1999-2000 ACFR (July 1 - June 30 Annual Comprehensive Financial Report)CITY OF LA QUINTA
La Quinta, California
Comprehensive Annual Financial Report
Year ended June 30, 2000
Prepared by
FINANCE DEPARTMENT
JOHN M. FALCONER
Director of Finance
(This page intentionally left blank)
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2000
TABLE OF CONTENTS
INTRODUCTORY SECTION Pale
Letter of Transmittal i
List of Principal Officials xviii
Organizational Chart xiv
Certificate of Award for Outstanding Financial Reporting (CSMFO) xx
Certificate of Achievement for Excellence in Financial Reporting (GFOA) xxi
FINANCIAL SECTION
Independent Auditors' Report I
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups 2
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types 5
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - All Governmental Fund Types 6
Statement of Revenues, Expenses and Changes in Retained Earnings -
Internal Service Fund 8
Statement of Cash Flows - Internal Service Fund 9
Notes to the Financial Statements 10
Supplemental Data:
General Fund:
Statement of Expenditures - Budget and Actual 38
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2000
TABLE OF CONTENTS, (CONTINUED)
Special Revenue Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
State Gas Tax Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Federal Assistance Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Lighting and Landscape Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
State Law Enforcement Block Grant (SLEBG):
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Quimby Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Public Safety Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Village Parking Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Page
40
42
44
45
46
47
48
49
50
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2000
TABLE OF CONTENTS, (CONTINUED)
South Coast Air Quality Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Local Law Enforcement Block Grant (LLEBG):
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Low/Moderate Income Housing Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Low/Moderate Income Housing Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Low/Moderate Bond - Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fuad Balances - Budget and Actual
Low/Moderate Bond - Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Debt Service Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Financing Authority Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Page
51
52
53
54
55
56
58
59
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2000
TABLE OF CONTENTS (CONTINUED)
Redevelopment Agency Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Redevelopment Agency Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Capital Projects Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Infrastructure Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Capital Improvement Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Transportation Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances — Budget and Actual
Parks and Recreation Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances — Budget and Actual
Civic Center Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances — Budget and Actual
Page
61
62
64
68
70
71
72
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2000
TABLE OF CONTENTS, (CONTINUED
Library Development:
Statement of Revenues, Expenditures and Changes
in Fund Balances — Budget and Actual
Community Center
Statement of Revenues, Expenditures and Changes
in Fund Balances — Budget and Actual
Street Facility:
Statement of Revenues, Expenditures and Changes
in Fund Balances — Budget and Actual
Park Facility:
Statement of Revenues, Expenditures and Changes
in Fund Balances — Budget and Actual
Assessment District 97-1 La Quinta Norte Construction Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Assessment District 2000-1 Phase VI Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Financing Authority Capital Projects Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Redevelopment Agency Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Page
73
74
75
76
77
78
79
80
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2000
TABLE OF CONTENTS, (CONTINUED)
Page
Redevelopment Agency Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual 81
Agency Funds:
Combining Balance Sheet - All Agency Funds 84
Combiiirzg Statement of Changes in Assets
and Liabilities - All Agency Funds 86
General Fixed Assets Account Group:
Comparative Schedule of General Fixed Assets - By Source 90
Schedule of General Fixed Assets - By Function and Activity 91
Schedule of Changes in General Fixed Assets -
by Function and Activity 92
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2000
TABLE OF CONTENTS, (CONTINUED}
Table No.
Page
STATISTICAL SECTION
General Fund Expenditures by Function
1
94
General Fund Revenue by Source
2
95
Property Tax Levies and Collections
3
96
Schedule of Net Taxable Value
4
97
Property Tax Rates - Direct and Overlapping Governments
5
98
Special Assessment Billings and Collections
6
99
Schedule of Direct and Overlapping Bonded Debt
7
100
Computation of Legal Debt Margin
8
101
Revenue Bond Coverage
9
102
Demographic Statistics
10
103
Property Value, Construction Activity, and Bank Deposits
11
104
Principal Taxpayers
12
105
Major Employers
13
106
Schedule of Insurance in Force
14
107
Miscellaneous Statistical Data
15
108
�tGt q;--/
0"4j
P.O. Box 1504
78-495 CALLS TAMPICO (760) 777-7000
LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101
November 21, 2000
Honorable Mayor, City Council,
and City Manager
City of La Quinta
La Quinta, California
FY 1999-00 COMPREHENSIVE ANNUAL FINANCIAL REPORT LETTER OF TRANSMITTAL
We are pleased to present the 2000 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, 2000. 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.
E��
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 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 have financial accountability 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.
B k r n
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 originally incorporated in 1982 as a general law City and it became a charter City in November 1996.
Significant 10 -year demographic data is as follows:
• Population as of January 1, 2000 was 24,240, an increase of 136% from 1989.
Retail Sales of $177 million, a 421% increase from 1989;
• Taxable Sales of $233 million, a 267% increase from 1989;
• Assessed Valuation of $2.684 billion, a 170% increase from 1989; and,
Hotel Room sales over $33.9 million, a 92% increase from 1989.
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 Sands Unified School District provides educational opportunities for school-age
children in La Quinta.
The City has been experiencing rapid growth in population. During 1999, the population grew 10.8%, 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 1999-2000 is 73.75. In
addition to the 24,240 permanent residents, approximately 12,600 seasonal residents spend three to six months
in the City.
ii
Honorable Mayor, City Council,
and City Manager
Services Provided by the City
City services can be divided into those services provided directly by City staff and those services contracted out
or provided by other government agencies and organizations.
Direct services provided by City staff in the following areas include:
Qeneral Government Q,ity Clerk
- Legislative - City Clerk
- City Manager
- Economic Development Community Services
- Personnel - Administration
Finance
- Fiscal Services
- Central Services
Buil in n fet
- Administration
- Code Compliance
- Animal Control
- Building
- Emergency Services
- Fire
- Civic Center Building
Public Works
- Administration
- Development/Traffic
- Street & Landscape Maintenance
- Capital Projects
- Recreation
- Senior Center
CommunityCommPnity Development
- Administration
- Planning
- South Coast Air Quality
- Redevelopment
Services are also provided to the City and its citizens by contract and by the direct services of other government
agencies and organizations. These services 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 Authority, City promotion 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, public transit through Sunline Transit Agency, and cable
service through Time Warner.
iii
Honorable Mayor, City Council,
and City Manager
Significant- Events and Accom plisliments
During 1999-00 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 $223 million in building permits while commercial construction
accounted for $9 million in 1999. La Quinta issued $1.1 billion worth of building permits during the last ten
years, averaging over $100 million per year. In 1999, construction increased 38% to over $251 million, a record
for annual construction in the City.
Three auto dealers have opened at the Centre in La Quinta and several new businesses have opened in the One
Eleven La Quinta Center. Construction is nearly completed on an 8 -screen movie complex in this 60 -acre retail
center.
Several other large commercial projects are moving forward, including Jefferson Square, a 218,000 square foot
retail center, Washington Square, a 775,000 square foot retail center, and the La Quinta Corporate Center, which
includes a 160 -room hotel with restaurant.
The development of quality residential communities, including PGA West, Rancho La Quinta and the Traditions
has increased the assessed valuation of the City. Several other large projects have been approved and are moving
forward. Since 1989, assessed valuations have almost tripled to $2.68 billion in 1999. In the last five years,
assessed values have increased 38%, more than three times the growth rate of 12% for the local area.
Housing
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 and available housing inventory.
The U.S. Census has established the median home price at $130,000 which is lower than Riverside, San Diego,
Los Angeles Counties and the State of California.
There were 1,190 housing units built during 1999 which brings the number of total units within the City to
14,451. The 14,451 units consist of 11,197 detached single family residences, 2310 attached single family
residences, 697 multi family residences, and 247 mobile homes.
iv
Honorable Mayor, City Council,
and City Manager
Tourism
La Quinta is well-known for its many championship golf courses. The City is home to 15 championship courses,
and many more are in the planning or development stages. In addition to quantity, La Quinta has some of the
highest rated courses in the world of golf. Various golf tournaments, including the prestigious Bob Hope
Chrysler Classic, are exposing La Quinta internationally as a quality destination and golf resort area.
The nationally recognized La Quinta Arts Festival attracts many visitors from around the country each year to
the City of La Quinta and the Coachella Valley.
Hotel room sales in La Quinta enjoyed dramatic growth to a record $34 million in 1999. The La Quinta Hotel,
the second largest destination resort in the Coachella Valley, was the largest contributor to this increase.
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 I nprovements
The City completed over $12,004,000 in capital improvements during 1999-00. Projects completed or nearing
completion include the Washington Street bridge, the Mira Flores Housing project, completion of various road
median projects, and additional covered parking at the Senior Center. In addition, the City assisted in the
formation of Assessment District 2000-1 to improve the sewer, water, and street improvements at various City
locations, and initiated the Jefferson Street widening project.
Several significant projects are continuing, including the design of museum expansion, Phase I construction of
the Community Park, and the design for a new library. The City is also nearing completion of the General Plan
update.
The City's Capital Improvement Program (CIP) continues to increase to meet the demands of growth, and totals
$56.9 million for the 2000-2001 program. This major commitment in infrastructure will continue to provide for
both the current and future growth that the City has experienced.
Community Facilities
The City completed additional covered parking at the Senior Center, and began the design phase of the museum
expansion project. Phase I construction of the Community Park and design for a new library are also planned
for the coming year, and continue to enhance community facilities available to La Quinta residents.
v
Honorable Mayor, City Council,
and City Manager
City Operations
The following is a partial listing of the accomplishments made by City staff to the citizens of La Quinta for 1999-
2000:
Implemented plans for purchase of land and development of La Quinta Museum;
Received several grant awards for public safety, tire recycling and bicycle lanes;
Conducted needs assessment and began implementation of Geographic Information System
(GIS) data base;
Received awards in excellence for financial and budget reports;
Implemented upgrades in management information services, including additional servers,
enhanced security, and establishment of City web server;
Continued update of General Plan and Housing Element, and completed preparation of first
draft of City's Design Standards for development and traffic.
Future developments 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 Infoi-nuation
Management of the City of La Quinta is responsible for establishing and maintaining a framework of internal
controls 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 framework of internal controls 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 framework of internal controls is in place to ensure compliance with applicable laws
and regulations related to those programs. The framework of internal controls is subject to periodic evaluation
by management.
The City did not receive funds in the Fiscal Year Ended June 30, 2000 which would require a single audit report
for that period.
V1
Honorable Mayor, City Council,
and City Manager
Accounting Controls - The City of La Quinta's accounting system is designed upon the following principles:
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 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 Governmental Accounting Standards Board).
The City's accounting system operates on a modified accrual basis of accounting for all governmental and agency
type funds. Governmental 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. 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
basis of accounting. Revenues are recorded when earned and expenses when 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 cost/benefit 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.
BUdgetaiy Controls.
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. The City also maintains an encumbrance system as one
budget technique. 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 on-line budgetary data from the financial information system available throughout 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 Subject 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 and growth in State per capita income, the Gann spending limit was increased to $31.2 million
for fiscal year 1999-00. Appropriations of "proceeds of taxes" was $9.1 million for a margin of $22.1 million.
Revenue and Expenses from All Fund Tv��es
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 1999-00 and the amount and percentage of
increases and decreases in relation to prior year revenues.
Fund Type
Revenue froin All Fund Types
1999-00
99-00 over %
1998-99 (under) 98-99 Change
General Fund
$17,667,475
$15,870,489
$1,796,986
11.32%
Special Revenue Funds
7,459,225
7,279,078
180,177
2.48%
Debt Service Funds
$19,118,154
15,267,586
3,850,568
25.22%
Capital Project Funds
8,568,707
7,498,334
1,070,373
14.27%
Total
$52.813.591
$45,915,487
$6,898,104
15.02%
Ex enditures
1 Fund. Tykes
99-00 over
%
Fund Type
1999-00
1998-99
(under) 98-99
Change
General Fund
$11,029,888
$9,847,000
1,182,888
12.01%
Special Revenue
3,956,554
3,874,525
82,030
2.12%
Debt Service Funds
17,801,431
17,404,888
396,543
2.28%
Capital Project Funds
13,640,087
8,125,252
13,640,087
67.87%
Total
$46,427,960
$39,251.665_,
176 295
18.28%
Honorable Mayor, City Council,
and City Manager
For all fund types, the increased revenue is reflective of retail sales growth and increases in permit fees in the
General Fund, increased Capital Project Fund activity, and increased tax increment revenue in the Debt Service
Fund. Expenditures in all areas of the General Fund increased by a combined amount of 12%, with Capital
Project fund expenditures increasing by the highest margin of 67.87%.
Qeneral 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 1998-99 and 1999-
2000:
n r 1 F
nd - Rev nue
99-00 over
%
Source
1999-00
1998-99
(under) 98-99
Change
Taxes
$8,888,825
$8,101,191
$787,634
9.72%
Licenses and permits
2,493,360
1,951,981
541,379
27.73%
Charges for services
1,922,097
1,965,219
(43,122)
<2.19 %>
Intergovernmental
2,388,749
1,466,788
921,961
62.86%
Interest
1,868,073
1,569,796
298,277
19.0%
Litigated Settlements
0
740,985
(740,985)
n/a %
Miscellaneous
106,371
74,529
31,842
42.72%
Total
$17,667,475
$15,870,489
$1,796,986
11.32 %
ix
Honorable Mayor, City Council,
and City Manager
The total 1999-00 General Fund revenue increase of 11.32% reflects a steady increase in tourism and
population growth.
The 27.73% increase in License an -d -Permit an--Permitrevenue was greater than anticipated for 1999-00. The City
is experiencing a construction boom, with optimism among both builders and home buyers in La Quinta.
The City expects an upward shift in equilibrium market prices for both new and resale residential units.
111ter�,overximental revenues generally showed a minimal increase, and the large percentage increase is
caused by receipt of monies from Coachella Valley Association of Governments, reimbursing the City
for improvements at Avenue 48 and Washington Street. Lnjereg revenues increased by 19% primarily
due to earnings on loans to the La Quinta Redevelopment Agency, and to a lesser degree on increasing
interest rates on investments. The increase of 42.72% in Miscellaneous revenue is primarily due to
workers compensation dividends received from the City's proportionate share from the California Joint
Powers Insurance Authority.
Expenditure Type
General Government
Public Safety
Community Services
Planning & Development
Public Works
Total
Q:neral Fund Expenditures
1999-00
1998-99
99-00 over %
(under) 98-99_ qLange
$2,814,604
$2,473,241
341,363
13.80%
4,992,811
4,468,294
524,517
11.74%
768,528
732,741
35,787
4.88%
748,949
626,074
122,875
19.63%
1,704,996
1,546,650
158,346
10.24%
$11,029,888
$9,847,000
1,182,888
12.01%
The 1999-00 General Fund net expenditure increase of 12.01% reflects the net changes in the five
functional areas of the General Fund.
Public Works expenditures increased 10.24%, with increases in spending for landscape lighting
maintenance and contract service costs for inspections and street maintenance. The 19.63% increase in
Planning and Development is attributable to an increase in contract services for professional services,
as demand upon this department has increased. Community Services expenditures increased 4.88% from
additional temporary employees and supplies, to continued expansion of programs. Public Safety
expenditures increased by 11.74% largely as a result of increases in patrol hours of active patrol time for
police officers. General Government's increased costs are spread throughout supplies, services, and
capital expenditures for office improvements.
x
Honorable Mayor, City Council,
and City Manager
Special Rev&nue Funds
The City's Special Revenue Funds, which account for the collection and use of special or restricted
revenues, received $7.4 million in total revenue in 1999-00. This is an increase of 2.73%. The Special
Revenue Fund expenditures were $3.87 million, a minimal increase over the prior year.
The following two tables summarize Special Revenue Funds revenues and expenditures for 1998-99 and
1999-2000:
ial Revenue Fun - Rev
The decrease of 30.1% in Develo ep r Fees reflects reduced revenue in the Redevelopment Low -Moderate
Income Housing Funds. The 45.1% decrease in In er t revenue reflects earnings on lower cash balances
in Bond proceed accounts.
Expenditure Type
Planning & Development
Public Works
Total
Spec :�l Revenue Funds - E - ditures
1999-00 1998-99
2,796,754
2,704,025
1,159,800
99-00 over
%
Source
1999-00
1998-99
(under) 98-99
Chan e
Taxes
$4,449,326
$3,592,472
$ 856,854
23.85%
Developer fees
454,340
650,735
(196,395)
30.18%
Intergovernmental
508,243
596,177
(87,934)
14.75%
Interest
495,698
1,070,240
(574,542)
<53.68%>
Special assessments
785,794
759,273
26,521
3.49%
Rental Income
404,752
414,236
9,484
<2.29%>
Land Sale
361,102
195,945
165,157
84.29%
Total
$7,459,255 __
$7,2793078
180,177
2.48%
The decrease of 30.1% in Develo ep r Fees reflects reduced revenue in the Redevelopment Low -Moderate
Income Housing Funds. The 45.1% decrease in In er t revenue reflects earnings on lower cash balances
in Bond proceed accounts.
Expenditure Type
Planning & Development
Public Works
Total
Spec :�l Revenue Funds - E - ditures
1999-00 1998-99
2,796,754
2,704,025
1,159,800
1,170, 500
$3,956,554
$3,874,525
99-00 over
%
(under) 98-99
Change
92,729
3.43%
<10,700>
<91%>
82,029
2.12%
Special Revenue Expenditures represent consistent use of gas tax, lighting and landscaping assessments,
and redevelopment low/moderate income housing money to support ongoing projects, with little increase
over the prior year.
