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2000 06 20 FAtw, OFT19 La Quinta Financing Authority Agenda a. Roll Call Board Members: PUBLIC COMMENT City Council Chamber 78-495 Calle Tampico La Quinta, California 92253 June 20. 2000 3:00 PM Beginning Res. No. FA 2000-01 Adolph, Henderson, Perkins, Sniff, Chairman Pena Atthis time, members of the public may address the Finance Authority on any matter not listed on the agenda or scheduled for public hearing. Please complete a "request to speak" form and, limit your comments to three minutes. For all Public Hearings on the agenda, a completed "request to speak" form must be filed with the City Clerk prior to the Council beginning consideration of that item. Please watch the timing device on the podium. CONFIRMATION OF AGENDA APPROVAL OF MINUTES 1. APPROVAL OF THE MINUTES OF MAY 16, 2000. CONSENT CALENDAR 1. TRANSMITTAL OF TREASURER'S REPORT DATED APRIL 30, 2000. 2. TRANSMITTAL OF REVENUE AND EXPENDITURES REPORT DATED APRIL 30, 2000. 1. CONSIDERATION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF THE CITY OF LA QUINTA FOR FISCAL YEAR 2000/2001. A. RESOLUTION ACTION. DEPARTMENT REPORTS - None CHAIR AND BOARD MEMBERS' ITEMS - None 12IT-1 14cf, 1 �1►�C�� I, June S. Greek, Secretary of the La Quinta Financing Authority, do hereby declare that the foregoing agenda for the La Quinta Financing Authority meeting of June 20, 2000, 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 16, 2000. Dated: June 16, 2000 June S. Greek, CMC/AAE Secretary, La Quinta Financing Authority The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the. City Clerk's Office at 777-7025, 24-hours in advance of the meeting and accommodations will be made. 0U Page 2 Tjht 4 XA Q" COUNCIL/RDA MEETING DATE: June 20, 2000 Transmittal of Treasurer's Report as of April 30, 2000 RECOMMENDATION: Receive and file. BACKGROUND AND OVERVIEW: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of Treasurer's Report dated April 30, 2000 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. Respectfully submitted: John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, City Manager Attachment: Treasurer's Report, La Quinta Financing Authority 003 c&t,, 4 4Q" MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for April 30, 2000 DATE: May 30, 2000 Attached is the Treasurer's Report for the month ending April 30, 2000. The report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept. The following table summarizes the changes in investment types for the month: Investment Beginning Purchased Sold/Matured Other EndingChafe Cash (1) $1,167,246 755,339 411,907 ($755,339) LAW $10,832,650 1,240,310 1,500,000 10,572,960 (259,690) US Treasuries (2) $19,503,949 1,990,209 (8,337) 21,485,821 1,981,872 US Gov't Agencies (2) $19,790,293 55,786 19,846,079 55,786 Commercial Paper (2) $0 0 0 Mutual Funds $5,348,920 909,686 4,349,234 (999,686 Total 56 3,058 $3,230,519 3 302 474 $802,788 56 666 001 _$22,943___ I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and ins 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 the Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. JohgM. Falconer ' Fin ce Director/Treasurer 31 0C) Dat Footnote (1). The amount reported in the other column represents the net increase (decrease) of deposits and withdrawals from the previous month. (2) The amount reported in the other column represents the amortization of premium/discount for the month on US Treasury, Commercial Paper and Agency investments. 