1982-1983 ACFR (July 1 - June 30 Annual Comprehensive Financial Report)CITY OF LA QUINTA
FINANCIAL STATEMENTS
WITH REPORT ON EXAMINATION BY
CERTIFIED PUBLIC ACCOUNTANTS
JUNE 30, 1983
DIEHL, E'+r''ANS AND CC7MPANY
A PAI 7NERSHIP OF ACCOUNTANCY CORPORATIONS
CERTIFIED PUBLIC ACCOUNTANTS
CITY OF LA QUINTA
FINANCIAL STATEMENTS
June 30, 1983
TABLE OF CONTENTS
Accountants' Report
Page
Number
1
Combined Balance Sheet - All Fund Types and Account Group 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 and Actual - General and
Special Revenue Types 4 - 5
Statement of Changes in General Fixed Assets
Notes to the Financial Statements
0
7 - 8
Combining Balance Sheet - All Special Revenue Funds 9
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - All Special Revenue Funds 10
J
ELLIS C. DIEHL, C.P.A. (1925-1956)
BRYN B. EVANS, C.P.A.
WIN G. PETERS, C.P.A.
DONALD H. PETERSON, C.P.A.
DONALD E. CALLAHAN, C.P.A.
L. PETER SCHERER, C.P.A.
RODNEY K. McDANIEL, C.P.A.
RALPH H. WEINTRAUB. C.P.A.
PHILIP H. HOLTKAMP, C.P.A.
THOMAS M. PERLOWSKI, C.P.A.
City Council
City of La Quinta
La Quinta, California
DIEHL, EVANS AND COMPANY
A PARTNERSHIP OF ACCOUNTANCY CORPORATIONS
CERTIFIED PUBLIC ACCOUNTANTS
1910 NORTH BUSH STREET
SANTA ANA, CALIFORNIA 92706
(7 14) 542-4453
December 9, 1983
ACCOUNTANTS' REPORT
OTHER OFFICES AT:
2965 ROOSEVELT STREET
CARLSBAD, CALIFORNIA 92008
(619) 729-2343
120 WEST WOODWARD AVENUE
ESCONDIDO, CALIFORNIA 92025
(619) 741-3141
We have examined the combined financial statements of the City of La
Quinta as of June 30, 1983 and for the fourteen month period from May 1, 1982
to June 30, 1983, as listed in the table of contents. Our examination was made
in accordance with generally accepted auditing standards and, accordingly,
included such tests of the accounting records and such other auditing
procedures as we considered necessary in the circumstances.
In our opinion, the combined financial statements referred to above
present fairly the financial position of the City of La Quinta, California at
June 30, 1983 and the results of its operations for the fourteen month period
then ended, in conformity with generally accepted accounting principals on a
consistent basis within the period.
Our examination was made for the purpose of forming an opinion on the
combined financial statements taken as a whole. The combining, individual
fund, and account group financial statements and schedules listed in the table
of contents are presented for purposes of additional analysis and are not a
required part of the combined financial statements of the City of La Quinta.
The information has been subjected to the auditing procedures applied in the
examination of the combined financial statements and, in our opinion, is fairly
stated in all material respects in relation to the combined financial
statements taken as a whole.
a.t
-1-
CITY OF LA QUINTA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUP
June 30, 1983
ASSETS
Cash and temporary investments (Note 2)
Due from other governments
Miscellaneous accounts receivable
General fixed assets (Note 2)
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts payable
Payroll taxes payable
FUND EQUITY:
Investments in general fixed assets
Unreserved fund balances
Governmental Account
Fund Types Group
General Totals
Special Fixed (Memorandum
General Revenue Assets Only)
$ 419,960 $ 87,317 $ - $ 507,277
68,218 - - 68,218
1,104 - - 1,104
- - 13,173 13,173
$ 489,282 $ 87,317 $ 13,173 $ 589,772
$ 97,660 $ - $ - $ 97,660
2,975 - - 2,975
100,635 - - 100,635
- - 13,173 13,173
388,647 87,317 - 475,964
$ 489,282 $ 87,317 $ 13,173 $ 589,772
See accompanying accountants' report and notes to financial statements.
