2016-2017 ACFR (July 1 - June 30 Annual Comprehensive Financial Report)ComprehensiveAnnual Financial Report2016/17
Year Ended June 30, 2017
City of La Quinta La Quinta, California
CITY OF LA QUINTA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2017
Prepared by the Finance Department
CITY OF LA QUINTA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED JUNE 30, 2017
TABLE OF CONTENTS
Page
INTRODUCTORY SECTION
Letter of Transmittal .................................................................................................................................. i
List of Principal Officials .......................................................................................................................... v
Organizational Chart................................................................................................................................. vi
Certificate of Achievement for Excellence in Financial Reporting (GFOA) ......................................... vii
FINANCIAL SECTION
Independent Auditors' Report .................................................................................................................... 1
Management's Discussion and Analysis .................................................................................................... 4
BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements
Statement of Net Position .................................................................................................................... 16
Statement of Activities ........................................................................................................................ 17
Fund Financial Statements
Balance Sheet – Governmental Funds ................................................................................................. 19
Reconciliation of the Balance Sheet of
Governmental Funds to the Statement of Net Position ...................................................................... 21
Statement of Revenues, Expenditures and Changes in Fund Balances of
Governmental Funds .......................................................................................................................... 22
Reconciliation of Statement of Revenues, Expenditures and Changes
In Fund Balances of Governmental Funds to the Statement of Activities ......................................... 24
Statement of Net Position – Proprietary Funds ................................................................................... 25
Statement of Revenues, Expenses and Changes in
Fund Net Position – Proprietary Funds ............................................................................................. 26
Statement of Cash Flows – Proprietary Funds..................................................................................... 27
Statement of Net Position – Fiduciary Funds ...................................................................................... 29
Statement of Changes in Net Position – Fiduciary Funds ................................................................... 30
Notes to the Basic Financial Statements .................................................................................................. 31
CITY OF LA QUINTA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED JUNE 30, 2017
TABLE OF CONTENTS
(Continued)
Page
REQUIRED SUPPLEMENTARY INFORMATION:
Budgetary Comparison Schedules:
General Fund .................................................................................................................................. 74
Housing Authority Special Revenue Fund ..................................................................................... 75
Schedule of Proportionate Share of the Net Pension Liability – Miscellaneous Plan ......................... 76
Schedule of Plan Contributions – Miscellaneous Plan ........................................................................ 77
Schedule of Funding Progress – Other Post Employment Benefit Plan .............................................. 78
Notes to Required Supplementary Information ................................................................................... 79
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Combining Balance Sheet – Nonmajor Governmental Funds ............................................................ 82
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances – Nonmajor Governmental Funds ........................................................ 89
Budgetary Comparison Schedules – Special Revenue Funds
State Gas Tax ................................................................................................................................... 96
Library .............................................................................................................................................. 97
Federal Assistance ............................................................................................................................ 98
SLESA ............................................................................................................................................. 99
Lighting and Landscaping .............................................................................................................. 100
Quimby .......................................................................................................................................... 101
Public Safety .................................................................................................................................. 102
Art in Public Places ........................................................................................................................ 103
South Coast Air Quality ................................................................................................................. 104
AB 939 ........................................................................................................................................... 105
Law Enforcement ........................................................................................................................... 106
Justice Assistance Grant ................................................................................................................. 107
Measure A ...................................................................................................................................... 108
Budgetary Comparison Schedules – Capital Projects Funds
Capital Improvement ...................................................................................................................... 109
Civic Center ................................................................................................................................... 110
Transportation ................................................................................................................................ 111
Parks and Recreation ...................................................................................................................... 112
Library Development ..................................................................................................................... 113
Community Center ......................................................................................................................... 114
Street Facility ................................................................................................................................. 115
Park Facility ................................................................................................................................... 116
Fire Facility .................................................................................................................................... 117
CITY OF LA QUINTA, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED JUNE 30, 2017
TABLE OF CONTENTS
(Continued)
Page
Budgetary Comparison Schedules – Debt Service Funds
Financing Authority ....................................................................................................................... 118
Combining Statement of Net Position – Internal Service Funds ................................................... 120
Combining Statement of Revenues, Expenses and Changes
in Fund Net Position – Internal Service Funds ............................................................................ 121
Combining Statement of Cash Flows – Internal Service Funds ..................................................... 122
Combining Statement of Net Position – All Agency Funds .......................................................... 124
Combining Statement of Changes in Assets and Liabilities – All Agency Funds ......................... 125
STATISTICAL SECTION
Net Position by Component (Table 1) .................................................................................................. 127
Changes in Net Position (Table 2) ........................................................................................................ 129
Changes in Net Position – Governmental Activities (Table 3) ............................................................ 131
Changes in Net Position – Business-type Activities (Table 4) ............................................................. 133
Fund Balances of Governmental Funds (Table 5) ................................................................................ 135
Changes in Fund Balances of Governmental Funds (Table 6) ............................................................. 137
Tax Revenue by Source (Table 7) ........................................................................................................ 139
Top 25 Sales Tax Producers (Table 8) ................................................................................................. 140
Taxable Sales by Category (Table 9) ................................................................................................... 141
Assessed Value and Estimated Actual Value of Taxable Property (Table 10) .................................... 143
Direct and Overlapping Property Tax Rates (Table 11) ....................................................................... 144
Principal Property Taxpayers (Table 12) .............................................................................................. 146
Property Tax Levies and Collections (Table 13) .................................................................................. 147
Ratios of Outstanding Debt by Type (Table 14) .................................................................................. 148
Ratio of General Bonded Debt Outstanding (Table 15) ....................................................................... 150
Direct and Overlapping Debt (Table 16) .............................................................................................. 151
Legal Debt Margin Information (Table 17) .......................................................................................... 152
Pledged-Revenue Coverage (Table 18) ................................................................................................ 154
Demographic and Economic Statistics (Table 19) ............................................................................... 155
Principal Employers (Table 20) ............................................................................................................ 156
Full-time City Employees (Table 21) ................................................................................................... 157
Operating Indicators (Table 22) ........................................................................................................... 158
Capital Asset Statistics (Table 23) ........................................................................................................ 159
Schedule of Insurance in Force (Table 24) ........................................................................................... 160
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INDEPENDENT AUDITORS’ REPORT
The Honorable Mayor and Members of City Council
City of La Quinta, California
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, business-type activities,
each major fund, and the aggregate remaining fund information of the City of La Quinta, California, (City), as of
and for the year ended June 30, 2017, and the related notes to the financial statements, which collectively
comprise the City’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our
audit in accordance with auditing standards generally accepted in the United States of America and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no
such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
2
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, business-type activities, each major fund, and the aggregate
remaining fund information of the City, as of June 30, 2017, and the respective changes in financial position, and,
where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally
accepted in the United States of America.
Emphasis of Matter
As described in Note 1 to the financial statements, the City adopted Governmental Accounting Standards Board
(GASB) Statement No. 82, Pension Issues – An Amendment of GASB Statements No. 67, No. 68 and No. 73,
effective July 1, 2016. Our opinion is not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis on pages 4 through 15, schedule of the City’s proportionate share of the net pension
liability on page 76, schedule of plan contributions on page 77, other post-employment benefit plan schedule of
funding progress on page 78, budgetary comparison schedules for the General Fund on page 74 and Housing
Authority special revenue fund on page 75 and the related notes on page 79, be presented to supplement the basic
financial statements. Such information, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for
placing the basic financial statements in an appropriate operational, economic, or historical context. We have
applied certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of management about
the methods of preparing the information and comparing the information for consistency with management’s
responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the
basic financial statements. We do not express an opinion or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The introductory section, combining and individual fund
statements and schedules, and statistical section are presented for purposes of additional analysis and are not a
required part of the basic financial statements.
The combining and individual fund statements and schedules are the responsibility of management and were
derived from and relates directly to the underlying accounting and other records used to prepare the basic
financial statements. Such information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic financial statements
or to the basic financial statements themselves, and other additional procedures in accordance with auditing
standards generally accepted in the United States of America. In our opinion, the combining and individual fund
statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a
whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of
the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.
3
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 26, 2017, on
our consideration of the City’s internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government Auditing Standards in
considering the City’s internal control over financial reporting and compliance.
Riverside, California
December 26, 2017
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4
Management's Discussion and Analysis
This narrative provides an overview and analysis of the financial activities for the City of La
Quinta (City) for the fiscal year ending June 30, 2017. The City Executive Team encourages
readers to consider this information in conjunction with the data provided in our transmittal
letter, which is in an earlier section of this report. All amounts, unless otherwise indicated, are
rounded to the nearest thousands of dollars and dates are represented by fiscal year.
Highlights
At the close of 2016/17 (June 30, 2017):
• Primary government assets exceeded its liabilities by $712,685,000 (net position).
Of this amount, $112,984,000 (unrestricted net position) may be used to meet
ongoing obligations and approximately $560,876,000 or 79% was invested in capital
assets and is not available to meet ongoing obligations.
• Governmental activities total net position increased by $11,902,000 and the
Business-Type total net position decreased by $116,000 which is attributable to the
SilverRock Golf Course.
• Governmental funds (General Fund, Housing Authority, Capital Improvement Fund,
Civic Center Fund, sixteen (16) Special Revenue Funds, and the Finance Authority
Fund) had a combined ending fund balance of $134,875,000, an increase of
$23,404,000. The primary reasons for this increase are an extraordinary gain of
$7,344,000 derived from the Redevelopment loan repayment; $9,372,000 assigned
for public safety representing funds held in trust by the County of Riverside to be
used for fire services; and a $3,128,000 increase in the General Fund unassigned
fund balance due to expenditure savings and overall revenues were 1.5% higher
than budgeted.
• The unassigned General Fund balance comprised $16,950,000, or 16%, of the total
$107,462,000 balance and represented 34% of total final General Fund budgeted
expenditures including transfers.
• Total governmental activities debt increased by $1,951,000 from $4,833,000 to
$6,784,000. This is due to a new fleet vehicle lease program and the Eisenhower
Drive retention basin land purchase for drainage improvements. (Note 5)
Overview
This discussion and analysis introduces the City’s basic financial statements, which are
comprised of three components: 1) government-wide financial statements, 2) fund financial
statements, and 3) notes to the financial statements. This report also contains other
supplementary information in addition to the basic financial statements.
5
Government-wide financial statements
The government-wide financial statements provide a broad overview of the City’s finances.
There are two statements – statement of net position and statement of activities, as described
below.
The statement of net position presents information on all City assets and deferred outflows of
resources as well as liabilities, and deferred inflows of resources, with the difference between
the two reported as net position. Over time, increases or decreases in net position may serve
as a useful indicator of whether the City’s financial position is improving or deteriorating.
The statement of activities presents information showing how the government's net position
changed during the most recent fiscal year. All changes in net position are reported as soon as
the underlying event occurs giving rise to the change, regardless of the timing of related cash
flows. Thus, revenues and expenses are reported in this statement for some items that will
only result in cash flows in future fiscal periods, for example, earned but unused vacation
leave.
Both of these government-wide financial statements distinguish City functions, which are
principally supported by taxes, fees, and intergovernmental revenues (governmental activities)
from other functions that are intended to recover all or a significant portion of their costs
through user charges (business-type activities). Governmental activities include general
government, public safety, community services, community development and public works;
business-type activities include the SilverRock Golf course operations.
The government-wide financial statements include not only the City of La Quinta (known as the
primary government), but also the La Quinta Financing Authority and the La Quinta Housing
Authority. Although legally separate entities, they function for all practical purposes as City
departments.
The government-wide financial statements are listed in the table of contents under the
Financial Section of this report.
Fund financial statements
A fund is a grouping of related accounts and is used to maintain control over resources that
have been segregated for specific activities or objectives. The City, like other state and local
governments, uses fund accounting to ensure compliance with finance-related legal
requirements. All of the City’s funds are aggregated into three categories: governmental funds,
proprietary funds, and fiduciary funds.
Governmental funds
Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-
term inflows and outflows of spendable resources, as well as on balances of spendable
resources available at the end of the fiscal year. Such information may be useful in evaluating
a government's near-term financing requirements.
6
Because the focus is narrower than the government-wide financial statements, it is useful to
compare this information with similar information presented for governmental activities in the
government-wide financial statements. By doing so, readers may better understand the long-
term impact of the government's near-term financing decisions. Both the governmental fund
balance sheet and the governmental fund statement of revenues, expenditures, and changes
in fund balances provide a reconciliation to facilitate this comparison between governmental
funds and governmental activities.
The City maintains twenty-seven (27) individual governmental funds, which are distinguished
between major and non-major funds. Information is presented separately in the governmental
fund balance sheet and in the governmental fund statement of revenues, expenditures, and
changes in fund balances. There are four (4) major governmental funds: the General Fund,
two (2) capital project funds, and one special revenue fund. Data from the other twenty-three
(23) governmental funds are combined into a single, aggregate presentation. Individual fund
data for each of these non-major governmental funds is provided in the form of combining
statements under Other Governmental Funds.
The City adopts an annual budget for its General Fund. A budgetary comparison schedule has
been provided to demonstrate compliance with the adopted budget.
The basic governmental fund financial statements can be found in the table of contents under
the heading Basic Financial Statements.
Proprietary funds
Proprietary funds are broken down into enterprise and internal service funds. Enterprise funds
are used to report the same functions presented as business-type activities in the government-
wide financial statements. The City maintains one (1) enterprise fund to account for the
SilverRock Golf Course operations, which is considered to be a major fund.
Internal service funds are used to allocate costs among the City’s various functions. The City
has four (4) internal service funds: vehicles, information technology systems, park equipment
and facilities, and insurance. Because these four (4) services predominantly benefit
governmental rather than business-type functions, they have been included within
governmental activities in the government-wide financial statements. The internal service funds
are combined into a single, aggregated presentation in the proprietary fund financial
statements. Individual fund data for the internal service funds is provided in the form of
combining statements on the Combining and Individual Fund Statements.
The basic proprietary fund financial statements are listed in the table of contents under
Proprietary Funds: Statement of Net Position, Statement of Revenues, Expenses and
Changes in Fund Net Position, and Statement of Cash Flows.
7
Fiduciary funds
Fiduciary funds, also called agency funds, are used to account for resources held for the
benefit of parties outside the government. Fiduciary funds are not reflected in the government-
wide financial statements because the resources of those funds are not available to support
the City’s own programs. The accounting used for fiduciary funds is much like that used for
proprietary funds.
The City reports on two fiduciary funds: 1) Successor Agency Trust which provides for
activities associated with the dissolution of the former Redevelopment Agency, and 2) Defined
Contribution Pension Trust established to provide retirement benefits.
The basic fiduciary fund financial statements are listed in the table of contents under Fiduciary
Funds: Statement of Net Position – Fiduciary Funds and Changes in Net Position – Fiduciary
Funds.
Notes to the financial statements
The notes to the financial statements provide information that is essential to obtain a full
understanding of the data provided in the government-wide and fund financial statements.
These notes are listed in the table of contents under Notes to Basic Financial Statements.
Other information
In addition to the basic financial statements and accompanying notes, this report also presents
the combining statements referred to earlier in connection with non-major governmental funds,
internal service funds, and agency funds. The non-major governmental funds’ combining
statements are presented immediately following the Required Supplementary Information while
the combined statements for the internal service funds and agency funds are presented
following the budgetary comparison schedules for the debt service funds.
Government-Wide Financial Analysis
As noted earlier, net position may serve over time as a useful indicator of a government's
financial position. In the case of the City, assets exceeded liabilities by $712,685,000 at the
close of the 2016/17, which is $11,786,000 more than the previous year. This increase is
attributed to an increase of unrestricted net position for governmental activities.
The largest portion of the City’s Net Position ($560,876,000 or 79% for 2016/17 and
$560,397,000 or 80% for 2015/16) reflects investment in capital assets (e.g., land, buildings;
machinery, and equipment), net of related debt. The City uses these capital assets to provide
services to citizens; consequently, these assets are not available for future spending.
However, it should be noted that the resources needed to repay the related debt must be
provided from other sources, since the capital assets themselves cannot be used to liquidate
debt.
8
City of La Quinta Net Position
% Change % Change % Change
2016 2017 2016 2017 2016 2017
Current and other
assets $ 171,960,396 $ 182,401,166 0.061 $ (4,694,217) $ (4,794,773) 0.021 $ 167,266,179 $ 177,606,393 0.062
Capital assets 520,479,310 521,084,650 0.001 43,898,784 43,836,868 (0.001) 564,378,094 564,921,518 0.001
Total assets 692,439,706 703,485,816 0.016 39,204,567 39,042,095 (0.004) 731,644,273 742,527,911 0.015
Deferred outflows of
resources 1,799,679 3,023,443 0.680 - - - 1,799,679 3,023,443 0.680
Current liabilities 17,069,335 13,610,469 (0.203) 392,689 346,193 (0.118) 17,462,024 13,956,662 (0.201)
Non-current
liabilities 14,297,608 18,534,952 0.296 - - - 14,297,608 18,534,952 0.296
Total liabilities 31,366,943 32,145,421 0.025 392,689 346,193 (0.118) 31,759,632 32,491,614 0.023
Deferred intflows of
resources 784,958 374,366 (0.523) - - - 784,958 374,366 (0.523)
Net Position:
Net investment in
capital assets 516,498,620 517,039,487 0.001 43,898,784 43,836,868 (0.001) 560,397,404 560,876,355 0.001
Restricted 61,148,731 38,824,860 (0.365) 61,148,731 38,824,860 (0.365)
Unrestricted 84,440,133 118,125,125 0.399 (5,086,906) (5,140,966) 0.011 79,353,227 112,984,159 0.424
Total Net Position $ 662,087,484 $ 673,989,472 0.018 $ 38,811,878 $ 38,695,902 (0.003) $ 700,899,362 $ 712,685,374 0.017
Governmental activities Business-type activities Total
An additional portion of the City's net position ($38,825,000 or 5% in 2017 and $61,149,000 or
9% in 2016) represents resources that are subject to external restrictions on how they may be
used. The remaining balance of unrestricted Net Position $112,984,000 (16%) may be used to
meet the government's ongoing obligations to citizens and creditors.
At the end of 2016/17, the City is able to report positive balances in all three categories of Net
Position, both for the government as a whole, as well as for its separate governmental
activities; however, the business type Unrestricted Net Position had a deficit in its net position
of $5,141,000, which is approximately $54,000 more than 2015/16. SilverRock’s negative
unrestricted net position reflects the outstanding $5.4 million advance from the General Fund
which is decreased by cash, deposits and receivables on hand to met current obligations.
9
Governmental activities
Governmental activities Net Position increased by $11,902,000 accounting for a 2% percent
change in the Net Position from the previous year. Key elements of these changes are as
follows:
City of La Quinta Changes in Net Position
2016 2017 Change 2016 2017 Change 2016 2017 Change
Program revenues:
Charges for services 3,559,749$ 2,604,623$ $ (955,126) $ 3,621,495 $ 3,446,340 $ (175,155) $ 7,181,244 $ 6,050,963 $ (1,130,281)
Operating grants and - - - -
contributions 12,213,338 6,187,803 (6,025,535) - - - 12,213,338 6,187,803 (6,025,535)
Capital grants and - - - -
contributions 1,076,145 3,316,153 2,240,008 - - - 1,076,145 3,316,153 2,240,008
General revenues: - - - -
Property taxes 8,798,296 15,521,335 6,723,039 - - - 8,798,296 15,521,335 6,723,039
Other taxes 19,594,158 22,260,550 2,666,392 - - - 19,594,158 22,260,550 2,666,392
Investment income 2,390,468 442,710 (1,947,758) 4,282 2,028 (2,254) 2,394,750 444,738 (1,950,012)
Motor vehicle in lieu 3,651,549 3,813,213 161,664 - - - 3,651,549 3,813,213 161,664
Miscellaneous 376,193 460,614 84,421 218,823 - (218,823) 595,016 460,614 (134,402)
Total revenues 51,659,896 54,607,001 2,947,105 3,844,600 3,448,368 (396,232) 55,504,496 58,055,369 2,550,873
Expenses:
General government 5,645,004 5,565,727 (79,277) - - - 5,645,004 5,565,727 (79,277)
Public safety 22,067,603 23,378,824 1,311,221 - - - 22,067,603 23,378,824 1,311,221
Planning and development 3,359,732 2,882,321 (477,411) - - - 3,359,732 2,882,321 (477,411)
Community services 6,214,098 6,584,268 370,170 - - - 6,214,098 6,584,268 370,170
Public works 12,157,245 10,927,160 (1,230,085) - - - 12,157,245 10,927,160 (1,230,085)
Interest on long-term debt 343,129 309,463 (33,666) - - - 343,129 309,463 (33,666)
Golf course - - - 4,373,586 3,965,644 (407,942) 4,373,586 3,965,644 (407,942)
Total expenses 49,786,811 49,647,763 (139,048) 4,373,586 3,965,644 (407,942) 54,160,397 53,613,407 (546,990)
Excess/(deficiency) before transfers
and extraordinary item 1,873,085 4,959,238 3,086,153 (528,986) (517,276) 11,710 1,344,099 4,441,962 3,097,863
Transfers and extraordinary item:
Extraordinary gain on dissolution of
RDA - 7,344,050 7,344,050 - - - 7,344,050 7,344,050
Transfers (115,400) (401,300) (285,900) 115,400 401,300 285,900 - - -
Increase in net position 1,757,685 11,901,988 10,144,303 (413,586) (115,976) 297,610 1,344,099 11,786,012 10,441,913
Net position - beginning 660,329,799 662,087,484 1,757,685 39,225,464 38,811,878 (413,586) 699,555,263 700,899,362 1,344,099
Net position - ending $ 662,087,484 $ 673,989,472 $ 11,901,988 $ 38,811,878 $ 38,695,902 $ (115,976) $ 700,899,362 $ 712,685,374 $ 11,786,012
Revenues:
Governmental Activities Business-Type Activities Total
• Revenues overall increased by $10,005,000 with the largest increases being:
property tax, capital grants and contributions, other taxes and extraordinary gain on
Redevelopment dissolution. These combined increases totaled $18,973,000.
Additional minor increase of motor vehicle in lieu revenue totaled $162,000.
Increases were offset by decreases totaling $9,254,000 for investment income,
charges for services, and operating grants from unavailable revenues at year-end.
Grant revenues will be recognized in 2017/18 as projects are completed.
• Expenses for Governmental Activities overall decreased by $139,000 (less than one
percent decrease). The biggest decreases were in public works, and planning and
development, which decreased by $1,230,000 and $477,000 respectively. The
remaining $113,000 decrease is attributed to interest on long-term debt and general
government. Public safety and community resources had a combined increase of
$1,681,000.
• Expenses related to planning and development and public works were $1,707,000
lower than the previous reporting period. The decrease correlates directly with the
decrease in charges for services ($1,130,000) primarily associated with planning
and development activity.
• The General Fund contributed $401,000 to the business-type activities of the golf
course. Funds were utilized to support operations per the adopted budget.
10
Business-type activities
This was the twelfth full year of operations for the SilverRock Golf fund since the golf
course opened in 2005.
Net Position decreased by $116,000 related to lower operating revenues as a result of
increased rainfall in the winter (which reduced daily play) and closing the back nine
holes for golf course realignment in the spring. Reduced golf play reduced expenses by
9% or $408,000.
Charges for services primarily consisted of green fees which totaled $3,446,000,
$175,000 lower than the previous year, with golf course expenses of $3,966,000, which
were $408,000 less than the previous year.
In 2016/17, the General Fund transferred $401,000 to the SilverRock Golf fund to
support operations.
The total outstanding advance due to the General Fund from the inception of the Golf
Course opening to June 30, 2017 is $5,397,000.
Financial Analysis of the Government's Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance
with finance-related legal requirements.
Governmental funds - The focus of the City’s governmental funds is to provide
information on near-term inflows, outflows, and balances. Such information is useful in
assessing the City's financing requirements. In particular, unassigned fund balance may
serve as a useful measure of a government's net resources available for spending at
the end of the fiscal year.
As of the end of 2016/17, the City's governmental funds reported combined ending fund
balances of $134,875,000 as follows:
City of La Quinta Governmental Fund Balances
Category General Fund Percent All Other Funds Percent Total Funds Percent
Nonspendable 52,507,278$ 49% 10,349$ 0% 52,517,627$ 39%
Restricted - 0% 38,824,860 142% 38,824,860 29%
Committed 22,311,400 21%- 0% 22,311,400 17%
Assigned 15,694,269 15%- 0% 15,694,269 12%
Unassigned 16,949,526 16% (11,423,008) -42% 5,526,518 4%
Total 107,462,473$ 100% 27,412,201$ 100% 134,874,674$ 100%
Governmental fund balances ended the year totaling $134,875,000, an increase of
$23,404,000 in comparison with the prior years’ ending balance of $111,471,000. These
collective fund balances include the General Fund (discussed in further detail below), Housing
Authority, Financing Authority, Capital Improvement Fund, Civic Center Fund, and various
Special Revenue funds.
11
Nonspendable
Nonspendable reserves are $52,518,000 or 39%; these reserves are not available to fund
operating expenditures because they are in the form of land and receivables.
Restricted
$38,825,000 (29%) are restricted fund balances, which are the result of external limitations on
spending. The Restricted funds such as Measure A, which can only be used for
transportation; Gas Tax Fund, restricted for street related purposes; or Housing Funds,
restricted for housing activities to preserve and produce affordable housing.
Committed
$22,311,000 (17%) are committed fund balances which are the result of self-imposed
limitations established by the City Council. Committed funds include working capital reserves
and emergency reserves, which by City policy are set at 10% and 40%, respectively, of the
current adopted operating budget. Committed funds also include funds for approved
carryovers and post retirement health benefits.
Assigned
Assigned funds are constrained by the City’s intent to use them for specific purposes and
represent a total of $15,694,000 (12%) of the total fund balance. $6,322,000 represents funds
for approved Capital Projects, including carryovers for multi-year projects, and available
Measure G sales tax revenue. $9,372,000 represents funds held in trust with the County of
Riverside for fire services.
Unassigned
The remaining fund balance or $5,527,000 represents unassigned fund balances or the
residual net resources after taking into consideration the other classifications. The Civic Center
fund accounted for $7.2 million of the $11.4 million negative unassigned balance in all other
funds. This amount represents an advance due to the General Fund and is included in the
General Fund nonspendable fund balance.
General Fund
The General Fund is the City’s chief operating fund. At the end of the 2016/17, the unassigned
fund balance was $16,950,000 while total fund balance was $107,462,000.
The General Fund balance increased by $17,466,000 in 2016/17. Key factors were:
• The General Fund revenues overall were 1.5% higher than budgeted. The
increased revenue is attributable to higher than expected property and Measure G
sales tax revenues. The City received $827,000 and $463,000 of additional property
tax and Measure G sales tax revenue, respectively.
• Actual expenditures were $8,129,000 less than the final budget, but $3,102,000
higher than 2015/16 expenditures. Expenditure savings of $4,980,000 were carried
over into 2017/18 for continuing appropriations related to operations and Capital
Improvement Projects (CIP).
12
• An extraordinary gain of $5,875,000 is attributed to the Department of Finance’s
approved increase in the quarterly interest rate on the City General Fund loan
repayment (from 0.8% to 3%, since the inception of the loan in November 2006).
80% of the extraordinary gain is recognized in the General Fund and 20% in the
Housing Authority Fund.
• Assigned to public safety represents property tax accumulated and held in trust by
the County of Riverside for fire protection, disaster preparedness and response, fire
prevention, rescue, hazardous materials mitigation, technical rescue response,
medical emergency services, and public service assists (the County and City
negotiated an agreement wherein the County fire service property tax revenue
generated in the two former City redevelopment project areas is pledged to the City
to fund the aforementioned services) . The assigned fund balance as of June 30,
2017 is $9,372,000.
Housing Authority Fund
The Housing Authority Fund is used to account for the activities of the Housing Authority; the
Housing Authority invests in programs and projects that preserve and increase the supply of
affordable housing in the City. The fund balance increased by $4,400,000 to end the year at
$21,730,000.
The increase is largely attributed to a $2,750,000 million principal loan repayment received for
the Coral Mountain Apartments and an extraordinary gain of $1,469,000 attributed to the
Department of Finance’s approved increase in the quarterly interest rate on the City General
Fund loan repayment (from 0.8% to 3%, since the inception of the loan in November 2006).
Capital Improvement Fund
The Capital Improvement Fund is primarily used to record the expenditures for capital
projects. The fund had thirty seven (37) active Capital Improvement Projects budgeted during
2016/17. The three most active projects were the Pavement Management Plan street
improvements ($587,000), the Madison Street median landscape improvements ($464,000),
and Eisenhower Drive Pavement Rehabilitation ($350,000).
Other major future projects include the continuation of North La Quinta landscape renovation
improvements, Village circulation and road diet improvements, citywide drainage
enhancements, and extending SilverRock Way.
Civic Center Fund
The Civic Center fund is primarily used to collect developer impact fees for the 2004 City Hall
expansion and to fund a portion of the debt service on the original City Hall construction. The
City Hall expansion was completed in 2007/08 and the final repayment of the original City Hall
construction bonds is scheduled in 2018/19. A $7.2 million advance from the General Fund is
outstanding at the end of 2016/17.
13
Proprietary funds
The City of La Quinta's proprietary funds provide the same type of information found in the
government-wide financial statements, but in more detail.
The financial activities of the City enterprise fund have already been addressed in the
discussion of the City’s business-type activities. In addition, the City has four (4) internal
service funds to accumulate resources for equipment and vehicle replacement, information
technology, insurance, and park equipment and facility replacement.
General Fund Budgetary Highlights
Revenue appropriations and transfers in increased by $1,775,000 between the original
($40,409,000) and final amended budget ($42,184,000). Following are the main components
of the increase:
• During 2016/17, revenue estimates were increased by $1,000,000 due to Measure G
sales tax revenue, and by $500,000 due to increased Transient Occupancy Tax
revenue resulting from program compliance.
• The remaining $275,000 of increased revenue is due to the updated fee schedule
implemented in the fall of 2016, adjustments to recreational activity revenue, and
fines.
Expenditure appropriations and transfers out increased by $8,189,000 between the original
($41,275,000) and final amended budget ($49,464,000). Following are the primary changes:
• $4,274,000 in carryover appropriations from prior fiscal years to 2016/17 to fund
capital improvement projects as approved by City Council
• $802,606 increase for the construction of a bighorn sheep fence at SilverRock
• $2,253,000 increase for land acquisition at Eisenhower Drive for drainage
improvements.
Capital Asset and Debt Administration
Capital assets
The City’s capital assets for its governmental and business-type activities as of June 30, 2017,
were $564,922,000 (net of accumulated depreciation). This includes land, right of way,
buildings and improvements, machinery and equipment, streets and bridges, and construction
in progress. Capital assets increased by $543,000 in 2016/17 due to leases of replacement
vehicles and land acquisition for drainage improvements; this is offset by depreciation
expense.
The following chart lists the asset categories for governmental and business like activities net
of depreciation:
14
City of La Quinta Capital Assets (net of depreciation)
2016 2017 2016 2017 2016 2017
Land $ 69,816,674 $ 74,316,674 $ 39,712,955 $ 39,712,955 $ 109,529,629 $ 114,029,629
Buildings and improvements 46,016,651 44,119,422 3,985,914 3,771,368 50,002,565 47,890,790
Equipment and furniture 1,226,255 1,028,468 199,915 352,545 1,426,170 1,381,013
Vehicles 188,104 572,048 - - 188,104 572,048
Software - - - - - -
Infrastructure 394,539,014 391,078,543 - - 394,539,014 391,078,543
Construction in progress 8,692,612 9,969,495 - - 8,692,612 9,969,495
Total $ 520,479,310 $ 521,084,650 $ 43,898,784 $ 43,836,868 $ 564,378,094 $ 564,921,518
Governmental Business-type
Description Activities Activities Total
Major capital asset events included under Governmental Activities included the
following:
• Recording infrastructure improvements, street improvements, street right of way,
street sidewalks and curbs and gutters, traffic signals, and street medians
• Madison Street median landscape improvements of $636,000
• Eisenhower Drive street improvements of $373,000
• Avenue 52 and Jefferson Street roundabout stripping modifications of $365,000
• Civic Center Campus irrigation and lake improvements of $304,000
• Fritz Burns Park improvements of $218,000.
