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2001 06 19 FA/ T �5 GFMOFTk�� Financing Authority Agenda City Council Chamber 78-495 Calle Tampico La Quinta, California 92253 June 19. 2001 3:00 PM CALL TO ORDER Beginning Res. No. FA 2001-01 ROLL CALL: Board Members: Adolph, Henderson, Perkins, Sniff, Chairman Pena PUBLIC COMMENT At this time, members of the public may address the Finance Authority on any matter not listed on the agenda or scheduled for public hearing. Please complete a "request to speak" form and limit your comments to three minutes. For all Public Hearings on the agenda, a completed "request to speak" form must be filed with the City Clerk prior to the Council beginning consideration of that item. Please watch the timing device on the podium. CONFIRMATION OF AGENDA APPROVAL OF MINUTES 1. APPROVAL OF THE MINUTES OF MAY 15, 2001. CONSENT CALENDAR TRANSMITTAL OF TREASURER'S REPORT DATED APRIL 30, 2001. 2. TRANSMITTAL OF REVENUES AND EXPENDITURE REPORT DATED APRIL 30, 2001. TOO RM CONSIDERATION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF THE CITY OF LA QUINTA FOR FISCAL YEAR 2001/2002. A. RESOLUTION ACTION DEPARTMENT REPORTS - None CHAIR AND BOARD MEMBERS' ITEMS - None PUBLIC HEARINGS - None ADJOURNMENT -Adjourn to a Regular Meeting of the Financing Authority to be held on July 17, 2001, in the City Council Chambers, 78-495 Calls Tampico, CA 92253. DECLARATION OF POSTING I, June S. Greek, Secretary of the La Quints Financing Authority, do hereby declare that the foregoing agenda for the La Quints Financing Authority meeting of June 19, 2001, was posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and on the bulletin board at the La Quints Chamber of Commerce and at Stater Bros., 78-630 Highway 111, on Friday, June 15, 2001. DATED: June 15, 2001 JUNE S. GREEK, CMC Secretary, La Quints Financing Authority PUBLIC NOTICE The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk's Office at 777-7025, 24-hours in advance of the meeting and accommodations will be made. 002 Finance Authority Agenda Page 2 June 19, 2001 COUNCIL/RDA MEETING DATE: I AGENDA CATEGORY: BUSINESS SESSION: June 19, 2001 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of Treasurer's Report as of April 30, 2001 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: Transmittal of Treasurer's Report dated April 30, 2001 for the La Quinta Financing Authority. FINDINGS AND ALTERNATIVES: I certify that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53645 as amended 1 /1 /86; and is in conformity with City Code 3.08.010 to 3.08.070 Investment of Money and Funds. I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet next month's estimated expenditures. ly submitted: M. Falconer', Finance Director Approved for submission by: Thomas P. Genovese, City Manager Attachment: Treasurer's Report, La Quinta Financing Authority 003 Titr 4 4QuArw MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for April 30, 2001 DATE: May 29, 2001 Attached is the Treasurer's Report for the month ending April 30, 2001. The report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept. The following table summarizes the changes in investment types for the month: nvestment Beginning Purchased I —NoteslSold/Mature dT Other Cash $837,401 $1,005,221 (1) __Ending $1,842,62 'LAIF $8,746,551 113,203 0 8,859,75 US Treasuries (2) $36,373,520 (7,411,000) (1,954) 28,960,56 ,954) 28,960,50 US Gov't Agencies (2) Commercial Paper (2) $12,881,355 $4,986,219 I 3,500,000 (5,000,000) 48,153 6,835 1 3,493,05 Mutual Funds $2,956,693 7,667,913 1 10,624,60 Total $66 781 739 $12 286 337 $12 411 000 $53 033� $66,710,11 I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and ins in conformity with the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. the City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. Yn�F , lconer a pt Finance Director/Treasurer Footnote (1) The amount reported represents the net increase (decrease) of deposits and withdrawals from the previous month. (2) The amount reported in the other column represents the amortization of premium/discount for the month on US Treasury, Commercial Paper and Agency investments. 