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Financing Authority
Agenda
CITY COUNCIL CHAMBER
78-495 Calle Tampico
La Quinta, California 92253
Tuesday, July 16, 2002 - 3:00 p.m.
Beginning Res. No. FA 2002-02
CALL TO ORDER
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 . MINUTES OF THE MEETING OF JUNE 18, 2002.
2. MINUTES OF THE SPECIAL MEETING OF JUNE 20, 2002.
CONSENT CALENDAR
1 . TRANSMITTAL OF TREASURER'S REPORT DATED MAY 21, 2002.
2. TRANSMITTAL OF REVENUE AND EXPENDITURES REPORT DATED MAY 31, 2002, AND
INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING JUNE 30, 2002.
BUSINESS SESSION
1. CONSIDERATION OF A RESOLUTION APPROVING THE FISCAL YEAR 2002-2003
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 6,
2002, in the City Council Chambers, 78-495 Calle Tampico, CA 92253.
DECLARATION OF POSTING
I, June S. Greek, Authority Secretary of the City of La Quinta Financing Authority, do hereby declare
that the foregoing agenda for the La Quinta Financing Authority meeting of Tuesday, July 16, 2002,
was posted on the outside entry to the Council Chambers, 78-495 Calle Tampico and on the bulletin
board at the La Quinta Chamber of Commerce and at Stater Bros. 78-630 Highway 1 1 1, on Friday,
July 12, 2002.
DATED: July 12, 2002
JUNE S. GREEK, CMC
Authority Secretary, City of La Quinta, California
PUBLIC NOTICES
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
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OF AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: July 16, 2002 CONSENT CALENDAR:
ITEM TITLE:
Transmittal of Treasurer's Report
dated May 31, 2002
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
STUDY SESSION:
PUBLIC HEARING:
Receive and File the Treasurer's Report dated May 31, 2002.
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
4 sep QUA&
COUNCIL/RDA MEETING DATE: July 16, 2002
ITEM TITLE:
Transmittal of Revenue and
Expenditure Reports dated
May 31, 2002 and Investment
Summary Report for the Quarter
Ending June 30, 2002
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the May 31, 2002 Statement of Revenue and Expenditures for the La
Quinta Financing Authority and Investment Summary Report for the Quarter Ending June
30, 2002.
Respectfully submitted,
n M. Falc ner, Finance Director
Approved for Submission by:
Thomas P. Genovese, City Manager
Attachments 1 : Revenue and Expenditures Report, May 31, 2002
2: Investment Summary Report for the Quarter Ending June 30, 2002
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
TOTAL FINANCING AUTHORITY
REMAINING
%
BUDGET RECEIVED
BUDGET
RECEIVED
9,589.00 9,589.00
0.00
100.000%
390.40
(390.40)
0.000%
678,955.00 680,243.83
(1,288.83)
100.190%
0.00
0.00
0.000%
688,544.00 690,223.23
(1,679.23)
100.240%
2,407.46
(2,407.46)
0.000%
10,907.54
(10,907.54)
0.000% _
0.00 13,315.00
(13,315.00)
0.000%
688,544.00 703,538.23 (14,994.23) 102.180%
3
LA QUINTA FINANCING AUTHORITY
07/01/2001 - 05/31/2002
REMAINING
%
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
EXPENDED
DEBT SERVICE EXPENDITURES
SERVICES
9,589.00
6,576.50
0.00
3,012.50
68.6%
BOND PRINCIPAL
275,000.00
275,000.00
0.00
0.00
100.0%
BOND INTEREST
407,178.00
407,177.50
0.00
0.50
100.0%
TRANSFER OUT
0.00
0.00
0.00
0.0%
TOTAL DEBT SERVICE
691,767.00
688,754.00
0.00
3,013.00
99.6%
CAPITAL IMPROVEMENT EXPENDITURES
TRANSFER OUT
517,731.78
419,092.28
0.00
98,639.50
80.9%
TOTAL CAPITAL IMPROVEMENT
517,731.78
419,092.28
0.00
98,639.50
80.9%
TOTAL FINANCING AUTHORITY
1,209,498.78
1,107,846.28
0.00
101,652.50
91.60%
ATTACHMENT 2
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G� Of TV101� AGENDA CATEGORY:
BUSINESS SESSION: /
COUNCIL/RDA MEETING DATE: July 16, 2002 CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
Consideration of a Resolution
PUBLIC HEARING:
Approving the Fiscal Year 2002-2003
La Quinta Financing Authority Budget
RECOMMENDATION:
Adopt a Resolution of the La Quinta Financing Authority approving the Fiscal Year 2002-
2003 La Quinta Financing Authority Budget.
FISCAL IMPLICATIONS:
All Financing Authority Fiscal Year 2002-2003 revenues, operational appropriations and
capital project funding are included in the Proposed Fiscal Year 2002-2003 City of La Quinta
Budget.
BACKGROUND AND OVERVIEW:
See City Council Staff Report
RESOLUTION NO. FA 2002-
A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY
APPROVING A BUDGET FOR FISCAL YEAR 2002-2003
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 2002-2003 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.
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 161h day of July, 2002, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
JOHN J. PENA, Mayor
City of La Quinta, California
ATTEST:
JUNE GREEK, City Clerk
City of La Quinta, California
APPROVED AS TO FORM:
KATHY JENSON, City Attorney
City of La Quinta, California