20,000 20,000 23,788 54,190 30,000 30,000 43,465 1,975 2,500 2,500 3,686 750 1,500 1,500 2,000 838 500 500 922 1,702 10,500 10,500 13,851 12,254 7,000 7,000 3,158 11,379 11,000 11,000 11,899 6,658 7,000 7,000 7,985 14,238 10,000 10,000 11,221 5,194 12,000 12,000 12,736 0 0 0 3,000 6,069 8,000 8,000 22,955 933,046 500,000 500,000 654,406 1,409 500 500 602 1,409 600 600 484 223,062 160,000 320,000 370,662 5,911 2,500 2,500 1,418 31,868 27,500 27,500 29,416 1,558,859 963,200 1,153,200 1,494,422 339,246 240,000 140,000 167,138 931 5,000 5,000 7,628 42,773 35,000 35,000 49,689 55,457 65,000 65,000 52,059 69,488 60,000 60,000 49,366 22,702 35,000 35,000 12,861 1,221 1,500 1,500 704 8,071 9,000 9,000 8,165 19,222 10,000 40,000 46,053 4,383 5,000 5,000 14,462 563,495 465,500 395,500 408,126 2,865,841 1,700,000 4,200,000 5,467,129 (893,437)0 0 1,689,908 45,221 0 0 42,419 143,553 160,000 160,000 134,377 2,161,178 1,860,000 4,360,000 7,333,833 1,612,340 550,000 810,000 416,492 0 20,000 183,000 182,784 66,614 110,000 135,000 135,146 1,000 0 0 1,000 46,299 5,000 5,000 912 640 100 100 0 113,339 60,000 60,000 54,882 168,735 75,000 195,000 207,685 59,589 40,000 55,000 72,468 29,994 0 0 2,227 381,192 0 0 272,644 2,479,742 860,100 1,443,100 1,346,240 CITY OF LA QUINTA GENERAL FUND REVENUE DETAILS BY CATEGORY EXHIBIT A FY 2023/24 YEAR-END BUDGET Unaudited, final amounts to be reported in the FY 2023/24 financial statements 32 2022/23 Actuals 2023/24 Original Budget 2023/24 Final Budget 2023/24 Actuals 380 - Transfers In 5,000,000 0 0 0101-0000-49500 Transfers In 380 - Transfers In Totals:5,000,000 0 0 0 101 - GENERAL FUND Totals:90,893,246 78,478,100 82,877,100 90,821,766 5,000,000 0 0 0 5,000,000 0 0 0 90,893,246 78,478,100 82,877,100 90,821,766 CITY OF LA QUINTA GENERAL FUND REVENUE DETAILS BY CATEGORY EXHIBIT A FY 2023/24 YEAR-END BUDGET Unaudited, final amounts to be reported in the FY 2023/24 financial statements Non-Cash Transactions Adjusted Operating Revenues 512,245 91,405,491 (1,962,552) 88,859,214 33 2022/23 Actuals 2023/24 Original Budget 2023/24 Final Budget 2023/24 Actuals 1001 - City Council 312,671 317,900 322,900 318,006 Salaries and Benefits 245,737 282,400 282,400 271,614 Maintenance & Operations 66,934 35,500 40,500 46,392 1002 - City Manager 1,083,016 1,588,360 1,538,360 1,118,332 Salaries and Benefits 725,331 854,660 854,660 736,079 Contract Services 108,078 170,000 170,000 108,157 Maintenance & Operations 112,481 114,500 114,500 113,005 Other Expenses 58,927 300,000 250,000 11,890 Internal Service Charges 78,200 149,200 149,200 149,200 1003 - City Attorney 358,188 800,000 800,000 664,255 Contract Services 358,188 800,000 800,000 664,255 1004 - Human Resources 439,030 651,800 701,300 498,619 Salaries and Benefits 233,383 415,200 415,200 280,210 Contract Services 112,314 30,000 80,000 79,857 Maintenance & Operations 47,333 120,000 119,500 51,952 Internal Service Charges 46,000 86,600 86,600 86,600 1005 - City Clerk 996,957 1,169,670 1,174,770 1,033,021 Salaries and Benefits 590,870 737,070 742,170 711,986 Contract Services 242,931 225,000 223,200 126,996 Maintenance & Operations 28,548 37,200 39,000 23,640 Internal Service Charges 134,608 170,400 170,400 170,400 1006 - Finance 1,560,869 1,957,270 1,957,270 1,783,589 Salaries and Benefits 1,147,772 1,389,270 1,389,270 1,292,675 Contract Services 182,801 241,500 242,400 177,881 Maintenance & Operations 25,696 40,700 39,800 27,233 Internal Service Charges 204,600 285,800 285,800 285,800 1007 - Central Services 20,949,055 17,348,100 44,759,881 17,940,877 Salaries and Benefits 12,620,892 1,660,000 1,441,400 1,195,793 Maintenance & Operations 108,667 153,200 453,200 98,060 Capital Expenses 452,554 500,000 500,000 2,880 Internal Service Charges 822,300 875,900 875,900 875,900 Transfers Out 6,944,642 14,159,000 41,489,381 15,768,244 2001 - Police 16,244,512 18,583,800 18,618,300 16,251,852 Contract Services 16,077,040 18,302,000 18,320,500 15,922,569 Maintenance & Operations 7,689 15,000 15,000 6,625 Repair & Maintenance 60,540 172,500 172,500 171,834 Utilities 17,823 26,000 26,000 17,089 Capital Expenses 6,519 0 16,000 65,435 Internal Service Charges 74,900 68,300 68,300 68,300 2002 - Fire 7,702,139 9,889,120 10,247,120 9,021,870 Salaries and Benefits 197,817 176,020 176,020 156,023 Contract Services 7,033,798 9,137,000 9,137,000 8,511,221 Maintenance & Operations 122,699 167,500 166,150 81,436 Other Expenses 0 0 1,350 1,347 Utilities 84,211 134,000 134,000 90,423 Capital Expenses 77,014 115,000 473,000 21,820 Internal Service Charges 186,600 159,600 159,600 159,600 3001 - Community Services Administration 740,952 888,160 1,088,160 979,036 Salaries and Benefits 448,931 472,360 472,360 433,685 Contract Services 71,803 92,000 92,150 72,122 Maintenance & Operations 139,718 202,500 402,350 351,929 Internal Service Charges 80,500 121,300 121,300 121,300 3002 - Wellness Center Operations 717,948 837,870 907,870 863,041 Salaries and Benefits 559,481 495,970 565,970 546,845 312,671 317,900 322,900 318,006 245,737 282,400 282,400 271,614 66,934 35,500 40,500 46,392 1,083,016 1,588,360 1,538,360 1,118,332 725,331 854,660 854,660 736,079 108,078 170,000 170,000 108,157 112,481 114,500 114,500 113,005 58,927 300,000 250,000 11,890 78,200 149,200 149,200 149,200 358,188 800,000 800,000 664,255 358,188 800,000 800,000 664,255 439,030 651,800 701,300 498,619 233,383 415,200 415,200 280,210 112,314 30,000 80,000 79,857 47,333 120,000 119,500 51,952 46,000 86,600 86,600 86,600 996,957 1,169,670 1,174,770 1,033,021 590,870 737,070 742,170 711,986 242,931 225,000 223,200 126,996 28,548 37,200 39,000 23,640 134,608 170,400 170,400 170,400 1,560,869 1,957,270 1,957,270 1,783,589 1,147,772 1,389,270 1,389,270 1,292,675 182,801 241,500 242,400 177,881 25,696 40,700 39,800 27,233 204,600 285,800 285,800 285,800 20,949,055 17,348,100 44,759,881 17,940,877 12,620,892 1,660,000 1,441,400 1,195,793 108,667 153,200 453,200 98,060 452,554 500,000 500,000 2,880 822,300 875,900 875,900 875,900 6,944,642 14,159,000 41,489,381 15,768,244 16,244,512 18,583,800 18,618,300 16,251,852 16,077,040 18,302,000 18,320,500 15,922,569 7,689 15,000 15,000 6,625 60,540 172,500 172,500 171,834 17,823 26,000 26,000 17,089 6,519 0 16,000 65,435 74,900 68,300 68,300 68,300 7,702,139 9,889,120 10,247,120 9,021,870 197,817 176,020 176,020 156,023 7,033,798 9,137,000 9,137,000 8,511,221 122,699 167,500 166,150 81,436 0 0 1,350 1,347 