Loading...
1997 12 16 FAo`` La/�T c9 �' • ,' /; U _OF La Quinta Financing Authority Agenda CITY COUNCIL CHAMBER 78-495 Calle Tampico La Quinta, California 92253 Regular Meeting December 16, 1997 - 3:00 PM CALL TO ORDER a. Roll Call PUBLIC COMMENT CONFIRMATION OF AGENDA APPROVAL OF MINUTES a. Approval of Minutes of July 15, 1997. BUSINESS SESSION Beginning Res. No. FA 97-02 1. CONSIDERATION OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 1997. A► MINUTE ORDER ACTION. 0,00001. CONSENT CALENDAR TRANSMITTAL OF TREASURER'S REPORT DATED OCTOBER 31, 1997. 2. APPROVAL OF ANNUAL CONTINUING DISCLOSURE FOR THE LA QUINTA FINANCING AUTHORITY 1996 LEASE REVENUE REFUNDING BONDS FOR FISCAL YEAR ENDED JUNE 30, 1997. DEPARTMENT REPORTS 1 . TRANSMITTAL OF REVENUE & EXPENDITURES REPORT DATED OCTOBER 31, 1997. CHAIR AND BOARD MEMBERS' ITEMS PUBLIC HEARINGS - None ADJOURNMENT DECLARATION OF POSTING I, SAUNDRA L. JUHOLA, Secretary of the La Quinta Financing Authority, do hereby declare that the foregoing agenda for the La Quinta Financing Authority meeting of December 16, 1997 was posted on the outside entry to the Council Chamber, 78-495 Calle Tampico and on the bulletin board at the La Quinta Chamber of Commerce on Friday, December 12, 1997. Dote; : December 12, 1997. SAUNDRA L. JUHOLA, Secretary La Quinta Financing Authority Page 000002 T4'lvz 4 ,tP 4ur««rw COUNCIL/RDA MEETING DATE: December 16, 1997 ITEM TITLE: Consideration of the Comprehensive Annual Financial Report for the year ended June 30, 1997 AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: PLEASE REFER TO CITY AGENDA 000003 T4hf 4 4a Q" COUNCIL/RDA MEETING DATE: December 16, 1997 ITEM TITLE: Transmittal of Treasurer's Report as of October 31, 1997 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of Treasurer's Report dated October 31, 1997 for the La Quinta Financing Authority. FINDINGS AND ALTERNATIVES: I certify that this report accurately reflects all pooled investments and is in compliance with California Government Code Section 53645 as amended 1 /1 /86; and is in conformity with City Code 3.08.010 to 3.08.070 Investment of Money and Funds. I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet next month's estimated expenditures. John M. Falconer, Finance Director 000004 Titit 4 a Qum& MEMORANDUM TO: La Quinta City Council FROM: John Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for October 31, 1997 DATE: December 5, 1997 Attached is the Treasurer's Report for the month ending October 31, 1997. This report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Department. Cash and Investments: Decrease of $808,417. due to the net effect of expenditures in excess of revenues. State Pool: Decrease of $138,656. due to the net effect of transfers to and from the cash and investment accounts. U.S. Treasury Bills, Notes and Securities: Increase of $16,377. due to the increase in the amortized value of the investments. Mutual Funds: Decrease of $654,523. due to the net effect of debt service payments and interest earned. Total decrease in cash balances $1,585,219. I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in conformity with the City Investment policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. The City of La Quinta used the Wall Street Journal, First Trust of California Monthly Statement and Wells Fargo Monthly Custodian Report to determine the fair market value of investments at month end. V6/� 9 ? 7 J hn M. Falconer ate jinance Director/Treasurer E J E E Iv cu U 7, N N c E W G (,U: C C CI C C C C C N U O ZI O Z O Z O Z O Z O Z O Z O Z O Z W co w CD = 0 c E 0 0 Lo j 7 7 0 W C L.. O U O c c a M _ a V U U atf Q j vi U LL LL m c a) y m Q d (n a V C Q C .