1991-1992 ACFR (July 1 - June 30 Annual Comprehensive Financial Report)i
CITY OF LA QTJLNTA
La Quinta, California
General PwWse Fl-nancial Statements
and Supplemental Data
ended June 30, 199'
(With independent Auditors' Report Thereon)
f'
n
n
u
CITY OF LA QUINTA
General Purpose Financial Statements
and Supplemental Data
Year Ended June 30, 1992
r1
TABLE OF CONTENTS
Exhibit Page
Independent Auditors' Report I
General Purpose Financial Statements:
• Combined Balance Sheet - All Fund Types and
Account Groups AA 2
• Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All
Governmental Fund Types BB 5
• Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and
Actual - All Governmental Fund Types CC 6
• Notes to Financial Statements:
Note 1 -
Summary of Significant Accounting Policies
8
Note 2-
Prior Period Adjustments
13
Note 3 -
Cash and Investments
14
Note 4-
Property Taxes
16
Note 5-
Fixed Assets
17
Note 6-
General Long -Term Debt
17
Note 7-
Obligation Under Capital Lease
17
Note 8
Tax Allocation Bonds
18
Note 9-
1991 Local Agency Revenue Bonds, Series 1991
19
Note 10
Due to County of Riverside
19
Note 11 -
Notes Payable to Desert Sands Unified
1
School District
19
J
Note 12 -
Notes Payable to Coachella Valley Unified
School District
20
J
Note 13-
Note 14-
Notes Payable to Individuals
Advances from the City of La Quinta
20
20
Note 15-
Debt Service Requirements to Maturity
21
Note 16-
Debt Without Governmental Commitment
22
Note 17-
Reserves and Designation of Fund Equity
22
Note 18-
Deferred Compensation
23
Note 19 -
City Employee Retirement Plan (Defined Benefit
Pension Plan)
23
Note 20 -
Lease Commitments/Claims Payable/Self Insurance
26
Note 21 -
Accumulated Fund Deficit
27
Note 22 -
Expenditures in Excess of Appropriations
28
J
Note 23 -
Due From and To Other Funds
28
Note 24
Contingencies
28
CITY OF LA QUINTA
General Purpose Financial Statements
and Supplemental Data
Year Ended June 30, 1992
TABLE OF CONTENTS
• Low Income Housing Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Debt Service Fund:
• Combining Balance Sheet
• Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
• Redevelopment Agency Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Redevelopment Agency Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Financing Authority Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Capital Projects Funds:
• Combining Balance Sheet
• Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
• Assessment District 88-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Assessment District 89-2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Assessment District 90-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Exhibit
Page
A-10
41
B-1
44
B-2 45
B-3 46
B-4 47
B-5 48
C-1 50
C-2 52
C-3 54
C-4 55
C-5 56
CITY OF LA QUINTA
General Purpose Financial Statements
and Supplemental Data
Year Ended June 30, 1992
TABLE OF CONTENTS
• Assessment District 91-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Assessment District 92-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Infrastructure Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Financing Authority Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Redevelopment Agency Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Redevelopment Agency Project Area No. 2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Agency Funds:
• Combining Balance Sheet - All Agency Funds
• Statement of Changes in Assets and Liabilities -
All Agency Funds
Exhibit Page
C-6 57
C-7 58
C-8 59
C-9 60
C-10 61
C-11 62
D-1 64
D-2 65
(This page intentionally left blank)
�l
1
CONR�I�
� CERTIFIED PUBLIC ACCOUNTANTS
'ASSOCtATE 1100 MAIN STREET, SUITE C
TES IRVINE, CALIFORNIA 92714
A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS (714) 474-2020
The Honorable Mayor and City Council
City of La Quinta
La Quinta, California
Independent Auditors' Report
1 We have audited the accompanying general purpose financial statements of the City of
La Quinta, California as of and for the year ended June 30, 1992, as listed in the table of
contents. These general purpose financial statements are the responsibility of the
management of the City of La Quinta, California. Our responsibility is to express an opinion
on these general purpose financial statements based on our audit.
j We conducted our audit in accordance with generally accepted auditing standards. Those
l standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement. An
1 audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the general purpose financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the aforementioned general purpose financial statements referred to above
j present fairly, in all material respects, the financial position of the City of La Quinta,
J California as of June 30, 1992, and the results of its operations and the changes in financial
position of its proprietary fund types for the year then ended in conformity with generally
accepted accounting principles.
As discussed in Note 23, the City is a defendant in lawsuits from other municipal investors
whose investments were mismanaged by an outside investment advisor utilized by the City.
�J The ultimate outcome of this uncertainty cannot be presently determined. Accordingly, the
accompanying financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining, individual funds, and individual account group
financial statements and schedules listed in the table of contents are presented for purposes
J of additional analysis and are not a required part of the general purpose financial statements
of the City of La Quinta, California. Such information has been subjected to the auditing
procedures applied in the audit of the general purpose financial statements, and in our
opinion, is fairly stated in all material respects in relation to the general purpose financial
statements taken as a whole.
litllanaW .0 saubf-e1
September 4, 1992
J
JMEMBERS OF AICPA AND CALIFORNIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVATE COMPANIES PRACTICE SECTION
CITY OF LA QUINTA
Combined Balance Sheet -
All Fund Types and Account Groups
June 30, 1992
Assets and other debits
Cash and investments (note 3)
Cash with fiscal agent (note 3)
Accounts receivable
Interest receivable
Loans receivable
Due from other funds (note 23)
Due from other governments
Deposits
Advances to other funds (note 14)
Property, plant and equipment (note 5)
Amounts available in debt service
Amount provided for general long-term debt
Total assets and other debits
Liabilities and Fund Eauit
Liabilities:
Accounts payable
Accrued expenses
Due to other funds (note 23)
Compensated absences payable (note 6)
Deposits payable
Claims and judgements payable
Obligations under capital lease (note 20)
Deferred compensations payable (note 18)
Retentions payable
Due to other governments
Advances from other funds (notes 5, 14 and 15)
Obligations under pass through
agreements (notes 5, 10, 11, 12 and 15)
Tax allocation bonds payable (notes 6, 8 and 15)
Revenue bonds (note 9)
Notes payable (notes 13 and 15)
Total liabilities
Fund equity:
Investment in general fixed assets
Fund balances (note 17)
Reserved:
Debt service
Advances to other funds
Loans receivable
Deposits
Unreserved:
Designated for special projects
Designated for equipment replacement
Undesignated
Total fund balances
Total fund equity
Total liabilities and fund equity
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
$ 508,171 6,923,740
3,385,953 19,638,454
- -
3,120,667 4,352,226
121,818 -
- 1,299
34,518 -
- -
118,074 -
- -
65,702 57,906
303,987 386,543
26,615 -
- -
6,166,446 -
- -
57.041.344 6.981.646 4,810.607 24,378.522
$1,293,103 54,770 - 888,376
25,220 12,155 - 217
- - - 118,074
81,692 34,840 - 77,100
- - 769,772
- - 219,951 -
1,400.015 101,765 219,951 1 853,.j39
-
-
6,590,656
-
6,166,446
-
-
-
34,518
-
-
-
26,615
-
-
-
-
6,879,881
-
22,524,983
76,323
-
-
-
f662,573)
-
5,641,329.
6,879,881
6,590,656
22,524,983
5,641,329
6,879,881
6,590,656
22,524,983
7.041.34
6.981.646
6.810.607
24.378.522
See accompanying notes to financial statements.
-2-
EXHIBIT AA
Account Groups
Fiduciary Fund es General General Totals
Agency Fixed Asset Ione -Term Debt (Memorandum Only)
1,511,185 - - 31,967,503
- - - 7,472,893
- - 123,117
34,518
118,074
32,608 - - 846,746
- - - 26,615
- - - 6,166,446
12,462,249 -- 12,462,249
- 10,824,808 10,824,808
- - 67,145,475 67,145,475
1.543.793 12.462.249 77,970.283 137.188,444
2,236,249
37,592
118,074
-
- 161,593
161,593
1,342,617
- -
1,536,249
-
- 21,955
21,955
-
- 21,562
21,562
201,176
- -
201,176
-
- -
769,772
-
- 8,219,503
8,219,503
-
- 6,166,497
6,166,497
-
- 17,657,673
17,877,624
-
- 35,000,000
35,000,000
-
- 8,515,000
8,515,000
-
- 2,206,,500
_ 2,206,500
1,543,793
77,970,283
83,089,346-
-
12,462,249 -
12,462,249
-
- -
6,590,656
-
- -
6,166,446
-
- -
34,518
-
- -
26,615
-
- -
29,404,864
-
- -
76,323
-
- -
(662,573)
-
- -
41,636,849
12,462,249
54.099.098
1.543.793
12.462.249 77.970.283
137,188.444
-3-
(This page intentionally left blank)
—4—
I7EXHIBIT BB
CITY OF LA QUINTA
rj
Combined Statement
of Revenues,
Expenditures
{+
and Changes in
Fund Balances - All Governmental Fund Types
1
Year Ended June 30, 1992
Special
Debt
Capital
Totals
General
Revenue
Service
Projects
(Memorandum Only)
Revenues:
Taxes
$3,135,044
1,903,385
9,986,924
-
15,025,353
Licenses and permits
576,293
-
-
-
576,293
Charges for services
488,015_
15
488,030
Fines and forfeitures
9,043
_
-
9,043
Developer fees
41,314
650,964
692,278
Intergovernmental
921,460
223,228
-
-
1,144,688
Interest
261,380
281,421
420,921
1,109,778
2,073,500
-1
Miscellaneous
120,867
13,888
111,353
246,108
JI
Special assessments
536.46
_
233.918
770,382
Total revenues
5.512.102
2.999,700
10_407,8
2,IOG,028
21,025-675
Expenditures:
General government
1,921,155
3,904
-
723,969
2,649,028
Public safety
2,155,813
-
-
-
2,155,813
Community services
157,897
-
-
-
157,897
# 4
Planning and development
904,171
552,620
-
-
1,456,791
Public works
618,612
888,197
-
-
1,506,809
Capital projects
11,813
775,192
-
11,587,313
12,374,318
Debt service:
Principal
-
-
550,000
-
550,000
Interest
-
-
2,431,232
-
2,431,232
Payment of advances
-
-
6,150,707
-
6,150,707
Interest accrued on advances
-
-
505,696
-
505,696
Payments under pass through
agreements
948,267
948,267
Total expenditures
5,769,461
2,219,913
10,585,902
12_,311,282
30,886,558
Excess (deficiency) of
1
1
revenues over expenditures
1257,359)
779,787
(178.057)
(10,205,254)
(9,860,883)
Other financing sources (uses):
Operating transfers in
-
203,306
2,573,407
2,352,651
5,129.364
Operating transfers out
-
-
(259,550)
(4,869,814)
(5,129,364)
Transfer to agency fund
-J
(143,984)
(143,984)
`J
Proceeds of bonds (net of bond
_
_
issuance costs of $291,065)
18,623,566
18,623,566
Proceeds of advances from City
-
824,730
508,456
8,311,676
9,644,862
Proceeds from notes
-
-
--
-
-
JLoss
on investments
(1,530.324)
(311,568)
-
LI -240,296)
(3.082,188)
Total other financing
sources (uses)
(1,530,324)
716, 468
2,822,313
23,033,799
25.042,25fi
lExcess
(deficiency) of
J
revenues and other sources
over expenditures and
other uses
(1,787,683)
1,496,255
2,644,256
12,828,545
15,181,373
JFund
balances at beginning of year,
as restated (note 2)
8,604,184
4,208,454
3,946,400
9,696,438
26,455,476
Residual equity transfer
(1,175,172)
1,175,172
-
-
-
J
Fund balances at end of year
5.641.329
6.879.951
6.590.656
22.524.983
41,636,849
J See accompanying notes to financial statements.
