AR 5 ATTACHMENT A - FY 2021 Annual Comprehensive Financial Report — Pasadena City Council, February 14, 2022

ANNUAL COMPREHENSIVE FINANCIAL REPORT
JUNE 30, 2021
CITY
OF

C A L I F O R N I A

Thank You

TO OUR PASADENA HEROES

CiTy oF PASADenA, CAliFoRniA
AnnUAl CoMPReHenSiVe
FinAnCiAl RePoRT
year ended June 30, 2021
STeVe MeRMell, CiTy MAnAGeR
MATTHeW e. HAWKeSWoRTH, DiReCToR oF FinAnCe
PRePAReD by THe DePARTMenT oF FinAnCe, CiTy oF PASADenA Victor M. Gordo
Mayor
Tyron Hampton
Councilmember
District 1
Felicia Williams
Councilmember
District 2
John J. Kennedy
Councilmember
District 3
Gene Masuda
Councilmember
District 4
Jessica C. Rivas
Councilmember
District 5
Steve Madison
Councilmember
District 6
Andy Wilson
Vice Mayor
District 7

CITY OF PASADENA TABLE OF CONTENTS
Annual Comprehensive Financial Report | June 30, 2021 i

INTRODUCTORY SECTION
Letter of Transmittal ...................................................................................................................................................................vii Principal City Officials ..............................................................................................................................................................xviii Organizational Chart ................................................................................................................................................................. xix GFOA Certificate of Achievement for Excellence in Financial Reporting ................................................................................... xx

FINANCIAL SECTION
Independent Auditors’ Report ..................................................................................................................................................... 1 Management’s Discussion and Analysis (Required Supplementary Information) ....................................................................... 5 Basic Financial Statements
Government-wide Financial Statements
Statement of Net Position .................................................................................................................................................. 20 Statement of Activities ...................................................................................................... ................................................. 22 Fund Financial Statements
Governmental Fund Financial Statements
Balance Sheet .............................................................................................................................................................. 24 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ......................................................................................................................... 25 Statement of Revenues, Expenditures and Changes in Fund Balances ....................................................................... 26 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the
Statement of Activities ..................................................................................................... .................................... 27 Proprietary Fund Financial Statements
Statement of Net Position ........................................................................................................................................... 28 Statement of Revenues, Expenditures and Changes in Net Position .......................................................................... 30 Statement of Cash Flows ............................................................................................................................................. 32 Fiduciary Fund Financial Statements
Statement of Net Position ........................................................................................................................................... 36 Statement of Changes in Net Position ......................................................................................................................... 37 Discretely Presented Component Units
Combining Statement of Net Position ......................................................................................................................... 38 Combining Statement of Revenues, Expenditures and Changes in Net Position ........................................................ 39 Notes to the Basic Financial Statements ................................................................................................................................ 43

CITY OF PASADENA TABLE OF CONTENTS
ii Annual Comprehensive Financial Report | June 30, 2021 FINANCIAL SECTION (Continued)
Required Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual – General Fund .......................................................................................................................................................... 113 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual – Housing Successor Fund ......................................................................................................................................... 114 Notes to Required Supplementary Information ............................................................................................................... 115 Schedule of Changes in Net Pension Liability and Related Ratios – Miscellaneous Plan ................................................. 116 Schedule of Plan Contributions – Miscellaneous Plan ...................................................................................................... 118 Schedule of Changes in Net Pension Liability and Related Ratios – Safety Plan .............................................................. 120 Schedule of Plan Contributions – Safety Plan ................................................................................................................... 122 Schedule of Changes in Net Pension Liability and Related Ratios – Fire and Police Retirement System............................................................................................................................ 124 Schedule of Plan Contributions - Fire and Police Retirement System .............................................................................. 126 Schedule of Changes in the Net OPEB Liability and Related Ratios ................................................................................. 127 Schedule of OPEB Plan Contributions ............................................................................................................................... 128 Schedule of OPEB Plan Investment Return ....................................................................................................................... 129 Supplementary Information
Non-Major Governmental Funds
Combining Balance Sheet .......................................................................................................................................... 132 Combining Statement of Revenues, Expenditures and Changes in Net Position ...................................................... 133 Special Revenue Funds
Combining Balance Sheet .......................................................................................................................................... 138 Combining Statement of Revenues, Expenditures and Changes in Net Position ...................................................... 140 Budgetary Comparison Schedules
Public Safety Fund .......................................................................................................... .................................... 142 Health Fund ................................................................................................................. ....................................... 143 Building Services Fund ........................................................................................................................................ 144 Sewer Construction and Maintenance Fund ...................................................................................................... 145 Underground Utilities Fund ................................................................................................... ............................. 146 Transportation Fund .......................................................................................................... ................................. 147 Library Services Fund ....................................................................................................... ................................... 148 Parking Fund ................................................................................................................. ...................................... 149 Air Quality Improvement Fund ........................................................................................................................... 150 Housing and Community Development Fund .................................................................................................... 151 Donated Fund ................................................................................................................ ..................................... 152 Capital Projects Funds
Combining Balance Sheet .......................................................................................................................................... 156 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ................................................... 158

CITY OF PASADENA TABLE OF CONTENTS
FINANCIAL SECTION (Continued)
Permanent Funds
Combining Balance Sheet .......................................................................................................................................... 164 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ................................................... 166 Non-Major Enterprise Funds
Combining Statement of Net Position ....................................................................................................................... 172 Combining Statement of Revenues, Expenses and Change
s in Net Position ............................................................ 173 Combining Statement of Cash Flows ......................................................................................................................... 174 Internal Service Funds
Combining Statement of Net Position ....................................................................................................................... 180 Combining Statement of Revenues, Expenses and Change
s in Net Position ............................................................ 182 Combining Statement of Cash Flows ......................................................................................................................... 184 Fiduciary Funds
Combining Statement of Net Position – Employee Benefit Trust Funds .................................................................. 192 Combining Statement of Changes in Net Position – Employee Benefit Trust Funds ................................................ 193 Combining Balance Sheet – Custodial Funds ............................................................................................................ 194 Combining Statement of Changes in Assets and Liabilities – Custodial Funds .......................................................... 195 Combined Successor Agency Funds
Combining Statement of Net Position – Private Purpose Trust Funds ..................................................................... 200 Combining Statement of Changes in Net Position – Private Purpose Trust Funds ................................................... 202 Discretely Presented Component Unit
Rose Bowl Operating Company
Combining Statement of Net Position ....................................................................................................................... 208 Combining Statement of Revenues, Expens
es and Changes in Net Position ............................................................ 209

STATISTICAL SECTION
Net Position by Component (Table 1) .............................................................................................................................. 214 Changes in Net Position (Table 2) ..................................................................................................................................... 216 Fund Balances of Governmental Funds (Table 3) ............................................................................................................. 220 Changes in Fund Balances of Governmental Funds (Table 4) ........................................................................................... 222 Assessed Value and Actual Value of Taxable Property (Table 5) ...................................................................................... 225 Direct and Overlapping Property Tax Rates (Table 6) ...................................................................................................... 226 Principal Property Taxpayers (Table 7) ............................................................................................................................. 228 Property Tax Levies and Collections (Table 8) .................................................................................................................. 229 Electricity Sold by Type of Customer (Table 9) ................................................................................................................. 230 Electricity Rates (Table 10) ............................................................................................................................................... 232 Electricity Customers (Table 11) ....................................................................................................................................... 233 Ratios of Outstanding Debt by Type (Table 12) ................................................................................................................ 234 Ratios of General Bonded Debt Outstanding (Table 13) .................................................................................................. 238 Direct and Overlapping Debt (Table 14) ........................................................................................................................... 241 Annual Comprehensive Financial Report | June 30, 2021 iii

CITY OF PASADENA TABLE OF CONTENTS
iv Annual Comprehensive Financial Report | June 30, 2021 STATISTICAL SECTION (Continued)
Legal Debt Margin Information (Table 15) ....................................................................................................................... 242 Pledged-Revenue Coverage – Governmental Activity Debt (Table 16) ............................................................................ 244 Pledged-Revenue Coverage –Business-Type Activity Debt (Table 17) ............................................................................. 246 Demographic Statistics (Table 18) .................................................................................................................................... 247 Principal Employers (Table 19) ......................................................................................................................................... 249 Full-time and Part-time City Employees by Function (Table 20) ..................................................................................... 250 Operating Indicators by Function (Table 21) .................................................................................................................... 252 Capital Asset Statistics by Function (Table 22) ................................................................................................................. 254

INTRODUCTORY SECTION
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
vi
iv
January 19, 2022
To the Honorable Mayor, Members of the City Council
and the Citizens of the City of Pasadena, California:

The Annual Comprehensive Financial Report (ACFR) of the City of Pasadena, California (City) for the fiscal year ended June 30, 2021 (FY 2021) is hereby submi tted in compliance with Section 907.5 of the City Charter. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive internal control framework it established for this purpose. Because the cost of internal controls should not exceed anticipated benefits, the objective is to provide reasonable assurance, rather than absolute assurance, that the financial statements are free of any material misstatements.

This report was prepared in accordance with Generally Accepted Accounting Principles (GAAP) as set forth in the pronouncements of the Governmental Accounting Standards Board (GASB). GASB has the primary responsibility for determining accounting and financial reporting standards for state and local government entities. It is believed that the data, as presented, is accurate in all material respects, and is presented in a manner designed to fairly set forth the financial posi tion and results of operat ions of the City and its component units as measured by the financial activi ty of the various funds. The financial statements include all disclosures necessary to enable the reader to gain the maximum understanding of the City's financial affairs and evaluate its financial condition.

The City Charter requires an audit of the financial statements of all accounts of the City by an independent certified public accountant. This year's audit was undertaken by CliftonLarsonAllen, LLP, a firm of licensed certified public accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City of Pasadena for th e FY 2021 fairly state the City’s financial position.

The independent audit involved examining evidence, on a test basis, that supports the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall fi nancial statement presentation. The independent auditor concluded based upon the audit, that there was a reasonable basis for rendering an unmodified opinion on the City of Pasadena’s financial statements for FY 2021 and that these financial statements are fairly presented in conformity with GAAP. The inde pendent auditor’s report is presented as the first component of the financial section of this report. Under the current auditor contract, the City required the auditor to include sampling from every fund.

LETTER OF TRANSMITTAL CITY OF PASADENA

viii Annual Comprehensive Financial Report | June 30, 2021 The independent audit of the financial statements of the City was part of a broader, federally-mandated “Single Audit” designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report, not only on the fair presentation of the financial statements, but also on internal cont rols and compliance with legal requirements, with emphasis on those involving the administration of fe deral awards. The auditor’s report on internal controls and compliance will be available in the City’s separately issued Single Audit Report.

GASB requires that management provide a narrative introduction, an overview, and an analysis to accompany the basic financial statements in the fo rm of a Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed t o c o m p l e m e n t t h e M D & A a n d s h o u l d b e r e a d i n conjunction with it. The City of Pasadena’s MD&A can be found immediately following the report of the independent auditor.

GOVERNMENTAL STRUCTURE

The City was incorporated in 1886 and became a Charter City in 1901. The City operates under the powers granted by the City Charter, which dictates the respon sibilities of the City Council and the City Manager.

There are seven City Council members who are nomina ted and elected by district for overlapping, four- year terms. In addition, there is a citywide elected Mayor who also serves a four-year term.

The City Council is responsible for, among other things, setting policies, passing ordinances, adopting the budget, appointing committees and hiring the City's Manager, City Attorney/City Prosecutor, and the City Clerk. The City Manager is responsible for carrying out policies and ordinances of the City Council, appointing the heads of the City's departments, preparing and managing the budget, and overseeing the day-to-day operations of the City.

The City covers an area of 23 square miles in the no rthwestern portion of the San Gabriel Valley and has a 2021 population of 145,306, according to the Californi a State Department of Finance. The City is bounded on the west by the cities of Los Angeles, Gl endale, and La Cañada Flintridge; on the south by South Pasadena and San Marino; on the east by Ar cadia and Sierra Madre; and on the north by the unincorporated community of Altadena.

REPORTING ENTITY AND ITS SERVICES

This report includes all funds of the City, as well as all of its component units. Component units are legally separate entities for which the City is financially accountable. Blended component units, although legally separate entities, are, in substance, part of the City's operations and are included in this ACFR as part of the City. Accordingly, the Pasadena Public Financing Authority, Pasadena Parking Authority, the Pasadena Civic Improvement Corporation (PCIC), and the Pasade na Fire and Police Retirement System (FPRS) are reported as part of the City. The Successor Agency to the Pasadena Community Development Commission is shown as a Private Purpose Trust Fund reported in the Fiduciary Fund Section. Discretely presented component units are reported in a separate column in the combined financial statements to emphasize that they are legally separate from the City and to differentiate their financial position, results of operations, and cash flows from those of the City . The Rose Bowl Operating Company (RBOC), the Pasadena Center Operating Company (PCOC), and th e Pasadena Community A ccess Corporation (PCAC) are discretely presented component units. Separate financial statements are also available for all three discretely presented component units. The City is a party to, and designated administrator for, two Joint

CITY OF PASADENA LETTER OF TRANSMITTAL

Annual Comprehensive Financial Report | June 30, 2021 ix Powers Authorities, the Foothill Air Support Team (FAST) and the Foothill Workforce Development Board.

These entities are accounted for in the City books, ACFR, and audited as part of the City’s audit.

The City provides a full range of municipal services including public safety (police and fire), street construction and maintenance, refuse collection, water, power, sewer co llection utilities, libraries, parks and recreation, planning and zoning, code enforcement, public health, affordable housing, career services and job training, and general administrative and support services.

BUDGETARY CONTROLS

The City adopts a comprehensive budget detailed by department and fund prior to the beginning of each fiscal year, July 1. From the effective date of the budget, funds become appropriated to the departments and component units for the objects and purposes identi fied. At any public meeting after the adoption of the budget, the City Council may amend or supplement the budget by a motion adopted by the affirmative vote of at least five members of the City Council. The accounts of the City are maintained by line item detail or object of expenditure. The le gal level of budgetary control (the level at which management may not reassign resources or overspend appropriations) is at the departmental level within each fund. Revenues are estimated annually and mo nitored on an ongoing basis to ensure there are adequate resources to cover expenditures.

FACTORS AFFECTING FINANCIAL CONDITION

The information presented in the financial statements, is perhaps best understood when considered from the broader perspective of the current environment in which the City of Pasadena operates.

THE CURRENT ECONOMIC CLIMATE

Pasadena along with the rest of our nation, is emerging from one of the most difficult periods in recent history. For almost two-years, the COVID-19 pandemic has dominated our lives and impacted virtually everyone. As of this writing, over 18,000 Pasadena residents previously contracted COVID-19 with 373 tragically succumbing to the disease. Thankfully, as a result of protocols to reduce the transmission and the advent of safe and effective vaccines, develo ped in record time, infection rates have slowed dramatically and life is beginning to return to normal.

In addition to a staggering toll in human life, COVID-19 brought with it a worldwide economic recession resulting in record high unemployment, business closur es, and a precipitous drop in economic activity.

The City, under the leadership of the Mayor and City Council, was quick to respond in a variety of ways to support our community during a very difficult time. Some of the more notable efforts on the part of the City included:

• Adopting an eviction moratorium for residential and commercial tenants; • Rebating over $11 million in Underground Utility Surtax charges to Pasadena Water and Power electric customers and providing six-months of rate relief; • Providing over $1.7 million in funding and over 2,500 hours of direct staff support to local food banks, pantries and feeding programs;
• Coordinating the distribution of over 150,000 “grab and go” lunches to supplement Pasadena Unified School District (PUSD) feeding efforts at seven schools on weekends;

LETTER OF TRANSMITTAL CITY OF PASADENA

x Annual Comprehensive Financial Report | June 30, 2021 • Adopting an ordinance restricting commissions charged by third party food delivery services to protect local restaurants and consumers from gouging;
• Participating in the State's Great Plates Delivered program which provided 170,000 daily restaurant-delivered meals to 367 Pasadena seniors throughout the duration of the program; • Providing two rounds of grants to local businesses totaling approximately $800,000 to support payroll, lease obligations, and compliance with health protocols; • Adopting an ordinance that provides protections to hotel workers facing unemployment fluctuations due to restrictions imposed by stay at home orders; • Providing $1 million in rental assistance to aid 275 households with back rent; • Supporting outdoor dining through the use of streets, sidewalks, and parking lots; • Providing a wide range of support to local businesses including numerous webinars, newsletters and resource pages; and
• Developing and executing the “We’re Open, Keep Us Open” Shop Local campaign. The campaign garnered over 1,000,000 media impressions and over 75 businesses across the City participated in a planned social media takeover to increase awareness for the campaign.

ECONOMIC IMPACTS FROM COVID-19

The economic impact related to COVI D-19 was also felt directly by the City in the form of significantly reduced revenues. Prior to that time, the City’s financial position was strong. Following several years of austerity wherein over $6 million of spending was tr immed from the General Fund Budget, voters in FY 2019 approved Measure I, a ¾ cent local sales tax measure to preserve essential City services and support much needed capital investment. Associated with Measure I was an advisory measure, Measure J, which advised the City Council to share 1/3 of the revenue derived from Measure I with the Pasadena Unified School District.

The combination of targeted budget reductions and new revenue enabled the City to build up a healthy fund balance in its General Fund and establish a Se ction 115 Pension Trust to pay for future pension liabilities. Nonetheless, the impact of the pandemic on General Fund Reserves should be noted:

General Fund – Fund Balance Summary

FY 2019-2020 FY 2020-2021
Increase Increase
FY 2019 FY 2020 FY 2021 (Decrease) (Decrease)
Unassigned $19,605,899 $4 45,197 ($11, 293,801) ($19,160, 702) ($11,738,998) 5% Operating Reserve 12,693,700 12,692,400 11,245,600 (1,300) (1,446,800) 15% Emergency Reserve 38,081,100 42,427,200 40,441,800 4,346,100 (1,985,400) Section 115 Pension Trust 11,230,935 11,706,421 13,317,496 475,486 1,611,075 Total $81,611,634 $67,271,218 $53,711,095 ($14,340,416) ($13,560,123)

The COVID-19 pandemic and associated recession came in the final quarter of FY 2020. In that short time, the City lost $6.4 million in General Fund revenu e and incurred millions in expenditures related to

CITY OF PASADENA LETTER OF TRANSMITTAL

Annual Comprehensive Financial Report | June 30, 2021 xi response efforts and protective me asures to maintain essential se rvices. Fortunately, significant underspending by City departments offset the losses for a net overall loss of $5.5 million.

As the City prepared to enter FY 2021, projected losses related to COVID-19 were estimated at $14 million in the General Fund alone. As it would turn out, several other key funds including the Off-Street Parking Fund, which accounts for activity in the City’s public parking garages, would see significant reductions in revenue as well, as economic activity faltered. Moreover, the Rose Bowl Operating Company (RBOC) and the Pasadena Center Operating Co mpany (PCOC) suffered devastating revenue reductions due to state restrictions on large-scale events.

In order to achieve a balanced budget for FY 2021, virt ually all Measure I dollars ($8.4 million) previously intended to support much needed projects in the Capital Improvement Program Budget were reprogrammed to prevent dramatic reductions in esse ntial City services. Additionally, $1.85 million in reductions, including the elimination of nine staff positions, were made in the General Fund. The PCOC was able to cover its annual operating costs including debt service obligations with cash on hand; however, it was necessary for the City’s General Fund to cover the FY 2021 debt service obligation related to the Rose Bowl Stadium, approximately $11.5 million, thereby exhausting much of the General Fund 5% Contingency Reserve.

Throughout the fiscal year, the Finance Department carefully monitored revenue and expenses, reported regularly to the City Council Finance Committee and updated the City’s General Fund Five-Year Financial Forecast. As the City approaches the end of FY 2021, the total revenues losses associated with the COVID- 19 economic recession are estimated to be as high as $55 million across all City funds. When added to the losses in FY 2020, the total estimated COVID-related economic revenue loss to the City is an estimated $70 million. In addition to this, the City has expe nded roughly $30 million over and above normal City operations as part of its response to COVID-19.

The Current State of Things

In March, Congress passed and the President signed into law the American Rescue Plan Act, a $1.9 trillion dollar economic stimulus. The Plan provides direct funding for local governments ($360 billion) along with programmatic funding for homeless assistance, rental assistance, public transit and utility assistance.

Based upon the modified Community Development Block Grant allocation method being used to allocate funding, Pasadena is expected to receive $52.2 million in direct support.

While many of the details have yet to be determined, the federal relief is very much welcome as it will enable the City to provide additional support to the community and hopefully offset some, but not all, of the economic losses incurred. Because crisis can occu r at any time and take many forms, as the COVID- 19 pandemic has painfully reminded us, rebuilding the City’s financial reserves to protect essential City services against the next calamity, should be the priority.

Looking Forward

The local and national economies are realizing strong recovery in some areas, while other sectors appear to be very slow to recover, furthering the belief that a “K” type recovery/recession will continue to occur.

The travel and tourism industry is expected to take three to four years to recover, especially in areas that rely on international travel as COVID-19 cases continue to vary widely within the U.S. and across nations.

Locally, business closures, including many restaurants, may take years to recover from the economic losses of COVID-19. Due to these factors, revenues such as transien t occupancy tax, certain sales tax

LETTER OF TRANSMITTAL CITY OF PASADENA

xii Annual Comprehensive Financial Report | June 30, 2021 categories, parking, and related revenues are expected to take as long as four years to return to pre- COVID-19 levels. Additionally, accounts receivables owed to the City for utility bills, emergency medical services and other services have grown by 1,000% with utility receivables alone exceeding $8 million. The ability to collect these billings will have a direct impact on a number of funds including the General, Power, Water, Refuse and Sewer Funds. The State is implemen ting a program to fund $1.0 billion each of past due water and electric bills that should become effective the second half of FY 2022.

Fortunately, the City has also benefited from the upside of the recovery. Some sales tax categories, such as automobile sales and online pur chases, have been robust, property tax has remained stable, and development activity for new residential and commer cial space continues, including the opening of a Home Depot store in March 2021.

As discussed above, this past year has been particul arly challenging for the PCOC and the RBOC. Each of these entities function in a semi-autonomous fash ion from City operations, and rely on revenues generated through their respective business operations to cover operating expenses and debt service obligations associated with prior capital improvements. Historically, under the direction of well-qualified boards, each has been self-reliant. However, the enormous scope of the COVID-19 pandemic and the related inability to host large-scale events has e liminated key sources of revenue, which support each operating company. In the case of PCOC, it bene fits through a longstanding arrangement whereby the City’s General Fund transfers to it roughly 2/3rd of the Transient Occupancy Tax (TOT) received by the City. However, this past year, with the sharp reduct ion in travel, even that typically reliable revenue source has dropped precipitously. In a typical year, TOT transferred by the City would make up over 40% of the PCOC’s operating budget and cover 100% of the debt service.

It should be recognized that both the PCOC and RBOC have worked hard to generate incremental revenues through small-scale events that conform to the statewide health protocols and each entity played a critical role in the City’s COVID-19 response effort including: assisting with meal support for residents; the outfitting of the convention center to serve as a possible alternate care facility for COVID-19 patients, and the Rose Bowl serving as a mass testing site along wi th housing FEMA trailers used to quarantine first responders with or exposed to COVID-19.

As restrictions on events ease and as it relates to the PCOC, hotel bookings in crease, the outlook for the two operating companies will improve. Current projections indicate that while the PCOC will need to rely on its reserves to carry it through next fiscal year, by FY 2023 it should return to positive net income.

However, in regard to the RBOC, lo ngstanding concerns about the future financial position of the Rose Bowl Stadium have been brought into stark relief by the pandemic.

It has long been understood that the Rose Bowl Stad ium faces an uncertain future. Most notably, the opening, in September 2020, of SoFi Stadium and en tertainment complex in Inglewood, CA creates new direct competition for sports, concerts, and other even ts. Moreover, the RBOC fiscal structure is largely dependent upon the long-term success of its anchor tenants, UCLA, and the Tournament of Roses.

In FY 2020 (the last pre-pandemic ye ar), RBOC’s net income related to these anchor tenants decreased more than 30% and attendance decreased more than 60% compared to the figure five-years prior (FY 2015).

The FY 2022 Operating Budget assumes that the City’s General Fund will need to fund $10 million of the $12.5 million annual debt service obligation associated with the Rose Bowl, with the RBOC making up the

CITY OF PASADENA LETTER OF TRANSMITTAL

Annual Comprehensive Financial Report | June 30, 2021 xiii $2.5 million balance. In order to avoid making significant reductions to existing City services, these funds will need to come from General Fund reserves, as was the case in the current fiscal year. Most concerning, however, is the fact that in future years (FY 2023 and beyond), while the RBOC anticipates revenues to return to pre-pandemic levels, it projects that they will not be sufficient to cover increasing debt service payments and other operating costs. The RBOC’s curre nt projections indicate that the gap in revenues, over the next five-years, will range from between $5 .4 - $7.7 million per year, and that shortfalls will continue into the future. Additionally, the RBOC projects that the unfunded capital improvement needs of the stadium over the next five-years may exceed $12 million per year.

To the extent the RBOC is unable to generate sufficient income to cover debt service, operating expenses and needed capital investment, the burden will fall on the City’s General Fund. As mentioned above, in FY 2021 and as adopted for FY 2022, these funds were taken from General Fund reserves. Continuing to draw down the City’s reserves on an ongoing basis to support the Rose Bowl is not a viable long-term solution, as it would deplete the City’s reserves in just a few short years leaving no financial resources in the event of an emergency or significant economic downturn.

Consequently, over the term of the next fiscal year, actions must be taken to address the ongoing financial obligations associated with the Rose Bowl Stadium. Part of the solution might come from new initiatives undertaken by the RBOC, and in fact, analysis is currently underway to explore the viability of numerous options. The growth in General Fund revenues through additional hotels or other economic development projects could also help address the challenge while helping to guard against reductions in essential City services that would otherwise be necessary to cover the ongoing obligations related to the stadium.

While the financial future of the Rose Bowl has been the subject of discussion for a number of years, given the current reality, for the first time, the General Fund Five-Year Financial Forecast includes projected contributions to the RBOC on an ongoing basis. Of note, these projected cont ributions only take into $-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
FY 2021 FY 2023 FY 2025 FY 2027 FY 2029 FY 2031 FY 2033 FY 2035 FY 2037 FY 2039 FY 2041 FY 2043 Operating Company Debt Service

PCOC RBOC

LETTER OF TRANSMITTAL CITY OF PASADENA
xiv Annual Comprehensive Financial Report | June 30, 2021 account debt service requirements and do not incl ude amounts that may be considered necessary for capital improvements, as discussed above. As shown below, these projections indicate a growing deficit position for the General Fund unless a solution to address the Rose Bowl obligations is found.

General Fund Five-Year Forecast
The financial challenge associated with the Rose Bowl is as significant as anythi ng the City has faced in decades and until the matter is resolved, fiscal prudence is required more than ever. Nevertheless, the City exists to provide services responsive to the needs of its residents and business community.

Accordingly, the Adopted FY 2022 Operating Budget does include two proposed enhancements to address quality of life issues, as well as the proposed addition of two new staff positions to better address workload and risk management efforts.

FISCAL YEAR 2021 ACCOMPLISHMENTS
While i
t is critically important that the City main tain strong fiscal health and address its multiple infrastructure-related issues, it must also take time to acknowledge positive improvements. Examples of FY 2021 accomplishments include:
• Adoption of a balanced budget for the ninth consecutive year, consistent with the City Counc il’s goal to main
tain fiscal responsibility and stability;
• Implemented fifth year of five-year program of tiered increases to City’s minimum wage and wage enforcement program;
• Successfully
educated the public about the merits of Measure P: The City Services Protection Measure, which maintained the longstanding utility transfer to the General Fund which is approximately $18 million
annually;
• Obtain
ed trial court victory against a challenge to the annual Power Fund transfer to the General Fund, saving the City $18 million per year;

CITY OF PASADENA LETTER OF TRANSMITTAL
Annual Comprehensive Financial Report | June 30, 2021 xv • The entire City staff provided leadership and response to the COVID-19 pandemic. The Emergency Operation Center (EOC) was immediately opened and continues in operation. During the peak of the pandemic, all City essential services were provided; • Thirty-nine eligible business were awarded $10,000 grants as part of the Small Business Relief Grant
Program;
• Managed a second business grant program, awarding 59 micro businesses with $7,500 grants; • Actively
worked with 21 restaurants for the Great Plates Delivered, delivery service for at-r isk seniors;
• Maintained
a current General Obligation Bond rating of AAA, the highest rating given by Standard and Poor’s and AA+
by Fitch rating agencies;
• Maintained ISO Class 1 Public Protection Certification rating, the highest rating given nationally; • Assisted in 18 strike
teams and fire line deployments as part of the California Fire and Rescue Mutual Aid System;
• Rapidly expanded technology required for approximately 30 percent of the City workforce to telecommute effectively to maintain City services;
• Provided support for public meetings to be conducted virtually; • Updated and enhanced the Public Health COVID-19 dashboard with vital statistics; • Imple
mented curbside pickup service at Centra l Library, Allendale, Hastings, La Pintor esca, Lamanda Park, Linda
Vista, San Rafael, and Santa Catalina Branch Libraries; • In response to food insecurity issues for Pasa dena
residents caused by the pandemic, the City
acted to:
o Coordinate the allocation of $572,000 to ten food banks, o Administered the sta
te’s Great Plates De livered, meal program to deliver 170,000 restaurant delivered meals,
o Provided funding and distributed 152,6
00 grab-and-go lunches each weekend at seven
PUSD sites fr
om March 28 to September 13,
• Manage
d day-to-day operations of 50 FEMA trailers at the Rose Bowl for public safety employees who nee
ded to quarantine due to COVID-19 exposures;
• Performed over 46,000 building inspections for commercial a nd residential construction;
• Issued over 8
,900 construction related building permits;
• Investigated
more than 11,000 confirmed COVID-19 cases, over 650 probable COVID-19 cases, more than 100 outbreaks, and over 400 different worksites; • The Citizen Service Center
answered over 74,000 calls (50% within 30 seconds);
• Secured over
$700,000 in IRS refunds for applicable alternate fuel tax incentive claims; • Resurfaced approximately five miles of local streets and repair ed over 36,000 square feet of sidewalks;
• Awarded Tree City USA designee and Tree City Growth award for 31st and 21st year respectively; • To address COVID-19 related impacts, the City in stalled over 20,000 square feet of on-street dining;
• During
the pandemic, kept the City’s public transit services available for essential trips; provid ed 900,000 public transit
trips on Pasadena Transit and Dial-A-Ride; delivered 3,400 Food Bank deliveries directly to indiv
iduals; and provided 40,000 single-use masks to the public on-board buses;
• Substantially comple
ted extensive repairs to Gas Turbine (GT) 2. The project also includes control system retrofits for GT-1 and GT -2, which restores 22MW of loca l generation to improve system reliability;
(This page intentionally left blank)
xvi

LETTER OF TRANSMITTAL CITY OF PASADENA
• All City departments continued to provide quality, reliable service during the COVID-19 response in addition to many additional tasks and services required during the pandemic; and • The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financ ial Reporting to the City of Pasadena for its Annual Comprehensive Financial Report for the fiscal year ended June 30, 2020. This was the 22nd consecutive year that the govern men
t has achieved this prestigious award. In order to be
awarded a Certificate of Achievement, a govern ment must publish an easily readable and efficiently organized Annual Comprehensive Financ ial Report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one-year. We believe that our current Annual Comprehensive Financial Report continues to meet the Certific ate of Achievement Program’s requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate.

The twenty-nine accomplishments listed above ar e just a sample of the hundreds of FY 2021 accomplishments, which are listed by department in the FY 2022 Adopted Operating Budget.

CONCLUSION
Under the leadership of the Mayor and City Council and with prudent financial management, the City of Pasadena has successfully addressed the unique challenges it has faced since the beginning of the pandemic with no reduction in the quality of servic es provided to the community. The FY 2021 Annual Comprehensive Financial Report illustrates the City’s mission to deliver exemplary municipal services responsive to our entire community and consistent with our history, culture, and unique character.

Respectfully submitted,
________________________
Matthew E. Hawkesworth
Director of Finance
Annual Comprehensive Financial Report | June 30, 2021 xvii

CITY OF PASADENA
Cit
y Officials

CITY COUNCIL
M a y o r V i c t o r M . G o r d o
Vice Mayor (District 7) Andy Wilson
Councilmember (District 1) Tyron A. L. Hampton
Councilmember (District 2) Felicia Williams
Councilmember (District 3) John J. Kennedy
Councilmember (District 4) Gene Masuda
Councilmember (District 5) Jessica C. Rivas
Councilmember (District 6) Steve Madison

APPOINTED OFFICIALS
C i t y M a n a g e r S t e v e M e r m e l l
C i t y A t t o r n e y M i c h e l e B e a l B a g n e r i s C i t y C l e r k Ma r k J o m s k y

EXECUTIVE LEADERSHIP TEAM
Assistant City Manager Julie A. Gutierrez
Assistant City Manager Nicholas Rodriguez
Director of Finance Matthew E. Hawkesworth
Director of Housing William K. Huang
Director of Human Resources
and Career Services Jennifer Curtis
Director of Parks, Recreation &
Community Services Brenda Harvey-Williams
Director of Libraries & Information Services Michelle Perera Chief Information Officer Phillip Leclair
Director of Planning and Community
Development David Reyes
Chief of Police John E. Perez
Director of Public Health Ying Ying Goh
Director of Public Works (Acting) Kris Markarian
Director of Transportation Laura Cornejo
General Manager of Water and Power Gurcharan Bawa
Public Information Officer Lisa Derderian
Fire Chief Chad Augustin

OPERATING COMPANY EXECUTIVES
Chief Executive Officer, Pasadena Center
Operating Company Michael Ross
General Manager, Rose Bowl Operating
Company Darryl Dunn
Executive Director/Chief Executive Officer,
Pasadena Community Access Corporation George Falardeau

INTRODUCTORY SECTION CITY OF PASADENA
xviii Annual Comprehensive Financial Report | June 30, 2021

CITY OF PASADENA
Organization Chart
June 30, 2021
Transportation

LAURA CORNEJO
Water & Power

GURCHARAN BAWA
Planning &
Community
Development

DAVID REYES
Police
JOHN E. PEREZ
Housing
WILLIAM K. HUANG
Human Resources

JENNIFER CURTIS
Parks, Recreation &
Community Services
BRENDA HARVEY‐

WILLIAMS
Public Health

YING YING GOH
Fire

CHAD AUGUSTIN
Public Works

KRIS MARKARIAN
(ACTING)
Finance
MATTHEW E.

HAWKESWORTH
City Attorney/
City Prosecutor

MICHELE BEAL

BAGNERIS
Rose Bowl
Operating Company

DARRYL DUNN
Assistant City
Manager
NICHOLAS G.

RODRIGUEZ
Pasadena Center
Operating Company

MICHAEL ROSS
Pasadena Community
Access Corporation

GEORGE FALARDEAU
Assistant City
Manager
JULIE A. GUTIERREZ
Information
Technology

PHILLIP LECLAIR
City Clerk

MARK JOMSKY
Citizens
of Pasadena
Mayor &
City Council
City Manager

STEVE MERMELL
Libraries &
Information
Services

MICHELLE PERERA
Annual Comprehensive Financial Report | June 30, 2021 xix Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Pasadena
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2020
Executive Director/CEO

CITY OF PASADENA
Annual Comprehensive Financial Report
Year Ended June 30, 2021
The Government Finance Officers
Association of the United States and
Canada (GFOA) awarded a Certificate
of Achievement for the Excellence in
Financial Reporting to the City of
Pasadena for our Annual Comprehensive
Financial Report for the fiscal year
ended June 30, 2020.

In order to be awarded a Certificate
of Achievement, a government
must publish an easily readable
and efficiently organized Annual
Comprehensive Financial Report. This
report must satisfy both generally
accepted accounting principles and
applicable legal requirements.

A Certificate of Achievement is
valid for a period of one year only.

We believe our current Annual
Comprehensive Financial Report
continues to meet the Certificate of
Achievement Program requirements,
and we are submitting it to GFOA to
determine its eligibility for another
certificate.
xx Annual Comprehensive Fina ncial Report | June 30, 2021

FINANCIAL SECTION
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
xxii
CliftonLarsonAllen LLP
CLAconnect.com

CLA is an independent member of Nexia International, a leading, global network of independent accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.

INDEPENDENT AUDITO
RS’ REPORT
To the Honorable City Council
of the City of Pasadena
Pasadena, California
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type activities, the aggr egate discretely presented compone nt units, each major fund, and the aggregate remaining fund information of the City of Pasadena, California (the City), as of and for the year ended June 30, 2021, and the related notes to the financial statemen ts, which collectively comprise the City’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the Unit ed States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misst atement, whether due to fraud or error.

Auditors’ Responsibility
Our responsibility is to express opi nions on these financial statements based on our audit. We did not audit the financial statements of the Pasadena Fire and Police Retirement System, a Fiduciary Pension Trust Fund of the City of Pasadena, which repr esent 18.39 percent, 23.23 percent, and 6.53 percent, respectively, of the assets, fund balance/net position, and revenues/additions of the aggregate remaining fund information opinion unit. Those st atements were audited by other auditors whose report has been furnished to us, and our opinion, in sofar as it relates to the amounts included for the Pasadena Fire and Police Retireme nt System, a Fiduciary Pension Trust Fund of the City of Pasadena is based solely on the report of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards , issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements , whether due to fraud or error. In making those risk assessments, the auditors consider in ternal control relevant to the City’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expre ssing an opinion on the effectiveness of the City’s internal control. Accordingly, we express no such opinion.

Auditors’ Responsibility (Continued)
An audit also includes evalua ting the appropriateness of a ccounting policies used and the reasonableness of significant accoun
ting estimates ma de by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions
In our opinion, based on our audit an d the report of the other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activit ies, the aggregate discretely pr esented component units, each major fund, and the aggregate remaining fund information of the City of Pasadena, California, as of June 30, 2021, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally ac cepted in the United States of America.

Emphasis of Matter
As discussed in Note 22 to th e financial statements, the City implemented the Statement of Governmental Accounting Standa rds (GASB Statement) No. 84, Fiduciary Activities , in fiscal year 2020-2021, which resulted in a restatement. Our opinions are not modified with respect to this matter.

Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of Amer ica require that the Management’s Discussion and Analysis, the Budge tary Comparison Schedules - General and Major Special Revenue Funds, the schedules of changes in net pension liability a nd related ratios and the schedules of plan contributions for the City’s pens ion plans, the schedule of changes in the net other post-employment benefit (OPEB) liability and related ratios, the schedule of OPEB plan contributions, and the schedule of OPEB plan inve stment returns, identified as Required Suppl ementary Information (RSI) in the accompanying table of contents, be presented to supplement the basic financial statements.

Such information, although not a part of the ba sic financial statements , is required by the Governmental Accounting Standards Board, who consid ers it to be an essent ial part of financial reporting for placing the basic fi nancial statements in an appr opriate operational, economic or historical context. We and the ot her auditors have applied certain limited procedures to the RSI in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the me thods of preparing the information and comparing the information for consistency with management’s responses to our inquiri es, the basic financial statements, and other knowledge we obtained during our audit of the ba sic financial statements. We do not express an opinion or provide any assurance on the RSI because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. 2 Other Matters (Continued)
Other Information
Our audit was conducted for the pur pose of forming opinions on th e financial statements that collectively comprise the City’s basic financial statements. The introductory section, combining and individual non-major fund financial statements and schedules (s upplementary information), and statistical section, as listed in the table of conten ts, are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements.

Such information has been subjected to the auditi ng procedures applied in the audit of the basic financial statements and certain additional pro cedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects in rela tion to the basic financial statements as a whole.

The introductory and statistical sect ions have not been subjected to the auditing procedures applied in the audit of the basic financial st atements and, accordingly, we do not express, an opinion or provide any assurance on them.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 19, 2022, on our consideration of the City ’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regula tions, contracts and gran t agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on comp liance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

CliftonLarsonAllen LLP
Irvine, California
January 19, 2022
3 (This page intentionally left blank)
4 CITY OF PASADENA MANAGEMENT’S DISCUSSION AND ANALYSIS

Annual Comprehensive Financial Report | June 30, 2021 5 MANAGEMENT’S DISCUSSION AND ANALYSIS

As management of the City of Pasadena, we offer this narrative overview and analysis of the financial activities of the City of Pasadena for the fiscal year ended June 30, 2021 (FY 2021). We encourage readers to consider the information presented here in conjunction with additional information that has been furnished in the letter of transmittal, which can be found on pages vii-xvii of this report.

OVERVIEW OF THE FINANCIAL STATEMENTS

This discussion and analysis is intended to serve as an introduction to the City of Pasadena’s basic financial statements. The City of Pasadena’s basic financial statements are comprised of three components: (1) government-wide financial statements, (2) fund financial statements, and (3) notes to the basic financial statements. This report also contains other required supplementary information.

Government-wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the City of Pasadena’s finances, in a manner similar to a private-sector business.

The statement of net position presents information on all of the City’s assets and deferred outflows of resources and liabilities and deferred inflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City of Pasadena is improving or deteriorating.

The statement of activities presents the most recent fiscal year changes in the City’s net position. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows.

Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods, e.g., uncollected taxes and earned but unused vacation leave.

Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues ( governmental activities ) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges ( business-type activities). The governmental activities of the City of Pasadena include general government, public safety, transportation, utility, sanitation, health, culture and leisure, and community development. The business-type activities of the City of Pasadena include electric, water, refuse, parking, and telecommunication operations.

The basic government-wide financial statements can be found on pages 20-23 of this report.

Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objective. The City of Pasadena, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.

Governmental Funds

Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental funds financial statements focus on near-term inflows and outflows of spendable resources , as well as on balances of spendable resources available at the end of the fiscal year. Such informatio n may be useful in evaluating a government’s near-term financing requirements.

MANAGEMENT’S DISCUSSION AND ANALYSIS CITY OF PASADENA
6 Annual Comprehensive Financial Report | June 30, 2021 Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statem ents. By doing so, readers may better u nderstand the long-term impact of the government’s near-term financing decisions. Both the gove rnmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The City of Pasadena maintains thirty-one individual governmental funds. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for the General Fund, the Project Management Capital Project Fund, the General Debt Service Fund, and the Housing Successor Fund, all four of which are considered to be major funds. Data from the other twenty-seven governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report.

The City of Pasadena adopts an annual appropriated budget for its General Fund and Special Revenue Funds. Budgetary comparison statements have been provided for the General Fund and Special Revenue Funds to demonstrate compliance with this budget.

The basic governmental fund financial statements can be found on pages 24-27 of this report.

Proprietary Funds
The City of Pasadena maintains two di fferent types of proprietary funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its electric, water, refuse, parking, and telecommunication operations. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City of Pasadena uses internal service funds to account for its computing and communication, building maintenance, fleet maintenance, fleet replacement, benefits, workers’ compensation, general liability, and 311 call center services. Because each of these services predominantly benefits governmental rather than busines s-type functions, they have been include d within governmental activities in the government-wide financial statements.

Proprietary funds provide the same type of information as th e government-wide financial stat ements, only in more detail.

The proprietary fund financial statements provide separate information for the Light and Po wer, Water, and Off-Street Parking Funds, each of which are considered to be major funds of the City of Pasadena. Conversely, each of the internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements. Individual fund data for the internal service funds is provided in the form of combining statements elsewhere in this report. Data from the other two proprietary funds are combined into a single, aggr egated presentation. Individual fund data for each of these non-major proprietary funds is provided in the form of combining statements elsewhere in this report.

The basic proprietary fund financial statements can be found on pages 28-35 of this report.

Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefits of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statement, because the resources of those funds are not available to support the City of Pasadena’s own programs. The activities of th e Successor Agency to the Pasadena Community Development Commission are also reported with the City’s fiduciary funds as a private purpose trust fund. Individual fund data for each of these fiduciary funds is provided in the form of combining statements elsewhere in this report. The accounting used for fiduciary funds is much like that used for proprietary funds.

The basic fiduc
iary fund financial statements can be found on pages 36-37 of this report.

CITY OF PASADENA MANAGEMENT’S DISCUSSION AND ANALYSIS
Annual Comprehensive Financial Report | June 30, 2021 7 Notes to the Basic Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government- wide and fund financial statements. The notes to the basic financial statements can be found on pages 43-110 of this report.

Other Information
In addition to the basic financial statements and ac companying notes, this repo rt also presents certain required supplementary information (RSI) concerning budgetary practices and budget-to-actual comparisons for the general fund and the major special revenue funds. Additional RSI includes pension and Other Postemployment Benefits (OPEB) information on net pension and OPEB liabilities and plan contributions. RSI can be found on pages 113-129 of this report.

The combining statements referred to earlier in connection wi th non-major governmental funds and internal service funds are presented immediately following the required supplementar y information. Combining and individual fund statements and schedules can be found on pages 132-209 of this report.

FINANCIAL HIGHLIGHTS
New Significant Accounting Standards Implemented
In FY 2021, the City adopted one new statement of financial accounting standards issued by the Government Accounting Standards Board (GASB) that relates to various accounting matters, Statement No. 84, Fiduciary Activities (GASB 84).

GASB 84 requires a review and identification of all current activities recorded in the fiduciary funds to determine if they meet the revised criteria of a fiduciary activity. A fiduciary activity generally involves funds held by the City in trust or on behalf of a third party where the City does not have administrative involvement in the use of those funds. GASB 84 requires all Custodial Funds present a Statement of Changes in Fiduciary Net Position.

Funds formerly classified as agency type funds are now reported under the new custodial fund classification. As agency type funds, amounts now classified as Net Position Held in Custody had been reported as payables, deposits, or other liabilities.

The Employment Benefit OPEB Trust Fund previously was included in the City of Pasadena reporting entity as an Employee Benefit Trust Fund. GASB 84 clarified that this program does not meet the requirements to include within the City’s financial statements, and so it is henceforth excluded from presentation as a fund in this Annual Comprehensive Financial Report.

Restatement of Beginning Net Position and Fund Balances As disclosed in Note 22 on page 110, to implement GASB 84, the beginning net positions of the Custodial Funds were restated and decreased to a net deficit by $1,281,967.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the City of Pasadena, assets and deferred outflows exceeded liabilities and deferred inflows by $1,014 million at the close of the most recent fiscal year.
$955 million of the City of Pasadena’s net position reflect its investment in capital assets (e.g., land, buildings, machinery, and equipment), less any related outstanding debts used to acquire th ose assets. The City of Pasadena uses these capital assets to provide services to citizens; consequently, these assets are not available for future spendi ng. Although the City of Pasadena’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since th e capital assets themselves cannot be used to liquidate these liabilities.

MANAGEMENT’S DISCUSSION AND ANALYSIS CITY OF PASADENA
8 Annual Comprehensive Financial Report | June 30, 2021 City of Pasadena’s Net Position (in millions)
2021 2020 2021 2020 2021 2020
Current and other assets 368.9$ 369.50 491.5 496.4 860.4 865.9$ Capital assets 516.0 513.1 809.3 787.8 1,325.3 1,300.9 Total Assets 884.9 882.6 1,300.8 1,284.2 2,185.7 2,166.8 Deferred outflows 109.5 108.3 17.7 16.1 127.2 124.4
Long-term debt outstanding 294.7 289.2 310.3 316.4 605.0 605.6 Net pension liability 422.1 410.9 91.3 87.6 513.4 498.5
Other liabilities 97.8 80.8 60.4 60.4 158.2 141.2
Total Liabilities 814.6 780.9 462.0 464.4 1,276.6 1,245.3 Deferred inflows 19.8 19.9 2.4 4.3 22.2 24.2 Net position:

Net investment in
capital assets 468.0 470.7 486.9 458.6 954.9 929.3 Restricted 82.1 84.0 126.7 128.2 208.8 212.2 Unrestricted (390.1) (364.6) 240.5 244.8 (149.6) (119.8) Total Net Position 160.0$ 190.1 854.1 831.6 1,014.1 1,021.7$ Governmental Activities Busi ness-Type Activities Total A portion of the City of Pas
adena’s net position, $208.8 million or 20.6 percent re presents resources that are subject to external restrictions on how they may be used. The remaining balance is a deficit in unrestricted net position of, $149.6 million, or 14.8 percent is for unr estricted uses in accordance with finance-related legal requi rements. This deficit reflects liabilities which exceed assets on hand, and is related to implementation of GASB 68 and GASB 75 regarding Pension Plan and OPEB reporting.

At the end of FY 2021, the City of Pasadena is able to report positive balances in all categories of net position for the government as a whole except for unrestricted net position.

During FY 2021, the primary government’s net position decrea sed by $7.6 million. Approxim ately $30.1 million of this is a decrease in the City’s governmental acti vities, and $22.5 million of this increase is in the City business-type activities. The decrease in the governmental activities reflects increases in spending, offset by decreases in revenues. The increase in business-type activities is the continuance of positive trend in increased revenues and this year’s modest increases in expenses.

CITY OF PASADENA MANAGEMENT’S DISCUSSION AND ANALYSIS

Annual Comprehensive Financial Report | June 30, 2021 9 City of Pasadena’s Changes in Net Position (in millions)

2021 2020 2021 2020 2021 2020
Revenues:

Program Revenues:

Charges for services 66.6 $ 85.3 314.8 303.7 381.4 389.0$ Operating grants and contributions 60.8 56.8 2.8 1.8 63.6 58.6 Capital grants and contributions 9.4 36.7 4.2 2.9 13.6 39.6 General revenues:

Taxes:

Property taxes, levied for
general purpose 76.6 70.7 - - 76.6 70.7 Sales taxes 62.3 57.5 - - 62.3 57.5 Utility users' tax 27.0 27.0 - - 27.0 27.0 Other taxes 23.2 28.5 5.7 6.1 28.9 34.6 Other revenues 27.9 29.1 1.0 10.9 28.9 40.0 Miscellaneous revenues 3.1 7.7 2.9 3.0 6.0 10.7 Total revenues 356.9 399.3 331.4 328.4 688.3 727.7 Expenses:

General government 72.8 67.4 - - 72.8 67.4 Public safety 148.3 152.9 - - 148.3 152.9 Transportation 48.6 55.4 - - 48.6 55.4 Culture and leisure 45.3 37.2 - - 45.3 37.2 Community development 57.4 52.0 - - 57.4 52.0 Interest and other fiscal charges 6.5 6.4 - - 6.5 6.4 Electric - - 196.4 197.1 196.4 197.1 Water - - 63.9 59.0 63.9 59.0 Other expenses 24.4 26.1 32.3 34.3 56.7 60.4 Total expenses 403.3 397.4 292.6 290.4 695.9 687.8 Increase (decrease) in net
position before transfers (46.4) 1.9 38.8 38.0 (7.6) 39.9 Transfers 16.3 14.3 (16.3) (14.3) - - Increase (decrease) in net position (30.1) 16.2 22.5 23.7 (7.6) 39.9 Net position at beginning of year 190.1 173.9 831.6 807.9 1,021.7 981.8 Net position at end of year 160.0$ 190.1 854.1 831.6 1,014.1 1,021.7$ Governmental Activities Business-Type Activities Total
City of Pasadena's Changes in Net Position (in millions)

Governmental Activities

Governmental activities decreased City of Pasadena’s net position by $30.1 million or 15.85 percent of the net position. Key elements of this decrease are a combination of factors as follows:

The revenue components of governmental activities decreased by $42.4 million or 10.6 percent from prior year revenues.

The following categories showed changes: operating grants and contributions increased by $4.0 million, property taxes increased by $5.9 million, and sales taxes increased by $4.8 million. Charge s for services decrea sed by $18.7 million, capital grants and contributi ons decreased by $27.3 million, other taxes decreased by $5.3 million, other revenues decreased by $1.1 million and miscellaneous revenue decreased by $4.7 million.

• Operating grants and contributions in creased by $4.0 million pr imarily due to the CARES Act funding of $1.8 million in FY 2021. This funding was related to the pandemic. Impact fees increased by $1.5 million.

MANAGEMENT’S DISCUSSION AND ANALYSIS CITY OF PASADENA
10 Annual Comprehensive Financial Report | June 30, 2021 • Property
taxes increased by $5.9 million due to appreciation of property value in Pasadena. • Sales taxes increased by $4.8 million. Regular sales tax increased by $2.9 million and Measure I sales tax
increased by $1.9 million.
• Charges
for services decreased by $18.7 million including changes in the following categories:
o $7.1 million
decrease in rental income as a result of the ground lease revenue received as part of the Concor
d property sale in FY 2020;
o $2.7 decrease in million in billable services as a result of a reduction in outside events; o $2.6 decrease parking
citations as a result of temporary modifications to the City’s parking policies due to the pandemic;
o $1 million decrease in traffic reduction impact fees; and o $0.9 million decrease in emer
gency medical aid response (ground ambulance service) revenues. • Capital grants
and contributions decreased by $27.3 million. The change was attributable to the FY 2020 sale of Concord property. The City received the property as a contribution, and subsequently sold it in May 2020. The transaction resulted in $2 7.5 million of developer contribution upon execution of a quit claim deed turning improvements over to the City just prior to
the sale.
• Other taxes decreased by $5.3 million mainly due to the following categories:
o $6.8 million decrease in transi
ent occupancy taxes, as the hospitality industry was heavily impacted by the pandemic;
o $2.0 million decrease in
construction taxes due to construction project bein g negatively impacted by the pandemic;
o The decrease i
s offset by the $4.1 million increase in un derground utility surtax in. The City resumed collection of the surtax in FY
2021 after having been discontinued in FY 2020;
• Other revenues decreased by $0.1 million including changes in the following categories:
o $5.7 million decrease in i
nvestment earnings;
o $3.0 million increase in i
ntergovernmental revenues; and
o $1.6 million increase in motor vehicle in-lieu revenues. • Investment earnings
decreased by $5.7 million due to unfavorable market conditions caused by the pandemic on overall investment instruments.
• Miscellaneous
revenue decreased by $4.7 million due to a decrease of $2.3 million in gain on sale of capital assets in relation to the Concord sale in the prior fiscal year.

