2008 07 15 FAO4
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FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Celle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, JULY 15, 2008 — 4:00 P.M.
Beginning Resolution No. FA 2008-001
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 JUNE 17, 2008.
2. APPROVA OF SPECIAL MEETING MINUTES OF JUNE 19, 2008.
Financing Authority Agenda 1 July 15, 2008
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 MAY 30, 2008.
2. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED MAY 31,
2008, AND INVESTMENT SUMMARY REPORT FOR THE QUARTER ENDING
JUNE 30, 2008.
BUSINESS SESSION
1. CONSIDERATION OF A RESOLUTION APPROVING THE FISCAL YEAR
2008/2009 LA QUINTA FINANCING AUTHORITY BUDGET.
A. RESOLUTION ACTION
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
The next regular meeting of the Financing Authority will be held on September 16,
2008, at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico,
La Quinta, CA 92253.
Financing Authority Agenda 2 July 15, 2008
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 July 15,
2008, 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 July 11, 2008.
DATE July ill, 200
ERONICA J. fiECINO, City Clerk
City of La QuinCalifornia
Public Notice
Any writings or documents provided to a majority of the Financing Authority regarding any
item on this agenda will be made available for public inspection at the City Clerk counter at
City Hall located at 78-495 Calls Tampico, La Quints, California, 92253, during normal
business hours.
Financing Authority Agenda 3 July 15, 2008
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COUNCIURDA MEETING DATE: July 15, 2008
ITEM TITLE: Receive and File Transmittal of
Treasurer's Report dated May 30, 2008
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 30, 2008.
PLEASE SEE BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
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COUNCIL/RDA MEETING DATE: July 15, 2008
ITEM TITLE: Receive and File Transmittal of Revenue
and Expenditure Reports dated May 31, 2008 and
Investment Summary Report for the Quarter Ending
June 30, 2008
RECOMMENDATION:
Receive and File.
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: ri
STUDY SESSION:
PUBLIC HEARING:
Receive and File Transmittal of the May 31, 2008 Statement of Revenue and Expenditures
for the La Quinta Financing Authority and Investment Summary Report for the Quarter
Ending June 30, 2008.
Respectfully submitted,
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John M. Falc!!llloner, Finance Director
Approved for Submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. Revenue and Expenditures Report, May 31, 2008
2. Investment Summary Report for the Quarter Ending June 30, 2008
ATTACHMENT 1
LA OUINTA FINANCING AUTHORITY
REVENUE DETAIL
DEBT SERVICE REVENUE:
Contractual Semicas 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
OTI0I12007-0513112008 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
15,00000
9,641.23
5,358.77
64.270%
000
158.34
(156.34)
0000%
675,880 00
675,880.00
0.00
100.0D0%
5,926 806.00
5,926,806.25
(0.25)
100 000%
6,617,686.D0
6,612,485.82
5,200.18
99.920%
0.00 0.00 0.00 0.000%
0.00 0.00 0.00 0.000%
000 0.00 0DO 0.000%
6,617,686.00 6.612.485.82 5,20018 99.920%
2
LA OUINTA FINANCING AUTHORITY
EXPENDITURE SUMMARY
DEBT SERVICE EXPENDITURES
SERVICES
BOND PRINCIPAL - 1996
BOND PRINCIPAL - 2004
BOND INTEREST - 1996
BOND INTEREST - 2004
TRANSFER OUT
CAPITAL IMPROVEMENT EXPENDITURES
BOND ISSUANCE COSTS
TRANSFER OUT
07/01/2007 - 06/31/2008
REMAINING
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
15,800.00
9,641.24
000
6,158.76
360,000.00
360.000.00
0.00
000
1,570,000.00
1,570,000.00
000
0.00
315,880.00
315.880.00
0.00
0.00
4.356.806.00
4.356.806.26
000
(0 26)
TOTAL DEBT
0.00 000 000 0.00
0.00 0.00 000 000
TOTAL CAPITAL IMPROVEMENT 000 000 0.00 0.00
TOTAL FINANCING AUTHORITY
3
ATTACHMENT 2
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AGENDA CATEGORY:
COUNCIL/RDA MEETING DATE: July 15, 2008 `
BUSINESS SESSION: _
ITEM TITLE: Consideration of a Resolution Approving CONSENT CALENDAR:
the Fiscal Year 2008-2009 La Quinta Financing
Authority Budget STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Adopt a Resolution of the La Quinta Financing Authority approving the Fiscal Year 2008-
2009 La Quinta Financing Authority Budget.
SEE CITY COUNCIL STAFF REPORT
RESOLUTION NO. FA 2008-
A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY
APPROVING A BUDGET FOR FISCAL YEAR 2008-2009
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 2008-2009 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.
Resolution No. FA 2008.
Budget Approval FY 2008/2009
Adopted: July 15, 2008
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 15th day of July, 2008, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
DON ADOLPH, Chairman
La Quinta Financing Authority
ATTEST:
VERONICA J. MONTECINO, CMC, Secretary
La Quinta Financing Authority
(SEAL)
APPROVED AS TO FORM:
M. KATHERINE JENSON, Authority Counsel
La Quinta Financing Authority