2001-2002 ACFR (July 1 - June 30 Annual Comprehensive Financial Report)W
CITY OF LA QUINTA
La Quinta, California
Comprehensive Annual Financial Report
Year Ended June 30, 2002
CITY OF LA QUINTA
La Quinta, California
Comprehensive Annual Financial Report
Year ended June 30, 2002
Prepared by
FINANCE DEPARTMENT
JOHN M. FALCONER
Director of Finance
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CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2002
TABLE OF CONTENTS
Page
INTRODUCTORY SECTION
Letter of Transmittal
i
List of Principal Officials
xi
Organizational Chart
xii
Certificate of Award for Outstanding Financial Reporting (CSMFO)
xiii
Certificate of Achievement for Excellence in Financial Reporting (GFOA)
xiv
FINANCIAL SECTION
Independent Auditors' Report
1
Management's Discussion and Analysis (Required Supplementary Information)
3
Basic Financial Statements:
Government -wide Financial Statements:
Statement of Net Assets
16
Statement of Activities
17
Fund Financial Statements:
Governmental Funds:
Balance Sheet
18
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets
20
Statement of Revenues, Expenditures and Changes in Fund Balances
22
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances of Governmental Funds to the Statement of Activities
24
Proprietary Funds:
Statement of Net Assets
25
Statement of Revenues, Expenses and Changes in Net Assets
26
Statement of Cash Flows
27
Fiduciary Funds:
Statement of Fiduciary Assets and Liabilities — Agency Funds
28
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2002
TABLE OF CONTENTS, (Continued)
Page
FINANCIAL SECTION, (Continued)
Notes to the Basic Financial Statements 29
REQUIRED SUPPLEMENTARY INFORMATION:
Notes to Required Supplementary Information
75
Budgetary Comparison Schedules:
General Fund
76
Low/Moderate Income Housing Project Area No. 2 Fund
78
SUPPLEMENTARY SCHEDULES:
Non -Major Governmental Funds:
Combining Balance Sheet
80
Combining Statement of Revenues, Expenditures and Changes
in Fund Balance
81
Non -Major Special Revenue Funds:
Combining Balance Sheet
84
Combining Statement of Revenues, Expenditures and Changes
in Fund Balance
86
Budgetary Comparison Schedules:
State Gas Tax Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 88
Federal Assistance Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 89
Urban Forestry Grant Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 90
Lighting and Landscape Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 91
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2002
TABLE OF CONTENTS, (Continued)
Page
FINANCIAL SECTION. (Continued)
State Law Enforcement Block Grant (SLESF):
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
92
Quimby Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
93
Public Safety Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
94
Arts in Public Place Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
95
South Coast Air Quality Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances— Budget and Actual
96
Local Law Enforcement Block Grant (LLEBG):
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
97
Coachella Valley Violent Crime Task Force Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
98
Low/Moderate Income Housing Project Area No. 1 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
99
Low/Moderate Bond — Project Area No. 1 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
100
Low/Moderate Bond — Project Area No. 2 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
101
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2002
TABLE OF CONTENTS, (Continued
Page
FINANCIAL SECTION, Continued
Major and Non -Major Debt Service Funds:
Budgetary Comparison Schedules:
Financing Authority Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
104
Redevelopment Agency Project Area No. 1 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
105
Redevelopment Agency Project Area No. 2 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
106
Major and Non -Maj or Capital Projects Funds:
Budgetary Comparison Schedules:
Combining Balance Sheet
108
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance
110
Infrastructure Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 112
Capital Improvement Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 113
Transportation Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 114
Parks and Recreation Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual 115
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2002
TABLE OF CONTENTS, (Continued)
Page
FINANCIAL SECTION, (Continued)
Civic Center Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
116
Library Development Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
117
Community Center Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
118
Street Facility Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
119
Park Facility Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
120
Fire Facility Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
121
Assessment District 97-1 La Quinta Norte Construction Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
122
Assessment District 2001-1 Phase VI Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
123
Financing Authority Capital Projects Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
124
Redevelopment Agency Project Area No. 1 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
125
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2002
TABLE OF CONTENTS, (Continued)
Page
FINANCIAL SECTION, (Continued)
Redevelopment Agency Project Area No. 2 Fund:
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual
126
Internal Service Funds:
Statement of Net Assets
128
Combining Statement of Revenues, Expenditures and Changes
in Fund Balance
129
Combining Statement of Cash Flows
118
Agency Funds:
Combining Balance Sheet
130
Statement of Changes in Assets and Liabilities
132
Capital Assets Used in the Operation of Governmental Funds:
Schedule by Source
138
Schedule by Function and Activity
139
Schedule of Changes by Function and Activity
140
CITY OF LA QUINTA
Comprehensive Annual Financial Report
Year ended June 30, 2002
TABLE OF CONTENTS, (Continued)
Table No. Page
STATISTICAL SECTION
General Fund Expenditures by Function
1
142
General Fund Revenues by Source
2
143
Property Tax Levies and Collections
3
144
Schedule of Net Taxable Value
4
145
Property Tax Rates - Direct and Overlapping Governments
5
146
Special Assessment Billings and Collections
6
147
Schedule of Direct and Overlapping Bonded Debt
7
148
Computation of Legal Debt Margin
8
149
Revenue Bond Coverage
9
150
Demographic Statistics
10
151
Property Value, Construction Activity, and Bank Deposits
11
152
Principal Taxpayers
12
153
Major Employers
13
154
Schedule of Insurance in Force
14
155
Miscellaneous Statistical Data
15
156
General Fund Balance Trends
16
157
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1
P.O. Box 1504
78-495 CALLE TAMPICO (760) 777-7000
LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101
November 19, 2002
Honorable Mayor, City Council,
and City Manager
City of La Quinta
La Quinta, California
FY 2001-02 COMPREHENSIVE ANNUAL FINANCIAL REPORT LETTER OF TRANSMITTAL
We are pleased to present the 2002 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, 2002. 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 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.
This is the second year of financial statement presentation under the financial and reporting requirements of
Government Accounting Standards Board Pronouncement No. 34 — The New Financial Reporting Model.
The City elected early implementation of the standards in Fiscal Year 2001. In its most elementary terms,
the new model attempts to present the financial position and activities of a government organization on a
basis comparable to a for-profit organization.
Honorable Mayor, City Council,
and City Manager
Document Structure
The CAFR is presented in three sections:
• Introductory;
• Financial; and,
• Statistical.
The introductory section includes this transmittal letter, the City's organizational chart, a list of principal
officials, and awards for excellence in financial reporting. The financial section consists of the audit opinion,
management's discussion and analysis of the financial statements and footnotes, and required supplementary
information. 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,
Sunline Transit, Palm Springs Desert Resorts Convention and Visitors Authority, and the Desert Regional
Resorts Airport Authority.
Background
The City of La Quinta is located 120 miles east of Los Angeles in the eastern portion of Riverside County known
as the Coachella Valley. The City motto is "The Gem of the Desert". The City is governed by a five member
City Council under the Council/Manager form of government. The Mayor is directly elected by the citizens.
The City was 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, 2002 was 28,715 an increase of 95% from 1991.
• Retail Sales of $270 million, a 692% increase from 1991;
• Taxable Sales of $340 million, a 437% increase from 1991;
• Assessed Valuation of $3.822 billion, a 140% increase from 1991; and,
• Hotel Room sales over $37.0 million, a 92% increase from 1991.
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Honorable Mayor, City Council,
and City Manager
The City area includes the La Quinta Resort, several world class golf resorts, quality neighborhoods of single
family and multi -dwelling homes, and light commercial industries. The City has a beautiful 10,000 sq. ft Senior
Center. The Desert Sands Unified School District and Coachella Valley Unified School District provide
educational opportunities for school-age children in La Quinta.
The City has been experiencing rapid growth in population. During 2001, the population grew 8.58%, 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 2001-2002 is 76. In addition to
the 28,715 permanent residents, approximately 12,600 seasonal residents spend three to six months in the City.
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:
General Government Ci Clerk
- Legislative - City Clerk
- City Manager
- Economic Development CommunityServices
- Personnel - Administration �_
Finance
- Fiscal Services
- Central Services
Building and Safety
- Administration
- Code Compliance
- Animal Control
- Building
- Emergency Services
- Fire
- Civic Center Building
Public Works
- Administration
- Development/Traffic
- Street & Landscape Maintenance
- Capital Projects
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- Recreation
- Senior Center
Community Development
- Administration
- Planning
- South Coast Air Quality
- Redevelopment
Honorable Mayor, City Council,
and City Manager
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.
Significant Events and Accomplishments
During 2001-02 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 $178 million in building permits while multifamily construction totaled
$15 million last year. La Quinta issued $1.4 billion worth of building permits during the last ten years,
averaging over $143 million per year. In 2001, construction totaled $221 million, 55% above the ten-year
average.
Major retail developments continue to diversify and enhance La Quinta's economic base. The Centre at La
Quinta auto mall site includes three new dealerships and can accommodate up to nine dealerships, plus 400,000
square feet of retail. A number of exciting new developments are planned or are near completion, including
Fairway Plaza, anchored by Albertsons and Sav-on; La Quinta Corporate Center, which contains a fitness
center, offices, and a post office site; La Quinta Court, a specialty shopping center with fine restaurants and a
gourmet food market; La Quinta Professional plaza, under construction, which includes Palm Desert National
bank, professional offices and restaurants; Jefferson Plaza, anchored by Home Depot, I -Hop, and Jack in the
Box, which has been completed; One Eleven Center, anchored by Wal Mart, Staples, and coming soon, a Big 5
Sporting goods store; Point Happy, anchored by two restaurants; and Old Town La Quinta, a 127,500 square
foot commercial/retail center planned for the Village area.
Several resort -oriented projects are also planned which will add to the economic diversity of the City, including
approval of an Embassy Suites hotel, a Marriott Residence Inn, and development of a 50 -acre site at the corner
of Miles Avenue and Washington Street which will include resort hotels, a casitas hotel, upscale restaurants, and
commercial/retail uses. A residential component is also part of the project, consisting of single family homes,
townhomes, and a 5- acre neighborhood park.
Quality residential communities, including PGA West, Rancho La Quinta and the Traditions have increased the
assessed valuation of the City, and several other large projects have been approved and are moving forward.
Since 1991, assessed valuations have grown to $3.822 billion in 2001. In the last decade, assessed values have
increase 140%, substantially higher than the region's average growth rate.
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Honorable Mayor, City Council,
and City Manager
Housing
La Quinta has a wide spectrum of housing types and values, ranging from the affordable to exclusive 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 $160,000, which is lower than averages for San
Diego and Los Angeles Counties and the State of California.
There were 2,210 housing units built during fiscal year 2002, which brings the number of total units within the
City to 15,732. The 15,732 units consist of 12,228 detached single family residences, 2360 attached single
family residences, 897 multi family residences, and 247 mobile homes.
Tourism
La Quinta is well known for its many championship golf courses. The City is home to 16 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 City acquired 525 acres of undeveloped property adjacent to Jefferson Street and Avenue 52. This project,
referred to as "The Ranch," will include two championship public golf courses, as well as hotel and commercial
developments.
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, and has relocated to a new site along Washington Street.
Hotel room sales in La Quinta enjoyed dramatic growth to a record $40 million in 2001. The La Quinta Hotel,
the second largest destination resort in the Coachella Valley, was the largest contributor to this increase.
Capital Improvements
The City completed almost $55 million in capital improvements and land acquisitions during 2001-02. Projects
completed or nearing completion include Eisenhower Mini -Park Expansion, Velasco Mini -Park, Calle Estado
Prototypical street, Jefferson Street Phase I widening, Fritz Burns Park Improvements Phase H, and various
traffic signal improvements. Several significant projects are continuing, including museum expansion,
Village/Cove neighborhood improvements, Civic Center Campus development, and several street and lighting
improvement projects. A site for the City's third fire station was acquired, and the design phase begun.
The City's Capital Improvement Program (CIP) continues to increase to meet the demands of growth, and totals
$42.4 million for the 2002-2003 program. This major commitment in infrastructure will continue to provide for
both the current and future growth that the City has experienced.
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Honorable Mayor, City Council,
and City Manager
Communitv Facilities
The City has several significant community facility projects underway. The Civic Center Campus is nearing
completion, Phase 1 of the Municipal Library is being designed, and projects will begin soon for the 18 -acre
Community Park and La Quinta Historical Museum expansion. In addition, the development of the City's first
municipal golf course, to be located at Avenue 52 at Jefferson Street, will significantly add to amenities
available to residents of La Quinta.
City Operations
The following is a partial listing of the accomplishments for the citizens of La Quinta for fiscal year 2001-2002:
Continued development of GIS data base for city-wide planning, obtained aerial photos of City boundaries and
planning areas, and developed enhanced mapping capabilities;
Initiated features on City web page making maps and permit detail available to the general community;
Implemented an enhanced promotional program and ad campaign, supporting local businesses;
Implemented an improved Optical Imaging system for document storage and record retrieval, including scanning
and indexing existing improvement plans into digital archives;
Received several grant awards for public safety, tire recycling and bicycle lanes;
Received awards in excellence for financial and budget reports;
Implemented upgrades in management information services, including additional servers, enhanced security,
and improvements in City web site;
Organized and coordinated the City's 20'h Anniversary Celebration;
Continued on- and off-site improvements, and continued construction of the Redevelopment Agency low -
moderate housing project on Avenue 48;
Installed a Community Emergency Notification System, and improved the City's Emergency preparedness
equipment resources;
Completed the Specific Plan for the Redevelopment Agency owned property on Washington Street and Miles
Avenue, completed bond funding for the Senior housing component, and started processing the third Affordable
Housing project;
Prepared the Development Impact Fee Program update, adopted by the City in March, 2002;
Completed annexation of two areas east of the City;
Continued update of General Plan and Housing Element, and completed the first draft of City=s Design
Standards for development and traffic.
Future developments
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. Additionally, construction of the City's third fire station, and development of the
City's first municipal golf course will significantly add to the services offered to La Quinta residents.
Construction of both a library and historic museum are in the planning stages.
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Honorable Mayor, City Council,
and City Manager
Financial Information
GASB 34 requires a separate "matter of fact" discussion of the City's financial condition that can be found in the
required supplementary information section entitled "Management Discussion and Analysis (MDA)".
The operating results for the City of La Quinta for FY2001/02 were very good and our financial condition is
the strongest since incorporation.
The City will be faced with future funding challenges that will require a dedicated effort to fulfill our
economic development plan to garner new and additional revenues. Management believes that the following
items will impact future budgets of the City ofLa Quinta that will have to be addressed with future revenues
or the use of our reserves:
The need for additional police services — As the population grows the City will be faced with the need to add
additional public safety officers.
The need for additional fire services — Coupled with the growth in population and the desire by fire professionals
to have three and four person crews, the City will need to address the need for additional fire service resources.
The need for a third fire station — The City has two fire stations and the City has made a commitment to build and
maintain a third fire station in the north part of the City. Additional personnel and paramedic services will
continue to be needed.
The need to fund additional landscaping costs — As a result of Proposition 218, the City has been limited on the
use of City -Wide Lighting and Landscape Assessment District funding for the maintenance of landscaping in the
City. The City has continued to add additional street medians and is developing both the Civic Center Campus
and the 18 acre Community park that will require additional funds to maintain these facilities.
The need to pay for the operations of additional public facilities — In the five year Capital Improvement Plan the
City has plans to build a municipal library, expand the museum, and expand City Hall.
The following paragraphs outline several of the major polices of the City and attempt to supplement, not
supplant, the MD & A which can be found later in this report.
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.
AcCOLInting 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 that make up
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Honorable Mayor, City Council,
and City Manager
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. At year end, the City has prepared the required entries necessary to report the City
financial position and activities on an accrual basis of accounting which recognizes revenues when earned and
expenses when incurred.
The City maintains two Internal Service Funds 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.
The City plans to acquire new financial accounting software in the coming year, to improve reporting
capabilities and enhance internal controls in all areas of financial records.
Budget4!y_Controls - The City Manager submits a preliminary budget to the City Council before each fiscal year.
A public meeting is 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 systeih 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 year's 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.
Gann Limit - Aporopriations 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
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Honorable Mayor, City Council,
and City Manager
1979 and still provides the City with a comfortable operating margin.
Risk Management - 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 workers 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.
Cit- Retirement Costs - The City is a member of the California Public Employers Retirement System (PERS).
Employer contribution rates are reviewed and adjusted annually to achieve full funding for retirement benefits by
the rear 2011.
Cash Management - 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. 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.
Certificate of Award for Outstanding Financial Reporting
The Cali fornia 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 has received
the GFOA and CSMFO awards in prior years and are hopeful that these statements continue to receive these
awards.
Acknowledgments
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, Vianka Orrantia, Secretary for her report preparation skills and Sharon Christensen, Misaela
Mendoza, Diane Martin and Pat Parker for their diligence in processing most of the transactions reported upon in
the financial section of this report. Again, we also appreciate the City Manager and City Council for
proN-iding the resources necessary to prepare this report and for their role in preserving the City's
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Honorable Mayor, City Council,
and City Manager
framework of internal controls and again wish to express 'our appreciate for the efforts of the Conrad &
Associates, CPA's audit team, for their professionalism in conducting the annual audit for the City of La Quinta.
Respectf6lly submitted,
iohnM.alconer
Finance Director and Treasurer
x
City of La Quinta
Directory of Officials
June 30, 2002
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
Roy Stephenson, Interim Public Works Director/City Engineer
xi
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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, 2001
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.
� Iwo "hs
President
4P064IX W. elAoee
Executive Director
xiv
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 basic financial statements of the City of La Quinta,
California as of and for the year ended June 30, 2002, as listed in the accompanying table of
contents. These basic financial statements are the responsibility of the management of the City of
La Quinta, California. Our responsibility is to express an opinion on these basic financial
statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and Government A uditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perforin 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 basic 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, 2002, and the
results of its operations and the cash flows of its proprietary fund types for the year then ended in
conformity with accounting principles generally accepted in the United States of America.
The information identified in the accompanying table of contents as management's discussion
and analysis and required supplementary information is not a required part of the basic financial
statements but is supplementary information required by the Governmental Accounting
Standards Board. We have applied certain limited procedures, which consisted principally of
inquiries of management regarding the methods of measurement and presentation of the
supplementary information. However, we did not audit the information and express no opinion
on it.
Our audit was made for the purpose of forming an opinion on the basic 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 basic financial statements of the City of La Quinta, California. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial statements, and in
our opinion, is fairly stated in all material respects in relation to the basic 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.
MEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION
The Honorable Mayor and City Council
City of La Quinta
La Quinta, California
In accordance with Government Auditing Standards, we have also issued a report dated
August 16, 2002 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.
�kd(&rnJ 147435,5ace-a& / L, L - I°
August 16, 2002
0a
Mana ement Discussion and Analysis
The Management Discussion and Analysis (MDA) is intended to provide the reader of the
statements with a concise analysis of the financial results and financial position of the City of La
Quinta.
The Now Ret)ortinz Mendel
As mentioned in the prior year MDA, the impact of the new reporting model on the financial
statements constitutes the biggest change in the way governmental activities have previously
been reported. We have to return to the original "blue book" in the mid 1980's to recall such a
major change in the accounting and reporting of governmental activities. Overall, we believe
that from a financial reporting standpoint, the preparation of this document continues to be one
of the most challenging for the governmental accounting profession. As will be discussed later
in detail, most discussion on the new reporting model has focused on infrastructure reporting.
This year a major effort was needed to update the infrastructure reporting for additions and
deletions during the year.
Two new statements have been presented entitled the Statement of Net Assets and Statement of
Activities. The purpose of the Statement of Net Assets is to report on the financial and capital
resources for all governmental funds in a single statement. The purpose of the Statement of
Activities is to report on the activity of the government's operations and is presented in a format
that reports the net (expense)/revenue of its various functions.
In addition, the Governmental Funds Balance Sheet and Statement of Revenues, Expenditures
and Changes in Fund Balances have been classified into major and non -major funds. These
major and non -major funds are determined based upon criteria set forth by the GASB. The
GASB believed that this major and non -major classification allows the reader to review the
significant funds in one report rather than have the reader determine what is a major fund and
what is non -major.
Executive Summary
As was the case last year, the overall financial results of the City of La Quinta for FY 2002/03
were very good and our financial condition is the strongest since incorporation. Although our
financial results were not as strong as the prior year, the City was generally able to see increases
in its reserves. Several events led to the decrease from the prior year including lower interest
rates on investments, lower Transient Occupancy Tax collections, and a slight reduction in
permits and fees. These decreases were offset by higher than expected sales tax revenues
resulting from an increase in population and an increase in the number of new businesses
locating to the City.
As a fast growing municipality, the City of La Quinta has been able to add to its general reserves
with both increases in development related activities and on-going taxes and fees for FY
2001/02. The future challenge will be to ensure that these reserves and the on-going taxes and
fees will meet the demands for public services that a community at build -out will require.
3
Background
In this MDA section, the Finance Director departs from the past, which required a "just present
the reader with the facts" approach and enters into the future with a requirement to "tell it like it
is
The analysis also is required to convey the financial results with an element of subjectivity. This
subjectivity is based upon the Finance Director's knowledge of the City's "business cycle" and
the possible economic factors that may impact the City. The Government Accounting Standards
Board is the rule making body that promulgates or sets the accounting rules. This rule making
body is slowly but surely moving toward a standard of accounting based upon the full accrual
basis of accounting, which is required for for-profit companies.
To accomplish this move toward a full accrual basis of accounting, many of the government
accounting software providers are incorporating features that will generate two separate sets of
statements. One set is produced on the modified accrual basis of accounting and the other on the
full accrual basis of accounting. The intent of this software is to capture the data throughout the
year necessary to push a button at the end of the year and print out a statement based upon the
modified accrual basis of accounting and another statement based upon the full accrual basis of
accounting.
The City accounting system is based upon the modified basis of accounting throughout the year.
Once a year, at year-end, the City prepares memo entries to convert the modified basis of
accounting throughout the year to the full accrual basis of accounting. This conversion is
prepared on a spreadsheet program and is given to our outside auditors. No formal entries are
entered into the accounting system to convert to the accrual basis of accounting. Management
believes this less formal conversion process is simpler, more flexible and less costly for the City
of La Quinta.
You may be asking yourself how significant is the change in the two reporting methods?
The following table summarizes the differences for FY 01/02:
Description I
Modified Accrual
Accrual
Change
Assets
140,239,067
485,257,061
345,017,994
Liabilities
34,943,009
172,599,426
137,656,417
Revenues
64,987,678
51,929,073
(13,058,605)
Expenditures
114,913,074
33,512,175
(81,400,899)
Fund Balance/Net Assets
105,296,058
312,657,635
207,361,577
Revenues over (under) expenditures
(49,925,396)
18,416,898
68,342,294
It is apparent that the change in accounting methods dramatically changes the way the reader of
the financial statements interprets the financial condition and operations of the City.
Management will attempt to present the reader with an analysis that is simpler to understand and
draws distinctions between the two accounting methods where possible.
4
The GASB requires that governmental agencies provide two years worth of financial information
so that the reader will be able to draw comparisons on the results of operations and the financial
position from year to year.
Assets
The following chart lists a condensed Statement of Net Assets for the fiscal year ending June 30,
2002 and 2001. Total net assets increased $19 million from the previous year.
Current and other assets
Capital assets
Total assets
Current and other liabilities
Long term liabilities
Total liabilities
Net assets
Investment in capital assets,
net of related debt
Restricted
Unrestricted
Total net assets
CITY OF LA QUINTA
Statement of Net Assets
Governmental
Activities
Governmental
Activities
Governmental
Activities
2002
2001
Change
$ 123,522,074
361,734,987
83,113,424
310,193,823
40,408,650
51,541,164
485,257,061
393,307,247
91,949,814
5,917,187
166,682,239
6,975,872
92,774,099
(1,058,685)
73,908,140
172,599,426
99,749,971
72,849,455
195,474,945
74,156,691
43,025,999
217,419,724
45,438,930
30,698,622
(21,944,779)
28,717,761
12,327,377
$ 312,657,635
293,557,276
19,100,359
Employees
One major asset of the City of La Quinta is its employees. While not quantified on the books,
the City has 76 authorized full time equivalent positions to provide the services required by the
community.
Cash and Investments
The City of La Quinta has cash and investments on hand to meet both immediate and long-term
needs. The City Finance Director serves as the Treasurer and is appointed by the City Manager.
The City has a seven member Investment Advisory Board. It is appointed by the City Council
and meets monthly to review the Treasurer's Report and provide valuable assistance to the
Treasurer on current trends and topics in this area, as well as annually reviewing the Investment
Policy.