The expense components of
governmental activities increased by $5.9 million or 1.48 percent. The changes in expenses were:
general government increased by $5.4 million, other expenses decreased by $1.7 million, public safety decreased by $4.6 million, community development decreased by $5.4 million, and transportation decreased by $6.8 million. The other categories have a net increase of $8.1 million.
• General government expenses increased by $5.4 million or 8.0 percent. There was $0.6 million more in sales taxes that the
City passed to Pasade na Unified School District (PUSD) according to Measur e J, a $0.7 million decrease in general liability i
nsurance and benefit expe nses, and $2.1 million more in other general expenses due to the pandemic.
• Other
expenses decreased by $1.7 millio n, including $5.9 million decrease in utility expenses and $2.1 million increase i
n health expenses. The City suspended collection of the surtax in April 20 20 and provided a direct rebate of the surtax paid by each customer of Pasadena Water and Power during the 24 months prior to Ap ril 2020. Therefor
e, the net expense due to light and powe r surtax rebate was $5.9 m illion in FY 2021. The $2.1 CITY OF PASADENA MANAGEMENT’S DISCUSSION AND ANALYSIS
Annual Comprehensive Financial Report | June 30, 2021 11 million increase in health expenses was attributable to acti vities related to COVID-19 response, including response management, threat mitigation and enforcement. • Public safety expenses decreased by $4.6 million or 3.0 percent mainly due to: $5.2 million decrease in the City’s GASB 68 pension expenses, $2.4 million increase in City’s GASB 75 OPEB expenses, and $1.1 million decrease in general liability insurance and be
nefit expenses for both the police and fire departments. • Community development expenses in creased by
$5.4 million or 10.3 perc ent mainly due to: $0.7 million decrease in the City’s G
ASB 68 pension expenses, $0.6 million increase in City’s GASB 75 OPEB expenses, and $0.1 million decrease in general liability insurance and benefit expenses. • Transportation expenses
decreased by $6.8 million, mainly due to: $1.0 m illion decrease in the City’s GASB 68 pension ex
penses, $0.7 million increase in City’s GASB 75 OPEB expenses, and $0.6 million decrease in general liability insurance and benefit expenses.
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
Program Revenues and Expenses - Governmental Activities Program Revenue
Expenses
MANAGEMENT’S DISCUSSION AND ANALYSIS CITY OF PASADENA
12 Annual Comprehensive Financial Report | June 30, 2021 Business-Type Activities
Business-type activities increased the City of Pasadena’s net position by $22.5 million. Key elements of this year’s increase are as follows:
• Net income/(loss) of the Light and Power, Water, Off-Str eet Parking, and Non-Major Enterprise Funds were $17.6 million, $9.8 m
illion, ($2.7) million, and ($2.2) million, respectively. • E
lectric charges for services increased $4.4 million or 2.0 percent from the prior fiscal year. • E
lectric expenses decreased $0.25 million or 0.1 percent from the prior year. The increase in commercial and general operating expenses was offset by a decrease in production, transmission and distribution expenses. • Water charges for services increased $8.8 million or 14.1 perc ent over the prior year main ly due to an increase in retail water sales within City limits.
• W
ater expenses increased $5.0 million or 9.1 percent from the prior year mostly due to increased production expenses.

Charges for services

18.66%
Operating grants
and contributions

17.03%
Capital grants and
contributions

2.65%
Property taxes,
levied for general
purpose

21.46%
Sales taxes

17.46%
Utility users taxes

7.55%
Transient occupancy
taxes

1.76%
Other taxes

4.74%
Motor vehicle in-lieu

6.12%
Other
intergovernmental

1.00%
Investment earnings

0.71% Other

0.87%
Revenues by Source - Governmental Activities
CITY OF PASADENA MANAGEMENT’S DISCUSSION AND ANALYSIS

Annual Comprehensive Financial Report | June 30, 2021 13 • Off-Street Parking operating revenues decreased $3.1 million or 27.9 percent, and expenses decreased $2.2 million or 15.5 percent mostly due to the pandemic.

• Off-Street Parking net loss of $2.7 million was primarily a result of pandemic reduced parking activity and suspended enforcement.

$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
Program Revenues and Expenses - Business-Type Activities Program Revenues
Expenses
Charges for services

95.0%
Operating grants
and contributions

0.8%
Capital grants and
contributions

1.3%
Franchise taxes

1.7%
Investment
earnings

0.3%
Other

0.9%
Revenues by Source - Business-Type Activities
MANAGEMENT’S DISCUSSION AND ANALYSIS CITY OF PASADENA
14 Annual Comprehensive Financial Report | June 30, 2021 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS
As noted earlier, the City of Pasadena uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

Governmental Funds
The focus of the City’s governmental funds is to provide information on near-ter m inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Ci ty of Pasadena financing re quirements. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year.

Governmental Funds report the differenc e between their assets and liabilities as fund balance, which is divided into nonspendable, restricted, committed, assigned, and unassigned portions. City Council may commit a portion of the fund balance by formal action, per the current policy of increasing the commitment up to 20 percent of the General Fund annual appropriations. The 20 percent is comprised of 15 percent General Fund Emergency Contingency and 5 percent General Fund Operating Reserve. On June 21, 2021, the City Council committed the full 15 percent or $40,441,800 for the FY 2021 Emergency Contingency Reserve and up to 5 percent or $13,480,600 for Operating Reserve. The City Operating Reserve was $11,245,600 as a result of the General Fund financial position at the end of FY 2021.

At the end of FY 2021, the City’s governmental funds reported combined ending fund balances of $276.1 million, a decrease of $16.9 million in comparison with the prior year. The nons pendable fund ba lance of $15.2 million represents assets generated by prepayments, permanent trust fund balances and re ceivables in funds, net of a llowances. The restricted fund balance of $83.7 million represents resources that are subject to externally enforceable legal restrictions, such as the restrictions on the use of Special Revenue funding and Capital Improvement contracts. The committed fund balance of $163.0 million represents the use of resources constrained by limitations the City imposes upon itself through decisions made by the City Council. The assigned fund balance of $33.3 million designa tes the portion of fund balance that reflects the City’s intended use of resources. The unassigne d fund balance of ($19.1) million represents the deficit amount of that nonspendable, restricted, committed, and assigned in excess of total fund balance.

The General Fund is the chief operating fund of the City of Pasadena. At the end of FY 2021, total fund balance equaled $99.1 million, versus $107.6 million in the prior year. The fund balance decrea sed by $8.5 million or 7.9 percent, during FY 2021.

Key factors for this change are as follows:

Total revenues decreased by $12.4 million due to decreases in th ree categories of revenue and increases in two categories, as explained below:
• Taxes increased by net $1.1 million primarily due to an incr eases of $5.8 in property taxes. Sales tax increases by $4.7 million, while transient occupancy tax revenue decreased by $6.8 million and co nstruction tax decreased by $2.0 million. The other taxes had a net decrease of $0.6 million. The decreases were pandemic driven. • Rental income decreased by $6.8 million mainly due to $7.1 million of the ground lease revenue received as part of the Concord property’s sale in FY 2020.
• Intergovernmental revenues increased by $2.4 million, prim arily due to $1.8 million rece ived in CARES Act funding and an increase of $1.1 million in motor vehicle in-lieu tax. There were decreases of $0.5 million related to other grand funding. There was a decrease of $0.4 million in revenues received from the State of California. • Charges for serv
ices decreased by $4.0 million as primarily due to a decrease of $1.5 million in police billable services due to the reduction in outsid e jobs events. There was a decrease of $0.6 million in Rose Bowl billable services as result of cancelled Rose Bowl events due to the pa ndemic. Emergency medical aid response (ground ambulance services) revenue decreased by $0.9 million. Utility billing late fees decreased by $0.8 million.

CITY OF PASADENA MANAGEMENT’S DISCUSSION AND ANALYSIS
Annual Comprehensive Financial Report | June 30, 2021 15 • Fines and forfeits decreased by $3.0 million, primarily due to a decrease of $2.2 million in parking citations as a result of temporary modifications to the City’s parking polices as a result of the pandemic. • The remaining
differences were smaller and covered several categories: investment earnings down by $0.8 million, licenses and permits down
by $0.6 million, and miscellaneous revenues down by $0.7 million.

Total expenditures decreased by $12.0 million or $4.5 percent. Three of the six components increased as follows: $7.2 million in culture and leisure, $0.14 million in capital outlay, and $0. 01 million in public safety. General government decreased by $9.6 million, $9.3 million in transportation, and $0.53 million in community development. • Culture and leisure increased by $7.2 million mainly due to the interdepartmental reorganization between the Public Works Department and the Human Services and Recreation Department. The Parks and Natural Resources (PNR ) operations of
Public Works Department transferred to the Human Services and Recreation Department to realig n each departm
ent’s duties to improve service delivery in FY 2020. Public Works is classified under the transportation expenditure function, and Human Services and Recreation under the culture and leisure expenditure function.

Concurrently with this transfer, the Human Services and Recreation Department’s name changed to Parks, Recreation & Community Services Department (PRCS) to more accurately reflect and describe the departmen t duties. PRCS distributed $2.9 million of meals to City of P asadena seniors and other eligible residents during the pandemic. In a
ddition, due to the pandemic, the City received less transient occupancy taxes during FY 2021. • General government expenditures decreased by $9.6 million mainly due to the contributions of $23.1 million from the City
to the Fire and Police Retirement System (FPRS) in the prior year. Related to the sale, there was a one-time allowance mad
e for uncollectible notes receivable, and thereby a recognition of bad debt of $4.8 million in the prior year.
• Transportation expenditures
decreased by $9.3 million mainly due to the in terdepartmental reorganization as described under the increase of expenditures in culture and leisure above. In addition, the Tournament of Roses parade
was canceled on January 1, 2020, as well as numerous Rose Bowl events during FY 2021, causing a decrease of $0.67 million in tr
ansportation expenditures.

In FY
2021, the net General Fund transfer-out decreased by $11.9 million due to the following one-time transfers made in the prior year: (1) $5 million to the General Liability Fund, (2) $4.5 million to the Printing Services Fund to close the fund, and (3) $1.2 million to the Housing Successor Fund due to the Concord sale. In FY 2021, the General Fund transferred out $2.4 million less to the debt service funds, primarily due to less transfers for the 2019 Refunding Pension Obligation Bonds of the FPRS by using its cash proceeds from the sale of the Concord property. Other transfers-out increased by $1.2 million primarily due to transfers made to the Housing, capital projects, and the American Rescue Plan Act Fund (ARPA).

The Housing Successor Fund has a fund ba lance of $6.9 million, which is a decrease of $0.1 million from the prior year. The key factors contributing to this decrease are as follows:
• Total revenue increased to $0.4 million, mainly from loan repayments. • Total expenditures increased
to $0.5 million, primarily due to the new Heritage Square South project. • Moreover, there is a transfer
of $1.2 million from the General Fund due to the Concord Sale, as noted above.

MANAGEMENT’S DISCUSSION AND ANALYSIS CITY OF PASADENA
16 Annual Comprehensive Financial Report | June 30, 2021 Proprietary Funds
The City of Pasadena’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail.

Unrestricted net position of the Light an d Power Fund at the end of the year amo unted to $204.9 million and those for the Water, Off-Street Parking Fund, and Non-Major Enterprise Funds amounted to $27.9 million, $(0.5) million, and $8.1 million respectively. The total net income/(loss) for each fund was $17.6 million, $9.8 m illion, ($2.7) million, and ($2.2) million respectively.

Light and Power operating revenues increased by $4.4 million from prior year. Total retail electric energy sold decreased by 44,446 megawatt hours, a 4.5 percent decrease compared to the prior fiscal year. Total operating expenses decreased slightly by $0.2 million to $187.7 million.

Water Fund operating revenues increased $8. 8 million from prior year primarily due to higher distribution charges, sales of water rights and leases to other agencies. Total retail water sales increased by $1.1 million or 9.7 percent billing units in retail water sales. Operating expenses increased $5.1 million or 9.1 percent primarily due to $1.3 million increase in transmission and distribution expenses and $1 million increase in purchased water and production expenses.

The Off-Street Parking Fund had a net loss of $2.7 million in FY 2021, as compared to $3.2 million net loss in FY 2020. Primarily due to the reduction of parking revenues from all parking structures triggered by COVID-19 pandemic since mid-March 2020 and suspension of parking enforcement and citations. The decrease in net loss was due to a forgiveness of debt of $1.1 million in FY 2021.

Implementation of GASB 68 has resulted in showing a Net Pension Liability in the Proprietary Funds. At June 30, 2021, the Net Pension Liability is $60.9 million, $21.2 million, $1.2 million, and $8.0 million fo r Light and Power, Water, Off-Street Parking, and Non-Major Enterprise funds respectively.

Implementation of GASB 75 has resulted in showing a Net OPEB Liability in the Proprietary Funds. At June 30, 2021, the Net OPEB Liability is $11.1 million, $5.4 million, $0.1 million, and $2.8 million for Light and Power, Water, Off-Street Parking, and Non-Major Enterprise funds, respectively.

CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The City of Pasadena’s investment in capital assets for its go vernmental and business-type activities as of June 30, 2021 amounts to $1,308 million, net of accumulated depreciation. This investment in capital assets includes land, buildings and systems, improvements, machinery and equipment, park facilities, roads, highways, and bridges. The net increase in the City of Pasadena’s investment in capital assets for the current fiscal year was $18 million, a $5 million decrease for governmental activities and $23 million increase for business-type activities.

Major capital asset related events during FY 2021 included the following:
• A variety of street maintenance and construction, techno logy, traffic control and parks and landscape projects continue city-wide. $29.7 million were spent on capital proj ects in governmental activities. Costs for projects not
completed are
shown as construction in progress. The amount of construction in progress as of June 30, 2021 is $22.5 million for the governmental activities, and $82.5 million for the business-type activities. • For the technology upgrade projects, th
e City spent $1.2 mi llion towards new and replacement computer equipment, nearly $1 million for enterprise building security management, $0.57 million toward new radio equipment, and $0.57 million for jail access control.

CITY OF PASADENA MANAGEMENT’S DISCUSSION AND ANALYSIS
Annual Comprehensive Financial Report | June 30, 2021 17 • Improvement of city-owned facilities continues. The City spent $5 million for parks and landscape projects, $5 million for preventive maintenance
and repairs for City buildings and fa cilities, $8.4 million for improvements to streets, sidewalks, and bridges, and $2.3 million for improvements to sewers and stormdrains. • The City spent
approximately $4 million for traffic safety and control programs and improvements. • The City
completed upgrade and replacement of parking access and revenue control equipment in eight City owned parking garages at a total cost of $3.3 million.
• As of J
une 30, 2021, the business-type activities net assets amounted to $800 million, an increase of $23 million over the prior year.
• Water and Power utility plant net assets amounted to $751 million, an increase of $23.2 million. During the fiscal year, the City spent $86.8 million on various water and power projects and moved $51 million into comp leted projects.
• Some of the
major power projects are: GT-1 & GT-2 Upgrades and Replacement fo r $16.1 million, Customer Information System for $5 million, new 34.5kV Circuit at Oa k Knoll for $3.6 million, and Installation of Low & High Voltage Electrical Services for $6.1 million.
• Some of the m
ajor water projects are for distribution mains for $3.4 million and the customer information system for $2.7 million.

City of Pasadena's Capital Assets
(Net of Depreciation, in millions)
Governmental Activities Business-Type Activities Total
2021 2020 2021 2020 2021 2020
Land 87.3$ 87.3 14.7 14.7 102.0 102.1 Bu
ildings and improvements 152.4 157.1 73.9 77.5 226.3 234.6
M
achinery and equipment 36.9 37.3 628.6 6

13.6 665.4 650.9
In
frastructure 209.0 196.9 - 0.0 20

9.0 196.9
C
onstruction in progress 22.5 34.5 82.5 71.2 105.0 105.6 Totals 508.1 $ 513.1 799.7 777.0 1,307.8 1,290.1 Additio
nal information on the City of Pasadena’s capital assets can be found in Note 7 on pages 64-65 of this report. (This page intentionally left blank)
18 Long-Term Debt
At year-end, the City has a number of debt issues outstanding. These include $134.9 million of taxable pension bonds, $306.5 million of revenue bonds, $53.2 million of certificates of pa rticipation, $4.9 millio n of notes payable and $8.3 million of capitalized lease obligations. Long-term de bt decreased by a net amount of $10.9 million as a result of normal scheduled principal maturities and refunding of debt. Operational liabilities decreased by a net amount of $1.8 mil lion due to increase in compensated absences, and decrease in insurance claims payable. The net pension obligation increased $7 million and the net OPEB liability increased by $9.9 million. The City was assigned an AAA issuer rating by Standard and Poor’s and AA+ rating by Fitch Rating Agency.

City of Pasadena's Outstanding Long-Term Liabilities (in millions) 2021 2020 2021 2020 2021 2020
Long-term debt (including premium/discount):

Notes payable 4.9$ 5.3 - - 4.9 5.3$
Bonds 134.9 136.7 306.5 311.6 441.4 448.3 Certificates of participation 53.2 55.5 - - 53.2 55.5 Capitalized lease obligations 5.9 6.8 2.4 2.8 8.3 9.6 Total long-term debt 198.9 204.3 308.9 314.4 507.8 518.7 Operational Liabilities:

Compensated absences 13.0 12.1 - - 13.0 12.1 Insurance claims payable 37.5 40.2 - - 37.5 40.2 Total operational liability 50.5 52.3 - - 50.5 52.3 Total long-term liability 249.4$ 256.6 308.9 314.4 558.3 571.0$ Net pension liability 414.3 410.9$ 91.2 87.6 505.5 498.5 Net OPEB liability 74.2$ 64.5$ 19.4 19.2 93.6 83.7$ TotalGovernmental Activities Business-Type Activities
Additional information on the City of Pasadena’s long-term debt can be found in Note 9 on pages 68 to 80 of this report.

Information on self-insurance claims payable can be found in Note 17 on pages 91 to 92, net pension obligation in Note 19 on pages 93 to 103, and OPEB can be found in Note 20 on pages 104 to 108.

The City reports two items of significant economic importance in its subsequent event Note 23 on page 110.

REQUEST FOR INFORMATION
This financial report is designed to provide a general overview of the City of Pasadena’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the office of th e Director of Finance, 100 North Garfield Avenue, Room S348, Pasadena, California, 91101.

CITY OF PASADENA MANAGEMENT’S DISCUSSION AND ANALYSIS
Annual Comprehensive Financial Report | June 30, 2021 19

FINANCIAL SECTION CITY OF PASADENA
20 Annual Comprehensive Financial Report | June 30, 2021 Statement of Net Position
June 30, 2021
Total Aggregate
Governmental Business-type Primary Component
Activities Activities Government Units Total
Assets:

Current assets:

Cash and investments 279,066,233$ 328,510,719 607,576,952 27,513,806 635,090,758$ Accounts receivable, net 48,834,729 38,044,082 86,878,811 2,864,161 89,742,972 Notes receivable, net 13,505,395 6,606,250 20,111,645 - 20,111,645 Internal balances (220,000) 220,000 - - - Inventories 440,837 25,295,051 25,735,888 14,703 25,750,591 Prepaids and other assets 1,234,874 1,036,820 2,271,694 219,419 2,491,113 Due from City - - - 966,742 966,742
Due from other governments 8,882 - 8,882 - 8,882
Property held for resale 867,166 - 867,166 - 867,166
Total current assets 343,738,116 399,712,922 743,451,038 31,578,831 775,029,869 Noncurrent restricted assets:

Restricted assets - cash and investments 25,156,349 90,339,720 115,496,069 26,802,736 142,298,805 Restricted assets - others 1,440,417 1,440,417 - 1,440,417 Total noncurrent restricted assets 25,156,349 91,780,137 116,936,486 26,802,736 143,739,222 Other noncurrent assets:

Long-term prepaid and other assets - 9,575,362 9,575,362 455,325 10,030,687 Land 87,336,607 14,675,193 102,011,800 - 102,0 11,800 C
onstruction in progress 22,524,764 82,505,727 105,030,491 2,679,094 107,709,585 Other capital assets, net 398,271,176 702,511,160 1,100,782,336 289,189,197 1,389,971,533 Net pension asset 7,881,000 - 7,881,000 - 7,881,000
Total other noncurrent assets 516,013,547 809,267,442 1,325,280,989 292,323,616 1,617,604,605 Total assets 884,908,012 1,300,760,501 2,185,668,513 350,705,183 2,536,373,696 Deferred outflow of resources
Accumulated decrease in fair value of
hedging derivatives - - - 25,068,455 25,068,455 Deferred charges on bond refunding 22,285,305 587,812 22,873,117 3,146,352 26,019,469 Deferred outflows related to net pension liability 76,039,456 14,165,639 90,205,095 940,727 91,145,822 Deferred outflows related to net OPEB liability 11,187,954 2,921,224 14,109,178 - 14,109,178 Total deferred outflow of resources 109,512,715 17,674,675 127,187,390 29,155,534 156,342,924 Liabilities:

Current Liabilities
Accounts payable and accrued liabilities 31,408,304 21,421,867 52,830,171 7,530,281 60,360,452 Deposits 4,522,625 10,689,722 15,212,347 2,081,625 17,293,972 Due to primary government - - - 445,181 445,181 Due to other governments - - - 2,422,580 2,422,580 Long-term advance due within one year - - - 100,000 100,000 Unearned revenue 28,409,097 10,409,774 38,818,871 331,654 39,150,525 Compensated absences due within one year 9,740,019 - 9,740,019 379,439 10,119,458 Insurance claims payable within one year 18,315,553 - 18,315,553 - 18,315,553 Long-term debt due within one year 5,415,836 17,901,872 23,317,708 9,692,329 33,010,037 Total current liabilities 97,811,434 60,423,235 158,234,669 22,983,089 181,2 17,758 Noncurrent liabilities:

Derivative instrument liability - - - 25,068,456 25,068,456 Long-term advances from primary government - - - 600,000 600,000 Noncurrent liabilities due in more than one year:

Net pension liability 422,146,077 91,263,075 513,409,152 2,996,767 516,405,919 Net OPEB liability 74,191,917 19,371,840 93,563,757 - 93,563,757 Compensated absences due in more than one year 3,236,068 3,236,068 182,993 3,419,061 Insurance claims payable due in more than one year 23,728,640 23,728,640 - 23,728,640 Long-term debt due in more than one year 193,520,799 290,935,599 484,456,398 343,069,041 827,525,439 Total noncurrent liabilities 716,823,501 401,570,514 1,118,394,015 371,917,257 1,490,311,272 Total liabilities 814,634,935 461,993,749 1,276,628,684 394,900,346 1,671,529,030 Primary Government
The accompanying notes
are an integral part of these financial statements.

CITY OF PASADENA FINANCIAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 21 Statement of Net Position
June 30, 2021
Total Aggregate
Governmental Business-type Primary Component
Activities Activities Government Units Total
Primary Government
Deferred inflow of resources
Deri va ti ve i ns truments - - - 4,613,215 4,613,215 Deferred inflows related to net pension liabilit y 15,502,943 1,255,364 16,758,307 21,374 16,779,681 Defer r ed inflows r elated to net OP EB liabilit y 4,287,339 1,119,444 5,406,783 - 5,406,783 Serv ice concession a greement - - - 269,574 269,574 Total deferred inflow of resources 19,790,282 2,374,808 22,165,090 4,904,163 27,069,253 Net Position:

Net inv est ment in c apit al assets 468,005,192 486,943,967 954,949,159 (2,671,828) 952,277,331 Restricted:

Nonexpendable 1,434,131 - 1,434,131 - 1,434,131
Expendable:

Communit y develo pment 13,407,859 - 13,407,859 - 13,407,859 Public safet y 3,687,821 - 3,687,821 - 3,687,821
Capital projects 2,669,953 - 2,669,953 - 2,669,953
Debt service 8,209,125 36,238,457 44,447,582 15,352,313 59,799,895 Stranded investments - 63,395,757 63,395,757 - 63,395,757 Trans portation 30,287,265 - 30,287,265 - 30,287,265 Contribution to General Fund - 19,544,138 19,544,138 - 19,544,138 Culture and literac y 2,535,879 - 2,535,879 - 2,535,879 Other purposes 6,056,222 7,489,978 13,546,200 870,240 14,416,440 Air qualit y im provement 117,085 117,085 - 117,085 Trust and loans 13,717,499 - 13,717,499 - 13,717,499 Unrestricted (390,132,521) 240,454,322 (149,678,199) (33,494,517) (183,172,716) Total net position 159,995,510$ 854,066,619 1,014,062,129 (19,943,792) 994,118,337$

FINANCIAL SECTION CITY OF PASADENA
22 Annual Comprehensive Financial Report | June 30, 2021 Statement of Activities
For the Fiscal Year Ended June 30, 2021
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Primary government:

Governmental activities:

Genera l government 72,811,363$ 13,503,704 3,983,202 - Publi c s a fety 148,286,756 10,322,337 3,904,606 - Tra ns portation 48,596,470 20,811,408 16,055,719 7,912,981 Utility 17 1,215 - - -
Sa nita ti on 6,783,455 7,320,573 - 1,536,502
Hea l th 17,465,004 2,153,914 10,324,181 -
Cul ture a nd l ei s ure 45,291,398 673,669 1,389,578 - Community development 57,361,608 11,795,344 25,106,279 - Int er est and other fisc al c har ges 6 , 4 9 9 , 9 9 3 - - - Total governmental activities 403,267,262 66,580,949 60,763,565 9,449,483 Business-type activities:

El ectri c 196,388,761 222,265,744 - 2,251,793
Wa ter 63,932,405 71,268,798 515,470 1,996,641
Refus e 20,059,453 11,502,454 2,261,493 -
Pa rki ng 11,909,882 9,010,526 - -
Tel ecommunication 188,984 567,472 - -
Total business-type activities 292,479,485 314,614,994 2,776,963 4,248,434 Total primary government 695,746,747 381,195,943 63,540,528 13,697,917 Aggregate Component Units 43,620,010$ 13,174,124 - 12,676 General revenues:

Taxes:

Property tax es, lev ied for general purpose
Sales taxes
Utility user
s' tax es
Transient occupancy taxes
Construction taxes
Business license taxes
Franchise taxes
Other taxes
Other intergovernmental, unrestricted
Motor vehicle in-lieu, unrestricted
Use of money - inv estment earnings
Miscellaneous revenues
Total general revenues
Transfers
Total general revenues and transfers
Change in net position
Net position - beginning of year
Net position - end of year
Program Revenues
The accompanying
notes are an integral part of these financial statements.

CITY OF PASADENA FINANCIAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 23 Total Aggregate
Governmental Business-t ypeP r i m a r y Component
Activities Activities Government Units Total
(55,324,457) - (55,324,457) - (55,324,457)$
(134,059,813) - (134,059,813) - (134,059,813)
(3,816,362) - (3,816,362) - (3,816,362)
(171,215) - (171,215) - (171,215)
2,073,620 - 2,073,620 - 2,073,620
(4,986,909) - (4,986,909) - (4,986,909)
(43,228,151) - (43,228,151) - (43,228,151)
(20,459,985) - (20,459,985) - (20,459,985)
(6,499,993) - (6,499,993) - (6,499,993)
(266,473,265) - (266,473,265) - (266,473,265)
- 28,128,776 28,128,776 - 28,128,776
- 9,848,504 9,848,504 - 9,848,504
- (6,295,506) (6,295,506) - (6,295,506)
- (2,899,356) (2,899,356) - (2,899,356)
- 378,488 378,488 - 378,488
- 29,160,906 29,160,906 - 29,160,906
(266,473,265) 29,160,906 (237,312,359) - (237,312,359)$ - - - (
30,433,210) (30,433,210)$
76,578,788$ - 76,578,788 - 76,578,788$
62,307,647 - 62,307,647 - 62,307,647
26,937,888 - 26,937,888 - 26,937,888
6,297,629 - 6,297,629 4,181,042 10,478,671 2,096,747 - 2,096,747 - 2,096,747
6,350,624 - 6,350,624 - 6,350,624
2,813,117 5,722,056 8,535,173 - 8,535,173
5,661,462 - 5,661,462 1,368,681 7,030,143 3,578,810 - 3,578,810 5,000 3,583,810
21,846,853 - 21,846,853 - 21,846,853
2,517,678 1,033,177 3,550,855 157,017 3,707,872
3,091,335 2,852,071 5,943,406 5,078,633 11,022,039 220,078,578 9,607,304 229,685,882 10,790,373 240,476,255 16,266,716 (16,266,716) - - -
236,345,294 (6,659,412) 229,685,882 10,790,373 240,476,255 (30,127,971) 22,501,494 (7,626,477) (19, 642,837) (27,269,314) 190,123,481 831,565,125 1,021,688,606 (300,955) 1,021,387,651 159,995,510$ 854,066,619 1,014,062,129 (19,943,792) 994,118,337$ Net (Expenses) Revenues and
Changes in Net Position
Primary Government

FINANCIAL SECTION CITY OF PASADENA
24 Annual Comprehensive Financial Report | June 30, 2021 Balance Sheet
Governmental Funds
June 30, 2021
Project Non-Major
Management General Housin g Governmental
General Fund Debt Service Successor Funds Total
Assets:

P ooled c ash and inv estments 6 5,378,504$ 5 ,843,466 594 6,918,142 160,705,262 238,845,968$ Accounts recei va bl e, net 28,269,557 1,731,363 - 4,249 18,263,619 48,268,788 Notes r eceiv able 18,350,000 - - 21 ,340,218 53,322,822 93,013,040 Allowanc e for unc ollec tible not es
receivable (4,844,605) - - (21,340,218) (53,322,822) (79,507,645) Due from other funds 21,317,494 - - - - 21 ,317,494 Due from other governments 8,882 - - - - 8,882 Prepaids and other assets 1 2 1,096 - - - 116,266 237,362 Restricted assets:

Cash and investments 13,317,496 - - - 2 ,887,436 16,204,932 Cash with fiscal a gent - - - - 8,951,417 8,951,417 Proper ty hel d for res a l e - - - - 867,166 867,166 Total assets 141,918,424 7,574,829 594 6,922,391 191,791,166 348,207,404 Liabilities:

Accounts payable and accrued liabilities 12 ,288,380 3,390,364 - 38,521 5,107,035 20,824,300 De posits 3,842,874 - - - 679,750 4,522,624 Due to other funds - - - - 9,024,239 9,024,239 Unearned rev enue 25,962,988 - - - 2 ,446,109 28,409,097 Advances from other funds 220,000 - - - - 220,000 Total liabilities 42,314,242 3,390,364 - 38,521 17,257,133 63,000,260 Deferred inflow of resources:

Unavailable revenues 540,893 1,619,031 - - 6 ,996,867 9,156,791 Total deferred inflow of resources 540,893 1,619,031 - - 6 ,996,867 9,156,791 Fund balances:

Nons pendable 13,626,491 - - - 1 ,550,397 15,176,888 Restricted 13,717,499 621,222 594 6,883,870 62,490,438 83,713,623 Committed 51,687,400 - - - 111 ,318,913 163,006,313 As signed 31,325,700 1,944,212 - - - 33 ,269,912 Unassi gned (11,293,801) - - - (7,822,582) (19,116,383) Total
fund balances 99,063,289 2,565,434 594 6,883,870 167,537,166 276,050,353 Total liabilities, deferred inflow of resources
and fund balances 141,918,424$ 7,574,829 594 6,922,391 191,791,166 348,207,404$ The accompanying notes are an integral part of these financial statements.

CITY OF PASADENA FINANCIAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 25 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position
June 30, 2021
Amounts reported for gov ernmental activ ities in the Statement of Net Position are different because:

Total fund balances - governmental funds 276,050,353$
492,303,072
Differences between ex pected a nd actual ex periences , assum ption cha nges and net differences between projec t ed and ac t ual ear nings and contributions subse quent to the mea s urement da te for the postretirement benefits (pension and OPEB ) ar e r ec ognized as deferred outflows of r esour c es and defer r ed inflows of r esour c es on t he st at ement of net position.

Deferred outfl ows - pens i on rel a ted 57,455,068
Deferred outfl ows - OPEB rel a ted 10,140,343
Deferred i nfl ows - pens i on rel a ted (14,144,322)
Deferred i nfl ows - OPEB rel a ted (3,885,884)
Total defer r ed outflows and inflows r elated to postem plo yment benefits 49,565,205 Other lon g-term a s s ets tha t are not avai lable to pay for current period ex penditures and , therefore , are either deferred or not re ported in the funds .

Una va i l a bl e revenues 9,156,791
Net pens i on a s s et 7,881,000
Total lon g-t er m asset s 17,037,791
Long-ter m liabilities ar e not due and payable in the c ur r ent period , and therefore , ar e not re ported in the funds .

Notes payable (4,955,325)
Pension bonds payable (134,950,000)
C er
tific ates of par t ic ipation (48,855,000)
Capitalized lease obli gations (5,876,051)
Unam
ortized premi um (discount ) (4,300,260)
Accr
ued interest payable on lon g-term debt (1,683,638)
Net
OP EB liabilit y (67,244,775)
Net pension liabilit y (316,682,972)
Tot
al lon g-ter m liabilities (584,548,021)
The
substance of an advanced refundin g is r eported as deferrin g the difference and amortizin g it ov er futur e periods. 22,285,305
Internal serv ice funds are used b y mana gement to char ge the cos ts of certai n activities , suc h as equi pment mana gement and self-insurance , t o indiv idual funds. The asset s , deferred outflows of of resources , liabilities , and deferred inflows of resources of the internal service funds are included in governmenta l a ctivi ties in the s tatement of net position. (112,698,195) Net position of governmental activities 159,995,510$
Capi ta l as s ets of $786,514,667, net of a ccumul ated depreci ati on of $294,211,595, ha ve not been i ncl uded as financial resources in governmental fund activity.

The accompan
ying notes are an integral part of these financial statements.

FINANCIAL SECTION CITY OF PASADENA
26 Annual Comprehensive Financial Report | June 30, 2021 Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the Fiscal Year Ended June 30, 2021
Project Non-Major
Management General Housing Governmental
General Fund Debt Service Successo r Funds Total
Revenues:

Ta xes 181,231,144$ - - - 7,812,758 189 ,043,902$ Licenses and permits 3,468,341 - - - 9,322,874 12 ,791,215 Inter governmental revenues 24,489,916 4,704,045 - - 58,066,340 87 ,260,301 Cha rges for s ervi ces 35,761,861 31,985 - 90 10 ,201,942 45 ,995,878 Fines and forfeits 3 ,490,959 - - - - 3,490,959 Inv estment earnin gs1 ,950,907 - (3,058) 5,221 491,538 2 ,444,608 Renta l i ncome 832,562 - - 61,741 2,357,939 3 ,252,242 M isc ellaneous r ev enues 2 ,417,226 - - 298,958 3 ,076,259 5 ,792,443 Contributions 27 ,620 1,013,360 - - 2,588,545 3 ,629,525 Total revenues 253,670,536 5,749,390 (3,058) 366,010 93 ,918,195 353 ,701,073 Expenditures:

Current:

General gov ernment 63,329,674 2,185,013 6,640 - 32,173 65,553,500 P ublic safety 136,617,749 18,863 - - 2,166,047 138,802,659 Trans portation 21,522,450 7,597,702 - - 14,989,724 44,109,876 Utilit y - - - - 171,217 171 ,217
Sanitation - 2,026,168 - - 4,643,131 6 ,669,299 Health - - - - 16,265,484 16 ,265,484
Culture and leisure 27 ,246,458 173,012 - - 13,935,969 41 ,355,439 Communit y develo pment 8,887,779 5,076 - 515,321 38,544,007 47 ,952,183 Capital outla y 137,228 15,847,694 - - - 15,984,922 Debt service:

Pri ncipa l reti rement - - 2,822,031 - 2,295,000 5,117,031 Interest - - 4,114,536 - 2,444,328 6,558,864 Total expenditures 257,741,338 27,853,528 6,943,207 515,321 95,487,080 388,540,474 Excess (deficiency) of revenues over
(under) expenditures (4,070,802) (22,104,138) (6,946,265) (149,311) (1,568,885) (34,839,401) Other financing sources (uses):

Tr ansfer s in (note 15 ) 22,538,963 23,577,798 3,424,493 - 17,919,331 67,460,585 Tr ansfer s out (note 15 ) (27,011,137) (1,197,513) - - (21,288,092) (49,496,742) Total other financing sources (uses) (4,472,174) 22,380,285 3,424,493 - (3,368,761) 17,963,843 Change in fund balances (8,542,976) 276,147 (3,521,772) (149,311) (4,937,646) (16,875,558) Fund balances at beginning of year 107,606,265 2,289,287 3,522,366 7,033,181 172,474,812 292,925,911 Fund balances at end of year 99,063,289$ 2,565,434 594 6,883,870 167,537,166 276,050,353$ The accompanying notes are an inte
gral part of these financial statements.

CITY OF PASADENA FINANCIAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 27 Reconciliation of the Statement of Revenues,
Expenditures and Changes in Fund Balances of Governmental Funds to the Statement
of Activities
For the Fiscal Year Ended June 30, 2021
Amounts reported for governmental activities in the s tatement of activities are different beca use:

Net change in fund balances - total governmental funds (16,875,558)$ Governmenta l funds report ca pita l outla ys a s expenditures . However, in the s tatement of activities , the cos t of thes e as s ets is a lloca ted over their es timated us eful lives a nd reported as deprecia tion expense. This is the amount by which depreciation expense ($18,540,480) exceeded capital outlay, ($15,847,696) tha t wa s ca pi ta l i zed i n the current peri od. (2,692,784) The net effect of v ar ious misc ellaneous tr ansac tions inv olv ing c apital assets (i.e., sales, tr ade-ins, and donations) is to decrease net position.

L oss on sale of asset s (1,682,878)
Bond and other debt proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the Statement of Net Position. Repayment of bond and other debt principal is an ex penditur e in the gov er nmental funds, but r epay ment r educ es long-ter m liabilities in the Statement of Net Position. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activ ities.

Repayments:

Pri nci pa l repa yments 5
,117,031
Amortization of bond premiums/discounts/deferred refund charges 246,419 5,363,450 Revenues in the s ta tement of a ctivities that do not provide current financial res ources a re not reported as revenues in the funds. 2,996,055
Bond deferred charges and similar items are recorded as expenditures in governmental funds when debt is firs t is s ued, whereas thes e pa yments a re deferred a nd amortized in the s tatement of activities .

This amount is the net offset of the difference.
(1,113,394)
Inte
r est pay able r elated to debt ser v ic es or long-ter m liabilities. This is the net change in inter est payable expense for the current period. 58,871
Pension expenditures reported in the governmental funds includes the annual required contributions.

In the Statement of Activities, pension expense includes the change in the net pension liability, and related changes in pension amounts for deferred outflows of resources and deferred inflows of resources. (2,449,502)
OPEB
expenditures reported in the governmental funds includes payment of premiums for the current year.

In the Statement of Activities, OPEB expens e includes the change in the OPEB liability a nd OPEB rel a ted deferred outfl ows of res ources a nd deferred i nfl ows of res ources . (6,581,638)
Int e
r nal ser v ic e funds ar e used by management t o c har ge t he c ost s of c er t ain ac t iv it ies, suc h as c omput ing and communication, building maintenance, fleet maintenance, fleet replacement, benefits, workers' c ompensation, gener al liability , and 3 11 c all c enter , to indiv idual funds. The net r ev enue (ex pense) of certa i n a cti vi ti es of i nterna l s ervi ce funds i s reported wi th governmenta l a cti vi ti es . (7,150,593)
Chan
ge in net position of governmental activities (30,127,971)$ The accompanying notes are an integral part of these financial statements.

FINANCIAL SECTION CITY OF PASADENA
28 Annual Comprehensive Financial Report | June 30, 2021 Statement of Net Position
Proprietary Funds
June 30, 2021
Light Off-Street
and Power Water Parking
Assets:

Current assets:

Cash and investments 259,642,909$ 42,753,335 724,306 Accounts receivable, net 25,443,059 9,698,338 659,882 Note receivable, restricted 6,606,250 - -
Inventories 17,241,034 8,054,017 -
Prepaids and other assets 405,432 419,272 212,116 Total current assets 309,338,684 60,924,962 1,596,304 Noncurrent restricted assets:

Cash and investments 15,608,672 15,020,156 -
Cash and investments - stranded investments reserve 54,000,846 - - Cash with fiscal agent - 3,710,046 2,000,000
Notes receivable 1,440,417 - -
Total noncurrent restricted assets 71,049,935 18,730,202 2,000,000 Other noncurrent assets:

Advances to other funds 220,000 - -
Deposit with Independent System Operator (ISO) 200,000 - - Prepaid long-term assets 9,375,362 - -
Capital assets, net of accumulated depreciation 530,112,842 220,821,479 43,648,032 Total other noncurrent assets 539,908,204 220,821,479 43,648,032 Total assets 920,296,823 300,476,643 47,244,336
Deferred outflow of resources:

Deferred charges - bond refunding 455,489 132,323 - Deferred outflows related to net pension liability 8,948,661 3,635,958 233,034 Deferred outflows related to net OPEB liability 1,659,696 831,739 13,431 Total deferred o
utflow of resources 11,063,846 4,600,020 246,465 Liabilities:

Current liabilities:

Accounts payable and accrued liabilities 11,197,471 8,702,361 794,283 Deposits 782,162 166,353 250,168
Insurance claims payable - current - - -
Due to other funds - - -
Unearned revenues 9,314,673 1,095,101 -
Compensated absences due within one year - - -
Revenue bonds - current 13,930,000 2,720,000 800,000 Capitalized lease obligations - current - - 451,872 Total current liabilities 35,224,306 12,683,815 2,296,323 Noncurrent liabilities:

Insurance claims payable - long-term - - -
Compensated absences due in more than one year
Advances from other funds - - -
Net pension liability 60,854,424 21,172,249 1,208,572 Net OPEB liability 11,107,104 5,414,626 89,066
Revenue bonds - long-term 203,186,710 65,416,638 20,400,000 Capitalized lease obligations - long-term - - 1,932,251 Total noncurrent liabilities 275,148,238 92,003,513 23,629,889 Total liabilities 310,372,544 104,687,328 25,926,212
Deferred inflow of resources:

Deferred inflows related to net pension liability 793,033 322,220 20,652 Deferred inflows related to net OPEB liability 638,142 316,602 5 ,147 Total deferred inflow of resources 1,431,175 638,822 25,799 Net position:

Net investment in capital assets 310,243,888 151,526,443 20,063,909 Restricted:

Debt service 15,508,255 18,730,202 2,000,000
Contribution to General Fund 18,000,000 1,544,138 - Stranded investments 63,395,757 - -
Other purposes 7,489,978 - -
Unrestricted 204,919,072 27,949,730 (525,119)
Total net position 619,556,950$ 199,750,513 21,538,790 The accompanying notes are an integral part of these financial statements.

CITY OF PASADENA FINANCIAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 29

Governmental
Activities -
Non-Major Total Internal
Enterprise Enterprise Service
Funds Funds Funds Total
25,390,169 328,510,719 40,220,265 368,730,984$ 2,242,803 38,044,082 565,941 38,610,023 - 6,606,250 - 6,606,250 - 25,295,051 440,837 25,735,888 - 1,036,820 997,512 2,034,332 27,632,972 399,492,922 42,224,555 441,717,477 - 30,628,828 - 30,628,828 - 54,000,846 - 54,000,846 - 5,710,046 - 5,710,046 - 1,440,417 - 1,440,417 - 91,780,137 - 91,780,137 - 220,000 - 220,000 - 200,000 - 200,000 - 9,375,362 - 9,375,362 5,109,727 799,692,080 15,829,475 815,521,555 5,109,727 809,487,442 15,829,475 825,316,917 32,742,699 1,300,760,501 58,054,030 1,358,814,531 - 587,812 - 587,812 1,347,986 14,165,639 18,584,388 32,750,027 416,358 2,921,224 1,047,611 3,968,835 1,764,344 17,674,675 19,631,999 37,306,674 727,752 21,421,867 8,900,366 30,322,233 9,491,039 10,689,722 - 10,689,722 - - 18,315,553 18,315,553 - - 12,293,255 12,293,255 - 10,409,774 - 10,409,774 - - 9,740,019 9,740,019 - 17,450,000 - 17,450,000 - 451,872 - 451,872 10,218,791 60,423,235 49,249,193 109,672,428 - - 23,728,640 23,728,640 - 3,236,068 3,236,068 - - - - 8,027,830 91,263,075 105,463,105 196,726,180 2,761,044 19,371,840 6,947,142 26,318,982 - 289,003,348 - 289,003,348 - 1,932,251 - 1,932,251 10,788,874 401,570,514 139,374,955 540,945,469 21,007,665 461,993,749 188,624,148 650,617,897 119,459 1,255,364 1,358,621 2,613,985 159,553 1,119,444 401,455 1,520,899 279,012 2,374,808 1,760,076 4,134,884 5,109,727 486,943,967 15,816,568 502,760,535 - 36,238,457 - 36,238,457 - 19,544,138 - 19,544,138 - 63,395,757 - 63,395,757 - 7,489,978 - 7,489,978 8,110,639 240,454,322 (128,514,763) 111,939,559 13,220,366 854,066,619 (112,698,195) 741,368,424$

FINANCIAL SECTION CITY OF PASADENA
30 Annual Comprehensive Financial Report | June 30, 2021 Statement of Revenues, Expenditures and Changes in Net Position Proprietary Funds
For the Fiscal Year Ended June 30, 2021
Light Off-Street
and Power Water Parking
Operating revenues:

Utilities 2 2 2 ,2 6 5 ,7 4 4$ 71,268,798 -
Off-street parking - - 7,898,124
Refuse c ollec tion - - -
Telecommunication - - -
Computing and communication services - - -
Building maintenanc e - - -
Fleet maintenance - - -
Employee benefits - - -
Insurance - - -
311 Ca l l Center - - -
Total operating revenues 222,265,744 71,268,798 7,898,124 Operating expenses:

Utility pr oduc tion 1 0 7 ,5 5 7 ,2 8 4 33,044,709 - Utility tr ansmission and distr ibution 1 5 ,9 0 4 ,6 9 9 7,140,108 - Utility c ommer c ial and gener al 3 2 ,0 0 5 ,9 4 3 12,101,831 - Off-street parking - - 9,957,832
Refuse c ollec tion - - -
Telecommunications - - -
Computing and communication services - - -
Building maintenanc e - - -
Fleet maintenance - - -
Benefits - - -
Insurance - - -
311 Ca l l Center - - -
Depreciation 32,271,007 8,941,395 1,631,566
Total operating expenses 187,738,933 61,228,043 11,589 ,398 Operating income (loss) 34,526,811 10,040,755 (3,691,274) Non-operating revenues (expenses):

Taxes - - -
Intergov ernmental rev enues - 515,470 -
Inves tment ea rni ngs 595,593 172,459 155,095
M iscellaneous - - -
Interes t expens e (8,292,590) (2,719,055) (316,179)
Gain (loss) on disposal of assets (357,238) 14,693 (4,305) Other 1,179,829 1,672,242 1,112,402
Total nonoperating revenues (expenses) (6,874,406) (344,191) 947,013 Income (loss) before transfers and contributions 27,652,405 9,696,564 (2,744,261) Capital contributions 2,251,793 1,996,641 -
Tra ns fers i n 5,717,151 - -
Trans fers out (18,000,000) (1,894,138) -
Changes in net position 17,621,349 9,799,067 (2,744,261) Net position (deficit) at beginning of year 601,935,601 189,951,446 24,283,051 Net position (deficit) at end of year 619,556,950$ 199,750,513$ 21,538,790$ The accompanying
notes are an integral part of these financial statements.

CITY OF PASADENA FINANCIAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 31 Governmental
Activities -
Non-Major Total Internal
Enterprise Enterprise Service
Funds Funds Funds Total
- 293,534,542 - 2
93,534,542$
- 7
,898,124 - 7
,898,124
1 1,502,454 11,502,454 - 1
1,502,454
567
,472 567,472 - 5
67,472
- - 18,415,518 18,415,518
-
- 13,240,174 13,240,174
-
- 12,498,120 12,498,120
-
- 33,545,227 33,545,227
-
- 20,741,707 20,741,707
-
- 850,557 850,557
12,069,926 313,502,592 99,291,303 412,793,895 - 140,601,993 - 1
40,601,993
- 2
3,044,807 - 2
3,044,807
- 4
4,107,774 - 4
4,107,774
- 9
,957,832 - 9
,957,832
1 9,376,302 19,376,302 - 1
9,376,302
38 ,193 38,193 - 38,193
- - 17,711,967 17,711,967
- - 13,020,147 13,020,147
- - 9,014,842 9,014,842
- -
41,421,638 41,421,638
- - 20,490,935 20,490,935
- - 763,957 763,957
842,648 43,686,616 2,496,730 46,183,346
20,257,143 280,813,517 104,920,216 385,733,733
(8,187,217) 32,689,075 (5,628,913) 27,060,162 5,722,056 5,722,056 - 5
,722,056
51 ,728 567,198 - 5
67,198
110
,030 1,033,177 73,070 1,106,247
- - 90,987 90,987
- (1
1,327,824) -
(11,327,824)
8 ,706 (338,144) 1
1,390 (326,754)
2,209,765 6,174,238 - 6
,174,238
8,
102,285 1,830,701 175,447 2,006,148
(84,932) 34,519,776 (5,453,466) 29,066,310 - 4
,248,434 - 4
,248,434
192
,452 5,909,603 1,532,964 7,442,567
(
2,282,181) (22,176,319) (3,230,091) (25,406,410)
(2,174,661) 22,501,494 (7,150,593) 15,350,901 15,395,027 831,565,125 (105,547,602) 726,017,523 13,220,366$ 854,066,619$ (112,698,195)$ 741,368,424$ .

FINANCIAL SECTION CITY OF PASADENA
32 Annual Comprehensive Financial Report | June 30, 2021 Statement of Cash Flows
Proprietary Funds
For the Fiscal Year Ended June 30, 2021
Light Off-Street
and Power Water Parking
Cash Flows from Operating Activities:

Cash received from customers 222,662,307$ 71,571,078 7,769,016 Cash payments to suppliers for goods and services (114,036,414) (33,083,639) (9,566,575) Cash payments to employees for services (33,525,247) (13,589,653) (1,064,271) Cash payments to other funds for services (6,892,574) (4,023,709) (3,940) Miscellaneous revenue 1,179,829 1,672,242 1,112,402
Net cash provided by (used for) operating activities 69,387,901 22,546,319 (1,753,368) Cash Flows from Noncapital Financing Activities:

Cash transfers in 7,548,002 - -
Cash transfers out (18,000,000) (1,894,138) -
Advances from other funds 110,000 - (1,087,067)
Taxes received - - -
Non-operating miscellaneous revenue - - -
Intergovernmental revenues - 515,470 -
Net cash provided by (used for) noncapital financing activities (10,341,998) (1,378,668) (1,087,067) Cash Flows from Capital and Related Financing Activities:

Acquisition and construction of capital assets (47,284,194) (18,162,816) (939,492) Proceeds from long-term debt - 30,130,000 -
Amount paid to bond escrow agents - (276,891) -
Proceeds from sale of capital assets 31,867 30,510 -
Payments on capital leases - - (451,872)
Capital contributions 4,736,451 1,025,520 -
Bond premiums received from debt issuance - 8,944,012 - Principal paid on capital debt (13,380,000) (28,010,000) (788,172) Interest paid on capital debt (9,678,950) (2,858,148) (316,179) Net cash used for capital and related financing activities (65,574,826) (9,177,813) (2,495,715) Cash Flows from Investing Activities:

Proceeds from sale of investments 27,788,023 - - Purchase of investments (30,000,000) 1,262,988 -
Investment earnings 1,257,766 272,091 155,091
Payments received from loans made to suppliers 6,583,333 - - Net cash provided by (used for) investing activities 5,629,122 1,535,079 155,091 Net increase (decrease) in cash and cash equivalents (899,801) 13,524,917 (5,181,059) Cash and cash equivalents at beginning of year 278,649,920 44,305,796 7,905,365 Cash and cash equivalents at end of year 277,750,119 57,830,713 2,724,306 Reconciliation of cash and cash equivalents to amounts
reported on the Statement of Net Position:

Cash and investments 259,642,909 42,753,335 724,306
Restricted:

Cash and stranded investments reserve 54,000,846 - - Cash and investments 15,608,672
3,710,046
-
Cash with fiscal agent
15,020,156
2,000,000
Less non-cash equivalents (51,502,308) (3,652,824) -
Cash and cash equivalents at end of year 277,750,119$ 57,830,713 2,724,306 The accompanying notes are an integral part of these financial statements. -

CITY OF PASADENA FINANCIAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 33 Governmental
Activities -
Non-Major Total Internal
Enterprise Enterprise Service
Funds Funds Funds Total
12,138,096 314,140,497 104,848,281 418,988,778$
(12,245,831) (168,932,459) (41,715,274) (210,647,733) (8,032,619) (56,211,790) (62,845,835) (119,057,625)
31,552 (10,888,671) - (10,888,671)
2,209,765 6,174,238 - 6,174,238
(5,899,037) 84,281,815 287,172 84,568,987
192,452 7,740,454 1,532,964 9,273,418
(2,282,181) (22,176,319) (3,230,095) (25,406,414)
- (977,067) - (977,067)
5,722,056 5,722,056 - 5,722,056
- - 1,147,557 1,147,557
51,728 567,198 - 567,198
3,684,055 (9,123,678) (549,574) (9,673,252)
(1,167,033) (67,553,535) (1,918,559) (69,472,094)
- 30,130,000 - 30,130,000
- (276,891) - (276,891)
8,706 71,083 11,390 82,473
- (451,872) - (451,872)
- 5,761,971 - 5,761,971
- 8,944,012 - 8,944 ,012
- (42,178,172) - (42,178,172)
- (12,853,277) - (12,853,277)
(1,158,327) (78,406,681) (1,907,169) (80,313,850)
- 27,788,023 - 27,788,023
- (28,737,012) - (28,737,012)
110,030 1,794,978 73,921 1,868,899
- 6,583,333 - 6,583,333
110,030 7,429,322 73,921 7,503,243
(3,263,279) 4,180,778.00 (2,095,650) 2,085,128
28,653,448 359,514,529 42,315,915 401,830,444
25,390,169 363,695,307 40,220,265 403,915,572
25,390,169 328,510,719 40,220,265 368,730,984
- 54,000,846 - 54,000,846
- 19,318,718 - 19,318,718
- 17,020,156 - 17,020,156
- (55,155,132) - (55,155,132)
25,390,169 363,695,307 40,220,265 403,915,572$

FINANCIAL SECTION CITY OF PASADENA
34 Annual Comprehensive Financial Report | June 30, 2021 Statement of Cash Flows
Proprietary Funds
For the Fiscal Year Ended June 30, 2021
Light Off-Street
and Power Water Parking
Reconciliation of operating income (loss) to net cash
provided by (used for) operating activities: 34,526,811$ 10,040,755 (3,691,274) Operating income (loss)
Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities:

Depreciation and amortization 32,271,007 8,941,395 1,631,566 Miscellaneous revenue 1,179,829 1,672,242 1,112,402
(Increase) decrease in accounts receivable (2,496,627) (536,986) (316,206) Increase (decrease) in allowance for uncollectible accounts 2,019,190 839,266 - Increase (decrease) in due to other funds - - -
(Increase) decrease in inventories 913,342 (28,277) - (Increase) decrease in prepaids and other assets 1,576,540 (74,869) (33,287) Increase (decrease) in accounts payable and accrued liabilities 795,949 2,037,279 (459,954) Increase (decrease) in unearned revenue 828,955 - - Increase (decrease) in insurance claims payable - - - Increase (decrease) in compensated absences - - -
Increase (decrease) in deposits payable (2,316,585) (353,818) (555) Increase (decrease) in deferred inflows (897,626) (362,410) (21,595) (Increase) decrease in deferred outflows (730,892) (384,087) (41,166) Increase (decrease) in net OPEB liability 69,040 35,577 (6,328) Increase (decrease) in net pension liability 1,648,968 720,252 73,029 Total adjustments 34,861,090 12,505,564 1,937,906
Net cash provided by (used for) operating activities 69,387,901$ 22,546,319 (1,753,368) Non-Cash Investing, Capital and Financing Activities
Gain (loss) on disposition of capital assets (357,238)$ 14,693 (4,305) Amortization of deferred charges (254,824) (66,161) - Amortization of premiums (discounts) 866,704 448,046 - Changes in fair value of investments (2,757,613)$ (394,013) - The accompanying
notes are an integral part of these financial statements.