- N �C N a N OJ T T A � 01 j0 N Z N N N 17 N 0 II V C O II V C O It V II V II V 11 V U ma II V T U o C rn c c c Q �c 4. `m ° ma 0 > ai> Cl o o Oa n0 O N o n 0 to N O � O 0 ID O O y C CIO LL'.o UN 0 r=r O J C l0 r= N aJ O)0) O) In w -o 0 C to 1A ° O) U Ci 0] V V Z 0 w a) N te N j a m o 1 05 co 0 V 0 Q Z O O 00 0 O O 6 0 O O o 0 (O N 0 .0m -Io 00 LO .0 O O 0 0 O O o e 0D O N C o N nD m Q z o O O o O O 0 J ao j U) 0 V 0 eD I+i In E 7 7 aE U)M 0 a 0 0 0 0 0 0 a N 01 -0,0 7 LL _ Q o Lo r r c0 r N 0 Q Z 0 o O O a 0 O O o (O 0 o O O- 0 0 D ao N m M 0 l0 O o V e O O o M 0 o O O 0 e V N m o r IO 0 o 0 M v In Q Z 0 o O O a 0 o o O N 0 a 7 LL Y Q Q '� IM 0 In (O IO �c E J D E_ 0 0 LLm Z M to r LID r M M (o Z aM Cl rn 7 c`o CO O u 0 c� 0 y o Told a2 N E Z m U� E2 w .N (�a?{� w O C U O J .LL.. = Ol > ° w LL c W° C c c -@ W� C C (u o w u ;a Ins� an °"D , =m o d N 10 LL am) Q O N m C (J 01 m N al 2 N y r In v a 2 '0IM0)0) �-I�10m c c �0M v c U L z v N E N C 07, 'NO C� N c � ° NW c c ._ ._ V C g N C: In O 0aN11 U�� n m M LL N _C c (p 0 Ic° N D m m Q o o U ow L C O c CL-i a O (0 E N w m w = o Z c-s -(U7 a E� E E w m E C� m o2Z2Ev9EmEt E°ovmo�In�od°7 Q U v w yccEZ=�(L�Sc YU c m E m m m mrn C3 W G1 W E rnm c ac E 0)a cL N U fn U) d20 LLLLL li LL liLL� DXOjAU o 0 7 �-ta wa c 2 w c N E E i > c � L C N y (n UQ w- 0 N �, n. iE of O O w N m m E C V7j `m m M O o o o O V w w m H C 0.5 o c c� c c x / f $ (i � 7if§[ I IC')\2E i k � ! � � k 00007 / { ®L©G-22zf2wm oN < 8 2»0� m * 7�%5&¥RtofR� ® © - G G -q � a a. /-- - G \ OD to LOD n M to 40 @ems �co0)a ~Gmma *fIqWk �_MW �/k� _\ 7 cseC2 7\ a �7 ) 7 �L / ƒ ( (rf �ƒ ƒgym t « f 1 ED 2 k k\( f7�2efff�§§ 2f\ U-LLC:LL tE o f722 cLL ■��£§—@CL E �2�2 CO §0O'§nt-5-m-2 0oo_>_Qw-1w m k� () kf�k LL 000008 \\ ed•r000QQ E4� Z Z Z Z Z E C Q U U U pZOOOZ i N LO Lr) O � � N • cc p 0 0 0 0 0 CD J d 0 O O N O co ti O C V N 00�Iq0V M '�j�00 ,nj eh •o tD LOLOLO ac�p00I cc) ED c%"L Ajl U) a� N c' c c c0 75 0 0 N cc 0 0 L d�aan°_' ,� ��aa 0s s Q,� C. c ca cu Q v (n U) f1) Y U) U) � C N � U U c6 c U- cn �. OQ N'CT I to� Q da N E E C t i NO C) •E c cv a) Ern ccoo o a > cu m N 5 v) NE d ai ` N �,E cn ��, H a m Z� �' CD > E �U U w N f9 N o f � E N 0 d Y i ��U-U- O = � cc y d y V tp E �� O 0 yE >m----moo >eaL< cZUJ mu- �i— o E Q U(nUO CZUJJJ�F� co rn � M_N('?LO cM(D�Cfl� cY)Lr)NM c O U N C co N L O M L._ - Qi m a (D C.)rnU)Nam �5 C C m c a)O N wEE °' L cn N O ._ C j > OE C 0 c C Q L .� O O a a- J J 2 000009 ,y x x ][ N x N x44 x N x N x N xdg4 m Z O 0 0 0 0 Z N Z O O N Z O N M O O SQ p Z- n O O 7 2 H 0 Z O O PZ O O O �1A N 01<M N O8 M81 Y81 0 0 N loss Y m! � Y Y ,r N a pMj O1 O� 0 0 0 O Nfr O M LL9Nr N Q O Q Q8 O N N 0�1f Ohm }000Y� yw0 >"'�m Y252525 N fl` NA a ' A 6 A yy� Q r A y ej .0 O Q U • u J u q u a • J [O i i N�I x Y N Y� b O7[5: O O N ZOO Z n Z h O� 0 0 N Q � O nip N N N A d OI.j N Of N N Ip M r Q O Q j O ��0 pOp� }NONI N j`OO �O NMb MOOM1, r 000010 d y ((O' M O O �', n V N 0 I It' tO �' 0 0 n M (D n I (O 0 (00') I O) (0 0 00 00 0 1(p O O (D M c O O Lo t O O) IA O n 16 to: M (M (O n N nO to O N O O fD 0 �. N O N N (OI N OI N p �I M N 0 N NI Ni LL.1 I^ (V '- ! « n O O MI(p l', it0p' tO y IOC (a OnMp., �M COO O N,, ;(O O 10 y M co co O n 0 (p M M O N -a (p O � O fD 00 I-- -M O!,MN (D N � '. 104 ILLO IN I , n .- 0 0 L n v n m In rn O rn y tC M!O- o)I(o O MIMI O O (D Q1'i�l n M c7 0 COIN, 0 0 0 M C01 M IM' co V � N ' (D (O n w � CN Cp', M M O V (D N C) q e-I Cp O) (C I co(D O (O O O N n�. M N co M (V I . V) N N N LL M Io mI o'I o0 oa' io! 0 V11Cp h co (Onao(n - 0 0 N,� n N n (OOIp1 I� Oi Of (5 O' (!') O n (D'�I O O (O M tG I'(T II I 'Q i l o�OOa: co � c) c M(oN O N c) (O (O N (O 01 M N II 1� tD I 11 G) n NI fO M O OI CO An ,N I(Oy N LL! II � II « n (")' n0000N I M n0��N01 CM (O O,: ti (O yn,00 U mI� 00�0(n O O O o I, naov�st� aDl 0 0 (O b t0 M (O n N 'Q. (O'' M (D O O (('> N tD �i .i t0 �I� n N (D 0 C' N V M N N C) N1CM M N (D MINI LWD 1`, (D LL IV IN' I� ',, N dl U) NI .