Business-type activities
The Golf Course capital asset balance at June 30, 2017, was $43,837,000, net of accumulated
depreciation. The balance decreased by $62,000. An investment in updated turf maintenance
equipment was offset by the disposal of unusable similar equipment.
Additional information on the City of La Quinta’s capital assets can be found in Note 4 to the
financial statements.
Long-term debt
At the end of 2016/17, the City governmental funds had total outstanding debt of $6,784,000.
Of the total amount, $1,265,000 represents the outstanding principal for the 1996 Lease
Revenue Bonds (Civic Center construction and improvements), and a $2,250,000 loan balance
for the Eisenhower Drive retention basin land acquisition (which will be retired in 2018/19).
15
City of La Quinta Outstanding Debt
2016 2017
Capital Leases $ 155,396 $ 530,163
Compensated Absences 852,551 830,430
Land Acquisition Note Payable - 2,250,000
Loans Payable 1,975,294 1,908,669
Revenue Bonds 1,850,000 1,265,000
Total $ 4,833,241 $ 6,784,262
Governmental
Debt Type:
Activities
The second largest portion of long-term debt, $1,909,000 is for Washington Street Apartments
and is paid by housing program revenues.
The total outstanding debt increased by $1,951,000 during 2016/17, due to a new vehicle
lease program and land acquisition (Eisenhower Drive retention basin).
Additional information on long-term debt can be found in Note 5 of the financial statements.
Requests for Information
This financial report is designed to provide a general overview of the City’s finances. Questions
concerning this information or requests for additional information should be addressed to the
City of La Quinta, Karla Campos, Finance Director, 78-495 Calle Tampico, La Quinta, CA,
92253, by telephone at 760-777-7073, or by email at kcampos@la-quinta.org.
CITY OF LA QUINTA, CALIFORNA
STATEMENT OF NET POSITION
JUNE 30, 2017
See accompanying notes to basic financial statements.
16
Governmental Business-Type
Activities Activities Total
Assets:
Cash and investments 98,310,054$ 231,189$ 98,541,243$
Receivables:
Accounts 104,125 57,080 161,205
Taxes 4,296,463 - 4,296,463
Notes and loans 23,319,020 -23,319,020
Accrued interest 3,511,066 451 3,511,517
Internal balances 5,396,862 (5,396,862) -
Prepaid costs 707,556 -707,556
Deposits 14,600 250,000 264,600
Due from other governments 38,421,420 3,257 38,424,677
Inventories - 60,112 60,112
Land held for resale 8,320,000 - 8,320,000
Capital assets not being depreciated 369,214,963 39,712,955 408,927,918
Capital assets, net of depreciation 151,869,687 4,123,913 155,993,600
Total Assets 703,485,816 39,042,095 742,527,911
Deferred Outflows of Resources:
Deferred amounts related to pensions 3,023,443 - 3,023,443
Liabilities:
Accounts payable 3,177,826 310,229 3,488,055
Accrued liabilities 233,847 464 234,311
Accrued interest 42,540 -42,540
Unearned revenue 917,325 -917,325
Deposits payable 7,620,887 35,500 7,656,387
Due to other governments 1,618,044 - 1,618,044
Noncurrent liabilities:
Due within one year 2,224,911 - 2,224,911
Due in more than one year 4,559,351 - 4,559,351
Net OPEB obligation 876,592 -876,592
Net pension liability 10,874,098 -10,874,098
Total Liabilities 32,145,421 346,193 32,491,614
Deferred Inflows of Resources:
Deferred amounts related to pensions 374,366 -374,366
Net Position:
Net investment in capital assets 517,039,487 43,836,868 560,876,355
Restricted for:
Planning and development projects 22,664,093 -22,664,093
Public safety 83,506 -83,506
Public works 1,546,505 - 1,546,505
Capital projects 4,490,534 - 4,490,534
Community services 10,040,222 -10,040,222
Unrestricted 118,125,125 (5,140,966) 112,984,159
Total Net Position 673,989,472$ 38,695,902$ 712,685,374$
Primary Government
CITY OF LA QUINTA, CALIFORNIA
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2017
See accompanying notes to basic financial statements.
17
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
Functions/Programs
Primary Government:
General government 5,565,727$ 504,127 1,143,890 125,755
Public safety 23,378,824 341,368 34,470 138,327
Planning and development 2,882,321 564,327 3,089,375 899,326
Community services 6,584,268 453,098 771,297 -
Public works 10,927,160 741,703 1,148,771 2,152,745
Interest on long-term debt 309,463 - - -
Total Governmental Activities 49,647,763 2,604,623 6,187,803 3,316,153
Business-Type Activities:
Golf Course 3,965,644 3,446,340 - -
Total Primary Government 53,613,407$ 6,050,963$ 6,187,803$ 3,316,153$
General Revenues:
Taxes:
Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Business licenses taxes
Other taxes
Motor vehicle in lieu - unrestricted
Investment income
Other
Transfers
Extraordinary Item
Total General Revenues and Transfers
Change in Net Position
Net Position at Beginning of Year
Net Position at End of Year
Program Revenues
See accompanying notes to basic financial statements.
18
Governmental Business-Type
Activities Activities Total
(3,791,955)$ -$ (3,791,955)$
(22,864,659) - (22,864,659)
1,670,707 - 1,670,707
(5,359,873) - (5,359,873)
(6,883,941) - (6,883,941)
(309,463) - (309,463)
(37,539,184) - (37,539,184)
- (519,304) (519,304)
(37,539,184)$ (519,304)$ (38,058,488)$
15,521,335 - 15,521,335
9,433,970 - 9,433,970
10,060,305 - 10,060,305
1,815,491 - 1,815,491
365,451 - 365,451
585,333 - 585,333
3,813,213 - 3,813,213
442,710 2,028 444,738
460,614 - 460,614
(401,300) 401,300 -
7,344,050 - 7,344,050
49,441,172 403,328 49,844,500
11,901,988 (115,976) 11,786,012
662,087,484 38,811,878 700,899,362
673,989,472$ 38,695,902$ 712,685,374$
Primary Government
Net (Expense) Revenue and Changes in Net Position
CITY OF LA QUINTA, CALIFORNIA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2017
See accompanying notes to basic financial statements.
19
Housing Capital
General Authority Improvement Civic Center
Assets:
Pooled cash and investments 60,590,395$ 12,397,552$ 1,484,108$ 6,347$
Receivables:
Accounts 15,483 38,642 50,000 -
Taxes 4,156,136 - - -
Notes and loans - 23,319,020 - -
Accrued interest 68,817 3,408,034 - -
Prepaid costs 10,578 7,815 - -
Deposits - 14,600 - -
Due from other governments 30,112,499 7,288,510 149,340 -
Due from other funds 510,078 - - -
Advances to other funds 15,022,660 - - -
Land held for resale 8,320,000 - - -
Total Assets 118,806,646$ 46,474,173$ 1,683,448$ 6,347$
Liabilities, Deferred Inflows of Resources,
and Fund Balances
Liabilities:
Accounts payable 2,904,592$ 21,108$ 124,281$ -$
Accrued liabilities 201,513 20,447 - -
Unearned revenues - - 915,532 -
Deposits payable 6,797,764 50,690 772,433 -
Due to other governments 8,209 - - -
Due to other funds - - - -
Advances from other funds - - - 7,175,608
Total Liabilities 9,912,078 92,245 1,812,246 7,175,608
Deferred Inflows of Resources:
Unavailable revenue 1,432,095 24,651,618 50,000 -
Fund Balances:
Nonspendable:
Prepaid costs 10,578 7,815 - -
Land held for resale 8,320,000 - - -
Advances to other funds 15,022,660 - - -
Due from other governments 29,154,040 - - -
Restricted for:
Planning and development projects - 21,722,495 - -
Public safety - - - -
Community services - - - -
Public works - - - -
Capital projects - - - -
Committed to:
Working capital reserve 4,134,000 - - -
Emergency reserve 16,534,000 - - -
Post retirement health benefits 1,523,400 - - -
Carryovers 120,000
Assigned for:
Public safety (Note 13b)9,371,699
Capital projects (Note 13b)6,322,570 - - -
Unassigned 16,949,526 - (178,798) (7,169,261)
Total Fund Balance 107,462,473 21,730,310 (178,798) (7,169,261)
Total Liabilities and Fund Balances 118,806,646$ 46,474,173$ 1,683,448$ 6,347$
Special Revenue Funds Capital Projects Funds
20
Other Total
Governmental Governmental
Funds Funds
17,022,824$ 91,501,226$
-104,125
140,327 4,296,463
-23,319,020
24,541 3,501,392
2,534 20,927
-14,600
871,071 38,421,420
-510,078
-15,022,660
-8,320,000
18,061,297$ 185,031,911$
103,756$ 3,153,737$
9,956 231,916
1,793 917,325
-7,620,887
1,609,835 1,618,044
7,994 7,994
2,450,190 9,625,798
4,183,524 23,175,701
847,823 26,981,536
2,534 20,927
-8,320,000
-15,022,660
-29,154,040
941,598 22,664,093
83,506 83,506
10,040,222 10,040,222
1,546,505 1,546,505
4,490,534 4,490,534
-4,134,000
-16,534,000
-1,523,400
120,000
9,371,699
-6,322,570
(4,074,949) 5,526,518
13,029,950 134,874,674
18,061,297$ 185,031,911$
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CITY OF LA QUINTA, CALIFORNIA
GOVERNMENTAL FUNDS
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
JUNE 30, 2017
See accompanying notes to basic financial statements.
21
Fund Balances of Governmental Funds 134,874,674$
Amounts reported for governmental activities in the statement of net position are
different because:
Capital assets net of related accumulated depreciation have not been included
as financial resources in governmental fund activity 506,028,355
Long-term liabilities are not due and payable in the current period and therefore are not
reported in the governmental funds
Bonds payable (1,265,000)$
Capital lease payable (49,920)
Loans payable (4,158,669)
Compensated absences (830,430)
Net pension liability (10,874,098)
Net OPEB obligation (876,592) (18,054,709)
Deferred outflows related to pensions 3,023,443
Deferred inflows related to pensions (374,366)
Accrued interest payable for the current portion of interest due on
Bonds has not been reported in the governmental funds.(42,540)
Revenues reported as unavailable revenue in the governmental funds and recognized
in the statement of activities.26,981,536
Internal service funds are used by management to charge the costs of certain
activities, such as equipment management and self-insurance, to individual funds.
The assets and liabilities of the internal service funds are included in governmental activities
of the statement of net position 21,553,079
Net Position of Governmental Activities 673,989,472$
CITY OF LA QUINTA, CALIFORNIA
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2017
See accompanying notes to basic financial statements.
22
Special Revenue Funds
Housing Capital
General Authority Improvements Civic Center
Revenues:
Taxes 41,098,707$ -$ -$ -$
Assessments - - - -
Licenses and permits 1,118,911 - - -
Intergovernmental 250,000 433,191 638,315 -
Charges for services 1,021,336 - - -
Use of money and property 360,068 3,528,112 (9,435) (17)
Fines and forfeitures 348,345 - - -
Developer participation - - 110,136 98,757
Miscellaneous 149,872 8,073 - -
Total Revenues 44,347,239 3,969,376 739,016 98,740
Expenditures:
Current:
General government 5,842,495 - - -
Public safety 23,051,531 - - -
Planning and development 1,507,354 839,537 149,545 -
Community services 3,144,084 - - -
Public works 1,595,208 - - -
Capital outlay 3,165,776 - 3,661,381 -
Debt service:
Principal retirement - 66,625 - -
Interest and fiscal charges - 132,503 - 55,994
Total Expenditures 38,306,448 1,038,665 3,810,926 55,994
Excess (deficiency) of revenues
over (under) expenditures 6,040,791 2,930,711 (3,071,910) 42,746
Other Financing Sources (Uses):
Transfers in 9,503 17,330,789 3,188,253 -
Transfers out (3,028,632) - - -
Total Other Financing Sources (Uses) (3,019,129) 17,330,789 3,188,253 -
Extraordinary Item:
Successor Agency loan interest 5,875,240 1,468,810 - -
Net change in fund balances 8,896,902 21,730,310 116,343 42,746
Fund Balances, Beginning of Year, as restated 98,565,571 - (295,141) (7,212,007)
Fund Balances, End of Year 107,462,473$ 21,730,310$ (178,798)$ (7,169,261)$
Capital Projects Funds
23
Other Total
Governmental Governmental
Funds Funds
733,410$ 41,832,117$
953,699 953,699
-1,118,911
3,548,828 4,870,334
-1,021,336
780,573 4,659,301
-348,345
833,675 1,042,568
131,102 289,047
6,981,287 56,135,658
2,702 5,845,197
326,224 23,377,755
53,343 2,549,779
1,482,317 4,626,401
2,430,750 4,025,958
32,271 6,859,428
585,000 651,625
119,103 307,600
5,031,710 48,243,743
1,949,577 7,891,915
974,969 21,503,514
(18,876,182) (21,904,814)
(17,901,213) (401,300)
-7,344,050
(15,951,636) 14,834,665
28,981,586 120,040,009
13,029,950$ 134,874,674$
CITY OF LA QUINTA, CALIFORNIA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2017
See accompanying notes to basic financial statements.
24
Net Change in Fund Balances - Total Governmental Funds 14,834,665$
Amounts reported for governmental activities in the statement of activities are
different because:
Governmental funds report capital outlays as expenditures. However, in these statement
of activities, the costs of those assets are allocated over their estimated useful lives
as depreciation expense. This is the amount by which capital outlays exceeded
depreciation in the current period
Capital outlay 9,154,690$
Depreciation expense (8,363,740) 790,950
This issuance of long-term debt liabilities provides current financial resources in
the governmental funds, but issuing debt increases the long-term liabilities in
the statement of net position. Repayment of bond principal is an expenditure
in the governmental fund, but the repayment reduces long-term liabilities in the
statement of net position
Principal repayments 585,000
Capital lease activity (11,985)
Loan repayments (2,183,375) (1,610,360)
Compensated absences expenses reported in the statement of activities do not
require the use of current financial resources and, therefore, are not reported as
expenditures in governmental funds.22,121
Governmental funds report all contributions in relation to the annual required
contribution (ARC) for OPEB as expenditures, however, in the statement of
activities only the ARC is an expense.(63,515)
Pension expense recognizes the change in net pension liability and therefore is not recognized
under the current resources measurement and (decreases)/increases from net position.(588,452)
Revenues reported as unavailable revenue in the governmental funds and recognized
as charges for services and operating contributions and grants in the statement of activities (1,635,291)
Internal service funds are used by management to charge the costs of certain activities,
such as equipment management and self-insurance, to individual funds.
The net revenues (expenses) of the internal service funds is reported with
governmental activities 151,870
Change in net position of governmental activities 11,901,988$
CITY OF LA QUINTA, CALIFORNIA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2017
See accompanying notes to basic financial statements.
25
Business-Type Governmental
Activities Activities
Enterprise Funds Internal Service
Golf Course Funds
Assets:
Current:
Cash and investments 231,189$ 6,808,828$
Receivables:
Accounts 57,080 -
Accrued interest 451 9,674
Prepaid costs - 686,629
Deposits 250,000 -
Due from other governments 3,257 -
Inventories 60,112 -
Total Current Assets 602,089 7,505,131
Noncurrent:
Capital assets - net of accumulated depreciation 43,836,868 15,056,295
Total Assets 44,438,957 22,561,426
Liabilities:
Current:
Accounts payable 310,229 24,089
Accrued liabilities 464 1,931
Deposits payable 35,500 -
Due to other funds - 502,084
Current portion of capital leases - 137,916
Total Current Liabilities 346,193 666,020
Noncurrent Liabilities:
Advances from other funds 5,396,862 -
Long-term portion of capital leases - 342,327
Total Liabilities 5,743,055 1,008,347
Net Position:
Net investment in capital assets 43,836,868 14,576,052
Unrestricted (5,140,966) 6,977,027
Total Net Position 38,695,902 21,553,079
Total Liabilities and Net Position 44,438,957$ 22,561,426$
CITY OF LA QUINTA, CALIFORNIA
STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN FUND NET POSITION
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2017
See accompanying notes to basic financial statements.
26
Business-Type Governmental
Activities Activities -
Enterprise Funds Internal
Golf Course Service Funds
Operating Revenues:
Sales and service charges 3,446,340$ 2,464,959$
Operating Expenses:
Administration and general 47,111 247,650
Fuel and oil -47,760
Maintenance and parts -228,534
Contract services 3,551,571 459,362
Software and supplies -624,198
Depreciation expense 221,696 810,354
Other 108,554 -
Total Operating Expenses 3,928,932 2,417,858
Operating Income (Loss)(482,592) 47,101
Nonoperating Revenues (Expenses):
Interest revenue 2,028 30,844
Miscellaneous revenues 81,479
Interest expense (36,712)(1,863)
Loss on disposal of capital assets -(5,691)
Total Nonoperating Revenues (Expenses)(34,684)104,769
Income (Loss) before transfers (517,276) 151,870
Transfers in 401,300 -
Changes in Net Position (115,976) 151,870
Net Position, Beginning of the Year 38,811,878 21,401,209
Net Position at End of Year 38,695,902$ 21,553,079$
CITY OF LA QUINTA, CALIFORNIA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2017
See accompanying notes to basic financial statements.
27
Business-Type Governmental
Activities- Activities-
Enterprise Funds Internal
Golf Course Service Funds
Cash Flows from Operating Activities:
Cash received from customers and users 3,450,829$ -$
Cash received from interfund services provided - 2,465,396
Cash payments to suppliers for goods and services (3,736,535) (1,666,033)
Net Cash Provided by (Used for)
Operating Activities (285,706) 799,363
Cash Flows from Non-Capital Financing Activities:
Cash transfers in 401,300 -
Other receipts 41,116
Advance from other funds 36,711 -
Net Cash provided by
Non-Capital Financing Activities 438,011 41,116
Cash Flows from Capital and Related Financing Activities:
Capital contributions 40,105
Acquisition and construction of capital assets (159,780) (624,744)
Interest paid on capital debt (36,712) (1,863)
Capital lease - 362,782
Proceeds from sales of capital assets - (5,691)
Net Cash Provided by (Used for) Capital and
Related Financing Activities (196,492) (229,411)
Cash flows from investing activities:
Interest received on investments 2,260 33,178
Net Cash Provided by (Used for)
Investing Financing Activities 2,260 33,178
Net Increase (Decrease) in Cash and
Cash Equivalents (41,927) 644,246
Cash and Cash equivalents at Beginning of Year 273,116 6,164,582
Cash and Cash Equivalents at End of Year 231,189$ 6,808,828$
CITY OF LA QUINTA, CALIFORNIA
STATEMENT OF CASH FLOWS, (CONTINUED)
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2017
See accompanying notes to basic financial statements.
28
Business-Type Governmental
Activities- Activities-
Enterprise Funds Internal
Golf Course Service Funds
Reconciliation of Operating Income to Net Cash
Provided by (Used for) Operating Activities:
Operating income (loss) (482,592)$ 47,101$
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 221,696 810,354
(Increase) decrease in accounts receivable 4,489 -
(Increase) decrease in inventories 3,613 -
(Increase) decrease in due from other governments 11,719 -
(Increase) decrease in prepaid expense 1,865 (264,336)
Increase (decrease) in accounts payable (46,326) (10,864)
Increase (decrease) in accrued liabilities (170) 1,241
Increase (decrease) due to other funds - 215,867
Total Adjustments
Net Cash Provided by (Used for)
by Operating Activities (285,706)$ 799,363$
CITY OF LA QUINTA, CALIFORNIA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2017
See accompanying notes to basic financial statements.
29
Pension Trust Private-Purpose
Fund Trust Fund
Successor
Agency Supplemental Agency of the
Funds Pension Plan former RDA
Assets:
Cash and investments 173,312$ 128,073$ 21,114,187$
Receivables:
Taxes 733 - -
Notes and loans - - 2,149,191
Accrued interest -188 -
Prepaid asset --567,982
Due from other governments --1,609,835
Restricted assets:
Cash and investments with fiscal agents - - 25,578,625
Total Assets 174,045$ 128,261$ 51,019,820$
Deferred Outflows of Resources:
Deferred charge on refunding - 11,467,492
Liabilities:
Accounts payable - - 115,839
Accrued interest - - 2,889,625
Deposits payable 174,045 - -
Long-term liabilities:
Due in one year - - 11,537,025
Due in more than one year - - 239,273,724
Total Liabilities 174,045$ - 253,816,213
Net Position (Deficit):
Restricted for pensions 128,261$
Held in trust for private purposes (191,328,901)$
CITY OF LA QUINTA, CALIFORNIA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2017
See accompanying notes to basic financial statements.
30
Pension Trust Private-Purpose
Fund Trust Fund
Successor
Supplemental Agency of the
Pension Plan Former RDA
Additions:
Taxes -$ 19,550,892$
Net investment income 550 (327,068)
Total Additions 550 19,223,824
Deductions:
Administrative expenses 12,834 383,509
Contractual services - 670,776
Interest and fiscal charges - 8,970,027
Total Deductions 12,834 10,024,312
Extraordinary Item:
Successor Agency loan interest - (7,344,050)
Changes in Net Position (12,284) 1,855,462
Net Position/(Deficit) - Beginning of the Year 140,545 (193,184,363)
Net Position/(Deficit) - End of the Year 128,261$ (191,328,901)$
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
31
I.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a.Reporting Entity
The City of La Quinta (City) was incorporated May 1, 1982, under the general laws of the State of
California. In November 1996, the City became a charter City. The City operates under the Council –
Manager form of government.
The City provides many community services including public safety, highway and street maintenance,
health and social services, cultural and leisure services, public improvements, planning and zoning
services, and community development services.
The accounting policies of the City conform to generally accepted accounting principles as applicable to
governments. As required by generally accepted accounting principles, these financial statements present
the City and its component units, which are entities for which the City is considered to be financially
accountable. The City is considered to be financially accountable for an organization if the City appoints
a voting majority of that organization’s governing body and the City is able to impose its will on that
organization or there is a potential for that organization to provide specific financial benefits to or impose
specific financial burdens on the City. The City is also considered to be financially accountable if an
organization is fiscally dependent (i.e., it is unable to adopt its budget, levy taxes, set rates or charges, or
issue bonded debt without approval from the City). In certain cases, other organizations are included as
component units if the nature and significance of their relationship with the City are such that their
exclusion would cause the City’s financial statements to be misleading or incomplete.
All of the City’s component units are considered to be blended component units. Blended component
units, although legally separate entities, are, in substance, part of the City’s operations and so data from
these units are reported with the interfund data of the primary government.
The following organizations are considered to be component units of the City:
City of La Quinta Public Financing Authority
The La Quinta Public Financing Authority (Financing Authority) was established pursuant to a Joint
Exercise of Powers Agreement dated November 19, 1991, between the City and the Former
Redevelopment Agency (now Successor Agency). The purpose of the Financing Authority is to
provide financing necessary for the construction of various public improvements through the issuance
of debt. Although the Financing Authority is legally separate, it is reported as if it were part of the
City because the City Council also serves as the governing board of the Financing Authority and the
management of the City has operational responsibility for the Financing Authority. Separate financial
statements of the Financing Authority are not prepared.
City of La Quinta Housing Authority
The La Quinta Housing Authority (Housing Authority) was established pursuant to California
Housing Authorities Law (Health and Safety Code Sections 34200 et seq.) on September 15, 2009.
The purpose of the Housing Authority is to provide safe and sanitary housing opportunities for La
Quinta residents. Although the Housing Authority is legally separate, it is reported as if it were part
of the City because the City Council also serves as the governing board of the Housing Authority and
the management of the City has operational responsibility for the Housing Authority. Separate
financial statements of the Housing Authority are not prepared.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
32
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
b. Government-Wide and Fund Financial Statements
The basic financial statements of the City are composed of the following:
• Government-wide financial statements
• Fund financial statements
• Notes to the financial statements
Government-wide Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of
activities) report information on all of the nonfiduciary activities of the primary government and its
component units. All fiduciary activities are reported only in the fund financial statements.
Governmental activities, which normally are supported by taxes, intergovernmental revenues, and
other nonexchange transactions, are reported separately from business-type activities, which rely to a
significant extent on fees and charges to external customers for support. Likewise, the primary
government is reported separately from certain legally separate component units for which the
primary government is financially accountable.
The statement of activities demonstrates the degree to which the direct expenses of a given function
or segments are offset by program revenues. Direct expenses are those that are clearly identifiable
with a specific function or segment. Program revenues include charges for services, special
assessments, and payments made by parties outside of the reporting City’s citizenry if that money is
restricted to a particular program. Program revenues are netted with program expenses in the
statement of activities to present the net cost of each program. Taxes and other items not properly
included among program revenues are reported instead as general revenues. Amounts paid to acquire
capital assets are capitalized as assets in the government-wide financial statements, rather than
reported as expenditures. Proceeds of long-term debt are recorded as a liability in the government-
wide financial statements, rather than as other financing sources. Amounts paid to reduce long-term
indebtedness of the reporting government are reported as a reduction of the related liability, rather
than as expenditures.
Fund Financial Statements
The underlying accounting system of the City is organized and operated on the basis of separate
funds, each of which is considered to be a separate accounting entity. The operations of each fund are
accounted for with a separate set of self-balancing accounts that comprise its assets, deferred outflows
of resources, liabilities, deferred inflows of resources, fund equity, revenues and expenditures or
expenses, as appropriate. Governmental resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent and the means by which spending
activities are controlled.
Fund financial statements for the governmental, proprietary, and fiduciary funds are presented after
the government-wide financial statements. These statements display information about major funds
individually and nonmajor funds in the aggregate for governmental and proprietary funds. Fiduciary
statements include financial information for fiduciary funds. Fiduciary funds of the city primarily
represent assets held by the City in a custodial capacity for other individuals or organizations.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
33
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
c.Measurement Focus, Basis of Accounting and Financial Statement Presentation
Government-Wide Financial Statements
While separate government-wide and fund financial statements are presented, they are interrelated.
The governmental activities column incorporates data from governmental funds and internal service
funds, while business-type activities incorporate data from the government's enterprise funds.
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary
funds, even though the latter are excluded from the government-wide financial statements.
Governmental Funds
In the fund financial statements, governmental funds are presented using the modified-accrual basis
of accounting. Their revenues are recognized when they become measurable and available as net
current assets. Measurable means that the amounts can be estimated, or otherwise determined.
Available means that the amounts were collected during the reporting period or soon enough
thereafter to be available to finance the expenditures accrued for the reporting period. The City uses a
60-day availability period.
Revenue recognition is subject to the measurable and availability criteria for the governmental funds
in the fund financial statements. Exchange transactions are recognized as revenues in the period in
which they are earned (i.e., the related goods or services are provided). Locally imposed delivered tax
revenues are recognized as revenues in the period in which the underlying exchange transaction on
which they are based takes place. Imposed nonexchange transactions are recognized as revenues in
the period for which they were imposed. If the period of use is not specified, they are recognized as
revenues when an enforceable legal claim to the revenues arises or when they are received, whichever
occurs first. Government-mandated and voluntary non-exchange transactions are recognized as
revenues when all applicable eligibility requirements have been met.
Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are all
considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal
period. All other revenue items are considered to be measurable and available only when cash is
received by the government.
In the fund financial statements, governmental funds are presented using the current financial
resources measurement focus. This means that only current assets, deferred outflows of resources,
current liabilities, and deferred inflows of resources are generally included on their balance sheets.
The reported fund balance is considered to be a measure of “available spendable resources”.
Governmental fund operating statements present increases (revenues and other financing sources) and
decreases (expenditures and other financing uses). Accordingly, they are said to present a summary
of sources and uses of “available spendable resources” during a period.
Noncurrent portions of long-term receivables due to governmental funds are reported on their balance
sheets in spite of their spending measurement focus. Special reporting treatments are used to indicate,
however, that they should not be considered “available spendable resources”, since they do not
represent net current assets. Recognition of governmental fund type revenues represented by
noncurrent receivables are deferred until they become current receivables. Noncurrent portions of
other long-term receivables are offset by fund balance reserve accounts.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
34
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
c.Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued)
Because of their spending measurement focus, expenditure recognition for governmental fund types
excludes amounts represented by noncurrent liabilities. Since they do not affect net current assets,
such long-term amounts are not recognized as governmental fund type expenditures or fund
liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources
were expended, rather than as fund assets. The proceeds of long-term debt are recorded as other
financing sources rather than as a fund liability. Amounts paid to reduce long-term indebtedness are
reported as fund expenditures.
Proprietary Funds
The City’s enterprise and internal service funds are proprietary funds. In the fund financial
statements, proprietary funds are presented using the accrual basis of accounting. Revenues are
recognized when they are earned and expenses are recognized when the related goods or services are
delivered. In the fund financial statements, proprietary funds are presented using the economic
resources measurement focus. This means that all assets, all deferred outflows of resources, all
liabilities, and all deferred inflows of resources (whether current or noncurrent) associated with their
activity are included on their balance sheets. Proprietary fund type operating statements present
increases (revenues) and decreases (expenses) in total net position.
Amounts paid to acquire capital assets are capitalized as assets in the proprietary fund financial
statements, rather than reported as expenditures. Proceeds of long-term debt are recorded as a
liability in the proprietary fund financial statements, rather than as an Other Financing Source.
Amounts paid to reduce long-term indebtedness of the proprietary funds are reported as a reduction of
the related liability, rather than as expenditures.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods
in connection with a proprietary fund's principal ongoing operations. The principal operating
revenues of the Enterprise Funds are charges to customers for sales and services.
Operating expenses for Enterprise Funds include the cost of sales and services, administrative
expenses and depreciation on capital assets. All revenues and expenses not meeting this definition
are reported as nonoperating revenues and expenses.
Fiduciary Funds
The pension and private-purpose trust funds are reported using the economic resources measurement
focus and the accrual basis of accounting. The agency fund has no measurement focus but utilizes
the accrual basis of accounting for reporting its assets and liabilities.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
35
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
d. Major Funds, Internal Service Funds and Fiduciary Fund Types
The City’s major governmental funds are as follows:
General Fund – This fund is the primary fund of the City and is used to account for all revenue and
expenditures of the City not legally restricted as to use. A broad range of municipal activities are
provided through this fund including City Manager, City Attorney, Finance, City Clerk, Community
Development, Police Services, Public Works, and Community Services.
Housing Authority- This fund accounts for the combined housing activities of the Housing Authority
in Project Areas 1 and 2 which promotes and provides for quality housing. Revenues will be
provided from the receipts and collections of rents, notes and loans. All monies in the Housing
Authority must be used in accordance with the applicable housing-related provisions of the California
Housing Authorities Law.
Capital Improvement Fund – This capital projects fund is used to account for the planning, design and
construction of various capital projects throughout the City.
Civic Center Fund – This fund accounts for the accumulation of resources provided through
developer fees for the acquisition, construction, or improvement of the Civic Center.
The City’s major proprietary fund is as follows:
Golf Course – This fund accounts for the activities of the SilverRock Golf Resort.
Other fund types of the City are as follows:
Debt Service Fund – This fund accounts for the servicing of long-term debt.
Internal Service Funds:
Equipment Replacement Fund – This fund accounts for equipment and vehicle maintenance and
replacement services provided to other departments on a cost-reimbursement basis.
Information Technology Fund – This fund is used to account for the acquisition for computer
equipment, maintenance, and services to support information systems within the City. Costs are
reimbursed by the benefiting departments.
Park Equipment and Facilities Fund – This fund is used to account for the purchase and replacement
of City owned park facility infrastructure. Costs are reimbursed by the benefiting departments.
Insurance Fund – This fund accounts for City-wide insurances: liability, property, earthquake,
workers compensation and risk management. Expenses are shared among departments on an
allocation basis.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
36
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
d. Major Funds, Internal Service Funds and Fiduciary Fund Types (Continued)
Fiduciary Funds:
Agency Fund – This fund accounts for assets held by the City as an agent for assessment district
bondholders.
Pension Trust Fund – This fund accounts for the activities of the Supplemental Pension Savings Plan,
which accumulates resources for pension benefit payments to qualified government employees.
Private-Purpose Trust Fund – This fund accounts for the assets and liabilities of the Former Agency
and its allocated revenue to pay estimated installment payments of enforceable obligations until
obligations of the Former Agency are paid in full and assets have been liquidated.
e. Assets, Deferred Outflow of Resources, Liabilities, Deferred Inflow of Resources, and Net Position
or Equity
Cash and Investments
For financial reporting purposes, investments are adjusted to their fair value. Changes in fair value
that occur during a fiscal year are recognized as investment income reported for that fiscal year.