5
The City has a conservative investment policy, which is more restrictive than the policy
limitations set forth in 53601 of the Government Code of the State of California. The Treasurer
is required to prepare a monthly Treasurer's Report that certifies that he/she believes that the
City has, to the best of its ability, the cash to meet its obligations for the next six months. During
FY 01/02, the City has met this six-month liquidity requirement. In addition, the City has a two-
year (730 -day) limitation on the maximum maturity of our investments and has a buy/hold
investment strategy, which does not promote actively selling securities before their maturity,
except for liquidity purposes.
During FY 01/02, the City did not sell an investment before maturity. Therefore, the financial
statements do not report any gains or losses on investments. The following table lists the
earnings rates and average maturity of the portfolio:
Summary of FY 01/02 Interest Rates/Earnings:
Month
6 Month
Benchmark (%)
Average
Maturity
Days
Pool
Interest
Rate (%)
Fiscal Agent
Interest
Rate (%)
Total
Rate
All Earnings (%)
July 2001
3.49
48
4.79
3.40
4.58
August
3.39
51
4.90
3.20
3.91
September
3.39
43
4.63
3.20
3.98
October
2.01
27
4.04
2.20
3.57
November
1.99
62
3.05
1.70
2.49
December
1.85
44
2.83
1.40
2.34
January 2002
1.83
27
2.37
1.60
1.97
February
1.85
53
2.26
1.50
1.95
March
2.16
35
2.25
1.50
1.99
April
1.92
79
2.35
1.50
2.05
May
1.89
122
2.59
1.00
1.78
June 2002
1.77
132
2.42
1.00
1.93
Average FY 01-02
2.29
60
3.21
1.93
2.71
Average FY 00-01
5.16
149
6.09
5.22
5.93
Ending Cash balances
Interest Earnings
June 2002 June 2001
$106,751,100 $72,819,549
$4,354,718 $5,135,466
During FY 01/02, interest rates dropped throughout the year with an inverted yield curve. The
average maturity of the portfolio was shortened to take advantage of the higher yields on shorter -
term investments. The Treasurer exceeded the benchmark 6 month Treasury Bill rate in 10 of
the 12 twelve months and overall for the year. Interest earned on all funds totaled $4.35 million
for FY 01/02 versus $5.1 million for FY 00/01 and the total portfolio at June 30, 2002 was
$106.7 million versus $73.5 million for the previous year.
6
Receivables/Advances to Other Funds
The City of La Quinta does not have large receivable balances. We do not have any enterprise
activities such as a water or sewer department, which typically generate receivable balances.
One of the interesting impacts of GASB 34 is the accounting for advances to and from other
funds which will be discussed in greater depth under the Advances from other funds section of
the MDA. The City has advanced funds to the City Redevelopment Agency to promote
economic activities within its boundary areas. The advances have no specified due date and
accrue interest at 10% per year. The intent is to repay these advances with interest before the
expiration of the Redevelopment Project Area Plan in approximately thirty years. In addition,
an outstanding advance from the Redevelopment Project Agency to the Park and Recreation
Development Impact Fee Fund has been made to accelerate Park development. During the year,
an early repayment of the 1994 Educational Relief Augmentation Fund (ERAF) advance from
the Low and Moderate Housing Project Area 1 to the Project Area 1 Debt Service Fund was
made. The 1994 Educational Relief Augmentation Fund (ERAF) advance from the Low and
Moderate Housing Project Area 2 to the Project Area 2 Debt Service Fund remained outstanding
at year end. The total outstanding balances as of June 30, 2002 and 2001 are $13,810,753 and
$12,024,009, respectively. Under GASB 34 these advances to and from other funds have been
eliminated from the Statement of Net Assets.
Capital Assets
The most debated topic of the new reporting model is the recording of fixed assets including the
City infrastructure assets and accumulated depreciation. In some respects the second year of
implementing GASB 34 in this area were harder than the first year. In the first year the City
relied on a professional study to value the infrastructure. During FY 01/02, the City had to
begin to track the addition and deletion of fixed assets. These additions and deletions took the
form of developer contributions, and completed Capital Improvement Projects. The primary
purpose of including infrastructure assets in the financial statements is to report the total amount
of improvements and the amount that these assets have been depreciated. At year-end, General
Fixed Assets were 31% depreciated at year end compared to 28% in the previous year, Internal
Service assets were 56.6% depreciated compared to 51% last year and infrastructure
improvements were 60.55% depreciated compared to 57.5% in the prior year. The higher
depreciation percentage indicates that the assets are older and will require accelerated future
expenditures in the future to replace aging assets. In each case cited above, the depreciation
percentage increased which indicates that the City infrastructure assets are aging faster than they
are being replaced.
The City has an internal service fund for the replacement of equipment and major capital items
such as the roofs and air conditioners in the City Hall and Senior Center. In FY 01-02, the City
created a new internal service fund entitled Information Technology to fund the replacement of
computers and related equipment and to charge departments for their fair share of computer
related services. The information technology fund was initially funded with a transfer from the
General Fund of $1 million. In addition to the general fixed assets, such as buildings, parks,
computers and internal service assets, the City has included its infrastructure assets in the
Statement of Net Assets. Infrastructure assets included in the Statement of Net Assets were City
7
maintained streets, street medians, curb and gutter, traffic signals, sidewalks, bridges, artwork,
sound walls, bike paths, storm drains and retention basins. Infrastructure assets not included in
the Statement of Net Assets were the construction costs of State Highway 111, private streets —
generally behind gates, and public water, sewer, electricity, gas and cable utilities maintained by
others. Infrastructure assets, except for land, have been depreciated to reflect a net infrastructure
amount. In addition to the fixed assets and infrastructure assets, capital assets also include
construction in progress. Under the modified accrual basis of accounting, the costs of these
construction projects have previously been expenditures and not reported in the Statement of Net
Assets. Under the new reporting model, these costs have been reported in the Statement of
Assets. Projects still in progress at year-end included the Phase 1 Jefferson Street project,
Assessment District 2000-1 improvements including the Village, the Civic Center Project, and
the Miraflores Housing and Apartment Project. The following chart details the fixed assets,
infrastructure assets, and construction in progress as of the end of the fiscal year:
CITY OF LA QUINTA
Fixed Assets and Construction on Progress
8
2002
Accumulated
Depreciated
Type
Life years
Total
Depreciation
Remaining
Percent
Fixed Assets
Land
N/A
$56,467,549
N/A
56,467,549
General Fixed Assets
5-30
16,182,093
4,956,300
11,225,793
30.63%
Internal Service Fixed Assets
3-15
2,346,555
1,328,071
1,018,484
56.60%
Total Fixed Assets
74,996,197
6,284,371
68,711,826
Infrastructure Assets
Right of Way (ROW)
N/A
230,148,147
N/A
230,148,147
Art in Public Places
N/A
1,018,163
N/A
1,018,163
Subtotal
231,166,310
N/A
231,166,310
Street Pavement
20-25
45,475,851
36,286,295
9,189,556
Curbs/Gutters
50
7,316,410
2,537,078
4,779,332
Sidewalks
20
5,439,145
4,482,123
957,022
Median
50
5,318,736
1,449,706
3,869,030
Parking Medians
50
21,301
8,520
12,781
Bridges
35
9,933,145
1,792,114
8,141,031
Traffic Signals
20
3,847,342
1,225,611
2,621,731
Bike Paths
20
642,304
231,913
410,391
Sound Wall
20
74,200
7,420
66,780
Retention Basin
10
957,019
785,954
171,065
Storm Drains
50
2,028,035
270,016
1,758,019
Subtotal
81,053,488
49,076,750
31,976,738
60.55%
Total Infrastructure Assets
$312,219,798
49,076,750
263,143,048
Construction in Progress
29,880,113
$361,734,987
Total Capital Assets, net
8
Liabilities
The City of La Quinta has incurred both short and long term debt. Most readers are familiar with
accounts payable, accrued salary, payroll taxes and developer deposits, while others may be
familiar with advances from other funds and bonds payable. The City of La Quinta is current in
meeting its short and long-term commitments and there is no known violation of any bond
indenture covenant. In addition, all bonds have been insured and carry a "AAA" rating by a
major rating agency. During the fiscal year, the Redevelopment Agency (RDA) Project Area 1
issued $88 million of "AAA" insured Tax Allocation Bonds. At the RDA's request, they asked
Standard and Poors to rate Project Area 1 on a stand-alone basis, which is without bond
insurance, and are pleased that it both cases the bond issues received an "A" rating. Similar
stand-alone ratings for the City of La Quinta, RDA Project Area 2 and the Financing Authority
are not available.
Advances From Other Fund
The General Fund has advanced funds to both the Redevelopment Project Area 1 and 2 Debt
Service Funds. The City created the La Quinta Redevelopment Agency (RDA) and its two
project areas in accordance with State law to promote economic activities, remove blight and
provide low and moderate housing to its residents using property taxes generated in each of the
Project Areas. The Redevelopment Areas were created to keep property tax revenues generated
in its boundaries for projects in the project areas and to be able to accelerate projects by issuing
bonds and incurring other debt. Examples of the projects funded to date include flood control
projects at the top of the Cove, and resurfacing of street, curb, and gutter in the Cove and.
Westward Ho areas. These types of projects could not have been accomplished without the use
of advances and bonds. As of June 30, 2002, the City of La Quinta has advanced the RDA
Project Debt Service Area 1 $4,907,565 and Debt Service Project Area 2 $7,614,325. The
advances carry a 10% interest rate with no specified repayment date.
Since the RDA Board is comprised of the City Council, GASB requires that the activities of the
RDA be included with the activities of the City. In the past these advances were recorded in the
General Long Term Debt Group of Accounts. Under the new reporting model these advances
have been recorded as liabilities in the individual fund statements. As a result of this accounting
change, the Debt Service Area 2 fund has a negative fund balance of $ (5,622,884) as of June 30,
2002 compared to a fund deficit as of June 30, 2001 of $ (6,258,943). While it is preferable to
have funds with positive balances, it should be noted that this negative balance was a result of
the City advances. This advance has no specified re -payment date and it is not the intent of
Management to request repayment of the advance in the near future. Rather, Management will
seek future repayments from the debt service funds when fund balances are available, which
would be sometime before the project areas expire — in approximately 30 years. Under GASB 34
these advances to and from other funds have been eliminated from the Statement of Net Assets.
Long Term Liabilities,
Long term liabilities consist of notes, bonds and pass-through agreements that have been
separated into the amount due in the next year and the amount due beyond. In order to accelerate
capital or housing projects, the City and RDA have issued bonds. These bonds have also been
9
insured to take advantage of lower debt service costs and provide the investor with an added
comfort level. In addition, as with a home mortgage, we have refunded several of our bond
issues to take advantage of lower interest rates, which in turn has resulted in lower debt service
costs. As previously discussed the RDA issued $88 million in bonds during FY 2002.
The Statement of Net Assets has a long-term liability amount due within one year of $3,312,895
and an amount due in more than one year of $163,369,344. The $11.4 million in one-year debt
service reflected as of June 30, 2001 was more than the normal annual debt service. The $11.4
million debt service included an advance pass through payment of $8.6 million to the County of
Riverside for RDA Project Area 1. This payment was made earlier than required, at the sole
option of the RDA, from bond proceeds of a $48 million RDA Tax Allocation Bond Issue
executed after year-end. The $81.3 million of long-term liability due in more than one year
reported last year increased to $163.3 million, primarily as a result of the two RDA bond issues
totaling $88 million.
NET ASSETS AND INTERNAL SERVICE FUNDS
The objective of the Statement of Net Assets is to provide a consolidated summary of the City's
assets, liabilities and net assets that reflects the City's fiscal worth and liquidity as a whole. Over
time the increases or decreases in total net assets will reflect the health of the City. In order to
report the unrestricted net assets of the City, the City must subtract from its assets related
liabilities, net investments in capital assets and restricted net assets. Under the new reporting
model, the total unrestricted net assets of the City of La Quinta, RDA and Financing Authority is
$43,025,999 as reported in the Statement of Net Assets. This is an increase of $12,327,377 from
last year. As in the past, Management has elected, as detailed in the footnotes, to further restrict
and designate general fund balances that have not been reflected in the new Statement of Net
Assets. Management believes that these restrictions and designations reflect the Council's desire
to set aside funds to meet the requirements of a growing City and to be available for future
projects.
The total equity and other credits of the City is $312,657,635 of which $195,474,945 consists of
capital assets, net of the related debt that was used in acquisition. $74,156,691 consists of
restrictions placed upon special revenue, capital projects, and debt service funds leaving total
unrestricted net assets of $43,025,999.
The City has two internal service funds — Equipment Replacement and Information Technology
Funds that primarily receive its revenues from charges for services from other City departments.
Under the new reporting model, the assets and liabilities of these internal service funds have
been included in the Statement of Net Assets.
ACTIVITIES
The objective of the Statement of Activities is to report the full cost of providing government
services for that year. The format also permits the reader to ascertain the extent to which each
function is either self-financing or draws from the general funds of the government.
10
The following chart lists a condensed version of the Changes in Net Assets for the fiscal years
ending June 30, 2002 and 2001.
CITY OF LA QUINTA
Changes in Net Assets
Expenses
General government
2002
2001
CHANGE
Revenues
7,522,532
5,776,628
1,745,904
Program revenues:
1,411,943
940,881
471,062
Charges for services
$ 4,850,755
5,337,970
(487,215)
Operating grants and
6,434,239
5,968,911
465,328
Contributions
1,699,255
1,601,716
97,539
Capital grants
11,662,424
14,375,463
(2,713,039)
General revenues:
$ 18,395,502
24,496,415
(6,100,913)
Taxes
28,544,634
25,656,153
2,888,481
Investment income
3,006,097
3,578,206
(572,109)
Motor Vehicle in lieu
1,473,217
1,496,620
(23,403)
Gain (loss) on sale of
capital assets
(21,397)
-
(21,397)
Other
692,691
292,036
400,655
Total revenues
51,907,676
52,338,164
(430,488)
Expenses
General government
3,241,576
3,146,699
94,877
Public safety
7,522,532
5,776,628
1,745,904
Community services
1,411,943
940,881
471,062
Planning and development
7,110,125
6,146,998
963,127
Public works
6,434,239
5,968,911
465,328
Interest
7,791,759
5,861,632
1,930,127
Total expenses
33,512,174
27,841,749
5,670,425
= Excess (deficiency)
$ 18,395,502
24,496,415
(6,100,913)
The Statement of Activities starts with functional expenses, subtracts out functional revenues to
arrive at a net number for each function, and then subtracts out all general revenues to arrive at
the net change in net assets for the reporting period.
The functional revenue for FY 01/02 were $51,907,676 versus $52,338,164 for FY 00/01. The
decrease can be attributed to a reduction in capital grants from the prior year related to
construction projects. The functional expenses for FY 01/02 were $33,512,174 versus
$27,841,749 FY 00/01. The increase can be attributed to greater debt service and public safety
expenses. The debt service increases are a result of new bond issues, which result in higher debt
service payments. The public safety increases are a result of higher police service levels/costs
and recording fire service costs as an expense in accordance with a new contract with the County
11
of Riverside. The net excess decreased $6,100,913 from FY 00/01 as a result of lower revenues
and greater expenses from the prior year.
As mentioned earlier, this net increase of $18,395,502 reported in the Statement of Activities
compares to a net decrease of ($49,925,396) under the modified accrual basis of accounting. The
primary reasons for the differences between the two amounts are: 1) the net capitalization of
$53.3 in infrastructure improvements, 2) the reclassification of $14.9 million of long-term
principal debt, and 3) the revenue recognition of $3.5 million in deferred revenue.
REVENUES
General Fund Revenues
With the economic slow down that occurred during FY 01/02, the City was concerned about the
impacts it would have on our tourist industry and sales tax receipts. While we did experience
lower Transient Occupancy Taxes (5%) than the year before it did not have as dramatic an
impact as other parts of the country. Sales taxes actually increased under the modified accrual
basis of accounting which was a primary result of population increases. Under the accrual basis
of accounting, sales tax was reduced by just under $800,000 under terms of an agreement for
reimbursement of public improvements from the generation of sales taxes. The City has been
seen by homebuilders and by homebuyers as a suitable place to build and live. Homebuilders
have seen La Quinta as a place to build homes because of the availability of land and labor which
has resulted in greater than budgeted development fees and charges for services. Homebuyers
have seen La Quinta as a place to buy because of lower interest rates and good home values
which has resulted in greater property taxes, sales taxes and motor vehicle registration taxes. As
a result of the increased population, and because of available land along the Highway 111
corridor, the City is experiencing retail growth that has added sales taxes to the City. The City is
home to a world class destination resort which continues to generate transient occupancy taxes.
Actual FY 01/02 revenues were generally higher than normal which is explained by the $4.5
million favorable variance with the budget and $800,000 higher than last year. Compared to last
year, taxes were relatively flat with development permits and fees lower than last year's record
setting pace. Interest income was lower than last year based upon a lower interest rate market
which saw the average earnings decrease by 3% which was partially offset by higher invested
cash balances. The increase in intergovernmental revenues is discussed in the Expenses Section.
With this as background, the following chart reflects the major revenue categories of the General
Fund for the last two years:
Revenues:
Original
Budget
Final
Budget
2002
Actual
Favorable/
(Unfavorable)
2001
Actual
Taxes
$8,701,220
$8,701,200
$10,443,436
$1,742,236
10,331,970
Licenses and permits
819,600
819,600
1,857,691
1,038,091
2,057,423
Charges for services
1,208,475
1,208,475
1,757,744
549,269
1,998,589
Intergovernmental
1,765,500
3,437,051
3,683,490
246,439
2,164,891
Investment income
1,617,200
1,555,600
2,030,346
474,746
2,513,789
Miscellaneous
27,700
27,700
529,190
501,490
43,545
Total revenues
1 $14,139,6951
$15,749,6261
$20,301,8971
$4,552,2711
19,110,207
12
Other Revenues
The Statement of Activities lists FY 01/02 tax increment funds collected of $18,899,329 versus
$15,324,183 in FY 00/01. As previously discussed, these funds are used for repayment of RDA
debt and low and moderate housing. This year the two RDA Project Areas (1 and 2) property tax
valuations have increased an average of 23% based upon new growth and higher Count} Tar
Assessor's assessments on existing properties. In addition, far fewer assessment appeals at the
County Assessor's office are outstanding.
EXPENSES
The Statement of Activities lists $33,512,175 in expenses for FY 01/02 as compared to
$27,841,749 for the prior year. Of this amount the three largest categories are $7.1 million (6.1
million in FY 00/01) in Planning and. Development which includes the RDA, $7.8 million (5.8
million in FY 00/01) in interest debt service costs for outstanding debt, and $7.5 million (5.8
million in FY 00/01) in Public Safety, which includes the costs of the County of Riverside
Sheriff's and Fire contracts. The City contracts with the California Department of Forestry
through the County of Riverside for fire services and with a private vendor for library services.
Through an agreement with the County of Riverside, $836,310 in library services ($826,510 in
FY 00/01) was withheld from our property tax increment payments and not remitted to the City.
The Statement of Activities includes fire protection service costs this year of $1,565,220 (offset
by a like amount of intergovernmental revenue from tax increment payments) which has not been
the case in prior years. The City has entered into an agreement with the County of Riverside to
annually set forth the level of service for fire services. Any service level over the amount of tax
increment generated from the RDA would require additional payments to the County.
General Fund Expenses
The following table lists the $13,840,277 in general fund expenditures included in the Statement
of Activities.
Original Final 2002 Favorable/ 2001
ExpendituresBudget Budget Actual (Unfavorable) Actual
General government
$3,196,533
$3,094,940
$2,954,060
$140,880
3,063,641
Public safety
5,821,047
7,937,773
7,609,121
328.652
5,636,154
Community services
1,054,200
1,159,533
1,014,474
145,059
817,460
Planning and development
769,392
1,078,557
726,589
351,968
733,579
Public works
1,947,419
2.016,424
1,536,033
480,391
1,417,528
Total expenditures
$12,788,591
$15,287,227
$13,840,277
S 1,446,9501
11,668,362
The major increases in the original and final budget for public safety consisted of increases in the
Building and Police divisions. The Building Division increases were additional contract building
inspectors and plan check services to deal with the increased building activity in the City of La
Quinta. Police services were increased for enhanced special projects, which were 100% offset by
grant funding. The major increase between the original and final budget for planning and
13
development consisted of funding for the general plan and housing element. And finally, the
major increases in public works budgets consisted of increases in plan check contracts to service
new developments and additional slurry seal projects for road repair.
Major increases in actual costs for FY 01/02 can be attributed to higher legal costs, added police
positions, additional building inspection contract services, additional building plan check contract
services, and additional engineering plan check contract services.
Maior and Non-Maior Funds
The City has identified five major funds for FY 01/02 — General Fund, Low & Moderate Income
Housing Project Area 2 Fund, Debt Service RDA No.1 Fund, Debt Service RDA No.2 Fund, and
Capital Projects Fund. GASB has set forth criteria for identifying major funds based upon the
size of their balance statements or financial activity during the year. Major funds can change
from year to year except for the General Fund, which is always considered a major fund. In
addition, management is given the latitude to identify any additional major funds, even though the
funds may not meet the GASB criteria. For this year, the City of La Quinta has not identified a
non -major fund to classify as a major fund.
The purpose of this major and non -major classification is to highlight for the reader those funds
that have a material impact on the City financial statement which may warrant closer review by
the reader.
Conclusion
As was mentioned in the Executive Summary, Management is pleased to report that the City of
La Quinta was able to add to its reserves for FY 01/02. We hope you find this financial report,
based upon the second year of implementing GASB 34 reporting model, helpful in your
evaluation of the financial position and the operations of the City of La Quinta. If you have any
questions about this report, please feel free to give me a call, John Falconer, CPA at 760-777-
7150.
14
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E
CITY OF LA QUINTA
Statement of Net Assets
June 30, 2002
Assets:
Cash and investments (note 2)
Accounts receivable
Taxes receivable
Prepaid items
Interest receivable
Notes receivable (note 4)
Due from other governments
Deposits
Restricted assets:
Cash and investments with fiscal agent (note 2)
Capital assets (note 5):
Land
Construction in progress
Other capital assets, net
Total assets
Liabilities:
Accounts payable
Accrued salaries and benefits
Interest payable
Deposits payable
Due to other governments
Noncurrent liabilities (notes 6 to 13):
Due within one year
Due in more than one year
Total liabilities
Net assets:
Invested in capital assets, net of related debt
Restricted for:
Public safety
Community services
Planning and development
Public works
Debt service
Unrestricted
Total net assets
Governmental Activities
2002
2001
$ 65,308,092
60,446,544
581,783
221,420
235,029
242,764
228,233
274,580
226,787
477,890
12,509,966
8,861,382
4,834,420
2,328,315
149,518
2,175
39,448,246 10,258,3 54
56,467,549
13,981,170
29,880,113
19,387,875
275,387,325
276,824,778
485,257,061 393,307,247
2,039,312
240,398
2,322,557
1,314,920
3,170,751
197,842
1,479,973
1,396,422
730,884
3,312,895 11,469,079
163,369,344 81,305,020
172,599,426 99,749,971
195,474,945 217,419,724
332,574
648,850
19,835,504
53,339,763
43,025,999
$ 312,657,635
See accompanying notes to the basic financial statements.
1C
72,249
29,498,191
12,442,770
3,425,720
30,698,622
293,557,276
CITY OF LA QUINTA
Statement of Activities
Year ended June 30, 2002
General revenues:
Taxes:
Property taxes
Tax increment
Sales taxes
Transient occupancy taxes
Franchise taxes
Other taxes
Investment income
Motor vehicle in lieu
Gain (loss) on sale of capital assets
Miscellaneous revenues
Total general revenues
Change in net assets
Net assets at beginning of year, as restated (note 20)
Net assets at end of year
1,450,196
1,162,534
Program Revenues
15,324,183
3,093,588
3,778,583
3,967,003
4,249,753
Operating
Capital
Net Governmental
515,310
3,006,097
Charges for
Contributions
Contributions
Activities
-
Expenses
Services
and Grants
and Grants
2002
2001
Governmental activities:
General government
$ 3,241,576
253,891
-
-
(2,987,685)
(2,922,098)
Public safety
7,522,532
2,544,528
150,967
-
(4,827,037)
(2,735,534)
Community services
1,411,943
170,865
431,188
268,132
(541,758)
(588,053)
Planning and
development
7,110,125
565,098
311,533
-
(6,233,494)
(4,983,828)
Public works
6,434,239
1,316,373
805,567
11,394,292
.7,081,993
10,564,545
Interest expense
7,791,759
-
-
-
(7,791,759)
(5,861,632)
Total governmental
activities
$ 33,512,174
4,850,755
1,699,255
11,662424
(15,299,740)
(6,526,600)
General revenues:
Taxes:
Property taxes
Tax increment
Sales taxes
Transient occupancy taxes
Franchise taxes
Other taxes
Investment income
Motor vehicle in lieu
Gain (loss) on sale of capital assets
Miscellaneous revenues
Total general revenues
Change in net assets
Net assets at beginning of year, as restated (note 20)
Net assets at end of year
1,450,196
1,162,534
18,899,329
15,324,183
3,093,588
3,778,583
3,967,003
4,249,753
654,696
625,790
479,822
515,310
3,006,097
3,578,206
1,473,217
1,496,620
(21,397)
-
692,691
292,036
33,695,242 31,023,015
18,395,502 24,496,415
294,262,133 269,060,861
$ 312,657,635 293,557,276
See accompanying notes to the basic fmancial statements.
