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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calls Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY. JUNE 19, 2007 - 4:00 P.M.
Beginning Resolution No. FA 2007-001
CALL TO ORDER
Roll Call:
Board Members: Henderson, Kirk, Osborne, Sniff, and Chairman Adolph
PUBLIC COMMENT
At this time members of the public may address the Financing Authority on any
matter not listed on the agenda. Please complete a "request to speak" form and
limit your comments to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF MAY 15, 2007.
Financing Authority Agenda 1 June 19, 2007
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be
approved by one motion.
1. RECEIVE AND FILE TREASURER'S REPORT DATED APRIL 30, 2007.
2. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED APRIL 30,
2007.
3. ADOPTION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF
THE CITY OF LA QUINTA FOR FISCAL YEAR 2007/2008.
BUSINESS SESSION - NONE
CHAIR AND BOARD MEMBERS' ITEMS - NONE
PUBLIC HEARINGS - NONE
For all Public Hearings on the agenda, a completed "request to speak" form must
be filed with the City Clerk prior to consideration of that item.
ADJOURNMENT
Adjourn to a special meeting of the Financing Authority to be held on June 21,
2007, at 7:00 p.m. in the City Council Chambers, 78-495 Calle Tampico,
La Quinta, CA 92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Financing Authority meeting of June 19,
2007, 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 15, 2007.
DA
City of La Quinta, California
Financing Authority Agenda 2 June 19, 2007
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AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: June 19, 2007 BUSINESS SESSION:
ITEM TITLE: Receive and File Transmittal of CONSENT CALENDAR:
Treasurer's 'Report as of April 30, 2007
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
Receive and file.
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
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COUNCIL/RDA MEETING DATE: June 19, 2007
ITEM TITLE: Receive and File Transmittal of Revenue
and Expenditure Report for April 30, 2007
RECOMMENDATION:
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION: rr��
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Receive and File Transmittal of the Statement of Revenue and Expenditures for April
30, 2007 La Quinta Financing Authority.
Respectfully submitted,
ah. Falconer, Fin nce Director
Approved for Submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures Report, April 30, 2007
LA OUINTA FINANCING AUTHORITY
REVENUE DETAIL
0710112006 - 413012007 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
H 1 I Al,M1111ICIV I I
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
15,00000
10,121, 16
4,87884
67,470%
10000
14 51
8549
14 510%
678,86500
678,865.00
0.00
100000%
5,930,430 00
5,930,182 23
24777
100.000%
6,624,39500
6.619,18290
5,21210
99920%
000 0.00 000 0 000%
0 00 0.00 0 00 0 000 %
000 000 000 0000%
TOTAL FINANCING AUTHORITY 6,624,395 D0 6.619,18290 5,21210 99920%
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LA GUINTA FINANCING AUTHORITY 0710112006-413012007 REMAINING
EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
DEBT SERVICE EXPENDITURES
SERVICES
15.12500
10,12116
000
5,00384
BOND PRINCIPAL - 1996
345,00000
345.D0000
000
000
BOND PRINCIPAL -2004
1,520,00000
3,710,17813
000
(2,190.17813)
BOND INTEREST - 1996
333,86500
333,86500
000
000
BOND INTEREST - 2004
4,403, 15600
2,212.97813
000
2,190,17787
TRANSFER OUT
000
000
000
000
TOTAL DEBT SERVICE
6,617, 14600
6,512,14242
D00
5.00358
CAPITAL IMPROVEMENT EXPENDITURES
BOND ISSUANCE COSTS 000 000 000 000
TRANSFER OUT 727300 727340 000 (040)
TOTAL CAPITAL IMPROVEMENT 727300 727340 000 (040)
TOTAL FINANCING AUTHORITY 6,624,41900 6,619,41 . 5,00318
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COUNCIL/RDAMEETINGDATE: June 19, 2007
ITEM TITLE: Adoption of a Resolution Adopting the
Investment Policy of the Financing Authority
for Fiscal Year 2007/2008
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 2007/2008.
SEE CITY COUNCIL STAFF REPORT
RESOLUTION NO. FA 2007-
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY OF THE CITY OF LA QUINTA APPROVING
AND ADOPTING THE AMENDED INVESTMENT POLICY
FOR FISCAL YEAR 2007/2008
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 li uid 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 2007/2008 Fiscal Year Investment Policy (Exhibit A).
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Financing Authority, held on this day of 2007 by
the following vote, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
ATTEST:
VERONICA J. MONTECINO, CMC, Secretary
La Quinta Financing Authority
(SEAL)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Authority Counsel
La Quinta Financing Authority
DON ADOLPH, Chairman
La Quinta Financing Authority
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Exhibit A
(TO BE ATTACHED)
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