Investment income includes interest earnings, changes in fair value, and any gains or losses realized
upon the liquidation or sale of investments. All investments are valued at fair value.
The City pools cash and investments of all funds, except for assets held by fiscal agents. Each fund’s
share in this pool is displayed in the accompanying financial statements as cash and investments.
Investment income earned by the pooled investments is allocated to the various funds based on each
fund’s average cash and investment balance.
Cash and Cash Equivalents
For purposes of the statement of cash flows, cash equivalents are defined as short-term, highly liquid
investments that are both readily convertible to known amounts of cash or so near their maturity that
they present insignificant risk of changes in value because of changes in interest rates. Cash
equivalents also represent the proprietary fund’s share in the City’s cash and investment pool. Cash
equivalents have an original maturity date of three months or less from the date of purchase. For
purposes of the statement of cash flows, the entire balance of cash and investments on the combined
balance sheet for the proprietary funds is considered cash and cash equivalents.
Inventory
Inventory is valued at cost using the first in/first out (FIFO) method. The City uses the consumption
method of accounting for inventories.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
37
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
e. Assets, Deferred Outflow of Resources, Liabilities, Deferred Inflow of Resources, and Net Position
or Equity (Continued)
Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid items in both government-wide and fund financial statements. The City utilizes the
consumption method, in which prepaid items are accounted for in the period that the benefit was
received.
Capital Assets
Capital assets (including infrastructure) are recorded at cost where historical records are available and
at an estimated historical cost where no historical records exist. Contributed capital assets are valued
at their acquisition value at the date of the contribution. Generally, capital asset purchases in excess
of $5,000 are capitalized if they have an expected useful life of three years or more.
Capital Assets include public domain (infrastructure) consisting of certain improvements including
roads, streets, sidewalks, medians, and storm drains.
Capital assets used in operations are depreciated over their estimated useful lives using the straight-
line method in the government-wide financial statements and in the fund financial statements of the
proprietary funds. Depreciation is charged as an expense against operations and accumulated
depreciation is reported on the respective balance sheet.
The following schedule summarizes capital asset useful lives:
Building and improvements 10-30 years
Equipment and furniture 3-20 years
Vehicles 5-10 years
Infrastructure 10-50 years
Software 5-10 years
Property Taxes
Under California law, property taxes are assessed and collected by the counties up to 1 percent of
assessed value, plus other increases approved by the voters. The property taxes are recorded initially
in a pool, and are then allocated to the cities based on complex formulas. Accordingly, the City of La
Quinta accrues only those taxes that are received from the County within ninety days after year-end.
Lien date January 1
Levy date July 1
Due dates November 1 and February 1
Collection dates December 10 and April 10
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
38
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
e. Assets, Deferred Outflow of Resources, Liabilities, Deferred Inflow of Resources, and Net Position
or Equity (Continued)
Deferred Outflows/Inflows of Resources
In addition to assets, the statements of net position and the governmental fund balance sheet will
sometimes report a separate section for deferred outflows of resources. This separate financial
statement element, deferred outflows of resources, represents a consumption of net position that
applies to a future period(s) and so will not be recognized as an outflow of resources (expense/
expenditure) until then. Governmental activities recorded deferred outflows of resources related to
pensions of $3,023,443.
In addition to liabilities, the statements of net position and governmental fund balance sheet will
sometimes report a separate section for deferred inflows of resources. This separate financial
statement element, deferred inflows of resources, represents an acquisition of net position that applies
to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.
The City has reported items on the Governmental Fund Balance Sheet as unavailable revenues that
were not received within the City’s availability period. Additionally Governmental activities
recorded deferred inflows of resources related to pensions of $374,366.
Compensated Absences
Vacation and sick time is vested on a percentage based on number of years employed at the City.
Maximum accumulation of sick and vacation is 30 and 40 days, respectively.
Upon termination or retirement, permanent employees are entitled to receive compensation at their
current base salary for all unused vacation leave. If an employee terminates with a minimum of two
years’ service, the employee is entitled to receive 25 percent of the value of his unused sick leave.
The percentage increases by 25 percent for each five-year period until the employee is entitled to 75
percent of the value of their unused sick leave. This will occur upon the completion of ten years of
continuous employment. The General Fund resources are used to pay for the accumulated benefits to
employees.
Long-Term Obligations
In the government-wide financial statements and proprietary fund financial statements, long-term
debt and other long-term obligations are reported as liabilities in the applicable governmental
activities, business-type activities or proprietary fund type statement of net position. Bond premiums
and discounts are deferred and amortized over the life of the bonds using the effective interest
method. Bonds payable are reported net of the applicable bond premium or discount.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as
well as bond issuance costs, during the current period. The face amount of debt issued is reported as
other financing sources. Premiums received on debt issuances are reported as other financing sources
while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not
withheld from the actual debt proceeds received, are reported as debt service expenditures.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
39
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
e. Assets, Deferred Outflow of Resources, Liabilities, Deferred Inflow of Resources, and Net Position
or Equity (Continued)
Fund Balance
In the fund financial statements, governmental funds report the following fund balance classification:
Nonspendable includes amounts that cannot be spent because they are either (a) not in spendable form
or (b) legally or contractually required to be maintained intact.
Restricted includes amounts that are constrained on the use of resources by either (a) external
creditors, grantors, contributors, or laws of regulations of other governments or (b) by law through
constitutional provisions or enabling legislation.
Committed includes amounts that can only be used for specific purposes pursuant to constraints
imposed by formal action of the City’s highest authority, the City Council. The formal action that is
required to be taken to establish, modify, or rescind a fund balance commitment is by a resolution.
Assigned includes amounts that are constrained by the City’s intent to be used for specific purposes,
but are neither restricted nor committed. City Council is authorized to assign amounts to a specific
purpose. The City Council authorizes assigned amounts for specific purposes pursuant to the policy-
making powers granted through a resolution.
Unassigned includes the residual amounts that have not been restricted, committed, or assigned to
specific purposes. The general fund is the only fund that reports a positive unassigned fund balance.
Fund Balance Flow Assumptions – governmental fund financial statements
Sometimes the City of La Quinta will fund outlays for a particular purpose from both restricted and
unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to
calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the
governmental fund financial statements a flow assumption must be made about the order in which
the resources are considered to be applied.
It is the City’s policy to consider restricted fund balance to have been depleted before using any of the
components of unrestricted fund balance. Further, when the components of unrestricted fund balance
can be used for the same purpose, committed fund balance is depleted first, followed by assigned
fund balance. Unassigned fund balance is applied last.
Net Position Flow Assumption – governmental and proprietary fund financial statements
Sometimes the City of La Quinta will fund outlays for a particular purpose from both restricted (e.g.,
restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to
report as restricted net position and unrestricted net position in the government-wide and proprietary
fund financial statements, a flow assumption must be made about the order in which the resources are
considered to be applied. It is the City’s policy to consider restricted net position to have been
depleted before unrestricted net position is applied.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
40
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
f. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenditures/expenses during the
reporting period. Actual results could differ from those estimates.
g. New Accounting Pronouncements
Adopted in the Current Year
GASB Statement No. 77 – In August 2015, GASB issued Statement No. 77, Tax Abatement Disclosures.
The objective of this Statement is to provide financial statement users with essential information about the
nature and magnitude of the reduction in tax revenues through tax abatement programs. The City
implemented this pronouncement effective July 1, 2016.
GASB Statement No. 82 – In March 2016, GASB issued Statement No. 82, Pension Issues – An
Amendment of GASB Statements No. 67, No. 68, and No. 73. The objective of the Statement is to address
certain issues that have been raised with respect to Statements No. 67, Financial Reporting for Pension
Plans, No. 68, Accounting and Financial Reporting for Pensions, and No. 73, Accounting and Financial
Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and
Amendments to Certain Provisions of GASB Statements 67 and 68. Specifically, the Statement addresses
issues regarding (1) the presentation of payroll-related measures in required supplementary information,
(2) the selection of assumptions and the treatment of deviations from the guidance in an Actuarial
Standard of Practice for financial reporting purposes, and (3) the classification of payments made by
employers to satisfy employee (plan member) contribution requirements. The City implemented this
pronouncement effective July 1, 2016.
Effective in Future Fiscal Years
GASB Statement No. 75 – In June 2015, GASB issued Statement No. 75 – Accounting and Financial
Reporting for Postemployment Benefits Other Than Pensions. The objective of this Statement is to
improve accounting and financial reporting by state and local governments for postemployment benefits
other than pensions (other postemployment benefits or OPEB). This Statement is effective for fiscal
years beginning after June 15, 2017, or the 2017-18 fiscal year. The City has not determined the effect of
the Statement.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
41
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
g.New Accounting Pronouncements (Continued)
Effective in Future Fiscal Years (Continued)
GASB Statement No. 81 – In March 2016, GASB issued Statement No. 81, Irrevocable Split–Interest
Agreements. The objective of the Statement is to improve financial reporting for irrevocable split-interest
agreements by providing recognition and measurement guidance for situations in which a government is a
beneficiary of the agreement. The Statement requires that a government that receives resources pursuant
to an irrevocable split-interest agreement recognize assets, liabilities, and deferred inflows of resources at
the inception of the agreement. Furthermore, the Statement requires that a government recognize assets
representing its beneficial interests in irrevocable split-interest agreements that are administered by a third
party, if the government controls the present service capacity of the beneficial interests. The Statement
requires that a government recognize revenue when the resources become applicable to the reporting
period. The Statement is effective for the reporting periods beginning after December 15, 2016. The City
has not determined the effect of the Statement.
GASB Statement No. 83 – In November 2016, GASB issued Statement No. 83, Certain Asset Retirement
Obligations. This Statement addresses accounting and financial reporting for certain asset retirement
obligations (AROs). An ARO is a legally enforceable liability associated with the retirement of a tangible
capital asset. A government that has legal obligations to perform future asset retirement activities related
to its tangible capital asset should recognize a liability based on the guidance in this Statement. This
Statement also requires disclosure of information about the nature of a government’s ARO, the methods
and assumptions used for the estimates of the liabilities, and the estimated remaining useful life of the
associated tangible capital assets. The requirements of this Statement are effective for reporting periods
beginning after June 15, 2018, or the 2018-19 fiscal year. The City has not determined the effect of the
Statement.
GASB Statement No. 84 – In January 2017, GASB issued Statement No. 84, Fiduciary Activities. The
objective of this Statement is to improve guidance regarding the identification of fiduciary activities for
accounting and financial reporting purposes and how those activities should be reported. The
requirements of this Statement are effective for reporting periods beginning after December 15, 2018, or
the 2019-20 fiscal year. The City has not determined the effect of the Statement.
GASB Statement No. 85 – In March 2017, GASB issued Statement No. 85, Omnibus 2017. The
objective of this Statement is to address practice issues that have been identified during implementation
and application of certain GASB Statements. This Statement addresses a variety of topics including
issues related to blending component units, goodwill, fair value measurement and application, and
postemployment benefits (pensions and other postemployment benefits [OPEB]). The Statement is
effective for the reporting periods beginning after June 15, 2017, or 2017-18 fiscal year. The City has not
determined the effect of the Statement.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
42
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
g. New Accounting Pronouncements (Continued)
Effective in Future Fiscal Years (Continued)
GASB Statement No. 86 – In May 2017, GASB issued Statement No. 86, Certain Debt Extinguishment
Issues. The primary objective of this Statement is to improve consistency in accounting and financial
reporting for in-substance defeasance of debt by providing guidance for transactions in which cash and
other monetary assets acquired with only existing resources—resources other than the proceeds of
refunding debt—are placed in an irrevocable trust for the sole purpose of extinguishing debt. This
Statement also improves accounting and financial reporting for prepaid insurance on debt that is
extinguished and notes to financial statements for debt that is defeased in substance. The Statement is
effective for the reporting periods beginning after June 15, 2017, or 2017-18 fiscal year. The City has not
determined the effect of the Statement.
GASB Statement No. 87 – In June 2017, GASB issued Statement No. 87, Leases. The objective of this
Statement is to better meet the information needs of financial statement users by improving accounting
and financial reporting for leases by governments. This Statement increases the usefulness of
governments’ financial statements by requiring recognition of certain lease assets and liabilities for leases
that previously were classified as operating leases and recognized as inflows of resources or outflows of
resources based on the payment provisions of the contract. It establishes a single model for lease
accounting based on the foundational principle that leases are financings of the right to use an underlying
asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-
use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources,
thereby enhancing the relevance and consistency of information about governments’ leasing activities.
The Statement is effective for the reporting periods beginning after December 15, 2019, or 2020-21 fiscal
year. The City has not determined the effect of the Statement.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
43
II. DETAILED NOTES ON ALL FUNDS
NOTE 2: CASH AND INVESTMENTS
Cash and investments as of June 30, 2017, are classified in the accompanying financial statements as follows:
Statement of Net Position:
Cash and investments 98,541,243$
Statement of Fiduciary Net Position:
Cash and investments 21,415,572
Cash and investments with fiscal agent 25,578,625
Total Cash and Investments 145,535,440$
Cash and investment as of June 30, 2017, consist of the following:
Cash on hand 1,900$
Deposits with financial institutions 7,495,320
Investments 138,038,220
Total Cash and Investments 145,535,440$
Investments Authorized by the California Government Code and the City’s Investment Policy
The table below identifies the investment types that are authorized by the California Government Code and the
City’s investment policy. The table also identifies certain provisions of the California Government Code (or the
City’s investment policy, if more restrictive) that address interest rate risk, credit risk, and concentration of credit
risk.
This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions
of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s
investment policy.
Maximum Maximum
Maximum Percentage Investment
Investment Types Maturity Allowed in One Issuer
U.S. Treasury Obligations 5 years None $30 million
U.S. Agency Securities 5 years 30%20-30 million
Local Agency Bonds 5 years 30%30 million
California Local Agency Obligations 5 years 30%30 million
Commercial Paper 90 days 15%5 million
Certificates of Deposit 5 years 30%250,000
Negotiable Certificates of Deposits 5 years 30%250,000
Corporate Notes 5 years 10%5 million
Investment Pools (Riverside County Pool)N/A None None
Money Market Mutual Funds N/A 20%N/A
Local Agency Investment Fund (LAIF)N/A N/A 50 million
Investment Agreements 3 years 10%N/A
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
44
NOTE 2: CASH AND INVESTMENTS (CONTINUED)
Investment Policy Compliance:
At June 30, 2017, the City held $62,253,399 in the Local Agency Investment Fund. Management is considering
revisions to the City’s investment policy in fiscal year 2017-18 and anticipates that the amount held will be in
compliance with the maximums listed in the updated policy.
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an
investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to
changes in market interest rates.
One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of short
term and long term investments and by timing cash flows from maturities so that a portion of the portfolio is
maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed
for operations.
Information about the sensitivity of the fair values of the City’s investments (including investments held by bond
trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the
City’s investments by maturity:
1 year
Investment Type Total Or Less 1 to 3 years 3 to 5 years
Certificates of Deposit 10,946,186$ 3,664,232$ 4,872,243$ 2,409,711$
Federal agency securities:
Federal National Mortgage Association 1,995,940 - 1,995,940 -
Federal Home Loan Mortgage Corp 4,477,100 - - 4,477,100
Federal Home Loan Bank 4,881,225 4,881,225
U.S. Treasury Notes 16,298,800 1,994,300 7,471,000 6,833,500
Corporate Notes 2,477,966 - 1,989,480 488,486
Local Agency Investment Fund 62,253,399 62,253,399 - -
Riverside County Pool 9,128,979 9,128,979
Held by Fiscal Agent:
Money Market Mutual Funds 25,578,625 25,578,625 - -
Total 138,038,220$ 102,619,535$ 16,328,663$ 19,090,022$
Remaining Maturity (in Years)
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the
investment. This is measured by the assignment of a rating by a nationally recognized statistical rating
organization. The City's investment policy limits investments in commercial paper to those rated A-1 and P-1 or
higher from Standard and Poor’s (S&P) and money market mutual funds that are rated “AAA”. U.S. Treasury
securities are exempt from credit risk disclosure. Presented below are the S&P ratings as of year-end:
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
45
NOTE 2: CASH AND INVESTMENTS (CONTINUED)
Disclosures Relating to Credit Risk (Continued)
Investment Type Total AAA AA+
Federal Agency Securities 11,354,265$ -$ 11,354,265$
Corporate Notes 2,477,966 1,989,480 488,486
Total 13,832,231 1,989,480$ 11,842,751$
Exempt from Credit Risk disclosure:
U.S. Treasury Notes 16,298,800
Not rated:
Certificates of Deposit 10,946,186
Local Agency Investment Pool 62,253,399
Riverside County Pool 9,128,979
Money Market Mutual Funds 25,578,625
Total investments 138,038,220$
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a
government will not be able to recover its deposits or will not be able to recover collateral securities that are in the
possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure
of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its
investment or collateral securities that are in the possession of another party. The California Government Code
and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to
custodial credit risk for deposits or investments, other than the following provision for deposits: The California
Government Code requires that a financial institution secure deposits made by state or local governmental units
by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so
waived by the governmental unit). The market value of the pledged securities in the collateral pool must equal at
least 110 percent of the total amount deposited by the public agencies. California law also allows financial
institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150 percent of the
secured public deposits. Of the City’s deposits with financial institutions, $3,862,511 was in excess of federal
depository insurance limits and subject to custodial credit risk as described above.
Investment in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by the
California Government Code under the oversight of the Treasurer of the State of California. The fair value of the
City’s investment in this pool is reported in the accompanying financial statements at amounts based upon the
City’s pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relations to the amortized
cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by
LAIF, which are recorded on an amortized cost basis. Deposits and withdrawals are made on the basis of $1 and
not fair value. Accordingly, the City’s measurement of fair value of its investment with LAIF is based on
uncategorized inputs, not defined as a level 1, level 2, or level 3 input.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
46
NOTE 2: CASH AND INVESTMENTS (CONTINUED)
Fair Value Measurements
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted
accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset.
Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other
observable inputs; Level 3 inputs are significant unobservable inputs.
The City has the following recurring fair value measurements as of June 30, 2017:
Total 1 2
Investments:
U.S. Treasury Notes 16,298,800$ 16,298,800$ -$
Federal Agency Securities 11,354,265 - 11,354,265
Corporate Notes 2,477,966 - 2,477,966
Certificates of Deposit 10,946,186 - 10,946,186
Total Leveled Investments 41,077,217 16,298,800$ 24,778,417$
Investments with uncategorized inputs:
Local Agency Investment Fund 62,253,399
Riverside County Pool 9,128,979
Held by Fiscal Agent
Money Market Mutual Funds 25,578,625
Total Investments 138,038,220$
Level
NOTE 3: NOTES RECEIVABLE
In September 1994, the former redevelopment agency sold certain real property to LINC Housing for $2,112,847.
The property was used to construct single-family homes and rental units to increase the City's supply of low and
moderate income housing. The note bears interest at 6 percent per annum and is due in full on June 15, 2029. On
February 1, 2012, this receivable was transferred to the Housing Authority Project Area No. 1 which took over the
housing function of the former redevelopment agency upon dissolution. The balance at June 30, 2017, including
accrued interest of $2,652,594 is $4,687,982.
In February 2011, the former redevelopment agency entered into Disposition and Development Agreement with
Coral Mountain Partners L.P. (“Coral Mountain”) to fund up to $29,000,000 for the construction of a low and
moderate income apartment complex with an estimated completion date of the apartment complex of March 2014.
The former redevelopment agency’s $29,000,000 loan is evidenced by a Promissory Note executed by Coral
Mountain (“Note”). Interest on the outstanding note amount will bear simple interest of 1 percent. Principal and
interest will be repaid on or before May 1st of each year from annual residual receipts as defined in the Note once
the project is completed and may be repaid early if the property is refinanced, or if the property is transferred to
another entity. On February 1, 2012, this receivable was transferred to the Housing Authority Project Area No. 2
which took over the housing function of the former redevelopment agency upon dissolution. As of June 30, 2017,
the outstanding principal balance is $21,259,387 and the outstanding interest balance is $ 739,636.
Other notes receivable as of February 1, 2012, included in the Housing Authority which took over the housing
function of the former redevelopment agency upon dissolution totaled $24,245 at June 30, 2017.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
47
NOTE 4: CAPITAL ASSETS
Capital asset activity for governmental activities for the year ended June 30, 2017, is as follows:
Beginning Ending
Balance at Balance at
July 1, 2016 Additions Deletions Transfers June 30, 2017
Governmental activities:
Capital assets, not being depreciated:
Land 69,816,674$ 4,500,000$ -$ -$ 74,316,674
Right of way 284,928,794 - - - 284,928,794
Construction-in-progress 8,692,612 4,587,553 - (3,310,670) 9,969,495
Total Capital Assets,
Not Being Depreciated 363,438,080 9,087,553 - (3,310,670) 369,214,963
Capital assets, being depreciated:
Buildings and improvements 74,176,560 199,856 - 264,395 74,640,811
Equipment and furniture 3,442,965 39,957 - -3,482,922
Vehicles 1,751,819 452,067 329,500 - 1,874,386
Infrastructure 218,399,541 - - 3,046,275 221,445,816
Total Capital Assets,
Being Depreciated 297,770,885 691,880 329,500 3,310,670 301,443,935
Less accumulated depreciation for:
Buildings and improvements 28,159,909 2,361,480 - - 30,521,389
Equipment and furniture 2,216,710 237,744 - - 2,454,454
Vehicles 1,563,715 68,123 329,500 - 1,302,338
Infrastructure 108,789,321 6,506,746 - - 115,296,067
Total Accumulated
Depreciation 140,729,655 9,174,093 329,500 - 149,574,248
Total Capital Assets,
Being Depreciated, Net 157,041,230 (8,482,213) - 3,310,670 151,869,687
Governmental Activities
Capital Assets, Net 520,479,310$ 605,340$ -$ -$ 521,084,650
Depreciation expense was charged to the following functions in the Statement of Activities:
General governments 634,400$
Planning and development 115,832
Community services 1,820,841
Public works 6,603,020
9,174,093$
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
48
NOTE 4: CAPITAL ASSETS (CONTINUED)
Capital asset activity for business-type activities for the year ended June 30, 2017, is as follows:
Beginning Ending
Balance at Balance at
July 1, 2016 Additions Deletions June 30, 2017
Business-Type activities:
Capital assets, not being depreciated:
Land 39,712,955$ -$ -$ 39,712,955
Capital assets, being depreciated:
Buildings and improvements 6,636,465 - - 6,636,465
Equipment and furniture 2,303,742 159,780 84,284 2,379,238
Vehicles 20,348 - - 20,348
Software 20,255 - - 20,255
Total Capital Assets,
Being Depreciated 8,980,810 159,780 84,284 9,056,306
Less accumulated depreciation for:
Buildings and improvements 2,650,551 214,546 - 2,865,097
Equipment and furniture 2,103,827 7,150 84,284 2,026,693
Vehicles 20,348 - - 20,348
Software 20,255 - - 20,255
Total Accumulated
Depreciation 4,794,981 221,696 84,284 4,932,393
Total Capital Assets,
Being Depreciated, Net 4,185,829 (61,916) - 4,123,913
Business-Type Activities
Capital Assets, Net 43,898,784$ (61,916)$ -$ 43,836,868
Depreciation expense was charged to the following functions in the Statement of Activities:
Golf Course 221,696$
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
49
NOTE 5: CHANGES IN LONG-TERM LIABILITIES – GOVERNMENTAL ACTIVITIES
Changes in Long-Term Debt
The following is a summary of changes in governmental long-term liabilities of the City for the fiscal year ended
June 30, 2017:
Balance at Balance Due within
July 1, 2016 Additions Deletions June 30, 2017 One year
City:
Compensated absences payable 852,551$ 808,309$ 830,430$ 830,430$ 247,584$
Copier lease payable 37,935 33,921 21,936 49,920 26,620
Dell Computer lease 41,629 - 26,930 14,699 9,587
De Lage Landen Public Finance 75,832 - 37,916 37,916 37,916
Fleet Vehicle Lease - 452,067 24,439 427,628 90,413
Note payable - Eisenhower Dr. Property - 2,250,000 - 2,250,000 1,125,000
Housing Authority:
Provident Loan 1,325,596 - 45,375 1,280,221 49,317
U.S. Department of Agriculture 649,698 - 21,250 628,448 23,474
Financing Authority:
Revenue bonds 1,850,000 - 585,000 1,265,000 615,000
4,833,241$ 3,544,297$ 1,593,276$ 6,784,262$ 2,224,911$
A description of individual issues of debt (excluding defeased bonds) outstanding as of June 30, 2017, is as
follows:
Copier Leases Payable
In June 2013, the City entered into a 5-year lease agreement for photocopiers for $71,045 maturing in monthly
increments of $1,456, with interest payable monthly at 8.47 percent. This lease agreement qualifies as a capital
lease for accounting purposes and therefore, has been recorded at the present value of the future minimum lease
payments at the inception date.
On April 1, 2015, the City leased an additional copier for $9,000 maturing in monthly increments of $1,728, with
interest payable monthly at 8.47 percent.
The minimum future lease obligations and the net present value of the lease payments as of June 30, 2017, are as
follows:
Year Ending
June 30, Total
2018 28,899$
2019 8,160
2020 8,160
2021 8,160
2022 680
Total Payments 54,059
Less amount representing interest (4,139)
Outstanding Principal 49,920$
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
50
NOTE 5: CHANGES IN LONG-TERM LIABILITIES – GOVERNMENTAL ACTIVITIES
(CONTINUED)
Dell Computer Lease Payable
In April 2014, the City entered into a 5-year lease agreement for Dell computers for $90,629 maturing in annual
increments ranging from $20,693 to $408, with interest payable annually at 4.79%. In August 2015, the City
entered into another 5-year lease for Dell computers for $17,682 maturing in annual increments from $16,620 to
$639, with interest payable annually at 4.07%. This lease agreement qualifies as a capital lease for accounting
purposes and therefore, has been recorded at the present value of the future minimum lease payments at the
inception date.
The minimum future lease obligations and the net present value of the lease payments as of June 30, 2017, are as
follows:
Year Ending
June 30,Total
2018 10,234$
2019 4,685
2020 664
Total Payments 15,583
Less amount representing interest (884)
Outstanding Principal 14,699$
Technology Hardware Lease Payable
In 2016, the City entered into a 3-year lease agreement for network firewall and switches for $113,748 maturing
in three annual installments of $37,916, with no interest. This lease agreement qualifies as a capital lease for
accounting purposes and therefore, has been recorded at the present value of the future minimum lease payments
at the inception date. The balance at June 30, 2017 is $37,916 which will become due in fiscal year 2017-18.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
51
NOTE 5: CHANGES IN LONG-TERM LIABILITIES – GOVERNMENTAL ACTIVITIES
(CONTINUED)
Fleet Vehicle Lease
In January of 2017 the City entered into a vehicle lease agreement with Enterprise Fleet Management with the
goal of replacing all light duty vehicles within two years. Pool vehicles are also included in the replacement
program and are utilized by multiple departments. In fiscal year 2016-17, 16 vehicles were replaced with five-
year leases ranging from $22,676 to $37,787. This lease agreement qualifies as a capital lease for accounting
purposes and therefore, has been recorded at the present value of the future minimum lease payment at the
inception date. The minimum future lease obligations and the net present value of the lease payments as of June
30, 2017, are as follows:
Year Ending
June 30,Total
2018 122,520$
2019 122,520
2020 122,520
2021 122,520
2022 82,013
Total Payments 572,093
Less amount representing interest (144,465)
Outstanding Principal 427,628$
Note Payable – Eisenhower Drive Property
In March 2017, the City secured a note in the amount of $2,250,000 to fund the acquisition of property located on
Eisenhower Drive to be used as a drainage retention basin. The note accrues interest at 3.5% and will be paid in
two annual installments beginning in fiscal year 2017-18 of which the principal portion will be $1,125,000 each.
1996 Lease Revenue Refunding Bonds
On November 15, 1996, the Financing Authority issued $8,790,000 of 1996 Lease Revenue Refunding Bonds to
defease the remaining 1991 Local Agency Revenue Bonds in the amount of $8,200,000 and to provide funds for
construction of remaining improvements to the La Quinta Civic Center site.
The bonds consist of $3,630,000 of serial bonds and $5,150,000 of term bonds. The serial bonds will accrue
interest at rates between 3.70 percent and 5.30 percent and principal amounts mature between October 1, 1997
and October 1, 2008, in amounts ranging from $285,000 to $380,000. The term bonds accrue interest at a rate of
5.55 percent and mature on October 1, 2018.
A surety agreement has been purchased to satisfy the bond reserve requirement. There are certain limitations
regarding the issuance of parity debt as further described in the official statement. The amount of principal
outstanding at June 30, 2017, is $1,265,000.
Year Ending
June 30,Principal Interest
2018 615,000$ 53,141$
2019 650,000 18,038
Totals 1,265,000$ 71,179$
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
52
NOTE 5: CHANGES IN LONG-TERM LIABILITIES – GOVERNMENTAL ACTIVITIES
(CONTINUED)
Loans
Washington Street Apartments
In October 2008, the former redevelopment agency acquired the Washington Street Apartments for cash and the
assumption of the following debt:
Provident Bank Loan
This loan was originally entered into with the previous owner of the Washington Street Apartments and Provident
Bank for $1,696,000 in August 2001 at an 8.36 percent interest rate. The loan is amortized on a thirty-year basis
with the outstanding balance due in twenty years or August 2021. The loan is secured by a deed of trust on the
property and is senior to the United States Department of Agriculture (USDA) loan which is also secured by a
deed of trust on the property. Repayments are $3,720 month, but can vary and are made from tenant rent receipts.
The principal balance of this loan at June 30, 2017, is $1,280,221.
The annual debt service requirements are as follows:
Year Ending
June 30,Total Interest
2018 49,317$ 105,157$
2019 53,602 100,872
2020 58,259 96,216
2021 63,320 91,154
2022 1,055,723 14,670
Totals 1,280,221$ 408,069$
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
53
NOTE 5: CHANGES IN LONG-TERM LIABILITIES – GOVERNMENTAL ACTIVITIES
(CONTINUED)
United States Department of Agriculture (USDA) Rural Development Promissory Note
This promissory note was originally entered into with the previous owner of the Washington Street Apartments
and USDA – Rural Development for $1,500,000 in November 1980 at a 10.00 percent interest rate. The note is
amortized on a fifty-year basis with the outstanding balance due in October 2030. The outstanding principal
balance, in October 2008, when the property was acquired by the former redevelopment agency was $760,721.
The loan is secured by a deed of trust on the property and is subordinated to the Provident loan which is also
secured by a deed of trust on the property. Repayment of the monthly loan amount is made from tenant rent
receipts and a rental subsidy from the USDA. Rural Development has agreed to a 9 percent interest rate subsidy
on the Promissory Note as long as the Apartment renters meet certain program eligibility requirements. The
principal balance of this note at June 30, 2017, is $628,448.
Year Ending
June 30, Total Interest
2018 23,474$ 61,807$
2019 25,932 59,349
2020 28,648 56,634
2021 31,648 53,634
2022 34,962 50,320
2023-2027 238,017 188,392
2028-2031 245,767 45,420
Totals 628,448$ 515,556$
NOTE 6: DEBT WITHOUT GOVERNMENTAL COMMITMENT
The City of La Quinta sold Improvement Bonds issued pursuant to the California State Improvement Act of 1915.
The Bonds are payable from the annual installments collected on the regular property tax bills sent to owners of
property having unpaid assessments levied against land benefited by the projects. The bonds are neither general
obligations of the City nor any other political subdivision and the full faith and credit of the City is not pledged
for repayment thereof, therefore, they are not included in the long-term liabilities in the accompanying financial
statements. The City is not liable for repayment of the debt, but is only acting as agent for the property owners in
collecting the assessments and forwarding the collections to bondholders. Assessment District 97-1 bonds were
fully redeemed on September 2, 2016.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
54
NOTE 7: INTERFUND RECEIVABLES AND PAYABLES
The composition of current interfund receivable and payable balances is as follows:
Internal Service Non-Major
Due from Other Funds Funds Governmental Total
General Fund 502,084$ 7,994$ 510,078$
Due to Other Funds
Interfund balances reflect short term borrowings for deficit cash balances at June 30, 2017.