84,211 134,000 134,000 90,423 77,014 115,000 473,000 21,820 186,600 159,600 159,600 159,600 740,952 888,160 1,088,160 979,036 448,931 472,360 472,360 433,685 71,803 92,000 92,150 72,122 139,718 202,500 402,350 351,929 80,500 121,300 121,300 121,300 717,948 837,870 907,870 863,041 559,481 495,970 565,970 546,845 CITY OF LA QUINTA GENERAL FUND EXPENSE SUMMARY BY DEPARTMENT EXHIBIT B FY 2023/24 YEAR-END BUDGET Unaudited, final amounts to be reported in the FY 2023/24 financial statements 34 2022/23 Actuals 2023/24 Original Budget 2023/24 Final Budget 2023/24 Actuals Contract Services 24,849 30,000 45,000 41,798 Maintenance & Operations 33,718 64,200 49,200 36,267 Capital Expenses 0 130,000 130,000 120,432 Internal Service Charges 99,900 117,700 117,700 117,700 3003 - Recreation Programs & Special Events 1,099,230 1,578,150 1,671,150 1,233,529 Salaries and Benefits 200,323 207,750 300,750 274,114 Contract Services 474,543 640,000 640,000 541,334 Maintenance & Operations 379,664 682,000 682,000 369,681 Internal Service Charges 44,700 48,400 48,400 48,400 3005 - Parks Maintenance 3,107,294 4,144,950 4,297,450 4,113,554 Salaries and Benefits 418,129 463,250 463,250 466,872 Contract Services 729,648 935,000 935,000 808,214 Maintenance & Operations 803,016 984,600 1,109,100 1,053,590 Utilities 453,101 505,600 533,600 528,379 Internal Service Charges 703,400 1,256,500 1,256,500 1,256,500 3007 - Marketing & Community Relations 1,648,064 1,814,660 1,864,660 1,850,681 Salaries and Benefits 160,546 194,360 194,360 268,528 Contract Services 481,020 487,000 548,000 519,914 Maintenance & Operations 960,497 1,098,600 1,087,600 1,027,539 Internal Service Charges 46,000 34,700 34,700 34,700 3008 - Public Buildings 1,504,048 1,715,750 1,795,750 1,670,209 Salaries and Benefits 557,885 678,050 678,050 624,006 Contract Services 208,330 279,500 279,500 222,069 Maintenance & Operations 257,246 253,700 253,700 224,060 Utilities 223,587 203,000 283,000 298,573 Internal Service Charges 257,000 301,500 301,500 301,500 6001 - Design & Development Administration 771,529 811,600 811,600 709,446 Salaries and Benefits 427,755 457,200 457,200 366,628 Contract Services 162,361 160,000 160,000 150,354 Maintenance & Operations 4,313 10,700 10,700 8,764 Internal Service Charges 177,100 183,700 183,700 183,700 6002 - Planning 652,601 707,400 717,400 560,046 Salaries and Benefits 417,922 445,900 455,900 405,712 Contract Services 146,180 150,000 150,000 49,563 Maintenance & Operations 19,500 24,900 24,900 18,171 Internal Service Charges 69,000 86,600 86,600 86,600 6003 - Building 1,386,587 1,398,700 1,523,700 1,521,525 Salaries and Benefits 619,142 810,200 810,200 815,171 Contract Services 491,810 290,000 415,000 411,429 Maintenance & Operations 7,935 8,800 8,800 5,225 Internal Service Charges 267,700 289,700 289,700 289,700 6004 - Code Compliance/Animal Control 1,571,807 1,713,340 1,546,678 Salaries and Benefits 786,495 814,440 748,874 Contract Services 421,802 493,500 500,500 408,812 Maintenance & Operations 11,310 24,800 24,800 8,392 Internal Service Charges 352,200 380,600 380,600 380,600 6005 - Public Safety Administration 0 322,300 331,800 123,967 Salaries and Benefits 0 264,300 264,300 62,451 Maintenance & Operations 0 6,000 15,500 9,516 Internal Service Charges 0 52,000 52,000 52,000 6006 - The Hub 996,706 1,341,700 1,382,200 1,246,383 Salaries and Benefits 749,203 1,066,900 1,066,900 940,723 Contract Services 58,115 0 40,500 40,373 Maintenance & Operations 5,489 15,000 15,000 5,488 24,849 30,000 45,000 41,798 33,718 64,200 49,200 36,267 0 130,000 130,000 120,432 99,900 117,700 117,700 117,700 1,099,230 1,578,150 1,671,150 1,233,529 200,323 207,750 300,750 274,114 474,543 640,000 640,000 541,334 379,664 682,000 682,000 369,681 44,700 48,400 48,400 48,400 3,107,294 4,144,950 4,297,450 4,113,554 418,129 463,250 463,250 466,872 729,648 935,000 935,000 808,214 803,016 984,600 1,109,100 1,053,590 453,101 505,600 533,600 528,379 703,400 1,256,500 1,256,500 1,256,500 1,648,064 1,814,660 1,864,660 1,850,681 160,546 194,360 194,360 268,528 481,020 487,000 548,000 519,914 960,497 1,098,600 1,087,600 1,027,539 46,000 34,700 34,700 34,700 1,504,048 1,715,750 1,795,750 1,670,209 557,885 678,050 678,050 624,006 208,330 279,500 279,500 222,069 257,246 253,700 253,700 224,060 223,587 203,000 283,000 298,573 257,000 301,500 301,500 301,500 771,529 811,600 811,600 709,446 427,755 457,200 457,200 366,628 162,361 160,000 160,000 150,354 4,313 10,700 10,700 8,764 177,100 183,700 183,700 183,700 652,601 707,400 717,400 560,046 417,922 445,900 455,900 405,712 146,180 150,000 150,000 49,563 19,500 24,900 24,900 18,171 69,000 86,600 86,600 86,600 1,386,587 1,398,700 1,523,700 1,521,525 619,142 810,200 810,200 815,171 491,810 290,000 415,000 411,429 7,935 8,800 8,800 5,225 267,700 289,700 289,700 289,700 1,571,807 1,713,340 1,546,678 786,495 814,440 3814,,444400 748,874 421,802 493,500 500,500 408,812 11,310 24,800 24,800 8,392 352,200 380,600 380,600 380,600 0 322,300 331,800 123,967 0 264,300 264,300 62,451 0 6,000 15,500 9,516 0 52,000 52,000 52,000 996,706 1,341,700 1,382,200 1,246,383 749,203 1,066,900 1,066,900 940,723 58,115 0 40,500 40,373 5,489 15,000 15,000 5,488 CITY OF LA QUINTA GENERAL FUND EXPENSE SUMMARY BY DEPARTMENT EXHIBIT B FY 2023/24 YEAR-END BUDGET Unaudited, final amounts to be reported in the FY 2023/24 financial statements 1,720,340 35 2022/23 Actuals 2023/24 Original Budget 2023/24 Final Budget 2023/24 Actuals Internal Service Charges 183,900 259,800 259,800 259,800 7001 - Public Works Administration 625,176 821,900 821,900 686,074 Salaries and Benefits 527,426 597,400 597,400 564,223 Contract Services 500 100,000 100,000 0 Maintenance & Operations 5,250 9,000 9,000 6,352 Internal Service Charges 92,000 115,500 115,500 115,500 7002 - Public Works Development Services 413,090 532,900 532,900 429,434 Salaries and Benefits 156,072 185,200 185,200 169,992 Contract Services 166,779 255,000 255,000 170,306 Maintenance & Operations 2,339 5,500 5,500 1,936 Internal Service Charges 87,900 87,200 87,200 87,200 7003 - Streets- Traffic 474,366 885,750 885,750 411,774 Salaries and Benefits 257,948 361,100 361,100 163,676 Contract Services 63,383 360,000 360,000 107,074 Maintenance & Operations 65,600 73,050 73,050 53,580 Other Expenses 18,434 5,000 5,000 0 Utilities 0 0 0 845 Internal Service Charges 69,000 86,600 86,600 86,600 7006 - Engineering Services 646,511 1,007,600 