2025 06 04 FAC Special MeetingFINANCIAL ADVISORY COMMISSION 1 JUNE 4, 2025
SPECIAL MEETING
NOTICE AND CALL OF SPECIAL MEETING
OF THE LA QUINTA FINANCIAL ADVISORY COMMISSION
TO THE MEMBERS OF THE LA QUINTA FINANCIAL ADVISORY COMMISSION AND
TO THE COMMISSION SECRETARY:
NOTICE IS HEREBY GIVEN that a Special Meeting of the La Quinta Financial
Advisory Commission is hereby called to be held on Wednesday, June 4, 2025,
commencing at 3:30 p.m. at La Quinta City Hall located at 78495 Calle Tampico, La
Quinta, CA 92253 for the following purpose:
ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS
1. RECOGNITION OF SERVICE FOR OUTGOING COMMISSIONER BATAVICK
CONSENT CALENDAR
1. RECEIVE AND FILE SPECIAL MEETING MINUTES DATED MARCH 26, 2025
2. RECEIVE AND FILE MEETING MINUTES DATED MAY 7, 2025
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED MARCH
31, 2025
BUSINESS SESSION
DEPARTMENTAL REPORTS
1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES
1. RECOMMEND COUNCIL APPROVAL OF FISCAL YEAR 2025/26
INVESTMENT POLICY
2. RECEIVE AND FILE THE ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR YEAR ENDED JUNE 30, 2024
3. RECEIVE AND FILE THIRD QUARTER FISCAL YEAR 2024/25 TREASURY
REPORTS FOR JANUARY, FEBRUARY, AND MARCH 2025
4. DISCUSS FISCAL YEAR 2025/26 PRELIMINARY PROPOSED BUDGET AND
APPROVE ALLOCATION OF MEASURE G SALES TAX REVENUE
FINANCIAL ADVISORY COMMISSION 2 JUNE 4, 2025
SPECIAL MEETING
Dated: May 30, 2025 /s/ Keith Dorsey
KEITH DORSEY, Chairperson
Attest:
AMANDA GUERRERO, Commission Secretary
DECLARATION OF POSTING
I, Amanda Guerrero, Commission Secretary do hereby declare that the foregoing notice
for the La Quinta Financial Advisory Commission Special Meeting of June 4, 2025, was
posted on the City’s website, near the entrance to the Council Chamber at 78495 Calle
Tampico and the bulletin board at the La Quinta Cove Post Office at 51321
Avenida Bermudas on May 30, 2025.
AMANDA GUERRERO, Commission Secretary
FINANCIAL ADVISORY COMMISSION Page 1 of 4 JUNE 4, 2025
SPECIAL MEETING – AGENDA
SPECIAL MEETING
FINANCIAL ADVISORY COMMISSION
AGENDA
CITY HALL COUNCIL CHAMBER
78495 Calle Tampico, La Quinta
WEDNESDAY, JUNE 4, 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. RECOGNITION OF SERVICE FOR OUTGOING COMMISSIONER BATAVICK
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 MARCH 26, 2025 5
Financial Advisory Commission agendas and
staff reports are now available on the City’s
web page: www.laquintaca.gov
2. RECEIVE AND FILE MEETING MINUTES DATED MAY 7, 2025 9
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED MARCH
31, 2025
13
Page 2 of 4 JUNE 4, 2025 FINANCIAL ADVISORY COMMISSION
SPECIAL MEETING – AGENDA
BUSINESS SESSION
PAGE
19
51
243
1. RECOMMEND COUNCIL APPROVAL OF FISCAL YEAR 2025/26
INVESTMENT POLICY
2. RECEIVE AND FILE THE ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR YEAR ENDED JUNE 30, 2024
3. RECEIVE AND FILE THIRD QUARTER FISCAL YEAR 2024/25 TREASURY
REPORTS FOR JANUARY, FEBRUARY, AND MARCH 2025
4. DISCUSS FISCAL YEAR 2025/26 PRELIMINARY PROPOSED BUDGET AND
APPROVE ALLOCATION OF MEASURE G SALES TAX REVENUE
311
STUDY SESSION – None
DEPARTMENTAL REPORTS
PAGE
389 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES
COMMISSIONERS’ ITEMS
ADJOURNMENT
The next regular quarterly meeting of the La Quinta Financial Advisory Commission will
be held September 11, 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, Amanda Guerrero, Secretary of the Financial Advisory Commission of the City of La
Quinta, do hereby declare that the foregoing Agenda for the special Commission meeting
of June 4, 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
May 30, 2025.
DATED: May 30, 2025
Amanda Guerrero, Interim Commission Secretary
City of La Quinta, California
FINANCIAL ADVISORY COMMISSION Page 3 of 4 JUNE 4, 2025
SPECIAL MEETING – AGENDA
Public Notices
Agenda packet materials are available for public inspection: 1) at the Clerk’s Office at La
Quinta City Hall, located at 78495 Calle Tampico, La Quinta, California 92253; and 2) on the
City’s website at https://www.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 Commission Secretary at (760) 777-7055,
24-hours in advance of the meeting and accommodations will be made.
If background material is to be presented to the Commission during a Commission meeting,
please be advised that 15 copies of all documents, exhibits, etc., must be supplied to the
Commission Secretary for distribution. It is requested that this takes place prior to the
beginning of the meeting.
PUBLIC COMMENTS – 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.
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
FINANCIAL ADVISORY COMMISSION Page 4 of 4 JUNE 4, 2025
SPECIAL MEETING – AGENDA
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 Financial Advisory
Commission requests to attend and participate in this meeting remotely due to “just cause” or
“emergency circumstances,” as defined, and only if the request is approved. In such instances,
remote public accessibility and participation will be facilitated via Zoom Webinar as detailed at the
end of this Agenda.
*** TELECONFERENCE PROCEDURES***
APPLICABLE ONLY WHEN TELECONFERENCE ACCESSIBILITY IS IN EFFECT
Pursuant to Government Code § 54953(f) [AB 2449, Stats. 2022, Ch. 285, Rubio].
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/88165609917
Meeting ID: 881 6560 9917
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 MARCH 26, 2025
SPECIAL MEETING – MINUTES
FINANCIAL ADVISORY COMMISSION
SPECIAL MEETING
MINUTES
WEDNESDAY, MARCH 26, 2025
CALL TO ORDER
A special meeting of the La Quinta Financial Advisory Commission (Commission) was
called to order at 3:30 p.m. by Vice Chair Anderson.
PRESENT: Commissioners Batavick, Kiehl, Lee, Mast, Way, and Vice-Chair Anderson
ABSENT: Chairperson Dorsey
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
Staff requested the Commission consider the Study Session section before the Business
Session section, out of agenda order; the Commission concurred.
ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS – None
CONSENT CALENDAR ITEMS
1. RECEIVE AND FILE MEETING MINUTES DATED FEBRUARY 12, 2025
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
DECEMBER 31, 2024
3. RECEIVE AND FILE SECOND QUARTER FISCAL YEAR 2024/25 TREASURY
REPORTS FOR OCTOBER, NOVEMBER, AND DECEMBER 2024
The Commission discussed the December 2024 Community Services general ledger
account including expenditures for several community events such as the Ironman 70.3
triathlon, Pancakes with Santa, Tree Lighting Ceremony, and audio-visual services for
the Veterans Day Ceremony; Capital Improvement Program (CIP) projects revenue
fluctuations between December 2023 and 2024; and inquiries regarding the new Tracker
investment software and report customization options.
CONSENT CALENDAR ITEM NO. 1
5
FINANCIAL ADVISORY COMMISSION Page 2 of 3 MARCH 26, 2025
SPECIAL MEETING – MINUTES
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 (Dorsey).
STUDY SESSION >>> taken out of Agenda order
1. DISCUSS PROJECTS TO BE INCLUDED IN FISCAL YEARS 2025/26
THROUGH 2029/30 CAPITAL IMPROVEMENT PROGRAM
Public Works Director McKinney and Administrative Technician Escarrega presented the
staff report, which is on file in the Finance Department.
The Commission discussed the CIP, focusing on funding sources, road maintenance
prioritization, and the cost implications of proactive road rehabilitation; the widening of
Avenue 50 in collaboration with the City of Indio; citywide striping locations and the
integration of the pavement management master plan; budgeting for emergency repairs,
including sinkholes; Bear Creek Trail restroom project; the Maintenance and Operations
Yard facility project; difference in requirements and restrictions for federally funded
projects versus city-funded ones; and commended staff for the efficient use of Measure
G funds.
2. DISCUSS THE 2025 ANNUAL COMMUNITY WORKSHOP AND 2025/26
BUDGET PROCESS
Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
The Commission discussed workshop attendance; additional opportunities for community
engagement through town halls; the importance of increased public awareness regarding
Imperial Irrigation District (IID) energy power capacity and supply issues; the City’s
ongoing efforts to secure the necessary infrastructure and funding for future power
demands; commended staff for efficiently and effectively leveraging City funds to achieve
a No. 7 ranking in fiscal strength for La Quinta out of 419 cities in California with reported
data, and staff’s continued efforts in managing City funds, reserve levels, and pension
obligations.
Staff noted that enhanced budget reports will be made available this year due to the
implementation of the new budgeting software, providing a high-level overview of the
City’s fiscal strengths and accomplishments, in addition to the standard financial details.
BUSINESS SESSION >>> taken out of Agenda order
1. RECEIVE AND FILE FISCAL YEAR 2024/25 BUDGET UPDATE REPORT,
APPROVE THE RECOMMENDED BUDGET ADJUSTMENTS, AND
RECOMMEND COUNCIL APPROVAL OF ADDITIONAL DISCRETIONARY
PAYMENT TO PAY OUTSTANDING PENSION OBLIGATIONS
6
FINANCIAL ADVISORY COMMISSION Page 3 of 3 MARCH 26, 2025
SPECIAL MEETING – MINUTES
Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
The Commission discussed additional discretionary payments to reduce or eliminate the
City’s outstanding pension obligations, which is a proactive measure against future
interest accruals; and false alarm fines and collection efforts.
MOTION – A motion was made and seconded by Commissioners Lee/Batavick to receive
and file fiscal year 2024/25 budget update report, approve the recommended budget
adjustments, and recommend Council approval of additional discretionary payment to pay
outstanding pension obligations. Motion passed: ayes – 6, noes – 0, abstain – 0, absent
– 1 (Dorsey).
DEPARTMENTAL REPORTS
1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES
Staff provided updates on current and upcoming Finance Department projects including
the ongoing audit for fiscal year 2023/24 Annual Comprehensive Financial Report,
Highway 111 corridor project expenditures, the newly formed Coachella Valley Power
Agency for electrical infrastructure and power capacity needs, and efforts to secure
Federal Emergency Management Agency reimbursements related to Tropical Storm
Hilary repair expenses incurred by the City.
COMMISSIONERS’ ITEMS
Commissioner Batavick proposed enhancing public transparency and engagement by
disseminating City budget updates through news outlets or radio.
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Mast/Way to adjourn this meeting at 5:00 p.m. Motion passed: ayes – 6, noes – 0, abstain
– 0, absent – 1 (Dorsey).
Respectfully submitted,
Amanda Guerrero, Commission Secretary
City of La Quinta, California
7
8
FINANCIAL ADVISORY COMMISSION Page 1 of 3 MAY 7, 2025
MINUTES
FINANCIAL ADVISORY COMMISSION
MINUTES
WEDNESDAY, MAY 7, 2025
CALL TO ORDER
A special meeting of the La Quinta Financial Advisory Commission (Commission) was
called to order at 3:30 p.m. by Chair Dorsey.
PRESENT: Commissioners Anderson, Batavick, Kiehl (joined the meeting at 3:52 p.m.),
Lee, Way and Chair Dorsey
ABSENT: Commissioner Mast
PLEDGE OF ALLEGIANCE
Commissioner Lee 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 REVENUE AND EXPENDITURE REPORT DATED
JANUARY 31, 2025
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
FEBRUARY 28, 2025
MOTION – A motion was made and seconded by Commissioners Batavick/Anderson to
approve the Consent Calendar as presented. Motion passed: ayes – 5, noes – 0, abstain
– 0, absent – 2 (Kiehl and Mast).
BUSINESS SESSION
1. APPROVE FISCAL YEAR 2025/26 MEETING SCHEDULE
Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
The Commission discussed rescheduling the September 3, 2025, regular meeting to
September 11, 2025, special meeting due to scheduling conflicts.
CONSENT CALENDAR ITEM NO. 2
9
FINANCIAL ADVISORY COMMISSION Page 2 of 3 MAY 7, 2025
MINUTES
MOTION – A motion was made and seconded by Commissioners Way/Lee to approve
the amended fiscal year 2025/26 Commission meeting schedule. Motion passed:
ayes – 5, noes – 0, abstain – 0, absent – 2 (Kiehl and Mast).
STUDY SESSION
1. DISCUSS FISCAL YEAR 2025/26 INVESTMENT POLICY
Principal Management Analyst Hallick presented the staff report, which is on file in the
Finance Department.
The Commission discussed the City’s investments rating category of “AA” or better which
is more restrictive than the State to better mitigate risk; and to correct minor formatting
inconsistencies in Appendix C.
The Commission expressed general support for the minor updates and revisions clarifying
the Investment Policy.
COMMISSIONER KIEHL JOINED THE MEETING AT 3:52 P.M.
2. DISCUSS FISCAL YEAR 2025/26 PRELIMINARY PROPOSED BUDGET
Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
The Commission discussed investment interest earnings; key revenue categories;
correcting the FY 2025/26 budget summary label on page 53; Measure G contributions;
the comprehensive study of the Master Fee Schedule; expanded Wellness Center
operations; federal funding; public safety costs, staffing, service models, and camera
system benefits; potential power infrastructure improvement costs; rising insurance
premiums; temporary staffing and medical expenses; use of Measure G reserves; the
City’s Recognized Obligation Payment Schedule (ROPS) repayment timeline and future
reallocation of Redevelopment Property Tax Trust Fund (RPTTF) fund once all
redevelopment agencies debt is paid off.
The Commission commended staff for prudent and conservative budget management.
The Commission expressed general support for the FY 2025/26 proposed budget as
presented.
DEPARTMENTAL REPORTS
1.FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES
Staff provided updates on current and upcoming Finance Department projects including
the ongoing audit for FY 2023/24 Annual Comprehensive Financial Report which is in
10
FINANCIAL ADVISORY COMMISSION Page 3 of 3 MAY 7, 2025
MINUTES
final stages of completion; scheduling additional meetings for the Financial Projections
Task Force; upcoming Boards and Commissions vacancies; and Highway 111 Corridor
Specific Plan project expenditures.
The Commission discussed the timeline and scheduling for the upcoming Highway 111
pavement improvements; the ribbon cutting unveiling the new Dune Palms Road Bridge;
anticipated Imperial Irrigation District (IID) substation infrastructure improvements costs
and options; and the newly formed Coachella Valley Powers Agency, an independent
public agency for Riverside County and the Coachella Valley giving stakeholders the
authority to address electrical infrastructure needs and services.
2. FOURTH QUARTER 2024 (OCTOBER-DECEMBER) SALES TAX UPDATE
Staff provided a general overview of the fourth quarter sales tax update.
The Commission discussed commercial vacancies rate in La Quinta is 5% compared to
12% average valley-wide; and potential impacts of the Highway 111 Corridor project on
local businesses and sales tax performance.
COMMISSIONERS’ ITEMS
Commissioner Kiehl commended Commissioner Way for her presentation at the 2025
State of the Fourth District Coachella Valley Economic Update held By Riverside County
Supervisor Perez on April 17, 2025, at the Fantasy Springs Resort Casino in Indio.
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Way/Kiehl to adjourn this meeting at 5:23 p.m. Motion passed: ayes – 6, noes – 0, abstain
– 0, absent – 1 (Mast).
Respectfully submitted,
Amanda Guerrero, Commission Secretary
City of La Quinta, California
11
12
City of La Quinta
FINANCIAL ADVISORY COMISSION MEETING: June 4, 2025
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT
DATED MARCH 31, 2025
RECOMMENDATION
Receive and file revenue and expenditure report dated March 31, 2025.
EXECUTIVE SUMMARY
The report summarizes the City’s year-to-date (YTD) and month-to-date (MTD)
revenues and expenditures for March 2025 (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, including any carryovers
from fiscal year 2023/24.
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
13
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 March 31, 2025
MTD YTD
YTD
Percent of
Budget YTD
YTD
Percent of
Budget
General Fund (GF) 5,677,363$ 51,763,122$ 59.02% 45,842,140$ 57.88%
All Funds 14,883,951$ 83,000,116$ 38.18% 93,259,886$ 46.56%
MTD YTD
YTD
Percent of
Budget YTD
YTD
Percent of
Budget
General Fund 4,722,351$ 41,141,639$ 38.77% 40,462,538$ 39.81%
Payroll (GF)904,209$ 8,562,291$ 60.60% 8,798,865$ 65.71%
All Funds 8,875,975$ 91,433,627$ 37.99% 93,447,452$ 40.04%
March 2025 Expenditures Comparison to 2024
March 2025 Revenues Comparison to 2024
General Fund Non-General Fund
Transient Occupancy (Hotel) Tax 1,758,838$ Highway Bridge Program (Dune Palms Reimbursement) 5,542,732$
Measure G Sales Tax 1,496,785$ County Government Revenue -Library/Museum 1,210,104$
Sales Tax 1,214,437$ SilverRock Green Fees 482,753$
Franchise Taxes - Burrtec 472,749$ Gas Tax 150,431$
Zoning Change Mitigation Fees 89,173$ County Sales Tax (Measure A)147,572$
General Fund Non-General Fund
Sheriff Contract 1,302,154$ Debt Service Payments- Successor Agency Bonds(1)1,630,645$
Marketing & Tourism Promotions 106,684$ Capital Improvement Program - Construction(2)907,350$
Professional Services (Elections)105,902$ Affordable Housing Project Development 207,003$
Parks Landscape Maintenance Contract 93,482$ SilverRock Maintenance 191,118$
Golf Tournament 65,828$ Lighting & Landscape Maintenance Contract 130,125$
.
Top Five Revenue/Income Sources for March
Top Five Expenditures/Outlays for March
(1)Interest and principal payments for redevelopment bonds, funded by dedicated Redevelopment Property Tax Trust Fund (RPTTF) revenue.
(2)CIP Construction: Dune Palms Bridge and pavement management plan.
14
Page 1 of 3
City Council Month Expense & Revenue Reports
Group Summary
For Fiscal: 2024/25 Period Ending: 03/31/2025
Fiscal
Activity
Variance
Favorable
(Unfavorable)
Period
Activity
Current
Total Budget
Original
Total Budget
Percent
Used
51,763,121.665,677,362.5482,714,300.00 87,707,804.00 -35,944,682.34 59.02%
-12,424.410.0030,000.00 30,000.00 -42,424.41 41.41%
1,861,853.42150,430.862,589,000.00 2,589,000.00 -727,146.58 71.91%
1,867,353.221,210,391.973,143,000.00 3,143,000.00 -1,275,646.78 59.41%
-227.570.005,000.00 5,000.00 -5,227.57 4.55%
-2.690.00190,000.00 190,000.00 -190,002.69 0.00%
143,924.538,333.33103,000.00 103,000.00 40,924.53 139.73%
3,073,361.470.004,000,500.00 4,000,500.00 -927,138.53 76.82%
40,038.2217,549.9480,000.00 80,000.00 -39,961.78 50.05%
1,099,389.64147,572.422,025,000.00 2,025,000.00 -925,610.36 54.29%
0.000.0013,000.00 13,000.00 -13,000.00 0.00%
0.000.005,500.00 5,500.00 -5,500.00 0.00%
12,995.221,416.0021,000.00 21,000.00 -8,004.78 61.88%
5,170,923.62748.5220,260,000.00 20,260,000.00 -15,089,076.38 25.52%
25,034.8312,150.1054,500.00 54,500.00 -29,465.17 45.94%
-232.910.0013,820.00 13,820.00 -14,052.91 1.69%
907,779.0395,870.811,452,000.00 1,452,000.00 -544,220.97 62.52%
-5,289.320.0060,000.00 60,000.00 -65,289.32 8.82%
3,247.991,250.0040,000.00 40,000.00 -36,752.01 8.12%
79,607.3624,276.4418,000.00 18,000.00 61,607.36 442.26%
374,053.6736,081.00540,000.00 540,000.00 -165,946.33 69.27%
96,991.5218,954.00253,000.00 253,000.00 -156,008.48 38.34%
68,201.4311,070.00103,000.00 103,000.00 -34,798.57 66.21%
18,659.003,573.0050,000.00 50,000.00 -31,341.00 37.32%
43,612.448,604.00105,000.00 105,000.00 -61,387.56 41.54%
20,230.263,321.0053,000.00 53,000.00 -32,769.74 38.17%
25,334.062,817.0047,000.00 47,000.00 -21,665.94 53.90%
119,422.335,813.40158,000.00 158,000.00 -38,577.67 75.58%
-1.100.001,500.00 1,500.00 -1,501.10 0.07%
6,846,743.695,542,732.4927,218,109.00 82,703,042.06 -75,856,298.37 8.28%
1,114,868.02373,750.001,705,000.00 1,705,000.00 -590,131.98 65.39%
2,355,266.28775,563.962,276,708.00 2,276,708.00 78,558.28 103.45%
745,414.13250,000.00500,000.00 500,000.00 245,414.13 149.08%
680,507.520.001,363,230.00 1,363,230.00 -682,722.48 49.92%
4,061,620.69556,402.475,484,500.00 5,484,500.00 -1,422,879.31 74.06%
4,911.640.007,000.00 7,000.00 -2,088.36 70.17%
100,199.8927,847.0640,000.00 40,000.00 60,199.89 250.50%
Fund
101 - GENERAL FUND
105 - DISASTER RECOVERY FUND
201 - GAS TAX FUND
202 - LIBRARY & MUSEUM FUND
203 - PUBLIC SAFETY FUND (MEASURE G)
210 - FEDERAL ASSISTANCE FUND
212 - SLESA (COPS) FUND
215 - LIGHTING & LANDSCAPING FUND
221 - AB 939 - CALRECYCLE FUND
223 - MEASURE A FUND
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)
227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)
230 - CASp FUND, AB 1379
231 - SUCCESSOR AGCY PA 1 RORF
235 - SO COAST AIR QUALITY FUND
237 - SUCCESSOR AGCY PA 1 ADMIN
241 - HOUSING AUTHORITY
243 - RDA LOW-MOD HOUSING FUND
247 - ECONOMIC DEVELOPMENT FUND
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)
250 - TRANSPORTATION DIF FUND
251 - PARKS & REC DIF FUND
252 - CIVIC CENTER DIF FUND
253 - LIBRARY DEVELOPMENT DIF
254 - COMMUNITY & CULTURAL CENTERS DIF
257 - FIRE PROTECTION DIF
259 - MAINTENANCE FACILITIES DIF FUND
270 - ART IN PUBLIC PLACES FUND
310 - LQ FINANCE AUTHORITY DEBT SERVICE
401 - CAPITAL IMPROVEMENT PROGRAMS
501 - FACILITY & FLEET REPLACEMENT
502 - INFORMATION TECHNOLOGY
503 - PARK EQUIP & FACILITY FUND
504 - INSURANCE FUND
601 - SILVERROCK RESORT
760 - SUPPLEMENTAL PENSION PLAN
761 - CERBT OPEB TRUST
762 - PARS PENSION TRUST 293,627.40-79,931.00200,000.00 200,000.00 93,627.40 146.81%
Report Total:14,883,951.31 83,000,116.18156,922,667.00 217,401,104.06 -134,400,987.88 38.18%
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.
15
Page 2 of 3
City Council Month Expense & Revenue Reports
Group Summary
For Fiscal: 2024/25 Period Ending: 03/31/2025
Fiscal
Activity
Variance
Favorable
(Unfavorable)
Period
Activity
Current
Total Budget
Original
Total Budget
Percent
Used
41,141,639.384,722,350.8483,331,665.00 106,123,184.50 64,981,545.12 38.77%
4,993,504.000.000.00 4,993,504.00 0.00 100.00%
2,004,506.07236,084.623,443,100.00 5,749,202.40 3,744,696.33 34.87%
1,122,261.6432,046.032,555,615.00 5,010,359.92 3,888,098.28 22.40%
0.000.000.00 20,375.54 20,375.54 0.00%
0.000.00198,500.00 198,500.00 198,500.00 0.00%
93,195.831,335.77100,000.00 100,000.00 6,804.17 93.20%
2,723,964.00295,035.353,957,700.00 4,532,700.00 1,808,736.00 60.10%
0.000.000.00 262,685.00 262,685.00 0.00%
66,821.158,250.00200,000.00 200,000.00 133,178.85 33.41%
149,016.820.002,335,000.00 4,456,986.26 4,307,969.44 3.34%
11,373.330.0012,000.00 12,000.00 626.67 94.78%
4,204.200.005,000.00 5,000.00 795.80 84.08%
822.400.005,500.00 5,500.00 4,677.60 14.95%
16,681,324.791,630,644.824,452,755.00 4,452,755.00 -12,228,569.79 374.63%
13,987.889,784.9840,000.00 40,000.00 26,012.12 34.97%
1,600.000.0010,000.00 10,000.00 8,400.00 16.00%
1,141,898.27130,560.111,715,440.00 1,965,440.00 823,541.73 58.10%
300,800.000.00250,000.00 350,000.00 49,200.00 85.94%
4,991.53330.0431,500.00 31,500.00 26,508.47 15.85%
746,407.31207,003.00250,000.00 657,003.00 -89,404.31 113.61%
400,453.500.001,579,109.00 2,837,567.34 2,437,113.84 14.11%
62,573.440.000.00 843,615.24 781,041.80 7.42%
0.000.000.00 249,925.00 249,925.00 0.00%
5,617.000.0015,000.00 15,000.00 9,383.00 37.45%
0.000.00500,000.00 625,000.00 625,000.00 0.00%
0.000.00100,000.00 280,000.00 280,000.00 0.00%
98,301.9418,500.00233,000.00 741,798.97 643,497.03 13.25%
0.000.001,500.00 1,500.00 1,500.00 0.00%
10,791,789.52967,208.0027,218,109.00 80,726,565.86 69,934,776.34 13.37%
1,423,330.1157,997.031,628,750.00 2,665,363.55 1,242,033.44 53.40%
1,689,201.5482,279.063,217,945.00 3,367,945.00 1,678,743.46 50.16%
683,188.7133,247.692,000,000.00 2,700,000.00 2,016,811.29 25.30%
1,046,254.001,096.051,058,000.00 1,058,000.00 11,746.00 98.89%
3,991,118.23438,983.905,365,000.00 5,365,000.00 1,373,881.77 74.39%
12,832.860.0012,850.00 12,850.00 17.14 99.87%
1,184.34364.471,500.00 1,500.00 315.66 78.96%
Fund
101 - GENERAL FUND
105 - DISASTER RECOVERY FUND
201 - GAS TAX FUND
202 - LIBRARY & MUSEUM FUND
203 - PUBLIC SAFETY FUND (MEASURE G)
210 - FEDERAL ASSISTANCE FUND
212 - SLESA (COPS) FUND
215 - LIGHTING & LANDSCAPING FUND
220 - QUIMBY FUND
221 - AB 939 - CALRECYCLE FUND
223 - MEASURE A FUND
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)
227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)
230 - CASp FUND, AB 1379
231 - SUCCESSOR AGCY PA 1 RORF
235 - SO COAST AIR QUALITY FUND
237 - SUCCESSOR AGCY PA 1 ADMIN
241 - HOUSING AUTHORITY
243 - RDA LOW-MOD HOUSING FUND
247 - ECONOMIC DEVELOPMENT FUND
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)
250 - TRANSPORTATION DIF FUND
251 - PARKS & REC DIF FUND
252 - CIVIC CENTER DIF FUND
253 - LIBRARY DEVELOPMENT DIF
254 - COMMUNITY & CULTURAL CENTERS DIF
259 - MAINTENANCE FACILITIES DIF FUND
270 - ART IN PUBLIC PLACES FUND
310 - LQ FINANCE AUTHORITY DEBT SERVICE
401 - CAPITAL IMPROVEMENT PROGRAMS
501 - FACILITY & FLEET REPLACEMENT
502 - INFORMATION TECHNOLOGY
503 - PARK EQUIP & FACILITY FUND
504 - INSURANCE FUND
601 - SILVERROCK RESORT
760 - SUPPLEMENTAL PENSION PLAN
761 - CERBT OPEB TRUST
762 - PARS PENSION TRUST 25,462.892,873.6130,000.00 30,000.00 4,537.11 84.88%
Report Total:8,875,975.37 91,433,626.68145,854,538.00 240,698,326.58 149,264,699.90 37.99%
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.
16
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
17
18
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: June 4, 2025
STAFF REPORT
BUSINESS SESSION ITEM NO. 1
AGENDA TITLE: RECOMMEND COUNCIL APPROVAL OF FISCAL YEAR 2025/26
INVESTMENT POLICY
RECOMMENDATION
Recommend Council approval of the fiscal year 2025/26 Investment Policy.
EXECUTIVE SUMMARY
As part of their work plan, and as stated in Section XVII of the City’s Investment
Policy (the Policy), the Financial Advisory Commission (FAC) reviews the Policy
annually.
Recommended revisions are also reviewed by the City Manager and City Attorney.
City Council adopts the Policy annually, after review by the FAC.
FISCAL IMPACT - None.
BACKGROUND
The City has been awarded the Investment Policy Certificate of Excellence from the
Association of Public Treasurers of the United States and Canada (APT US&C), and the
Policy has been recently certified by the California Municipal Treasurers Association
(CMTA). With these recognitions, the City believes the Policy is sound and generally not
in need of major revisions. In addition, there were no new regulatory changes in fiscal
year 2024/25 that impacted the City’s policy or would require updates. Therefore, staff
recommends only operational changes to the current Policy, some of which originated
with the CMTA review committee. The proposed updates remain within the legal bounds
of California Government Code (the Code), protect the safety and liquidity of the City’s
investment portfolio, and allow staff to maximize yield when prudent. The following edits,
along with punctuation or format changes and updates to the dates, are identified as red-
lined in Attachment 1:
Section V Maximum Maturities: Added language from the Code regarding forward
settlement dates.
19
20
Section VII: Minor edit to decouple the annual approval of the investment policy
from the annual granting of investment authority to the Treasurer.
Section IX: Clarifications to the type of documentation the City might use to verify
the credentials of broker/dealers as compared to advisors or financial institutions.
Section X Permissible Deposits and Investments: Clarified that while the policy
generally allows for investments as permitted by the Code, our policy may at times
be more restrictive. Reclassified bank (non-negotiable) CDs under the ‘Checking,
Savings, Sweep Accounts’ category, as negotiable CDs can be traded on the
secondary market.
Section XVI Review of Investment Portfolio: Additional language specifying how
frequently staff monitors the portfolio, along with available market information, for
potential issues with securities falling out of compliance with the policy.
ALTERNATIVES
The policy has been recognized by APT US&C and CMTA as being comprehensive as
written, and therefore no alternatives are recommended at this time.
Rosemary Hallick, Principal Management Analyst
Claudia Martinez, Finance Director
Prepared by:
Approved by:
Attachments: 1. Draft Investment Policy for Fiscal Year 2025/26 (red-lined)
2. Recent CMTA Certification
Fiscal Year
2024/20252025/2026
Table of Contents
Section Topic Page
Executive Summary 1
I General Purpose 2
II Investment Policy 2
III Scope 2
IV Objectives 3
V Maximum Maturities 5
VI Prudence 5
VII Authority 5
VIII Ethics and Conflicts of Interest 6
IX Authorized Financial Dealers and Institutions 6
X Permissible Deposits and Investments 7
XI Investment Pools 10
XII Payment and Custody 10
XIII Interest Earning Distribution Policy 11
XIV Internal Controls and Independent Auditors 11
XV Reporting Standards 12
XVI Review of Investment Portfolio 13
XVII Financial Advisory Commission – City of La Quinta 13
XIII Investment Policy Adoption 13
Appendices Topic Page
A Municipal Code Ordinance 2.70 – Financial Advisory Commission 14
B Municipal Code Ordinance 3.08 – Investment of Moneys and Funds 16
C Segregation of Major Investment Responsibilities 18
D Listing of Approved Financial Institutions 19
E Investment Management Process and Risk 20
F Glossary 22
ATTACHMENT 1
21
Page 1 of 27
CITY OF LA QUINTA
Investment Policy Fiscal
Year
2024/20252025/2026
EXECUTIVE SUMMARY
The general purpose of this Investment Policy is to provide the rules and standards that must be
followed in administering the City of La Quinta's (the “City”) deposits and investments.
The City's Investment Policy conforms to all state and local statutes and applies to all deposits
and investments of the City, with the exception of bond proceeds and those noted in section III
herein.
It is the City's policy to deposit and invest public funds in a manner that shall provide safety of
principal, liquidity to meet the City’s obligations and requirements that may be reasonably
anticipated, and a risk-based market rate of return.
Authority to manage the City's investment portfolio is derived from the City Municipal Code.
Management responsibility for the investment program is delegated to the City Treasurer, who
shall establish and implement written procedures for the operation of the City's investment
program consistent with the Investment Policy.
The City Manager, City Treasurer, and City employees involved in the City's banking and
investment process shall conduct the City's business in an ethical manner and refrain from any
activity or relationship that may be, or have the appearance of, a conflict of interest.
The Investment Policy shall be adopted by resolution of the La Quinta City Council on an annual
basis, before the end of each fiscal year (June).
22
Page 2 of 27
City of La Quinta
Statement of Investment Policy July 1, 2024 2025 through June 30, 2025 2026 Adopted
by the City Council on June 1817, 20242025
I. GENERAL PURPOSE
The general purpose of this document is to provide the rules and standards that must be followed
in administering the City of La Quinta's deposits and investments.
II. INVESTMENT POLICY
It is the policy of the City of La Quinta to deposit and invest public funds in a manner that shall
conform to all State and local statutes governing the investment of public funds and set forth the
permissible deposits and investments of the City's funds and the limitations thereon.
III. SCOPE
Except noted below, this Investment Policy applies to all deposits and investments of the City of
La Quinta, the Successor Agency to the City of La Quinta Redevelopment Agency, and the City
of La Quinta Financing and Housing Authorities. These funds are reported in the City's Annual
Comprehensive Financial Report (ACFR) and include all funds within the following fund types:
General
Special Revenue
Capital Projects
Debt Service
Enterprise
Internal Service
Trust and Agency
Any new fund types and fund(s) that may be created.
Financial assets and investment activity not subject to this policy
The City's Investment Policy does not apply to the following:
Cash and Investments raised from Conduit Debt Financing;
Funds held in trust in the City's name in pension or other post-retirement benefit
programs;
Cash and Investments held in lieu of retention by banks or other financial institutions for
construction projects;
Short or long-term loans made to other entities by the City or Agency;
Short term (Due to/from) or long term (Advances from/to) obligations made either
between the City and its funds or between the City and Agency; and
Investment of bond proceeds. The City's Investment Policy shall not govern bond
proceeds and bond reserve fund investments. California Code Section
23
Page 3 of 27
5922(d) governs the investment of bond proceeds and reserve funds in accordance with
bond indenture provisions.
Arbitrage Requirement - The US Tax Reform Act of 1986 requires the City to perform
arbitrage calculations and return excess earnings to the US Treasury from investments of
proceeds of bond issues sold after the effective date of this law. These arbitrage calculations
may be contracted with an outside source to provide the necessary technical assistance to
comply with this regulation. Investable funds subject to the 1986 Tax Reform Act will be kept
segregated from other funds and records will be kept in a fashion to facilitate the
calculations.
The City's investment position relative to the arbitrage restrictions is to continue pursuing the
maximum yield on applicable investments while ensuring the safety of capital and liquidity,
and to rebate excess earnings, if necessary.
IV. OBJECTIVES
The objectives of the City's investment activity, in order of priority and importance, are:
A. Safety of Principal
Safety of principal is the foremost objective of the City's investment program. Investments shall
be undertaken in a manner that seeks to ensure the preservation of principal of the overall
portfolio in accordance with the permissible deposits and investments.
The City shall endeavor to preserve its investment principal by making only permissible deposits
and investments, undertaken in a controlled manner to minimize the possibility of loss or
misappropriation through malfeasance or otherwise. Investments not backed by the full faith and
credit of the United States Government shall be diversified by allocating assets between
different types of permissible investments, maturities, and issuers as a means to mitigate credit
risk and interest rate risk. Investment in any single security type or single financial institution shall
be limited to the maximum percentages and/or dollar amounts as noted in Section X.
1. Credit Risk is the risk of loss from the failure of the security issuer or backer. Credit risk
may be mitigated by:
Limiting investments to investment grade securities as permitted in Section X;
and
Diversification- reducing concentration risk by limiting the total amount invested in
individual issuers of securities in the investment portfolio so that potential losses
due to issuer failure or securities downgrades may be minimized.
2. Interest Rate Risk is the risk that market values of securities in the portfolio will decline
due to changes in general interest rates. Interest rate risk may be mitigated by:
24
Page 4 of 27
Structuring the investment portfolio so that securities mature to meet cash
requirements for ongoing operations, thereby avoiding the need to sell securities
on the open market prior to maturity; and
Investing operating funds primarily in shorter-term securities.
3. Liquidity Risk is the risk that a security cannot be liquidated because of its unique
features or structure or because it is thinly traded. Liquidity risk is not a material issue for
the City's portfolio because of the permissible deposits and investments (see Section X). A
discussion of the City's investment process and risk is presented in Appendix E.
B. Provide Liquidity
The investment portfolio shall remain sufficiently liquid to meet all of the City's cash needs that
may be reasonably anticipated. This is accomplished by structuring the portfolio so that
sufficient liquid funds are available to meet anticipated demands. Furthermore, since all
possible cash needs cannot be anticipated the portfolio should be diversified and consist of
securities with active secondary or resale markets.
The City's policy is to generally hold securities and other investments to maturity. However,
securities may be sold prior to maturity under certain circumstances as follows:
A security with declining credit quality can be sold early to minimize loss of principal.
Unanticipated liquidity needs of the portfolio require that one or more securities be sold.
When a sale/repurchase is fiscally advantageous based on market conditions and fits
the needs of the portfolio
C. Yield a Risk-Based Market Rate of Return
The City's investment portfolio shall be structured with the objective of yielding a risk-based
market rate of return throughout budgetary and economic cycles. Return on investment is less
important than the safety and liquidity objectives described above.
The City's Investment Policy does not specify a single benchmark as a goal or target yield for a
rate of return on its investment portfolio. The portfolio's rates of return will be influenced by
several factors, including actions by the Federal Reserve Board, the marketplace, and overall
economic perceptions and conditions.
Performance Standards: As a basis for comparison only, the Treasurer's quarterly reports will
display the rates of return on the three-month Bill, six-month Bill, the one and two-year U.S.
Treasury Note, and the yield for the State Treasurer's Local Agency Investment Fund (LAIF).
The Treasurer may use these or any other published rates of return that the Treasurer deems
appropriate for comparison to the return on the City's investment portfolio.
25
Page 5 of 27
The investment portfolio shall be designed with the objective of obtaining a market rate of return
throughout budgetary and economic cycles, commensurate with the investment risk constraints
and the cash flow needs.
V. MAXIMUM MATURITIES
It is the City's policy to generally hold securities and other investments until maturity. This buy-and-
hold policy shall not prevent the sale of a security as listed in section IV.B
The general buy-and-hold strategy requires that the City's investment portfolio be structured so
that sufficient liquid funds are available from maturing investments and other sources to meet all
reasonably anticipated cash needs.
The City shall follow Title 5 of the California Government Code §53601 (the “State Code”)
regarding maximum maturities, in that “no investment shall be made in any security…that at the
time of the investment has a term remaining to maturity in excess of five years, unless the
legislative body has granted express authority to make that investment either specifically or as
part of an investment program approved by the legislative body no less that three months prior
to the investments”. In order to accommodate the occasional occurrence of settlement dates
slightly exceeding five (5) years to final maturity, the City may invest in any security that has a
maturity of five (5) years plus up to thirty (30) days from settlement date. In no case shall a
forward settlement date exceed 45 days from the time of investment.
VI. PRUDENCE and FIDUCIARY DUTY
The City shall follow the State Code §53600.3 regarding fiduciary duty and the Prudent
Investor Standard as follows:
Except as provided in subdivision (a) of §27000.3, all governing bodies of local agencies
or persons authorized to make investment decisions on behalf of those local agencies
investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to
the prudent investor standard. When investing, reinvesting, purchasing, acquiring,
exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence,
and diligence under the circumstances then prevailing, including, but not limited to, the general
economic conditions and the anticipated needs of the agency, that a prudent person
acting in a like capacity and familiarity with those matters would use in the conduct of funds
of a like character and with like aims, to safeguard the principal and maintain the liquidity
needs of the agency. Within the limitations of this section and considering individual
investments as part of an overall strategy, investments may be acquired as authorized by law.
VII. AUTHORITY
Authority to manage the City's investment portfolio is derived from Chapter 3.08 of the City's
Municipal Code. Management responsibility for the investment program is delegated to the
City Treasurer for a period of one year pursuant to State Code §53607 and the City
Council's annual adoption of the Investment Policy.approval.
The City Treasurer shall establish written procedures for the operation of the
investment program consistent with the Investment Policy. Procedures should include
reference to safekeeping, wire transfer agreements, banking service contracts, and
collateral/depository agreements. Such procedures shall include explicit delegation of
authority to persons responsible for investment transactions. No person may
26
Page 6 of 27
engage in an investment transaction except as provided under the terms of this Investment
Policy (see Appendix C) and the procedures established by the City Treasurer. The City
Treasurer shall be responsible for all transactions undertaken and shall establish a system
of controls to regulate the activities of subordinate officials.
VIII. ETHICS AND CONFLICTS OF INTEREST
The City Manager, City Treasurer, and City employees involved in the City's banking and
investment process shall conduct the City's business in an ethical manner and refrain from any
activity or relationship that may be, or have the appearance of, a conflict of interest. The City will
maintain compliance with the procedures set forth in the Conflicts of Interest and Acceptance of
Gifts and other Gratuities section of the City of La Quinta Personnel Manual and the City’s
Municipal Code Chapter 2.60 Conflicts of Interest. Any questionable activity or relationship shall
be reported immediately; reporting must be made in accordance with the personnel policies of
the City and, until resolved, the officer or employee shall refrain from participating in the City's
business related to the matter.
The City Manager, City Treasurer, and City employees may conduct personal business with
banks, brokers, and other financial institutions that are authorized to conduct business with
the City provided that the terms of the activity to the account holder with the City are the
same as those that are available to the public in general, or to all employees as a result
of contract negotiations.
IX. AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS
The City Treasurer maintains a listing of financial institutions which are approved for direct
investment purposes, as well as a list of approved broker/dealers.
1. Broker/Dealers who desire to offer direct investment transactions must supply the
City with the following:
Current audited financial statements;
Proof of Financial Industry Regulatory Authority (FINRA) Certification;
Proof of State of California registration;
Resume of financial broker; and
Completion of the City of La Quinta Broker/Dealer Questionnaire, which contains
a certification of having read the City's Investment Policy.
The City Treasurer or designee shall evaluate the documentation submitted by the
broker/dealer and independently verify existing reports on file for any firm and/or
individual(s) conducting investment related business.
The City Treasurer or designee may also contact the following agencies during the
verification process:
Financial Industry Regulatory Authority (FINRA) Public Disclosure Report File (1-
800-289-9999).
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State of California Department of Financial Protection and Innovation (1- 866-275-
2677).
A professional investment manager or management firm, if engaged by the City
pursuant to Section X of this policy, may utilize their own list of approved broker/dealers
on the condition that any such list is provided to the City upon request.
All Broker/Dealers and financial institutions that provide investment services will be
subject to City Council approval.
An annual review of the financial condition and registrations of approved broker/dealers
will be conducted by the City Treasurer or designee. Current audited financial
statements, FINRA reporting, and/or System and Organizational Controls (SOC-1
and/or SOC-2) internal control reports may be maintained on file for each financial
institution and broker/dealer with which the City conducts business, as applicable.
Each mutual fund shall provide a prospectus and statement of additional information.
2. Financial Institutions will be required to meet the following criteria in order to receive
City funds for deposit or investment (see Appendix D, "Listing of Approved Financial
Institutions"):
Insurance - Public Funds shall be deposited only in financial institutions having
accounts insured by the Federal Deposit Insurance Corporation (FDIC) or the
National Credit Union Share Insurance Fund (NCUSIF).
Disclosure - Each financial institution maintaining invested funds in excess of the
FDIC insured amount shall furnish the City a copy of the most recent Call Report
(Consolidated Reports of Condition and Income) if requested. These reports can
also be found at: https://cdr.ffiec.gov/public/ManageFacsimiles.aspx
The City shall not invest or deposit in excess of the FDIC insured amount in banking
institutions which do not disclose to the city a current listing of securities pledged for
collateralization in public monies.
X. PERMISSIBLE DEPOSITS AND INVESTMENTS
It is the City’s policy to follow Title 5 of the California Government Code (the “State Code”) in
regard to allowable securities, and to be sufficiently diversified with regard to security type
and issuer. Permissible deposits and investments, as allowed by Chapter 4, Part 1, Division
2, Title 5 (hereinafter cited by §), include, but are not limited to, the following list , (which in
some instances may be more restrictive than State Code). The State Code can be directly
referenced at https://leginfo.legislature.ca.gov/
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Checking, Savings, and Sweep Accounts - The City will only maintain checking and savings
accounts with state or national banks, savings associations, federal associations, and/or
credit unions in accordance with §53635.2. The City may also purchase non-negotiable
certificates of deposits, provided that either the combined balances at any banking institution
do not exceed FDIC limits or funds are collateralized as noted below.
Collateralization: The amount of the City's deposits or investments not insured by the
FDIC shall be collateralized by securities in accordance with
§53652. The Treasurer may invest in an interest-bearing active deposit account as
approved in §53632. The deposit account must be collateralized with securities that are
in accordance with §53632.5. In addition, the market value of the collateralized
securities must be maintained in accordance with
§53652 and be held by a custodian in accordance with the requirements of
§53656. The proportion of the City's share of the deposit account shall be determined in
accordance with §53658.
Negotiable Certificates of Deposit (Negotiable and Non-negotiable) – As authorized in
§53601(i), the City may invest in Non-Negotiable and Negotiable Certificates of Deposits
(CD) up to 30% of the overall portfolio. In no instance shall a CD or combined CDs with a
single issuer exceed the FDIC or NCUSIF insurance limit of
$250,000.
U.S. Treasury Bills, Notes, and Bonds – As authorized in §53601(b), the City may invest
in U.S. Treasury bills, notes, and bonds directly issued and backed by the full faith and
credit of the U.S. Government. The City's Investment Policy provides for investments in U.S.
Treasury issues of 100% of the portfolio.
U.S. Government Agency Securities and Federal Government Securities – As
authorized in §53601(f), the City may invest in securities issued by U.S. Government
instrumentalities and agencies (commonly referred to as government sponsored enterprises
or GSE's). These securities may not be backed by the full faith and credit of the U.S.
Government (with the exception of Government National Mortgage Association (GNMA)
securities). Examples of GSE's include Federal National Mortgage Association (FNMA),
Federal Home Loan Mortgage Corporation (FHLMC), Federal Home Loan Banks (FHLB),
Federal Farm Credit Banks Funding Corporation (FFCB), Federal Agricultural Mortgage
Corporation (FAMC), Tennessee Valley Authority (TVA), and GNMA securities.
The City's Investment Policy allows investment only in securities of GNMA, FNMA, FHLMC,
FHLB, and FFCB. For Fiscal Year 2024/25, the maximum face amount per issuer is $30
million and the maximum face amount per purchase is $10 million.
Prime Commercial Paper – As authorized in §53601(h), a portion of the City's portfolio may
be invested in commercial paper of the highest rating as provided for by a nationally
recognized statistical rating organization (NRSRO) such as Moody’s, Fitch, or Standard &
Poor’s (S&P). There are a number of other qualifications regarding investments in
commercial paper based on the financial strength and size of the corporation and the size of
the investment. The City limits on prime commercial paper are as defined in the State Code.
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Local Agency Investment Fund (LAIF) – As authorized in §16429.1 and by LAIF policies,
local government agencies are each authorized to invest up to the deposit limit as
designated by the California State Treasurer. The City Treasurer may not invest more than
the maximum amount per account as allowed by LAIF.
Money Market Mutual Funds – As authorized in §53601(l), local agencies are authorized to
invest in shares of beneficial interest issued by diversified management companies (mutual
funds) in an amount not to exceed 20% of the agency's portfolio. There are a number of
other qualifications and restrictions regarding allowable investments in corporate notes and
shares of beneficial interest issued by mutual funds which include (1) attaining the highest
ranking or the highest letter and numerical rating provided by not less than two of the three
largest nationally recognized rating services, or (2) having an investment advisor registered
with the Securities and Exchange Commission with not less than five years' experience
investing in the securities and obligations and with assets under management in excess of
five hundred million dollars ($500,000,000).
Corporate Notes – As authorized in §53601(k), local agencies may invest in corporate
notes. The notes must be issued by corporations organized and operating in the United
States or by depository institutions licensed by the United States or any other state and
operating in the United States. The City's Investment Policy allows investment in corporate
notes authorized by the Government Code with the following limitations:
Maximum 30% of the portfolio;
Maturities shall not exceed five years from date of purchase;
Eligible notes shall be regularly quoted and traded in the marketplace;
Eligible notes shall be in a rating category of "AA" or better by an NRSRO;
The maximum aggregate investment in each issuer shall not exceed $5 million (PAR
value), or no more than 10% of the total investment assets in the commercial paper and
the medium-term notes of any single issuer whichever is less.
Professionally Managed Account(s) – The City Treasurer may place the portfolio with a
professional portfolio management/investment management firm (firm). The firm will be
approved by the City Council based upon the City Treasurer's recommendation pursuant to
completion of a public request for proposal (RFP). The firm shall have:
An established professional reputation for asset or investment management;
Knowledge and working familiarity with State and Federal laws governing and restricting
the investment of public funds;
Substantial experience providing investment management services to local public
agencies whose investment policies and portfolio size are similar to those of the City;
Professional liability (errors and omissions) insurance and fidelity bonding in such
amounts as are required by the City; and
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Registration with the Securities and Exchange Commission under the
Investment Advisers Act of 1940
Before engagement by the City and except as may be specifically waived or revised, the firm
shall commit to adhere to the provisions of the City's Investment Policy with the following
exceptions:
The firm may be granted the discretion to purchase and sell investment securities in
accordance with this Investment Policy;
The firm is not required to adhere to a buy-and-hold policy; and
The firm does not need City Manager or City Treasurer approval to make permissible
investments.
Local Agency Bonds and California Local Agency Obligations – As authorized in
§53601(a) and §53601(e), the City may invest in California local agency obligations.
§53601(a) pertains to investing in bonds issued by a local agency, or by the department,
board, agency or authority of the local agency.
§53601(e) pertains to investing in bonds and other defined indebtedness of any local
agency, or department, board, agency or authority of the local agency within the State of
California. The Agency obligations must be invested in the long-term rating category of A or
better by an NRSRO.
In the case of an initial public offering, including refinancings, the Treasurer may purchase
directly from the Bond Underwriter. In the case of secondary issues, the Treasurer will rely on
the approved Broker/Dealers.
XI. INVESTMENT POOLS
There are three (3) types of investment pools:
State-run pools (e.g., LAIF);
Pools that are operated by a political subdivision where allowed by law and the political
subdivision is the trustee (e.g., County Pools, and Joint Powers Authorities such as the
California Asset Management Program (CAMP), CalTrust, or California Class); and
Pools that are operated for profit by third parties (e.g. money market funds).
The City's Investment Policy permits investment in pools and money market funds as authorized
by State Code §16429.1, §53601(l) and §53601(p).
XII. PAYMENT AND CUSTODY
The City shall engage qualified third-party custodians to act in a fiduciary capacity to maintain
appropriate evidence of the City's ownership of securities and other eligible investments. Such
custodians shall disburse funds received from the City for a purchase to the broker, dealer or
seller only after receiving evidence that the City has legal, record ownership of the securities.
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Even though ownership is evidenced in book-entry form rather than by actual certificates, this
procedure is commonly referred to as the delivery versus payment (DVP) method for the
transfer of securities.
XIII. INTEREST EARNING DISTRIBUTION POLICY
Interest earnings are generated from pooled investments and specific investments. The
following provisions apply to the calculation and distribution of interest earnings.
1. Pooled Investments – It is the general policy of the City to pool all available operating
cash of the City of La Quinta, Successor Agency to the City of La Quinta Redevelopment
Agency, La Quinta Financing Authority, and La Quinta Housing Authority, and to allocate
interest earnings as a payment to each fund of an amount based on the month-end cash
balance included in the common portfolio for the earning period.
2. Specific Investments – Specific investments purchased by a fund shall incur all
earnings and expenses to that particular fund.
XIV. INTERNAL CONTROLS AND INDEPENDENT AUDITOR
The City Treasurer shall establish a system of internal controls to accomplish the following
objectives:
Safeguard assets;
The orderly and efficient conduct of its business, including adherence to management
policies;
Prevention or detection of errors and fraud;
The accuracy and completeness of accounting records; and
Timely preparation of reliable financial information.
While no internal control system, however elaborate, can guarantee absolute assurance that the
City's assets are safeguarded, it is the intent of the City's internal control to provide a reasonable
assurance that management of the investment function meets the City's objectives.
The internal controls shall address the following:
Control of collusion. Collusion is a situation where two or more employees are working in
conjunction to defraud their employer.
Separation of transaction authority from accounting and record keeping. By separating
the person who authorizes or performs the transaction from the people who record or
otherwise account for the transaction, a separation of duties is achieved.
Custodial safekeeping. Securities purchased from any bank or dealer including
appropriate collateral (as defined by State Law) shall be placed with an independent
third party for custodial safekeeping.
Avoidance of physical delivery securities. Book entry securities are much easier to transfer
and account for since actual delivery of a document never takes
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place. Delivered securities must be properly safeguarded against loss or destruction.
The potential for fraud and loss increases with physically delivered securities.
Clear delegation of authority to subordinate staff members. Subordinate staff members
must have a clear understanding of their authority and responsibilities to avoid improper
actions. Clear delegation of authority also preserves the internal control structure that is
contingent on the various staff positions and their respective responsibilities as outlined
in the Segregation of Major Investment Responsibilities (Appendix C).
Written confirmation of telephone transactions for investments and wire transfers. Due to
the potential for error and improprieties arising from telephone transactions, all telephone
transactions shall be supported by written communications or electronic confirmations
and approved by the appropriate person. Written communications may be via fax or
email if on letterhead and the safekeeping institution has a list of authorized signatures.
Fax correspondence must be supported by evidence of verbal or written follow- up.
Development of a wire transfer agreement with the City's bank and third-party custodian.
This agreement should outline the various controls, security provisions, and delineate
responsibilities of each party making and receiving wire transfers.
The system of internal controls developed by the City shall be reviewed annually by the
independent auditor in connection with the annual audit of the City's Financial Statements. The
independent auditor's letter on internal control over financial reporting and compliance as it
pertains to cash and investments, if any, shall be directed to the City Manager who will direct
the City Treasurer to provide a written response to the independent auditor's letter. The auditor's
letter, as it pertains to cash and investment activities, and the City Treasurer's response shall be
provided to the City's Financial Advisory Commission for their consideration. Following the
completion of each annual audit, the independent auditor shall meet with the Financial Advisory
Commission and discuss the auditing procedures performed and the review of internal controls
for cash and investment activities. See Appendix C, "Segregation of Major Investment
Responsibilities."
XV. REPORTING STANDARDS
The City Treasurer shall submit a quarterly Treasurer’s Report to the City Council and the
Financial Advisory Commission that includes all cash and investments under the authority of the
Treasurer. In addition, the City Treasurer or designee shall ensure all investment transactions
are reported on at least a monthly basis as they occur throughout the quarter. The Treasurer's
Report shall summarize cash and investment activity and changes in balances and include the
following:
A certification by the City Treasurer;
A listing of purchases and sales/maturities of investments;
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Cash and Investments categorized by authorized investments; LAIF will also be provided
quarterly and show yield and maturity;
Comparison of month-end actual holdings to Investment Policy limitations;
A two-year list of historical interest rates.
XVI. REVIEW OF INVESTMENT PORTFOLIO
The securities held by the City must be in compliance with this Policy at the time of purchase.
Due to market conditions, some securities may no longer comply subsequent to the date of
purchase, therefore a formal quarterly review of the portfolio will be conducted to identify any
securities which may have fallen out of compliance. Additionally, staff will monitor monthly
statements, financial news, market updates, custodial bank corporate actions notices and/or any
other information available that may communicate current ratings or credit quality of
investments. Any major incidences of noncompliance identified during such review will be
reported to the Financial Advisory Commission for confirmation of staff course of action.
XVII. FINANCIAL ADVISORY COMMISSION - CITY OF LA QUINTA
The Financial Advisory Commission (FAC) is composed of seven members from the public that
are appointed by the City Council. The FAC’s membership, qualifications, and powers and duties
are prescribed in Chapter 2.70 of the La Quinta Municipal Code and included in this policy as
Appendix A.
On an annual basis, in conjunction with the Political Reform Act disclosure statutes, or at any
time if a change in circumstances warrants, each commissioner will provide the City Council with
a disclosure statement which identifies any matters that have a bearing on the appropriateness
of that member's service on the FAC. All commissioners shall report annually to the City Clerk
on Form 700, Statement of Economic Interests, any activities, interests, or relationships that
may be, or have the appearance of, a conflict of interest.
XVIII. INVESTMENT POLICY ADOPTION
The City's Investment Policy will be reviewed annually by the City's Financial Advisory
Commission and the City Treasurer. The Financial Advisory Commission will forward the
Investment Policy with any revisions to the City Manager and City Attorney for their review and
comment. A joint meeting will be held with the Financial Advisory Commission, City Manager,
City Attorney, and City Treasurer to review the Investment Policy and any comments prior to
submission to the City Council for their consideration. The Investment Policy shall be adopted by
resolution of the City Council annually before the end of June of each year.
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City of La Quinta Municipal Code Chapter 2.70
FINANCIAL ADVISORY COMMISSION
2.70.010 General rules regarding the financial advisory commission. Except
as set out below, see Chapter 2.06 for general provisions.
2.70.020 Number of members.
The financial advisory commission ("FAC") shall initially consist of seven members appointed
by, and serving at the will of, the city council. The city council may increase or decrease the
number of members from time to time but in no event shall the membership exceed nine
members or be less than five members.
2.70.30 Qualifications of members.
A. In addition to the qualification requirements set forth in Section 2.06.040 of this code,
a minimum of three of the members shall be finance professionals and shall have a
verifiable background in finance and/or securities, preferably with knowledge and/or
experience in markets, financial controls and accounting for securities.
B. For those applying for the professional position, background information will be
requested, and potential candidates must agree to a background check and verification
by the city manager or designee.
2.70.40 Powers and duties.
A. The principal functions of the FAC are:
1. Review at least annually the city's investment policy and recommend
appropriate changes;
2. Review at least quarterly the treasury report and note compliance with the
investment policy and adequacy of cash and investments for anticipated
obligations;
3. Receive and consider other reports provided by the city treasurer;
4. Meet with the independent auditor after completion of the annual audit of the
city's financial statements, and receive and consider the auditor's comments on
auditing procedures, internal controls, and findings for cash and investment
activities;
5. Review at least annually the revenue derived from the one percent (1%)
transactions and use tax instituted by voters in November 2016 to ensure these
funds are used to provide services, programs and capital projects in the city of La
Quinta.
APPENDIX A
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6. Serve as a resource for the city treasurer on matters such as proposed
investments, internal controls, use of or change of financial institutions,
custodians, brokers and dealers.
B. The FAC will report to the city council after each meeting either in person or through
correspondence at a regular city council meeting. (Ord. 556 § 1, 2017)
2.70.050 References to the Investment Advisory Board.
If any other chapter(s) or section(s) in this code refers to the Investment Advisory Board, that
chapter(s) or section(s) shall be deemed to refer to the Financial Advisory Commission
established by the ordinance amending chapter 2.70 of this code.
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City of La Quinta Municipal Code Chapter 3.08
INVESTMENT OF MONEYS AND FUNDS
3.08.010 Investment of city moneys and deposit of securities.
Pursuant to, and in accordance with, and to the extent allowed by Sections 53607 and 53608 of
the California Government Code, the authority to invest and reinvest moneys of the city, to sell
or exchange securities, and to deposit them and provide for their safekeeping, is delegated to
the city treasurer, which, for purposes of this chapter, is defined in Section 2.12.010 of this code.
(Ord. 529 § 1, 2015; Ord. 2 § 1,
1982)
3.08.020 Authorized investments.
Pursuant to the delegation of authority in Section 3.08.010, the city treasurer is authorized to
purchase, at their original sale or after they have been issued, securities which are permissible
investments under the city council adopted city investment policy and any provision of state law
relating to the investing of general city funds, including, but not limited to, Sections 53601 and
53635 of the California Government Code, as said sections now read or may hereafter be
amended, from moneys in the city treasurer's custody which are not required for the immediate
necessities of the city and as he or she may deem wise and expedient, and to sell or exchange for
other eligible securities and reinvest the proceeds of the securities so purchased. (Ord. 529
§ 1, 2015; Ord. 2 § 1, 1982)
3.08.030 Sales of Securities.
From time to time the city treasurer shall sell the securities in which city moneys have been
invested pursuant to this chapter, so that the proceeds may, as appropriate, be applied to the
purchase for which the original purchase money may have been designated or placed in the city
treasury. (Ord.2 § 1 1982)
3.08.040 City bonds.
Bonds issued by the city and purchased pursuant to this chapter may be cancelled either in
satisfaction of sinking fund obligations or otherwise if proper and appropriate; provided,
however, that the bonds may be held uncancelled and while so held may be resold. (Ord. 2 § 1
(part), 1982)
3.08.050 Reports.
The city treasurer shall make a quarterly report to the city council of all investments made
pursuant to the authority delegated in this chapter and as permitted by Section 53646(b)(1) of the
Government Code. (Ord. 529 § 1, 2015; Ord. 2 § 1, 1982)
3.08.060 Deposits of securities.
Pursuant to the delegation of authority in Section 3.08.010, the city treasurer is authorized to
deposit for safekeeping, the securities in which city moneys have been invested pursuant to this
chapter, in any institution or depository authorized by the city council adopted investment policy
and terms of any state law, including, but not limited to, Section 53608 of the Government Code,
as it now reads or may hereafter be amended. In accordance with said section, the city treasurer
shall take from the institution or depository a receipt for the securities so deposited and shall not
be responsible for the securities delivered to and receipted for by the institution or depository
APPENDIX B
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until they are withdrawn therefrom by the city treasurer. (Ord. 529 § 1, 2015; Ord. 2 § 1, 1982)
3.08.070 Trust fund administration.
Any departmental trust fund established by the city council pursuant to Section 36523 of the
Government Code shall be administered by the city treasurer in accordance with Section 36523
and 36524 of the Government Code and any other applicable provisions of law. (Ord. 2 § 1,
1982)
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SEGREGATION OF MAJOR INVESTMENT RESPONSIBILITIES
Function Responsible Parties
Develop and recommend modifications to the City's
formal Investment Policy
City Treasurer, Principal Management Analyst, and
Financial Advisory Commission
Review City's Investment Policy and recommend
City Council action
City Manager and City Attorney
Adopt formal Investment Policy City Council
Implement formal Investment Policy City Treasurer
Review financial institutions and select investments City Treasurer or Principal Management Analyst
Acknowledge investment selections City Manager or his/her designee
Execute investment transactions City Manager, City Treasurer, or Principal
Management Analyst
Confirm wires Finance Manager, Senior Accountant, or
Administrative Technician
Record investment transactions in City's accounting
records
Finance Manager or Senior Accountant
Investment certification- match broker confirmation
to City's investment records
City Treasurer or Principal Management Analyst
Reconcile investment records to accounting
records and bank statements
Principal Management Analyst
Reconcile investment records to treasurer's report
of investments
City Treasurer, Finance Manager or Principal
Management Analyst
Security of investments at City Finance Manager or Administrative Technician
Security of investments outside of City Third Party Custodian
Review internal control procedures External Auditor
APPENDIX C
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Listing of Approved Financial Institutions
Banking Services
Custodian Services
Deferred Compensation
Broker/Dealer Services
Government/Joint Powers Authority Pools
Trustee Services
Other Post Employment Benefits (OPEB) Trust
Pension Trust - Administration
-Sunwest Bank, Irvine, CA (Banking Services - Dune Palms
Mobile Estates)
-BMO Commercial Bank
-Stifel
-U.S. Bank Trust Company, N.A.
-International City/County Management Association Retirement
Corporation (ICMA-RC) dba MissionSquare Retirement
-Stifel, Nicholaus, & Company, Inc.
-Higgins Capital Management, Inc.
-Great Pacific Securities
-State of California Local Agency Investment Fund (LAIF)
-California Asset Management Program (CAMP)
-County of Riverside Pooled Investment Fund(1)
-U.S. Bank Trust Company, NA(2)
-California Employers' Retirement Benefits Trust
(CERBT)/CalPERS
-Public Agency Retirement Services (PARS)
(1)The County of Riverside Treasurer maintains one Pooled Investment Fund for all local jurisdictions having funds on
deposit in the County Treasury. The City’s fire funds, which are property taxes collected to fund fire services in the City,
are kept in reserve with the County to be used as expenses are incurred.
(2) U.S. Bank is the fiscal agent for the following bonds: 2016 and 2021 Successor Agency to the La Quinta Redevelopment Agency
(RDA) Bonds. As of March 2024, U.S. Bank is the custodian for the City's investment portfolio. U.S. Bank is also the trustee and asset
custodian for the PARS pension trust and the CAMP pool..
APPENDIX D
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INVESTMENT MANAGEMENT PROCESS AND RISK
Except as provided for in Section 27000.3, Government Code Section 53600.3 declares as a
trustee each person, treasurer, or governing body authorized to make investment decisions on
behalf of local agencies. Trustees are subject to the prudent investor standard. These persons
shall act with care, skill, prudence, and diligence under the circumstances then prevailing when
investing, reinvesting, purchasing, acquiring, exchanging, selling, and managing funds. Section
53600.5 further stipulates that the primary objective of any person investing public funds is to
safeguard principal; secondly, to meet liquidity needs of the depositor; and lastly, to achieve a
return or yield on invested funds (Government Code Section 27000.5 specifies the same
objectives for county treasurers and board of supervisors).
Risk is inherent throughout the investment process. There is investment risk associated with
any investment activity and opportunity risk related to inactivity. Market risk is derived from
exposure to overall changes in the general level of interest rates while credit risk is the risk of loss
due to the failure of the insurer of a security. The market value of a security varies inversely with
the level of interest rates. If an investor is required to sell an investment with a five percent yield
in a comparable seven percent rate environment, that security will be sold at a loss. The
magnitude of that loss will depend on the amount of time until maturity.
Purchasing certain allowable securities with a maturity of greater than five years requires
approval of the governing board (see Government Code Section 53601). Part of that approval
process involves assessing and disclosing the risk and possible volatility of longer-term
investments
Another element of risk is liquidity risk. Instruments with call features or special structures, or
those issued by little known companies, are examples of "story bonds" and are often thinly
traded. Their uniqueness often makes finding prospective buyers in a secondary market more
difficult and, consequently, the securities' marketability and price are discounted. However,
under certain market conditions, gains are also possible with these types of securities.
Default risk represents the possibility that the borrower may be unable to repay the obligation as
scheduled. Generally, securities issued by the federal government and its agencies are
considered the most secure, while securities issued by private corporations or negotiable
certificates of deposit issued by commercial banks have a greater degree of risk. Securities with
additional credit enhancements, such as bankers acceptances, collateralized repurchase
agreements and collateralized bank deposits are somewhere between the two on the risk
spectrum.
The vast majority of portfolios are managed within a buy and hold policy. Investments are
purchased with the intent and capacity to hold that security until maturity. At times, market
forces or operations may dictate swapping one security for another or
APPENDIX E
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selling a security before maturity. Continuous analysis and fine tuning of the investment portfolio
are considered prudent investment management.
The Government Code contains specific provisions regarding the types of investments and
practices permitted after considering the broad requirement of preserving principal and
maintaining liquidity before seeking yield. These provisions are intended to promote the use of
reliable, diverse, and safe investment instruments to better ensure a prudently managed
portfolio worthy of public trust.
Source: Chapter II. Fund Management from the Local Agency Investment Guidelines Issued by
California Debt and Investment Advisory Commission
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GLOSSARY
(Adopted from the Municipal Treasurers Association)
The purpose of this glossary is to provide the reader of the City of La Quinta investment policies
with a better understanding of financial terms as used in municipal investing or the financial sector
in general. The glossary was adopted from the California Municipal Treasurers Association,
therefore all terms appearing in this glossary may not be used in the policy..
AGENCIES: Federal agency securities and/or Government-sponsored enterprises.
ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR): The official annual report for the
City of La Quinta. It includes combined statements for each individual fund and account group
prepared in conformity with GAAP. It also includes supporting schedules necessary to
demonstrate compliance with finance-related legal and contractual provisions, extensive
introductory material, and a detailed Statistical Section.
ASKED: The price at which securities are offered.
BANKERS' ACCEPTANCE (BA): A draft or bill or exchange accepted by a bank or trust
company. The accepting institution guarantees payment of the bill, as well as the issuer.
BID: The price offered by a buyer of securities. (When you are selling securities, you ask for a
bid.) See Offer.
BROKER: A broker brings buyers and sellers together for a commission.
CERTIFICATE OF DEPOSIT (CD): A time deposit with a specific maturity evidenced by a
certificate. Large- denomination CD's are typically negotiable.
COLLATERAL: Securities, evidence of deposit or other property which a borrower pledges to
secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of
public monies.
