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2001 07 17 FAw� CE`y OF Financing Authority Agenda City Council Chamber 78-495 Calle Tampico La Quinta, California 92253 July 17, 2001 3:00 PM CALL TO ORDER Beginning Res. No. FA 2001-03 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 JUNE 26, 2001. 2. APPROVAL OF THE MINUTES OF JULY 3, 2001. CONSENT CALENDAR 1. TRANSMITTAL OF THE TREASURER'S REPORT DATED MAY 31, 2001. 2. TRANSMITTAL OF THE REVENUE AND EXPENDITURES REPORT DATED MAY 31, 2001 AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING JUNE 30. 2001. 001 BUSINESS SESSION CONSIDERATION OF A RESOLUTION APPROVING THE FISCAL YEAR 2001-02 LA QUINTA FINANCING AUTHORITY BUDGET. 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 August 7, 2001, in the City Council Chambers, 78-495 Calle Tampico, CA 92253. DECLARATION OF POSTING I, June S. Greek, Secretary of the La Quinta Financing Authority, do hereby declare that the foregoing agenda for the La Quinta Financing Authority meeting of July 17, 2001, was posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and on the bulletin board at the La Quinta Chamber of Commerce and at Stater Bros., 78-630 Highway 111, on Friday, July 13, 2001. DATED: July 13 2001 JUNE S. GREEK, CMC Secretary, La Quinta Financing Authority Q�I3jlC9�Gii[N� 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. Finance Authority Agenda Page 2 July 3, 2001 002 Tit�t44Q" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: July 17, 2001 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: PUBLIC HEARING: Transmittal of Treasurer's Report as of May 31, 2001 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: Transmittal of Treasurer's Report dated May 31, 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. n M. Falcon , Finance Director Approved for submission by: Thomas P. Genovese, City Manager Attachment: Treasurer's Report, La Quinta Financing Authority 003 MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for May 31, 2001 DATE: June 20, 2001 Attached is the Treasurer's Report for the month ending May 31, 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: Investment Beginning Purchased Notes Sold/Matured Other Ending Change Cash $1,842,622 (1) ($1,076,072) $766,550 i ($1,076,072) LAIF $8,859,754 0 8,859,754 0 US Treasuries (2) $28,960,566 10,000,000 (9,000,000) (84,351) 29,876,215 915,649 US Gov't Agencies (2) $12,929,508 7,164,000 (5,000,000) 28,854 15,122.362 2,192,854 Commercial Paper (2) $3,493,054 10,500,000 (3,500,000) (19,920) 10,473,134 6,980,080 Mutual Funds_ $10,624,606 0 1) 71,985) 10,552,621 71,985 Total $66 710 110 1 $27 664 000 $18 648 057 $75 417 $75 650 636 $8 940 526 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. M. Director/Treasurer i ,I/ __ ate (1) The amount reported represents the net increase (decrease) of deposits and withdrawals from the previous month. 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BOND REDEMPTION CASH 185,013.54 154096 186,554.50 BOND RESERVE CASH 9 825,927.82 540.136.34 10,366,064. ifi BOND PROJECT CASH BOND ESCROW CASH 1000.03 PETTY CASH CASH S INVESTMENT TOTAL 1,000.00 45.517,43242 29662, 71960 642,769.51 75.822,921.53 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 42,248.26 60,900.00 &010, 00000 8.. 113, 148.25 PREMIUM/DISCOUNT ON INVESTMENT (172,286,15) 0.50 0.49 (172,285. 16) LDRP-ACCOUNTS RECEIVABLE 83, 443.81 8344381 INTEREST RECEIVABLE 2,681 706.20 2.615 LOAN/NOTES RECEIVABLE 000 00 DUE FROM OTHER AGENCIES 16 ODD DO DUE FROM OTHER AGENCIES -CVAG 2,299,096.69 9909669 2, 2. CVAG ALLOWANCE (2,299,096.69) (2299,09fi 6fi9g) DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 856,604.19 551 038.04 DUE FROM RDA 8,497,550.2D 8497,55020 INTEREST ADVANCE -DUE FROM RDA 2,799,744.46 297,550. )99.I44A6 ADVANCES TO OTHER FUNDS 3,138 6fi NSF CHECKS RECEIVABLE 3,13866 83340 ACCRUED REVENUE 833.40 2228.50 TRAVEL ADVANCES 2,228,W EMPLOYEE ADVANCES PREPAID EXPENSES RECEIVABLE TOTAL 12.0",228.11 3,377,921.95 8,010,00049 23432, 150.55 WORKER COMPENSATION DEPOSIT RENT DEPOSITS 75 00 UTILITY DEPOSITS 75.00 2.100.00 MISC. DEPOSITS 2,100.00 DEPOSITS TOTAL 2, 17500 2, 175.00 GENERAL FIXED ASSETS 1386,33167 15, 590,699. 