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1999 07 20 FALar� •r9 ram. � O2 vQum& CFb OF T1��'v La Quinta Financing Authority Agenda City Council Chamber 78-495 Calle Tampico La Quinta, California 92253 July 20, 1999 2:00 PM CALL TO ORDER a. Roll Call PUBLIC COMMENT CONFIRMATION OF AGENDA APPROVAL OF MINUTES a. Approval of Minutes of June 22 & June 29, 1999 BUSINESS SESSION Beginning Res. No. FA 99-02 1 . CONSIDERATION OF ADOPTING THE FISCAL YEAR 1999-2000 BUDGET. A) RESOLUTION ACTION. CONSENT CALENDAR TRANSMITTAL OF TREASURER'S REPORT DATED MAY 31, 1999. DEPARTMENT REPORTS TRANSMITTAL OF REVENUE & EXPENDITURES REPORT DATED MAY 31, 1999. CHAIR AND BOARD MEMBERS' ITEMS - None 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 July 20, 1999 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, July 16, 1999 Dafod: July 16, 1999 SAUNDRA L. JUHOLA, Secretary La Quinta Financing Authority Page 2 U 4 Titit 4 4 Q" AGENDA CATEGORY: BUSINESS SESSION: COUNCIL/RDA MEETING DATE: July 20, 1999 CONSENT CALENDAR: ITEM TITLE: STUDY SESSION: Consideration of Adopting Resolution PUBLIC HEARING: approving the Fiscal Year 1999-2000 La Quinta Financing Authority RECOMMENDATION: Adopt a Resolution of the City Council approving Fiscal Year 1999-2000 City of La Quinta Financing Authority Budget. FISCAL IMPLICATIONS: All Fiscal Year 1999-2000 revenues, operational appropriations and capital project funding are included in the Proposed Fiscal Year 1999-2000 City of La Quinta Budget. BACKGROUND AND OVERVIEW: See City Council Staff Report Respectfully submitted, Thomas P. Genovese, Executive Director %� RESOLUTION NO. FA99 - A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY APPROVING A BUDGET FOR FISCAL YEAR 1999-2000 WHEREAS, each year the La Quinta Financing Authority adopts a Budget for Revenues and Expenditures for the upcoming Fiscal Year; and WHEREAS, the Financing Authority desires to make provisions for a level of services commensurate with the needs of the City; and WHEREAS, the Financing Authority has reviewed said budget and has had several public meetings to receive public input; and WHEREAS, the Financing Authority has, after due deliberation and consideration, made such amendments in the proposed budget as it considers desirable; and NOW, THEREFORE, BE IT RESOLVED by the La Quinta Financing Authority to adopt, as follows: SECTION 1. The Fiscal Year 1999-2000 Budget which is on file with the La Quinta Financing Authority Secretary, is hereby approved. SECTION 2. Budget adjustment procedures are approved as follows: A. Additional appropriations and the transfer of cash or unappropriated fund balance from one fund to another shall be made only upon Financing Authority approval. B. Transfers of budgeted appropriations between divisions or capital projects shall be made only upon Financing Authority approval. C. Transfers of budgeted appropriations between accounts within a division or capital project may be made with the approval of the Executive Director or his designee. D. Prior year budget continuing Appropriations and Encumbrances for unexpended capital project appropriations remaining from uncompleted prior year capital projects shall be made with Executive Director approval. These carry-over appropriations are for prior year Financing Authority approved capital projects and shall not exceed the approved project budget. 