CITY OF PASADENA FINANCIAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 35 Governmental
Activities -
Non-Major Total Internal
Enterprise Enterprise Service
Funds Funds Funds Total
(8,187,217) 32,689,075 (5,628,913) 27,060,162$
842,648 43,686,616 2,496,730 46,183,346
2,209,765 6,174,238 6,174,238
(117,792) (3,467,611) (211,851) (3,679,462)
185,962 3,044,418 - 3,044,418
- - 6,548,964 6,548,964
- 885,065 (15,944) 869,121
- 1,468,384 (80,670) 1,387,714
(16,338) 2,356,936 (5,957,456) (3,600,520)
- 828,955 - 828,955
- - 748,042 748,042
- - 839,196 839,196
(784,513) (3,455,471) - (3,455,471)
(202,940) (1,484,571) (2,324,938) (3,809,509)
(170,949) (1,327,094) (1,468,797) (2,795,891)
7,972 106,261 (5,529) 100,732
334,365 2,776,614 5,348,338 8,124,952
2,288,180 51,592,740 5,916,085 57,508,825
(5,899,037) 84,281,815 287,172 84,568,987$
8,706 (338,144) (36,344) (712,632)$
- (320,985) - (641,970)
- 1,314,750 - -
207,463 (2,944,163) 15,155 222,618$

FINANCIAL SECTION CITY OF PASADENA
36 Annual Comprehensive Financial Report | June 30, 2021 Statement of Net Position
Fiduciary Funds
June 30, 2021
Employee
Benefit Private-Purpose
Trust Funds Custodial Funds Trust Funds Total
Assets:

Ca s h a nd ca s h equi va l ents 379,872,786$ 455,356 461,482$ 380,789,624$ Receivables:

Accounts receivable - 480,077 - 480,077
Contri buti on 6 ,786,349 - - 6 ,786,349
Interest 169 ,918 - - 169,918
Notes receivable - - 515,000 515,000
Allowance for uncollectible long-ter m r eceiv ables - - (515,000) (515,000) Total receivables 6,956,267 480,077 - 7,436,344 Other assets - 173 - 173
Investments, at fair value:

Government and a gencies 24,232,920 - - 24 ,232,920 Corporate obli gat ions 2 4,861,889 - - 24 ,861,889 Fixed income mutual fund 20,169,940 - - 20 ,169,940 Rea l es ta te 11,931,126 - - 11,931,126
Corporate stocks 54,344,414 - - 54 ,344,414 Total investments 135,540,289 - - 135 ,540,289 Ca pit al asset s, net - - 214,261 214 ,261 Total assets 522,369,342 935 ,606 675 ,743 523 ,980,691 Liabilities:

Accounts payable and accr ued liabilities 6 1,286 346,083 5 ,513 412,882 Due to other governments - 5,613 - 5,613
Bonds payable - due within one year - - 225,000 225 ,000 Pendi ng purchases 14,006,021 - - 14 ,006,021 Total liabilities 14,067,307 351 ,696 230 ,513 14 ,649,516 Net Position:

Res tri cted for pens i ons 508,302,035 - 508 ,302,035 Res tri cted for l i bra ry e qui pment - 310,630 - 310,630 Res tri cted for WIOA - 123,305 - 123,305
Restricted for bondholders - 154,878 - 154,878
Held in tr ust for other purposes - - 445,230 445 ,230 Unrestricted - (4,903) - (4,903)
Tota
l net position 508,302,035$ 583,910 445,230 509,331,175$ The accompanying
notes are an integral part of these financial statements.

CITY OF PASADENA FINANCIAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 37 Statement of Changes in Net Position
Fiduciary Funds
For the Fiscal Year Ended June 30, 2021
Employee
Benefit Private Purpose
Trust Funds Custodial Funds Trust Funds Total
Additions:

Contributions:

Pla n members 16,949,928$ - - 16,949,928$
Property taxes - - 11 ,598,616 11,598,616
Program revenue - 4 ,548,237 - 4 ,548,237
A ssessment r ev enue - 1 ,079,148 - 1 ,079,148
Total contributions 16,949,928 5,627,385 11,598,616 34,175,929 Net investment income:

Inv estment earnin gs9 2,659,233 2,699 187 92,662,119 Interest 603,309 - - 603,309
Dividends 1,363,394 - - 1 ,363,394
Gross investment income 94,625,936 2,699 187 94,628,822 L ess inv estment expenses (439,243) - - (439,243) To
tal net investment income 94,186,693 2,699 187 94,189,579 M isc ellaneous r ev enues - - 20,176 20,176
Total additions 111,136,621 5,630,084 11,618,979 128,385,684 Deductions:

Benefi ts pa id to parti ci pants 35,946,186 - - 35,946,186 Contributions to City - 27,620 - 27,620
Progra m expens e - 3,675,439 - 3,675,439
Fiscal a genc y expenses - - 1,601 1,601
Interest ex pense - 58,150 11,025 69,175
Statutory pass-through expenses - - 10,622,571 10,622,571 Admi ni s trati ve expens es 551,678 2,998 - 554,676 Count y administr at iv e expenses - - 968,530 968,530 Total deductions 36,497,864 3,764,207 11,603,727 51,865,798 Change in net position 74,638,757 1,865,877 15,252 76,519,886 Net position (deficit) held in tr ust -
begi nni ng, a s res ta ted 433,663,278 (1,281,967) 429,978 432,811,289 Net position held in trust - ending 508,302,035$ 583,910$ 445,230$ 509,331,175$ The accompa
nying notes are an integral part of these financial statements.

FINANCIAL SECTION CITY OF PASADENA
38 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Net Position
Discretely Presented Component Units
June 30, 2021
Rose Bowl Pasadena Center Pasadena
Operating Operating Community
Company Company Access Corp.T otal
Assets:

Current assets:

Cash and investments 19,935,783$ 7,246,445 331,578 27,513,806$ Ac counts r ec eiv able, net 2,735,988 125,433 2,740 2,864,161 Inventor y 14,703 - - 14,703
Due from the C it y of Pasadena - 966,742 - 966,742
Prepaids and other assets 9 9,911 103,501 16,007 219,419 Total current assets 22,786,385 8,442,121 350,325 31,578,831 Noncurrent assets:

Restr ic t ed assets - c ash and inv estments 1 5,352,313 11,118,769 331,654 26,802,736 Due from the C it y of Pasadena 455,325 - - 455,325 Ca pit al asset s:

Construction in progres s 135,105 2,543,989 - 2,679,094 Other ca pit al asset s, net 166,161,927 122,895,857 131,413 289,189,197 Total noncurrent assets 182,104,670 136,558,615 463,067 319,126,352 Total assets 204,891,055 145,000,736 813,392 350,705,183 Deferred outflow of resources:

Ac c umulated dec r ease in fair v alue of hedgin g - 25,068,455 - 25,068,455 Deferred refundi n g cha rges 2,157,461 988,891 - 3,146,352 Outflows related to pension liabilit y 940,727 - - 940,727 Total deferred outflow of resources 3,098,188 26,057,346 - 29,155,534 Liabilities:

Current liabilities:

Accounts payable and ac c r ued liabilit ies 3,371,746 475,099 22,779 3,869,624 Interest payable 3,140,299 520,358 - 3,660,657
Due to the Cit y of Pasadena 445,181 - - 445,181 De posits 1,003,662 1,077,963 - 2,081,625
Due to other governments 2,422,580 - - 2,422,580 Current portion of lon g-term advance 100,000 - - 100,000 Current portion of com pensat ed absenc es 1 7 4,446 171,174 33,819 379,439 Current portion of lon g-term debt 3,896,769 5,795,560 - 9,692,329 Unea rned revenue 331,654 331,654
Total current liabilities 14,554,683 8,040,154 388,252 22,983,089 Noncurrent liabilities:

Der iv at iv e instr ument liability - 25,068,456 - 25,068,456 Lon g-term advance 600,000 - - 600,000
Compensat ed absenc es 5 3,044 129,949 - 182,993
Lon g-term debt , net of current portion 203,107,691 139,961,350 - 343 ,069,041 Net pension liabilit y 2,996,767 - - 2,996,767 Total noncurrent liabilities 206,757,502 165,159,755 - 371 ,917,257 Total liabilities 221,312,185 173,199,909 388,252 394,900,346 Deferred inflow of resources:

Deferred refundi n g char ge- 4,613,215 - 4,613,215
Serv ice concession a greement - 269,574 - 269,574
Inflows related to net pension liabilit y 21,374 - - 21,374 Total deferred inflow of resources 21,374 4,882,789 - 4,904,163 Net Position:

Net investment in ca pit al asset s (7,911,849) 5,108,608 131,413 (2,671,828) Restri
cted 15,352,313 870,240 - 16,222,553
Unres tri cted (20,784,780) (13,003,464) 293,727 (33,494,517) Total
net position (13,344,316)$ (7,024,616) 425,140 (19,943,792)$ The accompanying notes are an integral part of these financial statements.

CITY OF PASADENA FINANCIAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 39 Combining Statement of Revenues, Expenditures and Changes in Net Position Discretely Presented Component Units
For the Fiscal Year Ended June 30, 2021
Rose Bowl Pasadena Cente r Pasadena
Operating Operating Community
Company Company Access Corp.T otal
Operating revenues:

Charges for services:

Rose Bowl 8,087,414$ - - 8,087,414$
Golf course 2,724,945 - - 2,724,945
Pasadena Center O peratin g Compan y - 1,347,177 - 1,347,177 Pasadena Communit y Acces s Corporation - - 1,014,588 1,014,588 Total operating revenues 10,812,359 1,347,177 1,014,588 13,174,124 Operating expenses:

Rose Bowl 11 ,856,614 - - 11,856,614
Golf course 839,069 - - 839,069
Pasadena Center O peratin g Compan y - 4,399,916 - 4,399,916 Pasadena Communit y Acces s Corporation - - 966,025 966,025 De preciation 14,415,128 4,194,486 48,701 18,658,315 Total operating expenses 27,110,811 8,594,402 1,014,726 36,719,939 Operating income (loss) (16,298,452) (7,247,225) (138) (23,545,815) Nonoperating revenues (expenses):

Trans ient occu panc y taxes , net - 4,181,042 - 4,181,042 Tourism business im provement district tax - 1,368,681 - 1,368,681 Fac ility res tora ti on fee - 5,000 - 5,000
Investment income (103,732) 260,702 47 157,017
Interest ex pense (12,312,912) (6,061,556) - (18,374,468) Pu
blic, education, and government
(PEG) revenue - - 41,066 41,066
PEG ex pense 11,515,463 - (41,066) 11,474,397
Other nono peratin g revenues 5,037,567 - - 5,037,567 Total nonoperating revenues 4,136,386 (246,131) 47 3,890,302 Income (loss) before transfers (12,162,066) (7,493,356) (91) (19,655,513) Capital contributions - 12,676 - 12,676
Total trans fers from (to) other funds - 12,676 - 12,676 Change in net position (12,162,066) (7,480,680) (91) (19,642,837) Net position at be ginnin g of year (1,182,250) 456,064 425,231 (300,955) Net
position at end of year (13,344,316)$ (7,024,616) 425,140 (19,943,792)$ The accompa
nying notes are an integral part of these financial statements (This page intentionally left blank)
40 NOTES TO THE BASIC FINANCIAL STATEMENTS
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
42 CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 43 Note
1) Summary of Significant Accounting Policies .............................................................................................. 44 2) Cash and Investments ................................................................................................................................ 57 3) Accounts Receivable ................................................................................................................................. 61 4) Notes Receivable – Primary Government .................................................................................................. 62 5) Due From and To Other Funds .................................................................................................................. 62 6) Advances To and From Other Funds .......................................................................................................... 63 7) Capital Assets ............................................................................................................................................. 64 8) Deferred Inflows and Outflows .................................................................................................................. 66 9) Long-Term Debt and Other Liabilities ........................................................................................................ 68 10) Derivative Instruments ............................................................................................................................. 80 11) Fund Balance and Net Position .................................................................................................................. 83 12) Restricted Net Position – Stranded Investments ...................................................................................... 86 13) Accumulated Fund Deficits ....................................................................................................................... 87 14) Excess Expenditures over Appropriations ................................................................................................ 89 15) Pledged Revenue ....................................................................................................................................... 89 16) Transfers .................................................................................................................................................... 90 17) Self-Insurance ............................................................................................................................................ 91 18) Deferred Compensation Plan ..................................................................................................................... 93 19) Pension Plans ............................................................................................................................................. 93 20) Postemployment Benefits Other than Pensions (OPEB) ......................................................................... 104 21) Commitments and Contingencies ............................................................................................................ 109 22) Restatement of Beginning Net
Position and Fund Balance ..................................................................... 110 23) Subsequent Events................................................................................................................................... 110

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 44 Annual Comprehensive Financial Report | June 30, 2021 (1) Summary of Signific ant Accounting Policies
The basic financial statements of the City of Pasadena, California (City) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental entities. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant accounting policies of the City are described below. (a) Reporting Entity
The City was incorporated on June 19, 1887 as a Charter City, which operates under a Council-City Manager form of government. The City is a municipal corporation governed by an elected mayor and seven council members.

As required by GAAP, these financial statements present the City and its component units, entities for which the City is considered to be financially accountable. The Ci ty is considered to be financially accountable for an organization if the City appoints a voting majority of th at organization's governing body and the City is able to impose its will on that organization or there is a potent ial for that organization to provide specific financial benefits to or impose specific fina ncial burdens on the City . The City is also considered to be financially accountable if that organization is fiscally dependent (i.e., it is unable to adopt its budget, levy taxes, set rates or charges, or issue bonded debt without approval from the City). In certain cases, other organizations are included as component units if the nature and significance of their relationship with the City is such that their exclusion would cause the City's financial statements to be misleading or incomplete.

The two methods of reporting component unit data in the basic financial statements are blended and discrete presentation. Blending is limited exclusively to when the board of the component unit is substantively the same as that of the City or if the component unit serves the City exclusively, or almost exclusively.

Blended component units, although legally separate entities, are in substance part of the City’s operations; data from these units are combined with data of the City. Component units that do not meet the criteria for blending are included within financial statemen ts as discrete presentations. Disc retely presented component units are reported in a separate column in the government-wid e financial statements to emphasize they are legally separate from the government. Similar to the City, each blended and discretely presented component unit has a June 30
th year-end.

Jointly governed organizations provide goods or services to the citizenry of two or more governments, but do not have an ongoing financial interest or responsibility by the participating governments.

Blended Component Units
Pasadena Parking Authority (The Authority)
The Authority was created by Resolution No. 1399, dated June 6, 1972 pursuant to the provisions of the Parking Law of 1949 (California Streets and Highways Code, Sections §32651 and §32661.1). The City Council constitutes the governing board of the Authority pursuant to the aforementioned Resolution. The primary purpose of the Authority is to establish parking facilit ies for motor vehicles within the Ci ty, to furnish motor vehicle parking spaces, and to care for such vehicles within any parking facility or space owned, controlled or operated by the Authority. The City has oper ational responsibility for the Authority. Th e Authority is reported as an Enterprise Fund and does not release a separate financial report.

Pasadena Civic Improvement Corporation (PCIC)
PCIC was created on August 9, 1985 pursuant to the Non-profit Public Benefit Corporation Law of the State of California (Title 1, Division 2, Part 2 of the California Co rporations Code). At the request of the City, PCIC was organized for the specific and primary purpose of providing financial assistance to the City by acquiring or constructing property and appurtenances for and on behalf of the City. This is accomplished through the issuance of such financing instruments as certif icates of participation. The PCIC is a non-profit organization with three directors: Chief Executive Officer, Secretary/Financial Officer, and Assistant Executive Officer/Assistant Secretary. PCIC's financial data and transactions are bl ended with the Debt Service and Capital Projects fund types. The PCIC does not release a separate financial report.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 45 (1) Summary of Significant A ccounting Policies (Continued) Pasadena Hou
sing Authority (Housing Authority)
Formerly known as the Local Housing Authority, the Pasadena Housing Authority administers the City's federally funded housing programs under contract with the United States Department of Housing and Urban Development (HUD). The Housing Authority’s purpose is to help provide safe and sanitary housing accommodations for citizens with low income. It is governed by the City Council and the City has operational responsibility for the Authority.

The Housing Authority’s financial data and transactions are blended as a Special Revenue Fund. The Housing Authority does not release a separate financial report.

Pasadena Public Financing Authority (PPFA)
The Pasadena Public Financing Authority was created through the joint exercise of powers agreement between the City and the Pasadena Community Development Commission (PCDC) dated April 24, 2000. The purpose of creating the PPFA is to accomplish the purposes of the law and the Bond Pooling Act, including the financing of public capital improvements and the pur chase of certain local obligations issu ed or incurred by the City, PCDC, or other public agencies or the sale of such local obligations or the issuan ce of bonds of th e PPFA secured in whole or in part by such local obligations, or by any other designated source of revenues, all permitted by the law or the Bond Pooling Act. The Bond Pooling Act auth orizes and empowers the PPFA to, among other things, (i) issue bonds and to expend or loan the proceeds thereof to the City or PCDC, (ii) finance the acquisition and/or construction of public capital improvements and to sell or lease such improvements to the City or PCDC and (iii) purchase bonds issued by the City or PCDC, all for the purpose of financing public capital improvements, working capital, liability and other insurance needs, or certain other projects wh enever there are significant public benefits, as determined by the City or PCDC. PCDC ceased operations as an entity on January 31, 2012, and the City became the successor agency to the PCDC to perform all of PCDC’s continuing obligations. PPFA’s financial data and transactions are blended with the Debt Servic e and Capital Projects fund types. The PPFA does not release a separate financial report.

Pasadena Fire and Police Retirement System (FPRS)
FPRS was originally established by the City Charter in 1919. The system was closed on June 30, 1977, but continues to pay out benefits to retirees and their beneficiaries. FPRS covers all sworn fire and police personnel who were employed by the City prior to July 1, 1977, except those who elected to transfer to the California Public Employees’ Retirement System (CalPERS) when the system closed. FPRS is managed by a five-member Retirement Board. Three of the members are appointed by the City Council. The other two members represent firefighter and police officials, and are each appointed by their respective members. The accompanying financial statements include FPRS under the Employee Benefit Trus t Funds. Additional information related to FPRS is included in Note 19.

Successor Agency to PCDC (Successor Agency)
The Successor Agency to PCDC was crea ted to serve, in a fiduciary capacity, as custodian for the assets and to wind down the affairs of the former Pasadena Co mmunity Development Commission (PCDC). The Successor Agency operates under the auspices of a legislatively formed oversight board who has authority over its financial affairs and supervises its operations and timely dissolution. Its assets are held in trust for the benefit of the taxing entities within the former PCDC boundaries and as such are not available for City use. The accompanying financial statements include the Successor Agency under the statutorily required Private-Purpose Trust Fund.

Discretely Presented Component Units
The following organizations are considered to be discretely presented component units of the City:

Rose Bowl Operating Company (RBOC)
RBOC was incorporated on January 18, 1994, as a legally separate entity wi th the primary purpose of returning economic and civic value to the City by managing a world class stadium and a professional quality golf course complex in a residential open-space environment. RBOC is governed by a thirteen-member board. Eleven members are appointed by the City Council, while th e University of California, Los Angeles (UCLA) and the Tournament of Roses appoint one each.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 46 Annual Comprehensive Financial Report | June 30, 2021 (1) Summary of Significant Accounting Policies (Continued) RBOC operations are discretely presented in
the accompanying financial statements since neither of the two criteria for blended component units, as described ab ove, have been met. RBOC’s budget is reviewed and approved by the City Council. RBOC is presented as an Enterprise Fund Type. Separate component unit financial statements of RBOC are issued and av ailable upon request from the RBOC Ad ministration Office at 1001 Rose Bowl Drive, Pasadena, California 91103. RBOC was audited in accordance with Generally Accepted Governmental Auditing Standards. Additional information is available at www.rosebowlstadium.com.

Pasadena Center Operating Company (PCOC)
PCOC was established on September 19, 1973, as a legally separate entity with the primary purpose of managing and operating the Pasadena Center, a civic facility designed for conferences, ex hibitions, trade shows, assemblies, cultural, educational and recreational prog rams, and for the use, benefit and enjoyment of the public. PCOC was also established to supervise the activi ties of the Pasadena Convention and Visitors Bureau.

PCOC is governed by a fourteen-member board who are appointed by the City Council. The City provides a significant portion of the operating support of PCOC through allocation of the Transient Occupancy Tax collected by the City. PCOC is presented as an Enterprise Fund. Separate component unit financial statements of PCOC are issued and available upon request from Pasadena Center Operating Company, 300 E. Green Street, Pasadena, CA 91101. PCOC was audited in accordance with Generally Accepted Government Auditing Standards. Additional information is available at www.pasadenacenter.com.

Pasadena Comm
unity Access Corporation Board (PCAC)
PCAC was created by the City Council in July 1983 an d established on December 9, 1983 by Articles of Incorporation. The PCAC's primary purpose is to provide a means for individuals or groups to use cable telecommunications in order to commu nicate and share information. Th e PCAC board consists of eleven members. Seven are appointed from each Council district, one each by the Mayor and City Manager, two members, including one representing Pasadena City College (PCC) and another one representing Pasadena Unified School District (PUSD) with residency required except for the PCC and PUSD representative. The City is able to impose its will on PCAC thro ugh its ability to appoint a majority of its board members. PCAC’s budget is reviewed and approved by the City Co uncil. The City provides support through the 1% Public, Education, and Government (PEG) allocation. Separate component unit financial statements of PC AC are issued and available upon request from Pasadena Community Access Corporat ion, 150 South Los Robles Avenue, Pasadena, CA 91101. PCAC was audited in accordance with Generally Accepted Government Auditing Standards. Additional information is available at www.pasadenamedia.webs.com.

Jointly Governed Organizations
The following organizations are considered to be jointly governed organizations of the City:

Hollywood Burbank Airport
The Hollywood Burbank Airport (formerly marketed as Bob Hope Airport) is under the governance of the Burbank-Glendale-Pasadena Airport Authority (Airport Au thority). The Airport Author ity is a separate agency created in 1977 under a joint powers agreement between the three cities for the sole purpose of owning and operating the Bob Hope Airport. Three commissioners from each city, appointed by each city's respective city council, make up the nine members of the Airport Au thority. There is no ongoin g financial interest or responsibility by the participating governments.

Additional information is available at www.hollywoodburbankairport.com.

County of Los Ang
eles (County)
Under a Joint Powers Agreement dated November 22, 1966, both the City and the County participated in the construction of a parking structure at 199 North Garfield Avenue, Pasadena, California. In 1985, the County exercised an option to purchase the structure from the Retirement Board of the Los Angeles County Employees' Retirement Association, at which time the City became tenant in common, holding a 30% share of the facility.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 47 (1) Summary of Significant Accounting Policies (Continued) Foothill Air Support Team (FAST)
On July 31, 2000, the cities of Monrovia, Arcadia, Az usa, Covina, West Covina, and Pasadena formed a Joint Powers Agreement (JPA) for police helicopter services kn own as the FAST. Currently, the cities of Alhambra, Arcadia, Covina, Glendora, Monrovia, Pasadena, Pomona , San Marino, Sierra Madre, and South Pasadena are parties to the JPA. This arrangement provides police helicopter support to a number of neighboring cities on an hourly cost reimbursement basis. The City of Pasadena operates a fleet of police helicopters which it has made available for a limited set number of weekend hours and then on an on call basis. Cities are billed for their actual utilization. FAST does not own or operate helicopters, has not issued debt, and cannot levy taxes. The City bears the burden of purchasing, op erating, maintaining, and providing helicopter support. It does so under the City’s General Fund.

Rose Bowl Aquatics Center (RBAC)
On December 11, 1987, the City and the RBAC entered into an Operating and License Agreement for RBAC to build and operate swimming facilities owned by the City in the designated area of Brookside Park. The most recent Operating and License Agreement has a 15-year te rm with 3 five-year extensions and was executed on June 3, 2008. The City leases the property to the RBAC for $1 per year and provides various financial and operational supports to the community aquatics facility. In return RBAC operates as a year - round community aquatics facility, is responsible for capital improvements and repairs, and provides scholarship assistance and community services. The City Council and Mayor appoint 5 of the 21 member of the RBAC Board of Directors.

Foothill Workforce Development Board (FWDB)
Developed 35 years ago, the City Council approved a JPA among the cities of Arcadia, Duarte, Monrovia, Sierra Madre, South Pasadena, and Pasadena. The JPA created the Foothill Employment and Training Consortium (FETC) which the City of Pasadena is the fiscal agent and ha s the authority to receive and administer workforce development funds. FETC formed the Foothill Workforce Development Board (FWDB) to take the lead in developing the implementation plan for workforce deve lopment services for job seekers and businesses. The mission is to support economic growth in the San Gabriel Valley by investing in skill development and job training to ensure that businesses have qualified workforce talent and job seekers have career opportunities. The FWDB’s Americas Job Center of California is lo cated at 1207 East Green Street in Pasadena and is funded through the Workforce Innovation and Opportunity Act (WIOA).
(b) Basis of Accounting and Measurement Focus
The basic financial statements of the City are composed of the following:
• Government-wide financial statements
• Fund financial statements
• Notes to the basic financial statements
Government-wide Financial Statements
Government-wide financial statements display information about the reporting government as a whole, except
for its fiduciary activities. These statements include separate columns for the governmental and business-type activities of the primary government (including its blended component units), as well as its discretely presented component units. Eliminations have been made in the statement of activities so that certain allocated expenses are recorded only once (by function to which they were allocated). However, general governmental expenses have not been allocated as indirect expenses to the various functions of the City.

Government-wide financial statements are presented using the economic resources measurement focus and the accrual basis of accounting . Under the economic resources measurem ent focus, all economic resources and obligations of the reporting government (both current and long-term) are reported in the government-wide

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 48 Annual Comprehensive Financial Report | June 30, 2021 (1) Summary of Significant A ccounting Policies (Continued) financial statements. Ba
sis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. Under the accrual basis of accounting, revenues, expenses, gains, losses, assets, and liabilities are recognized in accordance with various GASB Statements.

Program revenues include (1) charges to customers or app licants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program. Taxes and other items not included among program revenues are reported instead as general revenues.

Amounts paid to acquire capital assets are capitalized as assets in the government -wide financial statements, rather than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the government- wide financial statements, rather than as another financing source. Amounts paid to reduce long-term indebtedness of the City are reported as a reduction of the related liability, rather than as expenditures.

Fund Financial Statements
The underlying accounting system of the City is or
ganized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing ac counts that comprise its assets, li abilities, fund equity, revenues and expenditures or expenses, as appropriate. Government al resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements for the City are governmental, proprietary, and fiduciary funds and they are presented after the government-wide financial statements. These statements disp lay information about major funds individually and non-major funds in the aggregate for governmental and enterprise funds. Fiduciary statements include financial information for fiduciary funds and similar component units. Fiduciary funds of the City primarily represent assets held by the City in a custodial capacity for other individuals or organizations.

Governmental Funds
In the fund financial statements, governmental funds
are presented using the modified-accrual basis of
accounting. Their revenues are recognized when they become measurable and available as net current assets.

Measurable means that the amounts can be estimated, or otherwise determined. Available means that the amounts were collected during the reporting period or s oon enough thereafter to be available to finance the expenditures accrued for the reporting period. The City uses a sixty-day availability period. The City accrues the following revenue types: taxes, licenses, fines and forfeits, and miscellaneous revenues.

Revenue recognition is subject to the measurable and availability criteria for the governmental funds in the fund financial statements. Exchange transactions are recognized as revenues in th e period in which they are earned (i.e., the related goods or services are provided). Locally imposed derived tax revenues are recognized as revenues in the period in which the underlying exchange transaction on which they are based takes place. Imposed non- exchange transactions are recognized as revenues in the period for which they were imposed. If the period of use is not specified, they are recognized as revenues when an enforceable le gal claim to the revenues arises or when they are received, whichever occurs first.

In the fund financial statements, governmental funds are presented using the current financial resources measurement focus. This means that only current assets and curre nt liabilities are generally included on their balance sheets. The reported fund balance (net current assets) is considered to be a measure of “available spendable resources.” Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 49 (1) Summary of Significant A ccounting Policies (Continued) Non-cu
rrent portions of long-term receivables due to governmental funds are reported on their balance sheets in spite of their spending measurement focus. Special reporting treatments are used to indicate that they should not be considered “available spendable resources,” since they do not represent net current assets. Recognition of governmental fund type revenues represented by non-current receivables are deferred until they become current receivables. Non-current portions of other lo ng-term receivables are reflected in non-spendable fund balance.

Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since th ey do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended, rather than as fund assets. The proceeds of long-term debt are recorded as other financing source rather than as a fund liability. Amounts paid to reduce long-term indebtedness are reported as fund expenditures.

Proprietary Funds
The City
’s Enterprise and Internal Service Funds are proprietary funds. In the fund financial statements, proprietary funds are presented using the accrual basis of accounting. Revenues are recognized when they are earned and expenses are recognized when the related go ods or services are delivered. In the fund financial statements, proprietary funds are presented using the economic resources measurement focus. This means that all assets and all liabilities (whether cu rrent or non-current) associated with their acti vity are included on their balance sheets. Proprietary fund ty pe operating statements present increases (revenues) and decreases (expenses) in total net position.

Operating revenues and expenses generally result from providing services, and producing and delivering goods in connection with a proprietary fund’s principal ongoin g operations. The principal operating revenues of the Light and Power Fund, Water Fund, Off-Street Parking Facilities Fund and of the City’s Internal Service Funds are charges to customers for sales and services. Operating ex penses for the Enterprise Funds and Internal Service Funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenue and expenses not meeting this definition are reported as non-operating revenues and expenses.

Amounts paid to acquire capital assets are capitalized as assets in the proprietary fund financial statements, rather than reported as expense. Proc eeds of long-term debt are recorded as a liability in the proprietary fund financial statements. Amounts paid to reduce long-term liability of the pr oprietary funds are reported as a reduction of the related liability.

When both restricted and unrestricted resources are comb ined in a fund, expenses are considered to be paid first from restricted resources, and then from unrestricted resources.

Fiduciary Funds
The City
’s fiduciary funds include Employee Benefit Tr ust Funds, Custodial Funds, and Private-Purpose Trust Funds. Employee Benefit Trust Funds are used to account for resources that are required to be held in trust for the members and beneficiaries of benefit and contribution plans. Private-Purpose Trust Funds are to account for receipt of incremental property tax and payment of enforceable obligations (debts) of the former redevelopment agency.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 50 Annual Comprehensive Financial Report | June 30, 2021 (1) Summary of Significant A ccounting Policies (Continued) (c) Major Funds, In
ternal Service Funds and Fiduciary Fund Types
The City reports the following major governmental funds:

General Fund – The primary fund of the City is used to account for all general revenues of the City not specifically levied or collected for other City funds and for expenditures related to the rendering of general services by the City.

In fiscal year ended June 30, 2021, the City combined the American Rescue Plan Act Fund under the General Fund. This fund is used to account for the use of revenue from the Coronavirus State and Local Fiscal Recovery Fund established by the American Rescue Plan Act of 2021 (ARPA), passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021. These funds are restricted for the bridging of budget shortfalls, education, housing and healthcare-related funding, including COVI D-19 vaccines, testing and contact tracing, and emergency paid leave.

Project Management Capital Projects Fund – used to a ccount for all capital improvement projects, except for those involving the utilities, and special assessment districts, where revenues are received from grants by other governments, private parties, and through transfer from other City funds.

General Debt Service Fund – used to account for the payment of interest and principal of the pension bonds and other city-wide obligations.

Housing Successor Fund – used to account for the use of property tax increment legally restricted for increasing or improving housing for low and moderate income households effective February 1, 2012.

The City reports the following major proprietary funds:

Light and Power Fund – used to account for the operations of the City’s electric utility; a self-supporting activity that renders services on a user-charge basis to residents and businesses as prescribed by the City Charter.

Water Fund – used to account for the operations of the City’s water utility; a self-supporting activity that renders services on a user-charge basis to residents and businesses as prescribed by the City Charter.

Off-Street Parking Fund – In fiscal year ended 2014, the City combined all of the parking funds into the Off-Street Parking Fund. This fund is used to account for the operation of the parking facilities throughout the City.

Internal Service Funds – to account for computing an d communication services, bu ilding maintenance, fleet maintenance, employee benefits, workers’ compensation and general liability, equipment leasing, printing and mail services to other departments or agencies of the City.

The City reports the following fiduciary fund types:

Employee Benefit Trust Funds – used to account for transactions of the Pasadena Fire and Police Retirement System (FPRS) and the City’s Deferred Compensation Plan.

Custodial Funds – used to account for resources held by the City in a pure ly custodial capacity. Custodial funds typically involve only the re ceipt, temporary investment, and remittanc e of fiduciary resources to individuals, private organizations, or other governments. The custodial funds account for monies received from agencies and financial activities for: (1) Lake/Washington Special Assessment District, (2) library equipment, (3) the Workforce Innovation and Opportunity Act (WIOA), and (4) the Open Space Assessment District.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 51 (1) Summary of Significant A ccounting Policies (Continued) Private-Purpose Trust Funds – is used to accoun
t for monies held on behalf of others in a fiduciary capacity, typically pursuant to a formal trust agreement. The City uses a private purpose trust fund to account for the receipt of incremental property tax and payment of enforceable obligations (debts) of the former redevelopment agency that were approved on the Recognized Obligation Payment Schedule (ROPS) by the California Department of Finance until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated.
(d) Cash Equivalents
For purposes of the statement of cash flows, cash equivalents are defined as short-term, highly liquid investments that are both readily convertible to known am ounts of cash or so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Cash equivalents also represent the Proprietary Funds’ share in the City’s cash and investment pool. Cash equivalents have an original maturity date of three months or less from the date of purchase. (e) Cash and Investments
Investments are reported in the accompanying financial statements at fair value based on quoted market prices, except for certain certificates of deposit, money market investments that mature within one year of acquisition and investment contracts that are reported at cost because they are not transferable, they have terms that are not affected by changes in market interest rates, and provided that the fair valu e of those investments is not significantly affected by the impairment of the credit standing of the issuer or by other factors.

Both realized and unrealized changes in fair value that occur during a fiscal year are recognized and recorded as net changes in fair value of investments. Investment earnings include net changes in fa ir value of investments, interest earnings, and all other investment income.

The City pools cash and investments of all funds, except for certain fund specific City held portfolios, deferred compensation assets, and assets held by fiscal agents. Each fund’s sh are in this pool is displayed in the accompanying financial statements as cash and investments.

Investment income earned by the pooled investments is allocated to the various funds based on each fund’s average cash and investment balance, except for investment earnings associated with the following funds not legally required to receive p ooled investment earnings that have been assigned to and recorded as revenue in the General Fund, as provided by the legal provisions of the California Government Code Section §53647: Health, Housing and Community Development, Project Manage ment, Workers’ Compensation, General Liability, Employment and Training, South Lake Business Improvem ent District and Old Pasadena Business Improvement District.

The City enters into interest rate swap agreements to modify rates on outstanding debts. Other than the net interest expenditures resulting from these agreements, no amounts are recorded in the financial statements. (f) Inventories
Inventories held by the Light and Power Fund and Water Fund (Enterprise Funds) are carried at the lower of weighted average cost or market computed on a first-in/first-out basis depending on the type of inventory. There are three types of inventory, those held for consumption in operations, those capitalized, and inventory held for resale. Inventories held by the Fleet Maintenance Fund (Internal Service Fund) are carried at average cost.

Inventory items are accounted for as an expenditure or expense when consumed or sold.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 52 Annual Comprehensive Financial Report | June 30, 2021 (1) Summary of Significant A ccounting Policies (Continued) (g) Advances to O
ther Funds
Long-term interfund advances are recorded as a receivable and as non-spendable fund balance by the general fund since they do not reflect current appropriable reserves. (h) Prepaids
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid assets. The City utilizes the allocation method to reco rd its prepaids. The prepaid assets recorded in the Governmental Funds do not reflect current appropriable resources and, thus, an equivalent portion of fund balance is unspendable.
(i) Restricted Cash and Investments
The City considers all cash and invest ments from bond proceeds in Proprietary Funds as restricted. The City is legally mandated under bond indentures to use these resources only for the purposes specified. Also included as restricted cash and investments ar e amounts accumulated in the Light and Power Fund for the purpose of meeting future contractual commitments including the Stranded Investment Reserve (SIR) Utilization Plan which is discussed under Note 12 – Restricted Net Position, deferred compensation and all cash and investments belonging to Employee Benefit Trust and Custodial Funds which are held by trustees. (j) Property Held for Resale
Property held for resale represents land, structures, and their related improvements that were acquired for resale. This includes the properties acquired in accordance with the objective of the former Pasadena Community Development Commission (PCDC) project area.

On December 29, 2011 the California Supreme Court upheld Assembly Bill 1X 26 that provides for the dissolution of all redevelopment agencies in Calif ornia. The bill provides that upon d issolution of a redevelopment agency, either the City or another unit of local government will agree to serve as the “succe ssor agency” to hold the assets until they are distributed to other units of state and local government. The City Council elected to become the Successor Agency on January 30, 2012.
(k) Capital Assets
Capital assets (including infrastructu re)
greater than $10,000 are capitalized and recorded at cost or at the estimated fair value of the assets at the time of acqu isition where complete historical records have not been maintained. Contributed capital assets , works of art, and capital assets received in a service concession agreements are reported at acquisition value. The costs of normal maintena nce and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized.

Capital assets include public domain (infrastructure) general assets consisting of certain improvements including roads, streets, sidewalks, medians, sewer systems and storm drains.

Depreciation has been provided using the straight-line method over the estimated useful life of the asset in the government-wide financial statements and in the fund financial statements of the proprietary funds.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 53 (1) Summary of Significant A ccounting Policies (Continued) A summary of the estimated
useful lives of capital assets is as follows:

Producti on Pl ant 20 to 40 years Source of Suppl y 20 to 50 years Tra ns mi s s i on Pl a nt 25 to 40 years Pumpi ng Pl ant 10 to 50 years Dis tri bution Pl a nt 20 to 40 years Treatment Pl a nt 10 to 20 years General Plant 10 to 40 years Transmission and Distribution Equi pment 4 to 10 years Pl ant 10 to 80 years
Genera l Pl ant 6 to 50 years
Equipment 4 to 10 years
Bui l ding and Improvements 20 to 50 years Bui ldi ng a nd Improvements 20 to 50 years Machinery and Equipment 2 to 20 years Machinery and Equipment 2 to 20 years Infra structure 8 to 200 years
Building and Improvements 20 to 50 years Machinery and Equipment 2 to 20 years Light and Power Fund Water Fund
Governmental Activities All Other Business-Type Activities Fiduciary Funds Fiduciary Funds
(l) Insurance Claims
Payable
The City records a liability for material litigation, judgments, and claims (including incurred but not reported losses) when it is probable that an asset has been significantly impaired or a material liability has been incurred prior to year- end and the probable amount of loss (net of any insurance coverage) can be reasonably estimated.

These claims are only recorded on a case-by-case basis. These liabilities are recorded and liquidated from the City’s Workers’ Compensation and General Liability Internal Service Funds. As mentioned in more detail in Note 17, excess liability insurance covers claims greater than the self-insurance thresholds. (m) Compensated Absences
The City accounts for compensated absences including accumulated va cation, floating holidays, and compensatory time-off, and certain sic k leave in the Benefits Internal Service Fund. Management time off is recorded under departmental expense as incurred. Upon separation, employees are paid for all of their unused vacation leave, floating holidays, management time off, and compensatory time -off subject to maximums described below.

Eligible employees accumulate 3 to 22 days of vacation each year, depending on the employee’s bargaining unit and length of service, but may not carry over from one year to the next more than the equivalent of one to three (depends on Memorandum of Understanding or Salary Resolution) year’s vacation without prior approval of the respective department head and/or City Manager.

A liability is recorded for unused va cation and similar compensatory leav e balances since the employees' entitlement to these balances are attributable to services already rendered and it is probable that virtually all of these balances will be liquidated by either paid time-off or payments upon terminatio n or retirement. The City does not accrue for unused holiday and management time off.

Compensated absences are primarily liquidated by the General Fund, Light and Power Fund and Water Fund. Sick pay benefits only accumulate; they can be converted at retirement from the City for PERS Service Credit.

Consistent with this policy, the City does not accrue sick pay benefits. The to tal outstanding vacation, compensatory time-off obligations are accrued at fiscal year-end and included under Compensated Absences in the Benefits Internal Service Fund as a current liability. See Note 9 for additional details.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 54 Annual Comprehensive Financial Report | June 30, 2021 (1) Summary of Significant A ccounting Policies (Continued) (n) Net Pension Liability
For purposes of measuring the net pensi
on liability, de ferred outflows and inflows of resources related to pensions, and pension expense, information about the fi duciary net position and additions to/deductions from the fiduciary net position have been determined on the same basis as they are reported by the CalPERS Financial Office, and are in accordance with the implementation of GASB Statement No, 68. Investments are reported at fair value. CalPERS audited financial st atements are publicly available report s that can be obtained at CalPERS’ website under Forms and Publications. See Note 19 for additional details. (o) Postemployment Benefits Other than Pension Obligation (OPEB) For purpose of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about th e fiduciary net position of the City’s OPEB plan, and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined by an independent actuary. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value. See Note 20 for additional details. (p) Bond Premiums / Discounts / Issuance Costs
For Governmental-Wide Financial Statements and Propri etary Funds financial statements, issuance costs are recognized during the current period. Any bond premiums and discounts are capitalized and amortized over the life of the bonds. Bond proceeds, premiums and discounts are reported as other financing sources in the governmental fund financial statements.
(q) Deferred Outflows and Inflows of Resources
Pursuant to GASB Statements No. 63 and 65, the City recognizes deferred outflows and inflows of resources. A deferred outflow of resources is defined as a consumption of net position by the government that is applicable to a future reporting period. A deferred inflow of resources is defined as an acquisition of net position by the government that is applicable to a future reporting period. See Note 8 for additional details. (r) Fund Balance
In the fund financial statements, governmental fund balance is made up of the following components:

Nonspendable fund balance is the portion of fund balance that cannot be spent due to form. Examples include inventories, prepaid amounts, long-t erm loans, notes receivable, and pr operty held for resale, unless the proceeds are restricted, committed or assigned. Also, am ounts that must be mainta ined intact legally or contractually, such as the principal of a permanent fund are reported within the non-spendable category. • Restricted fund balance is the portion of fund balance that is subject to externally enforceable limitations by law, enabling legislation or limitations imposed by creditors or grantors. • Committed fund balance is the portion of fund balance that is subject to self-imposed constraints due to City Council resolutions, as they have the highest level of decision-making authority. • Assigned fund balance is the portion of fund balance that is constrained by the City’s intent to utilize fund balance for a specific purpose. The authority to assign fund balance has been delegated by the City Council to the Finance Director through the Fund Balance Policy.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 55 (1) Summary of Significant A ccounting Policies (Continued) • Unassigned fund balance is the residual classification for the general fund. This classification represents fund balance that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes within the general fund. The general fund should be the only fund that reports a positive unassigned fund balance amount. In a governmental fund other than the general fund, expenditures incurred for a specific purpose might exceed the amounts in the fund that are restricted, committed, and assigned to that purpose and a negative residual balance for that purpose may result
The accounting policies of the City consider restricted fund balance to have been spent first when expenditures are incurred for purposes for which both the restricted and unrestricted fund balance is available. Similarly, when expenditures are incurred for purposes for which amounts in any of the unrestricted classifications of fund balance could be used, the City considers committed amounts to be reduced first, followed by assigned and then unassigned amounts.

In June 2017, the City Council directed staff to revise the Fund Balance Policy to split the General Fund Emergency Contingency into two components of committed fund balance, the General Fund Emergency Contingency Reserve and a General Fund Operating Reserve. The go al of a 20 percent General Fund reserve as committed fund balance continues, but is split 15 percent to the Emergency Contingency Reserve and 5 percent to the Operating Reserve. These percentages continue to be calculated using that year’s General Fund budgeted appropriations. It is intended that these committed fund balances would not be reduced below a 20 percent level without the direction of Council or upon a declared local emergency. (s) Property Taxes
The assessment, levy and collection of property taxes are the responsibility of the County of Los Angeles. The City records property taxes as revenue when received from the County, except at year-end, when property taxes received within 60 days are accrued as revenue.

Property taxes are assessed and collected each fiscal year according to the following property tax calendar:

Lien January 1
Levy July 1 to June 30
Due November 1 - 1s t i ns ta l l ment
March 1 - 2nd installment
C ollec t ion Dec ember 1 0 - 1 st installment
Apr il 1 0 - 2 nd installment
Property taxes on the secured roll are due in two installments; on November 1 a nd March 1 of the fiscal year. If
unpaid, such taxes become delinquent on December 10 and April 10, respectively, and a 10% penalty attaches to any delinquent payment. Such delinquent property may thereafter be redeemed by payment of the delinquent taxes and the delinquent penalty, plus a redemption penalty of 1% per month to the time of redemption. If taxes are unpaid for a period of five years or more, the property is then subject to sale by the County Tax Collector.

Property taxes on the unsecured roll are due as of the January 1 lien date and become delinquent, if unpaid, on August 31. A 10% penalty attaches to delinquent taxes on property of the unsecured roll, and an additional penalty of 1% per month begins to accrue. Collection of delinquent unsecured taxes is the responsibility of the County of Los Angeles using the several means legally available.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 56 Annual Comprehensive Financial Report | June 30, 2021 (1) Summary of Significant A ccounting Policies (Continued) (t) Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that a ffect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenditures. The City has made certain estimates and assumptions relating to the revenues due and expenditures incurred through fiscal year-end, collect ability of its receivables, the valuation of property held for resa le, the useful lives of the capital assets, the ultimate outcome of claims and judgments, and the valuation of pension and othe r postemployment benefit plan liabilities and related deferred outflows and inflows of resources. Actual results may differ from those estimates and assumptions. (u) Interfund Activities
Certain eliminations have been made as prescribed by GASB Statement No. 34 in regards to interfund activities, payables and receivables. All internal balances in the Statement of Net Po sition have been eliminated except those representing balances between the governmental activities and the business- type activities, which are presented as internal balances and eliminated in the to tal government column. In th e statement of activities, internal services funds transactions have been eliminated. However, tr ansactions between governmental and business-type activities have not been eliminated.
(v) Endowments
The City has been the recipient of endowments that are recorded in Permanent Funds. The endowments are legally restricted to the extent that only earnings, and not principal, may be used for purposes that support the City’s programs or specific restrictions that were placed on the endowment when the donation to the City was made. Please refer to the Permanent Funds section for additional details. (w) New Accounting Pronouncements
In fiscal year ended June 30, 2021, the City adopted the following accounting standard.

GASB Statement No. 84, Fiduciary Activities became effective for fiscal years beginning after December 15, 2019.

The objective of this Statement is to improve guidance re garding the identification of fiduciary activities for accounting and financial reporting purposes and how th ose activities should be reported. The City has implemented this Statement, see Note 22 for detail on impact to the City.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 57 (2) Cash and Investments
Primary Govern
ment (excluding the FPRS Employee Benefit Trust Fund’s cash and investments) Cash and investments as of June 30, 2021 are classified in the accompanying financial statements as follows:

Statement of net pos ition:

Cas h a nd i nves tments 607,576,952$
Res tri cted cas h a nd i nves tments 115,496,069
Fiduciary funds:

Cas h a nd ca s h equi val ents 377,007,991
Tota l ca s h and i nves tments 1,100,081,012$
Cash on hand 53,537$
Depos i ts wi th fi na nci a l i ns ti tuti ons 1,162,642 Inves tments 1,098,864,833
Tota l ca s h and i nves tments 1,100,081,012$
Cas h a nd i nves tments a s of June 30, 2021 cons i s t of the fol l owi ng:

Invest
ments Authorized by the California Government Code and the City’s Investment Policy The table below identifies the investment types that are authorized for the City by the California Government Code and the City’s investment policy. The table also identifies certain provisio ns of the California Government Code (or the City’s investment policy, if more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy.

Authorized By * Maximum * Maximum
Investment Types Investment * Maximum Percentage Investment Authorized by State Law Policy Maturity of Portfolio in One Issuer Local Agency Bonds Yes 5 years None None
US Treasury Obligations Yes 5 years None None
US Agency Securities Yes 5 years None None
Banker's Acceptance Yes 180 days 40% 30%
Commercial Paper Yes 270 days 15% 10%
Negotiable Certificates of Deposit Yes 5 years 30% None Repurchase Agreement Yes 1 year None None
Reverse Repurchase Agreements Yes 92 days 20% of base value None Time Deposits Yes N/A 25% None
Medium Term Notes Yes 5 years 30% 5%
Mutual Funds Yes N/A 20% 10%
Money Market Mutual Funds Yes N/A 20% 10%
Mortgage Pass-Through Securities Yes 5 years 20% None
Corporate Bonds Yes 5 years 20% 10%
County Pooled Investment Fund Yes N/A None None
Local Agency Investment Fund (LAIF) Yes N/A None None
JPA Pools (other investment pools) Yes N/A None None
Registered State Warrants Yes N/A None None
* Based on state law requirements or investment policy requirements, whichever is more restrictive.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 58 Annual Comprehensive Financial Report | June 30, 2021 (2) Cash and Investments (Continued)
Investments Authorized by Debt Agreements
Investment of debt proceeds held by bond trustee are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy. The table below identifies the investment types that are authorized for investments held by bond truste e. The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk.

Ma xi mum
Authorized Investment Type Maturity
US Treasury Obligations None
US Agency Securities None
Banker's Acceptance 360 days
Commercia l Paper 270 days
Mone y Ma rke t Mutua l Funds N/A
Investment Contracts 20-30 years
Pre-refunded Municipal Bonds None
Repurchase Agreements 1 y ear
Local Agency Inves tment Fund (LAIF) N/A
Gener al Obligation Bonds None
Disclosures Relating to
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment.

Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations.

Information about the sen sitivity of the fair values of the City’s inve stments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investments by maturity:
12 Months 13 to 24 25 to 60 More than
Investment Type Total or Less Months Months 60 Months
Corporate Bonds 106,202,311 $ 12,759,545$ 41,263,881$ 52,178,885$ -$ Supernationals 4,898,880 - - 4,898,880 - Federal Agency Securities 334,470,957 - - 299,957,430 34,513,527 Municipal Bonds 49,951,182 11,526,819 5,412,274 30,043,456 2,968,633 California Asset Management Program 751,914 751,914 - - - Money Market Funds 43,858,053 43,858,053 - - - State Investment Pool 132,732,792 132,732,792 - - - US Treasury 22,276,243 12,444,853 - 9,831,390 - Held by Bond Trustee:

Federal Agency Securities 11,718,413 - - 3,652,825 8,065,588 Money Market Funds 2,595,439 2,595,439 - - - Held by OPEB Trustee:

Mutual Funds 2,521,704 2,521,704 - - - Held by Pension Section 115 Trustee:

Mutual Fund 13,317,496 13,317,496 - - - Deferred Compensation Plan:

Mutual Funds 373,569,449 373,569,449 - - - Total 1,098,864,833$ 606,078,064$ 46,676,155$ 400,562,866$ 45,547,748$ Remaining Maturity (in Months)

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 59 (2) Cash and Investments (Continued)
Disclosures Re
lating to Credit Risk
Generally, credit risk is the risk that an issuer of an in vestment will not fulfill its oblig ation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization.

Presented below is the minimum rating required by (where applicable) the California Government Code, the City’s investment policy, or debt agreements, and the actual rating as of year-end for each investment type.