-5-
CITY OF LA QUIIPTA
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual -
All Governmental Fund Types
Year Ended June 30, 1992
Revenues:
Taxes
Licenses and permits
Charges for services
Fines and forfeitures
Developer fees
Intergovernmental
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Public safety
Community services
Planning and development
Public works
Capital projects
Debt Service:
Principal
Interest
Payment of advances
Interest accrued on advances
Payments under pass through agreements
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses:
Operating transfers in
Operating transfers out
Transfer to agency fund
Proceeds of bonds payable
Proceeds of advances from City
Proceeds of notes
Loss on investments
Total other financing sources (uses)
Excess (deficiency) of revenues and other
sources over expenditures and other uses
Fund balances at beginning of year, as restated
Residual equity transfer
Fund balances at end of year
General Fund
Variance -
Favorable
Badeet� Actual (Unfavorable)
$3,403,300
3,135,044
(268,256)
531,800
576,293
44,493
270,250
488,015
217,765
20,000
9,043
(10,957)
933,821
921,460
(12,361)
560,000
261,380
(298,620)
65,981
120,867
54,886
5,785.152 5.512,102 (273.050)
1,745,397
1,921,155
(175,758)
2,139,910
2,155,813
(15,903)
160,484
157,897
2,587
1,116,114
904,171
211,943
547,000
618,612
(71,612)
110,000
11,813
98,187
5.,818,905 5,769,461 49,444
(33,753) _(257,359) (223,606)
- (1,530,324) (1,530,324)
- (1,530.324) (1,530,324)
(33,753) (1,787,683) (1,753,930)
8,604,184 8,604,184 -
(1,175,172] (1.175.172)
8.570.43 X643.329 (2.929.102)
See accompanying notes to financial statements.
-6-
EXHIBIT CC
(627,964) 1,496,255 2,124,219 4,328,430 2,644,256 (1,684,174) (3,516,458) 12,828,545 16,345,003
4,208,454 4,208,454 - 3,946,400 3,946,400 - 9,696,438 9,696,438 -
1,175,172 1,175,172 - - - - -
34 6.879.881 3.299.391 6.590.656 (1.684.174) 6.179.980 22.524,983 16.345.003
-i-
Special Revenue Funds
Debt Service Funds
Capital
Projects
Funds
Variance-
Variance-
Variance -
Favorable
Favorable
Favorable
Budget
Actual
(IInfavnrablel
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
1,605,401
1,903,385
297,984
8,811,567
9,986,924
1,175,357
-
-
-
15
15
154,375
41,314
(113,061)
-
-
-
660,000
650,964
(9,036)
199,000
223,228
24,228
-
-
-
-
-
-
213,200
281,421
68,221
651,200
420,921
(230,279)
606,667
1,109,778
503,111
-
13,888
13,888
-
-
-
-
111,353
111,353
565,242
536,464
(28,778)
-
-
-
233,918
233,918
{
2,737,218
2,999,700
262,482
9,462,767
10,407.845
945.078
L266,667
2,I06,038
_ 839,,361
37,800
3,904
33,896
-
-
-
1,346,501
723,969
622,532
1,015,941
552,620
463,321
-
-
-
-
-
-
1,041,441
888,197
153,244
-
-
-
-
-
-
1,270,000
775,192
494,808
-
-
-
20,654,612
11,587,313
9,067,299
-
-
708,353
550,000
158,353
-
_
2,431,232
182,595
_
_
2,613,827
-
-
-
431,000
6,150,707
(5,719,707)
-
-
-
-
-
-
--
505,696
(505,696)
-
-
-
1
-
-
-
1,381,157
948,267
432,890
-
-
-
3,365,182
2,219,913
1._145.269
5,134,337
10,585,902
(5,451,565)
22,001,113
12,311,282
9,689,831
1
,(627,964)
779,787
1,407,751
4,328.43Q
(178,057)
(4,506,487)
(20,734,446)
(10,205,254)
10,529,192
203-306
203,
-
2,573407
2,573407
2,352,651
2,352,651
J
=
(259,550)
(259,550)
=306
(4,869,814)
(4,869,814)
(143,984)
(143,984)
-
-
-
-
-
-
16,197,852
18,623,566
2,425,714
J=
824,730
824,730
=
508,456
508,456
1,020,136
8,311,676
7,291,540
-
(311,568)
(311,568)
-
-
-
(1,240,296)
(1,240,296)
-
716,468
716,468
-
2,822,313
2,822,313
17,217,988
23,033,799
5,815 811
(627,964) 1,496,255 2,124,219 4,328,430 2,644,256 (1,684,174) (3,516,458) 12,828,545 16,345,003
4,208,454 4,208,454 - 3,946,400 3,946,400 - 9,696,438 9,696,438 -
1,175,172 1,175,172 - - - - -
34 6.879.881 3.299.391 6.590.656 (1.684.174) 6.179.980 22.524,983 16.345.003
-i-
CITY OF LA QUINTA
Notes to the Financial Statements
June 30, 1992
1 Summary of Significant Accounting Policies
(a) Reporting Entity
The City of La Quinta was incorporate May 1, 1982 under the general laws of the
State of California. The City operates under the Council — Manager form of
government.
The City provides the following services as authorized by its general laws: Public
Safety, Highways and Streets, Health and Social Services, Cultural—Leisure, Public
Improvements, Planning and Zoning, Community Development and General
Administrative Services.
The accounting policies of the City conform to generally accepted accounting
principles as applicable to governments.
In accordance with Statement 3 of the National Council on Governmental
Accounting, the City has included within its reporting entity for financial
reporting purposes, all agencies over which the City exercises oversight
responsibility. The following criteria were considered in determining the extent to
which City Council exercised oversight responsibility: selection of governing
authority, designation of management, ability to significantly influence
operations, approval of budgets, accountability for fiscal matters, and financial
interdependency.
The La Quinta Redevelopment Agency and La Quinta Financing Authority are
included within the scope of the reporting entity of the City because it met all of
the above—mentioned criteria. For presentation within the general purpose
financial statements of the governmental reporting entity, the transactions
between these organizations and the City are reported as interfund transactions.
The following governmental agencies provide services to the residents of the City
but were excluded from the scope of the reporting entity of the City because the
City does not exercise oversight responsibility over these agencies:
State of California
County of Riverside
Coachella Valley Joint Powers Insurance Authority
Greater Palm Springs Convention and Visitors
Bureau Joint Power Authority
(b) Fund Accounting
The basic accounting and reporting entity is a "fund." A fund is defined as an
independent fiscal and accounting entity with a self—balancing set of accounts,
recording resources, related liabilities, obligations, reserves and equities
segregated for the purpose of carrying out specific activities or attaining certain
objectives in accordance with special regulations, restrictions or limitations.
—8—
1
i
i
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
1 Summa of Significant Accounting Policies Continued
(b) Fund Accounting, _(Continued)
The accounting records of the City are organized on the basis of funds and account
groups classified for reporting purposes as follows:
GOVERNMENTAL FUNDS
General Fund
The General Fund is the general operating fund of the City. All general tax
-� revenues and other receipts that are not allocated by law or contractual
agreement to some other fund are accounted for in this fund. Expenditures of this
fund include the general operating expenses and capital improvement costs which
are not paid through other funds.
7
i
Special Revenue Funds
The Special Revenue Funds are used to account for proceeds of specific revenue
sources that are restricted by law or administrative action for specific purposes.
Debt Service Fund
The Debt Service Funds are used to account for resources set aside for repayment
of general long term debt.
Capital Project Funds
Capital Project Funds are used to account for financial resources to be used for
the acquisition or construction of major capital facilities.
FIDUCIARY FUNDS
Agency Funds
The Agency Funds are used to account for assets held by the City in an agency
capacity for individuals, private businesses and other governmental agencies.
ACCOUNT GROUPS
General Fixed Assets Account Grou❑
The General Fixed Assets Account Group is used to account for the costs of fixed
assets acquired to perform general government functions.
—9—
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
(b) Fund Accounting, Continued
Assets purchased are recorded as expenditures in the governmental funds and
capitalized at cost in the general fixed assets account group. Fixed asset records
include estimates of original historical cost as determined by knowledgeable
individuals in the City. Contributed fixed assets are recorded in general fixed
assets at fair market value when received. Fixed assets acquired under a capital
lease are recorded at the net present value of future lease payments.
Fixed assets consisting of certain improvements other than buildings, including
roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and
lighting systems, have not been capitalized. Such assets normally are immovable
and of value only to the City. Therefore, the purpose of stewardship for capital
expenditures is satisfied without recording these assets.
No depreciation has been provided on general fixed assets.
General Long -Term Debt Account Group
The General Long -Term Debt Group is used to account for all long-term debt of
the City, except that accounted for in the proprietary funds.
(c) Measurement Focus and Basis of Accounting
Governmental (general, special revenue, debt service and capital projects) fund
types are accounted for on a "spending" measurement focus. Accordingly, only
current assets and current liabilities are included on their balance sheets. The
reported fund balance provides an indication of available, spendable resources.
Operating statements for governmental fund types report increases (revenues) and
decreases (expenditures) in available spendable resources.
Agency funds are custodial in nature (assets equal liabilities) and do not involve
measurement of results of operations.
The modified accrual basis of accounting is followed by the governmental and
agency funds. Under the modified accrual basis of accounting, revenues are
susceptible to accrual when they become both measurable and available.
Available means collectible within the current period or soon enough thereafter to
be used to pay liabilities of the current period. Expenditures, other than interest
on long-term debt, are recorded when a current liability is incurred. Liabilities
are considered current when they are normally expected to be liquidated with
expendable available financial resources.
-10-
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
-1 (1) Summary of Significant Accounting Policies, _(.Continued)
(c) Measurement Focus and Basis of Accounting, (Continued)
Taxes, subventions, and entitlements held at year—end by an intermediary
collecting government are recognized as revenue under the modified accrual basis
of accounting. Reimbursement grant revenues are recognized when the related
expenditures are incurred. Revenues from the use of money and property are
recorded when earned.
Material delinquent and total uncollected current year property taxes (net of
estimated uncollectibles) are recorded as current year receivables. Property taxes
(net of estimated uncollectibles) that are levied and measureable in the current
year, but not available to finance current period expenditures, are recorded as a
receivable and as deferred revenues. The deferred revenues are recognized as
revenue in the fiscal year in which they become available.
Licenses, permits, fines, forfeits, charges for services, taxpayer—assessed taxes
and miscellaneous revenues are recorded as governmental fund revenues when
received in cash because they are generally not measurable until actually received.
(d) Budgetary Data
The City adopts an annual budget prepared on the modified accrual basis for all of
its governmental funds, except for the debt service funds. Alternatively,
effective budgetary control is achieved for debt service funds through the
contractual requirements of bond indenture provisions. Budget modifications and
supplemental appropriations were necessary during the year. The City Manager or
his designee is authorized to transfer budgeted amounts between the accounts of
any department. Revisions that alter the total appropriations of any department
or fund are approved by City Council. Prior year appropriations lapse unless they
are reappropriated through the formal budget process. Expenditures may not
legally exceed appropriations at the department level. Reserves for encumbrances
are not recorded by the City of La Quinta.
(e) Interfund Transfers
JNonrecurring transfers of equity between funds are reported as an adjustment to
beginning fund balance. Operating transfers are reported as other sources and
uses of funds in the statement of revenues, expenditures, and changes in fund
Jbalance.
(f) Advances to Other Funds
JLong—term interfund advances are recorded as a receivable and in the long—term
debt account group.
J _11—
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, {Continued)
(g) Investments
Investments are valued at cost. An estimated loss is accrued for an impairment of
investment market value when it is probable that the loss will become realized and
the amount of loss can be reasonably estimated. In management's opinion, it is
not probable that the temporary declines in the market value of the City's
investments will become realized because it is management's intention to hold the
investments to maturity or until the market value of the investments equals or
exceeds their cost. Therefore, temporary market value declines are not reflected
in the accompanying financial statements. Any losses resulting from a permanent
decline in investment market values are recorded as a reduction of interest
income.