COMMERCIAL PAPER: Short-term unsecured promissory notes issued by a corporation to
raise working capital. These negotiable instruments are purchased at a discount to par value or at
par value with interest bearing. Commercial paper is issued by corporations such as General
Motors Acceptance Corporation, IBM, Bank America, etc.
CONDUIT FINANCING: A form of Financing in which a government or a government agency
lends its name to a bond issue, although it is acting only as a conduit between a specific project
and bond holders. The bond holders can look only to the revenues from the project being
financed for repayment and not to the government or agency whose name appears on the bond.
COUPON: (a) The annual rate of interest that a bond's issuer promises to pay the bondholder
on the bond's face value. (b) A certificate attached to a bond evidencing interest due on a
payment date.
DEALER: A dealer, as opposed to a broker, acts as a principal in all transactions, buying and
selling for his own account.
DEBENTURE: A bond secured only by the general credit of the issuer.
APPENDIX F
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DELIVERY VERSUS PAYMENT: There are two methods of delivery of securities: delivery
versus payment and delivery versus receipt. Delivery versus payment is delivery of securities
with an exchange of money for the securities. Delivery versus receipt is delivery of securities
with an exchange of a signed receipt for the securities.
DERIVATIVES: (1) Financial instruments whose return profile is linked to, or derived from, the
movement of one or more underlying index or security, and may include a leveraging factor, or
(2) financial contracts based upon notional amounts whose value is derived from an underlying
index or security (interest rates, foreign exchange rates, equities or commodities).
DISCOUNT: The difference between the cost price of a security and its maturity when quoted at
lower than face value. A security selling below original offering price shortly after sale also is
considered to be at a discount.
DISCOUNT SECURITIES: Non-interest-bearing money market instruments that are issued at
discount and redeemed at maturity for full face value
DIVERSIFICATION: Dividing investment funds among a variety of securities offering
independent returns.
GOVERNMENT SPONSORED ENTERPRISES (GSEs): Privately held corporations with public
purposes created by the U.S. Congress to reduce the cost of capital for certain borrowing
sectors of the economy. Securities issues by GSEs carry the implicit backing of the U.S.
Government, but they are not direct obligations of the U.S. Government. Typically referred to as
‘Agency Bonds’ or ‘Agencies’.
FNMAs or Fannie Mae (Federal National Mortgage Association) - Like GNMA was chartered
under the Federal National Mortgage Association Act in 1938. FNMA is a federal corporation
working under the auspices of the Department of Housing and Urban Development (HUD). It is
the largest single provider of residential mortgage funds in the United States. Fannie Mae, as the
corporation is called, is a private stockholder-owned corporation. The corporation's purchases
include a variety of adjustable mortgages and second loans, in addition to fixed-rate mortgages.
FNMA's securities are also highly liquid and are widely accepted. FNMA assumes and
guarantees that all security holders will receive timely payment of principal and interest.
FHLBs (Federal Home Loan Bank) - Issued by the Federal Home Loan Bank System to help
finance the housing industry. The notes and bonds provide liquidity and home mortgage credit
to savings and loan associations, mutual savings banks, cooperative banks, insurance
companies, and mortgage-lending institutions. They are issued irregularly for various maturities.
The minimum denomination is $5,000. The notes are issued with maturities of less than one
year and interest is paid at maturity.
FFCBs (Federal Farm Credit Bank) – Debt instruments used to finance the short and
intermediate term needs of farmers and the national agricultural industry. They are issued
monthly with three- and six-month maturities. The FFCB issues larger issues (one to ten year) on
a periodic basis. These issues are highly liquid.
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FHLMCs or Freddie Mac (Federal Home Loan Mortgage Corporation) - a government
sponsored entity established in 1970 to provide a secondary market for conventional home
mortgages. Mortgages are purchased solely from the Federal Home Loan Bank System
member lending institutions whose deposits are insured by agencies of the United States
Government. They are issued for various maturities and in minimum denominations of $10,000.
Principal and interest is paid monthly.
FAMCs or Farmer Mac (Federal Agricultural Mortgage Corporation) - FAMC increases the
availability and affordability of credit for the benefit of American agriculture and rural
communities. They are the nation’s premier secondary market for agricultural credit, providing
financial solutions to a broad spectrum of the agricultural community, including agricultural
lenders, agribusinesses, and other institutions that can benefit from access to flexible, low-cost
financing and risk management tools. FAMC is regulated by the Farm Credit Administration.
Other federal agency issues are Small Business Administration notes (SBA's), Government
National Mortgage Association notes (GNMA's), and Tennessee Valley Authority notes (TVA's).
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC): A federal agency that
insures bank deposits, currently up to $250,000 per deposit per entity.
FEDERAL FUNDS RATE: The rate of interest at which Fed funds are traded. This rate is
currently pegged by the Federal Reserve through open- market operations.
FEDERAL OPEN MARKET COMMITTEE (FOMC): Consists of seven members of the Federal
Reserve Board and five of the twelve Federal Reserve Bank Presidents. The President of the
New York Federal Reserve Bank is a permanent member, while the other Presidents serve on a
rotating basis. The Committee periodically meets to set Federal Reserve guidelines regarding
purchases and sales of Government Securities in the open market as a means of influencing
the volume of bank credit and money.
FEDERAL RESERVE SYSTEM: The central bank of the United States created by Congress and
consisting of a seven-member Board of Governors in Washington, D.C., 12 regional banks and
about 3,000 commercial banks that are members of the system.
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA or Ginnie Mae):
Securities influencing the volume of bank credit guaranteed by GNMA and issued by mortgage
bankers, commercial banks, savings and loan associations, and other institutions. Security
holder is protected by full faith and credit of the U.S. Government. Ginnie Mae securities are
backed by the FHA, VA or FMHM mortgages. The term "pass-throughs" is often used to
describe Ginnie Maes.
LAIF (Local Agency Investment Fund): - A special fund in the State Treasury which local
agencies may use to deposit funds for investment. There is no minimum investment period, the
minimum transaction is $5,000 and the City follows the state guidance for maximum total
balance. The City is restricted to a maximum of ten transactions per month. It offers high liquidity
because deposits can be converted to cash in 24 hours and no interest is lost. All interest is
distributed to those agencies participating on a proportionate share basis determined by the
amounts deposited and the length of time
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they are deposited. Interest is paid quarterly. The State retains an amount for reasonable costs of
making the investments, not to exceed one-half of one percent of the earnings.
LIQUIDITY: A liquid asset is one that can be converted easily and rapidly into cash without a
substantial loss of value. In the money market, a security is said to be liquid if the spread
between bid and asked prices is narrow and reasonable size can be done at those quotes.
LOCAL GOVERNMENT INVESTMENT POOL (LGIP): The aggregate of all funds from political
subdivisions that are placed in the custody of the State Treasurer for investment and
reinvestment
MARKET VALUE: The price at which a security is trading and could presumably be purchased
or sold.
MASTER REPURCHASE AGREEMENT: A written contract covering all future transactions
between the parties to repurchase-reverse repurchase agreements that establish each party's
rights in the transactions. A master agreement will often specify, among other things, the right of
the buyer- lender to liquidate the underlying securities in the event of default by the seller-
borrower.
MATURITY: The date upon which the principal or stated value of an investment becomes due and
payable.
MONEY MARKET: The market in which short-term debt instruments (bills, commercial paper,
bankers' acceptances, etc.) are issued and traded.
NRSRO (NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION): A
credit rating agency recognized by the Securities and Exchange Commission (SEC). Examples
include Fitch Ratings, Inc., Moody’s Investor’s Services, Inc., and S&P Global Ratings, among
others.
OFFER: The price asked by a seller of securities. (When you are buying securities, you ask for
an offer.) See Asked and Bid.
OPEN MARKET OPERATIONS: Purchases and sales of government and certain other
securities in the open market by the New York Federal Reserve Bank as directed by the FOMC
in order to influence the volume of money and credit in the economy. Purchases inject reserves
into the bank system and stimulate growth of money and credit; sales have the opposite effect.
Open market operations are the Federal Reserve's most important and most flexible monetary
policy tool.
PORTFOLIO: Collection of all cash and securities under the direction of the City Treasurer,
including Bond Proceeds.
PRIMARY DEALER: A group of government securities dealers who submit daily reports of
market activity and positions and monthly financial statements to the Federal Reserve Bank of
New York and are subject to its informal oversight. Primary dealers include Securities and
Exchange Commission (SEC) registered securities broker-dealers, banks and a few
unregulated firms.
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QUALIFIED PUBLIC DEPOSITORIES: A financial institution which does not claim exemption
from the payment of any sales or compensating use or ad valorem taxes under the laws of this
state, which has segregated for the benefit of the commission eligible collateral having a value
of not less than its maximum liability and which has been approved by the Public Deposit
Protection Commission to hold public deposits.
RATE OF RETURN: The yield obtainable on a security based on its purchase price or its
current market price. This may be the amortized yield to maturity on a bond the current income
return.
REPURCHASE AGREEMENT (RP OR REPO) and REVERSE REPURCHASE
AGREEMENTS (RRP or RevRepo): A holder of securities sells these securities to an investor
with an agreement to repurchase them at a fixed price on a fixed date. The security "buyer" in
effect lends the "seller" money for the period of the agreement, and the terms of the agreement
are structured to compensate him for this. Dealers use RP extensively to finance their positions.
Exception: When the Fed is said to be doing RP, it is lending money that is increasing bank
reserves.
SAFEKEEPING: A service to customers rendered by banks for a fee whereby securities and
valuables of all types and descriptions are held in the bank's vaults for protection.
SECONDARY MARKET: A market made for the purchase and sale of outstanding issues
following the initial distribution.
SECURITIES & EXCHANGE COMMISSION: Agency created by Congress to protect investors
in securities transactions by administering securities legislation.
SEC RULE 15C3-1: See Uniform Net Capital Rule.
SSAE 16: The Statement on Standards for Attestation Engagements No. 16 (SSAE 16) is a set
of auditing standards and guidance on using the standards, published by the Auditing Standards
Board (ASB) of the American Institute of Certified Public Accountants (AICPA) for redefining and
updating how service companies report on compliance controls. The Service Organizational
Control report (SOC-1) contains internal controls over financial reporting and is used by auditors
and office controllers.
STRUCTURED NOTES: Notes issued by Government Sponsored Enterprises (FHLB, FNMA,
SLMA, etc.) and Corporations which have imbedded options (e.g., call features, step-up
coupons, floating rate coupons, and derivative-based returns) into their debt structure. Their
market performance is impacted by the fluctuation of interest rates, the volatility of the imbedded
options and shifts in the shape of the yield curve.
SURPLUS FUNDS: Section 53601 of the California Government Code defines surplus funds as
any money not required for immediate necessities of the local agency. The City has defined
immediate necessities to be payment due within one week.
TREASURY BILLS: A non-interest- bearing discount security issued by the U.S. Treasury to
finance the national debt. Most bills are issued to mature in three months, six months or one
year.
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TREASURY BONDS: Long-term coupon-bearing U.S. Treasury securities issued as direct
obligations of the U.S. Government and having initial maturities of more than 10 years.
TREASURY NOTES: Medium-term coupon-bearing U.S. Treasury securities issued as direct
obligations of the U.S. Government and having initial maturities from two to 10 years.
UNIFORM NET CAPITAL RULE: Securities and Exchange Commission requirement that
member firms as well as nonmember broker-dealers in securities maintain a maximum ratio of
indebtedness to liquid capital of 15 to 1; also called net capital rule and net capital ratio.
Indebtedness covers all money owed to a firm, including margin loans and commitments to
purchase securities, one reason new public issues are spread among members of underwriting
syndicates. Liquid capital includes cash and assets easily converted into cash.
UNIFORM PRUDENT INVESTOR ACT: The State of California has adopted this Act. The Act
contains the following sections: duty of care, diversification, review of assets, costs, compliance
determinations, delegation of investments, terms of prudent investor rule, and application.
YIELD: The rate of annual return on an investment, expressed as a percentage. (a) INCOME
YIELD is obtained by dividing the current dollar income by the current market price for the
security. (b) NET YIELD or YIELD TO MATURITY is the current income yield minus any
premium above par or plus any discount from par in purchase price, with the adjustment spread
over the period from the date of purchase to the date of maturity of the bond.
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News Release
FOR IMMEDIATE RELEASE
Date: December 15, 2024 For more information contact:
Shaun L. Farrell, Chairperson
CMTA Investment Policy Certification
Phone: 209-712-0428
Email: sfarrell@cityofgalt.org
(Sacramento, California) – The California Municipal Treasurers Association (CMTA) Investment Policy
Certification has been granted to the City of La Quinta.
This Investment Policy Certification recognizes that CMTA has validated that the City of La Quinta’s
Investment Policy adheres with the State of California Government Code and meets the program
requirements within 18 different topics areas deemed to be best practices for investment policies. Those
topics include: Scope, Prudence, Objective, Delegation of Authority, Ethics and Conflicts of Interest,
Authorized Financial Dealers and Institutions, Authorized and Suitable Investments, Review of Investment
Portfolio, Investment Pools/Mutual Funds, Collateralization, Safekeeping and Custody, Diversification,
Maximum Maturities, Internal Controls, Performance Standards, Reporting, Investment Policy Adoption
and Glossary. Once a policy is received by CMTA, it is independently evaluated using a scoring matrix by
three separate CMTA professionals. When the agency receives a passing score, the Investment Policy
earns the ‘Certified’ distinction.
To enhance the municipal treasurer’s role, CMTA has developed a number of certification programs to
reflect best practices and increase an individual’s knowledge of fixed income instruments. The Investment
Policy Certification program began in 2012 with the support from the California Debt and Investment
Advisory Commission. It is open to all government agencies within the State of California including special
districts, cities and counties.
CMTA was founded in 1958 by a handful of Municipal Treasurers from both Northern and Southern
California whose primary interest was to improve their function in local Government. CMTA is a
professional organization governed by active public officials who are representatives of their own local
governmental units.
ATTACHMENT 2
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California Municipal
Treasurers Association
Investment Policy Certification
Issued on 12/15/2024
City of La Quinta
The California Municipal Treasurers Association certifies that the
investment policy of the City of La Quinta complies with the
current State statutes governing the investment practices of local
government entities located within the State of California.
President
12/15/2024
Date
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City of La Quinta
FINANCIAL ADVISORY COMMISSION SPECIAL MEETING: June 4, 2025
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE ANNUAL COMPREHENSIVE FINANCIAL
REPORT FOR YEAR ENDED JUNE 30, 2024
RECOMMENDATION
Receive and file the Annual Comprehensive Financial Report for the year ended June
30, 2024.
EXECUTIVE SUMMARY
California cities must obtain an annual audit of their financial statements by an
independent auditor at the close of each fiscal year.
The annual audit produces the Annual Comprehensive Financial Report (ACFR)
(Exhibit A), which was issued on May 15, 2025.
The independent auditors rendered an unmodified (“clean”) opinion, which is the
most favorable conclusion.
The ACFR will be presented to the City Council on June 17, 2025.
FISCAL IMPACT - None
BACKGROUND/ANALYSIS
At the end of each fiscal year, the City’s financial records are audited by an independent
audit firm pursuant to California law. The results (including City background information,
statistical data, and detailed financial reports) are compiled and presented in the ACFR.
In the independent auditors’ report (located at the front of the financial section of the
ACFR), Lance, Soll & Lunghard LLP (LSL) issued an unmodified opinion on the City’s
financial statements for the year ended June 30, 2024, which is the most favorable
conclusion. The independent audit involved examining evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting
principles used and estimates made by management, and evaluating the overall
financial statement presentation.
BUSINESS SESSION ITEM NO. 2
51
Attachment 1 provides a summary of the ACFR which is in Exhibit A. Attachment 2
provides a summary of Unrestricted Funds.
The City’s ACFR can be found in the Finance section on the City’s website. While the
City’s financial statements were presented fairly in all material respects, a significant
deficiency/noncompliance was identified due to the delayed submission of the City’s
Single Audit report, which resulted from delays in the prior year’s audit completion. The
City acknowledges the importance of timely submission and has implemented an
accelerated timeline for completing future reports, along with improved coordination
efforts with the external audit team. As in previous years, the ACFR will be submitted to
the Government Finance Officers Association (GFOA) award program for excellence in
financial reporting.
A Single Audit for fiscal year 2023/24 – a separate audit requirement under Federal law
for entities that spend $750,000 or more in federal funds during a fiscal year, was
issued on May 17, 2025.
ALTERNATIVES
The ACFR and audit are required by State law, therefore, no alternatives are
recommended.
Prepared by: Claudia Martinez, Finance Director/City Treasurer
Approved by: Jon McMillen, City Manager
Attachments: 1. 2023/24 Annual Comprehensive Financial Report Summary
2. 2023/24 Unrestricted Funds Summary
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Fiscal Year 2023/24
Annual Comprehensive Financial Report (ACFR)
Summary
Summary of ACFR Contents
The fiscal year (FY) 2023/24 Annual Comprehensive Financial Report (ACFR) (Exhibit A) contains
numerous comprehensive financial reports pertaining to all aspects of the City’s finances and includes
financial statements for all City funds (general, special revenue, housing, capital project, internal
service, and other fund types). The ACFR also contains information regarding the City’s accounting
methods and procedures, and the results of the independent audit. Financial information is conveyed
both by major fund type and in a comprehensive manner; thus, the information is somewhat complex
to interpret. Because of this, specific detailed information regarding the General Fund year-end budget
results for FY 2023/24 was presented separately at the February 18, 2025, Council meeting.
The Management Discussion and Analysis section provides an overview and analysis of the financial
statements, which is useful when reading through the ACFR. In addition, the Notes to the Basic
Financial Statements provide a written explanation of accounting methods and year-over-year changes.
The Statistical Section presents a ten-year comparison of City financial, economic, and demographic
trends.
Responsibility for both the accuracy and the completeness of all disclosures rests with the City of La
Quinta. To the best of our knowledge and belief, the enclosed data is accurate in all material respects
and is reported in a manner designed to fairly present the financial position and results of City
operations.
The ACFR was prepared in conformance with Generally Accepted Accounting Principles (GAAP). The
City’s financial reporting is based upon all Governmental Accounting Standards Board (GASB)
pronouncements; these pronouncements are the most authoritative source of governmental GAAP.
LSL, LLP, has issued an unmodified (“clean”) opinion on the City’s financial statements for the year
ended June 30, 2024, which is the most favorable conclusion. While the City’s financial statements
were presented fairly in all material respects, a significant deficiency/noncompliance was identified due
to the delayed submission of the City’s Single Audit report, which resulted from delays in the prior year’s
audit completion. The City acknowledges the importance of timely submission and has implemented
an accelerated timeline for completing future reports, along with improved coordination efforts with the
external audit team.
We believe that the ACFR meets the Government Finance Officers Association (GFOA) Certificate of
Achievement for Excellence in Financial Reporting Program requirements and have submitted it to
determine eligibility for another certificate. The City has previously received this prestigious award for
the past twenty-seven years.
ATTACHMENT 1
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Significant Changes and Financial Highlights
Governmental Revenues and Expenses
Governmental Activities include thirty-one (31) individual governmental funds. There are four (4) major
governmental funds: the General Fund, one Capital Improvement capital project fund, one
Housing Authority special revenue fund, and one Disaster Recovery special revenue fund. Data
from the other twenty-seven (27) governmental funds are combined into a single, aggregate
presentation.
Key Highlights:
General Fund overall fund balance increased by approximately $23.8 million when
compared to the ending balance in FY 2022/23. This was mostly attributed to revenue
exceeding budget projections, coupled with expenditure savings.
General Fund Reserves are 100% funded to established target amounts for FY 2023/24
representing a combined balance of $45 million.
At the end of FY 2023/24, the City had positive balances in all three categories of Net
Position (Net Investment in Capital Assets, Restricted, and Unrestricted) for the
governmental and business-type activities.
Governmental revenues increased over the prior fiscal year with the major categories
being use of money and property, capital grants and contributions, and property taxes,
offset by decreases in charges for services and other taxes.
A majority of General Fund revenues experienced positive variances when compared to the
final budget.
Actual expenses were $42.7 million lower than the final budget, of which $900,000 was
carried over into FY 2024/25 for continuing appropriations related to operations. Funds not
being carried over are recognized as Unassigned Fund Balance in the General Fund. Capital
Improvement Projects (CIP) revenue commitments totaling $21.7 million are reflected in
Assigned reserves and operational carryovers are noted in Committed reserves.
Governmental Fund Balances
The focus of the City’s governmental funds is to provide information on near-term inflows,
outflows, and balances. Such information is useful in assessing the City's financing requirements.
In particular, Unassigned fund balance may serve as a useful measure of a government's net
resources available for spending at the end of the fiscal year. The Unassigned General Fund
balance comprised $65,216,616, or 31%, of the total $209,785,707 balance and included savings from
total final FY 2023/24 General Fund budgeted expenditures including transfers and multi-year capital
project carryovers.
As of the end of FY 2023/24, the City's total governmental funds reported combined ending fund
balances of $269,901,894 and General Fund balances of $209,785,707 as follows:
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2023/24 Governmental Fund Balances
When compared to FY 2022/23, total governmental fund balance increased by $30,081,926 and total
General Fund balance increased by $23,808,199.
2022/23 Governmental Fund Balances
General Fund Balances
A year-over-year decrease of $2,432,000 in Nonspendable is mainly attributed to the FY 2023/24
Redevelopment Agency (RDA) loan repayment of $2,750,000 offset by interest earnings of $273,000
resulting in a net decrease of $2,477,000 in Due from Other Governments. The outstanding loan
balance to the RDA of $21,405,000 is recognized as 80% in the General Fund and 20% in the Housing
Authority Fund. Additional information on the loan repayment can be found in Note 17 of the financial
statements.
Restricted reserves are limited to funds held in a Section 115 Pension Trust, set aside to fund the City’s
pension obligations. The trust was initially established in FY 2018/19 with a deposit of $6,540,000,
followed by an additional $3,460,000 in FY 2019/20. In FY 2022/23, a one-time discretionary payment
of $5,000,000 was made to CalPERS to reduce the City’s unfunded pension liabilities, utilizing funds
from the trust. The increase in FY 2023/24 was primarily driven by interest earnings within the trust. All
Other Funds fund balance increased by $2,308,000 and represents totals for the Housing Fund and
other Restricted funds.
Committed reserves decreased by approximately $1,700,000, primarily due to a reduction in
operational carryovers. In the prior year, $2,600,000 was carried over to support ongoing operations,
whereas only $900,000 was required in the current year. The lower carryover amount reflects that
additional operational support was not needed this year, indicating improved budget alignment and
operational efficiency.
Category General Fund Percent All Other Funds Percent Total Funds Percent
Nonspendable 22,698,006$ 11%500$ 0.001% 22,698,506$ 8%
Restricted 5,666,575 3% 64,214,488 107% 69,881,063 26%
Committed 45,900,000 22%- 0% 45,900,000 17%
Assigned 70,304,510 34%- 0% 70,304,510 26%
Unassigned 65,216,616 31% (4,098,801) -7% 61,117,815 23%
TOTAL 209,785,707$ 100% 60,116,187$ 100% 269,901,894$ 100%
Category General Fund Percent All Other Funds Percent Total Funds Percent
Nonspendable 25,130,438$ 14%468$ 0.001% 25,130,906$ 10%
Restricted 5,317,487 3% 61,906,132 115% 67,223,619 28%
Committed 47,600,009 26%- 0% 47,600,009 20%
Assigned 63,824,533 34%- 0% 63,824,533 27%
Unassigned 44,105,041 24% (8,064,140) -15% 36,040,901 15%
TOTAL 185,977,508$ 100% 53,842,460$ 100% 239,819,968$ 100%
55
An increase of $6,480,000 in assigned reserves was due to Measure G sales tax reserve of $3,771,000
and $3,666,000 in the fire services trust.
Outstanding Debt
Total governmental activities debt decreased by $143,725 from $1,703,426 to $1,559,701. This
decrease is attributed to a reduction of $213,365 in subscription IT liabilities offset by an increase of
$38,684 in leases and $31,507 in compensated absences. Additional information on long-term debt
can be found in Note 5 of the financial statements.
Defined Benefit Pension Plan and Section 115 Trust
As of June 30, 2024, the City reported a liability of $2,699,409 for its proportionate share of the collective
net pension liability. The net pension liability was measured as of June 30, 2023, and the total pension
liability used to calculate the net pension liability was determined by an actuarial valuation as of June
30, 2022. Detailed information about the pension plan’s fiduciary net position is available in the
separately issued CalPERS financial reports and additional information on the City’s pension plan can
be found in Note 9.
As of June 30, 2024, the Section 115 Pension Trust had a balance of $5,666,575, additional information
can be found in Note 12. The trust sets aside monies to fund the City’s pension obligations.
Contributions to the trust are irrevocable and assets are protected from creditors. The purpose of the
trust is to address the City’s pension obligations by accumulating assets to reduce the net pension
liability. However, assets in the trust are recorded as restricted fund balance until they are transferred
to the pension plan (CalPERS).
Other Post-Employment Benefit Plan (OPEB)
In contrast to the Net Pension Liability, the OPEB Trust established to fund retiree health benefits, had
a balance of $1,856,315 which decreases the OPEB liability of $1,522,159 and is reported as an asset
balance of $334,156. Additional information on OPEB can be found in Note 11 of the financial
statements.
Major Capital Improvements
The Capital Improvement Fund is primarily used to record the expenditures for capital projects. The
fund had forty-seven (47) active Capital Improvement Projects during FY 2023/24. The five most active
projects were:
Dune Palms Bridge Improvements ($11,475,000)
Avenue 50 Pavement Rehabilitation ($2,605,000)
Fred Waring Drive Pavement Rehabilitation ($2,444,000)
Citywide Pavement Management Plan ($1,830,000)
Citywide Landscape Renovation Improvements ($1,290,000)
Debt Type:2023 2024
Leases 53,111$ 91,795$
Financed Purchases 551 -
Compensated Absences 1,154,090 1,185,597
Subscription IT liabilities 495,674 282,309
TOTAL 1,703,426$ 1,559,701$
Governmental Activities
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These projects, along with others, leveraged State or Federal grant funds or were significantly
supported with Measure G sales tax revenues.
Long-term Financial Sustainability
The City ensures that its long-range goals are met through a variety of Boards and Commissions. Each
is comprised of Council-appointed residents, may include a City Council representative, and are
supported by City staff. In addition, the City has adopted various financial policies and practices with
the goal of sustaining a fiscally resilient government over the long-term, as well as increasing
transparency and encouraging public engagement.
The City has taken a proactive approach to rising pension and public safety costs by building its
reserve categories and paying down the City’s pension obligations. The City also continues to
collaborate with Riverside County and other regional cities on police services to identify long-term
savings. As of June 30, 2024, all four of the City’s reserve categories (Cash Flow Reserve, Natural
Disaster, Economic Disaster, and Capital Replacement) are fully funded to policy targets.
The City Council has a history of implementing strategic measures to ensure the long-term fiscal
sustainability of the City. These measures include adopting a structurally balanced budget, funding
long-term needs, and maintaining robust reserve levels. As a result, the City has been able to
maintain essential services despite economic fluctuations and is well-prepared to face future financial
challenges.
57
ATTACHMENT 2
ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR 2023/24 –
UNRESTRICTED FUNDS SUMMARY
The Annual Comprehensive Financial Report (ACFR) is a set of financial statements for
a state, municipality or other governmental entity that comply with the accounting
requirements established by the Governmental Accounting Standards Board (GASB).
GASB is a private non-governmental organization, an arm of the Financial Accounting
Foundation, that creates accounting reporting standards, or generally accepted
accounting principles (GAAP), for state and local governments in the United States, i.e.
GASB sets the standards governing the content of an ACFR.
The ACFR must be audited by an independent auditor using generally accepted
government auditing standards.
GASB Concepts Statement No. 34 requires the net assets of a government to be reported
in three (3) categories: 1) invested in capital assets net of related debt, 2) restricted, and
3) unrestricted.
As shown in the chart below, the City’s Net Position (total assets and deferred outflows)
is stated on page 5 of the Management Discussion and Analysis or MD&A of the fiscal
year (FY) 2023/24 ACFR for La Quinta, and further described in detail on page 9.
Per ACFR reporting guidelines, in particular GASB No. 34, the three (3) categories of a
government’s net assets are defined as follows:
Capital Assets category reflects investments in capital assets (e.g., land, buildings;
machinery, equipment), net of related debt, which the City uses to provide services to
citizens; consequently, these assets are not available for future spending.
City capital assets totaling $592,061,273 or 65% of the city’s total $905,004,075 Net
Position (total assets and deferred outflows) include:
129 miles of streets and 121 miles of sidewalks
18 parks with amenities that include swimming pools, pickleball and tennis courts;
X Park; soccer fields and softball/baseball diamonds; dog parks; playground
equipment; and more.
22 city-owned buildings
Capital Assets 592,061,273$
Restricted 70,215,219$
Unrestricted 242,727,583$
TOTAL NET POSITION 905,004,075$
Net Position Summary
FY 2023/24
58
83.6 miles of bike paths
4,800-plus street signs
51 traffic light signals, 111 public safety cameras
582 catch basins
Restricted category is comprised of funds earmarked for a specific purpose; these
restrictions are imposed on the City by an outside agency.
Unrestricted category is defined as funds that can be used to meet ongoing obligations
because they are not restricted by an outside agency. It is important to note, however,
that under GASB reporting requirements for the ACFR, fund restrictions established by
the City’s own policies are not reflected. As a result, some funds categorized as
unrestricted for reporting purposes may still be subject to internal limitations.
For purposes of ACFR reporting, the City’s unrestricted net position is comprised of funds
committed or assigned for certain reserves or projects, including assets that are in non-
spendable form per the agency’s established policies and procedures. For La Quinta
some of the major restrictions to Unrestricted funds, as reported by FY 2023/24 ACFR
are summarized below:
Non-Spendable: Land Held for Resale $5,403,652
Non-Spendable: Due from Successor Agency $17,123,777
(Payable in annual installments through FY 2029/30 from the Successor Agency’s
Redevelopment Property Tax Trust Fund (RPTTF) enforceable obligations)
Restricted for Pension Trust (Section 115 Trust)$5,666,575
Reserves – Committed $45,000,000
Reserves – Assigned $70,304,510
Internal Service Funds $26,98,115
(Equipment Replacement, Information Technology, Park Equipment and Facilities,
and Insurance)
Unassigned Fund Balance
The Unassigned Fund Balance at approximately $61.1 million, as reported by the City’s
FY 2023/24 ACFR, are funds that have not been assigned to other Special Revenue
Funds and that have not been restricted, committed, or assigned to specific purposes
within the General Fund.
The full detail of the $242,727,583 Unrestricted net cash position, as reported in the City’s
FY 2023/24 ACFR, is provided in the table below and demonstrates that the City does
not have $242.7 million available to meet ongoing obligations due to internal restrictions
and obligations:
59
The City and City Council have an obligation to La Quinta’s residents/taxpayers to
spend/allocate funds responsibly – staying within budget to cover all cost
obligations/expenditures to keep the City safe and to maintain City facilities, roads,
sidewalks, and parks.
The City Council and Staff continue to exercise fiscal prudence in the stewardship of
taxpayers’ dollars. Each year during the budget process, surplus funds are allocated to
reserve accounts—some designated for specific purposes and others maintained as
unassigned reserves. These funds are available to address emergencies, such as
earthquakes, natural disasters, pandemics, or economic recessions, and to help offset
rising costs associated with inflation, ensuring the City’s financial stability and operational
continuity.
It is vital for the City and for local governments to maintain adequate levels of fund balance
to mitigate current and future risks such as revenue shortfalls and unanticipated
expenditures. The City's fiscally conservative approach in prior years enabled us to
successfully navigate extraordinary events such as the Great Recession of 2008, the
global pandemic, and other cyclical economic shifts impacting our community. Both City
staff and elected officials recognize their fiduciary responsibility to safeguard public
resources and maintain the trust of our residents. This document reflects our continued
commitment to prudent financial management and transparency.
Governmental Activities- Unrestricted Net Position
Nonspendable
Prepaid Costs 171,077
Land held for resale 5,403,652
Due from Successor Agency 17,123,777
Restricted for
Section 115 Trust 5,666,575
Committed to
Natural Disaster Reserve 15,000,000
Economic Downturn Reserve 13,000,000
Cash Flow Reserve 5,000,000
Capital Replacement Reservie 12,000,000
Carryovers 900,000
Assigned for
Public Safety 15,652,616
Sales Tax Reserve 32,985,374
Capital Projects 21,666,520
Unassigned 61,117,815
Internal Service Funds- Unrestricted 26,987,115
Unavailable Revenues: Housing Authority & Non-Major Special Revenue Funds 8,687,467
SUB-TOTAL 241,361,988$
Business-Type Activities: Unrestricted Net Position (SilverRock)1,365,595
UNRESTRICTED GRAND TOTAL 242,727,583$
FY 2023/24 ACFR
Unrestricted Net Position Summary
60
NET POSITION (UNRESTRICTED) CATEGORY DEFINITIONS
As stated in Governmental Accounting Standards Board (GASB) Summary of Statement
No. 34 – Basic Financial Statements- and Management’s Discussion and Analysis
(MD&A) for state and local governments, the definitions provided give a brief description
on the categories that make up the unrestricted net position in both governmental
activities and business-type activities.
Governmental Activities
Non-spendable includes amounts that cannot be spent on operating expenditures
because they are either not in spendable form or are legally or contractually required to
be maintained intact. This may include prepaid items, land held for resale, and amounts
due from the Successor Agency to pay estimated installment payments of enforceable
obligations until obligations of the Former Agency are paid in full and assets have been
liquidated.
Restricted includes amounts that are externally imposed by creditors, grantors,
contributions, laws and regulations of other governments, or imposed by law. The Section
115 Trust is irrevocably dedicated to funding obligations of the City’s pension
beneficiaries, other post-employment beneficiaries or costs of administering the Trust.
Committed includes amounts that can only be used for specific purposes pursuant to
constraints imposed by formal action of City’s highest authority, the City Council. The
formal action that is required to be taken to establish, modify, or rescind a fund balance
commitment is by a resolution. This includes the City’s four (4) defined reserve categories
and carryovers for General Fund operational expenditures.
Assigned includes amounts that are constrained by the City’s intent to be used for
specific purposes, but are neither restricted nor committed. City Council is authorized to
assign amounts to a specific purpose pursuant to the policy-making powers granted
through a resolution. This includes Public Safety which represents property tax
accumulated and held in trust by the County of Riverside for fire protection, accumulated
resources related to the City’s sales tax Measure G, and capital projects which is
comprised of carryover balances for capital projects.
Unassigned includes the residual amounts that have not been restricted, committed, or
assigned to specific purposes. The General Fund is the only fund that reports a positive
unassigned fund balance. The unassigned fund balance may serve as a useful measure
of a government’s net resources available for spending at the end of the fiscal year.
Internal Service Funds are used to allocate costs among the City’s various functions.
The City has four (4) internal service funds: Equipment Replacement, Information
Technology, Park Equipment and Facilities, and Insurance.
Unavailable Revenues represents when an asset is recorded but the revenue is not yet
available, such as a deferred inflow. These deferred resources are reported as
61
unavailable until such time as the revenue becomes available. The unrestricted net
position is the remaining portion of net position that is not externally restricted.
Business-Type Activities represents the City’s enterprise fund to account for the
SilverRock Golf Course operations, which is considered a major fund.
62
Annual Comprehensive Financial Report
Fiscal Year Ended June 30, 2024
Prepared by: Finance Department
California
EXHIBIT A
63
CITY OF LA QUINTA, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Prepared by:
Finance Department
64
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CITY OF LA QUINTA, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
Page
Number
INTRODUCTORY SECTION
Letter of Transmittal ............................................................................................................................................i
Principal Officials ............................................................................................................................................... vi
Organizational Chart of City Departments ........................................................................................................ vii
Certificate of Achievement for Excellence in Financial Reporting .................................................................... viii
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT ........................................................................................................... 1
MANAGEMENT’S DISCUSSION AND ANALYSIS .......................................................................................... 5
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements:
Statement of Net Position ................................................................................................................... 17
Statement of Activities ......................................................................................................................... 18
Fund Financial Statements:
Balance Sheet - Governmental Funds ................................................................................................ 20
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position ......................................................................................................... 23
Statement of Revenues, Expenditures and Changes in Fund
Balances - Governmental Funds ......................................................................................................... 24
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities ......................................................................................................................... 26
Statement of Net Position - Proprietary Fund ..................................................................................... 27
Statement of Revenues, Expenses and Changes in Net
Position - Proprietary Fund ................................................................................................................. 28
Statement of Cash Flows - Proprietary Fund ...................................................................................... 29
Statement of Net Position - Fiduciary Funds ...................................................................................... 31
Statement of Changes in Net Position – Fiduciary Funds .................................................................. 32
Notes to Financial Statements ................................................................................................................. 33
66
CITY OF LA QUINTA, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
Page
Number
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedules
General Fund ..................................................................................................................................... 69
Housing Authority .............................................................................................................................. 70
Disaster Recovery ............................................................................................................................ 71
Schedule of Proportionate Share of the Net Pension Liability – Miscellaneous Plan .............................. 72
Schedule of Plan Contributions – Miscellaneous Plan ............................................................................ 73
Schedule of OPEB Contributions ............................................................................................................. 73
Schedule of Changes in Net OPEB Liability/(Asset) and Related Ratios ................................................ 74
Notes to Required Supplementary Information ........................................................................................ 76
COMBINING AND INDIVIDUAL FUND SCHEDULES
Combining Balance Sheet - Nonmajor Governmental Funds ............................................................. 80
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - Nonmajor Governmental Funds ........................................................................... 87
Budgetary Comparison Schedules - Special Revenue Funds:
State Gas Tax ............................................................................................................................... 94
Library and Museum ....................................................................................................................... 95
Federal Assistance ........................................................................................................................ 96
State Law Enforcement Services ................................................................................................... 97
Lighting and Landscaping .............................................................................................................. 98
Quimby ........................................................................................................................................... 99
La Quinta Public Safety Officer .................................................................................................... 100
Art in Public Places ...................................................................................................................... 101
South Coast Air Quality ................................................................................................................ 102
AB 939 .......................................................................................................................................... 103
Law Enforcement ......................................................................................................................... 104
Measure A .................................................................................................................................... 105
Economic Development ............................................................................................................... 106
AB 1379 ........................................................................................................................................ 107
67
CITY OF LA QUINTA, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
Page
Number
Budgetary Comparison Schedules - Capital Projects:
Capital Improvements ................................................................................................................ 108
Maintenance Facilities DIF ......................................................................................................... 109
Infrastructure ............................................................................................................................. 110
Civic Center ................................................................................................................................ 111
Transportation ............................................................................................................................ 112
Parks and Recreation ................................................................................................................. 113
Library Development .................................................................................................................. 114
Community Center .................................................................................................................... 115
Street Facility ............................................................................................................................. 116
Park Facility ............................................................................................................................... 117
Fire Facility ................................................................................................................................. 118
Budgetary Comparison Schedules – Debt Service Funds:
Financing Authority ..................................................................................................................... 119
Internal Service Funds:
Combining Statement of Net Position ............................................................................................ 122
Combining Statement of Revenues, Expenses and
Changes in Fund Net Position ........................................................................................................ 123
Combining Statement of Cash Flows .............................................................................................. 124
STATISTICAL SECTION
Net Position by Component ...................................................................................................................... 128
Changes in Net Position ........................................................................................................................... 130
Changes in Net Position – Governmental Activities ................................................................................. 134
Changes in Net Position – Business-type Activities ................................................................................. 136
Fund Balances of Governmental Funds ................................................................................................... 138
Changes in Fund Balances of Governmental Funds ................................................................................ 140
Tax Revenue by Source ........................................................................................................................... 142
Top 25 Bradley-Burns Sales Tax Producers ............................................................................................ 143
Top 25 Measure G Sales Tax Producers ................................................................................................. 145
Taxable Sales by Category ....................................................................................................................... 146
68
CITY OF LA QUINTA, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
Page
Number
Assessed Value of Taxable Property ......................................................................................................... 148
Direct and Overlapping Property Tax Rates ............................................................................................... 149
Principal Property Taxpayers ...................................................................................................................... 150
Property Tax Levies and Collections .......................................................................................................... 151
Ratios of Outstanding Debt by Type ........................................................................................................... 152
Ratio of General Bonded Debt Outstanding ............................................................................................... 154
Direct and Overlapping Debt ...................................................................................................................... 155
Legal Debt Margin Information ................................................................................................................... 156
Pledged-Revenue Coverage ...................................................................................................................... 158
Demographic and Economic Statistics ....................................................................................................... 159
Principal Employers .................................................................................................................................... 160
Full-time City Employees by Function ........................................................................................................ 161
Operating Indicators by Function ................................................................................................................ 162
Capital Assets Statistics by Function .......................................................................................................... 163
Schedule of Insurance in Force .................................................................................................................. 164
69
May 15, 2025
To the Citizens of La Quinta, and the Honorable Mayor and Members of the City Council:
It is with great pleasure that we present to you the Annual Comprehensive Financial Report (ACFR) of
the City of La Quinta for the fiscal year ending June 30, 2024. The ACFR has been prepared by the
Finance Department for the benefit of City Council members, citizens, investors, grantors, employees,
and others who may have an interest in the financial well-being of the City.
The ACFR presents information regarding the City’s financial activities. This transmittal letter provides a
non-technical summary of the City’s finances, services, achievements, and economic outlook. A more
detailed analysis is presented in the Management’s Discussion and Analysis section (MD&A) that
immediately follows the independent auditor’s report. The MD&A provides an overview and analysis of
the basic financial statements and complements this transmittal.
Responsibility for both the accuracy and the completeness of all disclosures rests with the
City of La Quinta. To the best of our knowledge and belief, the enclosed data is accurate in all material
respects and is reported in a manner designed to fairly present the financial position and results of City
operations. Supplementary disclosures are included to summarize the City’s financial activities.
This ACFR was prepared in conformance with Generally Accepted Accounting Principles (GAAP). The
City’s financial reporting is based upon all Governmental Accounting Standards Board (GASB)
Statements; these pronouncements are the most authoritative source for governmental GAAP. The City
is responsible for ensuring an adequate internal control structure is in place. The internal control
structure is subject to constant evaluation by the management of the City and annual review by
independent auditors. Reviews determine the adequacy of the internal control structure, as well as to
determine if the City complied with applicable laws and regulations. In reviewing internal control
structures, the cost of a control should not exceed the benefits to be derived, hence the objective is to
provide reasonable, rather than absolute assurance, that the financial statements are free of any
material misstatements.
LSL, LLP (LSL), has issued an unmodified opinion on the City’s financial statements for the year ended
June 30, 2024. This is the most favorable conclusion. The independent auditor’s report is located at
the front of the financial section. The independent audit involved examining evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting principles used and
estimates made by management, and evaluating the overall financial statement presentation and
conformity with GAAP.
i 70
Government Profile
The City of La Quinta is located 120 miles east of Los Angeles in the eastern portion of
Riverside County known as the Coachella Valley. The City has a permanent population of
approximately 38,000, within a boundary of 36 square miles. Each year nearly 18,000 seasonal
residents also call La Quinta home from October through May. A natural paradise in the
Coachella Valley, the City is nestled between the Santa Rosa and San Bernardino Mountains, is
an integral part of the Coachella Valley’s world-renowned resort and retirement area, and is
known for its championship golf, festivals and community events, health and wellness, stunning
views and spectacular trails.
The City was incorporated in 1982 as a general law City and became a charter city in November 1996.
It is governed by a five-member City Council under the Council/Manager form of government. The
Mayor is directly elected, serves a two-year term, and represents the City at many public functions; the
four Council Members serve four-year terms, with two Council Members elected every two years. The
Mayor and Council Members are elected at large and also serve as the Board of Directors of the
Housing and Finance Authorities.
The Council appoints the City Manager, who in turn appoints the Directors of the various
departments except for the City Attorney who is appointed by the Council. The Finance Director also
serves as the City/Housing Authority Treasurer and the City Manager is also the Executive Director
of the Housing Authority.
The City provides a range of services, which include street and infrastructure construction
and maintenance; community development and planning; affordable housing programs; code
compliance; recreational and cultural activities; and operations management.
The City contracts with other government agencies and private entities for specific services,
including police and fire protection, library and museum services, water and sewer service,
electricity service, public transit, refuse collection, and street sweeping.
The City’s annual operating and capital improvement budgets are adopted by resolutions for the
fiscal year that begins July 1st. Separate resolutions are adopted by the City Council and Board of
Directors of the Housing and Finance Authorities.
The annual budget is the foundation for the City’s financial planning and control. The budget
is prepared by fund, function, department, and line item. Activities of the General, Special
Revenue, Debt Service, and Capital Project Funds are included in the appropriated budget.
Department Directors may transfer line-item resources within a division with the approval of the
City Manager. The City Manager may authorize transfers between divisions and departments.
ii 71
Local Economy
According to the State of California Employment Development Department, as of October 2024, the
unadjusted unemployment rate for La Quinta was 6.7%, which was higher than unadjusted rates for
Riverside County’s at 5.6% and the statewide average of 5.3%. Current unemployment rates are
impacted by statewide trends showing that California’s overall job growth has slowed, particularly in
sectors such as Professional and Business Services and segments of the government workforce.
The City’s dominant industries are tourism, recreation, and retail, with the following being major
employers: Desert Sands Unified School District, PGA West and Citrus Club, La Quinta Resort and
Club, Costco, and Wal-Mart Super Center.
Throughout the year La Quinta hosts a variety of multi-generational open-air events and shines in the
national spotlight as the only PGA golf tour event in the region with the American Express Golf
Tournament, which includes two nights of outdoor concerts. The City also co-hosts Ironman 70.3 Indian
Wells La Quinta, which brings over 3,000 athletes and supporters from all over the world to the
Coachella Valley. The City’s cultural diversity, values, unique characteristics and attributes are
commemorated through artists who showcase their high-quality artwork at the fine art event, La Quinta
Art Celebration, which is now held twice a year and is ranked number one in the United States by
ArtFair Sourcebook’s Top 100 Fine Art Events.
Substantially or entirely completed projects during 2023/24 included El Toro Loco on Calle Tampico,
and Dunkin’ Donuts, Five Below, PGA Superstore, Ms. Boba, Luna Grill, and Handel’s Ice Cream along
the Highway 111 corridor.
Long-term Financial Planning
Sound financial governance and prudent planning continues to be management’s focus. The City has a
long history of providing superior service, life enrichment opportunities, and a quality environment to its
residents, businesses, and visitors. La Quinta has taken a proactive approach to rising pension and
public safety costs by building its reserve categories and paying down the City’s pension obligations.
The City also continues to collaborate with Riverside County and other regional cities on police
services to identify long-term savings.
The City ensures that its long-range goals are met through a variety of Boards and Commissions. Each
is comprised of Council-appointed residents, may include a City Council representative, and
are supported by City staff. In addition, the City has adopted various financial policies and practices
with the goal of sustaining a fiscally resilient government over the long-term, assuring fiscal
sustainability, as well as increasing transparency and encouraging public engagement.
iii 72
In 2023/24, the General Fund’s overall fund balance increased by about $23.8 million when compared
to the ending balance in 2022/23, mainly due to revenue increases surpassing budget projections and
prudent spending controls. As of June 30, 2024, all four of the City’s reserve categories (Cash Flow
Reserve, Natural Disaster, Economic Disaster, and Capital Replacement) are fully funded to policy
targets.
In June 2024, the City Council adopted a balanced budget for fiscal year 2024/25, which strategically
allocated Measure G reserves to support capital improvement projects. As a result of this allocation, the
adopted budget projected operating revenues exceeding expenses by $3,382,635. The 2024/25 budget
also maintains sustained funding for essential services, including police, fire protection, and the
maintenance of critical infrastructure.
La Quinta has cultivated a sound foundation of General Fund revenues including sales tax, transient
occupancy tax, and property tax. The City was incorporated in 1982 after Proposition 13 was approved
(the landmark property tax reform initiative enacted in 1978); as such, the City receives a smaller share
of property tax revenue but has also secured additional property tax revenue from the County for fire
and library services.
The Future
The City has a mixture of housing and commercial developments under construction. Larger residential
developments underway include Jefferson Street Apartments, Village Hospitality Homes, Diamante by
Crestwood Communities, Stone Creek, and Palo Verde. Commercial developments include the Dune
Palms mixed-use project featuring Chick-fil-A and Quick Quack Car Wash, the Hampton Inn hotel, the
Calle Estado mixed-use project, McQuaid Studio, and the expansion of Tower Market. Approved
housing developments on the horizon include Flora at Jefferson Square, La Quinta Village Apartments,
Sierra Blanca, Club at Coral Mountain, Travertine, and Bravo Estates.
The Highway 111 Corridor Plan (Plan) continues to be a priority with daily traffic exceeding 40,000
vehicles, and accounting for nearly 80% of the City’s annual sales tax revenue. The two-mile-long,
400-acre regional commercial hub at the center of the City, is being evaluated to create a more
connected and walkable environment through the implementation of form-based code (FBC). FBC is
anticipated to reshape the corridor by adding mixed-use and infill development and incorporating
ever-evolving shopping trends. The City acquired vacant property on the north side of Highway 111,
which is anticipated to be developed as a mixed-use project with commercial and residential
components furthering the City’s goals of fostering mixed-use development, affordable housing,
multi-modal transportation, and the development of the Highway 111 corridor.
iv 73
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City for its ACFR for the fiscal
year ended June 30, 2023. This was the twenty-seventh consecutive year that the City received this
prestigious award. In order to be awarded a Certificate of Achievement, the City must publish an easily
readable and efficiently organized ACFR. This report must satisfy both generally accepted accounting
principles and applicable legal requirements.
A Certificate of Achievement is valid for one year. We believe that our current ACFR continues to meet
the Certificate of Achievement Program’s requirements, and we are submitting it to the GFOA to
determine its eligibility for another certificate.
We would like to express our appreciation to the City Council and the Financial Advisory Commission
for their ongoing oversight of the financial affairs of the City and their prudent fiscal, economic, and land
use policy and direction. We also thank City staff with special appreciation to the Finance Department
for their continued effort to provide accurate financial data and the preparation of this report.
Respectfully Submitted,
Jon McMillen, City Manager Claudia Martinez, Finance Director
v 74
City of La Quinta
List of Principal Officers
June 30, 2024
CITY COUNCIL
Linda Evans, Mayor
John Peña, Mayor Pro Tem
Kathleen Fitzpatrick, Council Member
Deborah McGarrey Council Member
Steve Sanchez, Council Member
ADMINISTRATION
Jon McMillen, City Manager
Claudia Martinez, Finance Director/ City Treasurer
Danny Castro, Design and Development Director
Bryan McKinney, Public Works Director/ City Engineer
Gilbert Villalpando, Business Unit/Housing Development Director
Monika Radeva, City Clerk
William H. Ihrke, City Attorney
vi 75
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76
viii 77
LSLCPAS.COM
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
City of La Quinta, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of the City of La Quinta, California (the “City”), as
of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively
comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the business-type activities, each major fund, and the aggregate
remaining fund information of the City, as of June 30, 2024, and the respective changes in financial position, and,
where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally
accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
and the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be
independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical
requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
accounting principles generally accepted in the United States of America, and for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for
twelve months beyond the financial statement date, including any currently known information that may raise
substantial doubt shortly thereafter.
78
To the Honorable Mayor and Members of the City Council
City of La Quinta, California
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee
that an audit conducted in accordance with generally accepted auditing standards and Government Auditing
Standards will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by
a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing
Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the City’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified
during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion
and analysis, budgetary comparison information, and required pension and other postemployment benefits
schedules, as listed on the table of contents, be presented to supplement the basic financial statements. Such
information is the responsibility of management and, although not a part of the basic financial statements, is required
by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for
placing the basic financial statements in an appropriate operational, economic, or historical context. We have
applied certain limited procedures to the required supplementary information in accordance with auditing standards
generally accepted in the United States of America, which consisted of inquiries of management about the methods
of preparing the information and comparing the information for consistency with management’s responses to our
inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
2 79
To the Honorable Mayor and Members of the City Council
City of La Quinta, California
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the City’s basic financial statements. The accompanying combining and individual fund financial statements and
schedules (“supplementary information”) are presented for purposes of additional analysis and are not a required
part of the basic financial statements. Such information is the responsibility of management and was derived from
and relates directly to the underlying accounting and other records used to prepare the basic financial statements.
The information has been subjected to the auditing procedures applied in the audit of the basic financial statements
and certain additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation
to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises
the introductory and statistical sections but does not include the basic financial statements and our auditor’s report
thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express
an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists between the other information and the basic financial statements,
or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude
that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated May 15, 2025, on our
consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is
solely to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
Irvine, California
May 15, 2025
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4 81
MANAGEMENT DISCUSSION
AND ANALYSIS
(UNAUDITED)
This narrative provides an overview and analysis of the City of La Quinta’s (City) financial
activities for the fiscal year ending June 30, 2024. The City Executive Team encourages readers
to consider this information in conjunction with the data provided in our transmittal letter, which is
in an earlier section of this report. All amounts, unless otherwise indicated, are rounded to the
nearest thousand dollars and dates are represented by fiscal year.
5 82
HIGHLIGHTS
At the close of 2023/24 (June 30, 2024):
The total assets and deferred outflows of the City exceeded its total liabilities and
deferred inflows at the close of the fiscal year 2023/24 by $905,004,000
(net position). Of this amount, $242,728,000 (unrestricted net position) may be
used to meet ongoing obligations and approximately $592,061,000 or 65% was
invested in capital assets and is not available to meet ongoing obligations.
Governmental activities total net position increased by $45,586,000 and the
Business-Type total net position increased by $820,000 which is attributable to
the SilverRock Golf Course.
Governmental funds (General Fund, Housing Authority, Disaster Recovery Fund,
Capital Improvement Fund, sixteen (16) non-major special revenue funds, ten
(10) non-major capital projects funds, and one (1) non-major debt service fund)
had a combined ending fund balance of $269,902,000, an increase of
$30,082,000. The primary reasons for this increase can be attributed to taxes
exceeding the original budget projections coupled with expenditure savings and
a positive fair market value adjustment to the overall investment portfolio.
The unassigned General Fund balance comprised $65,217,000, or 31%, of the
total $209,786,000 balance and represented 39% of total final General Fund
budgeted expenses including transfers and multi-year capital projects.
Total governmental activities debt decreased by $143,000 from $1,703,000 to
$1,560,000.
OVERVIEW
Government-Wide Financial Statements
The government-wide financial statements provide a broad overview of the City’s
finances. There are two statements – statement of net position and statement of
activities, as described below.
The statement of net position presents information on all City assets and deferred
outflows of resources as well as liabilities, and deferred inflows of resources, with the
difference between the two reported as net position. Over time, increases or
decreases in net position may serve as a useful indicator of whether the City’s
financial position is improving or deteriorating.
The statement of activities presents information showing how the government's
net position changed during the most recent fiscal year. All changes in net
position are reported as soon as the underlying event occurs giving rise to the
change, regardless of the timing of related cash flows. Thus, revenues and
expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods, for example, earned but unused vacation
leave.
Both of these government-wide financial statements distinguish City functions,
which are principally supported by taxes, fees, and intergovernmental revenues
(governmental activities) from other functions that are intended to recover all or
6 83
a significant portion of their costs through user charges (business-type activities).
Governmental activities include general government, public safety, community
services, planning and development and public works; business-type activities
include the SilverRock Golf course operations.
The government-wide financial statements include not only the City of La Quinta
(known as the primary government), but also the La Quinta Financing Authority
and the La Quinta Housing Authority. Although legally separate entities, they
function for all practical purposes as City departments.
The government-wide financial statements are listed in the table of contents
under the Financial Section of this report.
Fund Financial Statements
A fund is a grouping of related accounts and is used to maintain control over
resources that have been segregated for specific activities or objectives. The
City, like other state and local governments, uses fund accounting to ensure
compliance with finance-related legal requirements. All City’s funds are
aggregated into three categories: governmental funds, proprietary funds, and
fiduciary funds.
Governmental Funds
Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund
financial statements focus on near-term inflows and outflows of spendable
resources, as well as on balances of spendable resources available at the end of
the fiscal year. Such information may be useful in evaluating a government's
near-term financing requirements.
Because the focus is narrower than the government-wide financial statements, it
is useful to compare this information with similar information presented for
governmental activities in the government-wide financial statements. By doing so,
readers may better understand the long-term impact of the government's
near-term financing decisions. Both the governmental fund balance sheet and the
governmental fund statement of revenues, expenditures, and changes in fund
balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
The City maintains thirty-one (31) individual governmental funds, which are
distinguished between major and non-major funds. Information is presented
separately in the governmental fund balance sheet and in the governmental fund
statement of revenues, expenditures, and changes in fund balances. There are
four (4) major governmental funds: the General Fund, the Housing Authority
special revenue fund, the Disaster Recovery special revenue fund, and the Capital
Improvement capital project fund. Data from the other twenty-seven (27)
governmental funds are combined into a single, aggregate presentation.
Individual fund data for each of these non-major governmental funds is provided
in the form of combining statements in the Combining and Individual Fund
Statements and Schedules section of the report.
7 84
The City adopts an annual budget for its General Fund. A budgetary comparison
schedule has been provided to demonstrate compliance with the adopted budget.
The basic governmental fund financial statements can be found in the table of
contents under the heading Basic Financial Statements.
Proprietary Funds
Proprietary funds are broken down into enterprise and internal service funds.
Enterprise funds are used to report the same functions presented as business-type
activities in the government-wide financial statements. The City maintains one (1)
enterprise fund to account for the SilverRock Golf Course operations, which is
considered a major fund.
Internal service funds are used to allocate costs among the City’s various
functions. The City has four (4) internal service funds: Equipment Replacement,
Information Technology, Park Equipment and Facilities, and Insurance. Because
these four (4) services predominantly benefit governmental rather than
business-type functions, they have been included within governmental activities in
the government-wide financial statements. The internal service funds are
combined into a single, aggregated presentation in the proprietary fund financial
statements. Individual fund data for the internal service funds is provided in the form
of combining statements on the Combining and Individual Fund Statements and
Schedules section of the report.
The basic proprietary fund financial statements are listed in the table of contents under
Proprietary Funds: Statement of Net Position, Statement of Revenues, Expenses and
Changes in Net Position, and Statement of Cash Flows.
Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside
the government. Fiduciary funds are not reflected in the government-wide financial
statements because the resources of those funds are not available to support the
City’s own programs. The accounting used for fiduciary funds is much like that used
for proprietary funds.
The City reports on two fiduciary funds: 1) the Pension (and Other Employee Benefit)
Trust fund which accounts for the Defined Contribution Pension Trust established to
provide supplemental retirement benefits for employees, and (2) Successor Agency
of the Former RDA Private-Purpose Trust Fund which provides for activities
associated with the dissolution of the former Redevelopment Agency.
The basic fiduciary fund financial statements are listed in the table of contents under
Fiduciary Funds: Statement of Net Position and Statement of Changes in Net Position.
Notes to the Financial Statements
The notes to the financial statements provide information that is essential to obtain a
full understanding of the data provided in the government-wide and fund financial
statements. These notes are listed in the table of contents under Notes to Financial
Statements.
8 85
Other Information
In addition to the financial statements and accompanying notes, this report also
presents the combining statements referred to earlier in connection with non-major
governmental funds, internal service funds, and agency funds. The non-major
governmental funds’ combining statements are presented immediately following the
Required Supplementary Information while the combined statements for the internal
service funds and agency funds are presented following the budgetary comparison
schedules for the debt service funds.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of a
government's financial position. The City’s net position, the difference between assets
and liabilities and deferred inflows/outflows, is one way to measure the City’s financial
health or financial position. Over time, increases or decreases in the City’s net position
indicate whether its financial health is improving or deteriorating. The City’s net
position increased from $858,597,00 to $905,004,000 at the close of the 2023/24,
which is $46,407,000 more than the previous year. Increases were reflected in
restricted and unrestricted net position for governmental activities.
The largest portion of the City’s Net Position ($574,870,000 or 67% for 2022/23 and
$592,061,000 or 65% for 2023/24) reflects investment in capital assets (e.g., land,
buildings; machinery, and equipment), net of related debt. The City uses these capital
assets to provide services to citizens; consequently, these assets are not available for
future spending.
City of La Quinta Net Position
An additional portion of the City's net position ($62,284,000 or 7% in 2023 and
$70,215,000 or 8% in 2024) represents resources that are subject to external
restrictions on how they may be used. The remaining balance of unrestricted net
position $242,728,000 (27%) may be used to meet the government's ongoing
obligations to citizens and creditors.
At the end of 2023/24, the City had positive balances in all three categories of net
position for the governmental and business-type activities.
Current and other assets 309,087,961$ 346,290,680$ 12% 1,546,130$ 1,841,674$ 19% 310,634,091$ 348,132,354$ 12%
Capital assets 533,177,093 549,571,823 3%42,558,046 42,987,413 1%575,735,139 592,559,236 3%
Total Assets 842,265,054 895,862,503 6%44,104,176 44,829,087 2%886,369,230 940,691,590 6%
Deferred outflows of
resources 19,619,118 11,707,753 -40%- - 0%19,619,118 11,707,753 -40%
- - 0%
Current liabilities 26,214,135 33,085,649 26%379,823 476,079 25%26,593,958 33,561,728 26%
Non-current liabilities 15,253,979 4,259,110 -72%315,520 123,859 0%15,569,499 4,382,969 -72%
Total Liabilities 41,468,114 37,344,759 -10%695,343 599,938 -14%42,163,457 37,944,697 -10%
Deferred inflows of
resources 5,227,571 9,450,571 81%- - 0%5,227,571 9,450,571 81%
Net Position:
Net investment in capital
assets 532,627,757 549,197,719 3%42,242,526 42,863,554 1%574,870,283 592,061,273 3%
Restricted 62,283,620 70,215,219 13%- - 0%62,283,620 70,215,219 13%
Unrestricted 220,277,110 241,361,988 10%1,166,307 1,365,595 17% 221,443,417 242,727,583 10%
Total Net Position 815,188,487$ 860,774,926$ 6%43,408,833$ 44,229,149$ 2%858,597,320$ 905,004,075$ 5%
Total by Fiscal Year
%
Change20232024
Governmental Activities Business-Type Activities
%
Change
%
Change2023202420232024
9 86
Governmental Activities
Governmental activities net position increased by $45,586,000 accounting for a
positive 6% percent change in the net position from the previous year. Key elements
of these changes are as follows:
City of La Quinta Changes in Net Position
Governmental revenues overall increased by $14,876,000 with the largest
increases being $12,708,000 in use of money and property, followed by $5,318,000
for capital grants and contributions and $3,950,000 in property taxes.
Expenses for Governmental Activities increased by $3,559,000
(an 5% increase when compared to 2022/23), with the largest increase being
$6,486,000 in Planning & Development offset by a decrease of $6,486,000 increase
in General Government. As noted earlier, Governmental Activities includes 31
individual governmental funds and includes capital asset activity allocated on a
percentage basis by department. Additional information on capital asset activity
distribution can be found in Note 4.
The General Fund contributed $1,466,000 to the business-type activities of the
golf course. Funds were utilized to support operations per the adjusted budget.
Business-Type Activities
This was the nineteenth full year of operations for the SilverRock Golf Resort
since the golf course opened in 2005.
Charges for services primarily consisted of green fees which totaled $4,965,000,
$198,000 higher than the previous year, with golf course expenses of $5,643,000,
which were $123,000 or approximately 2% more than the previous year.
In 2023/24, the General Fund transferred $1,466,000 to the SilverRock Golf Fund to
support operations. After this transfer, the net position increase by $820,000.
PROGRAM REVENUES:
Charges for Services 6,551,700$ 4,921,690$ (1,630,010)$ 4,767,458$ 4,965,124$ 197,666$ 11,319,158$ 9,886,814$ (1,432,344)$
Operating Grants and Contributions 7,136,358 7,265,464 129,106 - - - 7,136,358 7,265,464 129,106
Capital Grants and Contributions 8,760,788 14,078,555 5,317,767 - - - 8,760,788 14,078,555 5,317,767
GENERAL REVENUES & TRANSFERS -
Property Taxes 20,697,081 24,646,620 3,949,539 - - - 20,697,081 24,646,620 3,949,539
Other Taxes 51,942,858 49,202,291 (2,740,567) - - - 51,942,858 49,202,291 (2,740,567)
Investment Income 5,058,717 - (5,058,717) 12,456 - (12,456)5,071,173 - (5,071,173)
Net Change in Fair Value of
Investments (1,519,171) - 1,519,171 20,665 - (20,665) (1,498,506) - 1,498,506
Use of Money & Property - 12,708,191 12,708,191 - 32,253 32,253 - 12,740,444 12,740,444
Motor Vehicle In Lieu 5,110,569 5,584,194 473,625 - - - 5,110,569 5,584,194 473,625
Miscellaneous 1,432,619 1,640,182 207,563 - - - 1,432,619 1,640,182 207,563
TOTAL REVENUES 105,171,519 120,047,187 14,875,668 4,800,579 4,997,377 196,798 109,972,098 125,044,564 15,072,466
EXPENSES:
General Government 17,213,248 10,727,413 (6,485,835) - - - 17,213,248 10,727,413 (6,485,835)
Public Safety 25,457,350 29,156,519 3,699,169 - - - 25,457,350 29,156,519 3,699,169
Planning & Development 3,146,264 8,432,348 5,286,084 - - - 3,146,264 8,432,348 5,286,084
Community Services 9,550,001 13,647,971 4,097,970 - - - 9,550,001 13,647,971 4,097,970
Public Works 14,043,797 10,982,293 (3,061,504) - - - 14,043,797 10,982,293 (3,061,504)
Interest on Long-Term Debt 25,504 48,204 22,700 - - - 25,504 48,204 22,700
Golf Course - - - 5,520,342 5,643,061 122,719 5,520,342 5,643,061 122,719
TOTAL EXPENSES 69,436,164 72,994,748 3,558,584 5,520,342 5,643,061 122,719 74,956,506 78,637,809 3,681,303
Excess or Deficiency before
Transfers & Extraordinary Items 35,735,355 47,052,439 11,317,084 (719,763) (645,684) 74,079 35,015,592 46,406,755 11,391,163
TRANSFERS & EXTRAORDINARY
ITEMS:
Transfers(600,000) (1,466,000) (866,000) 600,000 1,466,000 866,000 - - -
Increase in Net Position 35,135,355 45,586,439 10,451,084 (119,763) 820,316 940,079 35,015,592 46,406,755 11,391,163
Net Position - Beginning 780,053,132 815,188,487 35,135,355 43,528,596 43,408,833 (119,763) 823,581,728 858,597,320 35,015,592
NET POSITION - ENDING 815,188,487$ 860,774,926$ 45,586,439$ 43,408,833$ 44,229,149$ 820,316$ 858,597,320$ 905,004,075$ 46,406,755$
2024 Change
Governmental Activities Business-Type Activities Total by Fiscal Year
2023 2024 Change 2023 2024 Change 2023
10 87
FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS
As noted earlier, the City uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements.
Governmental Funds
The focus of the City’s governmental funds is to provide information on near-term
inflows, outflows, and balances. Such information is useful in assessing the City's
financing requirements. In particular, unassigned fund balance may serve as a
useful measure of a government's net resources available for spending at the end
of the fiscal year.
As of the end of 2023/24, the City's governmental funds reported combined ending
fund balances as follows:
City of La Quinta Governmental Fund Balances
Governmental fund balances ended the year totaling $269,902,000, an increase of
$30,082,000 in comparison with the prior years’ ending balance of $239,820,000.
These collective fund balances include the General Fund, Housing Authority,
Financing Authority, Capital Improvement Fund, and various Special Revenue funds.
Nonspendable
Nonspendable fund balance totaled $22,699,000 or 8%; this represents amounts that
are not available to pay for operating expenditures because they are in the form of
land and receivables.
Restricted
Restricted fund balance totaled $69,881,000 or 26%; these amounts represent funds
with external limitations on spending. Significant restrictions include: Section 115 trust
of $5,667,000 restricted for pension liabilities; Library and Museum totaling
$13,660,000 which represents property tax increment money that can only be used
for library and museum services; Measure A funding of $3,467,000 which can only be
used for transportation; Transportation capital project fund of $5,868,000 in developer
fees that are restricted for the acquisition, construction and improvement of the City’s
infrastructure; and Economic Development funding of $3,486,000 that can only be
used for future economic development in the City.
Committed
$45,900,000 (17%) are committed fund balances which are the result of self-imposed
limitations established by the City Council. In May 2018, the City adopted a Reserve
Policy that established committed General Fund reserve categories, including Natural
Disaster Reserves, Economic Disaster Reserves, Cash Flow Reserves, and Capital
Category General Fund Percent All Other Funds Percent Total Funds Percent
Nonspendable 22,698,006$ 11% 500$ 0.001% 22,698,506$ 8%
Restricted 5,666,575 3% 64,214,488 107% 69,881,063 26%
Committed 45,900,000 22% - 0% 45,900,000 17%
Assigned 70,304,510 34% - 0% 70,304,510 26%
Unassigned 65,216,616 31% (4,098,801) -7% 61,117,815 23%
TOTAL 209,785,707$ 100% 60,116,187$ 100% 269,901,894$ 100%
11 88
Replacement Reserves. The Policy was updated in 2023 to include increased funding
targets. As of June 30, 2024, all reserve categories are fully funded at their target
levels.
Assigned
Assigned funds are constrained by the City’s intent to use them for specific purposes
and represent a total of $70,305,000 (26%) of the total fund balance. $21,667,000
represents funds for approved multi-year capital projects that were not spent by the
end of the year, therefore they are carried over until the projects are completed.
Available Measure G sales tax revenue ended the year at $32,985,000 and
$15,653,000 represents funds held in trust with the County of Riverside for fire
services.
