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1988-1989 ACFR (July 1 - June 30 Annual Comprehensive Financial Report)Comprehensive Annual Financial Report CAFR 07/01/1988 - 06/30/1989 CITY OF LA QUINrA June 30, 1989 TABLE OF CONTENT'S Page M tuber Independent, Auditors' Report 1 General Purpose Financial Statements: Combined Balance Sheet - All Fund Types and Account Groups 2 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual - General and Special Revenue Fund Types 4 Notes to Financial Statements 5-23 CombIn,ng and Individual Fund Financial Statements: General Fund: COMparative Balance Sheet Statement of Revenues.., E)�enditures and Changes in 24 Fund Balances - Budget (GAAP Basis) and Actual 25 Special Revenue Funds: ccmbining Balance Sheet Combining Statement of Revenues, Mures and 26 Changes in Fund Balances 27 Federal Revenue Sharing Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 28 State Gas Tax Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 29 Quimby Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 30 CcMwlity Development Block Grant: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual 31 Landscape Maintenance District Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Ballance - Budget (GAAP Basis) and Actual) 32 Infrastructure Special Revenue Fund: Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget (GAAP Basis) and Actual 33 Village Parking Special Revenue Fund: Statement of Revenue, Expenditures, and changes in Fund Balance - Budget (GAAP Basis) and Actual 34 Debt Service Funds: CWparative Balance Sheet 35 Cca parative Statement of Revenues, Expenditure, and Changes in Fund Balance - Debt Service 36 Agency Funds: Statement of Changes in Assets and Liabilities 37 Capital Prof ects Funds: Ccaq3arative Balance Sheet 38 Comparative Statement of Revenues, Expenditures and Changes in Fund Balances 39 DIEHL,EVANS &COMPANY CERTIFlED PUBLIC ACCOUNTANTS A PARTNERSHIP INCLUDING ACCOUNTANCY CORPORATIONS 18401 VON KARMAN, SUITE 200 IRVINE • CALIFORNIA 92715-1542 PHONE (714) 757-7700 FAX (714) 757-2707 City Council City of La Quinta La Quinta, California August 25, 1989 OTHER OFFICES AT: 2965 ROOSEVELT ST CARLSBAD, CA 92008-2389 16191 729-2333 120 WEST WOODWARD AVE ESCONDIDO. CA 92025-9990 (6191 741-3141 We have audited the general purpose financial statements of the City of La Quinta, California as of and for the year ended June 30, 1989, as listed in the table of contents. These financial statements are the responsibility of City's management. Our responsibility is to express an opinion on these financial, staterents based on out audit. We conducted our audit in accordance with generally accepted auditing standards. Thee standards requ xe that we plan and perform the audit to obtain reasonable -6urarx:�e abOLAt whether the general purpose financial statements are free of mater) -al misstateme t. An audit includes examinu)g, on a test basis, evidence sLIppoxtirxg the amounts and disclosures in the financial statements. An audit also includes assessing the acrcntnting principles used and significant estimates made by met presenta as well as evaluating the overall general purpose financial for our presentation. We believe that our audit provides a reasonable basis far crit opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material re- s, the financial position of the City of La Quinta as of June 30, 1989, and the results of its operations for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whale. The combining and individual fund financial statements listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of La Quinta. The information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. c -1- CITY OF LA QUINTA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS June 30, 1989 Fiduciary Account Groups Totals (Memorandum only) Governmental Fund Types Fund Type ------------•---•----••--•---•---•---•----•-•- ------------------------•---•.....................---•--... General Genera: June 30, Special Debt Capital Agency Fixed Long -Tenn --•--------•-•-----•-- General Revenue Service Projects Fund Assets Debt 1989 1988 ASSETS Cash and investments (Note 2e and 4) $7,034,700 S 875,104 S 2,580,451 S 8,486,746 S 113,291 S - V 519,090,292 f 5,654,370 Accrued property taxes receivable - - 139,011 14,423 - 153,434 39,942 Accured interest receivable 95,672 23,762 60,973 7,825 188,232 99,054 Accounts receivable 350,298 15,517 - 429,656 3,741 799,212 297,603 Due from other funds (Note 11) 170,952 1,005,753 - 909 3,434 1,181,048 1,680,586 Deposits 34,825 316 - - 35,141 180,793 Restricted Cash (Note 4 and 15) - 4,130,786 - 4,130,786 3,076,360 General fixed assets (notes 2f and 3) 2,592,543 2,592,543 2,035,866 Amount available in debt service fund 7,767,938 7,767,938 4,596,593 Amount to be provided for payment of long term debt - 25,942,796 25,942,796 18,019,946 TOTAL ASSETS $7,686,447 5 1,920,452�Sy6,911,211 $ 8,939,559 S 120,466 5 2,592,543 !33,710,734 561,881,422 535,681,113 __________________ -__=_______________=________________ LIABILITIES AND FUND EQUITY LIABILITIES: Accounts payable and accrued expenses S 310,372 S 37,633 S $ 655,828 $ i S $ 1,003,833 $ 294,803 Deposits - - 25,000 120,466 - 145,466 - Compensated absences payable (Note 2g and 5) - 139,228 139,228 101,737 Contracts payable (Note 5) 86,250 86,250 125,980 Bonds payable (Note 5) 28,000,000 28,000,000 20,000,000 Notes payable (Note 5) - 2,229,995 2,229,995 96,005 Due to other funds (Note 5 and 11) 604,645 - 405,451 - 170,952 1,181,048 1,680,586 Due to other governments (Note 5) .......................... 149,438 • - 3,084,309 3,233,747 2,241,837 TOTAL LIABILITIES ••-••-......--• 915,017 37,633 149,438 1,086,279 120,466 . 33,710,734 36,019,567 24,540,948 FUNDEQUITY: ..-•.........--• .............................••--•-.................-•-••••..............--.--.-........ Investments in fixed assets 2,592,543 2,592,543 2,035,866 Fund balances (Note 10): Reserved 1,214,588 1,214,588 997,769 Unreserved: Designated 5,556,842 1,882,819 6,761,783 7,853,280 22,054,724 8,106,530 TOTAL FUND EQUITY ..............._.-----•--•••-.........-•-••-•--••-......... 6,771,430 1,882,819 6,761,783 7,853,280 • . 2,592,543 . 25,861,855 11,140,165 TOTAL LIABILITIES AND FUND EQUITY •----••...................•.......----•-•......--................. $7,686,447 $ 1,920,452 S 6,911,221 S 8,939,559 $ 120,466 S , 2,592,543 $33,710,734 $61,881,422 535,681,113 CITY OF LA OUINTA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES For the year ended June 30, 1989 With comparative totals for the year ended June 30, 1988 REVENUES: Taxes Licenses and permits Intergoverrmental revenues Revenues from use of money or property Other revenues Contributions TOTAL REVENUES EXPENDITURES: Current expenditures: General government Public Safety Street maintenance Community Services Capital outlay Debt Service Interest Principal Bond issue costs Taxing Agency Payments Trustee Fees TOTAL EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Proceeds from long term debt (Note 5) Proceeds from bands (Note 5) Contributions from property owners (Note 12) Operating transfers in (Note 11) Operating transfers out (Note 11) TOTAL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCES - JULY 1 Prior period adjustment (note 16) Residual equity tranfers in (Note 11) Residual equity tranfers out (Note 11) FUND BALANCES - JUNE 30 See independent auditors' report and notes to financial statements. Totals (Memorandum only) June 30, Special Debt Capital ..................... General Revenue Service Projects 1989 1988 ................ S 2,306,887 S - S 4,193,266 S 435,413 56,935,566 55,264,301 3,656,307 - 3,656,307 1,932,219 496,621 113,171 609,792 624,747 368,136 124,186 377,840 321,006 1,191,168 584,878 107,336 827,453 4,750 939,539 60,157 229`109 49,050 278,159 230,619 ............................... 7,164,396 1,113,860 4,571,106 761,169 13,610,531 8,696,921 1,040,895 555,863 1,596,758 920,695 1,491,594 - - 1,491,594 1,468,581 701,175 645,895 1,347,070 936,992 48,045 48,045 1,775,738 70,439 1,773,991 1,844,430 314,174 - 2,003,028 - 2,003,028 1,900,477 1,102,160 1,102,160 1,106,612 53,433 53,433 530,000 11,301 .__....._...---------------- 3,233,664 764,379 3,158,621 2,329,854 9,486,518 8,964,570 3,930,732" 349,481 1,412,485 (1,568,685)' 4,124,013 (267,649) - 1,091,104 1,091,104 752,705 7,264,400 8,017,105 - 1,052,791 1,052,791 70,439 - 70,439 (70,439) - (70,439) --------------- -.._-..._.•-------------•---•-------...------- (70,439) 70,439 752,705 9,408,295 10,161,000 3,860,293 419,920 2,165,190 7,839,610 14,285,013 (267,649) 3,030,458 1,463,578 4,596,593 13,670 9,104,299 8,957,332 (120,000) (120,000) - (119,321) (119,321) 2,050,209 119,321 119,321 (2,050,209) .................... ...._. ------ --- ........... 5 6,771,430 5 1,882,819 5 6,761,783 5 7,853,280 $23,269,312 $8,689,683 3- CITY OF LA OUINTA COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES For the year ended June 30, 1989 See independent auditors, report and notes to financial statements. •4. General Special Revenue Funds Totals (Memorandum Only) Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) REVENUES: ...... .... ....,. .. ...... ..... Contributions S 200,000 S 229,109 S 29,109 S 80,000 S 49,050 S (30,950) S 280,000 S 278,159 S (1,841) Taxes 1,853,000 2,306,887 453,887 - 1,853,000 2,306,887 453,887 Licenses and permits 1,214,500 3,656,307 2,441,807 1,214,500 3,656,307 2,441,807 Intergovernmental revenues 363,100 496,621 133,521 225,375 113,171 (112,204) 588,475 609,792 21,317 Revenues from use of money or property 220,000 368,136 148,136 124,186 124,186 220,000 492,322 272,322 Other revenues 128,600 107,336 (21,264) 827,453 827,453 128,600 934,789 806,189 TOTAL REVENUES 3,979,200 7,164,396 3,185,196 305,375 1,113,860 808,485 4,284,575 8,278,256 3,993,681 EXPENDITURES: Current expenditures General government 1,020,587 1,040,895 (20,308) 1,020,587 1,040,895 (20,308) Public Safety 1,595,381 1,491,594 103,787 - 1,595,381 1,491,594 103,787 Street maintenance 1,306,269 645,895 660,374 1,306,269 645,895 660,374 Community Services 807,697 701,175 106,522 220,992 48,045 172,947 1,028,689 749,220 279,469 Capital Outlay 70,439 (70,439) - 70,439 (70,439) TOTAL EXPENDITURES 3,423,665 3,233,664 190,001 1,527,261 764,379 762,882 4,950,926 3,998,043 952,883 EXCESS OF REVENUES OVER EXPENDITURES 555,535 3,930,732 3,375,197 (1,221,886) 349,481 1,571,367 (666,351) 4,280,213 4,946,564 OTHER FINANCING SOURCES (USES): Operating transfers in 70,439 70,439 70,439 70,439 Operating transfers out (70,439) (70,439) (70,439) (70,439) TOTAL OTHER FINANCING SOURCES (USES) (70,439) (70,439) 70,439 70,439 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 555,535 3,860,293 3,304,758 (1,221,886) 419,920 1,641,806 (666,351) 4,280,213 4,946,564 FUND BALANCES - JULY 1 3,030,458 3,030,458 1,463,578 1,463,578 - 4,494,036 4,494,036 Prior Period Adjustment (120,000) (120,000) (120,000) (120,000) Residual equity transfer in (119,321) (119,321) (119,321) (119,321) Residual equity transfer out 119,321 119,321 119,321 119,321 FUND BALANCES - JUNE 30 $3,466,672 $6,771,430 S 3,304,758 S 241,013 S 1,882,819 $ 1,641,806 S 3,707,685 $8,654,249 $4,946,564 See independent auditors, report and notes to financial statements. •4. CITY OF LA QUINTA -VMV202%1 MR June 30, 1989 The reporting entity "City of La Quintal' includes the accounts of the City and the La Quinta Redevelopment Agency (Agency). Although the City and the Agency are legally separate entities, the La Quinta City Council exercises oversight responsibility over the Agency. The yrs of the City Council also act as the governing body of the Agency, and the City provides financial and management assistance to the Agency. The City of La Quinta was incorporated on May 1, 1982 and has established a Council/Manager form of government. The La Quinta Redevelopment Agency was established in November, 1983, Pursuant to the State of California Health and safety Code, Section 33000. The primary purpose of the Agency is to encourage private redevelopment of property and to rehabilitate areas suffering from economic disuse. The Agency has established one redevelopment project for the purpose of developing flood control improvements and facilities. The area of the redevelopment project uprises approximately 17.5 square miles. The City's cag3arative financial statements as of, and for the year ended, June 30, 1989 have been presented herein, and include both the City and the Agency. However, prior year comparisons for each individual fund are not presented since their inclusion would make the statements unduly complex and difficult to read. 2. SIGNIFICANT AC00UNTING POLICIES: a. Description of funds and account groups: The accounts of the City are organized on the basis of fund types and account groups, each of which is considered a separate accounting entity with a self -balancing set of accounts. The following are the types of funds and account groups used: Gavert�ntal Eland Ty-.�es 1) General Fund - accounts for all unrestricted resources except those required to be accounted for in another fund. 2) Special Revenue Fiends -- account for the proceeds of specific revenue sources that are restricted by law or administrative action to expenditures for specified purposes. 3) Debt Service Funds - accounts for Agency tax increment revenue restricted for use to pay debts of the Agency. See independent auditors' report. -5- NOTES TO FINANCIAL STATF2MnS (Continued) June 30, 1989 2, SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): a. Description of funds and account groups (Continued): 4) Capital Projects Funds -account for financial resources used for acquisition or construction of major capital facilities ana equipment. Fiduci Fuad Agency Funds - account for assets held by the City as an agent for individuals or private organizations. Account Groups 1) The General Fixed Assets Account Group - account used to maintain control and cost information on capital assets owned by the City. 2) The General Long -Term Debt Account Group - accounts for the unmatured long-term liabilities that will be financed from governmental funds. b. Basis of accounting: Govenmental fund types are accounted for using the modified accrual basis of accounting. Revenues are recognized when they become "susceptible to accrual", that is, measurable and available to finance expenditures of the current period. Accred revenues include property taxes received within 60 days after year end (see Note 8), sales taxes and earnings on investments. Expenditures are recorded when the liability is incurred, except that principal and interest payments on bonds are recorded as expenditures when due. Accrued interest on debt to the Coachella Valley Water District, the Desert Sands Unified School District and the County of Riverside is recorded in the long-term debt account group. c. Measurement focus: All governmental funds are accounted for on a spending or "financial flaw" measurement focus, This means that generally only current assets and current liabilities are included on their balance sheets, with the exception that the noncurrent portion of long-term receivables due to 'governmental funds are reported on their balance sheets, offset by fund balance reserve accounts. Statements of revenue, expenditures and changes in fund balances for governmental funds generally present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. See independent auditors' report. -6- CITY OF LA QUI M NOM TO FINANCIAL STAZEMEgM (Continued) June 30, 1989 2. SIGNIFICANT ACCOUN'T'ING POLICIES (CC)NTINUED): d. Budgetary accounting: BudgeBudgetary process: 'he annual budget, which includes estimated revenue tary appropriations, is adopted by the City Council and presented in the financial statement as follows: 1) Budgets for the General, Special Revenue and Capital projects Funds are adopted on a basis substantially consistent with generally accepted accounting principles (GAAP). 