17
CITY OF LA QUINTA
Governmental Funds - Balance Sheet
June 30, 2002
See accompanying notes to the basic financial statements.
18
Special Revenue
Debt Service Funds
Low/Moderate
Income
Redevelopment
Redevelopment
Housing -
Agency -
Agency -
General
PA No. 2
PA No. 1
PA No. 2
Assets
Cash and investments
$
26,120,392
4,633,313
9,584,722
1,768,561
Cash with fiscal agent
-
-
115,367
-
Accounts receivable
80,610
-
-
-
Taxes receivable
235,029
-
-
-
Prepaid items
226,485
-
-
-
Interest receivable
226,787
-
-
-
Notes receivable
-
10,205,840
-
-
Due from other funds (note 18)
2,838,028
-
-
-
Due from other governments
2,012,220
66,138
290,015
264,553
Advances to other funds (note 18)
12,521,890
39,135
-
-
Deposits
149,518
-
-
-
Total assets
$
44,410,959
14,944,426
9,990,104
2,133,114
Liabilities and Find Balances
Liabilities:
Accounts payable
$
817,302
26,805
97,068
-
Accrued salaries and benefits
240,398
-
-
-
Deferred revenue
1,291,402
10,205,840
-
-
Deposits payable
1,182,254
-
-
-
Due to other funds (note 18)
-
5,688
-
2,538
Due to other governments
Advances from other funds (note 18)
-
-
4,907,565
7,653,460
Total liabilities
3,531,356
10,238,333
5,004,633
7,655,998
Fund Balances:
Fund balances tdeficits) (note 23):
Reserved for:
Debt service
-
-
4,985,471
-
Bond projects
-
-
-
-
Prepaid items
226,485
-
-
-
Deposits
149,518
-
-
-
Advances to other funds
12,521,890
39,135
-
-
Notes receivable
-
-
-
-
Unreserved, reported in:
General fund
27,981,710
-
-
-
Special revenue funds
-
4,666,958
-
-
Debt service funds
-
-
-
(5,622,884)
Capital projects funds
-
-
-
-
Total find balances
40,879,603
4,706,093
4,985,471
(5,622,884)
Total liabilities and fund balances
$
44,410,959
14,944,426
9,990,104
2,033,114
See accompanying notes to the basic financial statements.
18
Capital Projects
Redevelopment Other
Capital Agency - Governmental
Improvement PA No. 1 Funds
Totals
2002 2001
1,085,708
- 19,108,699
62,301,395
58,320,968
-
37,087,727 2,245,152
39,448,246
10,258,354
334,189
- 166,984
581,783
221,420
-
- -
235,029
242,764
1,748
- -
228,233
274,580
-
- -
226,787
477,890
-
- 3,009,966
13,215,806
13,488,554
11,388
2,176,682 180,999
5,207,097
2,128,237
2,050,817
- 150,677
4,834,420
2,328,315
-
1,249,728 -
13,810,753
12,024,009
-
- -
149,518
2,175
3,483,850
980,398
116,878
2,386,574
3,483,850
40,514,137 24,862,477
29,334
2,642,491
2,671,825
47,837
873,855
15,788
169,806
1,249,728
2,357,014
140,239,067 99,767,266
1,998,744
3;166,108
240,398
197,842
12,371,097
12,753,771
1,314,920
1,396,422
5,207,097
2,128,237
-
730,884
13,810,753
12,024,009
34,943,009 32.397,273
- -
10,615
4,996,086
9,909
- 37,087,727
-
37,087,727
10,054,701
-
-
226,485
274,580
- -
-
149,518
2,175
- 1,249,728
-
13,810,753
12,024,009
- -
2,136,111
2,136,111
2,861,382
- -
-
27,981,710
23,878,259
- -
7,440,347
12,107,305
6,352,995
- -
-
(5,622,884)
(6,800,030)
- (495,143)
12,918,390
12,423,247
18,712,013
- 37,842,312
22,505,463
105,296,058
67,369,993
3,483,850 40,514,137
24,862,477
140,239,067
99,767,266
fC
CITY OF LA QUINTA
Governmental Funds
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets
June 30, 2002
Fund balances of governmental funds $ 105,296,058
Amounts reported for governmental activities in the statement of
net assets are different because:
Capital assets, net of depreciation, have not been included
as financial resources in governmental fund activity. 360,716,503
Long term debt and compensated absences from the General Long Term
Debt Account Group that have not been included in the governmental
fund activity:
Bonds payable (154,674,836)
Compensated absences (422,197)
Other long term liabilities (11,585,206)
Accrued interest payable for the current portion of interest due on
bonds payable has not been reported in the governmental funds. (2,322,557)
Revenues that are measurable but not available. Amounts are recorded
as deferred revenue under the modified accrual basis of accounting. 11665,257
Internal service funds are used by management to charge the costs of
certain activities, such as equipment management, to individual funds,
The assets and liabilities of the internal service funds must be added
to the statement of net assets 3,984,613
Net assets of governmental activities $ 312,657,635
See accompanying notes to the basic financial statements.
Oct
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21
CITY OF LA QUINTA
Governmental Fund Types - Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 2002
n __ ___i
Revenues
Taxes
$ 10,443,436
Licenses and permits
1,857,691
Charges for services
1,757,744
Developer fees
-
Intergovernmental
3,683,490
Investment income
2,030,346
Special assessments
-
Rental income
-
Miscellaneous
529,190
Total revenues 20,301,897
Expenditures:
123,146
Current:
947,956
General government
2,954,060
Public safety
7,609,121
Community services
1,014,474
Planning and development
726,589
Public works
1,536,033
Capital projects
-
Debt service:
Principal
-
Interest
-
Payments under pass-through
obligations
-
Total expenditures
13,840,277
Excess (deficiency) of revenues
over (under) expenditures
6,461,620
Other financing sources (uses):
Proceeds of tax allocation bonds
-
Sale of capital assets
-
Transfers in (note 21)
189,072
Transfers out (note 21)
(1,395,559)
Total other financing sources (uses)
(1,206,487)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures
and other financing uses
5,255,133
Fund balances (deficit) at beginning
Special Revenue
Low/Moderate
Income
Housing -
nA AT_ 1
2,025,212
115,747
Debt Service Funds
Redevelopment
Agency -
n A AT_ 7
17,953,949
344,259
Redevelopment
Agency -
n A XT_ 1
8,100,847
28,768
2,140,959 18,298,208 8,129,615
682,702 285,551
123,146
- 10,126,122
947,956
- 5,255,819
1,286,179
- 8,194,449
5,474,717
682,702 23,861,941
7,831,998
1,458,257 (5,563,733)
297,617
(503,010)
(503,010)
955,247
11,090,291 338,442
11,090,291 338,442
5,526,558 636,059
of year, as restated (note 20) 35,624,470 3,750,846 (541,087) (6,258,943)
Fund balances at end of year $ 40,879,603 4,706,093 4,985,471 (5,622,884)
See accompanying notes to the basic financial statements.
22
Capital Projects
Redevelopment
Capital Agency -
Improvement PA No. 1
97,150
4,782,293
4,879,443
57,342,978
104,409
67,841
(52,635,785)
52,635,785
728,658
728,658
4,901,601
,+,7u1,0u1
(4,172,943)
88,000,000
(54,289,302)
33,710,698
29,537,755
8,304,557
37,842,312
23
Other
Governmental
4,488,487
2,201,497
1,117,668
887,231
757,619
1,001,3 89
55,007
10,508,898
207,536
1,187
53,363
3,973,785
1,361,279
275,000
407,177
4,229,571
146,603
2,000
(9,067,719)
(8,919,116)
(4,689,545)
27,195,008
22,505,463
Totals
2002
2001
7,610,308
5,636,154
43,011,931
36,605,534
1,857,691
2,057,423
1,757,744
1,998,589
2,298,647
2,592,398
9,583,451
9,400,340
4,135,009
4,893,919
757,619
782,610
1,001,389
1,067,076
584,197
96,256
64,987,678 59,494,145
3,161,596
3,275,624
7,610,308
5,636,154
11067,837
817,460
10,693,374
6,344,764
2,897,312
2,613,928
57,342,978
14,45 6,314
11,453,487
4,510,420
71017,016
5,942,929
13,669,166
10,949,3 81
114,913,074
54,546,974
(49,925,396)
4,947,171
88,000,000
-
146,603
406,461
64,255,590
17,911,515
(65,255,590)
(17,911,515)
87,146,603 406,461
37,221,207
5,353,632
68,074,851
62,016,361
105,296,058
67,369,993
CITY OF LA QUINTA
Reconciliation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
Year ended June 30, 2002
Net changes in fund balances - total governmental funds $ 37,221,207
Amounts reported for governmental activities in the statement of
activities is different because:
Governmental funds report capital outlay as expenditures. However, in
the statement of activities, the cost of those assets is allocated over their
estimated useful lives as depreciation expense. This is the amount by which
capital outlays exceeded depreciation in the current period. 51,515,839
Proceeds from the issuance of bonds is reported as other financing sources
in governmental funds. The issuance of bonds increases liabilities in the
statements of net assets, but does not result in an increase in the
statement of activities. (88,000,000)
Repayment of bond principal is an expenditure in the governmental funds,
but the repayment reduces long-term liabilities in the statement of net assets. 11,453,487
Bond issuance costs are recorded as an expenditure in the governmental
funds while full accrual requires the amortization of these costs over the life
of the debt. 2,687,033
The statement of net assets includes accrued interest on long term debt. (842,584)
To record as an expense the net change in compensated absences in the
statement of activities. (48,660)
Revenues that are measurable but not available. Amounts are not recorded
as revenue under the modified accrual basis of accounting. 3,538,658
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management, to individual funds. The net revenues
(expenses) of the internal service funds is reported with governmental activities. 870,522
Change in net assets of governmental activities $ 18,395,502
See accompanying notes to the basic financial statements.
24
CITY OF LA QUINTA
Proprietary Funds
Statement of Net Assets
June 30, 2002
Liabilities
Current liabilities:
Accounts payable 40,568 4,643
Net Assets
Invested in capital assets,
net of related debt 1,018,484 711,534
Unrestricted 2,966,129 2,120,933
Total net assets $ 3,984,613 2,832,467
See accompanying notes to the basic financial statements.
25
Governmental Activities -
Internal Service Funds
2002 2001
Assets
Current assets:
Cash and investments
$ 3,006,697 2,125,576
Capital assets, net
1,018,484 711,534
Total assets
4,025,181 2,837,110
Liabilities
Current liabilities:
Accounts payable 40,568 4,643
Net Assets
Invested in capital assets,
net of related debt 1,018,484 711,534
Unrestricted 2,966,129 2,120,933
Total net assets $ 3,984,613 2,832,467
See accompanying notes to the basic financial statements.
25
CITY OF LA QUINTA
Proprietary Funds
Statement of Revenues, Expenses and Changes in Net Assets
Year ended June 30, 2002
Operating revenues:
Charges for services
Miscellaneous
Total operating revenues
Operating expenses:
Fuel and oil
Maintenance and parts
Contract services
Software and supplies
Depreciation
Other operating expenses
Total operating expenses
Operating income (loss)
Non-operating revenues (expenses):
Investment income
Total non-operating revenues (expenses)
Income (loss) before transfers
and capital contributions
Transfers in (note 21)
Capital contributions
Changes in net assets
Net assets at beginning of year, as restated (note 20)
Net assets at end of year
Governmental Activities -
Internal Service Funds
2002 2001
$ 304,982 364,748
-- 10,000
304,982 374,748
30,282
119,212
189,567
39,060
253,823
8,597
640,541
(335,559)
97,586
97.586
(237,973)
1,000,000
108,495
870,522
3,114,091
$ 3,984,613
See accompanying notes to basic financial statements.
26
34,057
104,237
106,760
295
245,349
129,399
119,427
119,427
248,826
22,882
271,708
2,560,759
2,832,467
CITY OF LA QUINTA
Proprietary Funds
Statement of Cash Flows
Year ended June 30, 2002
Reconciliation of operating income to net cash provided by
operating activities:
Operating income (loss) $ (335,559) 129,399
Adjustments to reconcile operating income (loss) to net
cash provided by operating activities:
Depreciation 253,823 106,760
Adj ustments:
Decrease (increase) in accounts payable 39,465 (699)
Net cash provided by (used for) operating activities $ 42,271) 235,460
Noncash capital, financing and investing activities:
Fixed assets contributed by other funds $ 108,495 22,882
See accompanying notes to the basic financial statements.
27
Governmental Activities -
Internal Service Funds
2002
2001
Cash flows from operating activities:
Cash received from other customers
$ 304,982
374,748
Cash payments to suppliers for goods and services
(347,253)
139,288)
Net cash provided by (used for) operating activities
(42,271)
235,460
Cash flows from non -capital financing activities:
Transfer from other funds
1,000,000
-
Net cash provided by (used for) non -capital financing activities
1,000,000
-
Cash flows from capital and related activities:
Purchase of fixed assets
(174,194)
(84,760)
Net cash provided by (used for) capital and related activities
(174,194)
(84,760)
Cash flows from investing activities:
Interest received on investments
97,586
119,427
Net cash provided by (used for) investing activities
97,586
119,427
Net increase (decrease) in cash and cash equivalents
881,121
270,127
Cash and cash equivalents at beginning of year
2,125,576
1,855,449
Cash and cash equivalents at end of year
$ 3,006,697
2,125,576
Reconciliation of operating income to net cash provided by
operating activities:
Operating income (loss) $ (335,559) 129,399
Adjustments to reconcile operating income (loss) to net
cash provided by operating activities:
Depreciation 253,823 106,760
Adj ustments:
Decrease (increase) in accounts payable 39,465 (699)
Net cash provided by (used for) operating activities $ 42,271) 235,460
Noncash capital, financing and investing activities:
Fixed assets contributed by other funds $ 108,495 22,882
See accompanying notes to the basic financial statements.
27
CITY OF LA QUINTA
Agency Funds
Statement of Fiduciary Assets and Liabilities
June 30, 2002
2002 2001
Assets
Cash and investments (note 2)
$
1,994,762
2,114,651
Total assets
$
1,994,762
2,114,651
Liabilities
Due to bondholders
$
1,994,762
2,114,651
Total liabilities
$
1,994,762
2,114,651
See accompanying notes to the basic financial statements.
28
CITY OF LA QUINTA
Notes to the Basic Financial Statements
Year ended June 30, 2002
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 government's operations and so data from these units are reported with
the interfund data of the primary government.
The following organizations are considered to be component units of the City:
La Quinta Redevelopment Agency
The La Quinta Redevelopment Agency (Agency) has established two
redevelopment project areas pursuant to the State of California Health & Safety
Code, Section 33000 entitled "Community Redevelopment Law". On November
29, 1983 and May 16, 1989, the City Council approved and adopted the
Redevelopment Plans for the La Quinta Redevelopment Project Areas No. 1 and
No. 2, respectively. These plans provide for the elimination of blight and
deterioration, which was found to exist in the project areas. Although the Agency
is legally separate, it is reported as if it were part of the City because the City
29
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
1 Summary of Significant Accounting Polices Continued
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 are not prepared.
(b) Basis of Accounting and Measurement Focus
The basic financial statements of the City are composed of the following:
• Government -wide financial statements
+ Fund financial statements
Notes to the financial statements
Financial reporting is based upon all GASB pronouncements, as well as the FASB
Statements and Interpretations, APB Opinions, and Accounting Research
Bulletins that were issued on or before November 30, 1989 that do not conflict
with or contradict GASB pronouncements. FASB Pronouncements issued after
November 30, 1989 are not followed in the preparation of the accompanying
financial statements.
Government -wide Financial Statements
Government -wide financial statements display information about the reporting
government as a whole, except for its fiduciary activities. These statements
include separate columns for the governmental and business -type activities of the
primary government (including its blended component units), as well as its
discreetly presented component units. The City of La Quinta has no business -type
activities or discretely presented component units. Eliminations have been made
in the Statement of Activities so that certain allocated expenses are recorded only
once (by function to which they were allocated). However, general governmental
expenses have not been allocated as indirect expenses to the various functions of
the City.
30
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Polices, (Continued)
Government -wide financial statements are presented using the economic
resources measurement focus and the accrual basis of accounting. Under the
economic resources measurement focus, all (both current and long-term)
economic resources and obligations of the reporting government are reported in
the government -wide financial statements. Basis of accounting refers to when
revenues and expenditures are recognized in the accounts and reported in the
financial statements. Under the accrual basis of accounting, revenues, expenses,
gains, losses, assets, and liabilities resulting from exchange and exchange -like
transactions are recognized when the exchange takes place. Revenues, expenses,
gains, losses, assets, and liabilities resulting from nonexchange transactions are
recognized in accordance with the requirements of GASB Statement No. 33.
Program revenues include charges for services, special assessments, and
payments made by parties outside of the reporting government's citizenry if that
money is restricted to a particular program. Program revenues are netted with
program expenses in the statement of activities to present the net cost of each
program.
Amounts paid to acquire capital assets are capitalized as assets in the government -
wide financial statements, rather than reported as an expenditure. Proceeds of
long-term debt are recorded as a liability in the government -wide financial
statements, rather than as an other financing source. Amounts paid to reduce long-
term indebtedness of the reporting government are reported as a reduction of the
related liability, rather than as an expenditure.
Fund Financial Statements
The underlying accounting system of the City is organized and operated on the
basis of separate fiends, each of which is considered to be a separate accounting
entity. The operations of each fund are accounted for with a separate set of self -
balancing accounts that comprise its assets, liabilities, fund equity, revenues and
expenditures or expenses, as appropriate. Governmental resources are allocated to
and accounted for in individual funds based upon the purposes for which they are
to be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government's governmental,
proprietary, and fiduciary funds are presented after the government -wide financial
statements. These statements display information about major funds individually
and nonmajor fiends in the aggregate for governmental and enterprise funds.
Fiduciary statements include financial information for fiduciary fiends and similar
component units. Fiduciary funds of the City primarily represent assets held by
the City in a custodial capacity for other individuals or organizations.
31
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Polices, (Continued)
Governmental Funds
In the fund financial statements, governmental fiends are presented using the
modified -accrual basis of accounting. Their revenues are recognized when they
become measurable and available as net current assets. Measurable means that
the amounts can be estimated, or otherwise determined. Available means that the
amounts were collected during the reporting period or soon enough thereafter to
be available to finance the expenditures accrued for the reporting period. The City
uses a thirty day availability period.
Revenue recognition is subject to the measurable and availability criteria for the
governmental funds in the fund financial statements. Exchange transactions are
recognized as revenues in the period in which they are earned (i.e., the related
goods or services are provided). Locally imposed derived tax revenues are
recognized as revenues in the period in which the underlying exchange
transaction on which they are based takes place. Imposed non-exchange
transactions are recognized as revenues in the period for which they were
imposed. If the period of use is not specified, they are recognized as revenues
when an enforceable legal claim to the revenues arises or when they are received,
whichever occurs first. Government -mandated and voluntary non-exchange
transactions are recognized as revenues when all applicable eligibility
requirements have been met.
In the fund financial statements, governmental fiends are presented using the
current financial resources measurement focus. This means that only current
assets and current liabilities are generally included on their balance sheets. The
reported fiend balance (net current assets) is considered to be a measure of
"available spendable resources." Governmental fiend operating statements present
increases (revenues and other financing sources) and decreases (expenditures and
other financing uses) in net current assets. Accordingly, they are said to present a
summary of sources and uses of "available spendable resources" during a period.
Non-current portions of long-term receivables due to governmental finds are
reported on their balance sheets in spite of their spending measurement focus.
Special reporting treatments are used to indicate, however, that they should not be
considered "available spendable resources," since they do. not represent net
current assets. Recognition of governmental fund type revenues represented by
noncurrent receivables are deferred until they become current receivables.
Noncurrent portions of other long-term receivables are offset by fiend balance
reserve accounts.
Because of their spending measurement focus, expenditure recognition for
governmental fund types excludes amounts represented by noncurrent liabilities.
Since they do not affect net current assets, such long-term amounts are not
recognized as governmental fund type expenditures or fund liabilities.
32
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Polices, {Continued)
Amounts expended to acquire capital assets are recorded as expenditures in the
year that resources were expended, rather than as fund assets. The proceeds of
long-term debt are recorded as an other financing sources rather than as a fund
liability. Amounts paid to reduce long-term indebtedness are reported as fiend
expenditures.
When both restricted and unrestricted resources are combined in a fund, expenses
are considered to be paid first from restricted resources, and then from
unrestricted resources.
Proprietary Funds
The City's internal service fiends are proprietary funds. In the fund financial
statements, proprietary funds are presented using the accrual basis of accounting.
Revenues are recognized when they are earned and expenses are recognized when
the related goods or services are delivered. In the fund financial statements,
proprietary funds are presented using the economic resources measurement focus.
This means that all assets and all liabilities (whether current or noncurrent)
associated with their activity are included on their balance sheets. Proprietary
fund type operating, statements present increases (revenues) and decreases
(expenses) in total net assets.
Amounts paid to acquire capital assets are capitalized as assets in the internal
service fiend financial statements, rather than reported as an expenditure. Proceeds
of long-term debt are recorded as a liability in the internal service fund financial
statements, rather than as an other financing source. Amounts paid to reduce long-
term indebtedness of the internal service fund are reported as a reduction of the
_related liability, rather than as an expenditure.
Fiduciary Funds
The City's fiduciary funds are agency funds. Agency funds are custodial in
nature. Assets equal liabilities. Agency funds use the accrual basis of accounting.
(c) Major Funds, Internal Service Funds and Fiduciary Fund Types
The City's major funds are as follows:
General 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.
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
1) Summary of Significant Accounting Polices Continued
Low/Moderate Income Housing -- Project Area No. 2 Fund — This special revenue
fund is used 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 Debt Service — Project Area No. 1 Fund — This debt
service Rind is used to account for the accumulation of resources for the payment
of debt service for bond principal and interest and trustee fees for Project Area
No. 1.
Redevelopment Agency Debt Service — Project Area No. 2 Fund — This debt
service fund is used to account for the accumulation of resources for the payment
of debt service for bond principal and interest and trustee fees for Project Area
No. 2.
Capital Improvement Fund — This capital projects fund is used to account for the
planning, design and construction of various capital projects throughout the City
of La Quinta and the Redevelopment Agency.
Redevelo ment A encu Capital Projects — Project Area No. 1 Fund — This fund is
used to account for the bond proceeds, interest and other funding that will be used
for development, planning, construction and land acquisition within the project
area.
Other fund types of the City are as follows:
Internal Service Funds:
Equipment Replacement Fund — This fund accounts for equipment and vehicle
maintenance and replacement services provided to other departments on a cost -
reimbursement basis.
Information Technology Fund — This fund is used to account for the acquisition of
computer equipment, maintenance, and services to support information systems
within the City. Costs are reimbursed by the benefiting departments.
Aizenc Funds — These funds account for assets held by the City as an agency for
as district bondholders and for Arts in Public Places donations.
(d) 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.
34
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Polices, (Continued)
(d) Investments, (Continued)
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.
(e) Cash Equivalents
For purposes of the statement of cash flows, cash equivalents are defined as short-
term, highly liquid investments that are both readily convertible to known
amounts of cash or so near their maturity that they present insignificant risk of
changes in value because of changes in interest rates. Cash equivalents also
represent the proprietary 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.
(f) Capital Assets
Capital assets (including infrastructure) are recorded at cost where historical
records are available and at an estimated historical cost where no historical
records exist. Contributed fixed assets are valued at their estimated fair market
value at the date of the contribution. Generally, fixed asset purchases in excess of
$500 are capitalized if they have an expected useful life of three years or more.
Capital assets include public domain (infrastructure) general fixed assets
consisting of certain improvements including roads, streets, sidewalks, medians,
and storm drains.
Capital assets used in operations are depreciated over their estimated useful lives
using the straight-line method in the government—wide financial statements and in
the fund financial statements of the internal service funds. Depreciation is charged
as an expense against operations and accumulated depreciation is reported on the
respective balance sheet.
35
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Polices, (Continued)
(f) Capital Assets, (Continued)
The following schedule summarizes fixed asset useful lives:
Buildings and improvements 10-30 years
Equipment and furniture 3-20 years
Vehicles 5-10 years
Infrastructure 10-50 years
(g) 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 current base salary for all unused vacation leave. If an
employee terminates with a minimum of two years service, the employee is
entitled to receive 25% of the value of his unused sick leave. The percentage
increases by 25% for each five-year period until the employee is entitled to 75%
of the value of his unused sick leave. This will occur upon the completion of ten
years of continuous employment.