-2-
CITY OF LA QUINTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
For the fourteen month period from
May 1, 1982 to June 30, 1983
REVENUES:
Taxes
Licenses and permits
Intergovernmental revenues
Revenues from use of money or property
Other revenues
TOTAL REVENUES
EXPENDITURES:
General government
Public safety
Street maintenance
Parks
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
EXPENDITURES AND OTHER USES
FUND BALANCES - MAY 1, 1982
FUND BALANCES - JUNE 30, 1983
Totals
Special (Memorandum
General Revenue Only)
$ 497,744 $ - $ 497,744
166,688 - 166,688
145,785 107,399 253,184
9,183 3,425 12,608
4,357 - 4,357
823,757 110,824 934,581
216,742
-- 216,742
221,829
- 221,829
18,916
- 18,916
1,130
- 1,130
458,617 - 458,617
365,140 1109824 475,964
23,507 - 23,507
- (23,507) (23,507)
232507 (23,507)
3882647 87,317 475,964
$ 388,647 $ 87,317 $ 475,964
See accompanying accountants' report and notes to financial statements.
-3-
CITY OF LA QUINTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL -
GENERAL AND SPECIAL REVENUE TYPES
For the fourteen month period from
May 1, 1982 to June 30, 1983
REVENUES:
Taxes
Licenses and permits
Intergovernmental revenues
Revenues from use of money or property
Other revenues
TOTAL REVENUES
EXPENDITURES:
General government
Public safety
Street maintenance
Parks
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER EXPENDITURES
OTHER, FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
General Fund
variance
Favorable
Budget Actual (Unfavorable)
$ 357,599 $ 497,744 $ 140,145
84,500 166,688 82,188
152,525 145,785 (6,740)
10,000 9,183 (817)
1,500 4,357 2,857
606,124 823,757 217,633
228,521
216,742
11,779
227,394
221,829
5,565
85,000
18,916
66,084
-
1,130
(1,130)
540,915
458,617
82,298
65,209
365,140
299,931
23,507 23,507
TOTAL OTHER FINANCING SOURCES (USES) - 23,507 23,507
EXCESS OF REVENUES AND OTHER SOURCES OVER
EXPENDITURES AND OTHER USES 65,209 388,647
FUND BALANCES - MAY 1, 1982 - -
FUND BALANCES - JUNE 30, 1983 $ 65,209 $ 388,647
See accompanying accountants' report and notes to financial statements.
-4-
323,438
$ 323,438
Special Revenue Fund
Totals (Memorandum Only)
Variance
Variance
Favorable
Budget Actual
(Unfavorable)
Budget
Actual
169,731 107,399
(62,332)
- 3,425
3,425
169,731 110,824
(58,907)
Totals (Memorandum Only)
- -
-
Variance
216,742
11,779
Favorable
Budget
Actual
(Unfavorable)
$ 357,599
$ 497,744
$ 140,145
84,500
166,688
82,188
322,256
253,184
(69,072)
10,000
12,608
29608
1,500
4,357
2,857
775,855
934,581
158,726
- -
-
228,521
216,742
11,779
- -
-
227,394
221,829
5,565
- -
-
85,000
18,916
66,084
-
1,130
(1,130)
- -
-
540,915
458,617
82,298
169,731 110,824
(58,907_)
234,940
475,964
241,024
-
23,507
23,507
(23,507)
(23,507)
-
(23,507)
(23,507)
(23,507)
(23,507)
-
-
169,731 87,317
(82,414)
234,940
475,964
241,024
$ 169,731 $ 87,317
$ (82,414)
$ 234,940
$ 475,964
$ 241,024
-5-
CITY OF LA QUINTA
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS
For the fourteen month period from May 1, 1982 to June 30, 1983
Equipment and furniture
Leasehold improvements
TOTAL GENERAL FIXED
ASSETS
Balance Balance
May 1, 1982 Additions Deletions June 30, 1983
$ - $ 10,686 $ $ 10,686
2,487 - 2,487
$ $ 13,173 $ - $ 13,173
See accompanying accountants' report and notes to financial statements.
-6-
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS
June 30, 1983
1. ORGANIZATION:
The City of La Quinta was incorporated May 1, 1982 and has established a
Council/manager form of government.
2. SIGNIFICANT ACCOUNTING POLICIES:
a. Description of funds and account groups:
GOVERNMENTAL FUNDS
1. General Fund - accounts for all unrestricted resources except those
required to be accounted for in another fund.