Minimum
Legal Not
Investment Type Rating AAA Aa A Rated
Corporate Bonds 106,202,311$ A 2,656,012$ 35,449,624$ 68,096,675$ -$ Supernationals 4,898,880 A 4,898,880 - - -
Federal Agency Securities 334,470,957 N/A 334,470,957 - - - Municipal Bond 49,951,182 N/A 3,073,431 44,693,967 2,183,784 - California Asset Management Program 751,914 N/A - - - 751,914 Money Market Funds 43,858,053 N/A - - - 43,858,053 State Investment Pool 132,732,792 N/A - - - 132,732,792 US Treasury 22,276,243 N/A 22,276,243 - - - Held by Bond Trustee:

Federal Agency Securities 11,718,413 A 11,718,413 - - - Money Market Funds 2,595,439 A 2,595,439 - - - Held by OPEB Trustee:

Mutual Fund 2,521,704 N/A - 2,521,704 - -
Held by Pension Section 115 Trustee:

Mutual Fund 13,317,496 N/A - 13,317,496 - -
Deferred Compensation Plan:

Mutual Fund 373,569,449 N/A - 373,569,449 - -
Total 1,098,864,833$ 381,689,375$ 469,552,240$ 70,280,459$ 177,342,759$ N/A Not Applicable
Rating as of Year-End
Concentration of Cred
it Risk
The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Go vernment Code. Investments in any one issuer (other than U.S. Treasury securities, mutual funds, and external investment pools) that represent 5% or more of total City investments are as follows:

Investment Reported
Issuer Type Amount
Federa l Home Loa n Bank Federal Agency Securi ti es 145,777,938$ Federa l Home Loa n Mortga ge Ba nk Federal Agency Securi ti es 109,401,833 Federa l Fa rm Credit Bank Federal Agency Securi ti es 89,289,266 Custodial Credit Risk
Custodial credit
risk for deposits is the r isk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investment s, other than the following provision for deposits: The California Government Code requires that a financial institut ion secure deposits made by state or local governmental units by pledging securities in an undivided collateral p ool held by a depository regulated under state law (unless so waived by the governmental unit). The market value of the pledged securities in the collateral pool must equal at least 110% of the

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 60 Annual Comprehensive Financial Report | June 30, 2021 (2) Cash and Investments (Continued)
total amount deposited by the public agencies. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits.

As of June 30, 2021, $0 of the City’s deposits with financ ial institutions in excess of federal depository insurance limits was held in uncollateralized accounts.

For investments identified herein as held by bond trustee, the bond trustee selects the investment under the terms of the applicable trust agreement, acquires the investment, and holds the investment on behalf of the reporting government.

Investment in State Investment Pool
The City is a voluntary participant in th e Local Agency Investment Fund (LAIF) that is regulated by the California Government Code under the oversight of the Treasurer of the State of California. The fair value of the City’s investment in this pool is reported in the accompanying financial statements at amounts based upon the City’s pro- rata share of the fair value pr ovided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records main tained by LAIF, which are recorded on an amortized cost basis.

Fair Value Hierarchy
The Company categorizes its fair value measurements with in the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset or liability. Level 1 inputs are quot ed prices in active markets for identi cal assets; Level 2 inputs are quoted prices in active markets for similar assets. Level 3 inputs are significant unobservable inputs.

The City has the following recurring fair value measurements as of June 30, 2021:

Measure by Fair Value
Not Subject to Fa ir
Value Hierarchy 1 2 3 Total
Corpora te Bonds -$ -$ 106,202,311$ -$ 106,202,311$ Super nationals - - 4,898,880 - 4,898,880
Federal Agency Securities - - 334,470,957 - 334,470,957 Municipal Bond - - 49,951,182 - 49,951,182
C alifor nia Asset M anagement P r ogr a 7 5 1 , 9 1 4 - - - 751,914 Money Ma rket Funds 43,858,053 - - - 43,858,053 Sta te Inves tment Pool 132,732,792 - - - 132,732,792 US Treasury - - 22,276,243 - 22,276,243
Held by Bond Trustee:

Federal Agency Securities - - 11,718,413 - 11,718,413 Money Market Funds 2,595,439 - - - 2,595,439 Held by OPEB Trustee:

Mutua l Fund 2,521,704 - - - 2,521,704 Held by Pension Section 115 Trustee:

Mutua l Fund 13,317,496 - - - 13,317,496
Deferred Compens a ti on Pl a n:

Mutua l Fund 373,569,449 - - - 373,569,449 Tota l 569,346,847$ -$ 529,517,986$ -$ 1,098,864,833 $ Level

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 61 (3) Accounts Receivable
As of J
une 30, 2021, the accounts receivable are categorized as follows:

Project
Management Non-Major
Capital Housing Governmental Internal
General Project Successor Funds Service Total
Governmental activities:

Accounts receivable 5,186,461 $ 1,731,363 $ 5,145 $ 9,724,056$ 110,983 $ 16,758,008 $ Accrued revenue
receivable 20,005,384 - - 7,717,947 345,652 28,068,983 Interest receivable 272,169 - (896) 365,113 109,306 745,692 Paramedics receivable 3,137,209 - - - - 3,137,209 Utility receivable 1,713,361 - - 601,139 - 2,314,500 30,314,584 1,731,363 4,249 18,408,255 565,941 51,024,392 Less: Allowance for
uncollectible amounts (2,045,027) - - (144,636) (2,189,663) Total 28,269,557$ 1,731,363$ 4,249$ 18,263,619$ 565,941$ 48,834,729$ Light and Off-Street Non-Major
Power Water Parking Proprietary Total
Business-type activities:

Accounts receivable 321,971$ 393,179$ 487,779$ 2,114$ 1,205,043$ 14,643,077 5,388,250 137,774 1,393,931 21,563,032 Interest receivable 418,338 157,404 34,329 24,532 634,603 Utility receivable 13,937,005 5,208,205 - 1,135,050 20,280,260 29,320,391 11,147,038 659,882 2,555,627 43,682,938 Less: Allowance for
uncollectible amounts (3,877,332) (1,448,700) - (312,824) (5,638,856) Total 25,443,059$ 9,698,338$
659,882$ 2,242,803$ 38,044,082$
Accrued revenue receivable

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 62 Annual Comprehensive Financial Report | June 30, 2021 (4) Notes Receivable – Primary Government
The notes rece
ivable in the Governmental Funds amounted to $93,013,040 at June 30, 2021. $53,322,822 consisted of primarily Housing and Community Deve lopment loans, which arose from the sale of land to project developers and other agencies, and the provision of loan assistance unde r the City’s affordable housing programs, subject to approved redevelopment plans. $21,34 0,218 consisted of loans that the former redevelopment agency made to assist the development of affordable rental housing projects and the purchase of homes by homebuyers. These loans are secured by trust deeds and were funded with redevelopment low-moderate income housing set-aside funds.

These notes have various terms, including maturities ranging from 5 to 45 years and interest rates ranging from 1.5% to 11%. Due to the uncertainty of th eir collectability at June 30, 2021, the City has recorded an allowance for uncollectible long-term receivables of $79,507,645.

In January 2009, Light and Po wer utilized $80 million of Reserves for Stranded Investment and in return received Subordinated Notes totaled $70 million from Intermountain Power Agency (IPA) to defease some of IPA’s outstanding debt service requirement for Intermountain Power Project (IPP) bonds. These notes have various maturity dates, and the proceeds, when mature, will be us ed to stabilize future energy costs. The balance of the notes as of June 30, 2021 is $ 8,046,667.

In May 2020, the City sold the Concord property at 275 Cordova St and resulted in $18,350,000 notes receivable.

The City expects to receive $13,505,395 in eighteen mont hs and the rest in 55 years. Due to the nature of the contingency, the City recognized $4,844,605 as allowance. (5) Due to and from Other Funds
Current interfund receivable and pa
yable balances at June 30, 2021 are as follows:

Due from Other Funds
Due to Other Funds General Fund Total
Non-Major Governmental Funds 9,024,239$ 9,024,239$ Internal Service Funds 12,293,255 12,293,255
Total 21,317,494$ 21,317,494$
The above balances are due to
short term payable between funds and negative cash balances at the end of the fiscal year.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 63 (6) Advances to and from Other Funds
Primary Government
Long-term i
nterfund receivable and payable balances at June 30, 2021 are as follows:

Advances to Other funds
Li ght
and Power
Advances from Other funds Fund Total
General Fund 220,000$ 220,000$
Total 220,000$ 220,000$
Outstandi
ng at
June 30, 2021
Light and Power
On May 14
, 2012, City Council authorized a loan from Power Fund of Pasadena Water and Power (PWP) to Public Works Department (Public Works) and appropriated it to the FY 2013 Capital Improvement Program Budget for the repair and/or replacement of existing street lighting systems CIP Project. Public Works agreed to repay the loan to PWP in ten equal annual installments of $1 10,000 each on January 31 of each year starting on January 31, 2014 and ending on January 31, 2023. $ __220,000 Total advances
between City funds $ 220,000

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 64 Annual Comprehensive Financial Report | June 30, 2021 (7) Capital Assets
Primary Government
Capital asset a
ctivity for the year ended June 30, 2021 is as follows:

Balance at Transfers and Balance at
Governmental activities June 30, 2020 Additions Deletions Adjustments June 30, 2021 Depreciable assets:

Buildings and improvements 299,099,042$ -$ (278,342)$ 1,673,610$ 300,494,310$ Machinery and equipment 86,022,530 3,079,086 (1,651,260) 3,755,948 91,206,304 Infrastructure 356,047,483 - (48,705,970) 21,163,066 328,504,579 Total cost of depreciable assets 741,169,055 3,079,086 (50,635,572) 26,592,624 720,205,193 Less accumulated depreciation:

Buildings and improvements (142,003,469) (6,370,140) 269,316 - (148,104,293) Machinery and equipment (48,721,468) (7,129,527) 1,504,296 - (54,346,699) Infrastructure (159,152,689) (7,537,542) 47,207,206 - (119,483,025) Total accumulated depreciation (349,877,626) (21,037,209) 48,980,818 - (321,934,017) Net depreciable assets 391,291,429 (17,958,123) (1,654,754) 26,592,624 398,271,176 Capital assets not depreciated:

Land 87,336,607 - - - 87,336,607
Construction in progress 34,458,339 14,723,518 (64,469) (26,592,624) 22,524,764 Total cost of non-depreciable assets 121,794,946 14,723,518 (64,469) (26,592,624) 109,861,371 Capital assets, net 513,086,375$ (3,234,605)$ (1,719,223)$ -$ 508,132,547$ During the ye
ar, governmental activities received procee ds of $91,548 from the disp osal of capital assets and incurred a loss on disposal of $1,627,675.

Depreciation expense was charged in the following functions and activities in the statement of activities:

General government 7,070,551$
Public safety 1,102,188
Transportation 2,470,925
Health 156,741
Culture and leisure 1,384,210
Community development 6,355,866
Computing and communication 1,274,425
Building maintenance 593
Fl eet mai ntenance 1,217,459
Fleet repair and maintenance 4,251
21,037,209$

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 65 (7) Capital Assets (Continued)
Primary Government (Conti
nued)
Balance at Transfers and Balance at
Business-type activities June 30, 2020 Additions Deletions Adjustments June 30, 2021 Depreciable assets:

Buildings and improvements 141,800,326$ -$ (46,419)$ 241,838$ 141,995,745$ Utility lines, machinery, and equipment 1,158,295,611 2,106,530 (4,563,945) 53,202,164 1,209,040,360 Total cost of depreciable assets 1,300,095,937 2,106,530 (4,610,364) 53,444,002 1,351,036,105 Less accumulated depreciation:

Buildings and improvements (64,314,203) (3,802,742) 46,434 - (68,070,511) Utility lines, machinery, and equipment (544,726,467) (39,883,874) 4,155,540 - (580,454,801) Total accumulated depreciation (609,040,670) (43,686,616) 4,201,974 - (648,525,312) Net depreciable assets 691,055,267 (41,580,086) (408,390) 53,444,002 702,510,793 Capital assets not depreciated:

Land 14,676,030 - (837) - 14,675,193
Construction in progress 71,153,143 64,796,953 - (53,444,002) 82,506,094 Total cost of nondepreciable assets 85,829,173 64,796,953 (837) (53,444,002) 97,181,287 Capital assets, net 776,884,440$ 23,216,867$ (409,227)$ -$ 799,692,080$ During the year, business-type activiti es received proceeds of $71,083 from the disposal of capital assets and
incurred a loss on disposal of $338,144.

Depreciation expense was charged in the following functions in the statement of activities:

Electric 32,271,007$
Water 8,941,395
Refuse 691,857
Parking 1,631,566
Telecommunication 150,791
43,686,616$
Fiduciary Fu
nds – Private-Purpose Trust Fund
Balance at Balance at
Fiduciary Funds June 30, 2020 Additions Deletions June 30, 2021 Capital assets not depreciated:

Land 214,261$ -$ -$ 214,261$
Total cost of nondepreciable assets 214,261 - - 214,261 Capital assets, net 214,261$ -$ -$ 214,261$

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 66 Annual Comprehensive Financial Report | June 30, 2021 (8) Deferred Inflows and Outflows
Primary Governme
nt
Deferred outflows on the government-wide statement of net position consists of the following at June 30, 2021:

Govermental Activities Balance at Balance at
June 30, 2020 Increase Decrease June 30, 2021
2015A Refunding COP Deferred Charges 4,337,618 $ -$ (246,689)$ 4,090,929$ 2020A Refunding POB Deferred Charges 12,788,637 - (514,979) 12,273,658 2020B Refunding POB Deferred Charges 6,272,444 - (351,726) 5,920,718 GASB 68 Contribution Subsequent to Measurement Date 47,121,534 51,421,992 (47,121,534) 51,421,992 GASB 68 Net Difference on Pension Plan Investments - 9,891,122 - 9,891,122 GASB 68 Change of Assumptions 19,730,575 8,964,309 (19,730,575) 8,964,309 GASB 68 Difference in Experience 7,339,453 5,762,033 (7,339,453) 5,762,033 GASB 75 Change of Assumptions 8,542,742 11,187,954 (8,542,742) 11,187,954 GASB 75 Net Difference on Pension Plan Investments 3,046 - (3,046) - GASB 68 FPRS Net Difference on Pension Plan
Investments 2,131,000 - (2,131,000) -
108,267,049$ 87,227,410$ (85,981,744)$ 109,512,715$ Business-type Activities Balance at Balance at
June 30, 2020 Increase Decrease June 30, 2021
1998 Electric Bonds Deferred Charges 325,391 $ -$ (108,463)$ 216,928$ 2002 Electric Bonds Deferred Charges 292,995 - (292,995) - 2008 Electric Bonds Deferred Charges 909,034 - (53,473) 855,561 2019 Electric Bonds Deferred Charges (817,107) 200,107 - (617,000) 2003 Water Bonds Deferred Charges 198,484 - (66,161) 132,323 GASB 68 Contribution Subsequent to Measurement Date 10,051,710 11,373,463 (10,051,710) 11,373,463 GASB 68 Net Difference on Pension Plan Investments - 2,132,880 - 2,132,880 GASB 68 Change of Assumptions 1,533,668 - (1,533,668) - GASB 68 Difference in Experience 1,100,081 659,296 (1,100,081) 659,296 GASB 75 Change of Assumptions 2,544,909 2,921,224 (2,544,909) 2,921,224 GASB 75 Net Difference on Pension Plan Investments 908 - (908) - 16,140,073$ 17,286,970$ (15,752,368)$ 17,674,675$

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 67 (8) Deferred Inflows and Outflows (Continued)

Deferred inflows on the government-wide statement of net assets consists of the following at June 30, 2021:

Governmental Activities
Balance at Balance at
June 30, 2020 Increase Decrease June 30, 2021
GASB 68 Change of Assumptions 3,963,269$ 1,184,883$ (3,963,269)$ 1,184,883$ GASB 68 Difference in Experience 5,798,643 4,075,060 (5,798,643) 4,075,060 GASB 68 Net Difference on Pension Plan Investments 5,099,303 - (5,099,303) - GASB 75 Change of Assumptions 304,527 156,707 (304,527) 156,707 GASB 75 Difference in Experience 4,669,610 3,994,348 (4,669,610) 3,994,348 GASB 75 Differences between Projected and Actual
Earnings on OPEB Plan Investments 16,073 136,284 (16,073) 136,284 GASB 68 FPRS Net Difference in Experience - 10,243,000 - 10,243,000 19,851,425$ 19,790,282$ (19,851,425)$ 19,790,282$

Business-type Activities Balance at Balance at
June 30, 2020 Increase Decrease June 30, 2021
GASB 68 Change of Assumptions 905,221 $ 310,008 $ (905,221) $ 310,008 $ GASB 68 Difference in Experience 660,006 945,356 (660,006) 945,356 GASB 68 Net Difference on Pension Plan Investments 1,212,396 - (1,212,396) - GASB 75 Change of Assumptions 90,719 40,917 (90,719) 40,917 GASB 75 Difference in Experience 1,391,092 1,042,943 (1,391,092) 1,042,943 GASB 75 Differences between Projected and Actual
Earnings on OPEB Plan Investments 4,789 35,584 (4,789) 35,584 4,264,223$ 2,374,808 $ (4,264,223) $ 2,374,808 $

Deferred inflows on the governmental funds consists of the following at June 30, 2021:

Project
Management
General Capital Non-Major Total
Fund Projects Governmental Governmental
Unavailable revenues 540,893$ 1,619,031$ 6,996,867$ 9,156,791$ 540,893$ 1,619,031$ 6,996,867$ 9,156,791$

In accordance with GASB Statement No. 33 revenue re cognition requirements, the following revenues have been deferred because they were not available at year end: $540,893 of park projects, $1,619,031 of capital improvement projects, $31,955 of Public Safety grants, $653,149 of Health grants, $424,486 of Transportation services, and $5,887,277 of Housing grants.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 68 Annual Comprehensive Financial Report | June 30, 2021 (9) Long-Term Debt and Other Liabilities
Primary Government

Changes in long-term debt and other liabilities for the year ended June 30, 2021 are as follows:

Due in
Balance at Balance at Due Within More Than
Governmental Activities: June 30, 2020 Additions Reductions June 30, 2021 One Year One Year Notes payable:

Notes from Direct Borrowings
(Rose Bowl) 471,481 $ -$ (16,156)$ 455,325$ 16,495$ 438,830$ Section 108 4,800,000 - (300,000) 4,500,000 300,000 4,200,000 Total Notes Payable 5,271,481 - (316,156) 4,955,325 316,495 4,638,830 Pension bonds:
2015 Taxable Pension Obligation Bonds 6,845,000 - (890,000) 5,955,000 1,075,000 4,880,000 Bond Premiums/(Discount) (81,051) - 16,769 (64,282) - (64,282) 2020 Taxable Pension Obligation Bonds 129,975,000 - (980,000) 128,995,000 995,000 128,000,000 Total Pension Bonds 136,738,949 - (1,853,231) 134,885,718 2,070,000 132,815,718 Certificates of Participation:
2015 COP Series A Refunding 2008 COP 50,850,000 - (1,995,000) 48,855,000 2,090,000 46,765,000 Bond Premiums/(Discount) 4,627,731 - (263,189) 4,364,542 - 4,364,542 Total Certificates of Participation 55,477,731 - (2,258,189) 53,219,542 2,090,000 51,129,542 Capitalized lease obligations 6,811,926 - (935,876) 5,876,050 939,341 4,936,709 Subtotal governmental activity long-term
obligations 204,300,087 - (5,363,452) 198,936,635 5,415,836 193,520,799 Other:

Compensated absences 12,136,891 10,579,215 (9,740,019) 12,976,087 9,740,019 3,236,068 Insurance c
laims payable 40,239,238 35,024,507 (33,219,552) 42,044,193 18,243,117 23,801,076 Total governmental activity long-term
liabilities 256,676,216$ 45,603,722$ (48,323,023)$ 253,956,915$ 33,398,972$ 220,557,943$ Due in
Balance at Balance at Due Within More Than
Business-type Activities: June 30, 2020 Additions Reductions June 30, 2021 One Year One Year Revenue bonds:
2010A Electric Revenue Refunding Bonds 5,000,000 $ - $ (5,000,000) $ -$ -$ -$ 2010A Water Revenue Bonds (Taxable
Build America) 25,425,000 - (25,425,000) - - - 2011A Water Revenue Bonds
(Refunding Bonds) 15,065,000 - (1,210,000) 13,855,000 1,210,000 12,645,000 2012A Electric Revenue Refunding Bonds 4,405,000 - (570,000) 3,835,000 3,835,000 - 2013A Electric Revenue Refunding Bonds 74,335,000 - (1,735,000) 72,600,000 5,140,000 67,460,000 2016A Electric Revenue Refunding Bonds 111,620,000 - (2,870,000) 108,750,000 3,015,000 105,735,000 2017A Water Revenue Refunding Bonds 13,095,000 - (555,000) 12,540,000 580,000 11,960,000 2019A Electric Revenue Refunding Bonds 11,575,000 - (3,205,000) 8,370,000 1,940,000 6,430,000 2020A Water Revenue Refunding Bonds - 30,130,000 (820,000) 29,310,000 930,000 28,380,000 Total Water and Power 260,520,000 30,130,000 (41,390,000) 249,260,000 16,650,000 232,610,000 2008 Paseo Colorado Taxable Revenue
Bonds 22,000,000 - (800,000) 21,200,000 800,000 20,400,000 Bond Premiums/(Discounts) 29,038,207 8,944,012 (1,988,871) 35,993,348 - 35,993,348 Total Revenue Bonds 311,558,207 39,074,012 (44,178,871) 306,453,348 17,450,000 289,003,348 Capitalized lease obligations 2,824,168 (440,045) 2,384,123 451,87 2 1,932,251 Total business-type activity long-term
liabilities 314,382,375$ 39,074,012$ (44,618,916)$ 308,837,471$ 17,901,872$ 290,935,599$

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 69 (9) Long-Term Debt and Other Liabilities (Continued)
Discretely Presented Component Un
its
Changes in discretely presented component units’ long-term debt and other liabilities for the year ended June 30, 2021 are as follows:

Additions Due in
Balance at Including Balance at Due Within More Than
Discretely Presented Component Units June 30, 2020 Accretion Reductions June 30, 2021 One Year One Year Certificates of participation:
2006 COP (CONFERENCE CENTER PROJECT) 14,977,587$ 723,566$ (5,145,000)$ 10,556,153$ 5,490,000$ 5,066,153$ 2008 Refunding COP Series 2008A
(Conference Center Project) 134,720,000 - - 134,720,000 - 134,720,000 Total Certificates of Participation 149,697,587 723,566 (5,145,000) 145,276,153 5,490,000 139,786,153 Revenue Bonds:
2010A Revenue Bonds-Tax Exempt 23,455,191 1,482,345 (1,655,000) 23,282,536 - 23,282,536 2010B Revenue Bonds-Taxable Build America Bonds 106,660,000 - - 106,660,000 - 106,660,000 2010C Revenue Bonds-Taxable - - - - - -
2010D Revenue Bonds-Taxable Recovery 7,400,000 - - 7,400,000 - 7,400,000 2016A Revenue Bonds-Partial Refunding
2010A Bonds 21,865,000 - - 21,865,000 1,980,000 19,885,000 2016A Bond Premium (Discount) 3,713,867 - (550,203) 3,163,664 - 3, 163,664 2018A Revenue Bonds-Refunding /
Tax Exempt Fixed Rate 30,585,000 - - 30,585,000 - 30,585,000 2018B Revenue Bonds-Taxable 11,060,000 - (1,655,000) 9,405,00 0 1,865,00 0 7,540,000
2018AB Bond Premium/(Discount) 4,200,358 - (178,323) 4,022,035 - 4,022,035 Total Revenue Bonds (Rose Bowl
Renovation) 208,939,416 1,482,345 (4,038,526) 206,383,235 3,845,000 202,538,235 Energy Conservation Loan 774,600 - (293,841) 480,759 305,560 175,199 Skating Rink Loan 167,208 - (167,208) - - -
Golf Equipment Finance 672,994 - (51,767) 621,227 51,769 569,458 Compensated absences 294,912 182,124 (215,727) 261,309 208,265 53,044 Total discretely presented component units
long-term liabilities 360,546,717$ 2,388,035$ (9,912,069)$ 353,022,683$ 9,900,594$ 343,122,089$ Fiduciary F
unds – Private-Purpose Trust Fund
Due in
Balance at Balance at Due Within More Than
Successor Agency to Pasadena Community June 30, 2020 Additions Reductions June 30, 2021 One Year One Year Development Commission (PCDC):

Tax allocation bonds:
2006 Tax Allocation Refunding Bonds (Fair Oaks) 435,000 $ - $ (210,000) $ 225,000$ 225,000$ -$ Total tax allocation bonds 435,000 - (210,000) 225,000 225,000 - Total Successor Agency to PCDC long-term liabilities 435,000$ -$ (210,000) $ 225,000$ 225,000$ -$

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 70 Annual Comprehensive Financial Report | June 30, 2021 (9) Long-Term Debt and Other Liabilities (Continued)
Governmental Activities:

Final
Principal
Issue Original Coupon Payment Outstanding at
Date Purpose Amount Interest Rate Date June 30, 2021
Detail of Long-Term Debts
Governmental Activities:

Notes payable:

Notes Payable - RBOC 1/15/2013 a 575,642 $ 2.10% 1/7/2043 455,325$ Notes Payable - Section 108 10/29/2015 c 6,000,000 variable 8/1/2035 4,500,000 Total Notes Payable 4,955,325$
Pension bonds:
2015 Unrefunded Taxable Pension Obligation Bonds 5/5/2015 b 119,460,000$ 2.824% to 3.465% 5/1/2025 5,955,000$ 2020 Taxable Pension Obligation Bonds 2/26/2020 b 131,805,000 1.601% to 3.097% 5/1/2045 128,995,000 Bond Premium (Discount) (64,282)
Total Pension Bonds 134,885,718$
Certificates of Participation:
2015 COP Series A Refunding 2008 COP 12/2/2015 d 55,350,000$ 3.0% to 5.0% 2/1/2038 48,855,000$ Bond Premium (Discount) 4,364,542
Total Certificates of Participation 53,219,542$
Capitalized Lease Obligations:
2020 Equipment Lease-Radio Equipment 1/15/2020 e 6,800,000 1.659% 1/15/2027 5,876,051 Total Capitalized Lease Obligations 5,876,051$
Business-type Activities:

Final
Principal
Issue Original Coupon Payment Outstanding at
Date Purpose Amount Interest Rate Date June 30, 2021
Detail of Long-Term Debts
Business-Type Activities:

Revenue bonds:
2008 Paseo Colorado Taxable Revenue Bonds 9/17/2008 f 28,800,000 variable 6/1/2038 21,200,000$ 2011A Water Revenue/Refunding Bonds 12/20/2011 i 29,770,000 3.0% to 5.0% 6/1/2033 13,855,000 2012A Electric Revenue Refunding Bonds 10/4/2012 g 11,780,000 1.0% to 4.0% 6/1/2022 3,835,000 2013A Electric Revenue Refunding Bonds 12/3/2013 j, k 80,485,000 4.25% to 5.0% 6/1/2043 72,600,000 2016A Electric Revenue Refunding Bonds 11/7/2016 l 119,440,000 4.0% to 5.0% 6/1/2046 108,750,000 2017A Water Revenue Refunding Bonds 3/13/2017 m 15,395,000 5.000% 6/1/2036 12,540,000 2019A Electric Revenue/ Refunding Bonds 8/1/2019 n 11,575,000 5.000% 8/1/2024 8,370,000 2020A Water Revenue Refunding Bonds 12/1/2020 h 30,130,000 5.000% 6/1/2050 29,310,000 Bond Premium (Discount) 35,993,348
Total Revenue Bonds 306,453,348$
Capitalized Lease Obligations:
2019 Equipment Lease-Parking System 4/1/2019 e 3,252,694 2.670% 4/1/2026 2,384,123$ Total Capitalized Lease Obligations 2,384,123$

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 71 (9) Long-Term Debt and Other Liabilities (Continued)
Component U
nit Activities:

Final
Principal
Issue Original Coupon Payment Outstanding at
Date Purpose Amount Interest Rate Date June 30, 2021
Detail of Long-Term Debts
Discretely Presented Component Units
Certificates of Participation
2006 COP (Conference Center Project) 8/23/200 6 CC1 27,139,972 3.85% to 4.81% 2/1/2023 10,556,153$ 2008 Refunding COP, Series 2008A
(Conference Center Project) 4/15/2008 CC2 134,720,000 variable 2/1/2035 134,720,000 Total Certificates of Participation (PCOC) 145,276,153$ Revenue Bonds
2010A Revenue Bonds-Tax Exempt
Capital Appreciation 11/18/2010 RB1 11,588,265 6.43% to 6.52% 3/1/2033 23,282,536 2010B Revenue Bonds-Taxable Build
America Bonds 11/18/2010 RB1 106,660,000 6.998% to 7.148% 3/1/2043 106,660,000 2010D Revenue Bonds-Taxable
Recovery Zone Economic Development 11/18/2010 RB1 7,400,000 7.148% 3/1/2043 7,400,000 2016A Revenue Bonds -
Partial Refunding 2010A Bonds 10/5/2016 RB3 21,865,000 5.000% 4/1/2027 21,865,000 2016A Bond Premium (Discount) 3,163,665
2018A Revenue Bonds - (Refunding
2013A Tax Exempt) 12/6/2018 RB2 30,585,000 5.000% 12/1/2042 30,585,000 2018B Revenue Bonds-(Refunding
2013B Taxable) 12/6/2018 RB2 12,515,000

2.604% to

3.575% 12/1/2027 9,405,000
2018 AB Bond Premium (Discount) 4,022,03
6 Tot
al Revenue Bonds (RBOC) 206,383,236$
Fiduciary Fund Activities:

Final
Principal
Issue Original Coupon Payment Outstanding at
Date Purpose Amount Interest Rate Date June 30, 2021
Fiduciary Funds
Successor Agency to Pasadena Community
Development Commission (PCDC):

Tax Allocation bonds:
2006 Tax Allocation Refunding Bond (Fair 5/17/2006 T1 2,470,000 3.8% to 4.9% 7/1/2021 225,000$ Oaks)
Total tax allocation bonds 225,000$

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 72 Annual Comprehensive Financial Report | June 30, 2021 (9) Long-Term Debt and Other Liabilities (Continued)
a Refund 2006 Revenue Bonds
b Fire and Police Retirement
c Section 108 Note for Robinson Park Improvements
d Partially refund 2008 Certificates of Participation City Hall e Equipment Purchases, assets purchased collateralized debt f Refund 2000 Paseo Bonds
g Refund partial 2002/ 2003 Electric Bonds
h Refund 2010A Water Revenue Bonds
i Refund partial 2003 Water Bonds
j GT5 Improvements
k Refund 2002 Electric Bonds and Capital Improvements to the Electric System l Refund 2008 Electric Bonds, repay Line of Credits and Capital Improvement to the Electric System m Refund 2007 Water Bonds
n Refund 2009 Electric Bonds and Capital Improvement to the Electric System CC1 Conference Center Improvements
CC2 Refund 2006B Certificates of Participation
RB1 Rose Bowl Stadium Renovation
RB2 Refund 2013 Rose Bowl Revenue Bonds
RB3 Partial refund 2010A Rose Bowl Revenue Bonds
T1 Fair Oaks Redevelopment Project & Public Improvement Program Purpose of Debt:

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 73 (9) Long-Term Debt and Other Liabilities (Continued)

The annual requirements to amortize as of June 30, 2021, are as follows:

Governmental Activities:

Year Ending
June 30 Principal Interest Principal Interest Principal Interest 2022 316,495 $ 141,310 $ 2,070,000 $ 3,954,375 $ 2,090,000 $ 2,205,150 $ 2023 316,842 133,288 2,355,000 3,904,603 2,195,000 2,100,650 2024 317,195 125,187 2,410,000 3,844,684 2,310,000 1,990,900 2025 317,556 116,897 3,210,000 3,780,052 2,420,000 1,875,400 2026 317,925 108,419 3,305,000 3,685,783 2,545,000 1,754,400 2027-2031 1,595,433 405,435 17,625,000 17,335,155 14,745,000 6,733,250 2032-2036 1,605,883 152,840 23,890,000 14,811,885 14,445,000 3,362,975 2037-2041 117,478 12,808 37,570,000 10,917,296 8,105,000 489,400 2042-2046 50,517 1,597 42,515,000 3,495,474 - - Bond Premium (Discount) - - (64,282) - 4,364,542 - Total Payment 4,955,325$ 1,197,781 $ 134,885,718 $ 65,729,307 $ 53,219,542 $ 20,512,125 $ Pension BondsNotes Payable Certificates of Participation

Year Ending
June 30 Principal Interest
2022 939,341 $ 93,604 $
2023 954,989 77,956
2024 970,898 62,047
2025 987,072 45,873
2026 1,003,516 29,429
2027-2031 1,020,233 12,712
Total Payment 5,876,050 $ 321,621 $
Capi tal i zed Lease

Business-type Activities:

Year Ending
June 30 Principal Interest Principal Interest
2022 17,450,000$ 11,789,205$ 451,872$ 60,660$ 2023 10,900,000 11,002,655 464,017 48,514 2024 11,220,000 10,509,780 476,489 36,042 2025 11,735,000 10,000,930 489,297 23,235 2026 9,820,000 9,541,305 502,448 10,085 2027-2031 55,495,000 40,985,950 - - 2032-2036 65,180,000 27,946,600 - - 2037-2041 51,350,000 14,616,750 - - 2042-2046 34,720,000 4,482,550 - - 2047-2051 2,590,000 331,750 - - Bond Premium (Discount) 35,993,348 - - - Total Payment 306,453,348$ 141,207,475$ 2,384,123$ 178,536$ Capitalize d L e aseRevenue Bonds

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 74 Annual Comprehensive Financial Report | June 30, 2021 (9) Long-Term Debt and Other Liabilities (Continued)
Fiduciary Fun
ds
Year Ending
June 30 Principal Interest
2022 225,000 $ 5,513$
Total Payment 225,000$ 5,513$
Tax Allocation Bonds
New Debt Issued in
Fiscal Year Ended June 30, 2021
Water Revenue/Refun
ding Bonds, 2020A Series
On December 1, 2020, the City issued the Water Revenu e/Refunding Bonds, Series 2020A (2020A Revenue Bonds) in the amount of $30,130,000 to refund the 2010A Water Revenue Bonds, finance the costs of acquisition and construction of certain capital improvements to the Wa ter System, and pay the costs of issuance of the 2020A Revenue Bonds. The rate of interest is 5.00% payable se mi-annually on December 1 and June 1 of each year, commencing June 1, 2021. Principal is payable in annua l installments ranging from $450,000 to $1,525,000 commencing June 1, 2021 and ending June 1, 2050. The Ci ty realized debt service savings of $9.16 million and a present value savings of $8.26 million. The true interest cost of the financing was 1.89%.

Disclosure Related to Long-Term Debt under GASB 88
The City’s outstanding notes from direct borrowings related to government activities of $455,325 is payable to Rose Bowl Operating Company, resulting from the refunding of revenue bonds activities in 2013 and does not have any special provision.

The City’s outstanding Notes Payable – Section 108 relating to government activities are payable from the annual allocation of Community Development Block Grant Funds (CDBG).

In regards to the 2020AB and 2015B Pension Obligation Bo nds (POBs), the debt service payments are secured by revenue received by the General Fund.

In case of a default, the following is the course of action:

The Trustee will, by written notice to the City and th e Paying Agent, declare imme diately due an d payable the principal and Accreted Value of the accrued interest on all Outstanding Bonds of such Series, whereupon the same become immediately due and payable with any further action or notice.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 75 (9) Long-Term Debt and Other Liabilities (Continued)
Disclo
sure Related to Long-Term Debt under GASB 88 (Continued) In regards to the 2015A Certificates of Participation, the City’s outstanding bonds from public offerings related to government
activities are payable from and secured by revenu e received by the City. In case of the City’s default, the following is the course of action:

The Aut
hority or its assignee, in addition to all other rights and remedies it may have at law, will have the option to do the following:
(1) To terminate the Sublease in the manner provided in the Sublease on account of default by the City, and to retake possession of the Lease Property. In the event of such termination, the City agrees to surrender immediately possession of the Lease Property, without let or hindrance, and to pay the Authority or its assignee all damages recoverable
at law that the Authority or its assignee may incur by reason of default by the City, including, without limitation, any costs, loss or damage whatsoever arising out of, in connection with, or incident to any su ch retaking
possession of the Lease Property. Neither notice to pay rent nor to deliver up possession of the Lease Property given pursuant to law nor any proceeding in unlawful detainer, or otherwise, brought by the Authority or its assign
ee for the purpose of obtaining possession of the Leased Property nor the appointment of a receiver upon
initiative of the Authority or its assignee to protect the Authority’s or its assignee’s interest under th e Suble
ase shall of itself operate to terminate the Sublease, and no termination of the Sublease on account of default
by the City shall be or become effective by operation of law or acts of the parties hereto, unless and until the Auth
ority or its assignee shall have given written notice to the City of the election on the part of the Authority or its assignee to terminate the Sublease.
(2) Without terminating the Sublease, (i) to collect each installment of rent as it becomes due and enforce any other term or provision of the Sublease to be kept or performed by the City and/or (ii) to exercise any and all rights to retake possession of the Lease Property. In the event the corporation or its assignee does not elect to terminate the
Sublease in the manner described in subparagraph (1) above, the City will remain liable and agrees to keep or p
erform all covenants and conditions contained in the Subl ease to be kept or performed by the City and, to pay the rent to the end of the term of the Sublease or, in the event that the Lease Property is re-let, to pay an y deficiency in
the rent that results therefrom; and further agrees to pay said rent and/or the payment of re nt under
the Sublease (without acceleration), notwithstanding the fact that the Authority or its assignee may have received in previous years or may receive thereafter in s ubsequent years rental in excess of the rental specified in the Sublease and notwithstanding any retaking of possession of the Leased Property by the Authority of its assignee or suit in unlawful detainer, or otherwise, brou ght by the Authority or its assignee for the purpose of obtaining possession of the Leased Property. Should the Authority or its assignee elect to retake possession of the Lease Property as provided in the Sublease, the City irrevocably appoints the Authority or it assignee as the agent and attorney-in-fact of the City to re-let the Lease Property, or any items thereof, from time to time, eith er
in the Auth
ority’s or its assignee’s name or otherwise, upon such terms and conditions and for such use an d period a
s the Authority or its assignee may deem advisable and the City indemnifies and agrees to save harmless the Authority or its assignee from any costs, loss or dam age whatsoever arising out of, in connection with , or incident t
o any retaking of possession of and re-letting of the Lease Property by the Authority or its assignee or its duly authorized agents in accordance with the provisions contained in the Sublease. The City agrees that the terms of the Sublease constitute full and sufficient notice of the right of the Authority or its assignee to re-let the Lease
Property in the event of such reentry without effecting a surrender of the Sublease, and further agrees that no acts of the Authority or its assignee in effecting such re-letting with constitute a surrender of termination of the Sublease irrespective of the use or the terms for which such re-letting is made or the terms and conditions of such re-letting, or otherwise, but that on the contrary, in the event of such default by the City the right to terminate the
Sublease will vest in the Authority or its assignee to be effected in the sole and exclusive manner described in
subparagraph (1) above. The City further waives the right to rental obtained by the Authority or its assignee in excess of the rental specified in the Sublease and conveys and release such excess to the Authority or

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 76 Annual Comprehensive Financial Report | June 30, 2021 (9) Long-Term Debt and Other Liabilities (Continued)
Disclosure Rela
ted to Long-Term Debt under GASB 88 (Continued)
its assignee as compensation to the Authority or its assignee for its services in re-letting the Lease Property or any items thereof. The City further agrees to pay the Authority or its assignee the cost of any alterations or repairs to the Lease Property or any items thereof necessary to place the Leased Property or any items thereof in conditions for re-letting immediately upon notice of the City of the completion and installation of such alterations or repairs.

The City waives any and all claims for damages caused or which may be caused by the Authority or its assignee in taking possession of the Leased Property as provided in the Sublease and all claims for the damages that may result from the destruction of or injury to the Leased Property and all claims for damages to or loss of any property belonging to the City, or any other person, that may be on about the Leased Property.

The Authority expressly waives the right to receive any amount from the City pursuant to Section 1951.2(a)(3) of the California Civil Code.

In addition to any default resulting from breach by the City of any agreement, condition, covenant or term of the Sublease, if( 1) the City’s interest in the Sublease or any part thereof be assigned, sublet or transferred without the written consent of the Authority (except as otherwise permitted by the Sublease), either voluntarily or by operation of law; or (2) the City or any assignee will file any petition or institute any proceeding under any act or acts, state of federal, dealing with or relating to the subject of bankruptcy or insolvency or under any amendment of such act or acts, either as a bankrupt or as an insolv ent or as a debtor or in any similar capacity, wherein or whereby the City asks or seeks or prays to be adjudicated a bankrupt, or is to be discharged from any or all of its debts or obligations, or offers to its creditors to effect a composition or extension of time to pay its debts, or asks, seeks or prays for reorganization or to effect a plan of reorganization or for a readjustment of its debts or for any other similar relief, or if the City will make a general or any assignment for the benefit of its creditors; or (3) the City will abandon or vacate the Leased Property or any portion thereof (except as permitted by the Sublease); then in each and every such case the City will be deemed to be default under the Sublease.

Neither the City nor the Authority will be default in the performance of any of its obligations under the Sublease (except for the obligation to make Base Rental Payments pursuant to the Sublease) unless and until it will have failed to perform such obligation within 30 days after notice by the City or the Authority, as the case may be, to the other party properly specifying wherein it has failed to perform such obligation.

The City’s outstanding Lease Revenue bonds from public offering related to business-type parking activities (Paseo Colorado Revenue Bonds, 2008 Series) are payable from and secured by revenue received by the City. In regards to the 2008 Paseo Colorado Revenue Bonds, the following is the remedy upon default:

The Authority, in addition to all other rights and remedies it may have at law, shall have the option to do any of the following:
(a) Terminate the Lease in the manner provided in the Lease on account of default by the City, notwithstanding ay re-entry or re-letting of the Lease Premises and remo ve all persons in possessio n thereof and all personal property whosesoever situation upon the Leased Premises and place such personal property in storage in any warehouse or other suitable place in the County of Los A ngeles, State of California, provided that the Leased Premises continue to be operated and maintained as a public off-street vehicular parking facility, subject to the provisions of the Development Agreements. In the event of such termination, the City agrees to surrender immediately possession of the Lease Premises, without let or hindrance, and to pay the Authority all damages recoverable at law that the Authority may incur by reason of default by the City, including, without limitation, any costs, loss or damage whatsoever arising out of, in connection with, or its duly authorized agents in

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 77 (9) Long-Term Debt and Other Liabilities (Continued)

Disclosure Related to Long-Term Debt under GASB 88 (Continued)

accordance with the provisions contained in the Lease. Ne ither notice to pay rent or to deliver up possession of the Lease Premises given pursuant to law nor any entry or re-entry by the Authority nor any proceeding in unlawful detainer, or otherwise, brought by the Authority for the purpose of effecting such re-entry or obtaining possession of the Leased Premises nor the appointment of a receiver upon initiative of the Authority to protect the Authority interest under the Lease, will of itself op erate to terminate the Lease , and no termination of the Lease on account of default by the City will be or become effective by op eration of law or acts of the parties to the Lease, or otherwise, unless and until the Authority gives written notice to the City and the Commission of the election on the part of the Authority to terminate the Lease. The City agrees that no surrender of the Lease Premises or of the remainder of the term of the Lease or any termination of the Lease will be valid in any manner or for any purpose whatsoever unless stated or accepted by the Authority by such written notice.

(b) Without termination the Lease, (i) to collect each installment of rent as it becomes due and enforce any other term or provision of the Lease to be kept or performed by the City or (ii) to exercise any and all rights of entry and re-entry upon the Leased Premises as provided. In the event the Authority does not elect to terminate the Lease in the manner provided for in the Lease, the City remains liable and agrees to keep or perform all covenants and conditions in the Lease contained to be kept or performed by the City and , if the Leased Premises are not re-let, to pay the full amount of the rent annually to the end of the term of the Lease or, in the event that the Leased Premises are re-let, to pay any deficiency in rent that results therefrom; and further agrees to pay said rent and/or rent deficiency punctually at the same time and in the same manner as provided in the Lease for the payment of rent under the Lease (without acceleration), notwithstanding the fact that the Authority may have received in previous years or may receive thereafter in s ubsequent years rental in excess of the rental specified in the Lease and notwithstanding any entry or re-entry by the Authority or suit in unlawful detainer, or otherwise, brought by the Authority for the purpose of effecting such re=entry or obtaining possession of the Lease Premises.

Should the Authority elect to re-enter as provided in the Lease, the City irrevocably appoints the Authority as the agent and attorney-in-fact of the City to re-let the Leased Premises, or any part thereof, from time to time, either in the Authority’s name or otherwise, for use as public off-street vehicular parking facility upon such terms and conditions and for such period as the authority may deem advisable and, subject to the provisions of the Development Agreement, to remove all persons in possession thereof and all personal property whosesoever situated in and upon the Leased Premises and to place such personal property in storage in any warehouse or other suitable place in the County of Los Angeles, State of California, for the account of and at the expense of the City, and the City exempts and agrees to save harml ess the Authority from any costs, loss or damage whatsoever arising out of, in connection with, or incident to any such re-entry upon and re-letting of the Lease Premises and removal storage of such property by the Authority or its duly authorized agents in accordance with the provisions contained in the Lease; provided, however, that any such re-entry upon and re-letting of the Leased Premises its subject to the provisions of the Development Agreements. The City agrees that the terms of the Lease constitute full and sufficient notice of the righ t of the Authority to re-let the Leased Premises as provided in the Lease in the event of such re-entry without effecting a surrender of the Lease, and further agrees that no acts of th e Authority in effecting such re -letting will constitute a surrender or termination of the Lease irrespective of the use or the term for which such re-letting or otherwise, but that, on the contrary, in the event of such default by the City the right to terminate the Lease will vest in the Authority to be effected in the sole and exclusive manner provided for in the Lease. The City further waivers the right to any rental obtained by the Authority in excess of the rental specified in the Lease and conveys and releases such excess to the Authority as compensation to the Authority for its services in re-le tting the Leased Premises or any part thereof. The City further agrees to pay the Authority the cost of any alterations or additions to the Lease Premises or any part thereof necessary to place the Leased Premises or any part thereof in conditions for re-letting immediately upon notice to the City of the completion and installation of such additions or alterations.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 78 Annual Comprehensive Financial Report | June 30, 2021 (9) Long-Term Debt and Other Liabilities (Continued)
Disclosure Rela
ted to Long-Term Debt under GASB 88 (Continued)
The City waives any and all claims for damages caused or which may be caused by the Authority in re-entering and taking possession of the Lease Premises as provided in the Lease and all claims for damages that may result from the destruction of or injury to the Leased Premises and all claims for damages to or loss of any property belonging to the City, or any other person, that may be in or upon the Lease Premises.

Each and all of the remedies given to the Authority under the Lease or by any law enacted are cumulative and the exercise of one right or remedy will not impair the right of the Authority to any or all other remedies, provided, however, that the Lease Premises continue to be operated and maintained as public off-street vehicular parking facility, subject to the provisions of the Development Agreement. The term “re-let” or “re-letting” as used in the Lease include, but not be limited to re-letting by means of the operation of the Leased Premises by the Authority.

If any statute or rule of law validly limits the remedies given to the Authority under the Lease, the Authority nevertheless will be entitled to whatever remedies are allowable under any statute or rule of law.

In the event the Authority prevails in any action brought to enforce any of the terms and provisions of the Lease, the City agrees to pay a reasonable amount as and for at torney’s fees incurred by the Authority to enforce any of the remedies available to the Authority under the Lease, whether or not a lawsuit has been filed and whether or not any lawsuit culminates in a judgment.
(c) If (1) the City’s interest in the Lease or any part thereof be assigned or transferred without the written consent of the Authority, wither voluntarily or by operation of law or otherwise, or if (2) any proceeding under the United States Bankruptcy Code or any federal or state bankruptcy, insolvency or similar law or any law providing for the appointment of a receiver, liquidator, trustee or similar official of the City or all or substantially all of its assets is instituted by or with the consent of the City, or it instituted with its consent and is not permanently stayed or dismissed within sixty days, or it the City offers to the City’s’ creditors to effect a composition or extension of time to pay the City’s debts, or asks, seeks or prays for reorganization or to effect a plan of reorganization or for readjustment of the City’s debts, or if the City makes a general assignment or any assignment for the benefit of the City’s creditors, or if (3) the City will abandon or vacate any part of the Leased Premises, then the City will be deemed to be default under the Lease.

In regards to, the City’s outstanding bonds from public offerings related to business-type, activities (2010AB, 2011A and 2017A Water Revenue Bonds and 2010A, 2012A, 2013A, 2016A and 2019A Electric Revenue Bonds) are payable from and secured by revenue received by the Utilities (Water and Power Funds).

In relation to the Electric Revenue Bonds course of action in case of the City’s default, the following is the course of action:

Upon the concurrence and continuation of and Event of Default the Bond Owners’ Committee or, if there is none, the Owners of 25% in aggregate Bond Obligation of Bonds then Outstanding may, by written notice to the City, declare the entire unpaid principal of the Bonds due and payable and, thereupon the entire unpaid principal of the Bonds will forthwith become due and payable. Upon any such declaration the City will forthwith pay to the Owners of the Bonds the entire unpaid principal of, premium, pledged for such purpose. If at any time after such a declaration and before the entry of a final judgement or decree in any suit, action or proceeding instituted on account of such default or before the completion of the enforcement of any other remedy under the Fiscal Agent Agreement, the principal of all Bonds that have matured or been called for redemption pursuant to any sinking fund provision and all arrears of interest have been paid and any other Events of Default which may have occurred have been remedied, then the Bonds Owners’ Committee or, if there is none, the Owne rs of 25% in aggregate Bonds Obligation of Bond then Outstanding may, by written notice of the City, rescind of annual such declaration and its consequences. No such rescission or annulment will extend to or affect any subsequent default or impair any right consequent thereon.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 79 (9) Long-Term Debt and Other Liabilities (Continued)

Disclosure Related to Long-Term Debt under GASB 88 (Continued)

In relation to the Water Revenue Bonds course of action in case of the City’s default, the following is the course of action:

Application of Pledged Revenues and Other Funds after Default; Acceleration. If an Event of Default shall occur and be continuing, the City shall immediately transfer to the Trustee all Pledged Revenues held by it and received thereafter and the Trustee shall apply all Pledged Revenues and any other funds then held or thereafter received by the Trustee under any of the provisions of the Indenture (e xcept as otherwise provided in the Indenture) as follows and in the following order:

(1) To the payment of any expenses necessary in the opinion of the Trustee to protect the interests of the Owners of the Bonds and Parity Debt, including the costs and expenses of the Trustee and the Bondholders in declaring such Event of Default, and payment of reasonable fees and expenses of the Trustee (including reasonable fees and disbursements of its counsel and other agents) incurred in and about the performance of its powers and duties under the Indenture;

(2) To the payment of the whole amount of Bond Obli gation then due on the Bonds and Parity Debt (upon presentation of the Bonds and Parity Debt to be paid, and stamping thereon of the payment if only partially paid, or surrender thereof if fully paid) subject to the provisions of the Indenture, with interest on such Bond Obligation at the rate or rates of interest borne by the respective Bonds and Parity Debt, to the payment to the persons entitled thereto of all installments of interest then due and the unpaid principal or Redemption Price of any Bonds and Parity Debt which shall have become due, whether at maturity or by call for redemption, in the order of their due dates, with interest on the overdue Bond Obligation and Parity Debt at the rate borne by the respective Bonds and Parity Debt, and, if the amount available shall not be sufficient to pay in full all the Bonds and Parity Debt due on any date, together with such interest, th en to the payment thereof ratably, according to the amounts of principal or interest or Accreted Value (plus accrued interest) due on such date to the persons entitled thereto, without any discrimination or preference; and

(3) To the extent not paid pursuant to clause (1) or (2) above, to any Credit Provider any amounts then due and owing.

In each and every such case during the continuance of such Event of Default, the Owners of not less than a majority in aggregate amount of Bond Obligation of the Bonds at the time Outstanding shall be entitled, upon notice in writing to the City, to declare the principal of all of the Bonds then Outstanding, and the interest accrued thereon, to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in the Indenture or in the Bonds contained to the contrary notwithstanding.

This provision, however, is subject to the condition that if, at any time after the principal of the Bonds shall have been so declared due and payable, the City shall pay to or shall deposit with the Trustee a sum sufficient to pay all principal on such Bonds matured prior to such declaration and all matured installments of interest (if any) upon all the Bonds, and the reasonable fees and expenses of the Trustee, and any and all other defaults known to the Trustee (other than in the payment of principal of and interest on the Bonds du e and payable solely by reason of such declaration) shall have been made good or cured to the satisfaction of the Trustee, or provision deemed by the Trustee to be adequate shall have been made therefor, then, and in every such case, the Owners of not less than a majority in aggregate amount of Bond Obligation of the Bonds at the time Outsta nding, by written notice to the City and to the Trustee, may, on behalf of the Owners of all the Bonds, rescind and annul such declaration and its consequences; but no such rescission and annulment shall extend to or shall affect any subsequent default, or shall impair or exhaust any right or power consequent thereon.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 80 Annual Comprehensive Financial Report | June 30, 2021 (9) Long-Term Debt and Other Liabilities (Continued)
Disclosure Rela
ted to Long-Term Debt under GASB 88 (Continued)
With regards to the Discretely Presented Component Units as it relates to the Rose Bowl Lease Revenue Bonds series, 2010AB, 2016A, and 2018AB in case of default, the following is the course of action:
(a) Upon the happening of any of the events & default, then it shall be lawful for the Authority or its assignee, subject to the terms of the Lease, with the consent of the Majority Holder, to (i) exercise any and all remedies available or granted to it under the Sublease or pursuant to law, to the extent not inconsistent with the remedies granted under the Sublease or (ii) by mandamus or other suit, action or proceeding at law or in equity to enforce the Authority’s or its assignee’s rights against the City and to compel the City to perform and carry out its duties and obligations under the law and its covenants and agreements with the City as provided in the Sublease. Upon the breach of any agreement, condition, covenant or term contained in the Sublease required to be observed or performed by the City, the Authority or its assignee may not exercise any rights of entry upon or repossession of the Leased Property. In the event of such default, the Authority or its assignee must thereafter maintain the Sublease in full force and effect and may only recover rent and other monetary charges as they become due, all without terminating the City’s right to possession of the Leased Property, regardless of whether or not the City has abandoned the Leased Property; THIS SHALL BE THE SOLE AND EXCLUSIVE REMEDY AVAILABLE AGAINST THE CITY UNDER THE SUBLEASE OR OTHERWISE.

