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2012 06 19 FALam •� c7 S cry OF FINANCING AUTHORITY AGENDA CITY COUNCIL CHAMBERS 78-495 Calle Tampico I La Quinta, California REGULAR MEETING TUESDAY, JUNE 19, 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 JUNE 5, 2012 CONSENT CALENDAR NOTE: Consent Calendar items are routine in nature and can be approved by one motion. 1. RECEIVE AND FILE TREASURER'S REPORT DATED APRIL 30, 2012 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED APRIL 30, 2012 FINANCING AUTHORITY AGENDA 1 JUNE -19, 2012 3. ADOPTION OF A RESOLUTION ADOPTING THE INVESTMENT POLICY OF THE CITY OF LA, QUINTA FOR FISCAL YEAR 2012/2013 BUSINESS SESSION - NONE CHAIR AND BOARD MEMBERS' ITEMS - NONE PUBLIC HEARINGS - NONE ADJOURNMENT The next regular meeting of the Financing Authority will be held on July 17, 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 June 15, 2012. DATED: June 14, 2012 SUSAN MAYSELS, In rim 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. 002 FINANCING AUTHORITY AGENDA 2 JUNE 19, 2012 Tar 4 4& a" CITY/SA/HA" MEETING DATE: June 19, 2012 AGENDA CATEGORY: ITEM TITLE: Receive and File Treasurer's Report dated BUSINESS SESSION: April 30, 2012 CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: It is recommended the La Quinta Financing Authority: Receive and File. PLEASE SEE RELATED CONSENT SESSION ITEM ON CITY COUNCL AGENDA To 003 AGENDA CATEGORY: CITY/SA/HA FA MEETING DATE: June 19, 2012 BUSINESS SESSION: _ ITEM TITLE: Receive and File Revenue and Expenditure CONSENT CALENDAR: 2- Report dated April 30, 2012 STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: Receive and File. FISCAL IMPLICATIONS: None. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: Receive and File the April 30, 2012 Statement of Revenue and Expenditures for the La Quinta Financing Authority. Respectfully submitted, A4114t� -dt�rn John M. Falconer, Finance Director Attachment: 1. Revenue and Approved for submission by: Executive Director Report, April 30, 2012 004 ATTACHMENT 1 LA OUINTA FINANCING AUTHORITY 07/01PL011-OV3012012 REVENUE DETAIL ADJUSTED. REMAINING % BUDGET RECEIVED BUDGET RECEIVED DEBT SERVICE REVENUE: Contractual Services Fees 11.600.00 9.10729 2,492.71 78.510% Non Allocatecl Interest 0.00 1,338.00 (1,338. D0) 0.000% Rental Inane 673,521.00 673,521.25 (0.25) 100.000% Transfer In 0.00 0.00 000 0000% TOTAL DEBT SERVICE 685,121.00 683,966.54 1,154.46 99830% CAPITAL IMPROVEMENT REVENUE: Poolecl Cash Allocated Interest 0,00 0.00 0.00 0.000% Non Allocated Interest 0.00 000 0.00 0000% TOTAL CIP REVENUE 0.00 p.00 0.00 0.000% TOTAL FINANCING AUTHORITY 585.121.00 683988.54 115446 99830% 11 005 2 LA OUINTA FINANCING AUTHORITY ADJUSTED Q3WN12 REMAINING EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET DEBT SERVICE EXPENDITURES SERVICES 11,600.00 7.527.29 0,00 4,022.71 BOND PRINCIPAL -19% 445,000.00 445.000.00 0.00 000 BOND PRINCIPAL -2000 0.00 0.00 0.00 0.00 BOND PRINCIPAL - 2011 0,00 - 0.00 000 0.00 BOND INTEREST -1995 228,521.00 226,521.25 O00 (0.25) BOND INTEREST -2004 000 000 000 0.00 BOND INTEREST - 2011 0.00 000 0.00 0.00 TRANSFER OUT 2,695719.00 2,695,T19.00 0.00 0,00 TOTAL DEBT SERVICE CAPITALIMPROVEMENT EXPENDITURES BOND ISSUANCE COSTS 000 0.00 0.00 0,00 TRANSFER OUT 000 000 0.00 0.00 TOTAL CAPITAL IMPROVEMENT TOTAL FINANCING AUTHORITY `a 006 3 ,5 a •� P w cF`y OF AGENDA CATEGORY: CITYISA/HA FA MEETING DATE: June 19, 2012 BUSINESS SESSION: ITEM TITLE: Adoption of a Resolution Adopting the 3Investment Policy of the City of La Quinta for Fiscal CONSENT CALENDAR: _ Year 2012/2013 STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: Adopt a Resolution of the City Council approving the Investment Policy for the La Quinta Financing Authority for Fiscal Year 2012/2013. PLEASE SEE CONSENT SESSION ITEM ON CITY COUNCIL AGENDA 007 RESOLUTION NO. FA 2012- A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY OF THE CITY OF LA QUINTA APPROVING AND ADOPTING THE AMENDED INVESTMENT POLICY FOR FISCAL YEAR 2012-2013 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 liquid 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 yield throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs; and 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 for Fiscal Year 2012-2013; and WHEREAS, the Investment Policy will be adopted before the end of June of each year and amended as considered necessary. NOW, THEREFORE, BE IT RESOLVED by the Financing Authority of the City of La Quinta to adopt the Fiscal Year Investment Policy (Exhibit A). 11: Resolution No. FA 2012- Investment Policy Adopted: June 19, 2012 Page 2 of 3 PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta Financing Authority, held on this 19" day of June, 2012 by the following vote, to wit: AYES: NOES: ABSTAIN: ABSENT: ATTEST: SUSAN MAYSELS, Interim Secretary La Quinta Financing Authority (SEAL) APPROVED AS TO FORM: M: KATHERINE JENSON, Authority Counsel La Quinta Financing Authority DON ADOLPH, Chairman La Quinta Financing Authority ...M 009 Resolution No. FA 2012- Investment Policy Adopted: June 19, 2012 Page 3 of 3 Exhibit A (TO BE ATTACHED) -.� 010