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1990-1991 ACFR (July 1 - June 30 Annual Comprehensive Financial Report)
CITY OF LA QUINTA COMPREHENSIVE ANNUAL FINANCIAL REPORT WITH REPORT ON AUDIT- BY CERTIFIED PUBLIC ACCOUNTANTS FOR THE YEAR ENDED JUNE 30, 1991 CITY OF LA QUINTA COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF CONTENTS June 30, 1991 Page Independent Auditors, Report Num 1-2 2 General Purpose Financial Statements: Combined Balance Sheet - All Fund Types and Account Groups 3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 4 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual - General, Special Revenue and Debt Service Fund Types 5-6 Comparative Statement of Revenues, Expenses and Changes in Retained Earnings - Proprietary Fund Type - Equipment Replacement Internal Service Fund 7 Comparative Statement of Cash Flows - Proprietary Fund Type - Equipment Replacement Internal Service Fund 8 Notes to Financial Statements 9 - 33 Combining and Individual Fund Financial Statements: General Fund: Comparative Balance Sheet 34 Comparative Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 35 Special Revenue Funds: Combining Balance Sheet 36 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 37 State Gas Tax Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 38 CITY OF LA QUINTA COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF CONTENTS (Continued) June 30, 1991 Page Number Landscape Maintenance Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual 39 Assessment District 89-1 Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual 40 Quimby Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual 41 Infrastructure Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual 42 Village Parldng Special Revenue Fund: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual 43 Debt Service Fund: Comparative Balance Sheet 44 Comparative Statement of Revenues, Expenditures and Changes in Fund Balance 45 Capital Projects Funds: Combining Balance Sheet 46 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 47 Agency Funds: Combining Balance Sheet 48 Statement of Changes in Assets and Liabilities 49 &CVMrnANY CERIII-Ih PUBLIC ACCOUNTANTS A PARTNMSM NCUIDD40 ACCOUNTANCY CORPORATIONS 18401 VON KARMAN, SUITE 200 IRVINE • CALIFORNIA 92715-1542 PHONE (714) 757-7700 FAX (714) 757.2707 INDEPENDENT AUDITORS' REPORT City Council City of La Quinta La Quints, California RODNEY K. McCANIEL, CPA RALPH H. WEIN RAUB. CPA MICHAEL R. LUD[N, CPA ROBERT R. WINE, CPA CRAIG W. SPRAKER, CPA PHILIP H. HOLTKAMP. CPA THOMAS M. PERLOWSIG. CPA HARVEY } SCHROEDER, CPA We have audited the general purpose financial statements of the City of La Quinta, California as of and for the year ended June 30, 1991, as listed in the table of contents. These financial statements are the responsibility of City's management. Our responsibility is to express an opinion on these financial statements based on our audit. Except as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We were unable to obtain adequate evidential support for a portion of cash and investments of the City at June 30, 1991 totaling approximately $4,325,000. This limitation in the scope of our audit resulted from an alleged misappropriation of funds by one of the City's outside investment advisors. A description of this matter and its effect on the accompanying financial statements is more fully described at Note 17. Since the ultimate outcome of this matter cannot presently be determined, no provision for any loss that may result has been made in the accompanying financial statements. In our opinion, except for the possible effects of adjustments due to the limitation described above, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of La Quints as of June 30, 1991, and the results of its operations and the cash flows of its proprietary fund type for the year then ended in conformity with generally accepted accounting principles. se OTHER OFFICES AT: '965 ROOSEVELT ST. 613 W VALLEY PKWY.. SLTIT' 330 CARMAD. CA 92008.2389 ESCONDIDO. CA 92025.2552 (619)729-2343 (619)741-3141 (619) 729.2234 FAX (619) 741.9890 FAX Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund financial statements listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of La Quinta. The information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, except for the possible adjustments due to the limitation described above, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. August 20, 1991 (except for the information in Note 17, as to which the date is January 2, 1992). -2- • OP1OP N.O u'1w 10 NAOO PP CO Mu1 rn� ON O w .1 ItN .O CD N Nut OA .-fl- NOOItP .t pppp w A O N CD O O CO u1000OVIMMCOP OP O M MM f%OMlll P P O ILA CNO M M O co 10 CO.O PA MCO^-ON^Pr-t MCO M •ON f�� M 1A pol� MHO � a r CO CD co �� CD r N CO CIO M N O Ln �t ^ N M P IA 00 N .O O IA e- M M OOP, Ifl 1A N N O O p N ^ M IA IN � ^ N 1^ S O M M ^ ccCO J W N N N N N 10 K 0 O W ~ .t CON�f CV Pit NCO +S t- In 000 COO �NONu1 It �f N 'O P � u9 r-•0 .T �{{yy M N�u1 MPF �O M NO C2 {� �+ ^M1p� PO -S -QOMN Nf� u10 N N M pn N Z •OOr-P NoPM NO^a0 f�OP O In PO A IA A PAP C00 ANMpoM C3{I'I vLn aACO I�-r yy-��, O N .O O IA N CON N -4 03 f'r CO .O C f� N CO N N PM IM a N N -4fV Ml CO b P ^ o. �O N N N M P N L O M co M CO O N O N u1 PO �f%tOMN CO M pO M O N N IAO OMIAlO� N N L /�� , , , i , , , O m .O COC r AfH 2OM Nm O c CW �t O.OMN� �t 1 CO 0 M Ln N %O N M CO O J Ln IA u'I N N N N ' N Q W X y (5 Q N P N N P 0, P N O_ CD u .ter1 • , r, r r r r r OM, 4 d P C7 W .Oo M A a N v r Q � N N N N U Q > L W W W 10 ,O ,O r4 d (NJ `O Z W`,' " M O„ • , , ,. 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CC IL W y CITY OF LA QUINTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES For the year ended June 30, 1991 With comparative totals for the year ended June 30, 1990 REVENUES: Taus Licenses and permits Intergovernmental revenues Revenues from use of money and property Fees Contributions from property owners Other revenue TOTAL REVENUES EXPENDITURES: Current Expenditures: General government Public safety Street maintenance Community services Capital outlay Debt Service: Bond issue costs Trustee fees Interest Principal Payments to refunded bond escrow agent Pass through to other agencies Repayment of general fund advance (Note 5e) TOTAL EXPENDITURES Totals Special Debt Capital (Memorandum Onlv) General Revenue Service Proiects 1991 1990 $3,288,565 $ - $8,396,383 $1,544,169 $ 13,229,117 $ 9,265,176 785,381 - - - 785,381 3,286,872 790,880 188,264 - - 979,144 780,191 642,813 561,182 541,807 403,692 2,149,494 2,125,027 602,600 1,174,993 - 2,330 1,779,923 2,570,466 - 520,984 - 1,158,455 1,679,439 2,350,151 101,411 20,319 - 78,691 200.421 119.053 6,211,650 2,465,742 _ 8,938,I90 3,187,337 20,802.919 20,496.936 1,968,275 - 593,510 2,561,785 2,271,481 2,501,105 - - - 2,501,105 1,883,105 - 297,182 - 297,182 327,892 777,366 - - - 777,366 928,798 - 2,508,451 - 10,719,312 13,227,763 9,811,620 745,228 - 33,879 33,879 35,737 2,135,956 - 2,135,956 2,494,849 1,165,430 1,165,430 570,000 - - 2,321,404 339,057 - 339,057 409,402 7,808,973 - 7,808.973 7.407.979 5,246,746 7.805.633 11,449,416 11,346,701 30,848,496 29207.495 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 964.903 (339,891) (2,511,226) (8,159.364] (10,045.577] 4,710,559 OTHER FINANCING SOURCES (USES): Proceeds from bonds - - - 20,400,032 Operating transfers in 25,000 - 312,210 337,210 11,503,400 Advances from General Fund (Note 5e) - 482,308 7,999,112 8,481,420 9,236,922 Proceeds from note - 3,393,500 3,383,500 - Operating transfers out (226,446) - (160,764) (387,210) (11,523,400) Payments to refunded bond escrow agent (19,656,325] TOTAL OTHER FINANCING SOURCES (USES) 1726,446] 25,000 492.308 11,534 ;058 11,814,92 _0 4 96%629 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 738,458 (314,891) (2,028,918) 3,374,694 1,769,343 1,250,070 FUND BALANCES - JULY 1 7,845,368 6,851,809 5,828,925 3,993,280 24,519,382 23,269,312 Residual equity transfer (Note 16) (50,000) - (50,000) FUND BALANCES - JUNE 30 $8,533,926 S6s536,918 $3.800.007 $7,367,974 S 26.238,725 t `'4,519.382 See independent auditors' report and notes to financial statements. 