Xi
Honorable Mayor, City Council,
and City Manager
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 1999-00 and
1998-99:
Source
Debt Service Funds - Revenue
1999-00
1998-99
99-00 over %
(under) 98-99 ChapSe
Taxes $17,797,305
$14,369,887
$ 3,427,418
23.85%
Interest 641,179
213,126
428,053
200.85%
Rental Income 679,670
684,573
($4,903)
<.72%>
Total $19,118,154
$15,267,586
$3,850,568
25.22%
The Taxes revenues increase of 23.8% reflects increased building activities, lower than expected property
value reassessment appeals and increased property values within the project areas. The Interest
revenue's large increase of 200% is a result of higher cash balances invested in debt service funds and
higher interest rates. The Financing Authority's debt service fund receives revenue from the General
Fund in the form of rental income to pay for lease payments. The lease payments in 1999-00 decreased,
resulting in a corresponding decrease in Rental In rule of .7%.
Expenditure Type
Planning & Development
Debt Service
Total
D bt Sepice Fund5- Expenditure
1999-00 1998-99
$ 307,264 $270,566
17,494,167 17,134,322
$17,801,431 $1.7,404,888
99-00 over
%
(under) 98-99
Change
36,698
13.56%
359,845
2.10%
$396,543 2.28%
The increase of 13.56% in Planning & Develop is a result of higher contract administrative service
fees in the Redevelopment Agency debt service fund. The Debt Service expenditure increase of 2.1%
reflects higher scheduled tax increment pass through payments in the Redevelopment Agency.
xii
Honorable Mayor, City Council,
and City Manager
Capital Proiect Funds
Capital Project Funds are used to record the receipt and disbursement of monies that are restricted for
the acquisition and construction of capital facilities.
The following two tables summarize Capital Project Funds revenues and expenditures for 1999-00 and
1998-99:
Capital PE ' n - Rev n
Source
Developer fees
Intergovernmental
Interest
Special assessments
Litigated Settlements
Total
iooq-nn
$3,860,989
3,728,384
633,497
345,837
n
1998-99
$4,663,006
1,133,477
841,769
38,493
821.589
$8,568,707 $7,498,334
99-00 over %
(under 98-99 Change`
($802,017)
2,594907
(208,272)
307,344
(821,589)
$1,070,373
<17.20%>
228.93%
<24.74%>
798.44%
n/a
14.27%
Developer fess decreased because of the implementation of a new developer fee program which greatly
reduced the amount of fees collected. Intergovernmental revenue's large increase of 228.9% is a result
of state and local partnership grants for transportation -related capital improvements. No Litig, ited
Setl m nt revenue was received in 1999-00 in the Capital Projects funds.
Expenditure Type
Planning & Development
Capital Outlay
Total
Capital Prink Fund$ - Expenditures
1999-00 1998-99
$ 1,309,776
$1,147,357
12,330,311
6,977,895
$13,640,087
$8,125,252
99-00 over
%
(under) 98-99
Change
162,419
14.16%
5,352,416
76.71%
$5,514,835
67.87%
The 14% increase in Planning & Devi men expenditures reflects an increase in contract consultant fees in the
Redevelopment Agency - Capital Improvement Funds. The Capilal OutlaX increase of 76.7% is a result of
increased scheduled Capital Improvement Projects in 1999-00.
Honorable Mayor, City Council,
and City Manager
Internal Service Fund
The City's Internal Service Fund (Equipment Replacement Fund) is used to report the operational cost of
maintaining and replacing City vehicles and equipment. Cost allocation charges are recorded as expenditures in
General Fund departmental budgets accounts and as revenues in the Equipment Replacement Fund. Charges
are based on a schedule that recovers maintenance and depreciation costs. New vehicles and equipment are
purchased in the respective General Fund department and then transferred out as contributed capital to the
Equipment Replacement Fund at the end of the year.
Source
Operating Revenue
Charges for Services
Operating Expense:
Cost of Services
Depreciation
Other Operating Expenses
Total Operating Expense
Operating Income (Loss)
Non -Operating Revenues
(Expenses)
Interest
Total Non -Operating
Revenue (Expenses)
Net Income (Loss Before
Transfers
Operating Transfers:
Operating Transfers In
Total Operating Transfers
Net Income (Loss)
Retained Earnings at
Beginning of Year
Retained Earnings at End of
Year
Equipment ReReplacement Fund
... .T.I
1998-99
99-00 over %
(under) 98-99 Chan e
$510,673
$338,665
$ 172,008
50.79%
_
$ 74,062
$ 72,969
$1,093
1.50%
124,836
88,358
36,478
41.28%
6,581
4,010
2,571
64.11%
$205,479
$165,337
$ 40,142
24.28%
$305,194
$ 173,328
$131,866
76.08%
$ 88,869 $ 52,560 $36,309
$ 88,869 $ 52,560 _ $ 36,309
$ 394,063 $ 225,888 $ 168,175
$ 471,000
$ 471,000
$ 865,174
$799,789
0
0
$225,888
$573,901
$471,000
$471,000
$639,286
$ 225,888
69.08%
69.08%
74.45%
n/a
n/a
282.96%
2n '2K0%
$1,664.963 $799789 $ 865,174 108.16%
xiv
Honorable Mayor, City Council,
and City Manager
Risk MatSageziient
The California Joint Powers Insurance Authority (CJPIA) was formed in 1997 under a joint exercise of powers
agreement between local governments for the purpose of jointly funding programs of insurance under Section
990 of the California Government Code. The Authority is governed by a Board of Directors, which is composed
of one director from each member organization which maintains membership in the Liability program. The City
of La Quinta joined the CJPIA in order to achieve long-term premium stability. Each member city must remain
in the pool for three years. Each year, the self-insured pool undergoes a retrospective deposit computation based
on current incurred loss valuations. Appropriate adjustments are then made over a three-year period. 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
worker's compensation and general liability fall under the insurance policies purchased by the City. The CJPIA
provides for liability insurance coverage with a maximum of $50;000,000 per claim. All reserves are invested
and earnings are credited to members in proportion to their equity. At present, the CJPIA has invested reserves
in excess of $100,000,000. Based on historical experience, as of June 30, 2000, the City's year-end deposit with
CJPIA is expected to exceed its liability for claims payable, including incurred but not reported losses, and
therefore no liability for claims payable has been recorded in the general long-term debt account group.
Cityyetiretnent Costs
Note 19 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 GASB Statement
Number 5. Based upon the latest information, the total over funded benefit obligation applicable to the
employees of the City at June 30, 1998 was $1,568,198, up $755,046 from an over funded pension benefit
obligation of $813,153 as of June 30, 1997. Employer contribution rates are reviewed and adjusted annually to
achieve full funding for retirement benefits by the year 2011.
Cash Maaagerztent
The City Council annually adopts an investment policy that is intended to provide the highest investment return
with the maximum security while meeting the daily cash flow demands of the City and conforming to all state
and local statutes governing the investment of public funds. During the 1999-00 fiscal year, idle funds were
deposited in accordance with this policy in demand deposits, medium-term notes, treasury and agency notes,
treasury money market funds, and a pooled investment administered by the State of California. At all times there
was compliance with the City's investment policy, and safety and liquidity objectives were placed above rates
of return considerations in making deposits and investments. All deposits during the year were insured by the
Federal Deposit Insurance Corporation or were collateralized.
xv
Honorable Mayor, City Council,
and City Manager
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 earned about $2.5 million in interest on
investments in all fund types with annualized earnings on pooled cash investments of 6.34% , compared to
earnings of $3.7 million during 1998-99. Funds are invested in various types of instruments as shown below.
At June 30, 2000, the City had 100% of all available funds invested. The City's total portfolio at year end was
$ 67,395,952.
Below is a summary of cash and investments outstanding as of June 30, 2000:
Form of ash and Investment Jure 30, 2000
Demand Deposits $ 1,355,385
U.S. Treasury Bills/Notes 31,424,504
U.S. Government Agency Securities 19,110,772
Mutual Funds -First American Treasury 4,032,331
Local Agency Investment Fund 11 472.960
$67.395.952
Total
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) and the Government Financial Officers
Association (GFOA) both present an annual Certificate of Award for Outstanding Financial Reporting. We
believe that our current report conforms to their program requirements and we are submitting this report to their
organizations for consideration. If received, the Certificates are valid for one year only. The City received the
GFOA award for the first year in 1997-98 and the CSMFO award for the previous three years.
xvi
Honorable Mayor, City Council,
and City Manager
Acknowleft ents,
This report could not have been accomplished without the dedicated services of the Finance Department staff.
Recognition is given to Amy Swan -Draper, Accounting Manager for her efforts in preparing the introductory
and financial sections, Debbie De Renard, Secretary for her report preparation skills and Sharon Christensen,
Misaela Mendoza, Geniene Croft and Pat Parker for their diligence in processing most of the transactions
reported upon in the financial section of this report. We also appreciate the City Manager and City Council for
providing the resources to prepare this report and for their role in preserving the City's framework of internal
controls. We further 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.
Res e tfully submitted,
John M. Falconer
Finance Director and Treasurer
avii
City of La Quinta
Directory of Officials
June 30, 2000
CITY COUNCIL
John Pena, Mayor
Stanley Sniff, Mayor Pro Tem
Terry Henderson, Council Member
Don Adolph, Council Member
Ronald Perkins, Council Member
ADMINISTRATION
Thomas P. Genovese, City Manager
Mark Weiss, Assistant City Manager
John M. Falconer, Finance Director
Tom Hartung, Building & Safety Director
Jerry Herman, Community Development Director
Kathy Jenson, City Attorney
Dodie Horvitz, Community Services Director
June Greek, City Clerk
Chris Vogt, Public Works Director/City Engineer
i
Police J
County Contract
Assistant City Manager
Management Analyst - 2 positions
Secretary -1 1/2 positions
Manager
I
Commun Lity Services Public Works
Administration
Director
Recreation Supervisor
Secretary
Senior Center
Supervisor
Activities Coordinator
Assistant - 3/4 Time
Adminlstration
Director
Senior Secretary
Devetopmertt t3 Trat1lc
Senior Engineer
Associate Engineer
Assistant Engineer II - 2 Positions
Assistant Engineer I
Counter Technician
Ca kcal Projects
Senior Engineer
Assistant Engineer I
Maintenance 8 Operations
Maintenance Manager
Maintenance Foreman - 3 Positions
Maintenance Worker 11 - 3 Positions
Maintenance Worker I - 4 Positions
City of La Quinta, California
Organizational Chart
Fiscal Year 1999/00
Mayor and City Council
Redevelopment Agency Board
Accounting Manager
Financial Services Assistant
Account Technician - 2 Positions
Secretary
Account Clerk
City Clerk - 2 P
Office Assistant
E
Buildin & Safe!
Administration
Director
Senior Secretary
Code Com Bance
Community Safely Manager
Code Compliance Officer II
Code Compliance Officer I - 2 Positions
Counter Technician
Office Assistant - 1/2 position
Animal Control
Animal Control Officer II
Animal Control/Code Compliance Officer
2 positions
Building
Building & Safety Manager
Senior Building Inspector
Building Inspector II
Building Inspector I
Counter Technician
Once Assistant -1/2 position
Civic Center Bulldin O rations
Facilities Maintenance Technician
Gommunit Development
Administration
Director
Planning Manager
Associate Planner
Executive Secretary
Secretary
Planning
Principal Planner - 2 positions
Associate Planner - 3 Positions
California Society Of
c7lunicipal 3'inance Officers
Certificate of Award
Outstanding Financial Reporting 1998-99
Presented to the
City ofLa Quinta
its certificate is issued in recognition of meeting professional standards and criteria in reporting
which reflect a high level of quality in the annual financial statements
and in the underlying accounting system from which the reports were prepared.
February 28, 2000
*i"Pr0f"i,.aT al echinical Standards Committee'
Dedicated to Excellence in Municipal Financial Management
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of La Quinta,
California
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 1999
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
FT
Wit STAAM
„
UWA
WOUM" President
9� SrAL
�NICA60
Executive Director
xxi
CONRADAND
ASSOCIATES, L.L.P.
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
(949) 474-2020
Fax (949) 263-5520
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, 2000, as listed in the accompanying
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 and
Government Auditing Standards, issued by the Comptroller General of the United States. 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 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, 2000,
and the results of its operations and the cash flows of its proprietary fund types 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 fund 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 statistical schedules listed in the table of contents and we do not
express an opinion on them.
In accordance with Government Auditing Standards, we have also issued a report dated August
9, 2000 on our consideration of the City's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts and grants. That
report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be read in conjunction with this report in considering the results of our
audit.
/vreaai*»ol,4snu.*J, L. L,
August 9, 2000
MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION
CITY OF LA QUINTA
Combined Balance Sheet - All Fund Types and Account Groups
June 30, 2000
Governmental Fund Types
Special Debt - Capital
Assets and Other Debits General Revenue Service Projects
Assets:
Cash and investments (note 2)
Cash with fiscal agent (note 2)
Accounts receivable
Prepaid items
Interest receivable
Notes receivable (note 24)
Due from other funds (note 23)
Due from other governments
Advances to other funds (note 13)
Deposits
Property, plant and equipment (note 4)
Other debits:
Amount available in debt service funds
Amount to be provided for retirement of
general long-term debt
Total assets and other debits
Liabilities, Equity and Other Credits
Liabilities:
Accounts payable
Accrued payroll
Compensated absences payable (note 5)
Deferred revenue
Deposits payable
Retainage payable
Due to other funds (note 23)
Due to other governments
Due to bondholders
Advances from other funds (notes 13)
Long-term debt (note 5 through 14)
Total liabilities
Equity and other credits:
Investment in general fixed assets
Contributed capital (note 18)
Retained earnings (note 17):
Unreserved
Fund balances (note 16):
$ 19,916,410
8,121,407
5,718,057 16,321,886
-
4,703,043
255,365 8,020,529
337,045
59,451
- 64,350
65,323
-
332,088 -
456,767
833
- 115,867
-
2,678,632
-
796,464
-
- 602,021
323,942
18,965
- 601,430
10,460,178
551,038
- -
40,062
-
- -
$ 32,396,191 16,133,369 6,305,510 25,726,083
$ 2,367,220
101,917
4,503
691,578
356,163
-
-
-
8,271
-
-
479,150
987,139
14,806
-
-
-
786,205
10,707
601,573
-
-
589,835
-
-
-
551,038
111,508
3,718,793
902,928
1,156,083
1,883,809
Reserved 10,565,563 7,932,713
Unreserved 18,111,835 7,297,728
Total equity and other credits 28,677,398 15,230,441
Total liabilities, equity and other credits $ 32,396,191 16,133,369
See accompanying notes to financial statements.