The composition of non-current interfund receivable and payable balances as of June 30, 2017, is as follows:
Civic Center Non-Major
Advances to Other Funds Fund Golf Course Governmental Total
General Fund 7,175,608$ 5,396,862$ 2,450,190$ 15,022,660$
Advances from Other Funds
a) In September 2006, an advance up to $9,615,094 for the City Hall expansion from the General Fund to
the Civic Center Developer Impact Fee Fund was approved. As of June 30, 2017, the Civic Center
expansion was completed and the amount of the advance was $7,175,608 outstanding. The advance
accrues interest based on the rate earned by the Local Agency Investment Fund.
b) As of June 30, 2017, the General Fund has advanced to the Golf Course fund $5,396,862. The advance
accrues interest at the City’s investment pool rate and is to be repaid by the golf course out of future
profits.
c) In October 2009, an advance up to $2,033,687 for the Phase 1 of the Corporate Yard project from the
General Fund to the Street and Park Maintenance Facility Funds was approved. As of June 30, 2017, the
amount of the outstanding advance was $1,897,525. The advance accrues interest at the earnings rate of
the City’s investment pool.
d) In February 2003, the Redevelopment Agency Capital Projects PA No. 2 Fund advanced $1,350,131 to
the Fire Facility Fund to provide funding for development of the City’s north fire station. On March 1,
2012 the outstanding advance of $925,192 was transferred from the former redevelopment agency to the
General Fund with the former redevelopment agency receiving $925,192 in cash for the outstanding
balance. The advance accrues interest at the earnings rate of the City’s investment pool funds. As of
June 30, 2017, the remaining balance of the advance was $552,665.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
55
NOTE 8: INTERFUND TRANSFERS
Non-Major
Transfers In:General Fund Governmental Total
General Fund -$ 9,503$ 9,503$
Capital Improvement Fund 1,656,332 1,531,921 3,188,253
Housing Authority - 17,330,789 17,330,789
Non-major Governmental Funds 971,000 3,969 974,969
Golf Course Fund 401,300 -401,300
Total 3,028,632$ 18,876,182$ 21,904,814$
Transfer Out
a)$9,503 was transferred to the General Fund from various non-major funds to fund various program
expenses within the City related to operations and grant funded activities.
b)$1,656,332 was transferred from the General Fund to the Capital Improvement Fund to fund various
capital projects.
c)$1,531,921 was transferred to Capital Improvement Fund from various non-major funds whereby
available external grant funding was received and appropriated first for various projects.
d)$971,000 was transferred from the General Fund to various non-major funds to support various
administrative operations and expenses within the City.
e)$3,969 was transferred between non-major funds to repay the DIF loan liability.
f)$401,300 was transferred from the General Fund to the Golf Course Fund to subsidize operations per the
FY16-17 budget.
g)$10,919,559 was transferred from the Housing Authority PA No. 1 fund to the Housing Authority fund,
which is a new fund in fiscal year 2016/2017, due to a reorganization of the presentation of the fund.
h)$6,411,230 was transferred from the Housing Authority PA No. 2 fund to the Housing Authority fund,
which is a new fund in fiscal year 2016/2017, due to a reorganization of the presentation of the fund.
NOTE 9: DEFINED BENEFIT PENSION PLAN
Miscellaneous Plan
Plan Description
All qualified employees are eligible to participate in the City’s Miscellaneous Employee Pension Plan, a cost-
sharing multiple-employer defined benefit pension plans administered by the California Public Employees’
Retirement System (CalPERS). Benefit provisions under these plans are established by State statute and City
resolution. CalPERS issues publicly available reports that include a full description of the pension plans
regarding benefit provision, assumption and membership information. Copies of the report can be found on the
CalPERS website.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
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NOTE 9: DEFINED BENEFIT PENSION PLAN (CONTINUED)
Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits
to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited
service, equal to one year of full time employment. Members with five years of total service are eligible to retire
at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years
of service. The death benefit is one of the following: The Basic Death Benefit, the 1959 Survivor Benefit, or the
Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by
the Public Employees’ Retirement Law. The Plan’s provisions and benefits in effect at June 30, 2017 are
summarized as follows:
Tier I Tier II PEPRA
On and after On and after On and after
Hire date December 16, 1983 December 17, 2012 January 1, 2013
Benefit formula 2.5% @55 2% @60 2% @62
Benfit vesting schedule 5 years servce 5 years servce 5 years servce
Benefit payments monthly for life monthly for life monthly for life
Retirement age 50 and up 50 and up 52 and up
Monthly benefits, as a % of eligible
compensation 2% to 2.5% 2% to 2.5% 1% to 2%
Required employee contribution rates 8.00% 1.092% to 2.418% 6.25%
Required employer contribution rates 10.110%7.200%6.533% Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer
contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective
on the July 1 following notice of a change in the rate. Funding contributions are determined annually on an
actuarial basis as of June 30th by CalPERS. The actuarially determined rate is the estimated amount necessary to
finance the costs of benefits earned by employees during the year, and any unfunded accrued liability. The
employer is required to contribute the difference between the actuarially determined rate and the contribution rate
of employees. Employer contributions to the pension plan were $949,231 for the year ended June 30, 2017.
Pension Liabilities, Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to
Pensions
As of June 30, 2017, the City reported a liability of $10,874,098 for its proportionate share of the collective net
pension liability. The net pension liability was measured as of June 30, 2016, and the total pension liability used
to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2015, and rolled
forward to June 30, 2016 using actuarial rollforward procedures. The City’s proportion of the collective net
pension liability was based on a projection of the City’s long-term share of contributions to the pension plan
relative to the projected contributions of all participating employers, actuarially determined. The City’s
proportion of the collective net pension liability as of June 30, 2015 and 2016 is as follows:
Proportion- June 30, 2015 0.12604 %
Proportion- June 30, 2016 0.12567 %
Change- Increase (Decrease)(0.00037) %
For the year ended June 30, 2017, the City recognized pension expense of $588,452.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
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NOTE 9: DEFINED BENEFIT PENSION PLAN (CONTINUED)
At June 30, 2017, the City reported deferred outflows and deferred inflows of resources related to pensions as
follows:
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension contributions subsequent to measurement date 949,231$ -$
Changes in assumptions - 295,382
Differences between expected and actual experience 24,068 -
Net difference between projected and actual earnings on
pension plan investments 1,537,370 -
Changes in proportion and difference between the city's
contributions and proportionate share of contributions 512,774 78,984
Total 3,023,443$ 374,366$
The $949,231 reported as deferred outflows of resources resulting from contributions subsequent to the
measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2018.
Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be
recognized as pension expense as follows:
Year Ended
June 30,
2018 535,810$
2019 484,659
2020 295,034
2021 384,342
1,699,845$
Actuarial Methods and Assumptions Used to Determine Total Pension Liability
For the measurement period ended June 30, 2016 (the measurement date), the total pension liability was
determined by rolling forward the June 30, 2015 total pension liability. The total pension liability in the June 30,
2015 actuarial valuation was determined using the following actuarial methods and assumptions:
Valuation Date June 30, 2015
Measurement Date June 30, 2016
Actuarial Cost Method Entry Age Normal Cost Method
Actuarial Assumptions
Discount Rate 7.65%
Inflation 2.75%
Salary Increases 3%
Projected Salary Increase Varies by Entry Age and Service
Investment Rate of Return 7.5% (1)
Mortality Rate Table Derived using CalPERS' Membership Data for all Funds
(1) Net of pension plan investment and administrative expenses, including inflation
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
58
NOTE 9: DEFINED BENEFIT PENSION PLAN (CONTINUED)
Discount Rate
The discount rate used to measure the total pension liability was 7.65 percent. The projection of cash flows used
to determine the discount rate assumed that employee contributions will be made at the current contribution rate
and that the City’s contributions will be made at rates equal to the difference between actuarially determined
contributions rates and the employee rate. Based on those assumptions, each pension plan’s fiduciary net position
was projected to be available to make all projected future benefit payments of current active and inactive
employees. Therefore, the long-term expected rate of return on pension plan investments was applied to all
periods of projected benefit payments to determine the total pension liability.
In determining the long-term expected 7.65 percent rate of return on pension plan investments, CalPERS took into
account both short and long-term market return expectations as well as the expected pension fund cash flows.
Based on the expected benefit payments of the Public Employees’ Retirement Fund, CalPERS indicated that a 19
year horizon was ideal in determining the level equivalent discount rate assumption. Using historical returns of
all the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10
years) and the long-term (11-60 years) using a building-block approach. Using the expected nominal returns for
both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of
return was then set equivalent to the single equivalent rate calculated above and rounded down to the nearest one
quarter of one percent. The target allocation and best estimates of arithmetic real rates of return for each major
asset class are the same for the Plan. These geometric rates of return are summarized in the following table:
Asset Class
New Strategic
Allocation
Real Return
Years 1 - 10
Real Return
Years 11+
Global Equity 51%5.25%5.71%
Global Fixed Income 20%0.99 2.43
Inflation Sensitive 6%0.45 3.36
Private Equity 10%6.83 6.95
Real Estate 10%4.50 5.13
Infrastructure and Forestland 2%4.50 5.09
Liquidity 1%(0.55) (1.05)
Total 100%
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents the City’s proportionate share of the net position liability for each Plan, calculated using
the discount rate for each Plan, as well as what the City’s proportionate share of the net pension liability would be
if it were calculated using a discount rate that is 1 percent point lower or 1 percent higher than the current rate:
Discount Rate - 1% Current Discount Rate Discount Rate +1%
(6.65%)(7.65%)(8.65%)
Net Pension Liability 16,544,458$ 10,874,098$ 6,205,789$
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
59
NOTE 9: DEFINED BENEFIT PENSION PLAN (CONTINUED)
Pension Plan Fiduciary Net Position
Detailed information about the Plan’s fiduciary net position is available in the separately issued CalPERS
financial reports.
NOTE 10: DEFINED CONTRIBUTION PLANS
Plan Description
The Supplemental Pension Savings Plan is a defined contribution pension plan established by the City to provide
retirement excess benefits to general employees of the City. At June 30, 2017, there was one plan member.
There are no required contributions by plan members. During the 2016-2017 fiscal year the City made no
contributions to fund the Supplemental Pension Savings Plan.
NOTE 11: POST-EMPLOYMENT HEALTH BENEFITS
Plan Description
The City of La Quinta provides other postemployment benefits (OPEB) through a single-employer defined benefit
healthcare plan by contributing on behalf of all eligible retirees’ $125/month for calendar 2016 and $128/month
for calendar 2017, increased in all future years according to the rate of medical inflation. These benefits are
provided per contract between the City and the employee associations. A separate financial report is not available
for the plan.
Funding Policy
Annual OPEB Cost and Net OPEB Obligation. The City's annual cost (expense) is calculated based on the annual
required contribution (ARC) of the employer, an amount actuarially determined in accordance with the
parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis,
is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess)
over a period not to exceed thirty years. The contribution requirements of plan members and the City are
established and may be amended by the City, City Council. Currently, contributions are not required from plan
members.
The following table shows the components of the City's annual OPEB cost for the year, the amount actually
contributed to the plan, and changes in the City's net OPEB obligation for these benefits:
Annual required contribution (ARC)106,104$
Interest on net OPEB obligation 32,523
Adjustment to ARC (47,020)
Annual OPEB cost 91,607
Contributions made (28,092)
Increase in net OPEB obligation 63,515
Net OPEB obligation - beginning of year 813,077
Net OPEB obligation - end of year 876,592$
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
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NOTE 11: POST-EMPLOYMENT HEALTH BENEFITS (CONTINUED)
The City’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB
obligation for the current and two preceding years were as follows:
Actual Percentage
Fiscal Annual Contribution of Annual Net OPEB
Year OPEB (Net of OPEB Cost Obligation
End Cost Adjustments) Contributed (Asset)
6/30/2015 94,106$ 16,412$ 17.44%741,071$
6/30/2016 92,891 20,885 22.48%813,077
6/30/2017 91,607 28,092 30.67%876,592
Funded Status and Funding Progress
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about
the probability of occurrence of events far into the future. Examples include assumptions about future
employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the
plan and the annual required contributions of the City are subject to continual revision as actual results are
compared with past expectations and new estimates are made about the future.
The funded status of the plan as of the most recent valuation dates July 1, 2014 was as follows:
Actuarial Actuarial Actuarial Percent of
Type of Valuation Value of Accrued Funded Covered Covered Interest
Valuation Date Assets Liability Ratio Payroll Payroll Rate
Actual 7/1/2014 - 851,125$ 0% 5,372,588$ 15.8% 4.0%
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood
by the employer and the plan members) and include the types of benefits provided at the time of each valuation
and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The
required contribution was determined as part of the July 1, 2014, actuarial valuation using the projected unit credit
method. The actuarial assumptions included a 4.0 percent investment rate of return and healthcare trend rate
ranging from 5 percent to 8 percent.
The actuarial value of assets is set equal to the reported market value of assets. The UAAL is being amortized as
a level dollar on an open basis. The remaining amortization period at June 30, 2017, was twenty-four years.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
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NOTE 12: RISK MANAGEMENT
Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
The City of La Quinta is a member of the California Joint Powers Insurance Authority (CJPIA). The CJPIA is
composed of 117 California public entities and is organized under a joint powers agreement pursuant to California
Government Code §6500 et seq. The purpose of the CJPIA is to arrange and administer programs for the pooling
of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance
for property and other lines of coverage. The CJPIA began covering claims of its members in 1978. Each
member government has an elected official as its representative on the Board of Directors. The Board operates
through a nine-member Executive Committee.
Self-Insurance Programs of the CJPIA
Each member pays an annual contribution at the beginning of the coverage period. A retrospective adjustment is
then conducted annually thereafter, for coverage years 2012-13 and prior. Coverage years 2013-14 and forward
are not subject to routine annual retrospective adjustment. The total funding requirement for self-insurance
programs is based on actuarial analysis. Costs are allocated to individual agencies based on payroll and claims
history, relative to other members of the risk-sharing pool.
General Liability
In the liability program claims are pooled separately between police and general government exposures. (1) The
payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is
determined for each member, which establishes the weight applied to payroll and the weight applied to losses
within the formula. (2) The first layer of losses includes incurred costs up to $30,000 for each occurrence and is
evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses
includes incurred costs from $30,000 to $750,000 for each occurrence and is evaluated as a percentage of the
pool’s total incurred costs within the second layer. (4) Incurred costs from $750,000 to $50 million, are
distributed based on the outcome of cost allocation within the first and second loss layers.
For 2016-17, the CJPIA’s pooled retention is $2 million per occurrence, with reinsurance to $20 million, and
excess insurance to $50 million. The CJPIA’s reinsurance contracts are subject to the following additional pooled
retentions: (a) $2.5 million annual aggregate deductible in the $3 million in excess of $2 million layer, (b) $3
million annual aggregate deductible in the $5 million in excess of $10 million layer. There is a third annual
aggregate deductible in the amount of $2.5 million in the $5 million in excess of $5 million layer, however it is
fully covered under a separate policy and therefore not retained by the Authority.
The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence.
Costs of covered claims for subsidence losses have a sub-limit of $30 million per occurrence.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
62
NOTE 12: RISK MANAGEMENT (CONTINUED)
Workers’ Compensation
In the workers’ compensation program claims are pooled separately between public safety (police and fire) and
general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other
members. A variable credibility factor is determined for each member, which establishes the weight applied to
payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up
to $50,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first
layer. (3) The second layer of losses includes incurred costs from $50,000 to $100,000 for each occurrence and
is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from
$100,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss
layers.
For 2016-17, the CJPIA’s pooled retention is $2 million per occurrence, with reinsurance to statutory limits under
California Workers’ Compensation Law.
Employer’s Liability losses are pooled among members to $2 million. Coverage from $2 million to $5 million is
purchased as part of a reinsurance policy, and Employer’s Liability losses from $5 million to $10 million are
pooled among members.
Purchased Insurance
Property Insurance - The City of La Quinta participates in the all-risk property protection program of the CJPIA.
This insurance protection is underwritten by several insurance companies. City of La Quinta property is currently
insured according to a schedule of covered property submitted by the City of La Quinta to the CJPIA. City of La
Quinta property currently has all-risk property insurance protection in the amount of $62,668,100. There is a
$5,000 deductible per occurrence except for non-emergency vehicle insurance which has a $1,000 deductible.
Premiums for the coverage are paid annually and are not subject to retrospective adjustments.
Earthquake and Flood Insurance - The City of La Quinta purchases earthquake insurance brokered through a
third party. The City of La Quinta property currently has earthquake protection up to $10,000,000 per occurrence.
There is a deductible of $25,000 per occurrence. Premiums for the coverage are paid annually in the amount of
$96,000 and are not subject to retrospective adjustments.
Theft Insurance - The City purchases theft insurance coverage brokered through a third party. The City pays an
annual premium of $3,366, which covers thefts up to $1,000,000, with a deductible of $5,000 per occurrence.
Pollution Legal Liability Insurance - The City participates in the pollution legal liability insurance program which
is available through the CJPIA. The policy covers sudden and gradual pollution of scheduled property, streets,
and storm drains owned by the City. Coverage is on a claims-made basis. There is a $50,000 deductible. The
CJPIA has a limit of $10 million for the 3-year period from July 1, 2014 through July 1, 2017.
Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments
that exceeded pooled or insured coverage.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
63
NOTE 13: FUND BALANCE
a.Fund Balance Commitments
The City has the following committed fund balance shown on the balance sheet:
Committed to emergency reserve – in June of 2017 the City established the amount of 40 percent of the
FY 2017-2018 budgeted operating expenditures. The City chose to base the FY 2016-2017 year-end
reserves on the adopted FY 2017-2018 budget. This amount totals $16,534,000. The funds would be
drawn upon pursuant to the Municipal Code Section 2.20 which defines an emergency or disaster to mean
the actual or threatened existence of conditions of disaster or of extreme peril to the safety of persons and
property within this city caused by such conditions as air pollution, fire, flood, storm, epidemic, riot,
earthquake or other conditions, including conditions resulting from war or imminent threat of war but
other than conditions resulting from a labor controversy, which conditions are or are likely to be beyond
the control of the services, regular personnel, equipment and facilities of the city and which may require
the combined forces of other political jurisdictions to combat.
Committed to post-retirement health benefits - the City has committed a portion of fund balance for the
payment in future years of their Post-retirement health benefits. For the year ended June 30, 2017, the
City has committed $1,523,400 for this purpose.
Committed to working capital reserve: in June of 2017 the City established the amount of 10 percent of
the FY 2017-2018 budgeted expenditures. The City chose to base the FY 2016-2017 year-end reserves
on the adopted FY 2017-2018 budget. This amount totals $4,134,000.
Committed to Fiscal Year 2017 carryovers totaled $120,000 at June 30, 2017.
b.Assigned Fund Balance
The City has the following assigned fund balance shown on the balance sheet:
Assigned to public safety represents property tax accumulated and withheld by the County of Riverside to
be used for fire protection, disaster preparedness, fire prevention, rescue, hazardous materials mitigation,
technical rescue response, medical emergency services, and public service assists. The assigned fund
balance related to this item as of June 30, 2017 is $9,371,699.
Assigned to capital projects is comprised of carryover balances for capital projects and accumulated
resources related to the City’s sales tax Measure G with a combined total of $6,322,570. Capital project
carryover balances as of June 30, 2017 are $4,859,920.
Revenue accrued for the first quarter of implementation (April – June 2016) for Measure G, a one percent
transaction and use tax, was reserved in an account as established by City Council during the mid-year
2016-2017 budget adjustment. These funds shall be used in accordance with the ballot measure for costs
including police protection, projects such as parks, streets, landscaping and flood control; programs
attracting businesses; youth/senior services; sports/recreation programs and preserving property values
and quality of life. On June 30, 2017 the balance was $1,462,650.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
64
NOTE 13: FUND BALANCE (CONTINUED)
c. At June 30, 2017, the following funds had deficit fund balances:
Major Capital Projects Funds:
Capital Improvement 178,798$
Civic Center 7,169,261
Nonmajor Special Revenue Funds:
SLESA 14,439
Justice Assistance Grant 268
Nonmajor Capital Projects Funds:
Library Development 1,609,835
La Quinta Finance Authority 95
Street Facility 1,897,647
Fire Facility 552,665
NOTE 14: GOLF COURSE MANAGEMENT AGREEMENT
The City entered into an agreement with Landmark Golf Management LLC (operator) to manage the golf
operations at the city-owned SilverRock Golf Course. The Agreement entered into on April 6, 2004, sets forth a
five-year term commencing upon the completion of the golf course. On January 14, 2005, the golf course was
deemed to be complete and management was turned over to the operator. The contract has been amended and
extended numerous times with the current contract expiring July 1, 2018. The contract provides that the operator
will manage the day to day operations, hire employees, provide golf pro shop and food services, manage all
marketing and promotional activities, prepare the annual budget report for Council consideration, and manage
accounting and payroll functions. In addition to the annual payment for management services, the City has
advanced the operator $250,000 to pay for golf course expenses. Twice a month the operator submits a request
for reimbursement to the City to replenish the City’s advance. In addition, the agreement sets forth the
establishment of a capital reserve fund of 2 percent of green fees. For the fiscal year ending June 30, 2017, the
Golf Course had a loss before transfers of $517,276.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
65
NOTE 15: CONSTRUCTION COMMITMENTS
Various construction projects were in progress at June 30, 2017. Projects costs are paid out of the capital
improvements fund. The following material construction commitments, for which funds have been encumbered,
existed at June 30, 2017, with an estimated cost to complete.
Expenditures
Project Contract to date as of Remaining
Project Name Number Amount June 30, 2017 Commitments
Madison Street Ave. 50 to Ave. 52 091002 2,366,566$ 757,440$ 1,609,126$
Dune Palms Road Street Improvements 091004 2,483,000 190,311 2,292,689
Dune Palms Bridge Improvement 111205 17,510,603 793,302 16,717,301
SilverRock Infrastructure Improvements 141517 5,733,021 307,268 5,425,753
Miles Avenue Median Island Landscaping 151602 1,122,738 94,094 1,028,644
LQ Village Complete Streets- Road Diet Proj 151603 1,973,442 86,945 1,886,497
Roudel Drainage Improvements 151606 254,000 44,500 209,500
La Quinta X Park 151609 3,501,639 8,203 3,493,436
Citywide Drainage Enhancements 151612 4,245,230 160,893 4,084,337
HSIP Intersection Improvements 201601 1,260,400 30,859 1,229,541
HSIP Traffic Signal Interconnect Network 201602 1,971,000 74,457 1,896,543
La Quinta Landscape Renovation Improvement 201603 2,552,576 296,654 2,255,922
Fritz Burns Park- Tennis and Pickleball Court 201604 607,250 64,001 543,249
Civic Center Campus Lake/ Irrigation Conver 201606 675,270 98,288 576,982
SilverRock Resort Big Horn Sheep Temp Fence 201607 802,606 454,369 348,237
Washington St Apts Rehabilitation & Testa Property 999901 27,996,401 1,943,596 26,052,805
Jefferson St/ I-10 Contribution 999902 632,000 499,694 132,306
NOTE 16: REIMBURSEMENT AGREEMENTS
The City entered into a sales tax sharing agreement on January 30, 2006, with Costco Wholesale Corporation.
Under the terms of the agreement the City shall make quarterly payments of 40 percent of any sales tax generated
from Costco in an amount not to exceed $4,000,000 over a ten-year period. Due to the reporting of sales tax
information by the State Board of Equalization to the City, the reimbursement payments by the City will lag by
one quarter. The agreement terminates when either the $4,000,000 limit is reached or in 10 years whichever
comes first. The Costco business opened in November 2006. As of June 30, 2017, the City made $3,531,620 in
reimbursement payments to the owner leaving an outstanding balance of $0.
On September 9, 2014, the City entered into a sales tax sharing agreement with One Eleven La Quinta LLC
(“Hobby Lobby”). Under the terms of the agreement the City shall make quarterly payments of 50 percent of any
sales tax generated from Hobby Lobby in an amount not to exceed $400,000 over an eight year period. Due to the
reporting of sales tax information by the State Board of Equalization to the City, the reimbursement payments by
the City will lag by one quarter. The agreement terminates when either the $400,000 limit is reached or in eight
years whichever comes first. The Hobby Lobby business opened in December 2014. As of June 30, 2017, the
City made $59,501 in reimbursement payments to the owner leaving an outstanding balance of $340,499.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
66
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT
AGENCY
On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 (“the Bill”) that provides for
the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity
of the City of La Quinta that previously had reported a redevelopment agency within the reporting entity of the
City as a blended component unit.
The Bill provides that upon dissolution of a redevelopment agency, either the city or another unit of local
government will agree to serve as the “successor agency” to hold the assets until they are distributed to other units
of state and local government. On January 3, 2011, the City Council elected to become the Successor Agency for
the Former Redevelopment Agency (‘Former Agency”) in accordance with the Bill as part of City resolution
number 2012-002.
After enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the State of California
cannot enter into new projects, obligations or commitments. Subject to the control of a newly established
oversight board, remaining assets can only be used to pay enforceable obligations in existence at the date of
dissolution (including the completion of any unfinished projects that were subject to legally enforceable
contractual commitments).
In future fiscal years, successor agencies will only be allocated revenue in the amount that is necessary to pay the
estimated annual installment payments on enforceable obligations of the Former Agency until all enforceable
obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated.
In accordance with the timeline set forth in the Bill (as modified by the California Supreme Court on December
29, 2011) all redevelopment agencies in the State of California were dissolved and ceased to operate as a legal
entity as of February 1, 2012.
The Successor Agency to the Former Agency is reported as a fiduciary fund (private purpose trust fund).
a. Cash and Investments
Cash and investments reported in the accompanying financial statements consisted of the following:
Cash and investments pooled with the City 21,114,187$
Cash and investments with fiscal agent 25,578,625
46,692,812$
b. Loans Receivable
Owner Participation Agreement – Garff Properties, LLC
In July 2010, the Former Agency entered into an Owner Participation Agreement (OPA) with Garff
Properties-La Quinta, LLC (“Garff”) that provides for the Former Agency to provide a rehabilitation loan
to Garff of up to $2,300,000 for the construction of a new auto dealership facility and rehabilitation of an
existing dealership facility. In connection with the OPA, Garff has executed a promissory note which is
secured by a deed of trust, and an operating covenant. The loan will be repaid by crediting future sales
and property tax increment taxes generated on the site until the cumulative taxes collected equals the loan
amount. At that time, the note will be cancelled and the operating covenant will terminate.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
67
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT
AGENCY (CONTINUED)
b. Loans Receivable (Continued)
If, after ten years of operation, a shortfall exists between the revenues collected and the outstanding loan
amount, the note will be cancelled and the operating covenant will terminate. Further, if at any time
through no fault of the dealership certain future events outside of the dealership control occur the note
will be cancelled and the operating covenant will terminate. The balance at June 30, 2017 is $952,432.
Owner Participation Agreement – Torre Nissan
In June 2011, the Former Agency entered into an Owner Participation Agreement (OPA) with an auto
dealer, Mega Dealer, LLC (“Torre Nissan”) that provides for the Former Agency to provide a
rehabilitation loan to Torre Nissan of up to $1,500,000 for the remodeling of the existing dealership and
an expansion of the dealership facility to accommodate a new line of electric and commercial vehicles.
The new expansion will also include service and parts sales facilities. In connection with the OPA, Torre
Nissan has executed a promissory note, which is secured by a subordinated deed of trust, and an operating
covenant. The loan will be repaid by crediting future sales and property tax increment taxes generated on
the site until the cumulative taxes collected equals the loan amount. If Nissan Motor Company ceases to
exist, the note will be cancelled and the operating covenant will terminate. At the end of the ten-year
operating covenant, the operating covenant will terminate and the note will be cancelled, and any
outstanding loan balance will be forgiven. The balance at June 30, 2017 is $1,196,759.
c. Due from other Governments
La Quinta Library
In April 2005, an advance of $2,490,273 was made from the former redevelopment agency to provide
funding for the construction of the public library. The loan accrues interest at the earnings rate of the
City’s investment pool fund. The remaining balance of this loan at June 30, 2017, is $1,609,835.
d. Deferred Outflows of Resources
As debt is refunded, the difference between the carrying value of the refunded debt and the reacquisition
price is recorded as a deferred outflow of resources and amortized over the shorter of the new or refunded
debt, whichever is shorter. Activity during the fiscal year is comprised of the following:
Balance at Balance
July 1, 2016 Additions Deductions June 30, 2017
Deferred charge on refunding 3,703,218$ 8,170,493$ 406,219$ 11,467,492$
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
68
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT
AGENCY (CONTINUED)
e. Long-Term Debt
A description of long-term debt outstanding of the Successor Agency as of June 30, 2017, follows:
Balance at Balance Due within
July 1, 2016 Additions Repayments June 30, 2017 One year
Tax allocation bonds 179,830,000$ 35,055,000$ 12,440,000$ 202,445,000$ 8,485,000$
City loans 31,382,100 7,524,204 2,463,724 36,442,580 3,052,025
Revenue bonds 27,225,000 - 27,225,000 - -
Unamortized premiums/discounts 12,553,967 (244,684) 386,114 11,923,169 -
Total 250,991,067$ 42,334,520$ 42,514,838$ 250,810,749$ 11,537,025$
2011 Series, Project Area No. 1 and 2
On June 9, 2011, the La Quinta Financing Authority issued revenue bonds in the amount of $28,850,000
to finance projects benefiting low and moderate income housing in La Quinta Redevelopment Project
Area No. 1 and La Quinta Redevelopment Project Area No. 2.
Interest is payable semi-annually on March 1 and September 1 of each year, commencing September 1,
2011. Interest payments range from 3.750 percent to 8.185 percent per annum. The interest and principal
on the bonds are payable from pledged tax increment revenues.
2011 Series A
On June 6, 2011, the former redevelopment agency issued subordinate taxable tax allocation bonds in the
amount of $6,000,000 to finance capital projects benefiting the La Quinta Redevelopment Project Area
No. 2.
The bonds consist of $190,000 of term bonds that accrue interest at 5.375 percent and mature on
September 1, 2016, $280,000 of term bonds that accrue interest at 7.125 percent and mature on September
1, 2021, $380,000 of term bonds that accrue interest at 7.600 percent and mature on September 1, 2026,
and $5,150,000 of term bonds that accrue interest at 8.150 percent and mature on September 1, 2031. The
interest and principal on the bonds are payable from pledged tax increment revenues.
On December 22, 2016, the Successor Agency to the La Quinta Redevelopment Agency (the “Successor
Agency”) issued $35,055,000 La Quinta Redevelopment Project Areas No. 1 and 2, Subordinate Tax
Allocation Refunding Bonds, 2016 Taxable Series A (the “2016 Bonds”). A portion of the proceeds of
the 2016 Bonds was used to refund and defease the outstanding 2011 Bonds. The 2011 Series, Project
Area No. 1 and 2 and the 2011 Series A bonds are considered defeased. As a result, the Successor
Agency’s reporting obligation with regards to the 2011 Series, Project Area No. 1 and 2 and the 2011
Series A bonds has been terminated.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
69
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT
AGENCY (CONTINUED)
e. Long-Term Debt (Continued)
2013 Series A
On December 17, 2013, the Successor Agency issued subordinate tax allocation refunding bonds in the
amount of $97,190,000 to refinance outstanding long term obligations held by the Successor Agency.
The 2013 Series A tax allocation bonds were issued at a premium of $6,056,280 and issuance costs of
$480,001.
Interest rates on the bonds range from 3.00 percent to 5.00 percent and are payable semi-annually on
March 1 and September 1 of each year until maturity. The interest and principal of the bonds are payable
solely from property tax revenue.
A portion of the proceeds were used to fund the bond reserve requirement. The principal balance of
outstanding bonds at June 30, 2017, is $85,590,000 with an unamortized premium of $4,845,024. The
minimum annual requirements to amortize the bond payable as of June 30, 2017, are as follows:
Year Ending
June 30, Principal Interest Total
2018 3,645,000$ 4,121,362$ 7,766,362$
2019 3,790,000 3,953,713 7,743,713
2020 3,985,000 3,759,338 7,744,338
2021 4,180,000 3,555,213 7,735,213
2022 4,390,000 3,340,963 7,730,963
2023-2027 25,470,000 13,096,562 38,566,562
2028-2032 32,305,000 6,118,260 38,423,260
2033-2034 7,825,000 212,968 8,037,968
85,590,000$ 38,158,379$ 123,748,379$
2013 Series B
On December 17, 2013, the Successor Agency issued subordinate tax allocation refunding bonds in the
amount of $23,055,000 to refinance outstanding long term obligations held by the Successor Agency.
