1992-1993 ACFR (July 1 - June 30 Annual Comprehensive Financial Report)al Purpose -'tan
and Supplemental:
ar ended i un
CITY OF LA QUINTA
La Quinta, California
General Purpose Financial Statements
and Supplemental Data
Year ended June 30, 1993
(With Independent Auditors' Report Thereon)
(This page intentionally left blank)
CITY OF LA QUINTA
General Purpose Financial Statements
and Supplemental Data
Year Ended June 30, 1993
TABLE OF CONTENTS
IExhibit Page
Independent Auditors' Report 1
General Purpose Financial Statements:
�j • Combined Balance Sheet - All Fund Types and
J Account Groups AA 2
- • Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All
Governmental Fund Types BB 5
J
• 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-
Cash and Investments
13
Note 3-
Property Taxes
16
Note 4-
Fixed Assets
16
Note 5-
General Long -Term Debt
17
Note 6-
Tax Allocation Bonds
17
Note 7-
1991 Local Agency Revenue Bonds, Series 1991
19
Note 8-
Due to County of Riverside
19
Note 9-
Notes Payable to Desert Sands Unified
School District
19
Note 10 -
Notes Payable to Coachella Valley Unified
School District
20
Note 11 -
Notes Payable to Individuals
20
Note 12 -
Advances from the City of La Quinta
20
Note 13 -
Debt Service Requirements to Maturity
21
Note 14 -
Debt Without Governmental Commitment
22
Note 15-
Reserves and Designation of Fund Equity
22
Note 16-
Deferred Compensation
23
Note 17 -
City Employee Retirement Plan (Defined Benefit
Pension Plan)
23
Note 18 -
Claims Payable/Self-Insurance
26
Note 19 -
Accumulated Fund Deficit
27
Note 20 -
Expenditures in Excess of Appropriations
28
Note 21 -
Due From and To Other Funds
28
Note 22 -
Commitments Under Development Agreements
29
Note 23 -
Contingencies
29
CITY OF LA QUINTA
General Purpose Financial Statements
and Supplemental Data
Year Ended June 30, 1993
TABLE OF CONTENTS
Supplemental Data:
Special Revenue Funds:
• Combining Balance Sheet
• Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
• State Gas Tax Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Community Service Projects Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Landscape Maintenance Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Assessment District 89-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Quimby Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• Village Parking Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
• South Coast Air Quality Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances
Exhibit
Paee
A-1
32
A-2
34
A-3 36
A-4 37
A-5 38
A-6 39
A-7 40
A-8 41
A-9 42
CITY OF LA QUINTA
General Purpose Financial Statements
and Supplemental Data
Year Ended June 30, 1993
TABLE OF CONTENTS
• Low Income Housing Project Area No. 1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
i Low Income Housing Project Area No. 2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual
Debt Service Funds:
• 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
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
Exhibit
Page
A-10
43
A-11
44
B-1 46
B-2 47
B-3 48
B-4 49
B-5 50
C-1 52
C-2 54
C-3 56
CITY OF LA QUINTA
General Purpose Financial Statements
and Supplemental Data
Year Ended June 30, 1993
TABLE OF CONTENTS
• Assessment District 89-2 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances
• Assessment District 90-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances
• Assessment District 91-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances
• Assessment District 92-1 Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances
• Financing Authority Fund:
Statement of Revenues, Expenditures and Changes
in Fund Balances
• Infrastructure 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-4 57
C-5 58
C-6 59
C-7 60
C-8 61
C-9 62
C-10 63
C-11 64
D-1 66
D-2 67
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N
CONRAD
OCIATES
A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS
The Honorable Mayor and City Council
City of La Quinta
La Quinta, California
Independent Auditors' Re rt
CERTIFIED PUBLIC ACCOUNTANTS
1100 MAIN STREET, SUITE C
IRVINE, CALIFORNIA 92714
(714) 474.2020
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, 1993, 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.
We conducted our audit in accordance with generally accepted auditing standards. Those
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
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
present fairly, in all material respects, the financial position of the City of La Quinta,
California as of June 30, 1993, and the results of its operations for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining and individual fund financial statements listed
in the table of contents are presented for purposes 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.
LU7v�u�� � �'�Sc�Glllf�
September 8, 1993
-1-
MEMBERS 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, 1993
Assets and other debits
Cash and investments (note 2)
Cash with fiscal agent (note 2)
Accounts receivable
Notes receivable
Loans receivable
Due from other funds (note 21)
Due from other governments
Advances to other funds (note 12)
Deposits
Property, plant and equipment (note 4)
Amounts available in debt service funds
Amount to be provided for general long-term debt
Total assets and other debits
Liabilities and Fund Eggit
Liabilities:
Accounts payable
Accrued expenses
Compensated absences payable
Deposits payable
Claims and settlements payable (notes 18 and 23)
Contracts payable
Deferred compensation payable (note 16)
Deferred revenue
Retentions payable
Due to other funds (note 21)
Due to bondholders
Advances from other funds (note 12)
Obligations under pass through agreements
(notes 8, 9 and 10)
Tax allocation bonds (note 6)
Revenue bonds (note 7)
Notes payable (note 11)
Total liabilities
Fund equity:
Investment in general fixed assets
Fund balances (note 15)
Reserved:
Debt service
Advances to other funds
Loans receivable
Deposits
Notes receivable
Unreserved:
Designated for special projects
Designated for equipment replacement
[Undesignated
Total fund balances
Total fund equity
Total liabilities and fund equity
Governmental Fund Tyres
Special Debt Capital
General Revenue Service Projects
$1,126,115
6,902,750
1,846,144
7,807,589
-
-
2,950,720
5,075,978
281,189
74,248
-
3,973
-
127,520
-
-
22,199
-
-
-
77,501
-
-
1,928,918
126,761
54,320
57,059
601,409
5,291,736
-
-
-
58,639
-
-
-
5,962,932
7.158.838
4.853.923
13,143,163
5.4
56.984.140
$ 853,871 35,049 - 466,789
83,233 13,703 - 1,021
78,354 34,840 - 77,100
5,750 - - -
- - - 1,067,934
7,137 1,337,422 661,860
- 291,177 -
1,021,208 90.729 1.628,599 2,274,704
-
-
3,225,324
-
5,291,737
-
-
-
22,199
-
-
-
58,639
-
-
-
-
127,520
-
-
-
6,940,589
-
13,143,163
82,056
-
-
-
508,301_
-
-
5,962,932
7,068,109
3,225,324
13,143,163
5,962,932
7,068,109
3,225,324
13,143,163
$6,984,140
I-MM4.853.923
15.417.867
See accompanying notes to financial statements.
-2-
EXHIBIT AA
Fiduciary
Account
GroMRs
Totals
Fund ])Mgs
General
General
(Memorandum Only)._
Agency
Fixed Asset
Long -Term Debt
1993 1992
1,556,033
-
-
19,238,631 31,967,503
-
-
-
8,026,698 7,472,893
-
-
-
359,410 123,117
-
-
-
127,520 -
-
-
-
22,199 34,518
-
-
-
2,006,419 118,074
37,349
-
-
876,898 846,746
-
-
-
5,291,736 6,166,446
-
-
-
58,639 26,615
-
19,286,535
-
19,286,535 12,462,249
-
-
3,225,324
3,225,324 10,824,808
.593.35
19.236.535
76132,814
.3758.138
76,132,814 67,145.475
� 137.188.444
1,355,709 2,236,249
-
- -
97,957
37,592
-
- 256,035
256,035
161,593
159,117
- -
349,411
346,599
-
- 2,114,856
2,114,856
21,955
-
- -
-
21,562
242,487
- -
242,487
201,176
-
- -
5,750
-
-
- -
1,067,934
769,772
-
- -
2,006,419
118,074
1,191,778
- -
1,191,778
1,189,650
-
- 5,291,737
5,291,737
6,166,497
-
- 21,432,310
21,723,487
26,097,127
-
- 40,085,000
40,085,000
35,000,000
-
- 8,515,000
8,515,000
8,515,000
1,663,200
1,663.200
2.206,500
1,593,382
79,358,138
85,966.76
83,089 3_46
-
19,286,535 -
19,286,535
12,462,249
-
- -
3,225,324
6,590,656
-
- -
5,291,737
6,166,446
- - - 22,199 34,518
- - 58,639 26,615
- - 127,520 -
- - 20,083,752 29,404,864
- - 82,056 76,323
508,301 (662,573)
29,399,528 41,635,849
19,286,535 48,686 063 54,099,098
1.593.382: 19.286.535 X9.358.13$ 134.652.823 7.188.444
-3-
(This page intentionally left blank)
-4-
EXHIBIT BB
CITY OF LA QUINTA
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All Governmental Fund Types
Year Ended June 30, 1993
See accompanying notes to financial statements.