2. Special Revenue Funds - account for the proceeds of specific revenue
sources that are restricted by law or administrative action to
expenditures for specified purposes.
3. Account Groups - are used to establish accounting control and
accountability for the City's general fixed assets.
b. Basis of accounting:
The modified accrual basis of accounting is followed by all funds.
Revenues are recorded when received in cash, except that revenues
susceptible to accrual and material revenues, that have not been
received at the normal time of receipt, are recognized as income when
earned. Expenditures are recorded at the time liabilities are
incurred, except that prepaid expenses are not recorded.
c. Investments:
Investments are stated at cost, which approximates market value.
d. General fixed assets:
General Fixed assets are recorded as expenditures of the various city
funds at the time of purchase. Such assets include leasehold
improvements, furniture, fixtures and equipment and are capitalized at
cost or if contributed at fair market value in the general fixed asset
group of accounts. No depreciation is provided on general fixed
assets.
e. Vacation and sick pay:
The City's policy is to expense vacation and sick leave pay at the time
it is paid to employees. Unused vacation time to be paid upon
retirement or termination will be recorded as an expenditure in the
year paid.
See accompanying accountants' report.
-7-
CITY OF LA QUINTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1983
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
f. Budgetary process: The annual budget, which includes estimated revenue
and appropriations, is adopted by the City Council and presented in the
financial statement as follows:
1. Budgets for the General and Special Revenue Funds are adopted on a
basis consistent with generally accepted accounting principles,
(GAAP).
2. Estimated revenue is the orginal estimate with modifications for
new programs which are anticipated to be received during the fiscal
year.
3. Original appropriations are modified by supplemental appropriations
and transfers among budget categories.
4. Strict budget control is maintained over all accounts and
expenditures are not allowed to exceed appropriations except in
those specific projects and programs approved in advance by the
City Council.
5,' The City Council approves all significant changes.
g. Total columns on the Combined Financial Statements are capitioned
"Memorandum Only" to indicate that they are presented only to
facilitate financial analysis and such data is not comparable to a
consolidation. Interfund elimination have not been made in the
aggregation of this data.
3. RETIREMENT:
Presently the City does not have a retirement plan for city employees. The
City is planning to contract with the Public Employees Retirement System
(PERS) of the State of California to provide retirement benefits to its
employees.
4. LEASE COMMITMENTS:
The City is operating out of leased facilities. The lease commenced on
August 1, 1982 and terminates on November 30, 1985. Lease payments are
approximately $12,000 per year.
See accompanying accountants' report.
SUPPLEMENTARY INFORMATION
CITY OF LA QUINTA
COMBINING BALANCE SHEET - ALL SPECIAL REVENUE FUNDS
ASSETS
Cash and temporary investments
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
FUND BALANCES
TOTAL LIABILITIES AND FUND BALANCES
See accompanying accountants' report.
June 30, 1983
State Traffic Local
Gas Tax Safety Transportation
Fund Fund Fund Totals
$ 75,179 $ - $ 12,138 $ 87,317
$ 75,179 $ - $ 12,138 $ 87,317
S 75,179 $ -
$ 75,179 $ -
$ 12,138 $ 87,317
$ 12,138 S 87,317
CITY OF LA QUINTA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL SPECIAL REVENUE FUNDS
For the fourteen month beginning May 1, 1982 and ending June 30, 1983
REVENUES:
Intergovernmental revenues
Revenue from use of money and
property
TOTAL REVENUES
EXPENDITURES
EXCESS OF REVENUES OVER EXPENDITURES
OTHER FINANCING (USES):
Operating transfers out
EXCESS OF REVENUES OVER EXPENDITURES
AND OTHER USES
FUND BALANCE MAY 1, 1982
FUND BALANCE JUNE 30, 1983
See accompanying accountants' report.
State
Traffic
Local
Gas Tax
Safety
Transportation
Fund
Fund
Fund
$ 93,715
$ 1,545
$ 12,138
3,425
-
-
97,140
1,546
12,138
97,140
1,546
12,138
(21 2961 ) (1 ,545) -
75,179 - 12,138
$ 75,179 $ - $ 12,138
SHE
Totals
$ 107,399
3,425
110,824
110,824
(23,507)
87,317
$ 87,317