1XC CITY OF LA QUINTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL GENERAL, SPECIAL REVENUE AND DEBT SERVICE FUND TYPES For the year ended June 30, 1991 REVENUES: Taxes Licenses and permits Intergovernmental revenues Revenues from use of money and property Fees Contributions from property owners Other revenue Generai Fund Special Revenue Variance Variance Favorable Favorable Buda[ _ Actual (Unfavnrable) Budget Actual Mnfirvorablo $ 3,336,000 $ 3,288,565 $ (47,435) $ - $ - $ - 642,000 785,381 143,381 - - - 783,627 790,880 7,253 144,900 188,264 43,364 125,000 642,813 517,913 294,000 561,182 267,182 440,250 602,600 162,350 900,000 1,174,993 274,993 - - - 546,885 520,984 (25,901) 80,700 101,411 20,711 (3,000) 20,319 23,319 5,407,577 6,21I.650 904,073 1,992,785 2,465,742 582,957 EXPENDITURES: General government 2,115,158 Public safety 2,603,880 Street maintenance - Community services 2,189,227 Capital outlay - Debt Service: Interest Principal - Paw through to other agencies - Repayment of general fund advance - 1,968,275 146,883 - 2,501,105 102,775 - - - - - 334,481 297,182 37,299 777,366 1,411,861 - - - - 3,699,805 2,509,451 1,191,354 TOTAL EXPENDITURES 6,908.265 5,246,746 I M 1,519 kMC286 2.805.633 1,218,653 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (1,500,688) 964.904 2,465,592 (2,151,501) (339,891) 1,811,610 OTHER FINANCING SOURCES (USES): Operating transfers in - Operating transfers out - Advances from general fund - TOTAL OTHER FINANCING SOURCES (USES) - EXCESS OF REVENUES AND OTHER SOURCES 25,000 25,000 (226,446) (226,446) - - (226,4461 (226,446) 25,000 25,000 OVER (UNDER) EXPENDITURES AND OTHER USES (1,500,688) 738,458 2,239,146 (2,151,501) (314,891) 1,836,610 FUND BALANCES - JULY 1 7,845,369 7,845,368 - 6,851,809 6,851,809 Residual equity transfer (50.000) (50,000) - - FUND BALANCES - JUNE 30 6�� S 8,533,826 L2hL89,146 $ 4.700.308 $ 6,536.918 S 1 8 iS.(a10 See independent auditors' report and notes to financial statements. -5- Debi Service Totals iMemorandum Only) - Variance Variance Favorable Favorable Bud¢et Actual iUnfavrsrable) Budeet Actual LiJn Dreble) $ 6,117,227 $ 8,396,383 $ 2,279,156 $ 9,453,227 $ 11,684,948 $ 2,231,721 - - - 642,000 785,381 143,381 - - - 928,527 979,144 50,617 472,668 541,807 69,139 891,668 1,745,802 854,134 - - - 1,340,250 1,777,593 437,343 - - - 546,885 520,984 (25,901) - - - 77,700 121,730 44,030 6,589,895 8,938.190 2,348,295 13 880,257 17,615,592 3,735,325 - - - 2,115,158 1,968,275 146,883 - - 2,603,880 2,501,105 102,775 - - 334,481 297,182 37,299 - - - 2,189,227 777,366 1,411,861 - - - 3,699,805 2,508,451 1,191,354 2,340,865 2,135,956 204,909 2,340,865 2,135,956 204,909 520,000 1,165,430 (645,430) 520,000 1,165,430 (645,430) 254,509 339,057 (84,549) 254,509 339,057 (94,548) 103,143 7,209,973 _ (7,705,830] 103,143 7,808,973 705 830 3,218,517 11,449,416 _(8,230.899) 14,161,068 19,501,795 (5,340,727] 3,371,378 (2,511,226) 5�04 asmt11 (1.886.213} (1,605.402) - 7-5,000 25,000 - - - (226,446) (226,446) 482,308 _ 482,308 - 482,308 482,308 492,308 482,308 - 190.862 280.862 3,371,378 (2,028,918) (5,400,296) (280,811) (1,605,351) (1,324,540) 5,828,925 5,828,925 - 20,526,102 20,526,102 (50.000) (50.000) S 9,200,303 SS 3 5 55,400.?95) 20.245 29l 5 18.870.�51 5 (1,374.54Q} -6- CITY OF LA QUINTA COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - PROPRIETARY FUND TYPE EQUIPMENT REPLACEMENT INTERNAL SERVICE FUND For the years ended June 30, 1991 and 1990 NONOPERATING REVENUES Interest income INCOME BEFORE OPERATING TRANSFERS OPERATING TRANSFERS Operating transfer in NET INCOME RETAINED EARNINGS - JULY 1 RETAINED EARNING - JUNE 30 See independent auditors' report and notes to financial statements. 1991 1990 362 $ 362 - 50.000 20,000 50,362 20,000 20 000 - 70.3b21 20 000 - 7- CITY OF LA QUINTA COMPARATIVE STATEMENT OF CASH FLOWS - PROPRIETARY FUND TYPE EQUIPMENT REPLACEMENT INTERNAL SERVICE FUND For the years ended June 30, 1991 and 1990 CASH FLOWS FROM INVESTING ACTIVITIES: Interest income CASH FLOWS FROM NON -CAPITAL FINANCING ACTIVITIES: Operating transfers in NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR See independent auditors' report and notes to financial statements. 1921 1990. $ 362 $ - _5[, 00 20,000 50,362 20,000 '0.000 - 70.352 � 2Q.ii00 -8- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS June 30, 1991 1. REPORTING ENTITY: The reporting entity "City of La Quinta" includes the accounts of the City and the La Quinta Redevelopment Agency (Agency). Although the City and the Agency are legally separate entities, the La Quinta City Council exercises oversight responsibility over the Agency. The members of the City Council also act as the governing body of the Agency, and the City provides financial and management assistance to the Agency. The City of La Quinta was incorporated on May 1, 1982 and has established a Council/Manager form of government. The La Quinta Redevelopment Agency was established in November, 1983, pursuant to the State of California Health and Safety Code, Section 33000. The primary purpose of the Agency is to encourage private redevelopment of property and to rehabilitate areas suffering from economic disuse. The Agency has established two redevelopment project areas for the purpose of developing flood control improvements and facilities. The City's comparative financial statements as of, and for the year ended, June 30, 1990 have been presented herein. However, prior year comparisons for each individual fund are not presented since their inclusion would make the statements unduly complex and difficult to read. 2. SIGNIFICANT ACCOUNTING POLICIES: a. Description of funds and account groups: The accounts of the City are organized on the basis of fund types and account groups, each of which is considered a separate accounting entity with a self -balancing set of accounts. The following are the types of funds and account groups used: Governmental Fund nes 1) General Fund - accounts for all financial resources except those required to be accounted for in another fund. 2) Special Revenue Funds - accounts for the proceeds of specific revenue sources that are restricted by law or administrative action to expenditures for specified purposes. 3) Debt Service Fund - accounts for the accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs. See independent auditors' report. In CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): a. Description of funds and account groups (Continued): 4) Capital Projects Funds - accounts for financial resources used for acquisition or construction of major capital facilities and equipment (other than those financed by the Proprietary Fund). (I 1 Internal Service Fund - accounts for financing of goods and services provided by one department to another department of the City. Fiduci Fund Agency Funds - account for assets held by the City as an agent for individuals or private organizations. Account Grouvs 1) General Fixed Assets Account Group - account used to maintain control and cost information on capital assets owned by the City. 2) General Long Term Debt Account Group - accounts for the unmatured long-term liabilities that will be financed from governmental funds. b. Basis of accounting: Governmental fund types are accounted for using the modified accrual basis of accounting. Revenues are recognized when they become "susceptible to accrual", that is, measurable and available to finance expenditures of the current period. Accrued revenues include property taxes (see Note 9), sales taxes and earnings on investments. Expenditures are recorded when the liability is incurred, except that principal and interest payments on long-term debt are recorded as expenditures when due. Certain accrued interest amounts are reported in the long-term debt account group. (See Note 5). The accrual basis of accounting is followed by the proprietary fund. Revenues are recognized when they are earned and expenses are recognized when the liability is incurred. See independent auditors' report. -10- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): b. Basis of accounting (Continued): Fiduciary fund types are accounted for according to the nature of the fund. The City has only Agency Funds which are purely custodial in nature (assets equal liabilities) and thus does not involve measurement of results of operation. The Agency funds are accounted for on the modified accrual basis. c. Measurement focus: All governmental funds are accounted for on a spending or "financial flow" measurement focus. This means that generally only current assets and current liabilities are included on their balance sheets, with the exception that the noncurrent portion of long-term receivables due to governmental funds are reported on their balance sheets, offset by fund balance reserve accounts. Statements of revenues, expenditures and changes in fund balances for governmental funds generally present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. The proprietary fund is accounted for on a cost of services or "capital maintenance" measurement focus. This means that all assets and liabilities (whether current or noncurrent) associated with the activity are included on the balance sheets. The reported fund equity presents total net assets. Proprietary fund operating statements present increases (revenues) and decreases (expenses) in total net assets. d. Budgetary accounting: Budgetary process: The annual budget, which includes estimated revenue and appropriations, is adopted by the City Council and presented in the financial statement as follows: 1) Budgets for the General, Special Revenue, Debt Service and Capital Projects Funds are adopted on a basis substantially consistent with generally accepted accounting principles (GAAP). 