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2001 11 20 FAN a 0:1 Pe 5 G� OF 9ti Financing Authority Agenda City Council Chamber 78-495 Calle Tampico La Quinta, California 92253 Tuesday, November 20, 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 OCTOBER 16, 2001. CONSENT CALENDAR 1. TRANSMITTAL OF THE TREASURER'S REPORT DATED SEPTEMBER 30, 2001. 2. TRANSMITTAL OF THE REVENUE AND EXPENDITURES REPORT DATED SEPTEMBER 30, 2001. 001 BUSINESS SESSION 1. CONSIDERATION OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2001. A. MINUTE ORDER 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 December - 18, 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 November 20, 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 Wednesday, November 16, 2001. DATED: November 16, 2�001 JUNE S. GREEK, CMC 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. 002 Finance Authority Agenda Page 2 November 20, 2001 AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: November 20, 2001 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of Treasurer's Report dated September 30, 2001 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: Transmittal of Treasurer's Report dated September 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. Respectful y submitted: M. Falconer, Fihance Director Approved for submission by: w r Thomas P. Genovese, City Manager Attachment: Treasurer's Report, La Quinta Financing Authority 003 ATTACHMENT 1 MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for September 30, 2001 DATE: October 26, 2001 Attached is the Treasurer's Report for the month ending September 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: Investment Beginning Purchased Notes Sold/Matured Other Ending Chang______ Cash $11,449,801 (1) ($8,146,852) $3,302,949 ($8,146,852) LAW $15,027,030 5,000,000 0 20,027,030 5,000,000 US Treasuries (2) $51,995,326 (67,534) 51,927,792 (67,534) US Gov't Agencies (2) $12,936,265 8,000,000 (5,000,000) (4,670) 15,931,595 2,995,330 Commercial Paper (2) $0 0 0 Mutual Funds $22,008,907 1 11,045,005 10,963,902 11,045,005 Total $113 417 329 13 000 000 $24 191 857 $72 204 $102 153 268 1$11 264,061� 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. -,4"/ 1 1-1� // / I � A/ John alconer /Dato( Fina a 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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H TO� O A NN^LOD oo M � O LL � O � N N V) L r) N O � 00 N O N A�OMED )A (n 0)NM � C) N O Q Go N O Q UNN 0 0 O (O(O CD O O OOOU) enRC f")O(a GoMQeQ�� N a) 10 0 U. O GOD tto0 '- fV M ('7 (O M t0 O O ON1 .p.-(OOA Qm NANi O in 00 N A A� Q 7 < O(A CO C l QA P O- O O O_ A C 01 OD O (O A N O Q i (7i �AN10 OECD ('70N Q ^ N A \pQ A Pf A N (O N NN rl (h —(�(�e-N f9 O 1•f .. N O N L 7 IN C d 0 d O L � N > C C m a in w q 2 41 C E d y c 0 y w V d � �►- w7= m m m C C 4) 0) t/1 U d J C t N t N N O. Q C W d A Ci R F> U) U O C1 c 7 U) 0- W N N d C t V C m0 N ... x> N N N y lt G d .O U y ? op O a Z C d RE d d U C N N dCOL 2 01 C ci Ca L4'o6r W A WEOU50 OIO- 2 U W 1 2 O O O tn0�e- O N (D m n O�A ,z ol P.- cl,tC)(O L m U N 0 a c E 0()q, CITY OF LA QUINTA BALANCE SHEET 09/30/01 ASSETS: CITY CITY RDA RDA FA FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL POOLED CASH 8,970,693.80 13,372,466.48 103.252.57 " 446,41' 8c LQRP INVESTMENT IN POOLED CASH 805,000 00 805.000 C: INVESTMENT T-BILL/NOTES & OTHER 33,480,000 00 33.480.000 CC AUTO MALL CASH 28,24L61 LQRP CASH 49.324.61 49.324 C BOND REDEMPTION CASH 180,441.16 1.55871 181,999 8, BOND RESERVE CASH BOND PROJECT CASH 44.546,35&69 546.541 77 45,092.900 4C- BOND ESCROW CASH PETTY CASH 1.000,00 1.000 C.' CASH & INVESTMENT TOTAL 4 ,479,9 5.41 58,95 ,59 .94 651,353.05 10 ,084. 