(h) Postemployment Benefits
The City does not provide postemployment benefits (other than pension benefits)
to its employees.
36
(This page intentionally left blank)
37
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(3) Summary of Significant Accounting Polido., (Continued)
(i) Explanation of Q.f ce tween, Quernmeatal Funds
Balance Sheet and the Statement of Net Assets
Increases Decreases Balance
"Total fund balances" of the City's governmental funds of
$105,296,058 differs from "net assets" of governmental activities of
$312,657,635 reported in the statement of net assets. This difference
is primarily a result from the long-term economic focus of the
statement of net assets versus the current financial resources focus
of the governmental fund balance sheets. $ 105,296,058
Capital Related ltems
When capital assets (land, buildings, equipment) that are to be used
in governmental activities are purchased or constructed, the cost of
those assets are reported as expenditures in governmental funds.
However, the statement of net assets includes those capital assets
among the assets of the City as a whole:
Infrastructure 312,219,798
Construction in progress 29,880,113 -
Cost of capital assets 72,649,641 -
Accumulated depreciation - (54,033,049)
414,749,552 (54,033,049)
Long -Term Liabilities
Long-term liabilities applicable to the City's governmental activities
are not due and payable in the current period and accordingly are
not reported as fund liabilities. All liabilities, both current and long
term are reported in the statement of net assets. Balances at June 30,
2002 were:
Compensated absences - (422,197)
Bonds payable - (154,674,836)
Other long term liabilities - (11,585,206)
(166,682,239)
Interest Payable
Accrued liabilities in the statement of net assets differs from the
amount reported in the governmental funds due to accrued interest
on bonds payable. - (2,322,557)
38
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
t11 Sum ary of Significant Accounting i'olicies (Continuedl
(i) Explanation of Differences between Governmental Funds
Ealance Sheet and the :-5tatement of Net Assets. (C.ontinuedl
Increases Decreases Balance
Deferred Revenue
Because the focus of governmental fiords is on short term financing,
some assets will not be available to pay for current period
expenditures. Those assets are offset by deferred revenue in
governmental funds, and thus are not included in fund balances. 11,665,257
Internal Service Fund
Internal service funds are used by management to charge the costs
of certain activities, such as equipment management, to individual
funds. The assets and liabilities of the internal service funds is
included in governmental activities in the statement of net assets. 3,984,613
RecIassifications and Elimina Ln
Interfund balances must generally be eliminated in the
governmental statements, except for residual amounts due between
governmental activities. Amounts involving fiduciary funds should
be reported as external transactions. Any allocations must reduce
the expenses of the function from which the expenses are being
allocated, so that expenses are reported only once in the function in
which they are allocated.
Net change 430,399,422 (223,037,845) 207,361,577
Net assets of governmental activities
39
$ 312,657,635
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies- (Continued)
(i) Explanation of Differences between Governmental Funds
Balance Sheet and the Statement of Net Assets. Continued
Assets:
Cash and investments
Cash with fiscal agent
Accounts receivable
Taxes receivable
Prepaid items
Interest receivable
Notes receivable
Due from other funds
Due from other governments
Advances to other funds
Deposits
Capital assets, net
Total assets
Liabilities:
Accounts payable
Accrued salaries and benefits
Interest payable
Deferred revenue
Deposits payable
Due to other funds
Advances from other funds
Long term liabilities
Total liabilities
Fund balances/net assets
Total liabilities and fund
balances/net assets
Total Other
Governmental Capital Accumulated
Funds Infrastructure Assets Depreciation
$ 62,301,395 - - -
39,448,246 - - -
581,783 - - -
235,029 - - -
228,233 - - -
226,787 - - -
13,215,806 - - -
5,207,097 - - -
4,834,420 - - -
13,810,753 - -
149,518 - - -
- 342,099,911 72,649,641 (54,033,049)
$ 140,239,067 342,099,911 72,649,641 (54,033,049)
$ 1,998,744 - - -
240,398 - - -
12,371,097 - -
1,314,920 - -
5,207,097 - - -
13,810,753 - - -
34,943,009 - - -
105,296,058 342,099,911 72,649,641 (54,033,049)
$ 140,239,067 342,099,911 72,649,641 (54,033,049)
40
Long-term
Certain
Internal
Reclassifications
Statement of
Debt
Interest Compensated Deferred
Service
and
Net Assets
Transactions
Payable Absences Revenue
Fund
Eliminations
Totals
- - 3,006,697 - 65,308,092
- - - 39,448,246
- - - - - - 581,783
- - - 235,029
- - - 228,233
226,787
(705,840) - - 12,509,966
- - - - - (5,207,097) -
- - - 4,834,420
(13,810,753) -
- - - - - 149,518
1,018,484 - 361,734,987
(705,840) 4,025,181 (19,017,850) 485,257,061
- - - 40,568 - 2,039,312
- - 240,398
- 2,322,557 - - - - 2,322,557
- - (12,371,097) - - -
1,314,920
- (5,207,097) -
- - - - - (13,810,753) -
166,260,042 - 422,197 - - - 166,682,239
166,260,042 2,322,557 422,197 (12,371,097) 40,568 (19,017,850) 172,599,426
(166,260,042) (2,322,557) (422,197) 11,665,257 3,984,613 - 312,657,635
(705,840) 4,025,181 (19,017,850) 485,257,061
41
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
�Sttmmary of Significant Accounting Policies, (Continued)
(I)Explanation of Differences betwe-em Governmental Funds
er t`nc; Statements and the t tem nt of Activities
Increases Decreases Balance
The "net changes in fund balances" for governmental funds of
$37,221,207 differs from the "changes in net assets" for the
governmental activities of $18,395,502 reported in the statement of
activities. The differences arise primarily from the long term
economic focus of the statement of activities versus the current
financial resources focus of the governmental funds. The effects of
the differences is illustrated below. - - $ 37,221,207
Capital related ltems
When capital assets (land, buildings, equipment) that are to be used
in governmental activities are purchased or constructed, the cost of
those assets are reported as expenditures in governmental funds.
However, in the statement of activities, the cost of those assets is
allocated over their estimated useful lives and reported as
depreciation expense. As a result, fund balance increases by the
amount of financial resources expended, whereas net assets decrease
by the amounts of depreciation expense charged for the year.
Capital outlay 55,594,450 -
Depreciation expense - (4,078,611)
55,594,450 (4,078,611)
Long -Term Liabilities
Some expenses reported in the statement of activities do not require
the use of current financial resources and therefore are not reported
as expenditures in governmental funds.
Net change in compensated absences - (48,660)
Repayment of bond principal and bond issuance costs are reported as
an expenditure in governmental funds and, thus, has the effect of
reducing fund balance because current financial resources have been
used. For the City as a whole, however, the principal payments
reduce the liabilities in the statement of net assets and do not result
in an expense in the statement of activities.
Principal payments made 11,453,487
Cost of issuance 2,687,033
14,140,520
42
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
f 1 S4iminara Qf Sig ijl ficalit rlccounting Policies, (Continued)
(j) Explanation of Differences between Governmental Funds
012erafing-StateingiM.prid the Stateiilgnt of Activities. Continued
Increases Decreases
Long -Term Liabilities, (Continued)
Proceeds from the issuance of bonds is reported as other financing
sources in governmental funds. The issuance of bonds increases
liabilities in the statement of net assets and does not result in an
increase in net assets in the statement of activities. - (88,000,000)
Accrued Interest
Beginning fund balance in the statement of activities has been
restated to reflect the retroactive recording of accrued interest on
bonds payable. - (842,584)
Deferred Revenue
Because the focus of governmental funds is on short term financing,
some assets will not be available to pay for current period
expenditures. Those assets are offset by deferred revenue in
governmental funds, and thus are not included as revenues. 3,538,658
Internal Service Fund
Internal service funds are used by management to charge the costs of
certain activities, such as equipment management, to individual
funds. The adjustments for internal service funds "closes" those
fiends by charging additional amounts to participating governmental
activities to completely cover the internal service fund's costs for the
year.
Reclassifications and Eliminations
Interfund balances must generally be eliminated in the governmental
statements, except for residual amounts due between governmental
activities. Amounts involving fiduciary funds should be reported as
external transactions. Any allocations must reduce the expenses of
the function from which the expenses are being allocated, so that
expenses are reported only once - in the function in which they are
allocated.
Net change
Net assets of governmental activities
43
870,522
74,144,150 (92,969,855)
Balance
(18,825,705)
$ 18,395,502
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Si- ' icant Accounting Policies. (Continued)
(j) Explanation of Differences between Governmental Funds
Operating Statements and the Statement of Activities. (Continued)
Total Other
Governmental Capital
Funds Infrastructure Assets
Revenues:
Taxes
Licenses and permits
Charges for services
Developer fees
Intergovernmental
Investment income
Special assessments
Rental income
Miscellaneous
Total revenues
$ 43,011,931 -
1,857,691 -
1,757,744 -
2,298,647 1,821,922
9,583,451 (3,477,724)
4,135,009 -
757,619 -
1,001,389 -
5 84,197 -
64,987,678 (1,655,802)
Accumulated
Depreciation
Expenditures:
Current:
General government
3,161,596
-
2,214
80,980
Public safety
7,610,308
-
(258,298)
388,138
Community services
1,067,837
-
(17,292)
330,466
Planning and development
10,693,374
-
97,675
35,039
Public works
2,897,312
164,938
(4,670)
3,251,988
Capital projects
57,342,978
(14,725,269)
(42,617,709)
-
Debt service:
Principal
11,453,487
-
-
-
Interest _
7,017,016
(67,841)
-
Payments under pass-through obligations
13,669,166
-
-
-
Total expenditures
114,913,074
(14,628,172)
(42,798,080)
4,086,611
Other financing sources (uses):
Proceeds of tax allocation bonds
Sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances/net assets
Fund balances/net assets, beginning
of year, as restated
Fund balances/net assets, end of year
88,000,000
146,603
64,255,590
(65,255,590) -
87,146,603 -
37,221,207 12,972,370
(176,000) 8,000
(176,000) 8,000
42,622,080 (4,078,611)
68,074,851 329,127,541 30,027,561 (49,954,438)
$105,296,058 342,099,911 72,649,641 (54,033,049)
44
Long-term
- - -
- -
Internal
Reclassifications
Statement
Debt Interest
Compensated
Deferred
Service
and
of Activities
Transactions _ PaXable
Absences
Revenue
Funds
Eliminations
Totals
(92,400,562} 1,479,973
(373,537) 8,126,599 3,114,091
- 294,262,133
(166,260;042) (2,322,557)
(422,197) 11,665,257 3,984,613
- 312,657,635
(798,131) -
-
-
-
(13,669,166)
28,544,634
- -
-
-
-
-
1,857,691
- -
-
-
-
-
1,757,744
- -
-
3,500,000
-
-
7,620,569
- _
-
(83,465)
-
-
6,022,262
- -
-
122,123
97,586
-
4,354,718
- -
-
-
-
-
757,619
- -
-
-
-
(680,244)
321,145
E - -
-
-
108,494
-
692.691
(798,131) -
-
3,538,658
206,080
(14,349,410)
51,929,073
- -
43,207
-
157,652
(204,073)
3,241,576
- -
(11,482)
-
(2,061)
(204,073)
7,522,532
- -
6,786
-
24,146
-
1,411,943
(3,485,164) -
11,297
-
30,002
(272,098)
7,110,125
- -
(1,148)
-
125,819
-
6,434,239
(11,453,487) -
842,584
(14,938,651) 842,584 48,660
7,791,759
- (13,669,166) -
335,558 (14,349,410) 33,512,174
(88,000,000) -
- - -
- -
- -
- - -
- (21,397)
- -
- - 1,000,000
(65,255,590) -
-
-
65,255,590 -
(88,000,000) -
- - 1,000,000
- (21,397)
(73,859,480) (842,584)
(48,660) 3,538,658 870,522
- 18,395,502
(92,400,562} 1,479,973
(373,537) 8,126,599 3,114,091
- 294,262,133
(166,260;042) (2,322,557)
(422,197) 11,665,257 3,984,613
- 312,657,635
45
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(2) Cash and Investments
Cash and investments are reported as follows:
Statement of Net Assets:
Cash and investments
Cash and investments with fiscal agent
Statement of Fiduciary Net Assets:
Cash and investments
Total
$ 65,308,092
39,448,246
1,994,762
$106,751,100
Cash and investments held by the City at June 30, 2002 consisted of the following:
Petty cash
Demand deposits
Investments
Total
$ 500
(2,375,589)
109,126,189
$106,751,100
The City and its component units are authorized by its investment policy to invest in the
following types of investments:
Investment Type
Government pools
U.S. government and agency securities
Commercial Paper
Mutual Funds
Certificates of Deposit
Restriction
$40 million and 20% of portfolio
100% of portfolio
$2 million per issuer, 30% of portfolio
and 90 days
20%
60%
Additionally, no investment may exceed a maximum maturity of two years.
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.
46
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
Deposits of cities and other state or local governments are classified in three categories to
give an indication of the level of credit risk assumed by the City, as follows:
Category 1 - includes deposits that are insured or collateralized with securities held by the
City or its agent in the City's name.
Category 2 - includes deposits collateralized with securities held by the pledging financial
institution's trust department or agent in the City's name. Category 2 also includes
deposits collateralized by an interest in an undivided collateral pool held by an authorized
Agent or Depository and subject to certain regulatory requirements under State law.
Category 3 - includes deposits collateralized with securities held by the pledging financial
institution, or by its trust department or agent but not in the City's name. Category 3 also
includes any uncollateralized deposits.
Category Bank Book
Form of Deposit 1 2 3 Balance Balance
Deposits held by the City:
Demand deposits140 444 515879 2,321,976 2,938,855 2 3i , 75,5$9)
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.
47
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
Category Carrying
1 2 3 Value
Investments held by the City:
U.S. Treasury Notes
$ 19,081,041 -
- 19,081,041
U.S. Treasury Bills
11,926,350 -
- 11,926,350
Government Agency Securities
12,849,590 -
- 12,849,590
Commercial Paper
5,992,667 -
- 5,992,667
$ 49,849,648 - - 49,849,648
Investments held by the City not subject to categorization:
Investment in State of California Local Agency Investment Fund 19,828,295
Investments held by fiscal agent not subject to categorization:
Investment in mutual funds:
First American Treasury Obligation Fund 39,448,246
$109,126,189
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 Government 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 Property 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 that are received
from the County within sixty days after year-end.
48
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
3) Property Taxes, (Continued)
Lien date January 1
Levy date July 1
Due dates November 1 and February
Collection dates December 10 and April 10
The La Quinta Redevelopment Agency's primary source of revenue comes from property
taxes. Property taxes allocated to the Agency are computed in the following manner:
(a) The assessed valuation of all property within the project area is determined on the
date of adoption of the Redevelopment Plan.
(b) Property taxes related to the incremental increase in assessed values after the
adoption of the Redevelopment Plan are allocated to the Agency; all taxes on the
"frozen" assessed valuation of the property are allocated to the City and other
districts.
The Agency has no power to levy and collect taxes and any legislative property tax shift
might reduce the amount of tax revenues that would otherwise be available to pay the
principal of, and interest on, debt. Broadened property tax exemptions could have a
similar effect. Conversely, any increase in the tax rate or assessed valuation, or any
reduction or elimination of present exemptions would increase the amount of tax
revenues that would be available to pay principal and interest on debt.
[�
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(4) Notes Receivable
In September 1994, the Redevelopment Agency sold certain
real property to LINC Housing for $2,112,847. The property
was used to construct single-family homes and rental units to
increase the City's supply of low and moderate income
housing. The note bears interest at 6% per annum and is due in
full on June 15, 2029.
In December 2000, the Redevelopment Agency entered into an
agreement with DC&TC, LLC to receive $9,500,000 as a
reimbursement for Agency costs incurred for the construction
of infrastructure related to the development of senior
apartments. Payments are due to the Agency in the amount of
annual positive cash flow generated by the rental of the units.
All unpaid principal and interest on the note are due fifty-five
years after the completion of the project. Interest on the note
accrues at 3% per annum.
Other notes receivable
Total
50
Outstanding
Balance at
June 30, 2002
$ 2,909,244
9,500,000
100,722
12.509.966
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(5) Capital Assets
Capital asset activity for the year ended June 30, 2002 is as follows:
Buildings and improvements
Equipment and furniture
Vehicles
Infrastructure
Total cost of
depreciable assets
Less accumulated depreciation:
Buildings and improvement
Equipment and furniture
Vehicles
Infrastructure
Total accumulated
depreciation
Net depreciable assets
Capital assets not depreciated:
Land-
Right
andRight of way
Construction in progress
Capital assets, net
Balance at
June 30, 2001
Additions
$ 15,608,355
28,467
1,677,764
357,168
883,769
88,082
80,747,308
1,324,343
Deletions
Balance at
June 30, 2002
(40,000)
15,596,822
(48,957)
1,985,975
(26,000)
945,851
-
82,071,651
98,917,196 1,798,060 (114,957) 100,600,299
3,710,321
748,290
(8,000)
4,450,611
962,595
320,448
(44,500)
1,238,543
528,559
92,658
(26,000)
595,217
45,883,300
3,193,450
-
49,076,750
51,084,775
4,354,846
(78,500)
55,361,121
47,832,421
(2,556,786)
(36,457)
45,239,178
13,981,170
42,622,379
(136,000)
56,467,549
228,992,358
1,155,789
-
230,148,147
19,387,875
12,723,371
(2,231,133)
29,880,113
$ 310,193,824
53,944,753
(2,403,590)
361,734,987
Depreciation expense was charged in the following functions in the Statement of Activities:
General government $ 238,632
Public safety 386,077
Community services 354,612
Planning and development 65,041
Public works 3,310,483
$ 4,354,845
51
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(6) General Long -Term Debt
Changes in general long-term debt for the year ended June 30, 2002 were as follows:
City:
Compensated absences payable
Due to the Coachella Valley Association
of Governments
Developer Agreement Payable
RDA Project Area No. 1:
Tax allocation bonds
Housing tax allocation bonds
Pass-through agreements payable:
Due to County of Riverside
Coachella Valley Unified School District
RDA Project Area No. 2:
Tax allocation bonds
Housing tax allocation bonds
Due to County of Riverside
Financing Authority:
Revenue bonds
Total
7) Due to the. Coachella Valley 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, 2002, the balance was $528,311.
52
Amounts
Balance at
Balance at
due within
Jatne 30.2001
Additions
Deletions
June 30, 2002
one year
$ 373,537
460,544
(411.884)
422,197
379,977
578,311
-
(50.000)
528,311
50,000
-
798,132
(54.409)
743,723
60,000
36,625,000
84,514,836
(1,195.000)
119,944,836
1,260,000
16,625,149
-
(291,277)
16,333,872
307,022
8,639,846
-
(8,639.846)
-
-
8,747,405
-
(684,233)
8,063,172
697,918
6,590,000
-
(85,000)
6,505,000
90,000
4,494,851
-
(78,723)
4,416,128
82,978
2,350,000
-
(100,000)
2,250,000
100,000
7.750.000
{275,000)
7.475.000
285,000
t9L_UL g9
k5, 3,512
[ l 1 5�3 J
1_66,68_2_,239
3 3.12 89
7) Due to the. Coachella Valley 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, 2002, the balance was $528,311.
52
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(7) Due to the Coachella Valley Association of Governments, (Continued)
The minimum annual requirements to amortize payable to Coachella Valley Association
of Governments as of June 30, 2002 are as follows:
June 30 Principal
2003
$ 50,000
2004
50,000
2005
50,000
2006
50,000
2007
50,000
2008
50,000
2009
50,000
2010
50,000
2011
50,000
2012
50,000
2013
28.311
M28,31 1
(8) Tax Allocation Bonds
As of June 30, 2002, 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, 2002 is $19,670,000.
53
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(8) Tax Allocation Bonds, (Continued
Series 1998, Project 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.
Interest rates on the bonds range from 5.20% to 5.25%4 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 from pledged tax increment revenues.
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, 2002 is $15.760,000.
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
Allocation Bonds, Series 1992. The remaining proceeds were used to finance certain
capital improvements within the La Quinta Redevelopment Project Area No. 2.
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
bands are payable solely from pledged tax increment revenues of Project Area No. 2.
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, 2002 is $6,505,000.
54
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(8) Tax Allocation Bonds, (Continued)
Tax Allocation Bonds, Series 2001 — Project Area No. 1
On August 15, 2001, the Agency issued tax allocation bonds in the amount of
$48,000,000 to finance capital projects benefiting the La Quinta Redevelopment Project
Area No. 1. The 2001 tax allocation bonds were issued at a discount of $422,400 and
issuance costs of $1,517,325.
The bonds consist of $17,280,000 of term bonds that accrue interest at 5.00% and mature
on September 1, 2021 and $30,720,000 of term bonds that accrue interest at 5.18% and
mature on September 1, 2031. The interest and principal on the bonds are payable from
pledged tax increment revenues.
A portion of the proceeds were used to obtain a surety agreement to satisfy the bond
reserve requirement. The principal balance of outstanding bonds at June 30, 2002 is
$46,124,932 ($48,000,000 net of unamortized discount and issuance costs of
$1,875,068).
Tax Allocation Bonds, Series 2002 — Project Area No. 1
On June 12, 2002, the Agency issued tax allocation bonds in the amount of $40,000,000
to finance capital projects benefiting the La Quinta Redevelopment Project Area No. 1.
the 2002 tax allocation bonds were issued at a discount of $360,000 and issuance costs of
$1,250,096. At June 30, 2002, the unexpended balance of bond proceeds is $37,087,727.
The bonds consist of $6,355,000 of serial bonds and $33,645,000 of term bonds. Interest
rates on serial bonds range from 1.75% and 4.00% and are payable semi-annually on
March 1 and September 1 of each year until maturity. Term bonds accrue interest at
5.00% and 5.125% and mature on September 1, 2022 and September 1, 2023. The
interest and principal on the bonds are payable from pledged tax increment revenues.
A portion of the proceeds were used to obtain a surety agreement to satisfy the bond
reserve requirement. The principal balance of outstanding bonds at June 30, 2002 is
$38,389,904 ($40,000,000 net of unamortized discount and issuance costs of
$1,610,096).
55
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(8) Tax Allocation Bonds, (Continued)
The minimum annual requirements (including sinking fund requirements) to amortize tax allocation bonds as of June
30, 2002 are as follows:
$ 19,670,000 8,808,289 15,760,000 16,442,400 48,000,000 53,481,575 40,000,000 43,430,304 6,505,000 6,809,527
56
Project Area No. 1
Project Area No. 2
1994 Tax Allocation Bonds
1998 Tax Allocation Bonds
2001 Tax Allocation Bonds
2002 Tax Allocation Bonds
1998 Tax Allocation
Bonds
June 30
Principal Interest
Principal
Interest
Principal
interest
Principal
Interest
Principal
Interest
2003
$ 1,260,000 1,360,855
819,520
2,430,720
-
1,433,076
90,000
330,747
2004
1,325,000 1,274,465
819,520
2,430,720
565,000
1,905,825
90,000
327,080
2005
1,430,000 1,182,140
819,520
-
2,430,720
575,000
1,895,131
95,000
323,264
2006
1,510,000 1,087,700
819,520
2,430,720
585,000
1,882,361
100,000
319,168
2007
1,620,000 973,455
-
819,520
2,430,720
600,000
1,867,091
105,000
314,785
2008
1,740,000 850,815
-
819,520
2,430,720
615,000
1,849,617
110,000
310,135
2009
1,865,000 719,233
819,520
2,430,720
635,000
1,829,914
115,000
305,184
2010
2,000,000 578,160
819,520
2,430,720
660,000
1,807,557
120,000
299,550
2011
2,145,000 426,868
819,520
2,430,720
680,000
1,782,926
125,000
293,272
2012
2,305,000 264,443
819,520
2,430,720
705,000
1,756,430
130,000
286,737
2013
2,470,000 90,155
819,520
2,430,720
735,000
1,727,981
140,000
279,819
2014
- -
655,000
802,490
1,565,000
2,391,595
705,000
1,695,656
145,000
272,516
2015
690,000
767,520
1,645,000
2,311,345
735,000
1,659,656
150,000
264,956
2016
725,000
730,730
1,730,000
2,226,970
770,000
1,622,031
160,000
257,013
2017
-
765,000
691,990
1,815,000
2,138,345
810,000
1,582,531
170,000
248,556
2018
800,000
651,300
1,905,000
2,045,345
855,000
1,540,906
175,000
239,716
2019
845.000
608,530
2,000,000
1,947,720
895,000
1,497,156
185,000
230,491
2020
890,000
563,420
2,100,000
1,845,220
940,000
1,451,281
195,000
220,631
2021
-
935,000
515,970
2,205,000
1,737,595
985,000
1,403,156
205,000
210,131
2022
985,000
466,050
2,315,000
1,624,595
1,035,000
1,3527656
215,000
199,106
2023
1,035,000
413,530
2,430,000
1,504,755
1,090,000
1,299,531
230,000
187,425
2024
1,090,000
358,280
2,555,000
1,377,637
1,140,000
1,243,069
240,000
175,087
2025
1,145,000
300,170
2,685,000
1,244,018
1,200,000
1,183,106
255,000
162,094
2026
1,205,000
239,070
2,820,000
1,103,640
1,265,000
1,119,941
265,000
148,444
2027
1,265,000
174,850
2,965,000
956,123
1,330,000
1,053,444
280,000
134,138
2028
1,330,000
107,380
3,120,000
800,955
1,395,000
983,615
295,000
119,044
2029
1,400,000
36,400
3,275,000
637,882
1,470,000
910,200
310,000
103,163
2030
-
-
3,445,000
466,523
3,015,000
795,272
325,000
86,494
2031
3,620,000
286,365
3,170,000
636,781
345,000
68,906
2032
3,805,000
97,027
3,335,000
470,091
360,000
50,400
2033
-
7,505,000
192,316
380,000
30,975
2034
-
-
400,000
10,500
$ 19,670,000 8,808,289 15,760,000 16,442,400 48,000,000 53,481,575 40,000,000 43,430,304 6,505,000 6,809,527
56
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(9) 1995 Mousing 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, 2002 is $20,750,000.