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R U> C y C C d d b J C h K d d Q d Nw' d U V N� c_� d C N d C LL pC� U J 2C dt m aNin OC wy�OUa ° i V w z 7 009 CITY OF LA QUINTA CRY CITY RDA RDA FA BALANCE SHEET W3Wl FIXED LONGTERM FIXED LONGTERM FINANCING LONGTERM GRAND CRY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH (2,282,436,80) 11,961,07574 (19,240.52) 9.659.399.42 LORP INVESTMENT IN POOLED CASH 805,00000 805.000.00 INVESTMENT T-SILUNOTES B OTHER 45,480,000.00 45,480,00000 AUTO MALL CASH 2O6.376.08 206.37908 LDRP CASH 30,595.75 30.59575 BOND REDEMPTION CASH 81,024.68 1,482.54 82,50722 BOND RESERVE CASH BOND PROJECT CASH 9,909,687.62 632,409 B6 10.542,097 48 BOND ESCROW CASH PETTY CASH 1.0000 1,000.00 CASH S INVESTMENT TOTAL 4 ,4 4.943.28 22.787,383 79 614, 51.N 66,W6.978.95 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 43.186.99 60,900.00 8.010,00000 8,114,006.99 PREMIUMIDISCOUNT ON INVESTMENT (96.870.29) 0.50 049 (96,869.30) LORP-ACCOUNTS RECEIVABLE 8272371 82.12311 INTEREST RECEIVABLE ]6,442.31 76,442.31 LOANINOTES RECEIVABLE 2,681,756.20 2,681 ]5620 DUE FROM OTHER AGENCIES 15.000.00 15,00000 DUE FROM OTHER AGENCIES -CVAG 2,299,096.69 2,299,096.69 CVAG ALLOWANCE (2,299.096.69) (2,299,09669) DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 082,491.63 551,038.04 1p33.52967 DUE FROM RDA 8,497,560.20 8,497.650,20 INTEREST ADVANCE -DUE FROM RDA 2,713,505.54 2,713,505.54 ADVANCES TO OTHER FUNDS NSF CHECKS RECEIVABLE 24,99566 24.99666 ACCRUED REVENUE 833,40 83340 TRAVEL ADVANCES 2,678.50 2.678.50 EMPLOYEE ADVANCES PREPAID EXPENSES RECEIVABLE TOTAL 12,158,980.50 3,377,251 85 0,010,000.49 23,546,232.88 WORKER COMPENSATION DEPOSIT RENT DEPOSITS UTILITY DEPOSITS 75.00 75.00 MISC. DEPOSITS 2,100.00 2,100.00 DEPOSITS TOTAL 2,17500 2,175.00 GENERAL FIXED ASSETS 1.386,33167 15,590,699.00 9,988,279.06 26,965,309 72 ACCUMULATED DEPRECIATION (812,743.27) (812,743.27) AMOUNT AVAILABLE TO RETIRE LR DEBT 3.395,117 03 3.395, 11].03 AMOUNT TO BE PROVIDED FOR LR DEBT 1 645.64].34 95,393,266.76 8,010,000.00 105.048,914. 10 TOTAL OTHER ASSETS 573,58840 15,59Q699.00 1,645.64).34 9,988,27905 98,]88,383]9 0,010,00000 134596.597.58 TOTAL ASSETS 56 13968722 1559069900 1645647.3426164635.64 9 9ft27905 9878838379 8624652.37 8 010 OQQ00 224,95198441 LIABILITIES: ACCOUNTS PAYABLE (50,49066) (50,480.66) DUE TO OTHER AGENCIES 920,209.86 920,209.86 DUE TO OTHER FUNDS 115,321.70 1,318,20].97 1,433,529.67 INTEREST ADVANCE -DUE TO CITY _ ACCRUED EXPENSES 6.029.10 6.029.10 PAYROLL LIABILITIES 2,24754 224].54 STRONG MOTION INSTRUMENTS 407.66 407.66 FRINGE TOED LIZARD FEES 74,661.50 74,661.50 SUSPENSE 4,192 63 4,192 63 DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 1,072,579.33 1,318,207. 97 2,390,787.W ENGINEERING TRUST DEPOSITS SO, COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 449,16745 449.16745 LORP DEPOSITS 15,663 00 15,663.00 DEVELOPER DEPOSITS 1,089,515,85 1,089,615.85 MISC. DEPOSITS 448.603.41 448,693.41 AGENCY FUND DEPOSITS 1,653,859.64 1,653,8%64 TOTAL DEPOSITS 3,641,236.35 15,663.00 3,656,899.35 DEFERRED REVENUE 8,270,67 8,010.000,00 8,018,270,67 OTHER LIABILITIES TOTAL 8,270.67 8,010,000.00 8,018,270.67 COMPENSATED ABSENCES PAYABLE 321,991.94 321.991,94 DUE TO THE CITY OF LA QUINTA 1,323,655 40 11.211,059 54 12,534,114.94 DUE TO COUNTY OF RIVERSIDE 12,249,102 00 12,249.102,00 DUE TO C V. UNIFIED SCHOOL DIST. 9,418,222 25 9.416.222.25 DUE TO DESERT SANDS SCHOOL DIST. BONDS PAYABLE 65,910,00000 8,010,00000 73.920,000,00 TOTAL LONG TERM DEBT 1,645,647 34 98,788,383 79 8,010,000.00 108.444031. 