00" SECTION 3. The Executive Director shall render a monthly report to the Financing Authority on the status of City operations as it relates to the approved budget and any amendments thereto. PASSED, APPROVED AND ADOPTED this following vote: AYES: NOES: ABSENT: ABSTAIN: 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 by the 0 V ,j TWY,� 4 XP QuAt6i COUNCIL/RDA MEETING DATE: July 20, 1999 ITEM TITLE: Transmittal of Treasurer's Report as of May 31, 1999 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: -t STUDY SESSION: PUBLIC HEARING: Transmittal of Treasurer's Report dated May 31, 1999 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 Approved for Submission by: Thomas P. Genovese City Manager Attachment: Treasurer's Report, La Quinta Financing Authority ATTACHMENTS o u'" 02 TO: FROM: SUBJECT: DATE: T4ht 4:wQumfw MEMORANDUM La Quinta City Council John Falconer, Finance Director/Treasurer Treasurer's Report for May 31, 1999 July 6, 1999 Attached is the Treasurer's Report for the month ending May 31, 1999. 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 $1,436,240. due to the net effect of revenues in excess expenditures. State Pool: Increase of $2,500,020. due to the net effect of transfers to and from the cash and investment accounts and Property Tax distribution. U.S. Treasury Bills, Notes, Government Agency Securities and Commercial Paper: Increase of $7,013,860. due to the purchase of one T-Note, four Commercial Papers and monthly adjustment in the amortized value of the investments. Mutual Funds: Decrease of $3,054,652. due to the purchase one T-Note and interest earned. Total increase in cash balances $7,895,468. 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 Inv, stment 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. 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CITY OF LA OUINTA BALANCE SHEET 051311" ASSETS: POOLED CASH LORP INVESTMENT IN POOLED CASH INVESTMENT T43ILUNOTES 3 OTHER AUTO MALL CASH LORP CASH BOND REDEMPTION CASH BOND RESERVE CASH BOND PROJECT CASH BOND ESCROW CASH PETTY CASH 1000.00 1.DDo 00 CASH i INVESTMENT TOTAL 31,725,714.15 27,336247.06 573.593.50 59.638,554 71 INVESTMENT IN LAND HELD FOR RESALE CRY CITY RDA RDA FA FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CRY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL 3,925,712.12 11,270,957.41 (8,486 43) 15.188.183.10 650.000.00 680,000 00 25,000,000.00 26.000.DOU00 1•3W•002-03 1,800. 002,03 86,035.27 56.035.27 175.356.66 28.73 175,387 41 15.125.895.70 562,051.20 15.707.948.90 ACCOUNTS RECEIVABLE 54,426.96 79,157.58 8,280,000.00 8,393,584.64 PREMIUMIDISCOUNT ON INVESTMENT 37.167.64 (61,473.48) (510.00) (24.815.62) LORP-ACCOUNTS RECEIVABLE 41,919.78 41.919.78 INTEREST RECEIVABLE 142,955.80 142,955,80 LOAN/NOTES RECEIVABLE 129,382.49 2,526,967.76 2,656,330.25 DUE FROM OTHER AGENCIES DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 13.063.40 551.038.04 564.701 44 DUE FROM RDA 6,890277.20 6,890,277,20 INTEREST ADVANCE -DUE FROM RDA 1,023,211.97 1.023,211 97 ADVANCES TO OTHER FUNDS 995,721.04 995.721 94 NSF CHECKS RECEIVABLE 2,775.68 2,776.68 ACCRUED REVENUE 633.40 83340 TRAVEL ADVANCES 3,794.00 3,794, 00 EMPLOYEEADVANCES PREPAID EXPENSES RECEIVABLE TOTAL 9,150,402.48 3,283,399.00 8,259.490.D0 20.693.291.48 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 39,612.00 39,512.00 GENERAL FOXED ASSETS 1,096,665.00 15,006,706.00 11,438,745.06 27,546,318.05 ACCUMULATED DEPRECIATION (746,125.02) (74C125.02) AMOUNT AVAILABLE TO RETIRE LIT DEBT 3,395,117.03 3,395,117 03 AMOUNT TO BE PROVIDED FOR LIT DEBT 1,944,070.34 95,403,114.00 8,260,000.00_106.607.154.34 TOTAL OTHER ASSETS 35$736.98 15,006,706.00 1,944,070.34 11,438,745.05 99,796,231.03 8,260,000.00 135,802,494.40 TOTAL ASSETS 41 269 086 61 15,008,706.00 1,944,070.34 30 621 60106 11,438,745.05 99,798,231.03 