2004 07 20 FAa�
e4 4
ti
OF T19
FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
Tuesday, July 20, 2004 - 3:00 P.M.
Beginning Resolution No. FA 2004-04
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 15, 2004
2. APPROVAL OF MINUTES OF JUNE 18, 2004
Financing Authority Agenda 1 July 20, 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 MAY 31, 2004.
2. TRANSMITTAL OF REVENUE AND EXPENDITURES REPORT DATED MAY 31,
2004, AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING JUNE
30, 2004.
BUSINESS SESSION
1. CONSIDERATION OF A RESOLUTION APPROVING THE FISCAL YEAR 2004/2005
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
17, 2004 at 3:00 p.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, July 20, 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
1 1 1, on Friday, July 16, 2004.
DATED: July 16, 2004
JUNE S. GREEK, CMC, City Clerk
City of La Quinta, California
Financing Authority Agenda 2 July 20, 2004
COUNCIL/RDA MEETING DATE: ,July 20, 2004
Transmittal of Treasurer's Report
dated May 31, 2004
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Receive and File the Treasurer's Report dated May 31, 2004.
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
000
0��
..1 4
OF AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: ,July 20, 2004
Transmittal of Revenue and
Expenditure Reports dated
May 31, 2004 and Investment
Summary Report for the Quarter
Ending June 30, 2004
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the May 31, 2004 Statement of Revenue and Expenditures for the La
Quinta Financing Authority and Investment Summary Report for the Quarter Ending
June 30, 2004.
Respectfully submitted,
i
Jo Vn M. Falconer, Fi nce Director
Approved for Submission by:
Thomas P. Genovese, Executive Director
Attachments 1: Revenue and Expenditures Report, May 31, 2004
2: Investment Summary Report for the Quarter Ending June 30, 2004
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
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 690,330.00 690,458W j-i aa.ui) I VV.vw io
2
07/0112003 - 5131104
REMAINING
LA QUINTA FINANCING AUTHORITY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
EXPENDITURE SUMMARY
DEBT SERVICE EXPENDITURES
9,686 00
5,204.00
0.00
4,482.00
SERVICES
300,000 00
300,000.00
0.00
0.00
BOND PRINCIPAL
380,830.00
380,830.00
0.00
0.00
BOND INTEREST
0.00
0.00
0.00
0.00
TRANSFER OUT
TOTAL DEBT SERVICE 690,516.00
686,034.00
0.00
4,482.00
CAPITAL IMPROVEMENT EXPENDITURES
(131,792 00)
0.00
0.00
(131,792.00)
TRANSFER OUT
TOTAL CAPITAL IMPROVEMENT (131,792 00)
p 00
0.00
(131,792.00)
TOTAL FINANCING AUTHORITY 558,724
6,034.00
0.
(127,31 .00)
3
ATTACHMENT 2
O
0
LL
E
M
c
E
CYc0
N
O
O ) M
a3 m
7 c
Ua
rn
L
0
c
V
c
as
c
a
�
� cv cv cv O
cCOCOON
O
�O
ZZZZ� r-
c c
c c
O 7 7 3
LLLLLLU..
io M 00 M
c
m m m m
c c c c
O O O O
c�
U)
U
Q
co
C C
oa°oa`aa
�cccc
c
Qa>>>>
0
E
o o o o
�Q=22=
�
c
c c0000
C
LLLLNNNN
Ilk-lk Y Y-)k Y
c c c c c c
m
m m m m m m
0
7
»»»
U)
to
co
m
m
c -5
M
CJ 2
M
J C
m
UM
M>
m M
3 m O
— � M
O O
c O
c
V � m
3�
pM U
� o O
Eme
N c p
c =
m C �
0
Q as
m a
H ;
� H
m
O 7
L (M
4
/(n
c3 �a
O� 4 64z� QgaArC4jJ
OF
COUNCIL/RDA MEETING DATE: J u ly 2 0, 2 0 0 4 AGENDA CATEGORY:
BUSINESS SESSION:
ITEM TITLE: Consideration of a Resolution Approving
the Fiscal Year 2004-2005 La Quinta Financing CONSENT CALENDAR:
Authority Budget
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Adopt a Resolution of the La Quinta Financing Authority approving the Fiscal Year
2004-2005 La Quinta Financing Authority Budget.
SEE CITY COUNCIL STAFF REPORT
RESOLUTION NO. FA 2004-
A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY
APPROVING A BUDGET FOR FISCAL YEAR 2004-2005
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 2004-2005 Budget which is on file with the La
Quinta Financing Authority Secretary is hereby approved.
SECTION 2. Continuing Appropriations which remain unspent and were
authorized by Council in Fiscal Year 2003-2004 are approved in the Fiscal Year
2004/2005 Budget in an amount not to exceed $55,000. (Attachment 1)
SECTION 3. 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.
2
Resolution No. FA 2004-
Budget - FY 2004/2005
Adopted: July 20, 2004
Page 2
D. Prior year budget continuing Appropriations and Encumbrances
for unexpended capital project appropriations remaining from
uncompleted prior year capital projects shall be made with
Executive Director approval. These carry-over appropriations
are for prior year Financing Authority approved capital projects
and shall not exceed the approved project budget.
SECTION 4. 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 by the La Quinta Financing Authority at
a regular meeting held on this 20th day of July, 2004, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
DON ADOLPH, Chairman
La Quinta Financing Authority
ATTEST:
JUNE GREEK, CMC, Authority Secretary
La Quinta Financing Authority
(Seal)
3
Resolution No. FA 2004-
Budget - FY 2004/2005
Adopted: July 20, 2004
Page 3
APPROVED AS TO FORM:
M. KATHERINE JENSON, Authority Counsel
La Quinta Financing Authority
4
ATTACHMENT 1
City of La Quints
Financing Authority
Fiscal Year 2003104 Continuing Appropriations/Encumbrances -Note 1 15-Jul-04
AQ ..rec #n A in 92„dnaf r1ni•,,nnghnfc
Department
Account
Description
Continuing
Appropriation
Encumbrances
Total
Financing Authority
Subtotal - Finance Authority
420-9501-393.00.00
Bond issuance costs
55,000
55,000
55,000
0
55,000
Note 1 - The appropriations and encumbrances listed will be adjusted to reflect actual expenditures as of June 30, 2004