57
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(9) 1995 Housing Tax Allocation Bonds (TABS), (Continued)
The minimum annual requirements (including sinking fund requirements) to amortize
housing tax allocation bonds as of June 30, 2002 are as follows:
$20,750,000 18,247.165
(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.
58
1995 Housing
TAB's
June 30
Principal
Interest
2003 $
390,000
1,202,820
2004
405,000
1,183,538
2005
425,000
1,162,990
2006
450,000
1,140,890
2007
530,000
1,115,502
2008
560,000
1,086,470
2009
590,000
1,055,125
2010
620,000
1,021,540
2011
655,000
985,840
2012
695,000
946,650
2013
735,000
903,750
2014
780,000
858,300
2015
825,000
810,150
2016
875,000
759,150
2017
925,000
705,150
2018
985,000
647,850
2019
1,040,000
587,100
2020
1,105,000
522,750
2021
1,170,000
454,500
2022
1,240,000
382,200
2023
1,315,000
305,550
2024
1,395,000
224,250
2025
1,475,000
138,150
2026
1,565,000
46,950
$20,750,000 18,247.165
(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.
58
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
10 1996 Lease Revenue Refundin Bonds Continued
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.
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, 2002 is $7,475,000.
The minimum annual requirements (including sinking fund requirements) to amortize
revenue bonds as of June 30, 2002 are as follows:
7 475 000 3 �997 804
(11) Due to Countv of Riverside
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
59
1996 Revenue Bonds
June 30
Principal
Interest
2003
$ 285,000
394,435
2004
300,000
380,830
2005
315,000
366,220
2006
330,000
350,575
2007
345,000
333,865
2008
360,000
315,880
2009
380,000
296,450
2010
400,000
275,280
2011
420,000
252,525
2012
445,000
228,521
2013
470,000
203,130
2014
495,000
176,351
2015
525,000
148,046
2016
555,000
118,076
2017
585,000
86,441
2018
615,000
53,141
2019
650,000
18.038
7 475 000 3 �997 804
(11) Due to Countv of Riverside
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
59
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(11) Due to County of Riverside, CContinued
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, 2002 is $2,250,000.
The minimum annual requirements to amortize amounts due to the County of Riverside
as of June 30, 2002 are as follows:
June 30 Principal
2003
$ 100,000
2004
100,000
2005
100,000
2006
100,000
2007
100,000
2008
150,000
2009
200,000
2010
200,000
2011
200,000
2012
250,000
2013
250,000
2014
250,000
2015
250.000
2 250 000
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 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 $474,517 to $834,076, for a total amount of $15,284,042. Tax
increment payments outstanding at June 30, 2002 totaled $8,063,172. 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.
60
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
12 Notes Payable to Coachella Valley Unified School District, Continued
The minimum annual requirements to amortize payable to Coachella Valley Unified
School District as of June 30, 2002 are as follows:
June 30 Principal
2003
$ 697,918
2004
711,877
2005
726,114
2006
740,636
2007
755,449
2008
770,558
2009
785,968
2010
801,688
2011
817,722
2012
834,076
2013
421,166
8 463.172
13 Developer Agreement Payable
In December 1998, the City entered into a tax sharing agreement with Stamko
Development Co. in relation to the development of an auto mall located within the City.
For a period of ten years, the agreement requires the City to make quarterly payments to
the developer in the amount of 33% of the sales and use tax revenues generated by the
site up to a maximun3 amount of $122,250 in any twelve month period. Additionally, if
the sales and use tax revenues generated exceed $530,000, adjusted annually by the CPI
index, the City is required to pay $76,411 for that year for a maximum of ten years.
During the year ended June 30, 2002, the developer completed all the requirements to be
entitled to begin receiving payments from the City. However, sales and tax revenues for
the year ended June 30, 2002 did not exceed $530,000. Therefore, the additional $76,411
was not paid to the developer.
61
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(13) Developer Agreement Payable, (Continued)
The minimum annual requirements to amortize the developer agreement payable as of
June 30, 2002 are as follows:
June 30
Principal
Interest
Total
2003
$ 60,000
62,250
122,250
2004
62,051
60,199
122,250
2005
67,496
54,754
122,250
2006
73,403
48,847
122,250
2007
79,812
43,438
122,250
2008
86,772
35,478
122,250
2009
96,311
25,939
122,250
2010
104,498
17,752
122,250
2011
113.380
8.870
122.250
$743,723 357,527 1,101,250
(14) Debt Without Governmental Commitment
The City of La Quinta sold Improvement Bonds issued pursuant to the California State
Improvement Act of 1915. The Bonds are payable from the annual installments collected
on the regular property tax bills sent to owners of property having unpaid assessments
levied against land benefited by the projects. The Bonds are 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, 2002:
62
Proceeds
Maturity Date
Assessment District No. 88-1
$ 855,984
9/2/04
Assessment District No. 89-2
1,153,974
9/2/04
Assessment District No. 90-1
1,227,155
9/2/05
Assessment District No. 91-1
2,240,866
9/2/06
Assessment District No. 92-1
1,880,891
9/2/08
Assessment District No. 97-1
705,262
9/2/18
Assessment District No. 2001-1
2,285,000
9/2/15
62
Amount Outstanding
Interest late
at June 30, 2002
5.50%-7.25%
$ 85,000
6.65%-6.75%
200,000
6.50%-7.00%
305,000
6.70%-6.80%
685,000
5.00%-5.40%
915,000
4.10%-5.20%
695,000
5.00%-6.60%
2,095,000
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
15 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, 2002, the rate was .041 % 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 2002, the City's annual pension cost (employer contribution) in the amount of $1,369
was equal to the City's required and actual contributions. The required contribution was
determined as part of the June 30, 1999, 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 cast -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-term 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.
63
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(15) Defined Benefit Pension Plan, (Continued)
Miscellaneous Employees
Three -Year Trend Information
Annual Pension
Fiscal Year Cost (APC)
6/30/00 $128,123
6/30/01 70,752
6/30/02 1,369
Percentage of Net Pension
APC Contributed Obligation
100% -0-
100% -0-
100% -0-
Required Supplementary Information ($ amount in thousands)
16 Claims Payable/Self Insurance
The City is a member of the California Joint Powers Insurance Authority (Authority).
The Authority is composed of 92 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 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 $30,000 of each occurrence is charged
directly to the city; costs from $30,001 to $750,000 are pooled based on a members share
of costs under $30,000; costs from $750,001 to $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.
64
Entry Age
Normal
Actuarial
Unfunded
Annual
UAAL
Accrued
Value
Liability/
Covered
As a % of
Valuation Date
Liability
of Assets
(Excess Assets)
Funded Status
Payroll
Payroll
06/30/99
$4,989,981
7,206,658
(2,216,677)
144.4%
3,087,175
(71.8%)
06/30/00
5,704,327
8,340,014
(2,635,687)
146.2%
3,146,845
(83.8%)
06/30/01
6,314,188
8,806,753
(2,492,565)
139.5%
3,349,776
(74.4%)
16 Claims Payable/Self Insurance
The City is a member of the California Joint Powers Insurance Authority (Authority).
The Authority is composed of 92 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 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 $30,000 of each occurrence is charged
directly to the city; costs from $30,001 to $750,000 are pooled based on a members share
of costs under $30,000; costs from $750,001 to $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.
64
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(16) Claims Payable/Self Insurance
Workers Compensation
The City also participates in the workers compensation pool administered by the
Authority. Pool deposits and retrospective adjustments are valued in a manner similar to
the General Liability pool. The City of La Quinta is charged for the first $10,000 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 $2,000,000 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 of $50,000,000 per occurance.
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.
(17) Contingencies
Various claims and suits have been filed against the City in the normal course of
operations. Although the outcome of these lawsuits is not presently determinable, in the -
opinion of management, the resolution of these matters will not have a material adverse
effect on the financial position of the City.
RE,
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(18) Interfund Receivables and Pavables
Current interfund receivables and payables balances at June 30, 2002 are as follows:
Due to General Fund from:
Low/Moderate Income Housing — PA No. 2 Fund
$ 5,688
Capital Improvement Fund
32,168
RDA Capital Projects — PA No. 1 Fund
2,642,491
Other governmental funds
157,681
Total due to General Fund from other funds
22838,028
�
Due to Capital Improvement Fund from:
39,135
Other governmental funds
11,388
Due to RDA Capital Projects — PA No. 1 Fund from:
1,249,728
Capital Improvement Fund
2,176,682
Due to other government funds from:
RDA Debt Service — PA No. 2
2,538
Capital Improvement Fund
177,724
Other governmental funds
737
Total due to other governmental funds from other funds 180,999
Total 5 207 097
Noncurrent interfund receivable and payable balances at June 30, 2002 are as follows:
Advances from General Fund to other funds:
RDA Debt Service — PA No. 1
$ 4,907,565
RDA Debt Service — PA No. 2
7,614,325
Total advances from General Fund to other funds
_
12,521,890
Advances from Low/Moderate Income Housing —
PA No. 2 Fund to other funds:
RDA Debt Service — PA No. 2
39,135
Advances from RDA Capital Projects — PA No. 1 to other funds:
Other governmental funds
1,249,728
Total $13.810.753
As of June 30, 2002 the amount due to the General Fund from RDA Debt Service 1 was
$4,907,565 and from RDA Debt Service 2 was $7,614,325. These outstanding advances
rT61
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(18) Interfund Receivables and Payables, (Continued)
consist of monies loaned to the Redevelopment Agency with no required repayment date
and accrue an interest of 10%.
(19) Construction Commitments
The following material construction commitments existed at June 30, 2002:
Project Name
Expenditures as of
June 30, 2002
Remaining
Commitments
Civic Center Campus Improvements
$2,142,137
1,314,427
Miraflores Senior Apartments
2,183,427
6,426,397
CVAGJJefferson Phase 1
13,253,919
2,941,814
18 Acre Park Site at Westward Ho
224,154
2,500,846
Jefferson Street Improvements — Phase II
4,141
18,514,955
Washington/Eisenhower Design
80,655
1,785,335
Highway 111 Corridor Improvements
-
1,970,118
Fire Station
173,254
1,213,264
(20) Restatement of Fund Balances
Fund balances have been restated at June 30, 2001 as follows:
67
Non -major
Internal
Governmental
Service
Funds
Funds
Fund balances at June 30, 2001,
as previously reported
$26,490,150
2,832,467
To move the Arts in Public Places fund
from an Agency to a Special Revenue
Fund
704,858
-
To record the transfer of capital assets
purchased by governmental fiords in
prior years to establish the
Information Technology Fund
-
281,624
Fund balances (deficit) at June 30, 2001,
as restated
$27, I9540$
3,1 14,091
67
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(21) Interfund Transfers
Interfund transfers were as follows for the year ended June 30, 2002:
Transfers to General Fund from:
Other governmental funds $ 189,072
Transfers to RDA Debt Service — PA No. 1 Fund from:
RDA Capital Projects — PA No. 1 Fund
9,353,284
Other governmental funds
1,737,007
11,090,291
Transfers to RDA Debt Service — PA No. 2 Fund from:
Low/Moderate Income Housing — PA No. 2 Fund
338,442
Transfers to Capital Improvement Fund from:
General Fund
393,559
Low/Moderate Income Housing — PA No. 2
164,568
RDA Capital Projects — PA No. 1 Fund
44,936,018
Other governmental funds
7,141,640
52,635,785
Transfers to non -major funds from:
General fund
2,000
Transfers to internal service funds from:
General fund
1,000,000
Total $65,255,590
The following lists the major transfers in and transfers out included in the financial
statements:
Transfers to Major Funds
$9,353,284 was transferred to the RDA Debt Service — PA No. 1 Fund from the RDA
Capital Projects — PA No. 1 Fund for debt service payments on amounts due to the
County of Riverside and the Coachella Valley Unified School District.
$1,737,007 was transferred to the RDA Debt Service — PA No. 1 Fund from the RDA
Low/Moderate Income Housing — PA No. 1 Fund for debt service payments on the 1995
Housing Bonds.
$44,936,018 was transferred to the Capital Improvement Fund from the RDA Capital
Projects — PA No. 1 Fund for reimbursements of capital outlay benefiting RDA Project
Area No. 1.
68
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(21) Interfund Transfers, {Contimted)
$7,141,640 was transferred to the Capital Improvement Fund from other governmental
funds for reimbursements of various capital projects.
Transfers to Internal Service Funds
$1,000,000 was transferred to the Information Technology Fund from the General Fund
to establish reserves for future information system purchases.
22 Fund Deficits
The following fund had a deficit balance at June 30, 2002:
Debt Service Funds:
Redevelopment Agency — PA No. 2 $(5,622,884)
Capital Projects Funds:
Financing Authority (324)
23) Unreserved Fund Balances
Unreserved fund balances at June 30, 2002 consisted of the following:
Special Revenue
Capital
Cow/ of Uerate Debt Service
Protects
Other
General Income Housing RDA—
Governmental
Fund PA No, 1 PA No. 2
PA No. 1
Funds
Totals
Designated for:
Emergency reserve
$9,186,650- -
-
-
9,186,650
Cash Flows
1,800,000 - -
-
-
1,800,000
Operations/projects/
transfers
Undesignated
16,995,060 4,666,958 -
-
20,359,061
42,021,079
- - _ (5,622,884)
495.143)
(324)
A6,118.351)
Total unreserved
fund balance (deficit)
Sit -7.` $.I,Z10 40§6 _95_8 622 4)
(MI. )
2QI5-8
� $8
69
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(24) Expenditures in Excess of Appropriations
Expenditures for the year ended June 30, 2002 exceeded the appropriations of the
following funds/departments:
25 Conduit Debt Financin
2002 Series A Variable Rate Multifamily Housing Revenue Bonds
In March 2002, the La Quinta Redevelopment Agency issued $5,000,000 of 2002 Series
A Variable Rate Multifamily Housing Revenue Bonds to provide financing for the
acquisition, construction and equipping of a multifamily senior rental housing project
known as Miraflores Apartments located in the City of La Quinta. Tile bonds mature on
May 15, 2035. Outstanding bonds at June 30, 2002 are $5,000,000.
The bonds are secured solely by the credit facility, Fannie Mae, and by a pledge of the
trust estate comprised of bond proceeds and property. The bonds are not obligations of
the issuer, but payable solely from the security.
70
I3ud�ge
Actual
Variance
General Fund:
City manager
$ 231,341
247,986
(16,645)
Fiscal services
289,872
372,339
(82,467)
Building and safety administration
153,900
172,423
(18,523)
Public works administration
178,261
205,971
(27,710)
Capital projects administration
(624,837)
(113,843)
(510,994)
Special revenue funds:
South Coast Air Quality
-
9,646
(9,646)
CV Violent Crime Task Force
-
1,187
(1,187)
Debt services funds:
Redevelopment Agency Project Area No. 2
7,801,274
7,831,998
(30,724)
Capital projects funds:
Civic Center Fund
204,660
207,536
(2,876)
A.D. 97-1 LQ Norte Construction Fund
-
63,580
(63,580)
25 Conduit Debt Financin
2002 Series A Variable Rate Multifamily Housing Revenue Bonds
In March 2002, the La Quinta Redevelopment Agency issued $5,000,000 of 2002 Series
A Variable Rate Multifamily Housing Revenue Bonds to provide financing for the
acquisition, construction and equipping of a multifamily senior rental housing project
known as Miraflores Apartments located in the City of La Quinta. Tile bonds mature on
May 15, 2035. Outstanding bonds at June 30, 2002 are $5,000,000.
The bonds are secured solely by the credit facility, Fannie Mae, and by a pledge of the
trust estate comprised of bond proceeds and property. The bonds are not obligations of
the issuer, but payable solely from the security.
70
CITY OF LA QUINTA
Notes to the Basic Financial Statements
(Continued)
(25) Conduit Debt Financing, (Continued
2002 Series B Multifamily Housing Revenue Bonds
In April 2002, the La Quinta Redevelopment Agency issued $3,000,000 of 2002 Series B
Multifamily Housing Revenue Bonds to provide financing; for the acquisition,
construction and equipping of a multifamily senior rental housing project known as
Miraflores Apartments located in the City of La Quinta. The bonds mature on June 1,
2035 and bear interest at 5.5% per annum. Outstanding bonds at June 30, 2002 are
$3,000,000.
The bonds are secured solely by the credit facility, Fannie Mae, and by a pledge of the
trust estate comprised of bond proceeds and property. The bonds are not obligations of
the issuer, but payable solely from the security.
71
(This page intentionally left blank)
`Pa
REQUIRED SUPPLEMENTARY INFORMATION
73
GENERALFUND
GENERAL FUND - The primary fund of the City used to account for all revenue and
expenditures of the City not legally restricted as to use. A broad range of municipal activities are
provided through this fund including City Manager, City Attorney, Finance, City Clerk,
Community Development, Police Services, Public Works, Building and Safety, and Community
Services.
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for specific revenues (other than major capital
projects) and the related expenditures that are legally required to be accounted for in a separate
fund. The following fund has been classified as a major fund. The budget -actual comparison for
this fund has been presented in the accompanying financial statements as required
supplemental y information:
and Moderate Income
the required 2u -/o set aside of property tax increments that is
improving housing for low and moderate income households.
74
P.A. No. 2 Fund — To account for
legally restricted for increasing or
CITY OF LA QUINTA
Notes to Required Supplementary Information
Year ended June 30, 2002
Ll) Budizets and Budgetary AccountinP
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 $99,675,057 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..
Q Expenditures in Excess of Appropriations
Expenditures for the year ended June 30, 2002 exceeded the appropriations of the
following funds/departments:
General Fund:
City manager
Fiscal services
Building and safety administration
Public works administration
Capital projects administration
75
Budget
Actual
Variance
$ 231,341
247,986
(16,645)
289,872
372,339
(82,467)
153,900
172,423
(18,523)
178,261
205,971
(27,710)
(624,837)
(113,843)
(510,994)
CITY OF LA QUINTA
General Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Public safety:
Police
3,812,118
4,189,386
3,990,644
Variance with
Prior
Building and safety
Budget
Final Budget
Year
administrative
Original
Final
Actual
Positive (Negative)
Actual
Revenues:
478,484
478,484
430,897
47,587
415,552
Taxes
$ 8,701,220
8,701,200
10,443,436
1,742,236
10,331,970
Licenses and permits
819,600
819,600
1,857,691
1,038,091
2,057,423
Charges for services
1,208,475
1,208,475
1,757,744
549,269
1,998,589
Intergovernmental
1,765,500
3,437,051
3,683,490
246,439
2,164,891
Investment income
1,617,200
1,555,600
2,030,346
474,746
2,513,789
Miscellaneous
27,700
27,700
529,190
501,490
43,545
Total revenues
14,139,695
15,749,626
20,301,897
4,552,271
19,110,207
Expenditures:
General government:
Legislative
582,800
585,800
535,735
50,065
690,118
City manager
310,703
231,341
247,986
(16,645)
253,211
Economic development
910,000
935,000
784,007
150,993
890,901
Personnel
448,500
450,672
440,464
10,208
265,766
Fiscal services
359,375
289,872
372,339
(82,467)
295,671
Central services
306,205
311,205
288,355
22,850
407,638
City clerk
278,950
291,050
285,174
5,876
260,336
Total general government
3,196,533
3,094,940
2,954,060
140,880
3,063;641
Public safety:
Police
3,812,118
4,189,386
3,990,644
198,742
3,650,632
Building and safety
administrative
153,900
153,900
172,423
(18,523)
160,081
Code compliance ,
478,484
478,484
430,897
47,587
415,552
Animal control
166,043
166,043
156,219
9,824
139,803
Building
605,188
700,188
686,683
13,505
717,419
Emergency services
96,524
96,524
80,794
15,730
20,671
Fire
20,000
1,663,257
1,602,204
61,053
5,406
Civic center building
488,790
489,991
489,257
734
526,590
Total public safety
5,821,047
7,937,773
7,609,121
328,652
5,636,154
Community services:
Senior center 257,300 265,475 247,073 18,402 219,143
Parks and recreation
administration 706,100 803,258 691,439 111,819 534,836
Parks and recreation programs 90,800 90,800 _ 75,962 14,838 63,481
Total community services 1,054,200 1,159,533 1,014,474 145,059 817,460
(Continued)
76
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
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in
Transfers out
Total other fmancing
sources (uses)
CITY OF LA QUINTA
General Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
(Continued)
Budget
Original Final Actual
Variance with
Final Budget 2001
Positive (Negative) Actual
371,100
374,550
273,239
101,311
280,049
398,292
704,007
453,350
250,657
453,530
769,392
1,078,557
726,589
351,968
733,579
141,441
178,261
205,971
555,857
888,968
842,547
659,535
995,761
200,330
568,599
578,271
401,028
21.987
(624,837)
(113,843)
1,947,419
2,016,424
1,536,033
12,788,591
15,287,227
13,840,277
1,351,104
462,399
6,461,620
108,972 189,072
(1,124,500 1,633,242 (1,395,559)
(1,124,500) (1,524,270) (1,206,487)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses 226,604 (1,061,871) 5,255,133
Fund balance at beginning of year 35.624,470 35,624,470 35,624,470
Fund balance at end of year L35,851,074 34,562,599 40,879,603
77
(27,710)
154,870
46,421
706,364
795,431
96,345
177,243
543,299
(510,994)
(83,350)
480,391
1,417,528
1,446,950
11,668,362
5,999,221 7,441,845
80,100 238,565
237,683 828,438
317,783 (589,873)
6,317,004
6,851,972
28,772,498
6,317,00435,624,470
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Income Housing Project Area No. 2 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Taxes
Investment income
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
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
(1,692,255)
(2,953,787)
955,247 3,909,034
Variance with
Prior
Budget
3,750,846 -
Final Budget
Year
Original
Final
Actual
Positive (negative
Actual
$ 1,452,654
1,841,110
2,025,212
184,102
1,517,600
20,700
20,700
115,747
95,047
185,625
1.473.15 4
1,861,810
2,140,959
279.149
1,703,225
2,827,167
2,027,896
682,702
1,345,194
837,605
2,827,167
2,027,896
682,702
1,345,194
837,605
(1,353,813)
(166,086)
1,458,257
1,624.343
865,620
(338,442)
(2,787,701)
(503,010)
2,284,691
(492,139)
(338,442)
(2,787,701)
(503,010)
2,284,691
(492,139)
(1,692,255)
(2,953,787)
955,247 3,909,034
373,481
3,750,846
3,750,846
3,750,846 -
3,377,365
$ 2,058,591
797,059
4,706,093 3,909,034
3,750,846
78
SUPPLEMENTARY SCHEDULES
79
CITY OF LA QUINTA
Non -Major Governmental Funds
Combining Balance Sheet
June 30, 2002
Debt
90
Special
Service Fund
Capital
Revenue
Financing
Projects
Totals
Funds
Authority
Funds
2002
2001
Assets
Cash and investments
$ 5,147,673
9,876
13,951,150
19,108,699
20,907,317
Cash with fiscal agent
2,243,769
2
1,381
2,245,152
4,699,228
Accounts receivable
106,084
-
60,900
166,984
149,199
Interest receivable
-
-
-
-
833
Notes receivable
3,009,966
-
-
3,009,966
2,861,382
Due from other funds
2,538
737
177,724
180,999
259,634
Due from other
governments
150,677
-
-
150,677
331,886
Advances to other funds
-
-
-
511,903
Total assets
$ 10,660,707
10,615
14,191,155
24,862,477
- 29,721,382
Liabilities and Fund Balances
Liabilities:
Accounts payable
$ 38,351
-
9,486
47,837
63,176
Deferred revenue
873,855
-
-
873,855
1,025,536
Deposits payable
15,788
-
-
15,788
14,283
Due to other funds
156,255
-
13,551
169,806
2,128,237
Advances from other fiends
-
-
1,249,728
1249,728
-
Total liabilities
1,084,249
-
1,272,765
2,357,014
3,231,232
Fund balances: _
Reserved for:
Debt service
-
10,615
-
10,615
9,909
Bond projects
-
-
-
-
756,396
Advances to other funds
-
-
-
-
511,903
Notes receivable
2,136,111
-
-
2,136,111
2,861,382
Unreserved, reported in:
Special revenue funds
7,440,347
-
-
7,440,347
6,582,570
Capital projects funds
-
-
12,918,390
12,918,390
15,767,990
Total fund balances
9,576,458
10,615
12,918,390
22,505,463
26,490,150
Total liabilities and
fund balances
$ 10,660,707
10,615
14,191,155
24,862,477
29,721,382
90
CITY OF LA QUINTA
Non -Major Governmental Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 2002
Revenues:
Taxes
Developer fees
Intergovernmental
Investment income
Special assessments
Rental income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Community services
Planning and
development
Public works
Debt service:
Principal
Interest
Total expenditures
Excess (deficiency) of
revenues over (under)
expenditures
Other financing sources (uses):
Sale of capital assets
Transfers in
Transfers out
Total other financing
sources (uses)
Excess (deficiency) of
rcN-enues and other
li;-,ancing sources over
(tinder) expenditures
iid other financing uses
Fund balances at beginning
ofyear, as restated
Fund balances at end of year
1,187 -
53,363 -
207,536 207,536 211,983
- 1,187 -
53,363 -
3,738,979
Debt
227,401
3,973,785
3,607,201
Special
Service Fund
Capital
1,361,279
1,264,319
Revenue
Financing
Projects
Totals
260,000
Funds
Authority
Funds
2002
2001
$ 4,488,487
-
-
4,488,487
3,737,113
278,061
-
1,923,436
2,201,497
2,316,249
1,117,668
-
-
1,117,668
820,906
402,186
455
484,590
887,231
1,467,251
757,619
-
406,461
757,619
782,610
321,145
680,244
-
1,001,389
1,067,076
45,418
9,589
-
55,007
52,711
7,410,584
690,288
2,408,026
10,508,898
10,243,916
1,187 -
53,363 -
207,536 207,536 211,983
- 1,187 -
53,363 -
3,738,979
7,405
227,401
3,973,785
3,607,201
1,293,029
-
68,250
1,361,279
1,264,319
-
275,000
-
275,000
260,000
-
407,177
-
407,177
418,955
5,086,558
689,582
503,187
6,279,327
5,762,458
2,324,026
706
1,904,839
4,229,571
4,481-458
146,603
-
-
146,603
406,461
2,000
-
-
2,000
3,197,756
(3,556,884)
-
(5,510,835)
(9,067,719)
_ (8,6832907)
(3,408,281)
-
(5,510,835)
(8,919,116)
(5,079,690)
(1,084,255)
706
(3,605,996)
(4,689,545)
(598,232)
10,660,713
9,909
16,524,386
27,195,008
27,088,382
$ 9,576,458
10,615
12,918,390
22,505,463
26,490,150
81
(This page intentionally left blank)
82
NON -MAJOR SPECIAL REVENUE FUNDS
Special revenue funds are used to account for specific revenues (other than expendable trusts and
major capital projects) and the related expenditures that are legally required to be accounted for
in a separate fund.
