1995-1996 ACFR (July 1 - June 30 Annual Comprehensive Financial Report)AV
City of La Quinta, Ca/ifornia
Comprehensive Annual Financial Report
for the
Year Ended June 30, 1996
CITY OF LA QUINTA
La Quinta, California
Comprehensive Annual Financial Report
Year ended June 30, 1996
Prepared by
FINANCE DEPARTMENT
JOHN M. FALCONER
Director of Finance
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CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 1996
TABLE OF CONTENTS
Exhibit
Paye
INTRODUCTORY SECTION:
Letter of Transmittal
i
List of Principal Officials
xvii
Organizational Chart
xix
Certificate of Award for Outstanding Financial Reporting (CSMFO)
xxi
FINANCIAL SECTION:
Independent Auditors' Report
1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups
AA
2
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types
BB
5
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - All Governmental Fund Types
CC
6
Combined Statement of Revenues, Expenses and Changes in Retained
Earnings - All Proprietary Fund Types
DD
8
Combined Statement of Cash Flows - All Proprietary Fund Types
EE
9
Notes to the Financial Statements
10
Supplemental Data:
Special Revenue Funds:
Combining Balance Sheet
A-1
36
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
A-2
38
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 1996
FABLE OF CONTENTS, (CONTINUED)
State Gas Tax Fund:
Exhibit
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-3
Community Service Projects Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-4
Federal Assistance Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-5
Lighting and Landscape Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-6
Quimby Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-7
Village Parking Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-8
South Coast Air Quality Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-9
Urban Forestry Grant Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-10
Page
40
41
42
43
44
45
47
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 1996
TABLE OF CONTENTS, (CONTINUED,
Exhibit
Low Income Housing Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-11
Low Income Housing Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-12
Low/Moderate Bond - Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-13
Low/Moderate Bond - Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual A-14
Debt Service Funds:
Combining Balance Sheet B-1
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances B-2
Redevelopment Agency Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual B-3
Redevelopment Agency Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual B-4
Paye
48
49
50
51
54
55
57
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 1996
TABLE OF CONTENTS, (CONTINUED)
Exhibit
Financing Authority Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual B-5
Capital Projects Funds:
Combining Balance Sheet C-1
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances C-2
Assessment District 91-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual C-3
Assessment District 92-1 Fund:
Page
58
62
64
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual C-4 65
Infrastructure Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual C-5 66
Capital Improvement Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual C-6
Redevelopment Agency Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual C-7
67
68
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 1996
TABLE OF CONTENTS, (CONTINUED)
Exhibit Page
Redevelopment Agency Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual C-8 69
Agency Funds:
Combining Balance Sheet - All Agency Funds D-1 72
Combining Statement of Changes in Assets
and Liabilities - All Agency Funds D-2 74
General Fixed Assets Account Group:
Comparative Schedule of General Fixed Assets - By Source
E-1
78
Schedule of General Fixed Assets - By Function and Activity
E-2
79
Schedule of Changes in General Fixed Assets -
by Function and Activity
E-3
80
Table No.
Page
STATISTICAL SECTION:
General Governmental Expenditures by Function
1
82
General Governmental Revenue by Source
2
83
Property Tax Levies and Collections
3
84
Schedule of Net Taxable Value
4
85
Property Tax Rates - Direct and Overlapping Governments
5
86
Special Assessment Billings and Collections
6
87
Schedule of Direct and Overlapping Bonded Debt
7
88
Computation of Legal Debt Margin
8
89
Revenue Bond Coverage
9
90
Demographic Statistics
10
91
Property Value and Construction Activity
11
92
Principal Taxpayers
12
93
Major Employers
13
94
Schedule of Insurance in Force
14
95
Miscellaneous Statistical Data
15
96
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78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253
FAX
August 20, 1996
Honorable Mayor, City Council,
and City Manager
City of La Quinta
La Quinta, California
(619) 777-7000
(619) 777-7101
FY 1995-96 COiMPRL, HENSIVE ANNUAL FINANCIAL REPORT LETTER OF TRANSMITTAL
We are pleased to present the 1996 Comprehensive Annual Financial Report ( CAFR) of the City of La
Quinta to the City Council and the City Manager. This report includes financial statements of the:
City of La Quinta;
La Quinta Redevelopment Agency; and,
La Quinta Financing Authority.
Our independent auditors, Conrad & Associates have expressed their opinion as to the fairness of these
financial statements. The completion of the independent audit is an important part of the total financial
management program for the City of La Quinta.
The information found in this report is provided by management to the Council and the public to assist those
interested in understanding the fiscal condition of the City as of June 30, 1996. Responsibility for both the
accuracy of the data, its completeness and its fairness of presentation, including all disclosures rests with
the City. 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 present fairly the financial position and results of operations of the
various funds and account groups of the City of La Quinta. All disclosures necessary to enable this reader
to gain an understanding of the government's financial activities have been included.
Document Structure
The CAFR is presented in three sections:
Introductory;
Financial; and,
Statistical.
4
MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 _
Honorable Mayor, City Council,
and City Manager
The introductory section includes this transmittal letter, the City's organizational chart, and a list of principal
officials. The financial section consists of the general purpose financial statements, including the audit
opinion and footnotes, and the combining and individual fund and account group financial statements and
schedules. The statistical section includes selected financial and demographic information, generally on a
multi-year basis.
The City of La Quinta is required to undergo an annual single audit in conformity with the provisions of the
Single Audit Act of 1984 and the U.S. Office of Management and Budget Circular A-128, Audits of State
and Local Governments. Information related to this single audit, including the schedule of federal financial
assistance, findings and recommendations, and auditor's reports on the internal control structure and
compliance with applicable laws and regulations, are included in a separate report.
The following governmental agencies that provide services to the citizens of the City of La Quinta have been
excluded from this report because the City does not exercise oversight responsibilities over these agencies:
State of California and its departments, County of Riverside and its departments, Coachella Valley
Association of Governments, Riverside County Transportation Commission, Riverside County Waste
Management District, Desert Sands Unified School District, County Superintendent of Schools, Coachella
Valley Unified School District, Desert Community College District, Mosquito Abatement District, and
Coachella Valley Water District.
Background
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 motto is "The Gem of the Desert". The City is governed by a five
member City Council under the Council/Manager form of government. The Mayor is directly elected by
the citizens. The City was incorporated in 1982 as a general law City.
Significant demographic data is as follows:
• Population as of December 1995 was 18,046 an increase of 152% from 1985;
• Retail Sales over $87.5 million a 279% increase from 1985;
• Taxable Sales over $121.5 million a 274% increase from 1985;
• Assessed Valuation over 2 billion a 312% increase from 1985; and,
• Hotel Room sales over 23 million a 251% increase from 1985
The City area includes the beautiful La Quinta Hotel, world class golf resorts, numerous single family and
multi -dwelling units and light commercial industries. The City has a beautiful 10,000 sq ft Senior Center
for City residents. The Desert Unified School District has opened the La Quinta High School.
M
Honorable Mayor, City Council,
and City Manager
The City has been experiencing rapid growth in population making it one of the fastest growing Cities in
California. With this growth comes a demand on local government to meet the needs of its citizens. The
total number of full time authorized positions for 1995-96 is 68. In addition to the 18,046 permanent
residents approximately 9,300 seasonal residents spend three to six months in the City.
Ser►°ices Provided by the City
City services can be divided into those services provided directly by City staff and those services contracted
out to other government agencies and organizations.
Direct services provided by City staff in the following areas include:
General Government
- Legislative
- City Manager
- Economic Development
Finance
- Fiscal Services
- Central Services
- Management Information
Building and Safety
- Administration
- Code Enforcement
- Animal Control
- Building
- Emergency Services
- Fire
- Civic Center Building
Public Works
- Administration
- Engineering & Inspections
- Maintenance & Operations
ff
City Clerk
- City Clerk
Parks and Recreation
- Recreation
- Senior Center
!QomLLiwiityD vela e t
- Administration
- Current Planning
- Advance Planning
- Redevelopment
Honorable Mayor, City Council,
and City Manager
Contracted services provided to the City and its citizens include police and fire protection through the
County of Riverside, library services through the County of Riverside, visitor & tourist information through
Palm Springs Desert Resorts Convention Visitors Bureau, economic development through the La Quinta
Chamber of Commerce, water service through the Coachella Valley Water District, electricity service
through the Imperial Irrigation District, refuse collection through Waste.Management Company, and cable
service through Continental Cable.
Significant Events and Accomplishments
During 1995-96 the City experienced many significant events and accomplishments that may not be readily
evident from a review of the financial statements. Some of the more important of these items are:
Real Estate
Single family construction accounted for $54 million in building permits while commercial construction
accounted for over $6 million and multifamily permit values were $6.5 million.
The One Eleven La Quinta shopping center is under construction anchored by Wal Mart, Albertson's
Grocery and various retail outlets. This 60 acre 620,000 sq. ft retail center is located at Washington Street
and Highway 111.
The development of numerous residential communities has increased the assessed valuation in the City.
As mentioned earlier, the City's assessed valuation has increased four fold from 1985 to over $2 billion,
with an increase of $100 million during the latest year.
H io rsing
La Quinta has housing that ranges from the affordable to luxury estates. The median home prices in La
Quinta have been relatively stable and are significantly lower than other areas of the Coachella Valley
mostly due to the reasonably priced land values.
The U.S. Census has established the median home price at $112,000 which is lower than Riverside, San
Diego, Los Angeles Counties and the State of California.
There were 500 housing units built during 1995 which brings to 9,352 the number of total units within the
City. The 9,352 units consist of 8,624 single family residences, 481 multi family residences, and 247
mobile homes.
iv
Honorable Mayor, City Council,
and City Manager
Tourism
La Quinta is home to several of the worlds highest rated golf courses. During FY 1995-96, major golf
tournaments hosted in La Quinta included the prestigious Bob Hope Chrysler Classic, the Diners Club
Tournament, the Liberty Mutual Senior Legends of Golf, and Raymond Floyd hosted charity golf event.
The nationally recognized La Quints Arts Festival attracts many visitors from around the country each year
to the City of La Quinta and the Coachella Valley.
The La Quinta Hotel, the second largest destination resort in the Coachella Valley, recorded dramatic growth
in hotel revenues during 1995. A 37,000 square foot ballroom facility was recently added to the hotel to
accommodate larger conventions.
The City increased funding for the Palm Springs Desert Resort Convention Bureau for tourism promotion
and provided funding for the Airline Services Council to bring a low cost carrier to the Coachella Valley.
Capital 1 mpro vement sI S t ud ie s
The completion of over $12,600,000 in capital improvements including the Washington Street Bridge and
Phase V street improvements.
The development of a multi-year Capital Improvement Program and the completion of both the Highway
111 Commercial Corridor Assessment and Landscape & Lighting Assessment District Feasibility Reports.
Community Facilities,
The City completed the Fritz Burns and Adams Street Parks while maintaining 19.5 acres of medians, 14.6
acres of parks and 104 miles of streets.
Also completed were sports complex lighting improvements, new traffic signals at 8 intersections, the
Adams Street extension and crossing at the Whitewater Channel.
City QPeratiniis
The following is a partial listing of the accomplishments made by City staff to the citizens of La Quinta for
1995-96:
Preparation of a Comprehensive Economic Development Plan;
City awarded Helen Putnam Award from League of California Cities;
Completed City Land Inventory tracking system;
Honorable Mayor, City Council,
and City Manager
Implemented Optical Disk Imaging System for City Clerk records;
Received awards in excellence for financial and budget reports;
Updated investment policies;
Automation of building permit issuance function;
Major improvements to Emergency Operations Center; and
Completed first City Zoning Ordinance Update.
Future develo ments include, continued commercial development along the Highway 111 corridor,
redevelopment financed property development on Avenue 48 and completion of residential projects in the
northern part of the City.
Financial Information
Management of the City of La Quinta is responsible for establishing and maintaining an internal control
structure designed to ensure that assets of the City are protected from loss, theft, or misuse and to ensure
that adequate accounting data are compiled to allow for the preparation of financial statements in conformity
with generally accepted accounting principles. The internal control structure is designed to provide
reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance
recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the
valuation of costs and benefits requires estimates and judgments by management.
Single Audit - As a recipient of federal, state and county financial assistance, the City also is responsible
for ensuring that an adequate internal control structure is in place to ensure compliance with applicable laws
and regulations related to those programs. The internal control structure is subject to periodic evaluation
by management.
As a part of the City's single audit , tests are made to determine the adequacy of the internal control
structure, including that portion relating to Federal assistance programs, as well as to determine that the
government has complied with applicable laws and regulations. The results of the government's single audit
for the fiscal year ended June 30, 1996 provided no instances of material weaknesses in the internal control
structure or significant violations of applicable laws and regulations.
cc untin C ntrols - The City of La Quinta's accounting system is designed upon the following
principals:
In the public sector, a city government maintains a variety of "funds" that provide the basis for separately
recording the financial data related to a specific activity. A fund is an accounting entity with a complete set
of self -balancing accounting records. Each fund has been established because of some restriction on the use
of the resources received by that fund. In the private sector, a corporation may have many subsidiaries
which make up the parent corporation. Likewise in the public sector, all of the funds make up the complete
►SAI
Honorable Mayor, City Council,
and City Manager
financial resources of the City of La Quinta. This report includes the transactions of all entities over which
the City Council of the City of La Quinta has authority (as defined by the Government Accounting
Standards Board).
The City's accounting system operates on a modified accrual basis for all governmental and agency type
funds. Government funds include the General, Special Revenue, Debt Service, and Capital Projects Funds.
Under the modified accrual basis of accounting, revenues are recorded when received in cash or accrued
when they are both measurable and collectible within the accounting period or soon enough after the end
of the period to pay liabilities of the period, and expenditures, other than interest or long term debt, are
recorded when liabilities are incurred.
The City maintains one Internal Service Fund and no Enterprise Funds. These types of funds use the
accrual method of accounting. Revenues and expenses are recorded when earned or incurred.
In addition to maintaining funds to record accounting transactions, internal controls exist within the
accounting system to ensure the safety of assets from misappropriation, unauthorized use or disposition, and
to maintain the accuracy of financial record keeping. These internal controls must be established consistent
with sound management practices based upon the costibenefit of the controls imposed. The cost of a control
should not be excessive to its derived benefit as viewed by City management. The internal controls in
existence at the City of La Quinta are sufficient to ensure in all material respects both the safety of the City's
assets and the accuracy of the financial record keeping system.
Bugetaryrntrols
The City Manager submits a preliminary budget to the City Council before each fiscal year. Public hearings
are then held prior to July 1 to receive public comment. A budget is required to be adopted before the
beginning of the fiscal year. Amendments to the budget or budget transfers between funds require Council
approval. Budget transfers within funds require City Manager approval. All fiscal year end appropriations
and encumbrances lapse at year end unless specifically approved by the Council for inclusion in the
following years appropriations.
Each Department receives a monthly budget -to- actual expenditure report. In addition, each department
can access the financial information system data through the City-wide computer network.
The City Council is also given an Executive level Summary of Revenues and Expenditures on a monthly
basis.
Vii
Honorable Mayor, City Council,
and City Manager
Gann Limit - Appropriations SuWect_to the Limit
In 1979, Proposition 4, the "Gann" initiative, was passed by the voters of California. The purpose of this
law was to limit government spending by putting a cap on the total proceeds of taxes that may be
appropriated each year. This limit is increased each year through a formula that takes into consideration
changes in the Consumer Price Index and state per -capita income. If a city reaches this limit, excess tax
revenue must be returned to the State or citizens through a process of refunds, rebates, or other means that
may be defined at that time. The Gann Limit for the City of La Quinta has increased steadily since 1979
and still provides the City with a comfortable operating margin.
In 1991-92 state law allowed the recalculation of the City's limit with new inflation factors. Using
population growth in the City of La Quinta and growth in the State per capita income allowed the Gann limit
for 1995-96 to increase to $20.5 million. Appropriations of "proceeds of taxes" was $ 7.5 million for a
margin of $13.0 million.
Revenue and EUenses from All Fund Types
The following schedules present a summary of the general fund, special revenue funds, debt service funds,
capital project funds, Internal Service fund revenues and expenditures for 1995-96 and the amount and
percentage of increases and decreases in relation to prior year revenues.
Revenue from All Fund Types
vni
95-96 over
%
Fund Type
1995-96
1994-95
(under) 94-95
Change
General Fund
$8,966,850
8,481,939
484,911
5.7%
Special Revenue Fund
6,933,517
4,366,880
2,566,637
58.8%
Debt Service Funds
12,541,457
12,252,411
289,046
2.4%
Capital Project funds
2,392,926
2,491,866
(98,940)
-4.0%
Internal Service Fund
252,586
0
252,586
n/a
Total
$31,087,336
27,593,096
3,494,240
12.7%
vni
Honorable Mayor, City Council,
and City Manager
Expenditures/Expenses - All Fund Types
Overall, the increased revenues for 1995-96 are due primarily to the sale of land and interest on unspent
1995 bond proceeds in the Redevelopment Agency. The expenditure increase in 1995-96 is a result of
increased activity in the Redevelopment Agency's Low and Moderate Income Programs.
General Fund
The City's General Fund is used to record all revenue and expenditures not specifically restricted by law
or Council policy. Major sources of revenue include property tax, sales tax, transient occupancy tax,
licenses and permits, and interest. Categories of expenditures include police services, public works,
planning, parks and recreation, and administrative functions.
The following two tables summarize General Fund revenues and expenditures for 1995-96 and 1994-95.
General Fund Revenue
95-96 over
%
Fund Type
1995-96
1994-95
(under) 94-95
Change
General Fund
$6,902,364
6,305,104
597,260
9.5%
Special Revenue Fund
10,333,169
6,182,251
4,150,918
67.1%
Debt Service Funds
12,584,015
12,373,399
210,616
1.7%
Capital Project funds
4,129,822
4,687,518
(557,696)
-11.9%
;sternal Service Fund
0
0
0
0
Total
$33,949,370
29,548,272
4,401,098
14.9%
Overall, the increased revenues for 1995-96 are due primarily to the sale of land and interest on unspent
1995 bond proceeds in the Redevelopment Agency. The expenditure increase in 1995-96 is a result of
increased activity in the Redevelopment Agency's Low and Moderate Income Programs.
General Fund
The City's General Fund is used to record all revenue and expenditures not specifically restricted by law
or Council policy. Major sources of revenue include property tax, sales tax, transient occupancy tax,
licenses and permits, and interest. Categories of expenditures include police services, public works,
planning, parks and recreation, and administrative functions.
The following two tables summarize General Fund revenues and expenditures for 1995-96 and 1994-95.
General Fund Revenue
Wq
95/96 over
%
Fund Type
1995-96
1994-95
(under) 94-95
Change
Taxes
$5,393,456
4,946,304
447,152
9.0%
Licenses and permits
998,030
902,914
95,116
10.5%
Charges for services
610,873
551,727
59,146
10.7%
Intergovernmental
815,980
747,784
68,196
9.1%
Interest
905,420
718,310
187,110
26.0%
Litigated Settlements
12,386
477,872
(465,486)
-97.4%
Miscellaneous
230.705
137,028
93,677
68.4%
Total
—MM615-0—
8.481.939
484.911
Wq
Honorable Mayor, City Council,
and City Manager
The 1995-96 General Fund revenue increase of 5.7% reflects an across the board average increase and is
a result of an ongoing steady increase in new development, tourism, and population.
I to Brest revenue increase of 26 % is a result of higher cash balances. The large decrease of 97.4% in
Litigated Settlements reflects the lack of settlement activity in an ongoing litigation. The 68.4% increase
in Miscellaneous revenue is due to a one time grant of $125,000 from the local cable company.
