2011 07 05 HAHOUSING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Special Meeting
TUESDAY, JULY 5, 2011 — 4:00 P.M.
Beginning Resolution No. HA 2011-005
CALL TO ORDER
Roll Call:
Board Members: Adolph, Evans, Henderson, Sniff, and Chairperson Franklin
PUBLIC COMMENT
At this time members of the public may address the Housing Authority on any matter not
listed on the agenda. Please complete a "request to speak" form and limit your comments
to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES - NONE
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. ADOPTION OF A RESOLUTION APPROVING THE FISCAL YEAR 2011-2012
LA QUINTA HOUSING AUTHORITY BUDGET
BUSINESS SESSION — NONE 002
HOUSING AUTHORITY AGENDA 1 JULY 5, 2011
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
The next regular meeting of the Housing Authority will be held on JULY 19, 2011
at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA
92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Housing Authority meeting of JULY 5,
2011, was posted on the outside entry to the Council Chamber at 78-495 Calle
Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630
Highway 111, on JULY 1, 2011.
DATED: ULY 1, 2011
ERONICA J. TECINO, City Clerk
City of La Qu ta, California
Public Notice
Any writings or documents provided to a majority of the Housing Authority regarding any
item on this agenda will be made available for public inspection at the City Clerk counter at
City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal
business hours.
003
HOUSING AUTHORITY AGENDA 2 JULY 5, 2011
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COUNCIL/RDA MEETING DATE: July 5, 2011
ITEM TITLE: Adoption of a Resolution Approving the
Fiscal Year 201 1 /2012 La Quinta Financing Authority
Budget
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR: I
STUDY SESSION:
PUBLIC HEARING:
Adopt a Resolution of the La Quinta Financing Authority approving the Fiscal Year
2011 /2012 La Quinta Financing Authority Budget.
FISCAL IMPLICATIONS:
All Fiscal Year 201 1 /2012 revenues, operational and debt service payments are
included in the Proposed Fiscal Year 201 1 /2012 Budget (see Attachment 1 of City
Council staff report).
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
At the Financing Authority Meeting of June 21, 2011, the Authority adopted the
Preliminary Budget and provided staff direction regarding the Final Budget for the
201 1 /2012 Fiscal Year.
After the Preliminary Budget Hearing on June 21, 2011, staff has included debt
service costs, and related funding associated with the, recently completed 2011
Taxable Financing Authority Housing Bond issue.
004
La Quinta Financing Authority
Changes Between Preliminary vs. Final Budget Accounts
Fiscal Year 2011-2012
La Quinta Financing Authority
Preliminary
Budget
Changes
Final
Budget
Interest expense
0
(1,574,531)
(1,574,531)
Debt Service 1 Fund - Transfer in
3,956,162
1,054,936
5,011,098
Debt Service 2 Fund - Transfer in
1,948,557
519,595
2,468,152
Estimated Budget Net increase (decrease)
6,891
0
6,891
Subtotal- Changes
5,911,610
0
5,911,610
FINDINGS AND ALTERNATIVES:
The alternatives available to the Financing Authority include:
1) Adoption of a Resolution of the La Quinta Financing Authority approving the
Fiscal Year 201 1 /2012 La Quinta Financing Authority Budget; or
2) Do not adopt a Resolution of the La Quinta Financing Authority and do not
approve the Fiscal Year 201 1 /2012 La Quinta Financing Authority Budget; or
3) Provide staff with alternative direction.
espectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
005
RESOLUTION NO. FA 2011-
A RESOLUTION OF THE LA O.UINTA FINANCING
AUTHORITY APPROVING A BUDGET FOR FISCAL
YEAR 2011 /2012
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 2011 /2012 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.
Resolution No. FA 2011-
Budget Approval FY 2011/2012
Adopted: July 5, 2011
Page 2
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.
Q
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 at a regular meeting of the La Quinta Financing
Authority held on this 51n day of July, 2011, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
DON ADOLPH, Chairman
La Quinta Financing Authority
ATTEST:
VERONICA J. MONTECINO, CMC, Secretary
La Quinta Financing Authority
(SEAL)
007
Resolution No. FA 2011-
Budget Approval FY 2011/2012
Adopted: July 5, 2011
Page 3
APPROVED AS TO FORM:
M. KATHERINE JENSON, Authority Counsel
La Quinta Financing Authority