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2001 09 18 FAV :?. T4 hf Irvco 19C 44' OF Tl�� Financing Authority Agenda City Council Chamber 78-495 Calle Tampico La Quinta, California 92253 Tuesday, September 18, 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 AUGUST 21, 2001. CONSENT CALENDAR 1. TRANSMITTAL OF THE TREASURER'S REPORT DATED JULY 31, 2001. 2. TRANSMITTAL OF THE REVENUE AND EXPENDITURES REPORT DATED JULY 31, 2001. BUSINESS SESSION 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 October 2, 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 September 18, 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, September 14, 2001. DATED: September 14, 2001 JUNE S. GREEK, CIVIC Secretary, La Quinta 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. Finance Authority Agenda Page 2 September 18, 2001 COUNCIL/RDA MEETING DATE: September 18, 2001 Transmittal of Treasurer's Report as of July 31, 2001 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: rw AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of Treasurer's Report dated July 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. Resp ully submi C� n M. Falconef, Finance Director Approved for submission by: G Thomas P. Genovese, City Manager Attachment: Treasurer's Report, La Quinta Financing Authority T a 0 4ht 4 4 Q" MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for July 31, 2001 DATE: September 6, 2001 Attached is the Treasurer's Report for the month ending July 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 1 Notes Sold/Matured Other Ending Change Cash $3,322,653 $0 (1) ($2,701,485) $621,168 ($2,701,485) LAIF $8,859,754 3,767,276 0 12,627,030 3,767,276 ! i US Treasuries (2) $29,909,156 (2,500,000) 32,577 27,441,733 (2,467,423) US Gov't Agencies (2) 1 $15,110,040 0 0 24,253 15,134,293 24,253 Commercial Paper (2) $5,984,538 6,000,000 (6,000,000) 90 5,984,628 90 (Mutual Funds $10,258,353 29,852 1 0 1 10,288,205 29,852 ;Total 1$73 444,494 $9 797 128 $11 201 485 $56 920 $72 097 057 $1 347 437 I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is 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. l7101 Jo M. Falco er Da F ance Director reasurer 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. Z 5 Q 5 LL V E D E x m E CD O d a N N C 0 E fA > C O P. c 4 E O O C N O H N E .• > CX E o o cxn N °P E CD C�9 g 6 >' E co �- N CCO � � N N c m d . 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CITY OF LA QUINTA CITY CITY RDA RDA FA BALANCE SHEET 07/31/01 FD(ED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND ASSETS: CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL POOLED CASH (4,686.168.79) 16,877,589.65 102.572.46 12.293,993 32 LORP INVESTMENT IN POOLED CASH 805.000.00 805,000,00 INVESTMENT T-BILLINOTES 6 OTHER 48,644,000.00 48,644,000 00 AUTO MALL CASH 110,016.29 110.016 29 LQRP CASH 38,188.78 38.188 78 BOND REDEMPTION CASH 217,944.04 1,550 12 219,494 16 BOND RESERVE CASH BOND PROJECT CASH 9,525,166.89 543,544.29 10,068,711 18 BOND ESCROW CASH PETTY CASH 1,000.00 1,00000 CASH & INVESTMENT TOTAL 44,068,84 .50 ,463,889.36 64 , 72,180,403 73 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 308,968.94 60,900.00 369,86894 PREMIUM/DISCOUNT ON INVESTMENT (83.346,97) (83.346.971 LQRP-ACCOUNTS RECEIVABLE 89,936.41 89.936 41 INTEREST RECEIVABLE 372,262.86 372,262 86 LOANINOTES RECEIVABLE 13,488,454.64 13.488.454 64 DUE FROM OTHER AGENCIES 943,715.89 260,386.80 1,204,102.69 DUE FROM OTHER AGENCIES - CVAG 2,299,096.69 2 299 096 69 CVAG ALLOWANCE (2,299,096.69) (2,299,09 DUE FROM OTHER GOVERNMENTS 0.37 .37 037 DUE FROM OTHER FUNDS 1,059,126.58 651,038.04 t ,710, t 64 62 DUE FROM RDA 8,497,550.20 8,497.550 20 INTEREST ADVANCE -DUE FROM RDA 2,980,846.13 2,980,846 13 ADVANCES TO OTHER FUNDS 61.120.16 61.120 16 NSF CHECKS RECEIVABLE 2.948.66 2,94866 ACCRUED REVENUE 833.40 83340 FIXED ASSETS 15,707,117.00 15.707.117 00 ACCUMULATED DEPRECIATION 