8,933,083.50 8,260,00000 217,174,15259 LIABILITY ACCOUNTS PAYABLE (0.02) 2Z,139.53 (504.08) 21,635.43 DUE TO OTHER AGENCIES 1,134,3W.96 1,134,350.96 DUE TO OTHER FUNDS 995,721.94 55I.W8.04 13,863.40 1,580,423.38 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES PAYROLL LIABILITIES 106,400.33 106,490.33 STRONG MOTION INSTRUMENTS 3.441.21 3,441.21 FRINGE TOED LIZARD FEES 38,300.00 38.300.00 SUSPENSE (6,106,33) (6.106.33) DUE TO THE CITY OF LA QUINTA PAVA13LESTOTAL 2,272,228.11 22,139.53 551,038.04 13.159.32 2,858,565.00 ENGINEERING TRUST DEPOSITS 55,224.06 58.224.09 SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 466.635.20 466.835,20 LORP DEPOSITS 15,50.99 15.595.99 DEVELOPER DEPOSITS 1,735,566.13 1.736.566 13 MISC. DEPOSITS 100,865.55 160,866.55 AGENCY FUND DEPOSITS 1,W5 55131 1.SB5,552�31 TOTAL DEPOSITS 3.968,04428 15.595.99 4.003,640,27 DEFERRED REVENUE Ii25023 8,260,000.00 8,27' .5023 OTHER LIABBJTIES TOTAL 11,25023 8.280.000.00 8.: ..250.23 COMPENSATED ABSENCES PAYABLE 313,619.81 313,519.51 DUE TO THE CITY OF LA OUINTA 1,606,311.00 9,713,490.38 11,321,WI.38 DUE TO COUNTY OF RIVERSIDE 12,601,591.90 12,601,591.90 DUE TO C.Y. UNIFIED SCHOOL DIST. 10,068,148.75 10,058,149.75 DUE TO DESERT SANDS SCHOOL DIST. BONDS PAYABLE 67,416,000.00 8.2W,000.00 75,675,000.00 TOTAL LONG TERM DEBT 1,921,930.81 99,794,231.03 6,250,000.00 109.9W,161.64 TOTAL LIABILITY 5271,522,62 1,944,070.34 568.834.03 99,798.231,03 8,273159.32 8,260,000.00 125,113,617.34 EQUITY -FUND BALANCE 34,998,145.99 15,006,708.00 30,055,012.03 11,435,745.05 559,924,16 92,OW,535.26 TOTAL LIABILITY • EQUITY 4120111,450.41 1 S 000 706 W 1 944 070 34 30,621,646.06 11 436 745.05 99 798,231 03 8,533 083,50 8 2 00 DO0.00 217,174,152.59 JJJ--- i 1 , TWT 4 4 Q9M& COUNCIL/RDA MEETING DATE: ITEM TITLE: Transmittal of Revenue and Expenditure Reports dated May 31, 1999 RECOMMENDATION: Receive and File AGENDA CATEGORY: BUSINESS SESSION: July 20, 1999 CONSENT CALENDAR: BACKGROUND AND OVERVIEW: STUDY SESSION: PUBLIC HEARING: Transmittal of the May 31, 1999 Statement of Revenue and Expenditures for the La Quinta Financing Authority. i John M. Falco6er, Finance Director Approved for Submission by: Thomas P. Genovese City Manager Attachments: 1 . Revenue and Expenditures Report, May 31, 1999 ATTACHMENTS (J 02 LA QUINTA FINANCING AUTHORITY 07/01/1998-05/31/1999 REVENUE DETAIL REMAINING % BUDGET RECEIVED BUDGET RECEIVED DEBT SERVICE REVENUE: Contractual Services Fees Non Allocated Interest Rental Income Transfer In TOTAL DEBT SERVICE CAPITAL IMPROVEMENT REVENUE: Pooled Cash Allocated Interest Non Allocated Interest TOTAL CIP REVENUE TOTAL FINANCING AUTHORITY 5,600.00 0.00 5,600.00 12,400.00 (151.96) 12,551.96 672,173.00 467,175.50 204,997.50 0.00 0.00 0.00 690,173.00 467,023.54 223,149.46 0.00 27.74 (27.74) 0.00 28,482.77 (28,482.77) 0.00 28,510.51 (28,510.51) 690,173.00 495,534.05 194,638.95 0.00% -1.23% 69.50% N/A 67.67% N/A N/A N/A 71.80% 1 3 I'? LA QUINTA FINANCING AUTHORITY EXPENDITURE SUMMARY DEBT SERVICE EXPENDITURES SERVICES BOND PRINCIPAL BONDINTEREST TRANSFER OUT TOTAL DEBT SERVICE 07/01/1998 - 05/31/1999 REMAINING % BUDGET EXPENDITURES ENCUMBERED BUDGET EXPENDED 5,600.00 9,036.50 245,000.00 245,000.00 439,573.00 222,175.50 0.00 0.00 690,173.00 476,212.00 0.00 (3,436.50) 161.37% 0.00 0.00 100.00% 0.00 217,397.50 50.54% 0.00 0.00 N/A 0.00 213,961.00 69.00% CAPITAL IMPROVEMENT EXPENDITURES TRANSFER OUT 567,376.00 48,770.00 0.00 518,606.00 8.60% TOTAL CAPITAL IMPROVEMENT 567,376.00 48,770.00 0.00 518,606.00 8.60% TOTAL FINANCING AUTHORITY 1,257,549.00 52.4_,982.00 0.00 732,567.00 41.75% 1 4