2) Budgetary data is presented for the General and Special Revenue Rinds. Budgetary information is not presented for the Capital Projects Funds, since these funds are budgeted on a long-term project -by -project basis. ,Budgetary information is not presented for the Debt Service Fund because no budget is adopted. 3) Estimated revenue is the original estimate with modifications for new programs which are anticipated to be received during the fiscal year. 4) Original appropriations are modified by supplemental appropriations 5) Budgetary control is maintained over all accounts and expenditures and expenditures are not allowed to exceed appropriations except in those thunei�ific projects and pr ints approved in advance by the City 6) The City Council approves all significant changes. 7) Article XIIIB of the California Constitution allows the City to designate a portion of fund balance for general contingencies, to be used for any purpose. The unreserved general fund balance of $5,556,842 at June 30, 1989 has been so designated. (See Note 10) . e. Investments: Investments are stated, at cost, which were equal to market value at June 30, 1989. (See Note 4). If market values decline below cost, no loss is recorded if such declines are considered temporary. The City's Policy is to held investments until maturity, or until market values equal or exceed cost. However, if the liquidity needs of the City were to require that investments be sold at a .loss subsequent to year end, the decline in value would be recorded as a loss at year end. See independent auditors, report. -7- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1989 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): f. General fixed assets: General faxed assets are recorded as expenditures of the vari governmental fend types at the time of purchase. Such assets inc2 leasehold improvements, furniture, fixtures and equipment and capitalized in the general fixed asset group of accounts at cost, ox. contributed, at fair market value. No depreciation is provides general fixed assets. 9. Ccapensated absences: In governmental funds, compensated absences (unpaid vacation and leave) are recorded as expenditures in the year paid, as it is City's policy to liquidate any unpaid vacation or sick leave existin June: 30 from future resources rather than cuz'.rently available e)qr resources. Accordingly, the entire unpaid liability for governmental funds is recorded in the General Long -Term Debt Accr Group. There is no fixed payment schedule for me ted ar,�s. h. Claims and judgements: When it is probable that a claim liability has been incurred at } end, and the amount of the loss can be reasonably estimated, the c records the estimated loss. If the loss is to be paid from currer. available expendable resources, it is recorded in a governmental fu If the loss is to be paid from future resources, it is recorded in general long-term debt account group. No amount was accrued at Jur 1989. Small dollar claims and judgements are recorded as expendi-. when paid. i. Total columns on the Combined Financial Statements are captio "Memorandum Only" to indicate that they are presented only to facilit financial analysis and that such data is not comparable t consolidation. Interfund eliminations have not been made in aggregation of this data. A summary of changes in general fixed assets at June 30, 1989 is as fells Land Equipment and furniture Vehicles Ieasehold improvement TOTAL GENERAL FIXED ASSET'S Balance June 30, 1988 $ 1,375,415 301,167 345,922 13,362 $__2.035,866 See .independent auditors' report. -8- Balance Additions Deletions June 30 1 $ 452,839 $ - $ 1,828,2 82,413 5,500 378,C 26,925 _ 372,2 13.3 $ 562,177 5,500 L2 592 CITY OF LA QUIM NOTES TO FINANCIAL S'BUTMENIS (Continued) June 30, 1989 4. CASH AND The following disclosures are made in accordance with Statement No. 3 of the Governmental Account" Stardaxds Board (GASB, 3): Investments Authorized Investments: Under Provisions of the City`s Investment Policy, and in accordance with Section 53601 of the California Government Code, the Agency may invest in the following types of investments: U -S. Treasury Bills, Notes or Bonds Bonds issued by the City of Bankers Acceptancesla Quinta or La Quinta Negotiable Certificates of Deposit Redevelopment Agency Repurchase Agreements California Local Agency California County Investment Fool Investment Fund (IMF) Federal Agency Obligations California Local ,Agency Investment Furd (LAIF) : The IAIF is a special fund of the California State Treasury through which local, goverrrTpants may pool investments. The City and the Redevelopment Agency each may unrest up to $5,000,000 in the fund. Investments in LAIF are highly liquid, as deposits can be converted to cash within 24 hours without loss of interest. Ail investments with LA.IF are secured by the full faith and Credit of the State of California. Allocation of Interest Income Among Funds: Interest :income from pooled investments is allocated to those funds which are required by law or administrative action to receive interest. Interest interest is allocated on a quarterly basis based on the reced' balance in each fund receivingp month s endingcash . Classification of De sits and Investments Credit Risk GASB 3 requires that deposits and investments be classified into three categories of credit risk. These categories are as follows: Deposits: Category 1 - Deposits which are insured by FDIC, FSLIC, a state depository insurance fund or a multiple -financial institution collateral pool, or deposits which are collateralized with securities held by the Agency or the City's agent in the City's name. See independent auditors' report. CITY OF LA QUIM NOTES TO FI WCIAL OMTII4EN'S (Continued) June 30, 1989 Category 2 - Deposits which are collateralized with securities held by Pledging financial institutions trust department in the ej name. Category 3 - Deposits which,are uncollatexalized, or collateralized but pledged securities are not held in the City's name. Investments: Category 1 - Investments which are insu-red by SIFC, or where the securi are held by the Agency or the City's agent in the City's n Category 2 - Investments whish are uninsured, where the securities are by the purchasing financial institution's trust depart re- agent in the City's name. Category 3 - Investrzents which are uninsured, cohere the securities are by the purchasing financial institution's trust departmeni agent, but not in the City's name. Deposits and investments were categorized as follows at June 30, 1989: Cat o Deposits: Banks: Demand accounts Savings and Ioan Associations: Certificates of deposit Total Deposits Investments: Federal Obligations: U.S. Treasury Bills Fiscal agent investments Total Investments California Lc al Agency Investment Fund (LAIF) Total Cash, and Investments 1 2 3 $ 114,744 $ - $ - Mark, Cost VaIU $ 114,744 $ 114 1 296 000 1,,100,000 - 2,396,000 2 L,39,6 1 410 744 _JL.100 000 - 2 510 744 _2,510 8,107,548 -- - 8,107,548 8,107 - - 40,13OP786. 