Unassigned
The remaining fund balance of $61,118,000 represents unassigned fund balances or
the residual net resources after taking into consideration the other classifications. The
Capital Improvement Fund accounted for $2,184,000 of the negative $4,099,000
balance of all other funds. The remaining negative balance was largely attributed to
the Library Development Impact Fee Fund. This amount represents an advance due
to the Redevelopment (RDA) Successor Agency and is included in the Successor
Agency of the former RDA as a receivable.
General Fund
The General Fund is the City’s chief operating fund. At the end of 2023/24, the
unassigned fund balance was $65,217,000 while total fund balance was $209,786,000.
The General Fund balance increased by $23,809,000 in 2023/24. Key factors were:
A year-over-year decrease of $2,432,000 in non-spendable is attributed to
the 2023/24 Redevelopment Agency loan repayment of $2,750,000 offset
by interest earnings of $273,000 resulted in a net decrease of $2,477,000 in
Due from Other Governments. The outstanding loan balance of
$21,405,000 is recognized as 80% in the General Fund and 20% in the
Housing Authority Fund.
Restricted reserves are limited to funds held in a Section 115 Pension Trust set
aside to fund the City’s pension obligations. The trust was initially established
in FY 2018/19 with a deposit of $6,540,000, followed by an additional
$3,460,000 in FY 2019/20. In FY 2022/23, a one-time discretionary payment of
$5,000,000 was made to CalPERS to reduce the City’s unfunded pension
liabilities, utilizing funds from the trust. The increase in FY 2023/24 was
primarily driven by interest earnings within the trust.
Committed reserves decreased by $1,700,000, primarily due to a reduction in
operational carryovers. In the prior year, $2,600,000 was carried over to support
ongoing operations, whereas only $900,000 was required in the current year.
The lower carryover amount reflects that additional operational support was not
needed this year, indicating improved budget alignment and operational
efficiency.
12 89
An increase of $6,480,000 in assigned reserves was due to Measure G sales
tax reserve ($3,771,000) and ($3,666,000) in the fire services trust. Assigned
to public safety represents property tax accumulated and held in trust by the
County of Riverside for fire protection, disaster preparedness and response,
fire prevention, rescue, hazardous materials mitigation, technical rescue
response, medical emergency services, and public service assistance (the
County and City negotiated an agreement wherein the County fire service
property tax revenue generated in the two former City redevelopment project
areas is pledged to the City to fund the aforementioned services). This portion
of assigned fund balance as of June 30, 2024 is $15,653,000. These increases
combined with a decrease in multi-year Capital Projects ($957,000) contributed
to the overall increase in assigned reserves.
Housing Authority Fund
The Housing Authority Fund is used to account for the activities of the Housing Authority;
the Housing Authority invests in programs and projects that preserve and increase the
supply of affordable housing in the City. The fund balance decreased by $1,610,000 to
end the year at $24,756,000.
Capital Improvement Fund
The Capital Improvement Fund is primarily used to record the expenditures for capital
projects. The fund had forty-seven (47) active Capital Improvement Projects budgeted
during 2023/24. The five most active projects were:
Dune Palms Bridge Improvements ($11,475,000)
Avenue 50 Pavement Rehabilitation ($2,605,000)
Fred Waring Drive Pavement Rehabilitation ($2,444,000)
Citywide Pavement Management Plan ($1,830,000)
Citywide Landscape Renovation Improvements ($1,290,000)
These projects, along with others, leveraged State or Federal grant funds or were
significantly supported with Measure G sales tax revenues.
PROPRIETARY FUNDS
The City of La Quinta's proprietary funds provide the same type of information found in
the government-wide financial statements, but in more detail.
The financial activities of the City enterprise fund are addressed in the discussion of the
City’s business-type activities. In addition, the City has four (4) internal service funds to
accumulate resources for equipment and vehicle replacement, information technology,
insurance, and park equipment and facility replacement.
13 90
GENERAL FUND BUDGETARY HIGHLIGHTS
Most General Fund revenues experienced positive variances when compared to the
final budget specifically related to use of money and property and tax revenues.
Revenue appropriations and transfers in increased by $4,399,000 between the original
($78,578,000) and final amended budget ($82,977,000). The category representing the
largest variances is taxes, which represents 84% of all General Fund revenues.
Actuals for taxes include the three largest funding sources for the City – sales taxes
$27,642,000, transient occupancy taxes (TOT) $15,683,000, and property taxes
$12,682,000. Combined, these top three revenues account for $56,007,000 or 73% of
all taxes, resulting in a $793,000 decrease from the prior fiscal year in sales and
transient occupancy taxes offset by a increase in property taxes.
The Extraordinary Item includes $273,000 to record the annual former Redevelopment
Agency loan repayment interest earned in 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. Loan repayments are not budgeted;
these funds are recognized in unassigned reserves and reduce non-spendable
reserves each year. Furthermore, 80% of the extraordinary gain is recognized in the
General Fund and 20% in the Housing Authority Fund.
Expenditure appropriations and transfers out increased by $29,048,000 between the
original ($72,829,000) and final amended budget ($101,877,000) which included the
following significant change:
$22,623,000 in operational and capital improvement project carryover
appropriations from prior fiscal years to 2023/24 as approved by City Council.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City’s capital assets for its governmental and business-type activities as of
June 30, 2024, were $592,559,000 (net of accumulated depreciation). This includes
land, right of way, buildings and improvements, machinery and equipment, streets and
bridges, construction in progress, and the right to use lease and subscription assets.
The investment in capital assets decreased by $16,824,000 in 2023/24 primarily due
to an increase in construction in progress.
The following chart lists the asset categories for governmental and business-like
activities net of depreciation:
City of La Quinta Capital Assets (net of depreciation)
2023 2024 2023 2024 2023 2024
Land 83,717,732$ 87,280,570$ 39,712,956$ 39,712,955$ 123,430,688$ 126,993,525$
Buildings & Improvements 36,354,815 35,162,219 2,484,095 2,269,551 38,838,910 37,431,770
Equipment & Furniture 1,147,737 1,499,415 49,910 16,467 1,197,647 1,515,882
Vehicles 1,281,556 1,022,210 - 867,343 1,281,556 1,889,553
Infrastructure 401,770,282 397,919,236 - - 401,770,282 397,919,236
Right to use Leased Assets 49,643 - 311,085 121,097 360,728 121,097
Right to use Subscription IT Assets 592,321 - - - 592,321 -
Right to use Lease & Subscription Assets -402,236 - - -402,236
Construction in Progress 8,263,007 26,285,937 - - 8,263,007 26,285,937
TOTAL 533,177,093$ 549,571,823$ 42,558,046$ 42,987,413$ 575,735,139$ 592,559,235$
Governmental Activities Business-Type Activities Total By Fiscal Year
Description
14 91
Major capital asset events under Governmental Activities included the following:
Recording infrastructure improvements, street improvements, street right of way,
street sidewalks and curbs and gutters, traffic signals, street medians, and
construction in progress.
Business-Type Activities
The Golf Course capital asset balance at June 30, 2024, was $42,987,000, net of
accumulated depreciation. The balance increase of $429,000 reflects the purchase of
golf carts in the Vehicles category in 2023/24.
Additional information on the City of La Quinta’s capital assets can be found in Note 4
to the financial statements.
Long-Term Debt
At the end of 2023/24, the City governmental activities had total outstanding debt of
$1,560,000, which is $144,000 less than the previous year. Of the total amount, $92,000
represents leases, $282,000 represents subscription IT liabilities, and $1,186,000 in
employee compensated absences.
City of La Quinta Outstanding Debt
Additional information on long-term debt can be found in Note 5 of the financial
statements.
REQUEST FOR INFORMATION
This financial report is designed to provide a general overview of the City’s finances.
Questions concerning this information or requests for additional information should be
addressed to the City of La Quinta, Claudia Martinez, Finance Director/City Treasurer,
78495 Calle Tampico, La Quinta, CA, 92253, by telephone at 760-777-7055, or by
email at finance@laquintaca.
Debt Type:2023 2024
Leases 53,111$ 91,795$
Financed Purchases 551 -
Compensated Absences 1,154,090 1,185,597
Subscription IT liabilities 495,674 282,309
TOTAL 1,703,426$ 1,559,701$
Governmental Activities
15 92
THIS PAGE INTENTIONALLY LEFT BLANK
16 93
CITY OF LA QUINTA, CALIFORNIA
Statement of Net Position
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments 266,729,385$ 1,449,251$ 268,178,636$
Receivables:
Accounts 2,106,591 - 2,106,591
Taxes 6,895,002 - 6,895,002
Accrued interest 6,005,424 883 6,006,307
Due from other governments 29,061,585 - 29,061,585
Notes and loans 22,414,377 - 22,414,377
Leases 1,334,093 - 1,334,093
Deposits 47,964 250,000 297,964
Restricted assets:
Cash and investments 5,666,575 - 5,666,575
Inventories - 141,540 141,540
Land held for resale 5,403,652 - 5,403,652
Prepaid costs 291,876 - 291,876
Net OPEB Asset 334,156 - 334,156
Capital assets (not being depreciated)399,640,855 39,712,955 439,353,810
Capital assets (net of accumulated depreciation/amortization)149,930,968 3,274,458 153,205,426
Total assets 895,862,503 44,829,087 940,691,590
DEFERRED OUTFLOWS OF RESOURCES
Pension-related 11,361,579 - 11,361,579
OPEB-related 346,174 - 346,174
Total deferred outflows of resources 11,707,753 - 11,707,753
LIABILITIES
Accounts payable 12,881,315 440,445 13,321,760
Due to other governments 1,121,132 - 1,121,132
Accrued liabilities 590,931 - 590,931
Accrued interest 7,160 134 7,294
Deposits payable 7,066,131 35,500 7,101,631
Unearned revenue 11,418,980 - 11,418,980
Noncurrent liabilities:
Due within one year: leases, SBITA
and compensated absences 546,785 72,563 619,348
Due in more than one year:
Net pension liability 2,699,409 - 2,699,409
Leases, SBITA, and compensated absences 1,012,916 51,296 1,064,212
Total liabilities 37,344,759 599,938 37,944,697
DEFERRED INFLOWS OF RESOURCES
Pension-related 7,705,327 - 7,705,327
OPEB-related 524,199 - 524,199
Lease-related 1,221,045 - 1,221,045
Total deferred inflows of resources 9,450,571 - 9,450,571
NET POSITION
Net investment in capital assets 549,197,719 42,863,554 592,061,273
Restricted:
General government 26,037,252 - 26,037,252
Public safety 1,926,497 - 1,926,497
Community development 18,130,448 - 18,130,448
Parks and recreation 7,588,221 - 7,588,221
Public works 10,532,070 - 10,532,070
OPEB Section 115 Trust 5,666,575 - 5,666,575
OPEB 334,156 - 334,156
Unrestricted 241,361,988 1,365,595 242,727,583
Total net position 860,774,926$ 44,229,149$ 905,004,075$
June 30, 2024
Primary Government
See Notes to Financial Statements 17 94
CITY OF LA QUINTA, CALIFORNIA
Statement of Activities
For the Year Ended June 30, 2024
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
Functions/Programs:
Primary government:
Governmental activities:
General government 10,727,413$ 3,861,857$ 639,349$ -$
Public safety 29,156,519 988,238 226,896 -
Planning and development 8,432,348 - 167,376 -
Community services 13,647,971 - 4,207,392 -
Public works 10,982,293 71,595 2,024,451 14,078,555
Interest on long-term debt 48,204 - - -
Total governmental activities 72,994,748 4,921,690 7,265,464 14,078,555
Business-type activities:
Golf Course 5,643,061 4,965,124 - -
Total business-type activities 5,643,061 4,965,124 - -
Total primary government 78,637,809$ 9,886,814$ 7,265,464$ 14,078,555$
General revenues and transfers:
General revenues:
Property taxes
Sales taxes
Transient occupancy taxes
Franchise taxes
Business licenses taxes
Other taxes
Motor vehicle in lieu - unrestricted
Use of money and property
Other
Transfers
Total general revenues and transfers
Change in net position
Net position-beginning
Net position-ending
Program Revenues
See Notes to Financial Statements 18 95
Governmental Business-Type
Activities Activities Total
(6,226,207)$ -$ (6,226,207)$
(27,941,385) - (27,941,385)
(8,264,972) - (8,264,972)
(9,440,579) - (9,440,579)
5,192,308 - 5,192,308
(48,204) - (48,204)
(46,729,039) - (46,729,039)
- (677,937) (677,937)
- (677,937) (677,937)
(46,729,039)$ (677,937)$ (47,406,976)$
24,646,620 - 24,646,620
29,601,430 - 29,601,430
15,682,835 - 15,682,835
2,419,887 - 2,419,887
395,593 - 395,593
1,102,546 - 1,102,546
5,584,194 - 5,584,194
12,708,191 32,253 12,740,444
1,640,182 - 1,640,182
(1,466,000) 1,466,000 -
92,315,478 1,498,253 93,813,731
45,586,439 820,316 46,406,755
815,188,487 43,408,833 858,597,320
860,774,926$ 44,229,149$ 905,004,075$
Primary Government
Net (Expenses) Revenues and
Changes in Net Position
See Notes to Financial Statements 19 96
CITY OF LA QUINTA, CALIFORNIA
Balance Sheet
Governmental Funds
June 30, 2024
Capital
Projects Fund
General
ASSETS
Cash and investments 184,192,969 19,682,214$ 10,415,934$ 817,344$
Receivables:
Accounts 957,711 105,363 - 934,764
Taxes 6,262,399 - - -
Notes and loans - 22,414,377 - -
Accrued interest 204,039 5,727,497 12,424 -
Leases 1,334,093 - - -
Prepaid costs 170,577 - - -
Deposits - 47,964 - -
Due from other governments 17,524,493 4,280,944 - 5,699,864
Due from other funds 2,202,992 - - -
Property held for resale 5,403,652 - - -
Restricted assets:
Cash and investments 5,666,575 - - -
Total assets 223,919,500$ 52,258,359$ 10,428,358$ 7,451,972$
LIABILITIES
Accounts payable 4,593,089$ 22,616$ -$ 6,230,458$
Accrued liabilities 528,314 21,169 - -
Unearned revenues - - 9,987,008 1,431,972
Deposits payable 7,039,781 26,350 - -
Due to other governments 2,505 - - -
Due to other funds - 1,390,783 - -
Total liabilities 12,163,689 1,460,918 9,987,008 7,662,430
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues 749,059 26,041,611 - 1,973,989
Leases 1,221,045 - - -
Total deferred inflows of resources 1,970,104 26,041,611 - 1,973,989
FUND BALANCES (DEFICITS)
Nonspendable 22,698,006 - - -
Restricted 5,666,575 24,755,830 441,350 -
Committed 45,900,000 - - -
Assigned 70,304,510 - - -
Unassigned 65,216,616 - - (2,184,447)
Total fund balances (deficits)209,785,707 24,755,830 441,350 (2,184,447)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)223,919,500$ 52,258,359$ 10,428,358$ 7,451,972$
Special Revenue Funds
Housing
Authority
Disaster
Recovery
Capital
Improvements
See Notes to Financial Statments.20 97
CITY OF LA QUINTA, CALIFORNIA
Balance Sheet
Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Notes and loans
Accrued interest
Leases
Prepaid costs
Deposits
Due from other governments
Due from other funds
Property held for resale
Restricted assets:
Cash and investments
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Unearned revenues
Deposits payable
Due to other governments
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Leases
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
Total Total
Nonmajor Governmental
Funds Funds
37,583,982$ 252,692,443$
108,753 2,106,591
632,603 6,895,002
- 22,414,377
44,725 5,988,685
500 1,334,593
- 170,577
- 47,964
1,556,284 29,061,585
- 2,202,992
- 5,403,652
- 5,666,575
39,926,847$ 333,985,036$
744,603$ 11,590,766$
39,391 588,874
- 11,418,980
- 7,066,131
1,118,627 1,121,132
812,209 2,202,992
2,714,830 33,988,875
108,563 28,873,222
- 1,221,045
108,563 30,094,267
500 22,698,506
39,017,308 69,881,063
- 45,900,000
- 70,304,510
(1,914,354) 61,117,815
37,103,454 269,901,894
39,926,847$ 333,985,036$
See Notes to Financial Statments.21 98
THIS PAGE INTENTIONALLY LEFT BLANK
22 99
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position
June 30, 2024
Amounts reported for governmental activities in the Statement of Net Position are different because:
Total fund balances - governmental funds 269,901,894$
535,127,553
Deferred outflows-pension related 11,361,579$
Deferred outflows-OPEB related 346,174
Deferred inflows-pension related (7,705,327)
Deferred inflows-OPEB related (524,199)
Total deferred outflows and inflows related to postemployment benefits 3,478,227
Long-term receivables 28,873,222
Net OPEB asset 334,156
Total other long-term assets 29,207,378
26,987,115
Leases (42,235)
Compensated absences (1,185,597)
Net pension liability (2,699,409)
Total long-term liabilities (3,927,241)
Net position of governmental activities 860,774,926$
Long-term liabilities that are not due and payable in the current period, and therefore,
are not reported in the funds.
CITY OF LA QUINTA, CALIFORNIA
Capital assets, net of accumulated depreciation/amortization, used in governmental
activities are not financial resources and, therefore, are not reported in the funds.
Differences between expected and actual experiences, assumption changes and net
differences between projected and actual earnings, and contributions subsequent to the
measurement date for the postretirement benefits (pension and OPEB) are recognized
as deferred outflows of resources and deferred inflows of resources on the Statement of
Net Position.
Other long-term assets that are not available to pay for current period expenditures and,
therefore, are either labeled unavailable or not reported in the funds.
Internal service funds provide services to other funds on a cost-reimbursement basis.
The assets, deferred outflows of resources, liabilities, and deferred inflows of resources
of the internal service funds are included in governmental activities in the Statement of
Activities.
See Notes to Financial Statements 23 100
CITY OF LA QUINTA, CALIFORNIA
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Governmental Funds
For the Year Ended June 30, 2024
General
REVENUES
Taxes 76,894,958$ -$ -$ -$
Assessments - - - -
Licenses and permits 2,820,613 - - -
Intergovernmental 523,573 - - 14,078,555
Charges for services 1,494,422 - - -
Use of money and property 7,714,344 2,295,077 491,528 -
Fines and forfeitures 408,125 - - -
Developer fees - - - 100,044
Miscellaneous 1,346,240 149,395 - -
Total revenues 91,202,275 2,444,472 491,528 14,178,599
EXPENDITURES
Current:
General government 7,600,439 - - -
Public safety 25,273,718 - - -
Community services 10,589,615 250,000 - -
Planning and development 5,708,043 1,566,300 - -
Public works 2,314,134 - - -
Capital outlay 169,919 3,625,185 - 24,630,204
Debt service:- - - -
Principal 24,452 - - -
Interest and fiscal charges - - - -
Total expenditures 51,680,320 5,441,485 - 24,630,204
Excess (deficiency) of revenues
over (under) expenditures 39,521,955 (2,997,013) 491,528 (10,451,605)
OTHER FINANCING SOURCES (USES)
Transfers In - 1,387,009 - 14,366,766
Transfers Out (15,763,243) - - -
Debt Issuance Proceeds 49,487 - - -
Total other financing sources (uses) (15,713,756) 1,387,009 - 14,366,766
Net change in fund balances 23,808,199 (1,610,004) 491,528 3,915,161
Fund balances (deficit)-beginning 185,977,508 26,365,834 (50,178) (6,099,608)
Fund balances (deficit)-ending 209,785,707$ 24,755,830$ 441,350$ (2,184,447)$
Capital
Projects
Funds
Housing
Authority
Disaster
Recovery
Special Revenue Funds
Capital
Improvements
See Notes to Financial Statments.24 101
CITY OF LA QUINTA, CALIFORNIA
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Assessments
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Developer fees
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community services
Planning and development
Public works
Capital outlay
Debt service:
Principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Debt Issuance Proceeds
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
Total Total
Nonmajor Governmental
Funds Funds
2,031,365$ 78,926,323$
988,238 988,238
- 2,820,613
6,641,847 21,243,975
- 1,494,422
1,746,509 12,247,458
- 408,125
779,387 879,431
3,634 1,499,269
12,190,980 120,507,854
907 7,601,346
100,817 25,374,535
1,946,056 12,785,671
316,246 7,590,589
4,803,686 7,117,820
57,549 28,482,857
- 24,452
32,495 32,495
7,257,756 89,009,765
4,933,224 31,498,089
3,325,049 19,078,824
(4,781,231) (20,544,474)
- 49,487
(1,456,182) (1,416,163)
3,477,042 30,081,926
33,626,412 239,819,968
37,103,454$ 269,901,894$
See Notes to Financial Statments.25 102
Reconciliation of the Statement of Revenues, Expenses and Changes in
Fund Balances of Governmental Funds to the Statement of Activities
For the Year Ended June 30, 2024
Amounts reported for governmental activities in the Statement of Activities are different because:
Net change in fund balances - total governmental funds:30,081,926$
Capital outlay 25,136,457
Depreciation/amortization expense (8,964,547)
Total adjustment 16,171,910
Earned but unavailable grant revenues (1,244,088)
Total adjustment (1,244,088)
Loss/(gain) on disposal of capital assets (197,658)
Total adjustment (197,658)
Leases issued (49,487)
Principal payments 24,452
Total adjustment (25,035)
2,288,018
Compensated absences (31,507)
Changes in pension liabilities and related deferred outflows and inflows of resources (1,457,534)
Changes in OPEB liabilities and related deferred outflows and inflows of resources 407
Total adjustment (1,488,634)
Change in net position of governmental activities 45,586,439$
Internal service funds provide services to other funds on a cost-reimbursement basis.
The net revenue of certain activities of internal service funds is reported with
governmental activities.
Some expenses reported in the Statement of Activities do not require the use of current
financial resources and, therefore, are not reported as expenditures in the governmental
funds.
CITY OF LA QUINTA, CALIFORNIA
Governmental funds report capital outlays are expenditures. However, in the Statement
of Activities, the cost of these assets is allocated over their estimated useful lives and
reported as depreciation/amortization expense. This is the amount by which capital
outlays exceeded depreciation/amortization expense in the current period.
Revenues in the Statement of Activities that do not provide current financial resources
are not reported as revenues in the funds.
The net effect of various miscellaneous transactions involving capital assets (i.e., sales,
trade-ins, and donations) is to increase/(decrease) net position.
Bond and other debt proceeds provide current financial resources to governmental
funds, but issuing debt increases long-term liabilities in the Statement of Net Position.
Repayment of bond and other debt principal is an expenditure in the governmental
funds, but repayment reduces long-term liabilities in the Statement of Net Position. Also,
governmental funds report the effect of premiums, discounts, and similar items when
debt is first issued, whereas these amounts are deferred and amortized in the Statement
of Activities.
See Notes to Financial Statements 26 103
CITY OF LA QUINTA, CALIFORNIA
Statement of Net Position
Proprietary Funds
June 30, 2024
Governmental
Activities
Internal
Service Funds
ASSETS
Current assets:
Cash and investments 1,449,251$ 14,036,942$
Receivables:
Accrued interest 883 16,739
Prepaid costs - 120,799
Deposits 250,000 -
Inventories 141,540 -
Total current assets 1,841,674 14,174,480
Noncurrent:
Capital assets, net of depreciation/amortization 42,987,413 14,444,270
Total noncurrent assets 42,987,413 14,444,270
Total assets 44,829,087 28,618,750
LIABILITIES
Current liabilities:
Accounts payable 440,445 1,290,549
Accrued liabilities - 2,057
Accrued interest 134 7,160
Deposits payable 35,500 -
Leases 72,563 38,288
Subscriptions - 194,001
Total current liabilities 548,642 1,532,055
Noncurrent liabilities:
Leases 51,296 11,272
Subscriptions - 88,308
Total noncurrent liabilities 51,296 99,580
Total liabilities 599,938 1,631,635
NET POSITION
Net investment in capital assets 42,863,554 14,112,401
Unrestricted 1,365,595 12,874,714
Total net position 44,229,149$ 26,987,115$
Business-Type
Activities
Golf
See Notes to Financial Statements.27 104
CITY OF LA QUINTA, CALIFORNIA
Statement of Revenues, Expenses and Changes in Net Position
Proprietary Funds
For the Year Ended June 30, 2024
Governmental
Activities
Internal
Service Funds
OPERATING REVENUES
Sales and service charges 4,965,124$ 7,008,048$
Total operating revenues 4,965,124 7,008,048
OPERATING EXPENSES
Administration and general - 362,697
Contract services 4,974,292 1,991,319
Software and supplies - 947,382
Fuel and oil - 119,877
Repairs and maintenance 145,133 243,679
Depreciation and amortization 517,448 1,605,934
Total operating expenses 5,636,873 5,270,888
Operating income (loss)(671,749) 1,737,160
NONOPERATING REVENUES (EXPENSES)
Interest Revenue 32,253 579,149
Interest Expense (6,188) (15,709)
Other Income - 4,272
Gains (Losses) on Sale of Capital Asset - (16,504)
Total nonoperating revenues (expenses)26,065 551,208
Income (loss) before transfers (645,684) 2,288,368
Transfers In 1,466,000 -
Transfers Out - (350)
Change in net position 820,316 2,288,018
Net position-beginning 43,408,833 24,699,097
Net position-ending 44,229,149$ 26,987,115$
Business-Type
Activities
Golf
See Notes to Financial Statements.28 105
CITY OF LA QUINTA, CALIFORNIA
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2024
Governmental
Activities
Internal
Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers and users 4,965,124$ -$
Cash received from interfund services provided - 7,008,048
Cash payments to suppliers for goods and services (5,052,141) (2,846,469)
Net cash provided by (used for)
operating activities (87,017) 4,161,579
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 1,466,000 -
Transfers to other funds - (350)
Net cash provided by (used for)
noncapital financing activities 1,466,000 (350)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition and construction of capital assets (946,816) (2,042,916)
Principal paid on capital debt (191,661) (213,365)
Interest paid on capital debt (6,473) (26,377)
Net cash provided by (used for)
capital and related financing activities (1,144,950) (2,282,658)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 31,924 572,673
Net cash provided by (used for)
investing activities 31,924 572,673
Net increase (decrease) in
cash and cash equivalents 265,957 2,451,244
Cash and cash equivalents-beginning 1,183,294 11,585,698
Cash and cash equivalents-ending 1,449,251$ 14,036,942$
Business-Type
Activities
Golf
See Notes to Financial Statements.29 106
CITY OF LA QUINTA, CALIFORNIA
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2024
Governmental
Activities
Internal
Service Funds
Business-Type
Activities
Golf
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
Operating income (loss)(671,749)$ 1,737,160$
Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:
Depreciation/amortization expense 517,448 1,605,934
(Increase) decrease in inventories (29,258) -
(Increase) decrease in prepaid items - 132,256
Increase (decrease) in accounts payable 96,542 685,811
Increase (decrease) in accrued liabilities - 418
Total adjustments 584,732 2,424,419
Net cash provided by (used for)
operating activities (87,017)$ 4,161,579$
See Notes to Financial Statements.30 107
Private
Purpose
Trust Fund
ASSETS
Cash and cash equivalents 74,073$ 15,672,078$
Investments - Short-term - -
Receivables:
Accrued interest 88 241
Prepaid costs - 259,708
Due from other governments - 1,118,627
Restrcted assets
Cash with fiscal agent - 1,670
Total assets 74,161 17,052,324
DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding - 13,516,518
Total deferred outflows of resources - 13,516,518
LIABILITIES
Accrued interest - 1,020,494
Long-term debt:
Due in one year - 16,860,817
Due in more than one year - 152,244,008
Total liabilities - 170,125,319
NET POSITION
Restricted for pensions 74,161 -
Restricted for the dissolution of the former RDA - (139,556,477)
Total net position 74,161$ (139,556,477)$
CITY OF LA QUINTA, CALIFORNIA
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2024
Pension (and
Other
Employee
Benefit) Trust
Fund
See Notes to Financial Statements.31 108
Private
Purpose
Trust Fund
ADDITIONS
Investment earnings:
Investment income 3,664 53,463
Total investment earnings 3,664 53,463
Taxes - 20,192,466
Miscellaneous 5,000 -
Total additions 8,664 20,245,929
DEDUCTIONS
Administrative expenses 12,833 31,591
Interest and fiscal charges - 4,887,006
Total deductions 12,833 4,918,597
Net increase (decrease) in fiduciary net position (4,169) 15,327,332
Net position-beginning 78,330 (154,883,809)
Net position-ending 74,161$ (139,556,477)$
CITY OF LA QUINTA, CALIFORNIA
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2024
Pension (and
Other
Employee
Benefit) Trust
Fund
See Notes to Financial Statements.32 109
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
The City of La Quinta, California (City) was incorporated May 1, 1982, under the general laws of the State of
California. In November 1996, the City became a charter City. The City operates under the Council – Manager form
of government.
The City provides many community services including public safety, highway and street maintenance, health and
social services, cultural and leisure services, public improvements, planning and zoning services, and community
development services.
The accounting policies of the City conform to generally accepted accounting principles applicable to governments.
As required by generally accepted accounting principles, these financial statements present the City and its
component units, which are entities for which the City is considered to be financially accountable. The City is
considered to be financially accountable for an organization if the City appoints a voting majority of that
organization’s governing body and the City is able to impose its will on that organization or there is a potential for
that organization to provide specific financial benefits to or impose specific financial burdens on the City. The City
is also considered to be financially accountable if an organization is fiscally dependent (i.e., it is unable to adopt its
budget, levy taxes, set rates or charges, or issue bonded debt without approval from the City). In certain cases,
other organizations are included as component units if the nature and significance of their relationship with the City
are such that their exclusion would cause the City’s financial statements to be misleading or incomplete.
All of the City’s component units are considered to be blended component units. Blended component units, although
legally separate entities, are, in substance, part of the City’s operations and so data from these units are reported
with the interfund data of the primary government.
The following organizations are considered to be component units of the City:
City of La Quinta Public Financing Authority
The La Quinta Public Financing Authority (Financing Authority) was established pursuant to a Joint Exercise of
Powers Agreement dated November 19, 1991, between the City and the Former Redevelopment Agency
(now Successor Agency). The purpose of the Financing Authority is to provide financing necessary for the
construction of various public improvements through the issuance of debt. Although the Financing Authority is
legally separate, it is reported as if it were part of the City because the City Council also serves as the governing
board of the Financing Authority and the management of the City has operational responsibility for the Financing
Authority. The activities of the Financing Authority are recorded in the debt service fund. Separate financial
statements of the Financing Authority are not prepared.
City of La Quinta Housing Authority
The La Quinta Housing Authority (Housing Authority) was established pursuant to California Housing Authorities
Law (Health and Safety Code Sections 34200 et seq.) on September 15, 2009. The purpose of the
Housing Authority is to provide safe and sanitary housing opportunities for La Quinta residents. Although the
Housing Authority is legally separate, it is reported as if it were part of the City because the City Council also serves
as the governing board of the Housing Authority and the management of the City has operational responsibility for
the Housing Authority. The activities of the Housing Authority are recorded in the Housing Authority Special
Revenue Fund. Separate financial statements of the Housing Authority are not prepared.
Government-Wide and Fund Financial Statements
The basic financial statements of the City are composed of the following:
Government-wide financial statements
Fund financial statements
Notes to the financial statements
33 110
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Government-Wide Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report
information on all of the nonfiduciary activities of the primary government and its component units. All fiduciary
activities are reported only in the fund financial statements. Governmental activities, which normally are supported
by taxes, intergovernmental revenues, and other nonexchange transactions, are reported separately from
business-type activities, which rely to a significant extent on fees and charges to external customers for support.
Likewise, the primary government is reported separately from certain legally separate component units for which
the primary government is financially accountable.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segments
are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or
segment. Program revenues include charges for services, special assessments, and payments made by parties
outside of the reporting City’s citizenry if that money is restricted to a particular program. Program revenues are
netted with program expenses in the statement of activities to present the net cost of each program. Taxes and
other items not properly included among program revenues are reported instead as general revenues. Amounts
paid to acquire capital assets are capitalized as assets in the government-wide financial statements, rather than
reported as expenditures. Proceeds of long-term debt are recorded as a liability in the government-wide financial
statements, rather than as other financing sources. Amounts paid to reduce long- term indebtedness of the reporting
government are reported as a reduction of the related liability, rather than as expenditures.
Fund Financial Statements
The underlying accounting system of the City is organized and operated on the basis of separate funds, each of
which is considered to be a separate accounting entity. The operations of each fund are accounted for with a
separate set of self-balancing accounts that comprise its assets, deferred outflows of resources, liabilities, deferred
inflows of resources, fund equity, revenues and expenditures or expenses, as appropriate.
Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which
they are to be spent and the means by which spending activities are controlled.
Fund financial statements for the governmental, proprietary, and fiduciary funds are presented after the
government-wide financial statements. These statements display information about major funds individually and
nonmajor funds in the aggregate for governmental and proprietary funds. Fiduciary statements include financial
information for fiduciary funds. Fiduciary funds of the city primarily represent assets held by the City in a custodial
capacity for other individuals or organizations.
Measurement Focus, Basis of Accounting and Financial Statement
Presentation Government-Wide Financial Statements
While separate government-wide and fund financial statements are presented, they are interrelated. The
governmental activities column incorporates data from governmental funds and internal service funds, while
business-type activities incorporate data from the government's enterprise funds. Separate financial statements are
provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from
the government-wide financial statements.
The government-wide financial statements are reported using the economic resources measurement focus and
accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is
incurred regardless of the related cash flows. Property taxes are recognized in the year they are levied. Grants and
similar items are recognized as soon as all eligibility requirements imposed by the providers are met.
34 111
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Governmental Funds
In the fund financial statements, governmental funds are presented using the current resources focus and
modified-accrual basis of accounting. Their revenues are recognized when they become measurable and available
as net current assets. Measurable means that the amounts can be estimated, or otherwise determined. Available
means that the amounts were collected during the reporting period or soon enough thereafter to be available to
finance the expenditures accrued for the reporting period. The City uses a 60-day availability period.
Revenue recognition is subject to the measurable and availability criteria for the governmental funds in the fund
financial statements. Exchange transactions are recognized as revenues in the period in which they are earned
(i.e., the related goods or services are provided). Locally imposed delivered tax revenues are recognized as
revenues in the period in which the underlying exchange transaction on which they are based takes place.
Imposed nonexchange transactions are recognized as revenues in the period for which they were imposed. If the
period of use is not specified, they are recognized as revenues when an enforceable legal claim to the revenues
arises or when they are received, whichever occurs first. Government-mandated and voluntary non- exchange
transactions are recognized as revenues when all applicable eligibility requirements have been met.
Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are all considered to
be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue
items are considered to be measurable and available only when cash is received by the government.
In the fund financial statements, governmental funds are presented using the current financial resources
measurement focus. This means that only current assets, deferred outflows of resources, current liabilities, and
deferred inflows of resources are generally included on their balance sheets. The reported fund balance is
considered to be a measure of “available spendable resources”. Governmental fund operating statements present
increases (revenues and other financing sources) and decreases (expenditures and other financing uses).
Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a
period.
Noncurrent portions of long-term receivables due to governmental funds are reported on their balance sheets in
spite of their spending measurement focus. Special reporting treatments are used to indicate, however, that they
should not be considered “available spendable resources”, since they do not represent net current assets.
Recognition of governmental fund type revenues represented by noncurrent receivables are deferred until they
become current receivables. Noncurrent portions of other long-term receivables are offset by fund balance reserve
accounts.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes
amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts
are not recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were
expended, rather than as fund assets. The proceeds of long-term debt are recorded as other financing sources
rather than as a fund liability. Amounts paid to reduce long-term indebtedness are reported as fund expenditures.
Proprietary Funds
The City’s enterprise and internal service funds are proprietary funds. In the fund financial statements, proprietary
funds are presented using the accrual basis of accounting. Revenues are recognized when they are earned, and
expenses are recognized when the related goods or services are delivered. In the fund financial statements,
proprietary funds are presented using the economic resources measurement focus. This means that all assets, all
deferred outflows of resources, all liabilities, and all deferred inflows of resources (whether current or noncurrent)
associated with their activity are included on their balance sheets. Proprietary fund type operating statements
present increases (revenues) and decreases (expenses) in total net position.
35 112
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Amounts paid to acquire capital assets are capitalized as assets in the proprietary fund financial statements, rather
than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the proprietary fund financial
statements, rather than as another financing source. Amounts paid to reduce long-term indebtedness of the
proprietary funds are reported as a reduction of the related liability, rather than as expenditures.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and
expenses generally result from providing services and producing and delivering goods in connection with a
proprietary fund's principal ongoing operations. The principal operating revenues of the Enterprise Funds are
charges to customers for sales and services.
Operating expenses for Enterprise Funds include the cost of sales and services, administrative expenses and
depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating
revenues and expenses.
Fiduciary Funds
The pension and private-purpose trust funds are reported using the economic resources measurement focus and
the accrual basis of accounting.
Major Funds, Internal Service Funds and Fiduciary Fund Types
The City’s major governmental funds are as follows:
General Fund – This fund is the primary fund of the City and is used to account for all revenue and expenditures
of the City not legally restricted as to use. A broad range of municipal activities are provided through this fund
including City Manager, City Attorney, Finance, City Clerk, Community Development, Police Services, Public Works,
and Community Services.
Housing Authority – This fund accounts for the combined housing activities of the Housing Authority in Project
Areas 1 and 2 which promotes and provides for quality housing. Revenues will be provided from the receipts and
collections of rents, notes and loans. All monies in the Housing Authority must be used in accordance with the
applicable housing-related provisions of the California Housing Authorities Law.
Disaster Recovery Fund – To account for the use of one-time federal funding designed to deliver relief to American
workers and aid in economic recovery in the wake of COVID-19. This Act was passed by Congress in 2021, to
provide Coronavirus fiscal recovery funds to state and local governments.
Capital Improvement Fund – This capital projects fund is used to account for the planning, design and construction
of various capital projects throughout the City.
The City’s major proprietary fund is as follows:
Golf Course – This fund accounts for the activities of the SilverRock Golf Resort.
Other fund types of the City are as follows:
Special Revenue Funds – These funds account for the proceeds of specific revenue sources that are restricted or
committed to expenditures for specified purposes other than debt service or capital projects.
Capital Projects Funds – These funds account for financial resources that are restricted, committed, or assigned
to expenditures for capital outlay.
Debt Service Fund – This fund accounts for the servicing of long-term debt.
36 113
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Internal Service Funds
Equipment Replacement Fund – This fund accounts for equipment and vehicle maintenance and replacement
services provided to other departments on a cost-reimbursement basis.
Information Technology Fund – This fund is used to account for the acquisition for computer equipment,
maintenance, and services to support information systems within the City. Costs are reimbursed by the benefiting
departments.
Park Equipment and Facilities Fund – This fund is used to account for the purchase and replacement of City
owned and operated park equipment and facilities. Costs are reimbursed by the benefiting departments.
Insurance Fund – This fund accounts for City-wide insurances: liability, property, earthquake, workers
compensation and risk management. Expenses are shared among departments on an allocation basis.
Fiduciary Funds
Pension (and Other Employee Benefits) Trust Fund – This fund accounts for the activities of the Supplemental
Pension Savings Plan, which accumulates resources for pension benefit payments to qualified government
employees.
Private-Purpose Trust Fund – This fund accounts for the assets and liabilities of the Successor Agency to the
Former Redevelopment Agency and its allocated revenue to pay estimated installment payments of enforceable
obligations until obligations of the Former Agency are paid in full and assets have been liquidated.
Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or
Equity
Cash and Investments
For financial reporting purposes, investments are adjusted to their fair value. Changes in fair value that occur during
a fiscal year are recognized as investment income reported for that fiscal year. Investment income includes interest
earnings, changes in fair value, and any gains or losses realized upon the liquidation or sale of investments.
The City pools cash and investments of all funds, except for assets held within the Section 115 trust and amounts
held by fiscal agents. Each fund’s share in this pool is displayed in the accompanying financial statements as cash
and investments. Investment income earned by the pooled investments is allocated to the various funds based on
each fund’s month end cash and investment balance.
Cash and Cash Equivalents
For purposes of the statement of cash flows, cash equivalents are defined as short-term, highly liquid investments
that are both readily convertible to known amounts of cash or so near their maturity that they present insignificant
risk of changes in value because of changes in interest rates. Cash equivalents also represent the proprietary fund’s
share in the City’s cash and investment pool. Cash equivalents have an original maturity date of three months or
less from the date of purchase. For purposes of the statement of cash flows, the entire balance of cash and
investments on the combined balance sheet for the proprietary funds is considered cash and cash equivalents.
Lease Receivable
Lease receivable is recorded by the City as the present value of future lease payments expected to be received
from the lessee during the lease term, reduced by any provision for estimated uncollectible amounts. Lease
receivables are subsequently reduced over the life of the lease as cash is received in the applicable reporting
period. The present value of future lease payments to be received are discounted based on the interest rate the
City charges the lessee.
37 114
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Restricted Section 115 Trust Cash and Investments
All assets in the Section 115 Trust are irrevocably dedicated to funding obligations of the City’s pension
beneficiaries, other post-employment beneficiaries or costs of administering the Trust. The funds are not considered
plan assets of either the pension plan or OPEB plan and are therefore considered restricted assets of the City.
Inventory
Inventory is valued at cost using the first in/first out (FIFO) method. The City uses the consumption method of
accounting for inventories.
Prepaid Costs
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items
in both government-wide and fund financial statements. The City utilizes the consumption method, in which prepaid
items are accounted for in the period that the benefit was received.
Capital Assets
Capital assets (including infrastructure) are recorded at cost where historical records are available and at an
estimated historical cost where no historical records exist. Contributed capital assets are valued at their acquisition
value at the date of the contribution. Generally, capital asset purchases in excess of $5,000 are capitalized if they
have an expected useful life of three years or more.
Capital Assets include public domain (infrastructure) consisting of certain improvements including roads, streets,
sidewalks, medians, and storm drains.
Capital assets used in operations are depreciated over their estimated useful lives using the straight-line method in
the government-wide financial statements and in the fund financial statements of the proprietary funds. Depreciation
is charged as an expense against operations and accumulated depreciation is reported on the respective balance
sheet.
The following schedule summarizes capital asset useful lives:
Lease assets are recognized at the lease commencement date and represent the City’s right to use an underlying
asset for the lease term. Leased assets are measured at the initial value of the lease liability plus any payments
made to the lessor before commencement of the lease term, less any lease incentives received from the lessor at
or before the commencement of the lease term, plus any initial direct costs necessary to please the lease asset into
service. Right to use leased assets are amortized over the shorter of the lease term or useful lives of the underlying
asset using the straight-line method. The amortization period varies from 3 to 5 years.
Subscription IT assets are recognized at the subscription commencement date and represent the City’s right to use
the underlying IT asset for the subscription term. Subscription IT assets are measured at the initial value of the
subscription liability plus any payments made to the vendor at the commencement of the subscription term, less
any subscription incentives received from the vendor at or before the commencement of the subscription term, plus
any capitalizable initial implementation costs necessary to place the subscription asset into service. Subscription IT
assets are amortized over the shorter of the subscription term or useful life of the underlying asset using the straight
line method. The amortization period varies from 3 to 5 years.
Buildings and improvements 10-30 years
Equipment and furniture 3-20 years
Vehicles 5-10 years
Infrastructure 10-50 years
Software 5-10 years
Right to use leases assets Shorter of useful life or lease or subscription term
38 115
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Property Taxes
Under California law, property taxes are assessed and collected by the counties up to 1 percent of assessed value,
plus other increases approved by the voters. The property taxes are recorded initially in a pool and are then
allocated to the cities based on complex formulas. Accordingly, the City of La Quinta accrues only those taxes that
are received from the County within sixty days after year-end.
Deferred Outflows/Inflows of Resources
In addition to assets, the statements of net position and the governmental fund balance sheet will sometimes report
a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows
of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized
as an outflow of resources (expense/expenditure) until then. Governmental activities recorded deferred outflows of
resources related to pensions and other post-employment benefits. See Notes 9 and 11 for more information about
deferred outflows of pensions and post-employment benefits, respectively. The Private Purpose Trust
Fund- Successor Agency of the former RDA recorded deferred outflows of resources related to debt refunding. See
Note 17 for more information on the deferred outflows of resources related to debt refunding.
In addition to liabilities, the statements of net position and governmental fund balance sheet will sometimes report
a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of
resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized
as an inflow of resources (revenue) until that time.
The City has reported two items on the governmental fund balance sheet that qualify for reporting in this category.
The first is unavailable revenues that were not received within the City’s availability period. These amounts are
deferred and recognized as inflows of resources in the period that the amounts become available. At the
government-wide statements, this item is eliminated and recognized as revenue in the period earned since
“availability” of resources is not a criteria used in government-wide statements. The second item is a deferred inflow
related to leases where the City is the lessor. The deferred inflows of resources related to leases is recognized on
a straight line basis as an inflow of resources (revenue) over the term of the lease. Additionally, governmental
activities recorded deferred inflows of resources related to pensions and OPEB. See Notes 9 and 11 for more
information about deferred inflows of pensions and post-employment benefits, respectively.
Compensated Absences
Vacation and sick time are vested on a percentage based on number of years employed at the City. Maximum
accumulation of sick and vacation is 40 and 60 days, respectively.
Upon termination or retirement, permanent employees are entitled to receive compensation at their current base
salary for all unused vacation leave. If an employee terminates with a minimum of two years’ service, the employee
is entitled to receive 25 percent of the value of his unused sick leave. The percentage increases by 25 percent for
each five-year period until the employee is entitled to 100 percent of the value of their unused sick leave. This will
occur upon the completion of twenty years of continuous employment. The General Fund resources are used to
pay for the accumulated benefits to employees.
Long-Term Obligations
In the government-wide financial statements and proprietary fund financial statements, long-term debt and other
long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities or
proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the
life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium
or discount.
Lien date January 1
Levy date July 1
Due dates November 1 and February 1
Collection dates December 10 and April 10
39 116
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond
issuance costs, during the current period. The face amount of debt issued is reported as other financing sources.
Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances
are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds
received, are reported as debt service expenditures.
Lease liabilities represent the City’s obligation to make lease payments arising from the lease. Lease liabilities are
recognized at the lease commencement date based on the present value of future lease payments expected to be
made during the lease term. The present value of lease payments is discounted based on a borrowing rate
determined by the City.
Subscription liabilities represent the City’s obligation to make subscription payments arising from the subscription
contract. Subscription liabilities are recognized at the subscription commencement date based on the present value
of future subscription payments expected to be made during the subscription term. The present value of subscription
payments is discounted based on a borrowing rate determined by the City.
Fund Balance
In the fund financial statements, governmental funds report the following fund balance classifications:
Nonspendable includes amounts that cannot be spent because they are either (a) not in spendable form or
(b) legally or contractually required to be maintained intact.
Restricted includes amounts that are constrained on the use of resources by either (a) external creditors, grantors,
contributors, or laws of regulations of other governments or (b) by law through constitutional provisions or enabling
legislation.
Committed includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal
action of the City’s highest authority, the City Council. The formal action that is required to be taken to establish,
modify, or rescind a fund balance commitment is by a resolution.
Assigned includes amounts that are constrained by the City’s intent to be used for specific purposes but are neither
restricted nor committed. City Council is authorized to assign amounts to a specific purpose. The City Council
authorizes assigned amounts for specific purposes pursuant to the policy-making powers granted through a
resolution.
Unassigned includes the residual amounts that have not been restricted, committed, or assigned to specific
purposes. The general fund is the only fund that reports a positive unassigned fund balance.
Fund Balance Flow Assumptions – governmental fund financial statements
Sometimes the City will fund outlays for a particular purpose from both restricted and unrestricted resources
(the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as
restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow
assumption must be made about the order in which the resources are considered to be applied.
It is the City’s policy to consider restricted fund balance to have been depleted before using any of the components
of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same
purpose, committed fund balance is depleted first, followed by assigned fund balance.
Unassigned fund balance is applied last.
Net Position Flow Assumption – government-wide and proprietary fund financial statements
Sometimes the City will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant
proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and
unrestricted net position in the government-wide and proprietary fund financial statements, a flow assumption must
be made about the order in which the resources are considered to be applied. It is the City’s policy to consider
restricted net position to have been depleted before unrestricted net position is applied.
40 117
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the reported
amounts of assets, liabilities, and deferred outflows/inflows of resources and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses
during the reporting period. Actual results could differ from those estimates.
New Accounting Pronouncements
Adopted in the Current Year
GASB Statement No. 100 – In June 2022, the GASB issued Statement No. 100, Accounting Changes and Error
Corrections—An Amendment of GASB Statement No. 62. The primary objective of this Statement is to enhance
accounting and financial reporting requirements for accounting changes and error corrections to provide more
understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing
accountability. The requirements of this Statement are effective for accounting changes and error corrections made
in fiscal years beginning after June 15, 2023, and all reporting periods thereafter. The City has not determined the
effect on the financial statements.
Effective in Future Fiscal Years
The City is currently evaluating the potential impact of the following issued, but not yet effective, accounting
standards.
GASB Statement No. 101 – In June 2022, the GASB issued Statement No. 101, Compensated Absences. The
objective of this Statement is to better meet the information needs of financial statement users by updating the
recognition and measurement guidance for compensated absences. That objective is achieved by aligning the
recognition and measurement guidance under a unified model and by amending certain previously required
disclosures. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023,
and all reporting periods thereafter. The City has not determined the effect on the financial statements.
GASB Statement No. 102 – In December 2023, the GASB issued Statement No. 102, Certain Risk Disclosures.
The objective of this Statement is to provide users of government financial statements with essential information
about risks related to a state or local government’s vulnerabilities due to the variety of risks they face. The
requirements of this Statement are effective for fiscal years beginning after June 15, 2024. The City has not
determined the effect on the financial statements.
GASB Statement No. 103 – In April 2024, the GASB issued Statement No. 103, Financial Reporting Model
Improvements. The objective of this statement is to improve key components of the financial reporting model to
enhance its effectiveness in providing information that is essential for decision making and assessing a
government’s accountability. The requirements of this Statement are effective for fiscal years beginning after
June 15, 2025. The City has not determined the effect on the financial statements.
GASB Statement No. 104 – In September 2024, the GASB issued Statement No. 104, Disclosure of Certain Capital
Assets. The objective of this statement is to require certain types of capital assets to be disclosed separately in the
capital assets note disclosures required by Statement 34. Lease assets recognized in accordance with Statement
No. 87, Leases, and intangible right-to-use assets recognized in accordance with Statement No. 94, Public-Private
and Public-Public Partnerships and Availability Payment Arrangements, should be disclosed separately by major
class of underlying asset in the capital as-sets note disclosures. Subscription assets recognized in accordance with
Statement No. 96, Subscription-Based Information Technology Arrangements, also should be separately disclosed.
In addition, this Statement requires intangible assets other than those three types to be disclosed separately by
major class.
41 118
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 2: CASH AND INVESTMENTS
Cash and investments as of June 30, 2024, are classified in the accompanying financial statements as follows:
Investments Authorized by the California Government Code and the City’s Investment Policy
The table below identifies the investment types that are authorized by the California Government Code and the
City’s investment policy. The table also identifies certain provisions of the California Government Code
(or the City’s investment policy, if more restrictive) that address interest rate risk, credit risk, and concentration of
credit risk.
This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions
of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s
investment policy.
Investments Authorized by the City Section 115 Trust
Investments of the Trust are governed by the provisions of the City of La Quinta Section 115 Trust Agreement,
rather than the general provisions of the California Government Code or the City’s investment policy. Investments
authorized for funds held in the Section 115 Trust include Equity and Fixed Income Mutual Funds. The strategic
range allowed for Equity and Fixed Income Mutual Funds is 20%-40% and 50%-80%, respectively. There are no
limitations on the maximum amount that can be invested in one issuer or the maximum maturity of an investment.
.
Statement of Net Position
Cash and investments 268,178,636$
Restricted cash and investments 5,666,575
Statement of Fiduciary Net Position
Cash and investments 15,746,151
Cash and investments with fiscal agent 1,670
Total cash and investments 289,593,032$
Cash and investment as of June 30, 2024, consist of the following:
Cash on hand 3,300$
Deposits with financial institutions 44,553,114
Investments 245,036,618
Total cash and investments 289,593,032$
Investment Types
Maximum
Maturity
Maximum
Percentage
Allowed
Maximum
Investment
U.S. Treasury Obligations 5 years N/A N/A
U.S. Agency Securities 5 years N/A 20 million
Local Agency Bonds 5 years N/A N/A
California Local Agency Obligations 5 years N/A N/A
Commercial Paper 270 days 40% 10% of any single issuer
Certificates of Deposit 5 years 30% 250,000
Negotiable Certificates of Deposits 5 years 30% 250,000
Corporate Notes 5 years 30% 5 million
Investment Pools (Riverside County Pool) N/A N/A N/A
Money Market Mutual Funds N/A 20% 10% of City funds per fund
Local Agency Investment Fund (LAIF) N/A N/A LAIF Limit
Investment Agreements 92 days 20% N/A
42 119
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 2: CASH AND INVESTMENTS (CONTINUED)
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment.
Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market
interest rates.
One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of
short term and long-term investments and by timing cash flows from maturities so that a portion of the portfolio is
maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed
for operations.
Information about the sensitivity of the fair values of the City’s investments (including investments held by
bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the
City’s investments by maturity:
Investment Type Total
1 year
Or Less 1 to 3 years 3 to 5 years
Certificates of Deposit 38,277,993$ 11,183,442$ 12,789,987$ 14,304,564$
Federal agency securities
Federal Farm Credit Bank 19,024,300 3,922,250 2,299,920 12,802,130
Federal National Mortgage Association 12,736,025 3,959,185 7,781,510 995,330
Federal Home Loan Mortgage Corp 9,006,243 960,380 5,053,833 2,992,030
Federal Home Loan Bank 19,195,385 4,711,526 9,598,270 4,885,589
U.S. Treasurey Notes 43,344,770 9,430,285 16,255,513 17,658,973
Corporate Notes 2,429,645 - 464,065 1,965,580
Money Market Mutual Funds 5,768,589 5,768,589 - -
Local Agency Investment Fund (LAIF)21,909,996 21,909,996 - -
CAMP 52,022,811 52,022,811 - -
Riverside County Pool 15,652,616 15,652,616 - -
Section 115 Trust
Equity Mutual Funds 5,666,575 5,666,575 - -
Held by Fiscal Agent
Money Market Mutual Funds 1,670 1,670 - -
Total 245,036,618$ 135,189,325$ 54,243,098$ 55,604,196$
Remaining Maturity (in Years)
43 120
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 2: CASH AND INVESTMENTS (CONTINUED)
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the
investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization.
The City's investment policy limits investments in commercial paper and money market mutual funds to those rated
the highest rating as rated by Moody’s or Standard and Poor’s (S&P). Presented below are the S&P ratings as of
year-end:
Investments in any one issuer that represent 5 percent or more of total City’s investments are as follows:
Disclosures Relating to Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a
government will not be able to recover its deposits or will not be able to recover collateral securities that are in the
possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of
the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its
investment or collateral securities that are in the possession of another party. The City utilizes delivery versus
payment for investment purchases, which requires investments to be received prior to delivery of cash payment.
The California Government Code and the City’s investment policy do not contain legal or policy requirements that
would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for
deposits: The California Government Code requires that a financial institution secure deposits made by state or
local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under
state law (unless so waived by the governmental unit). The market value of the pledged securities in the collateral
pool must equal at least 110 percent of the total amount deposited by the public agencies. California law also allows
financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of
150 percent of the secured public deposits, or by letters of credit issued by the Federal Home Loan Bank of
San Francisco having a value of 105 percent of the secured public deposits.
Investment Type Total Aaa Aa
Federal Agency Securities 59,961,953$ -$ 59,961,953$
Corporate Notes 2,429,645 464,065 1,965,580
CAMP 52,022,811 52,022,811$
Money Market Mutual Funds 5,768,589 5,768,589 -
Total 120,182,998 58,255,465$ 61,927,533$
Exempt from Credit Risk Disclosure:
U.S. Treasury Notes 43,344,770
Not Rated:
Certificates of Deposit 38,277,993
Local Agency Investment Pool 21,909,996
Riverside County Pool 15,652,616
Section 115 Trust:
Equity Mutual Funds 5,666,575
Held by Fiscal Agent:
Money Market Mutual Funds 1,670
Total Investments 245,036,618$
Issuer Investment Type
Reported
Amount
Percent of
Portfolio
Federal National Mortgage Association Federal Agency Securities 12,736,025$ 5.20%
Federal Farm Credit Bank Federal Agency Securities 19,024,300 7.76%
Federal Home Loan Bank Federal Agency Securities 19,195,385 7.83%
44 121
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 2: CASH AND INVESTMENTS (CONTINUED)
As a public funds depository, BMO Bank N.A. maintains a public funds deposit collateralization program that is
designed to comply with all applicable statutes and regulations governing public funds deposits, including pledge
and perfection of collateral. Accounts holding public funds are labeled as such and trigger collateralization.
Collateral needs are met based on the prior day close of business. However, same-day collateral requests may be
accommodated upon request.
Investment in Riverside County Pool
The City is a voluntary participant in the Riverside County Pooled Investment Fund that is regulated by California
Government Code Section 53646 and managed by the Riverside County Treasurer. The City’s investment in this
pool is reported in the accompanying financial statements of net position and prepared using the accrual basis of
accounting. Investments are reported at fair value. The balance available for withdrawal is based on the accounting
records maintained by the County. The Riverside County Pooled Investment Fund is not registered with the
Securities and Exchange Commission and is not rated.
Investment in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by the California
Government Code under the oversight of the Treasurer of the State of California. The fair value of the City’s
investment in this pool is reported in the accompanying financial statements at amounts based upon the City’s
pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relations to the amortized cost of
that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which
are recorded on an amortized cost basis. Deposits and withdrawals are made on the basis of $1 and not fair value.
Accordingly, the City’s measurement of fair value of its investment with LAIF is based on uncategorized inputs, not
defined as a level 1, level 2, or level 3 input. LAIF is not registered with the Securities and Exchange Commission
and is not rated.
Investment in California Asset Management Program
The City is a voluntary participant in the California Asset Management Program (CAMP) that is regulated by the
California Government Code Section 53601 (p) and managed by a Board of Trustees comprised of finance directors
and treasurers of California public agencies that are members of the Joint Powers Authority. The City’s investment
in this pool is reported in the accompanying financial statements of net position and prepared using the accrual
basis of accounting. Investments are reported at net asset value on the basis of $1 and not fair value, accordingly,
CAMP is measured on uncategorized inputs similar to LAIF. The balance available for withdrawal is based on the
accounting records maintained by CAMP. CAMP is not registered with the Securities and Exchange Commission.
45 122
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 2: CASH AND INVESTMENTS (CONTINUED)
Fair Value Measurements
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted
accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset.
Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable
inputs; Level 3 inputs are significant unobservable inputs. Investments categorized as Level 2 are valued using the
market approach and quoted market prices.
The City has the following recurring fair value measurements as of June 30, 2024:
NOTE 3: NOTES RECEIVABLE
In September 1994, the former redevelopment agency sold certain real property to LINC Housing for $2,112,847.
The property was used to construct single-family homes and rental units to increase the City's supply of low- and
moderate-income housing. The note bears interest at 6 percent per annum and is due in full on June 15, 2029. On
February 1, 2012, this receivable was transferred to the Housing Authority, which took over the housing function of
the former redevelopment agency upon dissolution. As of June 30, 2024, the outstanding principal balance is
$2,035,388 and the outstanding interest is $3,498,652.
In February 2011, the former redevelopment agency entered into Disposition and Development Agreement with
Coral Mountain Partners L.P. (“Coral Mountain”) to fund up to $29,000,000 for the construction of a low- and
moderate-income apartment complex with an estimated completion date of the apartment complex of March 2014.
The former redevelopment agency’s $29,000,000 loan is evidenced by a Promissory Note executed by Coral
Mountain (“Note”). Interest on the outstanding note amount will bear simple interest of 1 percent. Principal and
interest will be repaid on or before May 1st of each year from annual residual receipts as defined in the Note once
the project is completed and may be repaid early if the property is refinanced, or if the property is transferred to
another entity. On February 1, 2012, this receivable was transferred to the Housing Authority which took over the
housing function of the former redevelopment agency upon dissolution.
As of June 30, 2024, the outstanding principal balance is $20,357,692 and the outstanding interest balance is
$2,185,268.
Other notes receivable as of February 1, 2012, included in the Housing Authority which took over the housing
function of the former redevelopment agency upon dissolution totaled $21,297 at June 30, 2024.
Total Level 1 Level 2
Investments
U.S. Treasury 43,344,770$ 43,344,770$ -$
Federal Agency Securities 59,961,953 - 59,961,953
Corporate Notes 2,429,645 - 2,429,645
Certificates of Deposit 38,277,993 - 38,277,993
Total leveled investments 144,014,361 43,344,770 100,669,591
Investments with uncategorized inputs
Money Market Mutual Funds 5,768,589
Local Agency Investment Fund 21,909,996
CAMP 52,022,811
Riverside County Pool 15,652,616
Section 115 Trust
Equity Mutual Funds 5,666,575
Held by Fiscal Egent
Money Market Mutual Funds 1,670
Total investments 245,036,618$
46 123
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 4: CAPITAL ASSETS
Capital asset activity for governmental activities for the year ended June 30, 2024, is as follows:
Depreciation and amortization expense was charged to the following functions in the Statement of Activities:
Balance Balance
July 1, 2023 Additions Deletions Transfers June 30, 2024
Governmental activities:
Capital assets, not being depreciated/amortized
Land 83,717,732$ 3,584,438$ (21,600)$ -$ 87,280,570$
Right of way 286,074,348 - - - 286,074,348
Construction-in-progress 8,263,007 21,063,928 - (3,040,998) 26,285,937
Total capital assets, not being depreciated/amortized 378,055,087 24,648,366 (21,600) (3,040,998) 399,640,855
Capital assets, depreciable
Buildings and improvements 81,413,491 1,292,809 (61,000) - 82,645,300
Equipment and furniture 3,602,381 703,841 (195,598) - 4,110,624
Vehicles 2,266,095 253,304 (140,273) - 2,379,126
Infrastructure 268,323,682 25,155 - 3,040,998 271,389,835
Right to use lease and subscription assets
Building 78,226 65,776 (78,226) - 65,776
Equipment 38,118 49,487 (38,118) - 49,487
Vehicles 121,958 - (100,065) - 21,893
Subscriptions 1,061,781 140,635 (184,138) - 1,018,278
Total right to use lease and subscription assets 1,300,083 255,898 (400,547) - 1,155,434
Total depreciable capital assets 356,905,732 2,531,007 (797,418) 3,040,998 361,680,319
Less accumulated depreciation
Buildings and improvements 45,058,676 2,424,405 - - 47,483,081
Equipment and furniture 2,454,644 352,163 (195,598) - 2,611,209
Vehicles 984,539 394,614 (22,237) - 1,356,916
Infrastructure 152,627,748 6,917,199 - - 159,544,947
Total accumulated depreciation 201,125,607 10,088,381 (217,835) - 210,996,153
Less right to use lease and subscription assets accumulated amortization
Building 67,363 32,790 (78,228) - 21,925
Equipment 21,582 10,109 (24,587) - 7,104
Vehicles 99,714 17,472 (100,065) - 17,121
Subscriptions 469,460 421,729 (184,141) - 707,048
Total accumulated amortization 658,119 482,100 (387,021) - 753,198
Total accumulated depreciation and amortization 201,783,726 10,570,481 (604,856) - 211,749,351
Total capital assets being depreciated/amortized, net 155,122,006 (8,039,474) (192,562) 3,040,998 149,930,968
Total Governmental Activities 533,177,093$ 16,608,892$ (214,162)$ -$ 549,571,823$
General governments 3,209,394$
Public safety 3,882,290
Planning and development 658,780
Community services 885,170
Public works 328,913
Internal service funds 1,605,934
10,570,481$
47 124
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 4: CAPITAL ASSETS (CONTINUED)
Capital asset activity for business-type activities for the year ended June 30, 2024, is as follows:
Depreciation and amortization expense was charged to following functions in the Statement of Activities:
NOTE 5: CHANGES IN LONG-TERM LIABILITIES
The following is a summary of changes in governmental long-term liabilities of the City for the fiscal year ended
June 30, 2024:
Compensated absences have been typically liquidated from the General Fund.
Balance Balance
July 1, 2023 Additions Deletions June 30, 2024
Business-Type activities
Capital assets, not being depreciated
Land 39,712,955$ -$ -$ 39,712,955$
Capital assets, being depreciated
Buildings and improvements 6,636,465 - - 6,636,465
Equipment and furniture 1,670,293 - - 1,670,293
Vehicles - 946,816 - 946,816
Software 20,255 - - 20,255
Total capital assets, being depreciated 8,327,013 946,816 - 9,273,829
Right to use lease assets, being amortized
Equipment 796,621 - (313,547) 483,074
Total depreciable capital assets 9,123,634 946,816 (313,547) 9,756,903
Less accumulated depreciation for
Buildings and improvements 4,152,370 214,544 - 4,366,914
Equipment and furniture 1,620,383 33,443 - 1,653,826
Vehicles - 79,473 79,473
Software 20,255 - - 20,255
Total accumulated depreciation 5,793,008 327,460 - 6,120,468
Accumulated amortization, equipment 485,536 189,988 (313,547) 361,977
Total accumulated depreciation and amortization 6,278,544 517,448 (313,547) 6,482,445
Total capital assets being depreciated/amortized, net 2,845,090 429,368 - 3,274,458
Total Business - Type Activities 42,558,045$ 429,368$ -$ 42,987,413$
Golf Course 517,448$
Balance at
July 1, 2023 Additions Deletions
Balance
June 30, 2024
Due within
One Year
Governmental Activities
Compensated absences payable 1,154,090$ 1,185,597$ 1,154,090$ 1,185,597 305,117$
Leases 53,111 38,684 - 91,795 47,667
Financed purchases 551 - 551 - -
Subscription IT liabilities 495,674 140,635 354,000 282,309 194,001
1,703,426$ 1,364,916$ 1,508,641$ 1,559,701 546,785$
48 125
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 5: CHANGES IN LONG-TERM LIABILITIES (CONTINUED)
Leases
The City has entered into multiple lease agreements for buildings, vehicles, and equipment. The City is required to
make principal and interest payments through 2025. The lease agreements have interest rates between 1.5% to
4% based on the City’s estimated incremental borrowing rate at the inception of the lease. As of June 30, 2024, the
net right to use asset balance is $91,006 and the lease liability balance is $91,765. The current year amortization
and interest expense associated with the lease activities was $60,371 and $506.
Remaining principal and interest payments on the lease are as follows:
Subscription IT Liabilities
The City has entered into several Subscription-Based Information Technology Arrangements (SBITAs) for virtual
permitting software, employee hiring subscription, website design & implementation software, HR and finance
software, and Microsoft office software. The City is required to make principal and interest payments through
June 2027. The subscription liability was valued using discount rates between 3.87% and 4.14% based on the City
incremental borrowing rate at the inception of the subscriptions. As of June 30, 2024, the net right to use asset
balance is $311,230 and the lease liability balance is $282,309. The current year amortization and interest expense
associated with the lease activities was $421,729 and $10,759.
Principal and interest payments on the SBITAs are as follows:
The following is a summary of changes in business-type activities long-term liabilities of the City for the fiscal year
ended June 30, 2024:
Year Ending June 30, Principal Interest
2025 47,667$ 2,347$
2026 20,986 1,012
2027 10,060 608
2028 10,419 247
2029 2,663 3
91,795$ 4,217$
Year Ending June 30, Principal Interest
2024 194,001$ 11,199$
2025 43,292 3,516
2026 45,016 1,792
282,309$ 16,507$
49 126
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 5: CHANGES IN LONG-TERM LIABILITIES (CONTINUED)
The City Golf Course fund has entered into multiple lease agreements for equipment. The City is required to make
principal and interest payments through 2027. The lease agreements have interest rates between 1.5% to 4%
based on the City’s estimated incremental borrowing rate at the inception of the lease. As of June 30, 2024, the net
right to use asset balance is $121,097 and the lease liability balance is $123,859. The current year amortization
and interest expense associated with the lease activities was $189,988 and $6,396.
Remaining principal and interest payments on the leases are as follows:
NOTE 6: Leases – Lessor Activities
The City has accrued receivable for three land leases. The remaining receivable for these leases was $1,334,093
for the year ended June 30, 2024. Deferred inflows related to these leases were $1,221,045 as of June 30, 2024.
Interest revenue recognized on these leases was $42,419 for the year ended June 30, 2024. Principal receipts of
$98,262 were recognized during the fiscal year. The interest rate on the leases was 3 percent. Final receipt is
expected in fiscal year 2043.
NOTE 7: INTERFUND RECEIVABLES AND PAYABLES
A. Investments Authorized by the California Government Code and the City’s Investment Policy
The composition of current interfund receivable and payable balances is as follows:
Interfund balances reflect short term borrowings for deficit cash balances at June 30, 2024.
Year Ending June 30, Principal Interest
2025 72,563$ 2,821$
2026 32,028 1,417
2027 19,268 241
123,859$ 4,479$
Year Ending June 30, Principal Interest
2025 105,696$ 39,428$
2026 113,401 36,077
2027 121,478 32,485
2028 129,866 28,716
2029 138,809 24,530
2030-2034 299,385 80,474
2035-2039 205,691 50,535
2040-2044 219,767 14,299
1,334,093$ 306,544$
50 127
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 8: INTERFUND TRANSFERS
a. $9,585,185 was transferred from the General Fund to the Capital Improvement Fund to fund various capital
projects.
b. $4,781,231 was transferred to the Capital Improvement Fund from various non-major funds to support various
capital project operations and expenses.
c. $3,325,049 was transferred from the General Fund to various non-major funds to support various administrative
operations and expenses within the City.
d. $1,466,000 was transferred from the General Fund to the Golf Course Fund to subsidize operations.
e. $1,387,009 was transferred from the General Fund to the Housing Authority Fund to support administrative
operations.