(h) Cash Equivalents
For purposes of the statement of cash flows, cash equivalents are defined as
short—term, highly liquid investments that are both readily convertible to known
amounts of cash or so near their maturity that they present insignificant risk of
changes in value because of changes in interest rates. Cash equivalents also
represent the proprietary funds' share in the cash and investment pool of the City
of La Quinta.
(i) Due from Other Governments
The amounts recorded as a receivable due from other governments include sales
taxes, property taxes, and grant revenues, collected or provided by Federal, State,
County and City Governments and unremitted to the City as of June 30, 1992.
The County of Riverside assesses, bills, and collects property taxes for the City.
0) Employee Leave Benefits
Sick time is vested on a percentage based on number of years employed at the
City. Maximum accumulation of sick and vacation is 30 days per type of leave.
Upon termination or retirement, permanent employees are entitled to receive
compensation at their current base salary for all unused vacation leave. If an
employee terminates with a minimum of two years service, the employee is
entitled to receive 25% of the value of his unused sick leave. The percentage
increases by 25% for each five year period thereafter until the employee is
entitled to 75% of the value of his unused sick leave. This will occur upon the
completion of ten years of continuous employment.
In accordance with Financial Accounting Standards Board (FASB) Statement No.
43, the non—vested sick leave benefits (those that are not payable in the event of
employee termination) in the amount of $94,040 are considered contingent
liabilities and are not reflected in the accompanying financial statements.
-12-
J
i
i
i
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CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
1 Summary of Significant Accounting Policies (Continued)
(k) Claims and Judgments
The City records a liability for material litigation, judgments, and claims
(including incurred but not reported losses) when it is probable that an asset has
been impaired or a material liability has been incurred prior to year end and the
probable amount of loss (net of any insurance coverage) can be reasonably
estimated.
(1) Capital Projects
Capital projects expenditures include public domain or infrastructure projects
which are not capitalized as additions to general fixed assets.
(m) Memorandum Only Totals
Columns in the accompanying financial statements captioned "Totals
(Memorandum Only)" are not necessary for a fair presentation of the financial
statements in accordance with generally accepted accounting principles, but are
presented as additional analytical data. Interfund balances and transactions have
not been eliminated and the columns do not present consolidated financial
information.
(n) Postemployment Benefits
The City does not provide postemployment benefits (other than pension benefits)
for its employees.
2 Prior Period Adjustments
The accompanying financial statements reflect certain adjustments to the opening fund
balances. The equipment replacement reserve has been included as a part of the
General Fund for financial statement purposes. In addition, the passthrough accrued
liability to the County of Riverside in the amount of $146,394 was overstated in Project
Area No. 2 Debt Service Fund. The analysis of passthrough agreements indicates that
monies are directly apportioned to the County of Riverside before tax increment
revenue is distributed to the Agency. The effect of these matters on opening fund
balances is as follows:
General Debt
Fund Service
Fund balances at June 30, 1991, _
as previously reported $8,533,822 3,800,006
Inclusion of equipment replacement
reserve 70,362 -
Adjustment of passthrough liability - 146.394
Fund balance at June 30, 1991,
as restated $1.�4
-13-
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
Ll Cash and Investments
Cash and investments held by the City at June 30, 1992 consisted of the following:
Petty cash and change fund
Deposits
Investments
Total
Carrying Rate of
Amount Interest
$ 700 -
13,271,867 3.65%
26.167.829 3.3-5.45%
Cash and cash equivalents are classified in the accompanying combined balance sheet as
follows:
Cash and cash equivalents $31,967,503
Cash with fiscal agent 7,472,893
The City and its component units are generally authorized under state statutes and local
resolutions to invest in the following types of insurance:
Demand deposits with financial institutions
Savings accounts
Certificates of deposit
U.S. Treasury Securities
Federal Agency Securities
State of California notes or bonds
Notes or bonds of agencies within the State of California
Obligations guaranteed by the Small Business Administration
Bankers' acceptances
Commercial paper
California Local Agency Investment Fund
Deferred compensation investments held in a fiduciary capacity for City employees
include investments legally authorized for the City as well as investments in mutual
funds.
Under the California Government Code, a financial institution is required to secure
deposits made by state or local governmental units by pledging securities held in the
form of an undivided collateral pool. The market value of the pledged securities in the
collateral pool must equal at least 110% of the total amount deposited by the public
agencies. California law also allows financial institutions to secure City deposits by
pledging first trust deed mortgage notes having a value of 150% of the secured public
deposits.
-14-
J
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CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(3) Cash and Investments, (Continued)
Deposits of cities and other state or local governments are classified in three categories
to give an indication of the level of credit risk assumed by the City.
Category 1 - includes deposits that are insured or collateralized with securities held by
the City or its agent in the City's name.
Category 2 - includes deposits collateralized with securities held by the pledging
financial institution's trust department or agent in the City's name.
Category 2 also includes deposits collateralized by an interest in an
undivided collateral pool held by an authorized Agent or Depository and
subject to certain regulatory requirements under State law.
Category 3 - includes deposits collateralized with securities held by the pledging
financial institution, or by its trust department or agent but not in the
City's name. Category 3 also includes any uncollateralized deposits:
Investments of cities in securities are classified in three categories to give an indication
of the level of custodial risk assumed by the entity.
Category 1 - includes investments that are insured or registered or for which the
securities are held by the City or the City's custodial agent (which must
be a different institution other than the party through which the City
purchased the securities) in the City's name. Investments held "in the
City's name" include securities held in a separate custodial or fiduciary
account and identified as owned by the City in the custodian's internal
accounting records.
Category 2 - includes uninsured and unregistered investments for which the securities
are held in the City's name by the dealer's agent (or by the trust
department of the dealer if the dealer was a financial institution and
another department of the institution purchased the securities for the
City).
Category 3 - includes uninsured and unregistered investments for which the securities
are held by the dealer's trust department or agent, but not in the City's
name. Category 3 also includes all securities held by the broker-dealer
agent of the City (the party that purchased the securities for the City)
regardless of whether or not the securities are being held in the City's
name.
-15-
Category
Bank
Carrying
Form of Deposit
1 2
3 Balance
Amount
Demand deposits
$100,000 12,538,745
- 12,638,745
12,771,867
Certificates of deposit
100,000 400.000
- 500.000
500.000
Total deposits
$200,000 2.938.745
= 13.138.745
13.271.867
Investments of cities in securities are classified in three categories to give an indication
of the level of custodial risk assumed by the entity.
Category 1 - includes investments that are insured or registered or for which the
securities are held by the City or the City's custodial agent (which must
be a different institution other than the party through which the City
purchased the securities) in the City's name. Investments held "in the
City's name" include securities held in a separate custodial or fiduciary
account and identified as owned by the City in the custodian's internal
accounting records.
Category 2 - includes uninsured and unregistered investments for which the securities
are held in the City's name by the dealer's agent (or by the trust
department of the dealer if the dealer was a financial institution and
another department of the institution purchased the securities for the
City).
Category 3 - includes uninsured and unregistered investments for which the securities
are held by the dealer's trust department or agent, but not in the City's
name. Category 3 also includes all securities held by the broker-dealer
agent of the City (the party that purchased the securities for the City)
regardless of whether or not the securities are being held in the City's
name.
-15-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(3) Cash and Investments, (Continued)
Mutual Funds
Local Agency Investment Fund
Total Investments
Carrying Market
Amount Value
1,755,884 1,755,884
24.411,945 24.411,945
26.167,829 26.167.829
The investments above are not classified by risk security because they do not represent
an investment in securities.
(4) _ Property Taxes
Under California law, property taxes are assessed and collected by the counties up to 1%
of assessed value, plus other increases approved by the voters. The property taxes go
into a pool, and are then allocated to the cities based on complex formulas. Accordingly,
the City of La Quinta accrues only those taxes which are received from the County
within sixty days after year end.
Lien date March 1
Levy date June 30
Due dates November 1 and February 1
Collection dates December 10 and April 10
The La Quinta Redevelopment Agency's primary sources of revenue comes from
property taxes. Property taxes allocated to the Agency are computed in the following
manner:
(a) The assessed valuation of all property within the project area is determined
on the date of adoption of the Redevelopment Plan.
(b) Property taxes related to the incremental increase in assessed values after
the adoption of the Redevelopment Plan are allocated to the Agency; all
taxes on the "frozen" assessed valuation of the property are allocated to the
City and other districts.
The Agency has no power to levy and collect taxes and any legislative property tax
de -emphasis might reduce the amount of tax revenues that would otherwise be available
to pay the principal of, and interest on debt. Broadened property tax exemptions could
have a similar effect. Conversely, any increase in the tax rate or assessed valuation, or
any reduction of elimination of present exemptions would increase the amount of tax
revenues that would be available to pay principal and interest on debt.
-16-
J
i
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i
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CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(5) Fixed Assets
A summary of changes in general fixed assets follows:
* Auditor adjusted beginning general fixed asset to reflect fixed asset totals in
accordance with Marshall and Stevens fixed asset report dated July 1, 1991.
(6) General Lang -Term Debt
Changes in general long-term debt for the year ended June 30, 1992 were as follows:
City:
Compensated absences payable
Claims payable
Obligation under capital lease
RDA Project Area No. 1:
Tax allocation bonds
Revenue bonds
Due to County of Riverside
Pass through agreements payable:
Desert Sands Unified School District
Coachella Valley Unified School District
Notes payable - individuals
Advances to other funds
RDA Project Area No. 2:
Notes payable - individuals
Advances to other funds
Total
Balance at
Balance at
Balance at
July 1. 1991
Additions
Deletions
June 30, 1991
$ 248,598
June 30,
87,005
161,593
-
as Previously
-
1991, as
43,125
Balance at
21,563
Reported
Adjustments"'
Restated
Additions
Retirements June 30, 1992
Land
$7,931,744
211,391
8,143,135
-
101,742 8,041,393
Equipment & furniture
523,917
(42,194)
481,723
36,002
- 517,725
Vehicles
422,300
(107,696)
314,604
14,497
- 329,101
Leasehold improvements
127,480
73,590
201,070
-
- 201,070
Construction in progress
785,773
-
785,773
2,482,737
- 3,268,510
Buildings
-
104,450
104,450
-
104.450
Total
$9.791.214
0.030.755
2.533.236
101,742 12.462.249
* Auditor adjusted beginning general fixed asset to reflect fixed asset totals in
accordance with Marshall and Stevens fixed asset report dated July 1, 1991.
(6) General Lang -Term Debt
Changes in general long-term debt for the year ended June 30, 1992 were as follows:
City:
Compensated absences payable
Claims payable
Obligation under capital lease
RDA Project Area No. 1:
Tax allocation bonds
Revenue bonds
Due to County of Riverside
Pass through agreements payable:
Desert Sands Unified School District
Coachella Valley Unified School District
Notes payable - individuals
Advances to other funds
RDA Project Area No. 2:
Notes payable - individuals
Advances to other funds
Total
Balance at
Balance at
July 1. 1991
Additions
Deletions
June 30. 1992
$ 248,598
-
87,005
161,593
-
21,955
-
21,955
43,125
-
21,563
21,562
26,850,000
8,700,000
550,000
35,000,000
-
8,515,000
-
8,515,000
6,007,041
2,212,462
-
8,219,503
3,514,140
-
259,260
3,254,880
14,756,492
-
353,699
14,402,793
1,332,870
-
446,985
885,885
1,044,274
7,778,435
6,150,707
2,672,002
2,050,630
-
730,015
1,320,615
1,628,068
1.866.427
-
_3 494,495
57.475.238
29.094.279
8,599.234
77.970.283
* Advances to other funds are monies owed by the La Quinta Redevelopment Agency to
the City of La Quinta, which also include accrued interest on advance.