00 003 a LLLL 01 •� 8 G4g y � � 0 Y �Qg W N y� O O cNt�� f lN� QO O m O 8 ri pp 7 o 0 5 c 06 Jt a 8 w N a a. m W)ininm ��<AS 004 i O V u 005 ! � ! $� t U0i MR 0 L 7 Q rn c c co c li 4) c m r Q 0 cQ a� E m u E c c o 0 doa>mio N J ECMw E UcnU� O d y. LO N (D O O c�QQQQQNQ E ZZZZZZMZ m ' � O a�zzzzz00Z x W M 00000 00000 m 00000 a N N N N N Q pZ 4QQQQZ aCO r.- - V OAT-e-N QCL i •C O oO' �N ~ O c CD O M ow 0 L6 a COO~� � M N N C1 rm.. 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N N 19 P! y A O 10 O IL N a `' `�' ado y O °� � xa g Nl7A a 3 vat O N m� 1m ����� ISENIX �e�f N !Q� tOAI�'t0 A AN civ IV vin UIRV� A v L c~e _ 0z 0 Z' viU Low CITY OF LA QUINTA BALANCE SHEET 04130I00 ASSETS: POOLED CASH LORP INVESTMENT IN POOLED CASH INVESTMENT T-BILLMOTES 3 OTHER AUTO MALL CASH LQRP CASH BOND REDEMPTION CASH BOND RESERVE CASH BOND PROJECT CASH BOND ESCROW CASH CITY CITY FIXED LONG TERM CITY ASSETS DEBT 1,463,381.82 31,980,000.00 309,115.44 RDA RDA FIXED LONG TERM RDA ASSETS DEBT 8,346,206.97 806,000.00 61,986.85 11.009.01 13,210,297.40 FA FINANCING LONG TERM GRAND AUTHORITY DEBT TOTAL (788.54) 9,807,781.95 805,000.00 31,980,000.00 309.118.44 81.956.86 28.73 11,098.34 593,538.24 13,804,136.64 PETTY CASH 1.000.00 1,000.00 CASH i INVESTMENT TOTAL 33,753,480.20 22,433,540.84 593,060.13 56,780,101.23 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE PREMIUMIDISCOUNT ON INVESTMENT LORP,ACCOUNTS RECEIVABLE INTEREST RECEIVABLE LOANINOTES RECEIVABLE DUE FROM OTHER AGENCIES DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS DUE FROM RDA INTEREST ADVANCE -DUE FROM RDA ADVANCES TO OTHER FUNDS NSF CHECKS RECEIVABLE ACCRUED REVENUE TRAVELADVANCES EMPLOYEE ADVANCES PREPAID EXPENSES RECEIVABLE TOTAL 9,903,435.57 3,517,289.26 8,247,878.93 21.728.601.78 29,931.67 00.983.90 (90.423.90) (11.552.08) 55,518.38 27.229.46 18,606.17 2,668,850.80 127,984.00 785,501.19 741,858.90 7.113.127.20 1.776.774.34 170,780.58 1,911.86 S33.40 2,013.00 8.260.000.00 (12,123.07) 8,350,915.57 (114,099.05) 55.516.35 27.229.46 2,687,456.97 127,964A0 1,527,158.09 7,113,127.20 1,776,774.34 170,780.58 1,911.86 833.40 2,013.00 WORKER COMPENSATION DEPOSIT RENT DEPOSITS 75.00 UTILITY DEPOSITS 75.00 2.100.00 MISC. DEPOSITS 2100.00 DEPOSITS TOTAL 2,175.00 2.175.00 GENERAL FIXED ASSETS 1,358,535.88 15,285,816.00 10,236,500.05 26,678,957.93 ACCUMULATED DEPRECIATION (885,581.27) (685,581.27) AMOUNT AVAILABLE TO RETIRE LIT DEBT 3,395,117.03 3.395.117.03 AMOUNT TO BE PROVIDED FOR LIT DEBT 1,077,482.02 95 221,354.00 8,250,000.00 105,168,866.08 TOTAL OTHER ASSETS 670,954.61 16,255,816.00 1,677,482.02 10XI5,505.06 98.616.501.09 8,20Q000.00 134.747.259.77 TOTAL ASSETS 44,390,045.44 15 295 816 00 1,677,482.02 25,950,830.12 10,236,500.05 98 618 501 09 8,840,957.05 8,280,000.00 213.258.137 78 LIABILITY ACCOUNTS PAYABLE 11,999.44 11,999.41 DUE TO OTHER AGENCIES DUE TO OTHER FUNDS 928,959.44 576.00 1,517,278.09 928,959.44 9,305.00 1,527,158.09 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES 20 43,564.78 PAYROLL LIABILITIES 48,924.20 STRONG MOTION INSTRUMENTS 3,584.78 28.S 0 FRINGE TOED LIZARD FEES 20,890.00 W.0 .890. 