2012 02 21 FA1 � a,
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cFh OF
FINANCING AUTHORITY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
REGULAR MEETING
TUESDAY. FEBRUARY 21. 2012 AT 4:00 P.M.
Beginning Resolution No. FA 2012-001
CALL TO ORDER
Roll Call:
Board Members: Evans, Franklin, Henderson, Osborne and Chairman Adolph
PUBLIC COMMENT
At this time members of the public may address the Financing 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
1. APPROVAL OF MEETING MINUTES OF JANUARY 17, 2012
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. RECEIVE AND FILE TREASURER'S REPORT DATED DECEMBER 31, 2011
'#•". 001
FINANCING AUTHORITY AGENDA 1 FEBRUARY 21, 2012
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
DECEMBER 31, 2011
BUSINESS SESSION
1. CONSIDERATION OF MID -YEAR BUDGET
CHAIR AND BOARD MEMBERS' ITEMS - NONE
PUBLIC HEARINGS - NONE
ADJOURNMENT
The next regular meeting of the Financing Authority will be held on March 20,
2012 at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico,
La Quinta, CA 92253.
DECLARATION OF POSTING
I, Susan Maysels, Interim City Clerk of the City of La Quinta, do hereby declare
that the foregoing agenda for the La Quinta Financing Authority meeting 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
February 17, 2012.
DATED: February 17, 2012
SV44�,�
SUSAN MAYSELS, Interim City Clerk
City of La Quinta, California
Public Notice
Any writings or documents provided to a majority of the Financing 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.
FINANCING AUTHORITY AGENDA 2 FEBRUARY 21, 2012„N. 002
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CE`y OF
COUNCIL/RDA MEETING DATE: February 21, 2012 AGENDA CATEGORY:
ITEM TITLE: Receive and File Transmittal of
Treasurer's Report as of December 31, 2011
RECOMMENDATION:
It is recommended the La Quinta Financing Authority:
Receive and file.
BUSINESS SESSION: _
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
003
COUNCIL/RDA MEETING DATE: February 21, 2012 AGENDA CATEGORY:
ITEM TITLE: Receive and File Transmittal of Revenue BUSINESS SESSION:�
and Expenditure Reports dated December 31, 2011 CONSENT CALENDAR: _
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Transmittal of the December 31, 2011 Statement of Revenue and Expenditures for
the City of La Quinta Financing Authority.
Respectfully submitted,
John M. Falconer, Finance Director
004
Approved for submission by:
VA. 4�-'�
Mark Weiss, Executive Director
LA QUINTA FINANCING AUTHORITY
REVENUE DETAIL
07/0112011-12/3112011
ADJUSTED 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
11,600.00
0.00
11,600.00
0.000%
0.00
750.00
(750.00)
0.000%
673,521.00
565,435.00
108,086.00
83.950%
7,479,250.00
4 363 813,27
3,115,436.73
58.360%
8,164,371.00
4,929,998.27
3,234,372.73
60.380%
0.00 0.00 0.00 0.000%
0.00 0.00 0.00 0.000%
0,00 0.00 0.00 0.000%
8,164,371.00 4,929,998.27 3,234,372.73 60.380%
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LA OUINTA FINANCING AUTHORITY
ADJUSTED
BUDGET
12131H1
EXPENDITURES
ENCUMBERED
REMAINING
BUDGET
EXPENDITURE SUMMARY
DEBT SERVICE EXPENDITURES
11,600.00
9,00T29
0.00
2,59211
SERVICES
445,000.00
445.000.00
0,00
000
BOND PRINCIPAL-19%
1,805.00000
1,805,000.00
000
Dw
0.00
BOND PRINCIPAL-2DNI
000
0.00
0.00
0.00
BOND PRINCIPAL
228,521.00
120,435.00
0,00
108,086.00
BOND INTEREST -19%
4,09,719.00
2,070,165.63
0.00
2,029,553.37
BOND INTEREST.2004
1,574.531,00
48Q647,64
0,00
1,085,883.36
BOND INTEREST-2011
0.00
0.00
0.00
0,00
TRANSFER OUT
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT EXPENDITURES
0.00
0,000,
00
0.00
BOND ISSUANCE COSTS
0:00
0.00
0 00
0.00
TRANSFER OUT
TOTAL CAPITAL IMPROVEMENT
uDD
TOTAL FINANCING AUTHORITY
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AGENDA CATEGORY:
COUNCILIRDA MEETING DATE: February 21, 2012 BUSINESS SESSION: I
CONSENT CALENDAR:
ITEM TITLE: Consideration of the Mid -Year Budget STUDY SESSION:
Report for Fiscal Year 2011/2012 PUBLIC HEARING:
RECOMMENDATION:
Approve a decrease in appropriations of $3,115,436 and a decrease of a transfer in
of $3,127,502 as outlined in Attachment 1.
Receive and file the Mid -Year Budget Report for Fiscal ,Year 2011/2012
FISCAL IMPLICATIONS:
In the past, the debt service for the 2004 and 2011 Finance Authority Housing
Bonds had been funded by transfers from the Redevelopment Agency PA Area 1
and 2 Redevelopment Agency Debt Service Funds. With the State-wide dissolution
of the Redevelopment Agencies on January 31, 2012, the previous Redevelopment
transfers cannot be made for the upcoming March 1, 2012 debt service payment.
The debt service payments will be made from the Successor Agency Funds which
have recently been created to make the payments. The amount of the debt service
payments to US Bank, our bond trustee, for the 2004 and 2011 bond issue is
$3,115,436.
After January 31, 2012, the 2004 and 2011 bond debt service payments will be
paid out of two new Funds (231 and 232) created for the Successor Agency of the
La Quinta Redevelopment Agency.
BACKGROUND AND OVERVIEW:
A comprehensive report is prepared annually at mid -year to inform the Financing
Authority Board of any changes in the financial position of the Authority that would
require their attention.
.M 008
The Mid -Year Budget Report involves a financial assessment of Authority
operations. This report provides information on the Financing Authority revenues,
operations, any capital projects and requests for budget transfers and/or new
appropriations. Attachment 2 is the revenue and expenditure detail for the
Financing Authority.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Financing Authority include:
1. Approve a decrease in appropriations of $3,115,436 and a decrease of a
transfer in of $3,127,502 as outlined in Attachment No.1; and receive and
file the Mid- Year Budget; or
2. Do not approve a decrease in appropriations of $3,115,436 and a decrease
of a transfer in of $3,127,502 as outlined in Attachment No.1; and receive
and file the Mid- Year Budget; or
3. Provide staff with alternative direction.
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Mark Weiss, Interim Executive Director
Attachments: 1. Mid -Year Review Budget Worksheet — Financing Authority
Budget Worksheet and Appropriations
2. Financing Authority Revenues and Expenditures through
December 31, 2011
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