NOTE 9: DEFINED BENEFIT PENSION PLAN
Miscellaneous Plan
Plan Description
All qualified employees are eligible to participate in the City’s Miscellaneous Employee Pension Plan, a cost- sharing
multiple-employer defined benefit pension plans administered by the California Public Employees’ Retirement
System (CalPERS). Benefit provisions under these plans are established by State statute and City resolution.
CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit
provision, assumption and membership information. Copies of the report can be found on the CalPERS website.
Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits
to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service,
equal to one year of full-time employment.
General Fund
Non-major
Governmental
Internal
Service Funds Total
Housing Authority 1,387,009$ -$ -$ 1,387,009$
Capital Improvements 9,585,185 4,781,231 350 14,366,766
Nonmajor Governmental 3,325,049 - - 3,325,049
Golf Course Fund 1,466,000 - - 1,466,000
Total 15,763,243$ 4,781,231$ 350$ 20,544,824$
Transfers In
Transfer Out
51 128
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 9: DEFINED BENEFIT PENSION PLAN (CONTINUED)
Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members
are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: The
Basic Death Benefit, the 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living
adjustments for each plan are applied as specified by the Public Employees’ Retirement Law. The Plan’s provisions
and benefits in effect at June 30, 2024 are summarized as follows:
Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer
contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective
on the July 1 following notice of a change in the rate. Funding contributions are determined annually on an actuarial
basis as of June 30th by CalPERS. The actuarially determined rate is the estimated amount necessary to finance
the costs of benefits earned by employees during the year, and any unfunded accrued liability. The employer is
required to contribute the difference between the actuarially determined rate and the contribution rate of employees.
Employer contributions to the pension plan were $1,683,062 for the year ended June 30, 2024.
Pension Liabilities, Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to
Pensions
As of June 30, 2024, the City reported a liability of $2,699,409 for its proportionate share of the collective net pension
liability. The net pension liability was measured as of June 30, 2023, and the total pension liability used to calculate
the net pension liability was determined by an actuarial valuation as of June 30, 2022.The City’s proportion of the
collective net pension liability was based on a projection of the City’s long-term share of contributions to the pension
plan relative to the projected contributions of all participating employers, actuarially determined. The City’s
proportion of the collective net pension liability as of June 30, 2023 and 2024 is as follows:
For the year ended June 30, 2024, the City recognized pension expense of $3,140,594.
Tier I Tier II PEPRA
Before On or After On or After
Hire date November 1, 2012 November 1, 2012 January 1, 2013
Benefit formula 2.5% @55 2% @60 2% @62
Benefit vesting schedule 5 years service 5 years service 5 years service
Benefit payments monthly for life monthly for life monthly for life
Retirement age 50 and up 50 and up 52 and up
Monthly benefits, as a % of eligible compensation 2% to 2.5%2% to 2.5%1% to 2%
Required employees contributions rates 8.00%7.00%6.75%
Required employer contributions rates 12.200%8.650%7.590%
Proportion - June 30, 2023 0.1173%
Proportion - June 30, 2024 0.0216%
Change - Increase (Decrease)-0.0957%
52 129
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 9: DEFINED BENEFIT PENSION PLAN (CONTINUED)
At June 30, 2024, the City reported deferred outflows and deferred inflows of resources related to pensions as
follows:
The $1,683,062 reported as deferred outflows of resources resulting from contributions subsequent to the
measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2025.
Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized
as pension expense as follows:
Actuarial Methods and Assumptions Used to Determine Total Pension Liability
For the measurement period ended June 30, 2023 (the measurement date), the total pension liability was
determined by rolling forward the June 30, 2022 total pension liability. The total pension liability in the June 30, 2022
actuarial valuation was determined using the following actuarial methods and assumptions:
Deferred Outlows
of Resources
Deferred Inflows
of Resources
Pension contributions subsequent to measurement date 1,683,062$ -$
Changes in assumptions 162,975 -
Differences between expected and actual experience 137,900 21,392
Net difference between projected and actual earnings on pension plan investments 437,058 -
Change in employer's proportion - 7,671,120
Difference between the city's contribution and proportionate share of contributions 8,940,584 12,815
Total 11,361,579$ 7,705,327$
Deferred Outflows/
Year Ended June 30, (Inflows) of resources
2025 495,553$
2026 583,536
2027 881,561
2028 12,540
Total 1,973,190$
Miscellaneous
Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry - Age Normal Cost Method
Discount Rate 6.90%
Inflation 2.30%
Projected Salary Increase Varies by Entry Age and Service
Mortality Rate Table Derived using CalPERS' Membership Data for all Fund
Post - retirement benefit increase Contract COLA up to 2.30% until Purchasing Power Protection
Allowance Floor on Purchasing Power applies
53 130
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 9: DEFINED BENEFIT PENSION PLAN (CONTINUED)
Discount Rate
The discount rate used to measure the total pension liability was 6.90 percent. The projection of cash flows used to
determine the discount rate assumed that employee contributions will be made at the current contribution rate and
that the City’s contributions will be made at rates equal to the difference between actuarially determined
contributions rates and the employee rate. Based on those assumptions, each pension plan’s fiduciary net position
was projected to be available to make all projected future benefit payments of current active and inactive employees.
Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected
benefit payments to determine the total pension liability.
In determining the long-term expected rate of return, CalPERS took into account long-term market return
expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated
and, combined with risk estimates, are used to project compound (geometric) returns over the long term. The
discount rate used to discount liabilities was informed by the long-term projected portfolio return.
These geometric rates of return are summarized in the following table:
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents the City’s proportionate share of the net position liability for each Plan, calculated using the
discount rate for each Plan, as well as what the City’s proportionate share of the net pension liability would be if it
were calculated using a discount rate that is 1 percent point lower or 1 percent higher than the current rate:
Pension Plan Fiduciary Net Position
Detailed information about the Plan’s fiduciary net position is available in the separately issued CalPERS financial
reports.
Strategic
Allocation Real Return
Global equity - cap weighted 30.00% 4.45%
Global equity -non-cap-weighted 12.00% 3.84%
Private equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed Securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emergind Market Debt 5.00%2.48%
Private equity 5.00%3.57%
Real Assets 15.00%3.21%
Leverage -5.00%-0.59%
Total 100%
Asset Class
Discount
Rate -1%
(5.90%)
Current
Discount Rate
(6.90%)
Discount
Rate +1%
(7.90%)
Net Pension Liability (Asset) 11,295,551$ 2,699,409$ (4,375,955)$
54 131
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 10: DEFINED CONTRIBUTION PLAN
The Supplemental Pension Savings Plan is a defined contribution pension plan established by the City to provide
retirement excess benefits to general employees of the City. At June 30, 2024, there was one plan member. There
are no required contributions by plan members. During the 2023-2024 fiscal year the City made no contributions to
fund the Supplemental Pension Savings Plan
NOTE 11: OTHER POST EMPLOYMENT BENEFIT PLAN (OPEB)
Plan Description
The City’s Retiree Health Plan is a single-employer defined benefit healthcare plan. The City contributes on behalf
of all eligible retirees’ $149/month for the calendar year 2022 and $151/month for calendar year 2023, increased in
all future years according to the rate of medical inflation. These benefits are provided per contract between the City
and the employee associations. A separate financial report is not available for the plan.
The City participates in the California Employers’ Retiree Benefit Trust (CERBT) for the purpose of accumulating
funding for OPEB obligations. The CERBT is a Section 115 Trust and is an agent multiple employer plan for those
electing to prefund OPEB obligations.
Benefits Provided
Retirees are eligible for medical benefits if they retire at age 50+, have 5+ years of service within CalPERS, and
were enrolled in the CalPERS health system at retirement. The City provides PEMHCA minimum for each
subscriber, regardless of elected coverage tier.
Employees Covered by Benefit Terms
At June 30, 2022, the most recent valuation date, the following current and former employees were covered by the
benefit terms of the plan:
Contributions
The City makes contributions to the plan based on an actuarially determined rate. Employees are not required to
contribute to the plan. For the year ended June 30, 2024, the City’s cash contributions to the plan including the
implied subsidy were $56,838.
Active employees 97
Inactive employees or beneficiaries currently receiving benefits 16
Total 113
55 132
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 11: OTHER POST EMPLOYMENT BENEFIT PLAN (OPEB) (CONTINUED)
Net OPEB Liability/(Asset)
Actuarial Assumptions – The net OPEB liability/(asset) in the June 30, 2022, actuarial valuation was determined
using the following actuarial assumptions, applied to all periods included in the measurement:
Mortality rates were based on the CalPERS November 2021 Experience Study for Public Agency Miscellaneous
Plans.
Changes of Assumptions
Healthcare trend rates were decreased from a rate of 6.7% decreasing gradually to an ultimate rate of 3.8% to 6.5%
decreasing gradually to an ultimate rate of 3.73% for the valuation as of June 30, 2022.
Discount Rate
The discount rate used to measure the total OPEB liability was 5.50 percent for the Plan. The projection of cash
flows used to determine the discount rate assumed that the City contribution will be made at rates equal to the
actuarially determined contribution rates.
Changes in Net OPEB Asset:
The changes in the net OPEB liability/(asset) for the Plan as of June 30, 2024 are as follows:
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions
Discount Rate 5.50%
Inflation 2.30%
Investment Rate of Return 5.50%
Mortality (1)
Healthcare Trend Rate 6.5% for fiscal year 2023,
gradually decreasing to an
ultimate rate of 3.73% in fiscal
year 2075.
(1) Derived using CalPERS Membership Date for all Funds
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability/(Asset)
Balance at June 30, 2023 1,415,511$ 1,792,999$ (377,488)$
Changes in the year
Service cost 85,632 - 85,632
Interest 80,987 - 80,987
Differences between expected - - -
and actual experience
Changes of assumptions (1,901) - (1,901)
Net investment income - 63,830 (63,830)
Employer contributions - 58,070 (58,070)
Benefit payments (58,070) (58,070) -
Administrative expense - (514) 514
Net changes 106,648 63,316 43,332
Balance at June 30, 2024 1,522,159$ 1,856,315$ (334,156)$
56 133
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 11: OTHER POST EMPLOYMENT BENEFIT PLAN (OPEB) (CONTINUED)
Sensitivity of the Net OPEB Asset to Changes in the Discount Rate
The following presents the net OPEB liability of the City, as well as what the City’s net OPEB liability would be if it
were calculated using a discount rate that is 1-percentage-point lower (4.50 percent) or 1-percentage-point higher
(6.50 percent) than the current discount rate:
For the year ended June 30, 2024, the City recognized OPEB expense of $56,431. At June 30, 2024, the City
reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following
sources:
The $56,838 reported as deferred outflows of resources related to OPEB resulting from City contributions
subsequent to the measurement date will be recognized as a reduction of the net OPEB liability for the fiscal year
ending June 30, 2025. Other amounts reported as deferred outflows or deferred inflows of resources related to
OPEB will be recognized in as OPEB expense as follows:
Discount
Rate -1%
(4.50%)
Current
Discount Rate
(5.50%)
Discount
Rate +1%
(6.50%)
Net OPEB Liability/(Asset) (139,708)$ (334,156)$ (496,807)$
1% Decrease
(5.5% decreasing
to 2.7%)
Current Trend Rate
(6.5% decreasing
to 3.7%
1% Increase
(7.5% decreasing
to 4.7%)
Net OPEB Liability/(Asset)(544,608)$ (334,156)$ (70,984)$
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
OPEB contributions subsequent to measurement date 56,838$ -$
Changes in assumptions 47,731 24,053
Difference between expected and actual liability 86,518 500,146
Net difference between projected and investment earnings 155,087 -
Total 346,174$ 524,199$
Deferred Outflows/
Year Ended June 30, (Inflows) of resources
2025 (8,991)$
2026 (10,909)
2027 37,625
2028 (38,500)
2029 (45,357)
Thereafter (168,731)
Total (234,863)$
57 134
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 12: SECTION 115 TRUST
In the fiscal year 2019, the City Council approved the creation of a Section 115 Trust Agreement with
U.S Bank National Association, and Public Agency Retirement Services (PARS), Trust Administrator. The Section
115 Trust was established as a means to set aside monies to fund the City’s pension and OPEB obligations.
Contributions to the Section 115 Trust are irrevocable, the assets are dedicated to providing benefits to plan
members, and the assets are protected from creditors of the City. The purpose of the creation of the section 115
Trust was to address the City’s pension obligations by accumulating assets to reduce the net pension liability.
However, in accordance with generally accepted accounting principles, the assets in the Section 115 Trust are not
considered to have present service capacity as plan assets and are therefore considered restricted assets of the
City rather than pension plan assets. Accordingly, the Section 115 Trust’s assets are recorded as restricted for
pension benefits in the City’s General Fund rather than assets of the pension plan during the measurement of the
net pension liability. The assets held in trust will be considered pension plan assets at the time they are transferred
out of the Trust into the pension plan.
The balance in the Trust for the fiscal year ended June 30, 2024 was $5,666,575. The City currently funds its OPEB
obligations through the CERBT program, and although the Section 115 Trust is able to accept OPEB funds, the
City has no immediate plans to fund OPEB obligations through the Section 115 Trust.
NOTE 13: RISK MANAGEMENT
Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
The City of La Quinta is a member of the California Joint Powers Insurance Authority (Authority). The Authority is
composed of 126 California public entities and is organized under a joint powers’ agreement pursuant to California
Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling
of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance
for property and other lines of coverage. The California JPIA began covering claims of its members in 1978. Each
member government has an elected official as its representative on the Board of Directors. The Board operates
through a nine-member Executive Committee.
Self-Insurance Programs of the CJPIA
Each member pays an annual contribution at the beginning of the coverage period. A retrospective adjustment is
then conducted annually thereafter, for coverage years 2012-13 and prior. Coverage years 2013-14 and forward
are not subject to routine annual retrospective adjustment. The total funding requirement for self- insurance
programs is based on actuarial analysis. Costs are allocated to individual agencies based on payroll and claims
history, relative to other members of the risk-sharing pool.
Primary Liability Program
Claims are pooled separately between police and general government exposures. (1) The payroll of each member
is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member,
which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first
layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the
pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000
to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the
second layer. (4) Incurred costs from $500,000 to $50 million, are distributed based on the outcome of cost
allocation within the first and second loss layers.
The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence.
Subsidence losses also have a $50 million per occurrence limit. The coverage structure is composed of a
combination of pooled self-insurance, reinsurance, and excess insurance. Additional information concerning the
coverage structure is available on the Authority’s website: https://cjpia.org/coverage/risk-sharing-pools/
58 135
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 13: RISK MANAGEMENT (CONTINUED)
Workers’ Compensation
Claims are pooled separately between public safety (police and fire) and general government exposures. (1) The
payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is
determined for each member, which establishes the weight applied to payroll and the weight applied to losses within
the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated
as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes
incurred costs from $75,000 to $200,000 for each occurrence and is evaluated as a percentage of the pool’s total
incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on
the outcome of cost allocation within the first and second loss layers.
For 2023-24 the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under
California Workers’ Compensation Law. Employer’s Liability losses are pooled among members to $1 million.
Coverage from $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses
from $5 million to $10 million are pooled among members.
Purchased Insurance
Property Insurance – The City of La Quinta participates in the all-risk property protection program of the Authority.
This insurance protection is underwritten by several insurance companies. City of La Quinta property is currently
insured according to a schedule of covered property submitted by the City of La Quinta to the Authority.
City of La Quinta property currently has all-risk property insurance protection in the amount of $88,131,428. There
is a $10,000 deductible per occurrence except for non-emergency vehicle insurance which has a $2,500 deductible.
Special Event Tenant User Liability Insurance – The City of La Quinta further protects against liability damages by
requiring tenant users of certain property to purchase low-cost tenant user liability insurance for certain activities on
agency property. The insurance premium is paid by the tenant user and is paid to the City of La Quinta according
to a schedule. The City of La Quinta then pays for the insurance. The insurance is facilitated by the Authority.
Earthquake and Flood Insurance – The City of La Quinta purchases earthquake and flood insurance on a portion
of its property. The earthquake insurance is part of the property protection insurance program of the Authority. City
of La Quinta property currently has earthquake protection in the amount of $0. There is a deductible of 5% per unit
of value with a minimum deductible of $100,000.
Crime Insurance – The City of La Quinta purchases crime insurance coverage in the amount of $1,000,000 with a
$5,000 deductible. The fidelity coverage is provided through the Authority.
Pollution Legal Liability Insurance – The City of La Quinta participates in the pollution legal liability insurance
program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled
property, streets, and storm drains owned by the City of La Quinta. Coverage is on a claims-made basis. There is
a $250,000 deductible. The Authority has an aggregate limit of $20 million.
Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments
that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability
coverage in 2023-2024.
59 136
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 14: FUND BALANCE
Fund Balance Classifications
At June 30, 2024, the governmental funds report the following fund balance classifications:
Fund Balance Commitments
In the governmental fund financial statements, committed reserves include:
Natural Disaster Emergency Reserves: These funds may be utilized for the preparation, recovery, and restoration
of services before, during and/or after a natural disaster (such as flood, earthquake, etc.) as defined by City Code
2.20.020.
The target of $15,000,000 was determined by conducting a risk analysis of all City assets, insurance levels, and
potential federal/state contributions towards disaster recovery efforts. For the year ended June 30, 2024, the City
has committed $15,000,000 to this category.
Economic Downturn Reserves: These funds may be used in such instances as a declared national, state, or regional
recession; loss of a major (top 10) revenue-generating business; or a natural disaster resulting in a significant
decline in revenues. These reserves may also be used if overall revenues decrease, or expenditures increase more
than 10% of the previous year’s actual revenues or expenditures.
The target of $13,000,000, was based on a long-term analysis of the revenue and expenditure flows (which included
the financial impacts of the Great Recession, the loss of Redevelopment Agencies, and the COVID-19 pandemic)
as well as the application of the Consumer Price Index (CPI) increases to the original base target. For the year
ended June 30, 2024, the City has committed $13,000,000 to this category.
Total Total
Housing Disaster Capital Nonmajor Governmental
General Authority Recovery Improvement Funds Funds
Nonspendable
Land held for resale 5,403,652$ -$ -$ -$ -$ 5,403,652$
Prepaid costs 170,577 - - - 500 171,077
Advances to other funds 17,123,777 - - - - 17,123,777
Total nonspendable 22,698,006 - - - 500 22,698,506
Restricted
General government - - 441,350 - - 441,350
Public Safety - - - - 845,858 845,858
Community services - - - - 14,634,322 14,634,322
Planning and development - 24,755,830 - - 4,398,228 29,154,058
Public works - - - - 7,512,849 7,512,849
Capital projects - - - - 11,626,051 11,626,051
Section 115 Trust 5,666,575 - - - - 5,666,575
Total restricted 5,666,575 24,755,830 441,350 - 39,017,308 69,881,063
Committed
Natural Disaster Reserve 15,000,000 - - - - 15,000,000
Economic Downturn Reserve 13,000,000 - - - - 13,000,000
Cash Flow Reserve 5,000,000 - - - - 5,000,000
Capital Replacement Reserve 12,000,000 - - - - 12,000,000
Carryovers 900,000 - - - - 900,000
Total committed 45,900,000 - - - - 45,900,000
Assigned
Public safety 15,652,616 - - - - 15,652,616
Sales Tax Reserve 32,985,374 - - - - 32,985,374
Capital projects 21,666,520 - - - - 21,666,520
Total assigned 70,304,510 - - - - 70,304,510
Unassigned 65,216,616 - - (2,184,447) (1,914,354) 61,117,815
Total fund balances (deficits)209,785,707$ 24,755,830$ 441,350$ (2,184,447)$ 37,103,454$ 269,901,894$
60 137
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 14: FUND BALANCE (CONTINUED)
Cash Flow Reserves: These funds are maintained to have adequate cash on hand to account for the uneven receipt
of revenue. For example, property tax accounts for a large percentage of annual revenue, the bulk of which is not
remitted until December and May of each year.
The target for the Cash Flow Reserves is 10% of each year’s revenue budget, or a minimum of $5,000,000. For the
year ended June 30, 2024, the City has committed $5,000,000 to this category.
Capital Improvement Reserves: These funds may be used for capital assets and infrastructure rehabilitation,
improvement, and replacement.
The target of $12,000,000 is based on annual depreciation of assets and may be adjusted by the Consumer Price
Index (CPI). For the year ended June 30, 2024, the City has committed $12,000,000 to this category.
Carryovers: These funds are items appropriated in a prior fiscal year that have yet to be spent. Carryovers
committed to Fiscal Year 2023-2024 totaled $900,000 at June 30, 2024.
Assigned Fund Balance
The City has the following assigned fund balance shown on the balance sheet:
Assigned to public safety represents property tax accumulated and withheld by the County of Riverside to be used
for fire protection, disaster preparedness, fire prevention, rescue, hazardous materials mitigation, technical rescue
response, medical emergency services, and public service assists. The assigned fund balance related to this item
as of June 30, 2024 is $15,652,616.
Assigned to capital projects is comprised of carryover balances for capital projects. The capital project carryover
balances as of June 30, 2024 are $21,666,520. Accumulated resources related to the City’s sales tax Measure G
is $32,985,374 as of June 30, 2024.
Deficit Fund Balance
At June 30, 2024, the following funds had deficit fund balances:
NOTE 15: GOLF COURSE MANAGEMENT AGREEMENT
The City entered into an agreement with Landmark Golf Management LLC (operator) to manage the golf operations
at the city-owned SilverRock Golf Course. The Agreement entered into on April 6, 2004, sets forth a five-year term
commencing upon the completion of the golf course. On January 14, 2005, the golf course was deemed to be
complete, and management was turned over to the operator. The contract has been amended and extended
numerous times with the current contract expiring June 30, 2024. The contract provides that the operator will
manage the day-to-day operations, hire employees, provide golf pro shop and food services, manage all marketing
and promotional activities, prepare the annual budget report for Council consideration, and manage accounting and
payroll functions. In addition to the annual payment for management services, the City has advanced the operator
$250,000 to pay for golf course expenses. Twice a month the operator submits a request for reimbursement to the
City to replenish the City’s advance. In addition, the agreement sets forth the establishment of a capital reserve
fund of 2 percent of green fees. For the fiscal year ending June 30, 2024, the Golf Course had a loss before transfers
of $645,684.
Major Capital Projects Fund
Capital Improvement (2,184,447)
Nonmajor Special Revenue Funds
Quimby (735,460)
Housing Grant (60,267)
Nonmajor Capital Projects Fund
Library Development (1,118,627)
61 138
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 16: CONSTRUCTION COMMITMENTS
Various construction projects were in progress at June 30, 2024. Projects costs are paid out of the capital
improvements fund. The following material construction commitments, for which funds have been encumbered,
existed at June 30, 2024, with an estimated cost to complete.
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY
On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 (“the Bill”) that provides for the
dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the
City of La Quinta that previously had reported a redevelopment agency within the reporting entity of the City as a
blended component unit.
The Bill provides that upon dissolution of a redevelopment agency, either the city or another unit of local government
will agree to serve as the “successor agency” to hold the assets until they are distributed to other units of state and
local government. On January 3, 2012, the City Council elected to become the Successor Agency for the Former
Redevelopment Agency (‘Former Agency”) in accordance with the Bill as part of City resolution number 2012-002.
After enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the State of California
cannot enter into new projects, obligations or commitments. Subject to the control of a newly established oversight
board, remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution
(including the completion of any unfinished projects that were subject to legally enforceable contractual
commitments).
In future fiscal years, successor agencies will only be allocated revenue in the amount that is necessary to pay the
estimated annual installment payments on enforceable obligations of the Former Agency until all enforceable
obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated.
In accordance with the timeline set forth in the Bill (as modified by the California Supreme Court on
December 29, 2011) all redevelopment agencies in the State of California were dissolved and ceased to operate
as a legal entity as of February 1, 2012.
The Successor Agency to the Former Agency is reported as a fiduciary fund (private purpose trust fund).
Project Name Project Number Contract Amount
Expenditures
to date as of
June 30, 2024
Remaining
Commitments
Capital Improvement Fund
Dune Palms Bridge Improvement 111205 29,756,245$ (19,034,401)$ 10,721,844$
Madison Street Median Landscape Conversion 151604 1,300,000 (635,863) 664,137
La Quinta Landscape renovation Improvement 201603 9,963,148 (7,709,098) 2,254,050
Corporate Yard Admin Offices & Crew 201805 1,591,013 (58,598) 1,532,415
Village Art Plaza Promenade & Cultural Campus 201901 4,810,000 (572,048) 4,237,952
Avenue 50 Bridge Spanning The Evacuation Channel 201902 16,349,000 (46,227) 16,302,773
Hwy 111 Corridor Area Plan Implementation 201905 12,284,000 (962,733) 11,321,267
Avenue 48 Art and Music Line Project 202008 2,400,000 (288,205) 2,111,795
Dune Palms Rd Pavement Rehab-Fred 202101 1,221,100 (39,438) 1,181,662
Fritz Burns Park Improvements 202102 11,350,000 (360,652) 10,989,348
City Hall Capacity Improvements 202202 800,000 (75) 799,925
Avenue 50 Widening Improvements 202205 1,118,509 (33,777) 1,084,732
Phase II Camera System 202212 1,651,756 (700) 1,651,056
Ave 58 Pavement Rehabilitation 202301 1,380,000 (630) 1,379,370
Washington Street Connector 202309 1,200,000 (350) 1,199,650
SilverRock Dust Control Improvements 202310 1,000,000 - 1,000,000
Citywide Dog Park Improvements 202407 1,500,000 - 1,500,000
Welcome Center Improvements 202409 750,000 - 750,000
62 139
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY
(CONTINUED)
Cash and Investments
Cash and investments reported in the accompanying financial statements consisted of the following:
See note 2 for required cash and investments disclosures.
Due from other Governments
La Quinta Library
In April 2005, an advance of $2,490,273 was made from the former redevelopment agency to provide funding for
the construction of the public library. The loan accrues interest at the earnings rate of the City’s investment pool
fund. The remaining balance of this loan at June 30, 2024, is $1,118,627.
Deferred Outflows of Resources
As debt is refunded, the difference between the carrying value of the refunded debt and the reacquisition price is
recorded as a deferred outflow of resources and amortized over the shorter of the new or refunded debt, whichever
is shorter. Activity during the fiscal year is comprised of the following:
Long-Term Debt
A description of long-term debt outstanding of the Successor Agency as of June 30, 2024, follows:
Cash and investments pooled with the City $ 15,672,078
Cash and investments with fiscal agent 1,670
$15,673,748
Balance at
July 01, 2023 Additions Deductions
Balance at
June 30, 2024
Deferred charge on refunding 14,641,514$ -$ 1,124,996$ 13,516,518$
Balance at
July 01, 2023 Additions Repayments
Balance at
June 30, 2024
Due within
One year
Tax allocation bonds 161,120,000$ -$ 13,255,000$ 147,865,000$ 13,355,000$
City Loans 24,500,993 340,804 3,437,076 21,404,721 3,505,817
Unamortized premiums/discounts (175,735) -(10,839) (164,896) -
Total 185,445,258$ 340,804$ 16,681,237$ 169,104,825$ 16,860,817$
63 140
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY
(CONTINUED)
2016 Series A
On December 22, 2016, the La Quinta Redevelopment Project Areas No. 1 and 2 Subordinate Tax Allocation
Refunding Bonds 2016 Taxable Series A Bonds were issued for $35,055,000 by the Successor Agency to the
La Quinta Redevelopment Agency (the “Agency”) to refinance on an advance basis the La Quinta Redevelopment
Agency’s (the “Prior Agency”) previously issued $6,000,000 La Quinta Redevelopment Project Area No. 2,
Subordinate Taxable Tax Allocation Bonds, Series 2011 (the “2011 Project Area No. 2 Taxable Bonds”) of which
$5,810,000 was outstanding and the Prior Agency’s loan obligation under the Loan Agreement, dated
February 3, 2004 as supplemented by the Second Supplemental Loan Agreement, dated as of March 1, 2011
(the “2011 Loan Obligation”) in connection with the La Quinta Financing Authority’s previously issued $28,850,000
Local Agency Subordinate Taxable Revenue Bonds, 2011 Series A (the “2011 Taxable Housing Bonds”) of which
$20,280,000 was outstanding.
The Bonds were issued on a subordinate basis to the $65,600,000 Successor Agency to the La Quinta
Redevelopment Agency, La Quinta Redevelopment Project Areas No. 1 and 2, Tax Allocation Refunding Bonds,
2014 Series. The Bonds are payable from and secured by the Pledged Tax Revenues, as defined herein, to be
derived from the La Quinta Redevelopment Project Area No. 1 and La Quinta Redevelopment Project Area No. 2.
The principal of and interest on the Bonds are payable solely from the pledged tax revenues allocated to the
Successor Agency from the project areas. The principal balance of outstanding bonds at June 30, 2024, is
$25,090,00 with an unamortized discount of $164,896.
The Bonds mature in 2040, but may be called before maturity and redeemed at the option of the Agency, in whole
or in part, from the proceeds of refunding bonds or other available funds, on September 1, 2026 or on any date
thereafter prior to maturity at a redemption price equal to the principal amount of Bonds to be redeemed, without
premium, plus accrued interest to the redemption date.
2021 Series A
On April 14, 2021, the Agency issued $156,915,000 in Series 2021 A Tax Allocation Refunding Bonds to refund the
Series 2013 A and B and Series 2014 A Tax Allocation Bonds.
The bonds are payable in annual installments ranging from $4,785,000 to $13,610,000 until maturity on
September 1, 2034. Interest is payable semiannually on March 1 and September 1 of each year, at a rate of 2.774%.
Bonds outstanding at June 30, 2024 were $122,775,000. The principal and interest on the bonds are payable solely
from the pledged tax revenues allocated to the Successor Agency from the project areas.
Year Ending June 30,Principal Interest Total
2025 1,510,000$ 988,315$ 2,500,479$
2026 1,565,000 937,680 2,498,315
2027 1,620,000 882,845 2,502,680
2028 1,675,000 824,065 2,502,845
2029 1,730,000 761,188 2,499,065
2030-2034 9,755,000 2,680,838 12,447,634
2035-2039 7,175,000 545,550 9,552,966
2040 60,000 1,358 708,334
25,090,000$ 7,621,840$ 35,212,318$
64 141
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY
(CONTINUED)
Future debt service requirements on these bonds are as follows:
Loans from the City of La Quinta
The City of La Quinta loaned money to the Former Agency to cover operating and capital shortfalls. In a letter dated
November 6, 2013, the California Department of Finance approved the loans as enforceable obligations to be paid
through Successor Agency property tax. This loan approved split between the City’s General and the Housing
Authority Funds. As of June 30, 2024, principal and capitalized interest due to the City of La Quinta was $21,404,721
and is included as part of the due from other governments balance in the City’s General and the Housing Authority
Funds.
On November 22, 2017, the Department of Finance (DOF) approved the last and final Recognized Obligation
Payment Schedules (ROPS). The ROPS is a comprehensive schedule which includes all bond debt service
payments, City loan repayments, administration, and annual reporting requirements from fiscal years 2018-2019 to
2039-2040.
Estimated future loan payment requirements on the City loan are as follows:
Pledged Tax Revenues
The City pledged, as security for bonds issued, either directly or through the Financing Authority, a portion of tax
increment revenue (including Low and Moderate Income Housing set-aside and pass through allocations) that it
receives. The bonds issued were to provide financing for various capital projects, accomplish Low and Moderate
Income Housing projects and to defease previously issued bonds. Assembly Bill 1X 26 provided that upon
dissolution of the Redevelopment Agency, property taxes allocated to redevelopment agencies no longer are
deemed tax increment but rather property tax revenues and will be allocated first to successor agencies to make
payments on the indebtedness incurred by the dissolved redevelopment agency. Total principal and interest
remaining on the debt is $169,629,534 with annual debt service requirements as indicated above. For the current
year, the total property tax revenue recognized by the Successor Agency for the payment of indebtedness incurred
was $20,192,466 and the debt service obligation on the bonds was $16,696,117.
Year Ending June 30,Principal Interest Total
2025 11,845,000$ 2,338,010$ 14,195,638$
2026 11,920,000 2,227,651 14,183,010
2027 12,060,000 2,072,532 14,147,650
2028 12,240,000 1,881,273 14,132,532
2029 12,450,000 1,652,389 14,121,273
2030-2034 57,340,000 3,902,601 70,359,057
2035 4,920,000 68,240 9,974,175
122,775,000$ 14,142,696$ 151,113,335$
Year Ending June 30,Principal Interest Total
2025 3,505,817$ -$ 3,505,817$
2026 3,575,934 - 3,575,934
2027 3,647,452 - 3,647,452
2028 3,720,401 - 3,720,401
2029 3,720,401 - 3,720,401
2030 3,234,716 - 3,234,716
21,404,721$ -$ 21,404,721$
65 142
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT AGENCY
(CONTINUED)
Insurance
The Successor Agency of the Former Agency is covered under the insurance policy of the City of La Quinta at
June 30, 2024.
NOTE 18: SUBSEQUENT EVENTS
The City evaluated subsequent events for recognition and disclosure through May 15, 2025, the date on which
these financial statements were available to be issued. Management concluded that no material subsequent events
have occurred since June 30, 2024, that required recognition or disclosure in these financial statements.
66 143
Required Supplementary Information
For the Year Ended June 30, 2024
City of La Quinta, California
67 144
THIS PAGE INTENTIONALLY LEFT BLANK
68 145
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
General Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes 71,630,000$ 72,646,000$ 76,894,958$ 4,248,958$
Licenses and Permits 2,521,300 2,701,300 2,820,613 119,313
Intergovernmental 178,000 178,000 523,573 345,573
Charges for services 963,200 1,153,200 1,494,422 341,222
Use of money and property 1,960,000 4,460,000 7,714,344 3,254,344
Fines and forfeitures 465,500 395,500 408,125 12,625
Miscellaneous 860,100 1,443,100 1,346,240 (96,860)
Total revenues 78,578,100 82,977,100 91,202,275 8,225,175
EXPENDITURES
Current:
General government
City council 317,900 322,900 318,008 4,892
City manager 1,588,360 1,588,360 1,118,331 470,029
City attorney 800,000 800,000 664,255 135,745
Human resources 651,800 701,300 498,620 202,680
City clerk 1,169,670 1,169,670 1,033,021 136,649
Finance 1,957,270 1,957,270 1,783,589 173,681
Central services 3,219,100 3,509,100 2,184,615 1,324,485
Public safety
Police 18,583,800 18,618,300 16,251,849 2,366,451
Fire 9,889,120 10,247,120 9,021,869 1,225,251
Community services
Community services administration 888,160 1,038,160 979,036 59,124
Wellness center operations 707,870 707,870 742,608 (34,738)
Recreation program & special events 1,578,150 1,578,150 1,233,529 344,621
Parks and recreation 4,144,950 4,297,450 4,113,553 183,897
Marketing & community relations 1,814,660 1,864,660 1,850,681 13,979
Public buildings 1,715,750 1,795,750 1,670,208 125,542
Planning and development
Design & development administration 811,600 811,600 709,446 102,154
Planning 707,400 717,400 560,046 157,354
Building 1,398,700 1,523,700 1,521,521 2,179
Code compliance/animal control 1,713,340 1,720,340 1,546,678 173,662
Public safety administration 322,300 331,800 123,967 207,833
The Hub 1,341,700 1,341,700 1,246,385 95,315
Public works
Administration 821,900 821,900 686,076 135,824
Development services 532,900 532,900 429,434 103,466
Maintenance/operations - street 885,750 885,750 411,774 473,976
Engineering services 1,007,600 1,404,100 786,850 617,250
Capital Outlay 130,000 130,000 169,919 (39,919)
Debt service:
Principal - - 24,452 (24,452)
Total expenditures 58,699,750 60,417,250 51,680,320 8,736,930
Excess (deficiency) of revenues
over (under) expenditures 19,878,350 22,559,850 39,521,955 16,962,105
OTHER FINANCING SOURCES (USES)
Transfers out (14,159,000) (41,489,381) (15,763,243) 25,726,138
Debt issuance proceeds - - 49,487 49,487
Total other financing sources (uses)(14,159,000) (41,489,381) (15,713,756) 25,775,625
Net change in fund balances 5,719,350$ (18,929,531)$ 23,808,199 42,737,730$
Fund balances (deficit)-beginning 185,977,508
Fund balances (deficit)-ending 209,785,707$
69 146
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Housing Authority
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 1,366,500$ 1,486,500$ 2,295,077$ 808,577$
Miscellaneous 101,000 151,000 149,395 (1,605)
Total revenues 1,467,500 1,637,500 2,444,472 806,972
EXPENDITURES
Current:
Community services 250,000 300,000 250,000 50,000
Planning and development 1,646,340 1,776,340 1,566,300 210,040
Capital outlay 200,000 4,174,192 3,625,185 549,007
Total expenditures 2,096,340 6,250,532 5,441,485 809,047
Excess (deficiency) of revenues
over (under) expenditures (628,840) (4,613,032) (2,997,013) 1,616,019
OTHER FINANCING SOURCES (USES)
Transfers in - 1,387,009 1,387,009 -
Total other financing sources (uses)- 1,387,009 1,387,009 -
Net change in fund balances (628,840)$ (3,226,023)$ (1,610,004) 1,616,019$
Fund balances (deficit)-beginning 26,365,834
Fund balances (deficit)-ending 24,755,830$
70 147
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Disaster Recovery
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 15,000$ 15,000$ 491,528$ 476,528$
Total revenues 15,000 15,000 491,528 476,528
Net change in fund balances 15,000$ 15,000$ 491,528 476,528$
Fund balances (deficit)-beginning (50,178)
Fund balances (deficit)-ending 441,350$
71 148
CITY OF LA QUINTA, CALIFORNIA
Schedule of Proportationate Share of Net Pension Liability - Miscellaneous Plan
As of June 30, for the Last Ten Fiscal Years
Proportionate Share Plan's Fiduciary
Proportion of the Proportionate of the Net Pension Net Position as a
Reporting Date 1 Net Pension Share of Net Liability as a % of % of the Total
as of June 30, Liability Pension Liability Covered Payroll Covered Payroll Pension Liability
2024 0.0216%2,699,409$ 6,682,312$ 40.4%76.2%
2023 0.1173%13,550,553 6,223,072 217.7%76.7%
2022 0.1422%7,691,773 6,238,425 123.3%88.3%
2021 0.1333%14,502,311 7,066,830 205.2%75.1%
2020 0.1313%13,458,200 6,669,204 201.8%75.3%
2019 0.1287%12,403,691 6,064,875 204.5%75.3%
2018 0.1272%12,612,523 5,739,416 219.8%73.3%
2017 0.1257%10,874,098 5,569,002 195.3%74.1%
2016 0.1260%8,651,290 5,480,758 157.8%78.4%
2015 0.0976%6,433,391 5,421,945 118.7%79.8%
Notes to Schedule of Proportionate Share of the Net Pension Liability:
1 The proportions and proportionate share of the net pension liability are measured as of one year behind the reporting date. Refer
to notes to basic financial statements.
Benefit Changes : None
Changes of Assumptions : None
72 149
CITY OF LA QUINTA, CALIFORNIA
Schedules of Plan Contributions
As of June 30, for the Last Ten Fiscal Years 1
Fiscal Year Actuarially Actual Contribution Contribution as a
Ending Determined Employer Deficiency Covered % of Covered
June 30, Contribution Contributions (Excess) Payroll Payroll
2024 1,570,587$ 1,683,062$ (112,475)$ 7,572,846$ 22.2%
2023 1,920,092 13,089,144 (11,169,052) 6,682,312 195.9%
2022 4,650,357 4,650,357 6,223,072 74.7%
2021 2,581,158 2,581,158 - 6,238,425 41.4%
2020 1,479,137 1,479,137 - 7,066,830 20.9%
2019 1,284,275 1,284,275 - 6,669,204 19.3%
2018 1,061,439 1,061,439 - 6,064,875 17.5%
2017 949,231 949,231 - 5,739,416 16.5%
2016 797,603 797,603 - 5,569,002 14.3%
2015 728,073 728,073 - 5,480,758 13.3%
Note to Schedule:
Valuation Date:
Methods and assumptions used to determine contribution rates:
Actuarial cost
Amortization m
Asset valuatio
Inflation
Salary increas
Payroll growth
Investment ra
Retirement ag
Mortality
2024 60,219$ 56,838$ 3,381$ 7,777,068$ 0.7%
2023 78,734 58,070 20,664 6,682,312 0.9%
2022 101,376 91,530 9,846 6,223,072 1.5%
2021 86,939 89,947 (3,008) 6,238,425 1.4%
2020 90,229 98,490 (8,261) 7,066,830 1.4%
2019 88,280 98,584 (10,304) 6,669,204 1.5%
2018 201,513 1,609,970 (1,408,457) 6,064,875 26.5%
Note to Schedule:
Actuarial Cost Me
Amortization Valu
Asset Valuation MFair Value
Inflation 2.30%
Payroll Growth
Investment Rate o5.50% per annum
Healthcare cost-tr
Retirement Age
Mortality
Single Employer OPEB Plan
Miscellaneous Cost-Sharing, Multiple-Employer Pension Plan
June 30, 2022
Entry age normal
Level percentage of payroll, closed
Fair Value
2.50%
Varies by entry age and service
2.75%
6.9% net of pension investment and administrative expenses, including inflation.
The probabilities of retirement are based on the 2017 CalPERS Experience Study for the period from 1997 to
2015.
The probabilities of retirement are based on the 2017 CalPERS Experience Study for the period from 1997 to
2015. Pre-retirement and post-retirement mortality rates include 15 years of projected mortality improvement
using the 90% scale MP 2016 published by the Society of Actuaries.
Based on CalPERS Experience Study and Review of Actuarial Assumptions published in November 2021 for
Public Agency Miscellaneous and Police members.
Entry Age Normal
Level percent of
3.00% per annum, in aggregate
Assumed to start at 6.5% and gradually decrease each year to an ultimate rate of 3.73% in 2075
Based on assumptions for Public Agency Miscellaneous and Police members published in the 2021 CalPERS
Experience Study.
73 150
CITY OF LA QUINTA, CALIFORNIA
Schedule of Changes in Net OPEB Liability and Related Ratios
As of June 30, for the Last Ten Fiscal Years 1
2024 2023 2022
Measurement Date 6/30/2023 6/30/2022 6/30/2021
TOTAL OPEB LIABILITY
Service cost 85,632$ 85,049$ 87,732$
Interest on total pension liability 80,987 107,396 102,210
Changes of benefit terms - - -
Changes of assumptions - 26,883 -
Difference between expected and actual experience (1,901) (623,785) (1,617)
Benefit payments, including refunds of employee
contributions (58,070) (94,021) (89,947)
Net change in total OPEB liability 106,648 (498,478) 98,378
Total OPEB liability-beginning 1,415,511 1,913,989 1,815,611
Total OPEB liability-ending (a)1,522,159 1,415,511 1,913,989
PLAN FIDUCIARY NET POSITION
Contributions-employer 58,070 94,021 89,947
Contributions-employee - - -
Net investment income 63,830 (257,883) 336,983
Benefit payments, including refunds of employee
contributions (58,070) (94,021) (89,947)
Net plan to plan resource movement - - -
Administrative expense (514) (518) (624)
Other miscellaneous income/(expense)- - -
Net change in fiduciary net position 63,316 (258,401) 336,359
Plan fiduciary net position-beginning 1,792,999 2,051,400 1,715,041
Plan fiduciary net position-ending (b)1,856,315 1,792,999 2,051,400
Net OPEB liability/(asset) (a) - (b)(334,156)$ (377,488)$ (137,411)$
Plan fiduciary net position as a percentage of the
total OPEB liability 122.0% 126.7% 107.2%
Covered payroll 6,682,312$ 6,223,072$ 6,238,425$
Plan net OPEB liability/(asset) as a percentage of
covered payroll -5.0%-6.1%-2.2%
Notes to Schedule of Changes in the Net OPEB Liability and Related Ratios:
1 Fiscal year 2018 was the first year of GASB Statement No. 75 implementation; therefore only seven years are shown.
Benefit Changes : None
Changes of Assumptions : None
74 151
2021 2020 2019 2018
6/30/2020 6/30/2019 6/30/2018 6/30/2017
88,219$ 85,174$ 93,438$ 90,827$
97,183 93,071 100,177 93,346
- - - -
44,464 (14,219) (44,229) -
103,495 - 71,533 -
(98,490) (98,584) (86,570) (91,822)
234,871 65,442 134,349 92,351
1,580,740 1,515,298 1,380,949 1,288,598
1,815,611 1,580,740 1,515,298 1,380,949
98,490 98,584 1,609,970 -
- - - -
88,052 106,805 (1,680) -
(98,490) (98,584) (86,570) -
- - - -
(803) (327) (406) -
- - - -
87,249 106,478 1,521,314 -
1,627,792 1,521,314 - -
1,715,041 1,627,792 1,521,314 -
100,570$ (47,052)$ (6,016)$ 1,380,949$
94.5% 103.0% 100.4%0.0%
7,066,830$ 6,669,204$ 6,064,875$ 5,603,428$
1.4%-0.7%-0.1%24.6%
75 152
CITY OF LA QUINTA, CALIFORNIA
Notes to Required Supplementary Information
For the Year Ended June 30, 2024
NOTE 1: BUDGET PROCEDURES
General Budget Policies
The City adopts an annual budget prepared on the modified accrual basis of accounting for its governmental funds
and on the accrual basis of accounting for its proprietary funds. The City manager or his designee is authorized to
transfer budgeted amounts between the accounts of any department or funds that are approved by City Council.
Prior year appropriations lapse unless they are approved for carryover into the following fiscal year. Expenditures
may not legally exceed appropriations at the department level.
The City did not adopt a budget for the Transportation Uniform Mitigation Fee Special Revenue Fund.
Budget Basis of Accounting
Budget for governmental funds is adopted on a basis consistent with generally accepted accounting principles
(GAAP).
Expenditures in Excess of Appropriations
The following funds had expenditures in excess of appropriations for the year ended June 30, 2024:
Budget Actual Variance
General Fund
Debt Service -$ 24,452$ (24,452)$
Wellness center operations 707,870 742,608 (34,738)
AB 939
Planning and Development 150,000 270,646 (120,646)
Measure A
Public Works - 7,806 (7,806)
Library Development
Debt Service 15,000 32,495 (17,495)
76 153
Supplementary Information
For the Year Ended June 30, 2024
City of La Quinta, California
77 154
City of La Quinta, California
Other Governmental Funds
For the Year Ended June 30, 2024
Special Revenue Funds
Special revenue funds are used to account for specific revenues (other than expendable trusts and major capital
projects) and the related expenditures that are legally required to be accounted for in a separate fund. The City of
La Quinta has the following Special Revenue Funds:
State Gas Tax Fund – To account for gasoline allocations made by the State of California. These revenues are
restricted by the State to expenditures for street-related purposes only.
Library and Museum Fund – To account for revenues from property tax increment dedicated library and museum
services.
Federal Assistance Fund – To account for revenues from the Community Development Block Grants received
from the Federal Government and the expenditures of those resources.
State Law Enforcement Services Account (SLESA) Fund – To account for state funded “Citizens for Public Safety”
(COPS) program activities, as per Assembly Bill 3229, which supplements frontline police services such as
anti- gang community crime prevention.
Lighting and Landscaping Fund – To account for special assessments levied on real property and the expenditure
thereof from City-wide lighting and landscape maintenance and improvements.
Quimby Fund – To account for the accumulation of developer fees received under the provisions of the Quimby
Act for park development and improvements. Capital projects to be funded from this source will be budgeted and
expended in a separate capital projects fund.
La Quinta Public Safety Officer Fund – To account for contributions to be distributed to public safety officers
disabled or killed in the line of duty.
Art in Public Places – To account for development fees paid in lieu of acquisition and installation of approved
artworks in a development with expenditures restricted to acquisition, installation, maintenance and repair of
artworks at approved sites.
South Coast Air Quality Fund – To account for contributions from the South Coast Air Quality Management
District. Use is limited to reduction and control of airborne pollutants.
AB 939 Fund – To account for the State mandated program to reduce waste sent to the landfills through recycling
efforts.
Housing Grant Fund – To account for housing related grants as required by outside agencies for reporting
purposes.
Law Enforcement Fund – To account for law enforcement grants and restricted revenue for public safety.
78 155
City of La Quinta, California
Other Governmental Funds
For the Year Ended June 30, 2024
Measure A Fund – In 1988, Riverside County voters approved a half cent sales tax, known as Measure A, to fund
a variety of highway improvements, local street and road maintenance, commuter assistance and specialized
highway transit projects. This fund is used to collect this tax and pursuant to the provision of Measure A, it is
restricted for local street and road expenditures.
Economic Development Fund – To account for the revenues and expenditures related to proceeds from sale of
City owned land and future economic development.
AB 1379 Fund – To account for the revenues and expenditures related to the annual business license accessibility
fee to be used for expenses enhancing accessibility requirements.
Transportation Uniform Mitigation Fee Fund – To account for the revenues and expenditures related to
Transportation Uniform Mitigation Fee monies.
Capital Project Funds
Capital projects funds account for the financial resources to be used for the acquisition, construction or
improvements of major capital facilities and infrastructure.
Infrastructure Fund – To account for the accumulation of resources provided through developer fees for the
acquisition, construction or improvement of the City’s infrastructure, prior to adoption of the new Developer Impact
Fee Structure on August 16, 1999. This fund accounts for all developer resources received prior to this date, and
is budgeted by the Council through adoption of the annual capital improvement program budget.
Civic Center Fund – This fund accounts for the accumulation of resources provided through developer fees for the
acquisition, construction, or improvement of the Civic Center.
Maintenance Facilities DIF, Transportation Fund, Parks and Recreations Fund, Library Development Fund,
Community Center Fund, Street Facility Fund, Park Facility Fund, Fire Facility Fund – To account for the
accumulation of resources provided through developer fees for the acquisition, construction, or improvement of the
City’s infrastructure. The Developer Impact Fee was adopted by the City Council on August 16, 1999. Eight funds
have been established to account for the specific impact areas of these fees, and are budgeted by the Council
through adoption of the annual Capital Improvement Program budget.
Debt Service Funds
Debt Service Funds are used to account for the accumulation of resources for, and the payment of, governmental
long-term debt principal and interest.
La Quinta Financing Authority Fund – This fund is used to account for the debt service that will be used for the
principal and interest payments of the Financing Authority’s outstanding debt and any related reporting
requirements.
79 156
CITY OF LA QUINTA, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments 3,254,798$ 12,310,074$ 2,259$ 619,464$
Receivables:
Accounts - - - -
Taxes 260,922 - - -
Accrued interest 3,859 14,679 3 739
Due from other governments - 1,528,165 - -
Prepaid costs - 500 - -
Total assets 3,519,579$ 13,853,418$ 2,262$ 620,203$
LIABILITIES
Accounts payable 357,883 189,668 - 14,615
Accrued liabilities 19,913 3,766 - -
Due to other governments - - - -
Due to other funds - - - -
Total liabilities 377,796 193,434 - 14,615
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - -
Total deferred inflows of resources - - - -
FUND BALANCES (DEFICITS)
Nonspendable - 500 - -
Restricted 3,141,783 13,659,484 2,262 605,588
Unassigned - - - -
Total fund balances (deficits)3,141,783 13,659,984 2,262 605,588
Total liabilities, deferred inflows of resources,
and fund balances (deficits)3,519,579$ 13,853,418$ 2,262$ 620,203$
Special Revenue Funds
State Gas Tax
Library and
Museum
Federal
Assistance SLESA
80 157
CITY OF LA QUINTA, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Accrued interest
Due from other governments
Prepaid costs
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Due to other governments
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Nonspendable
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
987,565$ -$ 57,731$ 974,926$
- - - -
19,993 - - -
1,159 - 69 1,162
- - - -
- - - -
1,008,717$ -$ 57,800$ 976,088$
97,847 - - 1,250
15,712 - - -
- - - -
- 735,460 - -
113,559 735,460 - 1,250
- - - -
- - - -
- - - -
895,158 - 57,800 974,838
- (735,460) - -
895,158 (735,460) 57,800 974,838
1,008,717$ -$ 57,800$ 976,088$
Special Revenue Funds
Art in Public
Places
Lighting and
Landscaping Quimby
La Quinta
Public Safety
Officer
81 158
CITY OF LA QUINTA, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Accrued interest
Due from other governments
Prepaid costs
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Due to other governments
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Nonspendable
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
135,737$ 681,703$ -$ 190,785$
- - - -
- - - -
162 813 - 228
12,778 3,466 - 11,875
- - - -
148,677$ 685,982$ -$ 202,888$
22,489 3,032 - 3,936
- - - -
- - - -
- - 60,267 16,482
22,489 3,032 60,267 20,418
- - - -
- - - -
- - - -
126,188 682,950 - 182,470
- - (60,267) -
126,188 682,950 (60,267) 182,470
148,677$ 685,982$ -$ 202,888$
Special Revenue Funds
South Coast
Air Quality AB939 Housing Grant
Law
Enforcement
82 159
CITY OF LA QUINTA, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Accrued interest
Due from other governments
Prepaid costs
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Due to other governments
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Nonspendable
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
3,111,649$ 3,489,330$ 104,609$ 50,248$
- 108,563 - 190
351,688 - - -
3,712 4,161 125 -
- - - -
- - - -
3,467,049$ 3,602,054$ 104,734$ 50,438$
- 7,561 1,574 43,841
- - - -
- - - -
- - - -
- 7,561 1,574 43,841
- 108,563 - -
- 108,563 - -
- - - -
3,467,049 3,485,930 103,160 6,597
- - - -
3,467,049 3,485,930 103,160 6,597
3,467,049$ 3,602,054$ 104,734$ 50,438$
Special Revenue Funds
AB 1379
Transportation
Uniform
Mitigation Fee Measure A
Economic
Development
83 160
CITY OF LA QUINTA, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Accrued interest
Due from other governments
Prepaid costs
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Due to other governments
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Nonspendable
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
362,094$ 20,170$ 1,863,388$ 5,861,017$
- - - -
- - - -
433 24 2,222 6,991
- - - -
- - - -
362,527$ 20,194$ 1,865,610$ 5,868,008$
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
362,527 20,194 1,865,610 5,868,008
- - - -
362,527 20,194 1,865,610 5,868,008
362,527$ 20,194$ 1,865,610$ 5,868,008$
Capital Projects Funds
Maintenance
Facilities DIF Infrastructure Civic Center
Transportation
84 161
CITY OF LA QUINTA, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Accrued interest
Due from other governments
Prepaid costs
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Due to other governments
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Nonspendable
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
1,668,706$ -$ 1,106,241$ 84,131$
- - - -
- - - -
1,991 - 1,320 100
- - - -
- - - -
1,670,697$ -$ 1,107,561$ 84,231$
- - - -
- - - -
- 1,118,627 - -
- - - -
- 1,118,627 - -
- - - -
- - - -
- - - -
1,670,697 - 1,107,561 84,231
- (1,118,627) - -
1,670,697 (1,118,627) 1,107,561 84,231
1,670,697$ -$ 1,107,561$ 84,231$
Capital Projects Funds
Library
Development
Community
Center Street Facility
Parks and
Recreation
85 162
CITY OF LA QUINTA, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Accrued interest
Due from other governments
Prepaid costs
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Due to other governments
Due to other funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Nonspendable
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
Total
Nonmajor
Funds
7,923$ 638,527$ 907$ 37,583,982$
- - - 108,753
- - - 632,603
11 762 - 44,725
- - - 1,556,284
- - - 500
7,934$ 639,289$ 907$ 39,926,847$
- - 907 744,603
- - - 39,391
- - - 1,118,627
- - - 812,209
- - 907 2,714,830
- - - 108,563
- - - 108,563
- - - 500
7,934 639,289 - 39,017,308
- - - (1,914,354)
7,934 639,289 - 37,103,454
7,934$ 639,289$ 907$ 39,926,847$
Debt Service
Funds
Financing
Authority Park Facility Fire Facility
Capital Projects Funds
86 163
CITY OF LA QUINTA, CALIFORNIA
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes -$ -$ -$ -$
Assessments - - - -
Intergovernmental 2,024,451 3,835,414 371,978 186,159
Use of money and property 137,834 529,486 108 24,594
Developer fees - - - -
Miscellaneous - 3,634 - -
Total revenues 2,162,285 4,368,534 372,086 210,753
EXPENDITURES
Current:
General government - - - -
Public safety - - - 86,931
Community services - 1,866,679 - -
Planning and development - - - -
Public works 2,088,178 - 16,419 -
Capital Outlay - - - -
Debt service:
Principal - - - -
Interest and fiscal charges - - - -
Total expenditures 2,088,178 1,866,679 16,419 86,931
Excess (deficiency) of revenues
over (under) expenditures 74,107 2,501,855 355,667 123,822
OTHER FINANCING SOURCES (USES)
Transfers In 1,250,000 - - -
Transfers Out (969,409) (389,578) (355,559) -
Total other financing sources (uses)280,591 (389,578) (355,559) -
Net change in fund balances 354,698 2,112,277 108 123,822
Fund balances (deficit)-beginning 2,787,085 11,547,707 2,154 481,766
Fund balances (deficit)-ending 3,141,783$ 13,659,984$ 2,262$ 605,588$
Special Revenue Funds
State Gas Tax
Library and
Museum
Federal
Assistance SLESA
87 164
CITY OF LA QUINTA, CALIFORNIA
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Assessments
Intergovernmental
Use of money and property
Developer fees
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community services
Planning and development
Public works
Capital Outlay
Debt service:
Principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
-$ -$ -$ -$
988,238 - - -
- - - -
44,125 - 2,660 43,373
- - - 131,312
- - - -
1,032,363 - 2,660 174,685
- - - -
- - - -
- - - 62,745
- - - -
2,691,283 - - -
- - - 57,549
- - - -
- - - -
2,691,283 - - 120,294
(1,658,920) - 2,660 54,391
2,000,000 - 2,000 50,000
- - - (913)
2,000,000 - 2,000 49,087
341,080 - 4,660 103,478
554,078 (735,460) 53,140 871,360
895,158$ (735,460)$ 57,800$ 974,838$
Special Revenue Funds
Lighting and
Landscaping Quimby
La Quinta
Public Safety
Officer
Art in Public
Places
88 165
CITY OF LA QUINTA, CALIFORNIA
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Assessments
Intergovernmental
Use of money and property
Developer fees
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community services
Planning and development
Public works
Capital Outlay
Debt service:
Principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
-$ 71,595$ -$ -$
- - - -
51,086 116,290 - 40,737
4,148 34,711 - 9,838
- - - -
- - - -
55,234 222,596 - 50,575
- - - -
- - - 13,886
- - - -
38,315 270,646 - -
- - - -
- - - -
- - - -
- - - -
38,315 270,646 - 13,886
16,919 (48,050) - 36,689
23,049 - - -
- - - (21,312)
23,049 - - (21,312)
39,968 (48,050) - 15,377
86,220 731,000 (60,267) 167,093
126,188$ 682,950$ (60,267)$ 182,470$
Special Revenue Funds
South Coast
Air Quality AB939 Housing Grant
Law
Enforcement
89 166
CITY OF LA QUINTA, CALIFORNIA
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Assessments
Intergovernmental
Use of money and property
Developer fees
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community services
Planning and development
Public works
Capital Outlay
Debt service:
Principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
1,959,770$ -$ -$ -$
- - - -
- - 15,732 -
155,513 224,799 4,423 -
- - - -
- - - -
2,115,283 224,799 20,155 -
- - - -
- - - -
- 16,632 - -
- 5,711 1,574 -
7,806 - - -
- - - -
- - - -
- - - -
7,806 22,343 1,574 -
2,107,477 202,456 18,581 -
- - - -
(2,754,523) - - -
(2,754,523) - - -
(647,046) 202,456 18,581 -
4,114,095 3,283,474 84,579 6,597
3,467,049$ 3,485,930$ 103,160$ 6,597$
Special Revenue Funds
Measure A
Economic
Development AB 1379
Transportation
Uniform
Mitigation Fee
90 167
CITY OF LA QUINTA, CALIFORNIA
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Assessments
Intergovernmental
Use of money and property
Developer fees
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community services
Planning and development
Public works
Capital Outlay
Debt service:
Principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
-$ -$ -$ -$
- - - -
- - - -
15,620 952 83,216 266,581
35,224 - 114,700 95,552
- - - -
50,844 952 197,916 362,133
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
50,844 952 197,916 362,133
- - - -
- - - (12,267)
- - - (12,267)
50,844 952 197,916 349,866
311,683 19,242 1,667,694 5,518,142
362,527$ 20,194$ 1,865,610$ 5,868,008$
Capital Projects Funds
Maintenance
Facilities DIF Infrastructure Civic Center
Transportation
91 168
CITY OF LA QUINTA, CALIFORNIA
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Assessments
Intergovernmental
Use of money and property
Developer fees
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community services
Planning and development
Public works
Capital Outlay
Debt service:
Principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
-$ -$ -$ -$
- - - -
- - - -
81,561 - 48,991 3,970
257,597 32,495 78,250 -
- - - -
339,158 32,495 127,241 3,970
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- 32,495 - -
- 32,495 - -
339,158 - 127,241 3,970
- - - -
(277,670) - - -
(277,670) - - -
61,488 - 127,241 3,970
1,609,209 (1,118,627) 980,320 80,261
1,670,697$ (1,118,627)$ 1,107,561$ 84,231$
Capital Projects Funds
Parks and
Recreation
Library
Development
Community
Center Street Facility
92 169
CITY OF LA QUINTA, CALIFORNIA
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Assessments
Intergovernmental
Use of money and property
Developer fees
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community services
Planning and development
Public works
Capital Outlay
Debt service:
Principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
Total
Nonmajor
Funds
-$ -$ -$ 2,031,365$
- - - 988,238
- - - 6,641,847
375 28,724 907 1,746,509
- 34,257 - 779,387
- - - 3,634
375 62,981 907 12,190,980
- - 907 907
- - - 100,817
- - - 1,946,056
- - - 316,246
- - - 4,803,686
- - - 57,549
- - - -
- - - 32,495
- - 907 7,257,756
375 62,981 - 4,933,224
- - - 3,325,049
- - - (4,781,231)
- - - (1,456,182)
375 62,981 - 3,477,042
7,559 576,308 - 33,626,412
7,934$ 639,289$ -$ 37,103,454$
Capital Projects Funds
Debt Service
Funds
Park Facility Fire Facility
Financing
Authority
93 170
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
State Gas Tax
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental 1,948,600$ 1,987,900$ 2,024,451$ 36,551$
Use of money and property 10,000 10,000 137,834 127,834
Total revenues 1,958,600 1,997,900 2,162,285 164,385
EXPENDITURES
Current:
Public works 1,885,000 2,935,000 2,088,178 846,822
Total expenditures 1,885,000 2,935,000 2,088,178 846,822
Excess (deficiency) of revenues
over (under) expenditures 73,600 (937,100) 74,107 1,011,207
OTHER FINANCING SOURCES (USES)
Transfers in 500,000 1,250,000 1,250,000 -
Transfers out (917,400) (2,626,461) (969,409) 1,657,052
Total other financing sources (uses)(417,400) (1,376,461) 280,591 1,657,052
Net change in fund balances (343,800)$ (2,313,561)$ 354,698 2,668,259$
Fund balances (deficit)-beginning 2,787,085
Fund balances (deficit)-ending 3,141,783$
94 171
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Library and Museum
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental 2,850,000$ 2,850,000$ 3,835,414$ 985,414$
Use of money and property 70,000 70,000 529,486 459,486
Miscellaneous 2,000 2,000 3,634 1,634
Total revenues 2,922,000 2,922,000 4,368,534 1,446,534
EXPENDITURES
Current:
Community services 2,240,160 2,240,160 1,866,679 373,481
Total expenditures 2,240,160 2,240,160 1,866,679 373,481
Excess (deficiency) of revenues
over (under) expenditures 681,840 681,840 2,501,855 1,820,015
OTHER FINANCING SOURCES (USES)
Transfers out - (2,694,323) (389,578) 2,304,745
Total other financing sources (uses)- (2,694,323) (389,578) 2,304,745
Net change in fund balances 681,840$ (2,012,483)$ 2,112,277 4,124,760$
Fund balances (deficit)-beginning 11,547,707
Fund balances (deficit)-ending 13,659,984$
95 172
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Federal Assistance
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental 156,000$ 375,259$ 371,978$ (3,281)$
Use of money and property - - 108 108
Total revenues 156,000 375,259 372,086 (3,173)
EXPENDITURES
Current:
Public works 20,000 20,000 16,419 3,581
Total expenditures 20,000 20,000 16,419 3,581
Excess (deficiency) of revenues
over (under) expenditures 136,000 355,259 355,667 408
OTHER FINANCING SOURCES (USES)
Transfers out (136,300) (355,559) (355,559) -
Total other financing sources (uses)(136,300) (355,559) (355,559) -
Net change in fund balances (300)$ (300)$ 108 408$
Fund balances (deficit)-beginning 2,154
Fund balances (deficit)-ending 2,262$
96 173
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
State Law Enforcement Services
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental 100,000$ 160,000$ 186,159$ 26,159$
Use of money and property 1,500 1,500 24,594 23,094
Total revenues 101,500 161,500 210,753 49,253
EXPENDITURES
Current:
Public safety 100,000 100,000 86,931 13,069
Total expenditures 100,000 100,000 86,931 13,069
Net change in fund balances 1,500$ 61,500$ 123,822 62,322$
Fund balances (deficit)-beginning 481,766
Fund balances (deficit)-ending 605,588$
97 174
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Lighting and Landscaping
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Assessments 989,000$ 989,000$ 988,238$ (762)$
Use of money and property 3,000 3,000 44,125 41,125
Total revenues 992,000 992,000 1,032,363 40,363
EXPENDITURES
Current:
Public works 3,186,915 3,353,915 2,691,283 662,632
Total expenditures 3,186,915 3,353,915 2,691,283 662,632
Excess (deficiency) of revenues
over (under) expenditures (2,194,915) (2,361,915) (1,658,920) 702,995
OTHER FINANCING SOURCES (USES)
Transfers in 2,000,000 2,000,000 2,000,000 -
Total other financing sources (uses)2,000,000 2,000,000 2,000,000 -
Net change in fund balances (194,915)$ (361,915)$ 341,080 702,995$
Fund balances (deficit)-beginning 554,078
Fund balances (deficit)-ending 895,158$
98 175
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Quimby
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
OTHER FINANCING SOURCES (USES)
Transfers out -$ (445,176)$ -$ 445,176$
Total other financing sources (uses)- (445,176) - 445,176
Net change in fund balances -$ (445,176)$ - 445,176$
Fund balances (deficit)-beginning (735,460)
Fund balances (deficit)-ending (735,460)$
99 176
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
La Quinta Public Safety Officer
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 500$ 500$ 2,660$ 2,160$
Total revenues 500 500 2,660 2,160
OTHER FINANCING SOURCES (USES)
Transfers in 2,000 2,000 2,000 -
Total other financing sources (uses)2,000 2,000 2,000 -
Net change in fund balances 2,500$ 2,500$ 4,660 2,160$
Fund balances (deficit)-beginning 53,140
Fund balances (deficit)-ending 57,800$
100 177
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Art in Public Places
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 4,000$ 4,000$ 43,373$ 39,373$
Developer fees 100,000 100,000 131,312 31,312
Total revenues 104,000 104,000 174,685 70,685
EXPENDITURES
Current:
Community services 83,000 83,000 62,745 20,255
Capital outlay 150,000 150,000 57,549 92,451
Total expenditures 233,000 233,000 120,294 112,706
Excess (deficiency) of revenues
over (under) expenditures (129,000) (129,000) 54,391 183,391
OTHER FINANCING SOURCES (USES)
Transfers in 50,000 50,000 50,000 -
Transfers out - (509,711) (913) 508,798
Total other financing sources (uses)50,000 (459,711) 49,087 508,798
Net change in fund balances (79,000)$ (588,711)$ 103,478 692,189$
Fund balances (deficit)-beginning 871,360
Fund balances (deficit)-ending 974,838$
101 178
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
South Coast Air Quality
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental 54,000$ 54,000$ 51,086$ (2,914)$
Use of money and property 1,000 1,000 4,148 3,148
Total revenues 55,000 55,000 55,234 234
EXPENDITURES
Current:
Planning and development 54,000 39,000 38,315 685
Total expenditures 54,000 39,000 38,315 685
Excess (deficiency) of revenues
over (under) expenditures 1,000 16,000 16,919 919
OTHER FINANCING SOURCES (USES)
Transfers in - 25,000 23,049 (1,951)
Total other financing sources (uses)- 25,000 23,049 (1,951)
Net change in fund balances 1,000$ 41,000$ 39,968 (1,032)$
Fund balances (deficit)-beginning 86,220
Fund balances (deficit)-ending 126,188$
102 179
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
AB 939
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes 65,000$ 65,000$ 71,595$ 6,595$
Intergovernmental - - 116,290 116,290
Use of money and property 5,000 5,000 34,711 29,711
Total revenues 70,000 70,000 222,596 152,596
EXPENDITURES
Current:
Planning and development 150,000 150,000 270,646 (120,646)
Total expenditures 150,000 150,000 270,646 (120,646)
Net change in fund balances (80,000)$ (80,000)$ (48,050) 31,950$
Fund balances (deficit)-beginning 731,000
Fund balances (deficit)-ending 682,950$
103 180
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Law Enforcement
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental 17,000$ 17,000$ 40,737$ 23,737$
Use of money and property 3,000 3,000 9,838 6,838
Total revenues 20,000 20,000 50,575 30,575
EXPENDITURES
Current:
Public safety 17,000 17,000 13,886 3,114
Total expenditures 17,000 17,000 13,886 3,114
Excess (deficiency) of revenues
over (under) expenditures 3,000 3,000 36,689 33,689
OTHER FINANCING SOURCES (USES)
Transfers out - (41,687) (21,312) 20,375
Total other financing sources (uses)- (41,687) (21,312) 20,375
Net change in fund balances 3,000$ (38,687)$ 15,377 54,064$
Fund balances (deficit)-beginning 167,093
Fund balances (deficit)-ending 182,470$
104 181
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Measure A
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes 2,013,000$ 2,013,000$ 1,959,770$ (53,230)$
Use of money and property 15,000 15,000 155,513 140,513
Total revenues 2,028,000 2,028,000 2,115,283 87,283
EXPENDITURES
Current:
Public works - - 7,806 (7,806)
Total expenditures - - 7,806 (7,806)
Excess (deficiency) of revenues
over (under) expenditures 2,028,000 2,028,000 2,107,477 79,477
OTHER FINANCING SOURCES (USES)
Transfers out (1,865,000) (4,810,319) (2,754,523) 2,055,796
Total other financing sources (uses)(1,865,000) (4,810,319) (2,754,523) 2,055,796
Net change in fund balances 163,000$ (2,782,319)$ (647,046) 2,135,273$
Fund balances (deficit)-beginning 4,114,095
Fund balances (deficit)-ending 3,467,049$
105 182
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Economic Development
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 20,000$ 20,000$ 224,799$ 204,799$
Total revenues 20,000 20,000 224,799 204,799
EXPENDITURES
Current:
Community services 20,000 20,000 16,632 3,368
Planning and development 11,500 11,500 5,711 5,789
Total expenditures 31,500 31,500 22,343 9,157
Net change in fund balances (11,500)$ (11,500)$ 202,456 213,956$
Fund balances (deficit)-beginning 3,283,474
Fund balances (deficit)-ending 3,485,930$
106 183
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
AB 1379
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental 20,000$ 20,000$ 15,732$ (4,268)$
Use of money and property 500 500 4,423 3,923
Total revenues 20,500 20,500 20,155 (345)
EXPENDITURES
Current:
Planning and development 5,500 5,500 1,574 3,926
Total expenditures 5,500 5,500 1,574 3,926
Net change in fund balances 15,000$ 15,000$ 18,581 3,581$
Fund balances (deficit)-beginning 84,579
Fund balances (deficit)-ending 103,160$
107 184
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Capital Improvements
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental 3,000,000$ 40,608,349$ 14,078,555$ (26,529,794)$
Developer fees - 114,766 100,044 (14,722)
Total revenues 3,000,000 40,723,115 14,178,599 (26,544,516)
EXPENDITURES
Current:
Public safety - 2,557,678 - 2,557,678
Capital outlay 17,950,700 83,309,195 24,630,204 58,678,991
Total expenditures 17,950,700 85,866,873 24,630,204 61,236,669
Excess (deficiency) of revenues
over (under) expenditures (14,950,700) (45,143,758) (10,451,605) 34,692,153
OTHER FINANCING SOURCES (USES)
Transfers in 14,950,700 49,965,557 14,366,766 (35,598,791)
Total other financing sources (uses) 14,950,700 49,965,557 14,366,766 (35,598,791)
Net change in fund balances -$ 4,821,799$ 3,915,161 (906,638)$
Fund balances (deficit)-beginning (6,099,608)
Fund balances (deficit)-ending (2,184,447)$
108 185
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Maintenance Facilities DIF
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 1,000$ 1,000$ 15,620$ 14,620$
Developer fees 100,000 45,000 35,224 (9,776)
Total revenues 101,000 46,000 50,844 4,844
OTHER FINANCING SOURCES (USES)
Transfers out (180,000) (180,000) - 180,000
Total other financing sources (uses)(180,000) (180,000) - 180,000
Net change in fund balances (79,000)$ (134,000)$ 50,844 184,844$
Fund balances (deficit)-beginning 311,683
Fund balances (deficit)-ending 362,527$
109 186
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Infrastructure
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 500$ 500$ 952$ 452$
Total revenues 500 500 952 452
Net change in fund balances 500$ 500$ 952 452$
Fund balances (deficit)-beginning 19,242
Fund balances (deficit)-ending 20,194$
110 187
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Civic Center
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 1,500$ 1,500$ 83,216$ 81,716$
Developer fees 500,000 140,000 114,700 (25,300)
Total revenues 501,500 141,500 197,916 56,416
OTHER FINANCING SOURCES (USES)
Transfers out - (249,925) - 249,925
Total other financing sources (uses)- (249,925) - 249,925
Net change in fund balances 501,500$ (108,425)$ 197,916 306,341$
Fund balances (deficit)-beginning 1,667,694
Fund balances (deficit)-ending 1,865,610$
111 188
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Transportation
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 20,000$ 20,000$ 266,581$ 246,581$
Developer fees 1,100,000 200,000 95,552 (104,448)
Total revenues 1,120,000 220,000 362,133 142,133
OTHER FINANCING SOURCES (USES)
Transfers out (150,000) (1,269,775) (12,267) 1,257,508
Total other financing sources (uses)(150,000) (1,269,775) (12,267) 1,257,508
Net change in fund balances 970,000$ (1,049,775)$ 349,866 1,399,641$
Fund balances (deficit)-beginning 5,518,142
Fund balances (deficit)-ending 5,868,008$
112 189
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Parks and Recreation
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 1,500$ 1,500$ 81,561$ 80,061$
Developer fees 750,000 300,000 257,597 (42,403)
Total revenues 751,500 301,500 339,158 37,658
OTHER FINANCING SOURCES (USES)
Transfers out (650,000) (1,121,285) (277,670) 843,615
Total other financing sources (uses)(650,000) (1,121,285) (277,670) 843,615
Net change in fund balances 101,500$ (819,785)$ 61,488 881,273$
Fund balances (deficit)-beginning 1,609,209
Fund balances (deficit)-ending 1,670,697$
113 190
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Library Development
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Developer fees 100,000$ 40,000$ 32,495$ (7,505)$
Total revenues 100,000 40,000 32,495 (7,505)
EXPENDITURES
Debt service:
Principal - - - -
Interest and fiscal charges 15,000 15,000 32,495 (17,495)
Total expenditures 15,000 15,000 32,495 (17,495)
Net change in fund balances 85,000$ 25,000$ - (25,000)$
Fund balances (deficit)-beginning (1,118,627)
Fund balances (deficit)-ending (1,118,627)$
114 191
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Community Center
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 2,500$ 2,500$ 48,991$ 46,491$
Developer fees 250,000 100,000 78,250 (21,750)
Total revenues 252,500 102,500 127,241 24,741
OTHER FINANCING SOURCES (USES)
Transfers out - (125,000) - 125,000
Total other financing sources (uses)- (125,000) - 125,000
Net change in fund balances 252,500$ (22,500)$ 127,241 149,741$
Fund balances (deficit)-beginning 980,320
Fund balances (deficit)-ending 1,107,561$
115 192
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Street Facility
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 1,000$ 1,000$ 3,970$ 2,970$
Total revenues 1,000 1,000 3,970 2,970
Net change in fund balances 1,000$ 1,000$ 3,970 2,970$
Fund balances (deficit)-beginning 80,261
Fund balances (deficit)-ending 84,231$
116 193
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Park Facility
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 100$ 100$ 375$ 275$
Total revenues 100 100 375 275
Net change in fund balances 100$ 100$ 375 275$
Fund balances (deficit)-beginning 7,559
Fund balances (deficit)-ending 7,934$
117 194
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Fire Facility
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 1,500$ 1,500$ 28,724$ 27,224$
Developer fees 150,000 40,000 34,257 (5,743)
Total revenues 151,500 41,500 62,981 21,481
Net change in fund balances 151,500$ 41,500$ 62,981 21,481$
Fund balances (deficit)-beginning 576,308
Fund balances (deficit)-ending 639,289$
118 195
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
Financing Authority
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property 1,100$ 1,100$ 907$ (193)$
Total revenues 1,100 1,100 907 (193)
EXPENDITURES
Current:
General government 1,100 1,100 907 193
Total expenditures 1,100 1,100 907 193
Net change in fund balances -$ -$ - -$
Fund balances (deficit)-beginning -
Fund balances (deficit)-ending -$
119 196
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120 197
City of La Quinta, California
Internal Service Funds
For the Year Ended June 30, 2024
Internal service funds are used to account for activities involved in rendering services to departments within the
City. Costs of materials and services used are accumulated in this fund and charged to the user departments as
such goods are delivered or services rendered.