-5-
Totals
Special
Debt
Capital
(Memorandum Only)
General
Revenue
Service
Proiects
1993
1992
Revenues:
Taxes
$3,581,830
2,068,455
10,646,741
-
16,297,026
15,025,353
Licenses and permits
622,107
-
-
-
622,107
576,293
Charges for services
384,000
-
-
-
384,000
488,030
Fines and forfeitures
11,546
-
-
-
11,546
9,043
Developer fees
-
84,302
-
823,965
908,267
692,278
Intergovernmental
1,146,041
310,585
-
225,605
1,682,231
1,144,688
Interest
238,321
287,077
224,219
1.027,355
1,776,972
2,073,500
Miscellaneous
219,641
51,012
-
9,249
279,902
246,108
Special assessments
-
605,462
-
605.462
770,382
Total revenues
6,203,486
3,406,893
10,870,960
2,086.174
22,567,513�
21,025,675
2
Expenditures:
General government
1,807,205
53,399
10,902
1,421,255
3,292,761
2,649,053
Public safety
2,393,202
-
-
-
2,393,202
2,155,813
Community services
146,686
135,500
-
-
282,186
157,897
Planning and development
884,537
1,484,635
-
-
2,369,172
1,456,791
Public works
600,253
1,067,340
-
-
1,667,593
1,506,809
Capital projects
-
441,953
-
15,022,098
15,464,051
12,374,318
Debt service:
Principal
-
-
760,000
-
760,000
550,000
Interest
-
-
3,295,645
_
3,295,645
2,431,232
Payment of advances
-
-
9,851,766
-
9,851,766
6,150,707
Interest accrued on advances
-
-
558,297
-
558,297
505,696
Payments under pass through
obligations
-
-
8,152,245
-
8,152,245
948,242
Mandated education contribution
-
-
1,587,351
1,587,351
Total expenditures
5,831,883
3.182.827
24,216.206
16,443,353
49.674,269
30,886.558
Excess (deficiency) of
revenues over expenditures
371,603
224,066
(13,345,246)
(14,357.179)
(27,106,756)
J9, 860.883)
Other financing sources (uses):
Operating transfers in
-
153,022
9,979,914
4,783,246
14,916,182
5,129,364
Operating transfers out
(50,000)
(706,639)
-
(14,159,543)
(14,916,182)
(5,129,364)
Transfer to agency fund
-
-
-
-
-
143:984J)
Proceeds of bonds (net of bond
issuance costs of $254,584)
-
-
-
5,590,416
5,590,416
18,623,566
Proceeds of advances from City
-
517,779
-
8,761,240
9,279,019
9.644,862
Loss on investments
-
-
-
-
-
(3,082,188)
Total other financing
sources (uses)
(50,000)
(35,838)
9,979,914
4,975,359
14,869.435
2L5 -Q42,256
Excess (deficiency) of
revenues and other sources
over expenditures and
other uses
321,603
188,228
(3,365,332)
(9,381,820)
(12,237,321)
15,181,373
Fund balances at beginning of year
5.641.329
6_,879.881
6,590,656
22,524,983
41,636,849
26x455.,476
Fund balances at end of year
$5,962,232
3.225.324
1 .1
9.398.528
41636.849
See accompanying notes to financial statements.
-5-
CITY OF LA QUIPTA
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual -
All Governmental Fund Types
Year Ended June 30, 1993
Fund balances at beginning of year 5,641,329 5.641.329
Fund balances at end of year$ .45 _??.80 --ULJz
See accompanying notes to financial statements.
-6-
General Fund
Variance -
Favorable
Budget
Actual
(Unfavorable)
Revenues:
Taxes
$3,613,633
3,581,830
(31,803)
Licenses and permits
535,000
622,107
87,107
Charges for services
293,250
384,000
90,750
Fines and forfeitures
12,300
11,546
(754)
Developer fees
-
-
-
Intergovernmental
1,174,735
1,146,041
(28,694)
Interest
292,000
238,321
(53,679)
Miscellaneous
170,156
219,641
49,485
Special assessments
-
-
-
Total revenues
6,091 074
6.203,486
112,412
Expenditures:
General government
1,945,183
1,807,205
137,978
Public safety
2,282,795
2,393,202
(110,407)
Community services
285,307
146,686
138,621
Planning and development
1,132,570
884,537
248,033
Public works
608,745
600,253
8,492
Capital projects
-
-
-
Debt service:
Principal
-
-
-
Interest
-
-
-
Payment of advances
-
-
-
Interest accrued on advances
-
-
-
Payments under pass through obligations
-
-
-
Mandated education contribution
Total expenditures
6,254.600
5,831,883
422,717
Excess (deficiency) of revenues over expenditures
(163,526)
371.603
535,129
Other financing sources (uses):
Operating transfers in
-
-
-
Operating transfers out
(50,000)
(50,000)
-
Transfer to agency fund
-
-
-
Proceeds of bonds payable
-
-
-
Proceeds of advances from City
-
-
-
Proceeds of notes
Total other financing sources (uses)
(50,000)
(50,000)
Excess (deficiency) of revenues and other
sources over expenditures and other uses
(213,526)
321,603
535,129
Fund balances at beginning of year 5,641,329 5.641.329
Fund balances at end of year$ .45 _??.80 --ULJz
See accompanying notes to financial statements.
-6-
EXHIBIT CC
�1
s
Special Revenue Funds
Debt Service Funds
Capital
Projects
Funds
Variance-
Variance-
Variance -
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
M get
Actual
(Unfavorable)_
Budget
Actual
(Unfavorable)
1,994,560
2,068,455
73,895
8,988,905
10,646,741
1,657,836
-
-
-
84,302
55,927
-
-
-
850,000
823,965
(26,035)
l28,375
1
151,000
310,585
159,585
-
-
-
693,150
225,605
(467,545)
176,400
287,077
110,677
620,400
224,219
(396,181)
180,000
1,027,355
847,355
43,814
51,012
7,198
-
-
-
-
9,249
9,249
557,080
605,462
48,382
2,951,229
3,406,893
455,664
9,609,305
10,870,960
1,261,655
1,723,150
2,086.174
363,024
48,611
53,399
(4,788)
-
10,902
(10,902)
1,293,700
1,421,255
(127,555)
I
135,500
135.500
-
-
-
-
-
-
-
1,702,980
1,484,635
218,345
-
-
-
-
-
-
1,065,767
1,067,340
(1,573)
-
-
-
-
-
-
1
477,954
441,953
36,001
-
-
-
30,525,529
15,022,098
15,503,431
-
-
-
760,000
760,000
-
-
-
-
-
-
-
6,986,385
3,295,645
3,690,740
-
-
-
-
-
-
-
9,851,766
(9,851,766)
-
-
-
-
-
-
-
558,297
(558,297)
-
-
-
-
-
-
1,225,915
8,152,245
(6,926,330)
-
-
-
-
-
-
-
1,587,351
(1,587,351)
-
-
-
3,430 812
3,182,827
247,985
8,972,300
24,216,206
(15,243,906)
31,819,229
16,443,353
15,375..876
(479,583)
224,066
703,649
637,005
(13 3450
(13,982.251)
(30,096,079)
(14,357,179)
15,738.900
(53,632)
153,022
206,654
-
9,979,914
9,979,914
4,825,274
4,783,246
(42,028)
J
(103,632)
(706,639)
(603,007)
-
-
-
-
(14,159,543)
(14,159,543)
-
-
--
-
-
-
3,600,000
5,590,416
1,990,416
J-
517,779
517,779
-
-
-
4,441,247
8,761,240
4,319,993
(157,264)
(35,838)
121,426
-
9,9M914
9,979,914
12,866521
4,975,359
7,891,162)
J636,847
188,228
825,075
637,005
(3,36S,332)
(4 002 337)
(17,229,558)
(9 381 820
7,847,738
6,$64 014
6,879,881
15,867
5,024_,697
6.590,656
1,565,959
17,480,033
22,524,983
5.044,950
J
.