- O NCO v. Op00 a0 tO 0 M N �1� Ooo(O (O )O �I M _ C) (O N m M O a0 O (D O V Q) V (D 0 M_ a (D O coVO (( MINI (O INI O'',�I� d' N V CD N LL j M III 0(M I tD N N O �'jQ00 (Dn NOn (ON V (LO a0 C, COIWI N(On0�0'. Q)I�I P (O O (.1 (V I O tO (O O N' O M (D 00 (f) I N N' O) M (n I 1` Q nIO O O M O-W cl) V O 0 O N N M ('M IIa, .- N r- M OBI b� O M Lq t0 i n M i I I I I C I E t O) a+ y d ! H III I a to m � I H xQ N � UI 10 C N U, U 71 y O C N Ny N LL U C Q j y d c m0 a& o. x yj otf o a Z m a c 5 di, (a U rn c nc tiT N F N 7 v y> y a N W y > 0) N a 4) N A c N O` N w N N (D L C I N N f0)x N N +L' aF-u) wcnm000�' O Iz U w z AD to ILo LO I(o (D co co Io to m � ILo L6 Ct 14 C) n Doi c> n 0 O r-- —of co C n Lo (Lf I (D 0 00 O n O � cc:,), oli M O o O O O In 0 (D. to u•)'I v o 0 01 V 0, M n v M O (D t0 O O Cl) 0) j � m ( (d C) r ( III rn n In N III (O 00 N Lf) Lo n co O u) (O co 0 0 n LO .- O 1, (O to v v (O (n V' (D v n 0 '.LO N N (0 0 Lo (O O N 00 n O N 'Ip ;V COLO n V C')C) 'ILO v N !M M I N LL L L N y f0 UI U O N _ y N 0 45 ya.N c (C E O ol�'^2 to T j N N C U vc-2t «° o)y u� cU) O O N < am�OF coLO V M C) s C N •7 V N m R y m CO y N H R U 2U � � o 0 -3 r c m Z m .. mU a) U O m C a m O N a-] ' z 'm0 000011 N:2 0co 0) C ch O) L 0 � U � (Li Z a) O LL Z N a) d� v ova c c > dL ww0 BALANCE SHEET 10131197 FIXED LONG TERM FIXED LONGTERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH (1,246.448,46) 4,885,909.93 3,639,461.47 LQRP INVESTMENT IN POOLED CASH 410,000.00 410.000.00 INVESTMENT T-BILLRJOTES 3 OTHER 15,000,000.00 15.000.000.00 LQRP CASH 42.275.03 42,275.03 BOND REDEMPTION CASH 18.0S3.79 1,080.16 19,133.95 BOND RESERVE CASH 520.813.97 520,813.97 BOND PROJECT CASH 11,103,185.50 742,547.45 11,845,732.95 BOND ESCROW CASH 2,621.32 2.621.32 PETTY CASH 1,000.00 1,000.00 CASH & INVESTMENT TOTAL 13,754,551.54 16,982,859.54 743,627.61 31,481,038.69 INVESTMENT IN LAND HELD FOR RESALE 86.319.85 86,319.85 ACCOUNTS RECEIVABLE 301.118.19 64,800.00 6.500.00 372.418.19 PREMIUMIDISCOUNT ON INVESTMENT (18,682.01) (9,285.14) 355.69 (27,611.46) LQRP-ACCOUNTS RECEIVABLE 17.186.96 17,186.96 INTEREST RECEIVABLE 2,383.33 2,383.33 LOAN/NOTES RECEIVABLE 2,560,500.03 2,560,500.03 DUE FROM OTHER AGENCIES DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 18,370.00 551,038.04 569,408.04 DUE FROM RDA 6,890,277.20 6,890,277.20 INTEREST ADVANCE -DUE FROM RDA 1,479,793.84 1.479.793.84 NSF CHECKS RECEIVABLE 1,075.43 1,075.43 ACCRUED REVENUE 43,874.22 43,874.22 TRAVEL ADVANCES 1,960.00 1.960.00 EMPLOYEE ADVANCES PREPAID EXPENSES RECEIVABLE TOTAL 8,676,295.96 3,228,114.11 6,855.69 11,911,265.78 WORKER COMPENSATION DEPOSIT 37,637.00 37,637.00 RENT DEPOSITS UTILITY DEPOSITS 75.00 75.00 MISC. DEPOSITS 2,100.00 2,100.00 DEPOSITS TOTAL 39,812.00 39,812.00 GENERAL FIXED ASSETS 693,426.00 14,947,094.00 11,438,745.05 27,079,265.05 ACCUMULATED DEPRECIATION (63,271.96) (63.271.96) AMOUNT AVAILABLE TO RETIRE LIT DEBT 2,340,653.00 2,340,6W.00 AMOUNT TO BE PROVIDED FOR LIT DEBT 350,653.00 90,969,893.12 8,790,000.00 100,110,546.12 TOTAL OTHER ASSETS 630,154.04 14,947,094.00 350,653.00 11,438,745.05 93,310,546.12 8,790,000.00 129,467,192.21 TOTAL ASSETS 23J00,813.56 14 947 094 00 350,653.00 20 297 293.50 11,438,745.05 93.310.546.12 750,483.30 8,790,000.00 172 885 628.53 LIABILITY ACCOUNTS PAYABLE 113,629.00 (61,632.19) 51,9W.81 DUE TO OTHER AGENCIES 48,363.22 48,363.22 DUE TO OTHER FUNDS 551,038.04 18,370.00 569,408.04 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES PAYROLL LIABILITIES 65.432.40 65,432.40 STRONG MOTION INSTRUMENTS 352.43 352.43 FRINGE TOED LIZARD FEES (3,004.24) (3,004.24) SUSPENSE (215.14) (215.14) DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 224.557.67 489.405.85 18,370.00 732.333.52 ENGINEERING TRUST DEPOSITS 88,330.02 88,330.02 SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 200.898.50 200,898.50 LORP DEPOSITS 13,512.00 13,512.00 DEVELOPER DEPOSITS 929,959.35 929,959.35 