1,404,100 786,850 Salaries and Benefits 241,985 360,700 360,700 345,257 Contract Services 300,994 550,000 748,180 192,626 Maintenance & Operations 5,802 10,300 12,120 10,001 Other Expenses 28,731 0 196,500 152,366 Internal Service Charges 69,000 86,600 86,600 86,600 GENERAL FUND EXPENSES 66,002,347 72,828,750 67,362,648 183,900 259,800 259,800 259,800 625,176 821,900 821,900 686,074 527,426 597,400 597,400 564,223 500 100,000 100,000 0 5,250 9,000 9,000 6,352 92,000 115,500 115,500 115,500 413,090 532,900 532,900 429,434 156,072 185,200 185,200 169,992 166,779 255,000 255,000 170,306 2,339 5,500 5,500 1,936 87,900 87,200 87,200 87,200 474,366 885,750 885,750 411,774 257,948 361,100 361,100 163,676 63,383 360,000 360,000 107,074 65,600 73,050 73,050 53,580 18,434 5,000 5,000 0 0 0 0 845 69,000 86,600 86,600 86,600 646,511 1,007,600 1,404,100 786,850 241,985 360,700 360,700 345,257 300,994 550,000 748,180 192,626 5,802 10,300 12,120 10,001 28,731 0 196,500 152,366 69,000 86,600 86,600 86,600 66,002,347 72,828,750 67,362,648 CITY OF LA QUINTA GENERAL FUND EXPENSE SUMMARY BY DEPARTMENT EXHIBIT B FY 2023/24 YEAR-END BUDGET Unaudited, final amounts to be reported in the FY 2023/24 financial statements 101,876,631 36 Project #Project Name General Fund Measure G TOTAL 111205 Dune Palms Bridge Improvements 3,677,702 -3,677,702 2324DRA Citywide Drainage Enhancements 1,887,492 -1,887,492 2324ADA ADA Improvements 59,650 -59,650 2324PMP Pavement Management 566,536 -566,536 2324STI Sidewalk Improvements 52,247 -52,247 201603 Landscape Renovations 190,435 1,990,695 2,181,130 201606 Civic Center Campus Lake 494,771 -494,771 201805 Corporate Yard Admin. Offices & Crew Quarters -352,415 352,415 201901 Village Art Plaza Promenade & Cultural Campus -308,208 308,208 201905 Highway 111 Corridor -3,152,140 3,152,140 201908 Citywide Catch Basin Modifications 250,000 -250,000 202007 SilverRock Retention Basin Soil Stabilization (13,711)-(13,711) 202102 Fritz Burns Park Improvements 1,000,000 1,794,683 2,794,683 202108 FY 21/22 PMP Slurry Seal Improvements (1,100,076) -(1,100,076) 202201 Avenue 50 Pavement Rehabilitation 178,131 -178,131 202202 City Hall Capacity Improvements 550,000 -550,000 202204 Sports Complex Lighting Replacement -259,945 259,945 202206 Village Utilities Undergrounding Project 9,249 (17,515)(8,266) 202209 ADA Transition Plan Update -150,000 150,000 202211 Village Parking Lot -500,000 500,000 202212 Phase II Camera System -1,651,056 1,651,056 202213 Smart Infrastructure Improvements Feasibility Study -248,263 248,263 202217 Storm Drain Maintenance 674,488 -674,488 202230 Cove Trails Parking Lot Improvements 6,591 -6,591 202308 X Park Building ADA Improvements 349,463 -349,463 202309 Washington St Connector to Art & Music Line -1,199,650 1,199,650 202322 Eisenhower Retention Basin Slope Repair (7,244)-(7,244) 202315 FY 22/23 Pavement Management Plan 139,141 -139,141 202316 FY 23/24 Pavement Management Plan 969,839 -969,839 SAVINGS Prior CIP Project Savings 107,289 -107,289 999902 Jefferson Interchange 34,987 -34,987 TOTAL 10,076,979$ 11,589,540$ 21,666,520$ 47%53%100% (Negative balances represent temporary funding until grants are received) GENERAL FUND Capital Improvement Project Carryovers from 2023/24 to 2024/25 CITY OF LA QUINTA EXHIBIT C 37 Description/Program Account Number Account Name Estimated Revised Marketing efforts to attract group business to hotels 101-1007-60536 TOT Resort Rebate Program 350,000$ 350,000$ Fire Ladder Truck purchase 101-2002-80101 Machinery & Equipment 400,000$ 400,000$ Sidewalk repair/maintenance 101-7003-60103 Professional Services 150,000$ 150,000$ $ 900,000 $ 900,000 Emergency Road Repair 201-7003-72111 Road Improvements $ 500,000 $ 200,000 Heavy machinery/equipment purchase 201-7003-80100 Machinery & Equipment $ 450,000 $ 450,000 Painting exterior of Library 202-3004-72110 Building Improvements $ 150,000 $ 150,000 Median upgrades 215-7004-60431 Materials/Supplies $ 400,000 $ 125,000 Tree maintenance 215-7004-60673 Tree Maintenance/Palm Trees $ 400,000 $ 450,000 Dune Palms Mobile Estates improvements 241-9104-72110 Building/Site Improvements $ 500,000 $ 250,000 Homelessness assistance 243-0000-60532 Homelessness Assistance $- $ 50,000 Affordable housing programs 249-0000-80050 Affordable Housing Project Development $- $ 200,000 Vehicle upgrades 501-0000-60675 Parts, Accessories, and Upfits $ 130,000 $ 130,000 Painting/repairs 501-0000-71103 City Bldg Repl/Repair $ 175,000 $ 175,000 Heavy machinery/equipment purchase 501-0000-80100 Machinery & Equipment $ 145,000 $ 500,000 IT upgrades- audio visual 502-0000-80100 Machinery & Equipment $-$ 150,000 Park supplies and upgrades 503-0000-71060 Parks $ 700,000 $ 700,000 $ 3,550,000 $ 3,530,000 $ 4,450,000 $ 4,430,000 Revised Continuing Appropriations/Carryovers from 2023/24 to 2024/25 GENERAL FUND CARRYOVERS SPECIAL FUNDS CARRYOVERS TOTAL CARRYOVERS FOR ALL FUNDS NOTE: In June 2024 when the budget is adopted, all carryovers are estimates based on projected invoices to end fiscal year 2023/24. Upon completion of the final audit, Finance verifies account balances and makes additional carryover recommendations based on current budgetary needs. In no event shall a carryover exceed the revised per account amount above. AMENDED CARRYOVERS Estimated carryovers from the 2023/24 to 2024/25 budget were estimated based on projected invoices in the Spring of 2024. Upon completion of the final audit, Finance verifies account balances and carryovers and amended carryovers will be added to the 2024/25 budget. EXHIBIT D 38 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING DEPARTMENT REPORT TO: Members of the Financial Advisory Commission FROM: Claudia Martinez, Finance Director DATE: February 12, 2025 SUBJECT: FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES In addition to items presented as staff reports, the Finance Department would like to provide updates on the following matters. AUDIT & FINANCIAL REPORTING Citywide Comprehensive Audit for fiscal year 2023/24 – In process, to be completed by end of February COMMITTEE UPDATES 10-Year Projection Task Force (Commissioners Anderson, Batavick, and Dorsey) o Conducted meeting on October 28, 2024 o Additional meetings to be held prior to budget preparation Financial Statement and Audit training – Staff is currently researching options with the new auditing firm CITY UPDATES Hwy 111 Corridor Specific Plan Project No. 2019-05; 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 $1,143,682.08, no changes since the last meeting. 