EL Obligation .under Capital Lease
The City purchased a fire truck under a capital lease agreement. Amount to be paid is
$21,562 to be paid off within fiscal year ended 1993 plus accrued interest.
-17-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(8) Tax Allocation Bonds
La Quinta Project Tax Allocation Bond, Series 1989, were issued by the Agency in
January 1, 1989, in the amount of $8,000,000. Proceeds are to be used for flood control
improvements within Project Area No. 1. Interest rates range from 6.24% to 7.6% per
annum, with interest payable semi-annually, on March 1 and September 1, beginning on
March 1, 1989. The interest on and principal of the bonds are payable solely from
pledged tax increment revenues. Bonds maturing on or after September 1, 1999 are
subject to redemption, at the option of the Agency, as a whole or in part, on any
interest payment date, on or after September 1, 1988, at a redemption price equal to
the principal amount, plus accrued interest, plus a premium of 1/2% to 2%. Bonds
maturing on September 1, 2012 are subject to mandatory redemption, in part from
sinking account payments on September 1, 2001 and on each September 1 thereafter,
through September 1, 2012, at a prepayment price equal to 100% of the principal
amount plus accrued interest. Under terms of the bond, a maximum of $735,518, the
maximum annual debt service amounts, is to be set aside in reserve funds. A total of
$801,665 was set aside at June 30, 1992. The principal balance outstanding bonds at
June 30, 1992 was $7,395,000.
Serial tax allocation bonds, Series 1990, in the amount of $19,695,000, were issued by
the Agency to finance the acquisition and improvement of the land within the La Quinta
Redevelopment Project Area No. 1 and for other lawful redevelopment purposes. A
portion of the proceeds were used to refund 1985 Tax Allocation Bonds. Interest is due
on the bonds at rates ranging from 5.81% to 6.8% is payable on September 1, 1990 and
semi-annually thereafter, on March 1 and September 1 of each year until maturity. The
interest on and principal of the bonds are payable solely from pledged tax increment
revenues. Bonds maturing on September 1, 2005 and September 1, 2012 are subject to
mandatory redemption on part from sinking account payments on September 1, 2001 and
September 1, 2001, respectively, and each September 1, 2006 thereafter, through
September 1, 2005 and September 1, 2012, respectively, at a premium price equal 100%
of the principal amount plus accrued interest. Bonds maturing on September 1, 2005 and
September 1, 2012, are subject to redemption, at the option of the Agency, as a whole
or in part, on any interest payment date, on or after September 1, 2000, as a redemption
price equal to the principal amount, plus accrued interest, plus a premium of 1/2% to
2%. The principal balance of outstanding bonds at June 30, 1992 is $18,905,000.
La Quinta Redevelopment Project Tax Allocation Bonds, Series 1991, were issued by the
Agency, October 1, 1991, in the amount of $8,700,000 for Project Area No. 1. Interest
is payable semi-annually, on March 1 and September 1 of each year commencing March
1, 1992. The interest on and principal of the bonds are payable solely from pledged tax
increment revenues. Interest rate is 6.375% per annum. Bonds maturing on or after
September 1, 2000, are subject to redemption, at the option of the Agency, as a whole
or in part, on any interest payment date, on or after September 1, 1999, at a redemption
price equal to the principal amount, plus accrued interest, plus a premium of 1% to 2%.
Term Bonds maturing on September 1, 2014, shall also be subject to mandatory sinking
fund redemption, in whole or in part, on September 1, 2014, at a prepayment price equal
to 100% of the principal amount plus accrued interest. Under the terms of the issue,
the maximum annual debt service amount of $734,480 is to be set aside in reserve funds
unless the Agency elects to maintain the reserve requirement by obtaining a letter of
credit for the account. A total of $752,980 was set aside at June 30, 1992. The
principal balance of outstanding bonds at June 30, 1992 was $8,700,000.
-18-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(91 1991 Local Agency Revenue Bonds Series 1991
La Quinta Financing Authority Local Agency Revenue Bonds, Series 1991, were issued
on December 1, 1991 by the Financing Authority in the amount of $8,515,000 to
finance construction of the new Civic Center. Interest is payable semi-annually on
October 1 and April 1 of each year commencing April 1, 1992. Interest range from
5.7% to 6.2% per annum. The bonds maturing on or before October 1, 2000 are not
subject to optional redemption prior to maturity; however, bonds maturing on or after
October 1, 2001 are subject to optional redemption, as a whole or in part, on any
interest payment date on or after October 1, 2000, at a redemption price equal to the
principal amount, plus accrued interest, plus a premium of .5% to 2%. Term bonds
maturing on October 1, are subject to mandatory sinking fund redemption in part or in
whole, on October 1, 2004 and on each October 1, thereafter, through October 1, 2018,
at a prepayment equal to 100% of the principal amount plus accrued interest. Under
the term of the issue, the amount $704,718, is to be set aside in a reserve. A total of
$718,028 was set aside as of June 30, 1992. The principal balance of outstanding bonds
at June 30, 1992 was $8,515,000.
(10) Due to County of Riverside
Based on an agreement dated November 30, 1983 between the Agency, the City of
La Quinta and the County of Riverside (County), the Agency will pay to the County its
fifty percent share of tax increment received by the Agency pursuant to the guidelines
of the agreement. These payments are subordinate to certain debt service
requirements of the Agency Project Area No. 1 and exclude amounts allocated to the
low income housing fund.
The payments will begin when certain conditions of the bond indenture agreement have
been met. Unpaid balances accrue interest at 10% per annum. The total amount
payable to the County under this agreement at June 23, 1992 is $8,219,503 including
$644,264 of current year accrued interest. This amount has been recorded in the
long-term debt account group.
From the remaining fifty percent of tax increment revenue, the Agency shall set aside
related required amounts in the low income housing fund. Then, the Agency will pay
debt and expenditures of no more than $3,000,000 annually and $10,000,000 total on
mutually agreeable project costs. The County is to receive the remainder of this 50%
share after these payments are made. No amounts are due under this provision at
June 30, 1992.
Q) dotes Payable to Desert Sands Unified School District
Based on an agreement dated June 21, 1988 between the Agency, the City of La Quinta
and the Desert Sands Unified School District (District), the Agency will identify all tax
increment revenue associated with the District for Project Area No. 1. The tax
increment will then be paid to the District over a payment schedule from June 29, 1988
to July 1, 1998 in amounts ranging from $21,505 to $547,505 for a total amount of
$4,132,000. Alternatively, such tax increment revenues plus interest accrued
-19-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
11 Notes Payable to Desert Sands Unified School District Continued
required by this agreement may be retained by the Agency to pay on behalf of the
District principal and interest on loans, construction projects or money advanced to
finance a sports complex and related amenities as specified by the District. Tax
increment payments outstanding at June 30, 1992 totaled $3,254,880.
(12) Notes Payable to Coachella Valley Unified School District
An agreement was entered into in 1991 between the Agency, the City of La Quinta and
the Coachella Valley Unified School District (District) which provides for the payment
to the District of a portion of tax increment revenue associated with properties within
the District confines. Such payments are subordinated to their indebtedness of the
Agency incurred in futherance of the Redevelopment Plan for Project Area No. 1. This
tax increment will then be paid to the district over the payment schedule from
June 30, 1992 to August 1, 2012, in amounts ranging from $353,599 to $834,076, for a
total amount of $15,284,042. Tax increment payments outstanding for the fiscal year
ended June 30, 1992 totalled $14,402,793. The district agrees to use such funds to
provide classroom and other construction costs, site acquisition, school busses or
expansion or rehabilitation of current facilities.
(13) Nates Payable to Individuals
In the fiscal year ended June 30, 1991, the Agency purchased several parcels of land
from individuals and as a result incurred $5,583,500 of outstanding debt. Interest on
the notes ranges from 9% to 10.5% per annum and is payable monthly and quarterly.
Principal payable outstanding on the notes at June 30, 1992 for Project Area No. 1 is
$885,885 and $1,320,615 for Project Area No. 2.
(14) Advances from the City of La Quinta
The following represents a summary of the various transactions between the City of La
Quinta and the Agency, accounted for as advances from the City:
Balances at Balances at
July 1, 1991 Proceeds Repayments June 30, 1992
Agency expenditures
incurred by the City:
Project Area No. 1 $1,044,273 7,778,435 6,150,707 2,672,001
Project Area No. 2 1,628,067 1,866 429 3,494,496
Total2 4 ,6� 6,150,701 J
There is no stipulated repayment date established for the City advances. Interest is
paid at 10% per year.
—20—
`-1
CITY OF LA QUINTA, CALIFORNIA
I Notes to Financial Statements
a
(Continued)
(IS) Dent Service Requirements to Maturity
J
1 _21_
Pass-through
-�
Redevelopment Agency
Financing
Agreements P.A. #1
Notes
- Project
Area No.
1
Authority
Coachella
Payable
Tax
Tax
Tax
Revenue
Sands
Valley
to
Year
Allocation
Allocation
Allocation
Bonds
Unified
Unified
Individuals
Capital
Ending
Series
Series
Series
Series
School
School
(P.A.
Lease
June 30
1989
1990
1991
1991
District
District
#1 and 2)
Payable Total
1992-93
$ 727,186
1,839,355
701,699
502,656
344,610
730,081
731,526
21,562 5,598,675
1993-94
726,263
1,841,535
728,175
548,353
434,050
776,353
565,488
5,620,217
1994-95
729,270
1,836,768
725,743
699,477
571,560
624,473
528,066
- 5,715,357
1995-96
726,225
1,839,850
722,675
696,403
628,000
474,517
490,644
- 5,578,314
1996-97
727,100
1,835,555
723,810
697,570
707,650
526,560
453,222
- 5,671,467
1997-98
726,690
1,833,155
723,988
697,987
569,010
580,683
-
- 5,131,513
1998-99
724,695
1,832,913
723,210
697,623
-
621,976
-
- 4,600,417
1999-00
721,895
1,829,532
721,475
696,407
-
649,927
-
- 4,619,236
2000-01
722,260
1,827,948
723,625
694,413
670,817
4,639,063
2001-02
720,400
1,828,158
724,500
696,467
-
684,233
-
- 4,653,758
2002-03
721,200
1,825,171
719,259
697,398
-
697,918
-
- 4,660,946
2003-04
720,000
1,823,639
722,744
692,327
711,877
4,670,587
2004-05
716,800
1,823,227
719,794
690,766
-
726,114
-
- 4,676,701
2005-06
716,400
1,818,764
720,409
692,479
-
740,636
-
- 4,688,688
1
2006-07
718,400
1,811,210
719,431
692,861
-
755,449
-
- 4,697,351
J
2007-08
712,800
1,808.810
716,860
691,914
770,558
4,700,942
2008-09
714,000
1,803,640
717,535
689,636
-
785,968
-
- 4,710,779
2009-10
712,800
1,800,070
716,297
690,863
-
801,688
-
- 4,721,718
2010-11
708,000
1,792,470
713,080
690,426
817,722
4,721,698
2011-12
709,600
1,789,999
712,720
688,328
-
834,076
-
- 4,734,723
2012-13
707,199
1,781,818
714,959
684,566
-
421,167
-
- 4,309,709
2013-14
-
-
709,799
683,976
-
- 1,393,775
2014-15
712,079
686,225
_
_
- 1,398,304
2015-16
-
-
-
681,313
-
-
-
- 681,313
2016-17
-
_
684,072
-
- 684,072
2017-18
679,339
_
_
679,339
2018-19
-
-
681.94
-
-
-
- 681,945
Principal
&
Interest
15,109,183
38,223,587
16,533,866
18,325,790
3,254,880
14,402,793
2,768,946
21,562 108,640,607
Less:
Interest
[7,714,193)
(19,318.587)
(7.833.866)
[9,810,790)
-
X56_,446)
- (45.239,872)
._J
Total
JPrincipal
18.905.000
8.700.000
8.515.000
14.402.793
2.206.500
21.562 _63,400.735
J
1 _21_
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
(Continued)
(16) Debt Without Governmental Commitment
The City of La Quinta has entered into the sale of Improvement Bonds issued pursuant
to the California State Improvement Act of 1911. The Bonds are payable from the
annual installments collected on the regular property tax bills sent to owners of
property having unpaid assessments levied against land benifitted by the projects. The
Bonds are not general obligations of the City nor any other political subdivision and the
full faith and credit of the City is not pledged for repayment thereof. The City is in no
way liable for repayment of the debt but is only acting as agent for the property
owners in collecting the assessments, forwarding the collections to bondholders, and do
not constitute an obligation of the City; they are not reflected in the general
long—term debt account group in the accompanying financial statements. The
following is a summary of improvement bonds outstanding at June 30, 1992:
Proceeds
Maturity Date
Interest Rate
Amount outstanding
at June 30, 1992
Assessment Assessment Assessment Assessment
District No. 88-1 District No. 89-2 District No. 90-1 District No. 91-1
$855,984 1,153,974 1,227,155 2,240,866
September 2, 2004 September 2, 2004 September 2, 2005 September 2, 2006
6.40%-7.25% 6.25%-6.75% 5.5%-7.0% 6.70%-6.80%
775,000 1,030,000 1,175,000 2,240,866
17 Reserves and Desi nation of Fund E uit
The City established "reserves" of fund equity to segregate fund balances which are not
appropriable for expenditure in future periods, or which are legally set aside for
specific future use. Fund "designations" also may be established to indicate tentative
plans for financial resource utilization in future periods.
