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-