5 Z
7.068.109
3,225,324
(2,136,128) (2.436,328)
250.475
13.143.163
12892.688
-7-
CITY OF LA QUINTA
Notes to the Financial Statements
June 30, 1993
(1) Summary of Significant Accounting Policies
(a) RepQring Entity
The City of La Quinta was incorporated 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 Powers 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-
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(I)- Summa of SigLifficant 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 which are not paid through other funds.
Smial 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 Grouo
The General Fixed Assets Account Group is used to account for the costs of fixed
Jassets acquired to perform general government functions.
—9—
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
( 11) 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.
Ge,n�ral Long -Term Debt Account Group
The General Long -Term Debt Account Group is used to account for all long-term
debt of the City.
(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) 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 of
accounting for all funds except for the South Coast Air Quality, Financing
Authority, Assessment District 88-1, Assessment District 89-2, Assessment
j District 90-1, Assessment District 91-1, and Assessment District 92-1 Funds. The
J 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
_i lapse unless they are approved for carryover into the following fiscal year.
Expenditures may not legally exceed appropriations at the department level.
Reserves for encumbrances are not recorded by the City of La Quinta.
J
J
J
(e) Interfund Transfers
Nonrecurring 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
balance.
(f) Advances to Other Funds
Long-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 Sianificant_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) Due from Qther 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, 1993.
The County of Riverside assesses, bills, and collects property taxes for the City.
(i) E_mp oyee_Leave_Senefits
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 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) are considered contingent liabilities and are not reflected
in the accompanying financial statements.
(j) 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.
—12—
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
1 Summary of Significant Accounting Policies Continued
(k) Postemplovment Benefits
The City does not provide postemployment benefits (other than pension benefits)
for its employees.
(1) Capital Proiects
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.
(2) Cash and Investments
Cash and investments held by the City at June 30, 1993 consisted of the following:
Book
Balance
Petty cash and change funds $ 700
Deposits (380,316)
Investments 27,644,945
Total $27.265.329
Cash and cash equivalents are classified in the accompanying combined balance sheet as
follows:
Cash and cash equivalents $19,238,631
JCash with fiscal agent 8,026,698
$27,265, M
J
1-13-
CITY OF LA QUINTA
Notes to the Financial Statements
(Continued)
(2) Cash and Investments, [Continued)
The City and its component units are generally authorized under state statutes and local
resolutions to invest in the following types of investments:
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
Bankers' acceptances
California Local Agency Investment Fund
Repurchase Agreements
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.
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.
—14—
J
i
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(2) Cash and Investments, (Continued)
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:
Categ= Bank Book
Form of De sit 1 2 2 Balance Balance
Demand deposits $179,015 1.243.227 - 1,422,242(38U161
Total deposits $179.015 1.243.227 - -421 2.242 (3$91 }
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.
Form of Investment
Mutual Funds
Local Agency Investment Fund
Total investments
Carrying Market
Amount Value
$ 7,211,032
20.433.913
$27.644.945
7,211,032
20.433.913
The investments above are not classified by custodial risk because they do not represent
a direct investment in securities.
i
-15-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(3) 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
are recorded initially in 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 shift
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.
(4) Fixed Assets
A summary of changes in general fixed assets follows:
Balance at Balance at
June 30 1992 Additions Retirements June 30 1993
Land
$ 8,041,393 - -
8,041,393
Equipment & furniture
517,725 29,538 9,354
537,909
Vehicles
329,101 - -
329,101
Leasehold improvements
201,070 - -
201,070
Construction in progress
3,268,510 6,804,102 -
10,072,612
Buildings
104.450 - -
104,450
Total $12.462.24 83,E 2.35_
-16-
W
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
5 General Long—Term Debt
Changes in general long—term debt for the year ended June 30, 1993 were as follows:
Balance at Balance at
July 1, 1992 Additions Deletions June 30, 1993
City:
Compensated absences payable $
Claims payable
Obligation under capital lease
RDA Project Area No. 1:
Tax allocation bonds
Revenue bonds
Pass through agreements payable:
Due to County of Riverside
Desert Sands Unified School District
Coachella Valley Unified School District
Notes payable - individuals
Advances from other funds •
RDA Project Area No. 2:
Tax allocation bonds
Notes payable - individuals
Advances from other funds •
Total
161,593
94,442
-
256,035
21,955
2,092,901
-
2,114,856
21,562
-
21,562
-
35,000,000
-
760,000
34,240,000
8,515,000
-
-
8,515,000
8,219,503
698,044
4,248,219
4,669,328
3,254,880
180,000
344,610
3,090,270
14,402,793
-
730,081
13,672,712
885,885
-
304,677
581,208
2,672,002
7,330,235
9,881,904
120,333
-
5,845,000
-
5,845,000
1,320,615
-
238,623
1,081,992
3.494,495
11 9784
271.875
5.171,404
* Advances from other funds are monies owed by the La Quinta Redevelopment
Agency to the City of La Quinta, which also include accrued interest on advance.
6 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. 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
$752,569 was set aside at June 30, 1993. The principal balance of outstanding bonds at
June 30, 1993 was $7,240,000.
—17—
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(6) Tax Allocation Bonds, (Continued)
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 was used to refund 1985 Tax Allocation Bonds. Interest due on
the bonds at rates ranging from 5.81% to 6.8% is payable semi-annually 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 in 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 to 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, at 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, 1993 is $18,475,000.
La Quinta Redevelopment Project Tax Allocation Bonds, Series 1991, were issued by the
Agency on October 1, 1991, in the amount of $8,700,000 for Project Area No. I.
Interest is payable semi-annually, on March 1 and September 1 of each year. The
interest on and principal of the bonds are payable solely from pledged tax increment
revenues. The 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 $744,967 was set aside at June 30, 1993. The
principal balance of outstanding bonds at June 30, 1993 was $8,525,000.
La Quinta Redevelopment Project Tax Allocation Bonds, Series 1992, were issued by the
Agency on December 1, 1992, in the amount of $5,845,000 for Project Area No. 2.
Interest is payable semi-annually on June 1 and December 1 of each year. The interest
on and principal of the bonds are payable solely from pledged tax increment revenues.
Interest payments range from 3.75% to 6.90% per annum. The bonds maturing on or
before December 1, 1999 are not subject to optional redemption prior to maturity;
however, bonds maturing on or after December 1, 2000 may be called before maturity
and redeemed in whole or in part on any interest payment date thereafter at a
redemption price equal to the principal amount, plus accrued interest, plus a premium of
1% to 2%. The bonds maturing on or after December 1, 1996 are subject to mandatory
redemption in part without premium on June 1, 1996. Under the terms of the bond, the
maximum annual debt service or 10% of the principal amount of the bonds 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. The principal balance of outstanding bonds
at June 30, 1993 was $5,845,000.
-18-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(7) 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 payments 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
$738,855 was set aside as of June 30, 1993. The principal balance of outstanding bonds
at June 30, 1993 was $8,515,000.
(8) 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 amounts allocated to the low
income housing fund.
The payments 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 as of June 30, 1993 is $4,669,328, including
$698,044 of current year accrued interest. This amount has been recorded in the
general long-term debt account group.
From the remaining fifty percent of tax increment revenue, the Agency is to set aside
the 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 were due under this provision at
June 30, 1993. Certain aspects of the Agency's agreement with the County are
currently being re -negotiated.
ML Notes Payable a 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 identified all tax
increment revenue associated with the District for Project Area No. 1. The tax
increment is paid to the District over a payment schedule through July 1, 1998, in
amounts ranging from $21,505 to $547,505 for a total amount of $4,132,020.
-19-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
Motes Payable to Desert Sands Unified School District Continued
Alternatively, such tax increment revenues plus interest accrued 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, 1993 totaled $3,090,270.
(10) 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 subordinate to their indebtedness of the
Agency incurred in futherance of the Redevelopment Plan for Project Area No. 1. This
tax increment is paid to the district over a payment schedule through 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, 1993 totaled
$13,672,712. 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.
