1998 06 16 FAv �
47
OF TN
La Quinta Financing Authority
Agenda
CITY COUNCIL CHAMBER
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
June 16, 1998 - 3:00 PM
CALL TO ORDER
a. Roll Call
PUBLIC COMMENT
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
a. Approval of Minutes of April 7, 1998
BUSINESS SESSION
Beginning Res. No. FA 98-03
1 . CONSIDERATION OF FISCAL YEAR 1998/99 PRELIMINARY BUDGET.
A) MINUTE ORDER ACTION.
00000.1
CONSENT CALENDAR
1 . TRANSMITTAL OF TREASURER'S REPORT DATED APRIL 30, 1998.
2. ADOPTION OF RESOLUTION APPROVING THE INVESTMENT POLICY FOR FISCAL YEAR
1998/99.
DEPARTMENT REPORTS
1. TRANSMITTAL OF REVENUE AND EXPENDITURES REPORT DATED APRIL 30, 1998.
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 June 16, 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, June 12, 1998.
;Da: June 12, 1998.
DRA L. JUHOLA, Secretary
La Quinta Financing Authority
Page 00000
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F aF Tt'� 4
AGENDA CATEGORY:
BUSINESS SESSION: ,
COUNCIL/RDA MEETING DATE: June 16, 1998
CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
Consideration of Fiscal Year 1998/99
Preliminary Budget PUBLIC HEARING:
RECOMMENDATION:
Adopt the Fiscal Year 1998/99 Preliminary Budget and direct staff to prepare a Fiscal
Year 1998/99 Final Budget for the July 7, 1998 Financing Authority Meeting.
SEE CITY COUNCIL STAFF REPORT
000903
COUNCIL/RDA MEETING DATE: June 16, 1998
ITEM TITLE:
Transmittal of Treasurer's Report
as of April 30, 1998
RECOMMENDATION:
Receive and file.
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION: I
CONSENT CALENDAR: `
STUDY SESSION:
PUBLIC HEARING:
Transmittal of Treasurer's Report dated April 30, 1998 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.
hn M. Fal
ner, Finance Director
000004
P
MEMORANDUM
TO: La Quinta City Council
FROM: John Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for April 30, 1998
DATE: June 3, 1998
Attached is the Treasurer's Report for the month ending April 30, 1998. 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 $289,688. due to the net effect of expenditures in excess of revenues.
State Pool:
Decrease of $258,896. due to the net effect of transfers to and from the cash and
investment accounts.
U.S. Treasury Bills, Notes, Securities and Commercial Paper:
Increase of $1,913,725. due to the purchase of one T-Note and two Securities, the
maturity of one T-note and the monthly adjustment in the amortized value of the investments.
Mutual Funds:
Decrease of $1,361,254. due to the net effect of debt service payments and interest
earned.
Total increase in cash balances $3,887.
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 Bureau of the Public Debt, U.S. Bank Monthly Statement and Bank of New York Monthly
r Custodi n Report to determine the fair market value of investments at month end.
1`
Af
John M. Falconer I Dafte
I --'finance Director/Treasurer
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008
BALANCE SHEET 04f30/98
FIXED LONG TERM
FIXED LONGTERM FINANCING LONG TERM
GRAN,
CITY
ASSETS DEBT
RDA
ASSETS DEBT AUTHORITY DEBT
TOTAL
ASSETS:
POOLED CASH
(568,023.96)
7,235,577.34
159.812.00
6.827.365.38
LQRP INVESTMENT IN POOLED CASH
470,000.00
470,000.00
INVESTMENT T-BILLMOTES 8 OTHER
18,000,000.34
18,000,000.34
LORP CASH
40,723.13
40.723.13
BOND REDEMPTION CASH
2,505.64
1,145.49
3,651.13