00 9,988279.05 26 965.309 72 ACCUMULATED DEPRECIATION (812,743.27) (812, 74327) AMOUNT AVAILABLE TO RETIRE L/T DEBT 3,395, 117.03 3,395, 11 ].03 AMOUNT TO BE PROVIDED FOR<R DEBT 16/564734 95479505.68 _ 8010, 00000 105, 135_153.02 TOTAL OTHER ASSETS 673,588,40 15,590,699.00 1,645.64734 9,988,27905 98 874,622 71 8,DID, 000. DO 134,ON 83650 TOTAL ASSETS 58 137 423 93 15 WS0 DO 1 US 647.34 33 040.64155 9 988 279 05 98 874 622.71 8 652770. 00 8 010 000 00 _233940083 58 LIABILITIES: TS AGE 3 311 34 DUE TO OTHER AGENCIES DUE TO OTHER 3,311 34 589434.26 40764223 1.407,642.23 DUE TO OTHER FUNDS 89,d34.26 1,318207.91 INTEREST ADVANCE -DUE TO CITY fi029.1 ACCRUED EXPENSES 6,029.10 5 18 PAYROLL LIABILITIES 5,006,18 11790 STRONG MOTION INSTRUMENTS 1,175,90 78, 98198150 FRINGE TOED LIZARD FEES 78,981.SO 4527.85 SUSPENSE 4, 527.85 DUE TO THE CITY OF LA OUINTA - PAYABLESTOTAL 766, 125.97 1318,20797 2,084333.94 ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS 774 87 414 ARTS IN PUBLIC PLACES DEPOSITS 467,774,87 66300 LORP DEPOSITS 14, 663.00 t, 594 46 DEVELOPER DEPOSITS 1068594.46 43983950 MISC. DEPOSITS 439,839. SO 56 784 3 2056p- AGENCY FUND DEPOSITS 2,056,784.30 TOTALDEPOSITS 4,032,993.13 14,663.00 4047,65613 DEFERRED REVENUE 8,270.67 8010, 00000 8, 018.270.67 OTHER LIABILITIES TOTAL 8,270.67 8,010,00000 8,018, 270.67 COMPENSATED ABSENCES PAYABLE 321,991.94 32199194 DUE TO THE CITY OF I A OUINTA 1,323,655 40 11,297, 298. 46 12, 620.953 86 DUE TO COUNTY OF RIVERSIDE 12249,102. 00 12,249, 102.00 DUE TO C V. UNIFIED SCHOOL DIST. 9, 418 222.25 9,418 222.25 DUE TO DESERT SANDS SCHOOL DIST. 65,910, 00000 8,010000.00 73920,00000 BONDS PAYABLE TOTAL LONG TERM DEBT 1,645,64734 98,874 622 71 8010,000.00 108,5302]005 TOTAL LIABILITIES 4,807,389.77 1, 645647.34 1332,87097 98 874,622 71 8,010,00000 8,010, DOD 00 122, 680530.79 EQUITY -FUND BALANCE 53,330,034.16 15,590,699.00 31, 707,770. 58 9, 988 279 05 642770.00 111, 259, 55279 TOTAL LIABILITY S EQUITY _ 58 137 423 93 15 590,699 DO 1 646 647 34 33 040 641 55 9 988 279.0 998 874 622 71 8652.77000 _., 8 010 00000 _ _233 940 083.58no CASH S INVESTMENT TOTAL 76,822,921.53 O PREMIUMIDISCOUNT ON INVESTMENT 1172 206.161 il TOTAL 75,660,636.37 n0q T ty444" AGENDA CATEGORY: July 17, 2001 BUSINESS SESSION: COUNCIL/RDA MEETING DATE: ITEM TITLE: Transmittal of Revenue and Expenditure Reports dated May 31, 2001 and Investment Summary Report for the Quarter Ending June 30, 2001. RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: CONSENT CALENDAR: D-- STUDY SESSION: PUBLIC HEARING: Transmittal of the May 31, 2001 Statement of Revenue and Expenditures for the La Quinta Financing Authority and Investment Summary Report for the Quarter Ending June 30, 2001. 'ully submitted: M- Lx'�" M. Fah , Finance Director Approved for Submission by: Thomas P. Genovese City Manager Attachments: 1. Revenue and Expenditures Report, May 31, 2001 2. Investment Summary Report for the Quarter Ending June 30, 2001 012 ATTACHMENT 1 LA QUINTA FINANCING AUTHORITY REVENUE DETAIL DEBT SERVICE REVENUE: Contractual Services Fees Non Allocated Interest Rental Income Transfer In TOTAL DEBT SERVICE CAPITAL IMPROVEMENT REVENUE: Pooled Cash Allocated Interest Non Allocated Interest TOTAL CIP REVENUE REMAINING % BUDGET RECEIVED BUDGET RECEIVED 9,175.00 27,615.35 (18,440.35) 301.0% 0.00 1,508.81 (1,508.81) 0.0% 678,955.00 678,955.00 0.00 100.0% 0.00 0.00 0.00 0.0% 688,130.00 708,079.16 (19,949.16) 102.9% 0.00 0.19 (0,19) 0.0% 0.00 45,170.94 (45,170.94) 0.0% 0.00 45,171.13 (45,171.13) 0.0% TOTAL FINANCING AUTHORITY 688,130.00 753 250.29 (65 120 29) 109 5% 013 001 LA OUINTA FINANCING AUTHORITY EXPENDITURE SUMMARY DEBT SERVICE EXPENDITURES SERVICES BOND PRINCIPAL BONDINTEREST TRANSFER OUT TOTAL DEBT SERVICE CAPITAL IMPROVEMENT EXPENDITURES TRANSFER OUT TOTAL CAPITAL IMPROVEMENT TOTAL FINANCING AUTHORITY 07/01/2000. 