Fund balances at June 30, 1992 consisted of the following reserves and designations:
—22—
Total
General
Special
Debt
Capital
(Memorandum
Fund
Revenue
Service
Projects
Only)
Reserved for:
Debt service
$ -
-
6,590,656
-
6,590,656
Advances to other funds
6,166,446
-
-
6,166,446
Loans receivable
34,518
-
-
-
34,518
Deposits
26,615
26.615
Subtotal
6,227,579
-
6_.590,656
-
12,818,235
Unreserved:
Designated for:
Equipment replacement
76,323
-
-
-
76,323
Special projects
-
6.879.881
22,524 983
29.404.864
Subtotal
76,323
6.879,881
-
22-524,983
29,481,187
Undesignated
(662,573)
-
-
[66Z,573)
Total fund equity
$5,641,329
22.524.983
4LJE, .849
—22—
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
(Continued)
(i8} Deferred Compensation
The City has made available to its employees a deferred compensation plan, created in
jaccordance with Internal Revenue Code Section 457, whereby employees authorize the
City to defer a portion of their salary to be deposited in individual investment
r� accounts. Funds may be withdrawn by participants upon termination of employment or
retirement. The City makes no contribution under the plan. As of June 30, 1992, the
deferred compensation liability included in an Agency Fund was $201,176 carried at
1 market value.
1 All amounts of compensation deferred under the plans, all property and rights
purchased with those amount, and all income attributable to those amounts, property,
-1 or rights, are solely the property and rights of the City, subject only to the claims of
J the City's general creditors. Because the City handles these funds in a fiduciary
capacity, the Deferred Compensation Fund is reported as an Agency Fund in the
accompanying financial statements.
1{ 9) City Employees Retirement Plan (Defined Benefit. Pension Plan)
Plan Description
The City of La Quinta contributed to the California Public Employees Retirement
System (PERS), an agent multiple—employer defined pension plan that acts as a
common investment and administrative agent for participating public entities within
the State of California. The City's payroll for employees covered by PERS for the
1 year ended June 30, 1992 was $1,962,100. The total payroll for the year was
J $2,099,582.
1
J
J
All full—time City employees are eligible to participate in PERS. Part—time hourly
employees do not participate in PERS. Benefits vest after five years of service. City
employees who retire at or after age fifty, with five years of credited service are
entitled to an annual retirement benefit, payable monthly for life, in an amount equal
to the average monthly pay rate for the last twelve consecutive months. PERS also
provides death and survivor's benefits. These benefit provisions and all other
requirements are established by State statute and City ordinance.
Employee and Employer Contribution Obligations
Contributions required of City employees are paid by the City on behalf of the
employees. The rates are set by statute and therefore remain unchanged from year to
year. The present rates are:
Member Rates as a
Category Percentage of Wages
Local miscellaneous members 7%
The City is required to contribute the remaining amounts necessary to fund the
benefits for its members, using the actuarial bases recommended by the PERS
actuaries and actuarial consultants and adopted by the Board of Administration.
—23—
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
(Continued)
(19) City Employees Retirement Plan (Defined Benefit Pension PIan. (Continued)
Funding Status and Progress
The amount shown below as the "pension benefit obligation" is a standardized measure
of the present value of pension benefits, adjusted for the effects of step -rate benefits,
estimated to be payable in the future as a result of employee service to date. The
measure is intended to help assess the funding status of PERS on a going -concern basis,
assess progress made in accumulating sufficient assets to pay benefits when due, and
make comparisons among employers. The measure is the actuarial present value of
credited projected benefits and is independent of the funding method used to determine
contributions to PERS.
The pension benefit obligation was computed as part of an actuarial valuation
performed as of June 30, 1991. Neither an actuarial valuation nor an annual update as
of June 30, 1992 is available at this time. Significant actuarial assumptions used in the
valuation include (a) a rate of return on the investment of present and future assets of
8.5 percent a year compounded annually, (b) projected salary increases of 5.50 percent
a year compounded annually, attributable to inflation, (c) additional projected salary
increases of 1.50 percent a year, attributable to seniority/merit, and (d) no post
retirement benefit increases.
The total overfunded pension obligation applicable to the City employees was $172,923
at June 30, 1991, as follows:
Pension Benefit Obligation:
Retirees and beneficiaries currently receiving
benefits and terminated employees not yet
receiving benefits
Current Employees:
Accumulated employee contribution including
allocated investment earnings
Employee -financed vested
Employee -financed non -vested
Total pension benefit obligation
Net assets available for benefits at cost
(Market value is $1,139,779)
Overfunded pension benefit obligation
Change in the pension benefit obligation from
last year resulted from the following:
Changes in benefit provisions
Changes in actuarial assumptions
Total
-24-
$ 73,318
436,348
185,941
159,404
855,011
1.027934
__
(172.923)
3� 7.260)
$ (37.260)
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
(Continued)
(19) City Employees Retirement Plan (Defined Benefit Pension Plan), (Continued)
Actuarially Determined Contribution Requirements and Contribution Made
PERS used the Entry Age Normal Actuarial Cost Method which is a projected benefit
cost method. That is, it takes into account those benefits that are expected to be
earned in the future as well as those already accrued.
1 According to this cost method, the normal cost for an employee is the level amount
which would fund the projected benefit if it were paid annually from date of
employment until retirement. PERS uses a modification of the Entry Age Cost method
in which the employer's total normal cost is expressed as a level percent of payroll.
PERS also uses the level percentage of payroll method to amortize any unfunded
actuarial liabilities. The amortization period of the unfunded actuarial liability ends in
the year 2000 for prior service benefits and current service benefits.
The significant actuarial assumptions used to compute the actuarially determined
contribution requirement are the same as those used to compute the pension benefit
obligation, as previously described.
r The contribution to PERS for the year ended June 30, 1992 of $241,999 was made in
!! accordance with actuarially determined requirements computed through an actuarial
valuation performed as of June 30, 1990. The contribution consisted of the following:
Percent of
Covered
Amount Payroll
Normal cost $280,674 14.31%
Amortization of unfunded (overfunded)
acturarial accrued liability (38,675 (1.97%)
Total contribution 241.999 12.34%
Contribution:
Employer 101,596 5.18%
JEmployee 140,403 7.16%
Total contribution 241.999 12.34%
Trend Information
J For the three years ended June 30, 1990, 1991 and 1992, the total contribution to PERS
was 14%, 13.2% and 12.34%, respectively, of the annual covered payroll. The total
contribution paid by the City included the employer contributions as well as the
member contribution for which the City is contractually obligated to pay on behalf of
J its employees. The total contributions paid by the City was based upon actuarially
determined requirements.
1 -25-
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
(Continued)
(i 4)_ Ci ty Employees Retirement Plan (Defined Benefit Pension Plan), (Continued)
Since the required ten-year information for the City of La Quinta alone is not
displayed in the California PERS annual report, this information must be disclosed in
the financial statements of the City. This ten-year historical trend information gives
an indication of the progress made in accumulating sufficient assets to pay benefits
when due. However, the year ended June 30, 1987 is the first year that this actuarial
information was made available by PERS. Moreover, such information for the year
ended June 30, 1992 is not yet available. Until ten years of data are available, as many
years as are available will be presented. Showing overfunded pension benefit obligation
as a percentage of annual covered payroll approximately adjusts for the effects of
inflation, thereby enhancing comparability for trend analysis purposes. Available trend
information (in hundreds) is summarized as follows:
(20) Lease Commitments/CIaims Payable/Self Insurance
The City is operating out of leased facilities. The lease is on a month to month basis.
Lease payments are approximately $61,000 per year.
Claims Pa able
Claims payable in the General Long-term Debt Account Group represent estimates of
claims against the City of La Quinta. The estimated claims payable represents the
claims administrators' best estimate of the amount to be paid on workers'
compensation and general liability claims. Losses for claims incurred, but not
reported, are also recorded if the probable amounts of loss can be reasonably
estimated. Individual claims in excess of the self-insured amount for workers'
compensation and general liability (up to a maximum of $5,000,000 per incident) fall
under the insurance policies purchased by the City.
-26-
(6)
(4)
Unfunded Pension
Actuarial
(1)
(2)
(3)
Unfunded
(5)
Benefit Obligation
Valuation
Net Assets
Pension
Percentage
Pension Benefit
Annual
as a Percentage
as of
Available
Benefit
Funded
Obligation
Covered
of Covered Payroll
June 30
for Benefits
Obligation
_(11/(2)
Payroll
(4)/(5)
1987
$ 2,664.0
$ 1,886.9
140.1%
$ -757.2
$ 7,172.1
-10.6%
1988
3,745.5
2,614.0
143.3
-1,131.5
7,862.4
-14.4
1989
5,467.8
4,266.4
128.2
-1,201.6
12,012.6
-10.0
1990
7.770.3
6,508.0
119.4
-1,262.3
14,873.3
-8.5
1991
10,279.3
8,550.1
120.2
-1,729.4
19,272.4
-9.0
(20) Lease Commitments/CIaims Payable/Self Insurance
The City is operating out of leased facilities. The lease is on a month to month basis.
Lease payments are approximately $61,000 per year.
Claims Pa able
Claims payable in the General Long-term Debt Account Group represent estimates of
claims against the City of La Quinta. The estimated claims payable represents the
claims administrators' best estimate of the amount to be paid on workers'
compensation and general liability claims. Losses for claims incurred, but not
reported, are also recorded if the probable amounts of loss can be reasonably
estimated. Individual claims in excess of the self-insured amount for workers'
compensation and general liability (up to a maximum of $5,000,000 per incident) fall
under the insurance policies purchased by the City.
-26-
i
J
i
J
CITY OF LA QUINTA, CALIFORNIA
Notes to Financial Statements
(Continued)
(0) Lease Commitments/Claims Payable/Self-Insurance, (Continued)
Insurance Poolin
The Coachella Valley Joint Powers Insurance Authority (CVJPIA) was formed under a
joint exercise of powers agreement between local governments and special districts
under the sponsorship of the Coachella Valley Association of Governments for the
purpose of jointly funding insurance programs. The CVJPIA is composed of twenty-one
cities and one transit agency with equal governing powers and no management
authority. The City of La Quinta joined the CVJPIA in order to achieve long term
premium stability. Each member city must remain in the pool for three years and may
be assessed up to three times their annual premium if the need arises. The likelihood
of the need for excess premiums is remote given the claims history of the cities
involved and the length of time necessary to settle large claims. The CVJPIA provides
for liability insurance coverage in excess of $125,000 with a maximum of $5,000,000
per claim.