The 2013 Series B tax allocation bonds were issued at a discount of $8,951 and issuance costs of
$122,274.
The bonds consist of $3,710,000 of term bonds that accrue interest at 5.240 percent and mature on
September 1, 2026, $4,335,000 of term bonds that accrue interest at 5.550 percent and mature on
September 1, 2029, and $5,115,000 of term bonds that accrue interest at 5.820 percent and mature on
September 1, 2032. The remaining $9,895,000 matures annually with rate ranging from 0.76 percent to
4.89 percent. The interest and principal on the bonds are payable from property tax revenue.
A portion of the proceeds were used to fund the bond reserve requirement. The principal balance of
outstanding bonds at June 30, 2017, is $20,130,000 with an unamortized discount of $7,159.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
70
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT
AGENCY (CONTINUED)
e. Long-Term Debt (Continued)
The minimum annual requirements to amortize the bond payable as of June 30, 2017, are as follows:
Year Ending
June 30, Principal Interest Total
2018 900,000$ 996,053$ 1,896,053$
2019 920,000 970,318 1,890,318
2020 950,000 939,623 1,889,623
2021 985,000 903,488 1,888,488
2022 1,025,000 860,981 1,885,981
2023-2027 5,900,000 3,485,905 9,385,905
2028-2032 7,645,000 1,667,945 9,312,945
2033 1,805,000 52,526 1,857,526
20,130,000$ 9,876,839$ 30,006,839$
2014 Series A
On July 9, 2014, the Successor Agency issued tax allocation refunding bonds in the amount of
$65,600,000, with a premium of $8,545,482, to refinance outstanding 2004 Series A Revenue Bonds of
$72,865,000 with interest payments ranging between 3 percent to 5.25 percent. The net proceeds of
$73,402,709 (after payment of $592,017 in issuance costs) plus an additional $4,012,653 of 2004 Series
A sinking fund monies were used to purchase U.S. Government Securities. Those securities were
deposited in an irrevocable trust with an escrow agent; and issued to pay-off $77,415,362 of remaining
principal and accrued interest of 2004 Series A. As a result, the 2004 Series A bonds are considered to be
defeased and the liability for those bonds has been removed from the Successor Agency’s long-term debt.
The principal balance of outstanding bonds at June 30, 2017, is $61,670,000. The remaining unamortized
bond premium at June 30, 2017 was $7,324,698.
The Successor Agency in effect reduced its aggregate debt service payments over the remaining maturity
period of the 2004 Series A by $11,814,531 and to obtain an economic gain (difference between the
present values of the debt service payments on the old and new debt) of $7,801,878.
The minimum annual requirements to amortize the 2014 Series A bonds payable as of June 30, 2017, are
as follows:
Year Ending
June 30, Principal Interest Total
2018 2,270,000$ 2,956,300$ 5,226,300$
2019 2,340,000 2,875,450 5,215,450
2020 2,435,000 2,779,950 5,214,950
2021 2,530,000 2,668,000 5,198,000
2022 2,660,000 2,538,250 5,198,250
2023-2027 15,425,000 10,505,125 25,930,125
2028-2032 19,680,000 6,138,750 25,818,750
2033-2035 14,330,000 1,098,250 15,428,250
61,670,000$ 31,560,075$ 93,230,075$
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
71
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT
AGENCY (CONTINUED)
e.Long-Term Debt (Continued)
2016 Series A
On December 22, 2016, the La Quinta Redevelopment Project Areas No. 1 and 2 Subordinate Tax
Allocation Refunding Bonds 2016 Taxable Series A Bonds were issued for $35,055,000 by the Successor
Agency to the La Quinta Redevelopment Agency (the “Agency”) to refinance on an advance basis the La
Quinta Redevelopment Agency’s (the “Prior Agency”) previously issued $6,000,000 La Quinta
Redevelopment Project Area No. 2, Subordinate Taxable Tax Allocation Bonds, Series 2011 (the “2011
Project Area No. 2 Taxable Bonds”) of which $5,810,000 was outstanding and the Prior Agency’s loan
obligation under the Loan Agreement, dated February 3, 2004 as supplemented by the Second
Supplemental Loan Agreement, dated as of March 1, 2011 (the “2011 Loan Obligation”) in connection
with the La Quinta Financing Authority’s previously issued $28,850,000 Local Agency Subordinate
Taxable Revenue Bonds, 2011 Series A (the “2011 Taxable Housing Bonds”) of which $26,635,000 was
outstanding.
The Bonds were issued on a subordinate basis to the $65,600,000 Successor Agency to the La Quinta
Redevelopment Agency, La Quinta Redevelopment Project Areas No. 1 and 2, Tax Allocation Refunding
Bonds, 2014 Series. The Bonds are payable from and secured by the Pledged Tax Revenues, as defined
herein, to be derived from the La Quinta Redevelopment Project Area No. 1 and La Quinta
Redevelopment Project Area No. 2.
The principal of and interest on the Bonds are payable solely from the pledged tax revenues allocated to
the Successor Agency from the project areas. The principal balance of outstanding bonds at June 30,
2017, is $35,055,000 with an unamortized discount of $239,365.
The Bonds mature in 2040, but may be called before maturity and redeemed at the option of the Agency,
in whole or in part, from the proceeds of refunding bonds or other available funds, on September 1, 2026
or on any date thereafter prior to maturity at a redemption price equal to the principal amount of Bonds to
be redeemed, without premium, plus accrued interest to the redemption date.
Year Ending
June 30, Principal Interest Total
2018 1,670,000$ 1,231,881$ 2,901,881$
2019 1,310,000 1,208,580 2,518,580
2020 1,330,000 1,183,526 2,513,526
2021 1,365,000 1,153,763 2,518,763
2022 1,395,000 1,118,840 2,513,840
2023-2027 7,590,000 4,923,574 12,513,574
2028-2032 9,020,000 3,438,433 12,458,433
2033-2037 10,085,000 1,311,415 11,396,415
2038-2040 1,290,000 63,152 1,353,152
35,055,000$ 15,633,164$ 50,688,164$
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
72
NOTE 17: SUCCESSOR AGENCY TRUST FOR ASSETS OF FORMER REDEVELOPMENT
AGENCY (CONTINUED)
e. Long-Term Debt (Continued)
Loans from the City of La Quinta
The City of La Quinta loaned money to the Former Agency to cover operating and capital shortfalls. In a
letter dated November 6, 2013, the California Department of Finance approved the loans as enforceable
obligations to be paid through Successor Agency property tax. This loan approved split between the
City’s General and the Housing Authority Funds. As of June 30, 2017, the amount due to the City of La
Quinta was $36,442,580.
f. Pledged Tax Revenues
The City pledged, as security for bonds issued, either directly or through the Financing Authority, a
portion of tax increment revenue (including Low and Moderate Income Housing set-aside and pass
through allocations) that it receives. The bonds issued were to provide financing for various capital
projects, accomplish Low and Moderate Income Housing projects and to defease previously issued bonds.
Assembly Bill 1X 26 provided that upon dissolution of the Redevelopment Agency, property taxes
allocated to redevelopment agencies no longer are deemed tax increment but rather property tax revenues
and will be allocated first to successor agencies to make payments on the indebtedness incurred by the
dissolved redevelopment agency. Total principal and interest remaining on the debt is $331,959,218 with
annual debt service requirements as indicated above. For the current year, the total property tax revenue
recognized by the Successor Agency for the payment of indebtedness incurred was $19,363,022 and the
debt service obligation on the bonds was $17,676,972.
g. Insurance
The Successor Agency of the Former Agency is covered under the insurance policy of the City of La
Quinta at June 30, 2017.
NOTE 18: EXTRAORDINARY ITEM
The Department of Finance approved the fiscal year 2017-18 Recognized Obligation Payment Schedule on March
10, 2017 whereby the outstanding loan repayments between the City and the Successor Agency were adjusted to
include a 3 percent interest rate from the inception of the loan, resulting in an increase to interest due of
$7,524,173; which shall be recognized 80 percent in the General Fund and 20 percent in the Housing Authority.
Additionally, adjustments to the principal balance of the loan totaling $180,123 were recorded to reflect new
regulation which provided that loan repayments must first be applied to principal, then interest. These items
totaling $7,344,050 are considered to be extraordinary gains in the governmental funds and governmental
activities and an extraordinary loss in the Successor Agency Private Purpose Trust.
CITY OF LA QUINTA, CALIFORNIA
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2017
73
NOTE 19: RESTATEMENT TO BEGINNING FUND BALANCE
The City determined that property tax accumulated and held by the County of Riverside that was previously
considered unavailable revenue is available to fund current obligations. Accordingly, beginning fund balance in
the General Fund has been restated to reflect accumulated resources of the beginning of the period.
General Fund
Fund balance, beginning of year as previously reported 89,996,528$
Adjustment to recognize property tax held with County 8,569,043
Fund balance, beginning of year as restated 98,565,571$
CITY OF LA QUINTA, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE BY DEPARTMENT
GENERAL FUND
YEAR ENDED JUNE 30, 2017
See accompanying note to the required supplementary information.
74
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 98,565,571$ 98,565,571$ 98,565,571$ -$
Resources (Inflows):
Taxes 29,877,100 31,377,100 41,098,707 9,721,607
Licenses and permits 1,272,400 1,364,400 1,118,911 (245,489)
Intergovernmental 6,936,700 6,976,700 250,000 (6,726,700)
Charges for services 1,270,400 1,366,400 1,021,336 (345,064)
Use of money and property 516,600 516,600 360,068 (156,532)
Fines and forfeitures 212,400 253,400 348,345 94,945
Miscellaneous 132,600 138,600 149,872 11,272
Extraordinary Item - - 5,875,240 5,875,240
Transfer In 190,400 190,400 9,503 (180,897)
Amounts Available for Appropriations 138,974,171 140,749,171 148,797,553 8,048,382
Charges to Appropriation (Outflows):
General government
Legislative 288,300 293,400 272,268 21,132
City manager 815,400 849,000 845,572 3,428
City attorney 416,000 506,000 410,887 95,113
Marketing 828,100 905,100 830,898 74,202
Human resources 385,100 417,100 407,779 9,321
City clerk 568,800 577,600 528,440 49,160
Fiscal services 1,094,500 1,145,900 1,018,009 127,891
Central services 980,600 929,300 863,952 65,348
The Hub Customer Services 672,200 717,800 638,565 79,235
Public safety
Police 14,670,400 14,832,400 14,451,364 381,036
Public buildings 1,409,500 1,413,100 1,376,355 36,745
Code compliance 1,001,500 1,017,600 911,979 105,621
Building & safety 905,000 909,100 695,620 213,480
Fire 6,531,300 6,591,300 5,816,590 774,710
Planning and development
Current planning 566,300 594,300 504,011 90,289
Parks and recreation
Community services admin 832,200 836,300 783,382 52,918
Wellness center 612,600 606,700 522,039 84,661
Recreation Programs/Special Events 134,200 135,700 129,865 5,835
Park maintenance 1,694,900 1,718,500 1,708,801 9,699
Public works
Administration 1,052,600 1,061,400 1,003,341 58,059
Development services 617,100 623,100 436,843 186,257
Maintenance/operations - street - - 10,755 (10,755)
Engineering services 1,491,200 2,396,206 1,858,331 537,875
Capital outlay 32,500 2,305,500 2,280,802 24,698
Transfers out 3,674,300 8,081,749 3,028,632 5,053,117
Total Charges to Appropriations 41,274,600 49,464,155 41,335,080 8,129,075
Budgetary Fund Balance, June 30 97,699,571$ 91,285,016$ 107,462,473$ 16,177,457$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
HOUSING AUTHORITY
YEAR ENDED JUNE 30, 2017
See accompanying note to the required supplementary information.
75
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 17,330,789$ 17,330,789$ 17,330,789$ -$
Resources (InFlows):
Use of money and property 889,600 889,600 1,219,341 329,741
Extraordinary item - - 1,468,810 1,468,810
Other income - - 2,750,038 2,750,038
Amounts Available for Appropriations 18,220,389 18,220,389 22,768,978 4,548,589
Charges to Appropriation (OutFlows):
Planning and development
Administration 152,200 167,400 159,621 7,779
Low/Mod Housing 615,200 615,200 687,419 (72,219)
Debt service
Principal retirement 66,300 66,300 66,625 (325)
Interest and fiscal charges 126,500 126,500 125,003 1,497
Total Charges to Appropriations 960,200 975,400 1,038,668 (63,268)
Budgetary Fund Balance, June 30 17,260,189$ 17,244,989$ 21,730,310$ 4,485,321$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
MISCELLANEOUS PLAN
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS *
76
2015 2016 2017
Proportion of the Net Pension Liability 0.10339% 0.12604% 0.12567%
Proportionate Share of the Net Pension Liability 6,433,391$ 8,651,290$ 10,874,098$
Covered Payroll 5,421,945$ 5,480,758$ 5,569,002$
Proportionate Share of the net pension liability as a
Percentage of Covered Payroll 118.65%157.85%195.26%
Plan Fiduciary Net Position as a Percentage of the 79.82%78.40%74.06%
Total Pension Liability
* - Fiscal year 2015 was the first year of implementation, therefore, only three years are shown.
Changes in Assumptions
The discount rate changed from 7.5 percent used for the June 30, 2014 measurement date to 7.65% used for the
June 30, 2015 measurement date.
Covered Payroll
In accordance with GASB Statement No. 82, Pension Issues - An Amendment of GASB Statement No. 67, No. 68, and No. 73,
we have restated to show covered payroll based on pensionable earnings.
CITY OF LA QUINTA, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
MISCELLANEOUS PLAN
SCHEDULE OF PLAN CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS *
77
201520162017
Actuarially Determined Contributions - Miscellaneous 728,073$ 797,603$ 949,231$
Contributions in Relation to the Actuarially Determined Contribution (728,073) (797,603) (949,231)
Contribution Deficiency (Excess)-$ -$ -$
Covered Payroll 5,480,758$ 5,569,002$ 5,739,416$
Contributions as a Percentage of Covered Payroll 13.28% 14.32% 16.54%
* - Fiscal year 2015 was the first year of implementation, therefore, only three years are shown.
Covered Payroll
In accordance with GASB Statement No. 82, Pension Issues- An Amendment of GASB Statement No. 67, No. 68,
and No. 73 , we have restated to show covered payroll based on pensionable earnings.
CITY OF LA QUINTA, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
OTHER POST-EMPLOYMENT BENEFITS
SCHEDULE OF FUNDING PROGRESS
JUNE 30, 2017
78
Actuarial Actuarial Actuarial Percent of
Type of Valuation Value of Accrued Funded Covered Covered Interest
Valuation Date Assets Liability Ratio Payroll Payroll Rate
Actual 7/1/2011 -$ 428,328$ 0% 7,459,445$ 5.7% 5.0%
Actual 7/1/2014 - 851,125 0% 5,372,588 15.8% 4.0%
Information for additional valuations will be reflected as they become available.
CITY OF LA QUINTA, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
NOTE TO REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2017
79
NOTE 1: BUDGETS AND BUDGETARY ACCOUNTING
a.Budget Procedures
General Budget Policies
The City adopts an annual budget prepared on the modified accrual basis of accounting for its
governmental funds and on the accrual basis of accounting for its proprietary funds. The City manager or
his designee is authorized to transfer budgeted amounts between the accounts of any department or funds
that are approved by City Council. Prior year appropriations lapse unless they are approved for carryover
into the following fiscal year. Expenditures may not legally exceed appropriations at the department level.
Encumbrances
Encumbrances are estimations of costs related to unperformed contracts for goods and services. These
commitments are recorded for budgetary control purposes in the General, Special Revenue, and similar
governmental funds. Encumbrances outstanding at year-end are reported as an unassigned fund balance.
They represent the estimated amount of the expenditure ultimately to result if unperformed contracts in
process at year end are completed. They do not constitute expenditures or estimated liabilities.
Budget Basis of Accounting
Budgets for governmental funds are adopted on a basis consistent with generally accepted accounting
principles (GAAP). The Housing Authority PA No.1, Housing Authority PA No. 2, Transportation
Uniform Mitigation Fee, Development Agreement, Indian Gaming, and Infrastructure Funds did not
adopt a budget.
This page left blank intentionally.
80
OTHER GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for specific revenues (other than expendable trusts and major capital
projects) and the related expenditures that are legally required to be accounted for in a separate fund. The City of
La Quinta has the following Special Revenue Funds:
State Gas Tax Fund – To account for gasoline allocations made by the State of California. These revenues are
restricted by the State to expenditures for street-related purposes only.
Library and Museum Fund – To account for revenues from property tax increment dedicated library and museum
services.
Federal Assistance Fund – To account for revenues from the Community Development Block Grants received
from the Federal Government and the expenditures of those resources.
State Law Enforcement Services Account (SLESA) Fund – To account for state funded “Citizens for Public
Safety” (COPS) program activities, as per Assembly Bill 3229, which supplements frontline police services such
as anti-gang community crime prevention.
Indian Gaming Fund – To account for contributions for public safety activities to reduce crime and increase
public safety.
Lighting and Landscape Special Assessment District 89-1 Fund – To account for special assessments levied on
real property and the expenditure thereof from City-wide lighting and landscape maintenance and improvements.
Quimby Fund – To account for the accumulation of developer fees received under the provisions of the Quimby
Act for park development and improvements. Capital projects to be funded from this source will be budgeted and
expended in a separate capital projects fund.
La Quinta Public Safety Officer Fund – To account for contributions to be distributed to public safety officers
disabled or killed in the line of duty.
Art in Public Places – To account for development fees paid in lieu of acquisition and installation of approved
artworks in a development with expenditures restricted to acquisition, installation, maintenance and repair of
artworks at approved sites.
South Coast Air Quality Fund – To account for contributions from the South Coast Air Quality Management
District. Use is limited to reduction and control of airborne pollutants.
AB 939 Fund – To account for the State mandated program to reduce waste sent to the landfills through recycling
efforts.
Development Agreement Fund – To account for the proceeds of development agreement revenues collected and
the related expenditures in accordance with State requirements.
Law Enforcement Fund – To account for law enforcement grants.
Justice Assistance Grant Fund – To account for Federal Bureau of Justice Block Grant program grant funds,
which are used to reduce crime and improve public safety.
Measure A Fund – To account for the revenues and expenditures related to Measure A monies.
Transportation Uniform Mitigation Fee Fund – To account for the revenues and expenditures related to
Transportation Uniform Mitigation Fee monies.
81
CAPITAL PROJECT FUNDS
Capital projects funds account for the financial resources to be used for the acquisition, construction or
improvements of major capital facilities and infrastructure.
Infrastructure Fund – To account for the accumulation of resources provided through developer fees for the
acquisition, construction or improvement of the City’s infrastructure, prior to adoption of the new Developer
Impact Fee Structure on August 16, 1999. This fund accounts for all developer resources received prior to this
date, and is budgeted by the Council through adoption of the annual capital improvement program budget.
Transportation Fund, Parks and Recreations Fund, Library Development Fund, Community Center Fund, Street
Facility Fund, Park Facility Fund, Fire Facility Fund – To account for the accumulation of resources provided
through developer fees for the acquisition, construction, or improvement of the City’s infrastructure. The
Developer Impact Fee was adopted by the City Council on August 16, 1999. Eight new funds have been
established to account for the specific impact areas of these fees, and are budgeted by the Council through
adoption of the annual Capital Improvement Program budget.
DEBT SERVICE FUNDS
Debt Service Funds are used to account for the accumulation of resources for, and the payment of, governmental
long-term debt principal and interest.
La Quinta Financing Authority Fund – To account for rental activity for the Civic Center and rental income used
to pay the Financing Authority Civic Center and 2004 Local Agency Revenue Bond debt obligations.
CITY OF LA QUINTA, CALIFORNIA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2017
82
Housing Housing
Authority PA Authority PA Library and
No. 1 No. 2 Gas Tax Museum
Assets:
Pooled cash and investments -$ -$337,798$ 4,492,392$
Receivables:
Taxes - - - -
Accrued interest - - 531 6,705
Prepaid costs - - - 2,534
Due from other governments - - - 841,805
Total Assets -$ -$338,329$ 5,343,436$
Liabilities, Deferred Inflow of
Resources and Fund Balances:
Liabilities:
Accounts payable -$ -$2,169$ 14,756$
Accrued liabilities -- 8,620 -
Unearned revenues -- - -
Due to other governments -- - -
Due to other funds -- - -
Advances from other funds -- - -
Total Liabilities - - 10,789 14,756
Deferred Inflow of Resources:
Unavailable revenues - - - 841,805
Fund Balances:
Nonspendable:
Prepaid costs - - - 2,534
Restricted for:
Planning and development projects - - - -
Public safety - - - -
Community services - - - 4,484,341
Public works - - 327,540 -
Capital projects - - - -
Unassigned - - - -
Total Fund Balances - - 327,540 4,486,875
Total Liabilities, Deferred Inflows
of Resources and Fund Balances -$ -$338,329$ 5,343,436$
Special Revenue Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2017
83
Assets:
Pooled cash and investments
Receivables:
Taxes
Accrued interest
Prepaid costs
Due from other governments
Total Assets
Liabilities, Deferred Inflow of
Resources and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other governments
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflow of Resources:
Unavailable revenues
Fund Balances:
Nonspendable:
Prepaid costs
Restricted for:
Planning and development projects
Public safety
Community services
Public works
Capital projects
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows
of Resources and Fund Balances
Federal Lighting and
Assistance SLESA Indian Gaming Landscaping
-$ 1$ 39,841$ 383,706$
- - - 18,530
- 1 - 477
- - - -
- - - -
-$ 2$ 39,841$ 402,713$
-$ 9,870$ -$ 37,204$
- - - 1,336
- - 1,793 -
- - - -
- 4,571 - -
- - - -
- 14,441 1,793 38,540
- - - -
- - - -
- - - -
- - 38,048 -
- - - -
- - - 364,173
- - - -
- (14,439) - -
- (14,439) 38,048 364,173
-$ 2$ 39,841$ 402,713$
Special Revenue Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2017
84
Assets:
Pooled cash and investments
Receivables:
Taxes
Accrued interest
Prepaid costs
Due from other governments
Total Assets
Liabilities, Deferred Inflow of
Resources and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other governments
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflow of Resources:
Unavailable revenues
Fund Balances:
Nonspendable:
Prepaid costs
Restricted for:
Planning and development projects
Public safety
Community services
Public works
Capital projects
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows
of Resources and Fund Balances
Art in South Coast
Quimby Public Safety Public Places Air Quality
4,998,174$ 38,092$ 549,593$ 162,763$
- - - -
7,373 56 804 239
- - - -
- - - 12,977
5,005,547$ 38,148$ 550,397$ 175,979$
-$ -$63$ 9,733$
-- - -
-- - -
-- - -
-- - -
-- - -
- - 63 9,733
- - - -
- - - -
- - - 166,246
-38,148 - -
5,005,547 -550,334 -
- ---
- ---
- ---
5,005,547 38,148 550,334 166,246
5,005,547$ 38,148$ 550,397$ 175,979$
Special Revenue Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2017
85
Assets:
Pooled cash and investments
Receivables:
Taxes
Accrued interest
Prepaid costs
Due from other governments
Total Assets
Liabilities, Deferred Inflow of
Resources and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other governments
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflow of Resources:
Unavailable revenues
Fund Balances:
Nonspendable:
Prepaid costs
Restricted for:
Planning and development projects
Public safety
Community services
Public works
Capital projects
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows
of Resources and Fund Balances
Justice
Development Law Assistance
AB 939 Agreement Enforcement Grant
760,276$ 136,015$ 10,068$ -$
2,634 - - -
1,080 200 275 -
- - - -
10,271 - 6,018 -
774,261$ 136,215$ 16,361$ -$
-$ -$ -$ -$
- - - -
- - - -
- - - -
- - 3,033 268
- - - -
- - 3,033 268
- - 6,018 -
- - - -
774,261 - - -
- - 7,310 -
- - - -
- - - -
- 136,215 - -
- - - (268)
774,261 136,215 7,310 (268)
774,261$ 136,215$ 16,361$ -$
Special Revenue Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2017
86
Assets:
Pooled cash and investments
Receivables:
Taxes
Accrued interest
Prepaid costs
Due from other governments
Total Assets
Liabilities, Deferred Inflow of
Resources and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other governments
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflow of Resources:
Unavailable revenues
Fund Balances:
Nonspendable:
Prepaid costs
Restricted for:
Planning and development projects
Public safety
Community services
Public works
Capital projects
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows
of Resources and Fund Balances
Transportation
Uniform
Measure A Mitigation Fee Infrastructure Transportation
734,548$ 30,896$ 23,697$ 3,651,365$
119,163 - - -
1,081 56 35 5,461
- - - -
- - - -
854,792$ 30,952$ 23,732$ 3,656,826$
-$ 29,861$ -$ -$
- - - -
- - - -
- - - -
- - - -
- - - -
- 29,861 - -
- - - -
- - - -
- 1,091 - -
- -- -
- -- -
854,792 - - -
- -23,732 3,656,826
- - - -
854,792 1,091 23,732 3,656,826
854,792$ 30,952$ 23,732$ 3,656,826$
Special Revenue Funds Capital Projects Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2017
87
Assets:
Pooled cash and investments
Receivables:
Taxes
Accrued interest
Prepaid costs
Due from other governments
Total Assets
Liabilities, Deferred Inflow of
Resources and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other governments
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflow of Resources:
Unavailable revenues
Fund Balances:
Nonspendable:
Prepaid costs
Restricted for:
Planning and development projects
Public safety
Community services
Public works
Capital projects
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows
of Resources and Fund Balances
Parks and Library Community
Recreation Development Center Street Facility
558,795$ -$ 114,798$ -$
- - - -
- - 166 -
- - - -
- - - -
558,795$ -$ 114,964$ -$
-$ -$ -$ -$
- - - -
- - - -
- 1,609,835 - -
- - - 122
- - - 1,897,525
- 1,609,835 - 1,897,647
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
558,795 - 114,964 -
- (1,609,835) - (1,897,647)
558,795 (1,609,835) 114,964 (1,897,647)
558,795$ -$ 114,964$ -$
Capital Project Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2017
88
Assets:
Pooled cash and investments
Receivables:
Taxes
Accrued interest
Prepaid costs
Due from other governments
Total Assets
Liabilities, Deferred Inflow of
Resources and Fund Balances:
Liabilities:
Accounts payable
Accrued liabilities
Unearned revenues
Due to other governments
Due to other funds
Advances from other funds
Total Liabilities
Deferred Inflow of Resources:
Unavailable revenues
Fund Balances:
Nonspendable:
Prepaid costs
Restricted for:
Planning and development projects
Public safety
Community services
Public works
Capital projects
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows
of Resources and Fund Balances
Debt Service
Funds
Total
Financing Governmental
Park Facility Fire Facility Authority Funds
1$ -$ 5$ 17,022,824$
- - - 140,327
1 - - 24,541
- - - 2,534
- - - 871,071
2$ -$ 5$ 18,061,297$
-$ -$ 100$ 103,756$
-- - 9,956
-- - 1,793
-- - 1,609,835
-- - 7,994
-552,665 -2,450,190
-552,665 100 4,183,524
- - - 847,823
- - - 2,534
- - - 941,598
- - - 83,506
- - - 10,040,222
- - - 1,546,505
2 - - 4,490,534
-(552,665)(95)(4,074,949)
2 (552,665) (95)13,029,950
2$ -$ 5$ 18,061,297$
Capital Project Funds
This page left blank intentionally.