Fund Type
General Government
Public Safety
Community Services
Planning & Development
Public Works
Capital Outlay
Debt Service
Total
General Fund Expenditures
The 1995-96 General Fund expenditures increase of 9.5% reflects primarily, one category - Community
Services. This increase is a result of Council's desire to increase Community Service programs to the
public.
General Government expenditures increased 14.6% over 1994-95 expense due to increased activity in
economic development and the Assistant City Manager's position, vacant in 1994-95, being filled in 1995-
96. Public Safety's expenditures showed little change in 1995-96. Community Services large increase of
107.5% reflects numerous program additions offered to the public. Planning & Development decrease of
15.8% is a result of increased personnel reimbursement from the Redevelopment Agency which decreased
Planning & Development's net expenditures. Public Works expenditures increased 41.1% in 1995-96
because $200,000 of State Gas Tax funding was directed to a capital improvement project and was not used
to reimburse (reduce) Public Works expenditures as in 1994-95. Cqp tal Outhy decreased 28.6% in 1995-96
as a result of decreased new computer purchases in 1995-96.
Sneeial Revenue Funds
The City's Special Revenue Funds, which account for the collection and use of special or restricted revenue,
received $6.9 million in 1995-96. This is an increase of 58.8%. The Special Revenue Fund expenditures
were $10.3 million, an increase of 67.1 %.
The following two tables summarize Special Revenue Funds revenues and expenditures for 1995-96 and
1994-95:
95/96 over
%
1995-96
1994-95
(under) 94-95
Change
$1,793,301
1,565,265
228,036
14.6%
3,227,438
3,143,697
83,741
2.7%
413,142
199,115
214,027
107.5%
453,656
538,610
(84,954)
-15.8%
813,352
576,304
237,048
41.1%
201,475
282,113
(80,638)
-28.6%
0
0
0
n/a
6902_
—6005,104
_ 597,20
The 1995-96 General Fund expenditures increase of 9.5% reflects primarily, one category - Community
Services. This increase is a result of Council's desire to increase Community Service programs to the
public.
General Government expenditures increased 14.6% over 1994-95 expense due to increased activity in
economic development and the Assistant City Manager's position, vacant in 1994-95, being filled in 1995-
96. Public Safety's expenditures showed little change in 1995-96. Community Services large increase of
107.5% reflects numerous program additions offered to the public. Planning & Development decrease of
15.8% is a result of increased personnel reimbursement from the Redevelopment Agency which decreased
Planning & Development's net expenditures. Public Works expenditures increased 41.1% in 1995-96
because $200,000 of State Gas Tax funding was directed to a capital improvement project and was not used
to reimburse (reduce) Public Works expenditures as in 1994-95. Cqp tal Outhy decreased 28.6% in 1995-96
as a result of decreased new computer purchases in 1995-96.
Sneeial Revenue Funds
The City's Special Revenue Funds, which account for the collection and use of special or restricted revenue,
received $6.9 million in 1995-96. This is an increase of 58.8%. The Special Revenue Fund expenditures
were $10.3 million, an increase of 67.1 %.
The following two tables summarize Special Revenue Funds revenues and expenditures for 1995-96 and
1994-95:
Honorable Mayor, City Council,
and City Manager
Special Revenue Funds - Revenue
Taxes increased moderately 4.9%, due to an increase in the La Quinta Redevelopment Low and Moderate
income fund tax increment. Intergovernmental decreased 18.3% reflecting a loss of CDBG funding for
construction of a senior center facility, due to its completion. The decrease in Developer Fees_of 96.1%
reflects lack of activity in developments that involve Quimby fees under the Quimby Act. Intere hada
large increase of 251.7% due to larger cash balances because of a land sale. Rental Income increased in
1995-96 as a result of the La Quinta Redevelopment Low and Moderate income program purchasing 50
recital units and renting them out to qualified applicants. The large increase in MiScellan&ous revenue is due
to $242,000 in subsidy reimbursements to the La Quinta Redevelopment Low and Moderate income
program. The Land Sale increase is a result of the La Quinta Redevelopment Agency's sale of land.
Special Revenue Funds - Expenditures
95/96 over
%
Source
1995-96
1994-95
(under) 94-95
Change
Taxes
$2,952,336
2,813,394
138,942
4.9%
Intergovernmental
344,235
421,507
(77,272)
-18.3%
Developer fees
3,190
81,909
(78,719)
-96.1%
Interest
757,006
215,250
541,756
251.7%
Special assessments
991,123
823,950
167,173
20.3%
Rental Income
328,059
0
328,059
n/a
Miscellaneous
242,986
10,870
232,116
2135.4%
Land Sale
1,314,582
0
1,314,582
n/a
Total
$6.933.51.7 _
4,366E 900
2.566. 37
58.8%
Taxes increased moderately 4.9%, due to an increase in the La Quinta Redevelopment Low and Moderate
income fund tax increment. Intergovernmental decreased 18.3% reflecting a loss of CDBG funding for
construction of a senior center facility, due to its completion. The decrease in Developer Fees_of 96.1%
reflects lack of activity in developments that involve Quimby fees under the Quimby Act. Intere hada
large increase of 251.7% due to larger cash balances because of a land sale. Rental Income increased in
1995-96 as a result of the La Quinta Redevelopment Low and Moderate income program purchasing 50
recital units and renting them out to qualified applicants. The large increase in MiScellan&ous revenue is due
to $242,000 in subsidy reimbursements to the La Quinta Redevelopment Low and Moderate income
program. The Land Sale increase is a result of the La Quinta Redevelopment Agency's sale of land.
Special Revenue Funds - Expenditures
Planninging & Developrnem increase of 23.8% is a result of increased activity in the La Quinta Redevelopment
Low and Moderate subsidy programs. The decrease in Public Works of 15.5% reflects a transfer of
$200,000 in State Gas Tax Funds to the Capital Improvement Fund and therefore was not available to
reimburse (reduce) Public Works expenditures. The significant increase of 539.4% in Capital Outlay
Xi
95/96 over
%
Source
1995-96
1994-95
(under) 94-95
Change
Planning & Development
$5,454,978
4,405,909
1,049,069
23.8%
Public Works
987,313
1,168,522
(181,209)
-15.5%
Capital Outlay
3,886,267
607,820
3,278,447
539.4%
Debt Service
4,611
0
4,611
n/a
Total
$10-313-169
6,1.82d25L
4,150,918 ......
LYD—
Planninging & Developrnem increase of 23.8% is a result of increased activity in the La Quinta Redevelopment
Low and Moderate subsidy programs. The decrease in Public Works of 15.5% reflects a transfer of
$200,000 in State Gas Tax Funds to the Capital Improvement Fund and therefore was not available to
reimburse (reduce) Public Works expenditures. The significant increase of 539.4% in Capital Outlay
Xi
Honorable Mayor, City Council,
and City Manager
primarily is the result of a La Quinta Redevelopment Agency land and home purchases. The Debt Service
increase is a direct result of interest charged to the Lighting and Landscaping fund due to negative cash.
Debt Service Funds
The City's Debt Service Funds are used to record the payment of interest and principal on the current portion
of outstanding debt.
The following two tables summarize Debt Service Funds revenues and expenditures for 1995-96 and 1994-
95:
Debt Service Funds - Revenue
94-95 over %
Source 1994-95 1993-94 (under) 93-94 Change
Taxes
Intergovernmental
Interest
Rental Income
Total
$11,809,354
1,162
159,602
571,339
$11,338,868
6,502
207,563
699,478
$12,541,457 $12,252,411
$470,486
(5,340)
(47,961)
(128,139)
$289,046
4.1%
-82.1%
-23.1%
-18.3%
2.4%
Taxes increased moderately 4.1% due to the La Quinta Redevelopment Debt Service fund tax
increment. The decrease in Inter<ggvemmental revenue reflects fewer contract service fees charged by
the La Quinta Financing Authority. Interest decreased 23.1 % which reflects lower cash balances due
to renegotiated higher payments on one of the La Quinta Redevelopment Agency's tax increment pass
through agreements. Rental income is 18.3% lower in 1995-96 due to the La Quinta Financing
Authority using interest earnings to offset lower rent charges to the City for the City Hall complex.
Expenditure Type
Planning& Development
Debt Service
Total
Debt Service Funds- E'xvenditures
1995-96
$213,993
12,370,022
$12,584,015
95-96 over %
1994-95 (under) 94-95 Change
195,596 18,397 9.4%
12,177,803 192,219 1.6%
$12,373,399 210,616 1.7%
Debt sgrvigg expenditures were relatively unchanged in 1995-96.
xu
Honorable Mayor, City Council,
95-96 over
and City Manager
Expenditure Type
1995-96
1994-95
CgpitaI Project Funds
Change
Planning& Development
$1,366,745
Capital Project Funds are used to record the receipt and disbursement of monies that are restricted for
the acquisition and construction of capital facilities.
-4.8%
Capital Projects
2,753,477
The following two tables summarize Capital Project Funds revenues and expenditures for 1995-96 and
1994-95:
18.0%
Debt Service
9,600
Cal)ital Project Funds - Revenue
(909,048)
-99.0%
Total
$4,129,822
95-96 over
%
Source 1995-96
1994-95
(under) 94-95
Change
Intergovernmental $283,010
482,633
(199,623)
-41.4%
Developer fees 1,735,233
1,396,711
338,522
24.2%
Interest 365,531
244,916
120,615
49.2%
1:itigated Settlements 9,152
353,118
(343,966)
-97.4%
Miscellaneous 0
14,488
(14,488)
-100.0%
Total $2,392,926
$2,491,866
(98,940)
-4.0%
Intergovernmental revenues decreased 41.4% primarily as a result of Coachella Valley Association of
Government reduced Measure A funding for a completed capital improvement project. Developer fees
increased 24.2% due to increased infrastructure fees which reflects continuing development of vacant
land in the City. Inte es revenue increased 49.2% primarily due to higher cash balances in the La
Quinta Redevelopment Agency Capital Improvement Fund. The 97.4% decrease in Liti ated
Settlements reflects the lack of settlement activity in an ongoing litigation.
C anital Proiect Funds - Exnenditures
The decrease of 4.8% in Planning & Development reflects lower legal costs in the Redevelopment Agency
capital improvement fund. Capital Outlay increased 18.0% reflective of the increased activity, in the Capital
Improvement Projects. The large decrease of 99.0% in Debt Service is a result of a final payoff in 1994-
95for a financed land purchase in the Redevelopment Capital Improvement fund.
95-96 over
%
Expenditure Type
1995-96
1994-95
(under) 94-95
Change
Planning& Development
$1,366,745
$1,435,830
(69,085)
-4.8%
Capital Projects
2,753,477
2,333,040
.420,437
18.0%
Debt Service
9,600
918,648
(909,048)
-99.0%
Total
$4,129,822
$4,687,518
(557,696)
-11.9%
The decrease of 4.8% in Planning & Development reflects lower legal costs in the Redevelopment Agency
capital improvement fund. Capital Outlay increased 18.0% reflective of the increased activity, in the Capital
Improvement Projects. The large decrease of 99.0% in Debt Service is a result of a final payoff in 1994-
95for a financed land purchase in the Redevelopment Capital Improvement fund.
Honorable Mayor, City Council,
and City Manager
Internal Service Fund
The City's Internal Service Fund (Equipment Replacement Fund) is used to account for the use of certain
equipment by the departments that use the equipment. Charges will be based on a schedule that covers the
equipments maintenance and depreciation costs. This fund was established in 1995-96 and had no operating
activity. The General Fund has seeded this new fund with starting cash and operations will start in 1996-97.
Source
Operating Revenue:
Non Operating Revenue:
Interest
Operating Transfer in
Total
Expense Type
Operating Expenses
Non -Operating Expenses
Total
Risk Mana ement
Internal Service Fund - Rey'enue
95-96 over
%
1995-96 1994-95
(under) 94-95
Change
$0
0 0
0.0%
22,586
0 22,586
n/a
250,000
0 250,000
n/a
$272,586
0 272,586
n/a
Internal Service Fund - Expense
95-96 over
%
1995-96 1994-95
(under) 94-95
Change
$0
0 0
0.0%
0
0 0
0.0%
$0
0 0
0.0%
The City is self-insured for general liability insurance in the amount of $125,000 per occurrence and for
worker's compensation in the amount of $250,000 per occurrence. Individual claims in excess of the self-
insured amounts for general liability and worker's compensation (up to a maximum of $10,000,000 per
incident) fall under the insurance policies purchased by the City. The City is a member of the Coachella
Valley Joint Powers Insurance Authority (CVJPIA) which was formed to jointly Fund insurance programs.
The CVJPIA is composed of twenty four member agencies. The City's goal in Joining the CVJPIA was to
achieve long term premium stability. The CVJPIA provides general liability coverage in excess of $125,000
with a maximum of $ 10,000,000 per claim. Further information on the CVJPIA can be found in Note 19
to the Financial Statements.
xiv
Honorable Mayor, City Council,
and City Manager
Cit Retirement Costs
Note 18 in the Notes to the Financial Statements explains in detail the financing of the City's retirement
program. Significant financial information has been disclosed in the notes in order to comply with GASH
Statement Number 5. Based upon the latest information, the total over fitnded benefit obligation applicable
to the employees of the City at June 30, 1995 was $,538,118, up $90,324 from an overfunded pension
benefit obligation of $447,794 as of June 30, 1994. Employer contribution rates are reviewed and adjusted
annually to achieve full funding for retirement benefits by the year 2000.
Cash Management
The City Treasurer is charged with the responsibility of safeguarding the City's assets, receiving all
payments due the City and investing all inactive funds. During the year the City Treasurer earned about
$2.2 million in interest on investments in all fund types from instruments yielding up to 5.972%, compared
to earnings of $1.39 million during 1994-95. Funds are invested in various types of instruments as shown
below. At June 30, 1996, the Treasurer had 100% of all available funds invested. The City's total portfolio
at year end was $ 39,238,679.
Below is a summary of cash and investments outstanding as of June 30, 1996:
Form of Cash and Investments June 30, 1996
Deposits ( 175,410)
Mutual funds 6,468,064
United States Treasury Bills 18,365,194
Local Agency Investment Fund 14,034,148
Deferred compensation -mutual funds 546,683
Total 39.23 $,679
As required by State law, the City Council has adopted a comprehensive investment policy specifying
the type and term of City investments. The policy allows the City Treasurer flexibility without
endangering the safety, liquidity or yield of the total portfolio.
Certificate of Award for Outstanding Financial Reporting
The California Society of Municipal Finance Officers (CSMFO) presents an annual Certificate of Award
for Outstanding Financial Reporting. The City of La Quinta received this award for Fiscal Year 1994-
95. The Certificate is valid for one year only.
Acknowledgments
This report could not have been accomplished without the dedicated services of the Finance Department
staff. Special recognition is given to John Risley, Accounting Supervisor for his efforts in preparing the
introductory and financial sections, Geniene Croft, Financial Services Assistant for her efforts in
preparing the statistical section and Debbie De Renard, Secretary for her report preparation skills. We
also appreciate the efforts of the Conrad & Associates, CPA's audit team for their professionalism in
conducting the annual audit for the City of La Quinta.
spectfully su milted,
o M. Falco er
Finance Director and Treasurer
xv
(This page intentionally left blank)
xvi
Honorable Mayor, City Council,
and City Manager
CITY OF LA QUINTA
Directory of Officials
June 30, 1996
CITY COUNCIL
Glenda L. Holt
Ronald Perkins
Stanley Sniff
Don Adolph
Terry Henderson
ADMINISTRATION
Thomas P. Genovese
David Cosper
John M. Falconer
Thomas Hartung
Jerry Herman
Saundra L. Juhola
Marty Nicholson
Dawn Honeywell
xvu
Mayor
Mayor Pro Tem
Council Member
Council Member
Council Member
City Manager
Public Works Director/City Engineer
Finance Director
Building and Safety Director '
Community Development Director
City Clerk
Parks & Recreation Director
City Attorney
(This page intentionally left blank)
xviii
X
X
Po_llce
Cwuiit�i_Contract
Parks & Recreation f
Adminlstratfen
Director
Recreation Supervisor
Secretary
Kidsline Coordinator
Senior Center
--� Superuisat '
Activities Coordinator
Assistant
f City Attorney 1
General Government
Assistant City Manager
Department Secretary
Secretary
Management Assistant
Public Works _
Administration 4
Senior Secretary
Development & Traffic s
Senior Engineer
Associate Engineer
Assistant Engineer I - 2 Positions
Assistant Engineer II
Counter Technician
Capital Projects
Senior Engineer
Assistant Engineer II
Maintenance & Operations
Maintenance Manager
Maintenance Foreman - 3 Positions
Maintenance Worker II - 5 Positions
Maintenance Worker I - 4 Positions
City of La Quinta, California
Organizational Chart
Fiscal Year 1995/96
Mayor and City Council
Redevelopment Agency Board
Financing Authority Board_
City Manager
City Clerk
Deputy City Clerk I
Deputy City Clerk II
Office Assistant
Finance
�! �r f Buildin & Safety
Fiscal Services
!Ldrqlstmtlon
Director
_
Director
Accounting Supervisor
Senior Secretary
Financial Services Assistant
Account Technician
Code Compliance
Secretary
Community Safety Manager
Account Clerk
Code Compliance Officer II
Code Compliance Officer I - 2 Positions
Central Services
Counter Technician
ien_i_or Management Assistant
Animal Control
Animal Control Officer II
Animal Control/Code Compliance Officer
Building & Safety Manager
Senior Building Inspector
Building Inspector I - 2 Positions
Counter Technician
Civic Center Building Operatlons
Facilities Maintenance Technik im
L Contmun_!!y Development
Administration
I Oirectar
Planning Manager
Executive Secretary
Office Assistant
Current Planning___
Principal Planner
Associate Planner -2 Positions
- Advance Planning
Principal Ptanner
Associate Planner
(This page intentionally left blank)
xx
-- Caqforwa Society of
Municipal finance Officers
Certificate of Award
Outstanding Financial Reporting 1994-95
Pre,sented tai
City of La Quz*nta
This cert ftcale Is issued in recognition of meeting professional standards and criteria in reporting which reflect a high level of qua1b)-
A _ to the annual financial statements and in the underlying accounting system from which the reports were prepared
.February 24, ;996.
/rt
- Chaff. culvn4! A Tre�4nicat Stan&r& co"WalttCe
i
Ali
X Dedicated to Excellence in Municipai Financial Management IC
(This page intentionally left blank)
XXII
CONRAD
�'-7A—%,-SSOCI 11 ES, L.L.P.
A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS
The Honorable Mayor and City Council
City of La Quinta
La Quinta, California
Independent Auditors' Report
CERTIFIED PUBLIC ACCOUNTANTS
1100 MAIN STREET, SUITE C
IRVINE, CALIFORNIA 92614
(714) 474-2020
We have audited the accompanying general purpose financial statements of the City of
La Quinta, California as of and for the year ended June 30, 1996, as listed in the table of
contents. These general purpose financial statements are the responsibility of the management of
the City of La Quinta, California. Our responsibility is to express an opinion on these general
purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards;
!Government Auditing Standards, issued by the Comptroller General of the United States; and the
provisions of Office of Management and Budget Circular A-128, "Audits of State and Local
Governments." Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the aforementioned general purpose financial statements referred to above present
fairly, in all material respects, the financial position of the City of La Quinta, California as of
June 30, 1996, and the results of its operations for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining and individual funds financial statements and
schedules listed in the table of contents are presented for purposes of additional analysis and are
not a required part of the general purpose financial statements of the City of La Quinta,
California. Such information has been subjected to the auditing procedures applied in the audit
of the general purpose financial statements, and in our opinion, is fairly stated in all material
respects in relation to the general purpose financial statements taken as a whole. The scope of
our audit did not include the supplemental statistical schedules listed in the table of contents and
we do not express an opinion on them.