The City of La Quinta has the following Internal Service Funds:
Equipment Replacement Fund – To account for the operational maintenance and ultimate replacement of City
owned and operated vehicles and equipment.
Information Technology Fund – To account for the purchase and replacement of information systems.
Park Equipment and Facilities Fund – To account for the purchase and replacement of City owned and operated
park equipment and facilities.
Insurance Fund – To account for the City’s insurance coverage.
121 198
CITY OF LA QUINTA, CALIFORNIA
Combining Statement of Net Position
Internal Service Funds
June 30, 2024
Total Internal
Service
Funds
ASSETS
Current assets:
Cash and investments 5,350,294$ 3,955,581$ 3,844,536$ 886,531$ 14,036,942$
Receivables:
Accrued interest 6,381 4,715 4,585 1,058 16,739
Prepaid costs - 120,799 - - 120,799
Total current assets 5,356,675 4,081,095 3,849,121 887,589 14,174,480
Noncurrent:
Capital assets, net 1,659,179 688,261 12,096,830 - 14,444,270
Total noncurrent assets 1,659,179 688,261 12,096,830 - 14,444,270
Total assets 7,015,854 4,769,356 15,945,951 887,589 28,618,750
LIABILITIES
Current liabilities:
Accounts payable 29,942 189,554 1,071,053 - 1,290,549
Accrued liabilities - 2,057 - - 2,057
Accrued interest 142 7,018 - - 7,160
Leases 38,288 - - - 38,288
Subscriptions - 194,001 - - 194,001
Total current liabilities 68,372 392,630 1,071,053 - 1,532,055
Noncurrent liabilities:
Leases 11,272 - - - 11,272
Subscriptions - 88,308 - - 88,308
Total noncurrent liabilities 11,272 88,308 - - 99,580
Total liabilities 79,644 480,938 1,071,053 - 1,631,635
NET POSITION
Net Investment in Capital Assets 1,609,619 405,952 12,096,830 - 14,112,401
Net Position, Unrestricted 5,326,591 3,882,466 2,778,068 887,589 12,874,714
Total net position 6,936,210$ 4,288,418$ 14,874,898$ 887,589$ 26,987,115$
Equipment
Replacement
Information
Technology
Park
Equipment
and Facilities Insurance
122 199
CITY OF LA QUINTA, CALIFORNIA
Combining Statement of Revenues, Expenses and
Changes in Net Position
Internal Service Funds
For the Year Ended June 30, 2024
Total Internal
Service
Funds
OPERATING REVENUES
Sales and service charges 1,560,485$ 3,086,333$ 1,000,000$ 1,361,230$ 7,008,048$
Total operating revenues 1,560,485 3,086,333 1,000,000 1,361,230 7,008,048
OPERATING EXPENSES
Administration and general 35,089 46,896 - 280,712 362,697
Contract services - 746,292 417,199 827,828 1,991,319
Software and supplies - 947,382 - - 947,382
Fuel and oil 119,877 - - - 119,877
Maintenance and parts 243,679 - - - 243,679
Depreciation and amortization 522,457 477,564 605,913 - 1,605,934
Total operating expenses 921,102 2,218,134 1,023,112 1,108,540 5,270,888
Operating income (loss)639,383 868,199 (23,112) 252,690 1,737,160
NONOPERATING REVENUES (EXPENSES)
Interest Revenue 220,550 158,676 177,615 22,308 579,149
Interest Expense (1,586) (14,123) - - (15,709)
Other Income 4,272 - - - 4,272
Gain (loss) on disposal of capital assets (16,504) - - - (16,504)
Total nonoperating revenues (expenses) 206,732 144,553 177,615 22,308 551,208
Income (loss) before transfers 846,115 1,012,752 154,503 274,998 2,288,368
Transfers out (350) - - - (350)
Change in net position 845,765 1,012,752 154,503 274,998 2,288,018
Net position-beginning 6,090,445 3,275,666 14,720,395 612,591 24,699,097
Net position-ending 6,936,210$ 4,288,418$ 14,874,898$ 887,589$ 26,987,115$
Equipment
Replacement
Information
Technology
Park
Equipment
and Facilities Insurance
123 200
CITY OF LA QUINTA, CALIFORNIA
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2024
Totals
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund charges 1,560,485$ 3,086,333$ 1,000,000$ 1,361,230$ 7,008,048$
Payments to suppliers and service providers (381,849) (1,640,808) 284,591 (1,108,403) (2,846,469)
Net cash provided by (used for)
operating activities 1,178,636 1,445,525 1,284,591 252,827 4,161,579
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers to other funds (350) - - - (350)
Net cash provided by (used for)
noncapital financing activities (350) - - - (350)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition and construction of capital assets (252,321) (403,902) (1,386,693) - (2,042,916)
Principal paid on capital debt - (213,365) - - (213,365)
Interest paid on capital debt - (26,377) - - (26,377)
Net cash provided by (used for)
capital and related financing activities (252,321) (643,644) (1,386,693) - (2,282,658)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 217,895 156,616 176,370 21,792 572,673
Net cash provided by (used for)
investing activities 217,895 156,616 176,370 21,792 572,673
Net increase (decrease) in
cash and cash equivalents 1,143,860 958,497 74,268 274,619 2,451,244
Cash and cash equivalents-beginning 4,206,434 2,997,084 3,770,268 611,912 11,585,698
Cash and cash equivalents-ending 5,350,294$ 3,955,581$ 3,844,536$ 886,531$ 14,036,942$
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
Operating income (loss)639,383$ 868,199$ (23,112)$ 252,690$ 1,737,160$
Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:
Depreciation/amortization expense 522,457 477,564 605,913 - 1,605,934
(Increase) decrease in prepaid items - 131,254 - 1,002 132,256
Increase (decrease) in accounts payable 16,796 (31,910) 701,790 (865) 685,811
Increase (decrease) in accrued liabilities - 418 - - 418
Total adjustments 539,253 577,326 1,307,703 137 2,424,419$
Net cash provided by (used for)
operating activities 1,178,636$ 1,445,525$ 1,284,591$ 252,827$ 4,161,579$
Equipment
Replacement
Information
Technology
Park
Equipment
and Facilities Insurance
124 201
Statistical Section
For the Year Ended June 30, 2024
City of La Quinta, California
125 202
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126 203
City of La Quinta, California
Statistical Section
For the Year Ended June 30, 2024
This part of the City of La Quinta’s annual comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the City’s overall financial health.
Contents Page
Financial Trends
These schedules contain trend information to help the reader understand how
the City's financial performance and well-being have changed over time. 128
Revenue Capacity
These schedules contain information to help the reader assess the factors
affecting the City's ability to generate its property taxes. 142
Debt Capacity
These schedules present information to help the reader assess the affordability of
the City's current levels of understanding debt and the City's ability to use additional
debt in the future. 152
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the City's financial
activities take place and to help make comparisons over time and with 159
other governments.
Operating Information
These schedules contain information about the City's operations and resources
to help the reader understand how the City's financial information relates to the
services the City provides and the activities it performs. 162
Sources: Unless otherwise noted, the information in these schedules are derived from the
annual comprehensive financial reports for the relevant year.
127 204
CITY OF LA QUINTA, CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Accrual basis of accounting)
2015 2016 2017 2018 2019
Governmental Activities
Net investment in capital assets 523,495,389$ 516,499,682$ 517,039,487$ 510,913,594$ 519,221,969$
Restricted 62,472,221 61,148,731 38,824,860 39,204,789 44,815,499
Unrestricted 74,362,189 84,439,071 118,125,125 130,950,644 138,584,041
Total Governmental Activities Net Position 660,329,799 662,087,484 673,989,472 681,069,027 702,621,509
Business-Type Activities
Net investment in capital assets 44,118,111 43,898,784 43,836,868 43,585,880 43,375,536
Restricted - - - - -
Unrestricted (4,892,647) (5,086,906) (5,140,966) (5,203,212) 240,125
Total Business-Type Activities Net Position 39,225,464 38,811,878 38,695,902 38,382,668 43,615,661
Primary Government
Net investment in capital assets 567,613,500 560,398,466 560,876,355 554,499,474 562,597,505
Restricted 62,472,221 61,148,731 38,824,860 39,204,789 44,815,499
Unrestricted 69,469,542 79,352,165 112,984,159 125,747,432 138,824,166
Total Primary Government Net Position 699,555,263 700,899,362 712,685,374 719,451,695 746,237,170
Fiscal Year
Source:City of La Quinta
128 205
TABLE 1
2020 2021 2022 2023 2024
Governmental Activities:
509,777,422$ 519,203,177$ 517,697,036$ $ 532,627,757 549,197,719$ Net investment in capital assets
46,001,248 46,711,801 54,412,355 62,283,620 70,215,219 Restricted
142,418,499 162,887,430 190,618,323 220,277,110 241,361,988 Unrestricted
698,197,169 728,802,408 762,727,717 815,188,487 860,774,926 Total Governmental Activities Net Position
Business-Type Activities:
39,712,955 42,717,914 42,491,762 42,242,526 42,863,554 Net investment in capital assets
- - - - - Restricted
3,145,820 368,750 1,036,834 1,166,307 1,365,595 Unrestricted
42,858,775 43,086,664 43,528,596 43,408,833 44,229,149 Total Business-Type Activities Net Position
Primary Government:
549,490,377 561,921,091 560,188,798 574,870,283 592,061,273 Net investment in capital assets
46,001,248 46,711,801 53,601,581 62,283,620 70,215,219 Restricted
145,564,319 163,256,180 192,465,934 221,443,417 242,727,583 Unrestricted
741,055,944 771,889,072 806,256,313 858,597,320 905,004,075 Total Primary Government Net Position
Fiscal Year
129 206
CITY OF LA QUINTA, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual basis of accounting)
2015 2016 2017 2018 2019
Expenses
Governmental activities:
General government 5,166,732$ 5,645,004$ 5,565,727$ 8,869,174$ 9,085,863$
Public safety 21,636,149 22,067,603 23,378,824 22,508,088 23,164,976
Planning and development 2,212,013 3,359,732 2,882,321 4,352,134 5,913,321
Community services 5,992,362 6,214,098 6,584,268 9,231,268 6,202,084
Public works 18,116,732 12,157,245 10,927,160 15,580,975 4,430,519
Contribution to other agencies - - - - -
Interest on long-term debt 340,716 343,129 309,463 1,468,971 210,941
Total governmental activities expenditures 53,464,704 49,786,811 49,647,763 62,010,610 49,007,703
Business-type activities:
Golf course 5,053,360 4,373,586 3,965,644 4,318,463 4,558,922
Total business-type activities expenditures 5,053,360 4,373,586 3,965,644 4,318,463 4,558,922
58,518,064 54,160,397 53,613,407 66,329,073 53,566,625
Program Revenues
Governmental activities:
Charges for services:
General government 121,140 192,538 504,127 883,153 516,115
Public safety 1,655,421 1,378,704 341,368 367,848 376,249
Planning and development 489,589 467,053 564,327 724,499 636,683
Community services 307,869 386,824 453,098 442,656 479,542
Public works 1,197,069 1,134,630 741,703 1,054,902 1,119,816
Operating grants and contributions 16,829,107 12,213,338 6,187,803 4,259,916 5,623,509
Capital grants and contributions 3,536,444 1,076,145 3,316,153 4,455,060 5,462,395
Total governmental activities program revenues 24,136,639 16,849,232 12,108,579 12,188,034 14,214,310
Business-type activities:
Charges for services:
Golf course 3,561,857 3,621,495 3,446,340 3,567,718 3,773,396
Capital grants and contributions 2,872,122 - - - -
Total business-type activities program revenues 6,433,979 3,621,495 3,446,340 3,567,718 3,773,396
30,570,618 20,470,727 15,554,919 15,755,752 17,987,706
Net Revenues (Expenditures):
Governmental activities (29,328,065) (32,937,579) (37,539,184) (49,822,576) (34,793,394)
Business-type activities 1,380,619 (752,091) (519,304) (750,745) (785,526)
(27,947,446) (33,689,670) (38,058,488) (50,573,321) (35,578,920)
Total Primary Government Expenditures
Total Primary Government Program Revenues
Total Net Revenues (Expenditures)
Fiscal Year
130 207
TABLE 2
2020 2021 2022 2023 2024
Expenditures:
Governmental activities:
9,877,251$ 8,106,209$ 9,733,224$ 17,213,248$ 10,727,413$ General government
24,009,725 24,429,310 25,741,782 25,457,350 29,156,519 Public safety
5,845,836 6,508,522 4,716,745 3,146,264 8,432,348 Planning and development
11,362,950 6,958,234 8,439,863 9,550,001 13,647,971 Community services
32,248,031 11,438,197 14,985,480 14,043,797 10,982,293 Public works
- - - - - Contribution to other agencies
98,049 42,081 11,914 25,504 48,204 Interest on long-term debt
83,441,842 57,482,553 63,629,008 69,436,164 72,994,748 Total governmental activities expenditures
Business-type activities:
4,148,190 4,169,286 4,746,281 5,520,342 5,643,061 Golf course
4,148,190 4,169,286 4,746,281 5,520,342 5,643,061 Total business-type activities expenditures
87,590,032 61,651,839 68,375,289 74,956,506 78,637,809 Total Primary Government Expenditures
Program Revenues:
Governmental activities:
Charges for services:
615,348 1,541,535 1,402,810 1,716,965 3,861,857 General government
367,277 770,760 648,914 555,423 988,238 Public safety
799,040 710,529 1,315,760 1,356,426 - Planning and development
366,896 178,554 137,769 185,979 - Community services
1,436,362 1,503,633 3,378,132 2,736,907 71,595 Public works
7,817,482 4,413,523 5,786,773 7,136,358 7,265,464 Operating grants and contributions
9,613,752 15,770,048 11,952,031 8,760,788 14,078,555 Capital grants and contributions
21,016,157 24,888,582 24,622,189 22,448,846 26,265,709 Total governmental activities program revenues
Business-type activities:
Charges for services:
2,746,748 3,509,096 4,679,163 4,767,458 4,965,124 Golf course
- - - - - Capital grants and contributions
2,746,748 3,509,096 4,679,163 4,767,458 4,965,124 Total business-type activities program revenues
23,762,905 28,397,678 29,301,352 27,216,304 31,230,833 Total Primary Government Program Revenues
Net Revenues (Expenditures):
(62,425,685) (32,593,971) (39,006,040) (46,987,318) (46,729,039) Governmental activities
(1,401,442) (660,190) (67,118) (752,884) (677,937) Business-type activities
(63,827,127) (33,254,161) (39,073,158) (47,740,202) (47,406,976) Total Net Revenues (Expenditures)
Fiscal Year
131 208
CITY OF LA QUINTA, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual basis of accounting)
2015 2016 2017 2018 2019
Fiscal Year
General Revenues and Other Changes in Net Position:
Governmental activities:
Taxes:
Property taxes 8,776,491 8,798,296 15,521,335 15,887,015 16,423,843
Transient occupancy taxes 6,637,183 7,835,745 9,433,970 10,752,788 11,230,915
Sales tax 8,873,008 9,107,046 10,060,305 18,956,985 20,905,243
Franchise taxes 1,861,453 1,799,938 1,815,491 1,977,179 2,032,848
Business license taxes 306,087 334,465 365,451 345,187 418,707
Other taxes 530,336 516,964 585,333 718,472 713,237
Motor vehicle in lieu, unrestricted 3,486,367 3,651,549 3,813,213 3,941,348 4,086,536
Investment income 1,981,343 2,390,468 442,710 803,654 5,150,613
Net Increase (Decrease) of Investment Fair Value
Gain (loss) on sale of capital assets - - - - -
Miscellaneous 296,346 376,193 460,614 649,566 394,347
Special Item (interfund loan payoff)- - - - (5,553,561)
Extraordinary gain/loss on dissolution of RDA - - 7,344,050 3,624,121 993,148
Transfers (247,739) (115,400) (401,300) (434,000) (450,000)
Total governmental activities 32,500,875 34,695,264 49,441,172 57,222,315 56,345,876
Business-type activities:
Investment income 2,043 4,282 2,028 3,511 14,958
Net Increase (Decrease) of Investment Fair Value
Gain (loss) on sale of capital assets - - - - -
Miscellaneous 915,164 218,823 - - 5,553,561
Transfers 247,739 115,400 401,300 434,000 450,000
Total business-type activities 1,164,946 338,505 403,328 437,511 6,018,519
Total Primary Government 33,665,821 35,033,769 49,844,500 57,659,826 62,364,395
Changes in Net Position
Governmental activities 3,172,810 1,757,685 11,901,988 7,399,739 21,552,482
Business-type activities 2,545,565 (413,586) (115,976) (313,234) 5,232,993
Total Primary Government 5,718,375 1,344,099 11,786,012 7,086,505 26,785,475
Source: City of La Quinta
For fiscal 2018/19, there is a one-time entry for an interfund loan noted as a 'special item' under governmental activities and 'miscellaneous' under business
type activities. This is also discussed in the Notes to Basic Financial Statements section of the 2018/19 CAFR, Note 19: Special Item.
132 209
TABLE 2
2020 2021 2022 2023 2024
Fiscal Year
General Revenues and Other Changes in Net Position:
Governmental activities:
Taxes:
16,710,544 16,893,629 17,823,858 20,697,081 24,646,620 Property taxes
8,079,394 11,847,139 18,365,424 19,262,569 15,682,835 Transient occupancy taxes
19,136,015 23,323,549 28,204,906 28,888,079 29,601,430 Sales tax
1,996,593 2,055,505 2,240,468 2,375,729 2,419,887 Franchise taxes
378,744 383,551 446,745 489,738 395,593 Business license taxes
662,545 1,568,997 1,352,585 926,743 1,102,546 Other taxes
4,290,417 4,376,455 4,663,327 5,110,569 5,584,194 Motor vehicle in lieu, unrestricted
5,110,358 1,427,664 219,164 5,058,717 12,708,191 Investment income
(5,727,183) (1,519,171) - Net Increase (Decrease) of Investment Fair Value
- - - - - Gain (loss) on sale of capital assets
1,404,143 1,457,788 943,160 1,432,619 1,640,182 Miscellaneous
- - - - - Special Item (interfund loan payoff)
867,792 739,933 609,515 Extraordinary gain/loss on dissolution of RDA
(635,200) (875,000) (550,000) (600,000) (1,466,000) Transfers
58,001,345 63,199,210 68,591,969 82,122,673 92,315,478 Total governmental activities
Business-type activities:
9,356 13,081 4,329 12,456 32,253 Investment income
(45,279) 20,665 - Net Increase (Decrease) of Investment Fair Value
- - - - - Gain (loss) on sale of capital assets
- - - - - Miscellaneous
635,200 875,000 550,000 600,000 1,466,000 Transfers
644,556 888,081 509,050 633,121 1,498,253 Total business-type activities
58,645,901 64,087,291 69,101,019 82,755,794 93,813,731 Total Primary Government
Changes in Net Position
(4,424,340) 30,605,239 29,585,150 35,135,355 45,586,439 Governmental activities
(756,886) 227,891 441,932 (119,763) 820,316 Business-type activities
(5,181,226) 30,833,130 30,027,082 35,015,592 46,406,755 Total Primary Government
133 210
CITY OF LA QUINTA, CALIFORNIA
Changes in Net Position - Governmental Activities
Last Ten Fiscal Years
(Accrual basis of accounting)
2015 2016 2017 2018 2019
Expenses
General government 5,166,732$ 5,645,004$ 5,565,727$ 8,869,174$ 9,085,863$
Public safety 21,636,149 22,067,603 23,378,824 22,508,088 23,164,976
Planning and development 2,212,013 3,359,732 2,882,321 4,352,134 5,913,321
Community services 5,992,362 6,214,098 6,584,268 9,231,268 6,202,084
Public works 18,116,732 12,157,245 10,927,160 15,580,975 4,430,519
Contribution to other agencies - - - - -
Interest on long-term debt 340,716 343,129 309,463 1,468,971 210,941
Total Governmental Activities Expenditures 53,464,704 49,786,811 49,647,763 62,010,610 49,007,703
Program Revenues
Charges for services:
General government 121,140 192,538 504,127 883,153 516,115
Public safety 1,655,421 1,378,704 341,368 367,848 376,249
Planning and development 489,589 467,053 564,327 724,499 636,683
Community services 307,869 386,824 453,098 442,656 479,542
Public works 1,197,069 1,134,630 741,703 1,054,902 1,119,816
Operating grants and contributions 16,829,107 12,213,338 6,187,803 4,259,916 5,623,509
Capital grants and contributions 3,536,444 1,076,145 3,316,153 4,455,060 5,462,395
24,136,639 16,849,232 12,108,579 12,188,034 14,214,310
Net Revenues (Expenditures)(29,328,065) (32,937,579) (37,539,184) (49,822,576) (34,793,394)
General Revenues and Other Changes in Net Position
Taxes:
Property taxes 8,776,491 8,798,296 15,521,335 15,887,015 16,423,843
Transient occupancy taxes 6,637,183 7,835,745 9,433,970 10,752,788 11,230,915
Sales tax 8,873,008 9,107,046 10,060,305 18,956,985 20,905,243
Franchise tax 1,861,453 1,799,938 1,815,491 1,977,179 2,032,848
Business license taxes 306,087 334,465 365,451 345,187 418,707
Other tax 530,336 516,964 585,333 718,472 713,237
Motor vehicle in lieu, unrestricted 3,486,367 3,651,549 3,813,213 3,941,348 4,086,536
Investment income 1,981,343 2,390,468 442,710 803,654 5,150,613
Net Increase (Decrease) of Investment Fair Value
Gain (loss) on sale of capital assets - 376,193 460,614 649,566 394,347
Miscellaneous 296,346 - - - -
Special item (interfund loan payoff)(5,553,561)
Extraordinary gain/loss on dissolution of RDA - - 7,344,050 3,624,121 993,148
Transfers (247,739) (115,400) (401,300) (434,000) (450,000)
Total Governmental Activities 32,500,875 34,695,264 49,441,172 57,222,315 56,345,876
Changes in Net Position 3,172,810 1,757,685 11,901,988 7,399,739 21,552,482
Total Governmental Activities Program Revenues
Fiscal Year
Source:City of La Quinta
134 211
TABLE 3
2020 2021 2022 2023 2024
Expenditures:
9,877,251$ 8,106,209$ 9,732,445$ 17,213,248$ 10,727,413$ General government
24,009,725 24,429,310 25,741,782 25,457,350 29,156,519 Public safety
5,845,836 6,508,522 4,716,745 3,146,264 8,432,348 Planning and development
11,362,950 6,958,234 8,439,863 9,550,001 13,647,971 Community services
32,248,031 11,438,197 14,985,480 14,043,797 10,982,293 Public works
- - - - - Contribution to other agencies
98,049 42,081 11,914 25,504 48,204 Interest on long-term debt
83,441,842 57,482,553 63,628,229 69,436,164 72,994,748 Total Governmental Activities Expenditures
Program Revenues:
Charges for services:
615,348 1,541,535 1,402,810 1,716,965 3,861,857 General government
367,277 770,760 648,914 555,423 988,238 Public safety
799,040 710,529 1,315,760 1,356,426 - Planning and development
366,896 178,554 137,769 185,979 - Community services
1,436,362 1,503,633 3,378,132 2,736,907 71,595 Public works
7,817,482 4,413,523 5,786,773 7,136,358 7,265,464 Operating grants and contributions
9,613,752 15,770,048 11,952,031 8,760,788 14,078,555 Capital grants and contributions
21,016,157 24,888,582 24,622,189 22,448,846 26,265,709
Total Governmental Activities Program
Revenues
(62,425,685) (32,593,971) (39,006,040) (46,987,318) (46,729,039) Net Revenues (Expenditures)
General Revenues and Other Changes in
Net Position:
Taxes:
16,710,544 16,893,629 17,823,858 20,697,081 24,646,620 Property taxes
8,079,394 11,847,139 18,365,424 19,262,569 15,682,835 Transient occupancy taxes
19,136,015 23,323,549 28,204,906 28,888,079 29,601,430 Sales tax
1,996,593 2,055,505 2,240,468 2,375,729 2,419,887 Franchise tax
378,744 383,551 446,745 489,738 395,593 Business license taxes
662,545 1,568,997 1,352,585 926,743 1,102,546 Other tax
4,290,417 4,376,455 4,663,327 5,110,569 5,584,194 Motor vehicle in lieu, unrestricted
5,110,358 1,427,664 219,164 5,058,717 12,708,191 Investment income
(5,727,183) (1,519,171) - Net Increase (Decrease) of Investment Fair Value
1,404,143 1,457,788 942,381 - - Gain (loss) on sale of capital assets
- - - 1,432,619 1,640,182 Miscellaneous
- - - - - Special item (interfund loan payoff)
867,792 739,933 609,515 - - Extraordinary gain/loss on dissolution of RDA
(635,200) (875,000) (550,000) (600,000) (1,466,000) Transfers
58,001,345 63,199,210 68,591,190 82,122,673 92,315,478 Total Governmental Activities
(4,424,340) 30,605,239 29,585,150 35,135,355 45,586,439 Changes in Net Position
Fiscal Year
135 212
CITY OF LA QUINTA, CALIFORNIA
Changes in Net Position - Business-type Activities
Last Ten Fiscal Years
(Accrual basis of accounting)
2015 2016 2017 2018 2019
Expenses
Golf course 5,053,360$ 4,373,586$ 3,965,644$ 4,318,463$ 4,558,922$
Total Business-Type Activities Expenditures 5,053,360 4,373,586 3,965,644 4,318,463 4,558,922
Program revenues
Charges for services:
Golf course 3,561,857 3,621,495 3,446,340 3,567,718 3,773,396
Capital grants and contributions 2,872,122 - - - -
6,433,979 3,621,495 3,446,340 3,567,718 3,773,396
Net Revenues (Expenditures)1,380,619 (752,091) (519,304) (750,745) (785,526)
General Revenues and Other Changes in Net Position
Investment income 2,043 4,282 2,028 3,511 14,958
Net Increase (Decrease) of Investment Fair Value
Gain (loss) on sale of capital assets - - - - -
Miscellaneous 915,164 218,823 - - 5,553,561
Transfers 247,739 115,400 401,300 434,000 450,000
Capital contributions - - - - -
Total Business-Type Activities 1,164,946 338,505 403,328 437,511 6,018,519
Changes in Net Position 2,545,565 (413,586) (115,976) (313,234) 5,232,993
Total Business-Type Activities Program Revenues
Fiscal Year
Source:City of La Quinta
136 213
TABLE 4
2020 2021 2022 2023 2024
Expenditures:
4,148,190$ 4,169,286$ 4,746,281$ 5,520,342$ 5,643,061$ Golf course
4,148,190 4,169,286 4,746,281 5,520,342 5,643,061 Total Business-Type Activities Expenditures
Program revenues:
Charges for services:
2,746,748 3,509,096 4,679,163 4,767,458 4,965,124 Golf course
- - - - - Capital grants and contributions
2,746,748 3,509,096 4,679,163 4,767,458 4,965,124
(1,401,442) (660,190) (67,118) (752,884) (677,937) Net Revenues (Expenditures)
General Revenues and Other Changes in Net Position:
9,356 13,081 4,329 12,456 32,253 Investment income
(45,279) 20,665 - Net Increase (Decrease) of Investment Fair Value
- - - - - Gain (loss) on sale of capital assets
- - - - - Miscellaneous
635,200 875,000 550,000 600,000 1,466,000 Transfers
- - - - - Capital contributions
644,556 888,081 509,050 633,121 1,498,253 Total Business-Type Activities
(756,886) 227,891 441,932 (119,763) 820,316 Changes in Net Position
Total Business-Type Activities Program Revenues
Fiscal Year
137 214
CITY OF LA QUINTA, CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified accrual basis of accounting)
2015 2016 2017 2018 2019
General fund
Nonspendable:
Prepaid costs 15,653$ 204,589$ 10,578$ 90,657$ 37,182$
Land held for resale 8,320,000 8,320,000 8,320,000 8,320,000 5,730,990
Advances to other funds 14,943,098 14,974,800 15,022,660 14,954,085 -
Deposits 33,985 - - - -
Due from Other Governments 26,715,575 25,105,681 29,154,040 29,611,707 27,915,770
Restricted for:
Section 115 Trust (Note 11)6,540,000
Committed:
Emergency Reserve(2)15,372,600 15,576,000 16,534,000 - -
Natural Disaster Reserve(2)7,400,000 10,000,000
Economic Disaster Reserve(2)8,140,000 11,000,000
Post retirement health benefits(3)1,523,401 1,523,400 1,523,400 - -
Capital Replacement Reserve(2)1,727,390 2,302,000 - 5,000,000 5,000,000
Cash Flow Reserve(2)3,843,150 3,894,000 4,134,000 5,000,000 5,000,000
Pension Trust(4)- - - 2,000,000 -
Carryovers 476,400 4,274,046 120,000 2,186,500 745,300
Assigned:
Public Safety (Note 14)- - 9,371,699 9,754,327 9,864,841
Sales Tax Reserve (Note 14)- - - 5,169,970 7,721,975
Capital Projects (Note 14)- - 6,322,570 4,996,815 11,853,162
Unassigned 13,837,312 13,822,012 16,949,526 19,199,506 16,228,627
Total general fund 86,808,564 98,565,571 107,462,473 121,823,567 117,637,847
All other governmental funds
Nonspendable:
Prepaid costs - 8,422 10,349 - 386
Restricted:
Planning and development projects 13,108,499 18,211,200 22,664,093 22,607,600 22,996,435
Public safety 301,843 189,988 83,506 342,919 1,391,721
Community services 10,711,704 9,872,124 10,040,222 10,016,652 13,775,710
Public works 1,129,697 1,250,827 1,546,505 2,033,627 2,667,401
Capital Projects 3,873,699 3,597,221 4,490,534 4,203,991 3,904,492
Unassigned (12,703,744) (11,655,344) (11,423,008) (11,347,062) (1,852,211)
Total all other governmental funds 16,421,698 21,474,438 27,412,201 27,857,727 42,883,934
Total Governmental Funds 103,230,262 120,040,009 134,874,674 149,681,294 160,521,781
Fiscal Year
Notes:
(1)In Fiscal Year 2016-17, the City recognized property tax held by the County of Riverside as available to fund current obligations and as such the General Fund fund
balance was adjusted up by 8,569,043 to 98,565,571. See Note 19 for FY 2016-17
(2)In Fiscal year 2017-18, the City adopted a reserves policy which modified, added and/ or eliminated reserve category names. Emergency Reserves are now split
into Natural Disaster and Economic Disaster, Working Capital Reserve was re-named Cash Flow Reserve, and Capital Replacement and Pension Trust were added.
(3)In Fiscal Year 2017-18 the City opened a trust for Other Post Employment Benefits (OPEB), and this reserve was deposited into the trust. See Note 11.
(4)In Fiscal Year 2018-19 the City opened a trust for Pension Benefits, and this reserve was deposited into the trust. See Note 12.
Source:City of La Quinta
138 215
TABLE 5
2020 2021 2022 2023 2024
General fund:
Nonspendable:
14,065$ 25,246$ 46,990$ 125,993$ 170,577$ Prepaid costs
5,403,652 5,403,652 5,403,652 5,403,652 5,403,652 Land held for resale
- - - - Advances to other funds
- - - - - Deposits
26,069,742 24,070,622 21,915,347 19,600,793 17,123,777 Due from Other Governments
Restricted for:
10,249,738 11,381,922 10,137,888 5,317,487 5,666,575 Section 115 Trust (Note 11)
Committed:
- - - - - Emergency Reserve(2)
10,000,000 10,000,000 10,000,000 15,000,000 15,000,000 Natural Disaster Reserve(2)
6,800,000 11,000,000 11,000,000 13,000,000 13,000,000 Economic Disaster Reserve(2)
- - - - - Post retirement health benefits(3)
6,540,000 10,000,000 10,000,000 12,000,000 12,000,000 Capital Replacement Reserve(2)
5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 Cash Flow Reserve(2)
- - - - Pension Trust(4)
1,778,800 1,209,870 1,209,100 2,600,009 900,000 Carryovers
Assigned:
10,491,654 11,423,931 11,183,821 11,986,970 15,652,616 Public Safety (Note 14)
8,736,219 15,128,658 15,355,043 29,214,191 32,985,374 Sales Tax Reserve (Note 14)
13,155,144 13,431,089 30,761,847 22,623,372 21,666,520 Capital Projects (Note 14)
19,094,651 24,241,553 33,893,325 44,105,041 65,216,616 Unassigned
123,333,665 142,316,543 165,907,013 185,977,508 209,785,707 Total general fund
All other governmental funds:
Nonspendable:
2,875 1,019 96,590 468 500 Prepaid costs
Restricted:
23,680,641 24,751,443 25,118,552 27,585,913 29,154,058 Planning and development projects
1,607,101 931,352 1,073,419 1,278,307 1,287,208 Public safety
14,376,472 12,813,788 13,159,532 15,711,786 14,634,322 Community services
3,208,072 5,196,324 7,353,021 7,535,519 7,512,849 Public works
3,128,962 3,018,894 6,897,057 9,794,607 11,626,051 Capital Projects
(5,175,243) (3,182,262) (2,483,120) (8,064,140) (4,098,801) Unassigned
40,828,880 43,530,558 51,215,051 53,842,460 60,116,187 Total all other governmental funds
164,162,545 185,847,101 217,122,064 239,819,968 269,901,894 Total Governmental Funds
Fiscal Year
139 216
CITY OF LA QUINTA, CALIFORNIA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified accrual basis of accounting)
2015 2016 2017 2018 2019
Revenues
Taxes 26,678,471$ 28,057,989$ 41,832,117$ 44,931,250$ 48,462,493$
Assessments 940,221 944,050 953,699 950,541 961,633
Licenses and permits 1,356,978 1,161,820 1,118,911 1,394,820 1,555,026
Intergovernmental 15,702,943 14,960,676 4,870,334 12,555,259 14,075,980
Charges for services 1,341,438 1,332,541 1,021,336 1,279,864 1,170,825
Use of money and property 1,950,957 7,475,742 4,659,301 2,388,683 4,824,651
Contributions, fines, and forfeitures 1,956,452 28,459 348,345 375,390 375,491
Developer participation 2,803,681 1,441,075 1,042,568 1,534,628 2,231,471
Miscellaneous 580,843 992,282 289,047 1,196,057 2,425,675
Total Revenues 53,311,984 56,394,634 56,135,658 66,606,492 76,083,245
Expenditures
Current:
General government 5,050,425 5,267,024 5,845,197 7,737,111 10,129,408
Public safety 21,664,472 22,125,962 23,377,755 22,508,088 23,164,976
Planning and development 2,097,525 3,294,259 2,549,779 4,310,589 6,415,466
Community services 4,798,123 4,983,038 4,626,401 5,236,083 5,944,200
Public works 5,283,309 4,101,210 4,025,958 4,146,135 4,219,461
Capital projects 11,097,186 7,209,874 6,859,428 9,015,861 9,096,460
Debt service:
Principal retirement 594,383 632,615 651,625 666,988 650,000
Interest and fiscal charges 348,334 346,137 307,600 1,460,371 178,080
Total Expenditures 50,933,757 47,960,119 48,243,743 55,081,226 59,798,051
2,378,227 8,434,515 7,891,915 11,525,266 16,285,194
Other financing sources (uses):
Proceeds from sale of land - - - - -
Transfers in 12,037,331 6,420,538 21,503,514 7,432,340 12,942,596
Transfers out (12,322,714) (6,614,349) (21,904,814) (7,775,107) (13,826,890)
Debt Issuance Proceeds(2)- - - -
Capital leases 9,000 - - -
Total Other Financing Sources (Uses)(276,383) (193,811) (401,300) (342,767) (884,294)
Extraordinary gain/loss on dissolution of RDA - - 7,344,050 3,624,121 993,148
Special item (interfund loan payoff)- - - - (5,553,561)
Net Change in Fund Balances 2,101,844$ 8,240,704$ 14,834,665$ 14,806,620$ 10,840,487$
2.2%2.4%2.5%3.3%2.0%
Excess (Deficiency) of Revenues Over (Under)
Expenditures
Debt Service as a Percentage of Noncapital
Expenditures (1)
Fiscal Year
Notes:
(1) The capitalizable expenditures were derived from the Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental
Funds and Note 4, Capital Assets.
(2)Values are from accouting entries related to GASB 87 - Leases.
140 217
TABLE 6
2020 2021 2022 2023 2024
Revenues:
44,881,038$ 53,493,786$ 65,107,160$ 67,267,115$ 78,926,323$ Taxes
957,017 984,435 969,257 981,315 988,238 Assessments
1,913,519 2,020,596 4,521,449 3,994,989 2,820,613 Licenses and permits
17,107,595 25,720,328 15,989,135 16,353,942 21,243,975 Intergovernmental
1,179,592 964,710 1,623,951 1,558,784 1,494,422 Charges for services
5,219,088 2,601,482 (3,545,192) 4,592,365 12,247,458 Use of money and property
665,193 779,606 657,589 563,494 408,125 Contributions, fines, and forfeitures
1,863,587 1,844,665 5,584,146 4,216,121 879,431 Developer participation
1,371,095 645,780 970,399 2,602,248 1,499,269 Miscellaneous
75,157,724 89,055,388 91,877,894 102,130,373 120,507,854 Total Revenues
Expenditures
Current:
7,732,495 8,464,230 10,515,771 20,967,405 7,601,346 General government
24,009,725 24,429,310 25,741,782 25,457,350 25,374,535 Public safety
5,436,281 6,544,477 5,234,065 6,503,091 7,590,589 Planning and development
6,159,707 5,583,420 6,325,904 8,063,457 12,785,671 Community services
5,421,606 5,287,280 5,654,080 6,470,613 7,117,820 Public works
23,150,511 18,219,385 7,167,446 14,180,312 28,482,857 Capital projects
Debt service:
- -10,705 10,764 24,452 Principal retirement
28,868 15,133 11,914 25,504 32,495 Interest and fiscal charges
71,939,193 68,543,235 60,661,667 81,678,496 89,009,765 Total Expenditures
3,218,531 20,512,153 31,216,227 20,451,877 31,498,089
Other financing sources (uses):
-1,219,485 - - - Proceeds from sale of land
16,467,409 10,781,267 6,131,440 10,079,550 19,078,824 Transfers in
(16,912,971) (11,568,281) (6,681,440) (10,679,550) (20,544,474) Transfers out
- -- - 49,487 Debt Issuance Proceeds(2)
- - - - - Capital leases
(445,562) 432,471 (550,000) (600,000) (1,416,163)Total Other Financing Sources (Uses)
867,792 739,933 609,515 - - Extraordinary gain/loss on dissolution of RDA
- - - - - Special item (interfund loan payoff)
3,640,761$ 21,684,557$ 31,275,742$ 19,851,877$ $ 30,081,926 Net Change in Fund Balances
0.06%0.03%0.06%0.06%0.09%
Debt Service as a Percentage of Noncapital
Expenditures (1)
Excess (Deficiency) of Revenues Over (Under)
Expenditures
Fiscal Year
141 218
CITY OF LA QUINTA, CALIFORNIA TABLE 7
Tax Revenue by Source
Last Ten Fiscal Years
Fiscal Year Property Tax(1)Transient
Occupancy Tax Sales Tax Franchise Tax
Business
License Tax
Document
Transfer Tax Total
2015 8,776,491 6,637,183 8,873,008 1,861,453 306,087 530,336 26,984,558
2016 8,798,296 7,835,745 9,107,046 1,799,938 334,465 516,964 28,392,454
2017 15,521,335 9,433,970 10,060,305 1,815,491 365,451 585,333 37,781,885
2018 15,887,015 10,752,788 18,956,985 1,977,179 345,187 718,472 48,637,626
2019 16,423,843 11,230,915 20,905,243 2,032,848 418,707 713,237 51,724,793
2020 16,710,544 8,079,394 19,136,015 1,996,593 378,744 662,545 46,963,835
2021 16,893,629 11,847,139 23,323,549 2,055,505 383,551 1,568,997 56,072,370
2022 17,823,858 18,365,424 28,204,906 2,240,468 446,745 1,352,585 68,433,986
2023 20,697,081 19,262,569 28,888,079 2,375,729 489,738 926,743 72,639,939
2024 24,646,620 15,682,835 29,601,430 2,419,887 395,593 1,102,546 73,848,911
Notes:
(1) Starting in 2017, the revenue collected by the County that is remitted to the City for fire services is included in the property tax number.
Source:City of La Quinta
-
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Tax Revenue by Source
Property Tax(1)Transient Occupancy Tax Sales Tax Franchise Tax Business License Tax Document Transfer Tax
142 219
CITY OF LA QUINTA, CALIFORNIA TABLE 8
Top 25 Bradley-Burns Sales Tax Producers
Current Year and Nine Years Ago
(in dollars)
Arco AM PM Service Stations
Best Buy Electronics/Appliance Stores
Circle K Service Stations
Cliffhouse Fine Dining Chevrolet Cadillac of La Quinta New Motor Vehicle Dealers
Costco Discount Dept. Stores Circle K Service Stations
Floor & Décor Building Materials Cliffhouse Fine Dining
G&M Oil Service Stations Costco Discount Dept. Stores
Genesis/Hyundai of La Quinta New Motor Vehicle Dealers G & M Oil Service Stations
Home Depot Building Materials Hyundai of La Quinta New Motor Vehicle Dealers
In N Out Burger Quick-Service Restaurants Home Depot Building Materials
Kohl's Department Stores Kohl's Department Stores
La Quinta Chevrolet & Cadillac New Motor Vehicle Dealers La Quinta Resort & Club Hotels-Liquor
La Quinta Resort & Club Hotels/Motels Lowe's Building Materials
Lowe's Building Materials Marshalls Family Apparel
Marshalls Family Apparel Ross Family Apparel
McDonald's Quick-Service Restaurants Stater Bros Grocery Stores
PGA West Private Clubhouse Leisure/Entertainment Stein Mart Department Stores
Ross Family Apparel Stuft Pizza Bar & Grill Casual Dining
Target Discount Dept. Stores Target Discount Dept. Stores
TJ Maxx Family Apparel Torre Nissan New Motor Vehicle Dealers
Torre Nissan New Motor Vehicle Dealers Tower Mart Service Stations
Tower Mart Service Stations USA Gas Service Stations
Ulta Beauty Specialty Stores Verizon Wireless Electronics/Appliance Stores
Vons Grocery Stores Vintners Shell Station Service Stations
Walmart Supercenter Discount Dept. Stores Walmart Supercenter Discount Dept. Stores
64.57%69.39%
Service Stations
Home Furnishings
Fiscal Year 2014-15
Percent of Fiscal Year Total Paid by Top 25 Accounts:Percent of Fiscal Year Total Paid by Top 25 Accounts:
Fiscal Year 2023-24
Business CategoryBusiness Name (1)Business Name (1)Business Category
Electronics/Appliance Stores
Arco AM/PM
Bed Bath & Beyond
Best Buy
Notes:
(1)Firms are listed alphabetically. State law does not allow for the disclosure of the sales tax revenue amounts by account.
Top 25 businesses listed for state Bradley-Burns sales tax allocation only. For Top 25 business listings by local Measure G, see next page. Sales tax revenue chart
includes total remitted for both.
$0
$1
$1
$2
$2
$3
$3
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Combined Sales Tax Revenue
(in millions)
143 220
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144 221
CITY OF LA QUINTA, CALIFORNIA TABLE 9
Top 25 Measure G Sales Tax Producers
Current Year and Nine Years Ago
(in dollars)
Amazon Fulfillment Services General Merchandise
Amazon MFA General Merchandise
Best Buy Electronics/Appliance Stores
Circle K Service Stations
Costco Discount Dept. Stores
Dept. of Motor Vehicles Allocation Used Automotive Dealers
Desert European Motor Cars New Motor Vehicle Dealers
Floor & Décor Building Materials
Home Depot Building Materials
In N Out Burger Quick-Service Restaurants
Kohl's Department Stores
La Quinta Chevrolet & Cadillac New Motor Vehicle Dealers
La Quinta Resort & Club Hotels/Motels
Lowe's Building Materials
Marshalls Family Apparel
Mathis Brothers Furniture Home Furnishings
One Source Distributors Electrical Equipment
PGA West Private Clubhouse Leisure/Entertainment
Ross Family Apparel
Target Discount Dept Stores
Tesla Motors New Motor Vehicle Dealers
TJ Maxx Family Apparel
Tower Mart Service Stations
Verizon Wireless Electronics/Appliance Stores
Walmart Supercenter Discount Dept. Stores
45.06%Percent of Fiscal Year Total Paid by Top 25 Accounts:
Measure G was passed in November 2016 and implemented on
April 1, 2017. Ten-year is data not available.
Fiscal Year 2023-24 Fiscal Year 2014-15
Business Name (1)Business Category Business Name Business Category
Notes:
(1)Firms are listed alphabetically. State law does not allow for the disclosure of the sales tax revenue amounts by account.
Source:HdL, Coren & Cone
145 222
CITY OF LA QUINTA, CALIFORNIA
Taxable Sales by Category (1)
Last Ten Calendar Years
(in thousands)
2014 2015 2016 2017 2018
25,461$ 25,115$ 26,280$ 31,822$ 34,508$
216,871 208,189 206,808 222,767 232,147
25,748 22,845 25,359 25,964 26,126
101,647 106,216 115,974 117,064 122,255
73,087 75,658 78,299 83,383 86,569
84,826 87,440 83,010 81,264 82,702
47,541 40,777 34,566 37,558 42,164
101,721 105,284 107,648 104,834 114,980
150,746 155,173 172,135 180,360 210,360
827,648 826,697 850,079 885,016 951,811 Total
Auto dealers and supplies
Service stations
Other retail stores
All other outlets
Calendar Year
Building materials
Eating and drinking places
Apparel stores
General merchandise
Food stores
Notes:
(1)Due to confidentiality issues preventing the disclosure of the largest sales tax payers by business name, this categorical list has been provided as
an alternative source of information regarding the City of La Quinta's sales tax revenue.
Source:HdL. Coren & Cone
Apparel stores
3%
General merchandise
26%
Food stores
3%
Eating and drinking places
12%
Building materials
9%
Auto dealers and supplies
10%
Service stations
6%
Other retail stores
13%
All other outlets
18%
Taxable Sales
Calendar Year 2012
146 223
TABLE 10
2019 2020 2021 2022 2023
33,937$ 24,929$ 38,612$ 39,992$ 42,479$
235,969 235,841 274,045 300,399 296,503
26,191 30,610 30,350 32,324 33,113
132,184 100,187 149,526 169,175 177,698 Eating and drinking places
89,036 111,231 128,048 135,282 131,189
85,401 78,189 105,011 100,165 93,349 Auto dealers and supplies
42,998 33,742 46,985 56,830 48,871
111,239 101,620 140,854 139,870 138,811
220,260 222,916 260,247 298,944 297,830
977,215 939,265 1,173,678 1,272,981 1,259,843 Total
Service stations
Other retail stores
All other outlets
Apparel stores
General merchandise
Food stores
Building materials
Calendar Year
Apparel stores
3%
General merchandise
24%
Food stores
3%
Eating and drinking
places
14%
Building materials
10%
Auto dealers and
supplies
7%
Service stations
4%
Other retail stores
11%
All other outlets
24%
Taxable Sales
Calendar Year 2021
147 224
CITY OF LA QUINTA, CALIFORNIA TABLE 11
Assessed Value of Taxable Property
Last Ten Fiscal Years
(in dollars)
Fiscal Year Ended
June 30,Residential Commercial Agriculture
(4)Other (1)
Unsecured
Property (2)
Home Owner
Exemption(5)
Taxable Assessed
Value
Direct Rate
(3)
2015 10,116,938,804 1,061,204,501 65,769,114 77,926,274 106,672,900 (49,232,400) 11,379,279,193 1.0000
2016 10,634,834,332 1,088,406,355 64,533,443 79,120,572 113,142,376 (49,130,200) 11,930,906,878 1.0000
2017 11,071,273,174 1,195,736,674 57,463,638 71,281,946 110,768,767 (49,088,200) 12,457,435,999 1.0000
2018 11,462,635,317 1,227,709,957 59,538,912 61,350,883 105,984,928 (49,700,000) 12,867,519,997 1.0000
2019 11,869,224,686 1,288,839,436 61,861,498 85,526,307 95,584,154 (49,298,200) 13,351,737,881 1.0000
2020 12,394,924,833 1,292,239,063 91,242,090 139,850,650 110,001,629 (47,938,800) 13,980,319,465 1.0000
2021 12,962,202,378 755,379,455 62,798,676 537,520,834 89,135,215 (47,271,000) 14,359,765,558 1.0000
2022 13,470,995,430 758,841,326 59,428,116 816,367,506 104,233,962 (46,243,400) 15,163,622,940 1.0000
2023 14,665,975,863 823,683,645 65,165,909 1,047,386,146 110,581,331 (45,703,000) 16,667,089,894 1.0000
2024 15,365,946,120 1,096,916,675 69,306,718 1,558,864,221 155,766,114 (45,847,200) 18,200,952,648 1.0000
City of La Quinta, Tax District 02-2375
Notes:(1)Other includes dry farm, government owned, institutional, irrigated, miscellaneous, recreational, vacant, cross reference, and unknown. Starting in 2016, prior years 2007 through 2015 were adjustomatch current reporting categories for consistency.
(2)Prior years 2012 through 2015 adjusted to match current reporting for consistency.(3)In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed.Each ytheassessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed at the time that it is sold to aowner; at which time the new assessed value is the purchase price of the property sold. The assessed valuation data shown above represents only the data currently available with respect to the acmarketvalue of taxable property and is subject to the limitations described above.(4)In 2016 (and going forward) data will be obtained from California Municipal and The Auditor-Controller's Office. The existing column headers were slightly modified to accommodate the property tclassifications. The column labeled agriculture was formerly "industrial".(5)Prior to 2015, this column also included Exempt Property Valuations
Source:: Cal Muni; County of Riverside Assessor Combined Tax Rolls Equalized Auditor and Assessor's Net; Riverside County Auditor-Controller
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
$11,000
$12,000
$13,000
$14,000
$15,000
$16,000
$17,000
$18,000
$19,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Taxable Assessed Value
(in millions)
148 225
CITY OF LA QUINTA, CALIFORNIA TABLE 12
Direct and Overlapping Property Tax Rates
(Rate per $100 of assessed value)
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Direct Rates (1):
City of La Quinta 0.0760 0.0760 0.0760 0.0760 0.0646 0.0646 0.0646 0.0646 0.0646 0.06460
ERAF Share of La Quinta General Fund 0.0000 0.0000 0.0000 0.0000 0.0113 0.0113 0.0113 0.0113 0.0113 0.01133
Redevelopment Agency Project Area 1 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00000
Redevelopment Agency Project Area 2 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00000
County of Riverside 0.1958 0.1958 0.1958 0.1958 0.0978 0.0978 0.0978 0.0978 0.0978 0.09780
ERAF Share of County 0.0000 0.0000 0.0000 0.0000 0.0980 0.0980 0.0980 0.0980 0.0980 0.09798
County Free Library 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.0253 0.02530
County Structure Fire Protection 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544 0.05440
Coachella Valley Unified School District 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322 0.43220
Desert Sands Unified School 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00000
Desert Community College District 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698 0.06980
Riverside County Office of Education 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380 0.03800
Riverside County Regional Park & Open Space 0.0039 0.0039 0.0040 0.0040 0.0040 0.0040 0.0040 0.0040 0.0040 0.00395
CV Public Cemetery 0.0031 0.0031 0.0031 0.0031 0.0032 0.0032 0.0032 0.0032 0.0032 0.00315
CV Mosquito & Vector Control 0.0127 0.0126 0.0126 0.0126 0.0126 0.0127 0.0127 0.0127 0.0127 0.01269
Desert Recreation District 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192 0.01920
CVWD State Water Project 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254 0.02540
CV Resource Conservation 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.00033
CVWD Improvement District 1 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118 0.01184
CVWD Storm Water Unit 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321 0.03210
Total Direct Rate (2)1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Tax Rate Area 020-005 020-005 020-160 020-160 020-160 020-160 020-160 020-160 020-160 020-160
Coachella Valley Unified School District 0.1492 0.1322 0.1660 0.1761 0.1495 0.1488 0.1455 0.1367 0.1345 0.1284
Desert Sands Unified School 0.1098 0.1092 0.0860 0.0725 0.0742 0.0738 0.0739 0.0750 0.0750 0.0750
Coachella Valley Water District 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1100 0.1100 0.1100
Desert Community College District 0.0233 0.0209 0.0204 0.0403 0.0398 0.0398 0.0395 0.0395 0.0395 0.0395
Total Overlapping Rate 0.3823 0.3622 0.3724 0.3889 0.3635 0.3624 0.3589 0.3611 0.3590 0.3529
Total Direct and Overlapping Rate 1.3823 1.3622 1.3724 1.3889 1.3635 1.3625 1.3589 1.3612 1.3590 1.3529
Overlapping Rates (3) :
City Non-Project Area
Notes:(1)Direct rate from Tax Rate Area (TRA) 020-160 provided by HdL, Coren & Cone; data source Riverside County Assessor 2014/15-2023/24 Annual Tax Increment (Rate) Tables. Direct rate taken from an analysis of the TRA in the project area and does not include State ERAF deductions and overlapping rates provided by California Municipal Statistics
(2)In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount for direct taxes. This 1% is shared by all taxing agencies for which the
subject property resides within.
(3)Overlapping rates are based upon a single tax rate area only.
Source:County of Riverside Auditor Controller's Office; HdL, Coren & Cone
149 226
CITY OF LA QUINTA, CALIFORNIA TABLE 13
Principal Property Taxpayers
Current Year and Nine Years Ago
(in dollars)
Rank
Taxable Assessed
Value (1)
Percent of
Total City
Taxable
Assessed
Value Rank
Taxable Assessed
Value (1)
Percent of
Total City
Taxable
Assessed
Value
1 221,831,750$ 1.22%-$ 0.00%
2 53,745,985 0.30%- 0.00%
3 52,820,577 0.29% 4 44,468,471 0.39%
4 48,102,924 0.26%- 0.00%
Mediterra La Quinta Owner LLC 5 38,340,153 0.21%- 0.00%
East Of Madison LLC 6 37,418,978 0.21% 5 43,656,182 0.38%
CM Wave Dev 7 36,879,108 0.20%- 0.00%
8 36,010,874 0.20%- 0.00%
9 33,751,092 0.19% 8 28,819,695 0.25%
10 33,298,920 0.18%- 0.00%
- - 1 151,380,164 1.33%
- - 2 58,691,914 0.52%
- - 3 45,242,598 0.40%
Coral Option I - - 6 43,044,483 0.38%
Town and Country Partners - - 7 30,170,000 0.27%
Iota Griffin LLC - - 9 27,209,103 0.24%
Aventine Development - - 10 24,427,256 0.21%
Total 592,200,361$ 3.25% 497,109,866 4.37%
TD Desert Development LP
LQR Golf LLC
Fiscal Year 2014-15
Inland American La Quinta Pavilion
Fiscal Year 2023-24
HP LQ Investment LP
HJ CG Partners LLC
Hawthorn Il Propco
Walmart
KSL Desert Resort
Taxpayer
Milan LQ One XI LLC
SilverRock Phase I LLC
(1) Taxable valuations include secured and unsecured
Source:
HdL, Coren & Cone; Riverside County Assessor 2013/14 and 2022/23 Combined Tax Rolls and the SBE Non-Unitary Tax Roll (Preliminary)
HP LQ Investment LP
HJ CG Partners LLC
Inland American La
Quinta Pavilion
Hawthorn Il Propco
Mediterra La Quinta
Owner LLC
East Of Madison LLC
CM Wave Dev
SilverRock Phase I LLC
Walmart
Milan LQ One XI LLC
Principal Property Tax Payers
FY 2023-24
150 227
CITY OF LA QUINTA, CALIFORNIA TABLE 14
Property Tax Levies and Collections
Last Ten Fiscal Years
(in dollars)
Fiscal Year
Ended June
30
Taxes Levied
for the Fiscal
Year (1)Amount Percent of Levy
Collections in
Subsequent
Years (2)Amount (3)
Percent of
Levy
2015 5,965,704 6,100,655 102.26%170,306 6,270,961 105.12%
2016 6,657,414 6,420,215 96.44%194,668 6,614,883 99.36%
2017 6,764,963 6,592,548 97.45%137,921 6,730,469 99.49%
2018 6,868,411 6,717,291 97.80%116,182 6,833,473 99.49%
2019 6,934,311 6,736,814 97.15%126,876 6,863,690 98.98%
2020(4)7,058,939 6,777,777 96.02%156,792 6,934,570 98.24%
2021 7,139,091 6,891,637 96.53%106,190 6,997,827 98.02%
2022 7,291,506 7,140,010 97.92%163,569 7,303,579 100.17%
2023 7,925,552 7,845,743 98.99%118,092 7,963,835 100.48%
2024 8,361,915 8,579,017 102.60%161,667 8,740,684 104.53%
Total Collections to Date
Collections within the Fiscal Year
of Levy
Notes:
(1)Taxes Levied. The total tax levy is based on the Statement of Original Charge from the Riverside County Auditor-Controller Office. The
amounts presented include City property taxes for tax districts 02-2374 and 02-2375 and are not inclusive of the redevelopment increment
values.
(2)Collections in Subsequent Years. The City participates in the Riverside County Teeter program; the secured taxes are remitted in a series
of advances and settlement payments, the last of which is not received by the City until October of the subsequent year.
(3)Collections to Date. The total amount does not include any apportionment adjustments that are the result of successful appeals of a
taxpayer assessed valuation, escaped bills, refunds, or any other adjustments made by the County Auditor-Controller. As such, the
percentage of the levy collected may be higher or lower than expected.
Additionally, the increment values of the former Redevelopment Agency are allocated through a waterfall distribution process in accordance
with California Health and Safety Code 34183 and 34188, and are not reflected on the Statement of Original Charge.
(4)The statement of original charge that was posted on the Auditor-Controller (ACO) website had not been updated at time of publishing the
19/20 CAFR. The number reported in the 'taxes levied' column has now been adjusted to accurately reflect the ACO number, which
subsequently changed the percent collected as well.
Source: County of Riverside Auditor Controller's Office
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
2015 2016 2017 2018 2019 2020(4) 2021 2022 2023 2024
Property Tax Collections
(in millions)
151 228
CITY OF LA QUINTA, CALIFORNIA
Ratios of Outstanding Debt by Type (1)
Last Ten Fiscal Years
(in dollars)
2015 2016 2017 2018 2019
103,869$ 155,395$ 530,163$ 667,035$ 757,971$
668,933 649,698 628,448 - -
1,367,344 1,325,596 1,280,221 - -
Notes Payable- Eisenhower Drive Property - - 2,250,000 1,125,000 -
- - - - -
2,405,000 1,850,000 1,265,000 650,000 -
Total Governmental 4,545,146 3,980,689 5,953,832 2,442,035 757,971
Leases - - - - -
Total Business-Type Activities - - - - -
Total Primary Government 4,545,146 3,980,689 5,953,832 2,442,035 757,971
Population - State Department of Finance January 1 39,694 39,977 40,677 41,204 40,389
Number of Households 24,150 24,432 24,544 24,643 24,764
Median Household Income 97,526 99,157 104,749 107,447 117,802
Percentage of Personal Income 0.19%0.16%0.23%0.09%0.03%
Debt Per Capita 115 100 146 59 19
Governmental Activities:
Leases
City Hall Lease Revenue Bonds
Fiscal Year Ended
Business-type Activities:
Subscription IT Liabilities
USDA Loan
Provident Savings Loan
Notes:
Details regarding the City's outstanding debt can be found in the notes to the financial statements.
Leases for business-type activities were added in FY 2022 as a result of GASB 87.
Source: City of La Quinta; HDL, Coren & Cone
152 229
TABLE 15
2020 2021 2022 2023 2024
761,790$ 459,275$ 184,727$ 53,662$ 91,795$
-----
-----
-----Notes Payable- Eisenhower Drive Property
---495,674 282,309
-----
761,790 459,275 184,727 549,336 374,104 Total Governmental
--565,837 315,520 123,859 Leases
--565,837 315,520 123,859 Total Business-Type Activities
761,790 459,275 750,564 864,856 497,963 Total Primary Government
40,660 41,247 37,860 37,979 38,370 Population - State Department of Finance January 1
24,957 25,177 23,796 -24,679 Number of Households
120,097 121,816 119,479 -134,351 Median Household Income
0.00%0.01%0.03% 0.03%0.02% Percentage of Personal Income
-11 20 23 13 Debt Per Capita
City Hall Lease Revenue Bonds
Governmental Activities:
Subscription IT Liabilities
Leases
USDA Loan
Provident Savings Loan
Fiscal Year Ended
Business-type Activities:
-
20
40
60
80
100
120
140
160
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
115
100
146
59
19
-
11
20 23
13
Debt Per Capita
153 230
CITY OF LA QUINTA, CALIFORNIA TABLE 16
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
(in dollars)
Fiscal Year
Ended June
30,
City Hall
Lease
Obligation
Local Agency
Bonds
Tax Allocation
Bonds Total
Percent of
Assessed
Value (2)
Per Median
Household
Income
2015 2,405,000 - - 2,405,000 0.02%20
2016 1,850,000 - - 1,850,000 0.02%45
2017 1,265,000 - - 1,265,000 0.01%31
2018 650,000 - - 650,000 0.01%6
2019 - - - - 0.00%-
2020 - - - - 0.00%-
2021 - - - - 0.00%-
2022 - - - - 0.00%-
2023 - - - - 0.00%-
2024 - - - - 0.00%-
Outstanding General Bonded Debt (1)
Notes:
(1)General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enterprise funds
(of which the City has none)
(2) Assessed value has been used because the actual value of taxable property is not readily available in the State of California.
