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2016 06 21 FA Special FINANCING AUTHORITY AGENDA CITY HALL COUNCIL CHAMBERS 78-495 Calle Tampico, La Quinta SPECIAL MEETING ON TUESDAY, JUNE 21, 2016 AT 4:00 P.M. CALL TO ORDER ROLL CALL: Authority Members: Franklin, Osborne, Peña, Radi, Chairperson Evans PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA 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. The Financing Authority values your comments; however in accordance with State law, no action shall be taken on any item not appearing on the agenda unless it is an emergency item authorized by GC 54954.2(b). CONFIRMATION OF AGENDA CONSENT CALENDAR PAGE 1. APPROVE MINUTES OF JUNE 16, 2015 3 BUSINESS SESSION 1. ADOPT RESOLUTION TO APPROVE FISCAL YEAR 2016/17 BUDGET [RESOLUTION NO. FA 2016-001] 5 STUDY SESSION - -- NONE PUBLIC HEARINGS - -- NONE CHAIR AND BOARD MEMBERS' ITEMS ADJOURNMENT FINANCING AUTHORITY AGENDA 1 JUNE 21, 2016 SPECIAL MEETING ***************************************** For information about the next special meeting of the Financing Authority, please contact the City Clerk’s Office at 760-777-7000. DECLARATION OF POSTING I, Susan Maysels, Authority Secretary of the La Quinta Financing Authority, do hereby declare that the foregoing agenda for the La Quinta Financing Authority meeting was posted near the entrance to the Council Chambers at 78-495 Calle Tampico and on the bulletin boards at the La Quinta Cove Post Office at 51-321 Avenida Bermudas and at the Stater Brothers Supermarket 78-630 Highway 111, on June 17, 2016. DATED: June 17, 2016 SUSAN MAYSELS, Authority Secretary La Quinta Financing Authority Public Notices • The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk’s Office at 777-7103, twenty-four (24) hours in advance of the meeting and accommodations will be made. • If special electronic equipment is needed to make presentations to the Financing Authority, arrangement should be made in advance by contacting the City Clerk's Office at 777-7103. A one (1) week notice is required. • If background material is to be presented to the Financing Authority during a meeting, please be advised that eight (8) copies of all documents, exhibits, etc., must be supplied to the City Clerk for distribution. It is requested that this take place prior to the beginning of the meeting. • 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 JUNE 21, 2016 SPECIAL MEETING FINANCING AUTHORITY MINUTES 1 JUNE 16, 2015 SPECIAL MEETING FINANCING AUTHORITY MINUTES TUESDAY, JUNE 16, 2015 A special meeting of the La Quinta Financing Authority was called to order at 7:40 p.m. by Chairperson Evans. PRESENT: Authority Members Franklin, Osborne, Peña, Radi, Chair Evans ABSENT: None PUBLIC COMMENT – None CONFIRMATION OF AGENDA – Confirmed CONSENT CALENDAR 1. APPROVE MINUTES OF JUNE 17, 2014 2. ADOPT RESOLUTION TO APPROVE FISCAL YEAR 2015/2016 BUDGET [RESOLUTION NO. FA 2015-001] MOTION – A motion was made and seconded by Authority Members Osborne/Franklin to approved Consent Calendar item No. 1 as written. Motion passed: ayes 3, noes 0, abstain 2 (Peña and Radi were not yet Councilmembers when these minutes were taken). MOTION – A motion was made and seconded by Authority Members Osborne/Franklin to approve Consent Calendar Item No. 2 adopting Resolution No. FA 2015-001 as recommended. Motion passed unanimously. BUSINESS SESSION – None PUBLIC HEARINGS – None CHAIR AND BOARD MEMBERS' ITEMS – None ADJOURNMENT There being no further business, it was moved and seconded by Authority Members Franklin/Radi to adjourn at 7:41 p.m. Motion passed unanimously. Respectfully submitted, SUSAN MAYSELS, Authority Secretary La Quinta Financing Authority CONSENT CALENDAR ITEM NO. 1 3 4 City of La Quinta FINANCING AUTHORITY MEETING: June 21, 2016 STAFF REPORT AGENDA TITLE: ADOPT RESOLUTION TO APPROVE FISCAL YEAR 2016/17 BUDGET RECOMMENDATION Adopt a Resolution of the La Quinta Financing Authority approving the 2016/17 La Quinta Financing Authority Budget. EXECUTIVE SUMMARY  Annually, the budget is prepared and submitted for the Financing Authority’s review and approval.  Projected revenues of $678,100 will fund projected expenditures of $678,100. FISCAL IMPACT All 2016/17 revenues, operational expenses and debt service payments are included in the 2016/17 Budget; 2016/17, the revenues are projected to be $678,100 and the expenditures are also projected to be $678,100. BACKGROUND/ANALYSIS At the Council Meeting of May 17, 2016, the annual budget was presented for review. There have been no changes to the proposed budget since the May 17th presentation. The Financing Authority’s revenues are derived from the City of La Quinta’s General Fund. The expenditures entail debt service payments on the 1996 Lease Revenue Refunding Bonds; bond proceeds were used to fund City Hall construction. ALTERNATIVES The Authority may further adjust the various appropriations. Prepared by: Rita Conrad, Finance Director Approved by: Frank J. Spevacek, City Manager BUSINESS SESSION ITEM NO. 1 5 6 RESOLUTION NO. FA 2016- A RESOLUTION OF THE LA QUINTA FINANCING AUTHORITY APPROVING A BUDGET FOR FISCAL YEAR 2016/2017 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 2016/2017 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. D. 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. 7 Resolution No. FA 2016- Budget Approval FY 2016/2017 Adopted: June 21, 2016 Page 2 of 2 SECTION 3. The Executive Director shall render a monthly report 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 21st day of June, 2016, by the following vote: AYES: NOES: ABSENT: ABSTAIN: ________________________________________ LINDA EVANS, Chairperson La Quinta Financing Authority ATTEST: __________________________________________ SUSAN MAYSELS, Secretary La Quinta Financing Authority (SEAL) APPROVED AS TO FORM: __________________________________________ WILLIAM IHRKE, Authority Counsel La Quinta Financing Authority 8