41,130,786 4 130 8,107.548 - 4,130,786 _12,238,334 12,2318 $9,518,292 $1,100,000 $4,130,786 See independent auditors' report. -10- 8,472,000 81472 $23 221 078 $23,221, CITY OF LA QUIRM • �. • I• « V DAD June 30, 1989 Cash and lnvesbT�ents are reported in the ao=Tpanyuq combined balance sheet as follows: Cash and invests - Unrestricted $ 19,090,292 Cash and investments with fiscal agent - restricted 4,130_1786 23 221 O78 5. G W.AL I IMG-TERI fir: as follows: In changes in long-term debt for the year ended June 30, 1989 is CagDensated absences Balance at June 30 1988 $ Additions _Payments Balance at June 30 1989 Contract payable - 101,737 $ 37,491 $ - $ 139,22$ computer Cont payable - 18,168 - 18,168 fire truck Bonds payable 107,812 20,000,000 8,000,000 21,562 86,250 Notes payable Due to County of 96,005 2,229,995 96,005 28,000,000 2,229,995 Riverside Due to other 2,206,812 877,497 3,084,309 ZnTAL 86,005 1 091 102 - 1,006,155 _ 170,952 Gam, IOW -TEM DEBT 22,616,539 $12,236,085 $ 1,141,890 Ss 33 710 734 a. Contracts payable: The City Wxcj� an IIIM computer on a lease- seni-annual Payments of $21,680 and a final purchase contract. Five interest at 7.5% per ar" m were due on the Payment $19,099 The cooincluding Paid in full during the year ended June 30, 1989, ntract was The City used a new fire truck on a lea-,e- purhase contract. Eight annual payments of $21,562 including �� interest at 7%-, were due beginning December 1, 1987. Infor of the City which is under development, a developer ire ectian in an area reimburse the City for the annual ' has agreed to payments as they are paid. The City has additional collateral for this agreement in the form of a secured lien against all Property owned by the developer eper and located within City See independent auditors.. report. -11- CITY OF LA QUnM NOTES M FINANCIAL STA M4ENM (Continued) June 30, 1989 t. h� �- • • �••210 a. Contracts payable (Continued): The scheduled future payments on the fire truck contract are as follows: Year Ended Project June 30, Contracts 1990 $ 27,599 1991 26,090 1992 24,581 1993 23,072 1994 _ 101,342 Less interest _(15,092) Total 86,250 b. Bonds payable: La Quinta Redevelopment Project Tax Allocation Bonds, Series 1985 were issued dura the fiscal year ending June 30, 1987. The bonds were issued in the amount of $20,000,000 and have an average interest rate of 9.4044 per annum. Tax allocation bonds, Series 1989 were issued during the fiscal year ending June 30, 1989 in the amount of $8,000,000 with an avenge interest rate of 8a per annum. Accrued interest of $17,105 was received with the band proceeds. The net proceeds of the bonds are used to finance the flood control improvement casts in the designated project area. Principal payments on bath issues are paid annually on September 1, beginning in 1989- Interest payments are payable semi-annually on March 1 and September 1. Bonds maturing on or before September 1, 1995 for Series 1985 and September 1, 1998 for Series 1989 are not subject to call and redemption prior to maturity. Bonds maturing on or after September 1, 1996 and September 1, 1999 are subject to redemption on any interest payment date at par plus a premium together with accrued interest to the date of redemption. See independent auditors, report. CITY OF IA QUIN'IA NOTES TO FINANCIAL STATS (Continued) June 30, 1989 b. Bonds payable (Continued): The scheduled future debt service payments on both bond issues are as follows: Year Ended June 30 Principal Interest Total 1990 1991 $ 570,000 $ 2,310,996 $ 2,880,996 1992 400,000 2,473,443 2,873,443 1993 435,000 2,440,290 2,875,290 1994 475,000 2,403,895 2,878,895 All subsequent Years 515,000 25F605 000 2,363,833 2,878,833 29,223,881 54,828,881 Total $ 28 000 000 L-4-1,-2-16-,-_338 $ 69,216,338 c. Notes payable: The Coachella Valley Water District advanced $778,000 to the Agency during the fiscal year ending June 30, 1986 for engineering casts incurred for a flood control project. This amount plus interest at the rate of interest being earned by funds deposited with the State of California Local Agency Investment Fund was paid to the District in July, 1989. Based on an agreement dated June 21, 1988 between the Agency, the City of La Quinta and the Desert Sands Unified School District {District), the Agency shall allocate all tax increment revenue received by the Agency that the District would have received in the absence of a redevelopment plan to be placed in a fund titled I?Deser-t Sands Unified School District Capital Funds, and then to be paid to the District over a Payment schedule from June 29, 1988 to July 1, 1998 in amounts ranging from $21,505 to $547,505 for a total amount of $4,132,020. Or, alternatively, such tax revenues plus interest accrued r agreement may be retained equired by this rind by the Agency to pay on bel -half of the District P pal and interest on lens, construction projects or money advanced to finance a sports telex and related amenities as specified by the District. The District's allocable share of tax increment from the County for the fiscal year ended June 30, 1989 totalled $982,800. See independent auditors' report. -13- CI'T'Y OF I.A. QUIMA NOTFS TO F WCIAL SI'ATIIMV'I'S (Continued) June 30, 1989 I III 11711 "MR14301 c. Notes Payable (Continued): An agreement dated January 25, 1984 between the Agency, the City La Quinta and the Coachella Valley Unified School District (Distri, Provides for the allocation of tax revenue that the District would h, received in the absence of a redevelopment plan, less 20% for low moderate income housing set-aside and less 3 % for administrative cos. to be paid to the District. Such payment is subordinated to ot: indebtedness of the Agency incurred In furtherance of the Redevelopm Plan adopted November 29, 1983. The District agrees to use such fu to provide classroom and other construction casts, site acquisiti school buses or expansion or rehabilitation of current faciliti Alternatively the District may direct the Agency to retain such fund -- be used for the purposes just described. The cumulative balance to be set aside under this agreement at June 1989 is $1,560,506, which is considered to be debt of the Agency. Unpaid accrued interest and subventions due to the County of Riversi. the Desert Sands Unified School District and the Coachella Val_ Unified School District in the amounts of $877,497, $982,800 $1,560,506 restively have been added to Long-term debt, howev, these amounts have not been included as expenditures for the year em June 30, 1989. d. Due to County of Riverside: Based on an agreement dated November 29, 1983 between the Agency, City of La Quinta and the County of Riverside, the Agency shall repay the County 50% of tax increment received which would have been retai., by the County if the Agency dial not exist. The repayments subordinate to certain debt service of the Agency and exclude amou allocated to the low-income housing fund. The repayments will be, when certain conditions of the bond indenture agreement have been mr Unpaid balances accrue interest at loo per annum. The total amoi payable to the County under this agreement at .Tune 30, 1989 $3,084,309 including $239,295 of current year accrued interest. In addition to the obligation to repay the 500 of tax incremc described above, the Agency agreed to pay debt and expenditures of more than $3,000,000 annually and $10,000,000 total on mutual agreeable project costs and set aside low and moderate income hous_. funds from the -remaining 50m. Amounts in excess of these limits she be paid to the County. Na amounts are due under this provision at Ji 30, 1989. See independent auditors' report. -14- CITY OF LA QUINA NOTES TO FINANCIAL (Continued) June 30, 1989 e- Loans