2) Budgetary data is presented for the General, Special Revenue and Debt Service Funds. Budgetary information is not presented for the Capital Projects Funds, since these funds are budgeted on a long-term project -by -project basis. See independent auditors' report. -11- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): d. Budgetary accounting (Continued): 3) Estimated revenue is the original estimate with modifications for new programs which are anticipated to be received during the fiscal year. 4) Original appropriations are modified by supplemental appropriations. 5) Budgetary control is maintained over all accounts and expenditures, and expenditures are not allowed to exceed appropriations except in those specific projects and programs approved in advance by the City Council. 6) The City Council approves all significant changes. 7) Under Article XMB of the California Constitution (the Gann Spending Limitation Initiative), -the City is restricted as to the amount of annual appropriations from proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, the excess must either be refunded to the State Controller, returned to the taxpayers through revised tax rates or revised fee schedules or an excess in one year may be offset by a deficit in the following year. For the fiscal year ended June 30, 1991, based on calculations by City management, proceeds of taxes did not exceed appropriations. e. Investments: Investments are stated at cost, or amortized cost, which were equal to market value at June 30, 1991. (See Note 4). If market values decline below cost, no loss is recorded if such declines are considered temporary. The City's policy is to hold investments until maturity, or until market values equal or exceed cost. However, if the liquidity needs of the City were to require that investments be sold at a loss subsequent to year end, the decline in value would be recorded as a loss at year end. See Note 17 for discussion of a subsequent event affecting the cash and investments held by the City at June 30, 1991. See independent auditors' report. -12- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): f. General fixed assets: General fixed assets are recorded as expenditures of the various governmental fund types at the time of purchase. Such assets include land, leasehold improvements, furniture, fixtures and equipment and are capitalized in the general fixed asset group of accounts at cost, or if contributed, at fair market value. The costs of roads, streets and sidewalks, bridges, curbs and gutters, drainage systems, lighting systems and similar assets are not capitalized. No depreciation is provided on general fixed assets. g. Compensated absences: In governmental funds, compensated absences (unpaid vacation and sick leave) are recorded as expenditures in the year paid, as it is the City's policy to liquidate any unpaid vacation or sick leave existing at June 30 from future resources rather than currently available expendable resources. Accordingly, the entire unpaid liability for the governmental funds is recorded in the General Long Term Debt Account Group. h. Claims and judgements: When it is probable that a claim liability has been incurred at year end, and the amount of the loss can be reasonably estimated, the City records the estimated loss. If the loss is to be paid from currently available expendable resources, it is recorded in a governmental fund. If the loss is to be paid from future resources, it is recorded in the general long-term debt account group. No amount was accrued at June 30, 1991. Small dollar claims and judgements are recorded as expenditures when paid. i. Statement of Cash Flows: For purposes of the Statement of Cash Flows of the Internal Service Fund, all cash and investments are considered to be cash and cash equivalents. j. Total Columns on Combined Financial Statements: Total columns on the Combined Financial Statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis and that such data is not comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. See independent auditors' report. -13- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 3. GENERAL FIXED ASSETS: A summary of changes in general fixed assets at June 30, 1991 is as follows: Balance Balance June 30, Retire- June 30, 1990 Additions m nts 1991 Land $ 2,560,547 $ 5,372,978 $ 1,781 $ 7,931,744 Equipment and furniture 458,680 65,237 - 523,917 Vehicles 401,281 27,671 6,652 422,300 Leasehold improvements 127,480 - - 127,480 Civic Center - 785.773 - 785.773 TOTAL GENERAL FIXED ASSETS 3,547,988 $ 6,251,659 $ 8,433 S 9.791.214 4. CASH AND INVESTMENTS: Investmen Authorized Investments: Under provisions of the City's Investment Policy, and in accordance with Section 53601 of the California Government Code, the Agency may invest in the following types of investments: U.S. Treasury Bills, Notes or Bonds Bankers Acceptances Negotiable Certificates of Deposit Repurchase Agreements California County Investment Pool Federal Agency Obligations Bonds issued by the City of La Quinta or La Quinta Redevelopment Agency California Local Agency Investment Fund California Local Agency Investment Fund (LAIF): The LAIF is a special fund of the California State Treasury through which local governments may pool investments. The City and the Redevelopment Agency each may invest up to $15,000,000 in the fund. Investments in LAIF are highly liquid, as deposits can be converted to cash within 24 hours without loss of interest. See independent auditors' report. -14- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 4. CASH AND INVESTMENTS (CONTINUED): Allocation of Interest Income Among Funds: Interest income from pooled investments is allocated to those funds which are required by law or administrative action to receive interest. Interest is allocated on a quarterly basis based on the preceding month's ending cash balance in each fund receiving interest. Classification of Deposits and Investments By Credit Risk Deposits and investments are classified into three categories of credit risk. These categories are as follows: Deposits: Category 1 - Deposits which are insured by FDIC, a state depository insurance fund or a multiple -financial institution collateral pool, or deposits which are collateralized with securities held by the City or the City's agent in the City's name. Category 2 - Deposits which are collateralized with securities held by the pledging financial institutions trust department in the City's name. Category 3 - Deposits which are uncollateralized, or collateralized but the pledged securities are not held in the City's name. Investments: Category 1 - Investments which are insured by SIPC, or where the securities are held by the City or the City's agent in the City's name. Category 2 - Investments which are uninsured, where the securities are held by the purchasing financial institution's trust department or agent in the City's name. Category 3 - Investments which are uninsured, where the securities are held by the purchasing financial institution's trust department or agent, but not in the City's name. See independent auditors' report. -15- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 4. CASH AND INVESTMENTS (CONTDTUED): Deposits and investments were categorized as follows at June 30, 1991: Category Carrying Market 1 2 Amount Value Deposits: Demand accounts $ 200,700 $ 396,673 $ - $ 597,373 $ 597,373 Certificates of deposit 700,000 1,300,000 - 2,000,000 2,000,000 Cash with investment advisor (See Note 17) - - 4,324,990 4,324,990 4,324,990 Cash with fiscal agent - - 823,724 893.724 893,724 Total Deposits SS 9 1,696.673 S S 5,218,714 7,816,087 7,816,087 California Local Agency Investment Fund (LAIF) —17,089,000 17 Og9s000 Total Cash and Investments 24,905,087 $24,905,087 Add: Deposits in transit 469,558 Less: Outstanding checks (254,597) Book balance 25 120 048 Cash and investments