2005 07 19 FAG� OF
FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
Tuesday, July 19, 2005 — 3:00 PM
Beginning Resolution No. FA 2005-002
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
Financing Authority Agenda 1 July 19, 2005
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF JUNE 20, 2005.
2. APPROVAL OF MINUTES OF JUNE 21, 2005.
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, 2005.
2. TRANSMITTAL OF REVENUE & EXPENDITURE REPORT DATED MAY 31, 2005,
AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING JUNE 30,
2005.
BUSINESS SESSION
1. CONSIDERATION OF A RESOLUTION APPROVING THE FISCAL YEAR 2005-2006
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
September 20, 2005 at 3:00 PM in the City Council Chambers, 78-495 Calle Tampico, La
Quinta, CA 92253.
Financing Authority Agenda 2 July 19, 2005
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 July 19, 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 1 1 1, on July 15, 2005.
DATED: July 15, 2005
JUNE S. GREEK, CIVIC, City Clerk
City of La Quinta, California
Financing Authority Agenda 3 July 19, 2005
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COUNCIL/RDA MEETING DATE: July 19, 2005
ITEM TITLE: Transmittal of Treasurer's Report
dated May 31, 2005
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, 2005.
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
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COUNCIL/RDA MEETING DATE: July 19, 2005
ITEM TITLE: Transmittal of Revenue and
Expenditure Reports dated May 31, 2005
and Investment Summary Report for the Quarter
Ending June 30, 2005
RECOMMENDATION:
Receive and File
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the May 31, 2005 Statement of Revenue and Expenditures for the
La Quinta Financing Authority and Investment Summary Report for the Quarter
Ending June 30, 2005.
Respectfully submitted,
Approved for submission by:
Thomas P. Genovese, City Manager
Attachments: 1. Revenue and Expenditures Report, May 31, 2004
2. Investment Summary Report for the Quarter Ending June 30,
2005
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
10,000.00
0.00
10,000.00
0.00
(3,646.38)
3,646.38
681,200.00
681,220.00
(20.00)
2,990,049.00
2,990,049.00
0.00
3,681,249.00
3,667,622.62
13,626.38
0.00 0.00 0.00
0.00 82.72 (82.72)
0.00 82.72 (82.72)
3,681,249.00 3,667,705.34 13,543.66
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2
ATTACHMENT 2
LA QUINTA FINANCING AUTHORITY
07/01/2004.05/31105
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
DEBT SERVICE EXPENDITURES
SERVICES
9,686.00
3,481.00
0.00
6,205.00
BOND PRINCIPAL - 1996
315,000.00
315,000.00
0.00
0.00
BOND PRINCIPAL - 2004
0.00
0.00
0.00
0.00
BOND INTEREST - 1996
366,220.00
366,220.00
0.00
0.00
BOND INTEREST - 2004
2,990,049.00
2,990,048.66
0.00
0.34
TRANSFER OUT
0.00
0.00
0.00
0.00
TOTAL DEBT SERVICE
3,680,955.00
3,674,749.66
0.00
6,205.34
CAPITAL IMPROVEMENT EXPENDITURES
BOND ISSUANCE COSTS
55,000.00
48,075.73
0.00
6,924.27
TRANSFER OUT
0.00
0.00
0.00
0.00
TOTAL CAPITAL IMPROVEMENT
55,000.00
48,075.73
0.00
6,924.27
TOTAL FINANCING AUTHORITY 3,735,955.00 3,722,825.39 0.00 13,129.61
3
ATTACHMENT 2
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COUNCIL/RDA MEETING DATE: July 19, 2005
ITEM TITLE: Consideration of a Resolution Approving
the Fiscal Year 2005-2006 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
2005-2006 La Quinta Financing Authority Budget.
SEE CITY COUNCIL STAFF REPORT
RESOLUTION NO. FA 2005-
A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY
. APPROVING A BUDGET FOR FISCAL YEAR 2005-2006
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 2005-2006 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.
1.0
k)
Resolution No. FA 2005-
Planning & Administrative Expenses FY 2005/2006
Adopted: July 19, 2005
Page 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 19th day of July, 2005, 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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