Source:City of La Quinta
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
0.02%0.02%0.01%0.01%0.00%0.00%0.00% 0.00%
0.00% 0.00%
General Bonded Debt as a Percent of Assessed Value
154 231
CITY OF LA QUINTA, CALIFORNIA TABLE 17
Direct and Overlapping Debt
June 30, 2024
(in dollars)
Total Assessed Valuation (1)18,246,799,848$
Overlapping Debt (3)
16.53%664,990,000$ 109,936,147$
51.16%207,760,779 106,292,492
20.17%349,520,000 70,487,698
88.91% 305,000 271,182
86.46%510,000 440,921
287,428,440
4.60% 652,187,035$ 29,994,082$
4.60%670,785,000 30,849,402
51.16%34,227,380 17,511,070
20.17% 7,775,000 1,567,984
Desert Recreation District General Fund Obligations 26.94%1,194,811 321,930
Total Overlapping General Fund Debt 80,244,468
Overlapping Tax Increment Debt
Successor Agencies 12.543% - 100%432,955,065 263,624,455
Total Overlapping Tax Increment Debt
Total Gross Overlapping Debt 631,297,363
Less: Riverside County Supported Obligations -
Total Net Overlapping Debt 631,297,363
374,104$ 374,104
374,104
631,671,467$
Estimated Share of
Overlapping Debt
Outstanding Debt
6/30/24
Percentage
Applicable (2)
Overlapping Tax and Assessment Debt
Desert Community College District
Coachella Valley Unified School District
Desert Sands Unified School District (DSUSD)
Total Overlapping Tax and Assessment Debt
Overlapping General Fund Debt
Riverside County General Fund Obligations
Riverside County Pension Obligations
Coachella Valley Unified School District Certificates of Participation (COP)
Direct General Fund Debt
Total Direct General Fund Debt
DSUSD Community Facilities District No. 1
Total Net Combined Direct and Overlapping Debt
Coachella Valley Water District Assessment District 68
City of La Quinta General Fund Obligations
Desert Sands Unified School District COP
Notes:
(1) Total assessed valuation is from the Equalized Assessor report which includes homeowner exemptions.
(2)For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were
estimated by determining the portion of the overlapping district's taxable assessed value that is within the city's boundaries divided by the district's total taxable assessed
value.
(3)Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This schedule estimates the portion of the outstanding debt
of those overlapping governments that is borne by the residents and businesses of the City. This process recognizes that, when considering the City's ability to issue and
repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However,this does not imply that every taxpayer is a
resident, and therefore responsible for repaying the debt of each overlapping government.
155 232
CITY OF LA QUINTA, CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years
(in dollars)
2015 2016 2017 2018 2019
Assessed valuation (1)11,369,346,292$ 11,930,906,878$ 12,457,435,999$ 12,867,519,997$ 13,351,737,881$
Conversion Percentage 25%25%25%25%25%
Adjusted assessed valuation(2)2,842,336,573 2,982,726,720 3,114,359,000 3,216,879,999 3,337,934,470
Debt limit percentage (2)15%15%15%15%15%
Debt limit 426,350,486 447,409,008 467,153,850 482,532,000 500,690,171
- - - - -
Legal debt margin 426,350,486$ 447,409,008$ 467,153,850$ 482,532,000$ 500,690,171$
0.0%0.0%0.0%0.0%0.0%
Fiscal Year
Total debt applicable to the limit as a
percentage of debt limit
General obligation bonds (3)Total net debt applicable to limit
Notes:
(1) Assessed Valuation is from the Equalized Auditor's Net report which excludes the homeowner exemptions
(2)Section 43605 of the Government Code of the State of California limits the amount of indebtedness for public improvements to 15% of the gross
assessed valuation or property. However, this provision was enacted when assessed valuation was based on 25% of market value. Effective with the
1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations
shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in
effect at the time that the legal debt margin was enacted by the State. This is the equivalent of 3.75% of the full assessed value.
(3)The City of La Quinta has no general bonded indebtedness.
156 233
TABLE 18
2020 2021 2022 2023 2024
13,980,319,465$ 14,359,765,558$ 15,163,622,940$ 16,667,089,894$ 18,200,952,648$ Assessed valuation (1)
25%25%25%25%25%
3,495,079,866 3,589,941,390 3,790,905,735 4,166,772,474 4,550,238,162
15% 15% 15% 15% 15%
Debt limit percentage (2)
524,261,980 538,491,208 568,635,860 625,015,871 682,535,724 Debt limit
Total net debt applicable to limit
- - - - - General obligation bonds (3)
524,261,980$ 538,491,208$ 568,635,860$ 625,015,871$ 682,535,724$ Legal debt margin
0.0% 0.0% 0.0% 0.0% 0.0%
Fiscal Year
Total debt applicable to the limit
as a percentage of debt limit
157 234
CITY OF LA QUINTA, CALIFORNIA TABLE 19
Pledged-Revenue Coverage (1)
Last Ten Fiscal Years
(in dollars)
Principal Interest
2015 673,046 - 673,046 525,000 148,046 1.00
2016 673,075 - 673,075 555,000 118,076 1.00
2017 671,441 - 671,441 585,000 86,441 1.00
2018 668,141 - 668,141 615,000 53,141 1.00
2019 668,038 - 668,038 650,000 18,038 1.00
2020 - - - - - -
2021 - - - - - -
2022 - - - - - -
2023 - - - - - -
2024 - - - - - -
.
Debt ServiceLess Other
Debt
Payments
Net Lease
Revenue
Fiscal Year
Ended June 30,
Coverage
Ratio (3)
Local Agency Revenue Bonds (City Hall Project)
Lease
Revenue (2)
Notes:
(1)Details regarding the city's outstanding debt can be found in the notes to the financial statements. The City of La Quinta
has no general bonded indebtedness.
(2)Lease revenues consist of payments from the City General Fund and Civic Center Development Impact Fee Fund.
(3)Coverage ratio is a measure of the City's ability to meet its obligation. A ratio of greater than or equal to one indicates that
sufficient revenue has been generated to satisfy the debt service requirements. The ratio is calculated as total available
revenue (net lease revenue) divided by total debt service requirements (principal and interest) .
Source:City of La Quinta
158 235
CITY OF LA QUINTA, CALIFORNIA TABLE 20
Demographic and Economic Statistics
Last Ten Calendar Years
Sources 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
(3) 35.71 35.71 35.71 35.71 35.71 35.71 35.71 35.71 35.71 35.71
(1)(3) 39,240 39,769 40,065 40,217 40,389 40,660 41,247 37,860 37,979 38,370
(4) $97,526 $99,157 $104,749 $107,447 $117,802 $120,097 $121,816 $119,479 $130,398 $134,351
(1) 24,150 24,432 24,544 24,643 24,764 24,957 25,177 23,796 24,233 24,679
(1) 2.60 2.62 2.64 2.63 2.68 2.60 2.60 2.60 2.34 2.32
(3) $37,510 $37,846 $39,288 $39,999 $42,931 $46,248 $47,986 $52,632 $53,899 $57,910
(2) 17,483 18,033 18,617 18,917 19,142 19,267 19,083 19,850 19,942 20,133
(2) 16,675 17,175 17,533 18,000 18,308 17,800 17,483 18,892 19,175 19,150
(2) 4.62% 4.76% 5.82% 4.85% 4.36% 7.61% 8.44% 4.83% 3.85% 4.88%
(3) 45.1 45.3 45.7 46 46.4 47.1 47.9 48.6 49.6 51Median age
Calendar Year
Mean Household Income (in dollars)
Number of Dwelling Units
Persons per Household
Labor Force
Per Capita Income
Employment
City Land (Sq Miles)
Population
Unemployment Rate
Sources:
(1) State of California Department of Finance; State of California, Department of Finance, E-5 Population and Housing Estimates for Cities, Counties and the State, Sacramento, California,
as of 1/1/2024. The estimates incorporate 2020 Census counts.
(2) State of California Employment Development Department Website. Previous years' data updated in 2018/19 to utilize 12-month average and final numbers. Rise in average
unemployment rate for 2019/20 was due to double digit unemployment at end of fiscal year due to the Coronavirus pandemic.
(3) HdL, Coren & Cone
(4) Mean Household Income from US Census Bureau American FactFinder report Table S1901 when available (years 2017-2023). Otherwise, calculated using "Persons per Household"
multiplied by "Per Capita Income".
24,150
24,432
24,544
24,643
24,764
24,957
25,177
23,796
24,233
24,679
17,000
19,500
22,000
24,500
27,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Number of Dwelling Units
0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Unemployment Rate
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Mean Household Income
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Per Capita Income and Unemployment
Per Capita Income Unemployment Rate
159 236
CITY OF LA QUINTA, CALIFORNIA TABLE 21
Principal Employers
Current Year and Nine Years Ago
Activity Category
Number of
Employees
Percent of
Total
Employment Rank
Number of
Employees
Percent of Total
Employment
Government 1 1000-4999 5.01-25.07% 1 1,400 8.43%
Golf Resort 1 1000-4999 5.01-25.07% 3 1,214 7.31%
Golf Resort 2 500-999 2.51-5.01% 2 1,233 7.43%
Retailer 3 250-499 1.25-2.50% 5 246 1.48%
Retailer 3 250-499 1.25-2.50% 4 360 2.17%
Healthcare 4 100-249 0.50-1.25%
Retailer 4 100-249 0.50-1.25% 6 181 1.09%
Retailer 4 100-249 0.50-1.25%
Retailer 4 100-249 0.50-1.25% 7 152 0.92%
Golf Resort 4 100-249 0.50-1.25%
Golf Resort 4 100-249 0.50-1.25% 8 128 0.77%
Retailer 4 100-249 0.50-1.25% 9 120 0.72%
Retailer 4 100-249 0.50-1.25%
Golf Resort 4 100-249 0.50-1.25%
Retailer 10 100 0.60%
Total employment listed 4,200-14,983 21.06-75.13%5,276 31.78%
Total City Employment - July 1 20,133 16,600
Fiscal Year 2014-15
Quarry at La Quinta
Employer
Fiscal Year 2022-23
La Quinta Resort
Eisenhower George & Julia Argyros Center
Wal-Mart Super Center
Rancho La Quinta
Stater Bros
Target
Von's
(1)Desert Sands Unified School District
Costco
(2)PGA West and Citrus Club
Tradition Golf Course
Lowe's
Home Depot
Kohl's
Notes:
For fiscal year 2022-23, the City has changed the formatting of employment reporting to reflect a category 'range' that businesses fall into, rather than an
exact number. It was becoming increasingly difficult to obtain employment numbers from some local establishments as this is considered proprietary
information. Additionally, this data format matches what is reported by the EDD and sourced from DataAxle. Reporting in this manner reflects the true
seasonality of many of the jobs in our community, as employment at many of these firms is likely highest in the winter months when the population is at its
peak.
(1)Desert Sands Unified employs approximately 4,000 people district-wide, of which the following locations are located in La Quinta: the District
Administrative Offices, La Quinta High School, La Quinta Middle School, Benjamin Franklin Elementary, and Truman Elementary
(2) PGA West and Citrus Club are accounted for as one entity and as such, their employment numbers are reported together; the combined entities account
for 9 golf courses, 5 clubhouses, 2 private clubs, and multiple restaurants.
Source: Data Axle, LinkedIn, company websites, California EDD
160 237
CITY OF LA QUINTA, CALIFORNIA TABLE 22
Full-time City Employees
by Function
Last Ten Fiscal Years
2015 2016(1)2017 2018 2019 2020 2021(2)2022 2023 2024(3)
7.00 4.00 4.00 5.00 7.00 8.00 8.00 8.00 8.00 13.00
4.00 3.00 3.00 5.00 5.00 4.00 4.00 4.00 6.00 6.00
8.00 7.00 7.00 8.00 8.00 8.00 9.00 9.00 9.00 10.00
11.65 - - - - - - - - 9.00
- - - - - - - - - 10.00
- - - - - - - - - -
20.00 - - - - - - - - -
21.35 - - - - - 27.00 27.00 27.00 31.00
- 18.00 18.00 18.00 18.00 23.00 19.00 20.00 21.00 -
- 27.00 27.00 29.00 32.00 33.00 18.00 18.00 20.00 21.00
- 19.00 19.00 19.00 19.00 19.00 - - - -
Total 72.00 78.00 78.00 84.00 89.00 95.00 85.00 86.00 91.00 100.00
Facilities
Finance
Community Services
Design and Development
Community Resources
Planning and Development
Community Development
Public Works
City Manager Office
City Clerk
Function
Public Safety
Fiscal Year
Notes:
The City of La Quinta contracts with the County of Riverside for Police Services and with the California Department of Forest ry through a contract with the County of Riverside for Fire Services.
In addition, the City-owned Golf Course is operated by Landmark Golf. These positions have not been included as these positions are not City employees.
(1) During FY 2015-16 the City was subject to a major reorganization in an attempt to improve efficiency and controls that effectively terminated the Community Services, Community
Development, and Public Works departments. Following is a brief description of the reorganization for each department:
a)The Community Resources department has taken over specific roles of the prior Community Development and Community Services departments including, but not limited to human
resources, police, fire, library, museum, recreation, marketing, code compliance, animal control, and emergency services.
b)The Design and Development department has taken over specific roles of the prior Community Development, Public Works, and Finance departments including, but not limited to
customer service, business and animal licensing, planning, building, engineering services, and development services.
c)The Facilities department has taken over specific roles of the prior Community Services and Public Works departments including, but not limited to , parks, streets, buildings, lighting and
landscaping.
(2) During FY 2020-21 the City created the Public Works Division, consisting of the Facilities Division as well as Public Works, Engineering, and Capital Improvement (which were moved out of
Design & Development). In addition, there were impacts due to the novel Coronavirus pandemic that led to a reduction in work force.
(3) During FY 2023-24, the Community Resources Division was split into Community Services and Public Safety, with Human Resources moving under the purview of the City Manager's office.
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
2015 2016(1) 2017 2018 2019 2020 2021(2) 2022 2023 2024(3)
72.00
78.00 78.00
84.00
89.00
95.00
85.00 86.00
91.00
100.00
Total Full-Time City Employees
161 238
CITY OF LA QUINTA, CALIFORNIA TABLE 23
Operating Indicators
by Function
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020(3)2021(3)2022 2023 2024
Finance:
Number of Animal Licenses Processed (1)1,374 ---- - - - - -
Number of Accounts Payable Checks Processed 3,833 4,153 3,835 3,621 3,879 3,855 2,998 3,014 3,196 2,902
Number of investment purchases 21 22 20 61 56 49 32 93 98 85
Par value of investments 128,990,447$ 137,594,669$ 139,613,063$ 150,117,079$ 163,665,838$ 170,194,404$ 187,171,960$ 223,319,336$ 248,005,525$ 280,479,484$
Number of cleared checks 4,004 4,167 3,932 3,813 3,875 3,962 2,977 2,989 3,078 2,962
Number of bank wires, drafts, and EFTs(4)54 41 44 64 68 57 412 504 568 569
City Clerk:
Contracts Processed 238 282 199 243 266 297 217 232 226 257
Documents Notarized 203 157 99 128 74 90 184 256 143 105
Documents Recorded with County 106 112 56 67 45 39 43 150 91 29
Subpoenas and Claims Processed 37 10 8 12 18 15 15 18 27 25
Records Requests Fulfilled and Recorded 580 518 743 572 602 633 847 1,205 1,201 1,061
Pages of Electronic Documents Archived(1)164,847 233,182 214,384 593,991 970,894 753,291 190,113 176,426 131,141 179,239
Public Works:
Encroachment permits issued 127 54 123 121 140 121 138 196 163 150
Request for services (1)1261 3,440 3,207 2,652 2,194 1,938 2,041 1,732 2,983 3,308
Community Development:
Number of Active Business Licenses (1)4,452 3,368 3,681 3,707 3,806 3,592 3,267 3,414 3,630 2,632
Permits:
Single family Detached 176 108 92 142 122 218 157 467 407 91
Single family Attached 4 7.00 7.00 6 14 1 0 27 4 0
Residential Pool 255 217 170 211 243 237 337 424 369 314
Wall/Fence 328 257 209 268 223 312 244 412 504 334
Other 1,316 1,230 1,258 1,571 1,655 1,401 1,619 2,192 2,474 2,168
Garage Sale Permits (1)1,290 1,109 1,024 928 959 604 351 461 343 551
Total Permits 3,369 2,928 2,760 3,126 3,216 2,773 2,708 3,983 4,101 3,458
Code Compliance (1):
Animal Control Incidents Handled (1)1,085 0 --52 42 30 10 19 16
Vehicle abatements 85 255 212 224 184 149 79 114 108 71
Weed abatements 45 57 114 128 80 65 53 74 44 59
Nuisance abatements/Property Maintenance 557 1,037 1,180 1,122 921 821 403 952 776 666
All Other (2)-1,432 806 888 1,159 1,591 1,511 1,320 1,071 1,192
Community Services:
Library activities:
Number of Visits 73,924 182,913 190,747 152,725 132,947 84,042 25,950 65,259 80,364 93,258
Books checked out 263,047 234,340 254,323 250,636 241,450 122,084 63,198 149,001 150,286 164,137
Cards Issued 2,418 2,179 2,248 2,276 2,251 919 886 1,610 1,827 2,060
Number of School Children Visiting 1,562 2,947 4,680 4,528 3,303 3,708 10,221 2,435 5,968 9,276
Volunteer Hours 1,917 2,169 2,248 2,314 2,138 1,173 0 524 853 1,233
Senior Center/Wellness Center (1) :
Number of visits 23,871 62,820 74,141 87,294 82,477 41,934 4,725 20,065 30,007 44,680
Volunteer Hours 1,279 1,585 1,420 1,333 1,148 506 0 0 84 234
Recreation activities:
Participants:
Leisure Classes(5)1,322 2,241 2,278 2,168 2,039 864 269 15,538 35,786 31,265
Special events 6,460 8,185 7,783 10,449 12,650 4,950 390 4,685 9,929 7,210
Adult Sports 5,487 7,192 6,695 6,136 5,932 3,644 0 492 1,379 1,157
Golf course:
Golf rounds played 41,904 45,104 43,085 42,590 44,949 33,407 39,073 44,329 44,438 42,664
Average Green fee 69.65$ 66.87$ 66.80$ 71.88$ 72.02$ 71.23$ 79.63$ 92.53$ 92.39$ 102.60$
Planning and Development:
Number of residential units approved 208 40 120 0 114 92 212 132 429 316
Commercial square footage approved 79,092 13,000.00 391,914 7,599 102,552 3,162 152,133 15,537 32,071 73,655
Fiscal Year
Notes:(1) Data on this table may vary from year to year due to restructuring, personnel, and systems changes that have taken place at the city over the past five years. Examples include animal licensing and control contracted to
County of Riverside May 2015, business licenses and garage sale permits transferred to Community Development Department, tracking system for active business licenses updated, vacation rental requirements for permits
changed, Codes Department began using GoEnforce tracking software, Public Works Department expanded use of GoRequest system, City Clerk's office completed project to archive all old documents and plans, and has now
transitioned archiving documents electronically, and the Senior Center became the Wellness Center in 2015.
(2)"All Other" category includes building codes, business license, commercial, hazardous conditions, health/safety, other, parking, vacation rentals, and zoning. For 2016, data was annualized using the seven months of actual
"total closed incidents" provided by GoEnforce.
(3) Declines in the reported numbers for the Library, Wellness Center, and any related recreational activities are due to facility closures and restrictions as a result of the novel Coronavirus pandemic. For 2021, 'School Children
Visiting' the library includes virtual storytime attendance.
(4)Previously reported only wires, has been updated to include all forms of electronic payment types.
(5)Leisure Classes line includes X-park and Fritz Burns Pool activity participants starting in 2021-22.
162 239
CITY OF LA QUINTA, CALIFORNIA TABLE 24
Capital Asset Statistics
by Function
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Public Works:
128 128 128 128 128 129 129 129 129 129
34 34 36 36 36 79 81.1 81.1 82.6 83.6
277 281 372 372 372 372 372 372 382 382
54 54 54 54 54 50 50 50 50 51
3,018 3,018 5,758 5,758 5,408 4,808 4,808 4,808 4,858 4,858
13 13 13 13 13 13 13 13 13 13
Parks and Recreation:
Parks(3)13 13 13 13 13 14 14 17 17 18
218 218 218 218 218 - - - - -
40 40 40 40 40 - - - - -
238 238 235 235 235
114 114 111 111 111
17 17 17 17.4 17.4 17.4
1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1
Public Safety:
Fire Stations 3 3 3 3 3 3 3 3 3 3
Golf Course:
1 1 1 1 1 1 1 1 1 1
Fiscal Year
Bikepaths (miles) (1)
Streets (miles)
Senior/Wellness Center
Museum
Library
Municipal golf courses
Undeveloped Park Acreage
Park Acreage
Traffic signals
Traffic signs
Bridges
Streetlights (2)
Hiking Trails (miles)
City-Owned Acres(3)
City-Improved Acres(3)
Notes:
(1) Bike path miles were updated to include both Class I (off-street) and Class II (on-street, painted bike lanes) bicycle paths in 2015; the City has been adding Class II
through various projects and the 2020 number has been updated accordingly.
(2)In fiscal year ending 2009 street lights at intersections were included for the first time. Additionally, the decorative streetlights in Old Town were added for the first time in
2017.
(3)In fiscal year 2019-20, the City added one public park, the SilverRock Event Site. In 2020, the City aligned reporting with the Developmental Impact Fee Study from
August 2019 which identifies parks as 'City-Owned' and 'City-Improved' by acreage in Table 3.1. In 2021-22, the City added one public park, the X-park. Additionally, the
park count now includes two sports fields owned by Desert Sands Unified School District but maintained by the City. These pa rks were already included in the "city-
improved acres" line. In fiscal year 2023-24, the City added a small park in the Cactus Flower area.
163 240
CITY OF LA QUINTA, CALIFORNIA TABLE 25
Schedule of Insurance in Force
June 30, 2024
Company Name Policy Number Coverage Limits Term Premium
National Union Fire Insurance 01-309-02-02 Crime, Forgery, Fraud $1 Million 07/01/23 to 07/01/24 $1,800
Alliant Insurance Services, Inc
California Self-Insured All Risk Property Insurance $25 Million 07/01/23 - 07/01/24 $187,527
Joint Powers Pool Including Auto Physical Damage, Single Limit per Occurrence
Insurance Authority Terrorism, Boiler & Machinery subject to other sublimits
Earthquake
Real & Personal Property
Including Contingent Tax Interruption
California Self-Insured Comprehensive General $50 Million 07/01/23 - 07/01/24 $395,165
Joint Powers Pool and Automobile Liability Single Limit per Occurrence
Insurance Authority
California Self-Insured Workers' Compensation $10 Million 07/01/23 - 07/01/24 $269,483
Joint Powers Pool Per Occurrence
Insurance Authority
Source:City of La Quinta
164 241
242
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: June 4, 2025
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE THIRD QUARTER FISCAL YEAR 2024/25
TREASURY REPORTS FOR JANUARY, FEBRUARY AND MARCH 2025
RECOMMENDATION
Receive and file the third quarter fiscal year 2024/25 Treasury Reports for January,
February, and March 2025.
BACKGROUND/ANALYSIS
Commentary and Summary of Significant Activity
The total book value of the portfolio increased approximately $20.7 million from $255.8
million at the end of December to $276.5 million at the end of March due to normal
operations including receipt of property taxes, as well as reimbursement payments for the
Dune Palms bridge project. The portfolio is within policy limits for investment types and
total allocation by type and is also within policy guidelines for investment ratings. The
chart below shows the portfolio policy compliance as measured in market value.
The total market value of the portfolio increased $22.0 million from $253.8 million in
December to $275.8 million in March. This variance differs from the book value increase
due to market valuation fluctuations in response to interest rates; all treasury yields from
1-year out went down between December and March, which increases the value of
holdings with higher coupon values. The City generally follows a buy-and-hold strategy
BUSINESS SESSION ITEM NO. 3
243
for long-term investments, and maintains a cash reserve to cover operational needs,
and therefore is not affected by market valuation fluctuations.
Treasury Rates
The annualized total rate of return averaged over twelve months was 3.83% as of March.
For the quarter, the annualized total rate of return was 3.75% and the portfolio yield to
maturity was 3.72%. Total interest received for the quarter was just over $2.3 million,
while interest earned, including accrued and not yet received, was $2.47 million.
City staff routinely evaluates liquidity needs while also monitoring market trends; we are
closely watching the treasury market, which saw significant decreases in yields from June
to September as the market anticipated Fed rate cuts, only for the rates to rise again by
the end of December in anticipation of a new federal administration, and decrease again
from December to March as the markets digested various tariff, regulatory, and economic
news. We are continuing to utilize the California Asset Management Program (CAMP)
which is yielding more than the Local Agency Investment Fund (LAIF), for short-term
investing, but may shift money between the funds as appropriate. The City also continues
to use a sweep function on both our operating account and our custody bank cash
account, whereby funds are placed into highly-rated government funds (Invesco Treasury
Portfolio – ticker TYCXX and First American Treasury Fund – ticker FUZXX) that earn
interest until such time that money is reinvested or used for operations. We will continue
to monitor these funds as well, and utilize longer-term investments as the short-term yield
environment responds to the Fed’s actions in regard to the federal funds rate.
Throughout the quarter, three federal agency bonds, 17 CDs, and one CAMP term
matured, and three agency bonds were called. Seven federal agency bonds, five
treasuries, and six CDs were purchased. Maturities and purchases are listed in detail in
the attached reports.
Date 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 10 yr 30 yr
12/31/2024 4.40 4.37 4.24 4.16 4.25 4.27 4.38 4.58 4.78
1/31/2025 4.37 4.31 4.28 4.17 4.22 4.27 4.36 4.58 4.83
2/28/2025 4.38 4.32 4.25 4.08 3.99 3.99 4.03 4.24 4.51
3/31/2025 4.38 4.32 4.23 4.03 3.89 3.89 3.96 4.23 4.59
Total Interest
Received
Average Days
to Maturity
Yield To
Maturity
Annualized
Total Rate of
Return
January 566,704$ 586 3.75% 3.85%
February 685,819$ 572 3.76% 3.49%
March 1,064,767$ 575 3.66% 3.91%
Quarter 3 2,317,290$ 578 3.72% 3.75%
Quarter 2 2024/25 1,730,016$ 616 3.66% 3.76%
Quarter 1 2024/25 1,998,617$ 572 3.82% 3.87%
244
The City utilized the new Tracker software for treasury reporting for the first time in quarter
one of this fiscal year. The system now contains twelve months of data, and if available
as a feature of a particular report, that history will be reflected.
Other Notes
Money market funds with the fiscal agent are bond proceeds subject to bond indentures,
not the City’s investment policy. Successor Agency (SA) funds cannot be invested long-
term; therefore SA funds are only invested in LAIF.
Looking Ahead
The Treasurer follows a “buy and hold” Investment Policy, unless it is fiscally
advantageous to actively trade outside of maturity dates. In the short term, the Treasurer
will invest in Money Market/Mutual Funds, CAMP, LAIF, and U.S. Treasuries as needed.
Longer term investments may include Government Sponsored Enterprise (agencies)
securities, U.S. Treasuries, Corporate Notes, and Negotiable Certificates of Deposits. All
investments recognize both immediate and long-term cash flow needs, and there is
sufficient liquidity in the portfolio to meet expenditure requirements for the next six
months.
ALTERNATIVES - None
Prepared by: Rosemary Hallick, Principal Management Analyst
Approved by: Claudia Martinez, Finance Director/City Treasurer
Attachment: 1. Treasurer’s Report for January 1, 2025 to March 31, 2025
245
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US Treasury Rates
https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=2025
309
310
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING: June 4, 2025
STAFF REPORT
AGENDA TITLE: DISCUSS FISCAL YEAR 2025/26 PRELIMINARY PROPOSED
BUDGET AND APPROVE ALLOCATION OF MEASURE G SALES TAX REVENUE
RECOMMENDATION
Discuss fiscal year 2025/26 preliminary proposed budget and approve allocation of
Measure G Sales Tax revenue.
EXECUTIVE SUMMARY
The first study session focused on the General Fund and Internal Service Funds.
This study session focuses on a review of Special Revenue Funds, Enterprise Fund,
Capital Funds of the City, and updates to the General Fund.
Final budget adoption is scheduled for the June 17, 2025 Council meeting.
FISCAL IMPACT
The updated General Fund budget anticipates a deficit of $45,380 with projected General
Fund revenues of $89,842,254 (including Measure G sales tax) and proposed operational
and capital expenditures of $90,386,634, including use of Measure G reserves in the
amount of $600,000.
BACKGROUND/ANALYSIS
The goal of the June 4, 2025 session is to provide an overview of updates since May 7,
2025 for all funds and approve the use of Measure G sales tax revenues.
The Fiscal Year 2025/26 Proposed Budget Overview (Attachment 1) provides a narrative
for all Special Funds and an update to the General Fund. Exhibit A includes line-item
details for revenues and expenditures for the Special Revenue Funds, Enterprise Fund,
and Capital Improvement Funds.
The budget updates will be presented to the City Council on June 3, 2025. Staff will provide
a verbal update of those discussions to the Commission during this meeting.
BUSINESS SESSION ITEM NO. 4
311
ALTERNATIVES
The Commission may wish to request further information regarding specific items and
provide direction regarding the next steps in the overall budget process, prior to budget
adoption scheduled for June 17, 2025.
Prepared by: Claudia Martinez, Finance Director
Approved by: Jon McMillen, City Manager
Attachment: 1. Fiscal Year 2025/26 Proposed Budget Overview
312
2025/26 Second Budget Study Session Page 1
FISCAL YEAR 2025/26
SECOND BUDGET STUDY SESSION OVERVIEW
The second budget study session provides an overview of the Special Revenue funds, Capital Fund,
and Enterprise Fund (SilverRock Golf Resort) of the City. Exhibit A to this report provides line-item
details.
The fiscal year 2025/26 budget continues to evolve, and all updates will be incorporated into the final
adopted budget. The City remains committed to a proactive approach in maintaining infrastructure,
addressing community needs, and strengthening La Quinta’s long-term fiscal health.
A one-page summary, found on Exhibit A with the proposed budget, provides a quick reference of all
proposed revenues and expenditures by fund. The Supplemental Information section of the Proposed
Budget provides a description of each fund.
GENERAL FUND UPDATE
Since the last budget study session, the following adjustments resulted in a $101,000 expense increase
to the General Fund as detailed below:
-Transfers Out in Centralized Services is increasing by
$100,000 to cover the anticipated deficit in SilverRock
operations, driven by rising operational expenses and
the continued impact of on-site construction
-An increase of $1,000 is included to cover the required
annual State Controller’s Report for the Finance
Authority, which is funded by the General Fund
After adjustments, the updated budget deficit is $45,380. Adjustments to the General Fund noted in this
report have been incorporated in the respective fund budget requests.
Additional budget adjustments, including recommendations from the May 20 meeting, such as
assistance to businesses pursuing Autism certification, a potential General Fund contribution for
spay/neuter clinics, and updated salary and benefit amounts will be presented at the June 17 meeting.
SPECIAL REVENUE FUNDS
Special Revenue Funds account for specific revenues and their related expenditures that are legally
required to be held in separate funds. Revenues may be derived from various sources such as
developer impact fees, property tax assessments, State and Federal programs, housing income, or
operations. These restricted funds are for road repairs, recycling programs, art in public places, housing
activities, police programs, library/museum operations, and the administration of retiree benefits
Revenues 89,842,254$
Less Operating/CIP Expenses (90,386,634)
Less Measure G Reserves 600,000
BUDGET SURPLUS 55,620$
Expense- GF Transfer to SRR 100,000$
Expense- GF Exp for Finance Authority 1,000$
Total Adjustments 101,000
AMENDED BUDGET DEFICIT (45,380)$
GENERAL FUND
FY 2025/26 ORIGINAL PROPOSED BUDGET
SUMMARY
GENERAL FUND AS OF 6/3/2025
ATTACHMENT 1
313
2025/26 Second Budget Study Session Page 2
through trusts. A summary of revenues and expenditures by Special Fund is provided on the final page
of this report.
Gas Tax Fund Revenue projections are provided by the State and are expected to grow at a modest
pace; it is estimated that total local streets and roads allocations will increase by nearly $50,000 in
2025/26. We anticipate stable year-over-year growth in the coming years. While fuel consumption may
decrease with the rise of alternative fuel vehicles, annual cost-of-living adjustments are expected to
offset this impact and help sustain revenue levels. The General fund is anticipated to transfer $500,000
into the Gas Tax Fund to supplement operations, this amount will be updated upon completion of salary
and benefit projections.
Expenditure increases are primarily due to salaries and benefits, reflecting annual step increases and
rising health costs, along with higher internal service charges. Capital expenses are reduced, as one-
time machinery and equipment purchases occurred in FY 2024/25 and ongoing road improvement
projects will carry over from that fiscal year. Transfers out for CIP projects total $1,006,705 for the Cove
Area Slurry Seal Improvements Phase 2 project.
The Lighting and Landscape District (LLD) Fund is partially funded with $998,000 from property tax
assessments. To ensure continued citywide landscaping standards are upheld, the General Fund is
projected to contribute $2,750,000 in 2025/26.
Expenditure increases are driven by landscape contract costs due to enhanced service levels and rising
prices for materials, supplies, labor, and utilities. These increases are partially offset by a reduction in
tree maintenance costs, as funding for the ongoing project in FY 2024/25 will carry over into FY
2025/26.
Housing Authority Funds will be presented to the Housing Authority in detail on June 3, 2025. A
preliminary review of the proposed budget will be presented to the Housing Commission on June 11,
2025 and is scheduled for adoption on June 17, 2025.
Finance Authority Fund includes ongoing expenses that are limited to the filing of an annual State
Controller’s Report anticipated to be about $1,000 in the upcoming year. The 1996 Civic Center Bond
was paid off in October 2018 and is noted in the FY 2018/19 Annual Comprehensive Financial Report.
Overall expenses are decreasing for the Library and Museum Fund compared to FY 2024/25 primarily
due to CIP carryovers from FY 2023/24 to FY 2024/25 for the Village Art Promenade & Cultural Campus
project of about $2.3 million. Increases are attributed to contract services, salaries and benefits, and
operational expenses, driven by expanded services and rising costs.
OTHER SPECIAL REVENUE FUNDS
Measure A Fund provides the City with funding for street maintenance and operations, street repairs
and improvements, and new infrastructure of the streets and roads systems. The Riverside County
Transportation Commission (RCTC) allocates funds to local agencies to be used on specific capital
projects pre-approved by RCTC. County sales tax revenue is expected to decrease by $222,000 or
314
2025/26 Second Budget Study Session Page 3
11% from the prior year based on estimates from RCTC’s Measure A Program Allocation projection
report.
Development Impact Fee (DIF) Funds are restricted to capital improvement program expenses.
Funds with no expenses in 2025/26 either have no current project commitments or are saving revenues
for future fiscal year capital projects.
For 2025/26, the Art in Public Places Fund (APP) proposed budget includes the maintenance
contract for all citywide art installations and the continuance of art purchases to include art at the
SilverRock park, community murals, signal box art design and vinyl wraps, and entry
monuments.
ENTERPRISE FUND
The SilverRock Golf Resort operates under two funds, an operating fund and a capital replacement
reserve fund. Landmark Golf Management LLC (Landmark) manages the SilverRock Resort golf course
and is required to provide an annual operations plan for Council’s review and approval, which is being
presented to City Council on June 17, 2025. Readers are encouraged to read the full annual plan for
details on revenues and expenditures. Highlights include impacts from ongoing construction and
development affecting operations, turf renovation project, golf course management fee increase of five
percent (5%), and continuing the 2% annual contribution to the capital reserve fund. It is anticipated
that SilverRock operations and the budget will require continuous monitoring and adjustments during
the 2025/26 fiscal year as ongoing construction will affect operations.
CAPITAL IMPROVEMENT PROGRAM (CIP)
The preliminary Capital Improvement Programs Fund includes revenues and expenditures for
projects as presented to City Council on April 1, 2025. The total CIP budget for FY 2025/26 is
$25,193,033. Developer reimbursements totaling $400,000 for DIF eligible improvements are budgeted
in DIF funds and $500,000 for median landscape improvements is expended out of the LLD fund.
315
2025/26 Second Budget Study Session Page 4
FUND
#FUND NAME
TOTAL
REVENUES
TOTAL
EXPENSES
SURPLUS /
(DEFICIT)
101 GENERAL FUND 89,842,254 90,487,634 (645,380)
105 DISASTER RECOVERY FUND 172,000 4,993,504 (4,821,504)
201 GAS TAX FUND 2,717,705 3,094,085 (376,380)
202 LIBRARY & MUSEUM FUND 4,420,000 3,143,420 1,276,580
203 PUBLIC SAFETY FUND 6,000 - 6,000
210 FEDERAL ASSISTANCE FUND (CDBG)160,100 160,000 100
212 SLESF (COPS)121,000 100,000 21,000
215 LIGHTING & LANDSCAPING FUND 3,808,000 3,808,000 -
220 QUIMBY FUND - - -
221 AB 939 - CALRECYCLE 91,000 205,000 (114,000)
223 MEASURE A FUND 1,900,000 1,124,132 775,868
225 INFRASTRUCTURE FUND 1,000 - 1,000
226 EMERGENCY MANAGEMENT
PERFORMANCE FUND 10,000 10,000 -
227 STATE HOMELAND SECURITY PROGRAM 5,400 5,000 400
230 CASp FUND, AB 1379 24,000 5,500 18,500
235 SO COAST AIR QUALITY FUND 57,000 40,000 17,000
241 HOUSING AUTHORITY FUND 1,666,000 1,664,780 1,220
243 RDA LOW-MOD HOUSING FUND 130,000 325,000 (195,000)
247 ECONOMIC DEVELOPMENT FUND 109,000 31,500 77,500
249 SA 2011 LOW/MOD BOND 86,000 150,000 (64,000)
250 TRANSPORTATION DIF 579,000 979,109 (400,109)
251 PARKS & RECREATION DIF 203,000 - 203,000
252 CIVIC CENTER DIF 160,000 - 160,000
253* LIBRARY DEVELOPMENT DIF 30,500 15,000 15,500
254 COMMUNITY CENTER DIF 95,000 482,561 (387,561)
255 STREET FACILITY DIF 3,000 - 3,000
256 PARK FACILITY DIF 500 - 500
257 FIRE PROTECTION DIF 51,000 - 51,000
259 MAINTENANCE FACILITIES DIF FUND 47,000 362,526 (315,526)
270 ART IN PUBLIC PLACES FUND 181,000 233,000 (52,000)
275 LQ PUBLIC SAFETY OFFICER FUND 4,000 - 4,000
310 LQ FINANCE AUTHORITY FUND 1,000 1,000 -
401 CAPITAL IMPROVEMENT PROGRAMS 24,293,033 24,293,033 -
405 SA PA1 CAPITAL IMPROVEMENT BOND 500 - 500
501 FACILITY & FLEET REPLACEMENT FUND 1,726,300 1,745,500 (19,200)
502 INFORMATION TECHNOLOGY FUND 3,105,700 4,027,320 (921,620)
503 PARK EQUIP & FACILITY FUND 525,000 935,000 (410,000)
504 INSURANCE FUND 1,407,600 1,242,600 165,000
601 SILVERROCK RESORT FUND 5,470,000 5,517,000 (47,000)
602 SILVERROCK GOLF RESERVE FUND 113,000 - 113,000
760 SUPPLEMENTAL PENSION PLAN 7,000 12,850 (5,850)
761 CERBT OPEB TRUST (HEALTH BENEFITS)40,000 1,500 38,500
762 PARS PENSION TRUST 200,000 30,000 170,000
Non- General Fund Total 53,727,338 58,737,920 (5,010,582)
143,569,592 149,225,554 (5,655,962)
SUMMARY OF REVENUES AND EXPENDITURES BY FUND FOR 2025/26
GRAND TOTAL
* This fund has an outstanding inter-agency loan due to the Successor Agency.
316
Special Funds
EXHIBIT A
317
THIS PAGE INTENTIONALLY LEFT BLANK
318
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
105 - DISASTER RECOVERY FUND
0000 - Undesignated
360 - Use of Money & Property
358,375 30,000 30,000 79,149 172,000 142,000 473%105-0000-41900 Allocated Interest
133,154 0 0 0 0 0 0%105-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:491,528 30,000 30,000 79,149 172,000 142,000 473%
0000 - Undesignated Totals:491,528 30,000 30,000 79,149 172,000 142,000 473%
105 - DISASTER RECOVERY FUND Totals:491,528 30,000 30,000 79,149 172,000 142,000 473%
201 - GAS TAX FUND
0000 - Undesignated
330 - Intergovernmental
230,398 240,000 240,000 164,089 248,000 8,000 3%201-0000-42900 Section 2105, Gas Tax
150,618 154,000 154,000 108,814 160,000 6,000 4%201-0000-42905 Section 2106, Gas Tax
311,864 327,000 327,000 213,125 338,000 11,000 3%201-0000-42910 Section 2107, Gas Tax
6,000 6,000 6,000 6,000 6,000 0 0%201-0000-42915 Section 2107.5, Gas Tax
345,481 358,000 358,000 263,436 359,000 1,000 0%201-0000-42920 Section 2103, Gas Tax
980,088 984,000 984,000 610,247 1,006,705 22,705 2%201-0000-42922 SB 1, Road Maint. Rehab Act
330 - Intergovernmental Totals:2,024,448 2,069,000 2,069,000 1,365,712 2,117,705 48,705 2%
360 - Use of Money & Property
110,180 20,000 20,000 18,717 100,000 80,000 400%201-0000-41900 Allocated Interest
27,654 0 0 0 0 0 0%201-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:137,834 20,000 20,000 18,717 100,000 80,000 400%
390 - Other Financing Sources
1,250,000 500,000 500,000 500,000 500,000 0 0%201-0000-49500 Transfers In
390 - Other Financing Sources Totals:1,250,000 500,000 500,000 500,000 500,000 0 0%
0000 - Undesignated Totals:3,412,282 2,589,000 2,589,000 1,884,429 2,717,705 128,705 5%
201 - GAS TAX FUND Totals:3,412,282 2,589,000 2,589,000 1,884,429 2,717,705 128,705 5%
202 - LIBRARY & MUSEUM FUND
0000 - Undesignated
330 - Intergovernmental
3,835,414 3,000,000 3,000,000 1,877,415 4,000,000 1,000,000 33%202-0000-41720 County Government Revenue
330 - Intergovernmental Totals:3,835,414 3,000,000 3,000,000 1,877,415 4,000,000 1,000,000
33%
340 - Charges for Services
3,634 3,000 3,000 4,731 5,000 2,000 67%202-0000-42218 MakerSpace Membership Fees
340 - Charges for Services Totals:3,634 3,000 3,000 4,731 5,000 2,000 67%
358,375 30,000 30,000 79,149 172,000 142,000
133,154 0 0 0 0 0
491,528 30,000 30,000 79,149 172,000 142,000
491,528 30,000 30,000 79,149 172,000 142,000
491,528 30,000 30,000 79,149 172,000 142,000
230,398 240,000 240,000 164,089 248,000 8,000
150,618 154,000 154,000 108,814 160,000 6,000
311,864 327,000 327,000 213,125 338,000 11,000
6,000 6,000 6,000 6,000 6,000 0
345,481 358,000 358,000 263,436 359,000 1,000
980,088 984,000 984,000 610,247 1,006,705 22,705
2,024,448 2,069,000 2,069,000 1,365,712 2,117,705 48,705
110,180 20,000 20,000 18,717 100,000 80,000
27,654 0 0 0 0 0
137,834 20,000 20,000 18,717 100,000 80,000
1,250,000 500,000 500,000 500,000 500,000 0
1,250,000 500,000 500,000 500,000 500,000 0
3,412,282 2,589,000 2,589,000 1,884,429 2,717,705 128,705
3,412,282 2,589,000 2,589,000 1,884,429 2,717,705 128,705
3,835,414 3,000,000 3,000,000 1,877,415 4,000,000 1,000,000
3,835,414 3,000,000 3,000,000 1,877,415 4,000,000 1,000,000
3,634 3,000 3,000 4,731 5,000 2,000
3,634 3,000 3,000 4,731 5,000 2,000
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
1 319
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
360 - Use of Money & Property
411,126 140,000 140,000 103,385 415,000 275,000 196%202-0000-41900 Allocated Interest
118,359 0 0 0 0 0 0%202-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:529,485 140,000 140,000 103,385 415,000 275,000 196%
0000 - Undesignated Totals:4,368,533 3,143,000 3,143,000 1,985,530 4,420,000 1,277,000
41%
202 - LIBRARY & MUSEUM FUND Totals:4,368,533 3,143,000 3,143,000 1,985,530 4,420,000 1,277,000
41%
203 - PUBLIC SAFETY FUND (MEASURE G)
0000 - Undesignated
360 - Use of Money & Property
6,843 5,000 5,000 1,450 6,000 1,000 20%203-0000-41900 Allocated Interest
2,995 0 0 0 0 0 0%203-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:9,838 5,000 5,000 1,450 6,000 1,000 20%
0000 - Undesignated Totals:9,838 5,000 5,000 1,450 6,000 1,000 20%
203 - PUBLIC SAFETY FUND (MEASURE G) Totals:9,838 5,000 5,000 1,450 6,000 1,000 20%
210 - FEDERAL ASSISTANCE FUND
0000 - Undesignated
330 - Intergovernmental
371,978 190,000 190,000 0 160,000 (30,000)-16%210-0000-43105 CDBG
330 - Intergovernmental Totals:371,978 190,000 190,000 0 160,000 (30,000)-16%
360 - Use of Money & Property
78 0 0 17 100 100 0%210-0000-41900 Allocated Interest
29 0 0 0 0 0 0%210-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:107 0 0 17 100 100 0%
0000 - Undesignated Totals:372,085 190,000 190,000 17 160,100 (29,900)-16%
210 - FEDERAL ASSISTANCE FUND Totals:372,085 190,000 190,000 17 160,100 (29,900)-16%
212 - SLESA (COPS) FUND
0000 - Undesignated
330 - Intergovernmental
186,159 100,000 100,000 144,663 100,000 0 0%212-0000-43115 SLESA (COPS) Grant
330 - Intergovernmental Totals:186,159 100,000 100,000 144,663 100,000 0 0%
360 - Use of Money & Property
19,616 3,000 3,000 4,286 21,000 18,000 600%212-0000-41900 Allocated Interest
4,978 0 0 0 0 0 0%212-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:24,594 3,000 3,000 4,286 21,000 18,000 600%
0000 - Undesignated Totals:210,753 103,000 103,000 148,949 121,000 18,000 17%
212 - SLESA (COPS) FUND Totals:210,753 103,000 103,000 148,949 121,000 18,000 17%
411,126 140,000 140,000 103,385 415,000 275,000
118,359 0 0 0 0 0
529,485 140,000 140,000 103,385 415,000 275,000
4,368,533 3,143,000 3,143,000 1,985,530 4,420,000 1,277,000
4,368,533 3,143,000 3,143,000 1,985,530 4,420,000 1,277,000
6,843 5,000 5,000 1,450 6,000 1,000
2,995 0 0 0 0 0
9,838 5,000 5,000 1,450 6,000 1,000
9,838 5,000 5,000 1,450 6,000 1,000
9,838 5,000 5,000 1,450 6,000 1,000
371,978 190,000 190,000 0 160,000 (30,000)
371,978 190,000 190,000 0 160,000 (30,000)
78 0 0 17 100 100
29 0 0 0 0 0
107 0 0 17 100 100
372,085 190,000 190,000 17 160,100 (29,900)
372,085 190,000 190,000 17 160,100 (29,900)
186,159 100,000 100,000 144,663 100,000 0
186,159 100,000 100,000 144,663 100,000 0
19,616 3,000 3,000 4,286 21,000 18,000
4,978 0 0 0 0 0
24,594 3,000 3,000 4,286 21,000 18,000
210,753 103,000 103,000 148,949 121,000 18,000
210,753 103,000 103,000 148,949 121,000 18,000
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
2 320
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
215 - LIGHTING & LANDSCAPING FUND
0000 - Undesignated
340 - Charges for Services
0 0 0 31,441 0 0 0%215-0000-42305 Miscellaneous Reimbursement
340 - Charges for Services Totals:0 0 0 31,441 0 0 0%
350 - Fines, Forfeitures & Abatements
988,238 997,000 997,000 543,080 998,000 1,000 0%215-0000-43210 LLD Assessments
350 - Fines, Forfeitures & Abatements Totals:988,238 997,000 997,000 543,080 998,000 1,000 0%
360 - Use of Money & Property
35,154 3,500 3,500 (596)60,000 56,500 1,614%215-0000-41900 Allocated Interest
8,971 0 0 0 0 0 0%215-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:44,125 3,500 3,500 (596) 60,000 56,500 1,614%
390 - Other Financing Sources
2,000,000 3,000,000 3,000,000 2,500,000 2,750,000 (250,000)-8%215-0000-49500 Transfers In
390 - Other Financing Sources Totals:2,000,000 3,000,000 3,000,000 2,500,000 2,750,000 (250,000)-8%
0000 - Undesignated Totals:3,032,363 4,000,500 4,000,500 3,073,925 3,808,000 (192,500)-5%
215 - LIGHTING & LANDSCAPING FUND Totals:3,032,363 4,000,500 4,000,500 3,073,925 3,808,000 (192,500)-5%
221 - AB 939 - CALRECYCLE FUND
0000 - Undesignated
310 - Tax Revenues
71,595 70,000 70,000 40,851 70,000 0 0%221-0000-41506 Burrtec AB 939 Fee
310 - Tax Revenues Totals:71,595 70,000 70,000 40,851 70,000 0 0%
330 - Intergovernmental
106,439 0 0 0 0 0 0%221-0000-43115 SB 1383 Cal Recycle Grant
9,851 0 0 0 0 0 0%221-0000-43120 Cal Recycle Grant
330 - Intergovernmental Totals:116,290 0 0 0 0 0 0%
360 - Use of Money & Property
23,845 10,000 10,000 5,128 21,000 11,000 110%221-0000-41900 Allocated Interest
10,867 0 0 0 0 0 0%221-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:34,712 10,000 10,000 5,128 21,000 11,000 110%
0000 - Undesignated Totals:222,597 80,000 80,000 45,980 91,000 11,000 14%
221 - AB 939 - CALRECYCLE FUND Totals:222,597 80,000 80,000 45,980 91,000 11,000 14%
223 - MEASURE A FUND
0000 - Undesignated
310 - Tax Revenues
1,959,770 1,995,000 1,995,000 1,103,101 1,773,000 (222,000)-11%223-0000-41320 County Sales Tax
310 - Tax Revenues Totals:1,959,770 1,995,000 1,995,000 1,103,101 1,773,000 (222,000)-11%
0 0 0 31,441 0 0
0 0 0 31,441 0 0
988,238 997,000 997,000 543,080 998,000 1,000
988,238 997,000 997,000 543,080 998,000 1,000
35,154 3,500 3,500 (596)60,000 56,500
8,971 0 0 0 0 0
44,125 3,500 3,500 (596) 60,000 56,500
2,000,000 3,000,000 3,000,000 2,500,000 2,750,000 (250,000)
2,000,000 3,000,000 3,000,000 2,500,000 2,750,000 (250,000)
3,032,363 4,000,500 4,000,500 3,073,925 3,808,000 (192,500)
3,032,363 4,000,500 4,000,500 3,073,925 3,808,000 (192,500)
71,595 70,000 70,000 40,851 70,000 0
71,595 70,000 70,000 40,851 70,000 0
106,439 0 0 0 0 0
9,851 0 0 0 0 0
116,290 0 0 0 0 0
23,845 10,000 10,000 5,128 21,000 11,000
10,867 0 0 0 0 0
34,712 10,000 10,000 5,128 21,000 11,000
222,597 80,000 80,000 45,980 91,000 11,000
222,597 80,000 80,000 45,980 91,000 11,000
1,959,770 1,995,000 1,995,000 1,103,101 1,773,000 (222,000)
1,959,770 1,995,000 1,995,000 1,103,101 1,773,000 (222,000)
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
3 321
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
360 - Use of Money & Property
94,329 30,000 30,000 26,671 127,000 97,000 323%223-0000-41900 Allocated Interest
61,185 0 0 0 0 0 0%223-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:155,514 30,000 30,000 26,671 127,000 97,000 323%
0000 - Undesignated Totals:2,115,284 2,025,000 2,025,000 1,129,772 1,900,000 (125,000)-6%
223 - MEASURE A FUND Totals:2,115,284 2,025,000 2,025,000 1,129,772 1,900,000 (125,000)-6%
225 - INFRASTRUCTURE FUND
0000 - Undesignated
360 - Use of Money & Property
694 1,000 1,000 153 1,000 0 0%225-0000-41900 Allocated Interest
258 0 0 0 0 0 0%225-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:952 1,000 1,000 153 1,000 0 0%
0000 - Undesignated Totals:952 1,000 1,000 153 1,000 0 0%
225 - INFRASTRUCTURE FUND Totals:952 1,000 1,000 153 1,000 0 0%
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)
0000 - Undesignated
330 - Intergovernmental
36,425 12,000 12,000 0 10,000 (2,000)-17%226-0000-43120 EMP Grant
330 - Intergovernmental Totals:36,425 12,000 12,000 0 10,000 (2,000)-17%
360 - Use of Money & Property
0 1,000 1,000 0 0 (1,000)-100%226-0000-41900 Allocated Interest
360 - Use of Money & Property Totals:0 1,000 1,000 0 0 (1,000)-100%
0000 - Undesignated Totals:36,425 13,000 13,000 0 10,000 (3,000)-23%
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG) Totals:36,425 13,000 13,000 0 10,000 (3,000)-23%
227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)
0000 - Undesignated
330 - Intergovernmental
4,312 5,500 5,500 0 5,400 (100)-2%227-0000-43120 SHSP Grant
330 - Intergovernmental Totals:4,312 5,500 5,500 0 5,400 (100)-2%
0000 - Undesignated Totals:4,312 5,500 5,500 0 5,400 (100)-2%
227 - STATE HOMELAND SECURITY PROGRAMS (SHSP) Totals:4,312 5,500 5,500 0 5,400 (100)-2%
94,329 30,000 30,000 26,671 127,000 97,000
61,185 0 0 0 0 0
155,514 30,000 30,000 26,671 127,000 97,000
2,115,284 2,025,000 2,025,000 1,129,772 1,900,000 (125,000)
2,115,284 2,025,000 2,025,000 1,129,772 1,900,000 (125,000)
694 1,000 1,000 153 1,000 0
258 0 0 0 0 0
952 1,000 1,000 153 1,000 0
952 1,000 1,000 153 1,000 0
952 1,000 1,000 153 1,000 0
36,425 12,000 12,000 0 10,000 (2,000)
36,425 12,000 12,000 0 10,000 (2,000)
0 1,000 1,000 0 0 (1,000)
0 1,000 1,000 0 0 (1,000)
36,425 13,000 13,000 0 10,000 (3,000)
36,425 13,000 13,000 0 10,000 (3,000)
4,312 5,500 5,500 0 5,400 (100)
4,312 5,500 5,500 0 5,400 (100)
4,312 5,500 5,500 0 5,400 (100)
4,312 5,500 5,500 0 5,400 (100)
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
4 322
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
230 - CASp FUND, AB 1379
0000 - Undesignated
360 - Use of Money & Property
3,446 1,000 1,000 816 4,000 3,000 300%230-0000-41900 Allocated Interest
976 0 0 0 0 0 0%230-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:4,422 1,000 1,000 816 4,000 3,000 300%
380 - Transfers In
15,732 20,000 20,000 14,612 20,000 0 0%230-0000-42130 SB 1186 Revenue
380 - Transfers In Totals:15,732 20,000 20,000 14,612 20,000 0 0%
0000 - Undesignated Totals:20,154 21,000 21,000 15,428 24,000 3,000 14%
230 - CASp FUND, AB 1379 Totals:20,154 21,000 21,000 15,428 24,000 3,000 14%
235 - SO COAST AIR QUALITY FUND
0000 - Undesignated
330 - Intergovernmental
51,086 52,500 52,500 25,197 52,500 0 0%235-0000-43410 SCAQ Contribution
330 - Intergovernmental Totals:51,086 52,500 52,500 25,197 52,500 0 0%
360 - Use of Money & Property
3,625 2,000 2,000 1,015 4,500 2,500 125%235-0000-41900 Allocated Interest
522 0 0 0 0 0 0%235-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:4,147 2,000 2,000 1,015 4,500 2,500 125%
390 - Other Financing Sources
23,049 0 0 0 0 0 0%235-0000-49500 Transfers In
390 - Other Financing Sources Totals:23,049 0 0 0 0 0 0%
0000 - Undesignated Totals:78,283 54,500 54,500 26,211 57,000 2,500 5%
235 - SO COAST AIR QUALITY FUND Totals:78,283 54,500 54,500 26,211 57,000 2,500 5%
241 - HOUSING AUTHORITY
9101 - Housing Authority - Admin
340 - Charges for Services
526 0 0 0 0 0 0%241-9101-42301 Miscellaneous Revenue
340 - Charges for Services Totals:526 0 0 0 0 0 0%
360 - Use of Money & Property
416,365 200,000 200,000 90,244 365,000 165,000 83%241-9101-41900 Allocated Interest
165,958 0 0 0 0 0 0%241-9101-41910 GASB 31 Interest
0 1,000 1,000 0 0 (1,000)-100%241-9101-41915 Non-Allocated Interest
80,124 0 0 0 0 0 0%241-9101-42706 Loan Repayments
148,869 100,000 100,000 11,300 100,000 0 0%241-9101-43504 2nd Trust Deed Repayments
118,416 0 0 0 0 0 0%241-9101-45000 Sale of Other Assets
360 - Use of Money & Property Totals:929,732 301,000 301,000 101,544 465,000 164,000 54%
3,446 1,000 1,000 816 4,000 3,000
976 0 0 0 0 0
4,422 1,000 1,000 816 4,000 3,000
15,732 20,000 20,000 14,612 20,000 0
15,732 20,000 20,000 14,612 20,000 0
20,154 21,000 21,000 15,428 24,000 3,000
20,154 21,000 21,000 15,428 24,000 3,000
51,086 52,500 52,500 25,197 52,500 0
51,086 52,500 52,500 25,197 52,500 0
3,625 2,000 2,000 1,015 4,500 2,500
522 0 0 0 0 0
4,147 2,000 2,000 1,015 4,500 2,500
23,049 0 0 0 0 0
23,049 0 0 0 0 0
78,283 54,500 54,500 26,211 57,000 2,500
78,283 54,500 54,500 26,211 57,000 2,500
526 0 0 0 0 0
526 0 0 0 0 0
416,365 200,000 200,000 90,244 365,000 165,000
165,958 0 0 0 0 0
0 1,000 1,000 0 0 (1,000)
80,124 0 0 0 0 0
148,869 100,000 100,000 11,300 100,000 0
118,416 0 0 0 0 0
929,732 301,000 301,000 101,544 465,000 164,000
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
5 323
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
9101 - Housing Authority - Admin Totals:930,258 301,000 301,000 101,544 465,000 164,000 54%
9103 - Housing Authority - LQRP
360 - Use of Money & Property
200,000 0 0 0 0 0 0%241-9103-43501 Miscellaneous Revenue/LQRP
351,454 350,000 350,000 247,958 350,000 0 0%241-9103-43502 Rent Revenue/LQRP
360 - Use of Money & Property Totals:551,454 350,000 350,000 247,958 350,000 0 0%
9103 - Housing Authority - LQRP Totals:551,454 350,000 350,000 247,958 350,000 0 0%
9104 - Dune Palms Mobile Estates
360 - Use of Money & Property
791,622 800,000 800,000 662,797 850,000 50,000 6%241-9104-42112 Rent Revenue/Tenant/Dune Palms
0 1,000 1,000 0 1,000 0 0%241-9104-42302 Miscellaneous Revenue/Dune Palms
360 - Use of Money & Property Totals:791,622 801,000 801,000 662,797 851,000 50,000 6%
9104 - Dune Palms Mobile Estates Totals:791,622 801,000 801,000 662,797 851,000 50,000 6%
241 - HOUSING AUTHORITY Totals:2,273,334 1,452,000 1,452,000 1,012,299 1,666,000 214,000 15%
243 - RDA LOW-MOD HOUSING FUND
0000 - Undesignated
360 - Use of Money & Property
143,666 60,000 60,000 31,085 130,000 70,000 117%243-0000-41900 Allocated Interest
45,354 0 0 0 0 0 0%243-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:189,020 60,000 60,000 31,085 130,000 70,000 117%
370 - Miscellaneous
68,161 0 0 0 0 0 0%243-0000-48500 Extraordinary Gain
370 - Miscellaneous Totals:68,161 0 0 0 0 0 0%
0000 - Undesignated Totals:257,181 60,000 60,000 31,085 130,000 70,000 117%
243 - RDA LOW-MOD HOUSING FUND Totals:257,181 60,000 60,000 31,085 130,000 70,000 117%
247 - ECONOMIC DEVELOPMENT FUND
0000 - Undesignated
350 - Fines, Forfeitures & Abatements
61,413 0 0 7,410 0 0 0%247-0000-42706 Loan Repayments
350 - Fines, Forfeitures & Abatements Totals:61,413 0 0 7,410 0 0 0%
360 - Use of Money & Property
119,808 40,000 40,000 26,524 109,000 69,000 173%247-0000-41900 Allocated Interest
43,578 0 0 0 0 0 0%247-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:163,386 40,000 40,000 26,524 109,000 69,000 173%
0000 - Undesignated Totals:224,800 40,000 40,000 33,935 109,000 69,000 173%
247 - ECONOMIC DEVELOPMENT FUND Totals:224,800 40,000 40,000 33,935 109,000 69,000 173%
930,258 301,000 301,000 101,544 465,000 164,000
200,000 0 0 0 0 0
351,454 350,000 350,000 247,958 350,000 0
551,454 350,000 350,000 247,958 350,000 0
551,454 350,000 350,000 247,958 350,000 0
791,622 800,000 800,000 662,797 850,000 50,000
0 1,000 1,000 0 1,000 0
791,622 801,000 801,000 662,797 851,000 50,000
791,622 801,000 801,000 662,797 851,000 50,000
2,273,334 1,452,000 1,452,000 1,012,299 1,666,000 214,000
143,666 60,000 60,000 31,085 130,000 70,000
45,354 0 0 0 0 0
189,020 60,000 60,000 31,085 130,000 70,000
68,161 0 0 0 0 0
68,161 0 0 0 0 0
257,181 60,000 60,000 31,085 130,000 70,000
257,181 60,000 60,000 31,085 130,000 70,000
61,413 0 0 7,410 0 0
61,413 0 0 7,410 0 0
119,808 40,000 40,000 26,524 109,000 69,000
43,578 0 0 0 0 0
163,386 40,000 40,000 26,524 109,000 69,000
224,800 40,000 40,000 33,935 109,000 69,000
224,800 40,000 40,000 33,935 109,000 69,000
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
6 324
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)
0000 - Undesignated
340 - Charges for Services
0 0 0 4,483 0 0 0%249-0000-42301 Miscellaneous Revenue
340 - Charges for Services Totals:0 0 0 4,483 0 0 0%
360 - Use of Money & Property
4,616 3,000 3,000 0 0 (3,000)-100%249-0000-41900 Allocated Interest
23,261 0 0 0 0 0 0%249-0000-41910 GASB 31 Interest
86,083 15,000 15,000 75,125 86,000 71,000 473%249-0000-41915 Non-Allocated Interest
360 - Use of Money & Property Totals:113,960 18,000 18,000 75,125 86,000 68,000 378%
390 - Other Financing Sources
1,387,009 0 0 0 0 0 0%249-0000-49500 Transfers In
390 - Other Financing Sources Totals:1,387,009 0 0 0 0 0 0%
0000 - Undesignated Totals:1,500,969 18,000 18,000 79,607 86,000 68,000 378%
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016) Totals:1,500,969 18,000 18,000 79,607 86,000 68,000 378%
250 - TRANSPORTATION DIF FUND
0000 - Undesignated
360 - Use of Money & Property
193,646 40,000 40,000 41,891 179,000 139,000 348%250-0000-41900 Allocated Interest
72,934 0 0 0 0 0 0%250-0000-41910 GASB 31 Interest
495,552 500,000 500,000 393,072 400,000 (100,000)-20%250-0000-43200 Developer Fees
360 - Use of Money & Property Totals:762,133 540,000 540,000 434,963 579,000 39,000 7%
0000 - Undesignated Totals:762,133 540,000 540,000 434,963 579,000 39,000 7%
250 - TRANSPORTATION DIF FUND Totals:762,133 540,000 540,000 434,963 579,000 39,000 7%
251 - PARKS & REC DIF FUND
0000 - Undesignated
360 - Use of Money & Property
59,760 3,000 3,000 12,396 53,000 50,000 1,667%251-0000-41900 Allocated Interest
21,801 0 0 0 0 0 0%251-0000-41910 GASB 31 Interest
257,597 250,000 250,000 105,300 150,000 (100,000)-40%251-0000-43200 Developer Fees
360 - Use of Money & Property Totals:339,158 253,000 253,000 117,696 203,000 (50,000)-20%
0000 - Undesignated Totals:339,158 253,000 253,000 117,696 203,000 (50,000)-20%
251 - PARKS & REC DIF FUND Totals:339,158 253,000 253,000 117,696 203,000 (50,000)-20%
0 0 0 4,483 0 0
0 0 0 4,483 0 0
4,616 3,000 3,000 0 0 (3,000)
23,261 0 0 0 0 0
86,083 15,000 15,000 75,125 86,000 71,000
113,960 18,000 18,000 75,125 86,000 68,000
1,387,009 0 0 0 0 0
1,387,009 0 0 0 0 0
1,500,969 18,000 18,000 79,607 86,000 68,000
1,500,969 18,000 18,000 79,607 86,000 68,000
193,646 40,000 40,000 41,891 179,000 139,000
72,934 0 0 0 0 0
495,552 500,000 500,000 393,072 400,000 (100,000)
762,133 540,000 540,000 434,963 579,000 39,000
762,133 540,000 540,000 434,963 579,000 39,000
762,133 540,000 540,000 434,963 579,000 39,000
59,760 3,000 3,000 12,396 53,000 50,000
21,801 0 0 0 0 0
257,597 250,000 250,000 105,300 150,000 (100,000)
339,158 253,000 253,000 117,696 203,000 (50,000)
339,158 253,000 253,000 117,696 203,000 (50,000)
339,158 253,000 253,000 117,696 203,000 (50,000)
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
7 325
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
252 - CIVIC CENTER DIF FUND
0000 - Undesignated
360 - Use of Money & Property
62,382 3,000 3,000 14,333 60,000 57,000 1,900%252-0000-41900 Allocated Interest
20,833 0 0 0 0 0 0%252-0000-41910 GASB 31 Interest
114,700 100,000 100,000 74,114 100,000 0 0%252-0000-43200 Developer Fees
360 - Use of Money & Property Totals:197,916 103,000 103,000 88,447 160,000 57,000 55%