BOND RESERVE CASH
533.965.79
533.965.79
BOND PROJECT CASH
8.112.156.43
598.902A3
8,711,058.86
BOND ESCROW CASH
2.687.49
2.687.49
PETTY CASH
1,000.00
1,0D0.00
CASH & INVESTMENT TOTAL
17,432,976.38
16,397,615.82
759,859.92
34,590,452.12
INVESTMENT IN LAND HELD FOR RESALE
86.319.85
86.319.85
ACCOUNTS RECEIVABLE
55,434-92
81.257.68
136.692.60
PREMIUMIDISCOUNT ON INVESTMENT
(40,091.66)
(106,661.13)
127.69
(147,425.10)
LORP-ACCOUNTS RECEIVABLE
18.216.98
18.216.98
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
176207.49
551.038.04
727.245.53
DUE FROM RDA
6,8%,27720
6.890277.20
INTEREST ADVANCE -DUE FROM RDA
1.884.797.32
1.884.797.32
NSF CHECKS RECEIVABLE
4,173.71
4.173.71
ACCRUED REVENUE
43.874.22
43.874.2.2
TRAVEL ADVANCES
2.325.00
2,325.00
EMPLOYEE ADVANCES
PREPAID EXPENSES
RECEIVABLE TOTAL
8,974,707.31
3.148.225.82
127.69
12.123.060.82
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
(106,891.96)
(106,891.96)
AMOUNT AVAILABLE TO RETIRE LIT DEBT
2,340,653.00
2,340,653.00
AMOUNT TO BE PROVIDED FOR L!T DEBT
350,653.00
91.374.896.60 8,790,000.00
100,515,549.60
TOTAL OTHER ASSETS
586,534.D4
14,947,094.00 350,653.00
11,438,745.05 93,715,549.60 8.790.000.00
129,828,575.69
TOTAL ASSETS
27,034,029.73
14,947,094.00 350653.00
19,632,161.49
11,438,745.05 93,715,549.60 759,987.61 8.790.000.00
178.868220.48
LIABILITY
ACCOUNTS PAYABLE
(62.192.19) (62.192.19)
DUE TO OTHER AGENCIES
(17,189.44)
(17,189.44)
DUE TO OTHER FUNDS
551,038.04 176,207-49 727,245.53
INTEREST ADVANCE -DUE TO CITY
ACCRUED EXPENSES
PAYROLL LIABILITIES
34.655-05
34,655.05
STRONG MOTION INSTRUMENTS
5.062.41
5.062.41
FRINGE TOED LIZARD FEES
1.395.76
1,395.76
SUSPENSE
29,91423
29,914.23
DUE TO THE CITY OF LA QUINTA
PAYABLES TOTAL
53,8W.01
488,845.85 176207.49 718.891.35
ENGINEERING TRUST DEPOSITS
88.330.02
88.330.02
SO. COAST AIR QUALITY DEPOSITS
ARTS IN PUBLIC PLACES DEPOSITS
251.582.62
251.582.62
LQRP DEPOSITS
12,771.00
12,771.00
DEVELOPER DEPOSITS
810.260.32
810260.32
MISC. DEPOSITS
129.413,56
129.413.56
AGENCY FUND DEPOSITS
1,074,633.54
1,074,633.54
TOTAL DEPOSITS
2,354,220.06
12.771.00
2,366,991.06
DEFERRED REVENUE
OTHER LIABILITIES TOTAL
COMPENSATED ABSENCES PAYABLE
350,653.00
350.653.00
DUE TO THE CITY OF LA QUINTA
8,775,075.73
8775075.73
DUE TO COUNTY OF RIVERSIDE
12,320,655.87
12,320,855.87
DUE TO C.V. UNIFIED SCHOOL DIST.
11,270,8W.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 69.670.000.00
TOTAL LONG TERM DEBT
350.653.00 93,715,549.60
8,790,000.00 102,856202.60
TOTAL LIABILITY 2,408,058.07 350.653.00 501,616.85 93,715,549.60 176.207.49 8.790.000.00 105,942,085.01
EQUITY -FUND BALANCE 24,625,971.66 14.947,094.D0 19,130,544.64 11,438,745.05 583,780.12 70,726,135.47
TOTAL LIABILITY 6 EQUITY 27 034,029.73 14.947.D94.00 354653.00 19 632,161.49 11 438 745.05 93.715.549.60 759,987.61 8,790,000.00 178 668,229.48
T4ht 4.*PQ"
AGENDA CATEGORY:
BUSINESS SESSION:
COUNCIL/RDA MEETING DATE: June 16, 1998 go
CONSENT CALENDAR:
ITEM TITLE:
STUDY SESSION:
PUBLIC HEARING:
Consideration of a Resolution of the La
Financing Authority of the City of La Quinta,
California Adopting the Investment Policy of
the City of La Quinta for Fiscal Year 1 998/99
RECOMMENDATION:
Approve the Resolution of the La Quinta Financing Authority of the City of La Quinta,
California adopting the Investment Policy of the City of La Quinta for Fiscal Year
1998/99.