The City of La Quinta has the following Special Revenue Funds:
State Gas Tax Fund - To account for gasoline allocations made by the State of California. These
revenues are restricted by the State to expenditures for street -related purposes only.
Federal Assistance Fund - To account for revenues from the Community Development Block
Grants received from the Federal Government and the expenditures of those resources..
Urban Forestry Grant Fund — To account for state Urban Forestry grant funds. Uses of funds
from the State Department of Forestry are limited to projects approved by the grantor.
Lighting and Landscape Special Assessment
assessments levied on real property and th
landscape maintenance and improvements.
Fund - To account for special
thereof from City-wide lighting and
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.
Arts in Public Places — To account for development fees paid in lieu of acquisition and
installation of approved artworks in a development with expenditures restricted to acquisition,
installation, maintenance and repair of artworks at approved sites.
South Coast Air Quality Fund - To account for contributions from the South Coast Air Quality
Management District. Use 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.
Coachella Valley Violent Crime Task Force Fund — To account for the activities of the Coachella
Valley Violent Crime Task Force.
Low and Moderate Income Housing P.A. No. 1 Fund - 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.
83
CITY OF LA QUINTA
Non -Major Special Revenue Funds
Combining Balance Sheet
June 30, 2002
84
Urban Lighting
State Federal
Forestry and
Public
Gas Tax Assistance
Grant Landscape
SLESF
Quimby
Safety
Assets
Cash and investments
$ 331,111 -
- -
7,147
362,670
13,965
Cash with fiscal agent
- -
- -
-
-
"
Accounts receivable
- -
- -
Interest receivable
- -
- -
Notes receivable
- -
- -
Due from other funds
- -
- -
Due from other
governments
47,418 -
- 23,455
-
-
-
Advances to other funds
- -
- -
-
'
Total assets
S 378.523 -
- 23,455
7,147
362,670
13965
Liabilities and Fund Balances
Liabilities:
Accounts payable
Deferred revenue
Deposits payable
- -
- -
-
Due to other funds
Total liabilities
Fund balances:
Reserved for:
Advances to other funds
Notes receivable
- -
- -
-
Unreserved
375,529 -
- 23,455
7,147
362,670
13,965
Total fund balances
378,529 -
- 23,455
7,147
362.670
13,965
Total liabilities and
fund balances
$ 378,529 -
_ 23,455
7,147
362,670
13,965
84
21668 - 1,187 34,496 - - 38,351 16,355
- - 873,855 - - 873,855 1,025,536
- 15,788 - - 15,788 14,283
5,907 150,348 - 156,255 1,140,974
2,668 1,187 930,046 150,348 1,084,249 2,197,148
- - - - - - 511,903
- 2,136,111 - - 2,136,111 2,861,382
681,087 82,374 32,291 18,852 3,401,375 62,674 2,375,928 7,440,347 6,582,570
681,087 82,374 32,291 18,852 5,537,486 62,674 2,375,928 9,576,458 9,955,855
681,087 85,042 32,291 20,039 6,467,532 213,022 2,375,928 10,660,707 12,153,003
85
Low/
Moderate
Low/
Low/
Arts in
CV Violent
Income
Moderate
Moderate
Public
South Coast
Crime Task
Housing-
Bond-
Bond-
Totals
Places
Air Quality LLEBG
Force
PA No. 1
PA No. 1
PA No. 2
2002
2001
681,087
77,742 32,291
20,039
3,278,978
-
342,643
5,147,673
4,417,414
- -
-
-
213,022
2,030,747
2,243,769
3,941,286
- -
-
106,084
-
-
106,084
88,299
_
-
-
-
-
833
-
- -
-
3,009,966
-
-
3,009,966
2,861,382
-
- -
-
-
-
2,538
2,538
-
-
7,300 -
-
72,504
-
-
150,677
331,886
-
- -
-
-
-
-
-
511,903
681,087
85,042 32,2.91
20,039
6,467,532
213,022
2,375,928
10,660,707
12,153,003
21668 - 1,187 34,496 - - 38,351 16,355
- - 873,855 - - 873,855 1,025,536
- 15,788 - - 15,788 14,283
5,907 150,348 - 156,255 1,140,974
2,668 1,187 930,046 150,348 1,084,249 2,197,148
- - - - - - 511,903
- 2,136,111 - - 2,136,111 2,861,382
681,087 82,374 32,291 18,852 3,401,375 62,674 2,375,928 7,440,347 6,582,570
681,087 82,374 32,291 18,852 5,537,486 62,674 2,375,928 9,576,458 9,955,855
681,087 85,042 32,291 20,039 6,467,532 213,022 2,375,928 10,660,707 12,153,003
85
CITY OF LA QUINTA
Non -Major Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 2002
Revenues:
Taxes
Developer fees
Intergovernmental
Investment income
Special assessments
Rental income
Miscellaneous
Total revenues
Expenditures:
Current:
Public safety
Community services
Planning and
development
Public works
Total expenditures
Excess (deficiency) of
revenues over (under)
expenditures
Other financing sources (uses):
Sale of capital assets
Transfers in
Transfers out -
Total other financing
sources (uses)
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses
Fund balances (deficits) at
beginning of year, as restated
Fund balances at end of year
Urban Lighting
Gas Federal Forestry and Public
Tax Assistance Grant Landscape SLEBG Quimby Safety
- - - - - 126,375 -
609,016 335,618 9,900 - 100,192 - -
12,232 - - - 2,086 15,699 422
- - - 757,619 - - -
621,248 335,618 9,900 737,619 102,278 142,074 422
435,298 - - 857,731 - -
435,298 - - 857,731 - -
185,950 335,618 9,900 (100,112) 102,278 142,074 422
_ - - - - 2,000
(159,080) (61,814) (9,900) - (14� (284,681) -
(159,080) (61,814) (9,900) - (149,271) 28( 4,681) 2,000
26,870 273,804
- (100,112)
(46,993)
(142,607)
2,422
351,659 (273,804)
- 123,567
54,140
505,277
11,543
$ 378,529 -
- 23,455
7,147
362,670
13,965
86
Low/
(23,771)
28,564
25,725 18,852
(169,800)
Moderate
Low/
Low/
(1,267,612)
704,858
Arts in
6,566 -
5,707,286
CV Violent
Income
Moderate
Moderate
681,087
82,374
Public
South Coast
62,674
Crime Task
Housing-
Bond-
Bond-
Totals
Places
Air Quail ity
LLEBG
Force
PA No, 1
PA No. 1
PA No. 2
2002
2001
-
-
-
-
4,488,487
-
-
4,488,487
3,737,113
103,102
-
-
-
48,584
-
-
278,061
49,598
-
36,238
26,704
-
-
-
-
1,117,668
820,906
22,955
1,972
841
39
266,302
62,674
16,964
402,186
501,132
-
-
-
-
-
-
-
757,619
782,610
-
_
-
-
321,145
_
-
321,145
388,121
-
-
-
20,000
25,418
-
-
45,418
25,096
126,057
38,210
27,545
20,039
5,149,936
62,674
16,964
7.410,584
6,304,576
-
-
-
1,187
-
-
-
1,187
-
53,363
-
-
-
-
-
-
53,363
-
-
9,646
-
-
3,729,333
-
-
3,738,979
31,275,707
_
-
_
_
_
-
1,293,029
1,196,400
53,363
9,646
-
1,187
3,729,333
-
-
5,086,558
4,472,107
72,694
28,564
27,545
18,852
1,420,603
62,674
16,964
2,324,026
1,832,469
-
-
-
-
146,603
-
-
146,603
406,461
-
-
-
-
-
-
-
2,000
2,000
(96,465)
=
1,820)
-
(1,737,006)
(832,930}
223,917
(3,556,884)
(3,508,542)
(96,465
-
(1,820)
-
(1,590,403)8(
32,930)
223,917
(3,408,281)
(3,100,08
(23,771)
28,564
25,725 18,852
(169,800)
(770,256)
(206,953)
(1,084,255)
(1,267,612)
704,858
53,810
6,566 -
5,707,286
832,930
2,582,881
10,660,713
11,223,467
681,087
82,374
32,291 13.852
5,537,486
62,674
2,375,928
9,576,458
9,955,855
87
CITY OF LA QUINTA
Special Revenue Funds
State Gas Tax Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Intergovernmental
Investment income
Total revenues
Expenditures:
Current:
Public works
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers out
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
20 185,950 185,930 228,074
- (159,080) (159,080 - _
- (159,060) 26,870 185,930 228,074
351,659 351,659 351,659 - 123,585
$ 351,659 192,599 378,529 185,930 351,659
88
Variance with
Prior
Budget
Final Budget
Year
Ori ice_
Final
Actual
Positive (!ie ag five)
Actual
$ 413,900
427,618
609,016
181,398
629,332
7,700
7,700
12,232
4,532
17,142
421,600
435,318
621,248
185,930
646.474
421,600
435,298
435,298
-
418,400
421,600
435198
435,298
-
418,400
20 185,950 185,930 228,074
- (159,080) (159,080 - _
- (159,060) 26,870 185,930 228,074
351,659 351,659 351,659 - 123,585
$ 351,659 192,599 378,529 185,930 351,659
88
CITY OF LA QUINTA
Special Revenue Funds
Federal Assistance Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Intergovernmental
Total revenues
Other financing sources (uses):
Transfers out
Total other financing
sources (uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances (deficit) at
beginning of year
Fund balances at end of year
Budget
Original Final
Variance with
Final Budget
Actual Positive (negative)
$ 409,000 543,825
335,618
409,000 543,825
335,618
- 166,639
(61,814)
- (166,639)
(61,814)
409,000 377,186 273,804
(273,804) (273,804) (273,804)
$ 135,196 103,382 -
89
(208,207)
(208,207)
Prior
Year
Actual
15,830
15,830
104,825 (289,634)
104,825 (289,634)
(103,382) (273,804)
(103,382) (273,804)
CITY OF LA QUINTA
Special Revenue Funds
Urban Forestry Grant Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
a
Variance with Prior
_ Budget
Final Budget Year
_Original
Final
Actual
Positive (negative) Actual
Revenues:
Intergovernmental
$ 11,000
_ 11,000
9,900
(1,100)
Total revenues
11,000
11,000
9,900
(1,100) -
Other financing sources (uses):
Transfers out
-
(11,000)
(9,900)
1,100 -
Total other financing
sources (uses)
-
11,000)
(9,900)
1,100 -
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
11,000
-
-
- -
Fund balances at beginning of year
-
-
-
- -
Fund balances at end of year
$ 11,000
-
-
- -
a
CITY OF LA QUINTA
Special Revenue Funds
Lighting and Landscape Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
91
Variance with
Prior
Budget
Final Budget
Year
Original
Final
Actual
Positive (negative)
Actual
Revenues:
Developer fees
$ -
-
-
-
3,750
Investment income
-
-
-
-
1,495
Special assessments
781,400
781,400
757,619
(23,781)
782,610
Total revenues
781,400
781,400
757,619
(23,781)
787,855
Expenditures:
Current:
Public works
781,400
781,400
857,731
(76,331)
778,000
Total expenditures
781,400
781.400
857,731
(76,331)
778.000
Excess (deficiency) of revenues
over (under) expenditures
-
-
(100,112)
(100,112)
9,855
Fund balances at beginning of year
123,567
123,567
123,567
-
113,712
Fund balances at end of year
$ 123,567
123,567
23,455
(100,112)
123,567
91
CITY OF LA QUINTA
Special Revenue Funds
State Law Enforcement Block Grant Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Other financing sources (uses):
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
- (100,192) (149,271) (49,079) (125,565)
- (100,192)
(149,271) (49,079)
2,200 2,200
Variance with
Prior
54,140 -
Budget
7,147 (49,193)
Final Budget
Year
Original Final
Actual
Positive (negative)
Actual
Revenues:
Intergovernmental
- 100,192
100,192
-
100,028
Investment income
2,200 2,200
2,086
(114)
5,946
Total revenues
2,200 102,392
102,278
(114)
105,974
Other financing sources (uses):
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
- (100,192) (149,271) (49,079) (125,565)
- (100,192)
(149,271) (49,079)
2,200 2,200
(46,993) (49,193)
54,140 54,140
54,140 -
`� 56,340 56,340
7,147 (49,193)
92
125,565
(19,591)
73,731
54,140
CITY OF LA QUINTA
Special Revenue Funds
Quimby Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Developer fees
Investment income
Total revenues
Other financing sources (uses):
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 with
Budget Final Budget
Original Final Actual Positive (negative)
$ - - 126,375 126,375
16,500 16,500 15,699 801
16,500 16,500 142,074 125,574
(96,480) 382,806) (284,681)
(96,480 382,806 (284,681)
(79,980) (366,306) (142,607)
505,277 505,277 505,277
$ 425,297 138,971 362,670
93
98,125
98,125
223,699
223,699
Prior
Year
Actual
31,282
31,282
100,783
100,783
(69,501)
574,778
505,277
CITY OF LA QUINTA
Special Revenue Funds
Public Safety Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Investment income
Total revenues
Other financing sources (uses):
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 dt end of year
2,200
2,200
2,422
Variance with
Prior
Budget.
11,543
- 8,910
Final Budget
Year
Original
Final
Actual
Positive (negative)
Actual
$ 200
200
422
222
633
200
200
422
222
633
2,000
2,000
2,000
-
2,000
2,000
2,000
2.,000
-
2,000
2,200
2,200
2,422
222 2,633
11,543
11,543
11,543
- 8,910
$ 13,743
13,743
13,965
222 11,543
CITY OF LA QUINTA
Special Revenue Funds
Arts in Public Places Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Developer fees
Investment income
Total revenues
Expenditures:
Current:
Community services
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers out
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning
of year, as restated
Fund balances at end of year
(50,000) 41� 7,176) (96,465 320,711 -
(50,000)
(556,616)
(23,771)
Variance with Prior
Budget
704,858
Final Budget Year
Original
Final
Actual
Positive (negative) Actual
$ 111,300
111,300
103,102
(8,198) -
21,600
21,600
22,955
1,355 -
132,900
132,900
126,057
(6,843) -
132,900
272,340
53,363
218,977 -
132,900
272,340
53,363
218,977 -
-
(139,440)
72,694
212,134 -
(50,000) 41� 7,176) (96,465 320,711 -
(50,000)
(556,616)
(23,771)
704,858
704,858
704,858
$ 654,858
148,242
681,087
95
532,845 -
532,845
CITY OF LA QUINTA
Special Revenue Funds
South Coast Air Quality Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Intergovernmental
Investment income
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Fund balances at beginning of year
Fund balances°at end of year
9,646
9,646
24,481 24,481 28,564
53,810 53,810 53,810
$ 78,291 78,291 82,374
.,
(9,646 10,699
(9,646 10,699
4,083 17,901
- 35,909
4,083 53,810
Variance with
Prior
Budget
Final Budget
Year
Original Final
Actual
Positive (negative)
Actual
$ 21,881 21,881
36,238
14,357
25,944
2,600 2,600
1,972
628
2,656
24.481 24,481
38,210
13,729
28,600
9,646
9,646
24,481 24,481 28,564
53,810 53,810 53,810
$ 78,291 78,291 82,374
.,
(9,646 10,699
(9,646 10,699
4,083 17,901
- 35,909
4,083 53,810
CITY OF LA QUINTA
Special Revenue Funds
LLEBG
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Intergovernmental
Investment income
Total revenues
Other financing sources (uses):
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
28,300
27,004
Variance with
Prior
Budget
6,566
Final Budget
Year
Original Final
Actual
Positive (negative)
Actual
$ 28,000 26,704
26,704
-
49,772
300 300
841
541
2,032
28,300 27,004
27,545
541
51,804
- -
1,820
1,820
(45,400)
- -
1,820
(1,820)
(45,400)
28,300
27,004
25,725
6,566
6,566
6,566
$ 34,866
33,570
32,291
97
(1,279)
6,404
162
6,566
CITY OF LA QUINTA
Special Revenue Funds
CV Violent Crime Task Force
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Public safety
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Fund balances at beginning of year
Fund balances at -end of year
W.
Variance with Prior
Budget
Final Budget Year
Original Final Actual
Positive (negative) Actual
$ - 39
39 -
- - 20,000
20,000 -
- - 20,039
20,039 -
- - 1,187
1,187 -
- - 1,187
1,187 -
- - 18,852
18,852
$ - - 18,852
18,852 -
W.
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Income Housing Project Area No. 1 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Taxes
Developer fees
Investment income
Rental income
Miscellaneous
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
4,640,731 5,345,808 3,729,333 1,616,475
4,640,731 5,345,808 3,729,333 1,616,475
Excess (deficiency) of revenues
over (under) expenditures (508,404) (749,182) 1,420,603 2,169,785
Other financing sources (uses):
Sale of capital assets 150,000 150,000 146,603 (3,397)
Transfers out (1,737,006) (3,951,649) (1,737,006) 2,214,643
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
(1,587,006) (3,801,649) (1,590,403) 2,211,246
(2,095,410) (4,550,831) (169,800)
5,707,286 5,707,286 5,707,286
$ 3,611,876 1,156,455 5,537,486
i21
4,381,031
4,381,031
Prior
Year
Actual
3,737,113
45,848
96,383
388,121
25,096
4,292,561
3,265,008
3,265,008
1,027,553
406,461
1,739 031
(1,332,570)
(305,017)
6,012,303
5,707,286
Variance with
Budget
Final Budget
Original
Final
Actual
Positive (ne ative)
$ 3,591,327
4,205,626
4,488,487
282,861
-
-
48,584
48,584
200,000
50,000
266,302
216,302
341,000
341,000
321,145
(19,855)
-
-
25,418
25,418
4,132,327
4,596,626
5,149,936
553,310
4,640,731 5,345,808 3,729,333 1,616,475
4,640,731 5,345,808 3,729,333 1,616,475
Excess (deficiency) of revenues
over (under) expenditures (508,404) (749,182) 1,420,603 2,169,785
Other financing sources (uses):
Sale of capital assets 150,000 150,000 146,603 (3,397)
Transfers out (1,737,006) (3,951,649) (1,737,006) 2,214,643
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
(1,587,006) (3,801,649) (1,590,403) 2,211,246
(2,095,410) (4,550,831) (169,800)
5,707,286 5,707,286 5,707,286
$ 3,611,876 1,156,455 5,537,486
i21
4,381,031
4,381,031
Prior
Year
Actual
3,737,113
45,848
96,383
388,121
25,096
4,292,561
3,265,008
3,265,008
1,027,553
406,461
1,739 031
(1,332,570)
(305,017)
6,012,303
5,707,286
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Bond - Project Area No. 1 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Investment income
Total revenues
Other financing sources (uses):
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 with Prior
Bud et Final Budget Year
Original Final Actual Positive (negative) Actual
$ - - 62,674
- - 62,674
(832,930) (832,930)
- (832,930) (832,930)
62,674 268,391
62,674 268,391
(1,177,000)
1,177,000
- (832,930) (770,256) 62,674 (908,609)
832,930 832,930 832,930 - 1,741,539
$ 832,930 - 62,674 62,674 832,930
100
CITY OF LA QUINTA
Special Revenue Funds
Low/Moderate Bond - Project Area No. 2 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
101
Variance with
Prior
Budd
Final Budget
Year
Original Final
Actual
Positive (negative
Actual
Revenues:
Investment income
$ - -
16,964
16,964
74,163
Total revenues
- -
16,964
16,964
74,163
Other financing sources (uses):
Transfers out
- (2,582,881)
(223,917)
2,358,964
-
Total other financing
sources (uses)
- (2,582,881)
223,917)
2,358,964
-
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
- (2,582,881)
(206,953)
2,375,928
74,163
Fund balances at beginning of year
2,582,881 2,582,881
2,582,881
-
2,508,718
Fund balances at end of year
$ 2,582,881 -
2,375,928
2,375,928
2,582,881
101
(This page intentionally left blank)
102
MAJOR AND NON -MAJOR 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.