In accordance with Government Auditing_ Standards issued by the Comptroller General of the
United States, we have also issued a report dated August 20, 1996 on our consideration of the
City's internal control structure and a report dated August 20, 1996 on its compliance with laws
and regulations.
August 20, 1996
MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION
See accompanying notes to the financial statements.
2
CITY OF LA QUINTA
Combined Balance Sheet - All Fund Types and Account Groups
June 30, 1996
Governmental Fund Types
Special
Debt
Capital
Assets and other debits
General
Revenue
Service
Proiects
Assets:
Cash and investments (note 2)
$ 6,134,504
5,690,910
3,287,145
6,526,209
Cash with fiscal agent (note 2)
-
11,802,982
1,106,131
2,056,746
Accounts receivable
348,938
5,951
-
63,000
Prepaid expenses
24,123
-
250,015
22,500
Interest receivable
51,350
66,357
35,953
64,786
Notes receivable
-
95,445
-
-
Due from other funds (note 25)
-
-
-
10,505
Due from other governments
179,242
23,489
-
-
Advances to other funds (note 12)
6,653,852
551,038
-
Deposits
2,073
-
-
-
Property, plant and equipment (note 4)
-
-
-
-
Land held for resale
-
-
-
-
Other debits:
Amount available in debt service funds
-
-
-
-
Amount to be provided for retirement of
general long-term debt
-
-
Total assets
113,394,082
18,236,172
4,679,244
8,743,746
Liabilities, equity and other credits
Liabilities:
Accounts payable
$ 769,827
18,066
4,356
281,163
Accrued expenses
128,116
-
385,646
20,725
Compensated absences payable
-
-
-
-
Deposits payable
130,064
48,982
-
52,100
Deferred compensation payable (note 17)
-
-
-
Contracts payable
-
510,756
-
-
Retentions payable
-
-
-
107,364
Due to other funds (note 25)
-
10,505
-
-
Due to bondholders
-
-
-
-
Advances from other funds (note 12)
-
-
551,038
Obligations under pass-through agreements
(notes 9, 10, and 11)
-
-
-
-
Tax allocation bonds (note 6)
-
-
-
-
Revenue bonds (note 8)
-
-
-
-
Housing TABS (note 7)
-
-
-
-
Total liabilities
1,028,007
588,309
941.040
461,352
Equity and other credits:
Investment in general fixed assets
-
-
-
-
Retained earnings (note 16):
Unreserved
-
-
-
-
Fund balances (note 15):
Reserved
6,680,048
646,483
1,356,888
1,842,857
Unreserved
5,686,027
17,001,380
2,381,316
6,439,537
Total equity and other credits
12,366,075
11647,863
3,738,204
8,282,394
Total liabilities, equity and
other credits
$13,394,082
18,236,172
4,679,244
8,743,746
See accompanying notes to the financial statements.
2
EXHIBIT AA
Proprietary
- -
1,073,412
532,904
- -
Fund Types
Fiduciary Fund Types
Account Groins
- -
Totals
Internal
309,279
General General
{Memorazidum Only)
Service
Aaencv
Fixed Assets Lona-Terrn Debt
1996
1995
249,881
2,384,171
- -
24,272,820
16,819,195
-
-
- -
14,965,859
2,482,937
-
-
- -
417,889
422,955
-
-
- -
296,638
49,277
2,705
48,558
- -
269,709
-
-
-
- -
95,445
67,120
-
-
- -
10,505
407,918
-
-
- -
202,731
291,125
-
-
- -
7,204,890
6,560,860
-
-
- -
2,073
2,075
-
-
27,507,953 -
27,507,953
21,773,429
361,340
- - 3,738,204 3,738,204 3,140,260
- - 98,489,069 98,489,069 77,857,208
252,586 2,432,729 27,507,,953 102,227,273 177 473,785 130,235,699
- -
- -
1,073,412
532,904
- -
- -
534,487
842,974
- -
- 298,818
298,818
309,279
- 282,132
- -
513,278
423,063
- 546,683
- -
546,683
279,966
- -
- -
510,756
-
- -
- -
107,364
-
- -
- -
10,505
407,918
- 1,603,914
- -
1,603,914
1,346,616
- -
- 6,653,852
7,204,890
6,560,860
- -
- 24,999,603
24,999,603
25,749,232
- -
- 39,620,000
39,620,000
40,530,000
-
- 8,200,000
8,200,000
8,360,000
- -
- 22,455,000
22,455,000
-
- 2,432,729
- 102,227,273
107,678,714
85,342,812
- -
27,507,953 -
27,507,953
21,773,429
252,586 -
- -
252,586
-
10,526,276 10,075,237
31.50 8.26 0 13.044.221
252,586
- 27,507,953
-
69,795,075
44,892,887
252,586
2,432,729 27,507,953
102,227,273
177,473,785
130,235,699
3
(This page intentionally left blank)
See accompanying notes to the financial statements.
E
EXHIBIT BB
CITY OF LA QUINTA
Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All
Governmental Fund Types
Year ended June
30, 1996
Totals
Special
Debt
Capital
Memorandum Only)
General
Revenue
Service
Proiects
1996
1995
Revenues:
Taxes
$5,393,456
2,952,336
11,809,354
-
20,155,146
19,098,566
Licenses and permits
998,030
-
-
-
998,030
902,914
Charges for services
610,873
-
-
-
610,873
551,727
Developer fees
-
3,190
-
1,735,233
1,738,423
1,478,620
Intergovernmental
815,980
344,235
1,162
283,010
1,444,387
1,658,426
Interest
905,420
757,006
159,602
365,531
2,187,559
1,386,039
Special assessments
-
991,123
-
-
991,123
823,950
Rental income
-
328,059
571,339
-
899,398
699,478
Sale of land
-
1,314,582
-
-
1,314,582
-
Litigation settlement proceeds
12,386
-
-
9,152
21,538
830,990
Miscellaneous
230,705
242,986
-
473,691
162,386
Total revenues
8,966,850
6,933,517
12,541,457
2,392,926
30,834,750
27,593,096
Expenditures:
Current:
General government
1,793,301
-
-
-
1,793,301
1,565,265
Public safety
3,227,438
-
-
_
3,227,438
3,143,697
Community services
413,142
-
-
-
413,142
199,115
Planning and development
453,656
5,454,978
213,993
1,366,745
7,489,372
6,575,945
Public works
813,352
987,313
-
-
1,800,665
1,744,826
Capital outlay
201,475
3,886,267
-
2,753,477
6,841,219
3,222,973
Debt service:
Principal
-
-
1,070,000
-
1,070,000
1,245,491
Interest
-
4,611
4,502,078
9,600
4,516,289
3,451,343
Payment of advances
-
-
-
-
-
894,295
Payments under pass-through
obligations
-
-
6,797,944
-
6,797,944
6,954,152
Mandated education contribution
-
551,170
Total expenditures
6,902,364
10,333,169
12,584,015
4,129,822
33,949,370
29,548,272
Excess (deficiency) of
revenues over (under)
expenditures
2 064,486
(3,399,652]
(42,558
(1,736,896
(3,114,620
(1,955,1761
Other financing sources (uses):
Operating transfers in
246,706
1,853,715
1,287,060
5,643,858
9,031,339
6,192,273
Operating transfers out
(274,106)
(6,429,392)
(1,251,453)
(1,326,388)
(9,281,339)
(6,192,273)
Proceeds of bonds (net of
discount and issue costs)
-
21,674,803
-
-
21,674,803
-
Proceeds of advances from City
-
604,895
-
604,895
2,621,457
Total other financing
sources (uses)
(27,400]
17,099,126
640,502
4,317,470
22,029 698
2,621,457
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses
2,037,086
13,699,474
597,944
2,580,574
18,915,078
666,281
Fund balances at beginning of year
10,328,989 28,989
3,948389
3,140,260
5,701,820
23,119,458
22,453,177
Fund balances at end of year $12,366,075
17,647,863
3,738,204
8.282,394
42,034,536
23,119x458
See accompanying notes to the financial statements.
E
CITY OF LA QUINTA
Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual -
All Governmental Fund Types
Year ended June 30, 1996
General Fund
Total expenditures 7,473 829 6,902,364
Excess (deficiency) of revenues over expenditures (15,279) 2,064,486
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of bonds (net of issuance costs)
Proceeds of advances from City
Total other financing sources (uses)
246,706 246,706
(302,090) (274,106)
(55,3841 (27,4001
Excess (deficiency) of revenues and other
financing sources over (under) expenditures
and other financing uses (70,663) 2,037,086
Fund balances at beginning of year 10,328,989 10,328,989
Fund balances at end of year 51.0,258,326 12,366,075
See accompanying notes to the financial statements.
6
Variance -
Favorable
(,Unfavorable)
625,756
207,430
172,373
28,230
254,420
12,386
207.705
1,508,300
145,652
304,719
10,058
194,084
(166,335)
83,287
571,465
2,079,765
27,984
27,984
2,107,749
2,107,749
Budget
Actual
Revenues:
Taxes
$ 4,767,700
5,393,456
Licenses and permits
790,600
998,030
Charges for services
438,500
610,873
Developer fees
-
-
Intergovernmental
787,750
815,980
Interest
651,000
905,420
Special assessments
-
-
Rental income
-
-
Sale of land
-
-
Litigation settlement proceeds
-
12,386
Miscellaneous
23,000
230,705
Total revenues
7,458,550
8,966,850
Expenditures:
Current:
General government
1,938,953
1,793,301
Public safety
3,532,157
3,227,438
Community services
423,200
413,142
Planning and development
647,740
453,656
Public works
647,017
813,352
Capital outlay
284,762
201,475
Debt service:
Principal
-
-
Interest
-
-
Payments under pass-through obligations
-
-
Total expenditures 7,473 829 6,902,364
Excess (deficiency) of revenues over expenditures (15,279) 2,064,486
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of bonds (net of issuance costs)
Proceeds of advances from City
Total other financing sources (uses)
246,706 246,706
(302,090) (274,106)
(55,3841 (27,4001
Excess (deficiency) of revenues and other
financing sources over (under) expenditures
and other financing uses (70,663) 2,037,086
Fund balances at beginning of year 10,328,989 10,328,989
Fund balances at end of year 51.0,258,326 12,366,075
See accompanying notes to the financial statements.
6
Variance -
Favorable
(,Unfavorable)
625,756
207,430
172,373
28,230
254,420
12,386
207.705
1,508,300
145,652
304,719
10,058
194,084
(166,335)
83,287
571,465
2,079,765
27,984
27,984
2,107,749
2,107,749
EXHIBIT CC
Special Revenue Funds Debt Service Funds Capital Proiects Funds
Variance- Variance- Variance -
Favorable Favorable Favorable
13udp,et Actual (Unfavorable) Budd Actual (Unfavorabl, Budget Actual (Unfavorable)
2,811,600 2,952,336 140,736 11,246,250 11,809,354 563,104 - -
51,400 3,190 (48,210) - - - 1,443,855 1,735,233 291,378
697,840 344,235 (353,605) 6,500 1,162 (5,338) 855,586 283,010 (572,576)
145,200 757,006 611,806 186,200 159,602 (26,598) 27,500 365,531 338,031
1,011,400 991,123 (20,277) - - - - -
426,000 328,059 (97,941) 696,400 571,339 (125,061) - - -
1,850,000 1,314,582 (535,418) - - - - - -
- - - - - - - 9,152 9,152
187,300 242,986 55,686 - - - - -
7,180,740 6,933,517 247223 12,135,350 12,541,457 40�6,107 2,326,941 2,392,926 65,985
7,058,513 5,454,978 1,603,535 294,800 213,993 80,807 3,110,037 1,366,745 1,743,292
1,329,122 987,313 341,809 - - - - - -
3,970,000 3,886,267 83,733 - - - 7,783,129 2,753,477 5,029,652
- - - 1,070,000 I,070,000 - - - -
4,611 (4,611) 4,727,912 4,502,078 225,834 - 9,600 (9,600)
- - - 6,964,028 6,797,944 166,084
12,357,635 10,333,169 2,024,466 4,466 13,056,740 12,584,015 472,725 10,893,166 4,12.9,822 6,763,344
(LL76895) 89S (3,399,652) 1,777,243 1921.390) (42,558) 878.832 (8,566,225) 1736 896 6,829,329
- 1,853,715 1,853,715 1,400,219 1,287,060 (113,159) 10,345,015 5,643,858 (4,701,157)
(7,383,200) (6,429,392) 953,808 (850,245) (1,251,453) (401,208) (3,489,621) (1,326,388) 2,163,233
25,504,535 21,674,803 (3,829,732) - - - - - -
604,895 604,895 - - -
18,121,335
17,099,126 (1,022,209
1,154,869
640,502
(514,367 6,855,394
4,317,470 (2,537,924
12,944,440
13,699,474 755,034
233,479
597,944
364,465 (1,710,831)
2,580,574 4,291,405
3.948,389
3,948,389
_3,140.260
3,140,260
- 5,7013820
5,701.820 -
1U92,829
17,647,863 755,034
3,373.739
3,,738 .204
364,465 3,990,989
8,282,394 4,29I405
7
EXHIBIT DD
CITY OF LA QUINTA
Combined Statement of Revenues, Expenses and Changes in Retained Earnings -
All Proprietary Fund Types
Year ended June 30, 1996
Totals
(,Memorandum Only)
Internal Service 1996 1995
Non-operating revenues (expenses):
Interest revenue
2,586
2,586 -
Total non-operating revenues (expenses)
2,586
2,586
Net income before operating transfers
2,586
2,586 -
Operating transfers:
Operating transfers in
250,000
250,000 -
Total operating transfers
250,000
250,000
Net income (loss)
252,586
252,586 -
Retained earnings at beginning of year
-
- -
Retained earnings at end of year
$252,586
252,586 -
See accompanying notes to the financial statements.
8
EXHIBIT EE
CITY OF LA QUINTA
Combined Statement of Cash Flows - All Proprietary Fund Types
June 30, 1996
Totals
(Memorandum Only)
Internal Service 1996 1995
Cash flows from non -capital financing activities:
Cash received from other funds IL4,9881 249,881 -
Net cash provided by (used for) non -
capital financing activities 249,881 249,881 -
Net increase (decrease) in cash and
cash equivalents 249,881 249,881 -
Cash and cash equivalents at beginning of year - - -
Cash and cash equivalents at end of year $249,881 249,881
Non-cash Investing, CapAgLgnd Financing Activities
For the year ended June 30, 1996, there were no non-cash financial transactions that affected the
financial position of the proprietary funds.
See accompanying notes to the financial statements.
E
CITY OF LA QUINTA
Notes to the Financial Statements
June 30, 1996
(1) _ Summary of Significant Accounting Policies
(a) Reporting Entity
The City of La Quinta was incorporated May 1, 1982 under the general laws of
the State of California. 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 as applicable to governments. As required by general accepted
accounting principles, these financial statements present the government and its
component units, entities for which the government 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 government's operations and so data from these units are reported with
the interf ind data of the primary government. The following organizations are
considered to be component units of the City:
La Quinta Redevelopment AjZency
The La Quinta Redevelopment Agency has established two redevelopment project
areas pursuant to the State of California Health & Safety Code Section 33000
entitled "Community Redevelopment Law". On November 29, 1983 and May 16,
1989, the City Council approved and adopted the Redevelopment Plans for the La
Quinta Redevelopment Project Areas No. 1 and No. 2, respectively. These plans
provide for the elimination of blight and deterioration which was found to exist in
the project areas. Even though it 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
Agency. Upon completion, separate financial statements of the Agency can be
obtained at City Hall.
10
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summ= of Significant Accounting Policies,_(Continued)
Citv of La Quinta Public Financina Authorit
The La Quinta Public Financing Authority (Authority) was established pursuant
to a Joint Exercise of Powers Agreement dated November 19, 1991, between the
City of La Quinta and the La Quinta Redevelopment Agency. The purpose of the
Authority is to provide, through the issuance of debt, financing necessary for the
construction of various public improvements. Although it 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 Authority. Upon completion, separate financial statements
of the Authority can be obtained at City Hall.
(b) Fond Accountin
The basic accounting and reporting entity is a "fund." A fund is defined as an
independent fiscal and accounting entity with a sell -balancing set of accounts,
recording resources, related liabilities, obligations, reserves and equities
segregated for the purpose of carrying out specific activities or attaining certain
objectives in accordance with special regulations, restrictions or limitations.
The accounting records of the City are organized on the basis of funds and
account groups classified for reporting purposes as follows:
GOVERNMENTAL FUNDS
General Fund
The primary fund of the City used to account for all revenue and expenditures of
the City not legally restricted as to use. A broad range of municipal activities are
provided through this fund including City Manager, City Attorney, Finance,
Administrative Services, Community Development, Police Services, Public
Works, Building and Safety, and Parks and Recreation.
Special Revenue Funds
The Special Revenue Funds are used to account for proceeds of specific revenue
sources that are restricted by law or administrative action for specific purposes.
Debt Service Fund
The Debt Service Funds are used to account for resources set aside for repayment
of general long-term debt.
11
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
X13 Summary of Significant Accounting Policies, (Continued)
Capital Project Funds
Capital Project Funds are used to account for financial resources to be used for the
acquisition or construction of major capital facilities.
PROPRIETARY FUNDS
Internal Service Fund
The Internal Service Fund is used to finance and 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 Equipment Replacement Fund is the only internal service fund in the City. It
is used to account for the ultimate replacement of City owned and operated
vehicles and equipment.
FIDUCIARY FUNDS
Agency Funds
The Agency Funds are used to account for assets held by the City in an agency
capacity for individuals, private businesses and other governmental agencies.
ACCOUNT GROUPS
General Fixed Assets Account Grou
The General Fixed Assets Account Group is used to account for the costs of fixed
assets acquired to perform general government functions.
Assets purchased are recorded as expenditures in the governmental funds and
capitalized at cost in the general fixed assets account group. Fixed asset records
include estimates of original historical cost as determined by knowledgeable
individuals in the City. Contributed fixed assets are recorded in general fixed
assets at fair market value when received. Fixed assets acquired under a capital
lease are recorded at the net present value of future lease payments.
12
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
1) Summary of Significant Accounting Policies. (Continued
Fixed assets consisting of certain improvements other than buildings, including
roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and
lighting systems, have not been capitalized. Such assets normally are immovable
and of value only to the City. Therefore, the purpose of stewardship for capital
expenditures is satisfied without recording these assets.
No depreciation has been provided on general fixed assets.
General Low, -Term Debt Account. Group
The General Long -Term Debt Account Group is used to account for all long-term
debt of the City.
(c) Measurement Focus and Basis of Accounting
Governmental (general, special revenue, debt service and capital projects) fund
types are accounted for on a "spending" measurement focus. Accordingly, only
current assets and current liabilities are included on their balance sheets. The
reported fund balance provides an indication of available, spendable resources.
Operating statements for governmental fund types report increases (revenues) and
decreases (expenditures) in available spendable resources.
Agency funds are custodial in nature (assets equal liabilities) and do not involve
measurement of results of operations.
The modified accrual basis of accounting is followed by the governmental and
agency funds. Under the modified accrual basis of accounting, revenues are
susceptible to accrual when they become both measurable and available.
Available means collectible within the current period or soon enough thereafter to
be used to pay liabilities of the current period. Expenditures, other than interest
on long-term debt, are recorded when a current liability is incurred. Liabilities are
considered current when they are normally expected to be liquidated with
expendable available financial resources.
Taxes, subventions, and entitlements held at year-end by an intermediary
collecting government are recognized as revenue under the modified accrual basis
of accounting. Reimbursement grant revenues are recognized when the related
expenditures are incurred. Revenues from interest and rents are recorded when
earned.