are reported in the accompanying combined balance sheet as follows: Cash and investments - unrestricted $ 241226,324 Cash with fiscal agent - restricted 893.724 25,120,048 See independent auditors' report. -16- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 5. GENERAL LONG-TERM DEBT: A summary of changes in long-term debt for the year ended June 30, 1991 is as follows: Balance at Balance at June 30, June 30, 1990 Additions Pa ments 1991 Contracts payable $ 64,687 $ - $ 21,562 $ 43,125 Bonds payable 27,370,000 - 520,000 26,850,000 Due to County of Riverside 4,306,642 1,700,399 - 6,007,041 Due to School Districts 4,173,040 14,743,022 645,430 18,270,632 Advances from other funds 1,999,895 8,481,420 7,808,973 2,672,342 Compensated absences payable 187,726 60,872 - 248,598 Notes payable - 3,383,500 - 3,383,500 TOTAL GENERAL LONG-TERM DEBT 1338 101,990 $ 28,369,213 $ 9,995,965 $_57,475 238 Unpaid accrued interest and subventions due to the County of Riverside and to the School Districts in the amounts of $1,700,399 and $14,743,022, respectively, have been added to long-term debt. However, these amounts have not been included as expenditures for the year ended June 30, 1991. a. Contracts Payable: The City purchased a new fire truck on a lease -purchase contract. Eight annual payments of $21,563 plus interest at 7%, were due beginning December 1, 1987. In exchange for improved fire protection in an area of the City which is under development, a developer has agreed to reimburse the City for the annual payments as they are paid. The City has additional collateral for this agreement in the form of a secured lien against all property owned by the developer and located within City limits. See independent auditors' report. -17- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 5. GENERAL LONG-TERM DEBT (CONTINUED): a. Contracts Payable (Continued): The scheduled future payments on the fire truck contract are as follows: Year Ended Project dune 30. — Contracts 1992 $ 24,581 1993 23.072 47,653 Less interest (4,528) Total $ 43.125 b. Bonds Payable: 1) Tax Allocation Bonds, Series 1989: On January 1, 1989, the Agency issued the La Quinta Redevelopment Project Thx Allocation Bonds, Series 1989 (the "1989 Bonds") in the amount of $8,000,000. The bonds were issued in denominations of $5,000 or any multiple thereof, with principal due annually September 1, beginning in 1989, and interest payable semi-annually, on March 1 and September 1. Interest rates range form 6.2 % to 7.6 % per annum. Bonds maturing on or after September 1, 1999 are subject to redemption, at the option of the Agency, as a whole or in part, on any interest payment date, on or after September 1, 1998, at a redemption price equal to the principal amount, plus accrued interest, plus a premium of 1/2% to 2%. Bonds maturing on September 1, 2012 are subject to mandatory redemption, in part from sinking account payments on September 1, 2001 and on each September 1, thereafter, through September 1, 2012, at a prepayment price equal to 100% of the principal amount plus accrued interest. The proceeds of the Bonds were used for flood control improvements. See independent auditors' report. CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 5. LONG-TERM DEBT (CONTINUED): b. Bonds Payable (Continued): 1) Tax Allocation Bonds, Series 1989 (Continued): The following is a schedule of future debt service payments for the Bonds: Year Ending June 30, Principal Interest Total 1992 $ 145,000 $ 582,203 $ 727,203 1993 155,000 572,186 727,186 1994 165,000 561,263 7267263 1995 180,000 5491270 729,270 1996 190,000 536,225 726,225 1997-2013 6,705,000 5.495,910 12.200.910 Total $ 7,540,000 $ 8,297,057 $ 15.837.057 Under terms of the issue, $727,203, the maximum annual debt service amount, is to be set aside in reserve funds. A total of $753,934 was set aside at June 30, 1991. 2) 'Pax Allocation Bonds, Series 1990: On April 1, 1990 the Agency issued the La Quinta Redevelopment Project Tax Allocation Bonds, Series 1990 in the amount of $19,695,000. A portion of the proceeds were used to refund the 1985 Tax Allocation Bonds. The bonds were issued in denominations of $5,000 or any multiple thereof, with principal due annually September 1, beginning in 1990, and interest payable semi-annually on March 1 and September 1. Interest rates range from 5.8 % to 6.8 % per annum. Bonds maturing on September 1, 2005 and September 1, 2012 are subject to redemption, at the option of the Agency, as a whole or in part, on any interest payment date, on or after September 1, 2000, at a redemption price equal to the principal amount, plus accrued interest, plus a premium of 1/2% to 2%. See independent auditors' report. -19- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 5. LONG-TERM DEBT (CONTINUED): b. Bonds Payable (Continued): 2) Thx Allocation Bonds, Series 1990 (Continued): Bonds maturing on September 1, 2005 and September 1, 2006 are subject to mandatory redemption, in part from sinking account payments on September 1, 2001 and September 1, 2006, respectively, and each September 1, thereafter, through September 1, 2005 and September 1, 2012, respectively, at a premium price equal to 100% of the principal amount plus accrued interest. The following is a schedule of future debt service payments for the Bonds: Year Ending June 30 Principal Interest Total 1992 $ 405,000 $ 19434,835 $ 19839,835 1993 4309000 19409,355 19839,355 1994 460,000 19381,535 1,841,535 1995 485,000 1,351,767 1,836,767 1996 520,000 1,319,853 1,839,853 1997-2013 17. 010.000 13,855,855 _ 30.865.U5 Total 19310,000 20,753,200 40 063,200 Under terms of the issue, the maximum annual debt service amount of $1, 839, 835, is to be set aside in reserve funds unless the Agency elects to maintain the reserve requirement by obtaining a letter of credit for the amount. The Agency has obtained such a letter of credit. See independent auditors' report. -20- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 5. LONG-TERM DEBT (CONTINUED): c. Due to County of Riverside: Based on an agreement dated November 29, 1983 between the Agency, the City of La Quinta and the County of Riverside (County), the Agency shall repay to the County fifty percent of tax increment received which would have been retained by the County if the Agency did not exist. These repayments are subordinate to certain debt service of the Agency and exclude amounts allocated to the Agency's low income housing fund which is included as part of the Redevelopment Project Capital Project Fund. The repayments will begin when certain conditions of the bond indenture agreement have been met. Unpaid balances accrue interest at 10 % per annum. The total amount payable to the County under this agreement at June 30, 1991 is $6,007,041 including $466,549 of current year accrued interest. This amount has been recorded in the long-term debt account group. From the remaining fifty percent of tax increment revenue, the Agency shall set aside related required amounts in the low income housing fund. Then, the Agency will pay debt and expenditures of no more than $3,000,000 annually and $10,000,000 total on mutually agreeable project costs. The County is to receive the remainder of this fifty percent share after these payments are made. No amounts are due under this provision at June 30, 1991. d. Due to School Districts: 1) Desert Sands Unified School District: Based on an agreement dated June 21, 1988 between the Agency, the City of La Quinta and the Desert Sands Unified School District (District), the Agency shall identify all tax increment revenue received by the Agency that the District would have received in the absence of a redevelopment plan. This tax increment will then to be paid to the District over a payment schedule from June 29, 1988 to July 1, 1998 in amounts ranging from $21,505 to $547,505 for a total amount of $4,132,020. Or, alternatively, such tax increment revenues plus interest accrued required by this agreement may be retained by the Agency to pay on behalf of the District principal and interest on loans, construction projects or money advanced to finance a sports complex and related amenities as specified by the District. The District's allocable share of tax increment from the County for the fiscal year ended June 30, 1991 totaled $1,005,651. The amount due from the City to the District totaled $3,514,140 at June 30, 1991. See independent auditors' report. -21- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 5. LONG-TERM DEBT (CONTINUED): d. Due to School Districts (Continued): 2) Coachella Valley Unified School District: An agreement was entered into in 1991 between the Agency, the City of La Quinta and the Coachella Valley Unified School District (District) which provides for the payment to the District of a portion of tax increment revenue that the District would have received in the absence of a redevelopment plan. Such payments are subordinated to other indebtedness of the Agency incurred in furtherance of the Redevelopment Plan. The District agrees to use such funds to provide classroom and other construction costs, site acquisition, school busses or expansion or rehabilitation of current facilities. The following is a schedule of future debt service payments: Year Ending Tune 30. 