103
CITY OF LA QUINTA
Debt Service Funds
Financing Authority Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Investment income
Rental income
Miscellaneous
Total revenues
Expenditures:
Current:
Planning and development
Debt service:
Principal
Interest
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Fund balances (deficit) at
beginning of year
Fund balances at end of year
Prior
Year
Actual
1,514
678,955
27,615
708,084
9,589
9,589
Variance with
13udcget
9,133
Final Budget
Original Final
Actual
Positive (negative)
$ - -
455
455
678,955 678,955
680,244
1,289
9,175 9,589
9,589
_ -
688,130 688,544
690,288
1,744
Prior
Year
Actual
1,514
678,955
27,615
708,084
9,589
9,589
7,405
2,184
9,133
275,000
275,000
275,000
-
260,000
407,178
407,177
407,177
-
418,955
691,767
691,766
689,582
2,184
688,088
(3,637)
(3,222)
706
3,928
19,996
9,909
9,909
9,909
-
10,087
$ 6,272
6,687
10,615
3,928
9,909
104
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):
Transfers in
Transfers out
Total other financing
sources (uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances (deficit) at
beginning of year
Fund balances (deficit) at end of year
CITY OF LA QUINTA
Debt Service Funds
Redevelopment Agency Project Area No. 1 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
249,834
249,834
Variance with
Prior
Budget
2,170,510
Final Budget
Year
Original Final
Actual
Positive (ne ative)
Actual
5,255,819
62,146
4,228,397
$ 14,365,308 16,822,503
17,953,949
1,131,446
14,948,451
- 95,538
344,259
248,721
575,845
14,365,308 16,918,041
18,298,208
1,380,167
15,524,296 �
249,834
249,834
285,551
(35,717)
237,341
2,170,510
10,638,025
10,126,122
511,903
3,349,544
3,651,948
5,317,965
5,255,819
62,146
4,228,397
8,385,420
8,120,111
8,194,449
(74,338)
6,231,592
14,457,712
24,325,935
23,861,941
463,994
14,046,874
(92,404)
7,407,894)
(5,563,733)
1,844,161
1,477,422
1,737,006
11,109,589
11,090,291
(19,298)
1,739,031
-
-
-
-
(3,888,672)
1.737,006 11,109,589 11,090,291
1,644,602 3,701,695 5,526,558
(19,298) (2,149,641)
1,824,863 (672,219)
(541,087)
(541,087)
(541,087) -
131,132
$ 1,103,515
3,160,608
4,985,471 1,824,863
(541,087)
105
CITY OF LA QUINTA
Debt Service Funds
Redevelopment Agency Project Area No. 2 Fund
Schedule of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 2002
Budget
Original Final
Revenues:
Variance with
Final Budget
Actual Positive (negative)
Taxes
$ 5,810,615
7,364,440
8,100,847
Investment income
-
-
28,768
Total revenues
5,810,615
7,364,440
8,129,615
Expenditures:
Current:
Planning and development
94,120
94,120
123,146
Debt service:
Principal
263,723
947,956
947,956
Interest
1,286,179
1,286,179
1,286,179
Payments under pass-through
obligations
5,114,784
5,473,019
5,474,717
Total expenditures
6,758,806
7,801,274
7,831,998
Excess (deficiency) of revenues
over (under) expenditures
(948,191)
(436,834)
297,617
Other financing sources (uses):
Transfers in
338,442
338,442
338,442
Transfers out
-
-
-
Total other financing
sources (uses)
338,442
338,442
338,442
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(609,749)
(98,392)
636,059
Fund balances (deficit) at
beginning of year
(6,258,943)
(6,258,943)
(6,258,943)
Fund balances (deficit) at end of year
$ (6,868,692)
(6,357,335)
(5,622,884)
106
736,407
28,768
765,175
(29,026)
(1,698)
(30,724)
734,451
734,451
Prior
Year
Actual
6,070,400
84.159
6,154,559
98,580
155,531
1,229,894
4,717,789
6,201,794
(47,235)
338,760
(1,230,180)
(891,420)
(938,655)
- (5,320,288)
734,451 (6,258,943)
MAJOR AND NON -MAJOR 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.
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.
Parks and Recreation Fund, Civic Center Fund, Li
runu, %-ommunity ,enter runu, atreet raciuty runu, rarx r-aciiity runs. Tire raciiity rtinu - 10
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.
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.
Redevelopment Agency, Capital Projects Funds Area 1 and 2 - To account for the bond
proceeds, interest and other funding that will be used for development, planning, construction
and land acquisition.
107
CITY OF LA QUINTA
Non -Major Capital Projects Funds
Combining Balance Sheet
June 30, 2002
108
Parks &
Civic
Library
Community
Infrastructure
Transportation
Recreation
Center
Development
Center
Assets
Cash and investments
$
4,009,998
3,396,986
1,408,690
1,619,441
835,579
383,778
Cash with fiscal agent
-
-
-
-
-
-
Accounts receivable
-
-
-
-
-
-
Due from other funds
60,300
-
-
-
-
-
Total assets
$
4,070,298
3,396,986
1,408,690
1,619,441
835,579
383.778
Liabilities and Fund Balances
Liabilities:
Accounts payable
$
-
-
-
-
-
Due to other funds
8,043
-
-
-
-
-
Advances from
other funds
-
_
1,249,728
-
-
-
Total liabilities
8,043
-
1,249,728
-
-
-
Fund balances:
Reserved for:
Bond projects
-
-
-
-
-
Unreserved:
Designated foir
capital projects
4,062,255
3,396,986
158,962
1,619,441
835.579
383,778
Undesigated
-
-
-
-
-
-
Total fund balances
4,062,255
3,396,986
158,962
1,619,441
835.779
383.778
Total liabilities and
fund balances
$
4,070,298
3,396,986
1,408,690
1,619,441
835,579
383,778
108
w - - - -
-
9,486
A.D. 97-1
Financing
Redevelopment
737
1,426
Street
Park
Fire
LQ Norte A.D. 2000-1
Authority
Agency
Totals
Facilitv
Facility
Facility
Construction Phase VI
Projects
PA No.2
2002
2001
-
-
-
756,396
84,860 22,213 1,847 - 434,355
84,860
22,213
1,847
- 437,700
-
1,750,058
13,951,150
16,481,540
-
-
-
- -
413
968
1,381
756,396
-
-
-
- -
-
60,900
60,900
60,900
-
-
-
- -
-
117,424
177,724
259,634
84,860
22,2131847
- 437,700
413
1,929,350
14,191,155
17,558,470
w - - - -
-
9,486
9,486
46,821
- - - - 3,345
737
1,426
13,551
987,263
- - - - -
-
-
1,249,728
-
- - - 3,345
737
10,912
1,272,765
1,034,084
- - - -
-
-
-
756,396
84,860 22,213 1,847 - 434,355
-
1,918,438
12,918,714
15,767,990
- - - - -
(324)
-
(324)
-
84,860 22,213 1,847 - 434,355
324
1,918,438
12,918,390
16,524,386
84,860 22,213 1,847 - 437,700
413
1,929,350
14,191,155
17,558,470
109
CITY OF LA QUINTA
Non -Major Capital Projects Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended June 30, 2002
110
Parks &
Civic
Library
Community
Infrastructure
Transportation
Recreation
Center
Development
Center
Revenues:
Developer fees
$ -
655,885
374,275
549,487
216,972
98,093
Investment income
126,855
115,507
58,436
44,268
23,812
10,238
Total revenues
126,855
771,392
432,711
593,755
240,784
108,331
Expenditures:
Current:
General government
-
-
-
207,536
-
-
Planning and
development
-
-
-
-
-
-
Public works
4,670
Total expenditures
4,670
-
-
207,536
-
-
Excess (deficiency) of
revenues over (under)
expenditures
122,185
771,392
432,711
386,219
240,784
108,331
Other financing sources (uses):
Transfers in
-
-
-
-
-
-
Transfers out
(567,740)
(893,966)
(1,309,728)
-
(68,106)
-
Total other financing
sources (uses)
(567,740)
(893,906)
(1,309,728)
-
68,106)
-
Excess (deficiency) of
revenues and other
financing sources over
(under) expenditures
and other financing uses
(445,555)
(122,574)
(877,017)
386,219
172,678
108,331
Fund balances at beginning
of year
4,507,810
3,519,560
1,035,979
1,233,222
662,901
275,447
Fund balances (deficit) at
end of year
$ 4,062,255
3,396,986
158,962
1,619,441
835,579
383,778
110
23,669
6,064 1,847 (63,129)
(523,341)
A.D. 97-1
(1,636,655)
Financing
Redevelopment
61,191
16,149 - 63,129
Street
Park
Fire
LQ Norte
A.D. 2000-1
Authority
Agency
Totals
(324)
Facility
Facility
Facility
Construction
Phase VI
Projects
PA No.2
2002
2001
21,413
5,468
1,843
-
-
-
-
1,923,436
2,266,651
2,256
596
4
451
16,555
12,991
72,621
484.590
964,605
23,669
6,064
1,847
451
16,555
12,991
72,621
2,408,026
3,231,256
-
-
-
-
-
-
-
207,536
211,983
-
-
-
-
-
-
227,401
227,401
322,361
-
-
-
63,580
-
-
-
68,250
67,919
-
-
-
63,580
-
-
227,401
503,187
602,263
23,669
6,064
1,847
(63,129)
16,555
12,991
(154,780)
1,904,839
2,628,993
-
-
-
-
-
-
-
-
3,195,756
-
-
-
(539,896)
(649,524)
(1,481,875)
(5,510,835)
(5,175,365)
(539,896)
(649,524
(1,481,875)
(5,510,835)
(1,979,609)
23,669
6,064 1,847 (63,129)
(523,341)
(636,533)
(1,636,655)
(3,605,996)
649,384
61,191
16,149 - 63,129
957,696
636,209
3,555,093
16,524,386
15,875,002
84,1360
22,213 1.847 -
434,355
(324)
1,918,438
12,918,390
16,524,386
111
CITY OF LA QUINTA
Capital Projects Funds
Infrastructure Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Investment income
Total revenues
Expenditures:
Current:
Public works
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
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
Original Final
Variance with
Final Budget
Actual Positive (negative)
Prior
Year
Actual
$ 11,000 11,000
126,855
115,855 210,806
11,000 11,000
126,855
115,855 210,806
- 4,670
4,670
- 42,030
- 4,670
4,670
- 42,030
11,000 6,330
122,185
115,855 I68,776
(1,495,518) (2,995,465) (567,740) 2,427,725 (2,253,879)
(1,495,518)
(2,995,465)
(567,740)
2,427,725 (2,253,879)
(1,484,518)
(2,989,135)
(445,555)
2,543,580 (2,085,103)
4,507,810
4,507,810
4,507,810
- 6,592,913
$ 3,023,292
1,518,675
4,062,255
2,543,580 4,507,810
112
CITY OF LA QUINTA
Capital Projects Funds
Capital Improvement Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Developer fees
Intergovernmental
Total revenues
Expenditures:
Capital projects
Debt service:
Principal
Interest
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
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
2,986,693 73,080,327 52,635,785 (20,444,542)
2,986,693 73,080,327 52,635,785 (20,444,542)
113
8,508,731
8,508,731
Variance with
Prior
Budgets
Final Budget
Year
Original
Final
Actual
Positive (negative)
Actual
$ -
182,143
97,150
(84,993)
276,149
15,835,214
28,034,123
4,7821293
(23,251,830)
6,414,543
15,835,214
28,216,266
4,879,443
(23,336,823)
6,690,692
18,649,657
101,124,343
57,342,978
43,781,365
14,388,395
104,409
104,409
104,409
-
745,345
67,841
67,841
67,841
-
65,683
18,821,907
101,296,593
57,515,228
43,781,365
15,199,423
2,986,693
73,080,327)
(52,635,785)
20,444,542
(8,508,731)
2,986,693 73,080,327 52,635,785 (20,444,542)
2,986,693 73,080,327 52,635,785 (20,444,542)
113
8,508,731
8,508,731
CITY OF LA QUINTA
Capital Projects Funds
Transportation Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Revenues:
Developer fees
Investment income
Total revenues
Other financing sources (uses):
Transfers in
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
Year ended June 30, 2002
Budget
Original Final
Variance with
Final Budget
Actual Positive (negative)
Prior
Year
Actual
$ 284,000
284,000
655,885
371,885
823,412
23,100
23,100
115,507
92,407
184,044
307,100
307,100
771,392
464,292
1,007,456
- 1,891,080
(1,524,600) (3,035,989) (893,966) 2,142,023 (180,903)
(1,524,600) (3,035,989) 893,966) 2,142,023 1,710,177
(1,217,500) (2,728,889) (122,574)
3,519,560 3,519,560 3,519,560
$ 2,302,060 790,671 3,396,986
114
2,606,315
2,606,315
2,717,633
801,927
3,519,560
CITY OF LA QUINTA
Capital Projects Funds
Parks and Recreation Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Developer fees
Investment income
Total revenues
Other financing sources (uses):
Transfers out
Total other financing
sources (uses)
Budget
Original Final
Variance with
Final Budget
Actual Positive (negative)
Prior
Year
Actual
$ 201,000
201,000
374,275
173,275 413,975
20,500
20,500
58,436
37,936 50,586
221,500
221,500
432,711
211,211 464,561
(40,000)
4,508,263
1,309,728)
3,198,535 -
(40,000)
(4,508,263
1,309,728)
3,198,535 -
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses 181,500 (4,286,763) (877,017)
Fund balances at beginning of year 1,035,979 1,035,979 1,035,979
Fund balances at end of year $ 1,217,479 (3,250,784) 158,962
115
3,409,746 464,561
- 571,418
3,409,746 1,035,979
CITY OF LA QUINTA
Capital Projects Funds
Civic Center Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Developer fees
Investment income
Total revenues
Expenditures:
Current:
General government
Total expenditures
Excess (deficiency) of revenue
over (under) expenditures
Fund balances at beginning of year
Fund balances at end of year
Budget
Original Final Actual
$ 284,500
284,500
549,487
38,600
38,600
44,268
323,100
323,100
593,755
204,660
s
204,660
207,536
Year
204,660
204,660
207,536
118,440
118,440
386,219
1,233,222
1,233,222
1,233,222
$ 1,351,662
1,351,662
1,619,441
116
Variance with
Prior
Final Budget
Year
Positive (negative)
Actual
264,987
5,668
270,655
2,876
2,876
267,779
267,779
637,564
61,369
698,933
211,983
211,983
486,950
746,272
1,233,222
CITY OF LA QUINTA
Capital Projects Funds
Library Development Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Developer fees
Investment income
Total revenues
Other financing sources (uses):
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
Original Final
Variance with
Final Budget
Actual Positive (negative)
Prior
Year
Actual
$ 150,000 150,000
216,972
66,972
242,803
17,900 17,900
23,812
5,912
86,245
167,900 167.900
240,784
72.884
329,048
- (623,324)
(68,106)
555,218
(1,676)
- (623,324)
(68,106)
555,218
(1,676)
167,900
(455,424)
172,678
662,901
662,901
662,901
$ 830,801
207,477
835.579
117
628,102
628,102
327.372
335,529
662,901
CITY OF LA QUINTA
Capital Projects Funds
Community Center Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Developer fees
Investment income
Total revenues
Variance with
Budget Final Budget
Original Final Actual Positive (negative)
$ 53,500 53,500 98,093 44,593
5,100 5,100 10,238 5,138
58,600 58,600 108,331 49,731
Prior
Year
Actual
110,033
13,457
123,490
Fund balances at beginning of year
275,447
275,447
275,447
- 151,957
Fund balances at end of year
$ 334,047
334,047
38,778
49,731 275,447
118
CITY OF LA QUINTA
Capital Projects Funds
Street Facility Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
Variance with Prior
Budget Final Budget Year
Original Final Actual Positive (negative) Actual
Revenues:
Developer fees
$ 9,500
9,500
21,413
Investment income
1,000
1,000
2,256
Total revenues
10,500
10,500
23,669
Fund balances at beginning of year
61,191
61,191
61,191
Fund balances at end of year
$ 71,691 71,691 84,860
119
11,913 27,696
1,256 2,833
13,169 30,529
30,662
13,169 61,191
CITY OF LA QUINTA
Capital Projects Funds
Park Facility Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
120
Variance with
Prior
Budget
Final Budget
Year
Original
Final
Actual
Positive (negative
Actual
Revenues:
Developer fees
$ 3,000
3,000
5,468
2,468
6,168
Investment income
200
200
596
396
793
Total revenues
3,200
3,200
6,064
2,864
6,961
Fund balances at beginning of year
16,149
16,149
16,149
-
9,188
Fund balances at end of year
$ 19,349
19,349
22,213
2,864
16,149
120
CITY OF LA QUINTA
Capital Projects Funds
Fire Facility Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
Variance with Prior
Budget Final Budget Year
Ori final Final Actual Positive (negative) Actual
Revenues:
Developer fees $ - - 1,843 1,843
Investment income - - 4 4 -
Total revenues - - 1,847 1,847 -
Fund balances at beginning of year - - - - -
Fund balances at end of year $ - - 1,847 1,847
121
CITY OF LA QUINTA
Capital Projects Funds
A.D. 97-1 LQ Norte Construction Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
Variance with Prior
Budget Final Budget Year
Original Final Actual Positive (negative) Actual
Revenues:
Investment income $ _
- 451
451
3,475
Total revenues e
_ 451
451
3,475
Expenditures:
Current:
Public works -
- 63,580
(63,580)
-
Total expenditures -
- 63,580
(63,580)
-
Excess (deficiency) of revenues
over (under) expenditures -
- (63,129)
(63,129)
3,475
Fund balances at beginning of year 63,129
63,129 63,129
-
59,654
Fund balances at end of year $ 63,129
63,129 -
63,129)
63,129
122
CITY OF LA QUINTA
Capital Projects Funds
A.D. 2000-1 Phase VI Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
Revenues:
Investment income
Total revenues
Expenditures:
Public works
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in
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 with Prior
Budget Final Budget Year
Original Final Actual Positive (negative) Actual
$ - - 16,555 16,555 135,651
16,555 16,555 135,651
- - 25,889
- 25,889
- 16,555 16,555 109,762
- - 74,496
(682,553) 539,896) 142,657 (1,580,002)
(682,553) (539,896) 142,657 (1,505,506)
- (682,553) (523,341) 159,212 (1,395,744)
957,696 957,696 957,696 - 2,353,440
$ 957,696 275,143 434,355 159,212 957,696
123
CITY OF LA QUINTA
Capital Projects Funds
Financing Authority Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
Variance with Prior
Bud et Final Budget Year
Original Final Actual Positive (ne ative) Actual
Revenues:
Investment income $ - - 12,991 12,991 48,514
Total revenues - - 12,991 12,991 48,514
Other financing sources (uses)
Transfers out
Total other financing
sources (uses)
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
Fund balances at beginning of year
Fund balances (deficit) at end of year
(517,732)649,524
(517,732) (649,524)
- (517,732) (636,533)
636,209 636,209 636,209
$ 636,209 118,477 324
124
131,792 -
(131,792) -
(118,801)
48,514
587,695
636,209
CITY OF LA QUINTA
Capital Projects Funds
Redevelopment Agency Project Area No. 1 Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Revenues:
Investment income
Total revenues
Expenditures:
Current:
Planning and development
Total expenditures
Year ended June 30, 2002
Budget
Original Final
Variance with
Final Budget
Actual Positive (negative)
$ 125,000 125,000 728,658
125,000 125,000 728,658
1,571,614 5,253.973 4,901,601
1,571,614 5,253,973 4,901,601
603,658
603,658
352,372
352,372
Prior
Year
Actual
67,250
67,250
830,458
830,458
Excess (deficiency) of revenues
over (under) expenditures
(1,446,614)
(5,128,973)
(4,172,943)
956,030
(763,208)
Other financing sources (uses):
Proceeds of tax allocation bonds
-
88,000,000
88,000,000
-
-
Transfers in
-
-
-
-
3,888,672
Transfers out
(1,044,113)
(58,611,734)
(54,289,302)
4,322,432
(2,788,179)
Total other financing
sources (uses)
(1,044,113)
29,388,266
33,710,698
4,322,432
1,100,493
Excess (deficiency) of revenues
and other financing sources
over (under) expenditures and
other financing uses
(2,490,727)
24,259,293
29,537,755
5,278,462
337,285
Fund balances at beginning of year
8,304,557
8,304,557
8,304,557
-
7,967,272
Fund balances at end of year
$ 5,813,830
32,563,850
37,842,312
5,278,462
8,304,557
125
CITY OF LA QUINTA
Capital Projects Funds
Redevelopment Agency Project Area No. 2 Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Year ended June 30, 2002
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):
Transfers in
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
Original Final
Variance with
Final Budget
Actual Positive (negative)
20,000 20,000 72,621
20,000 20,000 72,621
244,206 289,278 227,401
244,206 289,278 227,401
52,621
52,621
61,877
61,877
(224,206)__(269,278 (154,780) 114,498
(1,353,442) (1,481,875) 128,433)
- 1,353,442
(224,206) (1,622,720)
3,555,093 3,555,093
$ 3,330,887 1,932,373
126
(1,481,875) (128,433)
(1,636,655) (13,935)
3,555,093
1,918,438 13,935
Prior
Year
Actual
5,000
166,832
171,832
322,361
322,361
150,529)
1,230,180
(1,158,905)
71,275
(79,254)
3,634,347
3,555,093
INTERNAL SERVICE FUNDS
Internal service funds are used to account for activities involved in rendering services to
departments within the City. Costs of materials and services used are accumulated in this fund
and charged to the user departments as such goods are delivered or services rendered.
The City of La Quinta has the following Internal Service Funds:
Equipment Replacement Fund — used to account for the ultimate replacement of City owned and
operated vehicles and equipment.
Information Technology Fund — used to account for the purchase and replacement of information
systems.
127
CITY OF LA QUINTA
Internal Service Funds
Combining Statement of Net Assets
June 30, 2002
Assets
Current assets:
Cash and investments
Capital assets, net
Total assets
Liabilities
Current liabilities:
Accounts payable
Net Assets
Invested in capital assets,
net of related debt
Unrestricted
Total net assets
Equipment information Totals
Replacement Technolo r 2002 2001
$ 2,306,271 700,426 3,006,697 2,125,576
679,303 339,181 1,018,484 711,534
2,985,574 1,039,607 4,025,181 2,837,110
25,721
14,847
40,568
4,643
679,303
339,181
1,018,484
711,534
2,280,550 685,579 2,966,129 2,120,933
$ 2,959,853 1,024,760 3,984,613 2,832,467
128
CITY OF LA QUINTA
Internal Service Funds
Combining Statement of Revenues, Expenses and Changes in Net Assets
Year ended June 30, 2002
Operating revenues:
Charges for services
Miscellaneous
Total operating revenues
Operating expenses:
Fuel and oil
Maintenance and parts
Contract services
Software and supplies
Depreciation
Other operating expenses
Total operating expenses
Operating income (loss)
Non-operating revenues (expenses):
Investment income
Total non-operating revenues (expenses)
Income (loss) before transfers
and capital contributions
Transfer in _
Capital contributions
Changes in net assets
Net assets at beginning of year, as restated
Net assets at end of year
Equipment Information
Replacement Technology
Totals
2002 2001
$ 304,982-
304,982
364,748
-
-
-
10,000
304,982
-
304,982
374,748
30,282
-
30,282
34,057
118,919
293
119,212
104,237
_
189,567
189.567
-
-
39,060
39,060
-
136,739
117,084
253,823
106,760
7,809
788
8,597
295
293,749
346,792
640,541
2.45,349
11,233
(346,792)
(335,559)
129,399
73,311
24,275
97,586
119,427
73.311
24,275
97,586
119,427
84,544
(322,517)
(237,973)
248,826
-
1,000,000
1,0007000
-
42,842
65,653
108,495
22,882
127,386
743,136
870,522
271,708
2,832,467
281,624
3,114,091
2,560,759
$ 2,959,853
1,024,760
3,984,613
2,832,467
129
CITY OF LA QUINTA
Internal Service Funds
Combining Statement of Cash Flows
Year ended June 30, 2002
Equipment Information
Replacement Tec�hnolo y
Totals
2002 2001
Cash flows from operating activities:
Cash received from other customers $ 304,982 - 304,982 374,748
Cash payments to suppliers for goods and services (135,932) (211,321) (347,253)L 139,288)
Net cash provided by (used for) operating activities 169,050 (211,321) 42,271) 235,460
Cash flows from non -capital financing activities:
Transfer from other funds
Net cash provided by (used for)
non -capital financing activities
Cash flows from capital and related activities:
Purchase of fixed assets
Net cash provided by (used for)
capital and related activities
Cash flows from investing activities:
Interest received on investments
Net cash provided by (used for) investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Reconciliation of operating income to net cash
provided by operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities:
Depreciation
Adjustments:
Decrease (increase) in accounts payable
Net cash provided by (used for) operating activities
Noncash capital, financing and investing activities:
Fixed assets contributed by other funds
1,000,000 1,000,000 -
1,000,000 1,000,000
(61,666) (112,528) (174,194) (84,760)
(61,666) (112,528) (174,194 (84,760)
73,311
24,275
97,586
119,427
73,311
24,275
97,586
119,427
180,695
700,426
881,121
270,127
2,125,576
-
2,125,576
1,855,449
$ 2,306,271
700,426
3,006,697
2,12-5,576
$ 11,233
(346,792)
(335,559)
129,399
136,739
117,084
253,823
106,760
21,078
18.387
39,465
_____L6 99)
$ 169,050
(211,321)
42,271)
235,460
$ 42,842
65,653
108,495
22.882
130
AGENCY FUNDS
Agency funds are used to account for assets held by the City as an agent for an individual,
private organizations and other governmental units. The agency funds and their purposes are as
follows:
The City of La Quinta has the following agency funds:
Assessment District No. 88-1, 89-2, 90-1, 91-1, 92-1297-1, 2000-1 - To account for assessments
paid to the City for debt service payments on bond issues used to finance sewer improvements.