13
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Sununary of Significant Accounting Policies, (Cnntin«ed)
Material delinquent and total uncollected current year property taxes (net of
estimated uncollectibles) are recorded as current year receivables. Property taxes
(net of estimated uncollectibles) that are levied and measureable in the current
year, but not available to finance current period expenditures, are recorded as a
receivable and as deferred revenues. The deferred revenues are recognized as
revenue in the fiscal year in which they become available.
Licenses, permits, fines, forfeitures, charges for services, and miscellaneous
revenues are recorded as governmental fund revenues when received in cash
because they are generally not measurable until actually received.
The proprietary (internal service) fund types are accounted for on an "income
determination" or "cost of services" measurement focus. Accordingly, all assets
and liabilities are included on the balance sheet, and the reported fund equity
provides an indication of the economic net worth of the fund. Operating
statements for proprietary fund types report increases (revenues) and decreases
(expenses) in total economic net worth.
The accrual basis of accounting is utilized by the proprietary funds. Revenues are
recognized when they are earned and expenses are recorded when the related
liability is incurred. Unbilled service receivables, if material, have been recorded
in the financial statements as an accrued revenue.
(d) Budgetary Dais
The City adopts an annual budget prepared on the modified accrual basis of
accounting for all governmental funds except for the South Coast Air Quality,
Financing Authority, Assessment District 91-1, and Assessment District 92-1
Funds and on the accrual basis of account for the proprietary funds. The City
Manager or his designee is authorized to transfer budgeted amounts between the
accounts of any department. Revisions that alter the total appropriations of any
department or fund 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.
Reserves for encumbrances are not recorded by the City of La Quinta.
(e) Interfund Transfers
Nonrecurring transfers of equity between funds are reported as an adjustment to
beginning fund balance. Operating transfers are reported as other sources and
uses of funds in the statement of revenues, expenditures, and changes in fund
balances.
14
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1} Summary of Significant Accounting Policies. (Continued)
(f) Advances to Other Funds
Long-term interfund advances are recorded as a receivable and in the long-term
debt account group.
(g) Investments
Investments are valued at cost. An estimated loss is accrued for an impairment of
investment market value when it is probable that the loss will become realized and
the amount of loss can be reasonably estimated. In management's opinion, it is
not probable that the temporary declines in the market value of the City's
investments will become realized because it is management's intention to hold the
investments to maturity or until the market value of the investments equals or
exceeds their cost. Therefore, temporary market value declines are not reflected
in the accompanying financial statements. Any losses resulting from a permanent
decline in investment market values are recorded as a reduction of interest
income.
(h) Due from Other Governments
The amounts recorded as a receivable due from other governments include sales
taxes, property taxes, and grant revenues, collected or provided by Federal, State,
County and City Governments and unremitted to the City as of June 30, 1996.
The County of Riverside assesses, bills, and collects property taxes for the City.
(i) Land Feld for Resale
Land held for resale represents property acquired by the Agency for resale. The
property is recorded at original cost. No write-down for a lower market value has
been reflected in the accompanying financial statements.
0) Employee Leave Benefits
Sick time is vested on a percentage based on number of years employed at the
City. Maximum accumulation of sick and vacation is 30 days per type of leave.
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% of the value of his unused sick leave. The percentage
increases by 25% for each five year period until the employee is entitled to 75%
of the value of his unused sick leave. This will occur upon the completion of ten
years of continuous employment.
15
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1,) Summary of Significant Accounting Policies, (,Continued)
(k) Claims and Judgments
The City records a liability for material litigation, judgments, and claims
(including incurred but not reported losses) when it is probable that an asset has
been impaired or a material liability has been incurred prior to year end and the
probable amount of loss (net of any insurance coverage or available funds on
deposit) can be reasonably estimated.
(1) Postemplovment Benefits
The City does not provide postemployment benefits (other than pension benefits)
for its employees.
(m) Capital Projects
Capital projects expenditures include public domain or infrastructure projects
which are not capitalized as additions to general fixed assets.
(n) Cash Equivalents for Statement of Cash Flows
For purpose 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
change in value because of changes in interest rates. Investments purchased
within three months of original maturity are considered to be cash equivalents.
Cash and cash equivalents in the accompanying statements include the proprietary
funds' share of the cash and investment pool of the City of La Quinta.
(o) Applicability of FASB Pronouncements to Proprietary Funds
The City applies all applicable GASB pronouncements in accounting and
reporting for its proprietary operations as well as the following pronouncements
issued on or before November 30, 1989, unless these pronouncements conflict
with or contradict GASB pronouncements: Financial Accounting Standards
Board (FASB) Statements and Interpretations, Accounting Principles Board
(APB) Opinions, and Accounting Research Bulletins (ARBs) of the Committee
on Accounting Procedures.
(p) Memorandum Only Totals
Columns in the accompanying financial statements captioned "Totals
(Memorandum Only)" are not necessary for a fair presentation of the financial
statements in accordance with generally accepted accounting principles, but are
presented as additional analytical data. Interfund balances and transactions have
not been eliminated and the columns do not present consolidated financial
information.
16
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
2) Cash and Investments
Cash and investments held by the City at June 30, 1996 consisted of the following:
Demand deposits $ (175,410)
State of California Local Agency Investment Fund 14,034,148
United States Treasury Bills 9,867,399
Deferred compensation mutual funds 546,683.
Total cash and investments held by the City $24.272,820
Cash and investments held by fiscal agent at June 30, 1996 consisted of the following:
United States Treasury Bills $ 8,497,795
Mutual Funds - First American Treasury Obligation Fund 713,606
Mutual Funds - Pacific Horizons Treasury Fund 730
Mutual Funds - Pacifica Treasury Money Market Fund 5,753,728
Total cash and investments held by fiscal agent $ 14,965,859
The City and its component units are generally authorized under state statutes and local
resolutions to invest in the following types of investments:
Investment Tune Maximum %
Savings/operating accounts 85%
Certificates of deposit 60%
U.S. government and agency securities 75%
Government Pool 50%
Money market and short intermediate term bond funds 60%
Deferred compensation investments held in a fiduciary capacity for City employees
include investments legally authorized for the City as well as investments in mutual
Rinds.
Under the California Government Code, a financial institution is required to secure
deposits made by state or local governmental units by pledging securities held in the form
of an undivided collateral pool. The market value of the pledged securities in the
collateral pool must equal at least 110% of the total amount deposited by the public
agencies. California Iaw also allows financial institutions to secure City deposits by
pledging first trust deed mortgage notes having a value of 150% of the secured public
deposits.
17
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
2 Cash and Investments Continued
Deposits of cities and other state or local governments are classified in three categories to
give an indication of the level of credit risk assumed by the City, as follows:
Category 1 - includes deposits that are insured or collateralized with securities held by the
City or its agent in the City's name.
Category 2 - includes deposits collateralized with securities held by the pledging financial
institution's trust department or agent in the City's name. Category 2 also includes
deposits collateralized by an interest in an undivided collateral pool held by an authorized
Agent or Depository and subject to certain regulatory requirements under State law.
Category 3 - includes deposits collateralized with securities held by the pledging financial
institution, or by its trust department or agent but not in the City's name. Category 3 also
includes any uncollateralized deposits.
Form of Deposit
Deposits held by the City:
Demand deposits
Category
1 2 3
$250,506 686,575
Bank Book
Balance Balance
937,081 (17�)
Investments of cities in securities are classified in three categories to give an indication of
the level of custodial risk assumed by the entity.
Category 1 - includes investments that are insured or registered or for which the securities
are held by the City or the City's custodial agent (which must be a different institution
other than the party through which the City purchased the securities) in the City's name.
Investments held "in the City's name" include securities held in a separate custodial or
fiduciary account and identified as owned by the City in the custodian's internal
accounting records.
Category 2 - includes uninsured and unregistered investments for which the securities are
held in the City's name by the dealer's agent (or by the trust department of the dealer if
the dealer was a financial institution and another department of the institution purchased
the securities for the City).
Category 3 - includes uninsured and unregistered investments for which the securities are
held by the dealer's trust department or agent, but not in the City's name. Category 3 also
includes all securities held by the broker-dealer agent of the City (the party that purchased
the securities for the City) regardless of whether or not the securities are being held in the
City's name.
18
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
Cate�ory
1 2 3
Investments held by the City:
U.S. Treasury Bills $ 9,867,399
Investments held by fiscal agent:
U.S. Treasury Bills 8,497,795
$18365,194
Investments held by the City not subject to categorization:
Investment in State of California Local
Agency Investment Fund
Investment in deferred compensation mutual funds
Market
Carrying Contract/
Amount Value
9,867,399 9,905,599
8,497,795 8,450,126
18,365,194 18,355,725
14,034,148 14,139,689
546,683 546,683
Investments held by fiscal agent not subject to categorization:
Investments in mutual funds:
First American Treasury Obligation Fund 713,606 713,606
Pacific Horizons Treasury Fund 730 730
Pacifica Treasury Money Market Fund _5,753,728 5,753,728
$39,414089 39,510,161
The management of the State of California Pooled Money Investment Account (generally
referred to as "LAIF") has indicated to the City that as of June 30, 1996 the carrying
amount (at amortized cost) of the pool was $26,781,148,920 and the estimated market
value of the pool (including accrued interest) was $26,982,550,842. The City's
proportionate share of the pool's market value (as determined by LAIF) as of June 30,
1996 was $14,139,689. Included in LAIF's investment portfolio are collateralized
mortgage obligations, mortgage-backed securities, other asset-backed securities, loans to
certain state funds, and floating rate securities issued by federal agencies, government-
sponsored enterprises, and corporations.
19
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(3) ProneM Taxes
Under California law, property taxes are assessed and collected by the counties up to 1%
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 which are
received from the County within sixty days after year end.
Lien date March 1
Levy date June 30
Due dates November 1 and February 1
Collection dates December 10 and April 10
The La Quinta Redevelopment Agency's primary sources of revenue comes from
property taxes. Property taxes allocated to the Agency are computed in the following
manner:
(a) The assessed valuation of all property within the project area is determined on the
date of adoption of the Redevelopment Plan.
(b) Property taxes related to the incremental increase in assessed values after the
adoption of the Redevelopment Plan are allocated to the Agency; all taxes on the
"frozen" assessed valuation of the property are allocated to the City and other
districts.
The Agency has no power to levy and collect taxes and any legislative property tax shift
might reduce the amount of tax revenues that would otherwise be available to pay the
principal of, and interest on, debt. Broadened property tax exemptions could have a
similar effect. Conversely, any increase in the tax rate or assessed valuation, or any
reduction or elimination of present exemptions would increase the amount of tax
revenues that would be available to pay principal and interest on debt.
20
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(4) Fixed Assets
A summary of changes in general fixed assets for the year ended June 30, 1996 are as
follows:
Total $21.7773 429 8,435.970 2,958,750 257,304 27,507,953
* These adjustments reconcile General Fixed Assets to a physical inventory performed
as of June 30, 1995 by a fixed asset appraisal firm.
(5) General Loner -Term Debt
Long
-Term
in general long-term debt for the year ended June 30, 1996 were as follows:
Balance at Balance at
July 1, 1995 Additions Deletions June 30, 1996
City:
Compensated absences payable
Balance at
-
10,461
Balance at
RDA Project Area No. 1:
Enie 30, 1995
Additions
Retirements Adjustments*
.lune 30. 1996
Land
$ 8,041,393
8,286,267
2,958,750 -
13,368,910
Equipment and furniture
696,060
73,743
- 288,769
1,058,572
Vehicles
378,783
59,292
- 37,307
475,382
Leasehold improvements
201,070
-
W -
201,070
Buildings
12,456,123
1.6,668
(68,772
12,404,019
Total $21.7773 429 8,435.970 2,958,750 257,304 27,507,953
* These adjustments reconcile General Fixed Assets to a physical inventory performed
as of June 30, 1995 by a fixed asset appraisal firm.
(5) General Loner -Term Debt
Long
-Term
in general long-term debt for the year ended June 30, 1996 were as follows:
Balance at Balance at
July 1, 1995 Additions Deletions June 30, 1996
City:
Compensated absences payable
$ 309,279
-
10,461
298,818
RDA Project Area No. 1:
Tax allocation bonds
34,800,000
-
805,000
33,995,000
Housing tax allocation bonds
-
17,721,486
-
17,721,486
Pass-through agreements payable:
Due to County of Riverside
10,517,138
-
-
10,517,138
Desert Sands Unified School District
1,904,660
-
628,000
1,276,660
Coachella Valley Unified School District
12,271,885
-
474,517
11,797,368
Advances from other funds*
2,340,443
234,044
-
2,574,487
RDA Project Area No. 2:
Tax allocation bonds
5,730,000
-
105,000
5,625,000
Housing tax allocation bonds
-
4,733,514
-
4,733,514
Due to County of Riverside
1,055,549
352,888
-
1,408,437
Advances from other funds*
3,708,514
370,851
-
4,079,365
Financing Authority:
Revenue bonds_
8,360,000
160,000
8,200,000
Total
$80,997,468
23,412,783
2,182,97.8
102,227,273
* Advances from other funds are monies owed
by the La
Quinta Redevelopment
Agency to the City of La Quinta, which also include interest accrued on the
advances.
21
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
6 Tax Allocation Bonds
As of June 30, 1996, the following issuances of Tax Allocation Bonds were outstanding:
Series 1991
La Quinta Redevelopment Project Tax Allocation Bonds, Series 1991, were issued by the
Agency, October 1, 1991, in the amount of $8,700,000 for Project Area No. 1. Interest is
payable semi-annually, on March 1, and September 1 of each year commencing
March 1, 1992. Interest rates are 6.375% per annum.
Term Bonds maturing on September 1, 2014 are subject to mandatory sinking fund
redemption, in whole or in part, on September 1, 2010 and on each September 1,
thereafter, through September 1, 2014, at a prepayment price equal to 100% of the
principal amount plus accrued interest.
A surety agreement has been purchased to satisfy the bond reserve requirement. The
amount of principal outstanding on the 1991 Tax Allocation Bonds payable at June 30,
1996 was $7,925,000.
Series 1992
La Quinta Redevelopment Project Tax Allocation Bonds, Series 1992, were issued by the
Agency, December 1, 1992, in the amount of $5,845,000 for Project Area No. 2. Interest
is payable semi-annually on June 1 and December 1 of each year, commencing June 1,
1993. The interest on and principal of the bonds are payable solely from pledged tax
increment revenues. Interest payments range from 5% to 6.9% per annum.
The bonds maturing on or after December 1, 1996 are subject to mandatory redemption in
part without premium on June 1, 1996.
Under the terms of the bond, the maximum annual debt service amount of $510,065
excluding the principal amount of the proceeds of the bonds held in the escrow fund, is to
be set aside in reserve funds unless the Agency elects to maintain the reserve requirement
by obtaining a letter of credit for the account. As of June 30, 1996, the amounts
deposited in the reserve and escrow funds were $391,279 and $2,457, respectively. The
principal balance of outstanding bonds at June 30, 1996 was $5,625,000.
Series 1994
Tax allocation refunding bonds, Series 1994, in the amount of $26,665,000 were issued
by the Agency to refund the outstanding aggregate principal amount of the Agency's Tax
Allocation Bonds, Series 1989 and 1990. The remaining proceeds were used to finance
certain capital improvements within the La Quinta Redevelopment Project Area No. 1.
22
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
,(6) Tax Allocation Bonds, (Continued)
Interest rates on the bonds ranges from 3.80% to 8% and are payable semi-annually on
March 1 and September 1 of each year until maturity. The interest on and principal of the
bonds are payable solely from pledged tax increment revenues. The bonds are not subject
to redemption prior to maturity. A portion of the proceeds was used to obtain a surety
agreement to satisfy the bond reserve requirement. The principal balance of outstanding
bonds at June 30, 1996 is $26,070,000.
A portion of the bond proceeds, in the amount of $27,922,526, were deposited in an
irrevocable trust with an escrow agent to provide for all future debt service payments on
the 1989 and 1990 Tax Allocation Bonds. As a result, the bonds are considered to be
defeased and the liability for those bonds has been removed from the general long-term
debt account group. As of June 30, 1996, $6,705,000 and $17,010,000 of the 1989 and
1990 defeased bonds are outstanding, respectively.
(7) 1995 Housing Tax Allocation Bonds
La Quinta Redevelopment Project Areas No. 1 and 2 1995 Housing Tax Allocation
Bonds were issued by the Agency July 1, 1995, in the amount of $22,455,000 to
increase, improve and/or preserve the supply of low and moderate income housing in
the City.
Interest is payable semi-annually on March 1 and September 1 of each year
commencing March 1, 1996. Interest payments range from 4% to 6% per annum.
Term Bonds maturing on September 1, 2025 are subject to mandatory sinking fund
redemption, in part by lot, on September 1, 2011 and on each September 1 thereafter,
through September 1, 2025, at a price equal to the principal amount plus accrued
interest.
A portion of the proceeds was used to obtain a surety agreement to satisfy the bond
reserve requirement. The principal balance of outstanding bonds at June 30, 1996 is
$22,455,000.
23
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(8) 1991 Local Agency -Revenue _ Bonds, Series 1991
La Quinta Financing Authority Local Agency Revenue Bonds, Series 1991, were issued
on December 1, 1991 by the Financing Authority in the amount of $8,515,000 to finance
construction of the new Civic Center. Interest is payable semi-annually on October 1 and
April 1 of each year commencing April 1, 1992. Interest payments range from 5.25% to
6.2% per annum. The bonds maturing on or before October 1, 2000 are not subject to
optional redemption prior to maturity; however, bonds maturing on or after October 1,
2001 are subject to optional redemption, as a whole or in part, on any interest payment
date on or after October 1, 2000, at a redemption price equal to the principal amount, plus
accrued interest, plus a premium of .5% to 2%. Term bonds maturing on October 1, are
subject to mandatory sinking fund redemption in part or in whole, on October 1, 2004 and
on each October 1, thereafter, through October 1, 2018, at a prepayment equal to 100% of
the principal amount plus accrued interest. Under the term of the issue, $704,718, is to be
set aside in a reserve account. A total of $713,137 was set aside as of June 30, 1996. The
principal balance of outstanding bonds at June 30, 1996 was $8,200,000.
(9) Due to County of Riverside
Proiect Area No. I
Based on an agreement amended December 21, 1993 between the Agency, the City of La
Quinta, and the County of Riverside (County), the Agency will pay to the County
$10,517,138 from tax increment revenue relating to Project Area No. 1. This agreement
is in consideration of the tax revenues lost by the County as a result of the formation of
Project Area No. 1. The tax increment is to be paid to the County over a payment
schedule through June 30, 2006 in annual amounts ranging from $386,764 to $2,190,473.
Unpaid balances accrue interest at 5.5% per annum. The balance at June 30, 1996 was
$10,517,138.
Project Area No. 2
Based on an agreement dated July 5, 1989 between the Agency and the County, until the
tax increment reaches $5,000,000 annually in Project Area No. 2, the Agency will pay to
the County 50% of the County portion of tax increment. At the County's option, the
County's pass-through portion can be retained by the Agency to finance new County
facilities or land costs that benefit the County and serve the La Quinta population. Per
the agreement, the Agency must repay all amounts withheld from the County. The
Agency is required to begin repayment in the year in which tax increment reaches
$5,000,000 in ten equal annual installments. Interest does not accrue on this obligation.
The balance at June 30, 1996 was $1,408,437.
24
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(10) Notes Payable to Desert Sands Unified School District
Based on an agreement dated June 21, 1988 between the Agency, the City of La Quinta
and the Desert Sands Unified School District (District), the Agency identified all tax
increment revenue associated with the District for Project Area No. 1. The tax increment
is paid to the District over a payment schedule through July 1, 1998 in amounts ranging
from $21,505 to $663,825 for a total amount of $4,132,020. Alternatively, such tax
increment revenues plus interest accrued required by this agreement may be retained by
the Agency to pay on behalf of the District principal and interest on loans, construction
projects or money advanced to finance a sports complex and related amenities as
specified by the District. Tax increment payments outstanding at June 30, 1996 totaled
$1,276,660.