0000 - Undesignated Totals:197,916 103,000 103,000 88,447 160,000 57,000 55%
252 - CIVIC CENTER DIF FUND Totals:197,916 103,000 103,000 88,447 160,000 57,000 55%
253 - LIBRARY DEVELOPMENT DIF
0000 - Undesignated
360 - Use of Money & Property
0 0 0 0 500 500 0%253-0000-41900 Allocated Interest
32,495 50,000 50,000 19,850 30,000 (20,000)-40%253-0000-43200 Developer Fees
360 - Use of Money & Property Totals:32,495 50,000 50,000 19,850 30,500 (19,500)-39%
0000 - Undesignated Totals:32,495 50,000 50,000 19,850 30,500 (19,500)-39%
253 - LIBRARY DEVELOPMENT DIF Totals:32,495 50,000 50,000 19,850 30,500 (19,500)-39%
254 - COMMUNITY & CULTURAL CENTERS DIF
0000 - Undesignated
360 - Use of Money & Property
36,888 5,000 5,000 8,524 35,000 30,000 600%254-0000-41900 Allocated Interest
12,103 0 0 0 0 0 0%254-0000-41910 GASB 31 Interest
78,250 100,000 100,000 47,800 60,000 (40,000)-40%254-0000-43200 Developer Fees
360 - Use of Money & Property Totals:127,241 105,000 105,000 56,324 95,000 (10,000)-10%
0000 - Undesignated Totals:127,241 105,000 105,000 56,324 95,000 (10,000)-10%
254 - COMMUNITY & CULTURAL CENTERS DIF Totals:127,241 105,000 105,000 56,324 95,000 (10,000)-10%
255 - STREET FACILITY DIF FUND
0000 - Undesignated
360 - Use of Money & Property
2,895 1,000 1,000 639 3,000 2,000 200%255-0000-41900 Allocated Interest
1,075 0 0 0 0 0 0%255-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:3,970 1,000 1,000 639 3,000 2,000 200%
0000 - Undesignated Totals:3,970 1,000 1,000 639 3,000 2,000 200%
255 - STREET FACILITY DIF FUND Totals:3,970 1,000 1,000 639 3,000 2,000 200%
62,382 3,000 3,000 14,333 60,000 57,000
20,833 0 0 0 0 0
114,700 100,000 100,000 74,114 100,000 0
197,916 103,000 103,000 88,447 160,000 57,000
197,916 103,000 103,000 88,447 160,000 57,000
197,916 103,000 103,000 88,447 160,000 57,000
0 0 0 0 500 500
32,495 50,000 50,000 19,850 30,000 (20,000)
32,495 50,000 50,000 19,850 30,500 (19,500)
32,495 50,000 50,000 19,850 30,500 (19,500)
32,495 50,000 50,000 19,850 30,500 (19,500)
36,888 5,000 5,000 8,524 35,000 30,000
12,103 0 0 0 0 0
78,250 100,000 100,000 47,800 60,000 (40,000)
127,241 105,000 105,000 56,324 95,000 (10,000)
127,241 105,000 105,000 56,324 95,000 (10,000)
127,241 105,000 105,000 56,324 95,000 (10,000)
2,895 1,000 1,000 639 3,000 2,000
1,075 0 0 0 0 0
3,970 1,000 1,000 639 3,000 2,000
3,970 1,000 1,000 639 3,000 2,000
3,970 1,000 1,000 639 3,000 2,000
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
8 326
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
256 - PARK FACILITY DIF FUND
0000 - Undesignated
360 - Use of Money & Property
273 100 100 60 500 400 400%256-0000-41900 Allocated Interest
101 0 0 0 0 0 0%256-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:374 100 100 60 500 400 400%
0000 - Undesignated Totals:374 100 100 60 500 400 400%
256 - PARK FACILITY DIF FUND Totals:374 100 100 60 500 400 400%
257 - FIRE PROTECTION DIF
0000 - Undesignated
360 - Use of Money & Property
21,453 3,000 3,000 4,904 21,000 18,000 600%257-0000-41900 Allocated Interest
7,270 0 0 0 0 0 0%257-0000-41910 GASB 31 Interest
34,257 50,000 50,000 22,099 30,000 (20,000)-40%257-0000-43200 Developer Fees
360 - Use of Money & Property Totals:62,980 53,000 53,000 27,003 51,000 (2,000)-4%
0000 - Undesignated Totals:62,980 53,000 53,000 27,003 51,000 (2,000)-4%
257 - FIRE PROTECTION DIF Totals:62,980 53,000 53,000 27,003 51,000 (2,000)-4%
259 - MAINTENANCE FACILITIES DIF FUND
0000 - Undesignated
360 - Use of Money & Property
11,908 2,000 2,000 2,810 12,000 10,000 500%259-0000-41900 Allocated Interest
3,712 0 0 0 0 0 0%259-0000-41910 GASB 31 Interest
35,224 45,000 45,000 26,705 35,000 (10,000)-22%259-0000-43200 Developer Fees
360 - Use of Money & Property Totals:50,843 47,000 47,000 29,514 47,000 0 0%
0000 - Undesignated Totals:50,843 47,000 47,000 29,514 47,000 0 0%
259 - MAINTENANCE FACILITIES DIF FUND Totals:50,843 47,000 47,000 29,514 47,000 0 0%
270 - ART IN PUBLIC PLACES FUND
0000 - Undesignated
360 - Use of Money & Property
32,504 8,000 8,000 7,297 31,000 23,000 288%270-0000-41900 Allocated Interest
10,868 0 0 0 0 0 0%270-0000-41910 GASB 31 Interest
131,312 100,000 100,000 73,953 100,000 0 0%270-0000-43201 APP Fees
360 - Use of Money & Property Totals:174,684 108,000 108,000 81,250 131,000 23,000 21%
390 - Other Financing Sources
50,000 50,000 50,000 50,000 50,000 0 0%270-0000-49500 Transfers In
390 - Other Financing Sources Totals:50,000 50,000 50,000 50,000 50,000 0 0%
0000 - Undesignated Totals:224,684 158,000 158,000 131,250 181,000 23,000 15%
273 100 100 60 500 400
101 0 0 0 0 0
374 100 100 60 500 400
374 100 100 60 500 400
374 100 100 60 500 400
21,453 3,000 3,000 4,904 21,000 18,000
7,270 0 0 0 0 0
34,257 50,000 50,000 22,099 30,000 (20,000)
62,980 53,000 53,000 27,003 51,000 (2,000)
62,980 53,000 53,000 27,003 51,000 (2,000)
62,980 53,000 53,000 27,003 51,000 (2,000)
11,908 2,000 2,000 2,810 12,000 10,000
3,712 0 0 0 0 0
35,224 45,000 45,000 26,705 35,000 (10,000)
50,843 47,000 47,000 29,514 47,000 0
50,843 47,000 47,000 29,514 47,000 0
50,843 47,000 47,000 29,514 47,000 0
32,504 8,000 8,000 7,297 31,000 23,000
10,868 0 0 0 0 0
131,312 100,000 100,000 73,953 100,000 0
174,684 108,000 108,000 81,250 131,000 23,000
50,000 50,000 50,000 50,000 50,000 0
50,000 50,000 50,000 50,000 50,000 0
224,684 158,000 158,000 131,250 181,000 23,000
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
9 327
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
270 - ART IN PUBLIC PLACES FUND Totals:224,684 158,000 158,000 131,250 181,000 23,000 15%
275 - LQ PUBLIC SAFETY OFFICER
0000 - Undesignated
360 - Use of Money & Property
1,975 1,000 1,000 439 2,000 1,000 100%275-0000-41900 Allocated Interest
685 0 0 0 0 0 0%275-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:2,660 1,000 1,000 439 2,000 1,000 100%
390 - Other Financing Sources
2,000 2,000 2,000 2,000 2,000 0 0%275-0000-49500 Transfers In
390 - Other Financing Sources Totals:2,000 2,000 2,000 2,000 2,000 0 0%
0000 - Undesignated Totals:4,660 3,000 3,000 2,439 4,000 1,000 33%
275 - LQ PUBLIC SAFETY OFFICER Totals:4,660 3,000 3,000 2,439 4,000 1,000 33%
310 - LQ FINANCE AUTHORITY DEBT SERVICE
0000 - Undesignated
360 - Use of Money & Property
0 0 0 (1)0 0 0%310-0000-41900 Allocated Interest
907 1,500 1,500 0 1,000 (500)-33%310-0000-42111 Rental Income
360 - Use of Money & Property Totals:907 1,500 1,500 (1)1,000 (500)-33%
0000 - Undesignated Totals:907 1,500 1,500 (1)1,000 (500)-33%
310 - LQ FINANCE AUTHORITY DEBT SERVICE Totals:907 1,500 1,500 (1)1,000 (500)-33%
401 - CAPITAL IMPROVEMENT PROGRAMS
0000 - Undesignated
330 - Intergovernmental
9,580,532 0 19,210,554 5,542,732 0 (19,210,554)-100%401-0000-41716 Highway Bridge Program (Federal)
0 4,000,000 4,000,000 0 0 (4,000,000)-100%401-0000-41719 Federal Earmark Funding
4,161,114 0 3,557,469 0 0 (3,557,469)-100%401-0000-41721 CVAG
336,908 0 156,209 140,046 0 (156,209)-100%401-0000-43634 CV Water District
100,044 0 0 0 0 0 0%401-0000-43650 Contributions from Other Agencies
330 - Intergovernmental Totals:14,178,598 4,000,000 26,924,232 5,682,779 0 (26,924,232)
-100%
360 - Use of Money & Property
0 0 905,877 0 0 (905,877)-100%401-0000-43133 Developer Agreement Funding
360 - Use of Money & Property Totals:0 0 905,877 0 0 (905,877)-100%
390 - Other Financing Sources
14,366,066 23,218,109 54,872,934 1,186,365 24,293,033 (30,579,901)-56%401-0000-49500 Transfers In
390 - Other Financing Sources Totals:14,366,066 23,218,109 54,872,934 1,186,365 24,293,033 (30,579,901)
-56%
0000 - Undesignated Totals:28,544,664 27,218,109 82,703,042 6,869,144 24,293,033 (58,410,009)
-71%
401 - CAPITAL IMPROVEMENT PROGRAMS Totals:28,544,664 27,218,109 82,703,042 6,869,144 24,293,033 (58,410,009)
-71%
224,684 158,000 158,000 131,250 181,000 23,000
1,975 1,000 1,000 439 2,000 1,000
685 0 0 0 0 0
2,660 1,000 1,000 439 2,000 1,000
2,000 2,000 2,000 2,000 2,000 0
2,000 2,000 2,000 2,000 2,000 0
4,660 3,000 3,000 2,439 4,000 1,000
4,660 3,000 3,000 2,439 4,000 1,000
0 0 0 (1)0 0
907 1,500 1,500 0 1,000 (500)
907 1,500 1,500 (1)1,000 (500)
907 1,500 1,500 (1)1,000 (500)
907 1,500 1,500 (1)1,000 (500)
9,580,532 0 19,210,554 5,542,732 0 (19,210,554)
0 4,000,000 4,000,000 0 0 (4,000,000)
4,161,114 0 3,557,469 0 0 (3,557,469)
336,908 0 156,209 140,046 0 (156,209)
100,044 0 0 0 0 0
14,178,598 4,000,000 26,924,232 5,682,779 0 (26,924,232)
0 0 905,877 0 0 (905,877)
0 0 905,877 0 0 (905,877)
14,366,066 23,218,109 54,872,934 1,186,365 24,293,033 (30,579,901)
14,366,066 23,218,109 54,872,934 1,186,365 24,293,033 (30,579,901)
28,544,664 27,218,109 82,703,042 6,869,144 24,293,033 (58,410,009)
28,544,664 27,218,109 82,703,042 6,869,144 24,293,033 (58,410,009)
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
10 328
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
405 - SA PA 1 CAPITAL IMPRV FUND
0000 - Undesignated
360 - Use of Money & Property
218 500 500 48 500 0 0%405-0000-41900 Allocated Interest
81 0 0 0 0 0 0%405-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:299 500 500 48 500 0 0%
0000 - Undesignated Totals:299 500 500 48 500 0 0%
405 - SA PA 1 CAPITAL IMPRV FUND Totals:299 500 500 48 500 0 0%
501 - FACILITY & FLEET REPLACEMENT
0000 - Undesignated
360 - Use of Money & Property
176,439 40,000 40,000 41,041 155,000 115,000 288%501-0000-41900 Allocated Interest
44,111 0 0 0 0 0 0%501-0000-41910 GASB 31 Interest
4,272 0 0 0 0 0 0%501-0000-42000 Insurance Recoveries
360 - Use of Money & Property Totals:224,821 40,000 40,000 41,041 155,000 115,000 288%
390 - Other Financing Sources
65,485 0 0 0 0 0 0%501-0000-42207 Capital Contributions
1,495,000 1,664,000 1,664,000 1,121,250 1,570,300 (93,700)-6%501-0000-43636 FMP Equipment Charges
(16,504)1,000 1,000 0 1,000 0 0%501-0000-45000 Gain/Loss on Asset Disposal
390 - Other Financing Sources Totals:1,543,981 1,665,000 1,665,000 1,121,250 1,571,300 (93,700)-6%
0000 - Undesignated Totals:1,768,802 1,705,000 1,705,000 1,162,291 1,726,300 21,300 1%
501 - FACILITY & FLEET REPLACEMENT Totals:1,768,802 1,705,000 1,705,000 1,162,291 1,726,300 21,300 1%
502 - INFORMATION TECHNOLOGY
0000 - Undesignated
340 - Charges for Services
35,333 30,000 30,000 88,475 30,000 0 0%502-0000-43611 Technology Enhancement Surcharge
340 - Charges for Services Totals:35,333 30,000 30,000 88,475 30,000 0 0%
360 - Use of Money & Property
129,105 20,000 20,000 27,266 12,500 (7,500)-38%502-0000-41900 Allocated Interest
29,572 0 0 0 0 0 0%502-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:158,677 20,000 20,000 27,266 12,500 (7,500)-38%
390 - Other Financing Sources
3,051,000 2,226,708 2,226,708 2,288,250 3,063,200 836,492 38%502-0000-43610 Technology Support Charges
390 - Other Financing Sources Totals:3,051,000 2,226,708 2,226,708 2,288,250 3,063,200 836,492 38%
0000 - Undesignated Totals:3,245,010 2,276,708 2,276,708 2,403,990 3,105,700 828,992 36%
502 - INFORMATION TECHNOLOGY Totals:3,245,010 2,276,708 2,276,708 2,403,990 3,105,700 828,992 36%
218 500 500 48 500 0
81 0 0 0 0 0
299 500 500 48 500 0
299 500 500 48 500 0
299 500 500 48 500 0
176,439 40,000 40,000 41,041 155,000 115,000
44,111 0 0 0 0 0
4,272 0 0 0 0 0
224,821 40,000 40,000 41,041 155,000 115,000
65,485 0 0 0 0 0
1,495,000 1,664,000 1,664,000 1,121,250 1,570,300 (93,700)
(16,504)1,000 1,000 0 1,000 0
1,543,981 1,665,000 1,665,000 1,121,250 1,571,300 (93,700)
1,768,802 1,705,000 1,705,000 1,162,291 1,726,300 21,300
1,768,802 1,705,000 1,705,000 1,162,291 1,726,300 21,300
35,333 30,000 30,000 88,475 30,000 0
35,333 30,000 30,000 88,475 30,000 0
129,105 20,000 20,000 27,266 12,500 (7,500)
29,572 0 0 0 0 0
158,677 20,000 20,000 27,266 12,500 (7,500)
3,051,000 2,226,708 2,226,708 2,288,250 3,063,200 836,492
3,051,000 2,226,708 2,226,708 2,288,250 3,063,200 836,492
3,245,010 2,276,708 2,276,708 2,403,990 3,105,700 828,992
3,245,010 2,276,708 2,276,708 2,403,990 3,105,700 828,992
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
11 329
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
503 - PARK EQUIP & FACILITY FUND
0000 - Undesignated
360 - Use of Money & Property
125,591 50,000 50,000 17,271 50,000 0 0%503-0000-41900 Allocated Interest
52,024 0 0 0 0 0 0%503-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:177,615 50,000 50,000 17,271 50,000 0 0%
390 - Other Financing Sources
1,000,000 450,000 450,000 750,000 475,000 25,000 6%503-0000-43620 Park Facility Charges
390 - Other Financing Sources Totals:1,000,000 450,000 450,000 750,000 475,000 25,000 6%
0000 - Undesignated Totals:1,177,615 500,000 500,000 767,271 525,000 25,000 5%
503 - PARK EQUIP & FACILITY FUND Totals:1,177,615 500,000 500,000 767,271 525,000 25,000 5%
504 - INSURANCE FUND
0000 - Undesignated
360 - Use of Money & Property
17,313 2,000 2,000 678 17,000 15,000 750%504-0000-41900 Allocated Interest
4,996 0 0 0 0 0 0%504-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:22,309 2,000 2,000 678 17,000 15,000 750%
390 - Other Financing Sources
1,361,230 1,361,230 1,361,230 1,022,348 1,390,600 29,370 2%504-0000-43637 Insurance Charges
390 - Other Financing Sources Totals:1,361,230 1,361,230 1,361,230 1,022,348 1,390,600 29,370 2%
0000 - Undesignated Totals:1,383,539 1,363,230 1,363,230 1,023,025 1,407,600 44,370 3%
504 - INSURANCE FUND Totals:1,383,539 1,363,230 1,363,230 1,023,025 1,407,600 44,370 3%
601 - SILVERROCK RESORT
0000 - Undesignated
340 - Charges for Services
4,431,243 4,407,000 4,407,000 3,188,196 4,328,000 (79,000)-2%601-0000-44000 Green Fees
152,112 180,000 180,000 109,559 176,000 (4,000)-2%601-0000-44001 Range Fees
230,265 247,500 247,500 143,860 216,000 (31,500)-13%601-0000-44002 Merchandise
151,505 150,000 150,000 119,165 150,000 0 0%601-0000-44004 Resident Card
340 - Charges for Services Totals:4,965,125 4,984,500 4,984,500 3,560,781 4,870,000 (114,500)-2%
390 - Other Financing Sources
1,466,000 500,000 500,000 500,000 600,000 100,000 20%601-0000-49500 Transfers In
390 - Other Financing Sources Totals:1,466,000 500,000 500,000 500,000 600,000 100,000 20%
0000 - Undesignated Totals:6,431,125 5,484,500 5,484,500 4,060,781 5,470,000 (14,500)0%
601 - SILVERROCK RESORT Totals:6,431,125 5,484,500 5,484,500 4,060,781 5,470,000 (14,500)0%
125,591 50,000 50,000 17,271 50,000 0
52,024 0 0 0 0 0
177,615 50,000 50,000 17,271 50,000 0
1,000,000 450,000 450,000 750,000 475,000 25,000
1,000,000 450,000 450,000 750,000 475,000 25,000
1,177,615 500,000 500,000 767,271 525,000 25,000
1,177,615 500,000 500,000 767,271 525,000 25,000
17,313 2,000 2,000 678 17,000 15,000
4,996 0 0 0 0 0
22,309 2,000 2,000 678 17,000 15,000
1,361,230 1,361,230 1,361,230 1,022,348 1,390,600 29,370
1,361,230 1,361,230 1,361,230 1,022,348 1,390,600 29,370
1,383,539 1,363,230 1,363,230 1,023,025 1,407,600 44,370
1,383,539 1,363,230 1,363,230 1,023,025 1,407,600 44,370
4,431,243 4,407,000 4,407,000 3,188,196 4,328,000 (79,000)
152,112 180,000 180,000 109,559 176,000 (4,000)
230,265 247,500 247,500 143,860 216,000 (31,500)
151,505 150,000 150,000 119,165 150,000 0
4,965,125 4,984,500 4,984,500 3,560,781 4,870,000 (114,500)
1,466,000 500,000 500,000 500,000 600,000 100,000
1,466,000 500,000 500,000 500,000 600,000 100,000
6,431,125 5,484,500 5,484,500 4,060,781 5,470,000 (14,500)
6,431,125 5,484,500 5,484,500 4,060,781 5,470,000 (14,500)
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
12 330
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
602 - SILVERROCK GOLF RESERVE
0000 - Undesignated
360 - Use of Money & Property
24,960 10,000 10,000 5,616 26,000 16,000 160%602-0000-41900 Allocated Interest
7,291 0 0 0 0 0 0%602-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:32,251 10,000 10,000 5,616 26,000 16,000 160%
390 - Other Financing Sources
82,000 88,000 88,000 88,000 87,000 (1,000)-1%602-0000-49500 Transfers In
390 - Other Financing Sources Totals:82,000 88,000 88,000 88,000 87,000 (1,000)-1%
0000 - Undesignated Totals:114,251 98,000 98,000 93,616 113,000 15,000 15%
602 - SILVERROCK GOLF RESERVE Totals:114,251 98,000 98,000 93,616 113,000 15,000 15%
760 - SUPPLEMENTAL PENSION PLAN
0000 - Undesignated
360 - Use of Money & Property
2,509 2,000 2,000 452 2,000 0 0%760-0000-41900 Allocated Interest
1,155 0 0 0 0 0 0%760-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:3,664 2,000 2,000 452 2,000 0 0%
390 - Other Financing Sources
5,000 5,000 5,000 5,000 5,000 0 0%760-0000-49500 Transfers In
390 - Other Financing Sources Totals:5,000 5,000 5,000 5,000 5,000 0 0%
0000 - Undesignated Totals:8,664 7,000 7,000 5,452 7,000 0 0%
760 - SUPPLEMENTAL PENSION PLAN Totals:8,664 7,000 7,000 5,452 7,000 0 0%
761 - CERBT OPEB TRUST
0000 - Undesignated
360 - Use of Money & Property
152,894 40,000 40,000 100,200 40,000 0 0%761-0000-41915 Non-Allocated Interest
360 - Use of Money & Property Totals:152,894 40,000 40,000 100,200 40,000 0 0%
0000 - Undesignated Totals:152,894 40,000 40,000 100,200 40,000 0 0%
761 - CERBT OPEB TRUST Totals:152,894 40,000 40,000 100,200 40,000 0 0%
24,960 10,000 10,000 5,616 26,000 16,000
7,291 0 0 0 0 0
32,251 10,000 10,000 5,616 26,000 16,000
82,000 88,000 88,000 88,000 87,000 (1,000)
82,000 88,000 88,000 88,000 87,000 (1,000)
114,251 98,000 98,000 93,616 113,000 15,000
114,251 98,000 98,000 93,616 113,000 15,000
2,509 2,000 2,000 452 2,000 0
1,155 0 0 0 0 0
3,664 2,000 2,000 452 2,000 0
5,000 5,000 5,000 5,000 5,000 0
5,000 5,000 5,000 5,000 5,000 0
8,664 7,000 7,000 5,452 7,000 0
8,664 7,000 7,000 5,452 7,000 0
152,894 40,000 40,000 100,200 40,000 0
152,894 40,000 40,000 100,200 40,000 0
152,894 40,000 40,000 100,200 40,000 0
152,894 40,000 40,000 100,200 40,000 0
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
13 331
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
762 - PARS PENSION TRUST
0000 - Undesignated
360 - Use of Money & Property
380,521 200,000 200,000 293,627 200,000 0 0%762-0000-41915 Non-Allocated Interest
360 - Use of Money & Property Totals:380,521 200,000 200,000 293,627 200,000 0 0%
0000 - Undesignated Totals:380,521 200,000 200,000 293,627 200,000 0 0%
762 - PARS PENSION TRUST Totals:380,521 200,000 200,000 293,627 200,000 0 0%
380,521 200,000 200,000 293,627 200,000 0
380,521 200,000 200,000 293,627 200,000 0
380,521 200,000 200,000 293,627 200,000 0
380,521 200,000 200,000 293,627 200,000 0
CITY OF LA QUINTA SPECIAL FUND REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
14 332
REVENUE NOTES BY FUND NUMBER –
105 Disaster Recovery Fund This fund was created due to the passage of the American
Rescue Plan Act (ARPA) in March 2021, the $1.9 trillion federal stimulus package, included
funding for local governments to address the health and economic impacts caused by the
pandemic. The City received a total of about $9.9 million in one-time Coronavirus State and
Local Fiscal Relief Funds. The funds were received as revenue replacement funds under the
Treasury’s Final Rule and can be used for the provision of general government services. The
City elected to use the funding for police services in FY 2024/25 and 2025/26.
201 Gas Tax Fund This fund includes both Highway Users Tax Account (HUTA) and Road
Maintenance & Rehabilitation Account (RMRA, also known as SB1) Revenues. The projections
are provided by the State and despite lower fuel consumption, scheduled rate increases
stipulated in SB1 have kept local allocations of revenue growing at a modest pace; current
estimates show total statewide local streets and roads allocations will grow by 2%. Streets and
Highways Code Sections 2103-2108 HUTA are allocated to counties and cities based on
designated allotments and population. Each May and January, the State provides revised
projections and the City adjusts revenue projections accordingly.
Section 2105 allocates 11.5 percent of tax revenues in excess of 9 cents per gallon
monthly among cities based on population.
Section 2106 revenues equal to 1.04 cent per gallon are allocated to the State
Bicycle Transportation Account (7.2 million per year), $400 per month to each City,
$800 per month to each County, and the residual amount is allocated to cities and
counties based on registered vehicles and population.
Section 2107 provides monthly allocations to cities of 1.315 cents per gallon of
gasoline, 1.8 cents per gallon of diesel, and 2.59 cents per liquefied petroleum gas
allocated based on population.
Section 2107.5 is residual revenue remaining after Sections 2103 - 2107 are
allocated to cities annually in July based on population ranges. A range of 25,000 to
49,999 residents receives $6,000.
After State transportation debt service is paid, 44% of the remaining excise taxes are
evenly split between cities and counties using the current HUTA formulas. Section
2103 funds are allocated to cities on a per capita basis.
This revenue source is derived from the Road Repair and Accountability Act of 2017
(SB1 Beall). On July 1, 2020, and every July 1 thereafter, the gasoline and diesel
fuel excise tax rates and vehicle registration taxes will be increasing by the change in
the California Consumer Price Index (CPI). SB1 funds are subject to a special annual
audit and a minimum annual maintenance of effort contribution for road
improvements paid from the General Fund, which is $1,786,109.
202 Library and Museum Fund operational revenues are derived from property taxes, which
are used to support activities of the Library, Museum, and Makerspace.
203 Public Safety Fund revenue is derived from Measure G Sales Taxes for public safety
expenditures. There are no proposed transfers in for 2025/26.
210 Federal Assistance Fund revenues are derived from federal allocations for Community
Development Block Grants (CDBG); 15% can be used for public service projects and 85% for
public improvement or housing services.
CITY OF LA QUINTA SPECIAL FUND REVENUE NOTES FY 2025/26 PROPOSED BUDGET
15 333
212 SLESA COPS Fund revenues are derived from the State of California and are received for
law enforcement activities of the Riverside County’s Sheriff’s Department, also known as
Supplemental Law Enforcement Services Fund Activities (SLESA).
215 Lighting and Landscape Fund assessments are based on an annual assessment rate of
$35.60 per Equivalent Benefit Unit (EBU, which is generally one EBU per Single Family
Residence parcel), which was established in 1997 and remains unchanged. The district was
formed pursuant to the 1972 Act, which permits the establishment of assessment districts by
cities for the purpose of providing for the maintenance of certain public improvements. Changes
to the assessment rate are bound by Proposition 218 regulations. Each year the assessment
information is submitted to the County Auditor/Controller and included in property tax rolls. The
Fund is largely supported by the General Fund with transfer in contributions for operational
expenses.
220 Quimby Fund fees are established under Government Code Section 66477 which predates
the Mitigation Fee Act and authorizes a city or county to require dedication of land, payment of
fees in-lieu of dedication, or a combination of both, for park and recreational purposes as a
condition of approval of a residential subdivision.
221 AB 939 CalRecycle Fund is used to account for franchise fees collected from the city
waste hauler that are used to reduce waste sent to landfills through recycling efforts. The City
has a Franchise Agreement with Burrtec Waste and Recycling Services, LLC effective July
2022 through June 2037.
223 Measure A Fund Revenue received is derived from a half-cent sales tax first passed by
voters in 1988 and extended by vote in 2002 to continue to fund transportation improvements
through 2039. Funds are distributed proportionately to three geographic areas based on the
sales tax collected within each. In the Coachella Valley, 50% goes to Highways & Regional
Arterials, 35% to Local Streets & Roads, and 15% to Public Transit.
225 Infrastructure Fund is being phased out and not subject to collection of future revenue
from developments.
226 Emergency Management Performance Fund revenues are received from the State
Homeland Security Grant Program to local governments to further assist the State of California’s
efforts to prepare for natural and man-made disasters and terrorism related impacts to
communities.
227 State Homeland Security Programs (SHSP) Fund revenue and expenditures are
recognized when grants are awarded. Funds are received from the State Homeland Security
Grant Program to local governments to further assist State of California’s efforts to prepare for
natural and man-made disasters and terrorism related impacts to communities.
230 CASp, AB 1379 Fund SB 1186 revenue is derived from a $4 per business license renewal
fee and its purpose is to increase disability access and compliance with construction-related
accessibility requirements at businesses and facilities that are open to the public. The fee is
divided between the City, which retains 90 percent, and the Division of the State Architect
(DSA), which receives 10 percent.
CITY OF LA QUINTA SPECIAL FUND REVENUE NOTES FY 2025/26 PROPOSED BUDGET
16 334
235 South Coast Air Quality Fund revenues recognize contributions from the South Coast Air
Quality Management District. Uses are limited to the reduction and control of airborne pollutants.
241 Housing Authority Fund Second Silent Trust Deed Payments and Home/Land Sale
Proceeds vary from year-to-year. Additional repayment of silent second trust deeds are
recognized upon receipt.
243 RDA Low-Mod Housing Fund The total 2025/26 former Redevelopment Agency loan
repayment is $3,575,934; as required under Redevelopment dissolution 20% or $715,187 will
be recognized in reserves within this Housing Fund.
247 Economic Development Fund revenues can be used for future economic development;
fiscal year 2025/26 revenues will be used for additional economic development outreach.
249 Successor Agency (SA) 2011 Low/Mod Bond Fund In FY 2023/24, this fund was used
for the acquisition of the vacant property located west of the Home Depot Center on Highway
111, on the northeast corner of Highway 111 and Dune Palms Road proposed to be developed
as an affordable housing development with a connecting thoroughfare to CV Link. Remaining
bond funds continue to earn interest and are available for future housing projects.
250 Transportation Fees Fund are dependent upon new development. California Complete
Streets Act requires local governments in the state to address the transportation needs of all
users, including pedestrians, cyclists, and transit riders.
251 Park and Recreation DIF Fund fees are dependent upon new residential development.
Impact fees for parkland acquisition apply to residential projects not involving a subdivision, and
impact fees for construction of park improvements apply to all residential development projects.
Fees collected are used to provide additional parks to mitigate the impact of new development
in the City.
252 Civic Center DIF Fund fees are dependent upon new development. The purpose of the
impact fee is to pay for new development’ s proportionate share of the cost of providing Civic
Center facilities to serve residents and businesses in La Quinta. Impact fees will be used to pay
for future expansion of the Civic Center Campus.
253 Library DIF Fund fees are dependent upon new residential development. Impact fees are
collected for the La Quinta Library, which is owned by the City of La Quinta and operated by the
Riverside County Library System.
254 Community and Cultural Center DIF Fund fees are dependent upon new residential
development. This fee was formerly known as the Community Centers impact fee. In 2020, the
scope of the fee was broadened to include cultural facilities such as the La Quinta Museum.
255 Street Facility DIF Fund fees were dependent upon new development. An updated DIF
Study was adopted on February 4, 2020 with an effective date of July 1, 2020. The updated DIF
Study phased out the Street Facility DIF and the Park Facility DIF and replaced these fees with
one Maintenance Facilities DIF fee.
256 Park Facility DIF Fund fees were dependent upon new development. An updated DIF
Study was adopted on February 4, 2020 with an effective date of July 1, 2020. The updated DIF
CITY OF LA QUINTA SPECIAL FUND REVENUE NOTES FY 2025/26 PROPOSED BUDGET
17 335
Study phased out the Street Facility DIF and the Park Facility DIF and replaced these fees with
one Maintenance Facilities DIF fee.
257 Fire Facility DIF Fund fees are dependent upon new development. The City contracts with
the Riverside County Fire Department for fire protection, fire prevention, rescue, Fire Marshall,
and medical emergency services. The City builds and owns the fire stations in La Quinta. Those
stations are part of an integrated system of fire protection facilities used by the Riverside County
Fire Department to provide fire protection to La Quinta and surrounding communities, including
unincorporated portions of the County. There are three existing fire stations in the City and
preliminary plans call for a fourth fire station to be constructed in or near the southeastern
quadrant of La Quinta. That station will be needed to provide an acceptable level of service to
development in that part of the City and in portions of unincorporated Riverside County.
259 Maintenance Facilities Fund was created in FY 2020/21 after the updated DIF Study was
adopted on February 4, 2020 with an effective date of July 1, 2020. The updated DIF Study
phased out the Street Facility DIF and the Park Facility DIF and replaced these fees with one
Maintenance Facilities DIF fee. Fees are dependent upon new development and are used for
the corporate yard maintenance facilities and equipment needed to serve future development in
La Quinta.
270 Art in Public Places Fund transfers in are from the General Fund for operational
expenses. Fees are dependent upon new development. These fees require a separate study
from other development impact fees.
275 LQ Public Safety Officer Fund transfers in are from the General Fund. Annual transfer in
from General Fund; distributed to public safety officers disabled or killed in the line of duty.
310 LQ Finance Authority Debt Service Fund is used to account for the debt service that will
be used for the principal and interest payments of the Financing Authority’s outstanding debt
and any related reporting requirements. The 1996 Civic Center Bond was paid off in October
2018, resulting in savings to the General Fund. An annual State Controller’s Report and audit
are required.
401 Capital Improvement Programs Fund has large variances annually because of multi-year
project carryovers. A listing of 2025/26 projects is presented within the Capital Improvement
Fund expenditures.
501, 502, 503, and 504 Internal Services Funds in which revenues are largely derived from
the General Fund based on employee and equipment allocations by division.
601 SilverRock Resort Fund transfers in budget of $600,000 is derived from the General Fund
as a contribution for anticipated operational expenses.
602 SilverRock Golf Reserve Fund transfers in budget of $87,000 is derived from the
SilverRock Resort Fund as a 2% annual contribution to the capital reserve as contained the
agreement.
760 Supplemental Pension Plan Fund transfers are from the General Fund.
761 Supplemental Pension Plan Fund The City participates in the California Employers’
Retiree Benefit Trust (CERBT) for the purpose of accumulating funding for OPEB obligations.
CITY OF LA QUINTA SPECIAL FUND REVENUE NOTES FY 2025/26 PROPOSED BUDGET
18 336
The CERBT is a Section 115 Trust and is an agent multiple employer plan for those electing to
prefund OPEB obligations. Revenues in this fund can come from earnings on the portfolio or
additional contribution transfers in from the General Fund.
762 Pension Trust Fund In 2019, the City established a Section 115 Trust Agreement with
U.S. Bank National Association and Public Agency Retirement Services (PARS), Trust
Administrator. The Section 115 Trust was established to set aside monies to fund the City’s
pension obligations. Contributions to the Section 115 Trust are irrevocable, the assets provide
benefits to plan members, and the assets are protected from creditors of the City. The purpose
of the Trust is to address the City’s pension obligations by accumulating assets to reduce the
net pension liability. Revenues in this fund can come from earnings on the portfolio or additional
contribution transfers in from the General Fund.
CITY OF LA QUINTA SPECIAL FUND REVENUE NOTES FY 2025/26 PROPOSED BUDGET
19 337
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
202 - LIBRARY & MUSEUM FUND
3004 - Library
50 - Salaries and Benefits
63,988 49,900 49,900 48,784 54,200 4,300 9%202-3004-50101 Permanent Full Time
6,650 5,800 5,800 5,474 6,400 600 10%202-3004-50200 PERS - City Portion
784 520 520 454 520 0 0%202-3004-50215 Other - Fringe Benefits
11,129 11,000 11,000 5,803 11,000 0 0%202-3004-50221 Medical Insurance
97 0 0 34 0 0 0%202-3004-50222 Vision Insurance
544 0 0 195 0 0 0%202-3004-50223 Dental Insurance
40 0 0 24 0 0 0%202-3004-50224 Life Insurance
388 400 400 318 400 0 0%202-3004-50225 Long Term Disability
2,000 2,000 2,000 1,500 2,300 300 15%202-3004-50230 Workers Comp Insurance
928 800 800 707 800 0 0%202-3004-50240 Social Security Medicare
50 - Salaries and Benefits Totals:86,548 70,420 70,420 63,294 75,620 5,200 7%
60 - Contract Services
11,160 33,600 33,600 27,678 35,800 2,200 7%202-3004-60112 Landscape Contract
1,043,321 1,286,800 1,286,800 667,311 1,683,600 396,800 31%202-3004-60114 County of Riverside - Library
39,172 60,000 60,000 29,379 65,000 5,000 8%202-3004-60115 Janitorial
844 1,000 1,000 923 1,000 0 0%202-3004-60116 Pest Control
2,087 4,000 4,000 1,298 4,000 0 0%202-3004-60123 Security & Alarm
2,912 0 0 4,901 1,500 1,500 0%202-3004-61400 Cable/Internet - Utilities
60 - Contract Services Totals:1,099,496 1,385,400 1,385,400 731,489 1,790,900 405,500 29%
62 - Maintenance & Operations
991 100,000 100,000 1,280 100,000 0 0%202-3004-60420 Operating Supplies
0 15,000 15,000 0 15,000 0 0%202-3004-60424 Materials- New Exhibits
0 5,000 5,000 133 5,000 0 0%202-3004-60431 Materials/Supplies
172 500 500 0 500 0 0%202-3004-60664 Fire Extinguisher Service
0 1,000 1,000 0 1,000 0 0%202-3004-60665 Maint-Other Equipment
14,122 95,000 95,000 7,118 95,000 0 0%202-3004-60667 HVAC
55,778 165,000 165,000 30,422 165,000 0 0%202-3004-60691 Maintenance/Services
62 - Maintenance & Operations Totals:71,063 381,500 381,500 38,953 381,500 0 0%
66 - Utilities
860 3,000 3,000 3,875 3,000 0 0%202-3004-61100 Gas - Utilities
61,201 60,000 60,000 48,672 60,000 0 0%202-3004-61101 Electricity - Utilities
0 500 500 0 500 0 0%202-3004-61200 Water - Utilities
66 - Utilities Totals:62,061 63,500 63,500 52,546 63,500 0 0%
68 - Capital Expenses
0 10,000 10,000 1,555 10,000 0 0%202-3004-71020 Furniture
0 0 150,000 119,320 150,000 0 0%202-3004-72110 Building Improvements
68 - Capital Expenses Totals:0 10,000 160,000 120,875 160,000 0 0%
63,988 49,900 49,900 48,784 54,200 4,300
6,650 5,800 5,800 5,474 6,400 600
784 520 520 454 520 0
11,129 11,000 11,000 5,803 11,000 0
97 0 0 34 0 0
544 0 0 195 0 0
40 0 0 24 0 0
388 400 400 318 400 0
2,000 2,000 2,000 1,500 2,300 300
928 800 800 707 800 0
86,548 70,420 70,420 63,294 75,620 5,200
11,160 33,600 33,600 27,678 35,800 2,200
1,043,321 1,286,800 1,286,800 667,311 1,683,600 396,800
39,172 60,000 60,000 29,379 65,000 5,000
844 1,000 1,000 923 1,000 0
2,087 4,000 4,000 1,298 4,000 0
2,912 0 0 4,901 1,500 1,500
1,099,496 1,385,400 1,385,400 731,489 1,790,900 405,500
991 100,000 100,000 1,280 100,000 0
0 15,000 15,000 0 15,000 0
0 5,000 5,000 133 5,000 0
172 500 500 0 500 0
0 1,000 1,000 0 1,000 0
14,122 95,000 95,000 7,118 95,000 0
55,778 165,000 165,000 30,422 165,000 0
71,063 381,500 381,500 38,953 381,500 0
860 3,000 3,000 3,875 3,000 0
61,201 60,000 60,000 48,672 60,000 0
0 500 500 0 500 0
62,061 63,500 63,500 52,546 63,500 0
0 10,000 10,000 1,555 10,000 0
0 0 150,000 119,320 150,000 0
0 10,000 160,000 120,875 160,000 0
CITY OF LA QUINTA LIBRARY & MUSEUM FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
20 338
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
69 - Internal Service Charges
13,500 13,500 13,500 10,125 13,900 400 3%202-3004-91842 Liability Insurance & Claims
5,600 5,600 5,600 4,200 5,900 300 5%202-3004-91843 Property & Crime Insurance
11,700 11,700 11,700 8,775 12,100 400 3%202-3004-91844 Earthquake Insurance
11,600 11,600 11,600 8,700 11,900 300 3%202-3004-98110 Information Tech Charges
69 - Internal Service Charges Totals:42,400 42,400 42,400 31,800 43,800 1,400 3%
3004 - Library Totals:1,361,568 1,953,220 2,103,220 1,038,957 2,515,320 412,100 20%
3006 - Museum
60 - Contract Services
220,268 221,450 221,450 8,103 228,100 6,650 3%202-3006-60105 Museum Operations
2,328 24,000 24,000 17,300 25,500 1,500 6%202-3006-60112 Landscape Contract
11,874 15,000 15,000 9,402 15,750 750 5%202-3006-60115 Janitorial
843 800 800 1,851 4,000 3,200 400%202-3006-60116 Pest Control
2,238 2,500 2,500 2,519 4,000 1,500 60%202-3006-60123 Security & Alarm
60 - Contract Services Totals:237,552 263,750 263,750 39,174 277,350 13,600 5%
62 - Maintenance & Operations
0 1,000 1,000 0 0 (1,000)-100%202-3006-60122 Credit Card Fees
210 5,000 5,000 296 5,000 0 0%202-3006-60420 Operating Supplies
633 15,000 15,000 1,657 15,000 0 0%202-3006-60431 Materials/Supplies
150 500 500 0 500 0 0%202-3006-60664 Fire Extinguisher Service
13,354 20,000 20,000 13,479 20,000 0 0%202-3006-60667 HVAC
13,155 20,000 20,000 4,693 20,000 0 0%202-3006-60691 Maintenance/Services
62 - Maintenance & Operations Totals:27,502 61,500 61,500 20,125 60,500 (1,000)-2%
66 - Utilities
18,245 17,000 17,000 13,727 17,000 0 0%202-3006-61101 Electricity - Utilities
4,174 3,500 3,500 3,605 3,500 0 0%202-3006-61200 Water - Utilities
1,581 1,700 1,700 1,769 1,700 0 0%202-3006-61300 Telephone - Utilities
66 - Utilities Totals:24,000 22,200 22,200 19,101 22,200 0 0%
69 - Internal Service Charges
23,350 23,350 23,350 17,512 24,500 1,150 5%202-3006-91842 Liability Insurance & Claims
9,000 9,000 9,000 6,750 9,400 400 4%202-3006-91843 Property & Crime Insurance
15,000 15,000 15,000 11,250 15,450 450 3%202-3006-91844 Earthquake Insurance
10,000 10,000 10,000 7,500 10,500 500 5%202-3006-98110 Information Tech Charges
69 - Internal Service Charges Totals:57,350 57,350 57,350 43,012 59,850 2,500 4%
99 - Transfers Out
389,578 0 2,304,745 14,782 0 (2,304,745)-100%202-3006-99900 Transfers Out
99 - Transfers Out Totals:389,578 0 2,304,745 14,782 0 (2,304,745)
-100%
3006 - Museum Totals:735,982 404,800 2,709,545 136,195 419,900 (2,289,645)
-85%
3009 - MakerSpace Operations
60 - Contract Services
155,460 180,595 180,595 0 191,200 10,605 6%202-3009-60105 Makerspace Operations
13,500 13,500 13,500 10,125 13,900 400
5,600 5,600 5,600 4,200 5,900 300
11,700 11,700 11,700 8,775 12,100 400
11,600 11,600 11,600 8,700 11,900 300
42,400 42,400 42,400 31,800 43,800 1,400
1,361,568 1,953,220 2,103,220 1,038,957 2,515,320 412,100
220,268 221,450 221,450 8,103 228,100 6,650
2,328 24,000 24,000 17,300 25,500 1,500
11,874 15,000 15,000 9,402 15,750 750
843 800 800 1,851 4,000 3,200
2,238 2,500 2,500 2,519 4,000 1,500
237,552 263,750 263,750 39,174 277,350 13,600
0 1,000 1,000 0 0 (1,000)
210 5,000 5,000 296 5,000 0
633 15,000 15,000 1,657 15,000 0
150 500 500 0 500 0
13,354 20,000 20,000 13,479 20,000 0
13,155 20,000 20,000 4,693 20,000 0
27,502 61,500 61,500 20,125 60,500 (1,000)
18,245 17,000 17,000 13,727 17,000 0
4,174 3,500 3,500 3,605 3,500 0
1,581 1,700 1,700 1,769 1,700 0
24,000 22,200 22,200 19,101 22,200 0
23,350 23,350 23,350 17,512 24,500 1,150
9,000 9,000 9,000 6,750 9,400 400
15,000 15,000 15,000 11,250 15,450 450
10,000 10,000 10,000 7,500 10,500 500
57,350 57,350 57,350 43,012 59,850 2,500
389,578 0 2,304,745 14,782 0 (2,304,745)
389,578 0 2,304,745 14,782 0 (2,304,745)
735,982 404,800 2,709,545 136,195 419,900 (2,289,645)
155,460 180,595 180,595 0 191,200 10,605
CITY OF LA QUINTA LIBRARY & MUSEUM FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
21 339
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
0 1,000 1,000 0 1,000 0 0%202-3009-60122 Credit Card Fees
60 - Contract Services Totals:155,460 181,595 181,595 0 192,200 10,605 6%
62 - Maintenance & Operations
98 10,000 10,000 0 10,000 0 0%202-3009-60420 Operating Supplies
0 1,000 1,000 0 0 (1,000)-100%202-3009-60424 Materials - New Exhibits
62 - Maintenance & Operations Totals:98 11,000 11,000 0 10,000 (1,000)-9%
65 - Repair & Maintenance
1,380 5,000 5,000 2,988 6,000 1,000 20%202-3009-60691 Maintenance/Services
65 - Repair & Maintenance Totals:1,380 5,000 5,000 2,988 6,000 1,000 20%
68 - Capital Expenses
1,770 0 0 0 0 0 0%202-3009-80100 Machinery & Equipment
68 - Capital Expenses Totals:1,770 0 0 0 0 0 0%
3009 - MakerSpace Operations Totals:158,707 197,595 197,595 2,988 208,200 10,605 5%
202 - LIBRARY & MUSEUM FUND Totals:2,256,256 2,555,615 5,010,360 1,178,140 3,143,420 (1,866,940)
-37%
0 1,000 1,000 0 1,000 0
155,460 181,595 181,595 0 192,200 10,605
98 10,000 10,000 0 10,000 0
0 1,000 1,000 0 0 (1,000)
98 11,000 11,000 0 10,000 (1,000)
1,380 5,000 5,000 2,988 6,000 1,000
1,380 5,000 5,000 2,988 6,000 1,000
1,770 0 0 0 0 0
1,770 0 0 0 0 0
158,707 197,595 197,595 2,988 208,200 10,605
2,256,256 2,555,615 5,010,360 1,178,140 3,143,420 (1,866,940)
CITY OF LA QUINTA LIBRARY & MUSEUM FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
22 340
Fund: 202 - LIBRARY & MUSEUM FUND
Permanent Full Time 54,200.00202-3004-50101
20% - Community Services Deputy Director (40% Community
Services Admin, 40% Wellness Center)
20% - Sr. Management Analyst (80% Community Services
Admin)
Landscape Contract 35,800.00202-3004-60112
For Library facility
County of Riverside - Library 1,683,600.00202-3004-60114
Library services and programs are contracted with the County
of Riverside through June 30, 2029
Building Improvements 150,000.00202-3004-72110
Roof maintenance and repairs
Landscape Contract 25,500.00202-3006-60112
For Museum facility
CITY OF LA QUINTA LIBRARY & MUSEUM FUND EXPENSE NOTES FY 2025/26 PROPOSED BUDGET
23 341
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
201 - GAS TAX FUND
7003 - Streets- Traffic
50 - Salaries and Benefits
337,200 528,500 528,500 297,048 536,300 7,800 1%201-7003-50101 Permanent Full Time
1,794 2,500 2,500 14,875 2,500 0 0%201-7003-50105 Salaries - Overtime
10,977 10,000 10,000 8,948 10,000 0 0%201-7003-50106 Standby
20,556 20,000 20,000 12,786 20,000 0 0%201-7003-50107 Standby Overtime
703 0 0 417 480 480 0%201-7003-50150 Other Compensation
32,889 51,500 51,500 32,467 53,800 2,300 4%201-7003-50200 PERS-City Portion
4,190 10,400 10,400 4,433 10,400 0 0%201-7003-50215 Other Fringe Benefits
127,878 190,500 190,500 100,234 221,200 30,700 16%201-7003-50221 Medical Insurance
1,509 0 0 1,210 0 0 0%201-7003-50222 Vision Insurance
7,782 0 0 5,857 0 0 0%201-7003-50223 Dental Insurance
318 0 0 271 0 0 0%201-7003-50224 Life Insurance
1,806 3,500 3,500 2,203 3,400 (100)-3%201-7003-50225 Long Term Disability
38,100 40,000 40,000 30,000 40,300 300 1%201-7003-50230 Workers Comp Insurance
6,361 7,500 7,500 5,529 8,600 1,100 15%201-7003-50240 Social Security-Medicare
1,186 0 0 0 0 0 0%201-7003-50241 Social Security- FICA
63,689 0 0 44,091 50,600 50,600 0%201-7003-50251 Temporary
50 - Salaries and Benefits Totals:656,937 864,400 864,400 560,369 957,580 93,180 11%
60 - Contract Services
3,300 3,300 3,300 10,020 3,300 0 0%201-7003-60103 Professional Services
0 20,000 20,000 3,200 20,000 0 0%201-7003-60141 Street Striping
60 - Contract Services Totals:3,300 23,300 23,300 13,220 23,300 0 0%
62 - Maintenance & Operations
0 0 0 59 500 500 0%201-7003-60320 Travel & Training
6,883 10,000 10,000 4,388 10,000 0 0%201-7003-60427 Safety Gear
9,268 5,000 5,000 0 5,000 0 0%201-7003-60428 Barricades
81,012 50,000 50,000 99,328 50,000 0 0%201-7003-60429 Traffic Control Signs
5,251 15,000 15,000 20,140 15,000 0 0%201-7003-60430 Asphalt
14,750 40,000 40,000 4,911 40,000 0 0%201-7003-60431 Materials/Supplies
3,776 8,500 8,500 2,184 8,500 0 0%201-7003-60433 Paint/Legends
10,325 5,000 5,000 1,958 5,000 0 0%201-7003-60672 Storm Drains
2,465 10,000 10,000 4,312 10,000 0 0%201-7003-60690 Uniforms
62 - Maintenance & Operations Totals:133,730 143,500 143,500 137,280 144,000 500 0%
66 - Utilities
15,302 9,000 9,000 10,002 9,000 0 0%201-7003-61101 Electricity - Utilities
66 - Utilities Totals:15,302 9,000 9,000 10,002 9,000 0 0%
68 - Capital Expenses
295 5,000 5,000 1,296 5,000 0 0%201-7003-61701 Equipment Rental
542,713 0 200,000 78,087 0 (200,000)-100%201-7003-72111 Road Improvements
0 200,000 650,000 2,802 200,000 (450,000)-69%201-7003-80100 Machinery & Equipment
68 - Capital Expenses Totals:543,008 205,000 855,000 82,186 205,000 (650,000)-76%
337,200 528,500 528,500 297,048 536,300 7,800
1,794 2,500 2,500 14,875 2,500 0
10,977 10,000 10,000 8,948 10,000 0
20,556 20,000 20,000 12,786 20,000 0
703 0 0 417 480 480
32,889 51,500 51,500 32,467 53,800 2,300
4,190 10,400 10,400 4,433 10,400 0
127,878 190,500 190,500 100,234 221,200 30,700
1,509 0 0 1,210 0 0
7,782 0 0 5,857 0 0
318 0 0 271 0 0
1,806 3,500 3,500 2,203 3,400 (100)
38,100 40,000 40,000 30,000 40,300 300
6,361 7,500 7,500 5,529 8,600 1,100
1,186 0 0 0 0 0
63,689 0 0 44,091 50,600 50,600
656,937 864,400 864,400 560,369 957,580 93,180
3,300 3,300 3,300 10,020 3,300 0
0 20,000 20,000 3,200 20,000 0
3,300 23,300 23,300 13,220 23,300 0
0 0 0 59 500 500
6,883 10,000 10,000 4,388 10,000 0
9,268 5,000 5,000 0 5,000 0
81,012 50,000 50,000 99,328 50,000 0
5,251 15,000 15,000 20,140 15,000 0
14,750 40,000 40,000 4,911 40,000 0
3,776 8,500 8,500 2,184 8,500 0
10,325 5,000 5,000 1,958 5,000 0
2,465 10,000 10,000 4,312 10,000 0
133,730 143,500 143,500 137,280 144,000 500
15,302 9,000 9,000 10,002 9,000 0
15,302 9,000 9,000 10,002 9,000 0
295 5,000 5,000 1,296 5,000 0
542,713 0 200,000 78,087 0 (200,000)
0 200,000 650,000 2,802 200,000 (450,000)
543,008 205,000 855,000 82,186 205,000 (650,000)
CITY OF LA QUINTA GAS TAX FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
24 342
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
69 - Internal Service Charges
231,000 231,000 231,000 173,250 231,500 500 0%201-7003-98110 Information Tech Charges
504,900 504,900 504,900 378,675 517,000 12,100 2%201-7003-98140 Facility & Fleet Maintenance
69 - Internal Service Charges Totals:735,900 735,900 735,900 551,925 748,500 12,600 2%
99 - Transfers Out
969,409 1,462,000 3,118,102 772,130 1,006,705 (2,111,397)-68%201-7003-99900 Transfers Out
99 - Transfers Out Totals:969,409 1,462,000 3,118,102 772,130 1,006,705 (2,111,397)
-68%
7003 - Streets- Traffic Totals:3,057,585 3,443,100 5,749,202 2,127,112 3,094,085 (2,655,117)
-46%
201 - GAS TAX FUND Totals:3,057,585 3,443,100 5,749,202 2,127,112 3,094,085 (2,655,117)
-46%
231,000 231,000 231,000 173,250 231,500 500
504,900 504,900 504,900 378,675 517,000 12,100
735,900 735,900 735,900 551,925 748,500 12,600
969,409 1,462,000 3,118,102 772,130 1,006,705 (2,111,397)
969,409 1,462,000 3,118,102 772,130 1,006,705 (2,111,397)
3,057,585 3,443,100 5,749,202 2,127,112 3,094,085 (2,655,117)
3,057,585 3,443,100 5,749,202 2,127,112 3,094,085 (2,655,117)
CITY OF LA QUINTA GAS TAX FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
25 343
Fund: 201 - GAS TAX FUND
Permanent Full Time 536,300.00201-7003-50101
100% - Maintenance & Operations Superintendent
100% - Maintenance & Operations Crew Leader
100% - Sr. Maintenance & Operations Worker (2)
100% - Maintenance Worker I (4)
Professional Services 3,300.00201-7003-60103
Annual State report and audit requirement
Street Striping 20,000.00201-7003-60141
Citywide street striping updates as needed
Traffic Control Signs 50,000.00201-7003-60429
Replace street signs as needed and temporary signage for
special events
Materials/Supplies 40,000.00201-7003-60431
Used to purchase supplies and materials for repairs and
maintenance projects that are generally completed by City staff
Transfers Out 1,006,705.00201-7003-99900
Amount
CIP - Cove Area Slurry Seal Improvements 1,006,705
CITY OF LA QUINTA GAS TAX FUND EXPENSE NOTES FY 2025/26 PROPOSED BUDGET
26 344
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
215 - LIGHTING & LANDSCAPING FUND
7004 - Lighting & Landscaping
50 - Salaries and Benefits
183,574 231,500 231,500 170,544 214,100 (17,400)-8%215-7004-50101 Permanent Full Time
2,161 500 500 14,605 10,000 9,500 1,900%215-7004-50105 Salaries - Overtime
12,290 10,000 10,000 9,330 10,000 0 0%215-7004-50106 Standby
50,759 25,000 25,000 42,773 30,000 5,000 20%215-7004-50107 Standby Overtime
241 0 0 49 0 0 0%215-7004-50150 Other Compensation
14,681 18,100 18,100 13,619 17,000 (1,100)-6%215-7004-50200 PERS-City Portion
3,910 3,900 3,900 2,976 3,900 0 0%215-7004-50215 Other Fringe Benefits
62,456 83,500 83,500 47,432 81,800 (1,700)-2%215-7004-50221 Medical Insurance
506 0 0 386 0 0 0%215-7004-50222 Vision Insurance
2,543 0 0 2,207 0 0 0%215-7004-50223 Dental Insurance
197 0 0 155 0 0 0%215-7004-50224 Life Insurance
1,121 1,700 1,700 1,486 1,400 (300)-18%215-7004-50225 Long Term Disability
14,300 14,300 14,300 10,725 14,700 400 3%215-7004-50230 Workers Comp Insurance
3,921 3,300 3,300 3,520 3,100 (200)-6%215-7004-50240 Social Security-Medicare
1,301 0 0 0 0 0 0%215-7004-50241 Social Security-FICA
21,070 0 0 4,536 0 0 0%215-7004-50251 Temporary
50 - Salaries and Benefits Totals:375,032 391,800 391,800 324,343 386,000 (5,800)-1%
60 - Contract Services
15,231 15,500 15,500 10,717 15,500 0 0%215-7004-60102 Administration
77,861 80,000 80,000 59,945 84,000 4,000 5%215-7004-60104 Consultants
897,576 1,570,000 1,570,000 1,295,406 1,645,500 75,500 5%215-7004-60112 Landscape Contract
66,304 82,000 82,000 56,710 87,000 5,000 6%215-7004-60143 SilverRock Way Landscape
60 - Contract Services Totals:1,056,972 1,747,500 1,747,500 1,422,779 1,832,000 84,500 5%
62 - Maintenance & Operations
0 4,500 4,500 2,395 4,500 0 0%215-7004-60320 Travel & Training
3,899 15,000 15,000 2,999 15,000 0 0%215-7004-60420 Operating Supplies
687 10,000 10,000 0 10,000 0 0%215-7004-60423 Supplies-Graffiti and Vandalism
2,724 2,500 2,500 1,278 3,000 500 20%215-7004-60427 Safety Gear
245,782 500,000 625,000 495,041 550,000 (75,000)-12%215-7004-60431 Materials/Supplies
2,223 3,000 3,000 4,705 4,000 1,000 33%215-7004-60432 Tools/Equipment
21,670 500,000 950,000 230,091 60,000 (890,000)-94%215-7004-60673 Tree Maintenance/Palm Trees
2,680 3,500 3,500 1,499 3,500 0 0%215-7004-60690 Uniforms
444,910 300,000 300,000 399,672 400,000 100,000 33%215-7004-60691 Maintenance/Services
62 - Maintenance & Operations Totals:724,577 1,338,500 1,913,500 1,137,680 1,050,000 (863,500)-45%
66 - Utilities
98,062 80,000 80,000 83,837 92,000 12,000 15%215-7004-61116 Electric - Utilities
37,403 40,000 40,000 32,475 49,000 9,000 23%215-7004-61117 Electric - Medians - Utilities
254,338 215,000 215,000 221,945 250,000 35,000 16%215-7004-61211 Water - Medians - Utilities
66 - Utilities Totals:389,803 335,000 335,000 338,257 391,000 56,000 17%
183,574 231,500 231,500 170,544 214,100 (17,400)
2,161 500 500 14,605 10,000 9,500
12,290 10,000 10,000 9,330 10,000 0
50,759 25,000 25,000 42,773 30,000 5,000
241 0 0 49 0 0
14,681 18,100 18,100 13,619 17,000 (1,100)
3,910 3,900 3,900 2,976 3,900 0
62,456 83,500 83,500 47,432 81,800 (1,700)
506 0 0 386 0 0
2,543 0 0 2,207 0 0
197 0 0 155 0 0
1,121 1,700 1,700 1,486 1,400 (300)
14,300 14,300 14,300 10,725 14,700 400
3,921 3,300 3,300 3,520 3,100 (200)
1,301 0 0 0 0 0
21,070 0 0 4,536 0 0
375,032 391,800 391,800 324,343 386,000 (5,800)
15,231 15,500 15,500 10,717 15,500 0
77,861 80,000 80,000 59,945 84,000 4,000
897,576 1,570,000 1,570,000 1,295,406 1,645,500 75,500
66,304 82,000 82,000 56,710 87,000 5,000
1,056,972 1,747,500 1,747,500 1,422,779 1,832,000 84,500
0 4,500 4,500 2,395 4,500 0
3,899 15,000 15,000 2,999 15,000 0
687 10,000 10,000 0 10,000 0
2,724 2,500 2,500 1,278 3,000 500
245,782 500,000 625,000 495,041 550,000 (75,000)
2,223 3,000 3,000 4,705 4,000 1,000
21,670 500,000 950,000 230,091 60,000 (890,000)
2,680 3,500 3,500 1,499 3,500 0
444,910 300,000 300,000 399,672 400,000 100,000
724,577 1,338,500 1,913,500 1,137,680 1,050,000 (863,500)
98,062 80,000 80,000 83,837 92,000 12,000
37,403 40,000 40,000 32,475 49,000 9,000
254,338 215,000 215,000 221,945 250,000 35,000
389,803 335,000 335,000 338,257 391,000 56,000
CITY OF LA QUINTA LIGHTING & LANDSCAPING EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
27 345
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
69 - Internal Service Charges
86,600 86,600 86,600 64,950 87,000 400 0%215-7004-98110 Information Tech Charges
58,300 58,300 58,300 43,725 62,000 3,700 6%215-7004-98140 Facility & Fleet Maintenance
69 - Internal Service Charges Totals:144,900 144,900 144,900 108,675 149,000 4,100 3%
7004 - Lighting & Landscaping Totals:2,691,283 3,957,700 4,532,700 3,331,734 3,808,000 (724,700)-16%
215 - LIGHTING & LANDSCAPING FUND Totals:2,691,283 3,957,700 4,532,700 3,331,734 3,808,000 (724,700)-16%
86,600 86,600 86,600 64,950 87,000 400
58,300 58,300 58,300 43,725 62,000 3,700
144,900 144,900 144,900 108,675 149,000 4,100
2,691,283 3,957,700 4,532,700 3,331,734 3,808,000 (724,700)
2,691,283 3,957,700 4,532,700 3,331,734 3,808,000 (724,700)
CITY OF LA QUINTA LIGHTING & LANDSCAPING EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
28 346
Fund: 215 - LIGHTING & LANDSCAPING FUND
Permanent Full Time 214,100.00215-7004-50101
50% - Maintenance & Operations Superintendent (50% Parks Maintenance)
50% - Maintenance & Operations Crew Leader (50% Parks Maintenance)
50% - Sr. Maintenance & Operations Worker (50% Parks Maintenance)
50% - Maintenance & Operations Worker (3) (50% Parks Maintenance)
Administration 15,500.00215-7004-60102
Annual required report for LLD
Consultants 84,000.00215-7004-60104
Lighting contract
Landscape Contract 1,645,500.00215-7004-60112
Citywide landscape contract
Travel & Training 4,500.00215-7004-60320
Safety training
Materials/Supplies 550,000.00215-7004-60431
Median landscape improvements and turf removal
$500,000 approved as part of the 5-year CIP Program
Tools/Equipment 4,000.00215-7004-60432
Used for all tools and equipment (other than capital
expenditures) including small hand tools and/or power tools
such as drills, blowers, saws, etc.
CITY OF LA QUINTA LIGHTING & LANDSCAPING FUND EXPENSE NOTES FY 2025/26 PROPOSED BUDGETEXHIBIT A
29 347
Housing Fund Revenues 2024/25
Original
2024/25
Current
Variance
Original vs.
Current
2025/26
Proposed
Variance
Current vs.
Adopted
% Change
241 - Housing Authority 1,452,000 1,452,000 -1,666,000 214,000 15%
243 - RDA Low-Mod Housing 60,000 60,000 -130,000 70,000 117%
249 - SA 2011 Low/Mod Bond 18,000 18,000 -86,000 68,000 378%
Total Revenues 1,530,000 1,530,000 - 1,882,000 352,000 23%
RDA Loan Repayment 701,163 701,163 - 715,187 14,024
Total Operating Revenues 2,231,163 2,231,163 - 2,597,187 366,024
Housing Fund Expenditures 2024/25
Original
2024/25
Current
Variance
Original vs.
Current
2025/26
Proposed
Variance
Current vs.
Adopted
% Change
241 - Housing Authority 1,715,440 1,965,440 (300,660) 1,664,780 (300,660) -15%
243 - RDA Low-Mod Housing 250,000 350,000 (25,000) 325,000 (25,000) -7%
249 - SA 2011 Low/Mod Bond 250,000 657,003 (507,003) 150,000 (507,003) -77%
Total Expenditures 2,215,440 2,972,443 (832,663) 2,139,780 (832,663) -28%
Budget Surplus/(Deficit)15,723 (741,280) 832,663 457,407
HOUSING AUTHORITY 2025/26 BUDGET SUMMARY
CITY OF LA QUINTA FY 2025/26 PROPOSED BUDGET
30 348
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
241 - HOUSING AUTHORITY
9101 - Housing Authority - Admin
340 - Charges for Services
526 0 0 0 0 0 0%241-9101-42301 Miscellaneous Revenue
340 - Charges for Services Totals:526 0 0 0 0 0 0%
360 - Use of Money & Property
416,365 200,000 200,000 90,244 365,000 165,000 83%241-9101-41900 Allocated Interest
165,958 0 0 0 0 0 0%241-9101-41910 GASB 31 Interest
0 1,000 1,000 0 0 (1,000)-100%241-9101-41915 Non-Allocated Interest
80,124 0 0 0 0 0 0%241-9101-42706 Loan Repayments
148,869 100,000 100,000 11,300 100,000 0 0%241-9101-43504 2nd Trust Deed Repayments
118,416 0 0 0 0 0 0%241-9101-45000 Sale of Other Assets
360 - Use of Money & Property Totals:929,732 301,000 301,000 101,544 465,000 164,000 54%
9101 - Housing Authority - Admin Totals:930,258 301,000 301,000 101,544 465,000 164,000 54%
9103 - Housing Authority - LQRP
360 - Use of Money & Property
200,000 0 0 0 0 0 0%241-9103-43501 Miscellaneous Revenue/LQRP
351,454 350,000 350,000 247,958 350,000 0 0%241-9103-43502 Rent Revenue/LQRP
360 - Use of Money & Property Totals:551,454 350,000 350,000 247,958 350,000 0 0%
9103 - Housing Authority - LQRP Totals:551,454 350,000 350,000 247,958 350,000 0 0%
9104 - Dune Palms Mobile Estates
360 - Use of Money & Property
791,622 800,000 800,000 662,797 850,000 50,000 6%241-9104-42112 Rent Revenue/Tenant/Dune Palms
0 1,000 1,000 0 1,000 0 0%241-9104-42302 Miscellaneous Revenue/Dune Palms
360 - Use of Money & Property Totals:791,622 801,000 801,000 662,797 851,000 50,000 6%
9104 - Dune Palms Mobile Estates Totals:791,622 801,000 801,000 662,797 851,000 50,000 6%
241 - HOUSING AUTHORITY Totals:2,273,334 1,452,000 1,452,000 1,012,299 1,666,000 214,000 15%
243 - RDA LOW-MOD HOUSING FUND
0000 - Undesignated
360 - Use of Money & Property
143,666 60,000 60,000 31,085 130,000 70,000 117%243-0000-41900 Allocated Interest
45,354 0 0 0 0 0 0%243-0000-41910 GASB 31 Interest
360 - Use of Money & Property Totals:189,020 60,000 60,000 31,085 130,000 70,000 117%
370 - Miscellaneous
68,161 0 0 0 0 0 0%243-0000-48500 Extraordinary Gain
370 - Miscellaneous Totals:68,161 0 0 0 0 0 0%
0000 - Undesignated Totals:257,181 60,000 60,000 31,085 130,000 70,000 117%
24243 - RDA LOW-MOD HOUSING FUND Totals:257,181 60,000 60,000 31,085 130,000 70,000 117%
526 0 0 0 0 0
526 0 0 0 0 0
416,365 200,000 200,000 90,244 365,000 165,000
165,958 0 0 0 0 0
0 1,000 1,000 0 0 (1,000)
80,124 0 0 0 0 0
148,869 100,000 100,000 11,300 100,000 0
118,416 0 0 0 0 0
929,732 301,000 301,000 101,544 465,000 164,000
930,258 301,000 301,000 101,544 465,000 164,000
200,000 0 0 0 0 0
351,454 350,000 350,000 247,958 350,000 0
551,454 350,000 350,000 247,958 350,000 0
551,454 350,000 350,000 247,958 350,000 0
791,622 800,000 800,000 662,797 850,000 50,000
0 1,000 1,000 0 1,000 0
791,622 801,000 801,000 662,797 851,000 50,000
791,622 801,000 801,000 662,797 851,000 50,000
2,273,334 1,452,000 1,452,000 1,012,299 1,666,000 214,000
143,666 60,000 60,000 31,085 130,000 70,000
45,354 0 0 0 0 0
189,020 60,000 60,000 31,085 130,000 70,000
68,161 0 0 0 0 0
68,161 0 0 0 0 0
257,181 60,000 60,000 31,085 130,000 70,000
257,181 60,000 60,000 31,085 130,000 70,000
CITY OF LA QUINTA HOUSING AUTHORITY REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
31 349
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed
25/26 vs.
Current 24/25
% Change in
Budget
249 - SA 2011 LOW/MOD BOND FUND financed in 2016)
0000 - Undesignated
340 - Charges for Services
0 0 0 4,483 0 0 0%249-0000-42301 Miscellaneous Revenue
340 - Charges for Services Totals:0 0 0 4,483 0 0 0%
360 - Use of Money & Property
4,616 3,000 3,000 0 0 (3,000)-100%249-0000-41900 Allocated Interest
23,261 0 0 0 0 0 0%249-0000-41910 GASB 31 Interest
86,083 15,000 15,000 75,125 86,000 71,000 473%249-0000-41915 Non-Allocated Interest
360 - Use of Money & Property Totals:113,960 18,000 18,000 75,125 86,000 68,000 378%
390 - Other Financing Sources
1,387,009 0 0 0 0 0 0%249-0000-49500 Transfers In
390 - Other Financing Sources Totals:1,387,009 0 0 0 0 0 0%
0000 - Undesignated Totals:1,500,969 18,000 18,000 79,607 86,000 68,000 378%
249 - SA 2011 LOW/MO249 BOND FUND (Refinanced in 2016) Totals:1,500,969 18,000 18,000 79,607 86,000 68,000 378%
0 0 0 4,483 0 0
0 0 0 4,483 0 0
4,616 3,000 3,000 0 0 (3,000)
23,261 0 0 0 0 0
86,083 15,000 15,000 75,125 86,000 71,000
113,960 18,000 18,000 75,125 86,000 68,000
1,387,009 0 0 0 0 0
1,387,009 0 0 0 0 0
1,500,969 18,000 18,000 79,607 86,000 68,000
1,500,969 18,000 18,000 79,607 86,000 68,000
CITY OF LA QUINTA HOUSING AUTHORITY REVENUE DETAIL FY 2025/26 PROPOSED BUDGET
The Housing Authority budget invests in programs and projects that preserve and increase the supply of affordable housing in the City.
241 Housing Authority Fund: Second Trust Deed Payments and Home Sale Proceeds vary from year-to-year. Additional repayment of silent second trust deeds are
recognized upon receipt.
241-9101-45000, Sale of Other Assets revenues in FY 2023/24 reflect the purchase and sale agreement between the City of La Quinta and the La Quinta Housing Authority
for vacant parcels to be used for future low/moderate affordable housing.