Q 1) Notes 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 $3,383,500 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, 1993 for Project Area No. 1 is
$581,208 and $1,081,992 for Project Area No. 2.
12 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. 1992 Proceeds Repayments June 30, 1993
Agency expenditures
incurred by the City:
Project Area No. 1 $2,672,002 7,330,235 9,881,904 120,333
Project Area No. 2 3.494.495 1.948.784 271,875 5,171,404
Total $6.165.497 10153,772
There is no stipulated repayment date established for the City advances. Interest is
paid at 10% per year.
—20—
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(13) Debt 5ervice Requirements to Maturity
Principal &
Interest 14,381,997 36,384,232 15,832,167 12,524,333 17,823,134 3,090,270 13,672,712 2,037,420 115,7469265
Less:
Interest (7.141.997)(17.909.232) (7,307.167) (6.679.333)(9,308,134) - (374,220)(48 720.083)
Total
Principal�40 475.000 .525.000 5.84 00 8.515.000 .0 13.672,7121,663 7.0226._18
* $90,000 each to be paid in 1993-94 and 1994-95 for project area number 2.
-21-
+ Pass-through
Redevelopment Agency
RDA
Financing
Agreements PA #1
Notes
_ Project
Area No.
1
PA #2
Authority
Desert
Coachella
Payable
Tax
Tax
Tax
Tax
Revenue
Sands
valley
to
Year
Allocation
Allocation
Allocation
Allocation
Bonds
Unified
Unified Individuals
Ending
Series
Series
Series
Series
Series
School
School
PA #1 43%
June 30
1989
1990
1991
1992
1991
District
District
PA #2 57%
Total
1993-94
$ 726,263
1,841,535
728,175
428,770
548,353
524,050
776,353
565,488
6,138,987
1994-95
729,270
1,836,768
725,743
472,457
699,477
661,560
624,473
528,066
6,277,814
1995-96
726,225
1,839,850
722,675
493,857
696,403
628,000
474,517
490,644
6,072,171
1996-97
727,100
1,835,555
723,810
503,607
697,570
707,650
526,560
453,222
6,175,074
1997-98
726,690
1,833,155
723,988
502,127
697,987
569,010
580,683
-
5,633,640
1998-99
724,695
1,832,913
723,210
510,065
697,623
-
621,976
-
5,110,482
1999-00
721,895
1,829,532
721,475
501,805
696,407
-
649,927
-
5,121,041
2000-01
722,260
1,827,948
723,625
508,265
694,413
-
670,817
-
5,147,328
2001-02
720,400
1,828,158
724,500
503,500
696,467
-
684,233
-
5,157,258
2002-03
721,200
1,825,171
719,259
508,100
697,398
-
697,918
-
5,169,046
2003-04
720,000
1,823,639
722,744
501,550
692,327
-
711,877
-
5,172,137
2004-05
716,800
1,823,227
719,794
509,490
690,766
-
726,114
-
5,186,191
2005-06
716,400
1,818,764
720,409
505,890
692,479
-
740,636
-
5,194,578
2006-07
718,400
1,811,210
719,431
506,400
692,861
-
755,449
-
5,203,751
2007-08
712,800
1,808,810
716,860
505,650
691,914
-
770,558
-
5,206,592
2008-09
714,000
1,803,640
717,535
503,850
689,636
-
785,968
-
5,214,629
2009-10
712,800
1,800,070
716,297
506,000
690,863
-
801,688
-
5,227,718
2010-11
708,000
1,792,470
713,080
506,750
690,426
-
817,722
-
5,228,448
2011-12
709,600
1,789,999
712,720
506,100
688,328
-
834,076
-
5,240,823
2012-13
707,199
1,781,818
714,959
509,050
684,566
-
421,167
-
4,818,759
2013-14
-
-
709,799
505,250
683,976
-
-
-
4,899,025
2014-15
-
-
712,079
505,050
686,225
-
-
-
1,903,354
2015-16
-
-
-
503,100
681,313
-
-
-
1,184,413
2016-17
-
-
-
509,400
684,072
-
-
-
1,193,472
2017-18
-
-
-
508,250
679,339
-
-
-
1,187,589
2018-19
681.945
681.945
Principal &
Interest 14,381,997 36,384,232 15,832,167 12,524,333 17,823,134 3,090,270 13,672,712 2,037,420 115,7469265
Less:
Interest (7.141.997)(17.909.232) (7,307.167) (6.679.333)(9,308,134) - (374,220)(48 720.083)
Total
Principal�40 475.000 .525.000 5.84 00 8.515.000 .0 13.672,7121,663 7.0226._18
* $90,000 each to be paid in 1993-94 and 1994-95 for project area number 2.
-21-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(14) 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 1915. 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 benefited 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
dos 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, 1993:
Proceeds
Maturity Date
Interest Rate
Amount outstanding
at June 30, 1993
Assessment Assessment Assessment Assessment
District No. "-1 District N -2 District No. 90-1 District No. 1-1
$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%
730,000 965,000 1,105,000 2,135,000
(15) Reserves and Designation of Fund Equity
The City establishes "reserves" of fund equity to segregate amounts representing
noncurrent assets which are not considered expendable available financial resources,
and amounts legally restricted by parties external to the City. Fund "designations"
also may be established by the City to indicate plans for the use of financial resources.
Fund balances at June 30, 1993 consisted of the following reserves and designations:
-22-
Total
General
Special
Debt
Capital
(Memorandum
Fund
Revenue
Service
Proiects
_ Only)
Reserved for:
Debt service
$ -
-
3,225,324
-
3,225,324
Advances to other funds
5,291,737
-
-
-
5,291,737
Loans receivable
22,199
-
-
-
22,199
Deposits
58,639
-
-
-
58,639
Notes receivable
127,520
-
127,520
Subtotal
5,372,575
127,520
3,225,324
-
8,725,419
Unreserved:
Designated for:
Equipment replacement
82,056
-
-
-
82,056
Special projects
-
6.940.589
-
13,143,163
20,083,752
Subtotal
82,056
6,940,589
13,143,163
20,165.808
Undesignated
508,301
-
-
508.301
Total fund equity
$5,962,932
2-Qfi&,M
x.225-1
-22-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(16) Deferred Compensation
The City has made available to its employees a deferred compensation plan, created in
accordance with Internal Revenue Code Section 457, whereby employees authorize the
City to defer a portion of their salary to be deposited in individual investment
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, 1993, the
deferred compensation liability included in an Agency Fund was $242,487 carried at
market value.
All amounts of compensation deferred under the plan, all property and rights purchased
with those amounts, and all income attributable to those amounts, property, or rights,
are solely the property and rights of the City, subject only to the claims of 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.
17 City Em 1 ees 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
year ended June 30, 1993 was $1,989,263. The total payroll for the year was
$2,080,857.
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.
1 -23-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
17 Ci ty Ern to ees Re tire ment Plan De f ined B nefit Pen ion Plan 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, 1992. Neither an actuarial valuation nor an annual update as
of June 30, 1993 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
8.75 percent a year compounded annually, (b) projected salary increases of 5.25 percent
a year compounded annually, attributable to inflation, (c) additional projected salary
increases of 1.75 percent a year, attributable to seniority/merit, and (d) no post
retirement benefit increases.
The total unfunded pension obligation applicable to the City employees was $47,662 at
June 30, 1992, as follows:
Pension benefit obligation:
Retirees and beneficiaries currently receiving
benefits and terminated employees not yet
receiving benefits $ 200,608
Current employees:
Accumulated employee contribution including
allocated investment earnings 566,572
Employee -financed vested 425,073
Employee -financed non -vested _ 246,607
Total pension benefit obligation 1,438,860
Net assets available for benefits at cost
(Market value is $1,569,271) 1,391,198
Unfunded pension benefit obligation 4
Changes in the pension benefit obligation from
last year resulted from the following:
Changes in benefit provisions $ 254,386
Changes in actuarial assumptions -
Total 254.
-24-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(17) City Employees Retirement Plan (Defined Benefit Pension PIan). (Continued)
Actuarially Determined Contributign-Rguirements 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.
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.
J
J
t
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.
