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CITY OF LA QUINTA, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Prepared by:
Finance Department
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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
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
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
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
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.
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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.
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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.
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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.
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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
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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
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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.
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:
x Exercise professional judgment and maintain professional skepticism throughout the audit.
x 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.
x 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.
x 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.
x 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.
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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 April 29, 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
April 29, 2025
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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.
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HIGHLIGHTS
At the close of 2023/24 (June 30, 2024):
x 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.
x 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.
x 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.
x 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.
x 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
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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
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
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
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.
x 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
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
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:
x 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.
x 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.
x 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
x 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:
x Dune Palms Bridge Improvements ($11,475,000)
x Avenue 50 Pavement Rehabilitation ($2,605,000)
x Fred Waring Drive Pavement Rehabilitation ($2,444,000)
x Citywide Pavement Management Plan ($1,830,000)
x 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
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:
x $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
Major capital asset events under Governmental Activities included the following:
x 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
7+,63$*(,17(17,21$//</()7%/$1.
16
CITY OF LA QUINTA, CALIFORNIA
Statement of Net Position
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments 266,729,385$ 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
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
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
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
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
7+,63$*(,17(17,21$//</()7%/$1.
22
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position
June 30, 2024
Amounts reported for governmental activities in the Statement of Net Position are different because:
Total fund balances - governmental funds 269,901,894$
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
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
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
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
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
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
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
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
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
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
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:
x Government-wide financial statements
x Fund financial statements
x Notes to the financial statements
33
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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 $56,838.
Active employees 97
Inactive employees or beneficiaries currently receiving benefits 16
Total 113
55
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
For the Year Ended June 30, 2024
NOTE 11: OTHER POST EMPLOYMENT BENEFIT PLAN (OPEB) (CONTINUED)
Net OPEB Liability/(Asset)
Actuarial Assumptions – The net OPEB liability/(asset) in the June 30, 2022, actuarial valuation was determined
using the following actuarial assumptions, applied to all periods included in the measurement:
Mortality rates were based on the CalPERS November 2021 Experience Study for Public Agency Miscellaneous
Plans.
Changes of Assumptions
Healthcare trend rates were decreased from a rate of 6.7% decreasing gradually to an ultimate rate of 3.8% to 6.5%
decreasing gradually to an ultimate rate of 3.73% for the valuation as of June 30, 2022.
Discount Rate
The discount rate used to measure the total OPEB liability was 5.50 percent for the Plan. The projection of cash
flows used to determine the discount rate assumed that the City contribution will be made at rates equal to the
actuarially determined contribution rates.
Changes in Net OPEB Asset:
The changes in the net OPEB liability/(asset) for the Plan as of June 30, 2024 are as follows:
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions
Discount Rate 5.50%
Inflation 2.30%
Investment Rate of Return 5.50%
Mortality (1)
Healthcare Trend Rate 6.5% for fiscal year 2023,
gradually decreasing to an
ultimate rate of 3.73% in fiscal
year 2075.
(1) Derived using CalPERS Membership Date for all Funds
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability/(Asset)
Balance at June 30, 2023 1,415,511$ 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
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
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
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
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
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
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
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
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
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
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 April 29, 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
Required Supplementary Information
For the Year Ended June 30, 2024
City of La Quinta, California
67
7+,63$*(,17(17,21$//</()7%/$1.
68
CITY OF LA QUINTA, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual
General Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes 71,630,000$ 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
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
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
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
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
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
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
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
Supplementary Information
For the Year Ended June 30, 2024
City of La Quinta, California
77
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
7+,63$*(,17(17,21$//</()7%/$1.
120
City of La Quinta, California
Internal Service Funds
For the Year Ended June 30, 2024
Internal service funds are used to account for activities involved in rendering services to departments within the
City. Costs of materials and services used are accumulated in this fund and charged to the user departments as
such goods are delivered or services rendered.
The City of La Quinta has the following Internal Service Funds:
Equipment Replacement Fund – To account for the operational maintenance and ultimate replacement of City
owned and operated vehicles and equipment.
Information Technology Fund – To account for the purchase and replacement of information systems.
Park Equipment and Facilities Fund – To account for the purchase and replacement of City owned and operated
park equipment and facilities.
Insurance Fund – To account for the City’s insurance coverage.
121
CITY OF LA QUINTA, CALIFORNIA
Combining Statement of Net Position
Internal Service Funds
June 30, 2024
Total Internal
Service
Funds
ASSETS
Current assets:
Cash and investments 5,350,294$ 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
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
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
Statistical Section
For the Year Ended June 30, 2024
City of La Quinta, California
125
7+,63$*(,17(17,21$//</()7%/$1.
126
City of La Quinta, California
Statistical Section
For the Year Ended June 30, 2024
This part of the City of La Quinta’s annual comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the City’s overall financial health.
Contents Page
Financial Trends
These schedules contain trend information to help the reader understand how
the City's financial performance and well-being have changed over time. 128
Revenue Capacity
These schedules contain information to help the reader assess the factors
affecting the City's ability to generate its property taxes. 142
Debt Capacity
These schedules present information to help the reader assess the affordability of
the City's current levels of understanding debt and the City's ability to use additional
debt in the future. 152
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the City's financial
activities take place and to help make comparisons over time and with 159
other governments.
Operating Information
These schedules contain information about the City's operations and resources
to help the reader understand how the City's financial information relates to the
services the City provides and the activities it performs. 162
Sources: Unless otherwise noted, the information in these schedules are derived from the
annual comprehensive financial reports for the relevant year.