`A
5,159,514
10,08
5,149,427
6,305,510
10,433,629
13,408,645
23,842,274
25,726,083
Proprietary Fiduciary
Fund Type
Fund Type
Account Groups
Totals
Internal
General
General
(Memorandum Only)
Service
Agency
Fixed Assets
Long -Term Debt
2000
1999
1,855,449
2,483,806
-
-
54,417,015
42,752,207
-
-
-
-
12,978,937
14,798,307
-
-
-
-
460,846
412,768
-
-
-
-
397,411
60,300
-
-
-
-
573,467
573,494
-
-
2,678,632
2,668,851
-
-
-
-
1,398,485
877,327
-
-
-
-
944,337
422,621
-
-
-
-
11,011,216
9,330,484
-
-
-
-
40,062
39,812
709,254
-
25,578,978
-
26,288,232
26,084,362
-
-
-
4,827,426
4,827,426
3,306,726
-
-
-
102,754,217
102,754,217
104,523,619
2,564,703
2,483,806
`25,578,978
107,581,643
218,770,283
205,850,878
3,944
694
-
-
3,169,856
1,474,931
-
-
-
-
356,163
389,972
-
-
-
321,992
321,992
337,881
-
-
-
-
487,421
8,271
-
669,465
-
-
1,671,410
2,517,877
-
-
-
-
-
163,467
-
-
-
-
1,398,485
877,327
-
-
-
-
589,835
-
-
1,813,647
-
-
11,813,647
1,571,781
-
-
-
10,348,670
11,011,216
9,330,484
-
-
-
96,910,981
96,910,981
99,548,987
3,944
2,483,806
-
107,581,643
117,731,006
116,220,978
-
-
25,578,978
-
25,578,978
25,380,028
895,796
-
-
-
895,796
857,519
1,664,963
-
-
-
1,664,963
799,789
-
-
-
-
34,091,419
30,201,299
-
-
-
-
38,808,121
32,391,265
2,560,759
-
25,578,978
-
101,039,277
89,629,900
2,564,703
2,483,806
25,578,978
107,581,643
218,770,283
205,850,878
3
(This page intentionally left blank)
CITY OF LA QUTNTA
Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types
Year ended June 30, 2000
See accompanying notes to financial statements
5
Totals
Special
Debt
Capital
_(Memorandum Only)
General
Revenue
Service
Projects
2000
1999
Revenues:
Taxes
$ 8,888,825
4,449,326
17,797,305
-
31,135,456
26,063,550
Licenses and permits
2,493,360
-
-
-
2,493,360
1,951,981
Charges for services
1,922,097
-
-
1,922,097
1,965,219
Developer fees
-
454,340
-
3,860,989
4,315,329
5,313,741
Intergovernmental
2,388,749
508,243
-
3,728,384
6,625,376
3,196,442
Investment income
1,868,073
495,698
641,179
633,497
3,638,447
3,694,931
Special assessments
-
785,794
-
345,837
1,131,631
797,766
Rental income
-
404,752
679,670
-
1,084,422
1,098,809
Gain (loss) on sale of land
-
361,102
-
361,102
195,945
Litigation settlement proceeds
-
-
-
-
-
1,562,574
Proceeds of debt without
government commitment
-
-
-
2,240,013
2,240,013
705,262
Miscellaneous
106,371
-
-
-
106,371
74,529
Total revenues
17,667,475
7,459,255
19,118,154
10,808,720
55,053,604
46,620,749
Expenditures:
Current:
General government
2,814,604
-
-
-
2,814,604
2,473,241
Public safety
4,992,811
-
-
-
4,992,811
4,468,294
Community services
768,528
-
-
-
768,528
732,741
Planning and development
748,949
2,796,754
307,264
1,309,776
5,162,743
4,748,022
Public works
1,704,996
1,159,800
-
-
2,864,796
2,717,150
Capital projects
-
-
-
12,330,311
12,330,311
6,977,895
Debt service:
Principal
-
1,755,000
_
1,755,000
3,405,000
Interest
-
-
5,179,880
5,179,880
5,001,240
Payments under pass-through
obligations
-
10,559,287
-
10,559,287
8,728,082
Total expenditures
11,029,888
3,956,554
17,801,431
13,640,087
46,427,960
39,251,665
Excess (deficiency) of
revenues over (under)
expenditures
6,637,587
3,502,701
1,316,723
2,831,367)
8,625,644
7,369,084
Other financing sources (uses):
Operating transfers in
79,510
375,267
2,086,472
10,014,827
12,556,076
8,617,313
Operating transfers out
(1,359,255)
(3,743,259)
(2,349,638)
(5,575,035)
(13,027,187)
(8,617,313)
Proceeds of advances
797,916
1,607,273
2,405,189
833,402
Total other financing
sources (uses)
(1,279,745)
(3,367,992)
534,750
6,047,065
1,934,078
833,402
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures
and other financing uses
5,357,842
134,709
1,851,473
3,215,698
10,559,722
8,202,486
Fund balances at beginning of year
23,319,556
15,095,732
3,297,954
20,879,322
62,592,564
54,488,841
Residual equity transfer
-
-
-
(252,746)
(252,746)
(98,763)
Fund balances at end of year
$ 28,677.398
15,230,441
5,149,427
23,812.274
72,899,540
62,592,564
See accompanying notes to financial statements
5
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, 2000
Revenues:
Taxes
Licenses and permits
Charges for services
Developer fees
Intergovernmental
Investment income
Special assessments
Rental income
Gain (loss) on sale of land
Proceeds of debt without government
commitment
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Community services
Planning and development
Public works
Capital projects
Debt service:
Principal
Interest
Payments under pass-through obligations
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 at beginning of year
Residual equity transfer
Fund balances at end of year
General Fund
Variance
Favorable/
Budget Actual (Unfavorable)
$ 6,895,700
8,888,825
1,993,125
766,100
2,493,360
1,727,260
802,610
1,922,097
1,119,487
1,893,861
2,388,749
494,888
1,464,000
1,868,073
404,073
55,600
106,371
50,771
11,877,871
17,667,475
5,789,604
3,061,630
2,814,604
247,026
5,108,465
4,992,811
115,654
857,334
768,528
88,806
1,332,438
748,949
583,489
1,578,060
1,704,996
(126,936)
11,937,927
11,029,888
908,039
(60,056)
6,637,587
6,697,643
40,000
79,510
39,510
(1,682,416)
(1,359,255)
323,161
(1,642,416)
(1,279,745}
362,671
(1,702,472)
5,357,842
7,060,314
23,319,556
23,319,556
-
21,617,084
28,677,398
7,060,314
See accompanying notes to financial statements.
6
Special Revenue Funds
Debt Service Funds
Capital Projects Funds
Variance
Variance
_
Variance
Favorable/
Favorable/
Favorable/
Budget
Actual
(Unfavoruble)
Budget
Actual
((Knfayorablel
Budget
Actual
(Unfavorable)
4,000,100
4,449,326
449,226
16,000,397
17,797,305
1,796,908
20,000
454,340
434,340
-
-
-
2,092,153
3,860,989
1,768,836
688,752
508,243
(180,509)
-
-
-
15,849,898
3,728,384
(12,121,514)
244,300
495,698
251,398
18,000
641,179
623,179
576,000
633,497
57,497
764,200
785,794
21,594
-
-
-
-
345,837
345,837
341,000
404,752
63,752
679,670
679,670
-
-
-
150,000
361,102
211,102
-
-
_
-
-
-
-
-
-
2,806,700
2,240,013
(566,687)
6,208,352
7,459,255
1,250,903
16,698,057
19;]18,154
2,420,087
21,324,751
10,8081720
(10,516,031)
3,852,451
2,796,754
1,055,697
304,370
307,264
(2,894)
1,372,011
1,309,776
62,235
1,159,800
1,159,800
-
-
-
-
-
_
-
-
-
-
-
-
-
44,245,320
12,330,311
31,915,009
-
-
-
1,755,000
1,755,000
-
-
_
_
-
-
-
5,280,477
5,179,880
100,597
-
-
-
-
-
-
10,196,102
10,559,287
(363,185)
-
-
-
5,012,251
3,956,554
1,055,697
17,535,949
17,801,431
(265,482)
45,617,331
13,640,087
31,977,244
1,196,101
3,502,701
2,306,600
(837,882)
1,316,723
2,154,605
(24,292,580}
2,83] 367
21,461,213
2,000 375,267
(8,710,465) (3,743,259)
373,267 2,078,139 2,086,472 8,333 30,790,997 10,014,827 (20,776,170)
4,967,206 (2,349,838) (2,349,638) 200 (19,110,290) (5,575,035) 13,535,255
- 794,347 797,916 3,569 115,000 1,607,273 1,492,273
(8,708,465 (3,367,992 5,340,473 522,648 534,750 12,102 11,795,707 6,047,065 (5,748,642)
(7,512,364) 134,709 7,647,073 (315,234) 1,851,473 2,166,707 (12,496,873) 3,215,698 15,712,571
15,095,732 15,095,732 - 3,297,954 3,297,954 - 20,879,322 20,879,322 -
- - - - - - - (252,746} (252,746)
7,583,368 15,230,441 7,6147,073 2,982,720 5,149,427 2,166,707 8,382,449 23;842,274 15,459,825
7
CITY OF LA QUINTA
Combined Statement of Revenues, Expenses and Changes in Retained Earnings -
Internal Service Fund
Year ended June 30, 2000
See accompanying notes to financial statements.
8
2000
1999
Operating revenues:
Charges for services
$ 510,673
338,665
Operating expenses:
Fuel and oil
29,878
26,924
Maintenance and parts
44,184
46,045
Depreciation
124,836
88,358
Other operating expenses
6,581
4,010
Total operating expenses
205,479
165,337
Operating income (loss)
305,194
173,328
Non-operating revenues (expenses):
Investment income
88,869
52,560
Total non-operating revenues
88,869
52,560
Income (loss) before operating transfers
394,063
225,888
Operating transfers in
471,111
-
Net income (loss)
865,174
225,888
Retained earnings at beginning of year
799,789
573,901
Retained earnings at end of year
$ 1,664,963
799,789
See accompanying notes to financial statements.
8
CITY OF LA QUINTA
Combined Statement of Cash Flows - Internal Service Fund
Year ended June 30, 2000
See accompanying notes to financial statements.
9
2000
1999
Cash flows from operating activities:
Cash received from other customers
$
510,673
338,665
Cash payments to suppliers for goods and services
(84,463)
(78,319)
Net cash provided by (used for) operating activities
426,210
260,346
Cash flows from noncapital financing activities:
Cash transferred from other funds
471,111
-
Net cash provided by (used for) noncapital financing activities
471,111
-
Cash flows from capital and related activities:
Purchase of fixed assets
(88,340)
(64,602)
Net cash provided by (used for) capital and related activities
(88,340)
(64,602)
Cash flows from investing activities:
Interest received on uivestments
99.004
42,425
Net cash provided by (used for) investing activities
99,004
42,425
Net increase (decrease) in cash and cash equivalents
907,985
238,169
Cash and cash equivalents at beginning of year
947,464
709,295
Cash and cash equivalents at end of year
$
1,855,449
947,464
Reconciliation of operating income to net cash provided by
operating activities:
Operating income (loss)
$
305,194
173,328
Adjustments to reconcile operating income (loss) to net
cash provided by operating activities:
Depreciation
124,836
-
Adjustments:
Increase (decrease) in other assets
(3,139)
w
Decrease (increase) in accounts payable
(681)
(1,340)
Net cash provided by (used for) operating activities
$
426,210
171,988
Noncash capital, financing and investing activities:
Fixed assets contributed by other funds
$
38,277
156,493
See accompanying notes to financial statements.
9
CITY OF LA QUINTA
Notes to the Financial Statements
Year ended June 30, 2000
1) Summary of Significant Accounting Policies
(a) Reporting Entity
The City of La Quinta ("the City") was incorporated May 1, 1982 under the
general laws of the State of California. In November 1996, the City became a
charter City. The City operates under the Council - Manager form of government.
The City provides many community services including public safety, highway
and street maintenance, health and social services, cultural and leisure services,
public improvements, planning and zoning services, and community development
services.
The accounting policies of the City conform to generally accepted accounting
principles as applicable to governments. As required by generally accepted
accounting principles, these financial statements present the government and its
component units, which are 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 govennment's operations and so data from these units are reported with
the interfund data of the primary government.
10
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Sjgnificant Accounting Policies, (Continued)
The following organizations are considered to be component units of the City:
La Quinta Redevelopment Agent
The La Quinta Redevelopment Agency (Agency) has established two
redevelopment prc�lect 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. Although the Agency
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. Separate financial
statements of the Agency can be obtained at City Hall.
City of La Quinta Public Financing Authority
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 financing necessary for the construction of various public
improvements through the issuance of debt. Although the Authority is legally
separate, it is reported as if it were part of the City because the City Council also
serves as the governing board of the Authority. Separate financial statements of
the Authority can be obtained at City Hall.
(b) Fund Accounting
The basic accounting and reporting entity is a "fund". A fund is defined as an
independent fiscal and accounting entity with a self -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.
11
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
The accounting records of the City are organized on the basis of funds and
account groups classified for reporting purposes as follows:
GOVERNMENTAL FUNDS
Oreneral Fund
The primary fund of the City is used to account for all revenue and expenditures
of the City not legally restricted as to use. A broad range of municipal activities
are provided through this fund including City Manager, City Attorney, Finance,
City Clerk, Community Development, Police Services, Public 'Works, Building
and Safety, and Community Services.
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 Funds
The Debt Service Funds are used to account for resources set aside for repayment
of general long-term debt.
Capital Projects Funds
Capital Projects 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.
12
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies (Continued)
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 govermnental 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.
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 Long -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 fiend types report increases (revenues) and
decreases (expenditures) in available spendable resources.
13
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
1 Summary of Significant Accounting Policies Continued
(c) Measurement Focus and Basis of Accounting, (Continued)
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.
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.
14
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
(d) Budgetary Data
The City adopts an annual budget prepared on the modified accrual basis of
accounting for its governmental funds and on the accrual basis of accounting for
its proprietary funds. The City Manager or his designee is authorized to transfer
budgeted amounts between the accounts of any department. Revisions that alter
the total appropriations of any department or fund are approved by City Council.
Additional appropriations in the amount of $10,011,868 were made during the
year. 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.
(f) Advances to Other Funds
Long-term interfund advances between the City and the Agency are recorded as a
receivable and in the long-term debt account group.
(g) Investments
For financial reporting purposes, investments are adjusted to their fair value
whenever the difference between fair market value and the carrying amount is
material.
Changes in fair value that occur during a fiscal year are recognized as investment
income reported for that fiscal year. Investment income includes interest earnings,
changes in fair value, and any gains or losses realized upon the liquidation or sale
of investments.
The City pools cash and investments of all funds, except for assets held by fiscal
agents. Each fund's share in this pool is displayed in the accompanying financial
statements as cash and investments. Investment income earned by the pooled
investments is allocated to the various funds based on each fund's average cash
and investment balance.
15
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
(h) Cash Equivalents
(i)
For purposes of the statement of cash flows, cash equivalents are defined as short-
term, highly liquid investments that are both readily convertible to known
amounts of cash or so near their maturity that they present insignificant risk of
changes in value because of changes in interest rates. Cash equivalents also
represent the proprietary funds' share in the cash and investment pool of the City
of La Quinta. Cash equivalents have an original maturity date of three months or
less from the date of purchase. For purposes of the statement of cash flows, the
entire balance of cash and investments on the combined balance sheet for the
internal service fund is considered cash and cash equivalents.
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, 2000.
The County of Riverside assesses, bills, and collects property taxes for the City.
0) Property, Plant and Equipment
Property, plant and equipment used in governmental fund type operations are not
capitalized in the funds used to acquire or construct them. Instead, capital
acquisition and construction are reflected as expenditures in the governmental
fund, and the related assets are carried in the General Fixed Assets Account
Group.
Property, plant and equipment are recorded at cost where historical records are
available and at an estimated historical cost where no historical records exist.
Donated fixed assets are valued at their estimated fair market value at the date of
the donation.
Public domain ("infrastructure") general fixed assets consisting of certain
improvements other than buildings, including roads, bridges, curbs and gutters,
streets and sidewalks, drainage systems and lighting systems are not capitalized,
as these assets are immovable and of value only to the government.
The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend asset lives are not capitalized. Improvements are
capitalized and depreciated over the remaining useful lives of the related fixed
assets, as applicable.
16
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued
0) Property, Plant and Equipment, (Continued)
Assets in the general fixed assets account group are not depreciated. Depreciation
of building improvements, equipment and furniture, and vehicles in the
proprietary fund is computed over the estimated useful lives using the straight-
line method.
The following schedule summarizes proprietary fund type fixed asset useful lives:
Building improvements 15 years
Equipment and furniture 3-20 years
Vehicles 5-10 years
(k) 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 and 40 days,
respectively.
Upon termination or retirement, permanent employees are entitled to receive
compensation at their currentbase 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.
(1) vitalization of Leases
Capitalized leases have been treated in accordance with Financing Accounting
Standards Board Statement No. 13 (Accounting for Leases).
(m) Postemployment Benefits
The City does not provide postemployment benefits (other than pension benefits)
to its employees.
(n) Capital Projects
Capital projects expenditures include public domain or infrastructure projects
which are not capitalized as additions to general fixed assets.
17
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
1 Summary of Significant Accounting Policies Continued
(o) Applicability of FASB Pronouncements to Proprietary Funds
The City applies all applicable Governmental Accounting Standards Board
(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) Comparative Data
Comparative total data for the prior year have been presented in the
accompanying financial statements in order to provide an understanding of
changes in the City's financial position and operations. However, comparative
(i.e., presentation of prior year totals by fund type) data has not been presented in
each of the statements since their inclusion would make the statements unduly
complex and difficult to read.
(q) 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.
(2) Cash and Investments
Cash and investments are reported as follows on the combined balance sheet:
Cash and investments
Cash with fiscal agent
Total
$54,417,015
12,978,937
$67,395 952
Cash and investments held by the City at June 30, 2000 consisted of the following:
Demand deposits
Investments
Total
18
$ 1,355,385
6666 0,567
67,395,952
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(2) Cash and Investments, (Cantinj! d
The City and its component units are authorized by its investment policy to invest in the
following types of investments:
Investment Type Maximum %
Government pools 35%
U.S. government and agency securities 75%
Commercial Paper 30%
Mutual Funds 20%
Certificates of Deposit 60%
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 law 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.
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.
Category Bank Book
Form of Deposit 1 2 3 Balance Balance
Deposits held by the City:
Demand deposits '100,000 567,963 1,968.272 2,636,235 1,355,385
19
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
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.
Investments held by the City:
U.S. Treasury Notes
Federal Home Loan Bank
FNMA
Investments held by fiscal agent:
U.S. Treasury Notes
U.S. Treasury Bills
Federal Farm Credit Bank
Category
i 2 3 Carrying Value
$23,955,628 - - 23,955,628
2,975,076 - - 2,975,076
14,657,968 - - 14,657,968
6,960, 864
508,012
1,477,728
$41,588.672 &21k&L4
Investments held by the City not subject to categorization:
Investment in State of California Local Agency Investment Fund
Investments held by fiscal agent not subject to categorization:
Investment in mutual funds:
First American Treasury Obligation Fund
20
6,960,864
508,012
1.477.728
11,472,960
4,032,331
$0,5G7
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
Investments are adjusted at year end to fair value, except when the difference between
fair value and book value is immaterial.
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is
regulated by California Goverrunent Code Section 16429 under the oversight of the
Treasurer of the State of California. The fair value of the City's investment in this pool is
reported in the accompanying financial statements at amounts based upon the City's pro -
rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to
the amortized cost of that portfolio). The balance available for withdrawal is based on
the accounting records maintained by LAIF, which are recorded on an amortized cost
basis. 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.
3 PropertyPropeLty 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.
21
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(3) Property Taxes, (Continued)
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.