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 and 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. City Manager’s Office is in negotiations with IID and all DEPARTMENTAL REPORT ITEM NO. 1 39 impacted stakeholders to find an equitable solution. Agreement with IID would be required before equipment can be ordered; pending design approval from IID, and final estimated costs before the City’s potential cost- sharing is defined, which would be presented to Council for approval. Staff encourages the FAC members to view the meetings as time permits.  Tropical Storm Hilary – Federal Disaster Assistance o The City is currently working with Federal Emergency Management Agency (FEMA) on the reimbursement process for a total of 9 projects:  Citywide Debris Removal  Citywide Storm Preparation and Road Closures  Pioneer Park- shade structure  Adams Park- retention basin  X Park- retention basin  Eisenhower retention basin  SilverRock Park- retention basin & slope repair  SilverRock Park – lake vault  SilverRock Way and Avenue 62- sinkholes UPCOMING EVENTS  The City is hosting a free Household Hazardous Waste Collection Event on Saturday, February 22, 2025, in the City Hall South Parking Lot. This event will take place from 9 a.m. to 2 p.m.  The La Quinta Art Celebration, a four-day event celebrating the finest artists from around the world, will be held from February 27- March 2, 2025 at the La Quinta Civic Center Campus from 10:00 a.m.- 5:00 p.m. daily. 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 40 Page 1 of 52/7/2025 2:54:10 PM Project Activity Report City of La Quinta By Project Number Report Dates: 07/01/2019 - 02/07/2025 201905 Highway 111 Corridor Area Plan ImplementaƟ Fund 401 Construction in Process St Improvements Active Project Number Project Name Group Type Status Revenues Account NameAccount Key Category Total Activity -1,097,859.70201905MGMeasure G Funding Measure G - Measure G Funding ActivityDescriptionPost DateGL Account Number GL Account Name Vendor Name Item Number -1,980.00MG 201905 HWY 111 CORRIDOR PLANTransfers In 03/31/2020401-0000-49500 -5,006.25MG 201905 HIGHWAY 111 CORRIDOR AREA PLANTransfers In 06/30/2020401-0000-49500 -6,986.25FY 19/20 Total: -11,715.00MG 201905 HIGHWAY 111 CORRIDOR AREA PLANTransfers In 09/30/2020401-0000-49500 -41,035.00MG 201905 HIGHWAY 111 CORRIDOR AREA PLANTransfers In 12/31/2020401-0000-49500 -7,955.00MG 201905 HIGHWAY 111 CORRIDOR AREA PLANTransfers In 03/31/2021401-0000-49500 -230,049.59MG HIGHWAY 111 CORRIDOR AREA PLANTransfers In 06/30/2021401-0000-49500 -290,754.59FY 20/21 Total: -2,995.00MG 201905 HIGHWAY 111 CORRIDOR PLANTransfers In 09/30/2021401-0000-49500 -30,468.25MG 201905 HWY CORRIDOR AREA PLANTransfers In 12/31/2021401-0000-49500 -3,020.00MG 201905 HWY CORRIDOR AREA PLANTransfers In 03/31/2022401-0000-49500 -130,479.46MG 201905 HWY CORRIDOR AREA PLANTransfers In 06/30/2022401-0000-49500 -166,962.71FY 21/22 Total: -14,775.00MG 201905 HWY CORRIDOR AREA PLANTransfers In 09/30/2022401-0000-49500 -4,537.50MG 201905 HIGHWAY 111 CORRIDOR AREATransfers In 12/31/2022401-0000-49500 -145,350.50MG 201905 HIGHWAY 111 CORRIDOR AREATransfers In 03/31/2023401-0000-49500 -120,554.00MG 201905 HIGHWAY 111 CORRIDOR AREATransfers In 06/30/2023401-0000-49500 -285,217.00FY 22/23 Total: -49,950.15MG 201905 HIGHWAY 111 CORRIDOR AREATransfers In 09/30/2023401-0000-49500 -1,662.50MG 201905 HIGHWAY 111 CORRIDOR AREATransfers In 12/31/2023401-0000-49500 -58,634.71MG 201905 HIGHWAY 111 CORRIDOR AREATransfers In 03/31/2024401-0000-49500 -237,691.79CORR SB1 FUNDING FOR 201905 PROJECTTransfers In 06/30/2024401-0000-49500 -347,939.15FY 23/24 Total: 0.00201905SB1SB1 Maintenance Funding SB1 Maint Fund - SB1 Maintenance Funding ActivityDescriptionPost DateGL Account Number GL Account Name Vendor Name Item Number 237,691.79CORR SB1 FUNDING FOR 201905 PROJECTTransfers In 06/30/2024401-0000-49500 -102,565.49SB1 201905 HIGHWAY 111 CORRIDOR AREATransfers In 06/30/2024401-0000-49500 -57,573.80SB1 201905 HIGHWAY 111 CORRIDOR AREATransfers In 06/30/2024401-0000-49500 ATTACHMENT 1 41 Report Dates: 07/01/2019 - 02/07/2025Project Activity Report Page 2 of 52/7/2025 2:54:10 PM ActivityDescriptionPost DateGL Account Number GL Account Name Vendor Name Item Number -77,552.50SB1 201905/202223 HIGHWAY 111 CORRIDOR AREATransfers In 06/30/2024401-0000-49500 0.00FY 23/24 Total: Total Revenues: -1,097,859.70 Expenses Account NameAccount Key Category Total Activity 1,060,790.83201905DDesign Expense Design - Design Expense ActivityDescriptionPost DateGL Account Number GL Account Name Vendor Name Item Number 8,290.002019-05 HWY 111 CORRIDOR PROJECT (PLAN&ENG)Design 12/18/2020401-0000-60185 151505GHD INC. 25,600.002019-05 HWY 111 CORRIDOR PROJECT (PLAN&ENG)Design 12/18/2020401-0000-60185 153361GHD INC. 78,461.2502/2021 - HWY 111 PLANNING/ ENGINEERING SVCSDesign04/16/2021401-0000-60185 158460GHD INC. 32,923.7512/2020 - HWY 111 PLANNING/ ENGINEERING SVCSDesign04/16/2021401-0000-60185 155454GHD INC. 75,409.8404/2021 - HWY 111 PLANNING/ENGINEERING SVCSDesign06/11/2021401-0000-60185 161990GHD INC. 34,827.2505/2021 - HWY 111 PLANNING/ENGINEERING SVCSDesign06/25/2021401-0000-60185 163575GHD INC. 255,512.09FY 20/21 Total: 19,315.7506/2021 - HWY 111 PLANNING/ENGINEERING SVCSDesign10/08/2021401-0000-60185 165668GHD INC. 8,620.0007/2021 - HWY 111 PLANNING/ENGINEERING SVCSDesign10/29/2021401-0000-60185 380-0000621GHD INC. 207.4303/24/22 - HWY 111 SITE TOUR LUNCHDesign04/22/2022401-0000-60185 MAR'226925BMBANK OF THE WEST (PLEASE SEE 460.0003/24/22 - HWY 111 SITE TOUR TRANSPORTATIONDesign04/22/2022401-0000-60185 MAR'226925BMBANK OF THE WEST (PLEASE SEE 41,235.8303/2022 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign06/30/2022401-0000-60185 380-0012735GHD INC. 84,123.7006/2022 HWY 111 CORRIDOR PLANNING/ENGINERRIDesign06/30/2022401-0000-60185 380-0016011GHD INC. 153,962.71FY 21/22 Total: 12,962.5007/2022 - HWY 111 CORRIDOR PLANNING/ENGINERRIDesign09/02/2022401-0000-60185 380-0017688GHD INC. 49,617.5009/2022 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign03/03/2023401-0000-60185 380-0020901GHD INC. 51,571.2510/2022 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign03/03/2023401-0000-60185 380-0023845GHD INC. 18,251.2511/2022 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign03/03/2023401-0000-60185 