THE AUTHORITY SHALL HAVE NO RIGH T UPON AN EVENT OF DEFAULT UNDER THE SUBLEASE BY THE CITY TO ACCELERATE THE RENTAL PAYMENTS, TERMINATE THE SUBLEASE OR RE-ENTER THE LEASED PROPERTY. (10) Derivative Instruments
Discretely Presented
Component Units
Pasadena Center Operating C
ompany (PCOC)
Conference Center Variable Rate Demand Refunding Certificates of Participation – SWAP No. 2 On September 18, 2006, the
City entered into an interest rate swap agreement with DEPFA Bank related to the $135,500,000 Conference Center Auction Rate Certificates Series 2006B. The objective was to effectively change the City’s Variable interest rate to a synthetic fixed rate of 3.536%. Under the terms of the swap, the City pays the counterparty the fixed rate of 3.536% and receives a floating rate equal to 64% of the one month LIBOR rate. The swap has a notional amount of $133,000,000 representing a hedge ratio of 98.7% and declines according to the schedule set forth in the contract until the final principal payment on the certificates in 2034.

Objective and Terms of Hedging Derivative Instruments
The following table displays the objective and terms of PC OC’s hedging d erivative instruments outstanding at June
30, 2021, along with the credit rating of the associated counterparty:

Cash Flow Notational Effective Maturity Counterparty
Hedge Objective Amount Date Date Term Credit Rating
Pay-fixed interest
rate swaps
Hedge of changes
in cash flows on
the 2008A COP's
$ 133,000,000 4/1/2011 2/1/2034
Pays 3.536%;
receive 64% of
LIBOR index
A1/AA-

Note in 2011, due to its declining cr edit ratings, DEPFA was replaced by RBC as the counterparty for the swap.

Pursuant to GASB 64, the replacement did not require any change in accounting treatment.

On April 15, 2008, the City issued the 2008 Refunding Certif icates of Participation, Seri es 2008A in the amount of $134,720,000. These certificates were issu ed to refund the City’s Certificates of Participation (Conference Center Project), Series 2006B and finance the cost of execution of the 2008A Certificates of Participation backed by a letter of credit from Bank of America. The final maturity on the 2008A COP’s was extended by one year to 2035 in order

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 81 (10) Derivative Instruments (Continued)
to reduce the reserve requirement and consequently, reduce the size of the issue by approximately $800,000. The refunded certificates are considered to be defeased and the liability has been removed from the component unit’s column of the statement of net position and recorded as a deferred amount upon a refunding.

During the fiscal year ending June 30, 2011, PCOC entered into a new agreement to take advantage of a more advantageous interest rate adjustment mode than the 2008 Series Bonds previously had. As a result, the former derivative instrument terminated and the new instrument has off-market terms. As a result, an up-front payment was received. The up-front payment is reported as a borrowing. The borrowing is amortized over the life of the swap and amortizes using the effective interest method for the life of the swap with adjustments to interest expense during each fiscal year. The original balance of the borrowing was $8,935,613. As of the year ended June 30, 2021, the balance was $4,613,215.

Objective and Terms of Hedging Derivative Instruments (Continued) Beginning Accrued Ending
June 30 Balance Interest Payment Balance
2022 4,613,215$ 199,651$ (646,380)$ 4,166,486$ 2023 4,166,486 179,003 (646,380) 3,699,109
2024 3,699,109 157,461 (635,404) 3,221,166
2025 3,221,166 136,068 (601,344) 2,755,890
2026 2,755,890 115,332 (563,760) 2,307,462
2027 2,307,462 95,454 (522,409) 1,880,507
2028 1,880,507 76,649 (477,171) 1,479,985
2029 1,479,985 59,154 (427,721) 1,111,418
2030 1,111,418 43,226 (373,774) 780,870
2031 780,870 29,157 (315,009) 495,018
2032 495,018 17,258 (251,140) 261,136
2033 261,136 7,877 (181,805) 87,208
2034 87,208 1,487 (88,695) -
The Company categorizes its fair value measurements with in the fair value hierarch y esta blished by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset or liability. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs. Level 3 inputs are significant unobservable inputs.

The Company has the following recurring fair value measurements as of June 30, 2021:

Leve l
Me asure m e nts by fair value le ve l 1 2 3
Derivative instrument liability 25,068,456$ - $ 25,068,456$ -$ Derivative Instrument Liability
The fair value balance and notional amount of the derivati ve instrument outstanding at June 30, 2021, classified by type, and the changes in fair value of such derivative instruments for the year then ended are as follows:

Cash Flow
Hedge Classification Amount Classification Amount Notional Pay-fixed interest
rate swaps Deferred Outflow $ (8,338,494) Liability $ 25,068,456 $ 133,000,000 Changes in Fair Value Fair Value at June 30, 2021

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 82 Annual Comprehensive Financial Report | June 30, 2021 (10) Derivative Instruments (Continued)
The fair values of the interest rate swaps were estimated using the zero-coupon method. This method calculates the future net settlement payments required by the swap, assuming that the current forward rates implied by the yield curve correctly anticipate future spot interest rates. These payments are then discounted using the spot rates implied by the current yield curve for hypothetical zero-coupon bonds due on the date of each future net settlement on the swaps.

Credit risk: PCOC is exposed to credit risk on hedging derivative instruments to the extent that value of the swap is position from PCOC’s perspective. The aggregate fair value of hedging derivative instruments was negative as of June 30, 2021 and therefore PCOC had no credit risk exposure.

Interest rate risk: The purpose of the swap is to eliminate interest rate risk on the associated hedged bonds and therefore the swap, in combination with related bonds does not create interest rate risk for PCOC.

Basis risk: PCOC is exposed to basis risk on its pay-fixed inte rest rate swap because the variable-rate payments received by PCOC on these hedging deri vative instruments are based on a rate or index other than interest rates PCOC pays on its hedged variable-rate debt, which is typically remarketed every 7 days. As of June 30, 2021, the weighted-average interest rate on the PCOC’s hedged variable-rate debt is 0.1433%, while 64 percent of LIBOR is

0.0594%.

Termination risk: PCOC or its counterparty may terminate a derivative instrument if the other party fails to perform under the terms of the contract. The derivative contract uses the International Swap Dealers Association Master Agreement which includes standard termin ation events such as failure to pay and bankruptcy. In addition, PCOC may optionally terminate the agreement on any date. If at the time of a termination, PCOC may be required to make a termination payment to its counterparty. If PCOC had to terminate the Swap for any reason on June 30, 2021, the maximum exposure/loss would have been $30,683,055.

Rollover risk: PCOC is exposed to rollover risk on hedging derivative instruments that are hedges of debt that mature or may be terminated prior to the maturity of the hedged debt. When these hedging derivative instruments terminate prior to the maturity of the related debt, PCOC will be re-exposed to the risks being hedged by the hedging derivative instrument.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 83 (11) Fund Balance and Net Position

Fund Balances, Governmental Funds

On the Governmental Balance Sheet, the fund balances are reported in the aggregate in the classifications defined by GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. Fund balances by classification for the year ended June 30, 2021, are as follows:

Project General Non-Major
Management Debt Housing Governmental
General Fund Capital Project Service Successor Funds
Fund Balances
Nonspendable:

Prepaid and other assets 121,096$ - - - 116,266$ Permanent fund principal - - - - 1,434,131 Notes receivable 13,505,395 - - - - Total Nonspendable 13,626,491 - - - 1,550,397 Restricted for:

Air Quality Improvement - - - - 117,085 City Charter/Capital projects - 621,222 - - 2,048,731 Debt service - - 594 - 8,208,531 Culture and literacy - - - - 2,535,879 Housing and Community Development
Housing funds - - - - 1,818,407 Inclusionary Housing Trust - - - - 10,266,310 Rental Assistance programs - - - - 2,046,760 Other purposes - - - 6,883,870 606,483 Property held for resale - - - - 867,166 Public Safety
Asset Forfeiture - - - - 1,865,217 Public Safety Augmentation - - - - 1,203,257 Other Public Safety Programs - - - - 619,347 Section 108 HUD Loan Security for
Robinson Park Recreation Center
Rehabilitation 400,000 - - - - Section 115 Trust - Pension 13,317,499 - - - - Transportation - - - - 30,287,265 Total Restricted 13,717,499$ 621,222$ 594$ 6,883,870$ 62,490,438$

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 84 Annual Comprehensive Financial Report | June 30, 2021 (11) Fund Balance and Net Position (Continued)
Fund Balances,
Governmental Funds (Continued)
Project General Non-Major
Management Debt Housing Governmental
General Fund Capital Project Service Successor Funds
Fund Balances, continued
Total from previous page 27,343,990$ 621,222$ 594$ 6,883,870$ 64,040,835$ Committed to:

Building Plan Check and Permit
Services - - - - 10,493,519
Building Services - General Plan
Maintenance Fee and
Technology Fee - - - - 4,609,596
Capital Projects - - - - 28,517,432
Emergency Contingency 40,441,800 - - - - Operating Reserve 11,245,600 - - - -
Libraries - - - - 9,771,220
Pasadena Center Capital
Improvement Trust - - - - 74,632
Parking - - - - 3,293,986
Sewer Construction and
Maintenance - - - - 13,881,393
Underground Utilities - - - - 40,677,135
Total Committed 51,687,400 - - - 111,318,913 Assigned to:

General Government 12,293,255 - - - - Health 9,024,239 - - - -
Capital Projects 10,008,206 1,944,212 - - - Total Assigned 31,325,700 1,944,212 - - - Un
assigned (11,293,801) - - - (7,822,582)
Total Fund Balance 99,063,289$ 2,565,434$ 594$ 6,883,870$ 167,537,166$

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 85 (11) Fund Balance and Net Position (Continued)
Net Position
On the government-wide statement of net
position, the net position is reported in one of three classifications: Net Investment in Capital Assets, Restricted, or Unrestricted. Net position by classification as of June 30, 2021 are as follows:

Component Units
Total Aggregate
Governmental Business-Type Primary Component
Activities Activities Government Units
Net investment in capital assets 468,005,192$ 486,943,967 $ 954,949,159 $ (2,671,828) $ Restricted:

Nonexpendable 1,434,131 - 1,434,131 -
Expendable:

Community development 13,407,859 - 13,407,859 -
Public safety 3,687,821 - 3,687,821 -
Capital projects 2,669,953 - 2,669,953 -
Debt service 8,209,125 36,238,457 44,447,582 15,352,313 Stranded investments - 63,395,757 63,395,757 -
Transportation 30,287,265 - 30,287,265 -
Contribution to General Fund* - 19,544,138 19,544,138 - Culture and literacy 2,535,879 - 2,535,879 -
Other purposes 6,056,222 7,489,978 13,546,200 870,240 Air quality improvement 117,085 - 117,085 -
Trust and loans 13,717,499 - 13,717,499 -
Unrestricted (390,132,521) 240,454,322 (149,678,199) (33,494,517) Total Net Position 159,995,510$ 854,066,619$ 1,014,062,129$ (19,943,792)$ Primary Government
* The Power Fund will contribute $18,000,000 to the Genera l Fund in fiscal year 2022. The Water Fund will reimburse an estimated $1,544,138 for the cost of services to be provided by the General Fund in fiscal year 2022.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 86 Annual Comprehensive Financial Report | June 30, 2021 (12) Restricted Net Positi on – Stranded Investments
In 1998, the City Co uncil established a Reserve for Stranded Inve stment (Reserve) and impos ed a Stranded
Investment Surcharge (SIS) on all elec tric utility bills. The purpose of the Re serve for Stranded Investment was to create a fund to mitigate the potential impacts of open access to the energy market for Water and Power Department (PWP) customers and offset short and long term stranded energy co sts associated with the Intermountain Power Project (IPP) and Palo Verde Nuclear Generating Station (PVNGS). Several sources of funding for the Reserve were identified in addition to the SIS and funding continued until June 30, 2002. At that time, it was determined that the Reserve was fully funded with no additional contributions required. Collection of the SIS was discontinued and excess funds returned to PWP customers. All funds depo sited into the Reserve, including investment earnings, were recorded as income during the year collected or realized.

In November 2006, the City Council approved the Stranded Investment Reserv e Utilization Plan (Plan). In January 2009, in accordance with the Plan and a previously approved Prepayment Agreement (Agreement), PWP utilized approximately $80.0 million of the reserve funds to complete an economic defeasance of selected bonds for IPP. As authorized in the Agreement, the Intermountain Power Agency (IPA) issu ed approximately $70.0 million of subordinated notes to PWP, the payments for which will o ffset a portion of the debt service associated with the economically-defeased bonds, thereby reducing the cost of energy purchased from IPP.

As of June 30, 2021, the St randed Investment Reserve balance was $63. 4 million. The details of the additions and subtractions, in the Reserve, that occurred during fiscal year 2021 are shown below:

Restricte d Cash and Inve stme nt
Beginning balance 60,774,869$
Interest earnings 917,070
Market gain (loss) (691,093)
Transfer of SIR (7,000,000)
Restricted cash and investment ending balance 54,000,846$ IPA Subordinated Notes
Balance at Balance at
June 30, 2020 Reduction June 30, 2021
Notes receivable 14,630,000$ (6,583,333)$ 8,046,667$ Premium 2,022,366 (674,122) 1,348,244
Total IPA subordinated notes 16,652,366$ (7,257,455)$ 9,394,911$ Restricted for Stranded Investments at June 30, 2021 63,395,757$

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 87 (13) Accumulated Fund Deficits
The following
funds reported accumulated deficits in their respective fund balances/net position at June 30, 2021:

Due to
Operations
Due to GASB 68
Implementation
Due to GASB 75
Implementation
Total
Accumulated
Deficit
Governmental Activities:

Special Revenue Funds:

Health (6,115,532) $ - $
-$
(6,115,532)$
Internal Service Funds:

Computing and Communications Service 7,952,453 (14,554,999) (3,117,307) (9,719,853) Benefits (20,350,471) (70,481,825) (222,665) (91,054,961) Workers' Compensation (19,597,076) (8,765,111) (267,198) (28,629,385) Ge ne ral L iability (4,784,694) (474,953) (89,066) (5,348,713) 311 Call Center 348,532 (567,386) (222,665) (441,519) Mana
gement’s plans for resolution of the accumulated fund deficits are as follows:

Health
The Health Fund was established to acco unt for grants for the provision of health services which are restricted by grant award agreement as well as state health realignm ent funding requirements. Th e Pasadena Public Health Department continues its steadfast commitment to offering programs that improve public health outcomes while maintaining systems and controls for a financially sustainable operation. In fiscal year 2021, the Department ended the year with a shortfall largely attributable to COVID pandemic response; however, the City will be requesting FEMA reimbursement for pandemic related expenses. To address any continued fiscal cha llenges, the Department will continue to expedite processing of grant reimbursement requests; maintain monitoring of program and financial performance.

Computing and Communications Fund
The Computing and Communications fund was established to historically track and fund the operations and lifecycle capital replacement of the City’s Department of Information Technology, which provides centralized IT support across all City department. In fiscal year 2021, there was a deficit primarily attr ibutable to an incr ease in GASB 68 and 75 costs, and higher than expected personnel costs in operations due to COVID-19. With employees unable to take as much time off as in prior fiscal years, the benefit factor applied to employees’ regular time reported resulted in higher than anticipated personnel costs. Also, in order to assist employees returning to the office, and working in a hybrid model, more equipment was purchased under the Desktop Replacement Program than in prior years. The deficit is being monitored by management, and an appropriate revenue recovery plan to gradually reduce the deficit will be developed, as IT is solely fu nded by the fixed rates it charges to its customer departments. These rates increased by about 6% from fiscal year 2020 to 2021, but were held flat for fiscal year 2022, in response to the financial pressures bought on by the COVID-19 pandemic.

Benefits Fund
The City has established a Workers’ Compensation Fund to provide benefits for potential claim and cost expenditures for workers’ compensation claims against the City. In addi tion to any monies held in this Fund, the City makes an annual appropriation based upon its estimate of claim an d expense payments during the fiscal year. Management has reviewed the deficit, and is working to correct the situation through a combination of injury prevention programs, training programs, reduction of claim severity and claim frequency, return-to-work procedures, medical management and minimizing delays in all aspects of cl aims handling. An increase in rates charged to the Departments remains a part of the annual budget process. The City initiated the Carve Out program with Pasadena Police Officers Association (PPOA) and th at program remains in effect through all of the current fiscal year. That program is focused on ensuring timely delivery of treatment that will: (1) expedite claim resolutions and; (2) reduce costs and litigation. All of this will continue to reduce the negative fund balance.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 88 Annual Comprehensive Financial Report | June 30, 2021 (13) Accumulated Fund Deficits (Continued)
Workers’ Compensation
The City has established a Workers’ Compensation Fund to provide benefits for potential claim and cost expenditures for workers’ compensation claims against the City. In addition to any monies held in this Fund, the City makes an annual appropriation based upon its estimate of claim an d expense payments during the fiscal year. Management has reviewed the deficit, and is working to correct the situation through a combination of injury prevention programs, training programs, reduction of claim severity and claim frequency, return-to-work procedures, medical management and minimizing delays in all aspects of cl aims handling. An increase in rates charged to the Departments remains a part of the annual budget process. The City initiated the Carve Out program with Pasadena Police Officers Association (PPOA) and th at program remains in effect through all of the current fiscal year. That program is focused on ensuring timely delivery of treatment that will: (1) expedite claim resolutions and; (2) reduce costs and litigation. All of this will continue to reduce the negative fund balance.

General Liability
The City has established a General Liability Fund to provide for the potential claim and cost expenditures for general liability claims against the City. In addition to any monies held in this Fund, the City makes an annual appropriation based upon its estimate of claim and expense payments during the fiscal year. In fiscal year 2019, there was a deficit primarily attributable to lower rates charged to Departments. In fiscal year 2020, the City increased rates to collect an additional $1.2 million from Departments. Additionally, the General Fund transferred $5.0 million into this fund to help address increased claims and improve the defici t. Management monitors the deficit and is implementing appropriate recovery measures to gradually reduce the deficit. This resulted in a $1.6 million reduction of the deficit. 311 Call Center
The City has established the 311 Call Cent er fund to account for the operations of the City’s central call center. In fiscal year 2021, there was a deficit pr imarily attributable to the implementation of GASB 68 and 75. Management reviewed the deficit during the fisc al year 2021 Operating Budget Proce ss and proposed to increase revenue transfers for fiscal year 2022. However due to Covid-19 rela ted setbacks and the City’s direction to maintain a flat budget, the Fund will incur a deficit from GASBE 68 and 75 for both fiscal year 2021 and 2022. For fiscal year 2023, the revenue sources and fund structure will be reviewed to address the ongoing GASB 68 and 75 deficits.

GASB Implementation
In fiscal year 2015, the City implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions.

As part of the implementation, the City has recorded ce rtain deferred inflows/outflows and obligations, related to the pension benefits provided to employees, to the pr oprietary funds. This caused several of the fund’s fund balances to fall into or increase a deficit position.

In fiscal year 2018, the City implemented GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions. As part of the implementation, the City has recorded certain deferred inflows/outflows and obligations, related to other postemployment benefits provided to employees, to the proprietary funds. This caused several of the fund’s fund balances to fall into or increase a deficit position.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 89 (14) Excess of Expenditures over Appropriations

The following funds reported an excess of expenditures over appropriations at June 30, 2021:

Variance with
Budget Actual Final Budget
General Fund:

General Government
City Attorney 9,280,354 $ 9,938,023 $ (657,669) $ Non-departmental 23,650,332 24,992,175 (1,341,843) Capital Outlay - 137,228 (137,228) Underground Utilities Fund:

Utility 124,195 171,217 (47,022) Air Quality Improvement Fund:

Transportation 172,388 196,976 (24,588)

General Fund
In fiscal year ended 2021, the City Attorney department incurred more outside legal service expenses than the budgeted amount due to litigation related to the Rose Bowl, Housing, and other matters.

The general government, non-departmental expenditures exceeded appropriations primarily due to decreased revenues from code compliance and various budgeted revenues from Los Angeles County.

(15) Pledged Revenue

The City and its component units have a number of debt issuances outstanding that are collateralized by the pledging of certain revenues. The amount and term of the remainder of these commitments are indicated in the debt service to maturity tables presented in the accompanying notes. The purposes for which the proceeds of the related debt issuances were utilized are disclosed in the debt descriptions of the accompanying notes. For the current year, debt service payments as a percentage of the pledged gross revenue (net of certain expenses where so required by the debt agreement) are indicated in the table below. These percentages also approximate the relationship of debt service of pledged revenues for the remainder of the term of the commitments.

Total pledged revenue reported for Successor Agency to Pasadena Community Development Commission is the net property tax revenue received to pay for all approved expe nses (not exclusive to debt service) on the Recognized Obligation Payment Schedule (ROPS).

Annual Amount
of Pledged Revenue Annual Debt Debt Service
Description of (net of expenses) Service Payment as a Percentage of Pledged Revenue (in thousands) (in thousands) Pledged Revenue Primary Government
Light and Power Revenues 67,394$ 23,059$ 34% Water Revenues 19,154 6,218 32% Fiduciary Funds
Tax Increment
(Successor Agency PCDC) 8 $ 226 $ 2825%

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 90 Annual Comprehensive Financial Report | June 30, 2021 (16) Transfers
The following is a summary of transfers in and o
ut for the year ended June 30, 2021:

General Light
Project Debt Non-Major and Non-Major Internal
General Management Service Governmental Power Enterprise Service Transfers Out Fund Fund Fund Funds Fund Funds Funds Total General Fund -$ 5,052,005$ A 3,412,420$ 17,817,159 $ B -$ - $ 96,903$ 26,378,487$ Project Management Fund - - - - - 192,452 1,005,061 1,197,513 Non-Major Governmental
Funds 125,857 15,330,839 C 12,073 - 5,717,151 D - - 21,185,920 Light and Power Fund 18,000,000 E - - - - - - 18,000,000 Water Fund 1,894,138 - - - - - - 1,894,138 Non-Major Enterprise Funds 1,886,318 50,863 - - - 345,000 2,282,181 Internal Service Funds - 3,144,091 - - - - - 3,144,091 Total 21,906,313$ 23,577,798$ 3,424,493$ 17,817,159$ 5,717,151$ 192,452$ 1,446,964$ 74,082,330$ Transfers In
Primary Government
(A) Transfers of $5,052,005 from General Fund to Project Management Fund mainly consist of:
• $2,864,006 for the renovation and improvement of Municipal buildings • $1,299,351 for the upgrade and replacement of the technology equipment • $792,231 for the street improvement projects
(B) Transfers of $17,817,159 from General Fund to Non-Major Governmental Funds mainly consist of:
• $11,184,932 to support the Library Services Fund
• $4,303,595 to pay for 2015A Refunding COPs
• $1,549,638 to Housing and Community Development
(C) Transfers of $15,330,839 from Non-Major Governmental Funds to Project Management Fund mainly consist of:
• $4,609,662 from Residential Development Impact Fund
• $2,536,893 from Road Maintenance and Rehabilitation Account • $2,999,179 from Sewer Facility Charge Fund and Sewer Construction Management Fund • $2,186,295 from Gas Tax Fund
(D) Transfers of $5,717,151 from Non-Major Governmental Funds to Light and Power Fund for the reimbursement of the underground utilities program expenses.
(E) Light and Power Fund contributed $18,000,000 to the General Fund for the payment of interest and principal on City bonds, municipal improvements, and other purposes.

Fiduciary Funds
The following is a summary of transfers in and out f or the year ended June 30, 2021:

Transfers Out
Redevelopment Obligation
Transfers In Retirement Fund Total
Successor Agency Debt Service 11,817,140$ 11,817,140 The Redevelopment
Obligation Retirement Fund transferred $11,817,140 to the Successor Agency Debt Funds.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 91 (17) Self-Insurance

The City maintains self-insurance and excess insurance programs for various lines of liability coverage. Liability claims are self-administered, within the self-insured retention. For the period July 1, 2020 to June 30, 2021 excess liability insurance was purchased with limits of $25,000,000 excess of $5,000,000 per occurrence self-insured retention.

Excess workers’ compensation insurance currently with a $4,000,000 self-insurance retention, was renewed with the current carrier Safety National Insurance Company. This coverage was initially purchased in fiscal year 2016 and renewed through fiscal year 2021, with a $5,000,000 self-i nsured retention. Workers’ compensation claims for all City workers, including Public Safety, Fire and Police, are administered by a Third Party Administrator, AdminSure.

The City maintains a few self-administered claims (with dates of Injury before 7/1/2012).

Seven workers’ compensation claims from prior years, when the retention was $500,000, have exceeded the excess level. Eight workers’ compensation claims from prior ye ars, when the retention was $250,000 have exceeded the excess level. Five workers’ compensation claims from prior years, when the retention was $50,000, have exceeded the excess level. No workers’ compensation injury was incu rred during the past three to four fiscal years that is expected to exceed $4,000,000, over the course of succeeding years.

The Civil Division of the Department of the City Attorney /City Prosecutor, primarily using in-house civil attorneys, controls litigated liability claims. A claim is a demand seek ing damages allegedly arising out of a wrongful act for which the claimant asserts the City is responsible. During fiscal year 2021, the City paid $6,106,348 in loss payments.

For new claims with alleged dates of loss within fiscal year 2021, the overall total incurred was $10,937,660. Liability against a public entity is mitigated by existing laws/sta tutes/codes, which provide certain immunities. The City currently has approximately 12 active litigation cases, each with reserves estimated in excess of $2,000,000.

Self-insurance losses and administrative costs are reported in the General Liability and Workers’ Compensation Internal Service Funds. Losses incurred are reimbursed by departments over a period of time as part of an internal service assessment system. Legal expenses are reported in the City Attorney Department of the General Fund. A case reserve is established for each claim, monitored and adjusted by the Liabilit y Division or the Workers’ Compensation Claims Supervisor, including expected litigat ion expenses and losses that will be paid by the City Treasurer.

Heliport and Aircraft coverage provides protection to th e City for liability arising out of its public safety/police helicopter operations and for the City’s leadership role on the LA Impact Team. The policy carries a per occurrence limit of $50,000,000 for Aircraft Hull and Liability, with an aggregate of $50,000,000. Coverages include hull physical damage for the scheduled aircraft, damage done by the Ci ty’s aircraft to someone else’s hangar, and emergency landing. The policy also covers liability resulting from an error by pilot. In addition, the policy provides coverage for Airport Liability with a $50,00 0,000 per occurrence limit. Th is coverage complies with the City’s contract with Hollywood Burbank airport. The annual premium is apportioned between the City and LA Impact since the policy carries hull coverage for LA Impact aircraft.

The City renewed Property Insurance on all its buildings, including Equipmen t Breakdown, with a combined total scheduled insured value of $1.058 billion. The policy incl udes coverage for fine arts , valuable papers, business personal property, business income and extended business income or rental va lue. Policy limits are $250,000,000 with a deductible of $25,000 for Earthquake Sprinkler Leakage, $100,000 for Flood, and $25,000 for any other covered loss. Exclusions include earthquake, collapse of buildings and nuclear hazard. There have been no new claims during fiscal year 2021.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 92 Annual Comprehensive Financial Report | June 30, 2021 (17) Self-Insurance (Continued)
The City’s Property: Power Plant Boiler and Machinery policy, with total insured value of $425,202,564. The program provides property and equipment breakdown coverage for City’s power plant facilities and machinery. The policy affords coverage for risks of loss or damage, including boiler explosion and machinery breakdown. Policy limits are $250,000,000 with deductibles of $750,000 per occurrence for all other property damage and $1,500,000 per occurrence for machinery breakdown of GT1, GT3, and GT5. The City has received no new claims under this policy for fiscal year 2021.

In an effort to protect the City’s assets and transfer po tential risk, the City also pur chases the following insurance policies: Medical Malpractice; Pollution Liability; Terrorism for Property and Business Interruption and Terrorism & Sabotage Insurance; Auto Physical Damage; Cyber Risk Privacy Liability; Fiduciary (purchased for and by the Fire and Police Retirement System); and Crime policies.

Pasadena Center Operating Company (PCOC) is entitled to indemnity from the City; however, PCOC purchases a Special Liability Insurance Program (SLIP) for general liability and employment practice coverage. The City manages the PCOC claims and tenders to the insurance carrier thir d party administrator. PCOC carries statutory workers’ compensation insurance with no retention. PCOC requires licensees to provide insurance or purchase Special Events Liability Insurance from PCOC. The City buys liability insurance on the parking structures at PCOC. PCOC buys separate liability insurance on the ice rink.

Rose Bowl Operating Company (RBOC) is entitled to indemnity from the City, and its losses are included in the City’s general liability self-insurance program and under the ex cess general liability policies. RBOC carries statutory workers’ compensation insurance with no retention. Brookside Golf Course is also managed through RBOC. Major Rose Bowl tenants include the Pasadena Tournament of Roses, UCLA Football, and th e R.G. Canning Swap Meet.

Tenants provide insurance, naming City of Pasadena as additional insured on their policies.

The claims liability reported in the General Liability and Workers’ Compensation Internal Service Funds is based on the requirements of GASB Statement No. 10, which requires a liability for claims to be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of loss can be reasonably estimated, including incurred but not yet reported claims. As of June 30, 2021, General Liability claims payable amounted to $10,568,596, of which $5,164,065 is estimated to be paid within one year. Workers’ Compensation claims payable amounted to $31,475,597, of which $13,079,052 is estimated to be paid within one year.

Beginning Fiscal Year Claim Ending
Fiscal Year Liability in Estimates Payments Liability
2019-20 45,442,474$ 1,642,063$ (6,845,299)$ 40,239,238$ 2020-21 40,239,238 20,854,833 (19,049,878) 42,044,193

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 93 (18) Deferred Compensation Plan
For the benefit
of its employees, the City has adopted a deferred compensation plan in accordance with Section 457 of the Internal Revenue Code. Generally, eligible employees may defer receipt of a portion of their salary until termination, retirement, death, or an unforeseeable emergency. As a result of changes under the Small Business Job Protection Act of 1996, all amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts must be held in a trust, custodial account, or annuity contract for the exclusive benefit of the employee participants and their beneficiaries.

The plan has a Plan Administrator and an oversight co mmittee. The five member committee is comprised of three elected City employees and two members of the community appointed by the City Council. The oversight committee members basically monitor the plan ac tivity, performance of investment options and ensure that the Plan Administrator carries out his duties and responsibilities. Th e Plan Administrator, the Director of Finance or his designee, is responsible for the day to day administration. The Plan Administ rator has authority to sign all legal agreements with approved plan providers, and ensures proper amounts are withheld, immediately transferred to the trust, and invested in accordance with participants’ directions.

As of June 30, 2021 the market value of the City’s deferred compensation plan assets amounted to $373,569,449. (19) Pension Plans
Each full-time employee and each par
t-time employee (with 1,000 hours or more of service) of the City is a member of either the FPRS or CalPERS. Both plans are defined benefit pension plans and are described individually in the following notes.

Summary of Pension Plans
Net Pension
Asset Net Pension Liability
Pension (Income)/
Expense
Deferred Outflows
Related to Pension
Deferred Inflows
Related to Pension
Pasadena Fire and Police
Retirement Plan 7,881,000 $ -$ (4,117,000)$ -$ 10,243,000$ CalPERS - Safety Plan - 191,226,521 30,565,699 41,619,674 2,209,652 CalPERS - Miscellaneous Plan - 322,182,631 41,739,066 48,585,421 4,305,655 Total Plans 7,881,000$ 513,409,152$ 68,187,765$ 90,205,095$ 16,758,307$

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 94 Annual Comprehensive Financial Report | June 30, 2021 (19) Pension Plans (Continued)
Pasadena Fire and Po
lice Retirement System (FPRS)
Plan Description
FPRS (the Sy
stem) is a single-employer defined benefit plan governed by a Retirement Board (Board) under provisions of the City Charter. The plan covers all fire and police personnel who were employed by the City prior to July 1, 1977, except for those who elected to transfer to CalPERS when FPRS closed to new member in June 2004. In June 2004, active members were provided a one-time opportunity to transfer from FPRS to CalPERS as provided by an agreement with the City. Once transferred to CalPERS, retirement benefits for all fire and police personnel employed thereafter are provided under CalPERS. The plan provides retirement, death and disability benefits. Copies of FPRS’s annual financial report may be obtained from the Pasadena Fire & Police Retirement System, 100 N.

Garfield Ave., Rm. S201 Pasadena, CA 91101-1726 or at https://www.cityofpasadena.net/commissions/fire-and- police-retirement-board/.

Cash and Investments
Unrestricted pooled cash 105,955 $
Designated pooled cash 1,250,000
Money market funds 822,672
Cash and cash equivalents 2,178,627
Short-term investments 4,124,710
Investments 135,540,289
Total Investments 139,664,999
Total Cash and Investments 141,843,626$
Funding Policy
Section 1509.9 of the City Charter provides that the nor mal member cont ribution rates will provide an average
annuity, at age 50, equal to 1/100 of the final compensation of members for each year of service according to tables adopted by the Board. The basic benefits otherwise funded by these contributions have now been fully funded by Contribution Agreement 16,900. Pursuant to the agreement, the City contributed $100,000,000 net proceeds from the issuance of pension bonds to FPRS on August 5, 1999. The net proceeds plus the existing assets of FPRS became sufficient to fully fund the basic benefits, the unfunded ba sic benefits, the 1919 benefits, and the cost-of-living adjustment (COLA) benefits. Contributions are recogn ized when due. Therefore, member contributions are suspended as long as basic benefits remain fully funded.

On October 20, 2011, the Board approved Amended and Restated Agreement No. 20,823 (“Agreement No. 20,823”).

Under this new agreement, the City’s minimum funding percentage schedule and reimbursement cap in Agreement No. 16,900 carried forward, and the City agreed to provide a contribution of $46,600,000 to the System through the issuance of pension obligation bonds. Agreement No. 20,823 provided that the annual required supplemental contribution would be actuarially calculated using an interest assumption of 6% and an inflation rate of 3% beginning with the June 30, 2012 valuation. Pursuant to this agreem ent, future annual valuations after June 30, 2012, shall adopt an assumed interest rate and inflation assumption based on analysis performed by the System’s actuary and after seeking input from the City and System’s investment consultant. Agreements No. 16,900 and No. 20,823 state that if the minimum funding deficit is greater than $3,000,000 in a year, the City will pay $3,000,000 to the System.

Any remaining amount necessary to reach the minimum funding percentage will be phased in over a five-year period; however, no annual supplemental payment may exceed a reimbursement cap measured by the prior year’s payments for benefits other than the funded basic benefits.

As of June 30, 2021, the funded percentage of the System, calculated in accordance with Agreement No. 20,823 and Agreement No. 16,900, was 92.1%. As provided by Contribution Agreement No. 16,900, if the funded percentage is below the minimum funding percentage of 80% for fiscal year 2021, the City will reimburse the System in the following fiscal year subject to certain reimbursement lim its. Based on the June 30, 2021 actuarial valuation, the funding deficiency was $0, or 0%, below the funding requi rement of 80% as of June 30, 2021. Thus, no required supplemental contribution is owed to the System by the City during fiscal year ended June 30, 2021.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 95 (19) Pension Plans (Continued)
The components of the net pension liability
of the System as of June 30, 2021 are as follows:

Total Pension Liability 126,851,000$
Plan Fiduciary Net Position 134,732,000
Net Pension Liability/(Asset) (7,881,000)
Plan Fiduciary Net Position as a
Percentage of Total Pension Liability 106.2%
FPRS
Actuarial Methods and Assump
tions Used to Determine Total Pension Liability
Actuarial valuations of an ongoing plan involve estima tes of the value o f reported amounts and assumptions
about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and cost trends. Actuarially de termined amounts are subject to continual review or modification as actual results are compared with past expectations and new estimates are made about the future. Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employers and plan members) and incl ude the types of benefits provided at the time of each valuation. Upon analysis prov ided by the System’s Actuary on Ma y 19, 2021, the Board accepted the recommended assumptions (that were concurred with by City Treasury and the System’s Investment Advisor) for use in the preparation of the actuarial valuation fo r the fiscal year ending June 30, 2021. The TPL was determined by the actuarial valuat ion performed as of June 30, 2021, using the following actuarial assumptions:

Discount Rate 5.75%*
Inflation 2.75%
Salary Increases No active employees
Mort ality CalPERS 1997-2015 Experience Study, MP-
2017
Geometric Real Rate of Return Based on the CalPERS 2017 10-year Expected Geometric Rate of Return
Large Cap US Equity 4.36%
Small Cap US Equity 5.18%
Foreign Equity 4.60%
Domestic Core Fixed Income 1.47%
Senior Bank Loans 3.10%
Short-Term I-G Bonds 1.26%
TIPS 1.29%
Risk Parity 2.79%
Real Estate 3.04%
Actuarial Assumptions
*
Discount Rate reflects assumed investment expense of 40 basis points.

Inactive employees or beneficiaries currently receiving benefits 179 Inactive employees enti tled to but not yet receiving benefits - Acti ve empl oyees -
Total 179

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 96 Annual Comprehensive Financial Report | June 30, 2021 (19) Pension Plans (Continued)
Discount Rate
The discount rate of 5.75% was selected by the System actuary and approved by the Board to measure the June 30, 2021 TPL for accounting purposes. The discount rate is the expected real long-term rate of return, plus the inflation assumption of 2.75%, less assumed inve stment expenses of 40 basis points. Th e expected long-term real rate of return is compared at the 50% and 55% confidence levels of capital market assumptions. Based on the assumptions, the Plan's Fiduciary Net Position was projected to be ava ilable to make all projected future benefit payments. The discount rate used as of June 30, 2021, is the same as the discount rate used as of June 30, 2020.

Asset Class
Target Asset
Allocation
Large Cap US Equity 16.00%
Small Cap US Equity 4.00%
Foreign Equity 20.00%
Domestic Core Fixed Income 25.00%
TIPS 5.00%
Short-Term Investment-Grade Bonds 10.00%
Senior Bank Loans 5.00%
Alternative (Risk Parity) 5.00%
Real Estate 10.00%
Total 100.00%
Changes in Pension Liability
AB C = B - A
Total Pension
Liability
Plan Fiduciary Net
Position
Net Pension
Asset/(Liability)
Balance at 6/30/2020 133,821,000$ 125,211,000$ (8,610,000)$ Changes Recognized for the
Measurement Period:

Service Cost - - -
Interest on the Total Pension Liability 7,335,000 - (7,335,000) Differences between Expected and Actual
Experience (1,799,000) - 1,799,000
Contribution from Employers - - -
Contribution from Employees - - -
Net Investment Income - 22,354,000 22,354,000
Benefit Payments (12,506,000) (12,506,000) -
Administrative Expense - (327,000) (327,000)
Change of Assumptions - - -
Net Change during 2020-21 (6,970,000) 9,521,000 16,491,000 Balance at 6/30/2021 126,851,000$ 134,732,000$ 7,881,000$ Ending Fiduciary Net Position as a
Percentage of the Total Pension
Liability 106.2%
Pension Expense/(Income) (4,117,000)$
Increase / (Decrease)

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 97 (19) Pension Plans (Continued)
Sensitivity of the Net Pension Liability to Changes in the Discount Rates Examining the sensitivity of the net
pension liability (NPL) to changes in the d iscount rate by a 1% decrease, from

5.75% to 4.75%, revealed an increase in the NPL by $10,525,000 to a total NPL of $2,644,000. Conversely, increasing the discount rate by 1%, from 5.75% to 6.75%, revealed a corresponding decrease in the NPL of $9,150,000 to total Net Pension Asset of $17,031,000 as of June 30, 2021.

Discount Rate -1%
(4.75%)
Current Discount
Rate (5.75%)
Discount Rate +1%
(6.75%)
N e t Pe nsion L iability (N PL ) 2,644,000 (7,881,000) (17,031,000) NPL Funded Percentage 98.1% 106.2% 114.5%
FPRS
Deferred Outfl
ows and Deferred Inflows of Resources Related to Pensions Deferred Outflows of
Resources
Deferred Inflows of
Resources
Net Deferred of
Resources
Projected versus Actual Earnings on
Investments -$ (10,243,000)$ (10,243,000)$
Total -$ (10,243,000)$ (10,243,000)$
FPRS
Measurement Period
ended June 30:

Deferred
Outflows/(Inflows) of
Resources
2022 (2,200,000) $
2023 (2,415,000)
2024 (2,525,000)
2025 (3,103,000)
FPRS

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 98 Annual Comprehensive Financial Report | June 30, 2021 (19) Pension Plans (Continued)
CalPERS Miscellaneou
s and Safety Plans
Plan Description
All qualified permanent and probationar
y employees are eligible to participate in the City’s Miscellaneous Plan and Safety Plan (Plans), agent multiple-employer defined bene fit pension plans administered by the California Public Employees’ Retirement System (CalPE RS), which acts as a common investme nt and administrative agent for its participating member employers. Benefit provisions unde r the Plans are established by State statute and City resolution. CalPERS issues public ly available reports that include a full de scription of the pen sion plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.

Benefits Provided
CalPERS provide service retirement and disability benefits, annual cost of liv ing adjustm ents and death benefits to
plan members, who must be public employees and beneficiar ies. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are e ligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service.

The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan ar e applied as specified by the Public Employees’ Retirement Law.

The Plan provisions and benefits in effect at June 30, 2021, are summarized as follows:

Hire date Prior to January 1, 2013 Hire date Prior to January 1, 2013 Benefit formula 2.5% @ 55 Benefit formula 3% @ 55
Benefit vesting schedule 5 years service Benefit vesting schedule 5 years service Benefit payments monthly for life Benefit payments monthly for life Reti rement age 50 Reti rement age 50
Monthly be ne fits, as a % of e ligible
compensati on 2.00% to 2.50%
Monthly benefits, as a % of eligible
compensation 2.40% to 3.00%
Required employee contribution rates 7.593% Required employee contribution rates 9.461% Required employer contribution rates* 32.805% Required employer contribution rates 50.085% *As a percentage of projected payroll
Miscellaneous Safety
Employees Covered
At the measurement date June 30, 2020, the following employees were c overed by the benefit terms of the plan:

Miscellaneous Safety
Inactive employees or
beneficiaries currently receiving
benefits 1,737 378
Inactive employees entitled to but
not yet receiving benefits 1,080 144
Active employees 1,408 376
Total 4,225 898

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 99 (19) Pension Plans (Continued)
CalPERS Misc
ellaneous and Safety Plans (Continued)
Contribution Description
Section 20
814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers be determ ined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the diffe rence between the actuarially determined rate and the contribution rate of employees. Employer contribution ra tes may change if plan contracts are amended. It is the responsibility of the employer to make necessary accounting adjustments to reflect the impact due to any Employer- Paid Member Contributions or situations where members are paying a portion of the employer contribution. The City made contributions to the Miscellaneous and Safety Plans during the fiscal year ended June 30, 2021 of $39,008,790 and $23,786,665, respectively.

Net Pension Liability
The City’s net pension liability for each Plan is measured as the total pension liability, less the pension plan’s fiduciary
net position. The net pension liability of the Plan is measured as of June 30, 2020, using an annual actuarial valuation as of June 30, 2019 rolled forward to June 30, 2020 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is shown below.

The total pension liabilities in the June 30, 2019 actuarial valuations were determined using the following actuarial assumptions:

Actuarial Methods and Assumptions Used to Determine Total Pension Liability Actuari al Cost Method Entry Age Normal i n accordance with the requirements of GASB Statement No. 68
Discount Rate 7.15%
Inflation 2.50%
Sal ary Increases Vari es by Entry Age and Servi ce
Mortality Rate Table (1) De rive d using CalPERS' Me m be rship Data for all Funds
A ctuarial A ssumptions
(1) The mortal i ty tabl e used was devel oped based on Cal PERS-speci fi c data. The tabl e i nc
l udes 15 years of mortal i ty i mprovements usi ng Soci ety of Actuari es Scal e. For more details on this table, please refer to the 2017 experience study report.

Discount Rate
The discount rate used to measure the total pension liab ility was 7.15 percent. To determine whether the municipal bond rate should be used in the calculation of a discount rate for each plan, CalPERS stress tested plans that would most likely result in a discount rate that would be different from the actuarially assumed discount rate. Based on the testing of the plans, the tests revealed the assets would not run out. Therefore, the current 7.15 percent discount rate is appropriate and the use of the municipal bond rate calculation is not deemed necessary. The long-term expected discount rate of 7.15 percent is applied to all plans in the Public Employees Retirement Fund. The stress test results are presented in a detailed report called GASB Crossover Testing Report that can be obtained at CalPERS’ website under the GASB 68 section.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 100 Annual Comprehensive Financial Report | June 30, 2021 (19) Pension Plans (Continued)
Long-Term Expected Rate of Return
The long-term expected rate
of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

In determining the long-term expected rate of return, Ca lPERS took into account both short-term and long-term market return expectations as well as the expected pension fund cash flows. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block appr oach. Using the expected nominal returns for both short- term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the rounded single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns. The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses.

The expected real rates of return by asset class are as follows:

Asset Class (1)
New Strategic
Allocation
Real Return
Years 1 - 10 (2)
Real Return
Years 11+ (3)
Global Equity 50.00% 4.80% 5.98%
Fixed Income 28.00 1.00 2.62
Inflation Assets - 0.77 1.81
Private Equity 8.00 6.30 7.23
Real Assets 13.00 3.75 4.93
Liquidity 1.00 - (0.92)
(2) An expected inflation of 2.00% used for this period (3) An expected inflation of 2.92% used for this period (1) In the System's ACFR, Fixed Income is included in Global Debt Securities; Liquidity is include
d in Short-term Investments; Inflation Assets are included in both Global Equity Securities and Global Debt Securities.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 101 (19) Pension Plans (Continued)

Changes in Net Pension Liability

Miscellaneous
AB C = B - A
Total Pension Liability
Plan Fiduciary Net
Position Net Pension Asset/(Liability)
Balance at 6/30/2019,
Measurement Date (MD) 1,169,746,075$ 859,294,486$ $ (310,451,589) Changes Recognized for the
Measurement Period 2019-20:

Service Cost 19,565,533 - (19 ,565,533) Interest on the Total Pension Liability 81,858,875 - (81,858,875) Differences between Expected and
Actual Experience (3,981,645) - 3,981,645 Contribution from Employers - 35,785,979 35,785,979 Contribution from Employees - 8,895,269 8,895,269 Net Investment Income - 42,241,867 42,241,867 Benefit Payments, including
Refunds of Employee Contribution (61,335,630) (61,335,630) - Administrative Expense - (1,211,394) (1,211,394) Net Changes 36,107,133 24,376,091 (11,731,042) Balance at 6/30/2020, MD 1,205,853,208$ 883,670,577$ (322,182,631)$ Pension Expense 41,739,066$
Increase/(Decrease)

Safety

AB C = B - A
Total Pension Liability
Plan Fiduciary Net
Position
Net Pension
Asset/(Liability)
Balance at 6/30/2019,
Measurement Date (MD) 677,107,639$ 497,675,230$ (179,432,409)$ Changes Recogni zed for the Measurement
Period 2019-20:

Service Cost 13,264,435 - (13,264,435) Interest on the Total Pension Liability 47,906,317 - (47,906,317) Di fferences between Expected and
Actual Experience 1,037,581 - (1,037,581) Contribution from Employers - 21,823,026 21,823,026 Contribution from Employees - 4,616,959 4,616,959 Net Investment Income - 24,675,836 24,675,836 Benefit Payments, including Refunds of
Employee Contribution (29,518,039) (29,518,039) - Administrative Expense - (701,600) (701,600) Net Changes 32,690,294 20,896,182 (11,794,112) Balance at 6/30/2020, MD 709,797,933$ 518,571,412$ (191,226,521)$ Pension Expense 30,565,699$
Increase/(Decrease)

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 102 Annual Comprehensive Financial Report | June 30, 2021 (19) Pension Plans (Continued)
Sensitivity of the Net Pension Liability to Changes in the Discount Rates The following presents the net pension liability of the Plan as of the measurement date, calculated using the discount rate of 7.15 percent, as well as what the net pension liability would be if it were calculated using a discount rate that
is 1 percentage-point lower (6.15 percent) or 1 percentage-point higher (8.15 percent) than the current rate:

Discount Rate -1%
(6.15%)
Current Discount
Rate (7.15%)
Discount Rate +1%
(8.15%)
Plan Net Pension Liability/(Asset) 472,806,092$ 322,182,631$ 196,815,270$ Discount Rate -1%
(6.15%)
Current Discount
Rate (7.15%)
Discount Rate +1%
(8.15%)
Plan Net Pension Liability/(Asset) 291,016,813$ 191,226,521$ 109,492,021$ Miscellaneous
Safety
Subsequent Events
There were no subsequent events th
at would materially affect the results presented in this disclosure.

Amortization of Deferred Outflows and Deferred Inflows of Resources Under GASB 68, gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systemati
cally over time.

The first amortized amounts are recognized in pension expe nse for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred in flows of resources related to pensions and are to be recognized in future pension expense.

The amortization period differs depending on the source of the gain or loss:

Net di fference between
projected and actual
earnings 5 year straight-line amortization
All other amounts Straight-line amortization over the
expected average remai ni ng service
l i feti me (EARSL) of al l members that
are provided with benefits (active,
inactive, and retired) as of the
beginning of the measurement period
The EARSL for the Plan for the measuremen
t period ending June 30, 2020 is 3.4 years for Miscellaneous and 5 years for Safety, which was obtained by dividing the total service years of 14,262 (Miscellaneous) and 4,495 (Safety) (the sum of remaining service lifetimes of the active employees) by 4,225 (Misce llaneous) and 898 (Safety) (the total number of participants: active, inactive, and retired). Note that inactive employees and retirees have remaining service lifetimes equal to 0. Also note that total future service is based on the members’ probability of decrementing due to an event other than receiving a cash refund.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 103 (19) Pension Plans (Continued)
Pension Expens
e and Deferred Outflows and Deferred Inflows of Resources Related to Pensions As of June 30
, 2021, the City has deferred outflows and deferred inflows of resources related to pensions as follows:

Deferred Deferred Deferred Deferred Deferred Deferred
Outflows of Inflows of Outflows of Inflows of Outflows of Inflows of Resources Resources Resources Resources Resources Resources Changes of A ssum ption -$ (1,063,267)$ 8,964,309$ (431,624)$ 8,964,309$ (1,494,891)$ Differences between Expected and
Actual Experi ence 2,261,263 (3,242,388) 4,160,066 (1,778,028) 6,421,329 (5,020,416) Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
7,315,368 - 4,708,634 - 12,024,002 -
Contributions Subsequent to the
Measurement Date 39,008,790 - 23,786,665 - 62,795,455 - Total 48,585,421$ (4,305,655)$ 41,619,674$ (2,209,652)$ 90,205,095$ (6,515,307)$ Miscellaneous Safety Total
The amounts above are net
of outflows and inflows recogn ized in the fiscal year 2019-20 measurement period expense.

The $39,008,790 and $23,786,665 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recogn ized as a reduction of th e net pension liability in the year ended June 30, 2022. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Measurement Period
ended June 30
Deferred
Outflows/(Inflows) of
Resources
Measurement Period
ended June 30:

Deferred
Outflows/(Inflows) of
Resources
2021 (4,496,126)$ 2021 5,099,110 $
2022 1,897,145 2022 4,439,446
2023 4,175,950 2023 3,724,940
2024 3,694,007 2024 2,359,861
2025 - 2025 -
Thereafter - Thereafter -
Miscellaneous Safety
Defined Contribution Plan (PARS)
The City provides pension benefits for employees not covered by CalPERS or FPRS through the PARS. This is a defined contribution plan created in accordance with Internal Revenue Code Sections 401(a) and 501, and administered by Phase II Systems. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. Employees are eligible to participate from the date of employment. On October 29, 2012, the City adopted a Salary Resolution for the Non-Represented Non-Management employees requiring the covered employees to contribute the full 7.5% of their earnings ef fective December 31, 2012. Prior to the adoption of the Salary Resolutions, the plan agreement required the City to contribute an amount equal to 4.0% of the employees’ earnings and the covered employee contributed 3.5%. The City contributions for each employee were fully vested.

The City’s payroll for employees covered by PARS for th e year ended June 30, 2021 was $4,583,094. The covered employees made the total required 7.5% contributions of $343,732.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 104 Annual Comprehensive Financial Report | June 30, 2021 (20) Postemployment Benefits Other than Pensions (OPEB) The City of Pasadena provides
a subsidy to retirees of the City who are members of the California Public Employees’ Retirement System or the Pasadena Fire and Police Pension System. Benefit provisions are established and amended through negotiations between the City and the respective unions. Two different levels of subsidy toward the purchase of medical insurance from CalPERS under the Public Employees’ Medical and Hospital Care Act (PEMHCA) are offered. These are currently at $143.00 or $107.25 per month depending on the bargaining unit or the unrepresented group the employee was a member. At the June 30, 2020 actuarial valuation, the following current and former employees were covered by the benefit terms:

Inactive plan members or beneficiaries currently receiving benefits 718 Inactive plan members entitled to but not yet receiving benefits 246 Active plan members 1,833
2,797
Plan Description
Eligibility: The plan is an agent multiple-emplo yer
plan administered by CalPERS, which provides benefits under PEMHCA to individuals who retire with the City and begin to collect a monthly benefit under one of the retirement plans sponsored by the City. Employees who terminate under service retirement or disability retirement and certain survivors of Safety members who die in active service are eligible.

Service Retirement: Employees retiring directly from active status receive medical benefits commencing at retirement. Employee must be age 50 or 52 if a “new member” as defined in the Public Employees’ Pension Reform Act (PEPRA) of 2013 or older with 5 or more years of service.

Disability Retirement: Employees retiring directly from active status due to disability receive medical benefits commencing at retirement. Employees are eligible for Industrial Disability retirement at hire and for Non-Industrial Disability retirement after 5 years of CalPERS service.

Pre-retirement Death:

Safety Employees
Industrial Survivor receives medical benefits commen
cing immediately.

Non-Industrial Survivor receives medical benefits immediately if death occurs after member reaches age 50 with 5 years of service.

Miscellaneous Employees Survivor receives medical benefits immediately if death occurs after member reaches age 50 with 5 years of service.

Dependent Eligibility Dependents are not
eligible for benefits.

Survivor Eligibility Survivors are eligible for benefits if the retiree elected a form of coverage providing for continued pension payments to the retiree.