2,500.00 SUSPENSE 2,WO.00 DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 1,011,733.42 11,999.44 1.517.278.09 9,305.00 2,5W,315.95 ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS 427,971.30 ARTS IN PUBLIC PLACES DEPOSITS 427.971.30 15.164.00 LQRP DEPOSITS DEVELOPER DEPOSITS 1,175,899.20 15,164.00 25.000.00 1,200,899.20 MISC. DEPOSITS 408,271.59 408.271.59 1,182,165.10 AGENCY FUND DEPOSITS 1,182,185.10 3,234,491.19 TOTAL DEPOSITS 3,194,327.19 40.164.00 DEFERRED REVENUE 8,270.67 8,200,000.00 8,268,270.67 OTHER LIABILITIES TOTAL 8,270.67 8,250,000.00 8,208,270.67 COMPENSATED ABSENCES PAYABLE 337,880.88 8,067,115.34 337,8W.86 9,904.717•06 DUE TO THE CITY OF LA QUINTA 1,327,601.72 12,466,237.00 12,465,237.00 DUE TO COUNTY OF RIVERSIDE 10,058,148.75 10.058.148.75 DUE TO C.V. UNIFIED SCHOOL DIST. DUE TO DESERT SANDS SCHOOL DIST. 57,415,000.00 8,280,000.00 75,875,000.00 BONDS PAYABLE TOTAL LONG TERM DEBT 1,6W.482.58 90,616,501.00 8,2W.000.00 105.541.983.67 TOTAL LIABILITY 4,214,331.28 1,677,462.02 1,557,442.09 98,616,501.09 8.269.305.00 8,2W,000.00 122,595,061.48 EQUITY -FUND BALANCE 40,175,714.18 15.285.816.00 24,393,388.03 10.230.5W.05 57102.05 90,863,076.30 TOTAL LIABILITY i EQUITY 815 00 1 677, 02 25 950 83012 10,236 500 05 90,516 501 09 6 540 957 00 8,260,000.00 213.258.137.75 CASH i INVESTMENT TOTAL 68,780,101.23 +L PREMIUMIDISCOUNT ON INVESTMENT 1114,099,01) TOTAL 88,88S,OOi18 010 Tity/ 4 4 Qamto COUNCIL/RDA MEETING DATE: June 20, 2000 Transmittal of Revenue and Expenditure Reports dated April 30, 2000 RECOMMENDATION: Receive and File BACKGROUND AND OVERVIEW: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Transmittal of the April 30, 2000 Statement of Revenue and Expenditures for the La Quinta Financing Authority. Respectfully submitted: M. Falconed, Finance Director Approved for Submission by: Thomas P. Genovese City Manager Attachments: 1. Revenue and Expenditures Report, April 30, 2000 01Cll LA QUINTA FINANCING AUTHORITY REVENUE DETAIL 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 07/01/1999-4/30/2000 REMAINING % BUDGET RECEIVED BUDGET RECEIVED 5,600.00 0.00 5,600.00 0.00% 12,400.00 (545.21) 12,945.21 -4.40% 679,670.00 679,670.00 0.00 100.00% 0.00 8,332.58 (8,332.58) N/A 697,670.00 687,457.37 10,212.63 98.54% 0.00 5.92 (5.92) N/A 0.00 18,694.87 (18,694.87) N/A 0.00 18,700.79 (18,700.79) N/A 697,670.00 706,158.16 (8,488.16) 101.22% 003 LA QUINTA FINANCING AUTHORITY EXPENDITURE SUMMARY 07/01/1999 - 4/30/2000 REMAINING % 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 9,020.00 9,081.50 0.00 (61.50) 100.68% 250,000.00 250,000.00 0.00 0.00 100.00% 429,670.00 429,670.00 0.00 0.00 100.00% 0.00 0.00 0.00 0.00 N/A 688,690.00 688,751.50 0.00 (61.50) 100.01 % 517,731.78 8,332.58 0.00 509,399.20 1.61% 517,731.78 8,332.58 0.00 509,399.20 1.61% 1,206,421.78 697,084.08 0.00 509,337.70 57.78% O� 3 004 T4ht 4 4 Q" COUNCIL/RDA MEETING DATE: ITEM TITLE: June 20, 2000 Consideration of a Resolution Adopting the Investment Policy of the Financing Authority for Fiscal Year 2000/2001 RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: Approve a Resolution of the Financing Authority adopting the Investment Policy of the City of La Quinta for Fiscal Year 2000/2001. SEE CITY COUNCIL STAFF REPORT 015 RESOLUTION NO. FA 2000- A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY OF THE CITY OF LA QUINTA APPROVING AND ADOPTING THE AMENDED INVESTMENT POLICY FOR FISCAL YEAR 2000/2001 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. The investment portfolio shall remain sufficiently li id to 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 iel 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 2000/2001 Fiscal Year Investment Policy (Exhibit A). 002 PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta Financing Authority, held on this day of 1999 by the following vote, to wit: AYES: NOES: ABSTAIN: ABSENT: JOHN J. PENA, Chairman La Quinta Financing Authority ATTEST: JUNE S. GREEK, Secretary La Quinta Financing Authority APPROVED AS TO FORM: DAWN HONEYWELL, City Attorney La Quinta Financing Authority 014 003