13 TOTAL LIABILITIES 4,722.086,35 1,645,64T34 1,333,870.97 98,788,383.79 8,010,000.00 8.010.000,00 122.509.98845 EQUITY -FUND BALANCE 51,417,60O87 15, 590,699.00 24,830,764.67 9,988,279.05 614,65237 102,441,995.BE TOTAL LIABILITY B EQUITY 56.139.58722 15.590.599QQ 1 4 Z 4 26,11M.63504 9.98U27905 98788383.79 B624E5237 801000000 2496198 41 CASH S INVESTMENT TOTAL 66,009,978.95 PREMIUMMISCOUNT ON INVESTMENT (98889301 TOTAL 66,710,109.65 010 8 COUNCIL/RDA MEETING DATE: f AGENDA CATEGORY: BUSINESS SESSION: June 19, 2001 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of Revenue and Expenditure Reports dated April 30, 2001 RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: Transmittal of the April 30, 2001 Statement of Revenue and Expenditures for the La Quinta Financing Authority. RespecXfully submitted: M. Falcon6r, Finance Director Approved for Submission by: Thomas P. Genovese City Manager Attachments: 1. Revenue and Expenditures Report, April 30, 2001 Oil LA QUINTA FINANCING AUTHORITY REVENUE DETAIL REMAINING % BUDGET RECEIVED BUDGET RECEIVED DEBT SERVICE REVENUE: Contractual Services Fees 9,175.00 5.35 9,169.65 0.1% Non Allocated Interest 0.00 1,450.39 (1,450.39) 0.0% Rental Income 678,955.00 678,955.00 0.00 100.0% Transfer In 0.00 0.00 0.00 0.0% TOTAL DEBT SERVICE 688,130.00 680,410.74 7,719.26 98.9% CAPITAL IMPROVEMENT REVENUE Pooled Cash Allocated Interest 0.00 0.19 (0.19) 0.0% Non Allocated Interest 0.00 44,721.73 (44,721.73) 0.0% TOTAL CIP REVENUE 0.00 44,721.92 (44,721.92) 0.0% TOTAL FINANCING AUTHORITY 688 130.00 725 132.66 (37 002.66) 105.4% 001 019 LA QUINTA FINANCING AUTHORITY EXPENDITURE SUMMARY DEBT SERVICE EXPENDITURES SERVICES BOND PRINCIPAL BONDINTEREST TRANSFER OUT TOTAL DEBT SERVICE CAPITAL IMPROVEMENT EXPENDITURES TRANSFER OUT TOTAL CAPITAL IMPROVEMENT 07/01/2000. 413012001 REMAINING % BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED 9.175.00 9,132.50 0.00 42,50 99.5% 260,000.00 260,000.00 0.00 0.00 100.0% 418,955.00 418,955,00 0.00 0,00 100.0% 0,00 0.00 0.00 0.00 0.0% 688,130.00 688,087S0 0.00 42.50 100.0% 517,731.78 0.00 0.00 517,731.78 0.0% 517,731.78 0.00 0.00 517,731.78 0.0% TOTAL FINANCING AUTHORITY 120586178 68808750 0,00 517774.28 57.06% 002 Ila I AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: June 19, 2001 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: PUBLIC HEARING: Consideration of a Resolution Adopting the Investment Policy of the Financing Authority for Fiscal Year 2001 /2002 RECOMMENDATION: Adopt a Resolution of the Financing Authority approving the Investment Policy of the City of La Quinta for Fiscal Year 2001 /2002. SEE CITY COUNCIL STAFF REPORT 014 RESOLUTION NO. FA 2001- A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY OF THE CITY OF LA QUINTA APPROVING AND ADOPTING THE AMENDED INVESTMENT POLICY FOR FISCAL YEAR 2001 /2002 WHEREAS, the general purpose of the Investment Policy is to provide the rules and standards users must follow in investing funds of the City of La Quinta; and WHEREAS, the primary objectives, in order of priority, of the City of La Quinta's investment activity shall be: Safety of principal is the foremost objective of the investment program. Investments of the City of La Quinta shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. The investment portfolio shall remain sufficiently Ii!Quid to meet all operating requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return or iel throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. WHEREAS, authority to manage the City of La Quinta's investment portfolio is derived from the City Ordinance. Management responsibility for the investment program is delegated to the City Treasurer, who shall establish and implement written procedures for the operation of the City's investment program consistent with the Investment Policy; and WHEREAS, the Investment Policy will be adopted before the end of June of each year and amended as considered necessary; and NOW, THEREFORE, BE IT RESOLVED by the Financing Authority of the City of La Quinta to adopt the 2001 /2002 Fiscal Year Investment Policy (Exhibit A). 01.5 002 PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta Financing Authority, held on this day of 2001 by the following vote, to wit: AYES: NOES: ABSTAIN: ABSENT: JOHN J. PENA, Chairman La Quinta Financing Authority ATTEST: JUNE S. GREEK, Secretary La Quinta Financing Authority APPROVED AS TO FORM: KATHY JENSON, City Attorney La Quinta Financing Authority C- IG 003