Benefits:

Medical Benefit Eligible retirees are prov ided a subsidy for medical benefits though PEHMCA. For the calendar year 2021, this monthly amount is $143.00 for certain classes of employees and $107.25 for remaining employees.

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 105 (20) Postemployment Benefits Other than Pensions (Continued) Contributions
The City
contributes the minimum amount allowed under Government Code Section 22825 of the PEMHCA enacted by CalPERS pursuant to State Law. The City’s required monthly contributions for calendar years 2021 and 2020 were $143 and $139, respectively. The statutory contribution will be indexed by the medical CPI each year. The required contribution is based on pay-as-you-go financing requirements. Retirees must contribute any premium amounts in excess of the City contribution. In fiscal year 2018, the City set aside $2 million in a Section 115 trust account, which was recognized as a reduction to the OPEB liability. The City has not made any contribution to the Section 115 trust account during fiscal year ended June 30, 2021.

Net OPEB Liability
The City’s net OPEB liability was measured
as of June 30, 2021 and the total OPEB liability used to calculate the net OPEB liability was determined by an ac tuarial valuation dated July 1, 2020, rolled forward to June 30, 2021, using standard updating procedures based on the following actuarial methods and assumptions:

Actuarial Cost Method Entry Age Normal – level percentage of pay-as-you-go basis Actuarial Assumptions
Discount Rate
Pay-as-you-go – 2.19% per annum
Inflation 2.50% per annum
Payroll Increases 2.75% per annum, plus salary merit increases Merit Increases Merit increases from the most recent CalPERS pension plan valuation.

The benefits are not payroll related but each individual’s projected cost is allocated over their lifetime as a level-percentage of pay.

Healthcare Trend Rate Based on recent premium experience assuming 1%-2% increase due to market trends then reduced to a rate reflecting medical price inflation Investment Rate of Return 5.0% per annum
Pre-retirement Turnover According to the termination rates under the 2017 experience study for the CalPERS pension plan [Rates have been updated to the CalPERS 2017 experience study from the 2014 experience study for the pension plan]
Mortality Rates Based on the 2014 CalPERS pension plan valuation Retirement Age According to the retirement rates under the most recent CalPERS pension plan valuation
Participation Rates 60% of eligible active employees are assumed to elect medical coverage at retirement. Future retirees are assumed to elect similar coverage as current retirees. Actual plan coverage is used for current retirees.

Spouse Coverage 50% of future retirees are assumed to elect coverage for their spouse.

Male spouses are assumed to be 3 years older than female spouses.

Actual spouse coverage and spouse ages are used for current retirees.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 106 Annual Comprehensive Financial Report | June 30, 2021 (20) Postemployment Benefits Other than Pensions (Continued) The long-term expected
rate of return on OPEB plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long- term expected rate of return by weighting the expected fu ture real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the OPEB plan’s target asset allocation as of June 30, 2021 are summarized in the following table:

Long-term
Target Expected Real
Asset Class Allocation Rate of Return
Fixed Income 65.00% 4.00%
Equity 30.00% 7.70%
Cash 5.00% 2.40%
Total 100.00%
Long-term expected rate of return is 5.00%.

Changes in the OPEB Liability
AB C = A - B
Total OPEB Liability Plan Fiduciary Net
Position
Net OPEB
(Asset)/Liability
Balance at 6/30/2020 85,974,627$ 2,215,925$ 83,758,702$ Service Cost 4,253,500 - 4,253,500
Interest 2,364,686 - 2,364,686
Differences between Expected
and Actual Experience (553,234) - (553,234)
Changes of Assumptions 6,723,753 - 6,723,753
Contributions - Employer - 2,677,871 (2,677,871)
Net i nvestment income - 311,987 (311,987)
Benefit payments, net (2,677,871) (2,677,871) -
A dministrative Expe nse s - (6,208) 6,208
Net Changes 10,110,834 305,779 9,805,055
Balance at 6/30/2021 96,085,461$ 2,521,704$ 93,563,757$ Increase/(Decrease)
Changes Recognized for the
Measurement Period:

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 107 (20) Postemployment Benefits Other than Pensions (Continued) Sensitivity of the Net OPEB Liability to Changes in the Discount Rate
The following presents the net OPEB liability of the City, calculated using the discount rate of 2.19%, as well as what the net
OPEB would be if it were calculated using a d iscount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2021:
1% Decrease Current Discount Rate 1% Increase
(1.19%) (2.19%) (3.19%)
Ne t OPEB L iabilit y 110,673,544$ 93,563,756 $ 80,085,219$ Sensitivity of the Net OPEB Liability to Changes in Health Care Cost Trend Rates

The following presents the net OP
EB liability of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2021:

Current Healthcare
1% Decrease Cost Tre nd Rate s 1% Incre ase
(5.50% (6.50% (7.50%
decreasing to decreasing to decreasing to

3.50%) 4.50%) 5.50%)
Net OPEB Liability 77,362,776$ 93,563,756$ 114,890,075$

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 108 Annual Comprehensive Financial Report | June 30, 2021 (20) Postemployment Benefits Other than Pensions (Continued) OPEB Expense and Deferred Outflows
/Inflows of Resources Related to OPEB
For the fiscal year end
ed June 30, 2021, the City recogniz ed OPEB expense of $8,395,325. As of fiscal year ended June 30, 2021, the City reported deferred outflows of re sources and deferred inflows of resources related to OPEB form the following sources:

Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Changes of assumption 14,109,178 $ (197,623) $
Differences between expected and actual experience - (5,037,291) Net difference between projected and actual earnings on OPEB plan investments - (171,869) Total 14,109,178$ (5,406,783) $
The $14,109,178 rep
orted as deferred outflows of resources and $5,406,783 reported as deferred inflows related to pensions will be recognized as pension expense as follows:

Deferred
Fiscal Year Ended Outflows/(Inflows) of
June 30 Resources
2022 1,881,576$
2023 2,079,639
2024 1,353,386
2025 645,346
2026 685,614
Thereafter 2,056,834
Total 8,702,395$

CITY OF PASADENA FINANCIAL SECTION NOTES TO THE BASIC FINANCIAL STATEMENTS Annual Comprehensive Financial Report | June 30, 2021 109 (21) Commitments and Contingencies
Primary Government
“Take or Pa
y” Contracts
The City’s electric operation has entered into various long term “Take or Pay” contracts to provide for current and
future electric generating capacity and transmission of ener gy for City customers. The Ci ty is obligated to pay the amortized cost of indebtedness regardless of the ability of the contracting agency to provide electricity and/or transmission, as applicable. Th e original indebtedness will be amortized by adding the financing costs to purchase energy over the life of the contract. The contracts expire at various times through fiscal year 2036. The total commitment under these contracts as of June 30, 2021 is $124 million.

Additional financial information on the SCPPA may be obtained by contacting the City of Pasadena Department of Water and Power at 150 South Los Robles, Suite 200, Pasadena, CA 91101.

Stranded Investments
In response to California Assembly Bill 1890 (“AB1890”), the City chose to open its market to competition on January
1, 2000. The City has long-term contracts with IPA and SCPPA, most of which obligate the City to purchase power and/or services at cost, which was projected to be higher than market in a deregulated environment. As a result, the City was faced with a “stranded investment” with a net present value estimated to be approximately $63.4 million in 2021. The City has implemented the approved Stranded Investment Utilization Plan by direct defeasance of the debt service of IPP outstanding bonds and mitigation of variable energy costs.

Additional information related to IPA and SCPPA is available online from Water and Power Department’s website or may be obtained by contacting the department at 150 South Los Robles, Suite 200, Pasadena, CA 91101.

Lawsuits and Claims
A number of suits and claims are pending against the City arising in the normal course of operations. In the opinion of management, the results
of such legal actions will not have a material adverse effect on the financial position or results of operations of the City.

In 2017, the City was served with a class action lawsuit entitled Komesar v. City of Pasadena, which generally asserted that the City’s electric utility rates ar e more than reasonably necessary to operate the utility to the extent they finance the City’s annual Charter-authorized transfers from the Light & Power Fund to the General Fund, which was $18.0 million for fiscal year 2021. The lawsuit sought a refund of the transf erred funds. In February 2021, a Los Angeles County Superior Court judge granted the City's Motion for Summary Judgment, adopting the City’s view that the transfers are authorized by the voter-approved Charter provisions. Plaintiff appealed the decision, but dismissed her appeal shortly thereafter, ending the litigation in the City's favor, which allows th e transfers to continue, as allowed by the Charter.

Other
Certain federal and state revenues are received for specif ic purposes and are subject to audit by the grantor
agencies. City management is of the op inion that adjustments, if any, resulting from such audits will not be significant.

NOTES TO THE BASIC FINANCIAL STATEMENTS FINANCIAL SECTION CITY OF PASADENA 110 Annual Comprehensive Financial Report | June 30, 2021 (22) Restatement of Beginning Net Position and Fund Balance The City adopted the provision of the Governmental Accounting Standard Board (G ASB) Statement No. 84, Fiduciary
Activities, which became effective during the year ended June 30, 2021. The intention of this Statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported.

The implementation of the Statement required the City to record prior period adjustments. As a result, the beginning net positions of the Custodial Funds were restated and decreased to a net deficit by $1,281,967. (23) Subsequent Events
Subsequent events were eval
uated through the date of the audit report.

Water Revenue/Refunding Bonds, 2021A Series
On September 20,
2021 the City Council authorized th e issuance of Pasadena Water Revenue/Refunding Series 2021A Bonds. The 2021A Bonds were issued to provide moneys, together with certain other available funds, to (1) refund substantially all of the City’s Water Revenue Refu nding Bonds, 2011A Series in the outstanding amount of $12,645,000, (2) finance the costs of acquisition and construction fund of certain capital improvements to the Water System in the amount of $15,000,000, (3) make an additi onal deposit to the Parity Reserve Fund, and (4) pay costs of issuance of the 2021A Bonds.

American Rescue Plan Act (ARPA)
ARPA is a $1.9 trillion economic stimulus bill signed into l aw by the President on March 11, 2021. Within the ARPA
total allocation is $350 billion for state, local, territori al, and Tribal governments to respond to the COVID-19 e m e r ge n cy. T h e C i t y o f P a s a d e n a ’s a l l o ca t i o n o f d i r e c t l ocal stimulus is $52,625,975 with the first 50 percent of $26,312,987 paid to the City in June 2021. The remaining balance will be paid in June 2022.

REQUIRED SUPPLEMENTARY INFORMATION
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
112

CITY OF PASADENA FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual General Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Taxes 178 ,716,468$ 178,716,468 181,231,144 2,514,676$ Licens es a nd permits 4,618,380 4,618,380 3,468,341 (1,150,039) Inter governmental revenues 20,904,469 22,524,644 24,489,916 1,965,272 C har ges for ser v ic es 42 ,1 2 3 ,2 46 42,169,246 35,761,861 (6,407,385) Fines and forfeits 7,153,000 7,153,000 3,490,959 (3,662,041) Inv estmen
t earnin gs1 ,281,693 1,281,693 1,950,907 669,214 Rental income 902,400 902,400 832,562 (69,838)
Miscel
laneous revenues 1,517,994 1,607,994 2,417,226 809,232 Contributions 27,620 27,620 27,620 -
Total revenues 257,245,271 259,001,446 253,670,536 (5,330,910) Expenditures:

General government:

Ci ty Attorne y 8,828,541 9,280,354 9,938,023 (657,669) Ci ty Cl e rk 3,358,853 3,339,405 2,953,821 385,584 Ci ty Council 2,894,346 2,944,403 2,560,888 383,515 Ci ty Ma nager 5,674,776 5,738,238 5,376,523 361,715 Finance 13,249,479 13,387,788 13,276,467 111,321 Human Resources 4,601,925 4,588,567 4,231,777 356,790 Non-de pa rtmenta l 12,150,332 23,650,332 24,992,175 (1,341,843) Public sa
fety:

Fire 56 ,043,038 55,754,796 53,103,081 2,651,715 Pol i ce 86,805,178 88,030,029 83,514,668 4,515,361 Transportation:

Public Works and Trans porta tion 21,366,769 22,158,191 21,522,450 635,741 Culture and leisure:

Human Services and Recreation 22,667,113 25,923,647 22,944,588 2,979,059 Non-de pa rtmenta l - PCOC 7,365,000 7,365,000 4,301,870 3,063,130 Community development:

Plannin g and Permittin g 9,274,165 9,282,774 8,887,779 394,995 Capital outlay - - 137,228 (137,228)
Total expenditures 254,279,516 271,443,524 257,741,338 13,702,186 Excess (deficiency) of revenues over (under)
expenditures 2,965,755 (12,442,078) (4,070,802) 8,371,276 Other financing sources (uses):

Tr ansfer s in 19 ,640,438 22,337,914 22,538,963 201,049 Tra ns fers out (23,847,278) (20,763,270) (27,011,137) (6,247,867) Total other financing sources (uses) (4,206,840) 1,574,644 (4,472,174) (6,046,818) Change in fund balances (1,241,085) (10,867,434) (8,542,976) 2,324,458 Fund balances at be ginnin g of year 107,606,265 107,606,265 107,606,265 - Fund balances at end of year 106,365,180$ 96,738,831 99,063,289 2,324,458$ Budget
Annual Comprehensive Financial Report | June 30, 2021 113

REQUIRED SUPPLEMENTARY INFORMATION FINANCIAL SECTION CITY OF PASADENA Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Housing Successor Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Cha rges for serv ices 400$ 400 90 (310)$ Inv estment earnin gs- - 5,221 5,221 Rental income 12,660 12,660 61,741 49,081
M isc ellaneous r ev enues 1 6 9,094 169,094 298,958 129,864 Total revenues 182,154 182,154 366,010 183,856
Expenditures:

Current:

Communit y develo pment 3,771,309 3,824,862 515,321 3,309,541 Total expenditures 3,771,309 3,824,862 515,321 3,309,541 Excess (deficiency) of revenues over (under)
expenditures (3,589,155) (3,642,708) (149,311) 3,493,397 Change in fund balances (3,589,155) (3,642,708) (149,311) 3,493,397 Fund ba l a nce a t begi nni ng of yea r 7,033,181 7,033,181 7,033,181 - Fund balance at end of year 3,444,026$ 3 ,390,473 6,883,870 3,493,397$ Budget
114 Annual Comprehensive Financial Report | June 30, 2021

CITY OF PASADENA FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION Annual Comprehensive Financial Report | June 30, 2021 115 Notes to the Required Supplementary Information
Budgets and Budgetary Data
The City Council is required to adopt an annual budget resolution by J une 30 of each fiscal year. The budgets are
adopted on a basis that does not differ materially from GAAP.

An appropriated annual budget is legally adopted for the General and Special Revenue Governmental Funds. Annual appropriated budgets are not adopted for Debt Service Funds because bond indentures are used as the method for adequate budgetary control. Some Capital Projects Fund s have annual appropriated budgets. Control over some projects is maintained by means of an annual budget; others through a project-length capital improvement budget.

This project-length budget authorizes total expenditures over the durati on of a construction project, rather than year by year.

The City maintains budgetary controls to ensure compliance with legal provisions embodied in the appropriated budget approved by the City Council. The level of budgetary control (the level at which expenditures cannot legally exceed the appropriated amount) is the department level and within a single fund. The City Manager may authorize transfers of appropriations within a department so long as it is within a single fund. Supplemental appropriations during the year must be approved by the City Council. All unencumbered appropriations lapse at the end of the fiscal year. In order to be an encumbered appropriation there must be either an approved purchase order or contract in force as of June 30.

REQUIRED SUPPLEMENTARY INFORMATION FINANCIAL SECTION CITY OF PASADENA Schedule of Changes in the Net Pension Liability and Related Ratios CalPERS Pension Plans – Miscellaneous
Last Ten Fiscal Years1
Fiscal year ended June 30, 2021 June 30, 2020
Measurement period ended June 30, 2020 June 30, 2019
Total Pe nsion L iability:

Service cost 19,565,533$ 19,269,901 $
Inte re st on t ot al pe nsion liability 81,858,875 79,378,592 Changes of benefits - -
Changes of assumptions - -
Di fference between expected and actual experi ence (3,981,645) 5,491,637 Benefit payments, including refunds of
employee contributions (61,335,630) (58,915,135) N e t Change in Tot al Pe nsion L iabilit y 36,107,133 45,224,995 Total Pension Liability - Beginning of Year 1,169,746,075 1,124,521,080 Total Pension Liability - End of Year (a) 1,205,853,208$ 1,169,746,075$ Plan Fiduciary Net Position:

Contributions - employer 35,785,979$ 31,374,515$ Contributions - employee 8,895,269 8,840,701
Net investment i ncome 42,241,867 53,457,806
Benefit payments, including refunds of
employee contributions (61,335,630) (58,915,135) Net plan to plan resource movement - -
Administrative expense (1,211,394) (588,826)
Other miscellaneous income/(expense) - 1,921
Net Change in Plan Fiduciary Net Position 24,376,091 34,170,982 Plan Fiduciary Net Position - Beginning of Year 859,294,486 825,123,504 Plan Fiduciary Net Position - End of Year (b) 883,670,577$ 859,294,486$ Net Pension Liability - Ending (a)-(b) 322,182,631$ 310,451,589$ Plan fiduciary net position as a percentage of the
total pe nsion liabilit y 73.28% 73.46%
Covered payroll 116,645,392$ 112,847,855$
Ne t pe nsion liability as pe rce ntage of
covered payroll 276.21% 275.11%
Notes to Schedule:

Benefit Changes:

Changes in A ssumptions:

From fiscal year June 30, 2015 to June 30, 2016:

From fiscal year June 30, 2016 to June 30, 2017:

There were no significant changes in assumptions.

From fiscal year June 30, 2017 to June 30, 2018:

The discount rate was reduced from 7.65% to 7.15%.

For fiscal years ended 2019, 2020, and 2021:

There were no significant changes in assumptions.
1 GASB Statement No. 68, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2015. Additional ye ars will be adde d as the y be com e available in the future .

There were no changes in benefits.

GASB 68, paragraph 68 states that the long-term expected rate of return should be determined net of pension plan investment exp ense but without reduction for pension plan administrative expense. The discount rate of 7.50% used for the June 30, 2014 measurement date was net of administrative expenses. The discount rate of 7.65% used for the June 30, 2015 measurement date is without reduction of pensio n plan administrative expense.
116 Annual Comprehensive Financial Report | June 30, 2021

CITY OF PASADENA FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION Annual Comprehensive Financial Report | June 30, 2021 117 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 19,070,473$ 18,792,979$ 16,452,420$ 16,518,922$ 17,348,789$ 76,248,959 74,168,164 72,631,606 70,707,742 68,656,376 - - - - -
(7,442,869) 59,447,425 - (16,681,849) -
(3,022,702) (11,333,020) (13,975,158) (14,487,681) - (55,364,250) (51,700,328) (49,268,669) (46,870,745) (44,238,909) 29,489,611 89,375,220 25,840,199 9,186,389 41,766,256 1,095,031,469 1,005,656,249 979,816,050 970,629,661 928,863,405 1,124,521,080$ 1,095,031,469$ 1,005,656,249$ 979,816,050$ 970,629,661$ 27,112,138$ 24,681,004$ 22,252,101$ 19,682,618$ 18,058,021$ 8,823,902 8,903,856 8,658,628 8,503,246 10,977,440 66,083,117 80,076,002 3,806,528 16,554,269 111,123,445 (55,364,250) (51,700,328) (49,268,669) (46,870,745) (44,238,909) (1,921) (482) (207) 704 -
(1,218,576) (1,064,667) (448,619) (828,526)
(2,314,097) - - - -
43,120,313 60,895,385 (15,000,238) (2,958,434) 95,919,997 782,003, 19
1 721,107,806 736,108,044 739,066,478 643,146,481 825,123,504$ 782,003,191$ 721,107,806$ 736,108,044$ 739,066,478$ 299,397,576$ 313,028,278$ 284,548,443$ 243,708,006$ 231,563,183$

73.38% 71.41% 71.71% 75.13% 76.14%
111,573,287$ 107,545,903$ 105,291,971$ 102,406,150$ 103,616,666$ 268.34% 291.06% 270.25% 237.98% 223.48%

REQUIRED SUPPLEMENTARY INFORMATION FINANCIAL SECTION CITY OF PASADENA 118 Annual Comprehensive Financial Report | June 30, 2021 Schedule of Contributions
CalPERS Pension Plans – Miscellaneous
Last Ten Fiscal Years1
Fiscal year ended 2021 2020 2019
A ctuarially de te rm ine d contribution2 35,785,979$ 31,374,515$ 27,112,138$ Contributions in re lation to the actuarially
determined contribution (35,785,979) (31,374,515) (27,112,138) Contribution deficiency (excess) -$ -$ -$
Covered payroll 119,504,738$ 116,645,392$ 112,847,855$ Contributions as a percentage
of covered payroll 29.95% 26.90% 24.03%
Notes to Schedule:

Valuation Date 6/30/2019 6/30/2018 6/30/2017
Measurement Date 6/30/2020 6/30/2019 6/30/2018
Methods and Assumptions Used to Determine Contribution Rates:

Actuarial cost method Entry age Entry age Entry age
A sse t valuation m e thod Fair value Fair value Fair value Inflation 2.625% 2.625% 2.75%
Amortization method3
Salary incre ase s4
Investment rate of return5 7.25% 7.25% 7.375%
Retirement age6
Mortality 7
1 2
3 L e ve l pe rce ntage of payroll, close d.
4 Depending on age, service, and type of employment.
5 Net of pension plan investment expense, including inflation 6 The probabilities of retirement are based on the most recent CalPERS Experience Study adopted by the CalPERS Board. 7 Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by the CalPE RS Board.

GASB Statement No. 68, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2015.

Additional years will be added as they become available in the future.

Empl oyers are assumed to make contri buti ons equal to the actuari l l y determi ned contri buti ons. However, some empl oyers may choose to make addi ti onal contri buti ons towards thei r unfunded l i abi l i ty. Empl oyer contri buti ons for such pl ans exceed the actuari al l y determined contributions.

CITY OF PASADENA FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION Annual Comprehensive Financial Report | June 30, 2021 119 2018 2017 2016 2015
24,681,004$ 22,252,101$ 19,682,618$ 18,058,021$ (24,681,004) (22,252,101) (19,682,618) (18,058,021) -$ -$ -$ -$
111,573,287$ 107,545,903$ 105,291,971$ 102,406,150$

22.12% 20.69% 18.69% 17.63%
6/30/2016 6/30/2015 6/30/2014 6/30/2013
6/30/2017 6/30/2016 6/30/2015 6/30/2014
Entry age Entry age Entry age Entry age
Fair value Fair value Fair value 15 Year
Smoothed
Market Method

2.75% 2.75% 2.75% 2.75%

7.50% 7.50% 7.50% 7.50%

REQUIRED SUPPLEMENTARY INFORMATION FINANCIAL SECTION CITY OF PASADENA 120 Annual Comprehensive Financial Report | June 30, 2021 Schedule of Changes in the Net Pension Liability and Related Ratios CalPERS Pension Plans – Safety
Last Ten Fiscal Years1
Fiscal year ended June 30, 2021 June 30, 2020
Measurement peri od June 30, 2020 June 30, 2019
Total Pension L iability:

Service cost 13,264,435$ 12,763,700$
Inte re st on total pe nsion liability 47,906,317 45,653,513 Changes of benefit terms - -
Changes of assumptions - -
Di fference between expected and actual experi ence 1,037,581 4,033,593 Benefit payments, including refunds of
employee contributions (29,518,039) (26,876,788)
N e t Change in Total Pe nsion L iability 32,690,294 35,574,018 Total Pension Liability - Beginning of Year 677,107,639 641,533,621 Total Pension L iability - End of Ye ar (a) 709,797,933$ 677,107,639$ Plan Fiduciary Net Posi tion:

Contributions - employer 21,823,026$ 19,187,119$
Contributions - employee 4,616,959 4,382,598
N e t inve stm ent income 24,675,836 30,715,531
Benefit payments, including refunds of
employee contributions (29,518,039) (26,876,788)
Net plan to plan resource movement - -
Administrative expense (701,600) (335,831)
Other mi scel l aneous i ncome/(expens e) - 1,095
Net Change in Plan Fiduciary Net Position 20,896,182 27,073,724 Plan Fiduciary Net Position - Beginning of Year 497,675,230 470,601,506 Plan Fiduciary Net Position - End of Year (b) 518,571,412$ 497,675,230$ N e t Pe nsion L iability - Ending (a)-(b) 191,226,521$ 179,432,409$ Plan fiduciary net position as a percentage of the
total pe nsion liability 73.06% 73.50%
Covered payroll 47,456,523$ 46,443,734$
N e t pe nsion liability as pe rce ntage of
covered payroll 402.95% 386.34%
Notes to Schedule:

Benefit Changes:

Changes in Assumptions:

From fiscal year June 30, 2015 to June 30, 2016:

From fiscal year June 30, 2016 to June 30, 2017:

There were no significant changes in assumptions.

From fiscal year June 30, 2017 to June 30, 2018:

The discount rate was reduced from 7.65% to 7.15%.

For fiscal years ended 2019, 2020, and 2021:

There were no significant changes in assumptions.
1 GASB Statement No. 68, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2015.

Additional years will be added as they become available in the future.

There were no changes in benefits.

GASB 68, paragraph 68 states that the long-term expected rate of return should be determined net of pension plan investment exp ense but without reduction for pension plan administrative expense. The discount rate of 7.50% used for the June 30, 2014 measureme nt date was net of administrative expenses. The discount rate of 7.65% used for the June 30, 2015 measurement date is without red uction of pension plan administrative expense.

CITY OF PASADENA FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION Annual Comprehensive Financial Report | June 30, 2021 121 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 12,756,843$ 12,323,779$ 10,508,643$ 10,701,701$ 11,182,155$ 43,215,347 41,004,210 39,393,555 37,307,299 35,798,456 - - - - -
(994,610) 36,546,793 - (9,887,742) -
2,172,478 (7,057,346) (634,242) (8,454,840) - (24,941,212) (22,653,545) (20,870,861) (19,142,925) (16,923,959) 32,208,846 60,163,891 28,397,095 10,523,493 30,056,652 609,324,775 549,160,884 520,763,789 510,240,296 480,183,644 641,533,621$ 609,324,775$ 549,160,884$ 520,763,789$ 510,240,296$ 16,541,698$ 15,279,240$ 13,026,190$ 12,026,962$ 10,533,400$ 4,197,458 4,056,265 3,803,804 3,764,101 4,225,771 37,156,382 44,322,546 2,093,377 8,834,410 59,051,934 (24,941,212) (22,653,545) (20,870,861) (19,142,925) (16,923,959) (1,095) - 207 - -
(685,071) (589,420) (244,639) (451,748) -
(1,300,962) - - 684,181 -
30,967,198 40,415,086 (2,191,922) 5,714,981 56, 887,146 439,634,308 399,219,222 401,411,144 395,696,163 338,809,017 470,601,506$ 439,634,308$ 399,219,222$ 401,411,144$ 395,696,163$ 170,932,115$ 169,690,467$ 149,941,662$ 119,352,645$ 114,544,133$

73.36% 72.15% 72.70% 77.08% 77.55%
44,887,069$ 41,527,930$ 41,141,713$ 41,013,280$ 34,243,101$ 380.80% 408.62% 364.45% 291.01% 334.50%

REQUIRED SUPPLEMENTARY INFORMATION FINANCIAL SECTION CITY OF PASADENA 122 Annual Comprehensive Financial Report | June 30, 2021 Schedule of Contributions
CalPERS Pension Plans – Safety
Last Ten Fiscal Years1
Fiscal year ended 2021 2020
A ctuarially de t e rmine d contribution2 21,823,026$ 19,187,119$ Contributions in re lation to the actuarially
determined contribution (21,823,026) (19,187,119)
Contribution deficiency (excess) -$ -$
Covered payroll 47,997,014$ 47,456,523$
Contributions as a percentage
of covered payroll 45.47% 40.43%
Notes to Schedule:

Valuation Date 6/30/2019 6/30/2018
Measurement Date 6/30/2020 6/30/2019
Methods and Assumptions Used to Determine Contribution Rates:

Actuarial cost method Entry age Entry age
A sse t valuation m e thod Fair value Fair value
Inflation 2.625% 2.625%
Amortization method3
Salary incre ase s4
Investment rate of return5 7.25% 7.25%
Retirement age6
Mortalit y7
1 2
3 Level percentage of payroll, closed.
4 Depending on age, service, and type of employment.
5 Net of pension plan investment expense, including inflation 6 7
The probabilities of retirement are based on the most recent CalPERS Experience Study adopted by the CalPERS Board.

Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by the CalPERS Board.

Employers are assumed to make contributions equal to the actuarilly determined contributions. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contributions.

GASB Statement No. 68, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2015. Additional years will be added as they become available in the future.

CITY OF PASADENA FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION Annual Comprehensive Financial Report | June 30, 2021 123 2019 2018 2017 2016 2015
16,541,698$ 15,279,240$ 13,026,190$ 12,026,962$ 10,533,400$ (16,541,698) (15,279,240) (13,026,190) (12,026,962) (10,533,400) -$ -$ -$ -$ -$
46,443,734$ 44,887,069$ 41,527,930$ 41,141,713$ 41,013,280$

35.62% 34.04% 31.37% 29.23% 25.68%
6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013
6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014
Entry age Entry age Entry age Entry age Entry age
Fair value Fair value Fair value Fair value 15 Ye ar
Smoothed
Market Method

2.75% 2.75% 2.75% 2.75% 2.75%

7.375% 7.50% 7.50% 7.50% 7.50%

REQUIRED SUPPLEMENTARY INFORMATION FINANCIAL SECTION CITY OF PASADENA 124 Annual Comprehensive Financial Report | June 30, 2021 Fire and Police Retirement System
Schedule of Changes in the Net Pension Liability and Related Ratios Last Ten Fiscal Years1
Fiscal year ended June 30, 2021 June 30, 2020
Measurement period June 30, 2021 June 30, 2020
Total Pe nsion L iability:

Inte re st on total pe nsion liability 7,335,000 $ 7,600,000 $ Di fferences between expected and actual experi ence (1,798,000) 438,000 Changes of assumptions - -
Changes of benefits - -
Benefit payments, including refunds of
employee contributions (12,506,000) (12,773,000) Ne t Change in Total Pe nsion L iability (6,969,000) (4,735,000) Total Pe nsion L iability - Be ginning of Ye ar 133,821,000 138,556,000 Total Pe nsion L iability - End of Ye ar (a) 126,852,000$ 133,821,000$ Plan Fiduciary Net Position:

Contributions - employer -$ 23,137,000$
Contributions - employee - -
N e t inve st m e nt incom e 22,355,000 3,394,000 Benefit payments, including refunds of
employee contributions (12,506,000) (12,773,000) Administrative expense (327,000) (321,000)
Net Change in Plan Fiduciary Net Position 9,522,000 13,437,000 Plan Fiduciary Net Position - Beginning of Year 125,211,000 111,774,000 Plan Fiduciary Net Position - End of Year (b) 134,733,000$ 125,211,000$ Net Pension Liability - Ending (a)-(b) (7,881,000)$ 8,610,000$ Plan fiduciary net position as a percentage of the
total pe nsion liability 106.21% 93.57%
Notes to Schedule:
1 GASB Statement No. 68, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2015. Additional years w ill be adde d as the y be com e available in the future .

Changes of Assumptions: Fiscal years ended 2019, 2020, and 2021 had no significant changes of assumptions. June 30, 2018 assumption changes of $2,189,000 for change in the discount rate, from 6.50% in 2017 to 5.75% in 2018, and inflation rate, from 3.00% in 2017 to 2.75% in 2018. June 30, 2015 assumption changes of $1,895,000 for change in base mortality rates, $8,301,000 for change in mortality improvements scale, and ($7,055,000) for change in the discount rate.

CITY OF PASADENA FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION Annual Comprehensive Financial Report | June 30, 2021 125 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 7,781,000$ 8,832,000$ 9,272,000$ 9,644,000$ 9,162,000$ 1,862,000 1,261,000 (3,081,000) (2,098,000) (3,075,000) - 2,189,000 - - 3,141,000
- - - - -
(12,824,000) (12,815,000) (13,118,000) (13,448,000) (13,645,000) (3,181,000) (533,000) (6,927,000) (5,902,000) (4,417,000) 141,737,000 142,270,000 149,197,000 155,099,000 159,516,000 138,556,000$ 141,737,000$ 142,270,000$ 149,197,000$ 155,099,000$ -$ -$ -$ -$ -$
- - - - -
5,923,000 6,656,000 12,512,000 50,000 5,683,000 (12,824,000) (12,815,000) (13,118,000) (13,448,000) (13,645,000) (257,000) (272,000) (300,000) (302,000) (273,000) (7,158,000) (6,431,000) (906,000) (13,700,000) (8,235,000) 118,932,000 125,363,000 126,269,000 139,969,000 148,204,000 111,774,000$ 118,932,000$ 125,363,000$ 126,269,000$ 139,969,000$ 26,782,000$ 22,805,000$ 16,907,000$ 22,928,000$ 15,1 30,000$

80.67% 83.91% 88.12% 84.63% 90.24%

REQUIRED SUPPLEMENTARY INFORMATION FINANCIAL SECTION CITY OF PASADENA 126 Annual Comprehensive Financial Report | June 30, 2021 Fire and Police Retirement System
Schedule of Plan Contributions
As of June 30 for the Last Ten Fiscal Years1
Actuarially Actual Contribution as
Fiscal Year Determined Fiscal Year Deficiency Covered a Percentage of Ending Contribution* Contribution (Excess) Payroll Payroll 6/30/2021 -$ -$ -$ n/a n/a
6/30/2020 3,478,000 23,137,000 (19,659,000) n/a n/a 6/30/2019 - - - n/a n/a
6/30/2018 - - - n/a n/a
6/30/2017 - - - n/a n/a
6/30/2016 - - - n/a n/a
6/30/2015 - - - n/a n/a
Note to Schedule:
1 * Actuarially determined contribution based on Board-adopted assumptions for use in preparing the valuation, and as required by applicable Contribution Agreement with the City. Additional years will be presented as they become available.

CITY OF PASADENA FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION Annual Comprehensive Financial Report | June 30, 2021 127 Schedule of Changes in the Net OPEB Liability and Related Ratios As of June 30 for the Last Ten Fiscal Years1
Fiscal year ended 2021 2020 2019 2018
Total OPEB Liability
Service cost 4,253,500 $ 3,567,267 $ 3,216,534 $ 3,178,096 $ Interest on the total OPEB liability 2,364,686 2,560,523 2,596,030 2,447,926 Differences between expected and actual experience (553,234) (7,575,879) - - Changes in assumptions 6,723,752 11,111,122 3,664,587 (988,115) Benefit payments (2,677,871) (2,815,139) (2,612,362) (2,391,366) Net change in Total OPEB Liability 10,110,833 6,847,894 6,864,789 2,246,541 Total OPEB liability - beginning 85,974,627 79,126,733 72,261,944 70,015,403 Total OPEB liability - ending (a) 96,085,460$ 85,974,627$ 79,126,733$ 72,261,944$ Plan Fiduciary Net Position
Contribution - employer 2,677,871$ 2,815,139$ 2,612,362$ 4,391,366$ Net investment income 311,987 101,072 133,177 2,193 Benefit payments (2,677,871) (2,815,139) (2,612,362) (2,391,366) Administrative expense (6,208) (10,840) (9,677) - Net change in plan fiduciary net position 305,779 90,232 123,500 2,002,193 Plan fiduciary net position - beginning 2,215,925 2,125,693 2,002,193 - Plan fiduciary net position - ending (b) 2,521,704$ 2,215,925$ 2,125,693$ 2,002,193$ Net OPEB Liability/(Assets) - ending (a) - (b) 93,563,756$ 83,758,702$ 77,001,040$ 70,259,751$ Plan fiduciary net position as a percentage of the
total OPEB liability 2.62% 2.58% 2.69% 2.77%
Covered - employee payroll 167,501,752$ 164,101,914 $ 134,733,594 $ 130,809,315 $ Net OPEB Liability as percentage of covered-
employee payroll 55.86% 51.04% 57.15% 53.
71%
Note to Schedule:
1 Fiscal year 2018 was the first year of implementation, therefore only four years are shown.

REQUIRED SUPPLEMENTARY INFORMATION FINANCIAL SECTION CITY OF PASADENA 128 Annual Comprehensive Financial Report | June 30, 2021 Schedule of OPEB Plan Contributions
As of June 30, for the Last Ten Fiscal Years1
2021 2020 2019 2018
2,677,871$ 2,815,139$ 2,612,362$ 2,391,366$ (2,677,871) (2,815,139) (2,612,362) (4,391,366) -$ -$ -$ (2,000,000)$
167,501,752$ 164,101,914$ 134,733,594$ 130,809,315$

1.60% 1.72% 1.94% 1.83%
Note to Schedule:
1 Fiscal year 2018 was the first year of implementation, therefore only four years are shown.

Covered employee payroll
Contributions as a percentage of covered-employee payroll Contractually determined contribution
Contribution in relation to the contractually determined contributions Contribution deficiency/(excess)

CITY OF PASADENA FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION Annual Comprehensive Financial Report | June 30, 2021 129 Schedule of OPEB Plan Investment Returns
As of June 30, for the Last Ten Fiscal Years1
Fiscal year ended June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018

13.80% 4.29% 6.15% 0.00%
Note to Schedule:
1 Fiscal year 2018 was the first year of implementation, therefore only four years are shown.

Weighted average investment return rates
(This page intentionally left blank)
130
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

SUPPLEMENTARY INFORMATION

NON-MAJOR GOVERNMENTAL FUNDS SUPPLEMENTARY INFORMATION CITY OF PASADENA 132 Annual Comprehensive Financial Report | June 30, 2021 Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2021

Special 2015 Series A Ca pital
Revenue Refundin g COP Pro jects Permanent
Funds Debt Service Funds Funds Total
Assets:

Pooled cash and investments 128 ,089,244$ - 30 ,507,076 2 ,108,942 160 ,705,262$ Accounts recei vabl e 18 ,169,755 - 87 ,560 6 ,304 18 ,263,619 Notes receivable 53 ,322,822 - - - 53 ,322,822 Prepaids and other assets 116 ,266 - - - 116 ,266 Allowanc e for unc ollec tible lon g-term receivables (53,322,822) - - - (53,322,822) Restricted assets:

Cash and investments 2
,887,436 2 ,887,436
Cash with fiscal a gent 742 ,886 8 ,208,531 - - 8 ,951,417 Pro perty held for resale 867 ,166 - - - 867 ,166 Total assets 150,872,753$ 8 ,208,531 30 ,594,636 2 ,115,246 191 ,791,166$ Liabilities, deferred inflow of resources and
fund balances:

Liabilities:

Accounts payable and accrued liabilities 5 ,078,562 - 28 ,473 - 5 ,107,035 De posits 679 ,750 - - - 679 ,750 Due to other funds 9 ,024,239 - - - 9 ,024,239 Unearned rev enue 2 ,446,109 - - - 2 ,446,109 Total liabilities 17,228,660 - 28 ,473 - 17 ,257,133 Deferred inflows of resources:

Unavailable revenues 6 ,996,867 - - - 6 ,996,867 Total deferred inflow of resources 6,996,867 - - - 6 ,996,867 Fund balances:

Nons pendable 116 ,266 - - 1 ,434,131 1 ,550,397 Restricted 51 ,626,693 8 ,208,531 2 ,048,731 606 ,483 62 ,490,438 Committed 82 ,726,849 - 28 ,517,432 74 ,632 111 ,318,913 Unassi gned (7,822,582) - - - (7,822,582) Total fund balances 126,647,226 8 ,208,531 30 ,566,163 2 ,115,246 167 ,537,166 Total liabilities, deferred inflow of resources and
fund balances 150,872,753$ 8,208,531 30,594,636 2,115,246 191,791,166 $

CITY OF PASADENA SUPPLEMENTARY INFORMATION NO N-MAJOR GOVERNMENTAL FUNDS Annual Comprehensive Financial Report | June 30, 2021 133 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
June 30, 2021

Special 2015 Series A Ca pital
Revenue Refundin g COP Pro jects Permanent
Funds Debt Service Funds Funds Total
Revenues:

Taxes 7 ,812,758$ - - - 7 ,812,758$ Licenses and permits 9 ,322,874 - - - 9 ,322,874 Inter governmental revenues 58 ,066,340 - - - 58 ,066,340 Cha rges for s ervi ces 9 ,996,166 - 205 ,776 - 10 ,201,942 Inv estment earnin gs4 9 7 ,260 (152,249) 138 ,432 8 ,095 491 ,538 Rental income 2 ,357,939 - - - 2 ,357,939 M isc ellaneous r ev enues 3 ,055,307 - 20 ,952 - 3 ,076,259 Contributions 1 ,037,232 - 1 ,551,313 - 2 ,588,545 Total revenues 92,145,876 (152,249) 1 ,916,473 8 ,095 93 ,918,195 Expenditures:

Current:

General government - 3 ,700 28 ,473 - 32 ,173 Publ i c s a fety 2 ,166,047 - - - 2 ,166,047 Trans portation 14 ,989,724 - - - 14 ,989,724 Utilit y 171,217 - - - 171 ,217 Sanitation 4 ,643,131 - - - 4 ,643,131 Health 16 ,265,484 - - - 16 ,265,484 C ultur e and leisur e 1 3 ,935,969 - - - 13 ,935,969 Communit y develo pment 38 ,544,007 - - - 38 ,544,007 Debt service:

Pri ncipa l reti rement 300 ,000 1 ,995,000 - - 2 ,295,000 Interest 139 ,428 2 ,304,900 - - 2 ,444,328 Total expenditures 91,155,007 4 ,303,600 28 ,473 - 95 ,487,080 Excess (deficiency) of revenues over
(under) expenditures 990,869 (4,455,849) 1,888,000 8,095 (1,568,885) Other financing sources (uses):

Transfers in 13 ,615,736 4 ,303,595 - - 17 ,919,331 Transfers out (15,891,214) - (5,396,878) - (21,288,092) Total other financing sources (uses) (2,275,478) 4 ,303,595 (5,396,878) - (3,368,761) Change in fund balances (1,284,609) (152,254) (3,508,878) 8 ,095 (4,937,646) Fund ba l a nces a t begi nni ng of yea r 127,931,835 8,360,785 34,075,041 2,107,151 172,474,812 Fund balances at end of year 126,647,226$ 8,208,531 30,566,163 2,115,246 167,537,166 $ (This page intentionally left blank)
134

SPECIAL REVENUE FUNDS
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
136

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS Annual Com prehensive Financial Report | June 30, 2021 137

NON-MAJOR GOVERNMENTA

L FUNDS

SPECIAL REVENUE FUNDS
Special revenu
e funds are used to account for specific re venues that are legally rest ricted to expenditure for particular purposes. In a governmental fund other than the general fund, expenditures incurred for a specific purpose might exceed the amounts in the fund that are restricted, committed, and assigned to that purpose and a negative residual balance for that purpose may result. If that occurs, amount assigned to other purposes in that fund should be reduced to eliminate the deficit. If the remaining deficit eliminates all other assigned amounts in the fund, or if there are no amounts assigned to other purposes, the negative residual amount should be classified as unassigned fund balance.

Public Safety Fund - to account for revenue received from State AB3229 funds, the 1/2-cent sales tax approved by the voters in November 1993, money received by the Police Department from forfeited cash and other tangible property seized under the Federal Comprehensive Crime Control Act of 1984 and grants received from the Homeland Security Grant Program.

Health Fund - to account for all grants received for the pr ovision of health services which a re restricted by grant award agreements.

Building Services Fund - to account for fees collected and restricted to the operations of the Permit Center.

Sewer Construction and Maintenance Fund - to account for revenue received from sewer use and storm drain charges restricted for the construction and maintenance of the City's sewer system. This includes the use of revenue derived from a special parcel tax (Measure W) approved by voters for improving water quality, recapturing, treating, and recycling stormwater in Los Angeles County.

Underground Utilities Fund - to account for revenue rece ived fro m the underground surtax on sales of electric energy restricted for the extension, conversion, replacement and repair of underground utility lines.

Transportation Fund - to account for the use of revenue derived from th e 1/2-cent sales tax approved by voters, state gasoline tax, sales tax collected for bikeways and pedestrian facilities, and State AB2928 traffic congestion relief, all of which are restricted for construction, maintenance, preservation and rehabilitation of the City’s street and road system.

Library Fund - to account for the operations of the City's public libraries and the library special tax approved by the voters on June 22, 1993 and restricted for Library use.

Parking Fund - to account for revenue derived from on-o ff street parki ng, zoning credits, parking and business improvement tax, parking space rental and leases, and on-street parking meters. These funds are restricted for use in the various enterprise zones of the City.

Air Quality Improvement Fund - to account for the use of revenue derived from a fee a dded to the motor vehicle registration fee for reducing air pollution in accordance with the California Government Code (AB2766).

Housing and Community Development Fund - to account for the use of Comm unity Development Block Grant and
other U.S. Department of Housing and Urban Development programs restricted for housing and community development.

Donated Funds - to account for principal and interest on funds donated to the City for expressed and expendable purposes.
138 Annual Comprehensive Financial Report | June 30, 2021 Combining Balance Sheet
Non-Major Governmental Funds
Special Revenue Funds
June 30, 2021
Sewer
Construction
Public Buildin g and Under ground
Safety Health Services Maintenance Utilities
Assets:

C ash and inv estments 3,330,688$ 350,000 16,598,526 11,735,736 40,046,532 Accounts recei va bl e 415,991 3,645,336 77,182 2,176,902 630,603 Prepaids and other assets - 17,352 - - -
Notes r ec eiv able - - - - -
Allowanc e for unc ollec tible long-ter m r ec eiv ables - - - - - Restricted assets:

C ash and inv est ment s - - - - -
Cash with fiscal a gent - 225,224 - - -
Property hel d for res a l e - - - - -
Total assets 3,746,679 4,237,912 16,675,708 13,912,638 40,677,135 Liabilities, deferred inflow of resources
and fund balances:

Liabilities:

Accounts payable and accrued liabilities 26,903 448,759 541,011 31,245 - Deposits - 79 57,966 - -
Due to other funds - 9,024,239 - - -
Unearned rev enue - 227,218 973,616 - -
Total liabilities 26,903 9,700,295 1,572,593 31,245 - Deferred inflows of resources:

Unav ailable r ev enues 3 1,955 653,149 - - -
Total deferred inflow of resources 31,955 653,149 - - - Fund balances:

Nons pendable - 17,352 - - -
Restricted 3,687,821 - - - -
Committed - - 15 ,103,115 13,881,393 40,677,135 Unassi gned - (6,132,884) - - -
To
tal fund balances (deficit) 3,687,821 (6,115,532) 15,103,115 13,881,393 40,677,135 Total liabilities, deferred inflow of resources
and fund balances 3,746,679$ 4,237,912 16,675,708 13,912,638 40,677,135

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS Annual Comprehensive Financial Report | June 30, 2021 139 Housing and
Air Quality Community Donated
Transportation Librar y Parking Improvement Develo pment Funds Total 28,703,196 9,886,220 3,751,208 72,131 10,360,324 3,254,683 128,089,244$ 3,217,842 81,521 36,714 48,264 7,835,898 3,502 18,169,755 - - - - 98,914 - 116,266
- - - - 53 ,322,822 - 53,322,822 - - - - (53,322,822) - (53,322,822) - - - -
2,887,436 - 2,887,436
- - - - 517,662 - 742,886
- - - - 867,166 - 867,166
31,921,038 9,967,741 3,787,922 120,395 22,567,400 3,258,185 150,872,753 1,209,287 194,916 493,936 3,310 2,025,989 103,206 5,078,562 - 1,605 - - 1,000 619,100 679,750
- - - - - - 9,024,239
- - - - 1,245,275 - 2,446,109
1,209,287 196,521 493,936 3,310 3,272,264 722,306 17,228,660 424,486 - - - 5,887,277 - 6,996,867 424,486 - - - 5,887,277 - 6,996,867 - - - - 98,914 - 116,266
30,287,265 - - 117,085 14,998,643 2,535,879 51,626,693 - 9,771,220 3,293,986 - - - 82,726,849 - - - - (1,689,698) - (7,822,582)
30,287,265 9,771,220 3,293,986 117,085 13,407,859 2,535,879 126,647,226 31,921,038 9,967,741 3,787,922 120,395 22,567,400 3,258,185 150,872,753$

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS 140 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Revenues, Expenditures and Changes in Fund Balance Non-Major Governmental Funds
Special Revenue Funds
For the Fiscal Year Ended June 30, 2021
Sewer
Construction
Public Building and Underground
Safety Health Services Maintenance Utilities
Revenues:

Taxes -$ 877 ,619 - - 4,093,664
Licenses and permits - 1 ,387,243 7,935,631 - -
Inter gov ernmental rev enues 3,107,767 11,725,778 457,675 1,536,502 - Cha rges for serv ices - 432 ,994 1,098,140 7,320,573 - Inv estment earnin gs1 1,189 221 67,616 46,510 166,587 Rental income - 252,199 - - -
M isc ellaneous r ev enues 4,524 121,021 68,361 - - Contributions - - - - -
Total revenues 3,123,480 14,797,075 9,627,423 8,903,585 4,260,251 Expenditures:

Current:

P ublic safety 2,166,047 - - - -
Trans portation - - - - -
Utilit y 171,217
Sa nitation - - - 4,643,131 -
Health - 16 ,265,484 - - -
C ultur e and leisur e - - - - -
Communi ty develo pment - - 9,812,611 - -
Debt service:

Pri ncipal r et ir ement - - - - -
Interest - - - - -
Total expenditures 2,166,047 16,265,484 9,812,611 4,643,131 171,217 Excess (deficiency) of revenues over (under)
expenditures 957,433 (1,468,409) (185,188) 4,260,454 4,089,034 Other financing sources (uses):

Transfers in - 502,172 - - -
Transfers out (780,026) - (192,815) (2,999,179) (6,027,982) Total othe
r financing sources (uses) (780,026) 502,172 (192,815) (2,999,179) (6,027,982) Change in fund balances 177,407 (966,237) (378,003) 1,261,275 (1,938,948) Fund balan
ces (deficit ) at be ginnin g of year 3 ,510,414 (5,149,295) 15,481,118 12,620,118 42,616,083 Fund balances (deficit) at end of year 3,687,821$ (6,115,532) 15,103,115 13,881,393 40,677,135

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS Annual Comprehensive Financial Report | June 30, 2021 141 Housing and
Air Quality Community Donated
Transportation Librar y Parking Improvement Develo pment Funds Total - 2,830,744 10,731 - - - 7,812,758$
- - - - - - 9,322,874
17,792,821 254,200 - 189,132 23,002,465 - 58,066,340 1,036,751 984 98,759 - 7,965 - 9,996,166 100,347 30,882 16,527 1,668 41,875 13,838 497,260 - 56,534 2,035,884 - 13,322 - 2,357,939
586,336 112,219 2,798 - 2,160,048 - 3,055,307 - - - - - 1,037,232 1,037,232
19,516,255 3,285,563 2,164,699 190,800 25,225,675 1,051,070 92,145,876 - - - - - - 2,166,047
11,800,665 - 2,992,083 196,976 - - 14,989,724 171,217
- - - - - - 4,643,131
- - - - - - 16,265,484
- 13,106,832 - - - 829,137 13,935,969 - - - - 28 ,731,396 - 38,544,007 - - - - 300,000 - 300,000
- - - - 139,428 - 139,428
11,800,665 13,106,832 2,992,083 196,976 29,170,824 829,137 91,155,007 7,715,590 (9,821,269) (827,384) (6,176) (3,945,149) 221,933 990,869 378,994 11,184,932 - - 1,549,638 - 13,615,736 (5,030,222) (93,275) (57,113) - (710,602) - (15,891,214) (4,651,228) 11,091,657 (57,113) - 83 9,036 - (2,275,478) 3,064,362 1,270,388 (884,497) (6,176) (3,106,113) 22 1,933 (1,284,609) 27,222,903 8,500,832 4,178,483 123,261 16,513,972 2,313,946 127,931,835 30,287,265 9,771,220 3,293,986 117,085 13,407,859 2,535,879 126,647,226$

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS 142 Annual Comprehensive Financial Report | June 30, 2021 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Public Safety Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Inter governmental revenues 2,122,500$ 2,272,937 3,107,767 834,830$ Inv estment earnin gs4 8,156 48,156 11,189 (36,967) M isc ell
aneous r ev enues - - 4,524 4,524
Total revenues 2,170,656 2,321,093 3,123,480 802,387 Expenditures:

Current:

Publ i c s a fety 2,766,528 2,916,965 2,166,047 750,918 Total expenditures 2,766,528 2,916,965 2,166,047 750,918 Excess (deficiency) of revenues over
(under) expenditures (595,872) (595,872) 957,433 1,553,305 Other financing sources (uses):

Transfers out - (55,000) (780,026) (725,026)
Total
other financing sources (uses) - (55,000) (780,026) (725,026) Change in fund balances (595,872) (650,872) 177,407 828,279 Fund balance at be ginnin g of year 3,510,414 3,510,414 3,510,414 - Fund balance at end of year 2,914,542$ 2,859,542 3,687,821 828,279$ Budget

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS Annual Comprehensive Financial Report | June 30, 2021 143 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Health Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Taxes 804,075$ 804 ,075 877,619 73,544$
Licenses and permits 2,131,137 1,781,137 1,387,243 (393,894) Inter governmental revenues 10,814,267 15,502,609 11,725,778 (3,776,831) Cha rges for serv ices 607,040 607,040 432,994 (174,046) Inv est
ment earnin gs- - 221 221
Rental income 210,093 210,093 252,199 42,106 M isc ellaneous r ev enues - - 121,021 121,021
Total revenues 14,566,612 18,904,954 14,797,075 (4,107,879) Expenditures:

Current:

Health 15 ,521,340 19,926,182 16,265,484 3,660,698 Total expenditures 15,521,340 19,926,182 16,265,484 3,660,698 Excess (deficiency) of revenues over
(under) expenditures (954,728) (1,021,228) (1,468,409) (447,181) Other financing sources:

Transfers in 50,000 116,500 502,172 385,672 Total other financing sources 50,000 116,500 502,172 385,672 Change in fund balances (904,728) (904,728) (966,237) (61,509) Fund bal
ance (deficit) at
beginning of year (5,149,295) (5,149,295) (5,149,295) - Fund balance (deficit) at end of year (6,054,023)$ (6,054,023) (6,115,532) (61,509)$ Budget