The following represents summary financial information from the latest audit report
released for the CVJPIA (year ended June 30, 1992):
Total assets $18,335,376
Total liabilities _14,489,401
Fund equity $ 3.845.975
Total revenues $ 4,723,559
Total expenses 5,241,633
Net income (loss) (518,074)
Retained earnings - beginning of year,
as restated 4.364,049
Retained earnings - end of year $3,845,975
The claims payable for the CVJPIA at June 30, 1991 amounted to $9,007,039. Of the
ending retained earnings balance, $68,440 pertain to the City of La Quinta.
(21) Accumulated Fund Deficit
The Capital Project "Assessment District 92-1" fund reported a deficit fund balance of
$13,513 at June 30, 1992.
-27-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(22) Expenditures in Excess of Appropriation
Expenditures did not exceed appropriations in any fund for the year ended
June 30, 1992, except in the debt service fund, because for financial statement
purposes, repayment of advances from the general fund are recorded as an expenditure
but are not included in the budget for budgetary purposes.
(23) Due From and To Other Funds
Current interfund receivables and payables balances at June 30, 1992 are as follows:
Current Current
Interfund Interfund
Receivables Payables
General Fund $118,074 -
Capital Project Funds:
Finance Authority - 118,074
$118,074
(24L Contingencies
Prior to December 11, 1991, the City of La Quinta used an investment advisor who
served as broker/dealer for a significant portion of the City's investment portfolio. On
December 11, 1991, approximately $10,750,000 of these investments were withdrawn
and deposited into other accounts of the City, leaving a balance with the advisor of
approximately $3,000,000. On that same date, the Securities and Exchange
Commission froze all cash and investments under the control of the advisor because of
alleged misappropriation by the advisor of client funds.
The accompanying financial statements reflect a loss recognized for the write-off of
the funds held by the advisor on December 11, 1991 in the amount of $3,089,760
($3,082,188 charged to governmental funds and $7,572 charged to fiduciary funds).
On February 5, 1992, the receiver for another government agency that had used the
services of the advisor filed a civil action against the City of La Quinta alleging that
approximately $5,400,000 of the funds withdrawn by the City on December 11, 1991
were actually funds of the other government agency. The claimant has further
indicated that the amount of its claim may be increased. Other claims may be filed by
other defrauded clients of the advisor. The City has filed a petition with the Riverside
County Superior Court seeking a declaration that the amounts withdrawn were actually
funds of the City.
Trial is currently set to commence in March of 1993. The laws and facts associated
with this case are very complex and are under investigation. The ultimate outcome of
this lawsuit cannot presently be determined. Therefore, no estimate as to any
additional losses that may result have been reflected in the accompanying financial
statements.
-28-
l
l
l
J
SPECIAL REVENUE FUNDS
-29-
(This page intentionally left blank)
—30—
EXHIBIT A-1
CITY OF LA QUIPTA
Special Revenue Funds
Combining Balance Sheet
June 30, 1992
Assessment Community Low Income Low Income
State Landscape District Village Service Housing- Housing -
Gas Tax Maintenance 89-1 — Q11imby Parkiag Projects PA #1 PA #2 Totals
Assets
Cash and investments $166,013 100,594 156,284 652,775 15,867 1,248,031 4,087,476 496,700 6,923,740
Due from other
governments 36.825 21.081 - - - - 57,906
Total assets .10 0,594 1.248.031 4.087.476 496.740
Liabilities and
Fund_ Ba 1 ances
Liabilities:
Accounts payable $ 17,483 - 33,104 4,183 - - - - 54,770
Accrued expenses 5,102 - 7,053 - - - - - 12,155
Deposits payable - 34.840 - - 34.840
Total
liabilities 22.585 74,997 4.183 - - - 101.765
Fund balances:
Unreserved:
Designated for
special projects 180.253 100,594 10�` 6.48,592 15.867 1.248.031 4,087,476 496.700 6,879.881
Total fund
balances 180.253 100,594 101002 648,592 15,867 1.248.031 4,087,476 496,700 6.879.881
Total liabilities
and fund balance 202.g3g § 15.867 1.248.031 4.087.476 6.9gL,5d�F
-31-
CITY OF LA QUINTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended June 30, 1992
Revenues:
Taxes
Developer fees
Intergovernmental
Interest
Miscellaneous
Special assessments
Total revenues
State Landscape Assessment
Gas Tax Maintenance District 89-1 Quimby
- - - 37,939
223,228 - - -
49,249 8,669 5,855 68,868
2,496 - 3,396 -
274,973 8,669
Expenditures:
General government - -
Planning and development - -
Public works 394,196 -
Capital projects 315,482 -
Total expenditures 709,678 -
Excess (deficiency)
of revenues and other
sources over expenditures
and other uses (434,705) 8,669
536,464
545,715
494,001
10.241
504,242
41,473
106,807
6,271
6,271
100,536
Other financing sources (uses):
Operating transfers in
- -
- -
Operating transfers out
- -
- -
Proceeds of advances from City
- -
- -
Loss on investments
(153,414) -
- (158,154)
Total other financing
sources (uses)
(153,414)
- (158,154)
Excess (deficiency) of revenues
over expenditures and other
sources (uses)
(588,119) 8,669
41,473 (57,618)
Fund balances at beginning
of year
768,372 91,925
60,895 706,210
Residual equity transfer
- -
-
Fund balances at end of year
100,594
64B--5-92
-32-
536.464
4,557 72.859 1,691,312 294,808 2,999,700
- - - 3,904 3,904
- - 552,620 - 552,620
- - - 888,197
443,198 775.192
995,818 3,904 2.219.913
4,557 72.859 695,494
- - 189,245
- 820,826
- - 1,010.2.071
4,557 72,859 1,705,565
11,310 - 2,381,911
1,175,172
1.248.031 4.087.476
-33-
290,904
14,061
17,965
308,869
187,831
779,787
203,306
824,730
(311,56$)
716.468
1,496,255
4,208,454
1,175,172
.8
EXHIBIT A-2
Community
Village
Service
Low Income Low Income
PP&rking
Projects
Housing - FA #1 Housing - PA #2
Total
-
-
1,614,171 289,214
1,903,385
3,375
-
- -
41,314
-
-
- -
223,228
1,182
72,859
69,145 5,594
281,421
-
-
7,996 -
13,888
536.464
4,557 72.859 1,691,312 294,808 2,999,700
- - - 3,904 3,904
- - 552,620 - 552,620
- - - 888,197
443,198 775.192
995,818 3,904 2.219.913
4,557 72.859 695,494
- - 189,245
- 820,826
- - 1,010.2.071
4,557 72,859 1,705,565
11,310 - 2,381,911
1,175,172
1.248.031 4.087.476
-33-
290,904
14,061
17,965
308,869
187,831
779,787
203,306
824,730
(311,56$)
716.468
1,496,255
4,208,454
1,175,172
.8
EXHIBIT A-2
EXHIBIT A-3
CITY OF LA QUINTA
Special Revenue Funds
State Gas Tax Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Variable
Favorable
Budget Actual _(Unfavorable)
Revenues:
Taxes
-
Developer fees
-
-
-
Intergovernmental
199,000
223,228
24,228
Interest
63,000
49,249
(13,751)
Miscellaneous
-
2,496
2,496
Special assessments
-
-
-
Total revenues
262.000
274,973
12.973
Expenditures:
General government
-
-
-
Planning and development
-
-
-
Public works
441,406
394,196
47,210
Capital projects
465,000
315,482149.518
Total expenditures
906,406
709,678
196 728
Excess (deficiency) of revenues
over (under) expenditures
(644,406)
(434,705)
209,701
Other financing sources (uses):
Operating transfers in
-
-
-
Operating transfers out
-
-
-
Proceeds from advances from city
-
-
-
Loss on investments
-
(153.414)
(153,414)
Total other financing sources
(uses)
-
(153,414)
(153,414)
Excess (deficiency) of revenues
and other sources over
expenditures and other uses
(644,406)
(588,1.19)
56,287
Fund balances at beginning of year
768,372
768,_372
-
Fund balances at end of year
123.966
18..M.3
-34-
CITY OF LA QUINTA
Special Revenue Funds
Landscape Maintenance Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Budget
Revenues:
Taxes $ -
Developer fees -
Intergovernmental -
Interest -
Miscellaneous -
Special assessments
Total revenues -
Expenditures:
General government
Planning and development
Public works
Capital projects
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Proceeds of advances from City
Loss on investments
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other sources over
expenditures and other (uses)
Fund balances at beginning of year
Fund balances at end of year
-35-
EXHIBIT A-4
Variable
Favorable
Actual (Unfavorable)
8,669 8,669
8,669 8,669
8,669 8,669
-- 8,669 8,669
91,925 91,925 -
EXHIBIT A-5
CITY OF LA QUINTA
Special Revenue Funds
Assessment District 89-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Variable
Favorable
Budget Actual Unfavorable
Revenues:
Taxes
$ -
-
-
Developer fees
95,000
-
(95,000)
Intergovernmental
-
-
-
Interest
-
5,855
5,855
Miscellaneous
-
3,396
3,396
Special assessments
565,242
536,464
(28,778)
Total revenues
660,242
545,715
(114,527)
Expenditures:
General government
-
-
-
Planning and development
-
-
-
Public works
600,035
494,001
106,034
Capital projects
_180,000
_10,241
169,759
Total expenditures
780,035
504,242
275,793
Excess (deficiency) of revenues
over expenditures
(119,793)
41,473
161,266
Other financing sources (uses)
Operating transfers in
-
-
-
Operating transfers out
-
-
-
Proceeds of advances from City
-
-
-
Loss on investments
Total other financing sources (uses)
-
-
-
Excess (deficiency) of revenues and
other sources over expenditures and
other (uses)
(119,793)
41,473
161,266
Fund balances at beginning of year
60,895
60,89S
-
Fund balances at end of year
$IU.M)
1.02.30
1�2�
—36—
EXHIBIT A-6
CITY OF LA QUINTA
Special Revenue Funds
Quimby Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Variable
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes $ - - -
Developer fees 50,000 37,939 (12,061)
Intergovernmental - - -
Interest - 68,868 68,868
Miscellaneous - - -
Special assessments -
Total revenues 50,000 106,807 56,807
Expenditures:
General government - - -
Planning and development - - -
Public works - - -
Capital projects 25,000 6,271 18,729
Total expenditures 25,000 6,271 18,729
Excess (deficiency) of revenues
over expenditures 25,000 100,536 75,536
Other financing sources (uses):
Operating transfers in - - -
Operating transfers out - - -
Proceeds of advances from City - - -
Loss on investments - (158,154) (158,154)
Total other financing sources
(uses) - (158,154) (158,154)
Excess (deficiency) of revenues
and other sources over expenditures
and other uses 25,000 (57,618) (82,618)
Fund balances at beginning of year 706,210 706,210 -
Fund balances at end of year _b48,592 82.618)
-37-
CITY OF LA QUINTA
Special Revenue Funds
Village Parking Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Taxes
Developer fees
Intergovernmental
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Planning and development
Public works
Capital projects
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers out
Proceeds of advances from City
Loss on investments
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other sources over expenditures
and other (uses)
Fund balances at beginning of year
Fund balances at end of year
-38-
Budget
9,375
EXHIBIT A-7
Variable
Favorable
Actual (Unfavorable)
3,375
1,182
9,375 4,557
(6,000)
1,182
(4,818)
9,375 4,557 (4,818)
9,375 4,557 (4,818)