(4) Fixed Assets
A summary of changes in general fixed assets for the year ended June 30, 2000 are as
follows:
The following is a summary of proprietary fund type fixed assets for the City at June 30,
2000:
Internal Service Fund
Building improvements $613,890
Equipment 106,488
Vehicles 665,954
Less accumulated depreciation67[ 7,078)
Total 709 254
22
Transfers
Balance at
to Proprietary
Balance at
June 30, 1999
Additions
Retirements Funds
June 30, 2000
Land
$12,075,671
106,773
(352,000) -
11,830,444
Equipment and furniture
1,116,160
352,015
-
1,468,175
Vehicles
161,052
38,277
- (38,277)
161,052
Leasehold improvements
201,070
-
-
201,070
Buildings
11,826,075
92,162
_ -
11,918,237
Total
$ 238,i28
589.227
(3.52,044) 8,277
25,5789L
_
The following is a summary of proprietary fund type fixed assets for the City at June 30,
2000:
Internal Service Fund
Building improvements $613,890
Equipment 106,488
Vehicles 665,954
Less accumulated depreciation67[ 7,078)
Total 709 254
22
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(5) General Long -Term Debt
Changes in general long-term debt for the year ended June 30, 2000 were as follows:
Balance at Balance at
July 1, 1999 Additions Deletions June 30,2000
City:
Compensated absences payable
$ 337,881
- (15,889)
321,992
Capital leases payable
11,999
- (11,999)
-
Due to the Coachella Valley Association
2,350,000
- -
2,350,000
of Governments
678,311
- (50,000)
628,311
Developer Agreements Payable
649,291
100,214 (54,160)
695,345
RDA Project Area No. 1:
8,260,000
-2_ (50,000)
8,010,000
Tax allocation bonds
38,850,000
- (1,085,000)
37,765,000
Housing tax allocation bonds
17,172,278
- (267,660)
16,904,618
Pass-through agreements payable:
Due to County of Riverside
10,116,237
- (217,135)
9,899,102
Coachella Valley Unified School District
10,068,149
- (649,927)
9,418,222
Advances from other funds*
3,586,358
469,481
4,055,839
RDA Project Area No. 2:
Tax allocation bonds
6,750,000
- (80,000)
6,670,000
Housing tax allocation bonds
4,642,722
- (72,340)
4,570,382
Due to County of Riverside
2,350,000
- -
2,350,000
Advances from other funds*
4,357,119
1,935,712 -
6,292,831
Financing Authority:
Revenue bonds
8,260,000
-2_ (50,000)
8,010,000
Total
$]07,U_0,3 45.
2,5(15 407 (2 754,110)
1{]7,, $111y42,
* Advances from other funds are money owed by the La Quinta Redevelopment Agency to the City of
La Quinta, which also include interest accrued on the advances.
Due to the Coachella Vallev Association of Governments
The City of La Quinta entered into an Interchange Reimbursement Agreement with the
Coachella Valley Association of Governments (CVAG) to finance capital improvements
at the Washington Street I-10 interchange. The City will reimburse CVAG $828,311
over a period of seventeen years beginning July 31, 1996. The annual payments to
CVAG range from $28,311 to $50,000. At June 30, 2000, the balance was $628,311.
23
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(7) Developer Agreements Payable
A developer lease agreement was entered into in December 1996 between the City of La
Quinta and Home Depot U.S.A., Inc. for $880,000. As stipulated by the agreement,
Home Depot conveyed the title to certain property to the City, the City then leased the
same property to Horne Depot for one dollar. Home Depot then subleased the same
property back to the City. The City's lease payment to Home Depot each year are equal
to 48% of sales tax revenues generated by the store up to a maximum of $128,680 per
year. The payments will continue for 12 years after the date that the City first receives
sales tax revenues from the store or until total principal and interest clue has been paid to
Home Depot. Interest due on the outstanding principal is eight percent (8%) per annum.
Home Depot is required by the agreement to pay for certain street improvements in the
vicinity of the store. The balance at June 30, 2000 was $695,345.
( 8) Tax Allocation Bonds
As of June 30, 2000, the following issuances of Tax Allocation Bonds were outstanding:
Series 1994
Tax Allocation Refunding Bonds, Series 1994, were issued by the Agency on May 5,
1994, in the amount of $26,665,000 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.
Interest rates on the bonds range 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. There are certain limitations regarding the
issuance of parity debt as further described in the official statement. 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, 2000 is $22,005,000.
A portion of the bond proceeds, in the amount of $27,922,526, was 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, 2000, $14,585,000 of the 1990 defeased bonds are
outstanding.
24
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
Tax Allocation Bonds, (Continued)
Series 1998, Proiect Area No. 1
Tax allocation refunding bonds, Series 1998, in the amount of $15,760,000 were issued
by the Agency to refund the outstanding aggregate principal amount of the Agency's Tax
Allocation Bonds, Series 1991. The remaining proceeds were used to finance certain
capital improvements within the La Quinta Redevelopment Project Area No. 1. The
unexpended balance of proceeds at June 30, 2000 is $6,800,003.
Interest rates on the bonds range from 5.20% to 5.25% and are payable semi-annually on
March I and September 1 of each year until maturity. The interest and principal of the
bonds are payable from pledged tax increment revenues on a parity with the Agency's
previously issued Tax Allocation Refunding Bonds, Series 1994.
Term Bonds maturing September 1, 2028 are subject to mandatory sinking fund
redemption, in part by lot, on September 1, 2013 and on each September 1 thereafter,
through September 1, 2028, at a price equal to the principal amount thereof plus accrued
interest. There are certain limitations regarding the issuance of parity debt as further
described in the official statement. 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, 2000 is $15,760,000.
A portion of the bond proceeds, in the amount of $7,822,592, was deposited in an
irrevocable trust with an escrow agent to provide for all future debt service payments on
the 1991 Tax Allocation Bonds. As a result, the bands 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, 2000, $7,205,000 of the defeased bonds are outstanding.
Series 1998, Project Area No. 2
Tax allocation refunding bonds, Series 1998, in the amount of $6,750,000 were issued by
the Agency to refund the outstanding aggregate principal amount of the Agency's Tax
AIIocation Bonds, Series 1992. The remaining proceeds were used to finance certain
capital improvements within the La Quinta Redevelopment Project Area No. 2. The
unexpended balance of proceeds at June 30, 2000 is $632,837.
Interest rates on the bonds range from 3.75% to 5.28% and are payable semi-annually on
March 1 and September 1 of each year until maturity. The interest and principal of the
bonds are payable solely from pledged tax increment revenues of Project Area No. 2.
25
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(8) Tax Allocation Bonds, (Continued)
Term Bonds maturing September 1, 2028 and September 1, 2033 are subject to
mandatory sinking fund redemption, in part by lot, on September 1, 2009 and September
1, 2019, respectively, and on each September 1 thereafter at a price equal to the principal
amount thereof plus accrued interest. There are certain limitations regarding the issuance
of parity debt as further described in the official statement. 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, 2000 is $6,670,000.
(9) 1995 Housing Tax Allocation Bonds ("TABS)
La Quinta Redevelopment Project Areas No. 1 and 2 1995 Housing Tax Allocation
Bonds were issued by the Agency on 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. The interest and
principal of the bonds are payable from pledged tax increment revenues of both project
areas.
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. There are certain limitations regarding the issuance of parity debt as
further described in the official statement. The principal balance of outstanding bonds at
June 30, 2000 is $21,475,000.
(10) 1996 Lease Revenue Refunding Bonds
On November 15, 1996, the Authority issued $8,790,000 of 1996 Lease Revenue
Refunding Bonds to defease the remaining 1991 Local Agency Revenue Bonds in the
amount of $8,200,000 and to provide funds for construction of remaining improvements
to the La Quinta Civic Center site. The unexpended balance of proceeds at June 30, 2000
is $587,689.
The bonds consist of $3,630,000 of serial bonds and $5,160,000 of term bonds. The
serial bonds will accrue interest at rates between 3.70% and 5.30% and principal amounts
mature between October 1, 1997 to October 1, 2008 in amounts ranging from $285,000
to $380,000. The term bonds accrue interest at a rate of 5.55% and mature on October 1,
2018.
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(10) 1996 Lease Revenue Refunding Bonds, (Continued)
A surety agreement has been purchased to satisfy the bond reserve requirement. There
are certain limitations regarding the issuance of parity debt as further described in the
official statement. The amount of principal outstanding on the 1996 Lease Revenue
Refunding Bonds at June 30, 2000 is $8,010,000.
(11) Due to County of Riverside
Proiect Area No. 1
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, 2000 is
$9,899,102.
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 tax
increment is to be paid to the County in amounts ranging from $100,000 to $250,000
over a payment schedule through June 30, 2015. Interest does not accrue on this
obligation. The balance at June 30, 2000 is $2,350,000.
12) Notes Payable to Coachella Valley 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 furtherance 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 $474,51.7 to $834,076, for a total amount of $15,284,042. Tax
increment payments outstanding at June 30, 2000 totaled $9,418,222. The District agrees
to use such funds to provide classroom and other construction costs, site acquisition,
school busses, and expansion or rehabilitation of current facilities.
27
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
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, which are accounted for as advances
from the City:
Agency expenditures
incurred by the City:
Project Area No. 1
Project Area No. 2
Total
Balances at
July 1, 1999 Proceeds
$3,586,358 469,481
4,3572119 1,935,712
$7.,943,477 2,405.193
Balances at
Repayments June 30, 2000
4,055,839
6,292,831
10,348.b70
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, of the Low/Moderate 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/Moderate Income Housing Special Revenue Funds. The Agency has ten years to
repay this loan. The Agency has elected to make repayment in the tenth year (2003-04).
Interest does not accrue on this obligation.
In fiscal year ended June 30, 1999, the General Fund advanced $1,000,000 to the Capital
Improvement Fund to provide funding for the development of the La Quinta Auto Mall.
Interest does not accrue on this obligation. The balance at June 30, 2000 is $111,508.
(14) Debt Service Requirements to Maturity
The minimum annual requirements (including sinking fund requirements) to amortize the
long-term debt of the City as of June 30, 2000 are as follows (advances payable to the City
and amounts payable under developer agreements have been excluded since minimum
annual debt service payments have not been established):
28
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(14) Debt Service Requirements to Maturity, (Continued)
29
1996
Pass-through Areements
Lease
1995
1998
1998
Revenue
Coachella
County
Ending
Housing
1994
TABS
TABS
Refunding
Valley
of
June 30
CVAG
TABS
TABS
P.A. No. 1
P.A. No. 2
Bonds
USD
Riverside
Total
2000-01
$50,000
1,592,187
2,624,885
819,520
417,467
678,955
670,817
1,803,705
8,657,536
2001-02
50,000
1,590,690
2,620,315
819,520
419,249
682,178
684,233
1,903,705
8,769,890
2002-03
50,000
1,592,820
2,620,855
819,520
420,747
679,435
697,918
1,903,705
8,785,000
2003-04
50,000
1,588,538
2,599,465
819,520
417,080
680,830
711,877
2,290,473
9,157,783
2004-05
50,000
1,587,990
2,612,140
819,520
418,264
681,220
726,114
2,290,473
9,185,721
2005-06
50,000
1,590,890
2,597,700
819,520
419,167
680,575
740,636
2,290,473
9,188,961
2006-07
50,000
1,645,502
2,593,456
819,520
419,785
678,865
755,449
100,000
7,062,577
2007-08
50,000
1,646,470
2,590,816
819,520
420,135
675,880
770,558
150,000
7,123,379
2008-09
50,000
1,645,125
2,584,232
819,520
420,184
676,450
785,968
200,000
7,181,479
2009-10
50,000
1,641,540
2,578,160
819,520
419,550
675,280
801,688
200,000
7,185,738
2010-11
50,000
1,640,840
2,571,868
819,520
418,272
672,525
817,722
200,000
7,190,747
2011-12
50,000
1,641,650
2,569,442
819,520
416,738
673,521
834,076
250,000
7,254,947
2012-13
28,311
1,638,750
2,560,155
819,520
419,819
673,130
421,166
250,000
6,810,851
2013-14
-
1,638,300
-
1,457,490
417,516
671,351
-
250,000
4,434,657
2014-15
-
1,635,150
1,457,520
414,956
673,046
250,000
4,430,672
2015-16
-
1,634,150
1,455,730
417,012
673,076
-
-
4,179,968
2016-17
-
1,630,150
-
1,456,990
418,556
671,441
-
-
4,177,137
2017-18
-
1,632,850
-
1,451,300
414,716
668,141
-
-
4,167,007
2018-19
-
1,627,100
-
1,453,530
415,491
668,038
-
-
4,164,159
2019-20
1,627,750
1,453,420
415,631
-
-
3,496,801
2020-21
-
1,624,500
-
1,450,970
415,131
-
-
3,490,601
2021-22
-
1,622,200
-
1,451,050
414,106
-
-
-
3,487,356
2022-23
-
1,620,550
-
1,448,530
417,425
-
-
-
3,486,505
2023-24
1,619,250
-
1,448,280
415,088
-
31482,618
2024-25
1,613,150
-
1,445,170
417,094
-
-
3,475,414
2025-26
-
1,611,950
-
1,444,070
413,444
-
-
3,469,464
2026-27
-
-
-
1,439,850
414,137
-
-
-
1,853,987
2027-28
-
-
1,437,380
414,044
-
-
1,851,424
2028-29
-
-
1,436,400
413,162
-
-
-
1,849,562
2029-30
-
-
-
411,494
-
-
-
411,494
2030-31
-
-
-
-
413,906
-
-
-
413,906
2031-32
-
-
-
410,400
-
-
-
410,400
2032-33
-
-
410,975
-
-
-
410,975
2033-34
-
-
410,500
-
-
410.500
Principal and
interest
628,311
42,180,042
33,723,489
33,841,440
14,151,241
12,833,937
9,418,222
14,332,534
161,109,216
Less:
Interest
-20,705
042)
11 718 459
(18.081,440)
7,481,241).
(4,823,937)-
2 f?{ 83,432) (64,893,581)
Total
principal
$628,3.1.1_
21 47 OU
22 -ft 0J.M,222
1 49 1
29
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
15 Debt Without Governmental Commitment
The City of La Quinta sold Improvement Bands 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 neither 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 not liable for repayment of the debt, but is
only acting as agent for the property owners in collecting the assessments and forwarding
the collections to bondholders. The Bonds do not constitute an obligation of the City;
therefore, they are not included 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, 2000:
Amount Outstanding
Proceeds Maturity Date Interest Rate at June 30, 2000
Assessment District No. 88-1
$ 855,984
9/2/04
5.50%-7.25%
$ 225,000
Assessment District No. 89-2
1,153,974
9/2/04
6.65%-6.75%
400,000
Assessment District No. 90-1
1,227,155
9/2/05
6.50%-7.00%
485,000
Assessment District No. 91-1
2,240,866
9/2/06
6.70%-6.80%
1,065,000
Assessment District No. 92-1
1,880,891
9/2/08
5.00%-5.40%
1,195,000
Assessment District No. 97-1
705,262
9/2/18
4.10%-5.20%
745,000
Assessment District No. 2000-1
2,285,000
9/2/15
5.00%-6.60%
2,285,000
(16) Reserves 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, 2000 consisted of the following reserves and designations:
30
Totals
General
Special
Debt
Capital
(Memorandum
Fund
Revenue
Service
Protects
Only)
Reserved for:
Debt service
$ -
-
4,827,426
-
4,827,426
Bond projects
-
4,703,043
-
10,433,629
15,136,672
Advances to other funds
10,460,178
551,038
-
-
11,011,216
Prepaid items
65,323
-
332,088
-
397,411
Deposits
40,062
-
-
-
40,062
Notes receivable
-
_ 2,678,632
-
-
2,678,632
Subtotal
10.565,563
7,932,713
5,159,514
10,433,629
34,091,419
30
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
1�) Reserves and Designations of Fund Balances_ (Continued)
17) Retained Earnhies
As of June 30, 2000, all of the retained earnings in the proprietary fund were unreserved.
As provided under generally accepted accounting principles, reserves are only established
in proprietary funds for equity legally restricted by patties external to the governmental
unit.
(18) Contributed Capital
A summary of changes in contributed capital for the year ended June 30, 2000 are as
follows:
Balance at June 30, 1999 $857,519
Fixed Assets contributed by other funds 38,277
Balance at June 30, 2000 $895,396
31
Totals
General
Special
Debt
Capital
(Memorandum
Fund
Revenue
Service
projects
Only)
Unreserved:
Designated for:
Emergency reserve
8,696,940
-
-
8,696,940
Cash flows
1,800,000
-
-
-
1,800,000
Operations/projects/transfers
7,614,895
7,942,647
-
13,408,645
28,966,187
Undesignated
-(044,919)
(10,087
-
655,006)
Subtotal
18,111,835
7,297,7281(
0,087)
13408645
38808,121
Total fund balances
$8,6
12_3��
S. 1�
2,842,274
72,$9 544
17) Retained Earnhies
As of June 30, 2000, all of the retained earnings in the proprietary fund were unreserved.
As provided under generally accepted accounting principles, reserves are only established
in proprietary funds for equity legally restricted by patties external to the governmental
unit.
(18) Contributed Capital
A summary of changes in contributed capital for the year ended June 30, 2000 are as
follows:
Balance at June 30, 1999 $857,519
Fixed Assets contributed by other funds 38,277
Balance at June 30, 2000 $895,396
31
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
Defined Benefit Pension Plan
Plan Description
The City of La Quinta contributes to the California Public Employees Retirement System
(PERS), an agent multiple -employer public employee defined benefit pension plan.