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS 144 Annual Comprehensive Financial Report | June 30, 2021 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Building Services Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Licenses and permits 7,360,000$ 7 ,360,000 7,935,631 575,631$ Inter governmental revenues 345,000 345,000 457,675 112,675 Cha rges for serv ices 1,900,000 1,900,000 1,098,140 (801,860) Inv est
ment earnin gs 293,799 293,799 67,616 (226,183) M isc el
laneous r ev enues 6 0,000 60,000 68,361 8,361 Total revenues 9,958,799 9,958,799 9,627,423 (331,376) Expenditures:

Current:

Communit y develo pment 11,472,514 11,472,514 9 ,812,611 1,659,903 Total expenditures 11,472,514 11,472,514 9,812,611 1,659,903 Excess (deficiency) of revenues over
(under) expenditures (1,513,715) (1,513,715) (185,188) 1,328,527 Other financing sources (uses):

Transfers out - (1,500,000) (192,815) 1,307,185
Total other financing sources (uses) - (1,500,000) (192,815) 1,307,185 Change in fund balances (1,513,715) (3,013,715) (378,003) 2,635,712 Fund ba l a nce a t begi nni ng of yea r 15,481,118 15,481,118 15,481,118 - Fund balance at end of year 13,967,403$ 12,467,403 15,103,115 2,635,712$ Budget

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS Annual Comprehensive Financial Report | June 30, 2021 145 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Sewer Construction and Maintenance Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Inter gov ernmental rev enues -$ - 1,536,502 1,536,502$ Cha rges for s ervi ces 7,448,573 7,448,573 7,320,573 (128,000) Inv
estment earnin gs 187,577 187,577 46,510 (141,067) To
tal revenues 7,636,149 7,636,149 8,903,585 1,267,436 Expenditures:

Current:

Sa nita tion 4,825,512 4,825,512 4,643,131 182,381 Total expenditures 4,825,512 4,825,512 4,643,131 182,381 Excess (deficiency) of revenues over
(under) expenditures 2,810,637 2,810,637 4,260,454 1,449,817 Other financing sources (uses):

Transfers out - (5,738,136) (2,999,179) 2,738,957 Total other financing sources (uses) - (5,738,136) (2,999,179) 2,738,957 Change in fund balances 2,810,637 (2,927,499) 1,261,275 4,188,774 Fund balance at be ginnin g of year 12,620,118 12,620,118 12,620,118 - Fund balance at end of year 15,430,755$ 9,692,619 13,881,393 4,188,774$ Budget

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS 146 Annual Comprehensive Financial Report | June 30, 2021 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Underground Utilities Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Taxes -$ - 4,093,664 4,093,664$
Inv estment earnin gs 848,976 848,976 166,587 (682,389) Total
revenues 848,976 848,976 4,260,251 3,411,275
Expenditures:

Current:

Utilit y 124,195 124,195 171,217 (47,022)
Total expenditures 124,195 124,195 171,217 (47,022) Excess (
deficiency) of revenues over
(under) expenditures 724,781 724,781 4,089,034 3,364,253 Other financing sources (uses):

Transfers out (5,853,060) (6,303,060) (6,027,982) 275,078 Total other financing sources (uses) (5,853,060) (6,303,060) (6,027,982) 275,078 Change in fund balances (5,128,279) (5,578,279) (1,938,948) 3,639,331 Fund balance at be ginnin g of year 42,616,083 42,616,083 42,616,083 - Fund balance at end of year 37,487,804$ 37,037,804 40,677,135 3,639,331$ Budget

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS Annual Comprehensive Financial Report | June 30, 2021 147 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Transportation Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Inter governmental revenues 17,497,092$ 17,459,352 17,792,821 333,469$ Cha rges for s ervi ces 1,042,050 1,042,050 1,036,751 (5,299) Inv est
ment earnin gs 346,305 346,305 100,347 (245,958)
M isc el
laneous r ev enues 1,449,265 1,449,265 586,336 (862,929) Total
revenues 20,334,712 20,296,972 19,516,255 (780,717) Expenditures:

Current:

Trans portation 12,411,764 12,912,876 11,800,665 1,112,211 Total expenditures 12,411,764 12,912,876 11,800,665 1,112,211 Excess (deficiency) of revenues over
(under) expenditures 7,922,947 7,384,096 7,715,590 331,494 Other financing sources (uses):

Transfers in 378,994 378,994 378,994 -
Transfers out - (5,566,000) (5,030,222) 535,778 Total other financing sources (uses) 378,994 (5,187,006) (4,651,228) 535,778 Change in fund balances 8,301,941 2,197,090 3,064,362 867,272 Fund balance at be ginnin g of year 27,222,903 27,222,903 27,222,903 - Fund balance at end of year 35,524,844$ 29,419,993 30,287,265 867,272$ Budget

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS 148 Annual Comprehensive Financial Report | June 30, 2021 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Library Services Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Taxes 2,900,213$ 2 ,900,213 2,830,744 (69,469)$ Inter governmental revenues - 282,500 254,200 (28,300) Cha rges for s ervi ces 65,000 65,000 984 (64,016) Inv est
ment earnin gs 114,317 114,317 30,882 (83,435)
Rental
income 50,000 50,000 56,534 6,534
M isc ellaneous r ev enues 6 4,800 126,288 112,219 (14,069) Total r
evenues 3,194,330 3,538,318 3,285,563 (252,755) Expenditures:

Current:

Culture and leisure 15,337,573 15,662,925 13,106,832 2,556,093 Total expenditures 15,337,573 15,662,925 13,106,832 2,556,093 Excess (deficiency) of revenues over
(under) expenditures (12,143,243) (12,124,606) (9,821,269) 2,303,337 Other financing sources (uses):

Transfers in 11,684,932 11,100,754 11,184,932 84,178 Transfers out - - (93,275) (93,275) Total
other financing sources (uses) 11,684,932 11,100,754 11,091,657 (9,097) Change in fund balances (458,311) (1,023,853) 1,270,388 2,294,241 Fund balance at be ginnin g of year 8,500,832 8,500,832 8,500,832 - Fund balance at end of year 8,042,521$ 7,476,979 9,771,220 2,294,241$ Budget

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS Annual Comprehensive Financial Report | June 30, 2021 149 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Parking Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Taxes 14,000$ 14,000 10,731 (3,269)
Cha rges for s ervi ces 304,000 304,000 98,759 (205,241) Inv estm
ent earnin gs6 7,541 67,541 16,527 (51,014)
Rental
income 3,318,700 3,318,700 2,035,884 (1,282,816)
M isc ellan
eous r ev enues 2,000 2,000 2,798 798
Total revenues 3,706,241 3,706,241 2,164,699 (1,541,542) Expenditures:

Current:

Trans porta tion 3,194,469 3,411,920 2,992,083 419,837 Total expenditures 3,194,469 3,411,920 2,992,083 419,837 Excess (deficiency) of revenues over
(under) expenditures 511,772 294,321 (827,384) (1,121,705) Other financing sources (uses):

Transfers out (24,147) (179,147) (57,113) 122,034 Total other financing sources (uses) (24,147) (179,147) (57,113) 122,034 Change in fund balances 487,625 115,174 (884,497) (999,671) Fund bal
ance at be ginnin g of year 4,178,483 4,178,483 4,178,483 - Fund balance at end of year 4,666,108$ 4,293,657 3,293,986 (999,671)$ Budget

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS 150 Annual Comprehensive Financial Report | June 30, 2021 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Air Quality Improvement Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Inter gov ernmental rev enues 170,000$ 170,000 189,132 19,132$ Inv estment earnin gs3 ,299 3,299 1,668 (1,631)
Total
revenues 173,299 173,299 190,800 17,501
Expenditures:

Current:

Trans porta tion 172,388 172,388 196,976 (24,588)
Total expenditures 172,388 172,388 196,976 (24,588)
Exces
s (deficiency) of revenues over
(under) expenditures 911 911 (6,176) (7,087)
Change in fund balances 911 911 (6,176) (7,087)
Fund bal
ance at be ginnin g of yea r 123,261 123,261 123,261 - Fund balance at end of year 124,172$ 124,172 117,085 (7,087)$ Budget

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS Annual Comprehensive Financial Report | June 30, 2021 151 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Housing and Community Development Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Inter governmental revenues 25,472,125$ 29,210,500 23,002,465 (6,208,035)$ Cha rges for s ervi ces 800 800 7,965 7,165
Inv estment earnin gs 141,947 141,947 41,875 (100,072) Renta
l i ncome 152,700 152,700 13,322 (139,378)
M isc el
laneous r ev enues 3,527,962 3,527,962 2,160,048 (1,367,914) Total
revenues 29,295,534 33,033,909 25,225,675 (7,808,234) Expenditures:

Current:

Communit y develo pment 33,183,908 40,358,883 28,731,396 11,627,487 Debt service:

Pri ncipa l reti rement 300,000 300,000 300,000 - Interes t 140,000 140,000 139,428 572
Total expenditures 33,623,908 40,798,883 29,170,824 11,628,059 Excess (deficiency) of revenues over
(under) expenditures (4,328,374) (7,764,974) (3,945,149) 3,819,825 Other financing sources (uses):

Transfers in 1,549,638 1,549,638 1,549,638 -
Transfers out - (66,500) (710,602) (644,102)
Total
other financing sources (uses) 1,549,638 1,483,138 839,036 (644,102) Change in fund balances (2,778,736) (6,281,836) (3,106,113) 3,175,723 Fund balances at be ginnin g of year 16,513,972 16,513,972 16,513,972 - Fund balance at end of year 13,735,236$ 10,232,136 13,407,859 3,175,723$ Budget

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS 152 Annual Comprehensive Financial Report | June 30, 2021 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Donated Fund
For the Fiscal Year Ended June 30, 2021
Variance with
Final Budget
Original Final Actual Positive (Negative)
Revenues:

Inv estment earnin gs4 6,480$ 46,480 13,838 (32,642)$ Contri buti ons 450 ,250 547,936 1,037,232 489,297
Total revenues 496,730 594,416 1,051,070 456,654
Expenditures:

Current:

C ultur e and leisur e 4 1 1,648 961,648 829,137 132,511 Total expenditures 411,648 961,648 829,137 132,511 Excess (deficiency) of revenues over
(under) expenditures 85,082 (367,233) 221,933 589,166 Change in fund balances 85,082 (367,233) 221,933 589,166 Fund balance at be ginnin g of year 2,313,946 2,313,946 2,313,946 - Fund balance at end of year 2,399,028$ 1,946,713 2,535,879 589,166$ Budget

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS

CAPITAL PROJECT FUNDS
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
154

CITY OF PASADENA FINANCIAL SECTION CAPITAL PROJECTS FUNDS

NON-MAJOR GOVERNMENTAL FUNDS

CAPITAL PROJECTS FUNDS
Capital projects funds are used
to account for the acquisition or construction of major capital facilities by the City, other than those financed by proprietary funds.

Charter Capital Projects Fund - to account for certain reso urces identified by the City Council for the acquisition, construction, replacement or repair of municipal im provements where disbursements other than specific municipal improvement projects can be authorized only by a vote of the people.

New Development Impact Fund - to account for fees rece ived from developers of commercial and industrial facilities to be used to fund capital projects, which are made necessary in whole or in part by new development.

Residential Development Impact Fund - to account for fees received from developers of residential facilities to be used to develop park or recreational facilities.
10% Green Fee Capital Projects Fund - to account for ca pital improvements related to the development of the Arroyo Seco. Funding comes from 10% of the gross receipts generated from green fees at the Brookside Golf Course, which are submitted to the capital project fund.

Capital Public Art Fund - to account for fees collected to be used for public art projects.

Traffic Reduction and Transportation Improvement F
ee Fund - to account for fees assessed on new fee for new industrial, office, retail, and residential development, to insure that the transportation improvements identified in the Mobility Element necessary to address the impact of new development on the City’s transportation system are equitably shared by all new development.

Annual Comprehensive Financial Report | June 30, 2021 155 156 Annual Comprehensive Financial Report | June 30, 2021 Combining Balance Sheet
Non-Major Governmental Funds
Capital Project Funds
June 30, 2021
10%
Charter New Residential Green Fee
Capital Develo pment Develo pment Ca pital
Projects Impact Impact Projects
Assets:

Ca s h a nd i nve s tme nts 2 ,064,297$ 269,940 22,187,212 84,570 Ac c ount s r ec eiv able 1 2,907 2,060 64,013 461 Total assets 2,077,204 272,000 22,251,225 85,031 Liabilities and fund balances:

Liabilities:

Accounts payable and
accrued liabilities 28,473 - - -
Total liabilities 28,473 - - -
Fund balances:

Restricted 2,048,731 - - -
Committed - 272,000 22,251,225 85,031
Total fund balances 2,048,731 272,000 22,251,225 85,031 Total liabilities and fund balances 2,077,204$ 272,000 22,251,225 85,031

CITY OF PASADENA FINANCIAL SECTION CAPITAL PROJECTS FUNDS Annual Comprehensive Financial Report | June 30, 2021 157 Traffic
Capital Reduction
Public Trans portation
Art Im provement Total
1,068,429 4,832,628 30,507,076$
2,182 5,937 87,560
1,070,611 4,838,565 30,594,636
- - 28,473
- - 28,473
- - 2,048,731
1,070,611 4,838,565 28,517,432
1,070,611 4,838,565 30,566,163
1,070,611 4,838,565 30,594,636$

CITY OF PASADENA FINANCIAL SECTION CAPITAL PROJECTS FUNDS 158 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
Capital Project Funds
For the Fiscal Year Ended June 30, 2021
10%
Charter New Residential Green Fee
Capital Develo pment Develo pment Ca pital
Projects Impact Impact Projects
Revenues:

Cha rges for s ervi ces -$ - - -
Inv estment earnin gs1 5,611 1,037 96,817 325
Miscellaneous revenues - - - -
Contributions - - 1,551,313 -
Total revenues 15,611 1,037 1,648,130 325
Expenditures:

Current:

General government 28,473 - - -
Total expenditures 28,473 - - -
Excess (deficiency) of revenues over (under)
expenditures (12,862) 1,037 1,648,130 325
Other financing sources (uses):

Transfers out - - (4,609,662) -
Tot
al other financing sources (uses) - - (4,609,662) - Change in fund balances (12,862) 1,037 (2,961,532) 325 F
und bal ances a t beginni ng of yea r 2,061,593 270,963 25,212,757 84,706 Fund balances at end of year 2,048,731$ 272,000 22,251,225 85,031

CITY OF PASADENA FINANCIAL SECTION CAPITAL PROJECTS FUNDS Annual Comprehensive Financial Report | June 30, 2021 159 Traffic
Capital Reduction
Public Trans portation
Art Im provement Total
- 205,776 205,776$
4,024 20,618 138,432
20,952 - 20,952
- - 1,551,313
24,976 226,394 1,916,473
- - 28,473
- - 28,473
24,976 226,394 1,888,000
- (787,216) (5,396,878)
- (787,216) (5,396,878)
24,976 (560,822) (3,508,878)
1,045,635 5,399,387
34,075,041
1,070,611 4,838,565 30,566,163$

CITY OF PASADENA FINANCIAL SECTION CAPITAL PROJECTS FUNDS (This page intentionally left blank)
160

PERMANENT FUNDS
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
162

CITY OF PASADENA FINANCIAL SECTION PERMANENT FUNDS
Annual Comp rehensive Financial Report | June 30, 2021 163

NON-MAJOR GOVERNMENTAL FUNDS

PERMANENT FUNDS
Permanent funds are used
to account for resources that are legally restricted to the extent that only earnings, and not principal, may be used for purposes that support the City’s programs.

Vroman Art Bequest Fund - for purchase of books on art and works of art for the Pasadena Public Library.

Singer Trust Fund - for mai
ntenance of Singer Park.

Noble Award Fund - for pur
chase of medals to award persons rendering notable service in promoting the beauty or general welfare of Pasadena.

Sheldon Memorial Fund - to finance periodic awards to deserving citizens.

Pasadena Center Capital Improvemen
t Trust Fund - for capital improvements.

Cox Trust Fund - for
purchase of literary classics.

Jankos Trust Fund - for pu
rchase of books and materials for the purpose of self-improvement, career development, and agriculture.

Hudson Family Trust Fund - for the purchase of any type of library material for the Lamanda Park Branch of the Pasadena Public Library.

M. A. Berger Trust Fund - for support and maintenance of the Pasadena Public Library’s business and economic collections.
164 Annual Comprehensive Financial Report | June 30, 2021 Combining Balance Sheet
Non-Major Governmental Funds
Permanent Funds
June 30, 2021
Pasadena
Center Capital
Vroman Art Sin ger Noble Sheldon Im provement
Bequest Trust Award Memorial Trust
Assets:

C ash and inv est ment s 6 ,0 6 4$ 48,143 6,412 335 473,217 Accounts recei va bl e 18 144 19 1 1,415
Total assets 6,082 48,287 6,431 336 474,632
Fund balances:

Nons pendable 5,000 23,426 1,100 298 400,000
Restricted 1,082 24,861 5,331 38 -
Committed - - - - 74,632
Total fund balances 6,082$ 48,287 6,431 336 474,632

CITY OF PASADENA FINANCIAL SECTION PERMANENT FUNDS
Annual Comprehensive Financial Report | June 30, 2021 165 Hudson M. A.

Cox Jankos Family Berger
Trust Trust Trust Trust Total
4,838 28,902 114,764 1,426,267 2,108,942$
14 86 343 4,264 6,304
4,852 28,988 115,107 1,430,531 2,115,246
4,307 25,000 100,000 875,000 1,434,131
545 3,988 15,107 555,531 606,483
- - - - 74,632
4,852 28,988 115,107 1,430,531 2,115,246$

CITY OF PASADENA FINANCIAL SECTION PERMANENT FUNDS
166 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
Permanent Funds
For the Fiscal Year Ended June 30, 2021
Pasadena
Center Capital
Vroman Art Sin ger Noble Sheldon Im provement
Bequest Trust Award Memorial Trust
Revenues:

Inv estment earnin gs2 3$ 185 24 1 1,817
Total revenues 23 185 24 1 1,817
Change in fund balances 23 185 24 1 1,817
Fund balances at be ginnin g of year 6,059 48,102 6,407 335 472,815 Fund balances at end of year 6,082$ 48,287 6,431 336 474,632

CITY OF PASADENA FINANCIAL SECTION PERMANENT FUNDS
Annual Comprehensive Financial Report | June 30, 2021 167 Hudson M. A.

Cox Jankos Famil y Berger
Trust Trust Trust Trust Total
18 111 441 5,475 8,095$
18 111 441 5,475 8,095
18 111 441 5,475 8,095
4,834 28,877 114,666 1,425,056 2,107,151
4,852 28,988 115,107 1,430,531 2,115,246$

CITY OF PASADENA FINANCIAL SECTION PERMANENT FUNDS
(This page intentionally left blank)
168

NON-MAJOR ENTERPRISE FUNDS
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
170

CITY OF PASADENA FINANCIAL SECTION NON-MAJOR ENTERPRISE FUNDS

NON-MAJOR ENTERPRISE FUNDS
Enterprise funds are used to account for City operations that are financed and operated in a manner similar to private business enterprises, where the costs of providing these services to the general public on a continuing basis are financed or recovered primarily through user charges.

Refuse Collection Fund - to account for the operations of the City's refuse collection program, a self-supporting activity, which renders services on a user charge basis to residents and businesses.

Telecommunications Fund - to account for revenues received for the use of the fiber optic system excess capacity by private sector firms and used to repay the loan, which funded its construction, as well as fees for setting up wireless facilities on City-owned property.

Annual Comprehensive Financial Report | June 30, 2021 171 172 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Net Position
Non-Major Enterprise Funds
June 30, 2021
Refuse Tele-
Collection communications Total
Assets:

Current assets:

C ash and inv est ment s 2 4,237,719$ 1,152,450 25,390,169$ Accounts recei va bl e, net 2,242,027 776 2,242,803 Total current assets 26,479,746 1,153,226 27,632,972
Noncurrent assets:

Capit al asset s 1 1,698,838 2,060,402 13,759,240
Less accumulated de preci a ti on (7,890,231) (759,282) (8,649,513) Capit al asset s , net of accumulated de preci a ti on 3,808,607 1,301,120 5,109,727 Total noncurrent assets 3,808,607 1,301,120 5,109,727 Total assets 30,288,353 2,454,346 32,742,699
Deferred outflow of resources:

Deferred outflows related to net pension liabilit y 1,347,986 - 1,347,986 Defer r ed outflows r elated to net OP EB liabilit y 416,358 - 416,358 Total deferred outflow of resources 1,764,344 - 1,764,344 Liabilities:

Current liabilities:

Accounts payable and ac c r ued liabilities 7 1 8,737 9,015 727,752 De posits 9,491,039 - 9,491,039
Total current liabilities 10,209,776 9,015 10,218,791 Noncurrent liabilities:

Net pension liabilit y 8,027,830 - 8,027,830
Net OP EB liabilit y 2,761,044 - 2,761,044
Total noncurrent liabilities 10,788,874 - 10,788,874
Total liabilities 20,998,650 9,015 21,007,665
Deferred inflow of resources:

Deferred inflows related to net pension liabilit y 119,459 - 119,459 Defer r ed inflows r elated to net OP EB liabilit y 159,553 - 159,553 Total deferred inflow of resources 279,012 - 279,012 Net position:

Investment in ca pit al asset s 3,808,607 1,301,120 5,109,727 Unres tri cted 6,966,428 1,144,211 8,110,639
Total net position 10,775,035$ 2,445,331 13,220,366$

CITY OF PASADENA FINANCIAL SECTION NON-MAJOR ENTERPRISE FUNDS Annual Comprehensive Financial Report | June 30, 2021 173 Combining Statement of Revenues, Expenditures and Changes in Net Position Non-Major Enterprise Funds
For the Fiscal Year Ended June 30, 2021
Refuse Tele-
Collection communications Total
Operating revenues:

Charges for services:

Refuse c ollection 1 1,502,454$ - 11,502,454$
Telecommunica tion - 567,472 567,472
Total operating revenues 11,502,454 567,472 12,069,926 Operating expenses:

Refuse c ollec tion 1 9 ,376,302 - 19,376,302
Telecommunications - 38,193 38,193
De preciation 691,857 150,791 842,648
Total operating expenses 20,068,159 188,984 20,257,143 Operating income (loss) (8,565,705) 378,488 (8,187,217) Nonoperating revenues (expenses):

Taxes 5,722,056 - 5,722,056
Inter gov ernmental rev enues 51,728 - 51,728
Inv estment earnin gs 105,717 4,313 110,030
Gain (loss ) on dis posal of assets 8,706 - 8,706 M isc ellaneous r ev enues 2,209,765 - 2,209,765
Total nonoperating revenues (expenses) 8,097,972 4,313 8,102,285 Income (loss) before transfers (467,733) 382,801 (84,932) Transfers:

Tr ansfer s in - 192,452 192,452
Transfers out (1,886,318) (395,863) (2,282,181)
Change
s in net position (2,354,051) 179,390 (2,174,661)
Net p
os i ti on at begi nni ng of year 13,129,086 2,265,941 15,395,027 Net position at end of year 10,775,035$ 2,445,331$ 28,615,393$

CITY OF PASADENA FINANCIAL SECTION NON-MAJOR ENTERPRISE FUNDS 174 Annual Comprehensive Financial Report | June 30, 2021 Statement of Cash Flows
Non-Major Enterprise Funds
For the Fiscal Year Ended June 30, 2021
Refuse Tele-
Collection communication Total
Cash Flows from Operating Activities:

Ca s h recei ved from cus tomers 11,551,178$ 586,918 12,138,096$ Cash payments to suppliers for goods and services (12,207,797) (38,034) (12,245,831) Ca s h pa yments to empl oyees for s ervi ces (8,032,619) - (8,032,619) Cash payments to other funds for services 31,552 - 31,552 Mi s cel l a neous revenue/(expens es ) 2,209,765 - 2,209,765 Net cash provided by (used for) operating activities (6,447,921) 548,884 (5,899,037) Cash Flows from Noncapital Financing Activities:

C ash t r ansfer s in - 192,452 192,452
Ca s h tra ns fers out (1,886,318) (395,863) (2,282,181) Ta xes recei ved 5,722,056 - 5,722,056
Intergovernmental revenues 51,728 - 51,728
Net cash provided by (used for) noncapital financing activities 3,887,466 (203,411) 3,684,055 Cash Flows from Capital and Related Financing Activities:

Acqui s i ti on a nd cons tructi on of ca pi ta l a s s ets (974,582) (192,451) (1,167,033) P r oc eeds fr om sale of c apital asset s 8 ,7 0 6 - 8,706 Net cash used for capital and related financing activities (965,876) (192,451) (1,158,327) Cash Flows from Investing Activities:

Inves tment ea rni ngs 105,716 4,314 110,030
Net cash provided by (used for) investing activities 105,716 4,314 110,030 Net increase (decrease) in cash and cash equivalents (3,420,615) 157,336 (3,263,279) Cash and cash equivalents at beginning of year 27,658,334 995,114 28,653,448 Cash and cash equivalents at end of year 24,237,719 1,152,450 25,390,169 Reconciliation of cash and cash equivalents to amounts
reported on the Statement of Net Position:

Ca s h a nd i nves tments 24,237,719 1,152,450 25,390,169 Cash and cash equivalents at end of year 24,237,719$ 1,152,450 25,390,169$

CITY OF PASADENA FINANCIAL SECTION NON-MAJOR ENTERPRISE FUNDS Annual Comprehensive Financial Report | June 30, 2021 175 Statement of Cash Flows
Non-Major Enterprise Funds (continued)
For the Fiscal Year Ended June 30, 2021
Refuse Tele-
Collection communication Total
Reconciliation of operating income (loss) to net cash
provided by (used for) operating activities:

Opera ti ng i ncome (l os s ) (8,565,704)$ 378,487 (8,187,217)$ Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities:

Depreci a ti on a nd a morti za ti on 691,857 150,791 842,648 Mi s cel l a neous revenue (expens e) 2,209,765 - 2,209,765 (Increas e) decrea s e i n a ccounts recei va bl e (137,238) 19,446 (117,792) Increa s e (decrea s e) i n a l l owance for uncol l ecti bl e a ccounts 185,962 - 185,962 Increa s e (decrea s e) i n a ccounts pa ya bl e a nd a ccrued l i a bi l i ti es (16,498) 160 (16,338) Increa s e (decrea s e) i n depos i ts pa ya bl e (784,513) - (784,513) Increa s e (decrea s e) i n deferred i nfl ows (202,940) - (202,940) (Increas e) decrea s e i n deferred outfl ows (170,949) - (170,949) Increase (decrease) in net OPEB liability 7,972 - 7,972 Increa s e (decrea s e) i n net pens i on l i abi l i ty 334,365 - 334,365 Total adjustments 2,117,783 170,397 2,288,180
Net cash provided by (used for) operating activities (6,447,921) 548,884 (5,899,037) Non-Cash Investing, Capital and Financing Activities
Gain/(L oss) on disposition of c apit al assets 8 ,7 0 6 - 8,706 Cha nges i n fa i r val ue of i nves tments 198,899 8,564 207,463

CITY OF PASADENA FINANCIAL SECTION NON-MAJOR ENTERPRISE FUNDS (This page intentionally left blank)
176

INTERNAL SERVICE FUNDS
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
178

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS

INTERNAL SERVICE FUNDS
Internal service funds are used to
account for the financing of goods and services provided by one City department to another or to other governmental units on a cost-reimbursement basis.

Computing and Communication Services Fund - to account for all operations of the Computing and Communications Division of the City Manager's Department, which includes such services as data processing, radio communications, telephone, and voice services.

Building Maintenance Fund - to account for housekeeping and structural maintenance of City buildings.

Fleet Replacement Fund
- to account for the procurement of City vehicles.

Fleet Repair and Maintenance
Fund - to account for the repair and maintenance of City vehicles.

Benefits Fund -
to account for employee compensated absences, retirement, and health benefits.

Workers’ Compensation Fund - to account for investigation services, temporary disability an d medical payments,
excess insurance, permanent disability awards, administrati ve services, and litigation costs. Premiums based on employee worker classifications are indirectly charged to each department for claims proportionate to current industry rates applicable to job functions.

General Liability Fund - to account for payment of self-i nsured general liability and automobile liability claims, excess insurance, claims adjusting serv ices, litigation costs, and administrative services. Contributions are made from each department and are based on past claims experience and appropriate risk factors. 311 Call Center Fund – to account for the operation of the City’s central call center.

Annual Comprehensive Financial Report | June 30, 2021 179 180 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Net Position
Internal Service Funds
June 30, 2021
Computing and
Communication Buildin g Fleet
Assets: Services Maintenance Re placement
Current assets:

C ash and inv est ment s 2,073,898$ 8,612,258 14,532,071 Accounts receiva ble 9,678 50,391 1,218
Inv entories - - -
Prepaids and ot her asset s 9 5 2,134 - -
Total current assets 3,035,710 8,662,649 14,533,289
Noncurrent assets:

Capital assets 1 4,314,315 24,310 25,456,365
Less accumulated de preci a ti on (10,889,631) (24,102) (16,799,292) Capital assets , net of accumulated de preci a ti on 3,424,684 208 8,657,073 Total noncurrent assets 3,424,684 208 8,657,073
Total assets 6,460,394 8,662,857 23,190,362
Deferred outflow of resources:

Deferred outflows rel a ted to net pension liabilit y 2,560,525 1,048,286 40,404 Deferred outflows rel a ted to net OPEB li a bil it y 470,082 308,911 6,715 Total deferred outflow of resources 3,030,607 1,357,197 47,119 Liabilities:

Current liabilities:

Accounts payable and accrued liabilities 1,131,493 495,779 9,604 Insurance claims payable - c ur r ent - - -
Due to other funds - - -
Compensated absences due within one year - - -
Total current liabilities 1,131,493 495,779 9,604
Noncurrent liabilities:

Insurance claims payable - long-term - - -
Compensated absences due in more than one year - - - Net pension liabilit y 14,554,999 6,862,767 3,051,874 Net OP EB liabilit y 3,117,307 2,048,516 44,533
Total noncurrent liabilities 17,672,306 8,911,283 3,096,407 Total liabilities 18,803,799 9,407,062 3,106,011
Deferred inflows of resources:

Deferred infl ows rel a ted to net pension liabilit y 226,915 92,899 3,581 Defer r ed inflows r elated to net OP EB liabilit y 180,140 118,378 2,573 Total deferred inflows of resources 407,055 211,277 6,154 Net position:

Net investment in ca pit al asset s 3,424,684 208 8,644,166 Unrestricted (13,144,537) 401,507 11,481,150
Total net position (deficit) (9,719,853)$ 401,715 20,125,316

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS Annual Comprehensive Financial Report | June 30, 2021 181 Fleet Workers' General 311
Maintenance Benefits Com pensation Liabilit y Call Center Total 2,890,278 - 9,902,318 1,992,489 216,953 40,220,265$ 265,248 170,173 - 68,669 564 565,941
440,837 - - - - 440,837
- 17,350 28,028 - - 997,512
3,596,363 187,523 9,930,346 2,061,158 217,517 42,224,555 42,516 - - 3,714,391 - 43,551,897
(9,397) - - - - (27,722,422)
33,119 - - 3,714,391 - 15,829,475
33,119 - - 3,714,391 - 15,829,475
3,629,482 187,523 9,930,346 5,775,549 217,517 58,054,030 513,756 12,036,204 2,180,214 68,521 136,478 18,584,388 141,025 33,577 40,293 13,431 33,577 1,047,611
654,781 12,069,781 2,220,507 81,952 170,055 19,631,999 576,104 6,476,638 134,290 62,380 14,078 8,900,366 - - 13,151,488 5,164,065 - 18,315,553
- 12,293,255 - - - 12,293,255
- 9,740,019 - - - 9,740,019
576,104 28,509,912 13,285,778 5,226,445 14,078 49,249,193 - - 18,324,109 5,404,531 - 23,728,640
- 3,236,068 - - - 3,236,068
704,190 70,481,825 8,765,111 474,953 567,386 105,463,105 935,192 222,665 267,198 89,066 222,665 6,947,142 1,639,382 73,940,558 27,356,418 5,968,550 790,051 139,374,955 2,215,486 102,450,470 40,642,196 11,194,995 804,129 188,624,148 45,530 848,928 122,601 6,072 12,095 1,358,621
54,042 12,867 15,441 5,147 12,867 401,455
99,572 861,795 138,042 11,219 24,962 1,760,076
33,119 - - 3,714,391 - 15,816,568
1,936,086 (91,054,961) (28,629,385) (9,063,104) (441,519) (128,514 ,763) 1,969,205 (91,054,961) (28,629,385) (5,348,713) (441,519) (112,698,195)$

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS 182 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Revenues, Expenditures and Changes in Net Position Internal Service Funds
For the Fiscal Year Ended June 30, 2021
Computing and
Communication Buildin g Fleet
Services Maintenance Re placement
Operating revenues:

Charges for services:

Computin g and communication services 18,415,518$ - - Buildin g maintenance - 13,240,174 -
Fleet maintenance - - 2,400,485
Emplo yee benefits - - -
Insurance - - -
311 Ca l l Center - - -
Total operating revenues 18,415,518 13,240,174 2,400,485 Operating expenses:

Computin g a nd communi cati on s ervi ces 17,711,967 - - Buildin g maintenance - 13,020,147 -
Fleet re placement and maintenance - - 580,966 Benefits - - -
Insurance - - -
311 Ca l l Ce nte r - - -
De preci a ti on 1,274,425 594 1,217,459
Total operating expenses 18,986,392 13,020,741 1,798,425 Operating income (loss) (570,874) 219,433 602,060
Nonoperating revenues (expenses):

Inv estment earnin gs4 ,312 38,412 54,370
M isc ellaneous r ev enue - - -
Gain (loss ) on dis posal of assets - - 11,390 Total nonoperating revenues (expenses) 4,312 38,412 65,760 Income (loss) before transfers (566,562) 257,845 667,820 Transfers from (to) other funds:

Transfers in 1,436,061 96,903 -
Transfers out (1,232,550) (1,997,541) -
Net income (loss) (363,051) (1,642,793) 667,820
Net position (deficit) at beginning of year (9,356,802) 2,044,508 19,457,496 Net position (deficit) at end of year (9,719,853)$ 401,715 20,125,316

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS Annual Comprehensive Financial Report | June 30, 2021 183 Fleet Workers' General 311
Maintenance Benefits Com pensation Liabilit y Call Center Total - - - - - 18,415,518$
- - - - - 13,240,174
10,097,635 - - - - 12,498,120
- 33,545,227 - - - 33,545,227
- - 16,478,093 4 ,263,614 - 20,741,707 - - - - 850,557 850,557
10,097,635 33 ,545,227 16 ,478,093 4 ,263,614 850,557 99,291,303 - - - - - 17,711,967
- - - - - 13,020,147
8,433,876 - - - - 9,014,842
- 41,421,638 - - - 41,421,638
- - 14,851,934 5 ,639,001 - 20,490,935 - - - - 763,957 763,957
4,252 - - - - 2,496,730
8,438,128 41,421,638 14,851,934 5,639,001 763,957 104,920,216 1,659,507 (7,876,411) 1,626,159 (1,375,387) 86,600 (5,628,913) 6,287 (70,973) 32,625 7,514 523 73,070
3,680 87,307 - - - 90,987
- - - - - 11,390
9,967 16,334 32,625 7,514 523 175,447
1,669,474 (7,860,077) 1,658,784 (1,367,873) 87,123 (5,453,466) - -
- - - 1,532,964
- - - - - (3,230,091)
1,669,474 (7,860,077) 1,658,784 (1,367,873) 87,123 (7,150,593) 299,
731 (83,194,884) (30,288,169) (3,980,840) (528,642) (105,547,602) 1,969,205 (91,054,961) (28,629,385) (5,348,713) (441,519) (112,698,195)$

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS 184 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Cash Flows
Internal Service Funds
For the Fiscal Year Ended June 30, 2021
Computing and
Communication Building Fleet
Services Maintenance Replacement
Cash Flows from Operating Activities:

Ca s h recei ved from cus tomers 18,415,511 $ 13,268,870 2,400,487 Ca s h pa yments to s uppl i ers for goods a nd s ervi ces (6,106,714) (7,933,710) (390,468) Ca s h pa yments to empl oyees for s ervi ces (11,359,652) (5,236,069) (198,622) Net cash provided by (used for) operating activities 949,145 99,091 1,811,397 Cash Flows from Noncapital Financing Activities:

Tra ns fers from other funds 1,436,061 96,903 -
Tra ns fers to other funds (1,232,550) (1,997,545) - Non-oper ating misc ellaneous r ev enue - - -
Net cash provided by (used for) noncapital financing activities 203,511 (1,900,642) - Cash Flows from Capital and Related Financing Activities:

Acqui s i ti on and cons tructi on of capi tal as s ets (1,005,055) - (913,504) P r oc eeds fr om sale of c apit al asset s - - 11,390 Net cash used for capital and related financing activities (1,005,055) - (902,114) Cash Flows from Investing Activities:

Inv est ment ear nings (ex penses) 7 ,9 4 9 59,958 85,998 Net cash provided by (used for) investing activities 7,949 59,958 85,998 Net increase (decrease) in cash and cash equivalents 155,550 (1,741,593) 995,281 Cash and cash equivalents at beginning of year 1,918,348 10,353,851 13,536,790 Cash and cash equivalents at end of year 2,073,898 8,612,258 14,532,071 Reconciliation of cash and cash equivalents to amounts
reported on the Statement of Net Position:

Ca s h and i nves tments 2,073,898 8,612,258 14,532,071 Cash and cash equivalents at end of year 2,073,898$ 8,612,258 14,532,071

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS Annual Comprehensive Financial Report | June 30, 2021 185 Fleet Workers' General 311
Maintenance Benefits Compensation Liability Call Center Total 9,863,789 40,092,898 16,494,140 3,462,029 850,557 104,848,281$ (5,805,385) (2,276,827) (9,796,921) (9,252,957) (152,292) (41,715,274) (2,662,541) (37,772,064) (4,620,692) (313,323) (682,872) (62,845,835) 1,395,863 44,007 2,076,527 (6,104,251) 15,393 287,172 - - - - - 1,532,964
- - - - - (3,230,095)
3,683 87,326 - 1,056,548 - 1,147,557
3,683 87,326 - 1,056,548 - (549,574)
- - - - - (1,918,559)
- - - - - 11,390
- - - - - (1,907,169)
9,959 (131,333) 32,625 7,879 886 73,921
9,959 (131,333) 32,625 7,879 886 73,921
1,409,505 - 2,109,152 (5,039,824) 16,279 (2,095,650) 1,480,773 - 7,793,166 7, 032,313 200,674 42,315,915 2,890,278 - 9,902,318 1,992,489 216,953 40,220,265 2,890,278 - 9,902,318 1,992,489 216,953 40,220,265 2,890,278 - 9,902,318 1,992,489 216,953 40,220,265$

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS 186 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Cash Flows (continued)
Internal Service Funds
For the Fiscal Year Ended June 30, 2021
Computing and
Communication Building Fleet
Services Maintenance Replacement
Reconciliation of operating income (loss) to net cash
provided by (used for) operating activities:

Opera ti ng i ncome (l os s ) (570,874)$ 219,433 602,060 Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities:

Depreci a ti on a nd a morti za ti on 1,274,425 594 1,217,459 (Increase) decrease in accounts receivable - 28,692 -
Increase (decrease) in due to other funds - - -
(Inc r ease) dec r ease in inv entor ies - - -
(Increa s e) decrea s e i n prepa i ds a nd other a s s ets (81,440) - - Inc r ease (dec r ease) in ac c ounts pay able and ac c r ued liabilities 373,275 (206,788) (6,388) Increase (decrease) in insurance claims pay able - - - Inc r ease (dec r ease) in c ompensat ed absenc es - - - Increa s e (decrea s e) i n deferred i nfl ows (334,354) (150,138) (1,116) (Increa s e) decrea s e i n deferred outfl ows (344,964) (139,199) (24,213) Inc r ease (dec r ease) in net OP EB liability (5 5 ,725) 88,702 (2,129) Inc r ease (dec r ease) in net pension liability 688,802 257,795 25,724 Total adjustments 1,520,019 (120,342) 1,209,337
Net cash provided by (used for) operating activities 949,145$ 99,091 1,811,397 Non-Cash Investing, Capital and Financing Activities
Gain/(L oss) on disposit ion of c apit al asset s - - (36,344) C hanges in fair v alue of inv estments 1 4 ,1 5 7 64,588 103,248

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS Annual Comprehensive Financial Report | June 30, 2021 187 Fleet Workers' General 311
Maintenance Benefits Compensation Liability Call Center Total 1,659,507 (7,876,411) 1,626,159 (1,375,387) 86,600 (5,628,913)$ 4,252 - - - - 2,496,730
(233,843) (1,274) 16,049 (21,475) - (211,851)
- 6,548,964 - - - 6,548,964
(15,944) - - - - (15,944)
- 17,013 (28,028) 11,785 - (80,670)
(53,583) (740,358) (62,518) (5,245,840) (15,256) (5,957,456) - - 217,309 530,733 - 748,042
- 839,196 - - - 839,196
(67,666) (1,520,129) (217,075) (9,580) (24,880) (2,324,938) (86,704) (435,044) (426,882) (7,564) (4,227) (1,468,797) 48,610 (10,646) (12,775) (4,258) (57,308) (5,529) 141,234 3,222,696 964,288 17,335 30,464 5,348,338 (263,644) 7,920,418 450,368 (4,728,864) (71,207) 5,916,085 1,395,863 44,007 2,076,527 ( 6,104,251) 15,393 287,172$ - - - - - (36,344)
13,826 (234,044) 66,257 (14,164) 1,287 15,155

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (This page intentionally left blank)
188

FIDUCIARY FUNDS
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
190

CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS

FIDUCIARY FUNDS
Fiduciary funds are used to account for assets held by th e City in a trustee or custodial capacity for individuals, governmental entities, and others, and are operated by carrying out the specifications of trust indentures, statutes, ordinances, or other governing regulations.

Employee Benefit Trust Funds:

Deferred Compensation Fund -
to account for resources earned by present and former employees and held in a trust capacity by the City in accordance with the provisions of Internal Revenue Code Section 457.

Fire and Police Retirement Fund - to account for transactions of the Fire and Police Retirement System, which is governed by its own retirement board.

Custodial Funds:

Lake/Washington Special Assessment District Fund - to ac count f or maintenance costs of the parking lot located
at Lake Avenue and Washington Boulevard.

Library Equipment Replacement Fund - to account for the library automated control system operated under joint agreement with the City of Glendale.

Workforce Innovation and Opportunity Act Fund - to account for the administration of Workforce Innovation and Opportunity Act (WIOA) activities under the direction of the Foothill Workforce Development Board (FWDB).

Open Space Assessment District Fund - to account for receipt and disbursement of debt service activity related to the acquisition and improvement of the Annandale Canyon Estates and adjacent property to be established as open space.

Private-Purpose Trust Funds : The fiduciary fund type used to report all trust arrangements, other than those properly reported in employee benefit trust funds or in vestment trust funds, under which principal and income benefit individuals, private organizations, or other gove rnments. Private-purpose trust funds are used for the activities of the Successor Agency to the Pasadena Community Development Commission (PCAC). See the next tab for the combining statements related to the Successor Agency.

Annual Comprehensive Financial Report | June 30, 2021 191 192 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Net Position
Employee Benefit Trust Funds
June 30, 2021
Fire and Police
Deferred Retirement
Compensation System Total
Assets:

C ash and c ash e quivalents 373,569,449$ 6 ,303,337 379,872,786$ Receivables:

Pendin g trade s ales - 6,786,349 6,786,349
Interest - 169,918 169,918
Total receivables - 6,956,267 6,956,267
Investments, at fair value:

Government and a gencies - 24,232,920 24,232,920
Domestic cor porate obli gations - 23,274,707 23,274,707 International cor porate obli gations - 1,587,182 1,587,182 Fixed income mutual funds - 20,169,940 20,169,940
Real estate - 11,931,126 11,931,126
Domestic cor porate stocks - 27,382,351 27,382,351
International cor porate stocks - 26,962,063 26,962,063 Total investments - 135,540,289 135,540,289
Total assets 373,569,449 148,799,893 522,369,342 Liabilities:

Accounts payable and ac c r ued liabilities - 61,286 61,286 Pending purchases - 14,006,021 14,006,021
Total liabilities - 14,067,307 14,067,307
Net position reserved in trust:

Held in tr ust for pens i ons 373,569,449 134,732,586 508,302,035 Total net position reserved in trust 373,569,449$ 134,732,586 508,302,035$

CITY OF PASADENA FINANCIAL SECTION EMPLOYEE BENEFIT TRUST FUNDS Annual Comprehensive Financial Report | June 30, 2021 193 Combining Statement of Changes in Net Position
Employee Benefit Trust Funds
For the Fiscal Year Ended June 30, 2021
Fire and Police
Deferred Retirement
Compensation System Total
Additions:

Contributions:

Pl a n members 16,949,928$ - 16,949,928$
Total contributions 16,949,928 - 16,949,928
Net investment income:

Inv estment earnin gs7 1,832,846 20,826,387 92,659,233
Interest - 603,309 603,309
Dividends - 1,363,394 1,363,394
Gross investment income 71,832,846 22,793,090 94,625,936 L ess inv est ment ex penses - (439,243) (439,243)
Total net investment income 71,832,846 22,353,847 94,186,693 Total additions 88,782,774 22,353,847 111,136,621
Deductions:

Benefits paid to par ticipants 2 3,440,214 12,505,972 35,946,186 Administrative ex pens es 225,136 326,542 551,678
Total deductions 23,665,350 12,832,514 36,497,864
Change in net position 65,117,424 9,521,333 74,638,757
Net position held in trust for employees:

Be ginnin g of yea r 308,452,025 125,211,253 433,663,278 End of year 373,569,449$ 134,732,586 508,302,035$

CITY OF PASADENA FINANCIAL SECTION EMPLOYEE BENEFIT TRUST FUNDS 194 Annual Comprehensive Financial Report | June 30, 2021 Combining Balance Sheet
Custodial Funds
June 30, 2021
Lake/
Washington Workforce
Special Library Innovation and O pen Space
Assessment E quipment O pportunity Assessment
District Re placement Act (WIOA) District Total
Assets:

Cash and investments -$ 305,351 - 150,005 455,356$
Accounts recei va bl e 710 5,279 469 ,215 4,873 480,077 Other assets - - 173 - 173
Total assets 710 310,630 469,388 154,878 935,606 Liabilities:

Accounts payable and ac c r ued liabilities - - 346,083 - 346,083 Due to other gov ernments 5,613 - - - 5,613
Total liabilities 5,613 - 346,083 - 351,696
Net position held in custody:

Res tri cted for l i bra ry equi pment - 310,630 - - 310,630 Restricted for WIOA - - 123,305 - 123,305
Restricted for bondholders - - - 154,878 154,878
Unres tri cted (4,903) - - - (4,903)
Net po
sition (deficit) at end of year (4,903)$ 310,630 123,305 154,878 583,910$

CITY OF PASADENA FINANCIAL SECTION CUSTODIAL FUNDS
Annual Comprehensive Financial Report | June 30, 2021 195 Combining Statement of Fiduciary Net Position
Custodial Funds
For the Fiscal Year Ended June 30, 2021
Lake/
Washington Workforce
Special Library Innovation and O pen Space
Assessment E quipment O pportunity Assessment
District Re placement Act (WIOA) District Total
Additions:

Inv estment earnin gs (22)$ 2,226 - 495 2,699$ Assessment r ev enue 2 4 ,425 - - 1,054,723 1,079,148 Progra m revenue - - 4,548,237 - 4,548,237 Total additions 24,403 2,226 4,548,237 1,055,218 5,630,084 Deductions:

Contributions to Cit y 27,620 - - - 27,620 Progra m expense - - 3,675,439 - 3,675,439 Administrative ex pense - - - 2,998 2,998 Interest ex pense - - - 58,150 58,150
Total deductions 27,620 - 3,675,439 61,148 3,764,207 Change in net position (3,217) 2,226 872,798 994,070 1,865,877 Net position (deficit) at beginning of year,
as restated (1,686) 308,404 (749,493) (839,192) (1,281,967) Net position at end of year (4,903)$ 310,630 123,305 154,878 583,910$

CITY OF PASADENA FINANCIAL SECTION CUSTODIAL FUNDS
(This page intentionally left blank)
196

SUCCESSOR AGENCY COMBINED
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
198

CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS

PRIVATE-PURPOSE TRUST FUNDS
Private-purpose trust funds are one type of the fidu
ciary funds reported in the prior tab.

Successor Agency to Pasadena Community Development Commission (PCAC) - was formed to account for receipt of incremental property tax and disbursements relate d to enforceable obligations (debts) of the former redevelopment agency. It will remain in place until all enforceable obligations, as approved on the Recognized Obligation Payment Schedule (ROPS) by California Department of Finance, are paid in full and all assets have been liquidated. It includes the following funds:
• Administration Fund - to account for administrative costs of the Successor Agen cy as approved on the ROPS.
• Redevelopment Obligation Retirement Fund - to acco unt for receipts and disbursements of incremental property tax.
• Debt Funds - to account for enforceable obligations of the former redevelopment agency. They include Old Pasadena, Lincoln, Downtown, Fair Oaks, Orange Grove, Villa Parke, Lake/Washington project areas, and the Affordable Housing debt function. The Affordable Housing debt fund is used to account for the 2006 Tax Allocation Revenue Bonds (housing set-aside revenues – Townhouse Project Refunding), Housing Enabled by Local Partnerships (HELP) program loans, and payment of enforceable obligations of the former Low and Moderate Income Housing Fund.

Annual Comprehensive Financial Report | June 30, 2021 199 200 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Net Position
Private-Purpose Trust Funds
June 30, 2021
Redevelopment
Administration
Obligation
Retirement Fund Old Pasadena Lincoln Downtown
Assets
Current assets:

Cash and investments 11,243$ 12,943 - - - Notes receivable - - - - -
Allowanc e for unc ollec tible lon g-term receivables - - - - - Total current assets 11,243 12,943 - - -
Noncurrent assets:

Ca pital a ss ets - 214,261 - - -
Total noncurrent assets - 214,261 - - -
Total assets 11,243 227,204 - - -
Liabilities
Accounts payable and ac c r ued liabilit ies - - - - - Bonds payable - due within one year - - - - - Total liabilities - - - - -
Net Position
Net posit ion held in tr ust 1 1,243$ 227,204 - - -

CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS Annual Comprehensive Financial Report | June 30, 2021 201 Fair Oaks Orange Grove Villa Parke
Lake
Washington
Affordable
Housing Total
300,657 40,843 9,278 86,438 80 461,482$
515,000 - - - - 515,000
(515,000) - - - - (515,000)
300,657 40,843 9,278 86,438 80 461,482
- - - - - 214,261
- - - - - 214,261
300,657 40,843 9,278 86,438 80 675,743
5,513 - - - - 5,513
225,000 - - - - 225,000
230,513 - - - - 230,513
70,144 40,843 9,278 86,438 80 445,230$
Successor Agency

CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS 202 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Changes in Net Position
Private-Purpose Trust Funds
For the Fiscal Year Ended June 30, 2021
Redevelopment
Administration
Obligation
Retirement Fund Old Pasadena Lincoln Downtown
Additions:

Property taxes -$ 11 ,598,616 - - -
Inv estment earnin gs- - - - -
Miscellaneous rev enues - - - - -
Total additions - 11 ,598,616 - - -
Deductions:

Fiscal a genc y expenses - - - - -
Interest ex pense - - - - -
Statutor y pass-t hr ough ex penses - - 9 ,230,444 47,732 - Administrative expenses:

Count y administ r at iv e expenses - - 152,794 7,634 706,713 Total deductions - - 9 ,383,238 55,366 706,713 Transfers:

Transfers in - - 9 ,383,238 55,366 706,713 Transfers out - (11,817,140) - - -
To
tal transfers - (11,817,140) 9,383,238 55,366 706,713 Change in amount held in trust - (218,524) - - -
A
mount held in trust at be ginnin g of year 11,243 445,728 - - - Amount held in trust at end of year 11,243$ 227,204 - - - Successor Agency

CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS Annual Comprehensive Financial Report | June 30, 2021 203 Fair Oaks Orange Grove Villa Parke
Lake
Washington
Affordable
Housing Total
- - - - - 11 ,598,616$
136 - 5 46 - 187
- 20,176 - - - 20,176
136 20,176 5 46 - 11 ,618,979
1,601 - - - - 1,601
11,025 - - - - 11,025
461,519 65,910 474,637 342,329 - 10 ,622,571
32,936 14,996 41,898 11,559 - 968,530
507,081 80,906 516,535 353,888 - 11 ,603,727
720,493 80,906 516,536 353,888 - 11 ,817,140
- - - - - (11,817,140)
720,493 80,906 516,536 353,888 - -
213,548 20,176 6 46 - 15,252
(143,404) 20,667 9,272 86,392 80 429,978
70,144 40,843 9,278 86,438 80 445,230$
Successor Agency

CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS (This page intentionally left blank)
204

COMPONENT UNIT
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
206

CITY OF PASADENA FINANCIAL SECTION COMPONENT UNIT

DISCRETELY PRESENTED COMPONENT UNIT

ROSE BOWL OPERATING COMPANY
Component units are legally separate organizations for which the elected officials of the primary government are financially accountable. In addition, component units can be other organizations for which the nature and significance of their relationship with a primary govern ment are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. Discretely presented component units do not meet one of the two criteria for blending. The two criteria required to blend component units are (1) the Board of the component unit is substantively the same as that of the City or (2) the component unit serves the City exclusively.

Rose Bowl Operating Company - incorporated on January 18, 1994, as a legally separate entity with the primary purpose of returning economic and civic value to the City by managing a world class stadium and a professional quality golf course complex in a residential open-space environment.

