2006 06 21 FA
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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Special Meeting
WEDNESDAY, JUNE 21, 6:00 P.M.
Beginning Resolution No. FA 2006-TBA
CALL TO ORDER
Roll Call:
Board Members: Henderson, Kirk, Osborne, Sniff, and Chairman Adolph
PUBLIC COMMENT
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES - NONE
CONSENT CALENDAR - NONE
BUSINESS SESSION
1. CONSIDERATION OF FISCAL YEAR 2006/2007 PRELIMINARY BUDGET.
ACTION: PROVIDE DIRECTION TO STAFF
June 21, 2006
CHAIR AND BOARD MEMBERS' ITEMS - NONE
PUBLIC HEARINGS - NONE
ADJOURNMENT
Adjourn to an adjourned regular meeting of the Financing Authority to be held on July 18,
2006, commencing with open session at 3:00 PM in the City Council Chambers, 78-495
Calle Tampico, La Guinta, CA 92253.
DECLARATION OF POSTING
I, June S. Greek, City Clerk of the City of La Guinta, do hereby declare that the foregoing
agenda for the special La Ouinta Financing Authority meeting of June 21, 2006, 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 16,
2006.
DATED: June 16, 2006
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-fJ., JUNE S. GREEK, MMC, City Clerk
\ City of La Ouinta, California
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June 21, 2006
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COUNCIL/RDA MEETING DATE: June 21, 2006
AGENDA CATEGORY:
BUSINESS SESSION:
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ITEM TITLE: Consideration of Fiscal Year
2006/2007 Preliminary Budget
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Adopt the Fiscal Year 2006/2007 Preliminary Budget and direct staff to prepare a
Fiscal Year 2006/2007 Final Budget for the July 18, 2006 La Ouinta Financing
Authority Meeting.
FISCAL IMPLICATIONS:
All Preliminary Fiscal Year 2006/2007 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 Ouinta Financing Authority is to pay the debt service on the
1996 Civic Center Bonds and the 2004 Local Agency Revenue Bonds. The debt
service for FY 06/07 on the 1996 Civic Center Bonds is $678,865 and the 2004 Local
Agency Revenue Bonds debt service is $5,923,156. Additional debt service costs
such as trustee fees and audit fees are $15,125 for a total budget of $6,617,146.
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 (300/0). The debt service payments are made every six months and are due
October 15t and April 1 5t. 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 Agency 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 1 st and
March 1 st. 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 2006/2007 La Ouinta Financing
Authority Preliminary Budget and provide direction regarding any proposed
changes to the document; and
2) Approval of the Fiscal Year 2006/2007 Fiscal Year La Quinta Financing
Authority Preliminary Budget as amended at the June 21, 2006, La Ouinta
Financing Authority Meeting. (Any approved changes by the Authority to be
incorporated into the Final Budget for adoption on July 18, 2006.)
Respectfully submitted,
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(J John M. Falconer, Finance Director
Approved for submission by:
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Thomas P. Genovese, Executive Director
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