-1.1,310 11,310 -
20.68 - ()
CITY OF LA QUINTA
Special Revenue Funds
Community Service Projects Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Taxes
Developer fees
Intergovernmental
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Planning and development
Public works
Capital projects
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers out
Proceeds of advances from City
Loss on investments
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other sources over
expenditures and other (uses)
Fund balances at beginning of year
Residual equity transfer
Fund balances at end of year
-39-
EXHIBIT A-8
Variable
Favorable
_Budget Actual JUnfavorable)
- 72,859 72,859
- 72,859 72,859
- 72.859 72,859
72,859 72,859
1,175,172 1,175.172 -
1.175,172 1.248.031 _ 72,859
CITY OF LA QUINTA
Special Revenue Funds
Low Income Housing Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Taxes
Developer fees
Intergovernmental
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Planning and development
Public works
Capital projects
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers out
Proceeds of advances from City
Loss on investments
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other sources over
expenditures and other uses
Fund balances at beginning of year,
as restated
Fund balances at end of year
-40-
EXHIBIT A-9
189,245 189,245
820,826 820,826
1,010,071 1,010,071
(147,032) 1,705,565 1,852,597
2,381,911 2,381,911
$2,234,8794.087,476
Variable
Favorable
Budget
Actual
Unfavorable
$1,328,909
1,614,171
285,262
140,000
69,145
(70,855)
--
7,996
7,996
1,468,_909
1,691,312
_ 222.403
1,015,941
552,620
463,321
600,000
443.198
156,802
1.615.941
995,818
620,123
_.(147,032)
695,494
842,526
189,245 189,245
820,826 820,826
1,010,071 1,010,071
(147,032) 1,705,565 1,852,597
2,381,911 2,381,911
$2,234,8794.087,476
CITY OF LA QUINTA
Special Revenue Funds
Low Income Housing Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Taxes
Developer fees
Intergovernmental
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Planning and development
Public works
Capital projects
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers out
Proceeds of advances from City
Loss on investments
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other sources over
expenditures and other uses
Fund balances at beginning of year,
as restated
Fund balances at end of year
-41-
EXHIBIT A-10
- 14,061 14,061
3,904 3,904
17.965 17.965
248,892 308,869 59,977
187,831 187,831
436.723
Variable
Favorable
Budget
Actual
(Unfavorable)
$276,492
289,214
12,722
10,200
5,594
(4,606)
286,692
294,8088,116
37,800
3,904
33,896
37,800
3,904
33,896
248,892
290,904
42,012
- 14,061 14,061
3,904 3,904
17.965 17.965
248,892 308,869 59,977
187,831 187,831
436.723
(This page intentionally left blank)
—42—
J
DEBT SERVICE FUNDS
-43-
EXHIBIT B-1
CITY OF LA QUINTA
Debt Service Funds
Combining Balance Sheet
June 30, 1992
Redevelopment Redevelopment Financing
Agency -PA #1 A enc PA #2 Autliority Totals
Assets
Cash and investments
$1,657,809
1,728,144
--
3,385,953
Cash with fiscal agent
1,554,708
-
1,565,959
3,120,667
Interest receivable
-
-
-
--
Due from other governments
232.953
71,034
-
303,987
Total assets
3.445.470
1.799.178
1.565.959
6.810.607
Liabilities and Fund Balance
Liabilities:
Obligations under pass through
agreements
S 104,620
115.331
-
219.951
Total liabilities
104.620
115.331
219.951
Fund balances:
Reserved for debt service
3.340.850
1.683.847
1.565.959
6,590,656
Total fund balances
3.340.850
1,683,847
1,565,959
G-590,656
Total liabilities and
fund balances
�..445.470
1
1.565.959
.810.607
-44-
EXHIBIT B-2
CITY OF LA QUINfA
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Year ended June 30, 1992
Redevelopment Redevelopment Financing
Agency -PA #1 Agency -PA #2 Authority Totals
Revenues:
768,420
56,244
1,748,743
Taxes
$8,830,070
1,156,854
- 9,986,924
Interest
364,960
55,961
420,921
326,804
Total revenues
M95,03
1,212,815
- 10,407,845
Expenditures:
sources (uses)
690,522
Debt service:
1,748,743
2,822,313
Excess (deficiency) of
Principal
550,000
-
- 550,000
Interest
2,248,448
-
182,784 2,431,232
Payment of advances
6,150,707
-
- 6,150,707
Interest accrued on advance
181,652
324,044
- 505,696
Payments under pass through
-
3,946,400
Fund balances at end of year
agreements
717,604
230,663
948,267
Total expenditures9
8.�, 4$
554,707
182,784 00 585,902
Excess (deficiency) of revenues
over expenditures
(653,381)
658,108
182 784) (178,057)
Other financing sources (uses):
Operating transfers in
768,420
56,244
1,748,743
2,573,407
Operating transfers out
(259,550)
-
-
(259,550)
Proceeds of advances from City
181,652
326,804
-
50S,4..5
Total other financing
sources (uses)
690,522
383,048
1,748,743
2,822,313
Excess (deficiency) of
revenues over expenditures
and other sources (uses)
37,141
1,041,156
1,565,959
2,644,256
Fund balances at beginning of year
3 3 0�9
642,69.1
-
3,946,400
Fund balances at end of year
53.340.8 0
1,683,847
I.S65.95
_6,590,656
-45-
EXHIBIT B-3
CITY OF LA QUINTA
Debt Service Funds
Redevelopment Agency Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
-46-
Variable
Favorable
Budget
Actual
(Unfavorable)
Revenues:
Taxes
$7,705,598
8,830,070
1,124,472
Interest
610.400
364.960
(245,,440)
Total revenues
8.315,998
9,195.030
832
Expenditures:
Debt Service:
Principal
708,353
550,000
158,353
Interest
2,613,827
2,248,448
365,379
Payment of advances
250,000
6,150,707
(5,900,707)
Interest accrued on advance
-
181,652
(181,652)
Payment of pass-through agreements
834,702
717,604
117.098
Total expenditures
4,406,882 �
9 848,411
(5,441,529)
Excess (deficiency) of revenues
over expenditures
3,909,116
(653.381)
(4,562.497)
Other financing sources (uses)
Operating transfers in
-
768,420
768,420
Operating transfers out
-
(259,550)
(259,550)
Proceeds of advances from City
-
_ 181.652
181,652
Total other financing sources
(uses)
-
690,522
690,522
Excess (deficiency) of revenues
and other sources over
expenditures and other uses
3,909,116
37,141
(3,871,975)
Fund balances at beginning of year,
as restated
3.303.709
3,303.709
-
Fund balances at end of year
$7.212.825
.340.850
-46-
CITY OF LA QUINTA
Debt Service Funds
Redevelopment Agency Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Taxes
Interest
Total revenues
Expenditures:
Debt Service:
Principal
Interest
Payment of advances
Interest accrued on advance
Payment of pass-through agreements
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers out
Proceeds of advances from City
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other sources over
expenditures and other uses
Fund balances at beginning of year,
as restated
Fund balances at end of year
-47-
EXHIBIT B-4
181,000
-
Variable
-
324,044
Favorable
Budget
Actual
(Unfavorable)
727,455
5541 707
172.748
$1,105,969
1,156,854
50,885
40.800
55.961
15,161
-
326,804
1,146,769
1,212,815
66,046
181,000
-
181,000
-
324,044
(324,044)
546,455
230,663
315.792
727,455
5541 707
172.748
419,314
658,108
238,794
-
56,244
56,244
-
326,804
326,804
-
383,048
383,048
419,314 1,041,156
642,691 _ 642,691
$1,062.005 1.683.847
621,842
EXHIBIT B-5
CITY OF LA QUINTA
Debt Service Funds
Financing Authority Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
-48-
Variable
Favorable
Budget
Actual
Unfavorable
Revenues:
Taxes
-
-
-
Interest
-
-
Total revenues
-
Expenditures:
Debt Service:
Principal
-
-
-
Interest
-
182,784
(182,784)
Payment of advances
-
-
-
Interest accrued on advance
-
-
-
Payment of pass-through agreements
-
-
-
Total expenditures
-
182,784
_(182,784)
Excess (deficiency) of revenues
over expenditures
-
(182,784)
(182,784)
Other financing sources (uses)
Operating transfers in
-
1,748,743
1,748,743
Operating transfers out
-
-
-
Transfer out to agency
-
-
-
Proceeds of advances from City
-
-
-
Total other financing sources
(uses)
-
1.748,743
1,748 743
Excess (deficiency) of revenues
and other sources over
expenditures and other uses
-
1,565,959
1,565,959
Fund balances at beginning of year,
as restated
-
-
Fund balances at end of year
1.565.959
1.565.959
-48-
1
1
1
J
J
J
CAPITAL PROJECTS FUNDS
-49-
CITY OF LA QUINTA
Capital Projects Funds
Combining Balance Sheet
June 30, 1992
Assessment Assessment Assessment
District 88-1 District 89-2 District 90-1
Assets
Cash and investments $83,421 97,896 237,037
Cash with fiscal agent - - -
Accounts receivable - - -
Due from other governments - - -
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Accrued expenses - - -
Deposits payable - - -
Retention payable - -
Due to other funds -
Total liabilities - - -
Fund balances:
Unreserved:
Designated for special projects 83,421 97,896 237.037
Total fund balances 83.421 97.896 237.037
Total liabilities and fund
balance 83.42
-50-
—51—
EXHIBIT C-1
I
Assessment
Assessment
Infra-
Financing
Redevelopment
Redevelopment
District 91-1
District 92-1
structure
Authority
Agency-PA#1
Agencv-PA#2
Total
1,300,488
-
5,087,511
-
12,751,919
80,182
19,638,454
-
-
-
4,352,226
-
-
4,352,226
--
1,299
-
1,299
2.190
384,353
386,543
1,300.488
—
5.089.701
4.352.226
13.137.571
354,568
13,513
520,295
—
—
—
888,376
a
—
—
217
—
—
—
217
—
—
77,100
—
—
—
77,100
539,963
—
209,111
—
20,698
—
769,772
—
—
_ 118,074
—
—
118,074
'1
894,531
13.513
806.723
118,074
20.698
—
1,853.539
405,957
(13,513)
4,282_,978
4,234,152
13.116.873
80,182
22-524,983
J405,957
(13,513)
4,282.978
4,234.152
13 116,873
80.182
2j 524,483
1.300.488
—
5.089.701
4.352.226
13.137.571
$
4.378.522
—51—
CITY OF LA QUINTA
Capital Projects Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year ended June 30, 1992
Assessment Assessment Assessment
District 88-1 District 89-2 District 90-1
Revenues:
Charges for services -
Developer fees - - -
Interest 7,218 9,112 23,468
Miscellaneous - - -
Special assessments - -
Total revenues 7,218 9.112 23,468
Expenditures:
General government - - -
Capital projects 287 328 103,515
Total expenditures 287 328 103,515
Excess (deficiency) of revenues
over expendituress 6,931 8,784 (80,047)
Other financing sources (uses):
Operating transfers in -
-
-
Operating transfers out -
-
-
Transfer to agency fund -
(68,044)
(75,940)
Proceeds of bonds -
-
-
Proceeds of advances from city -
-
-
Loss on investments -
(19,727)
-
Total other financing sources -
(87,771)
(75,940)
Excess (deficiency) of revenues
over expenditures and other
sources (uses) 6,931
(78,987)
(155,987)
Fund balances at beginning of year 76,490
176,_883
393.024
Fund balances at end of year 83.421
97_896
237.037
-52-
EXHIBIT C-2
Assessment Assessment Infra- Financing Redevelopment Redevelopment
District 91-1 District 92-1 structure Authority Agency-PA#1 A enc -PA#2 Total
15 - - - - - 15
- - 650,964 - - - 650,964
137,452 - 479,507 137,694 312,717 2,610 1,109,778
- - 1,353 - 110,000 - 111,353
233,918 - - - - - 233.918
371,385 - 1,131,824 137.694 422,717 2.610 2,106,028
- - - - 464,008 259,961 723,969
1,990,272 13,513 3.041,597 - 5,241,815 1,205.,986 11,587 313
1,980,272 13,513 3,041,597 _5,705,823 1.465.947 12,311.282
(1.609,8V) (13,513) (1,909,773) 137,694 (5,283,106) (1,463.337) (10,205,254)