MISC. DEPOSITS 181,841.15 181,841.15 AGENCY FUND DEPOSITS 752.414.23 752.414.23 TOTAL DEPOSITS 2,153,443.25 13,512.00 2.166.955.25 DEFERRED REVENUE OTHER LIABILITIES TOTAL COMPENSATED ABSENCES PAYABLE 350.653.00 350,853.00 DUE TO THE CITY OF LA OUINTA 8,370,072.25 8,370,072.25 DUE TO COUNTY OF RIVERSIDE 12,320,655.87 12,320,655.87 DUE TO C.V. UNIFIED SCHOOL DIST. 11,270,808.00 11,270,808.00 DUE TO DESERT SANDS SCHOOL DIST. 569,010.00 589,010.00 BONDS PAYABLE 60,780,000.00 8,790,000.00 69,570,000.00 TOTAL LONG TERM DEBT 350,653.00 93,310,546.12 8,790,000.00 102,451,199.12 TOTAL LIABILITY 2,378,000.92 350,653.00 502,917.85 93,310,546.12 18,370.00 8,790,000.00 105,350,487.89 EQUITY -FUND BALANCE 20,722,812.64 14,947,094.00 19,794,375.65 11,438,745.05 732,113.30 67,635,140.64 TOTAL LIABILITY & EQUITY 23,100,813.56 14,947,094.00 350,653.00 20 297 293.50 11 438,745.05 93,310,548.12 750,483.30 8.790.000.00 172.985.828.53 000012 �` Ti-ht 4 4a Q" COUNCIL/RDA MEETING DATE: December 16, 1997 ITEM TITLE: Approval of Annual Continuing Disclosure for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds for Fiscal Year End June 30, 1997 RECOMMENDATION: Receive and File. FISCAL IMPLICATIONS: - None AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: _X STUDY SESSION: PUBLIC HEARING: BACKGROUND AND OVERVIEW: On November 10, 1994, the Securities and Exchange Commission adopted amendments to existing federal regulations (Rule 15c2-12) that for bonds issued after July 3, 1995, for each issue of municipal securities (Bond issues) sold after that date, issuers are annually required to do each of the following: 1. Prepare official statements meeting the content requirement of Rule 15c2-12. 2. File certain financial information and operating data with national and state repositories each year. 3. Prepare announcements of the significant events including payment defaults, defeasances and draws on a reserve fund as the events occur. Therefore, attached is the 1996/97 Annual Continuing Disclosure Statement for the La Quinta Financing Authority 1996 Lease Revenue Refunding Bonds Allocation Bonds prepared in accordance with the three aforementioned requirements. Section III Item A Audited Financial Statements may be found as Business Item Number 1 of the La Quinta Financing Authority Agenda. Additionally, no announcement of significant events were incurred for Fiscal Year 1996/97. . - None John M. Falconer, Finance Director 000013 DRAFT. FOR DISCUSSION PURPOSES ONLY ANNUAL INFORMATION STATEMENT FOR FISCAL YEAR ENDED JUNE 309 1997 1996 LEASE REVENUE REFUNDING BONDS (LA QUINTA CITY HALL PROJECT) LA QUINTA FINANCING AUTHORITY CITY OF LA QUINTA CALIFORNIA 0000.14 DRAFT. FOR DISCUSSION PURPOSES ONLY LIST OF PARTICIPANTS CITY OF LA QUINTA John Falconer Finance Director P.O. Box 1504 La Quinta, California 92253 (619) 777-7150 DISCLOSURE CONSULTANT & DISSEMINATION AGENT MBIA MuniFinancial'' 28765 Single Oak Drive, Suite 200 Temecula, CA 92590 (909) 699-3990 BOND COUNSEL Rutan & Tucker, LLP Costa Mesa, California FISCAL AGENT' Grace Yang First Trust of California Los Angeles, California (213) 533-8713 In its role as Disclosure Consultant and Dissemination Agent, MBIA MuniFinancial has not passed upon the accuracy, completeness or fairness of the statements contained herein. 