SEE CITY COUNCIL STAFF REPORT
000013
RESOLUTION NO. FA 98 -
A RESOLUTION OF THE LA QUINTA FINANCING
AUTHORITY OF THE CITY OF LA QUINTA APPROVING
AND ADOPTING THE AMENDED INVESTMENT POLICY
FOR FISCAL YEAR 1998/99
WHEREAS, the general purpose of the Investment Policy is to provide the rules
and standards users must follow in investing funds of the City of La Quinta; and
WHEREAS, the primary objectives, in order of priority, of the City of La Quinta's
investment activity shall be:
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks
to ensure the preservation of capital in the overall portfolio in accordance with
the permitted investments.
The investment portfolio shall remain sufficiently liAuiLto meet all operating
requirements that may be reasonably anticipated.
The investment portfolio shall be designed with the objective of attaining a
market rate of return or yield throughout budgetary and economic cycles, taking
into account the investment risk constraints and liquidity needs.
WHEREAS, authority to manage the City of La Quinta's investment portfolio is
derived from the City Ordinance. Management responsibility for the investment
program is delegated to the City Treasurer, who shall establish and implement written
procedures for the operation of the City's investment program consistent with the
Investment Policy; and
WHEREAS, the Investment Policy will be adopted before the end of June of
each year and amended as considered necessary; and
NOW, THEREFORE, BE IT RESOLVED by the Financing Authority of the City of
La Quinta to adopt the amended 1998/99 Fiscal Year Investment Policy (Exhibit A).
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Financing Authority, held on this day of , 1998 by
the following vote, to wit:
AYES:
NOES:
ABSTAIN:
ABSENT:
JOHN J. PENA, Chairman
La Quinta Financing Authority
ATTEST:
SAUNDRA L. JUHOLA, Secretary
La Quinta Financing Authority
APPROVED AS TO FORM:
DAWN HONEYWELL, City Attorney
La Quinta Financing Authority
000o]]'5
Tit�t 4 4a Qum&
COUNCILIRDA MEETING DATE
ITEM TITLE:
Transmittal of Revenue and
Expenditures Report dated
April 30, 1998
RECOMMENDATION:
Receive and File
AGENDA CATEGORY:
BUSINESS SESSION:
June 16, 1998 CONSENT CALENDAR:
BACKGROUND AND OVERVIEW:
STUDY SESSION:
PUBLIC HEARING:
1 P-'V'"77713 2��'
Transmittal of the April 30, 1998 Statement of Revenue and Expenditures for the La
Quinta Financing Authority.
i
John M. Falconer, Finance Director
r
000016
ATTACHMENTS
0Ol017
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
07/01/97-4/30198
REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
DEBT SERVICE REVENUE:
Contractual Services Fees
5,600.00
1,704.00
3,896.00
30.43%
Non Allocated Interest
30,000.00
407.23
29,592.77
1.36%
Rental Income
697,600.00
0.00
697,600.00
0.00%
Transfer In
_ 0.00
1,470.00
_ (1,470.00)
N/A
TOTAL DEBT SERVICE
733,200.00
3,581.23
729,618.77
0.49%
CAPITAL IMPROVEMENT REVENUE:
Non Allocated Interest 0.00 26,476.46 (26,476.46) N/A
TOTAL CIP REVENUE 0.00 26,476.46 (26,476.46) N/A
TOTAL FINANCING AUTHORITY 733 2 00.00 30.057.69 703.142.31 4.10%
00 q `3
LA QUINTA FINANCING AUTHORITY
EXPENDITURE SUMMARY
DEBT SERVICE EXPENDITURES
SERVICES
BOND PRINCIPAL
BONDINTEREST
TRANSFER OUT
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT EXPENDITURES
TRANSFER OUT
TOTAL CAPITAL IMPROVEMENT
TOTAL FINANCING AUTHORITY
07/01/97-4130198 REMAINING %
BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED
5,600.00
6,426.97
0.00
(826.97)
114.77%
285,000.00
0.00
0.00
285,000.00
0.00%
449,623.00
407.23
0.00
449,215.77
0.09%
0.00
0.00
0.00
0.00
N/A
740,223.00
6,834.20
0.00
733,388.80
0.92%
745,209.00 176,207.49 0.00 569,001.51 23.65%
745,209.00 176,207.49 0.00 569,001.51 23.65%
1,55.4 432.00 183.041.69 0.001 302,390.31 12.32%
00001()
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