Oy)
- - 2,352,651 - - - 2,352,651
- - (4,101,394) (768,420) - (4,869,814)
2,016,779 - - 8,197,852 8,408,935 - 18( )
623,566
- - - - 6,775,957 1,535,719 8,311,676
- - (1_,058,108) - (162,461) - (1,240.296)
2,016.779 1,294.543 4,096,458 14,254,011 1_,535,719 23,033.799
407,892 (13,513) (615,230) 4,234,152 8,970,905 72,382 12,828,545
(1,935) - 4,89$.208 - 4,145,968 7,800 9696.438
491,25.7 1130 .282.978 4,234,152 13.116.873 80x182 2.524.983
-53-
CITY OF LA QUINTA
Capital Project Funds
Assessment District 88-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Charges for services
Developer fees
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Capital projects
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers out
Transfers out to agency
Proceeds of bonds
Loss on investment
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other sources over expenditures
and other uses
Fund balances at beginning of year
Fund balances at end of year
-54-
EXHIBIT C-3
Variable
Favorable
Budget Actual Unfavorable)
- 7,218 7,218
- 7.218 7,218
- 287 287)
287 287)
6.931 6,931
- 6,931 6.931
- 6,931 6,931
76,490 76,494 -
49 IL�2I 4
EXHIBIT C-4
CITY OF LA QUINTA
Capital Project Funds
Assessment District 89-2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Variable
Favorable
Budget Actual Unfavorable
Revenues:
Charges for services
Developer fees _ _ _
Interest - 9,112 9,112
Miscellaneous _ _ _
Special assessments
Total revenues - 9,112 9,112
Expenditures:
General government _ _ _
Capital projects - 32$ 328)
Total expenditures - 328 328)
Excess (deficiency) of revenues
over expenditures - 8,784 8,784
Other financing sources (uses)
Operating transfers in -
Operating transfers out _
Transfers out to agency - (68,044) (68,044)
Proceeds of bonds _
Proceeds of advances from City -
Loss on investments - (19,727) (19,727)
Total other financing sources
(uses) - (87,771) (87, 71)
Excess (deficiency) of revenues
and other sources over expenditures
and other uses - (78,987) (78,987)
Fund balances at beginning of year 176.883 176,883
Fund balances at end of year
-55-
CITY OF LA QUINTA
Capital Project Funds
Assessment District 90-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Charges for services
Developer fees
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Capital projects
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers out
Transfers out to agency
Proceeds of bonds
Proceeds of advances from City
Loss on investments
Total other financing sources
(uses)
Excess (deficiency) of revenues
over expenditures and other
sources (uses)
Fund balances at beginning of year
Fund balances at end of year
-56-
EXHIBIT C-5
Variable
Favorable
_Budget_ Actual Lnfayorable3
23,468 23,468
23,468 23,468
- 103,515
-
(103,515)
- 103.515
(103.515)
(W0471 (80,047)
(75,940) (75,940)
-
(75,940) (75,940)
- (155,987) (155,987)
393.024 393.024 (155,987)
CITY OF LA QUINTA
Capital Project Funds
Assessment District 91-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Charges for services
Developer fees
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Capital projects
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Transfer out to agency
Proceeds of bonds
Proceeds of advances from City
Loss on investments
Total other financing sources
(uses)
Excess (deficiency) of revenues
over expenditures and other
sources (uses)
Fund balances at beginning of year
Fund balances at end of year
-57-
EXHIBIT C-6
1,980,,272 (1.980,272)
- 1:980,_272 (1.980 272)
- (I 608,887) (1,608 887)
2,016,779 2,016,779
(1,935)
2,016.779 2,016,779
407,892
(1.935)
40-5--
407,892
Variable
Favorable
Budget Actual
(Unfavorable)
$ - 15
15
- 137,452
137,452
- 233,918
233,918
- 371,385
371.385
1,980,,272 (1.980,272)
- 1:980,_272 (1.980 272)
- (I 608,887) (1,608 887)
2,016,779 2,016,779
(1,935)
2,016.779 2,016,779
407,892
(1.935)
40-5--
407,892
CITY OF LA QUINTA
Capital Project Funds
Assessment District 92-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Charges for services
Developer fees
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Capital projects
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers out
Transfers out to agency
Proceeds of bonds
Proceeds of advances from city
Loss on investment
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other sources over expenditures
and other uses
Fund balances at beginning of year
Fund balances at end of year
-58-
��:bii3�I1�1�17
Variable
Favorable
Budget Actual Unfavorable
13,513
13.513
(13.513)
(13.513)
(13,513)
(13.513)
- (13,513) (13,513)
CITY OF LA QUINTA
Capital Project Funds
Infrastructure Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Charges for services
Developer fees
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Capital projects
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Transfers out to agency
Proceeds of bonds
Proceeds of advances from city
Loss on investment
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other sources over expenditures
and other uses
Fund balances at beginning of year
Fund balances at end of year
-59-
EXHIBIT C-8
Variable
Favorable
Budget Actual (Unfavorable)
660,000 650,964 (9,036)
420,000 479,507 59,507
- 1,353 1,353
1,080,000 1,131,824 51.824
11-570,700
3,041,597
8
503
11,570,700
3,041.597
8-529,103
490,700) (1,909,773) 8592.7
- 2,352,651 2,352,651
(1.058,108) (1,058.108)
1,294,543 1,294,543
(10,490,700) (615,230) 9,875,470
4,898,208 4,898,208
4 ) 4 82. 9,875,470
CITY OF LA QUINTA
Capital Project Funds
Financing Authority Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Charges for services
Developer fees
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Public works
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Transfer out to agency
Proceeds of bonds
Proceeds of advances from City
Loss on investments
Total other financing sources
(uses)
Excess (deficiency) of revenues
over expenditures and other
sources (uses)
Fund balances at beginning of year
Fund balances at end of year
-60-
EXHIBIT C-9
Variable
Favorable
Budget Actual (Unfavorable)
- 137,694 137,694
_137,694 137,694
- _ 137.694 137,694
- (4,101,394) (4,101,394)
8,197,852 8,197,852 -
8.197.852 4,096,458 (4,101,394)
8,197,852 4,234,152 (3,963,700)
�8,197,852 4,234,152
CITY OF LA QUINTA
Capital Project Funds
Redevelopment Project Area No. 1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Revenues:
Charges for services
Developer fees
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
General government
Capital projects
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Transfer out to agency
Proceeds of bonds
Proceeds of advances from City
Loss on investments
Total other financing sources (uses)
Excess (deficiency) of revenues
and other sources over
expenditures and other (uses)
Fund balances at beginning of year
Fund balances at end of year
-61-
EXHIBIT C-10
Variable
Favorable
Budget Actual _(Unfavorable)
186,667 312,717 126,050
- 110,000 110,000
186,667 422.717 236.05
1,089,579
464,008
625,571
7569.140
5.241.815
2,327,325
_8,658,719
5,705,823
2.952,896
(8,472.052)
(5.283,106)
33 1186
-
(768,420)
(768,420)
8,000,000
8,408,935
408,935
-
6,775,957
6,775,957
-
(162,.461)
(162,461)
8,000,000
14,254,011
6.254.011
(472,052) 8,970,905 9,442,957
4,145,968 4,145.968 -
3,67� 13.116.873 _ . 49 _42 X52
EXHIBIT C-11
CITY OF LA QUINTA
Capital Project Funds
Redevelopment Area Project No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Year ended June 30, 1992
Variable
Favorable
Budget Actual (Unfavorable)
Revenues:
Charges for services -
Developer fees - - -
Interest - 2,610 2,610
Miscellaneous - - -
Special assessments - - -
Total revenues - 2,610 2,610
Expenditures:
General government
256,922
259,961
(3,039)
Capital projects
1,514,772
1,205,986
308, 86
Total expenditures
1,771,694
1,465,947
305,747
Excess (deficiency) of revenues
over expenditures
(1,771.694)
(1,463,337)
308,357
Other financing sources (uses):
Operating transfers in - - -
Operating transfers out - - -
Transfer out to agency - - -
Proceeds of bonds - - -
Proceeds of advances from City 1,020,136 1,535,719 515,583
Loss on investments -
Total other financing sources
(uses) 1x020,136 1,535,719 515,583
Excess (deficiency) of revenues
and other sources over
expenditures and other (uses) (751,558) 72,382 823,940
Fund balances at beginning of year, as
restated 7,800 7,800 -
Fund balances at end of year _(743,758) 80.182 23.940
-62-
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AGENCY FUNDS
-63-
Assets
Cash and investments
Due from other
governments
Total assets
Liabilities
Due to bondholders
Deposits payable
Deferred compensation
payable
Total liabilities
EXHIBIT D-1
CITY OF LA QUINTA
Combining Balance Sheet -
All Agency Funds
June 30, 1992
Arts in Employee's Assessment Assessment Assessment Assessment
Public Deferred District District District District
Places Compensation No. 88-1 No. 89-2 No. 90-1 No. 91-1 Total
$152,967 201,176
152.967
152,967 -
- 201,176
152.967
245,620 249,313 261,162 400,947 11511,185
5.912 8,69$ 5,101 12,897 32,608
251. 2Sz 4 1 T�3
251,532 258,011
25LIN
-64-
266,263 413,844 1,189,650
- - 152,967
201,176
2� 43.8444 1.543.793
ARTS IN PUBLIC PLACES
Assets
Cash and investments
Liabilities
Deposits payable
EMPLOYEE'S DEFERRED COMPENSATION
Assets
Cash and investments
Liabilities
Deferred compensation payable
ASSESSMENT DISTRICT NO. 88-1
Assets
Cash and investments
Due from other governments
Total assets
Liabilities
Due to bondholders
ASSESSMENT DISTRICT NO. 89-2
Assets
Cash and investments
Due from other governments
Total assets
Liabilities
Due to bondholders
EXHIBIT D-2
CITY OF LA QUINTA
All Agency Funds
Combining Statement of Changes
In Assets and Liabilities
Year ended June 30, 1992
Balance at Balance at
July 1, 1991 Additions Deletions June 30, 1992
86.54 67.304 878 --
$201,038 107,485 62,903 245,620
5.912 5.912
,2 Q 113.397
$159,573 209,510 119,770
8.698 -
159.573 218.208 119.770
$159,573 218.208 ]�?
-65-
249,313
9,698
258.011
EXHIBIT D-2
(Continued)
CITY OF LA QUINTA
Agency Funds
Combining Statement of Changes in
Assets and Liabilities
(Continued)
Year ended June 30, 1992
-66-
Balance at
Balance at
July 1, 1991
Additions
Deletions
June 30, 1.992
ASSESSMENT DISTRICT N0. 90-1
Assets
Cash and investments
$155,989
226,007
120,834
261,162
Due from other governments
5.101
-
5.101
Total assets
231.108
120.834
266.263
Liabilities
Due to bondholders
231.108
266.263
ASSESSMENT DISTRICT NO. 91-1
Assets
Cash and investments
$ -
495,615
94,668
400,947
Due from other governments
-
12,897
-
12,897
Total assets
508.512
94.668
413.844
Liabilities
Due to bondholders
508.512
94.668
413.844
TOTALS -ALL AGENCY FUNDS
Assets
Cash and investments
$742,931
1,167,307
399,053
1,511,185
Due from other governments
-
32,608
-
32,608
Total assets
2.931
1.199.915
399.053
1.543.793
Liabilities
Deferred compensation
$139,790
61,386
-
201,176
Deposits payable
86,541
67,304
878
152,967
Due to bondholders
516.600
1,071,225
398.175
1,1.89,65fl
Total liabilities
42
1 199.915
399.053
1.543.793
-66-
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