000015 DRAFT. FOR DISCUSSION PURPOSES ONLY L INTRODUCTION Pursuant to an Official Statement dated November 13, 1996 the La Quinta Financing Authority (the "Authority") issued $8,790,000 1996 Lease Revenue Refunding Bonds (La Quinta City Hall Project), (the "Bonds") to refinance the Authority's previously issued Local Agency Revenue Bonds, Series 1991 (City Hall Project). The City of La Quinta, (the "City") which comprises approximately 31.18 square miles, is located in the Coachella Valley, twenty miles from Palm Springs and 127 miles from Los Angeles. The Bonds are payable solely from the lease payments relating to the La Quinta City Hall Project, and amounts held in certain funds and accounts established under a trust agreement. The City has covenanted to provide for the lease payments in its annual budget and to make the necessary appropriation for such payments. However, the Bonds and the obligation of the City to make lease payments does not constitute an obligation for which the City is obligated to levy or pledge any form of taxation. Neither the Bonds nor the obligation of the City to make lease payments constitutes an indebtedness of the City, the State of California or any political subdivisions thereof within the meaning of any constitutional or statutory debt limit or restriction. This Annual Information Statement is being provided pursuant to a covenant made by the City and the Authority for the benefit of the holders of the Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the City, the Authority and the Bonds, reference is made to the Official Statement. 000016 1 DRAFT. FOR DISCUSSION PURPOSES ONLY II. AUDITED FINANCIAL STATEMENTS The audited financial statements for the City for the Fiscal Year Ended June 30, 1997 will be separately filed with the Nationally Recognized Municipal Information Repositories at a later date and are hereby incorporated by reference into this Annual Information Statement. DRAFT. FOR DISCUSSION PURPOSES ONLY III. FINANCIAL AND OPERATING DATA CITY OF LA QUINTA General Fund Expenditures by Function Last Ten Fiscal Years TABLE I Fiscal Year Ending General Public Public Community Planning & Capital ' June 30 Government Safety Works Service Development Projects Total 1988 833,100 1,384,700 (1) 206,300 (1) 1,449,200 S3,873,299 1989 1,040,895 1,491,594 (1) 701,175 (1) - 3,233,663 1990 1,514,110 1,883,105 (1) 928,798 (1) - 4,326,012 1991 1,968,275 2,501,105 (1) 777,366 (1) - 5,246,745 1992 1,921,155 2,155,813 618,612 157,897 904,171 11,813 5,769,461 1993 1,807.205 2,393,202 600,253 146,696 884.537 - 5,831,883 1994 2,359,673 2,786,575 673,144 119,265 511,416 - 6,450,073 1995 1,565,265 3,143,697 576,304 199,115 538,610 282,113 6,305,104 1996 1,793,301 3,227,438 813,352 413,142 453,656 201,475 6,902,364 1997 $2,376,935 3,442,056 989,694 469,110 455,563 170,000 $7,803,358 (1) Prior to fiscal year 1992 Public Works and Planning & Development expenditures were included with Community Service. Source: City of La Quinta Audited Financial Statements i CM OF LA QUTNTA TABLE 2 General Fund Revcnuc by Source Last Tcn Fiscal Years Fiscal Year Licenses Charges Litigation Ending and Inter- for Settlement )une 30 Taxcs Permits Governmental Servicos Proceeds Interest Miscellaneous Total 1988 1,654,700 1,932,200 384,200 (1) (2) 242,500 279.300 4,491,900 1989 2,306,897 3,656,307 496,621 (1) (2) 368,136 336,445 7,164,396 1990 3,154,942 3,286.872 630.791 (1) (2) 155,530 114,686 7,342,921 1991 3,299.565 785,391 790,990 602,600 (2) 642,913 101,411 6,211.650 1992 3,135,044 576,293 930,503 488.015 (2) 261,380 120,967 5,312.102 1993 3,581,830 622.107 1,157,587 384.000 (2) 238,321 219,641 6.203.486 1994 4,212,604 777,241 1,600,032 469,695 (2) 585,264 1,042,972 8,697,709 1995 4,946,304 902,914 747,784 551,727 477,872 718,310 137,028 9.481.939 1996 5,393,456 998,030 815,980 610,873 12.386 905,420 230,705 8,966,850 1991 S5,942,698 793,699 1,072,803 976.997 40,593 941,327 22.712 S9,790,719 (1) Previously included in Liccasts and Permits (2) 1995 was the first year Litigation Sctdcmcnt Procce.ds was identified as a revenue soursc Source: City of La Quinta Audited Financial Statemmu 004019 , CITY OF LA QUINTA TABLE 3 Property Tax Levies and Collections Last Seven Fiscal Years Percent of Fiscal Year Total Current Percent Delinquent Total Ending Tax Tax of Levy Tax Collections June 30 Levy Collection Collected Collections to Tax Levy 1991 $280,339 256,297 91.4% 21,921 99.2% 1992 282,201 260,365 92.3% 25,703 101.4% 1993 282,630 244,731 86.6% 14,824 91.8% 1994 288,407 275,752 95.6% 900 95.9% 1995 549,273 487,043 88.7% 786 88.8% 1996 670,398 643,309 96.0% 2,312 96.3% 1997 $824,073 760,350 92.3% 0 92.3% Note: 1. Proposition 13 limits cities to levying a tax rate for bonded indebtedness only after I918. 