2005 06 20 FA
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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
SPECIAL Meeting
June 20, 2005, 4:00 PM
Beginning Resolution No. FA 2005-001
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
BUSINESS SESSION
1. CONSIDERATION OF FISCAL YEAR 2005-2006 BUDGET.
Financing Authority Agenda
SPECIAL - Budget Meeting
June 20, 2005
ADJOURNMENT
Adjourn to a regularly scheduled meeting of the Financing Authority to be held on June 21,
2005 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 June 20, 2005, was posted on
the outside entry to the Council Chamber at 78-495 Calle Tampico and on the bulletin
boards at 51-321 Avenida Bermudas and 78-630 Highway 111, on June 10, 2005.
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JUNE S. GREEK, CMC, City Clerk
City of La Quinta, California
Financing Authority Agenda
SPECIAL - Budget Meeting
2
June 20, 2005
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COUNCIL/RDAMEETINGDATE: June 20,2005
AGENDA CATEGORY:
BUSINESS SESSION: I
ITEM TITLE: Consideration of Fiscal Year
2005/2006 Preliminary Budget
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Adopt the Fiscal Year 2005/2006 Preliminary Budget and direct staff to prepare a
Fiscal Year 2005/2006 Final Budget for the July 1 9, 2005 La Quinta Financing
Authority Meeting.
FISCAL IMPLICATIONS:
All Preliminary Fiscal Year 2005/2006 revenues, operational appropriations and debt
service funding are included in this Preliminary Budget.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Introduction
The purpose of the La Quinta Financing Authority is to pay the debt service on the
1 996 Civic Center Bonds and the 2004 Local Agency Revenue Bonds. The debt
service for FY 05/06 on the 1996 Civic Center Bonds is $680,575 and the 2004 Local
Agency Revenue Bonds debt service is $ 5, 1 71 ,981. Additional debt service costs
such as trustee fees and audit fees are $15,000 for a total budget of $5,867,556.
Funding to pay the Civic Center bonds is paid through rent charges from the General
Fund (30%), Redevelopment Agency (40%) and the Civic Center Development Impact
Fees (30%). The debt service payments are made every six months and are due
October 1st and April 1st. The final payment is scheduled for FY 201 9.
Funding to pay the 2004 Local Agency Revenue Bonds is paid through two separate
transfers. The first set of transfers occurs between the RDA 1 &2 Low & Moderate
Housing Funds and the RDA 1 &2 Debt Service Funds. The second set of transfers
occurs between the RDA 1 &2 Debt Service Funds and the Financing Authority Debt
Service Fund. These bonds were issued in June 2004 for low & moderate housing
purposes through the Financing Authority with the Redevelopment making the annual
debt service payment. The allocation between Project Areas 1 & 2 to fund the annual
debt service is based upon tax increment revenues with 2/3rds of the debt service
payment coming from Project Area 1 and 1/3rd coming from Project Area 2. The debt
service payments are made every six months and are due September 1st and March 1st.
The final payment is scheduled to be made in FY 2035.
FINDINGS AND ALTERNATIVES:
Staff is requesting:
1) Review and comment on the Fiscal Year 2005/2006 La Quinta Financing
Authority Preliminary Budget and provide direction regarding any proposed
changes to the document; and
2) Approval of the Fiscal Year 2005/2006 Fiscal Year La Quinta Financing
Authority Preliminary Budget as amended at the June 20, 2005, La Quinta
Financing Authority Meeting. (Any approved changes by the Authority to be
incorporated into the Final Budget for adoption on July 1 9, 2005.)
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Approved for submission by:
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Thomas P. Genovese, Executive Director