payable to the City of La Quinta: The City of La Quinta periodically makes operating advances to the Agency- ��g Out�advances from the City to the Agency were $170,952 at June 30, 1989. Plan Descriion The City of La Quinta contributes to the California Public Employees Retirement System (PERS), an agent multiple -employer retirement system that acts as a common rives public employee for partici t' Investment and administrative. agent pa � public entities within the State of California. The total covered payroll of employees participating in the System for the year ended June 30, 1989 was $1,040,616. The total payroll for the year was $1,109,856. All full -tine and part-time benefited City employees are eligible to participate in the System. Part-time non -benefited hourly employees do not participate in the System. befits vest after five years of service. City employees who retire at or after age fifty with five years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount that varies from 1.092 percent at age fifty to a maximum of 2.418 percent at age sixty-three of the three highest years' salary for each year of credited service. The system also provides death and survivor's benefits. These benefit provisions and all other requirements are established by State statute and City ordinance. 1° PP and to er Contribution Obli tions The City makes the contributions required of City employees on their behalf and for their account. The rates are set by statute and therefore remain unchanged. from year to year. The present rate is 7% for all employees. The City is required to contribute the remaining amounts necessary to fund the benefits for its members, using the actuarial loses recommended by the PENS actuaries and actuarial consultants and adopted by the Board of Administration. See independent auditors' report. -15- CITY OF LA WnM NOTES TO FINANCIAL SrATIIMENI'S (Continued) June 30, 1989 6. CITY EMPIDYEES RE MUM SySTEM (CONTMM): Rending Status and Progress The amount shown below as the "pension benefit obligation" is a star measure of the present value of pension benefits, adjusted for the eff of step -rate benefits, estimated to be payable in the future as a resuI employee service to date. The measure is intended to help assess funding status of the system on a going -concern basis, assess progress in accumulating sufficient assets to pay benefits when due, and Bisons among employers. The measure is the actuarial present vaIL credited projected benefits and is independent of the funding method us( determine contributions to the System. The pension benefit obligation was computed as part of an actua valuation performed as of June 30, 1989. Significant actuarial assumpt used in the valuation include (a) a rate of return on the investmer present and future assets of 8.5% a year cm pounded annually, (b) projE salary increases of 5.50% a year compounded annually, attributabl inflation, and across the board real salary increases, (c) additi projected teary increases of 1.50% a year, attributable to seniorityfx and (d) no postretirement benefit increases. The total assets in excess of the pension benefit obligation applicabl the City employees was $113,149 at June 30, 1989, (based upon June 30, data adjusted for plan amendments adopted through January 9, 1989) follows: Pension Benefit Obligation: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits Current Employees: A=umulated employee contributions including allocated investment earnings Employer -financed vested Employer -financed non -vested Total pension benefit obligation Net assets available for benefits at cost (Market value is $423,623) Assets in excess of pension benefit obligation See independent auditors, report. -16- $ 45,1 149,: 9,1 57z: 261,4 374,r CITY OF LA QUINTA NOTES To FINANCIAL, STATEMENTS (continued) June 30, 1989 6. CITY EMPIOyEES RErI UMENr SYSTEM (CONrlrIlVLTEp) Actuariall Determined Contribution R irements and Contribution Made PERS uses the Entry Ache Normal Actuarial Cost Method which is a projected benefit cost method. That is, it takes into account those benefits that are expected to be earned in the future as well as those already accrued. According to this cost method, the normal cost for an employee is the .level amount which would fund the projected benefit if it were paid annually from date of employment until retirement. PERS uses a modification of the Entry Age Cast method in which, the employer's total normal cast is expressed as a level percent of payroll. PERKS also uses the level percentage of payroll method to amortize any unfunded actuarial. liabilities. The amortization period of the unfunded actuarial liability ends in the year 2000 for prior service benefits, in the year 2011 for current service benefits. The significant actuarial assumptions used to compute the actuarially determined contribution requirement are the same as those used to compute the pension benefit obligation, as previously described. The contribution to the system for 1989 of $139,412 was made in accordance with actuarially determined requirements computed through an actuarial valuation performed as of June 30, 1988. The City was not required to make employer contributions because the pension benefit obligation was overfunded . On behalf of employees, the City contributed $131,803 (12.66% Of current covered payroll) and employees contributing an additional $7,609 (.74 of current covered payroll) for their accounts. Trend Information Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Ten year trend information for the City of La Quinta is not published in the California Public Employees Retirement System Annual Report. Therefore, within the City's financial statement, ten years of historical trend information are required since the annual report for PERS does not reflect information for individual agencies. 1987-88 is the first year that this actuarial information has been made available by PERS. Until ten years of data are available, as many years as are available should be presented. Therefore, the trend information for 1987-88 and 1988-89 and employer contribution for 1986-87 through 1988-89 is summarized as follows: See independent auditors' report. -17- CITY OF LA QUIM NOTES TO FnWcIAL STATEMENTS (Continued) June 30, 1989 6. CITY RIPLOYEES pErnMMjT SYSTEM (C0MjNUED) : 1986-87 1987-88 1988-89 Net assets available for benefits (in thou -sands) $ 264.4 $ 374.6 Pension benefit obligation (in thousands) $ 188.7 $ 261.4 Net assets available for benefits, expressed as a percentage of the pension benefit obligation 140.1% 143.3% Asserts in excess of pension benefit obligation (in thousands) $ 75.7 $ 113.2 Annual covered payroll (in thousands) $ 77.4 $ 1,040.6 Assets in excess of pension benefit obligation, expressed as a percentage Of annual- covered payroll 10.6% 14.4% &ployer contributions $ 30,775 $ 45,652 $ 131,803 EWloyer contributions expressed as a percentage of annual covered Payroll. These contributions were made in accordance with actuarially determined requirements 5.6% 5.9% 12.7% 7. LEASE OOMMICIIMENIS: The City is operating Out of leased facilities. The lease is on a month to month basis. Lease payments are approximately $36,000 per year. 