PERS provides retirement and disability benefits, annual cost -of -living adjustments, and
death benefits to plan members and beneficiaries. PERS acts as a common investment
and administrative agent for participating public entities within the State of California.
Benefit provisions and all other requirements are established by state statute and city
ordinance. Copies of PERS' annual financial report may be obtained from their
executive office: 400 P Street, Sacramento, California 95814.
Funding Policy
Participants are required to contribute 7% of their annual covered salary. The City makes
the contributions required of City employees on their behalf and for their account. The
City is required to contribute at an actuarially determined rate. For the year ended June
30, 2000, the rate was 4.116% of annual covered payroll. The contribution requirements
of plan members and the City are established and may be amended by PERS.
Annual Pension Cost
For 2000, the City's annual pension cost (employer contribution) in the amount of
$128,123 was equal to the City's required and actual contributions. The required
contribution was determined as part of the June 30, 1997, actuarial valuation using the
entry age normal actuarial cost method. The actuarial assumptions included (a) 8.25%
investment rate of return (net of administrative expenses), (b) projected annual salary
increases that vary by duration of service, and (c) 2% per year cost -of -living adjustments.
Both (a) and (b) included an inflation component of 3.5%. The actuarial value of PERS
assets was determined using techniques that smooth the effects of short-tenn volatility in
the market value of investments over a four-year period (smoothed market value). Any
unfunded actuarial accrued liability is amortized as a level percentage of projected
payroll on a closed basis. PERS combines the prior service unfunded liability and the
current service unfunded liability into a single initial unfunded liability. The single
funding horizon for the unfunded liability is June 30, 2011.
32
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
19) Defined Benefit Pension Plan, (Continued)
Miscellaneous Employees
Three -Year Trend Information
(20) Claims Payable/Self Insurance
The City is a member of the California Joint Powers Insurance Authority (Authority).
The Authority is composed of 84 California public entities and is organized under a joint
powers agreement pursuant to California Government Code Section 6500, et seq. The
purpose of the Authority is to arrange and administer programs for the pooling of self-
insured
elfinsured losses, to purchase excess insurance or reinsurance, and to arrange for group -
purchased insurance for property and other coverages. The Authority's pool began
covering claims of its members in 1978. Each member government has a representative
on the Board of Directors. The Board operates through a 9 -member Executive
Committee.
General Liability
Each member government pays a primary deposit to cover estimated losses for a fiscal
year (claims year). Six months after the close of a fiscal year, outstanding claims are
valued. A retrospective deposit computation is then made for each open claims year.
Costs are spread to members as follows: the First $20,000 of each occurrence is charged
directly to the city; costs from $20,001 to $500,000 are pooled based on a members share
of costs under $20,000; costs from $500,001 of $5,000,000 are pooled based on payroll.
Costs to covered claims above $5,000,000 are currently paid by reinsurance. The
protection for the City is $50,000,000 per occurrence and $50,000,000 annual aggregate.
33
Annual Pension
Percentage of
Net Pension
Fiscal Year
Cost (APC)
APC Contributed
Obligation
6/30/98
$218,983
100%
-0-
6/30/99
219,350
100%
-0-
6/30/00
128,123
100%
-0-
Required Supplementary Information ($ amount in thousands)
Entry Age
Normal Actuarial
Unfunded
Annual UAAL
Accrued Value
Liability/
Covered As a % of
Valuation Date
Liabili of Assets
Excess Assets Funded Status
Payroll Payroll
06/30/96
$3,296,923 3,637,165
(340,242) 110.3%
2,717,286 (12.521%)
06/30/97
3,788,306 4,601,458
(813,152) 121.5%
2,864,531 (28.387%)
06/30/98
4,389,078 5,957,276
(1,568,198) 135.7%
3,075,703 (50.987%)
(20) Claims Payable/Self Insurance
The City is a member of the California Joint Powers Insurance Authority (Authority).
The Authority is composed of 84 California public entities and is organized under a joint
powers agreement pursuant to California Government Code Section 6500, et seq. The
purpose of the Authority is to arrange and administer programs for the pooling of self-
insured
elfinsured losses, to purchase excess insurance or reinsurance, and to arrange for group -
purchased insurance for property and other coverages. The Authority's pool began
covering claims of its members in 1978. Each member government has a representative
on the Board of Directors. The Board operates through a 9 -member Executive
Committee.
General Liability
Each member government pays a primary deposit to cover estimated losses for a fiscal
year (claims year). Six months after the close of a fiscal year, outstanding claims are
valued. A retrospective deposit computation is then made for each open claims year.
Costs are spread to members as follows: the First $20,000 of each occurrence is charged
directly to the city; costs from $20,001 to $500,000 are pooled based on a members share
of costs under $20,000; costs from $500,001 of $5,000,000 are pooled based on payroll.
Costs to covered claims above $5,000,000 are currently paid by reinsurance. The
protection for the City is $50,000,000 per occurrence and $50,000,000 annual aggregate.
33
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(20) Claims Payable/Self Insurance, (Continued)
Workers Compensation
The City also participates in the workers compensation poral administered by the
Authority. Pool deposits and retrospective adjustments are valued in a manner similar to
the General Liability pool. The City of La Quints is charged for the first $20,000 of each
claim. Costs above that level are pooled to $50,000. Costs from $50,001 to $100,000 per
claim are pooled based on the City's losses under its retention level. Costs between
$100,001 and $500,000 per claim are pooled based on payroll. Costs in excess of
$500,000 are paid by excess insurance purchased by the Authority. The excess insurance
provides coverage to statutory limits.
During the past three fiscal years none of the above programs of protection have had
settlements or judgments that exceeded pooled or insured coverage. There have been no
significant reductions in pooled or insured liability coverage from coverage provided for
the prior year.
(21) Expenditures in Excess of Appropriations
Expenditures for the year ended June 30, 2000 exceeded the appropriations of the
following funds/departments:
General funds:
City manager
Fiscal services
Building and safety administration
Building
Civic center building
Public works administration
Capital projects administration
Special revenue funds:
South Coast Air Quality
Low/Moderate Bond Project Area No. 1
Debt service funds:
Financing Authority
Redevelopment Agency Project Area No
Capital projects funds:
A.D. 97-1 LQ Norte Construction Fund
34
Budget
Actual
Variance
201,120
246,023
(44,903)
265,203
311,476
(46,273)
191,550
191,787
(237)
514,673
592,238
(77,565)
559,656
578,848
(19,192)
1,281
110,008
(108,727)
(426,492)
(18,439)
(408,053)
5,700
7,573
(1,873)
63,101
67,695
(4,594)
688,690
689,318
(628)
11,785,811
12,117,501
(331,690)
125,584 (125,584)
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(22) 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, iul the
opinion of management, the resolution of these matters will not have a material adverse
effect on the financial position of the City.
(23) Due From and To Other Funds
Current interfund receivables and payables balances at June 30, 2000 are as follows:
General Fund
Special Revenue Funds:
Local Law Enforcement Block Grant
Low/Mod income Housing PA No. 1
Low/Mod Income Housing PA No. 2
Low/Mod Bond - PA No. 1
Low/Mod Bond - PA No. 2
Debt Service Funds:
Redevelopment Agency PA No. 2
Financing Authority
Capital Projects Funds:
Infrastructure Fund
Capital Improvement Fund
Redevelopment Agency PA No. 1
Redevelopment Agency PA No. 2
_(24)L Notes Receivable
Current
Current
Interfund
Interfund
Receivables
Payables
$796,464
575
- 30
- 20
- 636,985
- 148,595
- 591
- 10,116
601,430 -
- 601,430
- 95
591 48
$1,398,485 1398,485
In September 1994, the Agency sold certain real property to E.G. Williams Development
Corporation for $2,112,847. The property was used to construct single-family homes and
rental units to increase the City's supply of low and moderate income housing. The note
bears interest at 6% per annum and is due in full on June 15, 2029. At June 30, 2000, the
outstanding balance plus accrued interest is $2,664,997. At June 30, 2000, the total
outstanding balance of all notes receivable (including other notes aggregating $13,635) is
$2,678,632.
35
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(25) Proposition 218
Recent developments, including the voters' enactment of Proposition 218 in November
1996, have affected the manner in which local governments may impose, extend or
increase certain taxes, assessments and property -related fees. The more significant
changes which may affect local government revenue streams are as follows:
1. If there is a majority protest against an assessment, the assessment cannot be
imposed. This means that increasing an assessment requires majority voter
approval.
2. Certain fees are defined as property -related. Some property -related fees require
voter approval at an election; others allow for a majority protest but do not require
an election. Property -related fees must comply with certain substantive
provisions of Proposition 218, which generally limit the amount of fees.
3. Any local tax, assessment, fee or charge is subject to reduction or repeal by
initiative.
Uncertainty exists as to the scope and impact of these developments on local government
revenue streams. Future legislation and litigation may resolve some of these
uncertainties.
(26) Construction Commitments
The following material construction commitments existed at June 30, 2000:
36
Expenditures as of
Remaining
Project Name
June 30, 2000
Commitments
Washington Storm Drain
$ 23,760
397,690
Miles/Washington St. Widening
1,627,543
693,815
Village Development
106,566
914,683
Civic Center Campus
92,119
957,305
Phase VI -Sagebrush, Bottlebrush
115,309
1,059,790
Catellus Senior Apartments
777,889
1,224,788
Catellus Single Family Housing
3,971,689
1,578,159
Phase VI -Village Commercial Area
140,483
2,538,693
Phase VI -Westward Ho
236,901
2,674,619
Phase VI -Cove Area
411,127
3,617,778
CVAG/Jefferson Phase 1
2,927,711
13,257,222
36
DESCRIPTION OF FUNDS
FUND TYPE - GENERAL FUND
GENERAL FUND - The primary fund of the City used to account for all revenue and
expenditures of the City not legally restricted as to use. A broad range of municipal activities are
provided through this fund including. City Manager, City Attorney, Finance, City Cleric,
Community Development, Police Services, Public Works, Building and Safety, and Community
Services.
37
CITY OF LA QUINTA
General Fund
Statement of Expenditures - Budget and Actual
Year ended June 30, 2000
General government:
Legislative
City manager
Economic development
Personnel
Fiscal services
Central services
City clerk
Total general government
Public safety:
Police
Building and safety administrative
Code compliance
Animal control
Building
Emergency services
Fire
Civic center building
Total public safety
Community services:
Senior center
Parks and recreation administration
Parks and recreation programs
Total community services
Planning and development:
Community development administration
Current planning
Total planning and development
Public works:
Public works administration
Development and traffic
Maintenance/operations - St.
Maintenance/operations - L & L
Capital projects administration
Total public works
Total expenditures
38
Budget Actual
Variance -
Favorable
(Unfavorable)
$ 498,166
405,857
92,309
201,120
246,023
(44,903)
892,650
814,903
77,747
365,855
249,713
116,142
265,203
311,476
(46,273)
574,246
552,696
21,550
264,390
233.936
30.454
3,061,630
2,814,604
247,026
3,186,149
3,084,646
101,503
191,550
191,787
(237)
425,935
358,775
67,160
163,602
133,602
30,000
514,673
592,238
(77,565)
46,900
43,654
3,246
20,000
9,261
10,739
559,656
578,848
(19,192)
5,108,465
4,992,811
115,654
232,170
222,931
9,239
557,414
490,471
66,943
67,750
55,126
12,624
857,334
768,528
88,806
454,339
266,430
187,909
878,099
482,519
395,580
1,332,438
748,949
583,489
1,281
110,008
(108,727)
776,144
754,425
21,719
861,624
517,252
344,372
365,503
341,750
23,753
(426,492)
(18,439)
(408,053)
1,578,060
1,704,996
(126,936)
$ 11,937,927
11,029,888
908,039
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.
The City of La Quinta has the following Special Revenue Funds:
State Gas Tax Fund - To account for gasoline allocations made by the State of California. These
revenues are restricted by the State to expenditures for street -related purposes only.
Federal Assistance Fund - To account for revenues from the Community Development Block
Grants received from the Federal Government and the expenditures of those resources.
Lighting 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.
State Law Enforcement Block Grant (SLEBG) Fund - To account for state funded "Citizens for
Public Safety" (COPS) program activities, as per Assembly Bill 3229, which supplements
frontline police services such as anti -gang community crime prevention.
Quimby Fund - To account for the accumulation of developer fees received under the provisions
of the Quimby Act for park development and improvements. Capital projects to be funded from
this source will be budgeted and expended in a separate capital projects fund.
La Quinta Public Safety Officer Fund - To account for contributions to be distributed to public
safety officers disabled or killed in the line of duty.
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.
Local Law Enforcement Block Grant LLEBG Fund - To account for Federal Bureau of Justice
Block Grant program which may be used for the purpose of reducing crime and improving
public safety.
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.