79 40 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 41.913.63 518,028.48 559.942 11 PREMIUM/DISCOUNT ON INVESTMENT (73,050.52) 141,439.30 68.388 78 LQRP-ACCOUNTS RECEIVABLE 93.220.01 93.220 01 INTEREST RECEIVABLE LOAN/NOTES RECEIVABLE 13,488,354.64 13,488.354 64 DUE FROM OTHER AGENCIES 373,434.01 373.434 01 DUE FROM OTHER AGENCIES - CVAG 2,299,096.69 2.299,096 69 CVAG ALLOWANCE (2,299.096.69) (2,299.096 69) DUE FROM OTHER GOVERNMENTS 0.37 037 DUE FROM OTHER FUNDS 1,040,973.94 651,038.04 1.692.011 98 DUE FROM RDA 8,497,550.20 8.497.550 20 INTEREST ADVANCE -DUE FROM RDA 3,170,571.63 3,170.571 63 ADVANCES TO OTHER FUNDS 28,241.61 28,241 61 NSF CHECKS RECEIVABLE 3.326.01 3.32601 ACCRUED REVENUE 833.40 83340 FIXED ASSETS 20,711,742.00 20.711,742 00 ACCUMULATED DEPRECIATION 711,534.48 711.534 48 TRAVEL ADVANCES 4,459.00 4,45900 EMPLOYEE ADVANCES PREPAID EXPENSES RECEIVABLE TOTAL 13,798,954.36 20,711,742.00 14,892,913.87 49.403,610 23 WORKER COMPENSATION DEPOSIT RENT DEPOSITS UTILITY DEPOSITS 75.00 7500 MISC. DEPOSITS 2,100.00 2,10000 DEPOSITS TOTAL 2,175.00 2,17500 GENERAL FIXED ASSETS 9,988,279.05 9,988.279 05 ACCUMULATED DEPRECIATION AMOUNT AVAILABLE TO RETIRE L!T DEBT 3.395.117.03 3,395,117 03 AMOUNT TO BE PROVIDED FOIE L/T DEBT 951,847.65 80,866,860.97 7,750,000 00 89,568.708 62 TOTAL OTHER ASSETS 951,847.65 9,988,279.05 84,261,978.00 7,750,000.00 102.952,104 70 TOTAL ASSETS 56,281,064.77 20,711,742.00 951,847,65 73,846 504.81 9,988,279.05 84,261,978 00 651,35305 7,750,000 00 254,442,769 33 LIABILITIES: ACCOUNTS PAYABLE 13,741.33 13.741.33 DUE TO OTHER AGENCIES 607,764.53 730,884.56 1,338,649.09 DUE TO OTHER FUNDS 273,804.01 1,702,796.22 1.976.600.23 INTEREST ADVANCE -DUE TO CITY 11,383,537.00 11,383,537.00 ACCRUED EXPENSES 16,468.50 16,468.50 PAYROLL LIABILITIES 38,282.64 38.282.64 STRONG MOTION INSTRUMENTS 5,741.76 5.741,76 FRINGE TOED LIZARD FEES 78,981.50 78,981.50 SUSPENSE (365.31) (365.31) DUE TO THE CITY OF LA QUINTA 28.241.61 28,241 61 PAYABLES TOTAL 1,046,192.07 13,833,686.28 14,879,878 35 ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS LQRP DEPOSITS 14.409.00 14,409.00 DEVELOPER DEPOSITS 880,798.73 880,798.73 MISC. DEPOSITS 439,198.65 439.198,65 AGENCY FUND DEPOSITS 1,421,796.51 1,421,796,51 TOTAL DEPOSITS 2,741,793.89 14,409.00 2,756,202.89 DEFERRED REVENUE OTHER LIABILITIES TOTAL 387,604.00 387,604.00 11,378,904.00 11,378,904.00 11,766,508.00 11.766.508.00 COMPENSATED ABSENCES PAYABLE 373,536.65 373.536.65 DUE TO THE CITY OF LA QUINTA 578,311.00 189,725.50 768.036.50 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 84,261,978.00 7,750,000.00 92.963.825.65 TOTAL LIABILITIES 4,175,589.96 951,847.65 25,226,999.28 84,261,978.00 7,750,000.00 122,366,414.89 EQUITY -FUND BALANCE 52.105.474.81 20,711,742.00 48,619,505,53 9,988,279.05 651,353,05 132.076,354,44 TOTAL LIABILITY & EQUITY 56,281,064,77 20.711 742.00 951,84765 73,846,504.81 9,988,279 05 84,261,978 00 651,35305 7,750,000.00 254,442,769.33 CASH & INVESTMENT TOTAL 102,084,879.40 PREMIUM/DISCOUNT ON INVESTMENT 68.388.78 TOTAL 102,153,268.18 TD � " a" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: CONSENT CALENDAR: oZ November 20, 2001 ITEM TITLE: Transmittal of Revenue and Expenditure Report dated September 30, 2001 RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: STUDY SESSION: PUBLIC HEARING: Transmittal of the September 30, 2001 Statement of Revenue and Expenditures for the La Quinta Financing Authority. Respectfully submitted: John K Falconer, Findnce Director Approved for Submission by: Thomas P. Genovese City Manager Attachments: 1 . Revenue and Expenditures, September 30, 2001 011 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 BUDGET RECEIVED 9,175.00 0.00 13.00 678,955.00 481,682.50 0.00 REMAINING % BUDGET RECEIVED 9,175.00 0.000% (13.00) 0.000% 197,272.50 70.940% 0.00 0.000% 688,130.00 481,695.50 206,434.50 70.000% 680.11 (680.11) 0.000% 4,541.55 (4,541.55) 0.000% 0.00 5,221.66 (5,221.66) 0.000% TOTAL FINANCING AUTHORITY 688,130.00 486,917.16 201,212.84 70.760% LA QUINTA FINANCING AUTHORITY 09/01/2001-9/30/2001 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 275,000.00 275,000.00 0.00 0.00 100.0% BOND INTEREST 407,178.00 206,682.50 0.00 200,495.50 50.8% TRANSFER OUT 0.00 0.00 0.00 0.0% TOTAL DEBT SERVICE 691,767.00 481,682.50 0.00 210,084.50 69.6% 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 1,209,498.78 481 682.50 0.00 727 816.28 39.82% o13 t��4 j AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: CONSENT CALENDAR: ITEM TITLE: November 20, 2001 Y SSION• STUDSE PUBLIC HEARING: Consideration of the Comprehensive Annual Financial Report for the year ended June 30, 2001 RECOMMENDATION: Approve, receive and file the Comprehensive Annual Financial Report for the year ended June 30, 2001 (Attachment 1). See City Council Staff Report 014