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2017
89
Housing Housing
Authority PA Authority PA Library and
No. 1 No. 2 Gas Tax Museum
Revenues:
Taxes -$ -$-$-$
Assessments -- --
Intergovernmental -- 763,277 2,403,350
Use of money and property -- 3,448 22,030
Developer participation -- - -
Miscellaneous -- 5,388 -
Total Revenues - - 772,113 2,425,380
Expenditures:
Current:
General government - - - -
Public safety - - - -
Planning and development - - - -
Community services - - - 1,450,275
Public works - - 1,186,511 -
Capital outlay - - - -
Debt service:
Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures - - 1,186,511 1,450,275
Excess (Deficiency) of Revenues
Over (Under) Expenditures - - (414,398) 975,105
Other Financing Sources (Uses):
Transfers in - - 480,500 -
Transfers out (10,919,559) (6,411,230) - -
Total Other Financing Sources (Uses)(10,919,559) (6,411,230) 480,500 -
Net Change in Fund Balances (10,919,559) (6,411,230) 66,102 975,105
Fund Balances, Beginning of Year 10,919,559 6,411,230 261,438 3,511,770
Fund Balances, End of Year -$ -$327,540$ 4,486,875$
Special Revenue Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2017
90
Revenues:
Taxes
Assessments
Intergovernmental
Use of money and property
Developer participation
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Planning and development
Community services
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
Federal Lighting and
Assistance SLESA Indian Gaming Landscaping
-$ -$-$ -$
- -- 953,699
125,755 129,325 - -
-(198)(107) 779
--- -
--- 6,626
125,755 129,127 (107) 961,104
- - - -
-117,243 - -
--- -
--- -
--- 1,244,239
--- -
- - - -
- - - -
-117,243 - 1,244,239
125,755 11,884 (107) (283,135)
- - - 488,500
(112,841) - - -
(112,841) - - 488,500
12,914 11,884 (107) 205,365
(12,914) (26,323) 38,155 158,808
-$ (14,439)$ 38,048$ 364,173$
Special Revenue Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2017
91
Revenues:
Taxes
Assessments
Intergovernmental
Use of money and property
Developer participation
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Planning and development
Community services
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
Art in South Coast
Quimby Public Safety Public Places Air Quality
-$ -$ -$ -$
- - - -
- - - 51,050
23,995 193 2,740 824
104,224 - 44,921 -
- - --
128,219 193 47,661 51,874
- - - -
- - - -
- - - 38,286
- - 32,042 -
- - - -
- - 32,271 -
- - - -
- - - -
- - 64,313 38,286
128,219 193 (16,652) 13,588
-2,000 - -
(557,338) - - -
(557,338) 2,000 - -
(429,119) 2,193 (16,652) 13,588
5,434,666 35,955 566,986 152,658
5,005,547$ 38,148$ 550,334$ 166,246$
Special Revenue Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2017
92
Revenues:
Taxes
Assessments
Intergovernmental
Use of money and property
Developer participation
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Planning and development
Community services
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
Justice
Development Law Assistance
AB 939 Agreement Enforcement Grant
17,072$ -$ -$ -$
- - - -
32,598 - 34,470 9,003
3,473 25,116 1,465 (25)
- - - -
- 110,537 - -
53,143 135,653 35,935 8,978
- - - -
- - 208,981 -
15,057 - - -
- - - -
- - - -
- - - -
- - - -
- - - -
15,057 - 208,981 -
38,086 135,653 (173,046) 8,978
- - - -
- - - -
- - - -
38,086 135,653 (173,046) 8,978
736,175 562 180,356 (9,246)
774,261$ 136,215$ 7,310$ (268)$
Special Revenue Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2017
93
Revenues:
Taxes
Assessments
Intergovernmental
Use of money and property
Developer participation
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Planning and development
Community services
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
Transportation
Uniform
Measure A Mitigation Fee Infrastructure Transportation
716,338$ -$ -$ -$
- -- -
- -- -
2,491 220 114 18,007
- - - 370,465
8,551 - - -
727,380 220 114 388,472
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
727,380 220 114 388,472
- - - -
(664,141) - - (203,047)
(664,141) - - (203,047)
63,239 220 114 185,425
791,553 871 23,618 3,471,401
854,792$ 1,091$ 23,732$ 3,656,826$
Special Revenue Funds Capital Projects Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2017
94
Revenues:
Taxes
Assessments
Intergovernmental
Use of money and property
Developer participation
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Planning and development
Community services
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
Parks and Library Community
Recreation Development Center Street Facility
-$ -$ -$ -$
- - - -
- - - -
(2,659) - 553 -
202,752 34,056 12,771 15,126
- - - -
200,093 34,056 13,324 15,126
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- 12,890 - 15,191
- 12,890 - 15,191
200,093 21,166 13,324 (65)
- - - 3,969
- - - -
- - - 3,969
200,093 21,166 13,324 3,904
358,702 (1,631,001) 101,640 (1,901,551)
558,795$ (1,609,835)$ 114,964$ (1,897,647)$
Capital Projects Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2017
95
Revenues:
Taxes
Assessments
Intergovernmental
Use of money and property
Developer participation
Miscellaneous
Total Revenues
Expenditures:
Current:
General government
Public safety
Planning and development
Community services
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances, Beginning of Year
Fund Balances, End of Year
Debt Service
Funds
Total
Financing Governmental
Park Facility Fire Facility Authority Funds
-$ -$-$ 733,410$
- - - 953,699
- - - 3,548,828
9 -678,105 780,573
3,960 45,400 - 833,675
- - - 131,102
3,969 45,400 678,105 6,981,287
- - 2,702 2,702
- - - 326,224
- - - 53,343
- - - 1,482,317
- - - 2,430,750
- - - 32,271
- - 585,000 585,000
- 4,581 86,441 119,103
- 4,581 674,143 5,031,710
3,969 40,819 3,962 1,949,577
- - - 974,969
(3,969) -(4,057) (18,876,182)
(3,969) -(4,057)(17,901,213)
- 40,819 (95)(15,951,636)
2 (593,484)- 28,981,586
2$ (552,665)$ (95)$ 13,029,950$
Capital Projects Funds
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
STATE GAS TAX
YEAR ENDED JUNE 30, 2017
96
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 261,438$ 261,438$ 261,438$ -$
Resources (InFlows):
Intergovernmental 817,600 783,000 763,276 (19,724)
Use of money and property 1,000 1,000 8,836 7,836
Transfers in 480,500 480,500 480,500 -
Amounts Available for Appropriatons 1,560,538 1,525,938 1,514,050 (11,888)
Charges to Appropriation (OutFlows):
Public works 1,299,200 1,339,700 1,186,510 153,190
Total Charges to Appropriations 1,299,200 1,339,700 1,186,510 153,190
Budgetary Fund Balance, June 30 261,338$ 186,238$ 327,540$ 141,302$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
LIBRARY
YEAR ENDED JUNE 30, 2017
97
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 3,511,770$ 3,511,770$ 3,511,770$ -$
Resources (InFlows):
Intergovernmental 2,244,000 2,244,000 2,403,350 159,350
Use of money and property 6,000 6,000 22,030 16,030
Amounts Available for Appropriatons 5,761,770 5,761,770 5,937,150 175,380
Charges to Appropriation (OutFlows):
Community services 1,717,400 1,748,400 1,450,275 298,125
Transfers out - 71,918 - 71,918
Total Charges to Appropriations 1,717,400 1,820,318 1,450,275 370,043
Budgetary Fund Balance, June 30 4,044,370$ 3,941,452$ 4,486,875$ 545,423$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
FEDERAL ASSISTANCE
YEAR ENDED JUNE 30, 2017
98
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (12,914)$ (12,914)$ (12,914)$ -$
Resources (InFlows):
Intergovernmental 125,800 125,800 125,755 (45)
Amounts Available for Appropriatons 112,886 112,886 112,841 (45)
Charges to Appropriation (OutFlows):
Transfers out 20,200 20,200 112,841 (92,641)
Total Charges to Appropriations 20,200 20,200 112,841 (92,641)
Budgetary Fund Balance, June 30 92,686$ 92,686$ -$ (92,686)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
SLESA
YEAR ENDED JUNE 30, 2017
99
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (26,323)$ (26,323)$ (26,323)$ -$
Resources (InFlows):
Intergovernmental 100,000 100,000 129,324 29,324
Use of money and property 100 100 (198) (298)
Amounts Available for Appropriatons 73,777 73,777 102,803 29,026
Charges to Appropriation (OutFlows):
Public safety - - 117,242 (117,242)
Total Charges to Appropriations - - 117,242 (117,242)
Budgetary Fund Balance, June 30 73,777$ 73,777$ (14,439)$ (88,216)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
LIGHTING AND LANDSCAPING
YEAR ENDED JUNE 30, 2017
100
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 158,808$ 158,808$ 158,808$ -$
Resources (InFlows):
Assessments 958,900 958,900 953,699 (5,201)
Use of money and property - - 7,404 7,404
Transfers in 488,500 488,500 488,500 -
Amounts Available for Appropriatons 1,606,208 1,606,208 1,608,411 2,203
Charges to Appropriation (OutFlows):
Public works 1,467,400 1,468,700 1,244,238 224,462
Total Charges to Appropriations 1,467,400 1,468,700 1,244,238 224,462
Budgetary Fund Balance, June 30 138,808$ 137,508$ 364,173$ 226,665$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
QUIMBY
YEAR ENDED JUNE 30, 2017
101
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 5,434,666$ 5,434,666$ 5,434,666$ -$
Resources (InFlows):
Investment income 12,000 12,000 23,995 11,995
Developer participation 75,000 75,000 104,224 29,224
Amounts Available for Appropriatons 5,521,666 5,521,666 5,562,885 41,219
Charges to Appropriation (OutFlows):
Transfers out 437,300 4,395,289 557,338 3,837,951
Total Charges to Appropriations 437,300 4,395,289 557,338 3,837,951
Budgetary Fund Balance, June 30 5,084,366$ 1,126,377$ 5,005,547$ 3,879,170$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
PUBLIC SAFETY
YEAR ENDED JUNE 30, 2017
102
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 35,955$ 35,955$ 35,955$ -$
Resources (InFlows):
Use of money and property 100 100 193 93
Transfers in 2,000 2,000 2,000 -
Amounts Available for Appropriatons 38,055 38,055 38,148 93
Budgetary Fund Balance, June 30 38,055$ 38,055$ 38,148$ 93$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
ART IN PUBLIC PLACES
YEAR ENDED JUNE 30, 2017
103
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 566,986$ 566,986$ 566,986$ -$
Resources (InFlows):
Use of money and property 3,500 3,500 2,740 (760)
Developer participation 95,000 95,000 44,921 (50,079)
Amounts Available for Appropriatons 665,486 665,486 614,647 (50,839)
Charges to Appropriation (OutFlows):
Community services 2,000 2,000 32,042 (30,042)
Capital outlay 127,000 127,000 32,271 94,729
Transfers out - 200,000 - 200,000
Total Charges to Appropriations 129,000 329,000 64,313 264,687
Budgetary Fund Balance, June 30 536,486$ 336,486$ 550,334$ 213,848$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
SOUTH COAST AIR QUALITY
YEAR ENDED JUNE 30, 2017
104
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 152,658$ 152,658$ 152,658$ -$
Resources (InFlows):
Intergovernmental 45,000 45,000 51,050 6,050
Use of money and property 300 300 824 524
Amounts Available for Appropriatons 197,958 197,958 204,532 6,574
Charges to Appropriation (OutFlows):
Planning and development 30,000 30,000 38,286 (8,286)
Total Charges to Appropriations 30,000 30,000 38,286 (8,286)
Budgetary Fund Balance, June 30 167,958$ 167,958$ 166,246$ (1,712)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
AB 939
YEAR ENDED JUNE 30, 2017
105
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 736,175$ 736,175$ 736,175$ -$
Resources (InFlows):
Intergovernmental 50,000 50,000 49,670 (330)
Miscellaneous revenue 2,500 2,500 3,473 973
Amounts Available for Appropriatons 788,675 788,675 789,318 643
Charges to Appropriation (OutFlows):
Planning and development 20,000 20,000 15,057 4,943
Total Charges to Appropriations 20,000 20,000 15,057 4,943
Budgetary Fund Balance, June 30 768,675$ 768,675$ 774,261$ 5,586$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
LAW ENFORCEMENT
YEAR ENDED JUNE 30, 2017
106
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 180,356$ 180,356$ 180,356$ -$
Resources (InFlows):
Intergovernmental 23,100 23,100 34,470 11,370
Use of money and property 500 500 1,465 965
Amounts Available for Appropriatons 203,956 203,956 216,291 12,335
Charges to Appropriation (OutFlows):
Public safety 46,700 46,700 208,981 (162,281)
Total Charges to Appropriations 46,700 46,700 208,981 (162,281)
Budgetary Fund Balance, June 30 157,256$ 157,256$ 7,310$ (149,946)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
JUSTICE ASSISTANCE GRANT
YEAR ENDED JUNE 30, 2017
107
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (9,246)$ (9,246)$ (9,246)$ -$
Resources (InFlows):
Intergovernmental 9,000 9,000 9,003 3
Use of money and property - - (25) (25)
Amounts Available for Appropriatons (246) (246) (268) (22)
Budgetary Fund Balance, June 30 (246)$ (246)$ (268)$ (22)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
MEASURE A
YEAR ENDED JUNE 30, 2017
108
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 791,553$ 791,553$ 791,553$ -$
Resources (InFlows):
Taxes 752,500 752,500 716,338 (36,162)
Use of money and property - - 11,042 11,042
Amounts Available for Appropriatons 1,544,053 1,544,053 1,518,933 (25,120)
Charges to Appropriation (OutFlows):
Transfers out 651,000 1,755,784 664,141 1,091,643
Budgetary Fund Balance, June 30 893,053$ (211,731)$ 854,792$ 1,066,523$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
CAPITAL IMPROVEMENT
YEAR ENDED JUNE 30, 2017
109
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (295,141)$ (295,141)$ (295,141)$ -$
Resources (InFlows):
Intergovernmental 105,800 105,800 638,315 532,515
Use of money and property - - (9,435) (9,435)
Contributions 3,105,300 3,105,300 -(3,105,300)
Developer participation - - 110,136 110,136
Transfers in 4,116,200 16,795,454 3,188,253 (13,607,201)
Amounts Available for Appropriatons 7,032,159 19,711,413 3,632,128 (16,079,285)
Charges to Appropriation (OutFlows):
Capital outlay 190,400 20,196,783 3,810,926 16,385,857
Total Charges to Appropriations 190,400 20,196,783 3,810,926 16,385,857
Budgetary Fund Balance, June 30 6,841,759$ (485,370)$ (178,798)$ 306,572$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
CIVIC CENTER
YEAR ENDED JUNE 30, 2017
110
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (7,212,007)$ (7,212,007)$ (7,212,007)$ -$
Resources (InFlows):
Use of money and property - - (17) (17)
Developer participation 200,000 200,000 98,757 (101,243)
Amounts Available for Appropriatons (7,012,007) (7,012,007) (7,113,267) (101,260)
Charges to Appropriation (OutFlows):
Debt service:
Interest and fiscal charges - - 55,994 (55,994)
Total Charges to Appropriations - - 55,994 (55,994)
Budgetary Fund Balance, June 30 (7,012,007)$ (7,012,007)$ (7,169,261)$ (157,254)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
TRANSPORTATION
YEAR ENDED JUNE 30, 2017
111
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 3,471,401$ 3,471,401$ 3,471,401$ -$
Resources (InFlows):
Use of money and property 19,000 19,000 18,007 (993)
Developer participation 650,000 650,000 370,465 (279,535)
Amounts Available for Appropriatons 4,140,401 4,140,401 3,859,873 (280,528)
Charges to Appropriation (OutFlows):
Transfers out 675,900 3,489,739 203,047 3,286,692
Budgetary Fund Balance, June 30 3,464,501$ 650,662$ 3,656,826$ 3,006,164$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
PARKS AND RECREATION
YEAR ENDED JUNE 30, 2017
112
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 358,702$ 358,702$ 358,702$ -$
Resources (InFlows):
Use of money and property - - (2,659) (2,659)
Developer participation 350,000 350,000 202,752 (147,248)
Amounts Available for Appropriatons 708,702 708,702 558,795 (149,907)
Budgetary Fund Balance, June 30 708,702$ 708,702$ 558,795$ (149,907)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
LIBRARY DEVELOPMENT
YEAR ENDED JUNE 30, 2017
113
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (1,631,001)$ (1,631,001)$ (1,631,001)$ -$
Resources (InFlows):
Developer participation 65,000 65,000 34,056 (30,944)
Amounts Available for Appropriatons (1,566,001) (1,566,001) (1,596,945) (30,944)
Charges to Appropriation (OutFlows):
Debt service:
Interest and fiscal charges - - 12,890 (12,890)
Total Charges to Appropriations - - 12,890 (12,890)
Budgetary Fund Balance, June 30 (1,566,001)$ (1,566,001)$ (1,609,835)$ (43,834)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
COMMUNITY CENTER
YEAR ENDED JUNE 30, 2017
114
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 101,640$ 101,640$ 101,640$ -$
Resources (InFlows):
Use of money and property 400 400 553 153
Developer participation 35,200 35,200 12,771 (22,429)
Amounts Available for Appropriatons 137,240 137,240 114,964 (22,276)
Budgetary Fund Balance, June 30 137,240$ 137,240$ 114,964$ (22,276)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
STREET FACILITY
YEAR ENDED JUNE 30, 2017
115
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (1,901,551)$ (1,901,551)$ (1,901,551)$ -$
Resources (InFlows):
Developer participation 35,000 35,000 15,126 (19,874)
Transfers in - - 3,969 3,969
Amounts Available for Appropriatons (1,866,551) (1,866,551) (1,882,456) (15,905)
Charges to Appropriation (OutFlows):
Debt service:
Interest and fiscal charges - - 15,191 (15,191)
Total Charges to Appropriations - - 15,191 (15,191)
Budgetary Fund Balance, June 30 (1,866,551)$ (1,866,551)$ (1,897,647)$ (31,096)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
PARK FACILITY
YEAR ENDED JUNE 30, 2017
116
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 2$ 2$ 2$ -$
Resources (InFlows):
Use of money and property - - 9 9
Developer participation 7,000 7,000 3,960 (3,040)
Amounts Available for Appropriatons 7,002 7,002 3,971 (3,031)
Charges to Appropriation (OutFlows):
Debt service:
Interest and fiscal charges - - 3,969 (3,969)
Total Charges to Appropriations - - 3,969 (3,969)
Budgetary Fund Balance, June 30 7,002$ 7,002$ 2$ (7,000)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
FIRE FACILITY
YEAR ENDED JUNE 30, 2017
117
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 (593,484)$ (593,484)$ (593,484)$ -$
Resources (InFlows):
Developer participation 80,000 80,000 45,400 (34,600)
Amounts Available for Appropriatons (513,484) (513,484) (548,084) (34,600)
Charges to Appropriation (OutFlows):
Debt service:
Interest and fiscal charges - - 4,581 (4,581)
Total Charges to Appropriations - - 4,581 (4,581)
Budgetary Fund Balance, June 30 (513,484)$ (513,484)$ (552,665)$ (39,181)$
Budget Amounts
CITY OF LA QUINTA, CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
FINANCING AUTHORITY
YEAR ENDED JUNE 30, 2017
118
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 -$ -$ -$ -$
Resources (InFlows):
Use of money and property 678,100 678,100 678,105 5
Developer participation
Amounts Available for Appropriatons 678,100 678,100 678,105 5
Charges to Appropriation (OutFlows):
General government 5,000 5,000 2,702 2,298
Debt service:
Principal retirement 555,000 555,000 585,000 (30,000)
Interest and fiscal charges 118,100 118,100 86,441 31,659
Transfers out - 4,057 4,057 -
Total Charges to Appropriations 678,100 682,157 678,200 3,957
Budgetary Fund Balance, June 30 -$ (4,057)$ (95)$ 3,962$
Budget Amounts
119
INTERNAL SERVICE FUNDS
Internal service funds are used to account for activities involved in rendering services to departments within the
City. Costs of materials and services used are accumulated in this fund and charged to the user departments as
such goods are delivered or services rendered.
The City of La Quinta has the following Internal Service Funds:
Equipment Replacement Fund – To account for the operational maintenance and ultimate replacement of City
owned and operated vehicles and equipment.
Information Technology Fund – To account for the purchase and replacement of information systems.
Park Equipment and Facilities Fund – To account for the purchase and replacement of City owned parked facility
infrastructure.
Insurance Fund – To account for the City’s insurance coverage.
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2017
120
Park
Equipment Information Equipment
Replacement Technology and Facilities Insurance Totals
Assets:
Current:
Cash and investments 2,904,952$ 809,788$ 3,094,088$ -$ 6,808,828$
Receivables:
Accrued interest 4,260 1,025 4,383 6 9,674
Prepaid costs -17,244 - 669,385 686,629
Total Current Assets 2,909,212 828,057 3,098,471 669,391 7,505,131
Noncurrent:
Capital assets - net of accumulated depreciation 1,005,564 430,645 13,620,086 - 15,056,295$
Total Assets 3,914,776$ 1,258,702$ 16,718,557$ 669,391$ 22,561,426$
Liabilities and Net Position
Liabilities:
Current:
Accounts payable 2,699$ 21,075$ 315$ -$ 24,089$
Accrued liabilities -802 -1,129 1,931
Due to other funds --- 502,084 502,084
Current portion of capital leases 90,413 47,503 --137,916
Total Current Liabilities 93,112$ 69,380$ 315$ 503,213$ 666,020
Noncurrent:
Long-term portion of capital leases 337,215 5,112 - - 342,327
Total Liabilities 430,327 74,492 315 503,213 1,008,347
Net Position:
Net investment in capital assets 577,936 378,030 13,620,086 - 14,576,052
Unrestricted 2,906,513 806,180 3,098,156 166,178 6,977,027
Total Net Position 3,484,449 1,184,210 16,718,242 166,178 21,553,079
Total Liabilities and Net Position 3,914,776$ 1,258,702$ 16,718,557$ 669,391$ 22,561,426$
Governmental Activities - Internal Service Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2017
121
Park
Equipment Information Equipment and
Replacement Technology Facilities Insurance Totals
Operating Revenues:
Sales and service charges 448,802$ 855,457$ 533,700$ 627,000$ 2,464,959$
Operating Expenses:
Administration and general 2,000 803 -244,847 247,650
Fuel and oil 47,760 - - - 47,760
Maintenance and parts 222,134 -6,400 - 228,534
Contract services - 414,254 45,108 - 459,362
Software and supplies - 264,800 -359,398 624,198
Depreciation expense 137,806 147,824 524,724 - 810,354
Total Operating Expenses 409,700 827,681 576,232 604,245 2,417,858
Operating Income (Loss)39,102 27,776 (42,532) 22,755 47,101
Nonoperating Revenue (Expenses):
Interest revenue 14,190 2,452 14,460 (258) 30,844
Miscellaneous revenue 31,085 -40,105 10,289 81,479
Interest expense - (1,863)- - (1,863)
Gain on disposal of capital assets (5,691) - - - (5,691)
Total Nonoperating
Revenues (Expenses)39,584 589 54,565 10,031 104,769
Income (Loss) 78,686 28,365 12,033 32,786 151,870
Net Position:
Beginning of Year 3,405,763 1,155,845 16,706,209 133,392 21,401,209
End of Fiscal Year 3,484,449$ 1,184,210$ 16,718,242$ 166,178$ 21,553,079$
Governmental Activities - Internal Service Funds
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2017
122
Park
Equipment Information Equipment
Replacement Technology and Facilities Insurance Totals
Cash Flows from Operating Activities:
Cash received from interfund services provided 448,800$ 855,457$ 533,700$ 627,439$ 2,465,396$
Cash paid to suppliers for goods and services (275,363) (702,007) (51,193) (637,470) (1,666,033)
Net Cash Provided (Used) by
Operating Activities 173,437 153,450 482,507 (10,031) 799,363
Cash Flows from Capital
and Related Financing Activities:
Capital contributions - - 40,105 - 40,105
Acquistition and construction of capital assets (496,732) (18,131) (109,881) - (624,744)
Interest paid on capital debt - (1,863) - - (1,863)
Capital lease 427,628 (64,846) - - 362,782
Proceeds from sales of capital assets (5,691) - - - (5,691)
Net Cash Provided/(Used) for
Capital and Related Financing Activities (74,795) (84,840) (69,776) - (229,411)
Cash Flows from Non-Capital
and Related Financing Activities:
Other receipts 31,085 - - 10,031 41,116
Cash Flows from Investing Activities
Interest received 15,185 2,866 15,127 - 33,178$
Net Cash Provided by
Investing Activities 15,185 2,866 15,127 - 33,178
Net Increase (Decrease) in Cash and
Cash Equivalents 144,912 71,476 427,858 - 644,246
Cash and Cash Equivalents at Beginning of Year 2,760,040 738,312 2,666,230 - 6,164,582
Cash and Cash Equivalents at End of Year 2,904,952$ 809,788$ 3,094,088$ -$ 6,808,828$
- - -
Reconciliation of Operating Income to Net Cash
Provided (used) by Operating Activities:
Operating income (loss) 39,102$ 27,776$ (42,532)$ 22,755$ 47,101$
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 137,806 147,824 524,724 - 810,354
(Increase) decrease in prepaid expenses - (15,244) - (249,092) (264,336)
Increase (decrease) in accounts payable (3,471) (7,708) 315 - (10,864)
Increase (decrease) in accrued liabilities - 802 - 439 1,241
Increase (decrease) in due to other funds - - - 215,867 215,867
Total Adjustments 134,335 125,674 525,039 (32,786) 752,262
Net Cash Provided (Used) by
Operating Activities 173,437$ 153,450$ 482,507$ (10,031)$ 799,363$
Non-Cash Investing, Capital, and Financing Activities:
There were no non-cash transactions in the current year.
Governmental Activities - Internal Service Funds
123
AGENCY FUNDS
Agency funds are used to account for assets held by the City as an agent for individual, private organizations and
other governmental units. The agency funds and their purposes are as follows:
The City of La Quinta has the following agency funds:
Assessment District No. 97-1 and 2001-1 – To account for assessments paid to the City for debt services payments
on bond issues used to finance sewer improvements.
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF NET POSITION
ALL AGENCY FUNDS
JUNE 30, 2017
124
Assessment Assessment
District No. 97-1 District No. 2001 Totals
Assets:
Pooled cash and investments 29,051$ 144,261$ 173,312$
Receivables:
Taxes 733 - 733
Total Assets 29,784$ 144,261$ 174,045$
Liabilities:
Deposits payable 29,784 144,261 174,045$
Total Liabilities 29,784$ 144,261$ 174,045$
CITY OF LA QUINTA, CALIFORNIA
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
YEAR ENDED JUNE 30, 2017
125
Balance Balance
7/1/2016 Additions Deductions 6/30/2017
Assessment District No. 97-1
Assets:
Pooled cash and investments 161,659$ 53,514$ 186,122$ 29,051$
Receivables:
Taxes 1,870 732 1,869 733
Accrued interest 294 -294 -
Total Assets 163,823$ 54,246$ 188,285$ 29,784$
Liabilities:
Deposits payable 163,823$ 319,527$ 453,566$ 29,784$
Total Liabilities 163,823$ 319,527$ 453,566$ 29,784$
Assessment District No. 2001-1
Assets:
Pooled cash and investments 141,784$ 3,726$ 1,249$ 144,261$
Receivables:
Taxes 3,321 -3,321 -
Total Assets 145,105$ 3,726$ 4,570$ 144,261$
Liabilities:
Deposits payable 145,105$ 3,726$ 4,570$ 144,261$
Total Liabilities 145,105$ 3,726$ 4,570$ 144,261$
Total - All Agency Funds
Assets:
Pooled cash and investments 303,443$ 57,239$ 187,371$ 173,311$
Receivables:
Taxes 5,191 733 5,190 734
Accrued interest 294 -294 -
Total Assets 308,928$ 57,972$ 192,855$ 174,045$
Liabilities:
Deposits payable 308,928$ 323,253$ 458,136$ 174,045$
Total Liabilities 308,928$ 323,253$ 458,136$ 174,045$
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126
STATISTICAL SECTION (UNAUDITED)
This part of the City of La Quinta' comprehensive annual financial report presents detailed information as a
context for understanding what the information in the financial statements, note disclosures, and required
supplementary information says about the City's overall financial health.
Contents Page
Financial Trends
These schedules contain trend information to help the reader understand
how the City’s financial performance and well-being have changed over time. 127
Revenue Capacity
These schedules contain information to help the reader assess the City’s most
significant local revenue sources, general and Redevelopment property taxes. 139
Debt Capacity
These schedules present information to help the reader assess the affordability of the
City’s current levels of outstanding debt and the City’s ability to issue additional debt
in the future. 148
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the City’s financial activities take place. 155
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the City’s financial report relates to the services
the City provides and the activities it performs. 158
Sources: Unless otherwise noted, the information in these schedules was derived from the City's comprehensive
annual financial reports for the relevant year.