(11) Notes Payable to Coachella Valla Unified School District
An agreement was entered into in 1991 between the Agency, the City of La Quinta and
the Coachella Valley Unified School District (District) which provides for the payment to
the District of a portion of tax increment revenue associated with properties within
District confines. Such payments are subordinate to other indebtedness of the Agency
incurred in futherance of the Redevelopment Plan for Project Area No. 1. This tax
increment is paid to the District over a payment schedule through August 1, 2012, in
amounts ranging from $474,517 to $834,076, for a total amount of $15,284,042. Tax
increment payments outstanding at June 30, 1996 totaled $11,797,368. The District
agrees to use such funds to provide classroom and other construction costs, site
acquisition, school busses or expansion or rehabilitation of current facilities.
(12) Advances To and From Other Funds
The following represents a summary of the various transactions between the City of La
Quinta and the La Quinta Redevelopment Agency, accounted for as advances from the
City:
Balances at
Balances at
July 1, 1995 Proceeds Repayments
June 30 1996
Agency expenditures
incurred by the City:
Project Area No. 1 $2,340,443 234;044 -
2,574,487
Project Area No. 2 3,708,514 370,851 -
4,079,365
Total $6,048,957 604?895 -
6.653,852
There is no stipulated repayment date established for the City advances.
Interest is paid
at 10% per year.
In addition, the Agency elected to borrow $511,903, and $39,135 from Project Area No.
1 and Project Area No. 2, respectively, from the Low Income Housing Funds to make the
ERAF payment in fiscal year ended June 30, 1994. The Redevelopment Agency Project
Area No. 1 and Project Area No. 2 Debt Service Funds will repay the Low Income
Housing Special Revenue Funds. The Agency has ten years to repay this loan and has
elected to make repayment in the tenth year (2003-04).
25
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(13) Debt Service Requirements to Matur�y_
The minimum annual requirements (including sinking fund requirements) to amortize the
long-term debt of the City as of June 30, 1996 are as follows (advances payable to the City
and the pass-through obligation owed by Project Area No. 2 to the County have been
excluded since minimum annual debt service payments have not been established):
RDA
Pass-through Agreements
PA No. 1
Redevelopment Agency
RDA
Financing
Project Area No. 1
and No. 2
Project Area No. I
PA No. 2
Authority
Desert
Coachella
1995 Housing
Tax
Tax
Tax
Revenue
Sands
Valley
Year
Tax
Allocation
Allocation
Allocation
Bonds
Unified
Unified
County
Ending
Allocation
Series
Series
Series
Series
School
School
of
June 30
Bonds
1991
1994
1992
1991
District
District
Riverside
Total
1996-97
$ 1,286,215
723,810
2,629,851
503,607
697,570
707,650
526,560
386,764
7,462,027
1997-98
1,594,915
723,988
2,632,040
502,127
697,987
569,010
580,683
773,528
8,074,278
1998-99
1,591,790
723,210
2,625,330
510,065
697,623
-
621,976
773,528
7,543,522
1999-00
1,592,570
721,475
2,624,696
501,805
696,407
649,927
773,528
7,560,408
2000-01
1,592,187
723,625
2,624,885
508,265
694,413
670,817
1,803,705
8,617,897
2001-02
1,590,690
724,500
2,620,315
503,500
696,467
684,233
1,803,705
8,623,410
2002-03
1,592,820
719,259
2,620,855
508,100
697,398
697,918
1,803,705
8,640,055
2003-04
1,588,538
722,744
2,599,465
501,550
692,327
711,877
2,190,473
9,006,974
2004-05
1,587,990
719,794
2,612,140
509,490
690,766
726,114
2,190,473
9,036,767
2005-06
1,590,890
720,409
2,597,700
505,890
692,479
740,636
29190,473
9,038,477
2006-07
1,645,502
719,431
29593,456
506,400
692,861
755,449
-
6,913,099
2007-08
1,646,470
716,860
2,590,816
505,650
6919914
770,558
6,922,268
2008-09
1,645,125
717,535
2,584,232
503,850
6899636
785,968
-
6,926,346
2009-10
1,641,540
716,297
2,578,160
506,000
6909863
8019688
-
6,934,548
2010-11
19640,840
713,080
2,571,868
5069750
690,426
817,722
-
6,940,686
2011-12
1,6419650
712,720
2,569,442
506,100
688,328
834,076
-
69952,316
2012-13
196389750
714,959
29560,155
509,050
684,566
421,166
-
6,528,646
2013-14
19638,300
709,799
-
505,250
683,976
-
-
3,537,325
2014-15
19635,150
712,079
-
505,050
686,225
-
3,538,504
2015-16
1,634,150
-
503,100
6819313
-
2,818,563
2016-17
1,630,150
509,400
684,072
-
2,823,622
2017-18
1,632,850
508,250
679,339
-
-
2,820,439
2018-19
19627,100
-
-
681,945
-
-
2,309,045
2019-20
1,6279750
-
-
-
-
1,627,750
2020-21
1,6249500
-
-
-
1,624,500
2021-22
1,622,200
-
-
-
1,622,200
2022-23
1,620,550
-
-
-
-
1,620,550
2023-24
1,619,250
-
-
-
-
-
1,619,250
2024-25
1,613,150
-
-
-
1,6139150
2025-26
1,611,950
1,61 1,950
Principal
and
interest
48,245,532
13,655,574
44,235,406
11,129,249
15,878,901
1,276,660
11,797,368
14,689,882
160,908,572
Less:
Interest
25.790,532
5,730,574
18,I65,406
_5,504,249
7,678,901
4,172,744
67,042,406
Total
principal$22,455,000
7,925.000
26,070,000
_5,625,000
8,200,000
1,276,660
11,797,368
10,517,138
93,866,166
26
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(14) Debt Without Governmental Commitment
The City of La Quinta has entered into the sale of Improvement Bonds issued pursuant to
the California State Improvement Act of 1915. The Bonds are payable from the annual
installments collected on the regular property tax bills sent to owners of property having
unpaid assessments levied against land benefited by the projects. The Bonds are not
general obligations of the City nor any other political subdivision and the full faith and
credit of the City is not pledged for repayment thereof. The City is in no way liable for
repayment of the debt, but is only acting as agent for the property owners in collecting the
assessments, forwarding the collections to bondholders, and does not constitute an
obligation of the City; they are not reflected in the general long-term debt account group
in the accompanying financial statements. The following is a summary of improvement
bonds outstanding at June 30, 1996:
15 Deserves and Designations of Fund Balances
The City establishes "reserves" of fund equity to segregate amounts representing
noncurrent assets which are not considered expendable available financial resources, and
amounts legally restricted by parties external to the City. Fund "designations" also may
be established by the City to indicate plans for the use of financial resources.
Fund balances at June 30, 1996 consisted of the following reserves and designations:
Assessment
Assessment
Assessment
Assessment
Assessment
District No. 88-1
District No. 89-2
District No. 90-1
District No. 9 1 -1
District No. 92-1
Proceeds
$855,984
1,153,974
1,227,155
2,240,866
1,880,891
Maturity Date
9/2/04
9/2/04
9/2/05
9/2/06
9/2/08
Interest Rate
6.70%-7.25% 6.45%-6.75% 6.5-7.0%
6.70%-6.80%
2.5%-2.7%
Amount outstanding
1,106,873
Advances to other funds
6,653,852
551,038
-
at June 30, 1996
$610,000
770,000
890,000
1,765,000
1,640,000
15 Deserves and Designations of Fund Balances
The City establishes "reserves" of fund equity to segregate amounts representing
noncurrent assets which are not considered expendable available financial resources, and
amounts legally restricted by parties external to the City. Fund "designations" also may
be established by the City to indicate plans for the use of financial resources.
Fund balances at June 30, 1996 consisted of the following reserves and designations:
27
Total
General
Special
Debt
Capital
(Memorandum
Fund
Revenue
Service
Pr_ _accts
Only)
Reserved for:
Bond reserve requirement
$ -
-
1,106,873
-
1,106,873
Advances to other funds
6,653,852
551,038
-
-
7,204,890
Prepaid expenses
24,123
-
250,015
22,500
296,638
Deposits
2,073
-
-
-
2,073
Notes receivable
-
95,445
-
-
95,445
TDC owner participation
agreement
-
-
-
1,820,357
1,820,357
Subtotal
6,680,048
_646,483
1356,888
1,842,857
I0,526,276
27
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(15) Reserves and Designations of Fund Balances, (Continued)
(16) Detained Earnings
As of June 30, 1996, all of the retained earnings in the proprietary funds was unreserved.
As provided under generally accepted accounting principles, reserves are only established
in proprietary funds for equity legally restricted by parties external to the governmental
unit.
17 Deferred Com ensation
The City has made available to its employees a deferred compensation plan, created in
accordance with Internal Revenue Code Section 457, whereby employees authorize the
City to defer a portion of their salary to be deposited in individual investment accounts.
Funds may be withdrawn by participants upon termination of employment or retirement.
The City makes no contribution under the plan. As of June 30, 1996, the deferred
compensation liability included in an Agency Fund was $546,683 carried at market value.
All amounts of compensation deferred under the plan, all property and rights purchased
with those amounts, and all income attributable to those amounts, property, or rights, are
solely the property and rights of the City, subject only to the claims of the City's general
creditors. Because the City handles these funds in a fiduciary capacity, the Deferred
Compensation Fund is reported as an Agency Fund in the accompanying financial
statements.
28
Total
General
Special
Debt
Capital
(Memorandum
Fund
Revenue
Service
Projects
Only)
Unreserved:
Designated for:
Debt service
-
-
2,381,316
-
2,381,316
Emergency reserve
3,414,473
-
-
-
3,414,473
Cash flows
1,300,000
-
-
-
1,300,000
Operations/projects/transfers
971,554
17,001,380
-
6,439.537
24,412,471
Subtotal
5,_686,_027
17,001.380
2,381,316
6,439,537
31,508,260
Total fund balances
$12,366,075
17,647,863
3,738,204
8,282,394
42,034536
(16) Detained Earnings
As of June 30, 1996, all of the retained earnings in the proprietary funds was unreserved.
As provided under generally accepted accounting principles, reserves are only established
in proprietary funds for equity legally restricted by parties external to the governmental
unit.
17 Deferred Com ensation
The City has made available to its employees a deferred compensation plan, created in
accordance with Internal Revenue Code Section 457, whereby employees authorize the
City to defer a portion of their salary to be deposited in individual investment accounts.
Funds may be withdrawn by participants upon termination of employment or retirement.
The City makes no contribution under the plan. As of June 30, 1996, the deferred
compensation liability included in an Agency Fund was $546,683 carried at market value.
All amounts of compensation deferred under the plan, all property and rights purchased
with those amounts, and all income attributable to those amounts, property, or rights, are
solely the property and rights of the City, subject only to the claims of the City's general
creditors. Because the City handles these funds in a fiduciary capacity, the Deferred
Compensation Fund is reported as an Agency Fund in the accompanying financial
statements.
28
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
18 Cily Employees Retirement Plan Defined Benefit Pension Plan
Plan Description
The City of La Quinta contributed to the California Public Employees Retirement System
(PERS), an agent multiple -employer defined pension plan that acts as a common
investment and administrative agent for participating public entities within the State of
California. The City's payroll for employees covered by PERS for the year ended June
30, 1996 was $2,595,770. The total payroll for the year was $2,769,453.
All full-time City employees are eligible to participate in PERS. Part-time hourly
employees do not participate in PERS. Benefits vest after five years of service. City
employees who retire at or after age fifty, with five years of credited service are entitled
to an annual retirement benefit, payable monthly for life, in an amount equal to the
average monthly pay rate for the last twelve consecutive months. PERS also provides
death and survivor's benefits. These benefit provisions and all other requirements are
established by State statute and City ordinance.
Employee and Employer Contribution Obligations
Contributions required of City employees are paid by the City on behalf of the
employees. The rates are set by statute and therefore remain unchanged from year to
year. The present rates are:
Member Rates as a
Category Percentage of Wages
Local miscellaneous members 7%
The City is required to contribute the remaining amounts necessary to fund the benefits
for its members, using the actuarial bases recommended by the PERS actuaries and
actuarial consultants and adopted by the Board of Administration.
Funding Status and Progress
The amount shown below as the "pension benefit obligation" is a standardized measure of
the present value of pension benefits, adjusted for the effects of step -rate benefits,
estimated to be payable in the future as a result of employee service to date. The measure
is intended to help assess the funding status of PERS on a going -concern basis, assess
progress made in accumulating sufficient assets to pay benefits when due, and make
comparisons among employers. The measure is the actuarial present value of credited
projected benefits and is independent of the funding method used to determine
contributions to PERS.
29
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(18) City Emptyees_ Retir_ement Pian (Defined Benefit Pension Plan), (Continued)
The pension benefit obligation was computed as part of an actuarial valuation performed
as of June 30, 1995. Neither an actuarial valuation nor an annual update as of June 30,
1996 is available at this time. Significant actuarial assumptions used in the valuation
include (a) a rate of return on the investment of present and future assets of 8.5 percent a
year compounded annually, (b) projected salary increases of 4.5 percent a year
compounded annually, attributable to inflation, (c) no additional projected salary
increases attributable to seniority/merit, and (d) no post retirement benefit increases.
The total overfunded pension obligation applicable to the City employees was $538,118
at June 30, 1995, as follows:
Pension benefit obligation:
Retirees and beneficiaries currently receiving
benefits and terminated employees not yet
receiving benefits
Current employees:
Accumulated employee contribution including
allocated investment earnings
Employer -financed vested
Employer -financed non -vested
Total pension benefit obligation
Net assets available for benefits at cost
(Market value is $3,048,725)
Unfunded (overfunded) pension benefit obligation
Changes in the pension benefit obligation from
last year resulted from the following:
Changes in benefit provisions
Changes in actuarial assumptions
Total
Actuarially Determined Contribution Requirements and Contribution Made
$ 389,382
1,069,880
743,673
126,985
$2,329,920
2,868,038
$_(538J 1,a)
PERS used the Entry Age Normal Actuarial Cost Method which is a projected benefit
cost method. That is, it takes into account those benefits that are expected to be earned in
the future as well as those already accrued.
30
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(18) City Employees Retirement Plan (Defined Benefit Pension Plan;), (Continued, )
According to this cost method, the normal cost for an employee is the level amount which
would fund the projected benefit if it were paid annually from date of employment until
retirement. PERS uses a modification of the Entry Age Cost method in which the
employer's total normal cost is expressed as a level percent of payroll. PERS also uses
the level percentage of payroll method to amortize any unfunded actuarial liabilities. The
amortization period of the unfunded actuarial liability ends in the year 2000 for prior
service benefits and current service benefits.
The significant actuarial assumptions used to compute the actuarially determined
contribution requirement are the same as those used to compute the pension benefit
obligation, as previously described.
The contribution to PERS for the year ended June 30, 1996 of $424,526 was made in
accordance with actuarially determined contribution rates provided to the City before the
beginning of the fiscal year and based upon an actuarial valuation performed as of June
30, 1994. The contribution consisted of the following:
Percent of
Trend Information
For the three years ended June 30, 1994, 1995 and 1996, the total contribution to PERS
was 15.42%, 16.35%, and 16.35% respectively, of the annual covered payroll. The total
contribution paid by the City included the employer contributions as well as the member
contribution for which the City is contractually obligated to pay on behalf of its
employees. The total contributions paid by the City was based upon actuarially
determined requirements.
31
Covered
Amount
Pam
Normal cost
$401,158
15.45%
Amortization of unfunded (overfunded)
actuarial accrued liability
23,388
.90%
Total contribution
424 546
16.35%
Contribution:
Employer
$239,356
9.22%
Employee
185,190
7.13%
Total contribution
$424,546
16.35%
Trend Information
For the three years ended June 30, 1994, 1995 and 1996, the total contribution to PERS
was 15.42%, 16.35%, and 16.35% respectively, of the annual covered payroll. The total
contribution paid by the City included the employer contributions as well as the member
contribution for which the City is contractually obligated to pay on behalf of its
employees. The total contributions paid by the City was based upon actuarially
determined requirements.
31
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(18) City Employees Retirement Plan (Defined Benefit Pension Plan), (Continued)
Since the required ten-year information for the City of La Quinta alone is not displayed in
the California PERS annual report, this information must be disclosed in the financial
statements of the City. This ten-year historical trend information gives an indication of
the progress made in accumulating sufficient assets to pay benefits when due. However,
the year ended June 30, 1987 is the first year that this actuarial information was made
available by PERS. Moreover, such information for the year ended June 30, 1996 is not
yet available. Until ten years of data are available, as many years as are available will be
presented. Showing unfunded pension benefit obligation as a percentage of annual
covered payroll approximately adjusts for the effects of inflation, thereby enhancing
comparability for trend analysis purposes. Available trend information (in hundreds) is
summarized as follows:
32
(6)
(4)
Unfunded Pension
Actuarial
(1)
(2)
(3)
Unfunded
(5)
Benefit Obligation
Valuation
Net Assets
Pension
Percentage
Pension Benefit
Annual
as a Percentage
as of
Available
Benefit
Funded
Obligation
Covered
of Covered Payroll
June 30
for Benefits
Obligation
U/Q
(2)-(l)
Payroll
(1)/ U5
1987
$ 2,664.0
$ 1,886.9
140.1%
$ -757.2
$ 7,172.1
-10.6%
1988
3,745.5
2,614.0
143.3
-1,131.5
7,862.4
-14.4
1989
5,467.8
4,266.4
128.2
-1,201.6
12,012.6
-10.0
1990
7,770.3
6,508.0
119.4
-1,262.3
14,873.3
-8.5
1991
10,279.3
8,550.1
120.2
-1,729.4
19,272.4
-9.0
1992
13,911.9
14,388.6
96.7
476.6
21,837.2
2.2
1993
16,239.3
16,984.4
95.6
745.0
22,591.4
3.3
1994
23,040.2
18,562.3
124.1
-4,478.0
25,584.1
17.5
1995
28,680.3
23,299.1
123.1
-5,381.2
26,119.1
-20.6
32
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(19) Claims Payable/Self Insurance
The Coachella Valley Joint Powers Insurance Authority (CVJPIA) was formed under a
joint exercise of powers agreement between local governments and special districts under
the sponsorship of the Coachella Valley Association of Governments for the purpose of
jointly funding insurance programs. The CVJPIA is composed of twenty-five cities and
one transit agency with equal governing powers and no management authority. The City
of La Quinta joined the CVJPIA in order to achieve long term premium stability. Each
member city must remain in the pool for three years and may be assessed up to three
times their annual premium if the need arises. The likelihood of the need for excess
premiums is remote given the claims history of the cities involved and the length of time
necessary to settle large claims. Generally, individual claims in excess of the self-insured
amount for workers' compensation and general liability (up to a maximum of $5,000,000
per incident) fall under the insurance policies purchased by the City. The CVJPIA
provides for liability insurance coverage in excess of $125,000 with a maximum of
$10,000,000 per claim. Subsequent to June 30, 1996, the City reduced its retention from
$125,000 to $0. As of June 30, 1996, the City's year end deposit with CVJPIA exceeded
its liability for claims payable and therefore no liability for claims payable has been
recorded in the general long-term debt account group. In addition, for the past two years,
claim payments have not exceeded the amount of applicable insurance coverage.
2I 0) Accumulated Fund Deficits
The Special Revenue Quimby Fund reported a deficit fund balance of $5,337. The
Capital Project redevelopment Agency - Project Area No. 1 Fund reported a deficit fund
balance of $20,526.