1992 $ 353,699 1993 730,080 1994 776,353 1995 624,474 1996 474,517 1997 - 2012 11,797,369 Total 14 756 492 e. Advances from Other Funds: The City of La Quinta periodically makes operating advances to the Agency. There is no fixed repayment schedule on these Ioans. The following is a summary of the changes in the loan balances for the year ended June 30, 1991: Balance, July 1, 1990 $ 1,999,895 Additional advances 8,481,420 Accrued interest 208,916 Payments of principal (7,808,973) Payments of interest Q 916) Balance, June 30, 1991 . ? 672, 342 See independent auditors' report. -22- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 5. LONG-TERM DEBT (CONTINUED): f. Compensated Absences Payable: There is no fixed payment schedule to pay the liability of $248,598 for compensated absences. g. Notes Payable: In the fiscal year ended June 30, 1991, the Agency purchased several parcel of land and as a result incurred $3,383,500 of outstanding debt. Interest on the notes ranges from 9 % to 10.5 % per annum and is payable monthly and quarterly. The following is a schedule of future debt service payments for the notes: Year Ending June 30, — Principal Interest Total 1992 $ 1,177,000 $ 307,134 $ 1,484,134 1993 543,300 200,738 744,038 1994 415,800 150,804 56604 1995 415,800 112,266 528,066 1996 415,800 74,844 490,644 1997 415,800 37,422 453.222 Total $ 3,383,500 S 883,208 S 4.266.708 Pledized Tax Revenues All tax revenues received by the Agency other than the amount required by law to be deposited in a low income housing fund, are required to be deposited in a Special Fund to be used to meet debt service requirements of the bond indentures before any payments may be made on other obligations of the Agency. See independent auditors' report. -23- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 6. CITY EMPLOYEES RETIREMENT SYSTEM: Plan Description The City of La Quinta contributes to the California Public Employees Retirement System (PERS), an agent multiple -employer public employee retirement system that acts as a common investment and administrative agent for participating public entities within the State of California. The total covered payroll of employees participating in the System for the year ended June 30, 1991 was $1,762,103. The total payroll for the year was $1,768,626. All full-time and part-time benefitted City employees are eligible to participate in the System. Benefits vest after five years of service. City employees who retire at or after age fifty with five years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount that varies from 1.092 percent at age fifty to a maximum of 2.418 percent at age sixty-three of the three highest years' salary for each year of credited service. The system also provides death and survivor's benefits. These benefit provisions and all other requirements are established by State statute and City ordinance. EmplZ_eemd Employer Contribution Obligations The City makes the contributions required of City employees on their behalf and for their account. The rates are set by statute and therefore remain unchanged from year to year. The present rate is 7 % for all employees. The City is required to contribute the remaining amounts necessary to fund the benefits for its members, using the actuarial loses recommended by the PERS actuaries and actuarial consultants and adopted by the Board of Administration. Funding Status and Progress The amount shown below as the "pension benefit obligation" is a standardized measure of the present value of pension benefits, adjusted for the effects of step -rate benefits, estimated to be payable in the future as a result of employee service to date. The measure is intended to help assess the funding status of the system on a going -concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers. The measure is the actuarial present value of credited projected benefits and is independent of the funding method used to determine contributions to the System. See independent auditors' report. -24- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 6. CITY EMPLOYEES RETIREMENT SYSTEM (CONTINUED): Funding Status and Progress Continued). The pension benefit obligation was computed as part of an actuarial valuation performed as of June 30, 1991. Significant actuarial assumptions used in the valuation include (a) a rate of return on the investment of present and future assets of 8.5 % a year compounded annually, (b) projected salary increases of 5.50 % a year compounded annually, attributable to inflation, and across the board real salary increases, (c) additional projected salary increases of 1.50 % a year, attributable to seniority/merit, and (d) no postretirement benefit increases. The total assets in excess of the pension benefit obligation applicable to the City employees was $126,226 at June 30, 1991, (based upon June 30, 1990 data), as follows: Pension Benefit Obligation: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits $ 69,498 Current Employees: Accumulated employee contributions including allocated investment earnings 329,247 Employer -financed vested 88,601 Employer -financed non -vested 163.463 Total pension benefit obligation 650,809 Net assets available for benefits at cost (Market value is $881,158) 777.035 Assets in excess of pension benefit obligation 12 6. 2 26 The total change in the pension benefit obligation from last year, $18,306, resulted from the following: Changes in benefit provisions $ - Changes in actuarial assumptions 18.306 Total 18,306 See independent auditors' report. -25- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 6. CITY EMPLOYEES RETIREMENT SYSTEM (CONTINUED): Amuarially Determined Contribution Requirements and Contribution Made PERS uses the Entry Age Normal Actuarial Cost Method which is a projected benefit cost method. That is, it takes into account those benefits that are expected to be earned in the future as well as those already accrued. According to this cost method, the normal cost for an employee is the level amount which would fund the projected benefit if it were paid annually from date of employment until retirement. PERS uses a modification of the Entry Age Cost method in which the employer's total normal cost is expressed as a level percent of payroll. PERS also uses the level percentage of payroll method to amortize any unfunded actuarial liabilities. The amortization period of the unfunded actuarial liability ends in the year 2000 for prior service benefits; in the year 2011 for current service benefits. The significant actuarial assumptions used to compute the actuarially determined contribution requirement are the same as those used to compute the pension benefit obligation, as previously described. The contribution to the system for 1991 of $110,455 was made in accordance with actuarially determined requirements computed through an actuarial valuation performed as of June 30, 1990. The City was not required to make employer contributions because the pension benefit obligation was overfunded. On behalf of employees, the City contributed $109, 531 (6.22 % of current covered payroll) and employees contributing an additional $924 (.05 % of current covered payroll) for their accounts. Trend Information Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Ten year trend information for the City of La Quinta is not published in the California Public Employees Retirement System Annual Report. The year 1987-88 is the first that this actuarial information has been made available by PERS. Until ten years of data are available, as many years as are available will be presented. Therefore, the trend information for 1987-88 through 1990-91 and employer contribution for 1986-87 through 1990-91 is summarized as follows: See independent auditors' report. -26- CITY O.F LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 6. CITY EMPLOYEES RETIREMENT SYSTEM (CONTINUED): Trend Information ( Continued) 19_ 