2. Levies and collections are for General Fund only excluding no -low and supplemental property taxes. 3. Detail prior to fiscal year 1991 not available, Source: City of La Quinta and County of Riverside 0000-A CITY OF LA QUINTA TABLE 4 Schedule of Net Taxable Value Last Seven Fiscal Years Fiscal Year Assessed Less• Less Net Ending Secured Unsecured Property Property Homeowner's Taxable June 30 Property Property Value Exemptions Exemptions Value 1991 $1,278,307,230 7,156,844 1,285,464,074 3,474,595 (1) I,281,989,479 1992 1,594,767,374 6,396,816 1,601,164,190 3,605,829 (1) 1,597,558,361 1993 1,773,323,102 6,943,559 11780,266,661 3,814,434 (1) 1,776,452,227 1994 1.872,768,156 8,119,527 1,880,887,683 3,946,378 18,901,202 1,858,040,103 1995 1,927,834,908 22,822,285 1,950,657,193 4,357,954 20,518,400 1,925,780,839 1996 2,043,276,054 23,801,872 2,067,077.926 6,936,774 22,399,068 2,037,742,048 1997 $2,164,204,951 22,511,720 2,186,716,671 6,919,376 22,407,418 2,157,389,877 Note: Detail prior to fiscal year 1991 not available (1) Homeowner's exemption not available Source: County of Riverside 000021 CITY OF LA QUYNTA Property Tax Rates - Direct and Overlapping Governments Last Five Fiscal Years (per $100 of Assessed Value) 1996/97 1995/96 1994195 1993194 1992/93 General 1,00000 1.00000 1.00000 1.00000 1.00000 ,Desert Sands Unified 0.09750 0.09750 0.09750 0.09750 0.09750 College of the Descry 0.00000 0.00000 0,00000 0,00000 0.00096 Coachella Valley Water District 0.02080 0.02080 0.02080 0.02080 _ 0,02690 Total Tw< Rate 1.11830 1.11830 1.11830 1.11830 1.12536 Source: County of Riverside 000022 TABLE 5 CITY OF LA QUINTA Special Assessment Billings and Collections Last Seven Fiscal Years Year Special Ended Assessment June 30 Billings 1991 $355,924 1992 557,574 1993 559,029 1994 766,011 1995 836,502 1996 729,647 1997 $791,012 (1) Includes Prepayments and Foreclosures Source: Muni Financial Services Special Assessment Collections 1) 335,177 552,249 548,291 734,560 737,700 699,351 757,256 TABLE 6 Ratio of Collections to Billings 99.9 99.0 98.8 95.9 88.2 95.8 95.7 000023 Source CITY OF LA QUINTA TABLE 7 Schedule of Direct and Overlapping Bonded Debt June 30, 1997 Percent June 30, 1997 Direct and Overlapping Bonded Debt �..__ Applicable _ Bonded Debt_ Riverside County Board of Education Certificates of Participation 0.996 $219,930 Riverside County Building Authorities 0,996 4,737,424 Desert Community College District Certificates of Participation 3.809 133,696 Desert Sands Unified School District Authority 9.043 12,472,141 Coachella Valley County Water District, I.D. #55 72.943 9.176,229 Coachella Valley County Water District, I.D. 058 1.975 199,488 Coachella Valley County Water District, I.D. U71 Storm Water Unit Certificates of Participation 6.297 1,014,132 City of La Quinta 100,000 0 (1) City of La Quinta 1915 Act Bonds 100.000 5,005,000 Total Direct and Overlapping Bonded Debt ,..._$32,957,040 (2) Excludes tax allocation bonds to be sold. Excludes t%x and revenue anticipation notes, revenue, mortgage revenue and tar allocation bonds and nonbonded capital lease obligations. California Municipal Statistics, Inc. 000024 CITY OF LA QUT?It A Computation of Legal Debt Margin June 30, 1997 Assessed Valuation Debt Limit - 15 % of Assessed Valuation Amount of Debt Applicable to Debt Limit Lcgal Debt Margin $2,1867. !L67L__ 328,007,501 -0- S32$ 007.501 Notes: Section 43603 of the Govemment Code of the State of Califomia limits the amount of