CITY OF LA QUINTA
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year
2008 2009 2010 2011 2012
Governmental Activities:
Net investment in capital assets 343,019,328$ 323,669,955$ 336,459,272$ 276,787,752$ 534,388,479$
Restricted 86,041,189 105,297,168 96,332,870 107,042,126 26,585,382
Unrestricted 79,642,102 96,654,981 77,187,433 97,009,428 89,832,811
Total Governmental Activities Net Position 508,702,619 525,622,104 509,979,575 480,839,306 650,806,672
Business-Type Activities:
Net investment in capital assets 42,778,015 42,536,608 42,879,482 42,491,051 42,105,683
Restricted - - - - -
Unrestricted (3,109,524) (3,937,454) (4,863,848) (4,918,951) (4,745,892)
Total Business-Type Activities Net Position 39,668,491 38,599,154 38,015,634 37,572,100 37,359,791
Primary Government:
Net investment in capital assets 385,797,343 366,206,563 379,338,754 319,278,803 576,494,162
Restricted 86,041,189 105,297,168 96,332,870 107,042,126 26,585,382
Unrestricted 76,532,578 92,717,527 72,323,585 92,090,477 85,086,919
Total Primary Government Net Position 548,371,110 564,221,258 547,995,209 518,411,406 688,166,463
Fiscal Year
Source:City of La Quinta
127
TABLE 1
2013 2014 2015 2016 2017
529,681,342$ 527,614,666$ 523,495,389$ 516,499,682$ 517,039,487$
49,598,397 53,669,248 62,472,221 61,148,731 38,824,860
83,399,745 83,907,046 74,362,189 84,439,071 118,125,125
662,679,484 665,190,960 660,329,799 662,087,484 673,989,472
41,741,443 41,354,565 44,118,111 43,898,784 43,836,868
- - - - -
(4,750,604) (4,674,666) (4,892,647) (5,086,906) (5,140,966)
36,990,839 36,679,899 39,225,464 38,811,878 38,695,902
571,422,785 568,969,231 567,613,500 560,398,466 560,876,355
49,598,397 53,669,248 62,472,221 61,148,731 38,824,860
78,649,141 79,232,380 69,469,542 79,352,165 112,984,159
699,670,323 701,870,859 699,555,263 700,899,362 712,685,374
128
CITY OF LA QUINTA
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
2008 2009 2010 2011 2012
Expenditures:
Governmental activities:
General government 6,953,073$ 7,836,146$ 34,287,068$ 11,283,358$ 6,183,712$
Public safety 13,472,036 19,736,941 21,274,519 21,070,458 20,815,454
Planning and development 35,323,858 7,317,689 5,173,326 18,715,283 6,378,352
Community services 5,797,116 14,808,850 15,923,380 4,735,964 5,093,402
Public works 11,097,526 11,100,833 12,326,726 10,757,279 13,288,521
Contribution to other agencies - - - 31,324,064 -
Interest on long-term debt 15,522,441 15,631,438 15,330,603 14,353,359 3,021,496
Total governmental activities expenditures 88,166,050 76,431,897 104,315,622 112,239,765 54,780,937
Business-type activities:
Golf course 4,761,581 4,440,546 4,169,768 4,202,274 4,085,282
Total business-type activities expenditures 4,761,581 4,440,546 4,169,768 4,202,274 4,085,282
92,927,631 80,872,443 108,485,390 116,442,039 58,866,219
Program Revenues:
Governmental activities:
Charges for services:
General government 8,328 25,053 21,439 47,696 86,869
Public safety 2,050,492 1,373,952 1,100,491 1,044,399 1,020,822
Planning and development 134,211 138,391 69,391 74,471 68,470
Community services 374,092 275,178 250,557 210,151 247,397
Public works 1,900,437 1,308,702 1,124,647 1,086,771 1,080,744
Operating grants and contributions 5,905,664 10,725,280 15,363,650 13,152,942 11,289,673
Capital grants and contributions 50,090,419 10,647,270 5,974,311 3,157,828 9,990,793
Total governmental activities program revenues 60,463,643 24,493,826 23,904,486 18,774,258 23,784,768
Business-type activities:
Charges for services:
Golf course 3,814,233 3,368,135 3,584,996 3,756,615 3,871,898
Capital grants and contributions 352,687 - - - -
Total business-type activities program revenues 4,166,920 3,368,135 3,584,996 3,756,615 3,871,898
64,630,563 27,861,961 27,489,482 22,530,873 27,656,666
Net Revenues (Expenditures):
Governmental activities (27,702,407) (51,938,071) (80,411,136) (93,465,507) (30,996,169)
Business-type activities (594,661) (1,072,411) (584,772) (445,659) (213,384)
(28,297,068) (53,010,482) (80,995,908) (93,911,166) (31,209,553)
General Revenues and Other Changes in Net Position:
Governmental activities:
Taxes:
Property taxes 6,014,305 6,653,583 6,278,470 5,942,353 21,370,476
Tax increment 42,114,893 36,702,197 35,390,317 32,569,795 -
Transient occupancy taxes 5,327,203 4,480,467 4,265,438 4,737,968 5,446,883
Sales tax 8,492,213 7,279,513 6,927,388 7,323,835 7,713,741
Franchise taxes 1,748,082 1,533,249 1,585,427 1,607,829 1,687,440
Business license taxes 317,011 285,304 302,223 285,270 293,592
Other taxes 641,705 455,089 461,957 437,235 428,963
Motor vehicle in lieu, unrestricted 3,803,647 3,940,801 3,714,437 3,515,395 3,173,826
Investment income 10,230,489 7,387,244 5,362,684 4,693,974 1,925,255
Gain (loss) on sale of capital assets 57,346 21,542 2,330 - -
Miscellaneous 1,220,627 118,567 477,936 3,211,584 268,644
Extraordinary gain/loss on dissolution of RDA - - - - 158,654,715
Transfers - - - - -
Total governmental activities 79,967,521 68,857,556 64,768,607 64,325,238 200,963,535
Business-type activities:
Investment income 4,310 3,074 1,252 2,125 1,075
Gain (loss) on sale of capital assets (47,721) - - - -
Miscellaneous - - - - -
Transfers - - - - -
Total business-type activities (43,411) 3,074 1,252 2,125 1,075
Total Primary Government 79,924,110 68,860,630 64,769,859 64,327,363 200,964,610
Changes in Net Position
Governmental activities 52,265,114 16,919,485 (15,642,529) (29,140,269) 169,967,366
Business-type activities (638,072) (1,069,337) (583,520) (443,534) (212,309)
Total Primary Government 51,627,042 15,850,148 (16,226,049) (29,583,803) 169,755,057
Total Primary Government Expenditures
Total Primary Government Program Revenues
Fiscal Year
Total Net Revenues (Expenditures)
Source:City of La Quinta
129
TABLE 2
2013 2014 2015 2016 2017
4,511,023$ 4,830,239$ 5,166,732$ 5,645,004$ 5,565,727$
21,047,691 21,169,423 21,636,149 22,067,603 23,378,824
2,274,541 3,098,015 2,212,013 3,359,732 2,882,321
4,986,104 4,130,085 5,992,362 6,214,098 6,584,268
11,803,133 12,610,994 18,116,732 12,157,245 10,927,160
- - - - -
447,048 405,977 340,716 343,129 309,463
45,069,540 46,244,733 53,464,704 49,786,811 49,647,763
4,208,855 4,971,977 5,053,360 4,373,586 3,965,644
4,208,855 4,971,977 5,053,360 4,373,586 3,965,644
49,278,395 51,216,710 58,518,064 54,160,397 53,613,407
38,812 71,042 121,140 192,538 504,127
927,604 1,412,819 1,655,421 1,378,704 341,368
112,695 595,980 489,589 467,053 564,327
245,392 1,224,719 307,869 386,824 453,098
1,209,438 1,195,703 1,197,069 1,134,630 741,703
28,068,940 14,587,153 16,829,107 12,213,338 6,187,803
3,981,286 3,536,444 1,076,145 3,316,153
30,602,881 23,068,702 24,136,639 16,849,232 12,108,579
3,736,879 3,481,424 3,561,857 3,621,495 3,446,340
- - 2,872,122 - -
3,736,879 3,481,424 6,433,979 3,621,495 3,446,340
34,339,760 26,550,126 30,570,618 20,470,727 15,554,919
(14,466,659) (23,176,031) (29,328,065) (32,937,579) (37,539,184)
(471,976) (1,490,553) 1,380,619 (752,091) (519,304)
(14,938,635) (24,666,584) (27,947,446) (33,689,670) (38,058,488)
7,043,604 9,193,753 8,776,491 8,798,296 15,521,335
- - - - -
5,980,684 6,307,737 6,637,183 7,835,745 9,433,970
7,833,545 8,786,819 8,873,008 9,107,046 10,060,305
1,669,476 1,688,263 1,861,453 1,799,938 1,815,491
292,966 307,654 306,087 334,465 365,451
518,778 580,834 530,336 516,964 585,333
3,157,330 3,291,042 3,486,367 3,651,549 3,813,213
1,605,718 2,190,357 1,981,343 2,390,468 442,710
28,551 - - - -
192,509 243,498 296,346 376,193 460,614
(2,189,984) (6,402,450) - - 7,344,050
- (500,000) (247,739) (115,400) (401,300)
26,133,177 25,687,507 32,500,875 34,695,264 49,441,172
2,225 1,567 2,043 4,282 2,028
- - - - -
100,799 678,046 915,164 218,823 -
- 500,000 247,739 115,400 401,300
103,024 1,179,613 1,164,946 338,505 403,328
26,236,201 26,867,120 33,665,821 35,033,769 49,844,500
11,666,518 2,511,476 3,172,810 1,757,685 11,901,988
(368,952) (310,940) 2,545,565 (413,586) (115,976)
11,297,566 2,200,536 5,718,375 1,344,099 11,786,012
130
CITY OF LA QUINTA
Changes in Net Position - Governmental Activities
Last Ten Fiscal Years
(accrual basis of accounting)
2008 2009 2010 2011 2012
Expenditures:
General government 6,953,073$ 7,836,146$ 34,287,068$ 11,283,358$ 6,183,712$
Public safety 13,472,036 19,736,941 21,274,519 21,070,458 20,815,454
Planning and development 35,323,858 7,317,689 5,173,326 18,715,283 6,378,352
Community services 5,797,116 14,808,850 15,923,380 4,735,964 5,093,402
Public works 11,097,526 11,100,833 12,326,726 10,757,279 13,288,521
Contribution to other agencies - - - 31,324,064 -
Interest on long-term debt 15,522,441 15,631,438 15,330,603 14,353,359 3,021,496
Total Governmental Activities Expenditures 88,166,050 76,431,897 104,315,622 112,239,765 54,780,937
Program Revenues:
Charges for services:
General government 8,328 25,053 21,439 47,696 86,869
Public safety 2,050,492 1,373,952 1,100,491 1,044,399 1,020,822
Planning and development 134,211 138,391 69,391 74,471 68,470
Community services 374,092 275,178 250,557 210,151 247,397
Public works 1,900,437 1,308,702 1,124,647 1,086,771 1,080,744
Operating grants and contributions 5,905,664 10,725,280 15,363,650 13,152,942 11,289,673
Capital grants and contributions 50,090,419 10,647,270 5,974,311 3,157,828 9,990,793
60,463,643 24,493,826 23,904,486 18,774,258 23,784,768
Net Revenues (Expenditures)(27,702,407) (51,938,071) (80,411,136) (93,465,507) (30,996,169)
General Revenues and Other Changes in Net Position:
Taxes:
Property taxes 6,014,305 6,653,583 6,278,470 5,942,353 21,370,476
Tax increment 42,114,893 36,702,197 35,390,317 32,569,795 -
Transient occupancy taxes 5,327,203 4,480,467 4,265,438 4,737,968 5,446,883
Sales tax 8,492,213 7,279,513 6,927,388 7,323,835 7,713,741
Franchise tax 1,748,082 1,533,249 1,585,427 1,607,829 1,687,440
Business license taxes 317,011 285,304 302,223 285,270 293,592
Other tax 641,705 455,089 461,957 437,235 428,963
Motor vehicle in lieu, unrestricted 3,803,647 3,940,801 3,714,437 3,515,395 3,173,826
Investment income 10,230,489 7,387,244 5,362,684 4,693,974 1,925,255
Gain (loss) on sale of capital assets 57,346 21,542 2,330 - -
Miscellaneous 1,220,627 118,567 477,936 3,211,584 268,644
Extraordinary gain/loss on dissolution of RDA - - - - 158,654,715
Transfers - - - - -
Total Governmental Activities 79,967,521 68,857,556 64,768,607 64,325,238 200,963,535
Changes in Net Position 52,265,114 16,919,485 (15,642,529) (29,140,269) 169,967,366
Fiscal Year
Total Governmental Activities Program Revenues
Source:City of La Quinta
131
TABLE 3
2013 2014 2015 2016 2017
4,511,023$ 4,830,239$ 5,166,732$ 5,645,004$ 5,565,727$
21,047,691 21,169,423 21,636,149 22,067,603 23,378,824
2,274,541 3,098,015 2,212,013 3,359,732 2,882,321
4,986,104 4,130,085 5,992,362 6,214,098 6,584,268
11,803,133 12,610,994 18,116,732 12,157,245 10,927,160
- - - - -
447,048 405,977 340,716 343,129 309,463
45,069,540 46,244,733 53,464,704 49,786,811 49,647,763
38,812 71,042 121,140 192,538 504,127
927,604 1,412,819 1,655,421 1,378,704 341,368
112,695 595,980 489,589 467,053 564,327
245,392 1,224,719 307,869 386,824 453,098
1,209,438 1,195,703 1,197,069 1,134,630 741,703
28,068,940 14,587,153 16,829,107 12,213,338 6,187,803
4,115,238 3,981,286 3,536,444 1,076,145 3,316,153
34,718,119 23,068,702 24,136,639 16,849,232 12,108,579
(10,351,421) (23,176,031) (29,328,065) (32,937,579) (37,539,184)
7,043,604 9,193,753 8,776,491 8,798,296 15,521,335
- - - - -
5,980,684 6,307,737 6,637,183 7,835,745 9,433,970
7,833,545 8,786,819 8,873,008 9,107,046 10,060,305
1,669,476 1,688,263 1,861,453 1,799,938 1,815,491
292,966 307,654 306,087 334,465 365,451
518,778 580,834 530,336 516,964 585,333
3,157,330 3,291,042 3,486,367 3,651,549 3,813,213
1,605,718 2,190,357 1,981,343 2,390,468 442,710
28,551 - - 376,193 460,614
192,509 243,498 296,346 - -
(2,189,984) (6,402,450) - - 7,344,050
- (500,000) (247,739) (115,400) (401,300)
26,133,177 25,687,507 32,500,875 34,695,264 49,441,172
15,781,756 2,511,476 3,172,810 1,757,685 11,901,988
132
CITY OF LA QUINTA
Changes in Net Position - Business-type Activities
Last Ten Fiscal Years
(accrual basis of accounting)
2008 2009 2010 2011 2012
Expenditures:
Golf course 4,761,581$ 4,440,546$ 4,169,768$ 4,202,274$ 4,085,282$
Total Business-Type Activities Expenditures 4,761,581 4,440,546 4,169,768 4,202,274 4,085,282
Program revenues:
Charges for services:
Golf course 3,814,233 3,368,135 3,584,996 3,756,615 3,871,898
Capital grants and contributions 352,687 - - - -
4,166,920 3,368,135 3,584,996 3,756,615 3,871,898
Net Revenues (Expenditures)(594,661) (1,072,411) (584,772) (445,659) (213,384)
General Revenues and Other Changes in Net Position:
Investment income 4,310 3,074 1,252 2,125 1,075
Gain (loss) on sale of capital assets (47,721) - - - -
Miscellaneous - - - - -
Transfers - - - - -
Capital contributions - - - - -
Total Business-Type Activities (43,411) 3,074 1,252 2,125 1,075
Changes in Net Position (638,072) (1,069,337) (583,520) (443,534) (212,309)
Total Business-Type Activities Program Revenues
Fiscal Year
Source:City of La Quinta
133
TABLE 4
2013 2014 2015 2016 2017
4,208,855$ 4,971,977$ 5,053,360$ 4,373,586$ 3,965,644$
4,208,855 4,971,977 5,053,360 4,373,586 3,965,644
3,736,879 3,481,424 3,561,857 3,621,495 3,446,340
- - 2,872,122 - -
3,736,879 3,481,424 6,433,979 3,621,495 3,446,340
(471,976) (1,490,553) 1,380,619 (752,091) (519,304)
2,225 1,567 2,043 4,282 2,028
- - - - -
100,799 678,046 915,164 218,823 -
- 500,000 247,739 115,400 401,300
- - - - -
103,024 1,179,613 1,164,946 338,505 403,328
(368,952) (310,940) 2,545,565 (413,586) (115,976)
134
CITY OF LA QUINTA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2008 (1)2009 (1)2010 (1)2011 2012
General fund:
Nonspendable:
Prepaid costs 10,601$ 12,424$ 9,030$ 23,260$ 27,481$
Land held for resale - - - 8,320,000 8,320,000
Advances to other funds 45,264,966 46,137,692 57,897,671 15,373,104 15,417,929
Deposits 4,825 9,830 9,830 9,967 118,516
Due from Other Governments - - - - -
Restricted for:
Debt service - - - 169,631 173,426
Committed:
Emergency reserve 19,651,824 18,201,948 17,774,648 18,018,595 17,516,295
Post retirement health benefits - - 1,258,059 1,258,059 1,523,401
Capital Projects 2,100,000 2,144,085 - - -
Working capital reserve - - - - -
Carryovers - - - - -
Other 2,161,131 - - - -
Assigned:
Continuing appropriations 2,835,297 3,485,747 1,555,176 1,768,494 1,041,172
Public Safety (Note 13b)- - - - -
Capital Projects (Note 13b)- - - - -
Unassigned 20,423,375 22,335,655 13,525,704 48,140,444 47,737,861
Total general fund 92,452,019 92,327,381 92,030,118 93,081,554 91,876,081
All other governmental funds:
Nonspendable:
Prepaid costs 5,353 19,197 7,740 10,563 12,875
Notes and loans 2,076,063 2,067,028 2,088,709 2,081,614 2,065,611
Advances to other funds 4,402,213 4,321,119 4,293,166 4,569,188 -
Deposits - 4,540 6,400 6,000 13,600
Restricted:
Planning and development projects 21,906,749 25,807,752 31,032,124 34,018,930 10,767,199
Public safety 198,843 245,468 48,852 96,364 245,187
Community services 11,406,628 11,387,631 11,675,417 10,248,314 11,162,057
Public works 309,566 7,539,181 448,731 396,355 145,823
Capital Projects 69,626,275 50,556,856 53,123,856 58,111,106 4,089,156
Debt service 5,094,635 5,490,098 3,890 4,001,426 2,534
Assigned:
Continuing appropriations - 2,000 - - -
Unassigned (19,653,179) (19,339,823) (33,626,907) (13,250,398) (13,248,593)
Total all other governmental funds 95,373,146 88,101,047 69,101,978 100,289,462 15,255,449
Fiscal Year
Notes:
(1)In Fiscal Year 2009-2010, the City implemented GASB 54 which changed the reporting requirements for fund balances in the financial statements. This table has
been updated to reflect the impact of GASB 54 not only for Fiscal Year 2009-10 but for all prior years.
Source:City of La Quinta
135
TABLE 5
2013 2014 2015 2016 2017
11,786$ 1,500$ 15,653$ 204,589$ 10,578$
8,320,000 8,320,000 8,320,000 8,320,000 8,320,000
15,509,691 15,163,183 14,943,098 14,974,800 15,022,660
4,830 4,830 33,985 - -
41,378,966 34,976,516 26,715,575 25,105,681 29,154,040
- - - - -
16,034,995 16,034,995 15,372,600 15,576,000 16,534,000
1,523,401 1,523,401 1,523,401 1,523,400 1,523,400
2,848,737 1,507,429 1,727,390 2,302,000 -
- 2,836,820 3,843,150 3,894,000 4,134,000
- 356,438 476,400 4,274,046 120,000
- -- - -
1,013,533 209,000 - - -
- - - - 9,371,699
- - - - 6,322,570
5,926,651 10,699,641 13,837,312 13,822,012 16,949,526
92,572,590 91,633,753 86,808,564 89,996,528 107,462,473
10,310 - - 8,244 10,349
2,062,589 - - - -
- - - - -
13,600 - - - -
3,730,533 5,970,006 13,108,499 18,211,200 22,664,093
258,968 274,274 301,843 189,988 83,506
11,626,441 12,459,516 10,711,704 9,872,124 10,040,222
262,754 1,571,163 1,129,697 1,250,827 1,546,505
1,392,581 1,590,168 3,873,699 3,597,221 4,490,534
2,234 - - - -
- - - - -
(13,179,196) (12,370,462) (12,703,744) (11,655,344) (11,423,008)
6,180,814 9,494,665 16,421,698 21,474,438 27,412,201
136
CITY OF LA QUINTA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2008 2009 2010 2011 2012
Revenues:
Taxes 105,870,933$ 99,816,072$ 93,831,918$ 88,498,457$ 53,632,023$
Assessments 909,229 927,816 966,639 956,048 950,292
Licenses and permits 2,107,035 871,167 472,409 547,071 482,831
Intergovernmental 15,382,135 18,679,355 19,473,076 19,005,643 15,875,582
Charges for services 1,334,060 673,779 484,043 501,418 635,111
Use of money and property 12,874,926 7,043,646 5,338,679 4,670,732 1,914,518
ContributionsFInes and Forfeitures 37,643,190 240,591 395,823 327,751 303,773
Developer participation 6,537,991 2,243,785 273,739 945,805 903,144
Miscellaneous 629,471 720,185 608,342 319,763 276,327
Total Revenues 183,288,970 131,216,396 121,844,668 115,772,688 74,973,601
Expenditures
Current:
General government 7,367,144 7,230,436 30,220,882 10,885,519 4,881,922
Public safety 17,181,775 18,946,866 20,116,936 19,826,372 19,669,517
Planning and development 15,374,160 7,261,835 6,028,492 8,460,420 4,314,646
Community services 5,336,757 4,698,985 4,204,626 4,147,758 4,086,686
Public works 6,563,494 6,324,055 6,862,887 4,808,060 6,192,733
Capital projects 82,883,317 32,363,859 14,514,910 21,287,775 13,335,989
Debt service:
Principal retirement 5,949,311 6,319,580 6,616,412 7,011,261 7,066,726
Interest and fiscal charges 15,424,708 15,348,598 15,357,968 15,037,919 6,701,079
Payment to bond escrow - - - - -
Payments under pass-through obligations 42,989,023 42,426,670 38,710,894 35,607,089 16,755,441
Total Expenditures 199,069,689 140,920,884 142,634,007 127,072,173 83,004,739
(15,780,719) (9,704,488) (20,789,339) (11,299,485) (8,031,138)
Other financing sources (uses):
Issuance of tax allocation bonds - - - 6,000,000 -
Issuance of revenue bonds - - - 28,850,000 -
Transfers in 88,604,682 40,502,929 30,386,372 61,657,034 12,554,752
Transfers out (87,342,608) (40,527,930) (28,893,365) (61,652,479) (12,580,120)
Other debts issued - 2,332,752 - - -
Capital leases 182,094 - - - -
Proceeds from sale of capital assets 158,061 - - 8,683,850 875,275
Total Other Financing Sources (Uses)1,602,229 2,307,751 1,493,007 43,538,405 849,907
Extraordinary gain/loss on dissolution of RDA - - - - (79,058,255)
Net Change in Fund Balances (14,178,490) (7,396,737) (19,296,332) 32,238,920 (86,239,486)
47.1%59.0%47.6%53.0%43.7%
Fiscal Year
Excess (Deficiency) of Revenues Over (Under)
Expenditures
Debt Service as a Percentage of Noncapital Expenditures
(1)
Notes:
(1) The capitalizable expenditures were derived from the Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds.
Source:City of La Quinta
137
TABLE 6
2013 2014 2015 2016 2017
23,506,679$ 27,192,089$ 26,678,471$ 28,057,989$ 41,832,117$
954,058 951,181 940,221 944,050 953,699
566,510 953,540 1,356,978 1,161,820 1,118,911
15,464,942 16,506,666 15,702,943 14,960,676 4,870,334
625,813 1,238,277 1,341,438 1,332,541 1,021,336
1,582,762 2,175,048 1,950,957 7,475,742 4,659,301
18,377,253 838,972 1,956,452 28,459 348,345
1,226,825 3,059,254 2,803,681 1,441,075 1,042,568
491,267 575,001 580,843 992,282 289,047
62,796,109 53,490,028 53,311,984 56,394,634 56,135,658
4,587,888 4,068,827 5,050,425 5,267,024 5,845,197
20,168,038 21,189,086 21,664,472 22,125,962 23,377,755
27,514,768 1,748,477 2,097,525 3,294,259 2,549,779
4,411,536 4,011,432 4,798,123 4,983,038 4,626,401
5,067,370 4,617,050 5,283,309 4,101,210 4,025,958
8,622,783 7,974,747 11,097,186 7,209,874 6,859,428
556,871 558,019 594,383 632,615 651,625
437,678 411,010 348,334 346,137 307,600
- - - - -
- - - - -
71,366,932 44,578,648 50,933,757 47,960,119 48,243,743
(8,570,823) 8,911,380 2,378,227 8,434,515 7,891,915
- - - - -
- - - - -
29,841,053 4,201,763 12,037,331 6,420,538 21,503,514
(29,841,053) (4,335,679) (12,322,714) (6,614,349) (21,904,814)
- - - - -
71,045 - 9,000 - -
121,652 - - - -
192,697 (133,916) (276,383) (193,811) (401,300)
- (6,402,450)- - 7,344,050
(8,378,126) 2,375,014 2,101,844 8,240,704 14,834,665
1.6%2.6%2.2%2.4%2.3%
138
City of La Quinta TABLE 7
Tax Revenue by Source
Last Ten Fiscal Years
(in dollars)
Fiscal Year Property Tax (2)Tax Increment (1)
Transient
Occupancy
Tax Sales Tax Franchise Tax
Business
License Tax
Document
Transfer Tax Total
2008 6,014,305$ 42,114,983$ 5,327,203$ 8,492,213$ 1,748,082$ 317,011$ 641,705$ 64,655,502$
2009 6,653,583 36,702,197 4,480,467 7,279,513 1,533,249 285,304 455,089 57,389,402
2010 6,278,470 35,390,317 4,265,438 6,927,388 1,585,427 302,223 461,957 55,211,220
2011 5,942,353 32,569,795 4,737,968 7,323,835 1,607,829 285,270 437,235 52,904,285
2012 21,370,476 - 5,446,883 7,713,741 1,687,440 293,592 428,963 36,941,095
2013 7,043,604 - 5,980,684 7,833,545 1,669,476 292,966 518,778 23,339,053
2014 9,193,753 - 6,307,737 8,786,819 1,688,263 307,654 580,834 26,865,060
2015 8,776,491 - 6,637,183 8,873,008 1,861,453 306,087 530,336 26,984,558
2016 8,798,296 - 7,835,745 9,107,046 1,799,938 334,465 516,964 28,392,454
2017 15,521,335 - 9,433,970 10,060,305 1,815,491 365,451 585,333 37,781,885
Notes:
(1)The tax increment received was a result of the activity of the Redevelopment Agency. On June 28, 2011, California Governor Jerry Brown signed ABx1 26, the
Redevelopment Dissolution Act. The Act was upheld by the California Supreme Court on Dec. 29, 2011, and the agency was effectively dissolved Feb. 1, 2012.
(2)In 2017, the revenue collected by the County that is remitted to the City for fire services was included in the property tax number.
Source:City of La Quinta
$0
$5
$10
$15
$20
$25
$30
$35
$40
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Tax Revenue by Source
(Excluding Tax Increment)
(in millions)
Property Tax (2)Transient Occupancy Tax Sales Tax Franchise Tax Business License Tax Document Transfer Tax
139
City of La Quinta TABLE 8
Top 25 Sales Tax Producers
Current Year and Ten Years Ago
(in dollars)
Arco AM PM Service Stations
Bed Bath & Beyond Home Furnishings
Best Buy Electronics/Appliance Stores
Chevrolet Cadillac of La Quinta New Motor Vehicle Dealers
Circle K Service Stations
Cliffhouse Fine Dining
Costco Discount Dept Stores
Home Depot Building Materials
Hyundai of La Quinta New Motor Vehicle Dealers
Kia of La Quinta New Motor Vehicle Dealers
Kohls Department Stores
La Quinta Resort & Club Hotels-Liquor
68.72%72.28%
Marshalls
Fiscal Year 2016-17
Business Category
Variety Stores
Business Name (1)
99 Cents Only
Grocery Stores
Department Stores
New Motor Vehicle Dealers
Quick-Service Restaurants
Department Stores
Hotels-Liquor
Family Apparel
Ross
Hyundai of La Quinta
Service Stations
Electronics/Appliance Stores
Grocery Stores
Electronics/Appliance Stores
Discount Dept Stores
New Motor Vehicle Dealers
Building Materials
Family Apparel
Business Category
Stater Bros
Stein Mart
T Mobile
Target
Torre Nissan
In N Out Burgers
Kohls
La Quinta Resort & Club
Lowe's
Percent of Fiscal Year Total Paid by Top 25 Accounts:Percent of Fiscal Year Total Paid by Top 25 Accounts:
Verizon Wireless
Vons
Walmart Supercenter
Tower Mart
Discount Dept Stores
Department Stores
Discount Dept Stores
Business Services
New Motor Vehicle Dealers
Service Stations
Discount Dept Stores
Building Materials
Family Apparel
Family Apparel
Discount Dept Stores
Service Stations
Grocery Stores
New Motor Vehicle Dealers
Service Stations
Electronics/Appliance Stores
Discount Dept Stores
Service Stations
Building Materials
Stein Mart
Target
Thane Marketing
Torre Nissan
USA Gas
Walmart Supercenter
Lowe's
Marshalls
Ross
Sams Club
Shell/Texaco
Stater Bros
Champion Cadillac Chevrolet
Circle K
Circuit City
Costco
G & M Oil
Home Depot
Fiscal Year 2007-08
Electronics/Appliance Stores
Arco AM PM
Bed Bath & Beyond
Best Buy
Service Stations
Home Furnishings
Business Name (1)
Notes:
(1)Firms are listed alphabetically. State law does not allow for the disclosure of the sales tax revenue amounts by account.
Source:HDL, Coren & Cone
$0
$2
$4
$6
$8
$10
$12
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Sales Tax Revenue
(in millions)
140
City of La Quinta
Taxable Sales by Category (1)
Last Ten Calendar Years
(in thousands)
2007 2008 2009 2010 2011
23,159$ 22,019$ 22,061$ 22,143$ 23,223$
231,637 226,032 209,394 206,153 211,249
30,399 27,865 26,196 25,351 25,197
81,379 83,310 80,172 79,646 86,433
98,771 74,604 59,747 60,740 62,879
108,815 70,645 33,576 43,566 58,938
53,208 54,413 39,127 46,059 54,342
118,065 111,210 99,779 94,532 97,477
169,896 154,186 120,668 120,291 132,417
915,329 824,284 690,720 698,481 752,155
Fiscal Year
Eating and drinking places
Apparel stores
General merchandise
Food stores
Building materials
Auto dealers and supplies
Service stations
Other retail stores
All other outlets
Total
Notes:
(1)Due to confidentiality issues preventing the disclosure of the top ten largest sales tax payers by business name, this categorical list has been provided as an
alternative source of information regarding the City of La Quinta's sales tax revenue.
Source:HDL. Coren & Cone
Apparel stores
2%
General merchandise
25%
Food stores
3%
Eating and drinking places
9%Building materials
11%
Auto dealers and supplies
12%
Service stations
6%
Other retail stores
13%
All other outlets
19%
Taxable Sales
Calendar Year 2007
141
TABLE 9
2012 2013 2014 2015 2016
24,430$ 25,741$ 25,461$ 25,115$ 26,280$
220,970 223,324 216,871 208,189 206,808
25,854 26,394 25,748 22,845 25,359
94,859 97,662 101,647 106,216 115,974
65,445 68,606 73,087 75,658 78,299
62,668 72,839 84,826 87,440 83,010
56,001 52,093 47,541 40,777 34,566
99,028 100,811 101,721 105,284 107,648
130,421 142,049 150,746 155,173 172,135
779,676 809,519 827,648 826,697 850,079
Apparel stores
3%
General merchandise
24%
Food stores
3%
Eating and drinking
places
14%
Building materials
9%
Auto dealers and
supplies
10%
Service stations
4%
Other retail stores
13%
All other outlets
20%
Taxable Sales
Calendar Year 2016
142
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CITY OF LA QUINTA TABLE 10
Assessed Value of Taxable Property
Last Ten Fiscal Years
(in dollars)
Fiscal Year Ended
June 30, Residential Commercial Agriculture
(4)Other (1)
Unsecured
Property (2)
Home Owner
Exemption(5)
Taxable
Assessed Value Direct Rate
(3)
2008 9,514,081,076$ 789,425,538$ 20,028,196$ 1,494,745,262$ 100,609,062$ (151,817,297)$ 11,918,889,134$ 1.0000
2009 10,034,763,263 827,032,029 20,432,889 1,475,352,236 112,389,346 (152,860,511) 12,469,969,763 1.0000
2010 9,483,530,068 823,821,531 20,845,624 1,358,176,147 120,977,122 (154,942,598) 11,807,350,492 1.0000
2011 8,870,471,785 771,419,124 20,792,716 1,143,332,514 118,651,054 (157,742,188) 10,924,667,193 1.0000
2012 8,612,579,049 725,788,432 20,944,939 920,025,235 104,880,163 (161,420,137) 10,384,217,818 1.0000
2013 8,510,574,371 735,622,855 19,644,835 954,074,172 106,176,279 (164,227,296) 10,326,092,512 1.0000
2014 8,959,562,854 743,340,208 20,374,889 945,004,639 108,387,013 (167,489,253) 10,776,669,603 1.0000
2015 10,116,938,804 1,061,204,501 65,769,114 77,926,274 106,672,900 (49,232,400) 11,379,279,193 1.0000
2016 10,634,834,332 1,088,406,355 64,533,443 79,120,572 113,142,376 (49,130,200) 11,930,906,878 1.0000
2017 11,071,273,174 1,195,736,674 57,463,638 71,281,946 110,768,767 (49,088,200) 12,457,435,999 1.0000
City of La Quinta, Tax District 02-2375
Notes:
(1)Other includes dry farm, government owned, institutional, irrigated, miscellaneous, recreational, vacant, cross reference and unknown. For 2016, prior years 2007 through 2015 were
adjusted to match current reporting categories for consistency.
(2)Prior years 2007 through 2015 adjusted to match current reporting for consistency.
(3)In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being
taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed at the
time that it is sold to a new owner; at which time the new assessed value is the purchase price of the property sold. The assessed valuation data shown above represents the only data
currently available with respect to the actual market value of taxable property and is subject to the limitations described above.
(4)In 2016 (and going forward) data will be obtained from California Municipal and The Assessor Controller's Office. The existing column headers were slightly modified to accommodate
the property type classifications. The column labeld agriculture was formerly "industrial".
(5)Prior to 2015, this column also included Exempt Property Valuations
Source:: Cal Muni; County of Riverside Assessor 2006/07 through 2015/16 Combined Tax Rolls
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
$11,000
$12,000
$13,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Taxable Assessed Value
(in millions)
143
2008 (1)2009 (1)2010 (1)2011 (1)2012 (1)2013 (1)2014 (1)2015 (1)2016 (1)2017 (1)
Direct Rates:
City of La Quinta 0.0760 0.0506 0.0506 0.0734 0.0760 0.0760 0.0760 0.0760 0.0760 0.0760
Redevelopment agency Project Area 1 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Redevelopment agency Project Area 2 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
County of Riverside 0.1960 0.2586 0.2586 0.2318 0.1957 0.1958 0.1958 0.1958 0.1958 0.1958
County Free Library 0.0258 0.0284 0.0284 0.0280 0.0252 0.0253 0.0253 0.0253 0.0253 0.0253
County Structure Fire Protection 0.0540 0.0610 0.0610 0.0602 0.0544 0.0544 0.0544 0.0544 0.0544 0.0544
Coachella Valley Unified School District 0.0000 0.0000 0.0000 0.0000 0.4322 0.4322 0.4322 0.4322 0.4322 0.4322
Desert Sands Unified School 0.4320 0.3765 0.3765 0.3716 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Desert Community College District 0.0700 0.0782 0.0782 0.0772 0.0698 0.0698 0.0698 0.0698 0.0698 0.0698
Riverside County Office of Education 0.0380 0.0426 0.0426 0.0420 0.0380 0.0380 0.0380 0.0380 0.0380 0.0380
Riverside County Regional Park & Open Space 0.0040 0.0000 0.0000 0.0000 0.0040 0.0039 0.0039 0.0039 0.0039 0.0040
CV Public Cemetery 0.0032 0.0035 0.0035 0.0035 0.0032 0.0031 0.0031 0.0031 0.0031 0.0031
CV Mosquito 0.0127 0.0142 0.0142 0.0141 0.0127 0.0127 0.0127 0.0127 0.0126 0.0126
CV Recreation and Park 0.0192 0.0215 0.0215 0.0213 0.0192 0.0192 0.0192 0.0192 0.0192 0.0192
Coachella Valley Water District 0.0250 0.0284 0.0284 0.0281 0.0254 0.0254 0.0254 0.0254 0.0254 0.0254
CV Resource Conservation 0.0003 0.0004 0.0004 0.0004 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003
CVWD Improvement District 1 0.0118 0.0000 0.0000 0.0131 0.0118 0.0118 0.0118 0.0118 0.0118 0.0118
CVWD Storm Water Unit 0.0320 0.0360 0.0360 0.0355 0.0321 0.0321 0.0321 0.0321 0.0321 0.0321
Total Direct Rate (3)1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Tax Rate Area 020-005 020-005 020-005 020-005 020-005 020-005 020-005 020-005 020-160 020-160
Coachella Valley Unified School District 0.0571 0.0595 0.0725 0.0933 0.0749 0.0797 0.1492 0.1492 0.1322 0.1660
Desert Sands Unified School 0.0756 0.0799 0.0811 0.1004 0.1147 0.1116 0.1095 0.1098 0.1092 0.0860
Coachella Valley Water District 0.0507 0.0464 0.0660 0.0860 0.0800 0.0800 0.1000 0.1000 0.1000 0.1000
Desert Community College District 0.0199 0.0199 0.0200 0.0200 0.0200 0.0200 0.0200 0.0233 0.0209 0.0204
Total Overlapping Rate 0.2033 0.2057 0.2395 0.2996 0.2895 0.2912 0.3787 0.3823 0.3622 0.3724
Total Direct and Overlapping Rate 1.2033 1.2057 1.2395 1.2996 1.2895 1.2912 1.3787 1.3823 1.3622 1.3724
Last Ten Fiscal Years
Direct and Overlapping Property Tax Rates
(Rate per $100 of assessed value)
Overlapping Rates (4) :
CITY OF LA QUINTA
City Non-Project Area
Notes:
(1)Direct rate from Tax Rate Area (TRA) 020-160 provided by Hdl Coren & Cone, data source Riverside County Assessor 2016/17 Annual Tax Increment Tables. Overlapping debt rates from
California Municipal Statistics
(2)Direct rate taken from an analysis by the City of La Quinta Finance Department staff of all TRA's in the Project area and do not include State Educational Revenue Augmentation Fund
(ERAF) deductions and overlapping rates provided by California Municipal Statistics.
(3)Direct rate taken from an analysis of the TRA in the project area and do not include State ERAF deductions and overlapping rates provided by California Municipal Statistics
(4)In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount for direct taxes. This 1% is shared by all taxing agencies for which the subject
property resides within.
(5)Overlapping rates are based upon a single tax rate area only.
Notes:
(1)Direct rate from Tax Rate Area (TRA) 020-160 provided by Hdl Coren & Cone, data source Riverside County Assessor 2016/17 Annual Tax Increment Tables. Overlapping debt rates from
California Municipal Statistics
(2)Direct rate taken from an analysis of the TRA in the project area and do not include State ERAF deductions and overlapping rates provided by California Municipal Statistics
(3)In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount for direct taxes. This 1% is shared by all taxing agencies for which the subject
property resides within.
(4)Overlapping rates are based upon a single tax rate area only.