39
CITY OF LA QUINTA
Special Revenue Funds
Combining Balance Sheet
June 30, 2000
40
Lighting
State
Federal and
Public
Village
Gas Tax
Assistance Landscape
SLEBG
Quimby
Safety
Parking
Assets
Cash and investments
$ 123,585
- 94;747
73,731
574,778
8,910
30,120
Cash with fiscal agent
-
- -
-
-
_
_
Accounts receivable
-
Interest receivable
-
Notes receivable
-
- -
Due from other
governments
-
- 18,965
-
-
-
-
Advances to other funds
-
_ -
_
_
_
_
Total assets
$ 123,585
- 113,712
73,731
574,778
8,910
30,120
Liabilities and Fund Balances
Liabilities:
Accounts payable
Deposits payable
Due to other funds
Total liabilities
Fund balances:
Reserved for:
Bond projects
Advances to other funds
Notes receivable
Unreserved:
Designated for
operations/
projects/transfers
123,585
- 113,712
73,731
574,778
8,910
30,120
Undesignated
-
- _
_
_
_
_
Total fund balances
123,585
- 113,712
73,731
574,778
8,910
30,120
Total liabilities and
fund balances
$ 123,585
113,712
73,731
574,778
8,910
30,120
40
Low/
Low/
6,110,194
- - 511,903
39,135 - - 551,038
551,038
Moderate
Moderate
Low/
Low/
3,338,230 - 192,295 7,942,647
6,490,095
Income
Income
Moderate
Moderate
3,377,365 1,741,539 2,508,718 15,230,441
15,095,732
South Coast Housing-
Housing-
Bond-
Bond-
Totals
Air Quality LLEBG PA No. 1
PA No. 2
PA No. 1
PA No. 2
2000
1999
35,909 737 3,491,036
3,346,138
-
341,716
8,121,407
6,457,004
- - -
-
2,386,620
2,316,423
4,703,043
6,110,194
- - 59,451
-
-
-
59,451
44,006
- - -
-
833
-
833
229,099
- - 2,678,632
-
-
-
2,678,632
2,556,508
- - -
-
-
-
18,965
19,275
- - 511,903
39,135
-
-
551,038
551,038
35,909 737 6,741,022 3,385;273 2,387,453 2,658,139 16,133,369 15,967,124
84,274 7,888 8,929 826 101,917 40,807
- 14,806 - - - 14,806 54,604
575 30 20 636,985 148.595 786,205 775,981
575 99,110 7,908 645,914 149,421 902,928 871,392
- - -
- 2,386,620 2,316,423 4,703,043
6,110,194
- - 511,903
39,135 - - 551,038
551,038
- - 2,678,632
- - - 2,678,632
2,556,508
35,909 - 3,451,377
3,338,230 - 192,295 7,942,647
6,490,095
- 162 -
- (645,081 - (644,919)
(612,103)
35,909 162 6,641,912
3,377,365 1,741,539 2,508,718 15,230,441
15,095,732
35,909 737 6,741,022 3,385,273 2,387,453 2,658,139 16,133,369 15,967,124
41
CITY OF LA QUINTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 2000
42
Lighting
Gas
Federal
and
Public
Village
Tax
Assistance
Landscape
SLEBG
Quimby
Safety
Parking
Revenues:
Taxes
$
Developer fees
-
-
34,840
-
370,640
-
-
Intergovernmental
406,326
30,000
-
48,372
-
-
-
Investment income
5,332
-
-
4,411
18,116
4,600
1,495
Special assessments
-
-
785,794
-
-
-
-
Rental income
-
-
-
Gain (loss) on sale of land
-
-
-
-
-
-
Total revenues
411,658
30,000
820,634
52,783
388,756
4,600
1,495
Expenditures:
Current:
Planning and
development
-
_
-
-
-
-
-
Public works
395,400
-
764,400
-
-
-
-
Total expenditures
395,400
-
764.400
-
-
-
-
Excess (deficiency) of
revenues over (under)
expenditures
16,258
30,000
56,234
52,783
388.756
4,600
1,495
Other financing sources (uses):
Operating transfers in
-
-
-
-
-
2,000
-
Operating transfers out
(30,000)
(12,705)
39( ,910)
(12,356
-
-
Total other financing
sources (uses)
-
(30,000)
(12,705)
39,910
12,356
2,000
-
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses
16,258
-
43,529
12,873
376,400
6,600
1,495
Fund balances at beginning
of year
107,327
-
70,183
60,858
198,378
2,310
28,625
Fund balances at end of year
$ 123,585
-
113,712
73,731
574.778
8,910
30,120
42
(1,739,297) 338,842 (1,570,149) 373,267 (3,367,992) (5,169,633)
17,345
Low/
Low/
(1,605,226)
357,392
134,709
(1,765,080)
18,564
Moderate
Moderate
Low/
Low/
15,095,732
16,860,812
35,909
Income
Income
Moderate
Moderate
15,230,441
15,095,732
South Coast
Housing-
Housing-
Bond-
Bond-
Totals
Air Quaility
LLEBG PA No. 1
PA No. 2
PA No. 1
PA No. 2
2000
1999
- 3,194,919
1,254,407
-
-
4,449,326
3,592,472
-
- 48,860
-
-
-
454,340
650,735
23,545
- -
-
-
-
508,243
596,177
1,373
162 267,399
151,458
32,618
8,734
495,698
1,070,240
-
- -
-
-
-
785,794
759,273
-
- 404,752
-
-
-
404,752
414,236
-
- 361,102
-
-
-
361,102
195,945
24,918
162 4,277,032
1,405,865
32,618
8,734
7,459,255
7,279,078
7,573
- 2,164,104
532,773
67,695
24,609
2,796,754
2,704,025
-
- -
-
-
-
1,159,800
1,170,500
7,573
- 2,164,104
532,773
67,695
24,609
3,956,554
3,874,525
17,345
162 2,112,928
873,092
(35,077)
(15,875)
3,502,701
3,404,553
-
- -
-
-
373,267
375,267
11,781
-
- .1,739,29
(338,842
(1,570,149
-
(3,743,259)
(5,181,414)
(1,739,297) 338,842 (1,570,149) 373,267 (3,367,992) (5,169,633)
17,345
162 373,631
534,250
(1,605,226)
357,392
134,709
(1,765,080)
18,564
_ 6,268,281
2,843,115
3,346,765
2,151,326
15,095,732
16,860,812
35,909
162 6,641,912
3,377,365
1,741,539
2,508,718
15,230,441
15,095,732
43
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, 2000
Variance -
Favorable 1999
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental
$ 389,900
406,326
16,426
384,524
Investment income
5,500
5,332
168
4,906
Total revenues
395,400
411,658
16,258
389,430
Expenditures:
Current:
Public works
395,400
395,400
-
368,800
Total expenditures
395,400
395,400
-
368,800
Excess (deficiency) of revenues
over (under) expenditures
-
16,258
16,258
20,630
Fund balances at beginning of year
107,327
107,327
-
86,697
Fund balances at end of year
$ 107,327
123,585
16,258
107,327
44
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, 2000
45
Variance -
Favorable
1999
Budget
Actual
(Unfavorable)
Actual
Revenues:
Intergovernmental
$ 250,400
30,000
(220,400)
30,000
Investment Income
-
-
-
-
Total revenues
250,400
30,000
(220,400
30,000
Other financing sources (uses):
Operating transfers out
(130,000
(30,000
100,000
(30,000)
Total other financing
sources (uses)
(130,000
(30,000)
100,000
(30,000
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
120,400
-
(120,400)
Fund balances at beginning of year
-
-
-
-
Fund balances at end of year
$ 120,400
-
(120,400)
45
CITY OF LA QUINTA
Special Revenue Funds
Lighting and Landscape
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Developer fees
Investment income
Special assessments
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
Variance -
Favorable
Budget Actual (Unfavorable)
$ - 34,840 34,840
200 - (200)
764,200 785,794 21,594
764,400 820,634 56,234
764,400 764,400 -
764,400 764,400 -
56,234 56,234
1999
7,000
1,655
759,273
767,928
801,700
801,700
33,772)
12,705 12,705 - (131,333)
12,705 12,705 - (131,333)
(12,705) 43,529 56,234 (165,105)
70,183 70,183 - 235,288
$ 57,478 113,712 56,234 70,183
46
CITY OF LA QUINTA
Special Revenue Funds
SLEBG
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
47
Variance -
Favorable
1999
Budget
Actual
(Unfavorable)
Actual
Revenues:
Intergovernmental
$ -
48,372
48,372
46,246
Investment income
1,100
4,411
3,311
2,495
Total revenues
1,100
52,783
51,683
48,741
Other financing sources (uses):
Operating transfers out
-
(39,910)
39,910
693
Total other financing
sources (uses)
-
39,910)
39,910
693
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
1,100
12,873
11,773
48,048
Fund balances at beginning of year
60,858
60,858
-
12,810
Fund balances at end of year
S 61,958
73,731
11,773
60,858
47
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, 2000
Revenues:
Developer fees
Investment income
Total revenues
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
235,000
(204,000)
198,378
$ 5,622
48
12,356 222,644
376,400
198,378
574,778
580,400
580,400
1999
Actual
5,520
10,422
-.-
15,942
182,436
198,378
Variance -
Favorable
Budget
Actual
(Unfavorable)
$ 20,000
370,640
350,640
11,000
18,116
7,116
31,000
388,756
357,756
235,000
12,356
222,644
235,000
(204,000)
198,378
$ 5,622
48
12,356 222,644
376,400
198,378
574,778
580,400
580,400
1999
Actual
5,520
10,422
-.-
15,942
182,436
198,378
CITY OF LA QUINTA
Special Revenue Funds
Public Safety Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
49
Variance -
Favorable
1999
Budget
Actual
(Unfavorable)
Actual
Revenues:
Investment Income
$ 200
4,600
4,400
310
Total revenues
200
4,600
4,400
310
Other financing sources (uses):
Operating transfers in
2,000
2,000
-
2,000
Total other financing
sources (uses)
2,000
2,000
-
2,000
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
2,200
6,600
4,400
2,310
Fund balances at beginning of year
2,310
2,310
-
-
Fund balances at end of year
$ 4,510
8,910
4,400
2,310
49
CITY OF LA QUINTA
Special Revenue Funds
Village Parking
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
611,
Variance -
Favorable
1999
Budget
Actual
(Unfavorable}
Actual
Revenues:
Investment income
$ 1,600
1,495
105
1,510
Total revenues
1,600
1,495
(105)
1,510
Fund balances at beginning of year
28,625
28,625
-
27,115
Fund balances at end of year
$ 30,225
30,120
105
28,625.
611,
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, 2000
Revenues:
Intergovernmental
Investment income
Total revenues
Expenditures:
Current:
Planning and development
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
5,700
7,573
Variance -
7,573
$ 38,108
Favorable
Budget
Actual
(Unfavorable)
$ 21,244
23,545
2,301
4,000
1,373
2,627
25,244
24,918
326
5,700
7,573
5,700
7,573
$ 38,108
19,544
17,345
19,544
17,345
18,564
18,564
$ 38,108
35,909
51
1,873
1,873
2,199
(2,199)
1999
Actual
15,810
3,590
19,400
19,400
69,205
69,205
(49,805)
68,369
18,564
CITY OF LA QUINTA
Special Revenue Funds
LLEBG
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Intergovernmental
Investment Income
Total revenues
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
Budget
$ 27,208
27,208
$ 27,208
52
Variance -
Favorable
1999
Actual (Unfavorable)
Actual
- (27,208)
27,958
162 162
566
162 27,046
28,524
- -
9,781
- -
48,523
- -
(38,742)
162 (27,046)
(10,218)
10L (4 /,U40) -
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Income Housing Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Taxes
Developer fees
Investment income
Rental income
Gain (loss) on sale of land
Total revenues
Expenditures:
Current:
Planning and development
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
2,343,956
2,164,104
Variance -
2,127,114
2,343,956
2,164,104
Favorable
1999
Budget
Actual
(Unfavorable)
Actual
893,453
1,349,931
$ 2,872,431
3,194,919
322,488
2,575,456
-
48,860
48,860
15,911
200,000
267,399
67,399
275,497
341,000
404,752
63,752
414,236
150,000
361,102
211,102
195,945
3,563,431
4,277,032
713,601
3,477,045
2,343,956
2,164,104
179,852
2,127,114
2,343,956
2,164,104
179,852
2,127,114
1,219,475
2,112,928
893,453
1,349,931
(1,739,297)
1,739,297)
-
(1,099,888
(1,739,297)
1,739,297
-
(1,099,888)
(519,822)
373,631
893,453
250,043
6,268,281
6,268,281
-
6,018,238
$ 5,748,459
6,641,912
893,453
6,268,281
53
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Income Housing Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Taxes
Developer fees
Investment income
Total revenues
Expenditures:
Current:
Planning and development
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
Variance -
Favorable
Budget Actual (Unfavorable)
$ 1,127,669 1,254,407 126,738
20,700 151,458 130,758
1,148,369 I,405,865 257,496
1,389,320
532,773
856,547
1,389,320
532,773
856,547
(240,951)
873,092
1,114,043
1,481,053) 338,842 1,142,211
(1,481,053) 338,842 1,142,211
(1,722,004)
2,843,115
$ 1,121,111
54
534,250
2,843,115
3,377,365
2,256,254
2,256,254
1999
♦ I 1
1,017,016
622,304
139,342
1,778,662
471,575
471,575
1,307,087
202,749
(202,749
1,104,338
1,73 8,777
2,843,115
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, 2000
Revenues:
Investment income
Total revenues
Expenditures:
Current:
Planning and development
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
Variance -
Favorable 1999
Budget Actual (Unfavorable) Actual
$ - 32,618 32,618 490,032
32,618 32,618 490,032
63,101
67,695
4,594)
45,011
63,101
67,695
4,594
45,011
63,101)
35,077
28,024
445,021
(3,230,884)
(1,570,149
1,660,735
(2,392,558
(3,230,884)
(1,570,149
1,660,735
(2,392,558)
(3,293,985) (1,605,226) 1,688,759 (1,947,537)
3,346,765 3,346,765 - 5,294,302
$ 52,780 1,741,539 1,688,759 3,346,765
55
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, 2000
Revenues:
Investment income
Total revenues
Expenditures:
Current:
Planning and development
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
Variance -
Favorable 1999
Budget Actual (Unfavorable) Actual
$ - 8,734 8,734 139,915
8,734 8,734 139,915
50,374
24,609
25,765
60,325
50,374
24,609
25,765
60,325
50,374
(15,875
34,499
79,590
-
373,267
373,267
-
(1,881,526)
-
1,881,526
(1,109,016)
(1,881,526)
373,267
2,254,793
(1,109,016)
(1,931,900) 357,392 2,289,292 (1,029,426)
2,151,326 2,151,326 - 3,180,752
$ 219,426 2,508,718 2,289,292 2,151,326
56
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 the following Debt Service Funds:
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.
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.
57
CITY OF LA QUINTA
Debt Service Funds
Combining Balance Sheet
June 30, 2000
58
Financing
Redevelopment
Redevelopment
Totals
Authority
Agency -PA No. 1
Agency -PA No. 2
2000
1999
Assets
Cash and investments
$ -
4,281,480
1,436,577
5,718,057
3,641,336
Cash with fiscal agent
29
255,172
164
255,365
183,975
Accounts receivable
-
-
-
-
504
Prepaid items
-
332,088
-
332,088
-
Interest receivable
-
-
-
-
37,465
Due from other
governments
-
-
Total assets
$ 29
4,808,740
1 436 741
6,305,510
3,863,291
Liabilities and Fund Balances
Liabilities:
Accounts payable
$ -
4,503
-
4,503
4,403
Due to other funds
10,116
-
591
10,707
9,896
Due to other governments
-
165,363
424,472
589,835
-
Advances from other
funds
-
511,903
39,135
551,038
551.038
Total liabilities
10,116
681,769
464,198
1,156,083
565,337
Fund balances:
Reserved for:
Prepaid items
-
332,088
-
332,088
-
Debt service
-
3,854,883
972,543
4,827,426
3,306,726
Unreserved:
Undesignated
(10,087
-
-
(10&87)
(8,772
Total fund balances
(10 087
4,186,971
972,543
5,149,427
3,297,954
Total liabilities
and fund balances
$ 29
4,868,740
1,436,741
6,305,510
3,863,291
58
CITY OF LA QUINTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 2000
Revenues:
Taxes
Investment income
Rental income
Total revenues
Expenditures:
Current:
Planning and
development
Debt service:
Principal
Interest
Payments under pass-
through obligations
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 at beginning
of year
Fund balances (deficit)
at end of year
Financing
Redevelopment
Redevelopment
Totals
Authority
Agency -PA No. 1
Agency -PA No.2
2000
1999
3,405,000
429,670
3,707,492
1,042,718
$ -
12,779,677
5,017,628
17,797,305
14,369,887
-
588,883
52,296
641,179
213,126
679,670
-
-
679,670
684,573
679,670
13,368,560
5,069,924
19,118,154
15,267,586
9,648
214,629
82,987
307,264
270,566
250,000
1,352,660
152,340
1,755,000
3,405,000
429,670
3,707,492
1,042,718
5,179,880
5,001,240
-
6,842,720
3,716,567
10,559,287
8,728,082
689,318
12,117,501
4,994,612
17,801,431
17,404,888
(9,648)
1,251,059
75,312
1,316,723
2,137,302
8,333
1,739,297
338,842
2,086,472
1,569,263
-
(1,855,699)
(493,939)
(2,349,638)
(1,254,118)
-
362,208
435,708
797,916
833,402
8,333
245,806
280,611
534,750
1,148,547
(1,315)
1,496,865
355,923
1,851,473
(988,755)
(8,772)
22690,106
616,620
3,297,954
4,286,709
$ 1
4,186,971
972,543
5,149,427
3,297,954
59
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, 2000
Revenues:
Investment income
Rental income
Total revenues
Expenditures:
Current:
Planning and development
Debt service:
Principal
Interest
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
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
9,020
Variance -
250,000
Favorable
Budget
Actual (Unfavorable)
$ 18,000
- (18,000)
679,670
679,670 -
697,670
679,670 18,000
9,020
9,648
250,000
250,000
429,670
429,670
688,690
689,318
8,980 9,648
8,333
8,333
8,980 (1,315)
8,772 8,772
$ 208 10,087
60
(628)
628
18,628
8,333
8,333
(10,295)
10,295
1999
Actual
264
684,573
9,036
245,000
43 9, 573
693,609
8,772
(8,772)
(8,772)
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, 2000
Revenues:
Taxes
Investment income
Total revenues
Expenditures:
Current:
Planning and development
Debt service:
Principal
Interest
Payments under pass-through
obligations
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 at beginning of year
Fund balances at end of year
Budget
$ 11,489,722
11,489,722
221,000
1,352,660
3,703,920
6,508,231
11,785,811
(296,089)
1,739,297
(1,855,699)
358,636
242,234
(53,855)
2,690,106
$ 2,636,251
61
Variance -
Favorable
Actual Unfavorable
12,779,677
588,883
13,368,560
214,629
1,352,660
3,707,492
6,842,720
12,117,501
1,251,059
1,739,297
(1,855,699)
362,208
245,806
1,496,865
2,690,106
4,186,971
1,289,955
588,883
1,878,838
6,371
(3,572)
334,489
331,690
1999
Actual
10,301,824
131,849
10,433,673
193,047
2,092,128
3,578,729
5,882,820
11,746,724
1,547,148 1,313,051)
1,366,514
- (511,509)
3,572 371,521
3,572 1,226,526
1,550,720 (86,525)
- 2,776,631
1,550,720 2,690,106
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, 2000
M
Variance -
Favorable
1999
Budget
Actual
(Unfavorable)
Actual
Revenues:
Taxes
$ 4,510,675
5,017,628
506,953
4,068,063
Investment income
-
52,296
52,296
81,013
Total revenues
4,510,675
5,069,924
559,249
4,149,076
Expenditures:
Current:
Planning and development
74,350
82,987
(8,637)
68,483
Debt service:
Principal
152,340
152,340
-
1,067,872
Interest
1,146,887
1,042,718
104,169
982,938
Payments under pass-through
obligations
3,687,871
3,716,567
(28,696)
2,845,262
Total expenditures
5,061,448
4,994,612
66,836
4,964,555
Excess (deficiency) of revenues
over (under) expenditures
(550,773)
75,312
626,085
(815,479
Other financing sources (uses):
Operating transfers in
338,842
338,842
-
202,749
Operating transfers out
(494,139)
(493,939)
200
(742,609)
Proceeds of advances
435,711
435,708
(3)
461,881
Total other financing
sources (uses)
280,414
280,611
197
(77,979
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(270,359)
355,923
626,282
(893,458)
Fund balances at beginning of year
616,620
616,620
-
1,510,078
Fund balances at end of year
$ 346,261
972,543
626,282
616,620
M
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 the following Capital Projects Funds:
Infrastructure Fund - To account for the accumulation of resources provided through developer
fees for the acquisition, construction or improvement of the City's infrastructure, prior to
adoption of the new Developer Impact Fee Structure on August 16, 1999. This fund accounts for
all developer resources received prior to this date, and is budgeted by the Council through
adoption of the annual capital improvement program budget.
Transportation Fund, Parks and Recreation Fund, Civic Center Fund Library Development
Fund Coiranunity Center Fund Street Facility Fund Park. Facility Fund — To account for the
accumulation of resources provided through developer fees for the acquisition, construction, or
improvement of the City's infrastructure. The Developer Impact Fee was adopted by the City
Council on August 16, 1999. Six new funds have been established to account for the specific
impact areas of these fees, and are budgeted by the Council through adoption of the annual
Capital Improvement Program budget.
Capital Improvement Fund - To account for the planning, design and construction of various
capital projects throughout the City of La Quinta and the Redevelopment Agency.
