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2001 01 16 FAV OF T Financing Authority Agenda City Council Chamber 78-495 Calle Tampico La Quinta, California 92253 January 16, 2001 3:00 PM CALL TO ORDER Beginning Res. No. FA 2001-01 ROLL CALL: Board Members: Adolph, Henderson, Perkins, Sniff, Chairman Pena PUBLIC COMMENT At this time, members of the public may address the Finance Authority on any matter not listed on the agenda or scheduled for public hearing. Please complete a "request to speak" form and limit your comments to three minutes. For all Public Hearings on the agenda, a completed "request to speak" form must be filed with the City Clerk prior to the Council beginning consideration of that item. Please watch the timing device on the podium. CONFIRMATION OF AGENDA APPROVAL OF MINUTES 1 . APPROVAL OF THE MINUTES OF DECEMBER 19, 2000. CONSENT CALENQAR 1 . TRANSMITTAL OF TREASURER'S REPORT DATED NOVEMBER 30, 2000. 2. TRANSMITTAL OF REVENUES AND EXPENDITURE REPORT DATED NOVEMBER 30, 2000 AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING DECEMBER 31, 2000. BUSINESS SESSION - None DEPARTMENT REPORTS - None CHAIR AND BOARD MEMBERS' ITEMS - None PUBLIC HEARINGS - None ADJOURNMENT -Adjourn to a Regular Meeting of the Financing Authority to be held on February 20, 2001, in the City Council Chambers, 78-495 Calle Tampico, CA 92253. DECLARATION OF POSTING I, June S. Greek, Secretary of the La Quinta Financing Authority, do hereby declare that the foregoing agenda for the La Quinta Financing Authority meeting of January 16, 2001, was posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and on the bulletin board at the La Quinta Chamber of Commerce on Friday, January 12, 2001. Dated: January 12, 2001 June S.- reek, CIVIC Secretary, La Quinta Financing Authority PUBLIC NOTICE The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk's Office at 777-7025, 24-hours in advance of the meeting and accommodations will be made. Titit 4 4Q" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: January 16, 2001 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Transmittal of Treasurer's Report PUBLIC HEARING: as of November 30, 2000 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: Transmittal of Treasurer's Report dated November 30, 2000 for the La Quinta Financing Authority. FINDINGS AND ALTERNATIVES: I certify that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53645 as amended 1 /1 /86; and is in conformity with City Code 3.08.010 to 3.08.070 Investment of Money and Funds. I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet next month's estimated expenditures. Ily submitted, JoHn M. Falconer/, Finance Director Approved for submission b Thomas P. Genovese, City Manager Attachment: Treasurer's Report, La Quinta Financing Authority T a City Council TW�t'4 4Q" MEMORANDUM FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for November 30, 2000 DATE: December 26, 2000 Attached is the Treasurer's Report for the month ending November 30, 2000. The report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept. The following table summarizes the changes in investment types for the month: Investment Beginning Purchased I Sold/Matured Other Ending Change_ Cash (1) $924,562 (10,001) 914,561 j (10,001) LAIF $5,505,574 (50,000) 0 5,455,574 (50,000) US Treasuries 2 31 940 560 1 661 31,942,221 1,661 US Gov't Agencies (2) $17,648,821 (34,512) 17,614,309 ! (34,512) Commercial Paper (2) j $1,989,233 j 2,000,000 (2,000,000) (2,164) 1,987,069 (2,164) Mutual Funds $4,174,707 66,497 1 4,241,204 66,497 Total $62,183,457 j 2,066,497 (2,060,001) (35,015) 62,154 939 (28�519) I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and ins in conformity with the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. the City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. John M. Falconer Finance Director/Treasurer (L LC cQ ate Footnote (1) The amount reported in the other column represents the net increase (decrease) of deposits and withdrawals from the previous month. 