243 RDA Low-Mod Housing Fund: The 2025/26 former Redevelopment Agency loan repayment of $715,187 will be recognized in reserves within this Fund.
249 Successor Agency (SA) 2011 Low/Mod Bund Fund: In FY 2023/24, fund was used for the acquisition of the vacant property located west of the Home Depot Center
on Highway 111, on the northeast corner of Highway 111 and Dune Palms Road proposed to be developed as an affordable housing development with a connecting
thoroughfare to CV Link. Remaining bond funds continue to earn interest and are available for future housing projects.
32 350
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
241 - HOUSING AUTHORITY
9101 - Housing Authority - Admin
50 - Salaries and Benefits
308,362 322,000 322,000 299,614 328,800 6,800 2%241-9101-50101 Permanent Full Time
58 0 0 111 0 0 0%241-9101-50105 Salaries - Overtime
500 1,800 1,800 450 1,800 0 0%241-9101-50110 Commissions & Boards
145 200 200 125 200 0 0%241-9101-50150 Other Compensation
27,150 31,200 31,200 26,454 30,400 (800)-3%241-9101-50200 PERS-City Portion
4,875 3,640 3,640 8,955 9,380 5,740 158%241-9101-50215 Other Fringe Benefits
53,229 70,000 70,000 46,186 70,900 900 1%241-9101-50221 Medical Insurance
455 0 0 399 0 0 0%241-9101-50222 Vision Insurance
2,747 0 0 2,225 0 0 0%241-9101-50223 Dental Insurance
175 0 0 158 0 0 0%241-9101-50224 Life Insurance
1,764 2,000 2,000 1,831 2,100 100 5%241-9101-50225 Long Term Disability
13,400 13,400 13,400 10,050 13,700 300 2%241-9101-50230 Workers Comp Insurance
4,479 4,800 4,800 4,353 4,800 0 0%241-9101-50240 Social Security-Medicare
56 0 0 59 0 0 0%241-9101-50241 Social Security-FICA
50 - Salaries and Benefits Totals:417,394 449,040 449,040 400,970 462,080 13,040 3%
60 - Contract Services
75,228 75,000 75,000 78,397 110,000 35,000 47%241-9101-60103 Professional Services
5,000 5,000 5,000 0 5,000 0 0%241-9101-60106 Auditors
33,905 25,000 25,000 26,538 25,000 0 0%241-9101-60153 Attorney
200,000 0 0 0 0 0 0%241-9101-60157 Rental Expenses
60 - Contract Services Totals:314,133 105,000 105,000 104,935 140,000 35,000 33%
62 - Maintenance & Operations
467 1,000 1,000 0 1,000 0 0%241-9101-60320 Travel & Training
734 2,000 2,000 987 2,000 0 0%241-9101-60420 Operating Supplies
62 - Maintenance & Operations Totals:1,201 3,000 3,000 987 3,000 0 0%
69 - Internal Service Charges
9,300 9,300 9,300 6,975 9,700 400 4%241-9101-91843 Property & Crime Insurance
18,200 18,200 18,200 13,650 18,700 500 3%241-9101-91844 Earthquake Insurance
80,900 80,900 80,900 60,675 81,300 400 0%241-9101-98110 Information Tech Charges
69 - Internal Service Charges Totals:108,400 108,400 108,400 81,300 109,700 1,300 1%
9101 - Housing Authority - Admin Totals:841,128 665,440 665,440 588,192 714,780 49,340 7%
9103 - Housing Authority - LQRP
62 - Maintenance & Operations
379,320 350,000 350,000 210,512 350,000 0 0%241-9103-60157 Rental Expenses
62 - Maintenance & Operations Totals:379,320 350,000 350,000 210,512 350,000 0 0%
9103 - Housing Authority - LQRP Totals:379,320 350,000 350,000 210,512 350,000 0 0%
308,362 322,000 322,000 299,614 328,800 6,800
58 0 0 111 0 0
500 1,800 1,800 450 1,800 0
145 200 200 125 200 0
27,150 31,200 31,200 26,454 30,400 (800)
4,875 3,640 3,640 8,955 9,380 5,740
53,229 70,000 70,000 46,186 70,900 900
455 0 0 399 0 0
2,747 0 0 2,225 0 0
175 0 0 158 0 0
1,764 2,000 2,000 1,831 2,100 100
13,400 13,400 13,400 10,050 13,700 300
4,479 4,800 4,800 4,353 4,800 0
56 0 0 59 0 0
417,394 449,040 449,040 400,970 462,080 13,040
75,228 75,000 75,000 78,397 110,000 35,000
5,000 5,000 5,000 0 5,000 0
33,905 25,000 25,000 26,538 25,000 0
200,000 0 0 0 0 0
314,133 105,000 105,000 104,935 140,000 35,000
467 1,000 1,000 0 1,000 0
734 2,000 2,000 987 2,000 0
1,201 3,000 3,000 987 3,000 0
9,300 9,300 9,300 6,975 9,700 400
18,200 18,200 18,200 13,650 18,700 500
80,900 80,900 80,900 60,675 81,300 400
108,400 108,400 108,400 81,300 109,700 1,300
841,128 665,440 665,440 588,192 714,780 49,340
379,320 350,000 350,000 210,512 350,000 0
379,320 350,000 350,000 210,512 350,000 0
379,320 350,000 350,000 210,512 350,000 0
CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE DETAILS FY 2025/26 PROPOSED BUDGET
33 351
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
9104 - Dune Palms Mobile Estates
60 - Contract Services
116,883 100,000 100,000 84,300 100,000 0 0%241-9104-60103 Professional Services
428,068 400,000 400,000 333,370 400,000 0 0%241-9104-60157 Rental Expense
0 0 0 2,381 0 0 0%241-9104-60159 Relocation/Temp Housing
60 - Contract Services Totals:544,952 500,000 500,000 420,052 500,000 0 0%
68 - Capital Expenses
99,064 200,000 450,000 10,716 100,000 (350,000)-78%241-9104-72110 Building/Site Improvements
68 - Capital Expenses Totals:99,064 200,000 450,000 10,716 100,000 (350,000)-78%
9104 - Dune Palms Mobile Estates Totals:644,015 700,000 950,000 430,768 600,000 (350,000)-37%
241 - HOUSING AUTHORITY Totals:1,864,463 1,715,440 1,965,440 1,229,471 1,664,780 (300,660)-15%
116,883 100,000 100,000 84,300 100,000 0
428,068 400,000 400,000 333,370 400,000 0
0 0 0 2,381 0 0
544,952 500,000 500,000 420,052 500,000 0
99,064 200,000 450,000 10,716 100,000 (350,000)
99,064 200,000 450,000 10,716 100,000 (350,000)
644,015 700,000 950,000 430,768 600,000 (350,000)
1,864,463 1,715,440 1,965,440 1,229,471 1,664,780 (300,660)
CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE DETAILS FY 2025/26 PROPOSED BUDGET
241 Housing Authority Fund: These funds are used to account for the housing activities of the Housing Authority which are to promote and provide quality affordable
housing.
34 352
Fund: 241 - HOUSING AUTHORITY
Permanent Full Time 328,800.00241-9101-50101
20% - City Manager (80% City Manager)
10% - Finance Director (90% Finance)
10% - City Clerk Director (90% City Clerk)
40% - Director- Business Unit & Housing Development (60%
City Manager)
60% - Sr. Management Analyst (40% Information Technology
Fund)
60% - Management Specialist (40% City Manager)
80% - Administrative Techniciant (20% City Manager)
Housing Authority Member Stipends (5)
Housing Commissioner Stipends
Professional Services 110,000.00241-9101-60103
Housing compliance services
Travel & Training 1,000.00241-9101-60320
For housing related training and staff development
Rental Expenses 350,000.00241-9103-60157
Expenses associated with 28 homes owned by the Authority
which are located in the La Quinta Cove
Professional Services 100,000.00241-9104-60103
For residential property management services at Dune Palms
Mobile Estates
Rental Expense 400,000.00241-9104-60157
Expenses associated with 102 units owned by the Authority
which are located in North La Quinta
CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE NOTES FY 2025/26 PROPOSED BUDGET
35 353
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
243 - RDA LOW-MOD HOUSING FUND
0000 - Undesignated
64 - Other Expenses
250,000 250,000 350,000 300,800 325,000 (25,000)-7%243-0000-60532 Homelessness Assistance
64 - Other Expenses Totals:250,000 250,000 350,000 300,800 325,000 (25,000)-7%
0000 - Undesignated Totals:250,000 250,000 350,000 300,800 325,000 (25,000)-7%
24243 - RDA LOW-MOD HOUSING FUND Totals:250,000 250,000 350,000 300,800 325,000 (25,000)-7%
250,000 250,000 350,000 300,800 325,000 (25,000)
250,000 250,000 350,000 300,800 325,000 (25,000)
250,000 250,000 350,000 300,800 325,000 (25,000)
250,000 250,000 350,000 300,800 325,000 (25,000)
CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE DETAILS FY 2025/26 PROPOSED BUDGET
243 RDA Low-Mod Housing Fund: The 2025/26 former Redevelopment Agency loan repayment of $715,187 will be recognized in reserves within this Fund. These
funds are used to account for the housing activities of the Housing Authority which are to promote and provide quality affordable housing.
36 354
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)
0000 - Undesignated
68 - Capital Expenses
3,587,121 0 0 0 0 0 0%249-0000-74010 Land Acquisition
900 250,000 657,003 746,407 150,000 (507,003)-77%249-0000-80050 Affordable Housing Project Development
68 - Capital Expenses Totals:3,588,021 250,000 657,003 746,407 150,000 (507,003)-77%
0000 - Undesignated Totals:3,588,021 250,000 657,003 746,407 150,000 (507,003)-77%
249 - SA 2011 LOW/M249 BOND FUND (Refinanced in 2016) Totals:3,588,021 250,000 657,003 746,407 150,000 (507,003)-77%
3,587,121 0 0 0 0 0
900 250,000 657,003 746,407 150,000 (507,003)
3,588,021 250,000 657,003 746,407 150,000 (507,003)
3,588,021 250,000 657,003 746,407 150,000 (507,003)
3,588,021 250,000 657,003 746,407 150,000 (507,003)
CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE DETAILS FY 2025/26 PROPOSED BUDGET
249 Successor Agency Bond Fund: These funds are restricted per individual bond covenants and were used for the acquisition of the vacant propoerty located west
of the Home Depot Center on Highway 111, on the northeast corner of Highway 111 and Dune Palms Road. This property is proposed to be developed as an
affordable housing development with a connecting thoroughfare to CV Link. Remaining funds are available for future housing projects. For FY 2025/26, budget will be
used for investment in design and development of projects.
37 355
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
310 - LQ FINANCE AUTHORITY DEBT SERVICE
0000 - Undesignated
60 - Contract Services
907 1,500 1,500 0 1,000 (500)-33%310-0000-60181 Contract Services Fees
60 - Contract Services Totals:907 1,500 1,500 0 1,000 (500)-33%
0000 - Undesignated Totals:907 1,500 1,500 0 1,000 (500)-33%
310 - LQ FINANCE AUTHORITY DEBT SERVICE Totals:907 1,500 1,500 0 1,000 (500)-33%
907 1,500 1,500 0 1,000 (500)
907 1,500 1,500 0 1,000 (500)
907 1,500 1,500 0 1,000 (500)
907 1,500 1,500 0 1,000 (500)
Contract Services fee: Annual State Controller's report and audit requirement
CITY OF LA QUINTA FINANCE AUTHORITY EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
38 356
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
601 - SILVERROCK RESORT
0000 - Undesignated
60 - Contract Services
572,143 600,000 600,000 459,646 622,000 22,000 4%601-0000-60200 Cart Barn/Range
375,030 420,000 420,000 364,690 420,000 0 0%601-0000-60201 Golf Shop
2,387,410 2,410,000 2,410,000 2,221,161 2,540,000 130,000 5%601-0000-60203 Maintenance
491,330 520,000 520,000 386,159 563,000 43,000 8%601-0000-60205 General & Administrative
122,671 171,000 171,000 113,071 173,000 2,000 1%601-0000-60206 Marketing
164,902 168,000 168,000 121,074 172,000 4,000 2%601-0000-60207 Temporary Club House
141,078 137,000 137,000 102,933 144,000 7,000 5%601-0000-60208 Management Fee
93,311 55,000 55,000 71,772 91,000 36,000 65%601-0000-60209 Insurance
5,455 15,000 15,000 5,455 6,000 (9,000)-60%601-0000-60210 Property Tax
217,103 421,000 421,000 262,020 354,000 (67,000)-16%601-0000-60211 Rental Payment
6,188 0 0 0 0 0 0%601-0000-60213 Interest Payment
232,947 50,000 50,000 0 40,000 (10,000)-20%601-0000-60217 Food & Beverage
60 - Contract Services Totals:4,809,569 4,967,000 4,967,000 4,107,981 5,125,000 158,000 3%
62 - Maintenance & Operations
0 10,000 10,000 0 5,000 (5,000)-50%601-0000-60214 Equipment Repairs
170,912 150,000 150,000 109,604 150,000 0 0%601-0000-60455 Bank Fees
52,490 150,000 150,000 34,996 150,000 0 0%601-0000-60660 Repair & Maintenance
62 - Maintenance & Operations Totals:223,402 310,000 310,000 144,599 305,000 (5,000)-2%
68 - Capital Expenses
0 0 0 0 0 0 0%601-0000-71030 Vehicles
220,522 0 0 0 0 0 0%601-0000-71122 Depreciation Expense - Community Services
296,922 0 0 0 0 0 0%601-0000-72011 Depreciation Expense
80,162 0 0 65,477 0 0 0%601-0000-80100 Machinery & Equipment
68 - Capital Expenses Totals:597,606 0 0 65,477 0 0 0%
99 - Transfers Out
82,000 88,000 88,000 88,000 87,000 (1,000)-1%601-0000-99900 Transfers Out
99 - Transfers Out Totals:82,000 88,000 88,000 88,000 87,000 (1,000)-1%
0000 - Undesignated Totals:5,712,576 5,365,000 5,365,000 4,406,058 5,517,000 152,000 3%
601 - SILVERROCK RESORT Totals:5,712,576 5,365,000 5,365,000 4,406,058 5,517,000 152,000 3%
572,143 600,000 600,000 459,646 622,000 22,000
375,030 420,000 420,000 364,690 420,000 0
2,387,410 2,410,000 2,410,000 2,221,161 2,540,000 130,000
491,330 520,000 520,000 386,159 563,000 43,000
122,671 171,000 171,000 113,071 173,000 2,000
164,902 168,000 168,000 121,074 172,000 4,000
141,078 137,000 137,000 102,933 144,000 7,000
93,311 55,000 55,000 71,772 91,000 36,000
5,455 15,000 15,000 5,455 6,000 (9,000)
217,103 421,000 421,000 262,020 354,000 (67,000)
6,188 0 0 0 0 0
232,947 50,000 50,000 0 40,000 (10,000)
4,809,569 4,967,000 4,967,000 4,107,981 5,125,000 158,000
0 10,000 10,000 0 5,000 (5,000)
170,912 150,000 150,000 109,604 150,000 0
52,490 150,000 150,000 34,996 150,000 0
223,402 310,000 310,000 144,599 305,000 (5,000)
0 0 0 0 0 0
220,522 0 0 0 0 0
296,922 0 0 0 0 0
80,162 0 0 65,477 0 0
597,606 0 0 65,477 0 0
82,000 88,000 88,000 88,000 87,000 (1,000)
82,000 88,000 88,000 88,000 87,000 (1,000)
5,712,576 5,365,000 5,365,000 4,406,058 5,517,000 152,000
5,712,576 5,365,000 5,365,000 4,406,058 5,517,000 152,000
CITY OF LA QUINTA SILVERROCK RESORT FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
39 357
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
105 - DISASTER RECOVERY FUND
0000 - Undesignated
99 - Transfers Out
0 0 4,993,504 4,993,504 4,993,504 0 0%105-0000-99900 Transfers Out
99 - Transfers Out Totals:0 0 4,993,504 4,993,504 4,993,504 0 0%
0000 - Undesignated Totals:0 0 4,993,504 4,993,504 4,993,504 0 0%
105 - DISASTER RECOVERY FUND Totals:0 0 4,993,504 4,993,504 4,993,504 0 0%
0 0 4,993,504 4,993,504 4,993,504 0
0 0 4,993,504 4,993,504 4,993,504 0
0 0 4,993,504 4,993,504 4,993,504 0
0 0 4,993,504 4,993,504 4,993,504 0
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
40 358
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
203 - PUBLIC SAFETY FUND (MEASURE G)
0000 - Undesignated
99 - Transfers Out
21,312 0 20,376 0 0 (20,376)-100%203-0000-99900 Transfers Out
99 - Transfers Out Totals:21,312 0 20,376 0 0 (20,376)-100%
0000 - Undesignated Totals:21,312 0 20,376 0 0 (20,376)-100%
203 - PUBLIC SAFETY FUND (MEASURE G) Totals:21,312 0 20,376 0 0 (20,376)-100%
21,312 0 20,376 0 0 (20,376)
21,312 0 20,376 0 0 (20,376)
21,312 0 20,376 0 0 (20,376)
21,312 0 20,376 0 0 (20,376)
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
41 359
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
210 - FEDERAL ASSISTANCE FUND
0000 - Undesignated
60 - Contract Services
16,419 23,500 23,500 13,915 24,000 500 2%210-0000-60135 CDBG Public Service Grants
60 - Contract Services Totals:16,419 23,500 23,500 13,915 24,000 500 2%
99 - Transfers Out
355,559 175,000 175,000 0 136,000 (39,000)-22%210-0000-99900 Transfers Out
99 - Transfers Out Totals:355,559 175,000 175,000 0 136,000 (39,000)-22%
0000 - Undesignated Totals:371,978 198,500 198,500 13,915 160,000 (38,500)-19%
210 - FEDERAL ASSISTANCE FUND Totals:371,978 198,500 198,500 13,915 160,000 (38,500)-19%
16,419 23,500 23,500 13,915 24,000 500
16,419 23,500 23,500 13,915 24,000 500
355,559 175,000 175,000 0 136,000 (39,000)
355,559 175,000 175,000 0 136,000 (39,000)
371,978 198,500 198,500 13,915 160,000 (38,500)
371,978 198,500 198,500 13,915 160,000 (38,500)
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
42 360
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
212 - SLESA (COPS) FUND
0000 - Undesignated
60 - Contract Services
51,392 10,000 10,000 8,200 10,000 0 0%212-0000-60178 COPS Robbery Prevention
35,539 90,000 90,000 85,144 90,000 0 0%212-0000-60179 COPS Burglary/Theft Prevention
60 - Contract Services Totals:86,931 100,000 100,000 93,344 100,000 0 0%
0000 - Undesignated Totals:86,931 100,000 100,000 93,344 100,000 0 0%
212 - SLESA (COPS) FUND Totals:86,931 100,000 100,000 93,344 100,000 0 0%
51,392 10,000 10,000 8,200 10,000 0
35,539 90,000 90,000 85,144 90,000 0
86,931 100,000 100,000 93,344 100,000 0
86,931 100,000 100,000 93,344 100,000 0
86,931 100,000 100,000 93,344 100,000 0
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
43 361
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
220 - QUIMBY FUND
0000 - Undesignated
99 - Transfers Out
0 0 262,685 0 0 (262,685)-100%220-0000-99900 Transfers Out
99 - Transfers Out Totals:0 0 262,685 0 0 (262,685)-100%
0000 - Undesignated Totals:0 0 262,685 0 0 (262,685)-100%
220 - QUIMBY FUND Totals:0 0 262,685 0 0 (262,685)-100%
0 0 262,685 0 0 (262,685)
0 0 262,685 0 0 (262,685)
0 0 262,685 0 0 (262,685)
0 0 262,685 0 0 (262,685)
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
44 362
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
221 - AB 939 - CALRECYCLE FUND
0000 - Undesignated
60 - Contract Services
270,646 200,000 200,000 87,478 205,000 5,000 3%221-0000-60127 AB 939 Recycling Solutions
60 - Contract Services Totals:270,646 200,000 200,000 87,478 205,000 5,000 3%
0000 - Undesignated Totals:270,646 200,000 200,000 87,478 205,000 5,000 3%
221 - AB 939 - CALRECYCLE FUND Totals:270,646 200,000 200,000 87,478 205,000 5,000 3%
270,646 200,000 200,000 87,478 205,000 5,000
270,646 200,000 200,000 87,478 205,000 5,000
270,646 200,000 200,000 87,478 205,000 5,000
270,646 200,000 200,000 87,478 205,000 5,000
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
45 363
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
223 - MEASURE A FUND
0000 - Undesignated
64 - Other Expenses
7,806 0 0 0 0 0 0%223-0000-60510 Signal Knockdowns, Contingency
64 - Other Expenses Totals:7,806 0 0 0 0 0 0%
99 - Transfers Out
2,754,523 2,335,000 4,456,986 149,017 1,124,132 (3,332,854)-75%223-0000-99900 Transfers Out
99 - Transfers Out Totals:2,754,523 2,335,000 4,456,986 149,017 1,124,132 (3,332,854)
-75%
0000 - Undesignated Totals:2,762,329 2,335,000 4,456,986 149,017 1,124,132 (3,332,854)
-75%
223 - MEASURE A FUND Totals:2,762,329 2,335,000 4,456,986 149,017 1,124,132 (3,332,854)
-75%
7,806 0 0 0 0 0
7,806 0 0 0 0 0
2,754,523 2,335,000 4,456,986 149,017 1,124,132 (3,332,854)
2,754,523 2,335,000 4,456,986 149,017 1,124,132 (3,332,854)
2,762,329 2,335,000 4,456,986 149,017 1,124,132 (3,332,854)
2,762,329 2,335,000 4,456,986 149,017 1,124,132 (3,332,854)
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
46 364
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG)
0000 - Undesignated
62 - Maintenance & Operations
9,950 12,000 12,000 11,373 10,000 (2,000)-17%226-0000-60432 Tools/Equipment
62 - Maintenance & Operations Totals:9,950 12,000 12,000 11,373 10,000 (2,000)-17%
0000 - Undesignated Totals:9,950 12,000 12,000 11,373 10,000 (2,000)-17%
226 - EMERGENCY MANAGEMENT PERFORMANCE GRANT (EMPG) Totals:9,950 12,000 12,000 11,373 10,000 (2,000)-17%
9,950 12,000 12,000 11,373 10,000 (2,000)
9,950 12,000 12,000 11,373 10,000 (2,000)
9,950 12,000 12,000 11,373 10,000 (2,000)
9,950 12,000 12,000 11,373 10,000 (2,000)
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
47 365
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
227 - STATE HOMELAND SECURITY PROGRAMS (SHSP)
0000 - Undesignated
60 - Contract Services
3,936 5,000 5,000 4,204 5,000 0 0%227-0000-60320 Travel & Training
60 - Contract Services Totals:3,936 5,000 5,000 4,204 5,000 0 0%
0000 - Undesignated Totals:3,936 5,000 5,000 4,204 5,000 0 0%
227 - STATE HOMELAND SECURITY PROGRAMS (SHSP) Totals:3,936 5,000 5,000 4,204 5,000 0 0%
3,936 5,000 5,000 4,204 5,000 0
3,936 5,000 5,000 4,204 5,000 0
3,936 5,000 5,000 4,204 5,000 0
3,936 5,000 5,000 4,204 5,000 0
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
48 366
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
230 - CASp FUND, AB 1379
0000 - Undesignated
60 - Contract Services
0 2,500 2,500 0 2,500 0 0%230-0000-60320 Travel & Training
60 - Contract Services Totals:0 2,500 2,500 0 2,500 0 0%
64 - Other Expenses
1,574 2,000 2,000 1,312 2,000 0 0%230-0000-60480 Contributions to State Agency
64 - Other Expenses Totals:1,574 2,000 2,000 1,312 2,000 0 0%
68 - Capital Expenses
0 1,000 1,000 0 1,000 0 0%230-0000-90020 Service & Supply
68 - Capital Expenses Totals:0 1,000 1,000 0 1,000 0 0%
0000 - Undesignated Totals:1,574 5,500 5,500 1,312 5,500 0 0%
230 - CASp FUND, AB 1379 Totals:1,574 5,500 5,500 1,312 5,500 0 0%
0 2,500 2,500 0 2,500 0
0 2,500 2,500 0 2,500 0
1,574 2,000 2,000 1,312 2,000 0
1,574 2,000 2,000 1,312 2,000 0
0 1,000 1,000 0 1,000 0
0 1,000 1,000 0 1,000 0
1,574 5,500 5,500 1,312 5,500 0
1,574 5,500 5,500 1,312 5,500 0
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
49 367
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
235 - SO COAST AIR QUALITY FUND
0000 - Undesignated
60 - Contract Services
38,315 40,000 40,000 9,785 40,000 0 0%235-0000-60186 CVAG
60 - Contract Services Totals:38,315 40,000 40,000 9,785 40,000 0 0%
66 - Utilities
0 0 0 4,203 0 0 0%235-0000-61101 Electricity - Utilities
66 - Utilities Totals:0 0 0 4,203 0 0 0%
0000 - Undesignated Totals:38,315 40,000 40,000 13,988 40,000 0 0%
235 - SO COAST AIR QUALITY FUND Totals:38,315 40,000 40,000 13,988 40,000 0 0%
38,315 40,000 40,000 9,785 40,000 0
38,315 40,000 40,000 9,785 40,000 0
0 0 0 4,203 0 0
0 0 0 4,203 0 0
38,315 40,000 40,000 13,988 40,000 0
38,315 40,000 40,000 13,988 40,000 0
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
50 368
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
247 - ECONOMIC DEVELOPMENT FUND
0000 - Undesignated
60 - Contract Services
3,861 6,500 6,500 1,110 6,500 0 0%247-0000-60320 Travel & Training
1,850 5,000 5,000 1,650 5,000 0 0%247-0000-60351 Membership Dues
60 - Contract Services Totals:5,711 11,500 11,500 2,760 11,500 0 0%
64 - Other Expenses
16,632 20,000 20,000 2,411 20,000 0 0%247-0000-60461 Marketing & Tourism Promotions
64 - Other Expenses Totals:16,632 20,000 20,000 2,411 20,000 0 0%
0000 - Undesignated Totals:22,343 31,500 31,500 5,171 31,500 0 0%
247 - ECONOMIC DEVELOPMENT FUND Totals:22,343 31,500 31,500 5,171 31,500 0 0%
3,861 6,500 6,500 1,110 6,500 0
1,850 5,000 5,000 1,650 5,000 0
5,711 11,500 11,500 2,760 11,500 0
16,632 20,000 20,000 2,411 20,000 0
16,632 20,000 20,000 2,411 20,000 0
22,343 31,500 31,500 5,171 31,500 0
22,343 31,500 31,500 5,171 31,500 0
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
51 369
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
250 - TRANSPORTATION DIF FUND
0000 - Undesignated
68 - Capital Expenses
400,000 400,000 400,000 400,000 400,000 0 0%250-0000-80105 Developer Reimbursements
68 - Capital Expenses Totals:400,000 400,000 400,000 400,000 400,000 0 0%
99 - Transfers Out
12,267 1,179,109 2,437,567 454 579,109 (1,858,458)-76%250-0000-99900 Transfers Out
99 - Transfers Out Totals:12,267 1,179,109 2,437,567 454 579,109 (1,858,458)
-76%
0000 - Undesignated Totals:412,267 1,579,109 2,837,567 400,454 979,109 (1,858,458)
-65%
250 - TRANSPORTATION DIF FUND Totals:412,267 1,579,109 2,837,567 400,454 979,109 (1,858,458)
-65%
400,000 400,000 400,000 400,000 400,000 0
400,000 400,000 400,000 400,000 400,000 0
12,267 1,179,109 2,437,567 454 579,109 (1,858,458)
12,267 1,179,109 2,437,567 454 579,109 (1,858,458)
412,267 1,579,109 2,837,567 400,454 979,109 (1,858,458)
412,267 1,579,109 2,837,567 400,454 979,109 (1,858,458)
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
52 370
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
251 - PARKS & REC DIF FUND
0000 - Undesignated
99 - Transfers Out
277,670 0 843,615 62,573 0 (843,615)-100%251-0000-99900 Transfers Out
99 - Transfers Out Totals:277,670 0 843,615 62,573 0 (843,615)-100%
0000 - Undesignated Totals:277,670 0 843,615 62,573 0 (843,615)-100%
251 - PARKS & REC DIF FUND Totals:277,670 0 843,615 62,573 0 (843,615)-100%
277,670 0 843,615 62,573 0 (843,615)
277,670 0 843,615 62,573 0 (843,615)
277,670 0 843,615 62,573 0 (843,615)
277,670 0 843,615 62,573 0 (843,615)
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
53 371
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
252 - CIVIC CENTER DIF FUND
0000 - Undesignated
99 - Transfers Out
0 0 249,925 0 0 (249,925)-100%252-0000-99900 Transfers Out
99 - Transfers Out Totals:0 0 249,925 0 0 (249,925)-100%
0000 - Undesignated Totals:0 0 249,925 0 0 (249,925)-100%
252 - CIVIC CENTER DIF FUND Totals:0 0 249,925 0 0 (249,925)-100%
0 0 249,925 0 0 (249,925)
0 0 249,925 0 0 (249,925)
0 0 249,925 0 0 (249,925)
0 0 249,925 0 0 (249,925)
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
54 372
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
253 - LIBRARY DEVELOPMENT DIF
0000 - Undesignated
68 - Capital Expenses
32,495 15,000 15,000 5,617 15,000 0 0%253-0000-83500 Advance Interest Expense
68 - Capital Expenses Totals:32,495 15,000 15,000 5,617 15,000 0 0%
0000 - Undesignated Totals:32,495 15,000 15,000 5,617 15,000 0 0%
253 - LIBRARY DEVELOPMENT DIF Totals:32,495 15,000 15,000 5,617 15,000 0 0%
32,495 15,000 15,000 5,617 15,000 0
32,495 15,000 15,000 5,617 15,000 0
32,495 15,000 15,000 5,617 15,000 0
32,495 15,000 15,000 5,617 15,000 0
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
55 373
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
254 - COMMUNITY & CULTURAL CENTERS DIF
0000 - Undesignated
99 - Transfers Out
0 500,000 625,000 0 482,561 (142,439)-23%254-0000-99900 Transfers Out
99 - Transfers Out Totals:0 500,000 625,000 0 482,561 (142,439)-23%
0000 - Undesignated Totals:0 500,000 625,000 0 482,561 (142,439)-23%
254 - COMMUNITY & CULTURAL CENTERS DIF Totals:0 500,000 625,000 0 482,561 (142,439)-23%
0 500,000 625,000 0 482,561 (142,439)
0 500,000 625,000 0 482,561 (142,439)
0 500,000 625,000 0 482,561 (142,439)
0 500,000 625,000 0 482,561 (142,439)
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
56 374
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
259 - MAINTENANCE FACILITIES DIF FUND
0000 - Undesignated
99 - Transfers Out
0 100,000 280,000 0 362,526 82,526 29%259-0000-99900 Transfers Out
99 - Transfers Out Totals:0 100,000 280,000 0 362,526 82,526 29%
0000 - Undesignated Totals:0 100,000 280,000 0 362,526 82,526 29%
259 - MAINTENANCE FACILITIES DIF FUND Totals:0 100,000 280,000 0 362,526 82,526 29%
0 100,000 280,000 0 362,526 82,526
0 100,000 280,000 0 362,526 82,526
0 100,000 280,000 0 362,526 82,526
0 100,000 280,000 0 362,526 82,526
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
57 375
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
270 - ART IN PUBLIC PLACES FUND
0000 - Undesignated
64 - Other Expenses
4,947 8,000 8,000 966 8,000 0 0%270-0000-60482 Operating Supplies
64 - Other Expenses Totals:4,947 8,000 8,000 966 8,000 0 0%
65 - Repair & Maintenance
57,798 75,000 75,000 72,757 75,000 0 0%270-0000-60683 APP Maintenance & Display
65 - Repair & Maintenance Totals:57,798 75,000 75,000 72,757 75,000 0 0%
68 - Capital Expenses
57,549 150,000 150,000 43,900 150,000 0 0%270-0000-74800 Art Purchases
68 - Capital Expenses Totals:57,549 150,000 150,000 43,900 150,000 0 0%
99 - Transfers Out
912 0 508,799 2,050 0 (508,799)-100%270-0000-99900 Transfers Out
99 - Transfers Out Totals:912 0 508,799 2,050 0 (508,799)-100%
0000 - Undesignated Totals:121,206 233,000 741,799 119,673 233,000 (508,799)-69%
270 - ART IN PUBLIC PLACES FUND Totals:121,206 233,000 741,799 119,673 233,000 (508,799)-69%
4,947 8,000 8,000 966 8,000 0
4,947 8,000 8,000 966 8,000 0
57,798 75,000 75,000 72,757 75,000 0
57,798 75,000 75,000 72,757 75,000 0
57,549 150,000 150,000 43,900 150,000 0
57,549 150,000 150,000 43,900 150,000 0
912 0 508,799 2,050 0 (508,799)
912 0 508,799 2,050 0 (508,799)
121,206 233,000 741,799 119,673 233,000 (508,799)
121,206 233,000 741,799 119,673 233,000 (508,799)
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
58 376
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
760 - SUPPLEMENTAL PENSION PLAN
0000 - Undesignated
50 - Salaries and Benefits
12,833 12,850 12,850 12,833 12,850 0 0%760-0000-50199 Annual PARS Contribution
50 - Salaries and Benefits Totals:12,833 12,850 12,850 12,833 12,850 0 0%
0000 - Undesignated Totals:12,833 12,850 12,850 12,833 12,850 0 0%
760 - SUPPLEMENTAL PENSION PLAN Totals:12,833 12,850 12,850 12,833 12,850 0 0%
12,833 12,850 12,850 12,833 12,850 0
12,833 12,850 12,850 12,833 12,850 0
12,833 12,850 12,850 12,833 12,850 0
12,833 12,850 12,850 12,833 12,850 0
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
59 377
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
761 - CERBT OPEB TRUST
0000 - Undesignated
60 - Contract Services
1,612 1,500 1,500 1,184 1,500 0 0%761-0000-60102 Administration
60 - Contract Services Totals:1,612 1,500 1,500 1,184 1,500 0 0%
0000 - Undesignated Totals:1,612 1,500 1,500 1,184 1,500 0 0%
761 - CERBT OPEB TRUST Totals:1,612 1,500 1,500 1,184 1,500 0 0%
1,612 1,500 1,500 1,184 1,500 0
1,612 1,500 1,500 1,184 1,500 0
1,612 1,500 1,500 1,184 1,500 0
1,612 1,500 1,500 1,184 1,500 0
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
60 378
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
762 - PARS PENSION TRUST
0000 - Undesignated
60 - Contract Services
31,433 30,000 30,000 25,463 30,000 0 0%762-0000-60102 Administration
60 - Contract Services Totals:31,433 30,000 30,000 25,463 30,000 0 0%
0000 - Undesignated Totals:31,433 30,000 30,000 25,463 30,000 0 0%
762 - PARS PENSION TRUST Totals:31,433 30,000 30,000 25,463 30,000 0 0%
31,433 30,000 30,000 25,463 30,000 0
31,433 30,000 30,000 25,463 30,000 0
31,433 30,000 30,000 25,463 30,000 0
31,433 30,000 30,000 25,463 30,000 0
CITY OF LA QUINTA SPECIAL FUND EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
61 379
EXPENSE NOTES BY FUND NUMBER –
201 Gas Tax Fund Transfers Out for CIP – Cove Area Slurry Seal Improvements of
$1,006,705.
203 Public Safety Fund There are no transfers out for CIP proposed for FY 2025/26.
210 Federal Assistance Fund Transfers Out for CIP – City Hall miscellaneous interior ADA
improvements. This is a continuation of implementing ADA improvements at City parks,
buildings, intersection curb ramps and sidewalks based upon the City's ADA Transition Plan
Report. Expenses include the Boys and Girls Club Fee Waiver Reduction Program (CDBG) in
the amount of $24,000.
212 Federal Assistance Fund There are no changes for expenditures from FY 2024/25,
expenses include COPS robbery and burglary/theft prevention.
220 Quimby Fund does not have Capital Improvement project funding allocated in FY 2025/26.
221 AB 939 CalRecycle Fund is used for recycling solutions at schools & City parks.
223 Measure A Fund Transfers Out for CIP – Citywide traffic signal maintenance
improvements of $235,000; Citywide Striping Refresh of $500,000; Miles Avenue Pavement
Rehabilitation of $289,132; and the 5-Year PMP Update of $100,000.
225 Infrastructure Fund is a Development Impact Fee Fund used for capital improvements. No
additional projects are anticipated in FY 2025/26.
226 Emergency Management Performance Grant (EMPG) Fund expenses are for
emergency operations center (EOC).
227 State Homeland Security Programs (SHSP) Fund expenses are for Community
Emergency Response Team (CERT) training.
230 CASp, AB 1379 Fund expenses are for training for Americans with Disability guidelines
and a pass-through payment of 10% to the State Architect Office based a $4 per business
license tax.
235 South Coast Air Quality Fund expenses are for an agreement between CVAG and
member jurisdictions which contribute 75% of AB2766 South Coast Air Quality Management
District (AQMD) revenues.
247 Economic Development Fund There are no transfers out for CIP proposed for FY
2025/26. Expenses are for general economic development activities.
250 Transportation DIF Fund Transfers Out are for CIP – Avenue 50 Widening Improvements
from Jefferson Street to Madison Street of $579,109 and the existing developer impact fee
reimbursement agreement of $400,000.
251 Parks & Rec DIF Fund is a Development Impact Fee Fund used for capital improvements.
No additional projects are anticipated in FY 2025/26.
CITY OF LA QUINTA SPECIAL FUND EXPENSE NOTES FY 2025/26 PROPOSED BUDGET
62 380
252 Civic Center DIF Fund is a Development Impact Fee Fund used for capital improvements.
No additional projects are anticipated in FY 2025/26.
253 Library Development DIF Fund Advance Interest Expense is for outstanding Successor
Agency loan repayment.
254 Community & Cultural Centers DIF Fund Transfers Out are for CIP – Cultural Campus of
$482,561.
255, 256, and 257, and 259 Development Impact Fee Funds are used for capital
improvements. For Fund 259, Transfers Out are for CIP – Maintenance and Operations Yard of
$362,526.
270 Art in Public Places Fund (APP) covers the maintenance contract, updated inventory of
all art in public places, internal city inspections and engineering services for new art
installations.
405 SA PA 1 Capital Improvement Fund Bond proceeds designated for SilverRock Way
improvements.
760 Supplemental Pension Plan Fund Annual PARS Trust Contribution is for one plan
member as established in 2012.
761 CERBT Other Post Employment Benefit (OPEB) Trust Fund– The City participates in the
California Employers’ Retiree Benefit Trust (CERBT) for the purpose of accumulating funding for
OPEB obligations. The CERBT is a Section 115 Trust and is an agent multiple employer plan for
those electing to prefund OPEB obligations. Expenses in this fund can come from losses on the
portfolio and fees paid to administer the portfolio.
762 PARS Pension Trust Fund – In 2019, the City established a Section 115 Trust Agreement
with U.S. Bank National Association and Public Agency Retirement Services (PARS), Trust
Administrator. The Section 115 Trust was established as a means to set aside monies to fund the
City’s pension and OPEB obligations. Contributions to the Section 115 Trust are irrevocable, the
assets are dedicated to providing benefits to plan members, and the assets are protected from
creditors of the City. The purpose of the Trust is to address the City’s pension obligations by
accumulating assets to reduce the net pension liability. Expenses in this fund can come from
losses on the portfolio and fees paid to administer the portfolio.
CITY OF LA QUINTA SPECIAL FUND EXPENSE NOTES FY 2025/26 PROPOSED BUDGET
63 381
2023/24
Actuals
2024/25
Original Budget
2024/25
Current Budget
2024/25
YTD Activity*
2025/26
Proposed Budget
25/26 vs.
Current 24/25
% Change
in Budget
401 - CAPITAL IMPROVEMENT PROGRAMS
0000 - Undesignated
60 - Contract Services
407,982 1,296,407 4,501,974 448,703 1,443,482 (3,058,492)-68%401-0000-60103 Professional Services
168,278 1,426,957 7,694,254 97,346 1,623,917 (6,070,337)-79%401-0000-60108 Technical
1,043,013 2,147,658 5,312,035 1,382,733 1,744,207 (3,567,828)-67%401-0000-60185 Design
22,421,088 20,233,076 52,888,576 13,382,953 17,075,623 (35,812,953)-68%401-0000-60188 Construction
60 - Contract Services Totals:24,040,361 25,104,098 70,396,839 15,311,735 21,887,229 (48,509,610)
-69%
62 - Maintenance & Operations
0 2,114,011 8,279,252 0 2,405,804 (5,873,448)-71%401-0000-60510 Contingency
62 - Maintenance & Operations Totals:0 2,114,011 8,279,252 0 2,405,804 (5,873,448)
-71%
64 - Other Expenses
589,842 0 134,164 5,921 0 (134,164)-100%401-0000-60480 Contributions to Other Agencies
64 - Other Expenses Totals:589,842 0 134,164 5,921 0 (134,164)-100%
68 - Capital Expenses
0 0 1,916,311 0 0 (1,916,311)-100%401-0000-74010 Land Acquisition
68 - Capital Expenses Totals:0 0 1,916,311 0 0 (1,916,311)
-100%
99 - Transfers Out
(700)0 0 0 0 0 0%401-0000-99900 Transfers Out
99 - Transfers Out Totals:(700)0 0 0 0 0 0%
0000 - Undesignated Totals:24,629,504 27,218,109 80,726,566 15,317,656 24,293,033 (56,433,533)
-70%
401 - CAPITAL IMPROVEMENT PROGRAMS Totals:24,629,504 27,218,109 80,726,566 15,317,656 24,293,033 (56,433,533)
-70%
407,982 1,296,407 4,501,974 448,703 1,443,482 (3,058,492)
168,278 1,426,957 7,694,254 97,346 1,623,917 (6,070,337)
1,043,013 2,147,658 5,312,035 1,382,733 1,744,207 (3,567,828)
22,421,088 20,233,076 52,888,576 13,382,953 17,075,623 (35,812,953)
24,040,361 25,104,098 70,396,839 15,311,735 21,887,229 (48,509,610)
0 2,114,011 8,279,252 0 2,405,804 (5,873,448)
0 2,114,011 8,279,252 0 2,405,804 (5,873,448)
589,842 0 134,164 5,921 0 (134,164)
589,842 0 134,164 5,921 0 (134,164)
0 0 1,916,311 0 0 (1,916,311)
0 0 1,916,311 0 0 (1,916,311)
(700)0 0 0 0 0
(700)0 0 0 0 0
24,629,504 27,218,109 80,726,566 15,317,656 24,293,033 (56,433,533)
24,629,504 27,218,109 80,726,566 15,317,656 24,293,033 (56,433,533)
CITY OF LA QUINTA CAPITAL IMPROVEMENT PROGRAM EXPENSE DETAIL FY 2025/26 PROPOSED BUDGET
64 382
Fund: 401 - CAPITAL IMPROVEMENT PROGRAMS
Transfers In 24,293,033401-0000-49500
Amount
CDBG Funds- Citywide Misc. ADA Improvements -136,000
DIF Community/Cultural Center-- Cultural Campus -482,561
DIF Maintenance & Facilities- M&O Yard -362,526
DIF Transportation- Avenue 50 Widening -579,109
Equip Replacement Fund- CPM Plan Improvements -50,000
General Fund - Washington Street Pavement Rehab -100,000
General Fund- ADA Accessible Ramps -20,000
General Fund- Bear Creek Trailhead Restroom -250,000
General Fund- Citywide Drainage Enhancements -477,000
General Fund- Citywide Striping Refresh -500,000
General Fund- Cultural Campus -1,550,000
General Fund- Miles Avenue Pavement Rehab -1,600,000
General Fund- PMP Street Improvements -1,000,000
General Fund- Sidewalk Improvements -55,000
Measure A- 5-Year PMP Update -100,000
Measure A- Citywide Striping Refresh -500,000
Measure A- Citywide Traffic Signal Improvements -235,000
Measure A- Miles Avenue Pavement Rehabilitation -289,132
Measure G- Cultural Campus -1,200,000
Measure G- Highway 111 Corridor Plan Improvemen -1,000,000
Measure G- Maintenance & Operations Yard -9,800,000
Measure G- Miles Avenue Pavement Rehabilitation -1,000,000
Measure G- PMP Street Improvements -2,000,000
SB 1- Cove Area Slurry Seal Improvements Phase 2 -1,006,705
CITY OF LA QUINTA CAPITAL IMPROVEMENT PROGRAM EXPENSE NOTES FY 2025/26 PROPOSED BUDGET
65 383
DESCRIPTION OF FUNDS
FUND TYPE - GENERAL FUND
101 - GENERAL FUND - The primary fund of the City used to account for all revenue and
expenditures of the City not legally restricted as to use. A broad range of municipal activities are
provided through this fund including City Manager, City Attorney, Finance, City Clerk, Community
Development, Public Safety (Police and Fire), Public Works, and Community Services.
FUND TYPE - SPECIAL REVENUE FUNDS
105 – DISASTER RECOVERY FUND – This fund was created to recognize one-time federal
funding passed by Congress in 2021, an act designed to deliver relief to American workers and aid
in economic recovery in the wake of COVID-19 by providing Coronavirus state and local fiscal
recovery funds for state and local governments.
201 - GASOLINE TAX FUND - To account for gasoline sales tax allocations received from the
State of California. These revenues are restricted by the State to expenditures for street related
purposes only.
202 - LIBRARY AND MUSEUM FUND – This fund accounts for the revenues from property taxes
generated 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 - This fund is used to account for revenues from the
Community Development Block Grant (CDBG) received from the federal government and the
expenditures of those resources.
212 – CITIZENS FOR PUBLIC SAFETY (COPS) FUND - This fund is used to account for State of
California funds received for law enforcement activities of the Riverside County Sheriff’s
Department, also known as Supplemental Law Enforcement Services Fund (SLESF).
215 – LIGHTING AND LANDSCAPE FUND – This fund accounts for special assessments levied
on real property and the expenditure therefore from city-wide lighting and landscape maintenance
and improvements.
220 - QUIMBY FUND - This fund is used to account for the accumulation of developer fees
received under the provisions of the Quimby Act for park development and improvements. Capital
projects to be funded from this source will be budgeted and expended in a separate Capital
Projects Fund.
221 - AB 939 CAL-RECYCLE FUND - This fund is used to account for franchise fees collected
from the city waste hauler that are used to reduce waste sent to landfills through recycling efforts.
CITY OF LA QUINTA FY 2025/26 PROPOSED BUDGET
66 384
DESCRIPTION OF FUNDS - CONTINUED
223 - MEASURE A FUND – In 1988, Riverside County voters approved a half cent sales tax,
known as Measure A, to fund a variety of highway improvements, local street and road
maintenance, commuter assistance and specialized highway transit projects. This fund is used to
collect this tax and pursuant to the provision of Measure A, it is restricted for local street and road
expenditures.
226 – EMERGENCY MANAGEMENT PERFORMANCE FUND – Revenue received from the
California Office of Emergency Services (CalOES) and restricted for emergency operations center
(EOC) materials and training.
227 – STATE HOMELAND SECURITY PROGRAM (SHSP) FUND – Revenue received from the
State Homeland Security Grant Program to local governments to assist to further the State of
California’s efforts to prepare for natural and man-made disasters and terrorism related impacts to
communities.
230 – CASp FUND, AB 1379 – This fund was established as required under Assembly Bill 1379
and Senate Bill 1186 for the collection of the annual $4.00 business license accessibility fee.
Funds shall be utilized for expenses related to enhancing accessibility requirements.
235 - SOUTH COAST AIR QUALITY FUND - This fund is used to account for contributions from
the South Coast Air Quality Management District. Uses are limited to the reduction and control of
airborne pollutants.
244 – HOUSING GRANTS - This fund is used to account for housing related grants as required by
outside agencies for reporting purposes.
247 – ECONOMIC DEVELOPMENT FUND – This fund accounts for revenues and expenditures
related to proceeds from sale of City owned land and future economic development.
270 - ART IN PUBLIC PLACES - This fund accounts for development fees paid in lieu of
acquisition and installation of approved artworks in a development with expenditures restricted to
acquisition, installation, maintenance, and repair of artworks at approved sites.
275 – PUBLIC SAFETY OFFICERS FUND - This fund may be used for payments to survivors of
deceased police or fire personnel serving the City of La Quinta.
241 and 243 HOUSING AUTHORITY - These funds are used to account for the housing activities
of the Housing Authority which are to promote and provide quality affordable housing.
249 SUCESSOR AGENCY BOND FUNDS - This fund is restricted per individual bond covenants.
405 – SUCCESSOR AGENCY PROJECT AREA 1 CAPITAL IMPROVEMENT FUNDS – This
fund is restricted per individual bond covenants.
760 - SUPPLEMENTAL PENSION PLAN FUND – This fund is a defined contribution pension plan
established by the City to provide retirement excess benefits to general employees of the City.
CITY OF LA QUINTA FY 2025/26 PROPOSED BUDGET
67 385
DESCRIPTION OF FUNDS - CONTINUED
761 – OTHER POST EMPLOYMENT BENEFIT (OPEB) TRUST – The City participates in the
California Employers’ Retiree Benefit Trust (CERBT) for the purpose of accumulating funding for
OPEB obligations. The CERBT is a Section 115 Trust and is an agent multiple employer plan for
those electing to prefund OPEB obligations.
762 – PENSION TRUST FUND – In 2019, the City established a Section 115 Trust Agreement
with U.S. Bank National Association and Public Agency Retirement Services (PARS), Trust
Administrator. The Section 115 Trust was established as a means to set aside monies to fund the
City’s pension and OPEB obligations. Contributions to the Section 115 Trust are irrevocable, the
assets are dedicated to providing benefits to plan members, and the assets are protected from
creditors of the City. The purpose of the Trust is to address the City’s pension obligations by
accumulating assets to reduce the net pension liability.
FUND TYPE – DEBT SERVICE FUND
310 - FINANCING AUTHORITY, DEBT SERVICE - This fund is used to account for the debt
service that will be used for the principal and interest payments of the Financing Authority’s
outstanding debt and any related reporting requirements.
FUND TYPE - CAPITAL PROJECTS FUNDS
225 - INFRASTRUCTURE FEE FUND - This fund is used to account for the accumulation of
resources, provided through developer fees for the acquisition, construction or improvement of the
City’s infrastructure as defined by Resolution. Capital projects to be funded from this source will
be budgeted and expended in a separate Capital Projects Fund.
250 – TRANSPORTATION DIF, 251 - PARK & RECREATION DIF, 252 - CIVIC CENTER DIF,
253 - LIBRARY COMMUNITY CENTER, 254 – COMMUNITY CENTER DIF, 255 - STREET
FACILITIY DIF, 256 - PARK FACILITY DIF, 257 - FIRE DIF FUNDS, AND 259 – MAINTENANCE
FACILITIES DIF FUND- These funds are used to account for developer impact fees collected for
specific public improvements and may not be utilized for ongoing operational expenses.
401 - CAPITAL PROJECTS FUND – This fund is used to account for the planning, design, and
construction of various capital projects throughout the City of La Quinta.
FUND TYPE - INTERNAL SERVICE FUNDS
501 - FACILITY AND FLEET REPLACEMENT FUND - This fund is used to account for the
ultimate replacement of city owned and operated vehicles, heavy equipment, and facilities.
502 - INFORMATION TECHNOLOGY FUND - This fund is used to account for the ultimate
replacement of city owned and operated computer hardware, software and computer maintenance
and operations.
CITY OF LA QUINTA FY 2025/26 PROPOSED BUDGET
68 386
DESCRIPTION OF FUNDS - CONTINUED
503 - PARK EQUIPMENT & FACILITIES FUND - This fund is used to account for the replacement
of city owned and operated park equipment and facilities.
504 – INSURANCE FUND – This fund is used to account for the city’s insurance coverage.
FUND TYPE – ENTERPRISE FUNDS
601 - SILVERROCK GOLF COURSE FUND - This account is used to account for the activities of
the SilverRock Golf course.
602 - SILVERROCK GOLF COURSE RESERVE FUND - This fund is used to account for golf
course reserves for future capital improvements of the SilverRock Golf course.
CITY OF LA QUINTA FY 2025/26 PROPOSED BUDGET
69 387
388
City of La Quinta
FINANCIAL ADVISORY COMMISSION MEETING
DEPARTMENT REPORT
TO: Members of the Financial Advisory Commission
FROM: Claudia Martinez, Finance Director
DATE: June 4, 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
Interim Audit for fiscal year 2024/25 is scheduled to take place from June 16
through June 27, 2025
COMMITTEE UPDATES
Financial Projections Task Force (Commissioners Anderson, Batavick, and
Dorsey)
o Conducted meeting on October 28, 2024
o Additional meetings to be held after budget adoption
FY 2025/26 General Fund Operating Budget Committee (Commissioners Lee,
Mast, and Way)
o Conducted meeting on May 28, 2025
Financial Statement and Audit training - Staff is currently researching options with
the new auditing firm
CITY COMMISSIONER SEATS
The City is looking for interested citizens to fill vacancies on the following City
Commissions:
DEPARTMENTAL REPORT ITEM NO. 1
389
For an application and more information please contact the City Clerk’s office at
760-777-7092 or visit: https://www.laquintaca.gov/commissions.
CITY UPDATES
Hwy 111 Corridor Specific Plan - prior City Council and Planning Commission joint
meeting held on:
o September 26, 2023
o To date, expenditures related to the project are detailed in the Project
Activity Report (Attachment 1), in the amount of $1,148,832.08. 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
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.
o Council business session held on:
March 18, 2025 – Approval of the proposed Coachella Valley Power
Agency (CVPA) Joint Powers Agreement (JPA) to establish an
independent public agency for Riverside County and the Coachella
Valley to give stakeholders the authority they have sought to address
electrical infrastructure needs and services.
Staff encourages the FAC members to view the meetings as time permits.
390
Tropical Storm Hilary – Federal Disaster Assistance
o The City is currently working with 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
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
391
Page 1 of 65/30/2025 2:56:27 PM
Project Activity Report
City of La Quinta By Project Number
Report Dates: 07/01/2019 - 05/30/2025
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
-1,024,817.33201905MGMeasure 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:
73,042.37CORR MG 201905/202225 HIGHWAY 111 CORRIDOR ATransfers In 09/30/2024401-0000-49500
73,042.37FY 24/25 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
ATTACHMENT 1
392
Report Dates: 07/01/2019 - 05/30/2025Project Activity Report
Page 2 of 65/30/2025 2:56:27 PM
ActivityDescriptionPost DateGL Account Number GL Account Name Vendor Name Item Number
-57,573.80SB1 201905 HIGHWAY 111 CORRIDOR AREATransfers In 06/30/2024401-0000-49500
-77,552.50SB1 201905/202223 HIGHWAY 111 CORRIDOR AREATransfers In 06/30/2024401-0000-49500
0.00FY 23/24 Total:
Total Revenues: -1,024,817.33
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.
393
Report Dates: 07/01/2019 - 05/30/2025Project Activity Report
Page 3 of 65/30/2025 2:56:27 PM
ActivityDescriptionPost DateGL Account Number GL Account Name Vendor Name Item Number
877.5005/01-06/30/24 - ONCALL PLANNING SERVICESDesign06/30/2024401-0000-60185 TN1198158TERRA NOVA PLANNING & RESE
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:
88,041.25201905PProfessional 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
394
Report Dates: 07/01/2019 - 05/30/2025Project Activity Report
Page 4 of 65/30/2025 2:56:27 PM
ActivityDescriptionPost DateGL Account Number GL Account Name Vendor Name Item Number
1,277.5002/2022 HIGHWAY 111 CORRIDORProfessional Services 03/18/2022401-0000-60103 2019-08.32NAI CONSULTING INC
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
725.0003/2023 HIGHWAY 111 CORRIDORProfessional Services 05/05/2023401-0000-60103 2019-08.44NAI CONSULTING INC
2,137.5003/2023 HIGHWAY 111 CORRIDORProfessional Services 05/05/2023401-0000-60103 2019-08.45NAI 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
1,260.0001/2025 HIGHWAY 111 CORRIDORProfessional Services 02/28/2025401-0000-60103 2024-03.07NAI CONSULTING INC
1,507.5002/2025 HIGHWAY 111 CORRIDORProfessional Services 03/21/2025401-0000-60103 2024-03.08NAI CONSULTING INC
1,602.5003/2025 - HIGHWAY 111 CORRIDORProfessional Services 05/02/2025401-0000-60103 2024-03.09NAI CONSULTING INC
780.0004/2025 HIGHWAY 111 CORRIDORProfessional Services 05/16/2025401-0000-60103 2024-03.10NAI CONSULTING INC
8,487.50FY 24/25 Total:
395
Report Dates: 07/01/2019 - 05/30/2025Project Activity Report
Page 5 of 65/30/2025 2:56:27 PM
Total Expenses: 1,148,832.08
124,014.75201905 Total:
396
Report Dates: 07/01/2019 - 05/30/2025Project Activity Report
Page 6 of 65/30/2025 2:56:27 PM
Summary
Project NameProject Number
Project Summary
Total Revenue Total Expense
Revenue Over/
(Under) Expenses
Highway 111 Corridor Area Plan Implementation2019051,024,817.33 1,148,832.08 -124,014.75
Project Totals:1,024,817.33 1,148,832.08 -124,014.75
Group Summary
Group Total Revenue Total Expense
Revenue Over/
(Under) Expenses
Fund 401 Construction in Process 1,024,817.33 1,148,832.08 -124,014.75
Group Totals:1,024,817.33 1,148,832.08 -124,014.75
Type Summary
Type Total Revenue Total Expense
Revenue Over/
(Under) Expenses
St Improvements 1,024,817.33 1,148,832.08 -124,014.75
Type Totals:1,024,817.33 1,148,832.08 -124,014.75
397
POWER POINTS
JUNE 4, 2025
FINANCIAL
ADVISORY
COMMISSION
SPECIAL MEETING
June 4, 2025
1
Financial Advisory Commission
Special Meeting
June 4, 2025
1
2
June 4, 2025
2
Financial Advisory Commission Special Meeting
6/4/2025
Business Item No. 1
Recommend Council Approval of Fiscal Year 2025/26
Investment Policy
Proposed Edits
Section V Maximum Maturities: Added language from the state government
code regarding forward settlement dates.
§53601 “A security purchased in accordance with this section shall not have a forward settlement
date exceeding 45 days from the time of investment.”
Section VII: Minor edit to decouple the annual approval of the investment policy
from the annual granting of investment authority to the Treasurer.
When the Policy goes to City Council for adoption, the title of the staff report, shall indicate approval of the
Policy and designation of authority to the City Treasurer.
Section IX: Clarifications to the type of documentation the City might use to
verify the credentials of broker/dealers as compared to advisors or financial
institutions.
Financial statements, FINRA reporting, SOC-1 reporting, etc.
3
4
June 4, 2025
3
Proposed Edits, Continued
• Section X Permissible Deposits and Investments: Clarified
that while the policy generally allows for investments as
permitted by the state code, our policy may at times be more
restrictive than the code. Placed bank (non-negotiable) CDs
under the ‘Checking, Savings, Sweep Accounts’ category, as
negotiable CDs are a tradeable product on the secondary
market
• Section XVI Review of Investment Portfolio: Additional
language regarding how often staff monitors the portfolio,
along with available market information, for potential issues
with securities falling out of compliance with the policy
CMTA Certification
5
6
June 4, 2025
4
Financial Advisory Commission Special Meeting
6/4/2025
Business Item No. 2
Receive and File the Annual Comprehensive Financial
Report for Year Ended June 30, 2024
Conducted virtually by LSL, LLP from August 2024– February 2025
Reviewed nearly 1,000 documents & conducted interviews
Issued a clean audit opinion – most favorable conclusion
ACFR meets the GFOA’s Certificate of Achievement Program’s
requirements and has been submitted for another certification
Auditor comments regarding the audit shall be provided tonight
Audit Summary
7
8
June 4, 2025
5
2024 Financial Audit
Presented to:
City of La Quinta Financial Advisory Commission
June 4, 2025
Auditor Information
Ryan Domino, CPA
Partner, Assurance & Advisory
LSL, LLP
Ryan.Domino@lslcpas.com
Experience:•13 years auditing cities and special districts in the Southern California
and West Texas regions•Currently work with 3 cities in the Coachella Valley•Member of AICPA, CalCPA, GFOA, CSMFO, and TXCPA
9
10
June 4, 2025
6
Scope of Engagement
•LSL has been engaged by the City to perform the following
procedures:
•Financial statement audit for the year ended June 30, 2024, in accordance
with generally accepted auditing standards and Government Auditing
Standards
•Single audit over the federal award programs for the year ended June 30,
2024, in accordance with the federal Uniform Guidance.
•This is the 1st year of LSL’s contract with the City.
•Interim Fieldwork
•Aug. 12 – Aug. 23, 2024
•Examined internal controls
•Provided feedback to
management
•Performed our audit risk
assessment
•Planned year-end audit
procedures to respond to risk
•Year-End Fieldwork
•Nov. 25 – Feb. 21, 2025
•Detailed testing of account
balances and transactions
•Compliance testing with laws,
regulations, grant agreements,
contracts
•Single Audit testing
•Other procedures necessary to
obtain sufficient, appropriate
audit evidence
Scope of Engagement
11
12
June 4, 2025
7
Results of Audit
•We issued an unmodified auditor’s opinion on the financial
statements.
•Financial statements are accurate and reliable as of June 30, 2024.
•We issued the Report on Internal Control and Compliance
•One significant deficiency in internal control noted.
•No material weaknesses in internal control noted.
•One material noncompliance with laws, regulations, grants, etc. noted
(related to the significant deficiency, not a separate finding).
Finding Summary
•Criteria: Because the City expended more than $750,000 in federal awards, the City was
required to complete the financial audit and the Single Audit by March 31st.
•Condition: The City’s audits were finalized, and reports were issued on May 15, 2025.
•Cause: The prior year’s audit had a delayed completion, which prevented the City from
scheduling the 2024 audit early enough to meet the March 31 deadline.
•Corrective Action: Management is taking corrective actions to remediate the issue and
implement process improvements to enhance timeliness of financial reporting.
Management has scheduled the 2025 audits for September 2025, which should provide
more than ample time to meet the deadline for this year. We do not expect this finding to
be repeated in 2025.
13
14
June 4, 2025
8
Other Results of Audit
•We issued an unmodified auditor’s opinion on the City’s compliance
with the requirements of major federal award programs.
•We identified no going concern doubts as of June 30, 2024.
•We identified no fraud, waste, or abuse during the fiscal year ended
June 30, 2024.
Other Results of Audit
•We had no disagreements with management about application of
accounting principles.
•We had no difficulties conducting our audits.
•We determined that all estimates used by management in preparing
the financial statements were reasonable.
15
16
June 4, 2025
9
Questions
www.lslcpas.com
contact.us@lslcpas.com
CALIFORNIA: Irvine | Sacramento
TEXAS: The Woodlands
17
18
June 4, 2025
10
ACFR Content
Major
Events
• Transmittal letter
• Management Discussion and Analysis (MD&A)
Financial
Statements
• Balance sheets, statement of net position & cash flows
• Budgetary comparison schedules
Summaries
& Charts
• 18 Notes
• Statistical section, 10-year comparison
Statement of Net Position
AmountCategory
592,061,273Capital Assets
70,215,219Restricted
242,727,583Unrestricted
$905,004,075TOTAL
Indicators of a City’s fiscal health include:
Balanced General Fund budget
Strong General Fund reserve fund
Making required pension contributions on time
Public service levels meet or exceed standards of the community
19
20
June 4, 2025
11
Governmental Fund Balances
Total FundsAll Other FundsGeneral FundCategory
$ 22,698,506$ 500$ 22,698,006Non-Spendable
69,881,06364,214,4885,666,575Restricted
45,900,000-45,900,000Committed
70,304,510-70,304,510Assigned
61,117,815(4,098,801)65,216,616Unassigned
$ 269,901,894$ 60,116,187$ 209,785,707Total
$ 170,577Prepaid Costs
5,403,652Land held for resale
17,123,777RDA Loan
$ 5,666,575Pension Trust
24,755,830Housing Funds
39,458,658Restricted Funds
Governmental Fund Balances
Total FundsAll Other FundsGeneral FundCategory
$ 22,698,506$ 500$ 22,698,006Non-Spendable
69,881,06364,214,4885,666,575Restricted
45,900,000-45,900,000Committed
70,304,510-70,304,510Assigned
61,117,815(4,098,801)65,216,616Unassigned
$ 269,901,894$ 60,116,187$ 209,785,707Total
$ 15,000,000Natural Disaster
13,000,000Economic Disaster
5,000,000Cash Flow Reserve
12,000,000Capital Replacement
900,000Operational Carryovers
$ 15,652,616Fire Services
32,985,374Sales Tax (Measure G)
21,666,520Capital Projects
21
22
June 4, 2025
12
Long-Term Debt
20242023Debt Type
$91,795$ 53,111Leases
-551Financed Purchases
1,185,5971,154,090Compensated Absences
282,309495,674Subscription IT Liabilities
$1,559,701$1,703,426Total
$ 6,540,000Irrevocable Section 115 Pension Trust
3,709,73819/20 Contribution & Interest Earnings
1,132,18420/21 Interest Earnings (Gain)
(1,244,034)21/22 Interest Earnings (Loss)
(4,820,401)22/23 Payment & Interest Earnings
349,08823/24 Interest Earnings (Gain)
$5,666,575Total Trust Balance
Major
Infrastructure
Investments
Dune Palms Bridge Improvements
$11,475,000
Avenue 50 Pavement Rehabilitation
$2,605,000
Fred Waring Drive Pavement
Rehabilitation
$2,444,000
Citywide Pavement Management Plan
$1,830,000
Citywide Landscape Renovation
Improvements
$1,290,000
23
24
June 4, 2025
13
Fiscal Sustainability
Adopted a balanced 2024/25 budget
Continue to address long-term liabilities
Mixture of housing and commercial
developments are under construction
Long-term vision and planning are a priority
Discussion & Questions
25
26
June 4, 2025
14
Financial Advisory Commission Special Meeting
6/4/2025
Business Item No. 3
Receive and File Third Quarter Fiscal Year 2024/25 Treasury
Reports for January, February, and March 2025
Quarter Three Results
Total Interest
Received
Average Days
to Maturity
Yield To
Maturity
Annualized
Total Rate of
Return
January 566,704$ 586 3.75% 3.85%
February 685,819$ 572 3.76% 3.49%
March 1,064,767$ 575 3.66% 3.91%
Quarter 3 2,317,290$ 578 3.72% 3.75%
Quarter 2 2024/25 1,730,016$ 616 3.66% 3.76%
Quarter 1 2024/25 1,998,617$ 572 3.82% 3.87%
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28
June 4, 2025
15
Portfolio Returns & Treasury Rates
Maturity Range
29
30
June 4, 2025
16
Interest Allocation
22/23 Actual 2,865,841$
23/24 Actual 5,467,129$
24/25 Budget 3,500,000$
24/25 Proposed Revised Budget 6,400,000$
25/26 Proposed Budget 5,785,000$
General Fund Allocated Interest - Approx. 68%
of Total Interest
Rolled off so
far 24/25
Average
Coupon
Roll-offs
Coupon
Cash Flow
Average
Coupon
New
Purchases
New Coupon
Cash Flow Variance
27,404,000$ 1.62%444,219$ 3.93%1,078,073$ 633,855$
Rolling Off
Next 12
Months
Average
Coupon
Roll-offs
Coupon
Cash Flow
Average
Coupon
New
Purchases
New Coupon
Cash Flow Variance
28,376,000$ 1.67% 341,015$ 3.59%1,023,479$ 682,464$
Itlaicized numbers are estimates
Cash Flow for 25/26 assumes a 5-yr treasury rate of 3.9% thru July 2025, 3.80% thru Sept 2025, 3.60% thru Dec. 2025,
3.50% thru March 2026 and 3.25% thru May 2026
Q1 Q2 Q3 Q4
1,998,617$ 1,730,016$ 2,317,290$ 3,434,227
Q4 Tracker - includes CAMP TERM2,719,565
LAIF estimate 225,000
CAMP estimate 302,021
BMO MM estimate 187,641
Interest from Treasurer Reports
Total of $9.48 million, of which about $6.45 would be
allocated to the GF
FY 2024/25 Projection Basis
31
32
June 4, 2025
17
Uncertain Environment
1-yr Treasury Rates
33
34
June 4, 2025
18
5-yr Treasury Rates
Financial Advisory Commission Special Meeting
6/4/2025
Business Item No. 4
Discuss Fiscal Year 2025/26 Preliminary Proposed Budget
and Approve Allocation of Measure G Sales Tax Revenue
35
36
June 4, 2025
19
Discussion
Topics
General Fund Update
Special Funds
Capital Improvement
Fund
General Fund
Update
37
38
June 4, 2025
20
Special Funds
• Gas Tax Fund
• Lighting and Landscape Fund
• Finance Authority Fund
• Library & Museum Fund
• Measure A Fund
• Development Impact Fee (DIF) Funds
Capital Improvement Plan
2025/26 through 2029/30
CIP Plan discussed on
April 1, 2025
Focus on transportation
and parks & facilities
projects
2025/26 Summary Funding Amount
Capital Projects 25,193,033$
Landscape Improvements (500,000)
Developer Reimbursements (400,000)
TOTAL 24,293,033$
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40
June 4, 2025
21
Discussion & Questions
June 11 Housing Commission
Final Review of Housing Budget
June 17 City Council
Final Budget Adoption
The next Financial Advisory Commission
Meeting will be on
September 11, 2025
41
42
June 4, 2025
22
43