86-87 1987-98 1988-89 1989-90 1990-91 Net assets available for benefits in thousands) Pension benefit obligation (in thousands) Net assets available for benefits, expressed as a percentage of the pension benefit obligation Assets in excess of pension benefit obligation (in thousands) Annual covered payroll (in thousands) Assets in excess of pension benefit obligation, expressed as a percentage of annual covered payroll Employer contributions Employer contributions expressed as a percentage of annual covered payroll. These contributions were made in accordance with actuarially determined requirements 7. DEFERRED COMPENSATION: $ 264.4 $ 374.6 $ 546.8 $ 777.0 $ 188.7 $ 261.4 $ 426.6 $ 650.8 140.1% 143.3% 128.2% 119.4% $ 75.7 $ 113.2 $ 120.1 $ 126.2 $ 77.4 $ 1,040.6 $1,282.1 $1,762.1 10.6% 14.4% 9.4% 7.2% 30,775 45,652 131,803 5.6% 5.9% 12.7% 89,919 109,531 7.0 % 6.2 % The City has made available to its employees a deferred compensation plan, created in accordance with Internal Revenue Code Section 457, whereby employees authorize the City to defer a portion of their salary to be deposited in individual investment accounts. Funds may be withdrawn by participants upon termination of employment or retirement. The City makes no contribution under the plan. As of June 30, 1991, the deferred compensation liability included in an Agency Fund was $139,790 carried at market value. All amounts of compensation deferred under the plans, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights, are solely the property and rights of the City, subject only to the claims of the City's general creditors. Because the City handles these funds in a fiduciary capacity, the Deferred Compensation Fund is reported as an Agency Fund in the accompanying financial statements. See independent auditors' report. -27- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 8. LEASE CO . The City is operating out of leased facilities. The lease is on a month to month basis. Lease payments are approximately $61,000 per year. 9. PROPERTY TAXIES: Under California law, property taxes are assessed and collected by the counties up to 1 % of assessed value, plus other increases approved by the voters. The property taxes go into a pool, and are then allocated to the cities based on complex formulas. Accordingly, the City of La Quinta accrues only those taxes which are received from the County within sixty days after year end. Lien date March 1 Levy date June 30 Due dates November 1 and February 1 Collection dates December 10 and April 10 The La Quinta Redevelopment Agency's primary source of revenue comes from property taxes. Property taxes allocated to the Agency are computed in the following manner: a. The assessed valuation of all property within the project area is determined on the date of adoption of the Redevelopment Plan. b. Property taxes related to the incremental increase in assessed values after the adoption of the Redevelopment Plan are allocated to the Agency; all taxes on the "frozen" assessed valuation of the property are allocated to the City and other districts. The Agency has no power to levy and collect taxes and any legislative property tax de -emphasis might reduce the amount of tax revenues that would otherwise be available to pay the principal of, and interest on debt. Broadened property tax exemptions could have a similar effect. Conversely, any increase in the tax rate or assessed valuation, or any reduction of elimination of present exemptions would increase the amount of tax revenues that would be available to pay principal and interest on debt. 10. LITTGATION: Certain claims have been filed against the City in the normal course of business. Based upon information received from the City Attorney, the estimated liability under such claims would not be significant. See independent auditors' report. -28- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 11. RESERVES AND DESIGNATIONS OF FUND EQUITY: The City establishes "reserves" of fund equity to segregate fund balances which are not appropriable for expenditure in future periods, or which are legally set aside for a specific future use. Fund "designations" also may be established to indicate tentative plans for financial resource utilization in a future period. The City's reserves and designations at June 30, 1991, are tabulated below, followed by explanations as to the nature and purpose of each reserve and designation. Reserves Personnel benefits Reserve for capital improvements Advances to other funds Reserve for Article XIIIB Reserve for capital projects Total Reserves Designations Debt service Capital improvements Special revenue purpose Total Designations a. Reserve for Personnel Benefits General Special Capital Fund Revenue Projects $ 248,598 $ - $ - 1,175,172 - - 2,672,342 - - 4,437,714 1,865,298 - - - 6,723,512 $ 8.533.826 $ 1 865,298 S6,723.512 Special Capital Revenue Debt Projects Funds Service Funds $ 3,800,007 $ - - 644,462 4,671,620 4 671 620 $ 3,800,007 S 644.462 This reserve provides for compensated absences which are reported in the long-term debt group of accounts. See independent auditors' report. -29- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 11. RESERVES AND DESIGNATIONS OF FUND EQUITY (CONTINUED): b. Reserve for Capital Improvements This reserve has been established by Council for contributions from a developer for future projects. c. Reserve for Advances to Other Funds This reserve has been established to indicate that long-term advances to other funds do not represent currently available spendable resources. d. Reserved for Article X1IIB These funds are reserved to provide for general contingencies, per Article X1HB of the California Constitution (the Gann Spending Limitation Initiative). (See Note 2d). Subsequent to June 30, 1991 the City Council passed a resolution setting aside unappropriated funds as contingency funds. e. Reserve for Capital Projects This reserve has been established for capital projects of the redevelopment agency. f. Designated for Special Revenue Purposes These funds are designated for the specific special revenue purposes as restricted by law or administrative action. g. Designation for Debt Service These funds have been designated for debt retirement (See Note 5). h. Designated for Capital Improvement These funds are designated to provide for new capital additions. See independent auditors' report. -30- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 12. ASSESSMENT DISTRICT BOND ISSUES: On July 2, 1990 the City issued $1,227,155 Principal matures annually each September 2, ranging from 5.00 % to 7.00 % . of Assessment District Improvement Bonds. 1991 through 2005 and bears interest at rates On April 2, 1990 the City issued $855,984 of Assessment District Improvement Bonds. Principal matures annually each September 2, 1990 through 2004 and bears interest at rates which range from 5.5 % to 7.25 % at the present time. On August 2, 1989 the City issued $1,153,974 of Assessment District Improvement Bonds. Principal matures annually each September 2, 1990 through 2004 and bears interest at rates ranging from 5.75 % to 6.75 % . The net proceeds of all issues will be used to finance the cost and expense of the construction of a sanitary sewer system which is part of a larger project that consists of street, storm drain, and water system improvements to serve property located within Assessment Districts 88-1, 89-2 and 90-1. The City has custody of certain bond reserve funds, to be used for any delinquent assessment district bond payments. If delinquencies occur beyond the amounts held in the reserve funds, the City has no duty to pay the delinquency out of any available funds of the City. Neither the faith, credit or taxing power of the City is pledged to the payment of the bonds, and therefore the bonded indebtedness is not shown in the financial statements of the City. The City is not obligated in any manner on the outstanding bonds. Proceeds from the issue which were used for improvements have been accounted for in a Capital Project Fund, and have been designated "contribution from property owners". The reserve funds have been accounted for in Agency Funds. 