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L a .Ai N m aF-inOz winwOUGH z U w z 06.9 CITY OF LA QUINTA BALANCE SWEET 11/30100 ASSETS:' CITY CITY RDA RDA FA FIXED LONG TERM FIXED LONGTERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL POOLED CASH (5,27$569.93) 10,578,964.46 (3,078.54) 5,303.315 99 LORP INVESTMENT IN POOLED CASH 805,000.00 805.000 00 INVESTMENT T-BILLINOTES A OTHER 43,980,000.00 43.9W,000 00 AUTO MALL CASH 2O4,349.32 204,349 32 LORP CASH 45,013.33 45.013.33 BOND REDEMPTION CASH 67,610.58 1,39745 69,008 03 BOND RESERVE CASH BOND PROJECT CASH 11,552,327.05 609,242.02 12,161,569 07 BOND ESCROW CASH PETTY CASH 1,000.00 1.000.00 CASH A INVESTMENT TOTAL 38,912,779.39 23,048,915.42 607,560.93 62,569,255 74 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE PREMIUMIDISCOUNT ON INVESTMENT LORP-ACCOUNTS RECEIVABLE INTEREST RECEIVABLE LOAN/NOTES RECEIVABLE DUE FROM OTHER AGENCIES DUE FROM OTHER AGENCIES - CVAG CVAG ALLOWANCE DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS DUE FROM RDA INTEREST ADVANCE -DUE FROM RDA ADVANCES TO OTHER FUNDS NSF CHECKS RECEIVABLE ACCRUED REVENUE TRAVEL ADVANCES EMPLOYEE ADVANCES PREPAID EXPENSES (900.00) (900,00) RECEIVABLE TOTAL 11,361,930.36 3,347,187.46 8,007,655.20 22,716,773.02 74,50.19 60,900.00 (395.550.46) (16,421 46) 71.614.88 2,678,631.60 651,913.19 (651,913.19) 899,028.58 551.629.04 8,497,550.20 2,282,310.94 2,961.91 833.40 1.934.00 8,010,000.00 (2,344,80) 8,145,495 19 (414,316.72) 71,614 88 2,678,631 60 651,913 19 (651.913 19) 1.450.657 62 8.497.550 20 2.282.310 94 2,96191 83340 1,93400 WORKER COMPENSATION DEPOSIT 37,637.00 37,637 00 RENT DEPOSITS UTILITY DEPOSITS 75.00 7500 MISC. DEPOSITS 2,100.00 2,100 00 DEPOSITS TOTAL 39,812.00 39,812 00 GENERAL FIXED ASSETS 1,3W.331.67 15,590,699.00 9,988,279.05 26,965,309 72 ACCUMULATED DEPRECIATION (812,743.27) (812,743 27) AMOUNT AVAILABLE TO RETIRE LIT DEBT 3,395,117.03 3.395.117 03 AMOUNT TO BE PROVIDED FOR UT DEBT 1,645 647.34 94 962,072.16 8 010,000.00 104.617.719 50 TOTAL OTHER ASSETS 573,5W.40 15,590,699.00 1,645,647,34 9,988,279.05 98,357,189,19 8,010,000.00 134,165,402.98 TOTAL ASSETS 50,888,110.15 15 590 699 00 1,645,647.34 26,396,10218 9.9m.279.05 96,357,189.19 8,615,216 13 8,010,000,00 219A91,243 74 LIABILITIES: ACCOUNTS PAYABLE 7,660.94 7.66084 DUE TO OTHER AGENCIES 145,019.16 145,019 16 DUE TO OTHER FUNDS 114,102.39 1,327,250.23 9,305.00 1,450,657.62 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES 6,029.10 6,029.10 PAYROLL LIABILITIES 12,826.37 12.826 37 STRONG MOTION INSTRUMENTS 6.658.26 6,65826 FRINGE TOED LIZARD FEES 29,661.50 29,661 50 SUSPENSE 3,111.52 3,11152 DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 325,069.14 1,327,250.23 9,305.00 1,661.624 37 ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 387,353.03 387,353.03 LORP DEPOSITS 15,434.00 15.434.00 DEVELOPER DEPOSITS 979.838.17 979,838 17 MISC. DEPOSITS 448,568.41 448,568,41 AGENCY FUND DEPOSITS 1,320,243.66 1,320,243.66 TOTAL DEPOSITS 3,136,003.27 15.434.00 3.151.437.27 DEFERRED REVENUE 8.270.67 8,010,000,00 8,018,270 67 OTHER LIABILITIES TOTAL 8.270.67 