5/31/2001 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% _ 00o 000 000 000 00% 688, 130.00 688,087.50 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% 1 205 861.78 688 087.50 000 517 774 28 57 06 % 014 ok�'l City of La Counts Quarterly Investment Summary June 30, 21 Redevelopment Agency U.S. Bank - 1994 Dot Svc U.S. Bank - 1995 CIP U.S. Bank - 1995 Dot Svc U.S. Bank - 1998 RDA 1 Obt Svc U.S. Bank - 1998 RDA 2 Obt Svc U.S. Bank - 1998 RDA 1 CIP Money Markel Mutual Fund Money Market Mutual Fund Money Market Mutual Fund Money Markel What Fund Money Market Mutual Fund Money Market Mutual Fund Plus %Attributable to RDA from City Pooled Investments Total RDA Investments Footnote t - The Quarterly Investment Report does not include the City of La Quints checking account, sweep account , Housing Program account or petty cash account. Market value is based upon most current information available. Maturity Date Next Day Next Day Ne Day Next Day Next Day NextDay Next Da ATTACHMENT 2 Par Value Market Value Amortizetl Cost 7,880 1,880 1,880 3,941,286 3, 941,286 3, 941, 286 2,764 2,764 2,764 195757 195, 757 195, 757 1,698 1,698 1,698 5,357.019 5,357,Of9 5.357,019 16,205,046 $25 919 846 015 `-it(t 4 4Qum& AGENDA CATEGORY: BUSINESS SESSION: COUNCILIRDA MEETING DATE: July 17, 2001 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: PUBLIC HEARING: Consideration of a Resolution Approving the Fiscal Year 2001-2002 La Quinta Financing Authority Budget RECOMMENDATION: Adopt a Resolution of the Financing Authority approving Fiscal Year 2001-2002 City of La Quinta Financing Authority Budget. FISCAL IMPLICATIONS: All Fiscal Year 2001-2002 revenues, operational appropriations and capital project funding are included in the Proposed Fiscal Year 2001-2002 City of La Quinta Budget. BACKGROUND AND OVERVIEW: See City Council Staff Report Respectfully submitted, Thomas P. Genovese, City Manager 01F RESOLUTION NO. FA2001- A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY APPROVING A BUDGET FOR FISCAL YEAR 2001-2002 WHEREAS, each year the La Quinta Financing Authority adopts a Budget for Revenues and Expenditures for the upcoming Fiscal Year; and WHEREAS, the Financing Authority desires to make provisions for a level of services commensurate with the needs of the City; and WHEREAS, the Financing Authority has reviewed said budget and has had several public meetings to receive public input; and WHEREAS, the Financing Authority has, after due deliberation and consideration, made such amendments in the proposed budget as it considers desirable; and NOW, THEREFORE, BE IT RESOLVED by the La Quinta Financing Authority to adopt, as follows: SECTION 1. The Fiscal Year 2001-2002 Budget which is on file with the La Quinta Financing Authority Secretary, is hereby approved. SECTION 2. Budget adjustment procedures are approved as follows: A. Additional appropriations and the transfer of cash or unappropriated fund balance from one fund to another shall be made only upon Financing Authority approval. B. Transfers of budgeted appropriations between divisions or capital projects shall be made only upon Financing Authority approval. C. Transfers of budgeted appropriations between accounts within a division or capital project may be made with the approval of the Executive Director or his designee. D. Prior year budget continuing Appropriations and Encumbrances for unexpended capital project appropriations remaining from uncompleted prior year capital projects shall be made with Executive Director approval. These carry-over appropriations are for prior year Financing Authority approved capital projects and shall not exceed the approved project budget. 017 002 SECTION 3. The Executive Director shall render a monthly report to the Financing Authority on the status of City operations as it relates to the approved budget and any amendments thereto. PASSED, APPROVED AND ADOPTED this following vote: /ill*3 NOES: ABSENT: ABSTAIN: ATTEST: JUNE GREEK, City Clerk City of La Quinta, California APPROVED AS TO FORM: KATHY JENSON, City Attorney City of La Quinta, California day of 2001, by the JOHN J. PENA, Mayor City of La Quinta, California 018