indebtedness for public improvements to ] 5% of the assessed valuation of all real and personal property of the City. The City of La Quinta has no general bonded indebtedness. Source; City of La Quinta TABLE S 0000125 CITY OF LA QUINTA Revenue Bond Coverage Local Agency Revenue Bonds (City Hall Project) Last Six Fiscal Years TABLE 9 Fiscal Year Debt Service Requirements Ending Revenue Available June 30 for Debt Service Principal Interest Tom] Coverage 1992 $192,784 0 182,784 182,784 1.00 1993 548,352 0 548,352 548,352 1.00 1994 548,352 0 548,352 548,352 1.00 1995 699,477 155,000 544,477 699,477 1.00 1996 696,402 160,000 536,402 696,402 1.00 1997 5607,950 170,000 437,950 607,950 1.00 Note: Revenue available consists of lease payments made by the City of La Quinta to the La Quinta Financing Authority. Source: City of La Quinta 000012-V CITY OF LA QUINTA TABLE 10 Demographic Statistics Last Ten Fiscal Years Total ICity Fiscal Year Population Riverside Population Ending Square Percent County Percent June 30 Miles (1) Population(2).Chance Population (2) Of County. 1988 23.2 9,274 13.3% 983.800 0.9% 1989 23.2 10,267 10.7% 1,057,200 1.0% 1990 23.3 10,587 3.1% 1,144,400 0.9% 1991 23.8 13,070 23.50/a 1,225,800 1.1% 1992 28.0 14,727 12.7% 1,281,000 1.1% 1993 28.2 15,589 5.9% 1,323,500 1.2% 1994 28.2 16,680 7.0% 1,357,400 1.2% 1995 31.2 17,591 5.5% 1,393,500 1.3% 1996 31.2 18,050 2.6% 1,.381,879 1.3% 1997 31.2 18,931 4.9% 1,379,956 1.4% Source: (1) Ciry of La Quinta (2) State of California Department of Finance 000027 CITY OF LA QUINTA Property Value and Construction Activity Last Seven Fiscal Years Fiscal Year Ending Property June 30 Value (1) 1991 S1,278,307,230 1992 1,594,767,374 1993 1,773,323,102 1994 1,872,768,156 1995 1,927,834,908 1996 2,043,276,054 1997 $2,164,204,951 TABLE 11 Commercial Residential Construction Construction Units Value Units Value 3 7,299,000 304 38.320,527 12 7,334,871 320 35,744,443 7 2,441.392 324 39,145,539 13 6,091,796 531 79,319,969 4 1,100,119 238 29,163,494 8 1,018,940 336 53,973,239 11 1,876,747 322 36,971,047 NOTE. Detail prior to fiscal year 1991 not available (1) From Schedule of Net Taxable Value Source: City of La Quinta 1ff1 Sourcc: Taxpayer La Quints Notel Corporation KSL PGA West Corporation Sunrise Desert Partners KSL Landmark Corporation KS], Land Corporation KSL La Quints Corporation TD Desert Development La Quinta Golf Properties, Inc. M & H Realty Partnership Washington Adams Partnership City of La Quinta CITY OF LA QU1NI'A Principal Taxpayers June 30, 1997 Type of Activity _ Hotel Residences Condom inum Vacant Land Residential Land Golf Course Residential Land Golf Course Shopping Centers Commercial TABLE 12 Source: CITY OF LA QUINTA TABLE 13 Major Employers June 30, 1997 Employer Employees Activity La Quinta Hotel and Golf Resort 1,500 Resort Hotel PGA West 1,100 Golf Resort Wal-Mart 250 Retailer Albertson's 126 Groceries Vons 103 Groceries Ralph's 100 Groceries City of La Quinta 74 Municipal Government Simon Motors 65 Auto Dealer Cliff House 65 Restaurant Red Robin 50 Restaurant City of La Quints 0000;30 CRY OF LA QUINTA TABU 14 Schedule of Insurance in Forcc June 30, 1997 Company Name Policy Number Coverage Limits Term PrBniurn Hartford PERA07068 Employee Dishonesty, $1,000.000 12/03/96 - 97 $2,S00 Forgery, Computer Fraud Lloyds of London F95BDCE006 Fire Truck Physical Damage $185,000 07/01/97 - 98 $2,390 Van Pelt/Spartan Reliance Insurance NZB1500917 All Risk Property Insurance $21,943,000 07/01/97 - 98 S17,350 Company Including Auto Physical Damage (Excluding Quake & Flood) Reliance Insurance IMF 016349 Earthquake &. Flood $5,000,000 02/07/97 - 98 $25,941 Company Real & Pcrsonal Property Including Contigent Tax Interruption California Certificate #5 Comprehensive General $0 Deductible Retention 07/01/97 - 98 S60,630 Joint Powers Liability $50 Million