13. JOINT VENTURE: The City is a member of the Coachella Valley Joint Powers Insurance Authority (the Authority). The Authority does not fall within the definition of the City's reporting entity. See independent auditors' report. -31- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 13. JOINT VENTURE (CONTINUED): a. Description of Joint Powers Authority: The Authority is composed of Cities in the Coachella Valley and is organized under a Joint Powers Agreement pursuant to the California Government Code. The purpose of the Authority is to arrange and administer programs of insurance for the pooling of self -insured losses and to purchase excess insurance coverage. Each member city has a representative on the Board of Directors. Officers of the Agency are elected annually by the Board members. At the termination of the joint venture agreement and after all claims have been settled, any excess or deficit will be divided among the cities in proportion to the aggregate amount of payments made by each. The June 30, 1991 audited financial information is as follows: Total Assets Liabilities: Current (unsecured) Long-term All Members $ 14,946,968 (9,939,032) Fund Equity (Reserved for Claims) 5,007.936 Excess of Revenues Over Expenditures for Year Ended June 30, 1991 S_ 3.426;204 14. OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES: Expenditures did not exceed appropriations in any fund for the year ended June 30, 1991 except in the debt service fund because for financial statement purposes repayment of advances from the general fund are recorded as an expenditure but for budget purposes are treated as a reduction of a liability. Fund Deficit - The Assessment District 91-1 Capital Project Fund has a deficit fund balance of $1,935. The deficit will be funded in future years through contributions from property owners. See independent auditors' report. -32- CITY OF LA QUINTA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 1991 15. RESTRICTED ASSETS: Certain assets held by fiscal agents are restricted in their use to the retirement of principal and interest on bonds and notes payable (see Notes 4 and 5) and payment of deferred compensation (see Note 7), and are not available for use by the City or Agency for any other purpose. 16. RESIDUAL EQUITY TRANSFER: During the year ended June 30, 1991 a transfer of $50,000 was made from the general fund to the Arts in Public Places agency fund. 17. SUBSEQUENT EVENT. During the year ended June 30, 1991, and during the period from July 1, 1991 to December 11, 1991, the City utilized an investment advisor operating as a broker/dealer in investments for various governmental agencies. On December 11, 1991, because of an alleged misappropriation of funds by the advisor, the Securities and Exchange Commission froze all cash and investments under its control. As of June 30, 1991 the City made investments totalling approximately $4,325,000 with the advisor. The City is unable to rely on information verifying that these investments were held by the advisor or its agents. During the period from July 1, 1991 to December 11, 1991 the City made additional deposits and withdrawals of funds with the advisor. Approximately $10,750,000 was withdrawn by the City on December 11, 1991. A claim has been filed in federal court by a governmental agency utilizing the services of the investment advisor claiming that approximately $5,500,000 of this withdrawal was funds of that agency. The remaining balance of the withdrawal, approximately $5,250,000 may be subject to further claim by this agency. The City has filed a petition with the Riverside County Superior Court seeking a declaration that the amount withdrawn was actually funds of the City. As of January 2, 1992 these matters have not yet come before the courts. As of December 11, 1991, the City's remaining unverified investments with the advisor totalled approximately $3,250,000. No loss relating to these investments has been recorded in the accompanying financial statements. While it is possible that the City will sustain a loss, the dollar amount of the loss currently cannot be estimated. -33- COMBINING AND INDIVIDUAL FUND FINANCIAL STAT KEiTS (SUPPLEMENTARY INFORMATION) 1 CITY OF LA QUINTA COMPARATIVE BALANCE SHEET GENERAL FUND June 30, 1991 and 1990 ASSETS Cash and investments Accounts receivable Accrued interest receivable Advances to other funds Deposits TOTAL ASSETS LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable and accrued expenses Deposits TOTAL LIABILITIES FUND BALANCE: Reserved Unreserved: Designated TOTAL FUND BALANCE TOTAL LIABILITIES AND FUND BALANCE 1991 1990 $ 6,095,129 $ 6,073,481 416,384 384,542 135,991 179,165 2,672,342 1,999,895 109,919 63.003 S 9A29.765 1 8,700.086 $ 782,684 $ 735,310 113.255 119.408 895,939 854.718 8,533,826 39280,562 - 4,564.806 8,533,826 7,845,368 9,429,765 8,700,086 -34- U a U Q Ch O W Z adQ z" W H CL Q x m W n N LLA v Z r W W � f.9 W � OC � Ly m O , r W z� W Z xQ W J rQ Qm N O W Z In %C In O In M N 10 �t N In M M O In Ln O M O M r� M G M v t O U Ln N 1— N N O OPOtN In U d V'1V O I0 lC cu 4f m O 1- .0 0 't M It O In M 00 M .pp P N O O 21 W 2�'t �—v Op rn O• M 1-10M I0 N IC .O o0N M M .t P N ►� N h m L C M M N - C N p N O O O IA O M oa M W1 .z O a0 O co V10.O MM/� %n N �0 O IAN I� M M �O O O. CO_ O Ll O co- lz f - O 00 Lr 00 O. .t M It(� O O In N N .f M 00 %C N I6 O. acm N MM In �I-MNNt200 10 ItycoN in coal M O .t M1 It00 It M M M Ol O N 00 Q N w h O 'O O O O IMA co ri C 4 �l5 1� fppp�p O M rn Q Ln a 0000 N 'rN N}O OP OPC IMP in cm {PCD CD 001 cc�co 10 47 U CO ffl N U10 % Ln N ^ C• 0 Ln O� G 1Ll1 ,O N N .0 .0 m N p M O C0 M_ cm 00 1� P O• �t 1 10 10 m O M 40 Y1 Ln O ff�` �t M N M M a0 O O a0 a0 Ln Ln .t �t O d 41 N M 1- fV .O h h It -0 N W% 10 10 O• O P 41 � 1 v ^ v� N O ^ O .O 10 N N Ma CO v 1n a0 10 .t N N N Wn L. O N N10 N W C N p Ln O O In In 10 10 It O O 40 00 O 10 �O O 00 O O. 1A f- O %C .t O .t It Ln .O O N IA pMpp app0�� lO ll f�D} 11 6 �CO Ln CD ru N N copNOp fM� P T�NMff M O 00 N 121-1CO2 00 N Qom^ N P N N A M IMn 7 •' rn In co u c 44 p O O N 0 0 0 0 co O A Ln 00 ap a0 O O ONIn OOO 1� Ln a0 N IO m ap .0 a0 O O �O N O O f� In Go N Na 10 Ma + 10 a�ntti M CDo vi N ui P a as o co Ir O M HO f� 't � � � d : a O• 1n In aa0 M M IA N N N C I� C 00 v N p M L L W a U ad N (N U Q 4l N 7 7 2 W x W O C C v W C 7 IL v O O L. 4] 0 4) W ♦+ L 61 L .F W W > W U" •0 rn LU 0 L m> •0 OC 4C� V_ W N r_ rA 4- 4-O of N a j L O 0N E C 4l 4-7 J C •> J � O y C C J� j W � Y � 4) L0 EE; Q L L Q Z Z (.7 m m Q N Z T co L O w 3 p .. > 41 y p 41 > Q. .Z.. �+ �+ r w^ ' W w w> r N 01 m A r W x U W W Vl H N L. wW 7 W 41 O N� 41 L ac N•+ �W a C C �ZN Z Z (A 41 C LI Ol 4! C L �' L .� C p CC .Z.. •i+ V p v J J W 4J 41 61 L. N W 41 w m m oC Q m Q Z X U 4+ m C> L Z C d y i pC 4L1 61 N W S m m W m•� CL•� 41 �+ Ly 41 7 as >r:: Eu na0 jL0 C.i U� =00 cW.�O o z w z W x x r x a/ CC W W 0 W GG LO Cl r. 1n P It 1n 1n P P .t O It In O O In N1 piNO 00 OO OO 1O O It 11 co 10 IO co N N N OO 00 y N N N N W O 0 F" N M 1n co O 00 1n CD O P2 A 1,4 cv N to 1Ln 1O O ,MO M 1n .gy.pp n O M 1n N N N N o_ o 0 0 0 41 ty M M M M In C Ip •� � L sd 44 N O O ppA OI in M OO. N P N f� M 1 N .gyp M O of �t C N Y1 M �t 1n y N N N N O O O O O N N N N cm CD n A P. ti O N N N N P O 10, � S 49 C9 7 C Mry MN A M M M M .O .O w ,v d L w � O N 4A N N 1n 1n 1n 1n 1n yy U Cen v Is 1+ C t0 J W S N N N �Ntt OOpp N in �O 00 1n M M 1n x W 10 CIO N M w N W G7 N N N N W U Z < J Oal W W N U 2 N U 2 Z .W. J .W. J O N d Cy N LL O d w .~.. J OO .~.. J 00 I.- W z D Cy m 0 m 0 E W ♦+ > ICI N < N a y 2 2 H 0 < N O L J y Y > U L J .W.. .. a J W m ci J J p N ••C• H ,~„ i+ iw+ Y Q L 07 H H< .Wr •py OY J> •y O O C) y y 7 < J U W O asW L Go p L O co 0 N p d C y U OC 7 OI 11 U < J LL �O J+ OI O �f M �O Ol �T I� It �t `O N CO P CO �t M 10 d N �t .O O C0� .d0 N 1!1 a01 O O. UO NN It ISM M O.pp - OI ~ IA IA O. N FA�t P� M N O� CO �I W N N1 It N N p C7 41 0 O r ~ Fn OI � CO �N CD a Qv P M O CO `CPO pO.�CCOO}pcm N N IA 1! Y CO MN a► p N r pp �O�nn M d `O M � L L •� m � d N p Mp� pp.� 40 CD m pn co d N 0 P .PO .N.pp CO N N N Ln n O QO` L L ♦7 � N N M If1 m .�- M d CO � 1� � N 1. rz M P M l!1 . N � � �t ��00 O O M O% M P N C. CO C L 41 ,� N N v J y W M N r d N to C 7 of OI P LU N O N N a- LUX U V! d N P N w Q Z CD d I A %t O OCD Q N Q LL .O f� I. ? m ICUCl L 7 O7 NC W C N O W Z OJ W � Z Lu > d N N Q CIC W �j t 41 J OC _ .Z u_ O J D C 7 ti � N ,,Ppp O O .} U1 O W w C a .O N N .O O O M CPO F., (a ~ .Q.. uC7 L Go yECD a �CD • � 1!1 Y Q 0. j, m U �f N N N ILA .O U W S F- U N G! V O 0. d L 0 H O J N N y (A c w w Z Z W cc A 10 .O Ic M 0 N O a C O� OP i P O� P OP U V U C 10 10 .O V L d CO P = J 10 S p �N10 } O N M N 10 CO CO II'1 IA N fz x v ' ¢ �T' CO M pp .f N_ O N N N1 N 0+ N P .t cn W O N p CA W C< C7 � Z � lu w W Z w Z 7 Cp yLyp, HLU = z W x O. p d E O N w F ... w = Y v^ 7 O W W w a = O fA ' O v O L O � Z d .�. Z W L L K W N C Z GL M d S W Q W Z > w 4d 7 C �` 4- C w W X N N O ce Cn j v = IL.y d J Q ;I-J d m a = W = C C c2 W® J y N w i O p .. C a+ C tlC Z w W OC N ~ ~ c = o O LU O m 0 Qz.'zZ; owc u u in m ° a 0 L t: � 'tea �Hx L C L C C_ O W W O W U O j d d C cu N d C1 c 3 C1 0 0 +L+ O y Z N N H W Cr c O ¢ CO ¢ m L, .