127
CITY OF LA QUINTA, CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Accrual basis of accounting)
2015 2016 2017 2018 2019
Governmental Activities
Net investment in capital assets 523,495,389$ 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
TABLE 1
2020 2021 2022 2023 2024
Governmental Activities:
509,777,422$ 519,203,177$ 517,697,036$ 532,628,308$ 549,197,719$ Net investment in capital assets
46,001,248 46,711,801 54,412,355 61,906,132 70,215,219 Restricted
142,418,499 162,887,430 190,618,323 220,654,047 241,361,988 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:
549,490,377 561,921,091 560,188,798 574,870,834 592,061,273 Net investment in capital assets
46,001,248 46,711,801 53,601,581 61,906,132 70,215,219 Restricted
145,564,319 163,256,180 192,465,934 221,820,354 242,727,583 Unrestricted
741,055,944 771,889,072 806,256,313 858,597,320 905,004,075 Total Primary Government Net Position
Fiscal Year
129
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
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
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 activites and 'miscellaneous' under business
type activities. This is also dicussed in the Notes to Basic Financial Statements section of the 2018/19 CAFR, Note 19: Spec ial Item.
132
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
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
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
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
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
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 obligation s and as such the General Fund fund
balance was adjusted up by 8,569,043 to 98,565,571. See Note 19 for FY 2016-17
(2) In Fiscal year 2017-18, the City adopted a reserves policy which modifed, added and/ or eliminated reserve category names. Emergency Reserves are now split into
Natural Disaster and Economic Disaster, Working Capital Reserve was re -named Cash Flow Reserve, and Capital Replacement and Pension Trust were added.
(3) In Fiscal Year 2017-18 the City opened a trust for Other Post Employment Benefits (OPEB), and this reserve was deposited into the trust. See Note 10.
(4) In Fiscal Year 2018-19 the City opened a trust for Pension Benefits, and this reserve was deposited into the trust. See Note 11.
Source:City of La Quinta
138
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
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
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
- - - - 49,467 Debt Issuance Proceeds(2)
- - - - - Capital leases
(445,562) 432,471 (550,000) (600,000) (1,416,183) 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$ 30,081,906$ 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
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
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
$3
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Combined Sales Tax Revenue
(in millions)
143
7+,63$*(,17(17,21$//</()7%/$1.
144
CITY OF LA QUINTA, CALIFORNIA TABLE 9
Top 25 Measure G Sales Tax Producers
Current Year and Nine Years Ago
(in dollars)
Amazon Fulfillment Services General Merchandise
Amazon MFA General Merchandise
Best Buy Electronics/Appliance Stores
Circle K Service Stations
Costco Discount Dept. Stores
Dept. of Motor Vehicles Allocation Used Automotive Dealers
Desert European Motor Cars New Motor Vehicle Dealers
Floor & Décor Building Materials
Home Depot Building Materials
In N Out Burger Quick-Service Restaurants
Kohl's Department Stores
La Quinta Chevrolet & Cadillac New Motor Vehicle Dealers
La Quinta Resort & Club Hotels/Motels
Lowe's Building Materials
Marshalls Family Apparel
Mathis Brothers Furniture Home Furnishings
One Source Distributors Electrical Equipment
PGA West Private Clubhouse Leisure/Entertainment
Ross Family Apparel
Target Discount Dept Stores
Tesla Motors New Motor Vehicle Dealers
TJ Maxx Family Apparel
Tower Mart Service Stations
Verizon Wireless Electronics/Appliance Stores
Walmart Supercenter Discount Dept. Stores
45.06%Percent of Fiscal Year Total Paid by Top 25 Accounts:
Measure G was passed in November 2016 and implemented on
April 1, 2017. Ten-year is data not available.
Fiscal Year 2023-24 Fiscal Year 2014-15
Business Name (1)Business Category Business Name Business Category
Notes:
(1)Firms are listed alphabetically. State law does not allow for the disclosure of the sales tax revenue amounts by account.
Source:HdL, Coren & Cone
145
CITY OF LA QUINTA, CALIFORNIA
Taxable Sales by Category (1)
Last Ten Calendar Years
(in thousands)
2014 2015 2016 2017 2018
25,461$ 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
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
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 adjus
to match 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 a
owner; at which time the new assessed value is the purchase price of the property sold. The assessed valuation data shown above represents only the data currently available with respect to the 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 t
classifications. The column labeled agriculture was formerly "industrial".
(5)Prior to 2015, this column also included Exempt Property Valuations
Source:: Cal Muni; County of Riverside Assessor Combined Tax Rolls Equalized Auditor and Assessor's Net; Riverside County Auditor-Controller
$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
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
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
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 the Auditor-Conroller (ACO) website had not been updated at time of publishing
the 19/20 CAFR. The number reported in the 'taxes levied' column has now been adjusted to accurately reflect the ACO number, which
subsequently changed the percent collected as well.
Source:County of Riverside Auditor Controller's Office
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
2015 2016 2017 2018 2019 2020(4) 2021 2022 2023 2024
Property Tax Collections
(in millions)
151
CITY OF LA QUINTA, CALIFORNIA
Ratios of Outstanding Debt by Type (1)
Last Ten Fiscal Years
(in dollars)
2015 2016 2017 2018 2019
103,869$ 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
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%#DIV/0!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
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
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
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
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
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
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"
mulitplied 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
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
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
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 ofice 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
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
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