131
CITY OF LA QUINTA
Agency Funds
Combining Balance Sheet
June 30, 2002
132
Assessment
Assessment
Assessment
Assessment
District
District
District
District
No. 88-1
No. 89-2
No. 90-1
No. 91-1
Assets
Cash and investments
$ 169,330
238,571
241,997
421,726
Total assets
$ 169,330
238,571
241,997
421,726
Liabilities
Due to bondholders
$ 169,330
238,571
241,997
421,726
Total liabilities
$ 169,330
238,571
241,997
421,726
132
Assessment
Assessment
Assessment
District
District
District Totals
No. 92-1
No. 97-1
No. 2000-1 2002 2001
344,296
182,474
396,368 1,994,762 2, l 14,651
344,296
182,474
396,368 1,994,762 2114,651
344,296
182,474
396,368
1,994,762
2,114,651
344,296
182,474
396,368
1,994,762
2,114,651
133
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year ended June 30, 2002
Balance at
Balance at
June 30, 2001_
Additions
Deletions
June 30, 2002
ASSESSMENT DISTRICT NO. 88-1
Assets
Cash and investments $
202,741
89,885(123,296
169,330
Liabilities
Due to bondholders $
202,741
180,501
(213,912)
169,330
ASSESSMENT DISTRICT NO. 89-2
Assets
Cash and investments $
250,979
142,821
(155,229)
238,571
Liabilities
Due to bondholders $
250,979
174,935
(187,343
238,571
ASSESSMENT DISTRICT 3.90-1
Assets
Cash and investments $
243,696
147,979
(149,678
241,997
Liabilities
Due to bondholders $
243,696
177,253
178,952)
241,997
ASSESSMENT DISTRICT NO. 91- l
Assets
Cash and investments $
503,421
277,442
(359,137)
421,726
Liabilities
Due to bondholders $
503,421
333,385
(4 15080)
421,726
(Continued)
134
ASSESSMENT DISTRICT NO... 2000-1
Assets
Cash and investments $ 399,839
Liabilities
Due to bondholders $ 399,839
TOTALS -ALL AGENCY FUNDS
Assets
Cash and investments
Total assets
Liabilities
Due to bondholders
Total liabilities
$ 2,114,651
$ 2,114,651
245,942
26U63
1,242,725
1,242,725
(249,413)
(271,534)
(1,362,614
(1,362,614)
Balance at
June 30, 2002
344,296
344,296
182,474
182,474
396,368
396,368
1,994,762
1,994,762
$ 2,114,651 1,523,237 (1,643,126) 1,994,762
$ 2,114,651 1,523,237 (1,643,126) 1,994,762
135
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
(Continued)
Balance at
June 30 2001 Additions
Deletions
ASSESSMENT DISTRICT NO. 92-1
Assets
Cash and investments $
390,903 209,042
255,649
Liabilities
Due to bondholders $
390,903 245,290
(291,897)
ASSESSMENT DISTRICT NO. 97-1
Assets
Cash and investments $
123,072 129,614
(70,212)
Liabilities
Due to bondholders $
123,072 143,810
84,408)
ASSESSMENT DISTRICT NO... 2000-1
Assets
Cash and investments $ 399,839
Liabilities
Due to bondholders $ 399,839
TOTALS -ALL AGENCY FUNDS
Assets
Cash and investments
Total assets
Liabilities
Due to bondholders
Total liabilities
$ 2,114,651
$ 2,114,651
245,942
26U63
1,242,725
1,242,725
(249,413)
(271,534)
(1,362,614
(1,362,614)
Balance at
June 30, 2002
344,296
344,296
182,474
182,474
396,368
396,368
1,994,762
1,994,762
$ 2,114,651 1,523,237 (1,643,126) 1,994,762
$ 2,114,651 1,523,237 (1,643,126) 1,994,762
135
(This page intentionally left blank)
Rgrel
CAPITAL ASSETS USED IN THE
OPERATION OF GOVERNMENTAL FUNDS
137
CITY OF LA QUINTA
Capital Assets Used in the Operation of Governmental
Funds by Source'
June 30, 2002
Governmental funds capital assets:
Land
$ 56,467,549
Buildings and improvements
14,974,990
Equipment and furniture
1,046,049
Vehicles
161,052
Infrastructure
312,219,798
Construction in progress
29,880,113
Total governmental funds capital assets
$414.749,551
Investment in general fixed assets by source:
Capital projects funds
$357,156,449
Redevelopment agency
57,593,102
Total government funds capital assets $414749,551
This schedule presents only the capital asset balances related to governmental funds.
Accordingly, the capital assets reported in the internal service fund are excluded from the
above amounts. Generally, the capital assets of the internal service funds are included as
governmental activities in the statement of net assets.
138
CITY OF LA QUINTA
Capital Assets Used in the Operation of Governmental Funds
Schedule by Function and Activity
June 30, 2002
139
Buildings and
Equipment
Construction
Function and Activity
Land
Improvements
and Furniture Vehicles
Jnfrastructure
in Progress
Totals
General government
Legislative
$ -
-
5,146 -
-
-
5,146
City manager
6,951,091
121,868
132,662 -
-
7,205,621
Economic development
-
-
10,208 -
-
10,208
Personnel
-
25,304
4,036 -
-
29,340
Finance
-
-
5,976
-
-
5,976
Central services
-
-
45,877 -
-
-
45,877
City clerk
-
-
145,411 -
-
-
145,411
Total general government
6,951,091
147,172
349,316 -
-
7,447,579
Public safety
Police
-
-
142,571 -
-
142,571
Building and safety
administration
-
-
52,670 -
-
52,670
Code compliance
-
-
4,104 -
-
-
4,104
Animal control
-
-
2,546 -
-
-
2,546
Building
-
-
1,250 -
-
-
1,250
Emergency services
-
1,792
61,788 -
-
-
63,580
Fire
101,392
- 161,052
-
71,862
334,306
Civic center building
operations
-
9,753,660
93,380 -
-
69,782
9,916,822
Total public safety
101,392
9,755,452
358,309 161,052
-
141,644
10,517,849
Community services
Community services
administration
2,024,311
25,064 -
1,018,163
75,065
3,142,603
Park and recreation programs
-
1,990,243
8,345 -
-
-
1,998,588
Senior center
-
2,591 -
-
-
2,591
Total community services
-
4,014,554
36,000
1,018,163
75,065
5,143,782
Community development
Community development
administration
-
-
47,625 -
-
47,625
Redevelopment agency
49,415,066
840,000
- -
-
7,338,036
57,593,102
Total community development
49,415,066
840,000
47,625 -
-
7,338,036
57,640,727
Public works
Public works administration
-
4,000
12,728 -
-
-
16,728
Development and traffic
-
19,289 -
301,421,589
19,240,492
320,681,370
Street maintenance and
operations
-
12,742
80,151 -
7,752,011
1,352
7,846,256
Lighting landscape maintenance
and operations
-
201,070
141,029 -
2,028,035
3,083,524
5,453,658
Capital projects
-
-
1,602 -
-
-
1,602
Total public works
-
217,812
254.799 -
311,201,635
22,325,368
333,999,614
Total governmental funds
capital assets
$56,467,549
14,974,990
1,046,049 161,052
312,219,798
29,880,113
414,749,551
This schedule presents only the
capital asset balances
related to governmental funds. Accordingly, the capital assets reported in the
internal service fund are excluded from the above amounts. Generally,
the capital assets of the internal service funds are included as
governmental activities in the statement of net
assets.
139
CITY OF LA QUINTA
Capital Assets Used in the Operation of Governmental Funds
Schedule of Changes by Function and Activity
Year ended June 30, 2002
Public safety
Police
Governmental
108,781
LL
Governmental
Building and safety administration
Funds Capital
-
(22,833)
Funds Capital
Code compliance
Assets
-
(16,068)
Assets
Animal control
July 1, 2001
Additions
Deletions
.lune 30. 2002
General government
12,110
_
(10,860)
1,250
Legislative
8,573
-
(3,427)
5,146
City manager
7,229,485
-
(23,864)
7,205,621
Economic development
13,551
-
(3,343)
10,208
Personnel
29,340
-
-
29,340
Finance
91,340
-
(85,364)
5,976
Central services
197,311
42,843
(194,277)
45,877
City clerk
204.454
5.082
(64.125)
145.411
Total general government
7.774,054
47,925
(374.4001
7.447.579
Public safety
Police
33,790
108,781
LL
142,571
Building and safety administration
75,503
-
(22,833)
52,670
Code compliance
20,172
-
(16,068)
4,104
Animal control
2,546
-
-
2,546
Building
12,110
_
(10,860)
1,250
Emergency services
55,506
14,772
(6,698)
63,580
Fire
161,052
173,254
-
334,306
Civic center building operations
9.828.050
103.135
(14,363)
9,916.822
Total public safety
10,188,729
399.942
(70,822)
10,517.849
Community services
Community services administration
3,139,104
24,387
(20,888)
3,142,603
Park and recreation programs
1,987,376
23,730
(12,518)
1,998,588
Senior center
997
1.594
-
2.591
Total community services
5,127,477
49.7113(
_34061
5,143,782
Community development
Community development administration
107,206
3,717
(63,298)
47,625
Redevelopment agency
13,990.038
43.779,064
(176.000)
57_593_ 102
Total community development 14.097.244 43.782,781 _ (239.298) 57.640.727
Public works
Public works administration 74,514 -
(57,786)
16,728
Development and traffic 311,670,799 9,132,789
(122,218)
320,681,370
Street maintenance and operations 7,722,904 291,621
(168,269)
7,846,256
Lighting landscape maintenance and operation 3,165,912 2,288,789
1,043
5,453,658
Capital projects 5,930 -
4 328
1,602
Total public works 322,641059 11.713.199
(353.644)
333.999.614
Total governmental funds capital assets 359,827,563 55,993,558
(1,071,570)
414,749,551
C This schedule presents only the capital asset balances related to governmental funds.
Accordingly, the capital assets reported in the internal service fund are excluded from
the above amounts. Generally, the capital assets of the internal service funds are
included as governmental activities in the statement of net assets.
140
STATISTICAL SECTION
141
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 Safe Works Service Development Pr� olects Total
1992
1,921,155
2,155,813
618,612
157,897
1993
1,807,205
2,393,202
600,253
146,686
1994
2,359,673
2,786,575
673,144
119,265
1995
1,565,265
3,143,697
576,304
199,115
1996
1,793,301
3,227,438
813,352
413,142
1997
2,376,935
3,442,056
889,694
469,110
1998
2,229,389
4,099,523
1,159,372
494,402
1999
`2,473,241
4,468,294
1,546,650
732,741
2000
2,814,604
4,992,811
1,704,996
768,528
2001
3,063,640
5,636,154
1,417,529
817,460
2002
2,960,339
7,609,121
1,536,033
1,014,474
Source: City of La Quinta Audited Financial Statements
142
904,171
11,813
5,769,461
884,537
-
5,831,883
511,416
-
6,450,073
538,610
282,113
6,305,104
453,656
201,475
6,902,364
455,563
170,000
7,803,358
345,054
-
8,327,740
626,074
-
9,847,000
748,949
-
11,029,888
733,579
-
11,668,362
726,589
-
13,846,556
TABLE 2
CITY OF LA QUINTA
General Fund Revenue by Source
Last Ten Fiscal Years
Fiscal Year
Licenses
Charges
Litigation
Ending
and
Inter-
for
Settlement
June 30
Taxes
Permits
Governmental
Services
Proceeds
Interest
Miscellaneous
Total
1992
3,135,044
576,293
930,503
488,015
(1)
261,380
120,867
5,512,101
1993
3,581,830
622,107
1,157,587
384,000
(1)
238,321
219,641
6,203,485
1994
4,212,604
777,241
1,600,032
469,695
(1)
585,264
1,042,872
8,687,707
1995
4,946,304
902,914
747,784
551,727
477,872
718,310
137,028
8,481,939
1996
5,393,456
998,030
815,980
610,873
12,386
905,420
230,705
8,966,850
1997
5,942,698
793,689
1,072,803
976,897
40,593
941,327
22,712
9,790,719
1998
6,764,355
1,144,562
1,110,553
1,228,269
281,382
1,164,145
114,969
11,808,235
1999
8,101,191
1,951,981
1,466,788
1,965,219
740,985
1,569,796
74,529
15,870,489
2000
8,888,825
2,493,360
2,388,749
1,922,097
-
1,868,073
106,371
17,667,475
2001
10,331,970
2,057,423
2,164,891
1,998,589
-
2,513,789
43,547
19,110,209
2002
10,443,436
1,857,691
3,683,490
1,757,744
-
2,030,346
529,190
20,301,897
(1)
1995 was the first year Litigation Settlement Proceeds was
identified as a revenue source
Source:
City of La Quinta
Audited Financial Statements
143
TABLE 3
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
144
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
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%
2001
- $1,071,723
$1,091,128
101.8%
-
101.8%
2002
$1,218,823
$1,409,828
115.7%
-
115.7%
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
144
TABLE 4
CITY OF LA QUINTA
Schedule of Net Taxable Value
Last Ten Fiscal Years
Fiscal Year
Assessed
Less
Less
Net
Ending
Secured
Unsecured
Property
Property
Homeowner's
Taxable
June 30
Propefty
Property
Value
Exemptions
Exemptions
Value
1992
1,594,767,374
6,396,816
1,601,164,190
3,605,829
(1)
1,597,558,361
1993
1,773,323,102
6,943,559
1,780,266,661
3,814,434
(1)
1,776,452,227
1994
1,872,768,156
8,119,527
1,880,887,683
3,946,378
18,901,202
1,858,040,103
1995
1,927,834,908
22,822,285
1,950,657,193
4,357,954
20,518,400
1,925,780,839
1996
2,043,276,054
23,801,872
2,067,077,926
6,936,774
22,399,068
2,037,742,084
1997
2,164,204,951
22,511,720
2,186,716,671
6,919,376
22,407,418
2,157,389,877
1998
2,305,593,987
18,844,880
2,324,438,867
9,676,787
24,877,018
2,289,885,062
1999
2,674,887,437
18,756,736
2,693,644,173
10,998,340
27,581,722
2,655,064,111
2000
2,665,520,656
18,712,736
2,684,233,392
11,655,584
28,259,200
2,644,318,608
2001
3,162,945,116
30,599,753
3,193,544,869
19,757,668
30,391,400
3,143,395,801
2002
3,789,678,041
32,607,713
3,822,285,754
20,732,503
33,993,800
3,767,559,451
(1) Homeowner's exemption not available
Source: County of Riverside
145
CITY OF LA QUINTA
Property Tax Rates - Direct and Overlapping Governments
Last Five Fiscal Years (per $100 of Assessed Value)
General
County of Riverside
Riverside County Office of Education
Desert Sands Unified
Coachella Valley Unified School District
Coachella Valley Water District
Total Tax Rate
Source:
County of Riverside
TABLE 5
2001/02
2000/01
1999/00
1998/99
1997/98
1.00000
1.00000
1.00000
1.00000
1.00000
0.00985
-
-
-
-
0.00985
-
-
-
-
0.35177
0.09750
0.09750
0.09750
0.09750
0.05022
-
-
-
-
0.56885
0.02080
0.02080
0.02080
0.02080
1.99054
1.11830
1.11830
1.11830
1.11830
146
TABLE 6
CITY OF LA QUINTA
Special Assessment Billings and Collections
Last Ten Fiscal Years
Year
Special
Special
Ratio of
Ended
Assessment
Assessment
Collections
June 30
Billing
Collections (1)
to Billings
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
95:9%
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%
2001
835,577
803,756
96.2%
2002
1,068,994
992,226
92.8%
(1) Includes Prepayments and Foreclosures
Source: Muni Financial Services
147
TABLE 7
CITY OF LA QUINTA
Schedule of Direct and Overlapping Bonded Debt
June 30, 2002
Note: Excludes tax and revenue anticipation notes, revenue, mortgage revenue,
tax allocation bonds and nonbonded"oapital lease obligations.
Source: California Municipal Statistics, Inc.
148
Percent
June 30, 2002
Direct and Overlapoing_Bo_nded Debt
Applicable
Bonded Debt
Riverside County General Fund Obligations
0.985%
$6,315,737
Riverside County Board of Education Certificates of Participation
0.985%
147,377
` Desert Sands Unified School District Certificates of Participation
8.340
2,072,151
Desert Sands Unified School District Lease Tax Obligation
8.340
3,350,595
Desert Sands Unified School District Community Facilities No.1
100.000
2,245,000
Coachella Valley County Water District, I.D. #71 Storm Water
Unit Certificates of Participation
6.190
759,823
Coachella Valley County Water District, I.D. #55
64.580
6,280,405
Coachella Valley County Water District, I.D. #58
2.821
181,390
Coachella Valley Unified School District
5.022
958,161
City of La Quinta General Fund Obligations (Finance Authority)
100.000
7,475,000
City of La Quinta 1915 Act Bonds
100.000
5,450,000
Total Direct and Overlapping Bonded Debt
$35,235,639
Note: Excludes tax and revenue anticipation notes, revenue, mortgage revenue,
tax allocation bonds and nonbonded"oapital lease obligations.
Source: California Municipal Statistics, Inc.
148
CITY OF LA QUINTA
Computation of Legal Debt Margin
June 30, 2002
Net Assessed Valuation
Debt Limit - 15 % of Assessed Valuation
Amount of Debt Applicable to Debt Limit
Legal Debt Margin
$3,767,559,451
565,133,918
-0-
$565,133,918
TABLE 8
Notes: Section 43605 of the Government Code of the State of California limits
the amount of indebtedness for public improvements to 15% of the assessed
valuation of all real and personal property of the City.
The City of La Quinta has no general bonded indebtedness.
Source: City of La Quinta
149
Fiscal Year
Ending
June 30
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Note
Source:
TABLE 9
CITY OF LA QUINTA
Revenue Bond Coverage
Local Agency Revenue Bonds (City Hall Project)
Last Ten Fiscal Years
Debt Service Requirements
Revenue Available
for Debt Service Principal Interest Total Coverage
It 182 784 - 182 784 182 784 1.00
150
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
548,352
_
5482352
548,352
548,352
-
5482352
5482352
699,477
155,000
544,477
6992477
696,402
160,000
536,402
696,402
607,950
170,000
437,950
607,950
734,623
285,000
4492623
734,623
6842573
245,000
439,573
684,573
679,670
250,000
4292670
679,670
678,955
260,000
418,955
6782955
6822178
275,000
407,178
682,178
Revenue available consists
of lease payments made by the City of La Quinta tc
the La Quinta Financing Authority.
City of La Quinta
150
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
TABLE 10
CITY OF LA QUINTA
Demographic Statistics
Last Ten Fiscal Years
151
Total
City
Fiscal Year
Population
Riverside
Population
Ending
Square
Percent
County
Percent
June 30
Miles (1)
Population (2)
Change
Population (2)
Of County
1992
28.0
14,727
12.7%
1,281,000
1.1%
1993
28.2
15,589
5.9%
1,323,500
1.2%
1994
28.2
16,680
7.0%
1,357,400
1.2%
1995
31.2
17,591
51.5%
1,393,500
1.3%
1996
31.2
18,050
2.6%
1,381,879
1.3%
1997
31.2
18,931
4.9%
1,379,956
1.4%
1998
31.2
20,444
8.0%
1,441,237
1.4%
1999
31.2
21,763
6.5%
1,473,307
2.2%
2000
31.2
24,240
10.77%
1,522,900
1.6%
2001
31.2
26,321
8.58%
1,545,387
1.7%
2002
31.8
28,715
9.09%
1,545,387
1.9%
Source:
(1) City of La
Quinta
(2) State of California Department of Finance
151
Fiscal Year
Ending
June 30
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
(1)
Source:
CITY OF LA QUINTA
Property Value and Construction Activity
Property
Value 1
1,594,767,374
1,773,323,102
1,872,768,156
1,927,834,908
2,043,276,054
2,164,204,951
2,305,593,987
2,674,887,437
2,665,520,656
3,162,945,116
3,789,678,041
Last Ten Fiscal Years
Commercial
Construction
Units
Value
12
7,334,871
7
2,441,392
13
6,081,796
4
1,100,119
8
1,018,940
11
1,876,747
14
2,689,642
19
8,894,767
40
13,071,684
39
15,289,134
66
6,739,720
From Schedule of Net Taxable Value
City of La Quinta
152
TABLE 11
Residential
Construction
Units
Value
320
35,744,443
324
39,145,539
531
79,318,969
238
29,163,494
336
53,973,239
322
36,971,047
461
70,403,691
770
132,521,054
1,590
292,524,629
1,069
195,774,186
858
171,189,651
CITY OF LA QUINTA
Principal Taxpayers
June 30, 2002
Taxpayer Type of Activity
KSL La Quinta Hotel Corp. Hotel
KSL PGA West Corporation Residences
Sunrise Desert Partners Condominiums
KSL Landmark Corporation Vacant Land
KSL Land Corporation Residential Land
KSL La Quinta Corporation Golf Courses
TD Desert Development Residential Land
La Quinta Golf Properties, Inc. Golf Course
M & H Realty Partnership Shopping Centers
Washington Adams Partnership Commercial
Source: City of La Quinta
153
TABLE 12
TABLE 13
CITY OF LA QUINTA
Major Employers
June 30, 2002
Employer
Employees
Activi
La Quinta Hotel and Golf Resort
1,500
Resort Hotel
PGA West
1,100
Golf Resort
Desert Sands Unified School District
550
School District Administration
Wal-Mart
250
Retailer
The Home Depot
180
Retailer
Lowe's Home Improvement
150
Retailer
Stater Brothers
126
Groceries
Vons
103
Groceries
Ralphs
100
Groceries
City of La Quinta
76
Municipal Government
Source: City of La Quinta
154
TABLE 14
CITY OF LA QUINTA
Schedule of Insurance in Force
June 30, 2002
Company n�s� N! arse
Policy Number
Coverage
Limits
Term
Premium
Hartford
PEBAO7068
Employee Dishonesty,
$1,000,000
12/03/01 - 02
$2,500
Forgery, Computer Fraud
General Star
IAG371825A
All Risk Property Insurance
25,139,000
07/01/02 - 03
16,505
Indemnity & Westchester
FPL388464
Including Auto Physical Damage
Fire
(Excluding Quake & Flood)
Agricultural Ins,
CCP5629789
Earthquake & Flood
4,500,000
02/07/02 - 03
15,780
Company
Real & Personal Property
Part of $7,500,000
Including Contigent Tax Interruption
California
Certificate #5
Comprehensive General
$0 Deductible Retention
12/03/01 - 02
60,300
Joint Powers
Liability
$50 Million
Insurace Authority
California Certificate
Joint Powers #5009-056
Insurance Authority
Greenwich Ins. Co. AC63329789
Chubb Custom
Insurance
Source: City of La Quinta
Worker's Compensation 5,000,000 12/03/01 - 02 37,637
Earthquake & Flood 3,000,000
Real & Personal Property Part of $7,500,000
Including Contigent Tax Interruption
Special Events $1,000,000
155
02/07/02 - 03 9,970
02/01/02 - 03 NIC
TABLE 15
CITY OF LA QUINTA
Miscellaneous Statistical Data
June 30, 2002
Date of Incorporation ................................May
2, 1982
Type of City ................................
Charter City
Form of Government ...........................Council./
Manager
City Employees
76
City Land Area (square miles) ....................................
31.8
Population
....................... . . 28,715
Number of Parks
9
Total Acreage ....
........................ I..... 40
Miles of Streets .........
. .......... . . ......... . .. 170.0
Miles of Bike Paths ..................................
9.7
Number of Major Intersections ..................................
45
Number of Traffic Signals and Safety Lighting
....................... 40
Number of Traffic Signs
............................ 2,630
Number of Street Lights
. , ......................... 56
Public Schools
Private Schools
.................................. 4
.................................. 1
Churches..............I...................
Banks/Savings and Loan .............. ................
Number of Single Family Units - Detached ..........................
Number of Single Family Units - Attached ..........................
Number of Multiple Family Units ................................
Number of Mobile Homes ............................. , .. .
Source: City of La Quints
156
3
7
12,228
2,360
897
247
TABLE 16
CITY OF LA QUINTA
General Fund Balance Trends
Last Ten Fiscal Years
Fiscal Year
Ending
Reserved
Unreserved
Totals
June 30
Designated Undesignated
1992
6,227,579
76,323 (662,573)
5,641,329
1993
5,372,575
82,056 508,301
5,962,932
1994
4,354,139
3,792,864 --
8,147,003
1995
6,100,309
4,228,680 --
10,328,989
1996
6,680,048
5,686,027 --
12,366,075
1997
8,202,641
5,936,591 --
14,139,232
1998
8,915,742
8,568,017 --
17,483,759
1999
8,879,558
14,439,998 --
23,319,556
2000
10,565,563
18,111,835 --
28,677,398
2001
11,746,211
23,878,259 --
35,624,470
2002
15,351,251
25,522,073 --
40,873,324
Source:
City of La Quinta
157
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