_Assessment District 97-1 La Quinta Norte Construction Fund - To account for the bond proceeds
and other funding that will be used for improvements to Assessment District 97-1.
Assessment District 2000-1 Phase VI Fund — To account for the bond proceeds and other
funding that will be used for improvements to Assessment District 2000-1.
Financing Authority_ Capital Projects Fund - To account for the Public Financing Authority bond
proceeds that will be used for specific projects and programs of the City.
Funds Area 1 and 2 - To
proceeds, interest and other funding that will be use(
and land acquisition.
63
account for the bond
it, planning, construction
CITY OF LA QUINTA
Capital Projects Funds
Combining Balance Sheet
June 30, 2000
Capital Parks & Civio Library Community
Infastructure Improvement Transportation_ Recreation Center Devel�o.ment Center
Assets
Cash and investments $ 5,875,616 1,244,744 801,927 571,418 746,272 335,529 151,957
Cash with fiscal agent - - - -
Accounts receivable - 3,450 - - - -
Interest receivable 115,867
Notes receivable - - - -
Due from other funds 601,430 - - - - -
Due from other governments - 601,430 - - - - -
Total assets S 6,592.913 1,849,624 801,927 571,418 746,272 335,529 151,957
Liabilitics and Fund Balances
Liabilities:
Accounts payable $ -
657,536
Deferred revenue -
479,150 - - - - -
Deposits payable -
-
Retainage payable -
- -
Due to other funds
601,430 -
Advances from
other funds -
111,508 - - - - -
Total liabilities
1,849,624 - - - - -
Fund balances:
Reserved for:
Bond projects -
-
Notes receivable -
- - - -
Unreserved:
Designated for
operations/projects 6,592,913
- 801,927 571,418 746,272 335,529 151,957
Undesignated -
- - - - - -
Total fund balances 6,592,913
- 801,927 571,418 746,272 335,529 151,957
Total liabilities and
fund balances S 6,592,913
1,849,624 801,927 571,418 746,272 335,529 151,957
64
A.D. 97-1 Financing Redevelopment Redevelopment
Street Park LQ Norte A.D. 2000-1 Authority Agency Agency
Facility Facility Construction Phase VI Projects PANo.l PANo.2
Totals
2000 1999
30,662 9,188 59,654 2,360,724 6 1,172,282 2,961,907 16,321,886 14,462,268
- - - - 587,689 6,800,003 632,837 8,020,529 8,504,138
- - 60,900 64,350 60,900
- - 115,867 124,439
- - - - 112,343
591 602,021 -
601,430 91,970
30,662 9,188 59,654 2360.724 587,695 7,972,285 3,656,235 25,726,083 23356,058
7,284
7,284
4,918 21,840 691,578 564,041
479,150 -
- 899,524
- 163,467
95 48 601,573 13,735
111,508 835,969
5,013 21,888 1,883,809 2,476,736
59,654 2,353,440 587,695 6,800,003 632,837 10,433,629 8,684,932
- - - - - - - - 112,343
30,662 9,188 - - - 1,167,269 3,001,510 13,408,645 12,095,000
- - - - - - - (12,953)
30,662 9.188_ 59,654 2,353,440 _587,695 7,967,272 3,634„347 23,842,274 20,879,322
30,662 9.188 59,654 2,360,724 587,695 7,972 285 3,656,235 25,726,083 23,356,058
65
CITY OF LA QUINTA
Capital Projects Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 2000
66
Capital
Parks &
Civic
Library
Community
Infastructure
Improvement
Transportation
Recreation
Center
Development
Center
Revenues:
Developer fees
$ 722,117
563,056
779,825
556,103
725,367
326,539
147,886
Intergovemmental
-
3,728,384
-
-
-
-
Investment income
408,366
-
22,102
15,315
20,905
8,990
4,071
Special assessments
-
_
_
_
-
_
-
Litigation settlement proceeds
Proceeds of debt without
government commitment
-
_
_
_
Total revenues
1,130,483
4,291,440
801,927
571,418
746,272
335,529
151,957
Expenditures:
Current:
Planning and development
-
_
_
_
_
-
_
Capital projects
266,909
11,956,629
Total expenditures
266,909
11,956,629
-
-
-
-
_
Excess (deficiency) of
revenues over (under)
expenditures
863,574
(7,665,18_9)
801,927
571.418
746,272
335,529
151,957
Other financing sources (uses):
Operating transfers in
-
7,665,189
-
-
-
_
_
Operathi , transfers out
(3,905,989)
Proceeds of advances
Total other financing sources
(uses)
(3,905,4$9)
7,665,189
-
-
-
-
Excess (deficiency) of revenues
and other financing sources over
(under) expenditures and other
financing uses
(3,042,415)
-
801,927
571,418
746,272
335,529
151,957
Fund balances at beginning of year
9,635,328
_
_
_
_
-
Residual equity transfer
_
_
_
_
_
_
Fund balances at end of year
$ 6,592,913
-
801,927
571,418
T46,2T2
335,529
151,957
66
30,662 9,188 (121,140) 2,606,186 6,440 (344,535) 1,464,209 3,215,698 5,120,524
- - 180,794 - 581,255 8,311,807 2,170,138 20,879,322 15,857,561
- - (252,746) - - - (252,746) (98,763)
3(1,662 9,189 59,654 2,353,440 597.695 7,907,272 3.034.347 23,842,274 20,879.322
67
A.D. 97-1
Street
Park
LQ Norte
A.D. 2000-1
Financing
Redevelopment
Redevelopment
Totals
Facility
Facility
Construction
Phase VI
Authority
Agency-PA No.l
Agency-PA No.2
2000
1999
26,162
8,934
-
-
-
-
5,000
3,860,989
4,663,006
-
-
-
-
-
-
-
3,728,384
1,133,477
4,500
254
4,444
20,336
14,773
11,413
98,028
633,497
841,769
-
-
-
345,837
-
-
-
345,837
38,493
-
-
-
-
-
-
-
-
821,589
-
-
-
2,240,013
-
-
2,240,013
705,262
30,662
9,188
4,444
2,606,186
14,773
11,413
103,028
10,808,720
8,203,596
-
-
125,584
-
-
783,471
400,721
1,309,776
1,147,357
-
-
-
-
106,773
-
12,330,311
6,977,895
-
-
125,584
-
-
890,244
400,721
13,640,087
8,125,252
30,662
9,188
121,140
2,606,186
14,773
(878,831)
(297,693}
(2,831,367)
78,344
_
_
_
-
-
1,855,699
493,939
10,014,827
6,887,847
-
(8,333)
(1,429,676)
(232,037)
(5,575,035)
(1,845,667)
-
-
-
-
107,2.73
1,500,000
1,607,273
-
-
-
-
-
8,333
534,296
1761,902
6,047,065
5,042,180
30,662 9,188 (121,140) 2,606,186 6,440 (344,535) 1,464,209 3,215,698 5,120,524
- - 180,794 - 581,255 8,311,807 2,170,138 20,879,322 15,857,561
- - (252,746) - - - (252,746) (98,763)
3(1,662 9,189 59,654 2,353,440 597.695 7,907,272 3.034.347 23,842,274 20,879.322
67
CITY OF LA QUINTA
Capital Projects Funds
Infastructure Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Developer fees
Investment income
Total revenues
Expenditures:
Capital projects
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
(6,239,275)
$ 3,396,053
68
(3,042,415) 3,196,860
3,994,586
Variance -
5,640,742
6,592,913 3,196,860
9,635,328
Favorable
1999
Budtet
Actual
(Unfavorable)
Actual
$ 1,066,500
722,117
(344,383)
4,417,323
431,000
408,366
(22,634
520,694
1,497,500
1,130,483
367,017
4,938,017
313,610
266,909
46,701
205,395
313,610
266,909
46,701
205,395
1,183,890
863,574
320,316)
4,732,622
-
-
-
91,639
(7,423,165)
3,905,989
3,517,176
829,675)
7,423,165
(3,905,989
3,517,176
(738,036)
(6,239,275)
$ 3,396,053
68
(3,042,415) 3,196,860
3,994,586
9,635,328 -
5,640,742
6,592,913 3,196,860
9,635,328
CITY OF LA QUINTA
Capital Projects Funds
Capital Improvement Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Developer fees
Intergovernmental
Total revenues
Expenditures:
Capital projects
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
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
69
Variance -
Favorable
1999
Budget
Actual
(Unfavorable)
Actual
$ 1,025,653
563,056
(462,597)
240,683
15,849,898
3,728,384
(12,121,514)
1,133,477
16,875,551
4,291,440
(12,584,111)
1,374,160
43,816,710
11,956,629
31,860,081
6,772,500
43,816,710
11,956,629
31,860,081
6,772,500
(26,941,159)
7,665,189)
19,275,970
5,398,340)
26,941,159
7,665,189
(19,275,970)
5,398,340
26,941,159
7,665,189
(19,275,970)
5,398,340
69
CITY OF LA QUINTA
Capital Projects Funds
Transportation Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Variance -
Favorable 1999
Budget Actual (Unfavorable) Actual
Revenues:
Developer fees $ - 779,825 779,825 -
Investment income w 22,102 22,102 -
Total revenues - 801,927 801,927 -
Fund balances at beginning of year - - - -
Fund balances at end of year $ - 801,927 801,927 -
70
CITY OF LA QUINTA
Capital Projects Funds
Parks and Recreation Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Developer fees
Investment income
Total revenues
Fund balances at beginning of year
Fund balances at end of year
Variance -
Favorable
Budget Actual (Unfavorable)
71
556,103
15,315
571,418
571,418
556,103
15,315
571,418
573,4]8
1999
Actual
CITY OF LA QUINTA
Capital Projects Funds
Civic Center Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Developer fees
Investment income
Total revenues
Fund balances at beginning of year
Fund balances at end of year
Variance -
Favorable
Budget Actual (1LTdavorable)
725,367
20,905
/1A/ ^1/
$ - 746,272
72
725,367
20,905
746,272
746,272
1999
Actual
CITY OF LA QUINTA
Capital Projects Funds
Library Development Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Developer fees
Investment income
Total revenues
Fund balances at beginning of year
Fund balances at end of year
Variance -
Favorable
Budget Actual (Unfavorable)
73
326,539
8,990
'2�2c cnn
335,529
326,539
8,990
335,529
335,529
1999
Actual
CITY OF LA QUINTA
Capital Projects Funds
Community Center Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Variance -
Favorable 1999
Budget Actual (Unfavorable) Actual
Revenues:
Developer fees $ - 147,886 147,886 -
Investment income - 41071 4,071 -
Total revenues - 151,957 151,957 -
Fund balances at beginning of year - - - -
Fund balances at end of year $ - 151,957 151,957 -
74
CITY OF LA QUINTA
Capital Projects Funds
Street Facility Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Variance -
Favorable 1999
Budget Actual (Unfavorable) Actual
Revenues:
Developer fees $ - 26,162 26,162 -
Investment income 4,500 4,500 -
Total revenues - 30,662 30,662 -
Fund balances at beginning of year - - - -
Fund balances at end of year $ - 30,662 30,662 -
75
CITY OF LA QUINTA
Capital Projects Funds
Park Facility Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Developer fees
Investment income
Total revenues
Fund balances at beginning of year
Fund balances at end of year
Variance -
Favorable 1999
Budget Actual (Unfavorable) Actual
$ _ 8,934 8,934 _
- 254 254 -
- 9,188 9,188
$ - 9,188 9,188
76
CITY OF LA QUINTA
Capital Projects Funds
A.D. 97-1 LQ Norte Construction Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Investment income
Special assessments
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
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
Residual equity transfer
Fund balances at end of year
705,262
_ - 705,262
- (121,140)
180,794 180,794
$ 180,794 59,654
77
(121,140) 279,557
- 98,763
121,140 180,794
Variance -
Favorable
1999
Budget Actual
(Unfavorable)
Actual
$ - 4,444
4,444
5,644
_ _
-
38,493
- 4,444
4,444
44,137
- 125,584
(125,584
469,842
- 125,584
125,584
469,842
- 121,140
121,140
425,705
705,262
_ - 705,262
- (121,140)
180,794 180,794
$ 180,794 59,654
77
(121,140) 279,557
- 98,763
121,140 180,794
CITY OF LA QUINTA
Capital Projects Funds
A.D. 2000-1 Phase VI Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Investment income
Special assessments
Total revenues
Other financing sources (uses):
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
Residual equity transfer
Fund balances at end of year
11 2,606,186 2,606,175 -
-(252,746 252,746)
$ 11 2,353,440 2,353,429 -
78
Variance -
Favorable 1999
Budget
Actual
(Unfavorable) Actual
$ -
20,336
20,336 -
-
345,837
345,837 -
-
366,173
366,173 -
(2,806,689)
-
2,806,689 -
2,806,700
2,240,013
(566,687) -
11
2,240,013
2,240,002 -
11 2,606,186 2,606,175 -
-(252,746 252,746)
$ 11 2,353,440 2,353,429 -
78
CITY OF LA QUINTA
Capital Projects Funds
Financing Authority Capital Projects Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Investment Income
Total revenues
Other financing sources (uses).-
Operating
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
(517,732) 8,333
(517,732)
581,255
$ 63,523
79
6,440
581,255
587,695
509,399 48,770
524,172
524,172
(8,049)
581,255
Variance -
Favorable
1999
Budget Actual
(Unfavorable)
Actual
$ - 14,773
14,773
40,721
- 14,773
14,773
40,721
(517,732) 8,333
509,399
48,770
(517,732) 8,333
(517,732)
581,255
$ 63,523
79
6,440
581,255
587,695
509,399 48,770
524,172
524,172
(8,049)
581,255
CITY OF LA QUINTA
Capital Projects Funds
Redevelopment Agency Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Investment income
Litigation settlement proceeds
Total revenues
Expenditures:
Current:
Planning and development
Capital projects
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 at beginning of year
Fund balances at end of year
Budget
$ 125,000
125,000
939,978
115,000
1,054,978
(929,978)
1,855,699
(5,855,940)
115,000
Variance -
878,831)
1,855,699
(1,428,676)
107,273
51,147
4,427,264
(7,727)
629,759
655,259
(278,887)
(3,885,241)
Favorable
1999
Actual
(Unfavorable)
Actual
11,413
(113,587)
164,275
-
-
821,589
11,413
113,587
985,864
783,471
156,507
356,105
106,773
8,227
-
890,244
164,734
356,105
878,831)
1,855,699
(1,428,676)
107,273
51,147
4,427,264
(7,727)
629,759
655,259
(278,887)
(3,885,241)
534,296 4,419,537
376,372
(4,815,219)
(344,535) 4,470,684
1,006,131
8,311,807
8,311,807 -
7,305,676
$ 3,496,588
7,967,272 4,470,684
8,311,807
80
CITY OF LA QUINTA
Capital Projects Funds
Redevelopment Agency Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2000
Revenues:
Developer fees
Investment income
Total revenues
Expenditures:
Current:
Planning and development
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 at beginning of year
Fund balances at end of year
Variance -
Favorable 1999
Budget Actual (Unfavorable} Actual
$ - 5,000 5,000 5,000
20,000 98,028 78,028 110,435
20,000 103,028 83,028 115,435
432,033 400,721 31,312 321,410
432,033 400,721 31,312 321,410
(412,033) (297,693
1,994,139
(2,506,764)
493,939
(232,037)
1,500,000
114,340
(1,500,200)
2,274,727
1,500,000
(205,975)
742,609
(688,335)
(512,625)
1,761,902
2,274,527 54,274
(924,658)
1,464,209
2,388,867 (151,701)
2,170,138
2,170,138
- 2,321,839
$ 1,245,480
3,64,347
2,388,867 2,170,138
81
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82
AGENCY FUND
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 the following 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.
Assessment District No. 88-1, 89-2, 90-1, 91-1. 92-1, 97-1,. 2000-1 - To account for assessments
paid to the City for debt service payments on bond issues used to finance sewer improvements.
83
CITY OF LA QUINTA
Agency Funds
Combining Balance Sheet
June 30, 2000
Arts in
Public Places
Assessment
District
No. 88-1
Assessment
District
No. 89-2
Assessment
District
No. 90-1
Assets
Cash and investments $ 670,159 169,150 228,282 212,518
Total assets $ 670,159 169,150 228,282 212,518
Liabilities
Accounts payable $ 694 - -
Deposits payable 669,465 - - -
Due to bondholders - 169,150 228,282 212,518
Total liabilities $ 670,159 169,150 228,282 212,518
84
Assessment
District
No. 91-1
Assessment
District
No. 92-1
Assessment
District
No. 97-1
Assessment
District
Totals
2000 1999
457,828
339,630
123,312
282,927
2,483,806
2,214,268
457,828
339,630
123,312
282,927
2,483,806
2,214,268
v - - 694 423
- - - - 669,465 642,064
457,828 339,630 123,312 282,927 1,813,647 1,571,781
457,828 339,630 123,312 282,927 2,483,806 2,214,268
85
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year ended June 30, 2000
1
Balance at
Balance at
.lulu 1, 1999
Additions
Deletions
June 30, 2000
ARTS IN PUBLIC PLACES
Assets
Cash and investments
$
642,487
421,927
394,255
670,159
Liabilities
Accounts payable
$
423
21,912
(21,641)
694
Deposits payable
642,064
416,120
(388,719)
669,465
Total liabilities
$
642,487
438,032
410,360)
670,159
ASSESSMENT DISTRICT NO. 88-1
Assets
Cash and investments
$
199,919
99,092
(129,861
169,150
Liabilities
Due to bondholders
$
199,919
142,611
(173,380
169,150
ASSESSMENT DISTRICT NO.