(21) Expenditures in Excess of Appropriations
Expenditures for the year ended June 30, 1996 exceeded the appropriations of the
following funds:
Special revenue funds:
South Coast Air Quality
Debt service funds:
Redevelopment Agency Project Area No. 2
Capital projects funds:
Redevelopment Agency Project Area No. 1
33
Budget Actual
Variance
$ - 7,885
(7,885)
2,485,762 2,670,562
(184,800)
747,090 858,397
(111,307)
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
22 Commitments Under Development Agreements
Washington/Adams
The Agency has entered into an Owner Participation Agreement (OPA) with
Washington/Adams, a California limited partnership. In this Agreement,
Washington/Adams is responsible for the development of a retail center located at the
intersection of Washington Avenue and Highway 111. The Agency and
Washington/Adams are to share in specific infrastructure improvements, with the Agency
being responsible for a maximum of $3,156,000. In addition, the Agency agrees to
reimburse Washington/Adams a maximum of $575,460 for engineering design, permit
fees, plan checks and inspections, and general contractor fees. As of June 30, 1996,
$1,820,357 remains to be expended under this agreement for infrastructure improvement
costs to be incurred in future fiscal years.
(23) Contingencies
Various claims and suits have been filed against the City in the normal course of
operations. Although the outcome of these lawsuits is not presently determinable, in the
opinion of management, the resolution of these matters will not have a material adverse
effect on the financial position of the City.
(24) Subsequent Events
On November 15, 1996, the City of La Quinta issued $8,790,000 of lease revenue
refunding bonds. The bonds were issued for the purpose of refunding the 1991 Series,
Local Agency Revenue Bonds. The interest rates on the bonds range from 3.7% to 5.6%.
Interest is payable semi-annually on April 1 and October 1 of each year commencing on
April 1, 1997.
(25) Due From and To Other Funds
Current interfund receivables and payables balances at June 30, 1996 are as follows:
34
Current
Current
Interfund
Interfund
Receivables
Receivables
Capital Projects Funds:
Infrastructure
$10,505
-
Special Revenue Funds:
Quimby
-
10,505
Total
$10,505
10,505
34
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 which are legally required to be accounted
for in a separate fund. Funds included are:
The City of La Quinta has twelve Special Revenue Funds:
State Gas Tax Fund - To account for gasoline allocations by the State of California. These
revenues are restricted by the State to expenditures for street related purposes only.
Community Service Projects Fund - To account for the accumulation of resources for parks and
other community services projects. Capital projects to be funded from this source will be
budgeted and expended in a separate capital project fund.
Federal Assistance Fund - To account for revenues from the Community Development Block
Grants received from the Federal Government and the expenditures of those resources.
Lightiniz and Landscape Special Assessment District 89-1 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.
Village Parking Fund - To account for the accumulation of resources provided through developer
fees to facilitate parking and traffic flow in that area of the City known as "The Village". Capital
projects funded from this source will be budgeted in a separate capital projects fund.
South Coast Air quality Fund - To account for contributions from the South Coast Air Quality
Management District. Use of such contributions is limited to reduction and control of airborne
pollutants.
Urban Forestry Grant Fund - To account for State funds. Uses of such funds from the State
Department of Forestry are limited to projects approved by the Grantor.
Redevelopment Agency, Low and Moderate Income Housing P.A. No. 1 and No. 2 Funds - To
account for the required 20% set aside of property tax increments that is legally restricted for
increasing or improving housing for low and moderate income households.
Redevelopment Agency, Low and Moderate Bond Fund P.A. No. 1 and No. 2 Funds - To
account for bond proceeds and expenditures of bond financed low and moderate income housing
programs.
35
CITY OF LA QUINTA
Special Revenue Funds
Combining Balance Sheet
June 30, 1996
Community Lighting
State Service Federal and Village
Gas Tax Projects Assistance Landscape Ouimby Parking
Assets
Cash and investments $33,765 595,094 64,278 184,380 - 24,181
Cash with fiscal agent - - - - - -
Accounts receivable - - - - - -
Interest receivable 365 6,435 698 13995 5,168 262
Notes receivable - - - - - -
Due from other funds - - - - - -
Due from other governments - - - 23,489 - -
Land held for resale - - - - - -
Advances to other funds - - - - - -
Total assets $34,130 601,529 64,976 209,864 5,168 24,443
Liabilities and Fund Balances
Liabilities:
Accounts payable $ - - -
-
- -
Deposits payable - - -
34,840
- -
Contracts payable - - -
-
- -
Due to other funds - -
10,505 -
Total liabilities - - -
34,840
10,505 -
Fund balances:
Reserved for:
Advances to other funds - - -
-
- -
Notes receivable - - -
-
- -
Land held for resale - - -
-
- -
Unreserved:
Designated for operations/
projects/transfers 34,130 601,529 64,976
175,024
(5,337 24,443
Total fund balances (deficit) 34,130 601,529 64,976
175,024
(5,337 24,443
Total liabilities and
fund balances $34,130 601,529 64,976
209.864
5,168 24,443
36
. Low/
Low/
Urban Low Income Low Income Moderate
Moderate
South Coast Forestry Housing- Housing- Bond-
Bond -
Air Quality Grant PA No.I PA No. 2 PA No. 1
PA No. 2
EXHIBIT A-1
Totals
1996 1995
24,334 - 3,420,080
950,394
372,804
21,600
5,690,910
2,902,738
- - -
-
9,326,180
2,476,802
11,802,982
-
- - -
-
5,951
-
5,951
597
264 - 37,090
10,297
3,549
234
66,357
-
- - 67,120
-
28,325
-
95,445
67,120
- - -
-
-
-
-
217,891
- - -
-
-
-
23,489
105,996
- - -
-
-
-
-
361,340
511,903
39,135
-
551,038
551,038
24,598 - 4,036,193
999.826
9,736,809
2,498,636
18,236,172
4;206,720
- - 6,324
1,950
6,985
2,807
18,066
5,600
_ - -
-
14,142
-
48,982
34,840
- - 510,756
-
-
-
510,756
-
10.505 217.891
517,030 1,950 21.127 2.807 588.309 258.331
- - 511,903
39,135
-
- 551,038
551,038
- - 67,120
-
28,325
- 95,445
67,120
- - -
-
-
- -
361,340
24,598 2,940,090
958,741
9,687,357
2.495,829 .17,001,380
2,968,891
24,598 - 3,519,113
997,876
9,715,682
2495,829 17,647,863
3,948,389
24,598 4,036,193
999.826
9,736,809
2.498,636 18.236,172
4,206,720
37
CITY OF LA QUINTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 1996
Community Lighting
State Service Federal and Village
Gas Tax Projects assistance Landscape Ouimby Parking
Revenues:
Taxes $ - - - - - -
Developer fees - - - 3,190 -
Intergovernmental 323,361 - 1,802 - - -
Interest - 32,145 3,113 - 26,192 1,171
Miscellaneous - - - - - -
Special assessments - - - 991,123 - -
Rental income - - - - - -
Sale of land - - - - - -
Total revenues 323,361 32,145 4,915 991,123 29,382 1,171
Expenditures:
Current:
Planning and development
Public works
Capital outlay
Debt service:
Interest
Total expenditures
Excess (deficiency) of
revenues over (under)
expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of bonds (net of
issuance costs)
Total other financing
sources (uses)
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances (deficit) at end of year
114,722 - - 872,591 - -
- - 4,611 -
114,722 - 877,202 - T
208.639 32,145 4,915 113,921 29,382 1,171
(200,000) (273,078)
(9,254) (820,194) -
(200,000 -} (273,078 - (9,254 (820,194
8,639
(240,933)
4,915
104,667
(790,812)
1,171
25,491
842,462
60,061
70,357
785,475
23,272
$ 34,130
601,529
64,976
175,024
(5,33.7]
24,443
38
EXHIBIT A-2
7,885 - 523,100
7,885 - 523,100
Totals
122,212 4,642,724 159,057 5,454,978
- - - 987,313
1,909,257 1,977,010 3,886,267
- - 4.611
122,212 6,551,981 2,136,067 10,333,169
1995
2,813,394
81,909
421,507
215,250
10,870
823,950
4,366,880
4,405,909
1,168,522
607,820
6,182,251
12,170 2,091,562 1,713,153 (5,577,538 (2,029,172 (1,399,652 (1,815,371)
- - 1,810,402 43,313 - - 1,853,715 785,361
(1,101,754) (2,168,530) (1,812,686) (43,896) (6,429,392) (1,526,230)
17,105,906 4,568,897 21,674,803 -
708,648 (2,125,217 15,293220 4,525,001 1717099,1267� fy 40,869)
12,170
- 2,800,210
(412,064)
Low/
Low/
12,428
718,903
Urban Low Income
Low Income
Moderate
Moderate
3,519,113
South Coast
Forestry Housing-
Housing-
Bond-
Bond -
Air Qualitv
Grant PA No. 1
PA No. 2
PA No. 1
PA No. 2
1996
-
- 2,338,108
614,228
-
-
2,952,336
-
- -
-
-
-
3,19C
19,072
- -
-
-
-
344,235
983
- 156,539
24,867
405,101
106,895
757,006
-
- 1,703
-
241,283
-
242,986
-
- -
-
-
-
991,123
-
- -
-
328,059
-
328,059
-
118,312
1,196.270
-
1,314,582
20,055
2,614.662
1,835,365
974,443
106,895
6,933.517
7,885 - 523,100
7,885 - 523,100
Totals
122,212 4,642,724 159,057 5,454,978
- - - 987,313
1,909,257 1,977,010 3,886,267
- - 4.611
122,212 6,551,981 2,136,067 10,333,169
1995
2,813,394
81,909
421,507
215,250
10,870
823,950
4,366,880
4,405,909
1,168,522
607,820
6,182,251
12,170 2,091,562 1,713,153 (5,577,538 (2,029,172 (1,399,652 (1,815,371)
- - 1,810,402 43,313 - - 1,853,715 785,361
(1,101,754) (2,168,530) (1,812,686) (43,896) (6,429,392) (1,526,230)
17,105,906 4,568,897 21,674,803 -
708,648 (2,125,217 15,293220 4,525,001 1717099,1267� fy 40,869)
12,170
- 2,800,210
(412,064)
9,715,682 2,495,829 13,699,474
(2,556,240)
12,428
718,903
1,409940
- _3,,948,389
6,504.029
24,598
3,519,113
997,876
9,715,682 2&5 829 17,647,863
3,948389
ME
CITY OF LA QUINTA
Special Revenue Funds
State Gas Tax Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Intergovernmental
Total revenues
Expenditures:
Current:
Public works
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers out
Total other financing sources (uses)
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
Fund balances at beginning of year
Fund balances at end of year
EXHIBIT A-3
Variable
114,722
Favorable
1995
Budget Actual (Unfavorable)
Actual
$304,900 323,361 18,461
302,301
304,900 323,361 18,461
302,301
314,722
114,722
200,000
286,632
314,722
114,722
200,000
286,632
(9,822)
208,639
218,461
15,669
Eli]
-20(0000) (200,000) -
(200,000) (200,000)
(9,822) 8,639 18,461 15,669
25,491 25,491 - 9,822
15,669 34,130 18,461 25491
CITY OF LA QUINTA
Special Revenue Funds
Community Service Projects Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Interest
Total revenues
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers out
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances at end of year
EXHIBIT A-4
863 533 (273078) 590,455L 814,862
863 533 273 078 590,455 (810,862)
(841,033) (240,933) 600,100 (742,349)
8422,462 842,462 - 1,584,811
1 429 601,529 600,100 842,462
41
Variable
Favorable
1995
Budget
Actual
(Unfavorable)
Actual
22,500
32,145
9,645
68,513
22,500
32,145
9,645
68,513
22,500
32,145
9,645
68,513
863 533 (273078) 590,455L 814,862
863 533 273 078 590,455 (810,862)
(841,033) (240,933) 600,100 (742,349)
8422,462 842,462 - 1,584,811
1 429 601,529 600,100 842,462
41
CITY OF LA QUINTA
Special Revenue Funds
Federal Assistance Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Intergovernmental
Interest
Total revenues
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances at end of year
EXHIBIT A-5
(2,377)
4,915
Variable
60,061
60,061
- 127,655
Favorable
1995
Btid et
Actual
(Unfavorablc)
Actual
$137,241
1,802
(135,439)
105,930
-
3,113
3 X 13
372
137,241
4,915
(132,326)
106,302
137,241
4,915
(132,326)
106,302
-
-
-
260,361
13i 9,618)
-
139,6 3 843(
.4,257)
139,618
139,61817(
3,896)
(2,377)
4,915
7,292 (67,594)
60,061
60,061
- 127,655
57 684
64,976
7,292 60,061
E,W
CITY OF LA QUINTA
Special Revenue Funds
Lighting and Landscaping
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
Current:
Public works
Debt Service:
Interest
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers out
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
Fund balances at beginning of year
Fund balances (deficit) at end of year
EXHIBIT A-6
1,014,400
Variable
141,809 881,890
-
Favorable
1995
Budget
Actual (Unfavorable)
Actual
$ 3,000
(3,000)
3,149
-
- -
5,803
1,011,400
991,123 (29,277
823,950
1,014,400
991,123 (23,277)
832,902
1,014,400
872,591
141,809 881,890
-
4,611
(4.611) -
1,014,400
877,202
137,198 881,890
-
113,921
113,9214S 8,988)
158,788)
—(2.,.254)
149,534 -
(158,788)
—(2,.254)
149,534 -
(158,788)
104,667 263,455
(48,988)
70.357
70,357 -
119,345
588,431)
175,024 263,455
70,357
43
CITY OF LA QUINTA
Special Revenue Funds
Quimby Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Developer fees
Interest
Total revenues
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances (deficit) at end of year
EXHIBIT A-7
53,200 29,382
83[ 9.753)82(. X194)
(K2,.753) 820 194
(786,553) (790,812)
785,475 785,475
L-CL,07J8 —05.337)
.E!
(22.818) 98,850
- 525,000
19,5591� 5,500)
19,559
509,500
Variable
608,350
-
177,125
Favorable
1995
Budge
Actual
(Unfavorable)
Actual
$ 51,400
3,190
(48,210)
81,909
1,800
26,192
24,392
16,941
53,200
29,382
(23,818)
98,850
53,200 29,382
83[ 9.753)82(. X194)
(K2,.753) 820 194
(786,553) (790,812)
785,475 785,475
L-CL,07J8 —05.337)
.E!
(22.818) 98,850
- 525,000
19,5591� 5,500)
19,559
509,500
(4,259)
608,350
-
177,125
14 259)
78_ 5.,475
CITY OF LA QUINTA
Special Revenue Funds
Village Parking Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Interest
Total revenues
Excess (deficiency) of revenues
over (under) expenditures
Fund balances at beginning of year
Fund balances at end of year
EXHIBIT A-8
Variable
Favorable
1995
Budget Actual LL nfavorable)
Actual
1,300 1,171 (129)
1,188
1,300 1,171 (L2 9)
1,188
45
1,300 1,171 (129)
21272 23,272 -
24 572 24,443 129
1,188
22,084
23,272
EXHIBIT A-9
CITY OF LA QUINTA
Special Revenue Funds
South Coast Air Quality Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Variable
Favorable 1995
Binet Actual Unfavorable Actual
Revenues:
Intergovernmental
$ -
19,072
19,072
13,276
Interest
1,600
983
L6I7)
1,274
Total revenues
1,600
20,055
18,455
14,550
Expenditures:
Current:
Planning and development
7,885
7( ,885)
25.000
Total expenditures
-
7,885
(7,885)
25,000
Excess (deficiency) of revenues
over (under) expenditures
1,600
12,170
10,570
(10,450)
Fund balances at beginning of year
12,428
12,428
-
22,878
Fund balances at end of year
14.028
24,598
10.570
12,428
46
CITY OF LA QUINTA
Urban Forestry Grant Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Intergovernmental
Total revenues
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Operating transfers out
Total other financing
sources (uses)
Excess (deficiency) of
revenues over expenditures
and other sources (uses)
Fund balances at beginning of year
Fund balances at end of year
EXHIBIT A-10
47
Variable
Favorable 1995
Budget Actual
(Unfavorable) Actual
$.L55,699 -
25( 5,699) -
255,699 -
(25699) -
255,699-
25( 5 699) -
(255,699) -
255,699 -
25( 5,699) -
255,699 -
47
CITY OF LA QUINTA
Special Revenue Funds
Low Income Housing Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Taxes
Interest
Miscellaneous
Sale of land
Total revenues
Expenditures:
Current:
Planning and development
Capital Outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
Fund balances at beginning of year
Fund balances at end of year
EXHIBIT A-11
866,531
523,100
Variable
4,177,352
-
-
Favorable
1995
BudLyet
Actual
(Unfavorable)
Actual
2,152,869
$2,303,100
2,338,108
35,008
2,301,158
65,000
156,539
91,539
52,485
1,300
1,703
403
5,067
650,000
118,312
531.688
-
3,019,400
2,614.6624(
04.738)
2,358,710
866,531
523,100
343,431
4,177,352
-
-
-
607,820
866,531
523,100
343,431
4 785,172
2,152,869
2,091.5626(
1,307)
4 )
-
1,810,402
1,810,402
-
1,197,029)
1 101 754
95,275
-
(1,197.029 708,648 1,905,677 -
955,840
2,800,210 1,844,370
(2,426,462)
718,903
718,903 -
3,145,365
1 674 743
3,519,113 1,844,370
718,903
48
CITY OF LA QUINTA
Special Revenue Funds
Low Income Housing Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Taxes
Interest
Sale of land
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
EXHIBIT A-12
Variable
Favorable
Budget Actual (Unfavorable)
$ 508,500 614,228 105,728
50,000 24,867 (25,133)
1200,000 1.,196,270 (3.730)
1,758,500 1,835,365 76,865
173,374 122,212 51,162
173,374 122,212 51,162
1,585.126 1,713,153 128,027
Operating transfers in - 43,313 43,313
Operating transfers out (1408,955) (2,16M301 1240,425
Total other financing sources
(uses) [3,408,955) (2,125,217) 1,283,738
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses (1,823,829) (412,064)
1,409,940 1,409,940
S {413,8891 997,876
Fund balances at beginning of year
Fund balances (deficit) at end of year
1,411,765
1,411,765
1995
Actual
512,236
71,328
583,564
203,557
203,557
380,007
(265,611
(265,611
)
114,396
1,295,544
1,409,940
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Bond - Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Interest
Miscellaneous
Rental income
Total revenues
Expenditures:
Current:
Planning and development
Capital outlay
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Operating transfers out
Proceeds of bonds payable
Total other financing
sources (uses)
Excess (deficiency) of
revenues over expenditures
and other sources (uses)
Fund balances at beginning of year
Fund balances at end of year
EXHIBIT A-13
5,769,122 4,642,724 1,126,398 -
1,950,000 1,909,257 40,743
7,719,122 6,551,981 1167,141
(7,107,122) (5,577,538) 1,529,584
- (1,812,686) (1,812,686) -
20,1.24,370 17,105,906 (3,018,4643
20,124,370 15,293,220 (4,831,150)
13,017,248 9,715,682 (3,301,566) -
113,017.248 9,71502 (3.,301.566) -
50
Variable
Favorable 1995
Budget
Actual
(Unfavorable) Actual
$ -
405,101
405,101 -
186,000
241,283
55,283 -
426,000
328,059
(97,941) -
612.000
974,443
362.443 -
5,769,122 4,642,724 1,126,398 -
1,950,000 1,909,257 40,743
7,719,122 6,551,981 1167,141
(7,107,122) (5,577,538) 1,529,584
- (1,812,686) (1,812,686) -
20,1.24,370 17,105,906 (3,018,4643
20,124,370 15,293,220 (4,831,150)
13,017,248 9,715,682 (3,301,566) -
113,017.248 9,71502 (3.,301.566) -
50
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Bond - Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual.