-. tK �U O ♦+ XNU XO �00 UNQ z = W X = w w w O W lL lL CITY OF LA QUINTA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL STATE GAS TAX SPECIAL REVENUE FUND REVENUES: Intergovernmental revenues Revenues from use of money and property TOTAL REVENUES EXPENDITURES: Street maintenance EXCESS OF REVENUES OVER (UNDER) EXPENDITURES FUND BALANCE - JULY 1 FUND BALANCE - JUNE 30 For the year ended June 30, 1991 Variance Favorable Budget Actual (Unfavorable) $ 144,900 $ 188,264 $ 43,364 49.000 64,466 15,466 193,900 252,730 58.830 334,481 297,182 37.299 (140,581) (44,452) 96,129 912,823 812,823 - 672,242 S 768.371 96129 CITY OF LA QUINTA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL LANDSCAPE MAINTENANCE SPECIAL REVENUE FUND REVENUES: Revenues from use of money FUND BALANCE - JULY 1 FUND BALANCE - JUNE 30 For the year ended June 30, 1991 Variance Favorable Budget Actual {Unfavorahle} $ - $ 6,956 $ 6,956 94,969 84,969 $ 84,969 $ 91925 $ 6,956 -39- CITY OF LA QUINTA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL ASSESSMENT DISTRICT 89-1 SPECIAL REVENUE FUND For the year ended June 30, 1991 REVENUES: Revenues from use of money Contributions from property owners TOTAL REVENUES EXPENDITURES: Capital outlay EXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers in EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCE - JULY 1 FUND BALANCE - JUNE 30 Variance Favorable Bud e. et- Actual _ _3nfayorable) $ - $ 4,957 $ 4,957 546,885 405,605 (141.280) 546,985 410.562 (136,3231 658,225 431,231 226,994 (111,340) (20,669) 90,671 25,000 25,000 (111,340) 4,331 115,671 56.564 56.564 - (54,770 $ 60.995 $ 115,671 -40- CITY OF LA QUINTA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL REVENUES: Revenues from use of money Fees TOTAL REVENUES FUND BALANCE - JULY 1 FUND BALANCE - JUNE 30 QUIMBY SPECIAL REVENUE FUND For the year ended June 30, 1991 Variance Favorable Budget actual (Unfavorable) $ - $ 54,249 54,249 49,000 49,000 103,249 103,249 602,960 602,960 - I 602,960 $ 706,209 S 103.249 -41- CITY OF LA QUINTA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL INFRASTRUCTURE SPECIAL REVENUE FUND REVENUES: Revenues from use of money Fees Contributions from property owners Other revenue TOTAL REVENUES EXPENDITURES: Capital outlay EXCESS OF REVENUES OVER (UNDER) EXPENDITURES FUND BALANCE - JULY 1 FUND BALANCE - JUNE 30 For the year ended June 30, 1991 Variance Favorable Budget Actual (Unfavorable) $ 245,000 $ 429,926 $ 184,926 900,000 1,125,993 225,993 - 115,379 115,379 13,569 13,569 1,145,000 1.684.867 539.867 3,041,580 L077.220 964.360 (1,896,580) (392,353) 1,504,227 5,290.561 5.29 61 - $ 3,3931981 898 208 S 1.504.227 -42- CITY OF LA QUINTA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL VILLAGE PARKING SPECIAL REVENUE FUND REVENUES: Revenues from use of money Other revenue TOTAL REVENUES FUND BALANCE - JULY 1 FUND BALANCE - JUNE 30 For the year ended June 30, 1991 Variance Favorable _Budget _ Actual (Unfavorable) $ - $ 628 $ 628 6,750 9,750 (3,000) 7,378 10,378 3,932 3,932 $ 932 S HJ 10 $ 10,378 -43- CITY OF LA QUINTA COMPARATIVE BALANCE SHEET DEBT SERVICE FUND June 30, 1991 and 1990 ASSETS Cash and investments Tax increment receivable Accrued interest receivable Restricted cash TOTAL ASSETS LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable and accrued expenses FUND BALANCE: Unreserved: Designated 'DOTAL LIABILITIES AND FUND BALANCE 1991 1990 $ 3,048,609 $ 41401,838 181,315 102,251 153,573 67,842 753,234 _1,316,396 L4,137,431 5,888,327 $ 337,424 $ 59.402 3,88❑0,007 5,828.925 4,137,4L31 5 888.327 -44- CITY OF LA QUINTA COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE DEBT SERVICE FUND For the year ended June 30, 1991 With comparative totals for the year ended June 30, 1990 1991 1990 REVENUES: Taxes $ 8,396,383 $ 5,438,796 Revenue from use of money and property 541,$07 646,956 'DOTAL REVENUES 8,938,190 6,085,752 EXPENDITURES: Interest 2,135,956 2,494,849 Principal retirement 1,165,430 570,000 Repayment of general fund advances 7,808,973 7,407,979 Bond issue costs - 634,230 Payments to refunded bond escrow agent - 2,3219404 Pass through to other agencies 339,057 409,402 TOTAL EXPENDITURES 11,449,416 13,837,864 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (2,511,226) (7,752.112) OTHER FINANCING SOURCES (USES): Proceeds from bonds - 20,290,555 Operating transfers in - 7,584,469 Advances from General Fund 482,308 - Operating transfers out - (1,399,445) Payments to refunded bond escrow agent - (19,656,325) TOTAL OTHER FINANCING SOURCES (USES) 482.308 6.819.254 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (2,028,918) (932,858) FUND BALANCE - JULY 1 5,828,925 6,761.783 FUND BALANCE - JUNE 30 3 800 007 5,828,925 See independent auditors' report. -45- W U1 N NI M N O OI 00 M •C N 00 O 00 pn PP •O Y1 M� M M C p N M Q NV NP00I �O P N4 M 00 ,00 ti N O_ 00 10 CO O 0 M P M 00 M .} W N ON N f0 M r OLn N -4 N N � N v P Loo 1� V1 0, N N Ln M 10 N' M N M N h M N. P. 10 1, h #Am NN N C .44 p, 4i� It N N_ O N_ O ^ V1 N V1 N 1f1 L M M G co N Go N rn ,� > ar a 'O ^ �O 'O f�: N N N N � � � ^ O M v. M 1a �,.. ^k O P P M N CI p N N N N �+ O N O N N N N 00 CDg C a i 6 O N 41 CD It CD 00 co M M M v d L N M < .2 O N N N N 0Np Op M M CO y u u .- d ` W i+ to < 1 p N N N N P P I O O v C7 v C� v N L +' N < .A p N N N N 0 W u 2 N J < y cc yN Z 01 N a X W W U d >LU Z p J 7 N < m U6L1 Z W > .W. y •. n Q in N X U N 41 L l0 W r LU N U. p O .J.. 0 co <_ .<. w < < w J 1L J 4d > y y J (Am J J J 0 •; L W L N CI W L 0 L. r y aL O W O O W L L C O N O r Z > C r r -•� w 0Im .J.. .W.. CTE m u 7 O N C y U U U W O D U U 7 < p Z ce O U < < < p .<.. J U. CO fl- N� CO ONv nN M V1 1-.VlN I VR O. �O �O CD M CD!- N M 't N .t In !, V1 N M f, Vt O �t P •O f� L P V1 CO N 1 N V1 N O N 1.- 1� It .t M •O O V1 M1 M CO M y 1n N %O 00 O• O. N •O U'% O N M M M M V1 �O co M 10 P� �t DO .- v In •O V1 1O .-- N N 7� O CO LM P CO O• •C N M N M y N ! N a) 0 O H OI O NIA O' P 1� _ O� O• N CON O �t •O O_ N O �t 00 of O .1 M V1 M �O �t •G M M7 coDO 00 "C M N. M O N. N " I u'1 O O• 119 00 N 1� U �tNMw E6 S O V1 P N 00 MM O.O• M V1 rn � �O �t CI VI . N_pO�. MO P W �O 1 M .t f� M U h 10 Vt It r• S S A M M M Z2 V1 pn O. M �'• � M O � DD � M � M M f� N N y+ OI O O O. pp 0, f� .Pp �f�O�t N V1 N C .- VNi P VPi co CO�o .mot a0 f�� VOi f� .O � � In + I U .t O N !- M M O• M N d O Q M O N 1m 1n M O Y v � O M M M •O IA �O 00 �O 00 N U N •Q V1 � ti Ir v�M v ^ OP, M� M A f� h j P O CO 1� M N M •O �I n oa N .. N O O P IA IA I M 0 a P a P C VMi OO• I I I I� � � N � v QO` � y L V M O N N in p. C O inV1 O O �T d �O �O CO It LU O: 7 1 41 I O M U% M .t CO f� P• R7 O CO O M P N O aL W N C I I I I I I I I I X U W< O Ir Ln N O N O u1 U P M � y 4' M N N M M N .� Q U7 Q 2 �m H Y Y Y L y i+ r• O W < O W Z O >LLJ W a ae J ac O N N IL .Z-. W O J � w O. V. at OP O •O N '49 .O N 10 N —k CMO Y CC Go I r I I I I I I I Z LW E a a 00 co a� a P, _ ~ i a s Y > V fw ~ y U coM U W S U U M N L < Y H V > < .� (A2 Q 6 N N O L O y, Y ao Ln M M d •O O. U O Z Y rn It CO I N co CD co O It It N M U tm Cy Go . I I .t I I .t V1 O .t U ^ N P P O d •O O y ♦+ V1 10 O ti _ < y W M > L 0 Vl L. O l W W w L. s O C7 7 Ix O W �- M NLLJ H J Z L N W U OC O 7 O A •�ad = Y W v 7 C N 0 H W �N L (A 7 C 7 O OQ C 0 W to W C7 O Z > W U M N! L to as 2 W V O E W U W O OC K L Y 0, L U, N Q 0: U U L N VO NLa O Wy UC NW F=•• LW LL YL 7EE6 aC 41 Y Y yU W C C C E E O• 0C 0 • ZL. L. QC O � CL J CL VV O Y Vl Y Y Y C O O W X U F 4- 4- O W > W W � � 4+ > W 7 IF L O G H OC W Z 0Ol F- CG W U U Y N N 7 L OC y i+ .- H Q 'A y y Y's . Z Z W 0 O) C L L ..y. Y •y CA U i+ C Y Y ad O W J I+. Y Y C Y ce O W Q Q O Y L Y ++ Y Z X CI > C r C] y •.- 4- •� Vl InU L.0 L N O a0 m W W L Y O i+ Z 7 E O O W O L '0 L L (A 2 W O ad O > O Y W L. -0 L. a V) Z W O cm O wI-uixL)0 am►-aaCL u xaO<aO u z z CC W X W O X W Z O IL LL CrrY OF LA QUINTA COMBINING BALANCE SHEEP ALL AGENCY FUNDS June 30, 1991 and 1990 Arta in Assessments Assessments Assessments Totals Deferred Public District District District Compensation Places 88-1 89-2 90-1 1991 1990 I;W-4-t-9 Cash and investments S ! 39,790 S 86,541 3 20L039 L159,5. 155,989 S � 442 9fi4 Deposits T 4� 86 541 S ?01,038 S 1,5r9,5`3 $ 155,98! 742 931 442 964 -48- CITY OF LA QUINTA STATEMENT OF CHANGES IN ASSETS AND LIABILITIES ASSETS Cash and investments AGENCY FUNDS For the year ended June 30, 1991 Balance Balance July 1, July 1, 1990 Additions Deductions 1991 SS 442,964 & 796,715 496,749 742,931 Deposits 442.954 j796.715 1496.748 742.93I -49-