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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
Tuesday, July 22, 2003 - 3:00 P.M.
Beginning Resolution No. FA 2003-02
CALL TO ORDER
Roll Call:
Board Members: Henderson, Osborne, Perkins, Sniff, and Chairman Adolph
PUBLIC COMMENT
At this time members of the public may address the Financing Authority- on items that
appear within the Consent Calendar or matters that are not listed on the agenda. Please
complete a "request to speak" form and limit your comments to three minutes. When you
are called to speak, please come forward and state your name for the record. Please
watch the timing device on the podium.
For all Business Session matters or Public Hearings on the agenda, a completed "request to
speak" form should be filed with the City Clerk prior to beginning consideration of that
item.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF SPECIAL MEETING MINUTES OF JUNE 13, 2003
2. APPROVAL OF MEETING MINUTES OF JUNE 17, 2003
Financing Authority Agenda 1 July 22, 2003
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1 . TRANSMITTAL OF TREASURER'S REPORT DATED MAY 31, 2003.
2. TRANSMITTAL OF REVENUE & EXPENDITURES REPORT DATED MAY 31, 2003
AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING JUNE 30,
2003.
BUSINESS SESSION
1. CONSIDERATION OF A RESOLUTION APPROVING THE FISCAL YEAR 2003/2004
LA QUINTA FINANCING AUTHORITY BUDGET.
A. RESOLUTION ACTION
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
Adjourn to a regularly scheduled meeting of the Financing Authority to be held on August
19, 2003, at 3:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta,
CA 92253.
DECLARATION OF POSTING
I, Phyllis Manley, Deputy City Clerk of the City of La Quinta, do hereby declare that the
foregoing agenda for the La Quinta Financing Authority meeting of Tuesday, July 22,
2003, was posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and
on the bulletin board at the La Quinta Chamber of Commerce and at Stater Bros. 78-630
Highway 1 1 1, on Friday, July 18, 2003.
DATED: JULY 18, 2003
PHYLLIS MANLEY, Deputy City Clerk
City of La Quinta, California
Financing Authority Agenda 2 July 22, 2003
1. Incoxeaun'n �'�
of�w AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: ,July 22, 2003
ITEM TITLE:
Transmittal of Treasurer's Report
dated May 31, 2003
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
BUSINESS SESSION:
CONSENT CALENDAR.
STUDY SESSION:
PUBLIC HEARING:
Receive and File the Treasurer's Report dated May 31, 2003.
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
COUNCIL/RDA MEETING DATE: ,July 22, 2003
Transmittal of Revenue and
Expenditure Reports dated
May 31, 2003 and Investment
Summary Report for the Quarter
Ending June 30, 2003
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: C�L
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the May 31, 2003 Statement of Revenue and Expenditures for the La
Quinta Financing Authority and Investment Summary Report for the Quarter Ending
June 30, 2003.
Respectfully submitted,
hn M. Falconer,"Finance Director
Approved for Submission by:
homas P. Genovese, Executive Director
Attachments 1: Revenue and Expenditures Report, May 31, 2003
2: Investment Summary Report for the Quarter Ending June 30, 2003
ATTACHMENT 1
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
DEBT SERVICE REVENUE:
Contractual Services Fees
Non Allocated Interest
Rental Income
Transfer In
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT REVENUE:
Pooled Cash Allocated Interest
Non Allocated Interest
TOTAL CIP REVENUE
TOTAL FINANCING AUTHORITY
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
9,175.00
0.00
9,175.00
0.000%
0.00
3.82
(3.82)
0.000%
678,955.00
679,432.56
(477.56)
100.070%
0.00
0.00
0.000%
688,130.00
679,436.38
8,693.62
98.740%
0.00 (1.56) 1.56 0.000%
0.00 326.09 (326.09) 0.000%
0.00 324.53 (324.53) 0.000%
688,130.00 679,760.91 8,369.09 98.780%
2
LA QUINTA FINANCING AUTHORITY 07/01/2002 - 5/31/03
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
DEBT SERVICE EXPENDITURES
SERVICES
9,686.00
2,711.49
0.00
6,974.51
BOND PRINCIPAL
285,000.00
285,000.00
0.00
0.00
BOND INTEREST
394,435.00
394,435.00
0.00
0.00
TRANSFER OUT
0.00
0.00
0.00
0.00
TOTAL DEBT SERVICE
689,121.00
682,146.49
0.00
6,974.51
CAPITAL IMPROVEMENT EXPENDITURES
TRANSFER OUT
(131,792 42)
0.00
0.00
(131,792.42)
TOTAL CAPITAL IMPROVEMENT
(131,792.42)
0.00
0.00
(131,792.42)
TOTAL FINANCING AUTHORITY 557,3 8.58 682,14 .49 0.00 (124,817.91)
3
ATTACHMENT 2
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COUNCIL/RDA MEETING DATE: .July 22, 2003
ITEM TITLE:
Consideration of a Resolution
Approving the Fiscal Year 2003-2004
La Quinta Financing Authority Budget
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution of the La Quinta Financing Authority approving the Fiscal Year
2003-2004 La Quinta Financing Authority Budget.
SEE CITY COUNCIL STAFF REPORT
RESOLUTION NO. FA 2003-
A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY
APPROVING A BUDGET FOR FISCAL YEAR 2003-2004
WHEREAS, each year the La Quinta Financing Authority adopts a Budget for
Revenues and Expenditures for the upcoming Fiscal Year; and
WHEREAS, the Financing Authority desires to make provisions for a level of
services commensurate with the needs of the City; and
WHEREAS, the Financing Authority has reviewed said budget and has had
several public meetings to receive public input; and
WHEREAS, the Financing Authority has, after due deliberation and
consideration, made such amendments in the proposed budget as it considers
desirable; and
NOW, THEREFORE, BE IT RESOLVED by the La Quinta Financing Authority to
adopt, as follows:
SECTION 1. The Fiscal Year 2003-2004 Budget which is on file with the La
Quinta Financing Authority Secretary is hereby approved.
SECTION 2. Budget adjustment procedures are approved as follows:
A. Additional appropriations and the transfer of cash or
unappropriated fund balance from one fund to another shall be
made only upon Financing Authority approval.
B. Transfers of budgeted appropriations between divisions or capital
projects shall be made only upon Financing Authority approval.
C. Transfers of budgeted appropriations between accounts within a
division or capital project may be made with the approval of the
Executive Director or his designee.
D. Prior year budget continuing Appropriations and Encumbrances for
unexpended capital project appropriations remaining from
uncompleted prior year capital projects shall be made with
Executive Director approval. These carry-over appropriations are
for prior year Financing Authority approved capital projects and
shall not exceed the approved project budget.
2
SECTION 3. The Executive Director shall render a monthly report to the
Financing Authority on the status of City operations as it relates to the approved
budget and any amendments thereto.
PASSED, APPROVED AND ADOPTED this 22nd day of July, 2003, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
DON ADOLPH, Chairman
City of La Quinta, California
ATTEST:
JUNE GREEK, City Clerk
City of La Quinta, California
APPROVED AS TO FORM:
KATHY JENSON, City Attorney
City of La Quinta, California
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