Year ended June 30, 1996
Revenues:
Interest
Total revenues
Expenditures:
Current:
Planning and development
Capital outlay
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Operating transfers out
Proceeds of bonds payable
Total other financing
sources (uses)
Excess (deficiency) of
revenues over expenditures
and other sources (uses)
Fund balances at beginning of year
Fund balances at end of year
EXHIBIT A-14
2,590,854 2,495,829 (95,025) -
2 590 854 2,495,829 (95,025) -
51
Variable
Favorable 1995
Budget
Actual
(Unfavorable) Actual
_. i 06,895
106,895
-
106,895
106,895 -
249,486
159,057
90,429 -
2,020,000
.1,977,010
42,990 -
2,269,486
2,136,067
133,419 -
12.269,486)
(2,0294,172)
240,314 -
(519,825)
(43,896)
475,929 -
5.380,165
4,568,897(81128)
-
4.860,340
4,525,001
(335,339) -
2,590,854 2,495,829 (95,025) -
2 590 854 2,495,829 (95,025) -
51
(This page intentionally left blank)
52
DEBT SERVICE FUNDS
Debt Service Funds are used to account for the accumulation of resources for, and the payment
of, general long-term debt principal and interest.
The City of La Quinta has three Debt Service Funds:
Redevelopment Agency, P.A. No. 1 and No. 2 - To account for the accumulation of resources for
the payment of debt service for bond principal interest and trustee fees.
La Quinta Financing Authority Fund - To account for rental activity for the Civic Center and
rental income used to pay the Financing Authority Civic Center debt obligation.
53
EXHIBIT B-1
CITY OF LA QUINTA
Debt Service Funds
Combining Balance Sheet
June 30, 1996
Redevelopment Redevelopment Financing Totals
Agency -PA No. 1 Agency -PA No. 2 Authority 1996 1995
Assets
Cash and investments
$2,480,688
806,457
-
3,287,145
3,882,593
Cash with fiscal agent
729
391,796
713,606
1,106,131
529,771
Prepaid expenses
250,015
-
-
250,015
-
Interest receivable
26,867
9,086
-
35,953
-
Total assets
$2,758,299
1,207,339
713,606
4,679,244
4,412,364
Liabilities and Fund Balance
Liabilities:
Accounts payable
$ 4,356
-
-
4,356
-
Accrued expenses
144,326
241,320
-
385,646
721,066
Advances from other funds
511,903
39,135
-
551,038
551,038
Total liabilities
660,585
280,455
-
941.040
1,272,104
Fund balances:
Reserved for:
Bond reserve requirement
-
393,736
713,137
1,106,873
1,214,208
Prepaid expenses
250,015
-
-
250,015
-
Unreserved:
Designated for debt service
1,847,699
533,148
469
2,381,316
1,926,052
Total fund balances
2,097,714
926.884
713,606
3,738,2.04
3,140,260
Total liabilities and
fund balances
2 758 299
1,207,339
713,606
4,679,2.44
4,412,364
54
CITY OF LA QUINTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 1996
Redevelopment Redevelopment Financing
EXHIBIT B-2
Totals
AP,ency-PA No. I
Agency -PA No. 2
Authority
1996
1995
Revenues:
Taxes
$9,352,441
2,456,913
-
11,809,354
11,338,868
Intergovernmental
-
-
1,162
1,162
6,502
Interest
47,740
72,800
39,062
159,602
207,563
Rental income
-
-
571,339
571,339
699,478
Total revenues
9,400J81 81
2,529,713
611,563
12,541,457
12,252,411
Expenditures:
Current:
Planning and development
179,868
32,963
1,162
213,993
195,596
Debt service:
Principal
805,000
105,000
160,000
1,070,000
435,000
Interest
3,050,453
915,223
536,402
4,502,078
3,343,186
Payment of advances
-
-
-
-
894,295
Payments under pass-
through obligations
5,180,568
1,617,376
-
6,797,944
6,954,152
Mandated education
contribution
-
-
-
-
551,170
Total expenditures
9,215,889
2,670,562
697,564
I2,584,015
12,373,399
Excess (deficiency) of
revenues over (under)
expenditures
184,292
140 8498f
G,U01)
42 558
.120 988
Other financing sources (uses):
Operating transfers in
1,104,037
183,023
-
1,287,060
817,244
Operating transfers out
(601,700)
(649,753)
-
(1,251,453)
(2,462,714)
Proceeds of advances
234,044
370,851
-
604,895
-
Total other financing
sources (uses)
736,381
(95,8791
-
640,502
(1,645,470)
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures and
other financing uses
920,673
(236,728)
(86,001)
597,944
(1,766,458)
Fund balances at beginning of year
1,177,041
1,163 612
799,607
3,140,260
4906,718
Fund balances at end of year
52,097,714
926,884
713,606
3,738,204
3,140,260
55
CITY OF LA QUINTA
Debt Service Funds
Redevelopment Agency Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Taxes
Interest
Total revenues
Expenditures:
Current:
Planning and development
Debt service:
Principal
Interest
Payment of advances
Payments under pass-through
obligations
Mandated education contribution
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of advances from City
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures
and other financing uses
Fund balances at beginning of year
Fund balances at end of year
EXHIBIT B-3
Variable
Favorable 1995
Budget Actual (Unfavorable) Actual
$9,212,250 9,352,441
75,000 47,740
9,287,250 9,400,181
140,191 9,289,918
(27,260) 94,878
112,931 9,384,796
228,000
179,868
48,132
153,754
805,000
805,000
-
200,000
3,228,614
3,050,453
178,161
1,980,982
-
-
-
281,013
5,606,464
5,180,568
425,896
5,979,079
-
-
-
512,025
9,868,078
9,215,889
652,189
9,106,853
(580,828)
184,292
765,120
277,943
1,197,029
1,104,037
(92,992)
546,624
(850,245)
(601,700)
248,545
(2,462,714)
234,044
234,044
-
-
580,828
736,381
155,553
(1,916,090
- 920,673 920,673 (1,638,147)
1,177,041 11.77,041 - 2,815,188
IL127,041 041 2.097,714 920,673 1,.177,041
56
CITY OF LA QUINTA
Debt Service Funds
Redevelopment Agency Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Taxes
Interest
Total revenues
Expenditures:
Current:
Planning and development
Debt service:
Principal
Interest
Payment of advances
Payments under pass-through
obligations
Mandated education contribution
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
EXHIBIT B-4
60,300
32,963 27,337
Variable
105,000 -
962,898
915,223 47,675
Favorable
1995
Budget
Actual
(Unfavorable)
Actual
$2,034,000
2,456,913
422,913
2,048,950
80.000
72,800
(7,200)
74,798
2,114.000
2,529,713
415,713
2,123,748
60,300
32,963 27,337
105,000
105,000 -
962,898
915,223 47,675
1,357,564 1,617,376 (259,812)
2,485,762 2,670,562 (184.800)
371.762)14-_[ _ 0,$49} 230,913
Other financing sources (uses):
Operating transfers in 203,190
Operating transfers out
Proceeds of advances from City 370,851
Total other financing sources (uses) 574,041
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances at end of year
183,023 (20,167)
(649,753) (649,753)
370,851 -
(95.879 66( 9,920}
37,340
80,000
817,726
613,282
975,073
39.145
2,562,566
(438,818)
_
270,620
270,620
202,279 (236,728) (439,007) (168,198)
_1163,612 1,163,612 - 1,331,810
IL2L5.,891 891 926884 43( 007) 1,163,612
57
CITY OF LA QUINTA
Debt Service Funds
Financing Authority Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Variable
Favorable 1995
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental
$ 6,500
1,162
(5,338)
6,502
Interest
31,200
39,062
7,862
37,887
Rental income
696,400
571,33912(
.5,061)
699,478
Total revenues
734,100
611,563
(122,537)
743,867
Expenditures:
Current:
Planning and development
6,500
1,162
5,338
4,502
Debt service:
Principal
160,000
160,000
-
155,000
Interest
536.400
536,402
2)
544,478
Total expenditures
702,900
697,564
5,336
703,980
Excess (deficiency) of revenues
over expenditures
31,200
(86,001)
(117,201)
39,887
Fund balances at beginning of year
799,607
799,607
-
759,720
Fund balances at end of year
830 807
713,606
(117,201)
799,607
58
CAPITAL PROJECTS FUNDS
Capital projects funds account for the financial resources to be used for the acquisition,
construction or improvements of major capital facilities and infrastructure.
The City of La Quinta has six Capital Projects Funds:
Sewer Assessment Districts 91-1 and 92-1 - To account for specific improvements to sewer
services from property owners within the assessment area.
Infrastructure Fee Fund - To account for the accumulation of resources, provided through
developer fees for the acquisition, construction or improvement of the City's infrastructure as
defined in Resolution 98-39. Capital projects to be funded from this source will be budgeted and
expended in a separate capital projects fund.
Capital Proiects Fund - To account for the planning, design and construction of various capital
projects throughout the City of La Quinta and the Redevelopment Agency.
Redevelopment Agency, Capital Projects Project Area 1 and 2 - To account for the bond
proceeds, interest and other funding that will be used for development, planning, construction
and land acquisition.
59
CITY OF LA QUINTA
Capital Projects Funds
Combining Balance Sheet
June 30, 1996
Assessment Assessment
District District
91-1 92-1 Infrastructure
Assets
Cash and investments $ - - 4,204,883
Cash with fiscal agent - - -
Accounts receivable
Prepaid expenses - - -
Interest receivable - - 42,930
Due from other funds - - 10.505
Total assets_ - 4,258,318
Liabilities and Fund Balances
Liabilities:
Accounts payable
-
Accrued expenses -
- -
Deposits payable -
- 52,100
Retentions payable -
- -
Due to other funds -
- -
Total liabilities -
- 52,100
Fund balances:
Reserved for:
Prepaid expenses -
- -
TDC owner participation agreement -
- -
Unreserved:
Designated for operations/projects -
- 4,206,218
Total fund balances -
- 4,206,218
Total liabilities and fund balances
- 4,258,318
W
EXHIBIT C-1
Capital
Redevelopment
Redevelopment
219,852
Totals
Improvement
AP-encX-PA No. 1
Agency -PA No. 2
1996
1995
331,874
17,859
1,971,593
6,526,209
3,701,440
-
-
2,056,746
2,056,746
1,953,166
-
-
63,000
63,000
116,174
-
15,000
7,500
22,500
-
-
193
21,663
64,786
-
-
-
-
10,505
150.892.
331,874
33,052
4,120,502
8,743,746
5,921,672
224,510
32,853
23,800
281,163
16,860
-
20,725
-
20,725
-
-
-
52,100
52,100
107,364
-
107,364
-
331,874 53,578
23,800
461,352
219,852
- 15,000
7,500
22,500
-
- -
1,820,357
1,820,357
1,820,357
- (35,526)
2,268,845
6,439,537
3,881,463
- (20,526)
4,096,702
8,282,394
5,701,820
331,874 33,052
4,120,502
8,743,746
5,921,672
CS
CITY OF LA QUINTA
Capital Projects Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year ended June 30, 1996
Revenues:
Developer fees
Intergovernmental
Interest
Miscellaneous
Litigation settlement proceeds
Total revenues
Expenditures:
Current:
Planning and development
Capital outlay
Debt service:
Principal
Interest
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of advances
Total other financing sources
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
Fund balances (deficit) at beginning of year
Fund balances (deficit) at end of year
Assessment
Assessment
District
District
91-1
92-1
Infrastructure
$ -
-
1,603,048
154
50
183,213
154
50
1,786,261
215,554
- - 215,554
154 50 1,570,707
(355,741) (678,740)
(355,741)6t 78,740)
154 (355,691) 891,967
-"154) 355,691 3,314,251
$ - 4,20 218
62
EXHIBIT C-2
Capital
Redevelopment
Redevelopment
2,807,023
Totals
Improvement
Agency -PA No. 1
Agency -PA No. 2
1996
1993-
132,185
-
-
1,735,233
1,396,711
116,786
-
166,224
283,010
482,633
-
-
182,114
365,531
244,916
-
-
-
-
14,488
-
9,152
-
9,152
353,118
248,971
9,152
348,338,
2,392,926
2 4966
-
848,797
517,948
1,366,745
1,435,830
2,537,923
-
-
2,753,477
2,333,040
-
-
-
-
810,491
-
9,600
-
9,600
108,157
2,537,923
858,397
517,948
4,129,822
4,687,518
��
2 28(2, 8:952)
(84.9,2451
16( 9,610)
1 736 896
(2,195,652)
2,297,280
710,735
2,635,843
5,643,858
4,584,547
-
_
(291,907)
(1,326,388)
(2,203,329)
2,297,280
710,735
2,343,936
4,317,470
5,002,675
8,328 (138,510)
2,174,326
2,580,574
2,807,023
(8.328) 117,984
1,922,376
5 7{1820
2,894,797
-2[ 0.526)
4,096,702
8,282,394
5701.820
63
CITY OF LA QUINTA
Capital Project Funds
Assessment District 91-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Interest
Total revenues
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers out
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
Fund balances (deficit) at beginning of year
Fund balances (deficit) at end of year
EXHIBIT C-3
(5.122)
(5,122)
154 154 (8,368)
X154) (154) - 8,214
154 - 154 154
GZI
Variable
Favorable
1995
Budget Actual
(Unfavorable)
Actual
154
154
(3.246)
154
154
(3,246)
- 154
154
3( ,246)
(5.122)
(5,122)
154 154 (8,368)
X154) (154) - 8,214
154 - 154 154
GZI
CITY OF LA QUINTA
Capital Project Funds
Assessment District 92-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Interest
Miscellaneous
Total revenues
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers out
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances (deficit) at end of year
EXHIBIT C-4
Variable
Favorable 1995
Bullet Actual (Unfavorable) Actual
$ - 50 50 18,082
- - 600
50 50 18,682
50
.055.7 1 355 741)
355 741) 355 741)
(355,741) (355,691)
355,691 355,691
50 -
65
50 18,682
68,862)
50 (50,180)
405,871
50 355,691
CITY OF LA QUINTA
Capital Project Funds
Infrastructure Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Developer fees
Interest
Miscellaneous
Total revenues
Expenditures:
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers out
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances at end of year
EXHIBIT C-5
Variable
Favorable
1995
Budget
Actual
(Unfavorable)
Actual
$ 974,900
1,603,048
628,148
1,396,711
22,500
183,213
160,713
156,113
-
-
-
13,888
997,400
1,786,261
788,861
1,566,712
278,600
215,554
63,046
-
278,600
215,554
63,046
-
718,800
1,570,707
851,907
1566,712
X2,849,089)
(678,74Q)
2,170,34982�
3 8427
49,089)
(678.740)
2.170.3498�
23,842)
(2,130,289)
891,967
3,022,256
742,870
3,314,251
3,314,251
-
2,571,381
1 183 962
4.206.218
3,022,256
3,314,251
CITY OF LA QUINTA
Capital Project Funds
Capital Improvement Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Developer fees
Intergovernmental
Total revenues
Expenditures:
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
EXHIBIT C-6
Variable
Favorable 1995
Bum t Actual (Unfavorable) Actual
$ 468,955 132,185
855,586 116,786
1,324,,541 248,971
7,504,529 2,537,923
7,504,529 2,537,923
(336,770) -
738 800 471,983
1.075.570) 471,983
4966,606 2,154,566
4.966,606 2,154,566
(6,179,988)2 2(, 88,952) 3,891,036 (1,682,583)
Operating transfers in 6,179,970 2.297,280
Total other financing sources
(uses) 6,179,970 2,297,280
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses (18) 8,328
Fund balances (deficit) at beginning of year --__L8,328) (8,328)
Fund balances (deficit) at end of year L --C&346) -
67
3 8(. 82,690) 1,674,255
(3,882,690) 1,674,255
8,346 (8,328)
8,346 (8,328)
CITY OF LA QUINTA
Capital Project Funds
Redevelopment Agency Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Revenues:
Litigation settlement proceeds
Total revenues
Expenditures:
Current:
Planning and development
Capital outlay
Debt Service:
Interest
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of advances
Total other financing sources (uses)
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
Fund balances (deficit) at beginning of year
Fund balances (deficit) at end of year
EXHIBIT C-7
Variable
(138,510)
Favorable
1995
Budget Actual (Unfavorable)
Actual
$ 9,152 9,152
353,118
- 9,152 9,152
353,118
747,090 848,797
9,600
747,090 858,397
(101,707) 977,026
178,474
9 600) 104,911
(111,307) 1,260,411
74� 7.090) (849,245) (102.155)—(2Q7.293)
959,280 710,735
(73,710) -
885,570 710,735
138,480
(138,510)
117,984
117,984
S 256,464
2a 0,526)
68
(248,545) 2,462,714
73,710 (1,305,503)
- 2,621,457
(174,835) 3 778,668
(276,990) 2,871,375
(2.753,391)
27{ 6,990) 117,984
EXHIBIT C-8
CITY OF LA QUINTA
Capital Project Funds
Redevelopment Agency Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1996
Variable
Favorable
1995
Budget
Actual
favorable
Actual
Revenues:
Intergovernmental
$ -
166,224
166,224
10,650
Interest
5.000
182,114
177,114
70,721
Total revenues
5,000
348,338
343,338
81,371
Expenditures:
Current:
Planning and development
2,362,947
517,948
1,844,999
458,804
Debt Service:
Principal
-
-
-
810,491
Total expenditures
2,362,947
517,948
1,844,999
1,269,295
Excess (deficiency) of
revenues (under) over
expenditures
(2,357,947)
(169,610)
2,188,337
(1,187,924)
Other financing sources (uses):
Operating transfers in
33205,765
2,635,843
(569,922)
447,578
Operating transfers out
(211,081)
29� 1.907)
L8082
-
Total other financing sources (uses)
2,994 684
2,343,9366(
50,748)
447.578
Excess (deficiency) of
revenues and other financing
sources over (under)
expenditures and other
financing uses
636,737
2,174,326
1,537,589
(740,346)
Fund balances at beginning of year
1,922,376
1,922,376
-
2,662,722
Fund balances at end of year
$Z559,113
4,096,702
1,537,589,
1,922,376
(This page intentionally left blank)
70
AGENCY FUNDS
Agency funds are used to account for assets held by the City as an agent for an individual,
private organizations and other governmental units. The agency funds and their purposes are as
follows:
The City of La Quinta has seven agency funds:
Arts in Public Places Fund - To account for development fees paid in lieu of acquisition and
installation of approved art works in a development with expenditures restricted to acquisition,
installation, maintenance and repair of art works at approved sites. The development fees are
refundable if not expended within two years.
Deferred Com ep _ns_ation Fund - To account for deposits held by the City and monies held on
behalf of employees under the City's deferred compensation plan.
Assessment District No. 88-1, 89-2, 90-1, 91-1, 92-1 - To account for assessments paid to the
City for debt service payments on bond issues used to finance sewer improvements.