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 takes go into a pool, and are then allocated to the cities based on complex formulas. Accordingly, the City of La Quinta accrues only those takes which are received from the County within sixty days after year end. Lien date Levy date Due dates Collection dates See independent auditors' report. -18- March 1 June 30 November 1 and February 1 December 10 and April 10 CITY OF LA QQnM NOTES TO FIlWCIAL STATEMM (Continued) June 30, 1989 The is Quznta Redevelopment Agency's primary source of revenue comes from Property taxes. Propexty 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 prosy are allocated to the City and other districts. TAgency has no power to levy and collect taxes and any legislative Property tax cue--exphasis might necessarily reduce the amount of tax revenues that would otherwise be available to pay the principal of, and interest on bonds payable. Broadened property tax exemptions could have a similar effect. Conversely, any increase in the tax rate or assessed valuation, or any reduction of elimination of present exemptions would necessarily increase the amount of tax revenues that would be available to pay principal and interest on bonds payable. 9- LITIGMON, CCD2417VIENTS AND CO=G -E r LIABILITIES: Litigation: certain claims have been filed against the City in the normal course of business. Based upon information received from the City Attorney, the estimated liability under such, claims would not be significant. 10. RESERVES AND DESIGNATIONS OF FUND DQUI'1'Y: Under the provisions of GASB Code Sections 1800.121-123,. a city may set up "reserves" of fund equity to segregate fund balances which are not appropriable for expenditure in future periods, or which are legally set aside for a specific future use. Fund "designations° also may be established to ind-icate tentative plans for financial, resource utilization in a future period. The City's reserves and designations at June 30, 1989, are tabulated below, followed by explanations as to the nature and Purpose of each reserve and designation. Reserves Personnel benefits General Fund Reserve for capital improvements $ 1.39,228 1 )_75,360 Total Reserves $ 1,214,588 See independent auditors' report. -19- CITY OF LA QUIM NOTES TO FINANCIAL ST.2kTEMJJS (Continued) June 30, 1989 Special Capital General Revenue Debt projects Desi tions Fund Funds Service Funds Debt service Capital impravements Special revenue purpose General contingencies Total Designations $ - $ - $ 7,767,938 $ - 6,847,125 1,882,819 5,556,842 - $ 5,556,842 $_1.,882,819 $ 7,767,938 $ 6,847,125 a. Reserve for Personnel Benefits This reserve provides for compensated absences which are reported in the long-term debt group of accounts. b. Reserve for Capital improvements This reserve has been established by Council for contributions from a developer for future projects. c. Designated for Special Revenue Purposes These funds are designated for the specific special revenue purposes as restricted by law or administrative action. d. Designation for Debt Service These funds have been designated for bond retirement (See Note 5). e. Designated for capital Improvement These funds are designated to provide for new capital additions as determined by the Redevelopment Agency. See independent auditors' report. -20- CITY OF IA QUIlV'I'A NOTES TO F WCIAL STATamnTS (Continued) June 30, 1989 11. INTERFUND TRANSACTIONS: Interfund receivable and payables at June 30, 1989 were as follows: Residual equity transfers were made to close the .fund balance of the Community Development Block Grant Fund into the General Fund. 12. ASSESEMU DISTRICT BOND ISSUES: On April 2, 1989 the City issued $855,984 of Asses &ands. Principal matures annually each Set 2, 19 District Improvement bears interest at variable rates which September form1595%tt o7g25%004 and present time. o at the The net pry of this issue will be used to finance the cast and expense of the ccanstxucir�n of a sanitary sewer system which is part of a larder prop that consists of street, storm drain and water to serve property located within Assessment District88-system improvements See independent auditors' report. -21- Due From Due to General Fund Other Funds other Funds S 170,952 $ &04 645 Special Revenue FLtr�ds; Federal Revenue Sharing Rand State Gas falx Fund 27,879 _ Quiraby Fund 490,098 _ escape Maintenance Fund 16,161 _ Infrastructure Find 40,505 _ Village Parking Fund 429,190 _ 1.920 _ 1005 753 _ Capital Project Fund: Assessment District 88-1 Assessment District 89-2 400,387 Assessment District 89-1 909 - _ 5 064 909 405,451 Agency Fund ___3j434 _ Redevelopment Agency - 170,952 Totals ' $ 1 181 048 $ 1 181 048 Interfund operating transfers for the $70,439. year ended June 30, 1989 totaled Residual equity transfers were made to close the .fund balance of the Community Development Block Grant Fund into the General Fund. 12. ASSESEMU DISTRICT BOND ISSUES: On April 2, 1989 the City issued $855,984 of Asses &ands. Principal matures annually each Set 2, 19 District Improvement bears interest at variable rates which September form1595%tt o7g25%004 and present time. o at the The net pry of this issue will be used to finance the cast and expense of the ccanstxucir�n of a sanitary sewer system which is part of a larder prop that consists of street, storm drain and water to serve property located within Assessment District88-system improvements See independent auditors' report. -21- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1989 12. ASSESTMJT DISIRICr BOND ISSUES (CONTINUED): The City has c=ustody of certain, bond reserve funds, to be used for any delinquent assessment district bond payments. If delinquencies occur beyond the amounts held in the reserve funds, the City has no duty to pay the delinquency out of any available funds of the City. Neither the faith, credit or taxing power of the City is pledged to the payment of the bonds, and therefore the bonded indebtedness is not shown in the financial statements of the City. Because the City is not obligated in any manner on the outstanding bonds, they have been accounted for in accordance with GASB Statement 6, paragraph 19. Proceeds from the issue which were used for improvements have been accounted for in a Capital Project Fund, and have been designated "contribution from property owners". The reserve funds have been accounted for in an Agency Fund. 13. JOINT VENTURE: The City is a member of the Coachella Valley Joint Powers Insurance Authority (the Authority). The Authority does not fall within the definition of the City's reporting entity. a. Description of Joint Powers Authority: The Authority is composed of Cities in the Coachella Valley and is organized under a Joint Powers Agreement pursuant to the California Government Code. The purpose of the Authority is to arrange and administer programs of insurance for the pooling of self-insured losses and to purchase excess insurance coverage. The Authority was established to jointly purchase coverage and to share costs of Professional risk -management and claims administration. Each member city has a representative on the Board of Directors. Officers of the Agency are elected annually by the Board members. At the termination of the joint venture agreement and after all claims have been settled, any excess or deficit will be divided among the cities in proportion to the agrxegate amount of payments made by each. See independent auditors., report. -22- CITY OF LA QUINrA NOTES To FIwCIAL STATEMENTS (Continued) June 30, 1989 13. JOINT vE1I m (CONTINUED) : b. Condensed financial information of Authority: As of June 30 1989 All Members Total assets $ 8,887,221 Liabilities: Current (unsecured) (2,020,948) Long-term _ Fund equity (reserved for claims) $ 6f866,273 Excess of revenues over expenditures for year ended June 30, 1989 S 1,880,827 Expenditures did not exceed appropriations in any fund for the year ended June 30, 1989. Fund Deficit - Assessment District 89-1 and 89-2 - The Assessment District Funds 89-1 and 89-2 (Capital Project Ful) have deficit fund balances of $39,609 and $5,276. The deficits will be funded in future years through contributions from property owners. 