The contribution to PERS for the year ended June 30, 1993 of $267,870 was made in
accordance with actuarially determined requirements computed through an actuarial
valuation performed as of June 30, 1991. The contribution consisted of the following:
Percent of
Covered
Amount Payroll
Normal cost $266,418 13.39%
Amortization of unfunded (overfunded)
actuarial accrued liability 1.452 .08%
Total contribution $ 13.47%
Contribution:
Employer 125,501 6.31%
Employee 142.369 7.16%
Total contribution 267.870 13.47%
1 -25-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
17 City Em to ees Retirement Plan Defined Benefit Pension flan Continued
Trend Information
For the three years ended June 30, 1991, 1992 and 1993, the total contribution to PERS
was 13.2%, 12.34% and 13.47%, 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
its employees. The total contributions paid by the City was based upon actuarially
determined requirements.
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, 1993 is not yet available. Until ten years of data are available, as many
years as are available will be presented. Showing unfunded 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:
(18) Claims Payable/Self Insurance
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
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. Generally, 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
(1)/(2)
2 - 1
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
1992
13,911.9
14,388.6
96.7
476.6
21,837.2
2.2
(18) Claims Payable/Self Insurance
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
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. Generally, 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-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(18) ClaimsPayable/Self Insurance Continued]
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 $10,000,000
per claim.
The following represents summary financial information from the latest audit report
released for the CVJPIA (year ended June 30, 1993):
Total assets $10,729,355
Total liabilities 10.166,941
Fund equity $ 562.414
Total revenues $ 3,345,470
Total expenses 6,629,031
Net income (loss) (3,283,561)
Retained earnings - beginning of year 3,845.975
Retained earnings - end of year $ 562.414
The claims payable for the CVJPIA at June 30, 1993 amounted to $8,509,769. Of the
ending retained earnings balance, $21,735 pertain to the City of La Quinta.
(19) Accumulated Fund Deficit
The Capital Project "Assessment District 92-1" fund reported a deficit fund balance of
$71,733 at June 30, 1993.
-27-
CITY OF LA QUINTA
Notes to Financial Statements
(Continued)
(20) Expenditures in Excess of Appropriations
Expenditures for the year ended June 30, 1993 exceeded the appropriations of the
following funds:
Special revenue funds:
State Gas Tax
Debt service funds:
Redevelopment Agency PA #1
Redevelopment Agency PA #2
Variance -
Favorable
Budget Actual_ (Unfavorable)
474,403 501,277 (26,874)
8,972,300 21,955,759 (12,983,459)
868,590 1,712,094 (843,504)
The excess expenditures in the Redevelopment Agency debt service funds are due to
additional pass through withheld by the county, state mandated ERAF, and repayments
of long-term advances.
(21) Due From and To -Other Funds
Current interfund receivables and payables balances at June 30, 1993 are as follows:
General Fund
Special Revenue Funds:
State Gas Tax
Debt Service Funds:
Redevelopment Agency -Project Area #1
Capital Project Funds:
Redevelopment Agency -Project Area #1
Redevelopment Agency -Project Area #2
Assessment District 92-1
-28-
Current
Current
Interfund
Interfund
Reo,ivables
Payables
$ 77,501
-
7,137
1,337,422
1,928,918 -
- 591,496
70.364
2"006.A14 2.006.419
CITY OF LA QUINTA
�? Notes to Financial Statements
(Continued)
�f
l
1(22) Commitments Under Development Agreements
The Agency has entered into an Owner Participation Agreement (OPA) with
Washington/Adams, a California limited partnership. In this Agreement,
Washington/Adams is responsible for the development of a retail center located at the
_ intersection of Washington Avenue and Highway 111. The Agency and
j Washington/Adams are to share in specific infrastructure improvements, with the
Agency being responsible for a maximum of $3,156,000. In addition, the Agency agrees
to reimburse Washington/Adams a maximum of $575,460 for engineering design, permit
fees, plan checks and inspections, and general contractor fees.
(23) 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. During the year ended June 30,
1992, the City recorded a loss for the write-off of the funds held by the advisor on
December 11, 1991 in the amount of $3,089,760.
On February 5, 1992, the receiver for Iowa Trust, 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 Iowa Trust.
On July 30, 1993 the City settled the above described civil action and agreed to pay
Iowa Trust $2,000,000. The City also agreed to pay Iowa Trust the first $500,000
-� recovered by it in claims or actions against third parties arising out of the fraud
scheme. After that, the City will split, fifty/fifty (50/50), all recoveries from third
party actions up to such time as Iowa Trust receives from the City a total of
$5,300,000.
J -29-
(This page intentionally left blank)
-30-
J
J
J
J
SPECIAL REVENUE FUNDS
-31-
CITY OF LA QUINTA
Special Revenue Funds
Combining Balance Sheet
June 30, 1993
Assets
Cash and investments
Accounts receivable
Notes receivable
Due from other governments
Total assets
Liabilities and Fund Bal_gnces
Liabilities:
Accounts payable
Deposits payable
Due to other funds
Accrued expenses
Total liabilities
Fund balances:
Reserved:
Notes receivable
Unreserved:
Designated for special
projects
Total fund balances
Total liabilities and
fund balances
Community Assessment
State Service Landscape District
Gas Tax Projects Maintenance 89-1
$ - 1,163,928 - 159,626
21,168 - - 53,080
54,320 - -
4$,� 1.163.928 21 E
$22,987 - - 12,062
- - - 34,840
7,137 - - -
5.732 - - 7.971
35.856 - 54.873
39.632
1.163.928
157.833
39.632
75.488
1.163.928
1.163,928
-
157.833
212
-32-
EXHIBIT A-1
-33-
Low Income
Low Income
Village
South Coast
Housing-
Housing-
Totals
Quimby_Parking
Air Ouality
PA #1
PA #2
1993
1992
660,611
26,561
16,041
3,957,532
918,451
6,902,750
6,923,740
-
-
-
-
-
74,248
-
-
-
-
127,520
-
127,520
-
660611
26.561
-
16.041
-
918451
54,320
57.906
6,981,6A6
4.085.052
-
-
-
-
-
35,049
54,770
-
-
-
-
-
34,840
34,840
-
-
-
-
-
7,137
-
-
-
-
13,703
12.155
-
-
-
-
90,729
101.765
-
-
-
127,520
-
127,520
-
660,511
26,561
16,041
3.957.532
918,451
6,940,589
6,879,881
660.611
26.561
26,561
16.041
�4
4,085.052
,.�$ 2
918.451
7.068,109
7.1�$ . $ 3 $
6 879,881
0.611
6,981
-33-
CITY OF LA QUINTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year ended June 30, 1993
Community Assessment
State Service Landscape District
Gas Tax Proects Maintenance 89-1
Revenues:
Taxes
$ -
-
--
-
Developer fees
-
-
-
-
Intergovernmental
287,965
-
-
-
Interest
11,699
91,562
2,428
4,850
Miscellaneous
10,992
-
-
11,548
Special assessments
-
-
-
605.462
Total revenues
310,656
91.562
2,428
621,860
Expenditures:
General government
-
-
-
-
Community services
-
135,500
-
-
Planning and development
-
-
-
-
Public works
471,544
-
-
595,796
Capital projects
29,733
40,165
-
73,621
Total expenditures
501.277
175,665
569,417
Excess (deficiency) of
revenues over expenditures
(190,621)
(84.103)
2,428
(47,557)
Other financing sources (uses):
Operating transfers in
50,000
-
-
103,022