380-0024095GHD INC. 9,171.2512/2022 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign03/03/2023401-0000-60185 380-0025445GHD INC. 12,726.7501/2023 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign03/17/2023401-0000-60185 380-0027217GHD INC. 18,667.5802/2023 - HWY 111 CORRIDOR PLANNING/ENGINEERIDesign06/30/2023401-0000-60185 380-0028778GHD INC. 9,366.2503/2023 - HWY 111 CORRIDOR PLANNING/ENGINEERIDesign06/30/2023401-0000-60185 380-0030405GHD INC. 22,207.5104/2023 - HWY 111 CORRIDOR PLANNING/ENGINEERIDesign06/30/2023401-0000-60185 380-0031910GHD INC. 22,721.9505/2023 - HWY 111 CORRIDOR PLANNING/ENGINEERIDesign06/30/2023401-0000-60185 380-0033492GHD INC. 42,803.2106/2023 - HWY 111 CORRIDOR PLANNING/ENGINERRIDesign06/30/2023401-0000-60185 380-0035378GHD INC. 270,067.00FY 22/23 Total: 49,312.6507/2023 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign09/08/2023401-0000-60185 380-0036834GHD INC. 54,534.7110/2023 - HWY 111 CORRIDOR PLANNING/ENGINEERIDesign01/26/2024401-0000-60185 380-0041445GHD INC. 32,062.3601/2024 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign05/24/2024401-0000-60185 380-0047294GHD INC. 53,767.9303/2024 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign05/24/2024401-0000-60185 380-0048891GHD INC. 13,082.7004/2024 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign06/30/2024401-0000-60185 380-0051494GHD INC. 877.5005/01-06/30/24 - ONCALL PLANNING SERVICESDesign06/30/2024401-0000-60185 TN1198158TERRA NOVA PLANNING & RESE 42 Report Dates: 07/01/2019 - 02/07/2025Project Activity Report Page 3 of 52/7/2025 2:54:10 PM ActivityDescriptionPost DateGL Account Number GL Account Name Vendor Name Item Number 20,296.30ACCRUE 05/2024 HWY 111 CORRIDOR PLANNINGDesign06/30/2024401-0000-60185 37,277.50ACCRUE 06/2024 HWY 111 CORRIDOR PLANNINGDesign06/30/2024401-0000-60185 261,211.65FY 23/24 Total: 20,296.3005/2024 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign09/20/2024401-0000-60185 380-0054142REVGHD INC. 37,277.5006/2024 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign09/20/2024401-0000-60185 380-0054348GHD INC. 3,540.13HWY 111 CONSTRUCTION SIGNAGEDesign09/20/2024401-0000-60185 98554BEST SIGNS INC -20,296.30ACCRUE 05/2024 HWY 111 CORRIDOR PLANNINGDesign09/30/2024401-0000-60185 -37,277.50ACCRUE 06/2024 HWY 111 CORRIDOR PLANNINGDesign09/30/2024401-0000-60185 22,993.5008/2024 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign11/08/2024401-0000-60185 380-0057493GHD INC. 9,563.7509/2024 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign02/07/2025401-0000-60185 380-0063398GHD INC. 83,940.0012/2024 HWY 111 CORRIDOR PLANNING/ENGINEERINDesign02/07/2025401-0000-60185 380-0063431GHD INC. 120,037.38FY 24/25 Total: 82,891.25201905PProfessional Expense Professional - Professional Expense ActivityDescriptionPost DateGL Account Number GL Account Name Vendor Name Item Number 1,980.0002/2020 HIGHWAY 111 CORRIDORProfessional Services 03/20/2020401-0000-60103 8 JOB 2019-08NAI CONSULTING INC 825.0003/2020 HIGHWAY 111 CORRIDORProfessional Services 04/24/2020401-0000-60103 9 JOB 2019-08NAI CONSULTING INC 330.0005/2020 HIGHWAY 111 CORRIDORProfessional Services 06/12/2020401-0000-60103 11 JOB 2019-08NAI CONSULTING INC 3,851.2506/2020 HIGHWAY 111 CORRIDORProfessional Services 06/30/2020401-0000-60103 12 JOB 2019-08NAI CONSULTING INC 6,986.25FY 19/20 Total: 9,240.0007/2020 HIGHWAY 111 CORRIDORProfessional Services 09/04/2020401-0000-60103 13 JOB 2019-08NAI CONSULTING INC 2,475.0008/2020 HIGHWAY 111 CORRIDORProfessional Services 09/25/2020401-0000-60103 14 JOB 2019-08NAI CONSULTING INC 2,182.5009/2020 HIGHWAY 111 CORRIDORProfessional Services 10/09/2020401-0000-60103 15 JOB 2019-08NAI CONSULTING INC 4,962.5010/2020 HIGHWAY 111 CORRIDORProfessional Services 12/04/2020401-0000-60103 16 JOB 2019-08NAI CONSULTING INC 2,657.50HIGHWAY 111 CORRIDORProfessional Services 01/15/2021401-0000-60103 17 JOB 2019-08NAI CONSULTING INC 720.00HIGHWAY 111 CORRIDORProfessional Services 01/22/2021401-0000-60103 18 JOB 2019-08NAI CONSULTING INC 980.00HIGHWAY 111 CORRIDORProfessional Services 03/05/2021401-0000-60103 19 JOB 2019-08NAI CONSULTING INC 3,597.50HIGHWAY 111 CORRIDORProfessional Services 03/19/2021401-0000-60103 2019-08.20NAI CONSULTING INC 2,072.50HIGHWAY 111 CORRIDORProfessional Services 04/23/2021401-0000-60103 2019-08.21NAI CONSULTING INC 1,657.50HIGHWAY 111 CORRIDORProfessional Services 05/28/2021401-0000-60103 2019-08.22NAI CONSULTING INC 1,850.00HIGHWAY 111 CORRIDORProfessional Services 06/18/2021401-0000-60103 2019-08.23NAI CONSULTING INC 2,847.50HIGHWAY 111 CORRIDORProfessional Services 06/30/2021401-0000-60103 2019-08.24NAI CONSULTING INC 35,242.50FY 20/21 Total: 630.0007/2021 HIGHWAY 111 CORRIDORProfessional Services 09/17/2021401-0000-60103 2019-08.25NAI CONSULTING INC 2,365.0008/2021 HIGHWAY 111 CORRIDORProfessional Services 09/17/2021401-0000-60103 2019-08.26NAI CONSULTING INC 790.0009/2021 HIGHWAY 111 CORRIDORProfessional Services 11/05/2021401-0000-60103 2019-08.27NAI CONSULTING INC 1,742.5010/2021 HIGHWAY 111 CORRIDORProfessional Services 12/03/2021401-0000-60103 2019-08.28NAI CONSULTING INC 620.0011/2021 - HIGHWAY 111 CORRIDORProfessional Services 01/14/2022401-0000-60103 2019-08.29NAI CONSULTING INC 930.0012/2021 HIGHWAY 111 CORRIDORProfessional Services 01/14/2022401-0000-60103 2019-08.30NAI CONSULTING INC 192.5001/2022 HIGHWAY 111 CORRIDORProfessional Services 02/25/2022401-0000-60103 2019-08.31NAI CONSULTING INC 1,277.5002/2022 HIGHWAY 111 CORRIDORProfessional Services 03/18/2022401-0000-60103 2019-08.32NAI CONSULTING INC 43 Report Dates: 07/01/2019 - 02/07/2025Project Activity Report Page 4 of 52/7/2025 2:54:10 PM ActivityDescriptionPost DateGL Account Number GL Account Name Vendor Name Item Number 1,860.0003/2022 - HIGHWAY 111 CORRIDORProfessional Services 04/15/2022401-0000-60103 2019-08.33NAI CONSULTING INC 967.5005/2022 HIGHWAY 111 CORRIDORProfessional Services 06/30/2022401-0000-60103 2019-08.35NAI CONSULTING INC 1,625.0006/2022 HIGHWAY 111 CORRIDORProfessional Services 06/30/2022401-0000-60103 2019-08.36NAI CONSULTING INC 13,000.00FY 21/22 Total: 1,812.5007/2022 2019-05 HIGHWAY 111 CORRIDORProfessional Services 08/26/2022401-0000-60103 2019-08.37NAI CONSULTING INC 1,700.0008/2022 HIGHWAY 111 CORRIDORProfessional Services 10/07/2022401-0000-60103 2019-08.38NAI CONSULTING INC 1,962.5009/2022 - 2019-05 HIGHWAY 111 CORRIDORProfessional Services 