711,534,48 711.534 48 TRAVEL ADVANCES 3.409.00 3,40900 EMPLOYEE ADVANCES PREPAID EXPENSES 271,065.33 3,515.00 274,580 33 RECEIVABLE TOTAL 15,129,201.63 15,707,117.00 14,555,064.29 45,391,382 92 WORKER COMPENSATION DEPOSIT RENT DEPOSITS UTILITY DEPOSITS 75,00 7500 MISC. DEPOSITS 2A00.00 DEPOSITS TOTAL 2,175.00 2,17500 GENERAL FIXED ASSETS 9,988,279.05 9,988,279 05 ACCUMULATED DEPRECIATION AMOUNT AVAILABLE TO RETIRE LIT DEBT 3,395,117.03 3,395.117 03 AMOUNT TO BE PROVIDED FOR LIT DEBT 951,847.65 80 771 998.22 7,750,000.00 89 473,845 87 TOTAL OTHER ASSETS 951,847.65 9,988,279.05 84,167,115.25 7,750,000.00 102,857.241 95 TOTAL ASSETS 59,200,224.13 15,707,117.00 951,847 65 42,018 953 65 9,988,279,05 84,167,115,25 647,666.87 7,750,000.00 220,431 203 60 LIABILITIES: ACCOUNTS PAYABLE 14.038.59 14,038.59 DUE TO OTHER AGENCIES 649.309.79 730,884.56 1.380,194 35 DUE TO OTHER FUNDS 273,804.01 1,418,207.97 1,692.011 98 INTEREST ADVANCE -DUE TO CITY 11,383,537.00 11,383,537,00 ACCRUED EXPENSES 102,912.09 16,468,50 119.380.59 PAYROLL LIABILITIES 5,157.33 5.15733 STRONG MOTION INSTRUMENTS 2,882.32 2.88232 FRINGE TOED LIZARD FEES 78.981.50 78,981 50 SUSPENSE 365.89 365.89 DUE TO THE CITY OF LA QUINTA 61.120.16 61,120 16 PAYABLES TOTAL 1,188,571.68 13,549,098.03 14,737,669.71 ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS LQRP DEPOSITS 14,713.00 14,713.00 DEVELOPER DEPOSITS 934,790.81 934,790.81 MISC. DEPOSITS 439,904.00 439.904.00 AGENCY FUND DEPOSITS 2,153,659.76 2,153,659 76 TOTAL DEPOSITS 3,528,354.57 14,713.00 3,543.067 57 DEFERRED REVENUE 387,604.00 11,378,904.00 11.766,508 00 OTHER LIABILITIES TOTAL 387,604.00 11,378,904.00 11,766,508 00 COMPENSATED ABSENCES PAYABLE 373,536.65 373,536.65 DUE TO THE CITY OF LA QUINTA 578,311.00 94,862.75 673.173.75 DUE TO COUNTY OF RIVERSIDE 10,989,847.00 10,989,847.00 DUE TO C.V. UNIFIED SCHOOL DIST. 8,747,405,50 8,747,405.50 DUE TO DESERT SANDS SCHOOL DIST. BONDS PAYABLE 64,335,000.00 7,750,000.00 72,085,000 00 TOTAL LONG TERM DEBT 951,847.65 84,167,115.25 7,750,000.00 92,868,962.90 TOTAL LIABILITIES 5,104,530.25 951,847.65 24,942,715.03 84,167,115.25 7,750,000.00 122,916.208 18 EQUITY -FUND BALANCE 54,020,327.94 15,707,117.00 17,076,238.62 9,988,279.05 647,666.87 97,439.629 48 TOTAL LIABILITY 3 EQUITY 59,124,858.19 15,707,117.00 951,847.65 42,018,953.65 9,988,279,05 84,167,115 25 647,666.87 7,750,000 00 220,355,837 66 CASH & INVESTMENT TOTAL 72,180,403.73 PREMIUMIDISCOUNT ON INVESTMENT (83„ 43 6,97) TOTAL 72,097,056.76 0 i .4. AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: �1 September 18, 2001 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of Revenue and Expenditure Report dated July 31, 2001 RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: Transmittal of the July 31, 2001 Statement of Revenue and Expenditures for the La Quinta Financing Authority. espeAtfully submitted: Jbhn M. Falcbner/ Finance Director Approved for Submission by: Thomas P. Genovese City Manager Attachments: 1. Revenue and Expenditures Report, July 31, 2001 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 0.00 9,175.00 0.0% 4.41 (4.41) 0.0% 678,955.00 0.00 678,955.00 0.0% 0.00 0.00 0.0% 688,130.00 4.41 688,125.59 0.0% 0.00 0.00 0.0% 1,544.07 (1,544.07) 0.0% 0.00 1,544.07 (1,544.07) 0.0% TOTAL FINANCING AUTHORITY 688 130.00 1,548.48 686 581.52 0.2% LA QUINTA FINANCING AUTHORITY 07/01/2001 - 6/30/2002 REMAINING % EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED DEBT SERVICE EXPENDITURES SERVICES 9,589.00 0.00 0.00 9,589.00 0.0% BOND PRINCIPAL 275,000.00 0.00 0.00 275,000.00 0.0% BOND INTEREST 407,178.00 0.00 0.00 407,178.00 0.0% TRANSFER OUT 0.00 0.00 0.00 0.0% TOTAL DEBT SERVICE 691,767.00 0.00 0.00 691,767.00 0.0% CAPITAL IMPROVEMENT EXPENDITURES TRANSFER OUT 517,731.78 0.00 0.00 517,731.78 0.0% TOTAL CAPITAL IMPROVEMENT 517,731.78 0.00 0.00 517,731.78 0.0% TOTAL FINANCING AUTHORITY 1,209,498.78 0.00 0.00 1,209,498.78 0.00%