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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
Tuesday, June 15, 2004 - 3:00 P.M.
Beginning Resolution No. FA 2004-03
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 MINUTES OF JUNE 1, 2004.
Financing Authority Agenda 1 June 15, 2004
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 APRIL 30, 2004.
2. TRANSMITTAL OF REVENUE & EXPENDITURES REPORT DATED APRIL 30, 2004.
BUSINESS SESSION
1. CONSIDERATION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF
THE CITY OF LA QUINTA FOR FISCAL YEAR 2004/2005.
A. RESOLUTION ACTION
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
Adjourn to a Special Meeting of the Financing Authority to be held on June 18, 2004 at
10:00 a.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, June S. Greek, City Clerk of the City of La Quinta, do hereby declare that the foregoing
agenda for the La Quinta Financing Authority meeting of Tuesday, June 15, 2004, was
posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and on the
bulletin board at the La Quinta Chamber of Commerce and at Stater Bros. 78-630 Highway
111, on Friday, June 11, 2004.
DATED: June 11, 2004
JUNE S. GREEK, CMC City Clerk
City of La Quinta, California
Financing Authority Agenda 2 June 15, 2004
COUNCIL/RDA MEETING DATE: June 15, 2004
ITEM TITLE:
Transmittal of Treasurer's Report
as of April 30, 2004
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
Receive and file.
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR.
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
COUNCIL/RDA MEETING DATE: June 15, 2004
ITEM TITLE:
Transmittal of Revenue and Expenditure Report for
April 30, 2004
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the Statement of Revenue and Expenditures for April 30, 2004 for the
La Quinta Financing Authority.
spAj tfully,su*i
n M. Falconer, Finance Director
ro ed for submis ' n
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures for April 30, 2004
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
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
9,500.00
9,686.00
(186.00)
101.960%
0.00
29.75
(29.75)
0.000%
680,830.00
680,772.32
57.68
99.990%
0.00
0.00
0.000%
690,330.00
690,488.07
(158.07)
100.020%
0.00 0.00
0.00 0.000%
0.00 0.00 0.00 0.000%
0.00 0.00 0.00 0.000%
TOTAL FINANCING AUTHORITY 690,330.00 690,488.07 (158.07) 100.020%MMMMMMI
MENEM
P�
LA QUINTA FINANCING AUTHORITY
07/01/2003 - 4/30104
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
DEBT SERVICE EXPENDITURES
SERVICES
9,686.00
4,454.00
0.00
5,232.00
BOND PRINCIPAL
300,000.00
300,000.00
0.00
0.00
BOND INTEREST
380,830.00
380,830.00
0.00
0.00
TRANSFER OUT
0.00
0.00
0.00
0.00
TOTAL DEBT SERVICE 690,516.00
685,284.00
0.00
5,232.00
CAPITAL IMPROVEMENT EXPENDITURES
TRANSFER OUT
(131,792.00)
0.00
0.00
(131,792.00)
TOTAL CAPITAL IMPROVEMENT (131,792.00)
0.00
0.00
(131,792.00)
TOTAL FINANCING AUTHORITY 568,724.00 68 .284.00 0.00 (126, 60.00)
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COUNCIL/RDA MEETING DATE: June 15 , 2 0 04
ITEM TITLE: Consideration of a Resolution Adopting the
Investment Policy of the Financing Authority
for Fiscal Year 2004/2005
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution of the Financing Authority approving the Investment Policy of the
City of La Quinta for Fiscal Year 2004/2005.
SEE CITY COUNCIL STAFF REPORT
RESOLUTION NO. FA 2004
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY OF THE CITY OF LA QUINTA APPROVING
AND ADOPTING THE AMENDED INVESTMENT POLICY
FOR FISCAL YEAR 2004/2005
WHEREAS, the general purpose of the Investment Policy is to provide the rules
and standards users must follow in investing funds of the City of La Quinta; and
WHEREAS, the primary objectives, in order of priority, of the City of La
Quinta's investment activity shall be:
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks
to ensure the preservation of capital in the overall portfolio.
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated.
The investment portfolio shall be designed with the objective of attaining a
market rate of return or yield throughout budgetary and economic cycles, taking
into account the investment risk constraints and liquidity needs.
WHEREAS, authority to manage the City of La Quinta's investment portfolio is
derived from the City Ordinance. Management responsibility for the investment
program is delegated to the City Treasurer, who shall establish and implement written
procedures for the operation of the City's investment program consistent with the
Investment Policy; and
WHEREAS, the Investment Policy will be adopted before the end of June of
each year and amended as considered necessary; and
NOW, THEREFORE, BE IT RESOLVED by the Financing Authority of the City of
La Quinta to adopt the 2004/2005 Fiscal Year Investment Policy (Exhibit
A/Attachment 2) .
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PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Financing Authority, held on this day of , 2004 by
the following vote, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
DON ADOLPH, Chairman
La Quinta Financing Authority
ATTEST:
JUNE S. GREEK, Secretary
La Quinta Financing Authority
APPROVED AS TO FORM:
KATHY JENSON, City Attorney
La Quinta Financing Authority
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