10/28/2022401-0000-60103 2019.08.39NAI CONSULTING INC 875.0012/2022 - 2019-05 HIGHWAY 111 CORRIDORProfessional Services 12/16/2022401-0000-60103 2019-08.41NAI CONSULTING INC 3,312.5012/2022 - 2019-05 HIGHWAY 111 CORRIDORProfessional Services 02/03/2023401-0000-60103 2019-08.42NAI CONSULTING INC 700.0001/2023 - 2019-05 HIGHWAY 111 CORRIDORProfessional Services 02/24/2023401-0000-60103 2019-08.43NAI CONSULTING INC 2,137.5003/2023 HIGHWAY 111 CORRIDORProfessional Services 05/05/2023401-0000-60103 2019-08.45NAI CONSULTING INC 725.0003/2023 HIGHWAY 111 CORRIDORProfessional Services 05/05/2023401-0000-60103 2019-08.44NAI CONSULTING INC 1,250.0005/2023 - 2019-05 HIGHWAY 111 CORRIDORProfessional Services 06/23/2023401-0000-60103 2019-08.47NAI CONSULTING INC 675.0006/2023 - 2019-05 HIGHWAY 111 CORRIDORProfessional Services 06/30/2023401-0000-60103 2019-08.48NAI CONSULTING INC 15,150.00FY 22/23 Total: 637.5007/2023 HIGHWAY 111 CORRIDORProfessional Services 08/25/2023401-0000-60103 2019-08.49NAI CONSULTING INC 437.5008/2023 - 2019-05 HIGHWAY 111 CORRIDORProfessional Services 10/13/2023401-0000-60103 2019-08.50NAI CONSULTING INC 700.0009/2023 HIGHWAY 111 CORRIDORProfessional Services 10/27/2023401-0000-60103 2019-08.51NAI CONSULTING INC 525.0010/2023 - 2019-05 HIGHWAY 111 CORRIDORProfessional Services 11/17/2023401-0000-60103 2019-08.52NAI CONSULTING INC 887.5011/2023 HIGHWAY 111 CORRIDORProfessional Services 01/19/2024401-0000-60103 2019-08.53NAI CONSULTING INC 875.0012/2023 HIGHWAY 111 CORRIDORProfessional Services 01/19/2024401-0000-60103 2019-08.54NAI CONSULTING INC 2,337.5001/2024 HIGHWAY 111 CORRIDORProfessional Services 02/23/2024401-0000-60103 2019-08.55NAI CONSULTING INC 500.0003/2024 HIGHWAY 111 CORRIDORProfessional Services 04/26/2024401-0000-60103 2019-08.57NAI CONSULTING INC 750.0004/2024 HIGHWAY 111 CORRIDORProfessional Services 05/31/2024401-0000-60103 2019-08.58NAI CONSULTING INC 537.5005/2024 HIGHWAY 111 CORRIDORProfessional Services 06/30/2024401-0000-60103 2019-08.59NAI CONSULTING INC 987.5006/2024 HIGHWAY 111 CORRIDORProfessional Services 06/30/2024401-0000-60103 2019-08.60NAI CONSULTING INC 9,175.00FY 23/24 Total: 970.0007/2024 - HIGHWAY 111 CORRIDORProfessional Services 09/06/2024401-0000-60103 2024-03.01NAI CONSULTING INC 475.0008/2024 - HIGHWAY 111 CORRIDORProfessional Services 10/04/2024401-0000-60103 2024-03.02R1NAI CONSULTING INC 1,407.5009/2024 HIGHWAY 111 CORRIDORProfessional Services 11/08/2024401-0000-60103 2024-03.03NAI CONSULTING INC 47.5010/2024 HIGHWAY 111 CORRIDORProfessional Services 12/06/2024401-0000-60103 2024-03.04NAI CONSULTING INC 242.5011/2024 HIGHWAY 111 CORRIDORProfessional Services 12/27/2024401-0000-60103 2024-03.05NAI CONSULTING INC 195.0012/2024 - PROFESSIONAL ENGINEERING SERVICESProfessional Services 02/07/2025401-0000-60103 2024-03.06NAI CONSULTING INC 3,337.50FY 24/25 Total: Total Expenses: 1,143,682.08 45,822.38201905 Total: 44 Report Dates: 07/01/2019 - 02/07/2025Project Activity Report Page 5 of 52/7/2025 2:54:10 PM Summary Project NameProject Number Project Summary Total Revenue Total Expense Revenue Over/ (Under) Expenses Highway 111 Corridor Area Plan Implementation2019051,097,859.70 1,143,682.08 -45,822.38 Project Totals:1,097,859.70 1,143,682.08 -45,822.38 Group Summary Group Total Revenue Total Expense Revenue Over/ (Under) Expenses Fund 401 Construction in Process 1,097,859.70 1,143,682.08 -45,822.38 Group Totals:1,097,859.70 1,143,682.08 -45,822.38 Type Summary Type Total Revenue Total Expense Revenue Over/ (Under) Expenses St Improvements 1,097,859.70 1,143,682.08 -45,822.38 Type Totals:1,097,859.70 1,143,682.08 -45,822.38 45 46 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING DEPARTMENT REPORT TO: Members of the Financial Advisory Commission FROM: Rosemary Hallick, Principal Management Analyst DATE: February 12, 2025 SUBJECT: THIRD QUARTER 2024 (JULY-SEPTEMBER) SALES TAX UPDATE The attached report was prepared by consultants, HdL Companies, as an update of sales tax receipts for second quarter sales from July to September 2024. La Quinta’s overall adjusted sales tax receipts for major industry groups decreased 6.0% as compared to last year. As a comparison, Riverside County was down 3.2% and the state was down 2.3%. The decrease was spread between various categories such as general consumer goods, restaurants, state & county pools, building and construction, autos & transportation and fuel & service stations. Details may be found in the attached quarterly Sales Tax Update newsletter prepared by HdL. The City’s sales-per-capita remains higher than both the county and state averages. General consumer goods (such as department stores) made up 39% of sales tax revenue and 40% of Measure G revenue. Autos and transportation made up 10% of sales tax revenue and 14% of Measure G revenue. The City continues to benefit from online purchasing in the form of the County pool share, which was 13% of our sales tax revenue. DEPARTMENTAL REPORT ITEM NO. 2 47 48 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. Fiscal year-to-date sales tax collections are shown in the chart below. Combined, the City has received $9.96 million in sales and transactions taxes so far this year, as compared to $10.26 million in the same periods of Fiscal 2023/24, down about 2.95%. Attachment 1: HdL Q3 2024 Sales Tax Update Quarter Payment Bradley Burns 33060 Measure G 520 MG % of BB % change from LY 3 July 2024 Advance 852,312$ 1,103,397$ 129.46% 1.59% 3 August 2024 Advance 695,793$ 938,573$ 134.89% -3.39% 3 September 2024 -3rd Qtr Payment 549,986$ 972,015$ 176.73% -23.99% 3 Total 2024 2,098,091$ 3,013,985$ 143.65% -9.03% 4 October 2024 Advance 1,199,620$ 1,452,573$ 121.09% 8.63% 4 November 2024 Advance 972,725$ 1,227,920$ 126.24% -0.29% 4 4 Total 2024 2,172,345$ 2,680,493$ 123.39% -36.14% 1 1 1 1 Total 2025 -$ -$ #DIV/0! -100.00% 2 2 2 2 Total 2025 -$ -$ #DIV/0! -100.00% Totals 4,270,436$ 5,694,478$ 133.35% -2.95% Last Year, Same Periods 4,503,635$ 5,764,134$ Variance (233,199)$ (69,656)$ Total 2024/25 Budget 12,000,000$ 15,500,000$ 49 www.hdlcompanies.com | 888.861.0220 Q3 2023* Q3 2024* Legend $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 SALES TAX BY MAJOR BUSINESS GROUP*Allocation aberrations have been adjusted to reflect sales activity General Consumer Goods Restaurants and Hotels County and State Pools Building and Construction Autos and Transportation Fuel and Service Stations Food and Drugs