1998 02 17 FA/ T
Fes. OZ
CF`y OF TNtiv
La Quinta Financing Authority
Agenda
CITY COUNCIL CHAMBER
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
February 17, 1998 - 3:00 PM
CALL TO ORDER
a. Roll Call
PUBLIC COMMENT
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
a. Approval of Minutes of December 16, 1997
BUSINESS SESSION
Beginning Res. No. FA 98-01
1. CONSIDERATION OF AUTHORIZATION TO PROCEED WITH THE REFUNDING OF TWO LA
QUINTA REDEVELOPMENT AGENCY BOND ISSUES: THE 1991 PROJECT NO. 1 BONDS AND
THE 1992 PROJECT NO. 2 BONDS.
A) MINUTE ORDER ACTION.
000001
CONSENT CALENDAR
TRANSMITTAL OF TREASURER'S REPORT DATED DECEMBER 31, 1997.
DEPARTMENT REPORTS
TRANSMITTAL OF REVENUE & EXPENDITURES REPORT DATED DECEMBER 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 February 17, 1998 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, February 13, 1998.
4AUNDa February 13, 1998.
DRA L. JUHOLA, Secretary
La Quinta Financing Authority
00000,1
Page 2
Titif 4 4a Q"
AGENDA CATEGORY:
BUSINESS SESSION: J-
COUNCIL/RDA MEETING DATE: February 17, 1998
CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
Consideration of Authorization to Proceed with the
Refunding of two La Quinta Redevelopment Agency PUBLIC HEARING:
Bond Issues: The 1991 Project No. 1 Bonds and
The 1992 Project No. 2 Bonds
RECOMMENDATION:
Authorize staff and the bond refunding team to proceed forward and refund the 1991
Project No. 1 and the 1992 Project No. 2 Tax Allocation Bonds.
SEE REDEVELOPMENT AGENCY AGENDA - BUSINESS ITEM
000003
Tiht 4 aCP Q"
COUNCIL/RDA MEETING DATE:
ITEM TITLE: February 17, 1998
Transmittal of Treasurer's Report
as of December 31, 1997
RECOMMENDATION:
Receive and file.
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: I
STUDY SESSION:
PUBLIC HEARING:
Transmittal of Treasurer's Report dated December 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
000001
Li, MWA 1 0 Iff a L9 =I
MEMORANDUM
TO: La Quinta City Council
FROM: John Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for December 31, 1997
DATE: February 5, 1998
Attached is the Treasurer's Report for the month ending December 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:
Increase of $631,543. due to the net effect of revenues in excess of expenditures.
State Pool:
Decrease of $1,000,000. due to the net effect of transfers to and from the cash and
investment accounts.
U.S. Treasury Bills, Notes and Securities:
Increase of $4,627. due to the net effect of a T-Note maturity and the monthly
adjustment in the amortized value of the investments.
Mutual Funds:
Decrease of $458,490. due to the net, transfer of project funds and interest earned.
Total decrease in cash balances $822,320.
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.
ihn M. FalconeF
nance Director/Treasurer
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CITY OF LA QUINTA
CITY
CITY RDA
RDA FA
BALANCE SHEET 12/31/97
FIXED
LONG TERM FIXED
LONG TERM FINANCING LONG TERM
GRAND
CITY ASSETS
DEBT RDA ASSETS
DEBT AUTHORITY DEBT
TOTAL
ASSETS:
POOLED CASH
(920,962.62)
4,139,287.79
159,783.81
3,378,108, 98
LORP INVESTMENT IN POOLED CASH
410,000.00
410,000.00
INVESTMENT T-BILUNOTES 8 OTHER
15,000,000.00
15,000,000,00
LORP CASH
55,701.59
55,701.59
BOND REDEMPTION CASH
6,475.77
76822
7,24399
BOND RESERVE CASH
525,180.85
525,180.85
BOND PROJECT CASH
10,239,360.64
596,505.66
10,835,866.30
BOND ESCROW CASH
2,643.29
2,643.29
PETTY CASH
1,000.00
1,000,00
CASH R INVESTMENT TOTAL
14,080,037.38
15,378,649.93
757,057.69
30,215,745,00
INVESTMENT IN LAND HELD FOR RESALE
86,319A5
86,319S5
ACCOUNTS RECEIVABLE
85,945.37
83,057.68
6,973.00 175,976.05
PREMIUM/DISCOUNT ON INVESTMENT
(11,629.01)
(2,212.14)
309.69 (13,531.46)
LQRP-ACCOUNTS RECEIVABLE
19,725.78
19,725.78
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