Proceeds of advances from City
-
-
-
-
Operating transfers out
-
(103.022)
-
Total other financing
sources (uses)
50.000
-
(103.022)
103.022
Excess (deficiency) of
revenues over expenditures
and other sources (uses)
(140,621)
(84,103)
(100,594)
55,465
Fund balances at beginning of year
180,253
1,248,031
100,594
102,368
Residual equity transfer
-
-
-
-
Fund balances at end of year
39.632
1.163.928
-34-
EXHIBIT A-2
605.462 536.464
53,613 10,694 23,579 1,870.750 421.751 3.406,893 2,999,700
41,594
41,594
12,019 10,694
12,019 10,694
648,592 15,867
7,538
7,538
16,041
16,041
45,861
1,484,635
256.84
1,741,475 45,861
53,399 3,904
135,500 -
1,484,635 552,620
1,067,340 888,197
441.953 775.192
3.182.827 2,219,913
129,275 375,890 224.06 779.787
471,918 45,861
(603.617) -
(131.699) 45.861
(2,424) 421,751
4,087,476 496,700
4.085.052 911,451
-35-
153,022 203,306
517,779 824,730
(706.639) (311.568)
(35.838) 716.468
188,228 1,496,255
6,879,881 4,208,454
- 1,175,172
7. 6� 6,879,
Low Income
Low Income
Village
South Coast
Housing-
Housing-
Totals
imb Parking
Air Quality
PA #1
PA #2
1993
1992
- -
-
1,664,567
403,888
2,068,455
1,903,385
- 8,838
-
75,464
-
84,302
41,314
- -
22,620
-
-
310,585
223,228
53,613 1,856
959
102,247
17,863
287,077
281,421
- -
-
28,472
-
51,012
13,888
605.462 536.464
53,613 10,694 23,579 1,870.750 421.751 3.406,893 2,999,700
41,594
41,594
12,019 10,694
12,019 10,694
648,592 15,867
7,538
7,538
16,041
16,041
45,861
1,484,635
256.84
1,741,475 45,861
53,399 3,904
135,500 -
1,484,635 552,620
1,067,340 888,197
441.953 775.192
3.182.827 2,219,913
129,275 375,890 224.06 779.787
471,918 45,861
(603.617) -
(131.699) 45.861
(2,424) 421,751
4,087,476 496,700
4.085.052 911,451
-35-
153,022 203,306
517,779 824,730
(706.639) (311.568)
(35.838) 716.468
188,228 1,496,255
6,879,881 4,208,454
- 1,175,172
7. 6� 6,879,
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, 1993
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 from 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
-36-
Budget
151,000
26,200
18,163
EXHIBIT A-3
Variable
Favorable
Actual (Unfavorable)
287,965
11,699
10,992
195,363 310,656
136,965
(14,501)
(7,171)
115,293
474,403 471,544 2,859
- 29.7332( 9,733)
474,403 501,277 (26,874)
(279,040) (190.621) 88,414
50,000 50,000 -
50,000 50,000
(229,040)
180,253
$(48.787}
(140,621) 88,419
18� -
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, 1993
Revenues:
Taxes
Developer fees
Intergovernmental
Interest
Miscellaneous
Special assessments
Total revenues
Expenditures:
Community services
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
-37-
EXHIBIT A-4
Variable
Favorable
Budget Actual (Unfavorable
91,562 91,562
91,562 91.562
135,500 135,500 -
50.000 40,165 9,835
185.500 175,665 9.835
(185,500) (84.103) 101.397
(185,500) (84,103) 101,397
1,248,031 1.248.031 -
1.062.531 1.163.223
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, 1993
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
-38-
Budget_
(103,632)
EXHIBIT A-5
Variable
Favorable
Actual (Unfavorable)
2,428
2.428
2.428
(103,022)
(103,632) (103.022)
(103,632)
100,594
$ (3.038)
(100,594)
100,594
2,428
2.428
2.428
610
610
3,038
3—M
EXHIBIT A-6
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, 1993
'
Variable
Favorable
Budget
Actual-
(Unfavorable)
Revenues:
Taxes
Developer fees
-
-
-
Intergovernmental
-
-
-
Interest
-
4,850
4,850
Miscellaneous
25,651
11,548
(14,103)
Special assessments
557,080
605,462
48,382
Total revenues
582,731
621,860
39,129
Expenditures:
General government
-
-
-
Planning and development
-
-
-
Public works
591,364
595,796
(4,432)
Capital projects
96,047
73,621
22,426
Total expenditures
687,411
669,417
17,994
Excess (deficiency) of revenues
over expenditures
(104,680)
(47,557)
57,123
Other financing sources (uses)
Operating transfers in
(103,632)
103,022
206,654
Operating transfers out
-
-
-
Proceeds of advances from City
-
-
-
Loss on investments
-
Total other financing sources (uses)
(103.632)
103,022
206,654
Excess (deficiency) of revenues and
other sources over expenditures and
other (uses)
(208,312)
55,465
263,777
Fund balances at beginning of year
102,368
102,368
-
Fund balances at end of year
x(105,•944}
57.833
2�
-39-
EXHIBIT A-7
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, 1993
Variable
Favorable
Budget_ Actual (Unfavorable)
Revenues:
Taxes
$ -
-
-
Developer fees
25,000
-
(25,000)
Intergovernmental
-
-
-
Interest
-
53,613
53,613
Miscellaneous
-
-
-
Special assessments
-
-
-
Total revenues
25.000
53.613
28.613
Expenditures:
General government
-
-
-
Planning and development
-
-
-
Public works
-
-
-
Capital projects
75.000
41.594
33.406
Total expenditures
75.000
41.594
33.406
Excess (deficiency) of revenues
over expenditures
(50,000)
12.019
62.019
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
(50,000)
12,019
62,019
Fund balances at beginning of year
648.592
648.592
Fund balances at end of year
-40-
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, 1993
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
-41-
Budge[
3,375
3,375
EXHIBIT A-8
Variable
Favorable
Actual (Unfavorable)
8,838
1,856
10,694
3,375 10,694
5,463
1,856
7,319
7,319
3,375 10,694 7,319
15,867 15,867 -
2426,5 7.319
EXHIBIT A-9
CITY OF LA QUINTA
Special Revenue Funds
South Coast Air Quality Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances
Year ended June 30, 1993
Revenues:
Taxes -
Developer fees -
Intergovernmental 22,620
Interest 959
Miscellaneous -
Special assessments
Total revenues 23.579
Expenditures:
General government 7,538
Planning and development -
Public works -
Capital projects
Total expenditures '7.538
Excess (deficiency) of revenues
over expenditures 16.041
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) 16,041
Fund balances at beginning of year -
Fund balances at end of year $16.041
-42-
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, 1993
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
-43-
EXHIBIT A-10
Variable
Favorable
Budget Actual (Unfavorable)
$1,648,658
140,000
1,664,567
75,464
102,247
28,472
1,788658 1,870,750
15,909
75,464
(37,753)
28,472
82,092
1,702,980 1,484,635 218,345
256,907 256.840 67
1,959.887 1.741.475 218.412
(171.229) 129,275 300,504
- (603,617) (603,617)
- 471,918 471,918
- (131.699) (131,699)
(171,229) (2,424)
4.087,476 4,087,476
$3.916.247 4,085,952
168,805
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, 1993
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
-44-
EXHIBIT A-11
Variable
Favorable
Budget Actual (Unfavorable)
$345,902 403,888 57,986
10,200 17,863 7,663
356.102 421.751 65.649
48,611 45,861 2,750
48.611 45.861 2.750
307.491 375.890 68.399
- 45,861 45,861
45.861 45.861
307,491 421,751 114,260
496,700 496.700 -
J
J
J
J
J
J
DEBT SERVICE FUNDS
-45-
Assets
Cash and investments
Cash with fiscal agent
Due from other governments
Total assets
Liabilities and Fund Balance
Liabilities:
Due to other funds
Obligations under pass through
agreements
Total liabilities
Fund balances:
Reserved for debt service
Total fund balances
Total liabilities and
fund balances
EXHIBIT B-1
CITY OF LA QUINTA
Debt Service Funds
Combining Balance Sheet
June 30, 1993
Redevelopment Redevelopment Financing Totals
Agency -PA #1 Agency -PA #2 Authority 1993 1992
$ - 1,846,144 - 1,846,144 3.385,953
1,498,030 394,538 1,058,152 2,950,720 3,120,667
42,453 14,606 - 57,059 303,987
�1.5ays.4:—Ss. 4 z g
$1,337,422 -
132.661 158,516
1.470,083 158,516
70,400 2,096,772
70,400 2,096,772
—46—
1,337,422 -
291,177 219,951
1,628,599 219,951