Business and Industry TOP 25 PRODUCERSCITY OF LA QUINTA HIGHLIGHTS Published by HdL Companies in Winter 2025 Arco AM PM Best Buy Circle K Costco Floor & Decor G & M Oil Genesis/Hyundai of La Quinta Home Depot In N Out Burger Kohls La Quinta Chevrolet & Cadillac La Quinta Resort & Club Longhorn Steakhouse Lowes Marshalls McDonald’s Ross Stater Bros Target TJ Maxx TJS Enterprises Torre Nissan Tower Mart Ulta Beauty Walmart Supercenter SALES TAX UPDATE CITY OF LA QUINTA 3Q 2024 (JULY - SEPTEMBER) La Quinta’s receipts from July through September were 13.5% below the third sales period in 2023. Excluding reporting aberrations, actual sales were down 6.0%. The slow economy pushed all sectors, with the exception of business-industry, into a negative position. Business- industry fared better due to a one-time allocation of use-tax, ending up 26.0%. General consumer goods fell the most as consumers remain concerned about the current economy and look to only essential purchases. The autos- transportation sector continued to feel the impact of high pricing and financing costs, which pushed consumers aside as they await the rate reductions. Fuel- service stations were down 18.5% as fuel and oil pricing dropped during the quarter. Restaurants have begun to feel the pressure from higher menu pricing as consumers pull back on visits or move to value-priced meals. Measure G, the City’s voter-approved transactions and use tax, brought in an additional $3,091,851 in revenue. Net of aberrations, taxable sales for all of Riverside County declined 3.2% over the comparable time period; the Southern California region was down 2.3%. TOTAL: -4.0% $3,091,851 Measure G TOTAL:$ 2,301,931 -6.0%-3.2%-2.3% COUNTY STATE LA QUINTA 3Q2024 ATTACHMENT 1 50 TOP NON-CONFIDENTIAL BUSINESS TYPES Q3 '24*La QuintaBusiness Type Change Change Change County HdL State 1.1%0.7%-1.2% 178.6 Casual Dining -5.1%-5.4%22.2% 114.0 Electronics/Appliance Stores -12.8%-12.9%-18.5% 96.6 Service Stations 1.1%3.9%3.4% 89.4 Quick-Service Restaurants -0.2%-2.0%-5.3% 71.5 Family Apparel 1.4%3.2%-0.2% 60.7 Grocery Stores -2.9%-3.3%-2.6% 59.8 Specialty Stores -3.1%-1.1%-6.5% 30.4 Leisure/Entertainment 2.0%2.2%-10.5% 28.6 Fast-Casual Restaurants -6.7%-7.3%-12.9% 27.7 Home Furnishings *Allocation aberrations have been adjusted to reflect sales activity *In thousands of dollars $0 $2,000 $4,000 $6,000 $8,000 La Quinta Q3 21 Q3 24 Q3 22 Q3 23 County California SALES PER CAPITA* *ADJUSTED FORECONOMIC DATA SALES TAX UPDATECITY OF LA QUINTA3Q 2024 STATEWIDE RESULTS California’s local one cent sales and use tax receipts during the months of July through September were 2.3% lower than the same quarter one year ago after adjusting for accounting anomalies. The calendar year third quarter traditionally is noted for pleasant weather and statewide tourism; however, taxes fell when compared to a year ago. As such, it also means a weak start of the 2024-25 fiscal year for many California agencies. Once again, autos-transportation receipts took a hit and declined 4.8%. This period marks the seventh consecutive quarter of downturn for the sector. While used autos returns and leasing activity have improved, revenues from new car sales struggled due to sustained high interest rates, tightened credit standards, and increased cost of auto insurance. As such, inventories for many dealers remain elevated, applying downward pressure on prices and growth into 2025. The summer season is usually an advantageous time for home repairs and construction work, however, this industry is also struggling with high consumer interest rates and limited access to equity for homeowners. New projects remain sidelined as developers await more favorable investment conditions. Brick-and-mortar general consumer retailers pulled back 3.8% - worsened by lower gas prices. Consumers appear more interested in lower priced/discounted items vs higher priced/luxury goods, forcing merchants to again consider inventory needs. Additionally, competition from online merchants is as fierce as ever, as shoppers look for greater value. With holiday shopping around the corner, local store expectations remain soft. Fuel generating taxpayers had a rough quarter; a combination of consumption declines and falling fuel prices thrust comparisons down by 13%. Further contraction of national drug store locations coupled with the steady fall from cannabis merchants dating back to 2021, caused a decrease of 2.8% in the food-drugs category. Expect similar percentage declines for the upcoming end of 2024 quarter. Although statewide tourism appears to have improved over 2023, revenue from restaurants experienced only a modest gain of 0.7%, which included a dramatic drop from fine dining establishments – consistent with spending trends in other sectors. State mandated minimum wage requirements remained a challenge, with higher menu prices reducing patron visits. These sluggish results solidify 2024 as a down year. Recent reductions to the Fed Funds Rate aren’t considered to help until later in 2025. Agencies should expect fiscal year 2024-25 sales taxes to stay flat or decline slightly as sluggish economic conditions leave consumers cautious in their spending patterns, especially for big ticket items and discretionary products. 51 POWER POINTS FINANCIAL ADVISORY COMMISSION MEETING FEBRUARY 12, 2025 February 12, 2025 1 Financial Advisory Commission Meeting February 12, 2025 1 2 February 12, 2025 2 Financial Advisory Commission 2/12/25 PRESENTATION ITEM NO. 1 EXPANDING LA QUINTA’S ELECTRICAL CAPACITY UPDATE Imperial Irrigation District Service Area Southern Portion Northern Portion Indio Coachella La Quinta 4 East Coachella Valley Cities 3 4 February 12, 2025 3 Electric Supplier IID Electric Supply and Delivery System 1934 IID/CVWD Agreement CVWD IID 5 IID’s POLICY •Growth pays for growth •1934 Comprise Agreement requires same rate for Coachella Valley as Imperial •Coachella Valley has no representation on IID Board 5 6 February 12, 2025 4 LA QUINTA SUBSTATIONS EFFORTS TO ADDRESS CAPACITY •Collaboration with affected developers Ave 58 –Determine schedules and capacity needs –City/IID/Developers cost share agreement –City/IID agreement for city fund purchase of long lead time items 7 8 February 12, 2025 5 ROADBLOCK •IID withdraw of Avenue 58 upgrade •IID’s proposed alternate solution to free up capacity at Avenue 58 involving construction of two 100 MW substations