164,065.27
551.038.04
715,103.31
DUE FROM RDA
6,890,277.20
6,890,277.20
INTEREST ADVANCE -DUE FROM RDA
1,614,795.00
1,614,795,00
NSF CHECKS RECEIVABLE
2,189.77
2,18977
ACCRUED REVENUE
43,874.22
43,874.22
TRAVEL ADVANCES
1,475.00
1,475.00
EMPLOYEE ADVANCES
PREPAID EXPENSES
RECEIVABLE TOTAL
8,749,501.93
3,255,983.61
7,282.69 12,012,768.23
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
(77,81 t%)
(77,811.96)
AMOUNT AVAILABLE TO RETIRE L/T DEBT
2,340,653.00
2,340,653.00
AMOUNT TO BE PROVIDED FOR UT DEBT
350,653.00
91,104,894.28
8,790,000.00 100,245,547.28
TOTAL OTHER ASSETS
615,614.04 14,947,094.00
350,653.00 11,438,745.05
93,445,547.28
8,790,000.00 129,587,653.37
TOTAL ASSETS
23 484 965.35 14 947 094.00
350 653.00 18 720 953.39 11 438 745.05
93 445 547.28
764 340.38 8.790 000.00 171 442 298.45
LIABILITY
ACCOUNTS PAYABLE
(61,632.19)
(61,632A9)
DUE TO OTHER AGENCIES
503.50
503.50
DUE TO OTHER FUNDS
551,038.04
164,065.27 715,103.31
INTEREST ADVANCE -DUE TO CITY
ACCRUED EXPENSES
PAYROLL LIABILITIES
92,779.20
92,779.20
STRONG MOTION INSTRUMENTS
2,196.91
2.196.91
FRINGE TOED LIZARD FEES
(2,984.24)
(2,984.24)
SUSPENSE
29,664.23
29,664.23
DUE TO THE CITY OF LA QUINTA
PAYABLESTOTAL
122,159.60
489,405,85
164,065.27 775,630.72
ENGINEERING TRUST DEPOSITS
88,330.02
88.330.02
SO. COAST AIR QUALITY DEPOSITS
ARTS IN PUBLIC PLACES DEPOSITS
206,831.51
206,831.51
LQRP DEPOSITS
14,341.00
14.341.00
DEVELOPER DEPOSITS
849,447.86
849.447.86
MISC. DEPOSITS
54,647.49
54,647.49
AGENCY FUND DEPOSITS
782,259.25
782,259.25
TOTAL DEPOSITS
1,981,516.13
14,341.00
1,995,857.13
DEFERRED REVENUE
OTHER LIABILITIES TOTAL
COMPENSATED ABSENCES PAYABLE
350,653.00
350,653.00
DUE TO THE CITY OF LA QUINTA
8,505,073.41
8,505,073.41
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
569,010.00
BONDS PAYABLE
60 780,000.00
8,790,000.00 69 570 000.00
TOTAL LONG TERM DEBT
350,653.00 93,445,547.28
8,790,000.00 102,586,200.28
TOTAL LIABILITY
EQUITY -FUND BALANCE
TOTAL LIABILITY 3 EQUITY
2,103,675.73
21,381,289.62 14,947,094.00
350,653.00 503,746.85 93,445,547.28 164,065.27 8,790,000.00 105,357,688.13
18,217,206.54 11,438,745.05 600,275.11 66,584,610.32
23.484.965.35 14 947,094 00 350,653.00 18,720 953.39 11 438,745 05 93 445 547.28 764 340.38 8,790,0D0.00 171.942,298.45
00001� I ''
TW�t 4 4a Q"
COUNCIL/RDA MEETING DATE
ITEM TITLE:
Transmittal of Revenue and
Expenditures Report dated
December 31, 1997
RECOMMENDATION:
Receive and File
AGENDA CATEGORY:
BUSINESS SESSION:
February 17, 1998 CONSENT CALENDAR:
BACKGROUND AND OVERVIEW:
STUDY SESSION:
PUBLIC HEARING:
Transmittal of the December 31, 1997 Statement of Revenue and Expenditures for
the La Quinta Financing Authority.
John M. Falconer, Finance Director
Jam:
LA QUINTA FINANCING AUTHORITY 07/01/97 - 12/31/97 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
TOTAL FINANCING AUTHORITY
5,600.00 3,966.25
285,000.00 0.00
449,623.00 407.23
0.00 0.00
740,223.00 4,373.48
0.00
1,633.75
70.83%
0.00
285,000.00
0.00%
0.00
449,215.77
0.09%
0.00
0.00
N/A
0.00
735,849.52
0.59%
745,209.00
164,065.27
0.00
581,143.73
N/A
745,209.00
164,065.27
0.00
581,143.73
N/A
1,485,432.00
168,438_.75
0.00
1 316 993.25 _
11.34%
000011
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
07/01/97-12/31/97
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
DEBT SERVICE REVENUE:
Contractual Services Fees
5,600.00
Non Allocated Interest
34,900.00
Rental Income
697,600.00
Transfer In
0.00
TOTAL DEBT SERVICE
738,100.00
CAPITAL IMPROVEMENT REVENUE:
1,000.00
4,600.00
17.86%
0.00
34,900.00
0.00%
0.00
697,600.00
0.00%
1,470.00
(1,470.00)
N/A
2,470.00
735,630.00
0.33%
Non Allocated Interest 0.00 29,479.74 (29,479.74) N/A
TOTAL CIP REVENUE 0.00 29,479.74 (29,479.74) N/A
TOTAL FINANCING AUTHORITY 738,1.00.00 _31,949.74 706 150.26___ 4.33%