Insurace Authority California Certificate Joint Powers 95009-056 Insurance Authority American National DYT9880468 Source: City of La Quints Workers Compensation $250.000 Earthquake & Flood $�2,500,000 Real & Personal Property Including Condgent Tax Interruption 07/01/97 - 98 $37,637 02/07/97 - 98 $5,000 000031 CITY OF LA QUINTA Miscellaneous Statistical Data June 30, 1997 TABLE 13 Date of Incorporation ................... . ................... May 2, 1992 Type of City ....................................... Charter City Form of Government ....................................... Council / Manager City Employees ....................................... 74 City Land Area (square miles) .................................... Population....................................... Number ofPark3............. I......................... Total Acreage ....................................... Miles of Streets ....................................... Miles of Bike Paths ...................................... . Number of Major Intersections ........... .................. . Number of Traffic Signals and Safety Lighting ....................... Number of Traffic Signs ....................................... Number of Street Lights ....................................... Public Schools ....................................... Private Schools ....................................... Churches....................................... Banks/Savings and Loan ....................................... Number of Single Family Units • Detached ......................... . Number of Single Family Units - Attached .......................... Number of Multiple Family Units ................................ Number of Mobile Home ....................................... 31.2 18,931 5 26 144.0 3.0 29 29 2,530 7 3 1 3 2 6,845 2,260 571 247 000032, DRAFT. FOR DISCUSSION PURPOSES ONLY IV. SIGNATURE The information set forth herein has been furnished by the Authority and the City and by sources which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Authority and the City or any other parties described herein. LA QUINTA FINANCING AUTHORITY CITY OF LA QUINTA John Falconer Finance Director December , 1997 000033 4 rY 1 Tit4t 4 4a Q" COUNCIL/RDA MEETING DATE ITEM TITLE: Transmittal of Revenue and Expenditures Report dated October 31, 1997 RECOMMENDATION: Receive and File AGENDA CATEGORY: BUSINESS SESSION: December 16, 1997 CONSENT CALENDAR: BACKGROUND AND OVERVIEW: STUDY SESSION: PUBLIC HEARING: �;. Transmittal of the October 31, 1997 Statement of Revenue and Expenditures for the La Quinta Financing Authority. John M. Falconer, Finance Director 000034 LA QUINTA FINANCING AUTHORITY 07/01/97-10/31/97 REVENUE DETAIL REMAINING % BUDGET RECEIVED BUDGET RECEIVED DEBT SERVICE REVENUE: Contractual Services Fees 5,600.00 1,000.00 4,600.00 17.86% Non Allocated Interest 34,900.00 0.00 34,900.00 0.00% Rental Income 697,600.00 0.00 697,600.00 0.00% Transfer In 0.00 1,470.0070.00) N/A TOTAL DEBT SERVICE 738,100.00 2,470.00 735,630.00 0.33% CAPITAL IMPROVEMENT REVENUE: Non Allocated Interest 0.00 12,249.18 (12,249.18) N/A TOTAL CIP REVENUE 0.00 12,249.18 (12.249.18) N/A TOTAL FINANCING AUTHORITY 738,100.00 14 719.18 _723 380.82_ 1.99% LA QUINTA FINANCING AUTHORITY 07/01/97 - 10/31/97 REMAINING % EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED DEBT SERVICE EXPENDITURES SERVICES BOND PRINCIPAL BONDINTEREST TRANSFER OUT TOTAL DEBT SERVICE CAPITAL IMPROVEMENT EXPENDITURES TRANSFER OUT TOTAL CAPITAL IMPROVEMENT 5,600.00 1,000.00 0.00 4,600.00 17.86% 285,000.00 0.00 0.00 285,000.00 0.00% 449,623.00 0.00 0.00 449,623.00 0.00% 0.00 0.00 0.00 0.00 N/A 740,223.00 1,000.00 0.00 739,223.00 0.14% _ 740,280.00 18,370.00 0.00 721,910.00 N/A _ 740,280.00 18,370.00 0.00 721,910.00 N/A TOTAL FINANCING AUTHORITY 1,480,503.00 19,370.00 _ 0.00 1,461,133.00 _ 1.31% 000030