involving a cost share with City, County and roughly 25 developers. CITY’S PARALLEL EFFORTS •CVEC support for the formation of the Coachella Valley Power Agency JPA •JPA effective day estimated in May 2025 •JPA to hire staff and professionals to fully assess and plan for a pathway to a standalone electric provider 9 10 February 12, 2025 6 IID RATE INCREASE •IID approves nearly 70% Increase over next 3 years •Increase to pay higher service costs and up to $1.3 Billion in upgrading aging infrastructure •This will not pay for substations DEVELOPER CHALLENGES •Andalusia with 30 lots remaining is trying to solve for 3-4 year lead times by creating a temporary microgrid •Washington Park Commercial Center – lack of power on multiple fronts •Saint Francis notified of no power 2 weeks prior to scheduled ground breaking 11 12 February 12, 2025 7 PATH FORWARD •Become a member of the CVPA JPA •Bring back Avenue 58 Substation Upgrade •City to fund purchase of long lead time items •City to participate in cost share to reserve capacity for future •Determine and refine repayment mechanism Questions 13 14 February 12, 2025 8 Financial Advisory Commission Meeting 2/12/2025 Business Item No. 1 Receive and File Fiscal Year 2023/24 General Fund Year-End Budget Report Report Content Revenues Expenditures Carryovers Reserve Summary Exhibits 15 16 February 12, 2025 9 General Fund Revenues Top 3 revenue sources Sales tax $27.6m Transient occupancy tax (TOT) $15.7m Property taxes $12.7m General Fund Revenues 2023/24 Final Budget 2023/24 Actuals Variance Tax Revenue 63,646,000 64,930,079 1,284,079 Licenses & Permits 2,701,300 2,820,613 119,313 Intergovernmental 9,178,000 12,488,454 3,310,454 Charges for Services 1,153,200 1,494,422 341,222 Fines, Forfeitures & Abatements 395,500 408,126 12,626 Use of Money & Property 4,360,000 7,333,833 2,973,833 Miscellaneous/Transfers In 1,443,100 1,346,240 (96,860) Total Revenues 82,877,100 90,821,766 7,944,667 Non-Cash Adjustments Investments Fair Market Value Adjustment (1,689,908) (1,689,908) RDA Loan Interest Earned, Extraordinary Gain (272,644) (272,644) (1,962,552) (1,962,552) Total Adjusted Revenues 82,877,100 88,859,214 5,982,114 General Fund Expenses Measure G reserves allocation $3.8 million Total expenditure savings after carryovers $12.2 million General Fund 2023/24 Final Budget 2023/24 Actuals Variance Operational/CIP Expenses Multi-Year Capital Improvements 41,489,381 15,768,244 (25,721,137) Operational 60,387,250 51,594,404 (8,792,846) Expenses Before Carryovers 101,876,631 67,362,648 (34,513,983) Plus Carryovers to 2024/25 Multi-Year Capital Improvements 21,666,520 21,666,520 Operational 900,000 900,000 Adjusted Expenditures 101,876,631 89,929,168 (11,947,463) Plus Measure G Reserves 4,000,000 3,771,183 (228,817) Total Expenditures 105,876,631 93,700,351 (12,176,280) 17 18 February 12, 2025 10 Carryovers to 2024/25 Total $21,666,520 For 30 Projects and CIP Savings, detailed in Exhibit C Total $900,000 Total $4,430,000 Fund BalanceReserve/Fund Balance As of June 30, 2023 As of June 30, 2024 Change in ValueNon-Spendable Prepaid Costs 125,994 170,577 44,583 Land Held for Resale 5,403,652 5,403,652 - Advances to Other Funds - - - Due from Other Governments 19,600,794 17,123,777 (2,477,017) Total Non-Spendable 25,130,440 22,698,006 (2,432,434) Restricted Pension Trust 5,317,487 5,666,575 349,088 Committed Operational Carryovers 2,600,009 900,000 (1,700,009) Cash Flow Reserve 5,000,000 5,000,000 - Natural Disaster Reserve 15,000,000 15,000,000 - Economic Disaster 13,000,000 13,000,000 - Capital Replacement Reserve 12,000,000 12,000,000 - Total Committed 47,600,009 45,900,000 (1,700,009) Assigned Public Safety Fire Services 11,986,970 15,652,616 3,665,646 Measure G Sales Tax 29,214,191 32,985,374 3,771,183 Capital Projects 22,623,372 21,666,520 (956,852) Total Assigned 63,824,533 70,304,510 6,479,977 Unassigned 44,105,041 65,216,627 21,111,586 TOTAL FUND BALANCE 185,977,510 209,785,718 23,808,208 19 20 February 12, 2025 11 Measure G Summary FY 23-24 Measure G Revenue : $15.5 million Revenues since inception: $93 million $- $2 $4 $6 $8 $10 $12 $14 $16 $18 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24Millions Fiscal Year REVENUES SINCE INCEPTION $93 MILLION Discussion & Questions Strong Financial Position – $23.7M surplus, exceeding expectations Revenue Growth – Higher tax revenues and investment earnings Controlled Spending – Savings across departments, efficient budget management Capital Investments – $21.7M in project carryovers for infrastructure improvements Fully Funded Reserves – Ensuring financial stability for the future 21 22 February 12, 2025 12 Financial Advisory Commission Meeting 2/12/2025 Departmental Report Item No. 2 Third Quarter 2024 (July-September) Sales Tax Update 23 24 February 12, 2025 13 Summary • Sales Taxes still trending slightly downward – total receipts (on a cash basis) down 2.95% to LY Year-To-Date • The County and State also saw declines • Overall consumers continue to be more cautious in their spending and are leaning toward value options Major Industry Groups 25 26 February 12, 2025 14 Sales and MG History %change MG % of BB Budget Variance to Budget Percent of Budget Fiscal 16-17 1,462,650$ 78.62% 1,000,000 462,650 146.26% Fiscal 17-18 9,967,657$ 110.88% 9,600,000 367,657 103.83% Fiscal 18-19 10,958,118$ 9.94% 110.16% 10,145,000 813,118 108.01% Fiscal 19-20 10,310,526$ -5.91% 116.83% 9,646,500 664,026 106.88% Fiscal 20-21 12,594,389$ 22.15% 117.38% 10,617,200 1,977,189 118.62% Fiscal 21-22 15,615,411$ 23.99% 124.04% 13,500,000 2,115,411 115.67% Fiscal 22-23 16,088,087$ 3.03% 125.69% 15,500,000 588,087 103.79% Fiscal 23-24 15,471,183$ -3.83% 127.12% 15,515,000 (43,817) 99.72% Fiscal 24-25 5,694,478$ -63.19% 133.35% 15,000,000 (9,305,522) Fiscal 16-17 8,597,655$ 8,604,000 (6,345) 99.93% Fiscal 17-18 8,989,328$ 4.56% 8,776,100 213,228 102.43% Fiscal 18-19 9,947,125$ 10.65% 9,300,000 647,125 106.96% Fiscal 19-20 8,825,489$ -11.28% 8,235,900 589,589 107.16% Fiscal 20-21 10,729,160$ 21.57% 9,428,700 1,300,460 113.79% Fiscal 21-22 12,589,104$ 17.34% 11,500,000 1,089,104 109.47% Fiscal 22-23 12,799,992$ 1.68% 12,250,000 549,992 104.49% Fiscal 23-24 12,170,477$ -4.92% 12,205,000 (34,523) 99.72% Fiscal 24-25 4,270,436$ -64.91% 12,000,000 (7,729,564) YTD Measure G YTD Sales Tax The Financial Advisory Commission Meeting will be on March 26, 2025 27 28 February 12, 2025 15 29