89-2
Assets
Cash and investments
$
228,604
167,732
(168,054)
228,282
Liabilities
Due to bondholders
$
228,604
195,421
195,743)
228,282
1
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
(Continued)
87
Balance at
Balance at
July 1, 1999
Additions
Deletions
June 30., 2000
ASSESSMENT DISTRICT NO,
90-1
Assets
Cash and investments
$
257,208
141,505
(186,195
212,518
Liabilities
Due to bondholders
$
257,208
103,118
(147,808
212,518
ASSESSMENT DISTRICT NO. 91-1
Assets
Cash and investments
$
444,213
381,592
(367,977)
457,828
Liabilities
Due to bondholders
$
444,213
460,557
(446,942)
457,828
ASSESSMENT DISTRICT NO. 92-1
Assets
Cash and investments
$
340,335
235,319
(236,024)
339,630
Liabilities
Due to bondholders
$
340,335
252,317
(253,022)
339,630
87
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
(Continued)
Balance at
Balance at
July 1. 1999
Additions
Deletions
June 30, 2000
ASSESSMENT DISTRICT NO. 97-1
Assets
Cash and investments
$ 101,502
71,229
(49,419)
123,312
Liabilities
Due to bondholders
$ 101,502
72,812
51,002)
123,312
ASSESSMENT DISTRICT NO. 2000-1
Assets
Cash and investments
$ -
845,653
562,726)
282,927
Liabilities
Due to bondholders
$ -
847,745
(564,818)
282,927
TOTALS -ALL AGENCY FUNDS
Assets
Cash and investments
$ 2,214,268
2,364,049
(2,094,511)
2,483,806
Total assets
$ 2,214,268
2,364,049
(2,094,511)
2,483,806
Liabilities
Accounts payable
$ 423
21,912
(21,641)
694
Deposits payable
642,064
416,120
(388,719)
669,465
Due to bondholders
1,571,781
2,074,581
(1,832,715)
1,813,647
Total liabilities
$ 2,214,268
2,512,613
(2,243,075)
2,483,806
GENERAL FIXED ASSETS ACCOUNT GROUP
89
CITY OF LA QUINTA
Comparative Schedule of General Fixed Assets - By Source
June 30, 2000
General fixed assets:
Land
Buildings
Leasehold improvements
Furniture and fixtures
Vehicles
Total general fixed assets
Investment in general fixed assets from:
General fund
Redevelopment agency
Total investment in general fixed assets
90
2000
$ 11,830,444
11,918,237
201,070
1,468,175
161,052
25,578,978
1999
12,075,671
11,826,075
201,070
1,116,160
161,052
25,380,028
$ 15,590,699 15,146,522
9,988,279 10,233,506
$ 25,578,978 25,380,028
CITY OF LA QUINTA
Schedule of General Fixed Assets - By Function and Activity
June 30, 2000
91
Furniture
Leasehold
and
Function and Activi
Land Buildings hnprove:Hants
Fixtures Vehicles
Totals
General government
$ 11,830,444 11,918,237 -
1,675 -
23,750,356
Legislative
- - -
20,484 -
20,484
City manager
- -
189,739 -
189,739
Finance
- - -
241,188 -
241,188
City clerk
- - -
206,982 -
206,982
Community services
- - 201,070
67,969 -
269,039
Building and safety
- - -
276,539 161,052
437,591
Community
development
- - -
117,051 -
117,051
Public works
- - -
346,548 -
346,548
Total
$ 11,830,444 11,918,237 201,070
1,468,175 161,052
25,578,978
91
CITY OF LA QUINTA
Schedule of Changes in General Fixed Assets - By Function and Activity
Year ended June 30, 2000
92
Transfer to
Balance at
Proprietary
Balance at
July 1, 1999
Additions
Deletions Funds
June 30, 2000
General government
$ 23,903,420
198,936
(352,000) -
23,750,356
Legislative
20,484
-
- -
20,484
City manager
171,206
18,533
- -
189,739
Finance
119,250
121,938
- -
241,188
City clerk
180,540
26,442
- -
206,982
Community services
268,418
621
- -
269,039
Building and safety
370,170
67,421
- -
437,591
Community development
111,460
5,591
- -
117,051
Public works
235,080
149,745
- (38,277)
346,548
Totals
$ 25,380,028
589,227
(352,000) (38,277
25,578,978
92
STATISTICAL SECTION
93
TABLE 1
CITY OF LA QUINTA
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
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
1997
2,376,935
3,442,056
889,694
469,110
455,563
170,000
7,803,358
1998
2,229,389
4,099,523
1,159,372
494,402
345,054
-
8,327,740
1999
2,473,241
4,468,294
1,546,650
732,741
626,074
-
9,847,000
2000
2,814,604
4,992,811
1,704,996
768,528
748,949
-
11,029,888
(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
Fiscal Year
Ending
June 30
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
CITY OF LA QUINTA
General Fund Revenue by Source
Last Ten Fiscal Years
(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
95
TABLE 2
Total
6,211,650
5,512,102
6,203,486
8,687,708
8,481,939
8,966,850
9,790,719
11,808,235
15,870,489
17,667,475
Licenses
Charges
Litigation
and
Inter-
for
Settlement
Taxes
Permits
Governmental
Services
Proceeds
Interest
Miscellaneous
$3,288,565
785,381
790,880
602,600
(2)
642,813
101,411
3,135,044
576,293
930,503
488,015
(2)
261,380
120,867
3,581,830
622,107
1,157,587
384,000
(2)
238,321
219,641
4,212,604
777,241
1,600,032
469,695
(2)
585,264
1,042,872
4,946,304
902,914
747,784
551,727
477,872
718,310
137,028
5,393,456
998,030
815,980
610,873
12,386
905,420
230,705
5,942,698
793,689
1,072,803
976,897
40,593
941,327
22,712
6,764,355
1,144,562
1,110,553
1,228,269
281,382
1,164,145
114,969
8,101,191
1,951,981
1,466,788
1,965,219
740,985
1,569,796
74,529
8,888,825
2,493,360
2,388,749
1,922,097
-
1,868,073
106,371
(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
95
TABLE 2
Total
6,211,650
5,512,102
6,203,486
8,687,708
8,481,939
8,966,850
9,790,719
11,808,235
15,870,489
17,667,475
CITY OF LA QUINTA
Property Tax Levies and Collections
Last Ten Fiscal Years
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 supplemental property taxes.
Source: City of La Quinta and County of Riverside
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%
1997
824,073
760,350
92.3%
-
92.3%
1998
886,175
980,838
110.7%
-
110.7%
1999
991,001
1,148,040
115.8%
-
115.8%
2000
1,001,074
1,005,983
100.5%
-
100.5%
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 supplemental property taxes.
Source: City of La Quinta and County of Riverside
CITY OF LA QUINTA
Schedule of Net Taxable Value
Last Ten Fiscal Years
Fiscal Year
Assessed
Less
Less
Ending
Secured
Unsecured
Property
Property
Homeowner's
June 30
Property
Property
Value
Exemptions
Exemptions
1991
$ 1,278,307,230
7,156,844
1,285,464,074
3,474,595
(1)
1992
1,594,767,374
6,396,816
1,601,164,190
3,605,829
(1)
1993
1,773,323,102
6,943,559
1,780,266,661
3,814,434
(1)
1994
1,872,768,156
8,119,527
1,880,887,683
3,946,378
18,901,202
1995
1,927,834,908
22,822,285
1,950,657,193
4,357,954
20,518,400
1996
2,043,276,054
23,801,872
2,067,077,926
6,936,774
22,399,068
1997
2,164,204,951
22,511,720
2,186,716,671
6,919,376
22,407,418
1998
2,305,593,987
18,844,880
2,324,438,867
9,676,787
24,877,018
1999
2,674,887,437
18,756,736
2,693,644,173
10,998,340
27,581,722
2000
2,665,520,656
18,712,736
2,684,233,392
11,655,584
28,259,200
(1) Homeowner's exemption not available
Source: County of Riverside
97
TABLE 4
Net
Taxable
Value
1,281,989,479
1,597,558,361
1,776,452,227
1,858,040,103
1,925,780,839
2,037,742,084
2,157,389,877
2,289,885,062
2,655,064,111
2,644,318,608
TABLE 5
CITY OF LA QUINTA
Property Tax Rates - Direct and Overlapping Governments
Last Five Fiscal Years (per $100 of Assessed Value)
Source: County of Riverside
1999/00
1998/99
1997/98
1996/97
1995/96
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
0.00000
0.00000
Coachella Valley Water District
0.02080
0.02080
0.02080
0.02080
0.02080
Total Tax Rate
1.11830
1.11830
1.11830
1.11830
1.11830
Source: County of Riverside
CITY OF LA QUINTA
Special Assessment Billings and Collections
Last Ten Fiscal Years
Year
Special
Special
Ratio of
Ended
Assessment
Assessment
Collections
June 30
Billings
Collections (1)
to Billings
1991
$ 355,924
335,177
94.1
1992
557,574
552,249
99.0
1993
559,029
548,291
98.0
1994
766,011
734,560
95.9
1995
836,502
737,700
88.2
1996
729,647
699,351
95.90
1997
791,012
757,256
95.7
1998
791,012
761,109
96.2
1999
790,532
770,164
97.4
2000
833,630
800,825
96.0
(1) Includes Prepayments and Foreclosures
Source: Muni Financial Services
CITY OF LA QUINTA
Schedule of Direct and Overlapping Bonded Debt
June 30, 2000
Percent
Direct and Overlapping Bonded Debt
Riverside County General Fund Obligations 0.999%
Riverside County Board of Education Certificates of
0.999%
Desert Community College District Certificates of P,
3.905
Desert Sands Unified School District Certificates of 1
8.963
Desert Sands Unified School District Lease Tax Obli 8.963
Coachella Valley County Water District, I.D. #71 Storm Water
Unit Certificates of Participation 6.394
Coachella Valley County Water District, I.D. #55 68.760
Coachella Valley County Water District, I.D. #58 1.700
Coachella Valey Unified School District 5.085
City of La Quinta General Fund Obligations (Finan( 100.000
City of La Quinta 1915 Act Bonds 100.000
Total Direct and Overlapping Bonded Debt
TABLE 7
June 30, 2000
Bonded Debt
$998,403
168,403
43,892
2,328,224
5,545,807
889,725
7,821,450
134,045
998,403
8,010,000
4,170,000
$31,108,352 (1)
Note: Excludes tax and revenue anticipation notes, revenue, mortgage revenue,
tax allocation bonds and nonbonded capital lease obligations.
Source: California Municipal Statistics, Inc.
100
CITY OF LA QUINTA
Computation of Legal Debt Margin
June 30, 2000
Net Assessed Valuation
Debt Limit - 15 % of Assessed Valuation
Amount of Debt Applicable to Debt Limit
Legal Debt Margin
Notes:
Source
TABLE 8
$2,684,277,392
402,641,609
-0-
$402,641,609
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.
City of La Quinta
101
CITY OF LA QUINTA
Revenue Bond Coverage
Local Agency Revenue Bonds (City Hall Project)
Last Nine Fiscal Years
Fiscal Year
Debt Service Requirements
Ending
Revenue Available
June 30
for Debt Service
Principal
Interest
Total
Coverage
1992
$ 182,784
-
182,784
182,784
1.00
1993
548,352
-
548,352
548,352
1.00
1994
548,352
-
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
1997
607,950
170,000
437,950
607,950
1.00
1998
734,623
285,000
449,623
734,623
1.00
1999
684,573
245,000
439,573
684,573
1.00
2000
679,670
250,000
429,670
679,670
1.00
Note
Source
Revenue available consists of lease payments made by the City of La Quinta to
the La Quinta Financing Authority.
City of La Quinta
102
Fiscal Year
Ending
June 30
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
Source
TABLE 10
CITY OF LA QUINTA
Demographic Statistics
Last Ten Fiscal Years
(1) City of La Quinta
(2) State of California Department of Finance
103
Total
City
Population
Riverside
Population
Square
Percent
County
Percent
Miles (1)
Population (2)
Change
Population (2)
Of County
23.8
13,070
23.5%
1,225,800
1.1%
28.0
14,727
12.7%
1,281,000
1.1%
28.2
15,589
5.9%
1,323,500
1.2%
28.2
16,680
7.0%
1,357,400
1.2%
31.2
17,591
5.5%
1,393,500
1.3%
31.2
18,050
2.6%
1,381,879
1.3%
31.2
18,931
4.9%
1,379,956
1.4%
31.2
20,444
8.0%
1,441,237
1.4%
31.2
21,763
6.5%
1,473,307
2.2%
31.2
24,240
10.77%
1,522,900
1.6%
(1) City of La Quinta
(2) State of California Department of Finance
103
TABLE 11
CITY OF LA QUINTA
Property Value and Construction Activity
Last Ten Fiscal Years
Fiscal Year
Commercial
Residential
Ending
Property
Construction
Construction
June 30
Value (1)
Units
Value
Units
Value
1991
$ 1,278,307,230
3
7,299,000
304
38,320,527
1992
1,594,767,374
12
7,334,871
320
35,744,443
1993
1,773,323,102
7
2,441,392
324
39,145,539
1994
1,872,768,156
13
6,081,796
531
79,318,969
1995
1,927,834,908
4
1,100,119
238
29,163,494
1996
2,043,276,054
8
1,018,940
336
53,973,239
1997
2,164,204,951
11
1,876,747
322
36,971,047
1998
2,305,593,987
14
2,689,642
461
70,403,691
1999
2,674,887,437
19
8,894,767
770
132,521,054
2000
2,684,277,392
40
13,071,684
1,590
292,524,629
(1) From Schedule of Net Taxable Value
Source: City of La Quinta
104
CITY OF LA QUINTA
Principal Taxpayers
June 30, 2000
Taxpayer
KSL Desert Resorts Inc.
TD Desert Development
Sunrise Desert Partners
Mery Griffin
La Quinta Golf Properties Corporation
Wal Mart Stores Inc.
Capital Pacific Holdings
Washington Adams Partnership
M & H Realty Partnership
Lowe's Hardware
Tradition Club Associates
TABLE 12
Type of Activity
Recreational, Residential Land
Residential Land
Condominiums
Residential, vacant land
Recreational, Commercial Land
Commercial
Residential, vacant land
Commercial
Shopping Centers
Retailer
Recreational, vacant land
Source: HdL Coren & Cone, Riverside County Assessor 1999/00 Combined Tax Rolls
105
CITY OF LA QUINTA
Major Employers
June 30, 2000
Employer
Employees
La Quinta Hotel and Golf Resort
1,500
PGA West
1,100
Desert Sands Unified School District
525
Wal-Mart
280
Home Depot
185
Rancho La Quinta
150
Stater Brothers
150
Loew's Hardware
125
Vons
103
Ralphs 100
City of La Quinta 74
Source: City of La Quinta
106
Activity
Hotel and Golf Resorts
Golf Resort
School District
Retailer
Retailer
Golf and Tennis Resort
Groceries
Retailer
Groceries
Groceries
Municipal Government
TABLE 14
CITY OF LA QUINTA
Schedule of Insurance in Force
June 30, 2000
Com any Name
Policy Number
Coverage
Limits
Term
Premium
Hartford
PEBAO7068
Employee Dishonesty,
$1,000,000
12/03/99 - 00
$2,500
Forgery, Computer Fraud
General Star
IAG371825
All Risk Property Insurance
25,736,400
07/01/00-01
14,145
Idenmity Co.
Including Auto Physical Damage
(Excluding Quake & Flood)
RLI Insurance
IMP0033525
Earthquake & Flood
5,000,000
02/07/-01
20,200
Company
Real & Personal Property
Including Contigent Tax Interruption
California
Certificate #5
Comprehensive General
$0 Deductible Retention
12/03/99 - 00
60,300
Joint Powers
Liability
$50 Million
Insurace Authority
California
Certificate
Worker's Compensation
5,000,000
12/03/99 - 00
37,637
Joint Powers
#5009-056
Insurance Authority
American National
IMP9880468
Earthquake & Flood
2,500,000
02/07/00-01
4,750
Real & Personal Property
Including Contigent Tax Interruption
Chubbs Custom
Special Events
$1,000,000
N/A
N/C
Insurance
Source: City of La Quinta
107
CITY OF LA QUINTA
Miscellaneous Statistical Data
June 30, 2000
Date of Incorporation ....... I ........ I ......... May 2, 1982
Type of City ..........................
Charter City
Form of Government ......................
Council / Manager
City Employees ............................
74
City Land Area (square miles) ...........................
31.2
Population .......................
I.... 24,240
Number of Parks ............................
8
Total Acreage ............................
39
Miles of Streets .....................
1 ...... 170.0
Miles of Bike Paths ............................
9.7
Number of Major Intersections ..........................
45
Number of Traffic Signals and Safety Lighting .............
32
Number of Traffic Signs .....................
I ...... 2,605
Number of Street Lights .................
8
Public Schools .............
I . I .. I . , . 4
Private Schools ............................
1
Churches 3
Banks / Savings and Loan ............................ 2
Number of Single Family Units - Detached ................ 11,197
Number of Single Family Units - Attached ................. 2,310
Number of Multiple Family Units ....................... 697
Number of Mobile Homes ............................ 247
Source: City of La Quinta
108
TABLE 15