71
CITY OF LA QUINTA
Trust and Agency Funds
Combining Balance Sheet
June 30, 1996
Employee's Assessment Assessment
Arts in Deferred District District
Public Places Compensation No. 88-1 No. 89-2
Assets
Cash and investments $279,104 546,683 270,533 262,071
Interest receivable 3,028 - —0 _8169
Total assets $282J32 546,683 275,993 270.240
Liabilities and fund balance
Liabilities:
Deposits payable $282,132 -
Deferred compensation payable - 546,683
Due to bondholders
Total liabilities $282,132 546,683
72
275,993
275,993
270,240
270,240
10.14.: Goal
Assessment
Assessment
Assessment
Totals
District
District
District
(Memorandum Only)
No. 90-1
No. 91-1
No. 92-1
1996 1995
271,377
452,523
301,880
2,384,171 1,861,233
5,1.45
14,708
9,048
48,558 -
279,522
467,231
310,928
2,432,729 1,861.233
282,132 234,651
- - - 546,683 279,966
279,522 467,231 310,928 1,603,914 1,346,616
279,522 467,231 310,928 2,432,729 1,861233
73
EXHIBIT D-2
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year ended June 30, 1996
Balance at Balance at
July 1, 1995 Additions Deletions June 30, 1996
ARTS IN PUBLIC PLACES
Assets
Cash and investments
$ 234,651
115,116
70,663
Interest Receivable
-
3,848
820
Total assets
$ 234,651
118,964
71,483
Liabilities
Deposits payable
$ 234,651
172,303
124,822
EMPLOYEE'S DEFERRED COMPENSATION
Assets
Cash and investments
1_279_,966
266,717
-
Liabilities
Deferred compensation payable
$ 279,966
266,717
-
ASSESSMENT DISTRICT NO. 88-1
Assets
Cash and investments
$ 273,392
126,493
129,352
Interest Receivable
-
6,255
795
Total assets
$ 273,392
132.748
130,147
Liabilities
Due to bondholders
$ 273,392
269,639
267,038
74
279,104
3,028
282,132
282,132
546,683
546,683
270,533
5,460
275,993
275,993
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
ASSESSMENT DISTRICT NO. 89-2
Assets
Cash and investments
Interest Receivable
Total assets
Liabilities
Due to bondholders
ASSESSMENT DISTRICT NO. 90-1
Assets
Cash and investments
Interest Receivable
Total assets
Liabilities
Due to bondholders
ASSESSMENT DISTRICT NO. 91-1
Assets
Cash and investments
Due from other governments
Total assets
Liabilities
Due to bondholders
(Continued)
EXHIBIT D-2
(Continued)
Balance at Balance at
July 1, 1995 Additions Deletions June 30,_1996
$ 235,636 173,743 147,308
- 8,939 770
235,636 182,682 148,078
235 636 338,373 303,769
$ 203,520 222,207 154,350
- 8,943 798
L-293,520 231,150 155 X48
203 520 391,298 315,296
$ 375,715 375,766 298,958
- 16,037 1,329
375,715 391„,803 300287
262,071
8,169
270,240
270,240
271,377
8,145
279,522
279,522
452,523
14,708
467,231
375,715 695,532 604,016 467,231
75
EXHIBIT D-2
(Continued)
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
ASSESSMENT DISTRICT NO. 92-1
Assets
Cash and investments
Interest Receivable
Total assets
Liabilities
Due to bondholders
TOTALS -ALL AGENCY FUNDS
Assets
Cash and investments
Interest Receivable
Total assets
Liabilities
Deposits payable
Deferred compensation payable
Due to bondholders
Total liabilities
(Continued)
Balance at Balance at
July 1, 1995 Additions Deletions June 30, 1996
$ 258,353 251,154 207,627 301,880
- 9,9.34 886 9,048
258 353 261,088 208,513 310,928
258 353 458,151 405,576 310,928
$1,861,233 1,531,196 1,008,258 2,384,171
53,955 5,397 48,558
$1,861,233 1,585,151 1,013,655 2,432,729
$ 234,651 172,303 124,822 282,132
279,966 266,717 - 546,683
1,346,616 2,152,993 1,895,695 _ 1,643,914
1861233 2,592,013 2,020,517 2,432,729
►[61
GENERAL FIXED ASSETS ACCOUNT GROUP
77
EXHIBIT E-1
CITY OF LA QUINTA
Comparative Schedule of General Fixed Assets - By Source
June 30, 1996
78
1996
1995
General fixed assets:
Land
$13,368,910
8,041,393
Buildings
12,404,019
12,456,122
Leasehold improvements
201,070
201,070
Furniture and fixtures
1,058,572
681,565
Vehicles
475,382
393,279
Total general fixed assets
27,507,953
21,773.,429
Investment in general fixed assets from:
General Fund
$27,507,953
21,773,429
78
CITY OF LA QUINTA
Schedule of General Fixed Assets - By Function and Activity
June 30, 1996
Function and Activity
General Government
Legislative
City Manager
Fiscal Services
Administrative Services
Parks and Recreation
Building and Safety
Planning and Development
Public Works
Total
Furniture
and
Land Fixtures
$13,368,910 -
- 11,934
- 140,413
- 187,992
- 184,849
- 81,569
- 100,527
- 97,258
254,030
$1.3,36839I 0 I O5_,_, $ 572
VU
EXHIBIT E-2
Vehicles
Improvements Buildings Total
-
- 12,404,019 25,772,929
-
- - 11,934
-
- - 140,413
-
- - 187,992
-
- - 184,849
-
201,070 - 282,639
249,880
- - 350,407
-
- - 97,258
225,502
- 479,532
475,382
201,070 I2,404,019 27,507,953
EXHIBIT E-3
CITY OF LA QUINTA
Schedule of Changes in General Fixed Assets - By Function and Activity
June 30,1996
Function and Activit
General Government
Legislative
City Manager
Fiscal Services
Administrative Services
Parks and Recreation
Building and Safety
Planning and Development
Public Works
Totals
Beginning
Ending
Balance
Additions Deletions
Adjustments*
Balance
$20,497,516
8,302,935 2,958,750
(68,772)
25,772,929
11,934
- -
-
11,934
60,871
5,782 -
73,760
140,413
237,348
1,390 -
(50,746)
187,992
60,145
19,943 -
104,761
184,849
203,430
3,637 -
75,572
282,639
306,299
36,781 -
7,327
350,407
60,564
6,188 -
30,506
97,258
335.322
59,314 -
84,896
479,532
$21.773,429
8,435,970 2,958,750
257,304
27,507,953
* The adjustments column reconciles General Fixed Assets to a physical inventory performed
June 30, 1995 by a fixed asset appraisal firm. The report is on file at the City.
80
STATISTICAL SECTION
81
CITY OF LA QUINTA TABLE 1
General Fund Expenditures by Function
Last Ten Fiscal Years
Fiscal Year
Ending
General
Public
Public
Community
Planning&
Capital
June 30
Government
Safety
Works
Service
Development
Projects
Total
1987
$709,392
1,297,511
(1)
513,785
(1)
-
2,520,688
1988
833,100
1,384,700
(1)
206,300
(1)
1,449,200
3,873,299
1989
1,040,895
1,491,594
(1)
701,175
(1)
-
3,233,663
1990
1,514,110
1,883,105
(1)
928,798
(1)
4,326,012
1991
1,968,275
2,501,105
(1)
777,366
(1)
-
5,246,745
1992
1,921,155
2,155,813
618,612
157,897
904,171
11,813
5,769,461
1993
1,807,205
2,393,202
600,253
146,686
884,537
-
5,831,883
1994
2,359,673
2,786,575
673,144
119,265
511,416
-
6,450,073
1995
1,565,265
3,143,697
576,304
199,115
538,610
282,113
6,305,104
1996
$1,793,301
3,227,438
813,352
413,142
453,656
201,475
6,902,364
(1)
Prior to fiscal year
1992 Public Works and Planning & Development expenditures were included
with Community Service.
Source:
City of La Quinta Audited Financial
Statements
82
CITY OF LA QUINTA
General Fund Revenue by Source
Last Ten Fiscal Years
TABLE 2
Fiscal Year
Licenses
Charges
Litigation
Ending
and
Inter-
for
Settlement
June 30
Taxes
Permits
Governmental
Services
Proceeds
Interest
Miscellaneous
Total
1987
$1,480,542
1,211,849
338,124
(1)
(2)
265,340
121,585
3,417,440
1988
1,654,700
1,932,200
384,200
(1)
(2)
242,500
278,300
4,491,900
1989
2,306,887
3,656,307
496,621
(1)
(2)
368,136
336,445
7,164,396
1990
3,154,942
3,286,872
630,791
(1)
(2)
155,530
114,686
7,342,821
1991
3,288,565
785,381
790,880
602,600
(2)
642,813
101,411
6,211,650
1992
3,135,044
576,293
930,503
488,015
(2)
261,380
120,867
5,512,102
1993
3,581,830
622,107
1,157,587
384,000
(2)
238,321
219,641
6,203,486
1994
4,212,604
777,241
1,600,032
469,695
(2)
585,264
1,042,872
8,687,708
1995
4,946,304
902,914
747,784
551,727
477,872
718,310
137,028
8,481,939
1996
$5,393,456
998,030
815,980
610,873
12,386
905,420
230,705
8,966,850
(1) Previously included in Licenses and Permits
(2) 1995 was the first year Litigation Settlement Proceeds was identified as a revenue source
Source: City of La Quinta Audited Financial Statements
83
CITY OF LA QUINTA
Property Tax Levies and Collections
Last Six Fiscal Years
TABLE 3
Note: 1. Proposition 13 limits cities to levying a tax rate for bonded indebtedness only after 1978.
2. Levies and collections are for General Fund only excluding no -low and supplemental property
taxes.
3. Detail prior to fiscal year 1991 not available.
Source: City of La Quinta and County of Riverside
84
Percent of
Fiscal Year
Total
Current
Percent
Delinquent
Total
Ending
Tax
Tax
of Levy
Tax
Collections
June 30
Levy
Collection
Collected
Collections
to Tax Levy
1991
$280,339
256,297
91.4%
21,921
99.2%
1992
282,201
260,365
92.3%
25,703
101.4%
1993
282,630
244,731
86.6%
14,824
91.8%
1994
288,407
275,752
95.6%
900
95.9%
1995
549,273
487,043
88.7%
786
88.8%
1996
$670,398
643,309
96.0%
2,312
96.3%
Note: 1. Proposition 13 limits cities to levying a tax rate for bonded indebtedness only after 1978.
2. Levies and collections are for General Fund only excluding no -low and supplemental property
taxes.
3. Detail prior to fiscal year 1991 not available.
Source: City of La Quinta and County of Riverside
84
Fiscal Year
Ending
June 30
1991
1992
1993
1994
1995
1996
Secured
Property
$1,278,307,230
1,594,767,374
1,773,323,102
1,872,768,156
1,927,834,908
$2,043,276,054
CITY OF LA QUINTA
Schedule of Net Taxable Value
Last Six Fiscal Years
Unsecured
Property
7,156,844
6,396,816
6,943,559
8,119,527
22,822,285
23,801,872
Assessed
Less
Property
Property
Value
Exemptions
1,285,464,074
3,474,595
1,601,164,190
3,605,829
1,780,266,661
3,814,434
1,880,887,683
3,946,378
1,950,657,193
4,357,954
2,067,077,926
6,936,774
Note: Detail prior to fiscal year 1991 not available
(1) Homeowner's exemption not available
Source: County of Riverside
85
TABLE 4
Less
Net
Homeowner's
Taxable
_Exemptions
Value
(1)
1,281,989,479
(1)
1,597,558,361
(1)
1,776,452,227
18,901,202
1,858,040,103
20,518,400
1,925,780,839
22,399,068
2,037,742,048
CITY OF LA QUINTA
Property Tax Rates - Direct and Overlapping Governments
Last Five Fiscal Years (per $100 of Assessed Value)
NOTE: Detail prior to fiscal year 1991 not available
Source: County. of Riverside
86
TABLE 5
1995/96
1994/95
1993/94
1992/93
1991/92
General
1.00000
1.00000
1.00000
1.00000
1.00000
Desert Sands Unified
0.09750
0.09750
0.09750
0.09750
0.09750
College of the Desert
0.00000
0.00000
0.00000
0.00096
0.00132
Coachella Valley Water District
0.02080
0.02080
0.02080
0.02690
0.03050
Total Tax Rate
1.11830
1.11830
1.11830
1.12536
1.12932
NOTE: Detail prior to fiscal year 1991 not available
Source: County. of Riverside
86
TABLE 5
CITY OF LA QUINTA
Special Assessment Billings and Collections
Last Six Fiscal Years
Year
Special
Special
Ratio of
Ended
Assessment
Assessment
Collections
June 30
Billings
Collections (1)
to Billings
1991
$355,924
335,177
99.8
1992
557,574
552,249
99.0
1993
559,029
548,291
98.8
1994
766,011
734,560
95.9
1995
836,502
737,700
88.2
1996
$729,647
699,351
95.8
(1) Includes Prepayments and Foreclosures
Source: Muni Financial Services
87
TABLE 6
Source:
CITY OF LA QUINTA TABLE 7
Schedule of Direct and Overlapping Bonded Debt
June 30, 1996
Excludes tax allocation bonds to be sold.
Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and nonbonded
capital lease obligations.
California Municipal Statistics, Inc.
m
Percent
June 30, 1996
Direct and Overlapping Bonded. Debt
Applicable
Bonded Debt
Riverside County Board of Education Certificates of Participation
0.996
$219,930
Riverside County Building Authorities
0.996
4,737,424
Desert Community College District Certificates of Participation
3.809
133,696
Desert Sands Unified School District Authority
9.043
12,472,141
Coachella Valley County Water District, I.D. #55
72.943
9,176,229
Coachella Valley County Water District, I.D. #58
1.975
198,488
Coachella Valley County Water District, I.D. #71 Storm Water
Unit Certificates of Participation
6.297
1,014,132
City of La Quinta
100.000
0 (1)
City of La Quinta 1915 Act Bonds
100.000
5,465,000
Total Direct and Overlapping Bonded Debt
$33,417,040 _ (2)
Excludes tax allocation bonds to be sold.
Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and nonbonded
capital lease obligations.
California Municipal Statistics, Inc.
m
CITY OF LA QUINTA
Computation of Legal Debt Margin
June 30, 1996
Assessed Valuation
Debt Limit - 15 % of Assessed Valuation
Amount of Debt Applicable to Debt Limit
Legal Debt Margin
$2,06-7077.926
310,061,689
-0-
S310.061,689
Notes: Section 43605 of the Government Code of the State of California limits the amount of indebtedness
for public improvements to 15% of the assessed valuation of all real and personal property of the
City.
The City of La Quinta has no general bonded indebtedness.
Source: City of La Quinta
89
TABLE 8
CITY OF LA QUINTA
Revenue Bond Coverage
Local Agency Revenue Bonds (City Hall Project)
Last Five Fiscal Years
Fiscal Year
Debt Service Requirements
Ending
Revenue Available
June 30
for Debt Service
Principal
Interest
Total
Coverage
1992
$182,784
0
182,784
182,784
1.00
1993
548,352
0
548,352
548,352
1.00
1994
548,352
0
548,352
548,352
1.00
1995
699,477
155,000
544,477
699,477
1.00
1996
$696,402
160,000
536,402
696,402
1.00
Note: Revenue available consists of lease payments made by the City of La Quinta to the La Quinta Financing
Authority.
Source: City of La Quinta
90
Fiscal Year
Ending
June 30
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
Source
CITY OF LA QUINTA
Demographic Statistics
Last Ten Fiscal Years
Square
Miles (D
Papulation (2)
Percent
23.2
8,188
23.2
9,274
23.2
10,267
23.3
10,587
23.8
13,070
28.0
14,727
28.2
15,589
28.2
16,680
31.2
17,591
31.2
18,050
Total
Population
Riverside
Percent
County
Change
Population 2
14.2%
893,400
13.3%
983,800
10.7%
1,057,200
3.1%
1,144,400
23.5%
1,225,800
12.7%
1,281,000
5.9%
1,323,500
7.0%
1,357,400
5.5%
1,393,500
2.6%
1,381,879
(1) City of La Quinta
(2) State of California Department of Finance
91
TABLE 10
City
Population
Percent
Of County
0.9%
0.9%
1.0%
0.9%
1.1%
1.1%
1.2%
1.2%
1.3%
1.3%
Fiscal Year
Ending
June 30
1991
1992
1993
1994
1995
1996
CITY OF LA QUINTA
Property Value and Construction Activity
Last Six Fiscal Years
Property
Value (1)
$1,278,307,230
1,594,767,374
1,773,323,102
1,872,768,156
1,927,834,908
$2,043,276,054
NOTE: Detail prior to fiscal year 1991 not available
(1) From Schedule of Net Taxable Value
Source: City of La Quinta
92
TABLE 11
Commercial
Construction
Construction
Units
Value
3
7,299,000
12
7,334,871
7
2,441,392
13
6,081,796
4
1,100,119
8
1,018,940
NOTE: Detail prior to fiscal year 1991 not available
(1) From Schedule of Net Taxable Value
Source: City of La Quinta
92
TABLE 11
Residential
Construction
Units
Value
304
38,320,527
320
35,744,443
324
39,145,539
531
79,318,969
238
29,163,494
336
53,973,239
TMpqyer
KSL PGA West Corporation
Sunrise Desert Partners
Resolution Trust Corporation
Hotel Associates of Palm Springs
TD Desert Development LTD
Wilma -La Quinta Partnership
J.M. Peters Company
Washington -Adams Partnership
Wal-Mart Stores
La Quinta Golf Course Properties
Source: City of La Quints
CITY OF LA QUINTA
Principal Taxpayers
June 30, 1996
93
Type of Activity
Residential and Commercial
Vacant Residential
Vacant Residential
Commercial
Vacant Land
Residential
Vacant Residential
Commercial
Commercial
Vacant Commercial
Source:
CITY OF LA QUINTA TABLE 13
Major Employers
June 30, 1996
Employer _
Employees
Activity
La Quinta Hotel and Golf Resort
1,500
Resort Hotel
PGA West
1,100
Golf Resort
Wal-Mart
250
Retailer
Albertson's
126
Groceries
Vons
103
Groceries
Ralph's
100
Groceries
City of La Quinta
74
Municipal Government
Simon Motors
65
Auto Dealer
Cliff House
65
Restaurant
Red Robin
50
Restaurant
City of La Quinta
94
CITY OF LA QUINTA TABLE 14
Schedule of Insurance in Force
June 30, 1996
Company Name
Policy Number
Coverage
Limits
Term
Premium
Hartford
PEBAO7068
Employee Dishonesty,
$1,000,000
05/01/96 - 97
$2,500
Forgery, Computer Fraud
Unigard
BA610855
Primary Auto Liability
$300,000
07/01/96 - 97
16,441
Comprehensive & Collision
Lloyds of London
F95BDCE006
Fire Truck Physical Damage
$185,000
07/01/96 - 97
2,390
Van Pelt/Spartan
Affiliated FM
TC564
All Risk Property Insurance
$188,828,284
07/01/96 - 97
13,180
(Excluding Quake & Flood)
Coachella Valley
Certificate #5
Comprehensive General
$0 Deductible Retention
07/01/96 - 97
63,793
Joint Powers
Liability
$10 Million
Insurace Authority
Coachella Valley
Certificate
Worker's Compensation
$250,000
07/01/96 - 97
84,498
Joint Powers
#5014-014
Insurance Authority
Source: City of La Quinta
95
CITY OF LA QUINTA TABLE 15
Miscellaneous Statistical Data
June 30, 1996
Date of Incorporation ...... . ....... _ ..... _ ..................
May 2, 1982
Type of City ..... . ..............................
General Law
Form of Government
Council / Manager
City Employees ...............................
74
City Land Area (square miles).. . ..... . ..............
31.2
Population
18,050
Number of Parks .......................................
5
Total Acreage ....... . ............ I ........ I .......
,. 26
Miles of Streets .......................... . ......
I ..... 142.0
Miles of Bike Paths ............. .......
I ... 1 3.0
Number of Major Intersections ..................................
29
Number of Traffic Signals and Safety Lighting ............. . . .
....... 15
Number of Traffic Signs ............. . .........................
2,430
Number of Street Lights ........................... . . . .
. ...... 7
Public Schools .... ........ ................ I ......
... 3
Private Schools ...................... .................
1
Churches .......................................
3
Banks/Savings and Loan.. .....................................
2
Number of Single Family Units - Detached ..........................
6,397
Number of Single Family Units - Attached.. . . ......................
2,227
Number of Multiple Family Units ................................
481
Number of Mobile Home .......... . ............................
247
Source: City of La Quinta
96