15. RESTRicrm ASS=: : Certain assets held by a fiscal agent are restricted in their use to the retirement of principal and interest. on bonds and notes payable (see Notes 4 and 5), and are not available for use by the City or Agency for any other purpose. During the year envied June 30, 1988, the Co=mity Development Block Grant Fund accrued $1201000 for reimbursement for the Senior Center land acquisition, previously approved by the County of Riverside, Economic/amity Development (ECD), which funds the grants to the City of La Quinta. Prior to receipt of the funds, ECD disallowed the expenditure for this grant. The : u'Z4 balance as of July 1, 1988 has been adjusted to reflect this change. See independent auditors, report. -23- •�' I: 1 1I 1 1 1 CITY OF LA QUINTA CCMPARATIVE BALANCE SHEEP - GENERAL FUND June 30, 1989 and 1988 Cash and temporary investments Acc red interest receivable Accounts receivable Due fr m other funds Deposits T IABILITFS Overdraft - Cash in Bank Accounts Dyable and accrued expenses Due to other funds TOTAL LIABI TTIEc FUND EQUI'T'Y Fund balances: Reserved Unreserved: Designated TO'T'AL FUND EQUITY TOTAL IZABILITIFS AND FUND EQUI'Iy See independent auditors' report. -24- 1989 1988 $7,034,700 $4,186,700 95,672 46,568 350,298 165,373 170,952 180,793 34,825 206,005 $7,686,447 $4,785,439 $ - $ 89,332 310,372 191,068 604,645 1,474,581 915,017 1,754,981 1,214,588 997,769 5,556,842 2,032,689 6,771,430 3,030,458 $7,686,447 $4,785,439 CITY OF LA OUINTA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL - GENERAL FUND For the year ended June 30, 1989 With comparative totals for the year ended June 30, 1988 REVENUES: Taxes Licenses and permits Intergovernmental revenues Revenues from use of money or property Other revenues Contributions TOTAL REVENUES EXPENDITURES: Current expenditures General government Public Safety Community Services Capital Outlay TOTAL EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES 1989 1988 Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) $1,853,000 52,306,887 S 453,887 $1,510,000 $1,654,743 $ 144,743 1,214,500 3,656,307 2,441,807 1,441,500 1,932,219 490,719 363,100 496,621 133,521 371,200 384,295 13,095 220,000 368,136 148,136 225,000 242,590 17,590 128,600 107,336 (21,264) 89,000 47,740 (41,260) 200,000 229,109 29,109 200,000 230,619 30,619 ...................................... 3,979,200 7,164,396 3,185,196 3,836,700 4,492,206 655,506 1,020,587 1,040,895 (20,308) 810,157 833,140 (22,983) 1,595,381 1,491,594 103,787 1,478,770 1,384,706 94,064 807,597 701,175 106,422 473,666 206,364 267,302 1,818,991 1,449,284 369,707 ...................... 3,423,565 3,233,664 189,901 4,581,584 3,873,494 708,090 555,635 3,930,732 3,375,097 (744,884) 618,712 1,363,596 OTHER FINANCING SOURCES (USES): Operating transfers in Operating transfers out (70,439) (70,439) .................... .............................. TOTAL OTHER FINANCING SOURCES (USES) - (70,439) (70,439) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCES - JULY 1 Residual equity transfer in Residual equity transfer out FUND BALANCES - JUNE 30 See independent auditors' report.. 555,635 3,860,293 3,304,658 (744,884) 618,712 1,363,596 3,030,458 3,030,458 4,010,782 4,010,782 (119,321) (119,321) - (1,599,036) (1,599,036) $3,466,772 $6,771,430 $3,304,658 $1,666,862 $3,030,458 $1,363,596 25- CITY OF LA QUINTA COMBINING BALANCE SHEET - ALL SPECIAL REVENUE FUNDS June 30, 1989 and 1988 See independent auditors' report. -26- Federal Revenue State Quimby Com win ity Development Landscape Maintenance Infra- structure Village Totals Sharing Gas Tax Fund Grant Fund Fund Parking June 30 1989 1988 ASSETS.....................••.. ......... Cash and temporary investments Due from other funds S 24,312 (426,429 $13,999 $ # 35,312 $373,471 $1,581 S 875,104 # Accounts Receivable 27,879 490,098 10 16 161 40,505 429,190 1,920 1,005,753 1,474,581 Deposits ,166 5,349 15,517 132,230 Accrued Intererst Receivable 11,576 333 316665 316 _ 954 10,190 44 23,762 26,195 TOTAL ASSETS S 52,856__ __$938,271 $30,493 t .• -.�--$ 77,087 - -$818,200 -_$3,545 $1,920,452 $1,633,006 LIABILITIES AND FUND EQUITY _ LIABILITES Accounts payable and accrued expenses $ S 34,402 $ Due to other funds S S 3,231 f $ S 37,633 S 14,403 Due to other governments 120,000 TOTAL LIABILITIES 2222•• ______________6•__•666___,-.__..•____,.,,___. 35,025 -••---- ...............•-.-.__.,...----•---• 34,402 - • 3,231 37,633 169,428 FUND EQUITY - .....,.. 2922 ............... ............. Fund balances: Designated 52,856 _ ..................... -_• 903,869 30,493 73,856 818,200 3,545 1,882, 1,463,578 TOTAL FUND EQUITY _ ;_---30,493._ - ••'•__________________________ ••. ,-__•.••-__.F................ 52,856 •----...9692•---...__9699_..---2999. 903,869 73,856 818,200 3,545 1,882,819 1,463,578 TOTAL LIABILITIES AND FUND EQUITY ,856 #938,271 330,493 ----_22229__99 $ ...... 22-_........ $ 77,087 „-,_••--,__ 5818,200 $3,545 ,920.4,,-.1.633•._ , $1,920,452 $1,633,006 See independent auditors' report. -26- REVENUES: Taxes Intergovernmental Revenues Revenues from use of money or property Contributions Other Revenue TOTAL REVENUES EXPENDITURES: Current expenditures Street maintenance Community services Public Safety Capital outlay TOTAL EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers in Operating transfers out TOTAL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCES - JULY 1 Prior period adjustment Residual equity transfers in Residual equity transfers out FUND BALANCES - JUNE 30 CITY OF LA QUINTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - ALL SPECIAL REVENUE FUNDS For the year ended June 30, 1989 With comparative totals for the year ended June 30, 1988 Federal Community Landscape Infra - Revenue State Quimby Development Maintenance structure Village Sharing Gas Tax Fund Grant Fund Fund Parking 1989 1988 $ $ E E E f S E - S 90,874 113,171 113,171 240,452 4,303 88,499 1,368 5,739 24,107 170 124,186 77,501 49,050 49,050 29,125 860 794,093 3,375 827,453 12,372 4,303 250,720 30,493 6,599 818,200 3,545 1,113,860 421,199 645,895 645,895 936,992 1,697 - - 46,348 - 48,045 120,090 83,875 70,439 70,439 1,697 645,895 - 46,348 70,439 764,379 1,140,957 2,606 (395,175) 30,493 (39,749) 818,200 (66,894) 349,481 (719,758) 70,439 70,439 ...•.......•.....................................................•......_...................... 70,439 70,439 2,606 (395,175) 30,493 (39,749) 818,200 3,545 419,920 (719,758) 50,250 1,299,044 679 113,605 - 1,463,578 133,127 (120,000) (120,000) - 2,050,209 119,321 119,321 - $ 52,856 S 903,869 S 30,493 $ $ 73,856 $818,200 S 3,545 $1,882,819 $1,463,578 CITY OF LA QUINTA, FEEERAL REVENUE SHARING SPECIAL REVENUE FUM STATEMENT OF REVENUES, EXPENDrIURES, AND aWGES Ig FUND allMCE Dh AND AMML For the Year ended June 30, 1989 REVENUES: Revenue from use of money or property TOTAL REVENUES FUND BALANCE - JULY 1, 1988 FUND BALANCE - JUNE 30, 1989 See independent auditors' report. -28- Variance Favorable Budget Actual (Unfavorable) $ - $ 4,303 $ 4,303 4,303 4,303 1,697 (1,697) 2,606 2,606 50,250 50,250 - $ 50,250 $ 52,856 $ 2,606 CITY OF LA QUINTA STATE GAS TAX SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDTimEs , AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For the year ended June 30, 1989 Varig Favora Budget Actual (Unfavo IntergoverYmntal revenues $ 119,352 $ 113,171 $ ( Revenue froom use of money or Property 88 499 8 Contributions ' 80,000 49,050 (3 EXCESS OF REVENUES OVER FXpENDI'IUM FUND BALANCE - JULY 1, 1988 FUND BALANCE - JUNE 30, 1989 See independent auditors' report. -29- 199,352 250,720 5 1,306,269 645,895 66 (1,106,917) (395,175) 71 1,299,044 1,299,044 $ 192,127 $ 903,869 $ 71 CI'T'Y OF T -A QUI MM QLIMBY SPECIAL REVENUE FUND STATIIMENP OF REvENU S, ExmDlTURES, AND ajANGES IN RM BAIMCE, _ Bi WEr (GAAP BASIS) AND ACIUAL For the year ended June 30, 1989 REVENUES: Revenue frMa use of money or property Other revenue WMSS OF REVENUES OVER EXPENDITURES FUND BAIANCE - JULY 1, 1988 FUND BALANCE - JUNE 30, 1989 See independent auditors' report. -30- Variance Favorable Budget Actual (Unfavorable) $ $ 1,368 $ 1,368 29,125 29,125 30,493 30,493 30,493 30,493 $ _ $30,493 $30,493 CITY OF LA QUINM COMUNITY DEVELOPMENT BLOCK GRANT STATE ENr OF REVENUES, EXPOiDMMES, AND CWTGES IN FUND BAIANCE - BUDGEr (GAAP BASIS) AND ACIUAL For the year ended June 30, 1989 REVENUES: IntergavenmLental Revenues TOTAL REVENUES FUND BALANCE - JULY 1, 1988 Prior period adjustment Residual equity transfers out FUND BALANCE - JUNE 30, 1989 See independent auditors' report. -31- Varian, Favorab Budget Actual (Unfavor $ 106,023 $ - $(106, 106,023 - (106, 106,023 - 106, 679 679 (120,000) (120,000) 119,321 119,321 1%NMCAPE MAINTENANCE DISTRICT SPECTAL REVENUE STATEMENTOF .S, AND QMNGES IN FUND BALANCE B(JDGETAND ACIUAL For - year ended June 30, 1989 REVENUES: Revenue frau use of money or property Other revenue EXCESS OF REVENUES OVER EXPENDrMW-;,-- FUND BUANCE - JULY 1, 1988 FUND BALANCE - JUNE 30, 1989 See independent auditors.. report. -32- Budget Actual $ - $ 5,739 860 6,599 114,969 46,348 (114,969) (39,749) Variance Favorable (Unfavorable) $ 5,739 860 6,599 (68,621) 75,220 113,605 113,605 $ (1,364) $ 73,856 $ 75,220 CI'T'Y OF LA QUI TA INFRASTRUCTURE SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For the year ended June 30, 1989 Varian Favorab Budget Actual (Unfavor REVENUES: Revenue frm use of money or property $ $ 24,107 $ 24, Infrastructure fees 794,093 794, TOTAL REVENUES 818,200 818, EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES - 818,200 818, FUND BALANCE - JULY 1, 1988 - FUND BALANCE - JUNE 30, 1989 $-' --$818,200 $818, See independent auditors' report. -33- CI'T'Y OF IA QUIM VILLAGE PAPIaNG SPECT L REVENUE FUND STATEMENr OF REVENUES, EXPENDMURES, .AND Cf37, ms IN FUND BAIANCE - BUDGET (GAAP BASIS) AND ACMILL For the year ended ,Tune 30, 1989 REVENUES: Revenue from use of money or property Other revenue EXCESS OF REVENUES OVER EXpE NDITURES OTIC FINANCING SOURCES (USES) : Operating transfers in Operating transfers out TOTAL OIHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (SER) EXPENDITURES AND OTTER USES FUND BAIANCE - JULY 1, 1988 FUND BALANCE - JUNE 30, 1989 See indecent auditors, report. -34- 70,439 70,439 70,439 70,439 3,545 3,545 $ - $ 3,545 $ 3,545 Variance Favorable Budget Actual (Unfavorable) $ $ 170 $ 170 - 3,375 3,375 - 3,545 3,545 - 70,439 70,439 - (66,894) (66,894) 70,439 70,439 70,439 70,439 3,545 3,545 $ - $ 3,545 $ 3,545 CITY OF LA Q(JIIM COMPARATIVE BALANCE SHEET - DEBT SERVICE June 30, 1989 and 1988 r� Cash and tenporary investments Accrued interest receivable Tax Increment Receivable Restricted Cash TOM ASSETS LIABII=-EES AND FUND EQUITY LIABILITES Due to other governnents TOTAL T.IABTIXTIES FUND EQUI'T'Y Fund balances: Designated for debt service • ��. • 9 09 See independent auditors, report. -35- 1989 1988 $3,586,606 $1,454,000 60,973 26,291 139,011 39,942 4,130,786 3,076,360 $7,917,376 $4,596,593 $ 149,438 $ - 149,438 - 7,767,938 4,596,593 7,767,938 4,596,593 $7,917,376 $4,596,593 CI'T'Y OF LA QUDM � r• � • tea•. • �- �. � For the year ended June 30, 1989 With motive totals for the year ended June 30, 1988 REVENUES: 'faxes Revenues from use of money or property EXPENDI'MMS: Debt Service Interest Principal Bond Issue Casts Taxing Agmcy Payments Trustee Fees OTR FI�CIlQG SOURCES (USES) Proceeds from bonds Operating transfers i.n Operating transfers out TOM OSIER FINANCING SOURCES (USES) EXCESS OF a. AND OTHER SOURCES (MMM)E�MMTMJIMS AND • iM USES FUND BALANCES - JULY 1 R'ND BAIMCES -JUNE 30 See dependent auditors, report. -36- 1989 1988 $4,193,266 $2,814,947 377,840 264,787 4,571,106 3,079,734 2,003,028 1,900,477 1,102,160 1,106,612 53,433 530,000 11,301 3,158,621 3,548,390 1,412,485 (468,656) 1,758,860 - 703,737 1,758,860 703,737 3,171,345 235,081 4,596,593 4,361,512 $7,767,938 $4,596,593 CITY OF LA WINTA STATEMENT OF CHANGES IN ASSET'S AND LIABILITIES - AGCY FUND6 For the year ended June 30, 1989 Balance Ek July 1, 1988 Additions Deductions July ASSET'S Cash and temporary investments $ - $113,291 $ - $1_ Due from, other governments - 3,741 - Due from other funds - 3,434 - TOTAL ASSET'S $ - $120,466 $ ----- $1. LIABTT T'= AND FUND EQUI'T'Y LIABILITES Deposits of assessment district $ - $120,466 $ - $1, TOTAL LIABILITIES See independent auditors,, report. $ $120,466 $ - $1: -37- CITY OF LA QUINTA COMBINING BALANCE SHEET - ALL CAPITAL PROJECTS June 30, 1989 and 1988 Redevelop- Assessment Assessment Assessment Totals ment District District District June 30 Project 88-1 89-2 89-1 1989 1988 ...................... ASSETS .................................•---•,-_-,•-- Cash and temporary investments Accrued interest receivable Tax increment Receivable Accounts receivable Due from other funds TOTAL ASSETS LIABILITIES AND FUND EQUITY LIABILITES Accounts payable and accrued expenses Due to other funds Deposits TOTAL LIABILITIES FUND EQUITY Fund balances: Designated for capital projects TOTAL FUND EQUITY TOTAL LIABILITIES AND FUND EQUITY See independent auditors' report. $6,756,889 S 722,820 S 882 S $7,480,591 $13,670 3,490 4,313 22 7,825 14,423 - 14,423 429,656 429,656 09 909 ..................................... 56,774,802�$1,156,789y�$_'1`813=_=_=S 57,933,404$13,670 $ 378,459 S 260,735 S 16,422 5 212 S 655,828 S - 400,387 5,064 405,451 25,000- 25,000 .....,_-•----. ....................... 378,459 661,122 41,422 5,276 1,086,279 6,396,343 495,667 (39,609) (5,276) 6,847,125 13,670 .................................. I.................................. 6,396,343 495,667 (39,609) (5,276) 6,847,125 13,670 ............ ................ ............................. 66,774,802' $1,156,789 S 1,813 $ - 57,933,404 '.513,670 .38- CITY OF LA OUINTA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - ALL CAPITAL PROJECTS FUNDS For the year ended June 30, 1989 With comparative totals for the year ended June 30, 1988 REVENUES: Taxes Revenues from use of money or property Other revenue TOTAL REVENUES EXPENDITURES: Current expenditures Trustee Fees Administrative Professional and consulting services Project Costs Bond Service Costs TOTAL EXPENDITURES EXCESS OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Proceeds from long term debt Proceeds from bonds Contribution from property owners Operating transfers in Operating transfers out TOTAL OTHER FINANCING SOURCES (USES) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCES - JULY 1 Residual equity transfers out FUND BALANCES - JUNE 30 See independent auditors' report. Totals Redevelop- Assessment Assessment Assessment June 30 ment District District District - ------- ------------ Project 88-1 89-2 89-1 1989 1988 S 435,413 S $ $ S 435,413 $703,737 289,728 31,243 35 321,006 - 3,075 1,675 4,750 725,141 34,318 1,710 - 761,169 703,737 16,077 16,077 168,809 168,809 87,555 32,133 32,133 - 1,135,954 586,969 45,792 5,276 1,773,991 314,174 338,844 338,844 1,691,817 586,969 45,792 5,276 2,329,854 401,729 (966,676) (552,651) (44,082) (5,276) (1,568,685) 302,008 1,091,104 1,091,104 414,616 6,258,245 6,258,245 1,048,318 4,473 1,052,791 (703,737) 7,349,349 1,048,318 4,473 - 8,402,140 (289,121) 6,382,673 495,667 (39,609) (5,276) 6,833,455 12,887 13,670 13,670 451,911 (451,173) $6,396,343 $ 495,667 S(39,609) $(5,276) $6,847,125 $ 13,625 -39-