1,058,152 3,225,324 6,590,656
1,058,152 3,225,324 6,590,656
'88 1.058 5 4
CITY OF LA QUIPTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
Year ended June 30, 1993
Revenues:
Taxes
Interest
Total revenues
Expenditures:
General government
Debt service:
Principal
Interest
Payment of advances
Interest accrued on advance
Payments under pass through
agreements
Mandated education contribution
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 over expenditures
and other sources (uses)
Fund balances at beginning of year
Fund balances at end of year
EXHIBIT B-2
Redevelopment
Redevelopment
Financing
Totals
Agency -PA #1
Agency -PA #2
Authority
1993 1992
9,629,729
222,037
- 9,851,766
$ 9,031,189
1,615,552
-
10,646,741 9,986,924
80,265,
103.408
40,546
224,219 420,921
948,267
9,111.454
1,718,960
40,546
10 870.960 10,407,845
10,902 - - 10,902
760,000
-
- 760,000
550,000
2,550,294
196,998
548,353 3,295,645
2,431,232
9,629,729
222,037
- 9,851,766
6,150,707
131,504
426,793
- 558,297
505,696
7,435,947
716,298
- 8,152,245
948,267
1,437,383
149,968
1,587,351
21,955.759 1,712,094 548,353 24,216,206 10-535.902
(12-844,305) 6,866
9,573,855 406,059
9,573,855 406.059
_(507,807) (13,345,246) (178,057)
- 9,979,914 2,573,407
- (259,550)
- - 508,456
- 9,979.914 2,822,313
(3,270,450) 412,925 (507,807) (3,365,332) 2,644,256
^3340,850 1,_6_x3,847 1,565,959 6,590,656 3,946,400
70.400 3.225.324 .590.656
-47-
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, 1993
Revenues:
Taxes
Interest
Total revenues
Expenditures:
General government
Debt Service:
Principal
Interest
Payment of advances
Interest accrued on advance
Payment of pass-through agreements
Mandated education contribution
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
Fund balances at end of year
-48-
EXHIBIT B-3
Variable
Favorable
Budget Actual (Unfavorable_)
$8,988,905 9,031,189 42,284
620,400 80,265 (540,135)
9.609,305 9.111,454 _(497,851)
10,902 (10,902)
760,000
760,000
-
2,601,351
2,550,294
51,057
4,385,034
9,629,729
(5,244,695)
-
131,504
(131,504)
1,225,915
7,435,947
(6,210,032)
1,437.383 (1,437,383)
8.972.300 21,955,759 (12,983,459)
637.005 (12,844,305) (13,481,310)
9,573,855 9,573,855
- 9,573,855 9,573,855
637,005 (3,270,450) (3,907,455)
3,340,850 3,340,850 -
3.977.855 70.400. (3,907.45.5)
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, 1993
Revenues:
Taxes
Interest
Total revenues
Expenditures:
Debt Service:
Principal
Interest
Payment of advances
Interest accrued on advance
Payment of pass-through agreements
Mandated education contribution
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
Fund balances at end of year
-49-
EXHIBIT B-4
Variable
Favorable
Budget Actual (Unfavorable)
$1,383,608
60,800
1,444,408
200,000
40,000
628,590
868.590
575,818
400,000
1,615,552
103,408
1,718,960
196,998
222,037
426,793
716,298
149.968
1712,094
6,866
406,059
400,000 406.059
975,818 412,925
1,683.847 1,683,847
2,659,665 ?..096;772
231,944
42,608
274,552
3,002
(182,037)
(426,793)
(87,708)
(149,968)
(843.504)
(568,952)
6,059
(562,893)
EXHIBIT B-5
CITY OF LA QUINTA
Debt Service Funds
Financing Authority Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances
Year ended June 30, 1993
Revenues:
Taxes $ -
Interest 40,546
Total revenues 40,546
Expenditures:
Debt Service:
Principal -
Interest 548,353
Payment of advances -
Interest accrued on advance -
Payment of pass-through agreements -
Total expenditures 548,353
Excess (deficiency) of revenues
over expenditures (507,807)
Other financing sources (uses)
Operating transfers in
Operating transfers out -
Transfer out to agency -
Proceeds of advances from City -
Total other financing sources
(uses)
Excess (deficiency) of revenues
and other sources over
expenditures and other uses (507,807)
Fund balances at beginning of year 1,565,959
Fund balances at end of year $1.058.152
-50-
r
l
J
J
J
J
CAPITAL PROJECTS FUNDS
-51-
CITY OF LA QUINTA
Capital Projects Funds
Combining Balance Sheet
June 30, 1993
Assets
Cash and investments
Cash with fiscal agent
Accounts receivable
Due from other funds
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
Total fund balances
Total liabilities and fund
balance
Assessment
Assessment
Assessment
Assessment
District
District
District
District
88-1
89-2
90-1
91-1
$89,682
105,935
263,057
767,563
163,247
163.247
89,682
105.935
263.057
604.316
89582
--6-8-145-3
105.935
263.057
2�6�
604.316
7
-52-
EXHIBIT C-1
Assessment
District Financing Infra- Redevelopment Redevelopment Totals
92-1 Authority structure Agency-PA#1 Agency-PA#2 1993 1992
- 3,147,041 3,434,311 - 7,807,589 19,638,454
- - - 5,075,978 5,075,978 4,352,226
- - - 3,973 - 3,973 1,299
- - - 1,928,918 - 1,928,918 -
- - - 375,804 225.605 601.409 386.543
1,369 -
40,593
424,827
-
466,789
888,376
- -
474
401
146
1,021
217
- -
77,100
-
-
77,100
77,100
- -
904,687
-
-
1,067,934
769,772
70,364
-
-
-
_ 591.49
661,860
118,074
71,733
-
1.022,354
425,228
591,642
2274.704
1.853.539
(71.733)
-
2,124.187
5,317.778
4.709.941
13,143,163
22,524,983
(71.733)
-
- -
2,1,24,187
_3.141.041
5.317.778
5.743.006
4.709,941
01.583
13,143,163
22,524 X953
24,378,522
7.x,417.867
-53-
CITY OF LA QUINTA
Capital Projects Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Year ended June 30, 1993
Revenues:
Intergovernmental
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 to agency fund
Proceeds of bonds
Proceeds of advances from City
Loss on investments
Total other financing sources
Excess (deficiency) of revenues
over expenditures and other
sources (uses)
Fund balances at beginning of year
Fund balances at end of year
Assessment
Assessment
Assessment
Assessment
District
District
District
District
88-1
89-2
90-1
91-1
6,261
8,039
26,020
62,523
6.261
8.039
26,020
62.523
- - 339.332
- - 339.332
6.261 8,039 26.020 (276,809)
475,168
475,168
6,261
8,039
26,020
198,359
83.421
$89.682105,935
97.896
237.037
Udilu
405.957
-54-
EXHIBIT C-2
Assessment
District
Financing
Infra-
Redevelopment
Redevelopment
Totals
92-1
Authority
structure
Agency -PAC
A enc -PA#2
1993
1992
-
-
-
-
225,605
225,605
-
-
-
-
-
-
-
15
-
-
823,965
-
-
823,965
650,964
(1,039)
73,926
353,346
427,151
71,128
1,027,355
1,109,778
-
-
-
9,249
-
9,249
111,353
-
-
-
233,918
(1,039)
73,926
1,177 , 3114__
300
296,733
2,086,174
2,106,028
-
-
1,008,623
412,632
1,421,255
723,969
57,181
-
7,644.180
4,639,783
2,341,622
15,022,098
11,587,313
57,181-
46440
5,648,406
2,754,254
16,443.353
12,311.282
(58,220) 73,926 (6,466,869) (5,212.006) (2,457.521) (14357,179) (10,205,254)
4,308,078 -
- (4,308,078) - (9,445,406)
6,858,317
- (4.308,078) 4,308.078 (2,587,089)
4,783,246 2,352,651
(406,059) (14,159,543) (4,869,814)
- - (143,984)
5,590,416 5,590,416 18,623,566
1,902,923 8,761,240 8,311,676
- (1,240,296)
7,087.284 4,975,359 23,033,799
(58,220) (4,234,152) (2,158,791) (7,799,095) 4,629,759 (9,381,820) 12,828,545
(13,513) 4.234,152 4,282,978 13,116,873 80.182 22,524,983 9.696,438
(11,73_) - 2.124.187 5.317_778 4,709,941 13.143.163 22.524.983
-55-
CITY OF LA QUINTA
Capital Project Funds
Assessment District 88-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances
Year ended June 30, 1993
Revenues:
EXHIBIT C-3
Charges for services $ -
Developer fees -
Interest 6,261
Miscellaneous -
Special assessments
Total revenues 6.261
Expenditures:
General government -
Capital projects -
Total expenditures -
Excess (deficiency) of revenues
over expenditures 6,261
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 6,261
Fund balances at beginning of year 83.421