Source:County of Riverside Auditor Controller's Office; HDL, Coren & Cone
144
TABLE 11
2008 (2)2009 (2)2010 (2)2011 (2)2012 (2)2008 (2)2009 (2)2010 (2)2011 (2)2012 (2)
0.0000 0.0152 0.0036 0.0049 0.0524 0.0000 0.0000 0.0000 0.0019 0.0499
0.5150 0.5245 0.5432 0.5310 0.0000 0.0000 0.0000 0.0000 0.0000
0.0000 0.0000 0.0000 0.0000 0.0000 0.2910 0.3193 0.3174 0.3059 0.0000
0.2619 0.2325 0.2501 0.2471 0.2683 0.2617 0.2516 0.2537 0.2511 0.2553
0.0276 0.0277 0.0276 0.0282 0.0294 0.0280 0.0280 0.0280 0.0286 0.0280
0.0595 0.0595 0.0595 0.0607 0.0633 0.0603 0.0603 0.0603 0.0616 0.0602
0.0020 0.0149 0.0167 0.0182 0.0000 0.0020 0.0000 0.0000 0.0000 0.0000
0.0140 0.0695 0.0568 0.0637 0.3905 0.1970 0.1860 0.1859 0.1930 0.3716
0.0720 0.0177 0.0152 0.0166 0.0812 0.0410 0.0386 0.0386 0.0401 0.0772
0.0180 0.0093 0.0027 0.0038 0.0442 0.0220 0.0210 0.0210 0.0218 0.0420
0.0030 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
0.0000 0.0008 0.0002 0.0003 0.0037 0.0000 0.0000 0.0000 0.0001 0.0035
0.0120 0.0112 0.0111 0.0112 0.0148 0.0140 0.0141 0.0141 0.0141 0.0140
0.0010 0.0044 0.0014 0.0019 0.0223 0.0060 0.0053 0.0053 0.0059 0.0212
0.0010 0.0127 0.0120 0.0124 0.0295 0.0760 0.0757 0.0757 0.0740 0.0281
0.0130 0.0001 0.0000 0.0000 0.0004 0.0000 0.0000 0.0000 0.0000 0.0004
0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0005 0.0131
0.0000 0.0000 0.0000 0.0000 0.0000 0.0010 0.0000 0.0000 0.0014 0.0355
1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
020-089 020-089 020-089 020-089 020-089 020-144 020-144 020-144 020-144 020-144
0.0571 0.0595 0.0725 0.0933 0.0749 0.0571 0.0595 0.0725 0.0933 0.0749
0.0756 0.0799 0.0811 0.1004 0.1147 0.0756 0.0799 0.0811 0.1004 0.1147
0.0507 0.0464 0.0660 0.0860 0.0800 0.0507 0.0464 0.0660 0.0860 0.0800
0.0199 0.0199 0.0200 0.0200 0.0200 0.0199 0.0199 0.0200 0.0200 0.0200
0.2033 0.2057 0.2395 0.2996 0.2895 0.2033 0.2057 0.2395 0.2996 0.2895
1.2033 1.2057 1.2395 1.2997 1.2895 1.2033 1.2057 1.2395 1.2996 1.2895
Redevelopment Project Area 2Redevelopment Project Area 1
145
CITY OF LA QUINTA TABLE 12
Principal Property Taxpayers
Current Year and Ten Years Ago
(in dollars)
Rank
Taxable
Assessed Value
(1)
Percent of
Total City
Taxable
Assessed
Value Rank
Taxable
Assessed Value
(1)
Percent of
Total City
Taxable
Assessed
Value
1 194,533,837$ 1.56% -$
2 68,399,708 0.55%-
3 59,798,473 0.48%2 126,163,376 1.06%
4 46,422,245 0.37%-
5 40,326,435 0.32%-
6 33,695,876 0.27%-
7 33,667,126 0.27%10 28,732,627 0.24%
8 29,215,442 0.23%5 40,394,905 0.34%
9 27,174,653 0.22%-
10 25,381,249 0.20%-
- - 1 381,014,226 3.20%
- - 3 49,884,293 0.42%
- - 4 43,469,241 0.36%
- - 6 39,844,877 0.33%
- - 7 36,857,659 0.31%
- - 8 33,146,143 0.28%
- - 9 29,062,910 0.24%
Total 558,615,044$ 4.48%808,570,257$ 6.78%
Fiscal Year 2007-08
Town and Country Partners LLC
Coral Option I LLC
TD Desert Development
Fiscal Year 2016-17
LQR Properties
Inland American La Quinta Pavilion
Walmart Real Estate Business Trust
RREF II CWC LAQ
KSL Desert Resorts Inc
East of Madison
Lennar Homes of California Inc
Taxpayer
Quarry at La Quinta Inc
TD Desert Dev LP
ND La Quinta Partners
Griffin Ranch
Toll California
Health Care REIT Inc
Village Resort
(1) Taxable valuations include secured and unsecured
Source:
HdL Coren & Cone; Riverside County Assessor 2016/17 Combined Tax Rolls and the SBE Non-Unitary Tax Roll
LQR Properties
TD Desert Development
Coral Option I LLC
Inland American La Quinta
Pavilion
Lennar Homes of
California Inc
Town and Country
Partners LLC
East of Madison
Walmart Real Estate
Business Trust
RREF II CWC LAQ
Health Care REIT Inc
Principal Property Tax Payers
(FY 2016-17)
146
CITY OF LA QUINTA TABLE 13
Property Tax Levies and Collections
Last Ten Fiscal Years
(in dollars)
Fiscal Year
Ended June 30
Taxes Levied for
the Fiscal Year (1)Amount Percent of Levy
Collections in
Subsequent
Years (2)Amount (3)Percent of Levy
2008 26,789,655$ 28,673,360$ 107.03% 491,811$ 29,165,171$ 108.87%
2009 27,539,021 28,371,164 103.02% 600,289 28,971,453 105.20%
2010 25,520,861 26,373,226 103.34%74,459 26,447,685 103.63%
2011 23,767,346 24,254,364 102.05%6,390 24,260,754 102.08%
2012 69,307,476 37,885,360 54.66%181,381 38,066,741 54.92%
2013 5,706,535 5,823,575 102.05%180,723 6,004,298 105.22%
2014 5,845,390 5,808,387 99.37%202,342 6,010,729 102.83%
2015 5,968,705 6,100,655 102.21%170,306 6,270,961 105.06%
2016 6,657,414 6,420,215 96.44%194,668 6,614,883 99.36%
2017 6,764,963 6,592,548 97.45%122,291 6,714,838 99.26%
Total Collections to Date
Collections within the Fiscal Year of
Levy
Notes:
(1)Taxes Levied. The total tax levy is based on the Statement of Original Charge from the Riverside County Auditor-Controller Office. The amounts
presented include City property taxes for tax districts 02-2374 and 02-2375 and are not inclusive of the redevelopment increment values.
(2)Collections in Subsequent Years. The City participates in the Riverside County Teeter program; the secured taxes are remitted in a series of
advances and settlement payments, the last of which is not received by the City until October of the subsequent year. Additionally, the City
receives remittances for prior year unsecured and supplemental taxes throughout the subsequent year. As these values are not known at the time
of publishing, the number in this column will be adjusted on the 17-18 CAFR to reflect all prior year collections received.
(3)Collections to Date. The total amount does not include any apportionment adjustments that are the result of successful appeals of a taxpayer
assessed valuation, escaped bills, refunds, or any other adjustments made by the County Auditor-Controller. As such, the percentage of the levy
collected may be higher or lower than expected.
Additionally, the increment values of the former Redevelopment Agency are allocated through a waterfall distribution process ain accordance with
California Health and Safety Code 34183 and 34188, and are not reflected on the Statement of Original Charge.
Source:County of Riverside Auditor Controller's Office
$0
$5
$10
$15
$20
$25
$30
$35
$40
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Property Tax Collections
(in millions)
147
CITY OF LA QUINTA
Last Ten Fiscal Years
(in dollars)
2008 2009 2010 2011 2012
228,311$ 178,311$ 128,311$ -$ -$
- 149,169 114,583 78,253 40,090
- 751,754 741,171 729,480 -
- 1,556,283 1,530,958 1,503,433 -
Notes Payable- Eisenhower Drive Property - - - - -
3,675,731 2,874,653 2,072,965 1,255,243 -
1,600,000 1,400,000 1,200,000 1,000,000 -
511,048 343,814 174,584 - -
136,350,000 133,390,000 130,255,000 126,925,000 -
5,915,000 5,800,000 5,680,000 11,555,000 -
86,175,000 84,560,000 82,890,000 81,150,000 -
- - - 28,850,000 -
5,540,000 5,160,000 4,760,000 4,340,000 3,895,000
(841,087) (804,944) (768,801) (1,115,799) -
Total Governmental 239,154,003 235,359,040 228,778,771 256,270,610 3,935,090
Capital Leases 681,048 285,217 54,543 286,097 169,084
Total Business-Type Activities 681,048 285,217 54,543 286,097 169,084
Total Primary Government 239,835,051 235,644,257 228,833,314 256,556,707 4,104,174
Population - State Department of Finance January 1 42,958 43,778 44,421 37,836 38,075
Number of Households 21,058 21,355 23,489 23,489 23,528
Median Household Income 91,366 92,156 90,124 104,410 104,045
Percentage of Personal Income 12.47%11.97%10.81%10.46%0.17%
Debt Per Capita 5,583 5,383 5,151 6,781 108
USDA Loan
Provident Savings Loan
City Hall Lease Revenue Bonds
Unamortized Discount and Issuance Costs
Reimbursement Agreement
Business-type Activities:
Due to County of Riverside
Developer Agreement
Tax Allocation Bonds Project Area 1
Tax Allocation Bonds Project Area 2
2004 Local Agency Revenue Bonds (2)
2011 Local Agency Revenue Bonds (2)
Ratios of Outstanding Debt by Type (1)
Fiscal Year Ended
Governmental Activities:
Due to Coachella Valley Unified School District
Capital leases
Notes:
(1)Details regarding the City's outstanding debt can be found in the notes to the financial statements.
(2)The debt service payment for the 2004 and 2011 Lease Revenue Bonds are made from Redevelopment Project Area 1 & 2 low & moderate income tax increment.
Source:City of La Quinta; HDL, Coren & Cone
148
TABLE 14
2013 2014 2015 2016 2017
-$ -$ -$ -$ -$
71,045 129,063 103,869 155,395 530,163
702,105 686,345 668,933 649,698 628,448
1,441,096 1,405,755 1,367,344 1,325,596 1,280,221
- - - - 2,250,000
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
3,425,000 2,930,000 2,405,000 1,850,000 1,265,000
- - - - -
5,639,246 5,151,163 4,545,146 3,980,689 5,953,832
43,736 - - - -
43,736 - - - -
5,682,982 5,151,163 4,545,146 3,980,689 5,953,832
38,401 39,032 39,694 39,977 40,677
23,612 23,871 24,150 24,432 24,544
111,077 109,365 97,526 99,157 107,749
0.22%0.20%0.19%0.16%0.23%
148 132 115 100 146
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
5,583
5,383
5,151
6,781
108 148 132 115 100 146
Debt Per Capita
149
CITY OF LA QUINTA TABLE 15
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
(in dollars)
Fiscal Year Ended
June 30,
City Hall
Lease
Obligation
Local Agency
Bonds
Tax Allocation
Bonds Total
Percent of
Assessed
Value (2)
Per Median
Household
Income
2008 5,540,000$ 86,175,000$ 142,265,000$ 233,980,000$ 1.97% 2,561
2009 5,160,000 84,560,000 139,190,000 228,910,000 1.84%2,484
2010 4,760,000 82,890,000 135,935,000 223,585,000 1.90%2,481
2011 4,340,000 110,000,000 138,480,000 252,820,000 2.33%2,421
2012 3,895,000 - - 3,895,000 0.04%37
2013 3,425,000 - - 3,425,000 0.03%31
2014 2,930,000 - - 2,930,000 0.03%27
2015 2,405,000 - - 2,405,000 0.02%20
2016 1,850,000 - - 1,850,000 0.02%19
2017 1,265,000 - - 1,265,000 0.01%12
Outstanding General Bonded Debt (1)
Notes:
(1)General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enterprise funds (of which,
the City has none)
(2) Assessed value has been used because the actual value of taxable property is not readily available in the State of California.
Source:City of La Quinta
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1.97%
1.84%1.90%
2.33%
0.04%0.03%0.03%0.02%0.02%0.01%
General Bonded Debt as a Percent of Assessed Value
150
TABLE 16
Total Assessed Valuation 12,506,524,199$
Overlapping Debt (2)
16.77%278,449,403$ 46,704,318$
52.54%263,890,413 138,640,106
20.27%316,115,000 64,085,994
88.91%1,125,000 1,000,260
88.48%1,675,000 1,481,970
251,912,648
4.99%849,105,407 42,387,342
4.99%286,535,000 14,303,827
52.54%47,240,845 24,818,923
20.27%49,805,000 10,096,968
26.64%1,077,045 286,871
Total Overlapping General Fund Debt 91,893,931
Overlapping Tax Increment Debt
Successor Agencies 14.200- 100.00 % 490,408,028 308,444,483
Total Overlapping Tax Increment Debt
Total Gross Overlapping Debt 652,251,062
Less: Riverside County Supported Obligations 241,974
Total Net Overlapping Debt 652,009,088
100.000%5,953,832$ 5,953,832
657,962,920$
Overlapping General Fund Debt
Riverside County General Fund Obligations
Riverside County Pension Obligations
Coachella Valley Unified School District COP
Direct Governmental Activities Debt
Desert Sands Unified School District COP
Desert Recreation and Park District COP
Estimated Share
of Overlapping
Debt
Outstanding
Debt 6/30/17
Percentage
Applicable (1)
Overlapping Tax and Assessment Debt
Desert Community College District
Coachella Valley Unified School District
Desert Sands Unified School District (DSUSD)
Total Overlapping Tax and Assessment Debt
DSUSD Community Facilities District No. 1
Total Net Combined Direct and Overlapping Debt
Direct and Overlapping Debt
CITY OF LA QUINTA
(in dollars)
June 30, 2017
Coachella Valley Water District Assessment District No. 68
Notes:
(1)For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values.
Applicable percentages were estimated by determining the portion of another governmental unit's taxable assessed value that is within the city's
boundaries and dividing it by each unit's total taxable assessed value.
(2)Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This schedule estimates the
portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the City. This process
recognizes that, when considering the City's ability to issue and repay long-term debt, the entire debt burden borne by the residents and
businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying
the debt of each overlapping government.
Source:Riverside County Auditor Controller; California Minicipal Statistics, Inc.
151
CITY OF LA QUINTA
Legal Debt Margin Information
Last Ten Fiscal Years
(in dollars)
2008 2009 2010 2011 2012
Assessed valuation 11,866,414,134$ 12,416,034,763$ 11,753,185,892$ 10,870,790,733$ 10,331,431,958$
Debt limit percentage (1)15%15%15%15%15%
Debt limit 1,779,962,120 1,862,405,214 1,762,977,884 1,630,618,610 1,549,714,794
- - - - -
Legal debt margin 1,779,962,120$ 1,862,405,214$ 1,762,977,884$ 1,630,618,610$ 1,549,714,794$
0.0%0.0%0.0%0.0%0.0%
Total debt applicable to the
limit as a percentage of debt
limit
General obligation bonds (2)
Total net debt applicable to limit:
Fiscal Year
Notes:
(1)Section 43605 of the Government Code of the State of California limits the amount of indebtedness for public improvements to 15% of the
assessed valuation of all real and personal property of the City.
(2)The City of La Quinta has no general bonded indebtedness.
Source:California Municipal
152
TABLE 17
2013 2014 2015 2016 2017
10,274,998,112$ 10,726,752,603$ 11,369,346,292$ 11,930,906,878$ 12,457,435,999$
15% 15% 15% 15% 15%
1,541,249,717 1,609,012,890 1,705,401,944 1,789,636,032 1,868,615,400
- - - - -
1,541,249,717$ 1,609,012,890$ 1,705,401,944$ 1,789,636,032$ 1,868,615,400$
0.0%0.0%0.0%0.0%0.0%
153
CITY OF LA QUINTA TABLE 18
Pledged-Revenue Coverage (1)
Last Ten Fiscal Years
(in dollars)
Principal Interest
2008 675,880 - 675,880 360,000 315,880 1.00
2009 676,450 - 676,450 380,000 296,450 1.00
2010 675,280 - 675,280 400,000 275,280 1.00
2011 672,525 - 672,525 420,000 252,525 1.00
2012 673,521 - 673,521 445,000 228,521 1.00
2013 673,130 - 673,130 470,000 203,130 1.00
2014 671,351 - 671,351 495,000 176,351 1.00
2015 673,046 - 673,046 525,000 148,046 1.00
2016 673,075 - 673,075 555,000 118,076 1.00
2017 671,441 - 671,441 585,000 86,441 1.00
.
Debt ServiceLess Other
Debt Payments Net Lease Revenue
Coverage
Ratio (3)
Local Agency Revenue Bonds (City Hall Project)
Lease
Revenue (2)
Fiscal Year
Ended June 30,
Notes:
(1)Details regarding the city's outstanding debt can be found in the notes to the financial statements.
(2)Lease revenues consist of payments from the City General Fund and Civic Center Development Impact Fee Fund.
(3)Coverage ratio is a measure of the City's ability to meet its obligation. A ratio of greater than or equal to one indicates that
sufficient revenue has been generated to satisfy the debt service requirements. The ratio is calculated as total available revenue
(net lease revenue) divided by total debt service requirements (principal and interest) .
Source:City of La Quinta
154
CITY OF LA QUINTA TABLE 19
Demographic and Economic Statistics
Last Ten Calendar Years
Sources 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(3) 35.10 35.31 35.31 35.31 35.16 35.16 35.16 35.71 35.71 35.71
(1) 42,985 43,778 44,421 37,836 38,075 38,401 39,032 39,311 39,977 40,677
(5) $91,366 $92,156 $90,124 $104,410 $104,045 $111,077 $109,365 $97,526 $99,157 $107,749
(1) 21,058 21,355 23,489 23,528 23,528 23,612 23,871 24,150 24,432 24,544
(1) 2.85 2.85 2.87 2.55 2.56 2.58 2.59 2.60 2.62 2.64
(4) $32,047 $32,324 $31,457 $40,961 $40,722 $43,053 $42,226 $37,510 $37,486 $39,288
(2) 15,200 14,800 14,600 14,400 15,100 15,300 15,600 17,300 17,800 18,000
(2) 14,600 13,700 13,500 13,300 14,100 14,400 14,900 16,600 17,200 17,300
(2) 3.95% 7.43% 7.53% 7.64% 6.62% 5.88% 4.30% 4.50% 3.37% 3.89%
(4) 36.4 36.4 42.2 41.5 42.8 43.6 44.8 45.1 45.3 45.7Median age
Calendar Year
Mean Household Income (in dollars)
Number of Dwelling Units
Persons per Household
Labor Force
Per Capita Income
Employment
City Land (Sq Miles)
Population
Unemployment Rate
Sources:
(1) State of California Department of Finance; State of California, Department of Finance,E-5 Population and Housing Estimates for Cities, Counties and the State — January 1, 2011- 2017.
Sacramento, California, May 2017.
(2) State of California Employment Development Department Website
(3) Design and Development Department
(4) HDL, Coren & Cone
(5) Previously, calculated using "Persons per Household" mulitplied by "Per Capita Income". Starting in 2017, data is from the US Census Bureau American Fact Finder
21,058
21,355
23,489
23,528
23,528
23,612
23,871
24,150
24,432
24,544
17,000
19,500
22,000
24,500
27,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Number of Dwelling Units
0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Unemployment Rate
$91,366
$92,156
$90,124
$104,410
$104,045
$111,077 $109,365
$97,526
$99,157
$107,749
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Mean Household Income
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Per Capita Income and Unemployment
Per Capita Income
Unemployment Rate
155
CITY OF LA QUINTA TABLE 20
Principal Employers
Current Year and Ten Years Ago
Activity
Number of
Employees
Percent of
Total
Employment Rank
Number of
Employees
Percent of
Total
Employment
Government 1 2,677 15.56% 1 2,398 16.42%
Hotel & Golf Resort 2 1,450 8.43% 2 1,550 10.62%
Retailer 3 340 1.98% 3 400 2.74%
Retailer 4 198 1.15% 10 147 1.01%
Retailer 5 180 1.05% 4 207 1.42%
Retailer 6 170 0.99% 7 185 1.27%
Retailer 7 140 0.81%8 150 1.03%
Utility Company 8 131 0.76%6 200 1.37%
Golf Resort 9 127 0.74%5 200 1.37%
Golf Resort 10 96 0.56%- - 0.00%
Vons Grocery Store 11 93 0.54%- - 0.00%
Grocery Store 12 82 0.48%9 150 1.03%
Total employment listed 5,684 33.05%5,437 38.27%
Total City Employment - July 1 17,200 14,600
Rancho La Quinta
Stater Brothers
Costco
Home Depot
Lowe's Home Improvement
Target
Desert Sands Unified School District
Wal-Mart Super Center
La Quinta Resort & Club/ PGA West(1)
Fiscal Year 2007-08
Traditions Golf Club
Employer
Fiscal Year 2016-17
Imperial Irrigation District
Notes:
(1)La Quinta Resort & Club and PGA West are accounted for as one entity; as such, their employment numbers are reported together as of FY 2015-16.
Source: City of La Quinta
156
CITY OF LA QUINTA TABLE 21
Full-time City Employees
by Function
Last Ten Fiscal Years
2008 2009 2010 2011 2012 2013 2014 (1)2015 2016
(2)2017
12.00 12.00 13.00 14.00 12.00 11.00 8.00 7.00 4.00 4.00
6.00 6.00 6.00 6.00 5.00 5.00 4.00 4.00 3.00 3.00
9.00 9.00 9.00 9.00 8.00 8.00 7.00 8.00 7.00 7.00
11.75 11.75 10.75 10.75 10.75 10.75 12.00 11.65 - -
25.00 25.00 25.00 24.00 21.00 21.00 - - - -
12.00 12.00 10.00 9.00 8.00 9.00 - - - -
- - - - - - 19.00 20.00 - -
28.25 29.25 27.25 26.25 24.25 23.25 20.00 21.35 - -
- - - - - - - - 18.00 18.00
- - - - - - - - 27.00 27.00
- - - - - - - - 19.00 19.00
Total 104.00 105.00 101.00 99.00 89.00 88.00 70.00 72.00 78.00 78.00
Building and Safety
Planning and Development
Community Development
Public Works
Facilities (4)
Finance (1)
Community Services
Design and Development (3)
Community Resources (2)
Administration-City Mgr. Office
City Clerk
Function
Fiscal Year
Notes:
The City of La Quinta contracts with the County of Riverside for Police Services and with the California Department of Forestry through a contract with the County of Riverside for Fire Services. In
addition the City-owned Golf Course is operated by Landmark Golf. These positions have not been included as these positions are not City employees.
(1) The City merged the Building and Safety Department with the Planning and Development Department in 2014. The resultant department is referred to as Community Development.
(2) During FY 2015-'16 the City was subject to a major reorganization in an attempt to improve efficiency and controls that effectively terminated the Community Services, Community Development, and
Public Works departments. Following is a brief description of the reorganization for each department :
(1)The Finance department no longer issues business and animal licenses.
(2)The Community Resources department has taken over specific roles of the prior Community Development and Community Services departments including, but not limited to human resources,
police, fire,library, museum, recreation, marketing, code compliance, animal control, and emergency services.
(3)The Design and Development department has taken over specific roles of the prior Community Development, Public Works, and Finance departments including, but not limited to customer
service, business and animal licensing, planning, building, engineering services, and development services.
(4)The Facilities department has taken over specific roles of the prior Community Services and Public Works departments including,but not limited to , parks, streets, buildings, lighting and
landscaping.
Source:City of La Quinta
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
110.00
2008 2009 2010 2011 2012 2013 2014 (1) 2015 2016 (2) 2017
104.00 105.00
101.00
99.00
89.00 88.00
70.00
72.00
78.00 78.00
Total Full-Time City Employees
157
CITY OF LA QUINTA TABLE 22
Operating Indicators
by Function
Last Ten Fiscal Years
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Finance:
Number of Animal Licenses Processed (1)1,272 1,609 1,768 1,619 1,674 1,505 1,602 1,374 - -
Number of Accounts Payable Checks Processed 4,840 4,819 4,393 4,530 3,766 3,576 3,696 3,833 4,153 3,835
Number of investment purchases 64363220273022212220
Par value of investments 424,500,000$ 229,969,000$ 267,213,000$ 189,810,285$ 188,782,874$ 164,614,769$ 136,323,300$ 128,990,447$ 137,594,669$ 139,613,063$
Number of cleared checks 5,501 5,269 4,984 4,912 5,103 3,899 3,922 4,004 4,167 3,932
Number of outgoing bank wires 136 91 75 87 63 58 58 54 41 44
City Clerk:
Contracts Processed - - - - 319 346 289 238 282 199
Documents Notarized - - - - 254 301 334 203 157 99
Documents Recorded with County - - - - 170 125 183 106 112 56
Subpoenas and Claims Processed - - - - 22 15 21 37 10 8
Records Requests Fulfilled and Recorded - - - - 518 558 601 580 518 743
Documents Scanned to Electronic Archives (1)- - - - 30,437 28,798 34,671 164,847 233,182 214,384
Public Works:
Encroachment permits issued 110 132 78 104 65 124 109 127 54 123
Request for services (1)1152 1931 1306 746 534 740 1,322 1,261 3,440 3,207
Community Development:
Number of Active Business Licenses (1)3,690 3,523 3,428 3,183 3,310 3,520 3,998 4,452 3,368 3,681
Permits:
Single family Detached 297 129 56 85 39 83 147 176 108 92
Single family Attached - 6 12 - 11 - - 4 7 7
Residential Pool 331 207 152 148 127 162 204 255 217 170
Wall/Fence 583 299 178 218 149 167 220 328 257 209
Other 1,121 908 790 1,033 916 1,042 1,158 1,316 1,230 1,258
Garage Sale Permits (1)1,519 1,535 1,663 1,805 1,430 1,404 1,255 1,290 1,109 1,024
Total Permits 3,851 3,084 2,851 3,289 2,672 2,858 2,984 3,369 2,928 2,760
Code Compliance (1):
Animal Control Incidents Handled (1)2,920 3,630 3,984 4,392 4,246 3,206 1,645 1,085 - -
Vehicle abatements 351 346 214 263 139 99 88 85 255 212
Weed abatements 117 97 125 143 106 1,404 43 45 57 114
Nuisance abatements/Property Maintenance 2,142 3,130 2,340 2,252 2,433 1,668 730 557 1,037 1,180
All Other (2)- - - - - - - - 1,432 806
Community Services:
Library activities:
Volume 66,124 81,124 89,060 92,484 109,000 63,955 71,874 73,924 182,913 190,747
Books checked out 117,738 215,843 259,711 263,064 275,838 220,690 329,154 263,047 234,340 254,323
Cards Issued 3,675 3,684 3,547 3,822 4,477 2,966 2,035 2,418 2,179 2,248
Number of School Children Visiting 841 1,036 772 1,881 962 737 1,539 1,562 2,947 4,680
Volunteer Hours 1,951 2,342 2,723 4,280 2,720 2,226 1,340 1,917 2,169 2,248
Senior Center/Wellness Center (1) :
Number of visits 14,013 15,739 20,326 18,403 16,642 9,350 11,500 23,871 62,820 74,141
Volunteer Hours 3,332 2,583 3,131 3,099 2,690 2,233 2,745 1,279 1,585 1,420
Recreation activities:
Participants:
Leisure Classes 990 1,140 1,437 1,512 2,016 1,475 1,177 1,322 2,241 2,278
Special events 8,109 11,053 8,795 8,933 36,305 5,970 5,927 6,460 8,185 7,783
Adult Sports 8,550 10,806 13,364 13,092 5,647 3,865 5,878 5,487 7,192 6,695
Golf course:
Golf rounds played 40,516 40,941 43,779 45,269 46,949 46,352 43,610 41,904 45,104 43,085
Average Green fee 81.09$ 72.41$ 71.59$ 70.70$ 70.40$ 67.44$ 66.83$ 69.65$ 66.87$ 66.80$
Planning and Development:
Number of residential units approved 338 100 255 208 285 228 494 208 40 120
Commercial square footage approved 342,502 390,097 6,200 27,526 61,662 - 113,149 79,092 13,000 391,914
Fiscal Year
Notes:(1) Data on this table may vary from year to year due to restructuring, personnel, and systems changes that have taken place at the city over the past five years. Examples include animal
licensing and control contracted to County of Riverside May 2015, business licenses and garage sale permits transferred to Comm unity Development Department, tracking system for active
business licenses updated, vacation rental requirements for permits changed, Codes Department began using GoEnforce tracking software, Public Works Department expanded use of
GoRequest system, City Clerk's office began project to archive all old documents and plans electronically, and the Senior Center became the Wellness Center in 2015.
(2)"All Other" category includes building codes, business license, commercial, hazardous conditions, health/safety, other, parking, vacation rentals, and zoning. For 2016, data was annualized
using the seven months of actual "total closed incidents" provided by GoEnforce.
Source:City of La Quinta
158
CITY OF LA QUINTA TABLE 23
Capital Asset Statistics
by Function
Last Ten Fiscal Years
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Public Works:
127 127 127 127 128 128 128 128 128 128
22 22 22 22 22 22 22 34 34 35.5
85 261 265 265 269 269 277 277 281 372
45 49 50 50 51 52 54 54 54 54
2,895 2,899 2,909 2,919 2,934 2,984 3,018 3,018 3,018 5,758
12 12 12 12 12 12 13 13 13 13
Parks and Recreation:
13 13 13 13 13 13 13 13 13 13
209 209 218 218 218 218 218 218 218 218
40 40 40 40 40 40 40 40 40 40
1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1
Golf Course:
1 1 1 1 1 1 1 1 1 1
Undeveloped Park Acreage
Senior/Wellness Center
Museum
Library
Park Acreage
Municipal golf courses
Streetlights (2)
Traffic signals
Traffic signs
Bridges
Parks
Fiscal Year
Bikepaths (miles) (1)
Streets (miles)
Notes:
(1) Bike path miles were updated to include both Class I and Class II bicycle paths in 2015.
(2)In fiscal year ending 2009 street lights at intersections were included for the first time. Additionally, the decorative streetlights in Old Town were
added for the first time in 2017.
Source:City of La Quinta
159
TABLE 24
Company Name Policy Number Coverage Limits Term Premium
Hartford 72FA0267254-16 Employee Dishonesty,$1 Million 12/03/16 - 12/03/17 $3,366
Forgery, Computer Fraud
Hartford FA0267225415 Employee Dishonesty,$1 Million 12/03/15 - 12/03/16 $3,366
Forgery, Computer Fraud
CJPIA-Alliant B128410009W17 All Risk Property Insurance $25 Million 07/01/17 - 07/01/18 $86,073
Including Auto Physical Damage, Single Limit per Occurrence
Terrorism, Boiler & Machinery subject to other sublimits
(Excluding Earthquake)
CJPIA-Alliant B128410009W15 All Risk Property Insurance $25 Million 07/01/16 - 07/01/17 $59,691
Including Auto Physical Damage, Single Limit per Occurrence
Terrorism, Boiler & Machinery subject to other sublimits
(Excluding Earthquake)
Lloyds W14D19170401 Earthquake $10 Million 02/07/17 to 02/07/18 $80,496
Real & Personal Property
Including Contingent Tax Interruption
Lloyds W14D19160301 Earthquake/Flood $10 Million 02/07/16 - 02/07/17 $82,560
Real & Personal Property
Including Contingent Tax Interruption
California Self-Insured Comprehensive General $50 Million 07/01/16 - 07/01/17 $226,309
Joint Powers Pool Liability Single Limit per Occurrence
Insurance Authority
California Self-Insured Comprehensive General $50 Million 07/01/17 - 07/01/18 $448,537
Joint Powers Pool Liability Single Limit per Occurrence
Insurance Authority
California Self-Insured Worker's Compensation $10 Million 06/30/16 - 06/30/17 $193,984
Joint Powers Pool
Insurance Authority
California Self-Insured Worker's Compensation $10 Million 06/30/17 - 06/30/18 $220,848
Joint Powers Pool
Insurance Authority
CITY OF LA QUINTA
Schedule of Insurance in Force
30-Jun-17
Source:City of La Quinta
160