8,010,000.00 8,018,270 67 COMPENSATED ABSENCES PAYABLE 321,991.94 321,991.94 DUE TO THE CITY OF LA QUINTA 1,323,655.40 10, 779,864,94 12,103,520 34 DUE TO COUNTY OF RIVERSIDE 12,249,102.00 12.249.102.00 DUE TO C.V. UNIFIED SCHOOL DIST. 9,418,222.25 9,418,222.25 DUE TO DESERT SANDS SCHOOL DIST. BONDS PAYABLE 65,910,000,00 8,010,000.00 73,920,000.00 TOTAL LONG TERM DEBT 1,645,647.34 98,357,189.19 8,010,000.00 108,012,836.53 TOTAL LIABILITIES 3,469,343.08 1,645,647.34 1,342,694.23 98,357,189.19 8,019,305.00 8,010,000.00 120,944,168,84 EQUITY -FUND BALANCE 47.418.767.07 15,590,699.00 25,053,418.65 9,988,279.05 595.911.13 98,647,074.90 TOTAL LIABILITY A EQUITY 50.688.110.15 15,590,699.00 1645,64734 26.396.102.88 9,988,279.05 98,357.189 19 8,615,216 13 8,010,000 00 219 491,243 74 CASH A INVESTMENT TOTAL 82,689,268.74 PREMIUMIDISCOUNT ON INVESTMENT f414.318.721 TOTAL 62,154,939.02 010 T4t!t 4 4Qatnrw COUNCIL/RDA MEETING DATE: January 16, 2001 ITEM TITLE: Transmittal of Revenue and Expenditure Report November 30, 2000 and Investment Summary Report for the Quarter Ending December 31, 2000 RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of the November 30, 2000 Statement of Revenue and Expenditures and Investment Summary Report for the Quarter Ending December 31, 2000 for the La Quinta Financing Authority. RespecAully submitted: I I 11 V-X-axt� Jo n M. Falconer, Finance Director Approved for Submission by: Thomas P. Genovese City Manager Attachments: 1. Revenue and Expenditures Report, November 30, 2000 2. Investment Summary Report for the Quarter Ending December 31, 2000 LA QUINTA FINANCING AUTHORITY REVENUE DETAIL DEBT SERVICE REVENUE: Contractual Services Fees Non Allocated Interest Rental Income Transfer In TOTAL DEBT SERVICE CAPITAL IMPROVEMENT REVENUE: Pooled Cash Allocated Interest Non Allocated Interest TOTAL CIP REVENUE TOTAL FINANCING AUTHORITY BUDGET RECEIVED 9,175.00 0.00 0.00 1,365.30 678,955.00 472,272.50 0.00 0.00 REMAINING % BUDGET RECEIVED 9,175.00 0.0% (1,365.30) 0.0% 206,682.50 69.6% 0.00 0.0% 688,130.00 473,637.80 214,492.20 68.8% 0.00 0.02 (0.02) 0.0% 0.00 19,208.60 (19,208.60) 0.0% 0.00 19,208.62 (19,208.62) 0.0% 688,130.00 492,846.42 195,283.58 71.6% 06.3 LA QUINTA FINANCING AUTHORITY 07/01/2000 - 11/30/2000 REMAINING % EXPENDITURE SUMMARY BUDGET °XPENDITURES ENCUMBERED BUDGET EXPENDED DEBT SERVICE EXPENDITURES SERVICES 9,175.00 2,270.00 0.00 6,905.00 24.7% BOND PRINCIPAL 260,000.00 260,000.00 0.00 0.00 100.0% BOND INTEREST 418,955.00 212,272.50 0.00 206,682.50 50.7% TRANSFER OUT 0.00 0.00 0.00 0.00 0.0% TOTAL DEBT SERVICE 688,130.00 474,542.50 0.00 213,587.50 69.0% CAPITAL IMPROVEMENT EXPENDITURES TRANSFER OUT 517,732.00 0.00 0.00 517,732.00 0.0% TOTAL CAPITAL IMPROVEMENT 517,732.00 0.00 0.00 517,732.00 0.0% TOTAL FINANCING AUTHORITY 1,205,862.00 474,542.50 0.00 731,319.50 39.35% V V 4 City of La Quinta Quarterly Investment Summary - Footnote 1 December 31, 2000 Financing Authority Maturity Issuer of Investment Investment Type Date Par Value Market Value Amortized Cost U.S. Bank Money Market Mutual Fund Next Day 112,503 112,503 112,503 U.S. Bank Money Market Mutual Fund Next Day 1,397 1,397 1,397 U.S. Bank Treasury Note 31-Jan-01 500,000 498,440 499,210 Subtotal $613,900 $612,340 $613,110 Plus % Attributable to Financing Authority from City Pooled Investments Total Footnote 1 - The Quarterly Investment Report does not include the City of La Quinta checking account, sweep account, Housing Program account or petty cash account. Market Value is based upon most current information available. 251 $613,362 06J