Fund balances at end of year $89-682
-56-
CITY OF LA QUINTA
Capital Project Funds
Assessment District 89-2 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances
Year ended June 30, 1993
Revenues:
EXHIBIT C-4
Charges for services $
Developer fees -
Interest 8,039
Miscellaneous -
Special assessments -
Total revenues 8,039
Expenditures:
General government -
Capital projects -
Total expenditures -
Excess (deficiency) of revenues
over expenditures 8.039
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
and other sources over expenditures
and other uses 8,039
Fund balances at beginning of year 97,896
Fund balances at end of year $105.935
-57-
EXHIBIT C-5
CITY OF LA QUINTA
Capital Project Funds
Assessment District 90-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances
Year ended June 30, 1993
Revenues:
Charges for services $ -
Developer fees -
Interest 26,020
Miscellaneous -
Special assessments -
Total revenues 26.020
Expenditures:
General government -
Capital projects
Total expenditures -
Excess (deficiency) of revenues
over expenditures 26,020
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 26,020sources (uses)
Fund balances at beginning of year 237,037
Fund balances at end of year b3.057
-58-
CITY OF LA QUINTA
Capital Project Funds
Assessment District 91-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances
Year ended June 30, 1993
Revenues:
EXHIBIT C-6
Charges for services $ -
Developer fees -
Interest 62,523
Miscellaneous -
Special assessments
Total revenues 62.523
Expenditures:
General government -
Capital projects 339.332
Total expenditures 339.332
Excess (deficiency) of revenues
over expenditures (276,809)
Other financing sources (uses):
Operating transfers in
475,168
Operating transfers out
-
Transfer out to agency
-
Proceeds of bonds
-
Proceeds of advances from City
-
Loss on investments
Total other financing sources (uses)
475,168
Excess (deficiency) of revenues
over expenditures and other
sources (uses)
198,359
Fund balances at beginning of year
405.957
Fund balances at end of year
$604.316
-59-
EXHIBIT C-7
CITY OF LA QUINTA
Capital Project Funds
Assessment District 92-1 Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances
Year ended June 30, 1993
Revenues:
Charges for services $ -
Developer fees -
Interest (1,039)
Miscellaneous -
Special assessments -
Total revenues (1,039)
Expenditures:
General government -
Capital projects 57.181
Total expenditures 57.181
Excess (deficiency) of revenues
over expenditures (58.220)
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 (58,220)
Fund balances at beginning of year1� 3.513)
Fund balances at end of year $[71.733)
-60-
CITY OF LA QUINTA
Capital Project Funds
Financing Authority Fund
Statement of Revenues, Expenditures and Changes
in Fund Balances
Year ended June 30, 1993
Revenues:
EXHIBIT C-8
Charges for services $
Developer fees -
Interest 73,926
Miscellaneous -
Special assessments
Total revenues 73.926
Expenditures:
General government -
Public works
Total expenditures -
Excess (deficiency) of revenues
over expenditures 73.926
Other financing sources (uses):
Operating transfers in
-
Operating transfers out
(4,308,078)
Transfer out to agency
-
Proceeds of bonds
-
Proceeds of advances from City
-
Loss on investments
Total other financing sources (uses)
(4.308,078)
Excess (deficiency) of revenues
over expenditures and other
sources (uses)
(4,234,152)
Fund balances at beginning of year
4,234,152
Fund balances at end of year
-61-
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, 1993
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 expenditure
and other uses
Fund balances at beginning of year
Fund balances at end of year
-62-
EXHIBIT C-9
Variance
Favorable
Budget Actual (Unfavorable)
850,000 823,965 (26,035)
180,000 353,346 173,346
1,030,000
1,177,311
147,311
9,347,200
7.644,180
1,703,020
9,347,200
7,644,180
1,703
020
(8,317,200) (6,466,869) 1_,850,331
4,825,274
4,308,078
(517,196)
4,825,274 4,308_.078 (517.196)
(3,491,926) (2,158,791)
4,282,978 4,282,978
1,333,135
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, 1993
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
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
-63-
EXHIBIT C-10
Variable
Favorable
Budget Actual Unfavorable
80,000 427,151 347,151
- 9,249 9,249
80,000 436,400 356.400
888,824 1,008,623 (119,799)
12,848,808 4,5639,783 8,209,025
13,737,632 5,648,406 8.089.226
(13,657,632) (5,212.006) 8,445,626
(9,445,406) (9,445,406)
4.385,034 6,858,317 2 47283
4,385,034 (2,587,089) (6,972.123)
(9,272,598) (7,799,095) 1,473,503
13,116,873 13,116,873 -
$ 3.844.275 5_.17.778 1.473.503
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, 1993
Revenues:
Charges for services
Developer fees
Intergovernmental
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
-64-
EXHIBIT C-11
Variable
Favorable
Bud -get Actual (Unfavorable)
693,150 225,605 (467,545)
- 71,128 71,128
693,150 296,733 (396_,417)
404,876 412,632 (7,756)
8,329,521 2,341,622 5.987399
8,734,397 2,754,254 5 98143
(8.041,247) (2,457,521)
3,600,000
4,441,247
(406,059)
5,590,416
1,902,923
5 58.3,726
(406,059)
1,990,416
(2,538,324)
8,041,247 7,087,280 (953,967)
80,182
$$ 50.1.821.82
4,629,759
80,182
4-202.--
4,629,759
7
J
J
AGENCY FUNDS
-65-
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, 1993
Arts in Employee's Assessment Assessment Assessment Assessment
Public Deferred District District District District Totals
Places Compensation No. 88-1 leo. 89-2 Na. 90-1 No. 91-1 1993 1992
$159,117 242,487
252,889
253,622
247,860
400,058
1,556,033
1,511,185
9,087
261.976
10.046
263,669
7.422
�55,282
10.794
410,852
37,349
32,608
$ - - 261,976 263,668 255,282 410,852 1,191,778 1,189,650
159,117 - - - - - 159,117 152,967
242,487 242,487 201,176
$159.117 242.487 261.976 263,668 �
ARTS IR PUBLIC PLACES
Assets
Cash and investments
Liabilities
Deposits payable
EMPLOYEE'S DEFERRED COMPENSATION
Assets
Cash and investments
Liabilities
Deferred compensation payable
ASSESSTrfEP'T DISTRICT NO. $8-1
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, 1993
Balance at Balance at
July 1. 1992 Additions Deletions 3une 30, 1993
S 201.176 41.311 - 242.487
$ 245,620
131,690
124,421
252,889
5.912
2 51.5 3
9.087
14l.�777
5.912
1
9.087
261.976
$ 249,313 171,855 167,546 253,622
8_.698 10.046 8.699 10.046
S 258.011 218.208 ]44 5
$ 258.011
—67—
EXHIBIT D-2
(Continued)
CITY OF LA QUIIPTA
Agency Funds
Combining Statement of Changes in
Assets and Liabilities
(Continued)
Year ended June 30, 1993
Balance at
Balance at
Jul 1.1992_
Additions
Deletions
June 30 1993
ASSESSMENT DISTRICT SO. 90-1
Assets
Cash and investments
$ 261,162
173,778
187,080
247,860
Due from other governments
5.101
7.422
5.101
7.422
Total assets
181.200
192.i8i
$
Liabilities
Due to bondholders
S 266.263
181.200
192.181
_ 255.232
ASSESSMENT DISTRICT No. 91-1
Assets
Cash and investments
$ 400.947
333,417
334,306
400,058
Due from other governments
12.897
10,794
12.897
10.794
Total assets
S A13.844
344.211
Liabilities
Due to bondholders
5 313.44
3g4s21
Q
�LQ2
TOTALS -ALL AGEWCY FUNDS
Assets
Cash and investments
$1.511,185
888,349
843,501
1,556,033
Due from other governments
32.608
37,349
32.608
37.349
Total assets
51.543.793
Q$
10
Liabilities
Deferred compensation
$ 201,176
41,311
-
242,487
Deposits payable
152.967
36,298
30,148
159,117
Due to bondholders
1.189.650
849,089
845,961
1,191,778
Total liabilities
1.543.793
Q$
$7�Q
x,593.382
—68—
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