Annual Comprehensive Financial Report | June 30, 2021 207 208 Annual Comprehensive Financial Report | June 30, 2021 Combining Statement of Net Position
Discretely Presented Component Unit
Rose Bowl Operating Company
June 30, 2021
Golf
Rose Bowl Course Total
Assets
Current assets:

C ash and inv estments 7 ,094,714$ 12,841,069 19,935,783$ Accounts receivable , net 2,420,429 315,559 2,735,988 Inv entory 861 13,842 14,703
Prepaids and other asset s 9 2,109 7,802 99,911 Total current assets 9,608,113 13,178,272 22,786,385
Noncurrent assets:

Restr ic t ed asset s - c ash and inv est ment s 1 5 ,352,313 - 15,352,313 Due from the C it y of P asadena 4 5 5,325 - 455,325 Capital assets:

Construction in progres s 134,135 970 135,105 De pre ci a bl e capital assets , net 159,251,628 6,910,299 166,161,927 Total noncurrent assets 175,193,401 6,911,269 182,104,670 Total assets 184,801,514 20,089,541 204,891,055
Deferred outflow of resources:

Deferred refundi n g cha rge2 ,157,461 - 2,157,461 Outfl ows rel ated to net pension liabilit y 916,478 24,249 940,727 Total deferred outflow of resources 3,073,939 24,249 3,098,188 Liabilities
Current liabilities:

Accounts payable and accrued ex penses 2,408,225 963,521 3,371,746 Accrued interest payable 3,140,299 - 3,140,299 Due to the Ci t y of Pa s a dena 445,181 - 445,181 De posits 1,003,662 - 1,003,662
Unearned rev enues 2,372,958 49,622 2,422,580
Curre nt portion of lon g-term a dva nce 100,000 100,000 Curre nt portion of com pensat ed absenc es 1 6 7,438 7,008 174,446 Curre nt portion of lon g-term debt 3,845,000 51,769 3,896,769 Total current liabilities 13,482,763 1,071,920 14,554,683 Noncurrent liabilities:

Long-term a dva nce 600,000 - 600,000
Compensated absenc es 4 7,318 5,726 53,044
Long-term debt , net of current portion 202,538,236 569,455 203,107,691 Net pension liabilit y 2,714,639 282,128 2,996,767
Total noncurrent liabilities 205,900,193 857,309 206,757,502 Total liabilities 219,382,956 1,929,229 221,312,185
Deferred inflows of resources:

Deferred inflows related to net pension liabilit y 20,823 551 21,374 Total deferred inflows of resources 20,823 551 21,374 Net Position
Net inv estment in ca pit al asset s (14,128,889) 6,217,040 (7,911,849) Res tri ct
ed for debt s e rvi ce 15,352,313 - 15,352,313 Unres tri cted (32,751,750) 11,966,970 (20,784,780)
Total net p
osition (31,528,326)$ 18,184,010 (13,344,316)$

CITY OF PASADENA FINANCIAL SECTION COMPONENT UNIT
Annual Comprehensive Financial Report | June 30, 2021 209 Combining Statement of Revenues, Expenditures and Changes in Net Position Discretely Presented Component Unit
Rose Bowl Operating Company
For the Fiscal Year Ended June 30, 2021
Golf
Rose Bowl Course Total
Operating revenues:

Charges for services:

Rose Bowl 8,087,414$ - 8,087,414$
Golf course - 2,724,945 2,724,945
Total operating revenues 8,087,414 2,724,945 10,812,359 Operating expenses:

Rose Bowl 11,856,614 - 11,856,614
Golf course - 839,069 839,069
De preciation 13,178,616 1,236,512 14,415,128
Total operating expenses 25,035,230 2,075,581 27,110,811 Operating income (loss) (16,947,816) 649,364 (16,298,452) Nonoperating revenues (expenses):

Inv estment gain (loss ) (122,228) 18,496 (103,732)
Interest
expense (12,312,912) - (12,312,912)
Contri
bution from the Cit y of Pasadena 11,515,463 - 11,515,463 Other nono peratin g revenues 4,942,719 94,848 5,037,567 Total nonoperating revenues (expenses) 4,023,042 113,344 4,136,386 Change in net position (12,924,774) 762,708 (12,162,066) Net position (deficit ) at be ginnin g of year (18,603,552) 17,421,302 (1,182,250) Net pos
ition (deficit) at end of year (31,528,326)$ 18,184,010 (13,344,316)$

CITY OF PASADENA FINANCIAL SECTION COMPONENT UNIT
(This page intentionally left blank)
210

STATISTICAL SECTION
ANNUAL COMPREHENSIVE FINANCIAL REPORT | JUNE 30, 2021

(This page intentionally left blank)
212 Annual Comprehensive Financial Report | June 30, 2021

CITY OF PASADENA STATISTICAL SECTION

STATISTICAL SECTION
(Unaudited)
______________________________________
This section of the City of Pasadena’s annual compre
hensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health. ______________________________________
Contents
Financial Trends
These schedules contain trend i
nformation to help the reader understand how the City’s financial performance and well-being have changed over time. 214
Revenue Capacity
These schedules contain information to help the reader assess the City’s most significant local revenue source, the property tax.
225
Debt Capacity
These schedules present information to help
the reader assess the affordability of the City’s
current levels of outstanding debt and the City’s ability to issue additional debt in the future. 234
Demographic and Economic Information
These schedules offer demo
graphic and economic indicators to help the reader understand the environment within which the City’s financial activities take place. 247
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the
information in the City’s financ ial report relates to the servic es the City provides and the activities it performs.
252
Sources:

Unless otherwise noted, the information in these schedu les is derived from the annual comprehensive financial reports for the relevant year. The City implemente d GASB Statement 34 in 2002; schedules presenting government-wide information include information beginning in that year.

Annual Comprehensive Financial Report | June 30, 2021 213

STATISTICAL SECTION CITY OF PASADENA
214 Annual Comprehensive Financial Report | June 30, 2021 Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(in Thousands)
2012 2013 2014 2015
Governmental activities
Net inv estment in c a pital assets 3 8 2,296$ 430,453 419,328 408,195 Restricted 37,259 63,633 60,592 44,327
Unres tri cted 36,017 (41,046) (29,751) (339,336)
Total governmenta l a ctivities net position 4 5 5,572$ 453,040 450,169 113,186 Business-type activities
Net inv estment in c a pital assets 3 3 2,781$ 364,493 422,610 371,526 Res tri cted 149,763 144,017 133,791 176,248
Unres tri cted 188,164 185,593 159,948 114,512
Tot al business-t ype a ctivities net position 6 7 0,708$ 694,103 716,349 662,286 Primary government
Net inv estment in c a pital assets 7 1 5,077$ 794,946 841,938 779,721 Res tri cted 187,022 207,650 194,383 220,574
Unres tri cted 224,181 144,547 130,197 (224,824)
Total pri ma ry government net position 1 ,126,280$ 1,147,143 1,166,518 775,471 Fiscal Year

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 215 Table 1
2016 2017 2018 2019 2020 2021
405,858 418,266 439,355 458,378 470,689 468,005$ 56,050 55,477 69,730 79,205 84,006 82,123
(325,826) (310,488) (362,358) (362,242) (364,572) (390,132) 136,082 163,254 146,726 175,341 190,123 159,996$ 449,141 408,944 420,692 434,358 458,534 486,944$ 153,241 171,545 152,811 142,806 128,220 126,668 131,037 183,279 199,209 230,707 244,811 240,454 733,419 763,768 772,712 807,871 831,565 854,066$ 854,999 827,210 860,047 892,736 929,223 954,949$ 209,291 227,022 222,541 222,011 212,226 208,791 (194,789) (127,209) (163,149) (131,535) (119,761) (149,678) 869,501 927,023 919,439 983,212 1,021,688 1,014,062$ Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
216 Annual Comprehensive Financial Report | June 30, 2021 Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(in Thousands)
2012 2013 2014 2015
Expenses
Governmenta l activities :

General gov ernment 35,085$ 54,650 53,260 38,902
P ublic safet y 103,389 105,541 104,708 106,327
Trans porta tion 63,839 45,045 59,581 49,526
Utilit y - - - -
Sanita tion 3,516 3,744 4,106 4,232
Health 11,422 14,228 14,239 13,764
C ult ur e and leisur e 27,825 29,402 31,321 30,127 Communi ty develo pment 42,169 35,156 31,669 35,248 Interest and other fiscal char ges 41,481 3,142 11,047 10,310 Total gov ernmental activ ities ex pens es 328,726 290,908 309,931 288,436 Business-t ype activities :

El ectri c 173 ,410 183,202 177,590 171,282
Water 43,771 46,484 51,054 48,462
Refuse 16,783 13,185 13,022 12,843
Pa rki ng 11,711 12,229 14,556 13,532
Telecommunication 267 827 849 89
Total business-t ype activities ex pens es 245,942 255,927 257,071 246,208 Total pri ma ry gov ernment ex pens es 574,668 546,835 567,002 534,644 Program Revenues
Governmenta l activities :

Cha rges for s ervi ces
General gov ernment 17,465 17,563 17,872 18,750
P ublic safet y 11,085 13,370 13,050 14,674
Trans porta tion 12,863 13,784 14,253 16,059
Sanita tion 7,220 7,083 8,010 7,875
Hea l th 666 741 797 1,022
C ult ur e and leisur e 2,856 2,975 3,382 3,566
Communi ty develo pment 9,594 9,085 12,935 12,630 Operatin g grants and contributions 86,051 38,350 35,948 41,943 Capital grants and contributions 15,665 7,116 16,504 16,197 Total gov ernmental activ ities progra m revenues 163 ,465 110,067 122,751 132,716 Business-t ype activities :

Cha rges for s ervi ces :

El ectri c 185 ,951 190,071 188,174 203,748
Water 54,301 58,536 61,233 57,440
Refuse 11,291 12,057 11,925 11,959
Pa rki ng 11,991 12,783 13,334 13,603
Telec ommunic ation 6 7 0 580 816 655
Operatin g grants and contributions - - - -
Capital grants and contributions 2,317 1,933 2,828 2,905 Tot al business-t ype activities progra m revenues 266 ,521 275,960 278,310 290,310 Total pri ma ry government progra m revenues 429,986 386,027 401,061 423,026 Net Revenues (Expenses)
Governmental activities (165,261) (180,841) (187,180) (155,720) Business-t ype activities 20,579 20 ,033 21 ,239 44 ,102 Total net revenues (expenses ) (144,682)$ (160,808) (165,941) (111,618) Fiscal Y
ear

CITY OF PASADENA STATISTICAL SECTION
Table 2
2016 2017 2018 2019 2020 2021
59,425 42,895 45,755 49,619 67,355 72,811$
96,484 127,760 142,495 145,937 152,889 148,287
35,739 41,738 46,452 52,239 55,429 48,597
- - - - 6,134 171
4,267 4,290 4,376 4,117 4,600 6,783
10,914 10,558 11,347 13,401 15,367 17,465
32,286 34,249 38,365 37,135 37,224 45,291
72,725 39,787 45,114 47,304 52,019 57,362
9,187 8,611 8,411 7,889 6,425 6,500
321,027 309,888 342,315 357,641 397,442 403,267
174,858 183,522 187,872 196,874 197,138 196,389
45,240 48,009 54,757 56,738 58,974 63,933
14,421 14,330 15,695 16,528 19,429 20,059
14,488 13,062 14,140 14,502 14,713 12,097
141 110 144 170 164 189
249,148 259,033 272,608 284,812 290,418 292,667
570,175 568,921 614,923 642,453 687,860 695,934
18,053 14,651 10,861 11,203 20,245 13,504
14,841 19,244 15,708 15,297 13,656 10,322
16,384 16,663 28,165 30,555 26,933 20,811
7,008 7,127 7,665 8,193 7,728 7,321
644 870 2,346 2,432 2,497 2,154
4,504 5,870 3,181 2,748 1,725 674
14,193 15,803 13,286 14,954 12,487 11,795
40,422 41,050 47,058 59,763 56,837 60,764
15,383 9,083 14,190 8,582 36,663 9,449
131,432 130,361 142,460 153,727 178,771 136,794
199,197 202,480 212,116 218,054 217,873 222,266
50,835 58,287 62,592 60,181 62,466 71,269
11,880 11,775 11,413 11,743 11,644 11,502
14,621 14,595 14,560 13,977 11,229 9,198
609 669 471 680 439 568
- - 2,355 1,462 1,784 2,777
2,790 4,811 4,112 3,615 2,934 4,248
279,932 292,617 307,619 309 ,712 308,369 321,828
411,364 422,978 450,079 463,439 487,140 458,622
(189,595) (179,527) (199,855) (203,914) (218,671) (266,473) 30,784 33 ,584 35 ,011 24 ,900 17,951 29,161
(158,811) (145,943) (164,844) (179,014) (200,720) (237,312)$ (continued)
Fiscal Year
Annual Comprehensive Financial Report | June 30, 2021 217

STATISTICAL SECTION CITY OF PASADENA
Changes in Net Position (continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(in Thousands)
2012 2013 2014 2015
General Revenues and Other Changes in Net Position
Governmenta l activiti es :

Taxes:

Property tax, lev ied for general purpose 54,051$ 42,957 44,066 56,446 Sales tax 32,239 30,871 33,198 33,706
Utilit y users' tax 29,318 29,531 28,893 29,316
Transient occu panc y tax 9,553 11,109 12,043 13,165 Cons truction ta x 2,819 2,066 3,682 4,770
Business lic ense t ax 5,479 5,230 5,633 5,836
Fra nchi s e tax 2,015 2,063 2,361 2,903
Other taxes 6,262 6,532 7,088 7,181
Other inter gov ernmental 14,919 15,187 15,924 16,648 Inv estment earnin gs3 ,178 2,681 4,833 4,461
Gain on sale of assets 5,396 424 1,153 370
M isc ellaneous r ev enues 1 1,509 4,023 4,655 4,863 Reinstatement of P C DC loan - - - -
Transfers 19,285 22,083 16,305 14,657
Extraordinar y ga i n 150,399 (2,197) - -
Total governmental activities 346,422 172 ,560 179 ,834 194 ,322 Business-type activities:

Taxes:

Transient occu panc y ta x 541 - - -
Franchise tax 2,760 3,825 3,907 4,319
Inv estment earnin gs9 ,401 4,743 7,136 5,529
Gain on sale of assets - (92) (1,161) -
M isc ellane
ous r ev enues 6,670 20,614 8,977 15,631
Transfers (19,300) (20,974) (16,305) (14,657)
Extraord
inar y gain 1 0,825 - - -
Tot al business-t ype activities 10,897 8,116 2,554 10,822 Total pri ma ry government 357,319 180 ,676 182 ,388 205 ,144 Changes in Net Position
Governmental activities 181,161 (8,281) (7,346) 38,602 Business-t ype activities 31,476 28,149 23,793 54,924 Total pri ma ry government $ 212 ,637 19,868 16,447 93,526 Fiscal Year
218 Annual Comprehensive Financial Report | June 30, 2021

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 219 Table 2
2016 2017 2018 2019 2020 2021
59,141 68,752 63,483 68,275 70,689 76,579$
36,855 35,708 35,076 44,616 57,513 62,308
28,100 28,251 27,881 26,982 26,966 26,938
14,864 15,229 15,814 16,948 13,090 6,298
4,375 3,491 3,265 4,985 4,091 2,097
6,483 6,347 7,196 7,302 6,900 6,351
2,542 2,797 2,733 2,881 2,827 2,813
7,335 7,298 7,449 7,286 1,614 5,661
18,005 18,259 19,996 20,345 20,831 25,424
4,955 1,857 3,008 10,922 8,231 2,518
(60) - (299) - 2,288
14,621 8,224 11,372 8,270 5,493 3,091
11,128 - - - - -
15,033 18,652 18,766 13,976 14,349 16,267
- - - - - -
223,376 214 ,865 215 ,740 232 ,788 234 ,882 236 ,345 - - - - - -
4,575 4,893 5,359 5,787 6,083 5,722
6,593 2,372 2,506 16,216 10,940 1,033
(311) - (49) (1,114)
42,427 8,154 2,552 3,346 3,069 2,852
(15,033) (18,652) (18,766) (13,976) (14,349) (16,266) - - -
- - -
38,252 (3,234) (8,398) 10,259 5,743 (6,659)
261,627 211 ,631 207 ,342 243 ,047 240 ,625 229 ,686 33,781 35,338 15,885 28,874 16,211 (30,128)
69,036 30,351 26,613 35,159 23,694 22,502
102,816 65,688 42,498 64,033 39,905 $ (7,626)
Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
220 Annual Comprehensive Financial Report | June 30, 2021 Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(in Thousands)
2012 2013 2014 2015
General Fund:

Nons pendable 8,352$ 8,351 8,352 8,620
Restricted - - - 400
Committed 80,043 37,380 34,868 30,951
A ssigned 5,510 4,249 5,043 11,087
Unassi gned (40,129) 11,965 15,015 12,140
Total General Fund 53,776$ 61,945 63,278 63,198 All Other Governmental Funds:

Nons pendable 36,311$ 33,356 31,674 30,997
Restricted 85,250 69,676 57,300 52,516
Committed 59,078 62,629 72,479 87,144
Assigned - - - -
Una s s i gned (6,874) (4,265) (7,981) (7,482)
Total all other governmental funds 173,765$ 161,396 153,472 163,175 Total Governmental Funds 227,541$ 223,341 216,750 226,373 Fiscal Year

CITY OF PASADENA STATISTICAL SECTION
Table 3
2016 2017 2018 2019 2020 2021
12,236 11,108 4,545 1,590 14,853 13,626$
400 400 10,995 11,631 12,106 13,718
33,451 47,563 46,949 50,775 55,120 51,687
17,227 26,825 12,426 15,099 25,082 31,326
15,139 3,832 11,957 19,605 445 (11,294)
78,453 89,727 86,872 98,700 107,606 99,063$
7,799 2,482 1,574 1,478 1,554 1,550$
55,650 55,077 58,597 67,575 71,848 68,307
101,338 106,631 108,569 121,002 115,446 111,319
- - - - 1,652 1,944
(8,126) (10,950) (2,273) (3,574) (5,180) (6,133) 156,661 153,240 166,467 186,481 185,320 176,987$
235,114 242,967 253,339 285,181 292,926 276,050$
Annual Comprehensive Financial Report | June 30, 2021 221

STATISTICAL SECTION CITY OF PASADENA
222 Annual Comprehensive Financial Report | June 30, 2021 Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(in Thousands)
2012 2013 2014 2015
Revenues:

Ta xes 141,736$ 130,356 136,965 153,323
Licenses and permits 9,525 9,196 13,675 11,235
Inter gov ernmental rev enues 64,715 58,988 61,505 63,785 Cha rges for s ervi ces 38,939 42,006 43,416 49,413 Fines and forfeits 6,796 7,453 6,768 7,329
Inv estment earnin gs1 1,745 11,041 5,255 4,294
Rental income 4,462 4,355 4,064 3,822
M isc ellaneous r ev enues 1 3,618 6,172 6,081 7,133 Contri buti ons 5,280 1,534 7,807 11,759
Tota l revenues 296,816 271,101 285,536 312,093
Expenditures:

Current:

General gov ernment 77,897 30,977 34,613 44,283
P ublic safet y 100,265 99,680 99,871 106,469
Trans porta tion 35,275 34,419 36,912 37,018
Utilit y - - - -
Sanitati on 3,517 3,744 4,106 4,274
Health 10,899 13,480 13,551 13,553
C ultur e and leisur e 2 7,192 28,240 30,039 30,505 Communit y develo pment 37,848 32,447 29,579 31,933 Capital outla y 20,645 24,907 23,571 16,855
Debt service:

Pri ncipa l reti rement 20,303 20,415 20,808 129,469 Interes t 16,486 10,783 9,797 8,730
Bond issuanc e c ost s - - - -
Tota l expendi tures 350,327 299,092 302,847 423,089 Excess (deficiency) of revenues over (under)
expendi tures (53,511) (27,991) (17,311) (110,996)
Other financing sources (uses):

Premi um (discount ) on debt issued - (459) - -
Issu
anc e of lon g-term debt - 51,097 841 351
Payment to refunded bond escrow a gent - - - -
Proceeds from sale of ca pital assets - - - -
Transfers in 95,951 81,635 84,444 61,085
Transfers out (77,238) (63,131) (65,045) (50,718)
Reinst
atement of P C DC loan - - - -
Total other financin g sour c es (uses ) 18,713 69,142 20,240 10,718 Extraordinary gain (loss): - - - 152,582
Net chan ge in fund balances (34,798)$ 41,151 2,929 52,304 Debt service as a percentage of noncapital
expenditures 11.2% 11.4% 11.0% 34.0%
Fiscal Year

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Re
port | June 30, 2021 223
Table 4
2016 2017 2018 2019 2020 2021
159,694 167,874 162,898 179,275 183,689 189,044$ 14,946 14,882 15,022 13,979 13,297 12,791
65,299 62,121 74,093 75,237 78,475 87,260
46,984 49,324 53,417 59,111 53,066 45,996
7,378 7,802 7,262 6,377 6,520 3,491
4,780 1,752 1,597 9,207 7,536 2,445
4,212 4,765 4,418 4,326 10,748 3,252
16,341 12,072 14,240 11,929 7,082 5,792
6,496 5,397 5,512 12,476 8,103 3,630
326,130 325,989 338,459 371,917 368,516 353,701 47,488 42,054 38,611 40,655 73,958 65,554
111,012 116,577 126,827 133,461 138,942 138,803 35,282 40,196 45,078 49,621 50,298 44,110
- - - - 6,134 171
4,356 4,324 4,352 4,300 4,493 6,669
11,294 10,309 10,977 12,522 14,250 16,265
32,241 32,663 37,111 34,529 34,266 41,355
60,841 34,370 39,365 40,599 45,126 47,952
29,032 32,254 28,707 21,492 23,795 15,985
6,611 6,345 10,520 5,996 5,572 5,117
8,139 8,744 8,558 8,220 6,081 6,559
- - - - 562 -
346,296 327,836 350,106 351,395 403,477 388,540 (20,166) (1,847) (11,647) 20,522 (34,961) (34,839) (2,283) 5,790 - - - -
119,460 60,460 - - 138,605 -
- (60,762) - - (131,154) -
- - -
- 31,819 -
51,606 121,920 80,737 76,926 72,394 67,461
(38,028) (109,631) (62,326) (62,000) (67,530) (49,497) - 11,128 - - - -
130,755 28,905 18,411 14,926 44,134 17,964
(2,197) - - - - -
108,392 27,058 6,764 35,448 9,173 (16,875)$

4.6% 5.1% 5.9% 4.3% 3.1% 3.1%
Fiscal Year
(This page intentionally left blank)
224
Table 5
Assessed Value and Actual Value of Taxable Property
Last Ten Fiscal Years
(in Thousands)
Fiscal Secured Homeowners' Net Secured Unsecured Total Assessed Total Direct Year Valuations Exemption Valuations Valuations Valuation Tax Rate 2012 20,969,532$ (137,843)$ 20,831,689$ $ 567,527 21,399,216$ 0.32% 2013 21,368,295 (136,241) 21,232,054 571,614 21,803,668 0.24% 2014 22,534,203 (134,257) 22,399,946 575,006 22,974,952 0.22% 2015 23,756,525 (131,813) 23,624,712 608,539 24,233,251 0.25% 2016 25,354,224 (130,238) 25,223,986 602,659 25,826,645 0.26% 2017 26,599,121 (128,241) 26,470,880 625,032 27,095,912 0.30% 2018 28,631,957 (126,543) 28,505,414 638,858 29,144,272 0.25% 2019 30,388,233 (124,908) 30,263,325 662,995 30,926,320 0.23% 2020 32,158,077 (123,481) 32,034,595 672,205 32,706,801 0.25% 2021 34,107,320 (120,266) 33,987,055 676,673 34,663,728 0.25% NOTE:

Amounts pertaining to the Pasadena Community Development Commi ssion and the City have been combined.

In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed at the time that it is sold to a new owner. At that point, the new assessed value is reassessed at the purchase price of th e property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.

Source: Los Angeles County Assessor 2020-21 Combined Tax Rolls

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 225

STATISTICAL SECTION CITY OF PASADENA
226 Annual Comprehensive Financial Report | June 30, 2021 Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)
2012 2013 2014 2015
City Direct Rates:

Ci ty bas i c ra te 0.1921 0.1970 0.1918 0.2329
Pasadena Communit y Develo pment Commission (PCDC) 0.0605 - - - P C DC Suc c essor Agenc y 0.0657 0.0437 0.0282 0.0219 Total Cit y Di rect Ra te 0.3183 0.2407 0.2200 0.2548 Overlapping Rates:

Los Angeles C ount y Genera l 0.3346 0.4266 0.4483 0.4118 La Cañada Unified School District
Pa s a dena School Di s tri ct 0.3589 0.4389 0.4379 0.4389 Pasadena Communit y
C ollege Di s tri ct 0.1121 0.1248 0.1247 0.1254
Fl ood Control Di s tri ct - - - -
Me tropol i ta n Wa ter Di s tri ct 0.0037 0.0035 0.0035 0.0035 Total Di rect Rate 1.1276 1.2345 1.2345 1.2344
Fiscal Year
NOTE:

In 1978, California voters passed Proposition 13 w
hich sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In additi on to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of the various intergovernmental overlapping debt.

PCDC dissolved in January 2012, thereby, this schedule represents its seven months of enforceable obligations. The remaining five months are reported under the Successor Agency for the former PCDC.

The La Cañada Unified School District Election of 2017 General Obligation Bonds, Series A, were authorized at an election of the registered voters of the La Cañada Unified School Di strict. The Bonds are general obligations of the District payable solely from the proc eeds of ad valorem property taxes. The total ad valorem tax rates levied, as a percentage of assessed valuation, by all taxing entities in Tax Rate Area 4774, which includes Pasadena Area Community College District.

Source: Los Angeles County Assessor 2020-21 Combined Tax Rolls

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Re
port | June 30, 2021 227
Table 6
2016 2017 2018 2019 2020 2021

0.2290 0.2537 0.2178 0.2208 0.2161 0.2209
- - - - - -

0.0331 0.0479 0.0356 0.0096 0.0301 0.0335

0.2621 0.3016 0.2534 0.2304 0.2462 0.2544

0.4060 0.3647 0.4169 0.4396 0.4238 0.4377
- - - 0.0579 0.0552 0.0562

0.4375 0.4386 0.4359 0.4363 0.4365 0.4276

0.1254 0.1260 0.1248 0.1247 0.1245 0.1205
- - - - - -

0.0035 0.0035 0.0035 0.0035 0.0035 0.0035

1.2345 1.2345 1.2345 1.2924 1.2897 1.2999
Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
Table 7
Principal Property Taxpayers
Current Year and Ten Years Ago
Percent of Percent of
Total City Total City
Total Taxable Total Taxable
Assessed Assessed Assessed Assessed
Property Owner Valuation Valuation Valuation Valuation
Kaiser Foundation Health Plan 312,665,801$ 0.96% 219,217,122$ 1.05% CPUS Pasadena LP 277,102,627 0.85% - 0.00%
CVFI S Lake Ave LP 264,261,600 0.81% - 0.00%
CSCDA Community Improvement Authority 252,732,309 0.77% - 0.00% BPP East Union LLC 217,568,855 0.67% - 0.00%
Capref Paseo LLC Lessor 193,215,808 0.59% - 0.00% Pacific Huntington Hotel Corp 185,066,874 0.57% 152,481,783 0.73% PPF Off 100 W Walnut St LP 184,882,266 0.57% - 0.00% PPF Off 74 N Psdna Ave 171,813,681 0.53% - 0.00% Western Asset Plaza LLC 171,091,790 0.52% - 0.00% Leonard M Marangi Et Al Trust - 0.00% 488,287,923 2.33% Pase o Colorado Holdings L L C - 0.00% 192,843,484 0.92% Equity Office Properties Trust - 0.00% 127,437,391 0.61% Ti shman Speyer Archstone Smi th - 0.00% 119,279,517 0.57% SSR Paseo Colorado LLC - 0.00% 110,712,369 0.53%
South Lake Ave Investors LLC - 0.00% 108,414,246 0.52% BCSP Pasadena Towers Properti es LLC - 0.00% 97,505,455 0.47% SPF 888 Walnut Pasadena LLC - 0.00% 89,600,000 0.43%
Total principal prope rty taxpaye rs
gross assessed value 2,230,401,611$ 6.84% 1,705,779,290$ 8.16% 2020 2011
NOTE:

The amounts shown above include asse
ssed value data for both the City and the Redevelopment Agency.

Data is only presented for the top ten properties in each of the two years presented.

Source: HdL Coren & Cone, starting from FY2021.
228 Annual Comprehensive Financial Report | June 30, 2021

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Re
port | June 30, 2021 229
Table 8
Property Tax Levies and Collections 1
Last Ten Fiscal Years
Fisc
al Taxes Levied Collections in
Year Ended for the Percent Subsequent Percent
June 30 Fiscal Year Amount of Levy Years Amount of Levy 2 2012 38,752,298 38,214,429 99.92% 567,546 38,214,429 98.61% 2013 39,044,561 38,331,579 99.63% 516,462 38,331,579 98.17% 2014 41,214,435 41,488,565 100.67% 626,989 41,488,565 100.67% 2015 43,784,611 53,950,721 123.22% * 53,950,721 123.22% 2016 46,436,623 3 56,653,799 122.63% * 56,653,799 122.63% 2017 48,735,223 3 66,159,085 134.82% * 66,159,085 134.82% 2018 52,461,971 3 58,934,277 112.34% 608,224 58,934,277 112.34% 2019 55,562,005 65,535,044 117.95% * 65,535,044 117.95% 2020 59,511,441 67,889,708 114.08% * 67,889,708 114.08% 2021 62,968,533 73,748,044 117.12% * 73,748,044 117.12% Collected within the
Fiscal Year of Levy Total Collections to Date
NOTE:
1 Excludes collections from Police Building General Obligation Bond Assessment. 2 This percentage may exceed 100%, because information provided by Tax Assessor may not clearly identify the year collected. 3 Taxes Levied for the Fiscal Years 2016, 2017 and 2018 restated on Fiscal Year 2019 table. * Collection in subsequent year information not available.

Source: County of Los Angeles, Department of Auditor-Controller, Information for Reconciliation of Taxes

STATISTICAL SECTION CITY OF PASADENA
230 Annual Comprehensive Financial Report | June 30, 2021 Electricity Sold by Type of Customer
Last Ten Fiscal Years
(in Megawatt-Hours)
2012 2013 2014 2015
Type of C ustomer:

Residential 316 ,084$ 334,179 316,631 324,657
C ommer cial and industr ial 7 8 3,296 776,816 783,878 768,735 Street li ghts and traffic si gnals 15,598 15,683 13,678 13,423 Wholesales to other utilities 1 9 9,045 185,361 36,811 30,969 Other (867) 574 - -
To
tal 1,313,156 1,312,613 1,150,998 1,137,784
Total direct rate per mega wa tt hour 1 147.09 139.95 162.46 163.43 Fiscal Year
NOTE:
1 Rate represents average cost per megawatt hour with respect to total revenue sales from electricity.

Source: Pasadena Water and Power

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Re
port | June 30, 2021 231
Table 9
2016 2017 2018 2019 2020 2021
326,023 320,280 320,878 325,487 319,437 344,009$ 755,510 720,678 709,597 686,614 657,633 586,683
13,384 13,368 13,372 13,371 12,273 11,573
310 - 20,719 26,868 68,714 32,496
- - - - - -
1,095,227 1,054,326 1,064,566 1,052,340 1,058,057$ 974,761$ 173.54 178.48 179.07 174.22 173.28 191.00
Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
Table 10
Electricity Rates
Last Ten Fiscal Years
(Average Rate in Dollar per Kilowatt-Hour)
Fiscal
Year Ended Commercial & Street Li ghts &
June 30* Residential Industrial Traffic Signals
2012 0.1570 $ 0.1362$ 0.1396$
2013 0.1613 0.1443 0.1313
2014 0.1612 0.1442 0.1427
2015 0.1784 0.1556 0.1514
2016 0.1827 0.1582 0.1505
2017 0.1826 0.1597 0.1467
2018 0.1927 0.1684 0.1495
2019 0.1940 0.1677 0.1495
2020 0.2092 0.1867 0.1793
2021 0.2106 0.1903 0.1813
NOTE:
* FY 2012 - FY 2021 include Public Benefit Charge (PBC) Source: Pasadena Water and Power
232 Annual Comprehensive Financial Report | June 30, 2021

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Re
port | June 30, 2021 233
Table 11
Electricity Customers
Current Year
Percent of
Electricity Operating Electric
Electricity Customer Charges Revenues
P asadena Hospit al Assoc iation 5 ,2 7 8 ,8 5 6$ 2.37% Wa ter Depa rtment 2,728,063 1.23%
California Institute of Technology 2,504,413 1.12% Street l i ghts 2,129,807 0.96%
Pasadena Unified School District 2,100,015 0.94%
Pasadena City College 1,940,169 0.87%
Publ i c Works 1,722,860 0.77%
Kaiser Permanente 1,383,747 0.62%
Metropolitan Transit Authority 1,172,088 0.53%
Art Center Col l ege of Des i gn 1,111,970 0.50%
22,071,987$ 9.91%
2021
Source: Pasadena Water and Power

STATISTICAL SECTION CITY OF PASADENA
234 Annual Comprehensive Financial Report | June 30, 2021 Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
General Tax
Obligation Revenue Pension Certificates of Allocation
Bonds Bonds Bonds Participation Bonds *
-$ 7,880,000 143,040,000 94,920,443 -
- 6,700,000 133,905,000 85,772,925 -
- 6,180,000 123,890,000 76,589,936 -
- 5,617,649 117,184,671 73,165,019 -
- 5,059,568 117,259,853 73,397,830 -
- 4,501,487 117,335,939 68,275,669 -
- - 117 ,412,025 62,967,375 -
- - 117 ,488,112 57,635,920 -
- - 136 ,738,949 55,477,731 -
- - 134 ,885,718 53,219,542 -
Governmental Activities
Fiscal Year
Ended
June 30
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
NOTE:
* FY 2012's balance from Tax Allocation Bonds under Gov ernmental Activities were transferred to FY 2012's Long-Term Liabilities under Private Purpose Trust Fund.
** Beginning with fiscal year 2015, the City implemented GASB 68, so the pension liability amount was removed from the long term debt section.

Beginning with fiscal year 2018, the City implemented GASB 75, so the other post-employment benefits liability amount was removed from the long term debt section.

Beginning with fiscal year 2019, the City implemented GASB 88, so the other comp ensated absences and insurance claim liability amount were removed from the long term debt section.

Source: City of Pasadena Notes to Financial Statements and Statistical Table 18

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Report |
June 30, 2021 235
Table 12
Capitalized Total
Lease Notes Governmental
Obligations Payable Other ** Activities
9,494,610 685,000 61,632,939 317,652,992$
8,532,705 925,642 75,837,593 311,673,865
7,542,101 561,673 89,295,467 304,059,177
6,153,430 547,411 67,172,783 269,840,963
4,838,030 6,532,849 69,774,761 276,862,891
3,360,807 6,217,983 87,229,120 286,921,005
1,844,179 5,902,803 59,668,752 247,795,134
832,685 5,587,305
6,811,926 5,271,481
5,876,051 4,955,325
181,544,022
204,300,087
198,936,636
(continued)
Governmental Activities

STATISTICAL SECTION CITY OF PASADENA
236 Annual Comprehensive Financial Report | June 30, 2021 Ratios of Outstanding Debt by Type (continued)
Last Ten Fiscal Years
Fiscal Year Capitalized Total
Ended Revenue Certificates of Lease Notes Business-type June 30 Bonds Participation Obligations Payable Other Activities 2012 251,565,000$ 13 ,764,557 78,828 1,283,965 2,641,858 269 ,334,208 2013 239 ,665,000 9,837,075 44,626 1,139,066 3,346,787 254 ,032,554 2014 304 ,245,000 8,125,064 9 ,096 986,804 (3,040,335) 310,325,629 2015 303 ,423,927 6,300,977 - 826,805 - 310 ,551,709 2016 289,292,444 4,358,024 - 658,777 - 294 ,309,245 2017 366,890,070 2,291,366 - 482,108 - 369 ,663,544 2018 348,915,418 105,841 - 296,462 - 349 ,317,721 2019 330,295,767 - 3,252,694 101,224 - 333 ,649,685 2020 311,558,207 - 2,824,168 - - 314 ,382,375 2021 306,453,348 - 2,384,123 - - 308 ,837,471 Business-type Activities
NOTE:
* FY 2012's balance from Tax Allocation Bonds under Gove rnmental Activities were transferred to FY 2012's long-term liabilities under Private Purpose-Trust Fund.

Source: City of Pasadena Notes to Financial Statements and Statistical Table 18

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Re
port | June 30, 2021 237
Table 12
Total Private Purpose Percenta geD ebt
Primary Long-Term of Personal per
Government Liabilities* Income * Capita
586,987,200$ 66 ,886,678 10.77% 4,192
565,706,419 51,256,905 10.86% 4,016
614,384,806 48,552,905 10.34% 4,359
580,392,672 7,525,000 9.73% 4,116
571,172,136 16,553,159 9.67% 3,985
656,584,549 10,483,543 10.44% 4,547
597,112,855 3,501,092 8.86% 4,081
515,193,707 635,000 8.24% 3,557
518,682,462 435,000 8.11% 3,570
507,774,107 225,000 7.51% 3,495
Business-type Activities

STATISTICAL SECTION CITY OF PASADENA
238 Annual Comprehensive Financial Report | June 30, 2021 Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
Fiscal Year General Tax
Ended Obli gation Revenue Pension Certificates of Allocation June 30 Bonds Bonds Bonds Participation Bonds ** Total
2012 - $ 7 ,880,000 143,040,000 94,920,443 - 245 ,840,443 2013 - 6 ,700,000 133,905,000 85,772,925 - 226 ,377,925 2014 - 6 ,180,000 123,890,000 76,589,936 - 206 ,659,936 2015 - 5 ,617,649 117,184,671 73,165,019 - 195 ,967,339 2016 - 5 ,059,568 117,259,853 73,397,830 - 195 ,717,251 2017 - 4 ,501,487 117,335,939 68,275,669 - 190 ,113,095 2018 - - 117 ,412,025 62,967,375 - 180 ,379,400 2019 - - 117 ,488,112 57,635,920 - 175 ,124,032 2020 - - 136 ,738,949 55,477,731 - 192 ,216,680 2021 - - 134 ,885,718 53,219,542 - 188 ,105,260 Outstanding General Bonded Debt
NOTE:

General bonded debt is debt pa
yable with governmental fund reso urces and general obligation bonds recorded in enterprise funds, of which, the City has none.
1 Assessed value has been used, because the actual value of taxable property is not readily available in the State of California. ** FY 2012's balance from Tax Allocation Bonds under Governmental Activities were transferred to FY 2012's long-term liabilities under the Private-Purpose Trust Funds.

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Report | June 3
0, 2021 239
Table 13
Restricted Percent of
Net Assets for Net Assessed Per
Debt Service Bonded Debt Value 1 Capita
-$ 245 ,840,443 1.15% 1,756
31,126,374 195,251,551 1.04% 1,607
24,754,798 181,905,138 0.90% 1,466
9,723,366 186,243,973 0.81% 1,321
12,036,110 183,681,141 0.71% 1,281
11,519,460 178,593,635 0.70% 1,237
11,528,304 168,851,096 0.62% 1,154
11,931,653 163,192,379 0.57% 1,127
11,883,151 180,333,529 0.59% 1,241
8,209,125 179,896,135 0.54% 1,238
(This page intentionally left blank)
240
Table 14
Direct and Overlapping Debt
June 30, 2021
C it y A ssessed Valuat ion 29,440,738,527$
Redev elopment Agenc y Inc r emental Valuation 5 , 2 2 2 ,9 8 9 , 4 0 7 Tot al Assessed Valuat ion 34,663,727,934$
Es tima ted
Outs tandin g Share of
Percenta ge Debt at Ov erlapp in g
App lic able 1 June 30, 2021 Debt
Metropol i tan Water Di s tri ct 2.184% 13,101,783$ 286,143$ Pa s a dena Area Communi ty Col l ege Di s tri ct 35.200% 62,530,000 22,010,454 La Ca ña da Uni fi ed School Di s tri ct 0.213% 75,420,000 160,926 Pa s a dena Uni fi ed School Di s tri ct 73.824% 338,380,000 249,806,251 Total ov er lapping tax and assessment debt 4 8 9 ,4 3 1 ,7 8 3$ 272,263,774$ Ci ty direct debt 198,936,636
Total direct and overlapping debt 1 471,200,410$
NOTE:
1 For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values.

Applicable percentages were estimated by determining the portion of another governmental unit's taxable assessed value that is within the city's boundaries and dividing it by each unit's total taxable assessed value.

Overlapping governments are those that coincide, at least in pa rt, with the geographic boundaries of the City. This schedule e stimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and the refore responsible for repaying the debt, of each overlapping government. The City Direct Debt amount does not include business-type activities debt.

Source: HdL Coren & Cone, Los Angeles County Assessor and Auditor Combined 2020-21 Lien Date Tax Rolls

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Report | June 30, 2021 241

STATISTICAL SECTION CITY OF PASADENA
242 Annual Comprehensive Financial Report | June 30, 2021 Legal Debt Margin Information
Last Ten Fiscal Years
(in Thousands)
2012 2013 2014 2015
Assessed v aluat ion 5 6 7,527$ 571,614$ 575,006$ 24,233,251$ Conve rs i on percenta ge 25% 25% 25% 25%
Adjust ed assessed v aluation 1 41,882 142,904 143,752 6,058,313 Debt limit percenta ge 15% 15% 15% 15%
Debt limit 21,282 21,436 21,563 908,747
Tota l net debt a pp lic able t o limit : -$ -$ -$ -$ Legal debt mar gin 21 ,28 2$ 21,436$ 21,563$ 908,747$ Total debt a pp lic able to the limit
as a percenta ge of debt l i mi t 0.0% 0.0% 0.0% 0.0%
Fiscal Year
NOTE:

The Government Code of the
State of California provides for a legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations shown above refl ect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California for local governments located within the state.

Source: City of Pasadena, Department of Finance
Los Angeles County Tax Assessor

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial
Report | June 30, 2021 243
Table 15
2016 2017 2018 2019 2020 2021
25,826,921$ 27 ,095,911$ 29,144,272$ 30,926,320$ 32,706,801$ 34,663,728$ 25% 25% 25% 25% 25% 25%
6,456,730 6,773,978 7,286,068 7,731,580 8,176,700 8,665,932 15% 15% 15% 15% 15% 15%
968,510 1,016,097 1,092,910 1,159,737 1,226,505 1,299,890 -$ -$ -$ -$ -$ -$
968,510$ 1,016,097$ 1,092,910$ 1,159,737$ 1,226,505$ 1,299,890$

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
244 Annual Comprehensive Financial Report | June 30, 2021 Pledged-Revenue Coverage
Governmental Activity Debt
Last Ten Fiscal Years
(in Thousands)
Fiscal Year
Ended Property
June 30 Taxes Principal Interest Coverage
2012 41,106$ -$ -$ -$
2013 44,066 - - -
2014 44,066 - - -
2015 56,446 - - -
2016 59,141 - - -
2017 68,752 - - -
2018 63,484 - - -
2019 68,276 - - -
2020 70,689 - - -
2021 76,579 - - -
General Obligation Bonds
Debt Service
NOTE:

Details regarding the City's outstanding debt can be found in the Notes to the Financial Statements. * Up to January 31, 2012, the date of PCDC dissolution, tax increment was reported under Primary Government grouping. **As of February 1, 2012, tax increment is reported under Private-Purpose Trust Fund grouping.

Prior to fiscal year 2015, gross amount was reported (before deduction of pass-through and County administrative cost).

Starting in fiscal year 2015, net amount is reported (post deduction of pass-through and county administrative cost).

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Re
port | June 30, 2021 245
Table 16
Tax Tax
Increment Principal Interest Coverage Increment ** Principal Interest Coverage 12,945$ 455$ 182$ 20$ 14 ,065$ 500$ 65$ 25$ - - - - 9 ,537 13,433 1,187 0.65
- - - - 6 ,486 2,704 725 1.89
- - - - 1 ,925 2,245 409 0.73
- - - - 4 ,965 2,100 284 2.08
- - - - 9 ,327 2,235 234 3.78
- - - - 4 ,586 2,360 177 1.81
- - - - 143 195 35 0.62
- - - - 65 200 26 0.29
- - - - 8 210 16 0.04
Tax Allocation Bonds
Primary Government* Private-Purpose Trust Fund**
Debt Service Debt Service

STATISTICAL SECTION CITY OF PASADENA
Table 17
Pledged-Revenue Coverage
Business-Type Activity Debt
Last Ten Fiscal Years
(in Thousands)
Fiscal Year Light & Less Net
Ended Power Operating Available
June 30 Revenue
1 Expenses
2 Revenue Principal Interest Coverage
2012 192,542$ 149,327$ 43,215$ 7,945$ 6,181$ 305.93% 2013 193,400 159,351 34,049 9,060 5,885 227.83%
2014 193,701 155,663 38,038 8,695 7,190 239.46%
2015 207,745 147,810 59,935 8,950 8,715 339.29%
2016 204,224 146,510 57,714 9,340 8,347 326.31%
2017 204,287 151,499 52,788 11,290 10,865 238.27%
2018 213,873 148,636 65,237 12,000 11,250 280.59%
2019 230,980 155,634 75,346 12,475 10,778 324.03%
2020 226,285 156,038 70,247 13,005 10,249 302.09%
2021 222,862 155,468 67,394 13,930 9,679 285.46%
Fiscal Year Less Net
Ended Water Operating Available
June 30 Revenue
1 Expenses
2 Revenue Principal Interest Coverage
2012* 54,777$ 36,413$ 18,364$ 2,390$ 4,340$ 272.87% 2013 58,839 37,699 21,140 2,985 4,188 294.72%
2014 61,772 42,615 19,157 3,070 4,045 269.25%
2015 58,039 38,810 19,229 3,185 3,915 270.83%
2016 51,538 35,501 16,037 3,305 3,782 226.29%
2017 58,551 38,589 19,962 4,430 3,634 247.54%
2018 62,819 43,801 19,018 3,525 3,456 272.43%
2019 62,244 45,322 16,922 3,695 3,287 242.37%
2020 63,901 47,447 16,454 2,475 3,114 294.40%
2021 71,441 52,287 19,154 2,720 2,858 343.38%
Debt Service 3
Water Revenue Bonds
Debt Service 3
Light & Power Revenue Bonds
NOTE:

Details regarding the City's outstanding debt can be found in the N otes to the Financ ial Statements. Operating expenses do not include interest or depreciation expenses.
1 Total operating reve nues including investment earnings 2 Total operating expenses exclusive of depreciation
3 Requirements are reported on a cash basis, excluding premiums *Amount restated
246 Annual Comprehensive Financial Report | June 30, 2021

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Report |
June 30, 2021 247
Table 18
Demographic Statistics
Last Ten Fiscal Years
Personal Per Capita 2
Fiscal Income Personal Unemployment 3
Year Population 1 (in thousands) Income Rate
2012 139,222 5,273,729 37,880 9.4%
2013 140,020 5,448,318 38,911 7.0%
2014 140,879 5,206,803 39,806 5.8%
2015 140,949 5,940,727 40,292 7.4%
2016 141,023 5,965,432 40,694 6.0%
2017 143,333 5,905,778 41,641 4.7%
2018 144,388 6,287,051 41,867 3.7%
2019 146,312 6,736,226 42,725 4.0%
2020 144,842 6,251,241 44,181 3.9%
2021 145,306 6,399,297 46,529 10.4%
Source:

HdL, Coren & Cone (2019-2021)
Avenu Insights & Analytics (2018 and prior)
1 California State Department of
Finance
2 U.S. Census Bureau, most recent American Community Survey 3 State of California Employment Development Department, Bureau of Labor Statistics Department (This page intentionally left blank)
248
Table 19
Principal Employers
Current Year and Nine Years Ago
Percent of 2 Percent of 2
Number of Total Number of Total
Employer Employees Em ployment Em ployees Em ployment
California Institute of Technology - Jet Propulsion
La bora tory 5,029 9.04% 5,029 14.96%
Ka i s er Perma nente 4,760 8.56% 4,760 14.16%
California Institute of Technology - Campus 3,900 7.01% 3,900 11.60% Hunti ngton Memori a l Hos pi ta l 3,200 5.75% 3,200 9.52% Pa s a dena Ci ty Col l ege 2,619 4.71% 1,500 4.46% Pa s a dena Uni fi ed School Di s tri ct 2,420 4.35% 3,000 8.92% City of Pasadena 1 2,260 4.06% 2,179 6.48%
Ba nk of Ameri ca 1,300 2.34% 1,300 3.87%
P ac ific C linic s Administ r at ion 1 ,1 0 0 1.98% 1,100 3.27% Art Ce nte r Col l e ge of De s i gn 883 1.59% 883 2.63% Hat haway -Sy c amor es 6 5 7 1.18% 615 1.83%
The Langham Huntington Hotel (The Ritz-Carlton) 592 1.06% 584 1.74% Ea s t Wes t Ba nk 569 1.02% 342 *
Western Asset Management Co. 558 1.00% 577 *
One Wes t Ba nk 554 1.00% 800 *
Southern California News Group/San Gabriel Valley
Newspapers 525 0.94% **
AT&T 491 0.88% 2,525 7.51%
2021 2012
Source: Pasadena Chamber of Commerce unless noted below:
1 For City of Pasadena, the number includes seasonal employees. The information was provided by City of Pasadena Human Resources. 2 Total Employment, as used above, represents the total employment of all employers located within City li mits. The information was provided by City of Pasadena
Business License Division.
* Data not available.

Annual Comprehensive Financial Report | June 30, 2021 249

CITY OF PASADENA STATISTICAL SECTION

STATISTICAL SECTION CITY OF PASADENA
250 Annual Comprehensive Financial Report | June 30, 2021 Full-time and Part-time City Employees by Function
Last Ten Fiscal Years
Function 2012 2013 2014 2015 2016
Genera l government 338.0 348.5 338.0 365.0 382.0 Publ i c s afety 560.0 562.9 540.0 548.0 550.0 Publ i c works 292.0 306.6 293.0 315.0 317.0 Tra ns porta ti on 43.0 45.0 51.0 50.0 51.0
Heal th 96.0 103.9 124.0 125.0 85.0
Cul ture a nd l ei s ure 210.0 192.2 281.0 94.0 97.0 Water and power 371.0 422.0 355.0 426.0 433.0 Informa ti on s ervices 150.0 104.9 140.0 107.0 108.0 Sea s ona l 119.0 288.0 267.0 192.0 265.0
Total 2,179.0 2,374.0 2,389.0 2,222.0 2,288.0
Fiscal Year
Source: City Payroll Offi
ce

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Re
port | June 30, 2021 251
Table 20
2017 2018 2019 2020 2021
405.0 394.0 392.5 466.9 387.2
563.0 561.0 556.8 564.8 564.8
320.0 320.0 320.0 319.0 272.0

51.0 50.0 50.0 50.0 51.0

80.0 84.0 89.1 105.6 98.4
103.0 107.0 104.7 106.8 230.2
443.0 406.0 418.0 417.0 419.0
108.0 105.0 103.6 103.6 100.0
262.0 260.0 242.0 41.0 84.0
2,335.0 2,287.0 2,276.6 2,174.5 2,206.5
Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
252 Annual Comprehensive Financial Report | June 30, 2021 Operating Indicators by Function
Last Ten Fiscal Years
2012 2013 2014 2015
Police:

Arres ts 6,031 4,906 3,852 3,966
Transportation:

Pa rki ng ci ta ti ons i s s ued* 160,384 172,154 168,896 185,832 Fire:

Number of emergency ca l l s 16,431 16,570 17,368 18,237 Ins pecti ons 7,168 7,123 7,445 7,500
Water:

New connections 42 55 57 31
Average daily consumption (thousands of gallons) 25,174 26,982 28,368 25,436 Fiscal Year
NOTE:
* Parking citations were originally reported under Police Department. This category moved to Transportation Department in FY 2010, because a majority of parking tickets are issued by Transportation Department.

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Report | June 3
0, 2021 253
Table 21
2016 2017 2018 2019 2020 2021
4,210 4,078 5,701 6,018 5,444 2,429
166,481 175,430 150,945 129,108 125,715 68,620
19,488 19,458 19,483 19,016 19,223 16,947
8,296 9,251 9,096 8,959 8,253 6,006
35 98 100 88 65 63
21,144 22,535 24,757 23,519 23,083 25,331
Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
254 Annual Comprehensive Financial Report | June 30, 2021 Capital Asset Statistics by Function
Last Ten Fiscal Years
2012 2013 2014 2015
Police:

Stations 1 1 1 1
Subs tations 5 5 5 3
Fire:

Fire stations 7 8 8 8
Transportation:

Streets (miles ) 322 322 357 357
Streetli ghts 17,100 17,207 17,452 17,584
Traffic si gna ls 329 329 329 330
Pa rki ng facilities 1 2 9 9 9
Culture and leisure:

Pa rk s i tes 24 20 20 20
Communi ty centers 4 4 4 4
Libraries 10 10 10 10
Electric utility:

Power plants 1 1 1 1
Cus tome rs 64,163 64,931 65,039 65,564
M iles of ser v ic e 5 2 5 673 680 680
Maximum ca pac ity (me gawatts ) 175 174 175 174
Water:

Water mains (miles ) 508 516 520 520
Cus tome rs 38,069 37,911 37,974 37,972
Avera ge dail y consum ption (mgd) 25.17 26.98 28.37 25.43 Fiscal Year

CITY OF PASADENA STATISTICAL SECTION
Annual Comprehensive Financial Report |
June 30, 2021 255
Table 22
2016 2017 2018 2019 2020 2021
1 1 1 1 1 1
3 3 2 2 2 2
8 8 8 8 8 8
357 338 338 338 338 338
17,597 17,597 17,708 17,731 17,753 17,723
330 330 330 313 332 351
9 9 9 9 9 9
20 20 23 24 24 24
4 4 4 4 4 4
10 10 10 10 10 10
1 1 1 1 1 1
65,318 65,979 66,505 66,712 67,103 67,560
687 687 662 664 665 667
174 174 174 174 174 175
520 520 520 520 520 520
37,959 38,067 38,046 38,114 38,193 38,262

21.14 22.54 24.76 23.52 23.08 25.33
Fiscal Year

PRINTED ON RECYCLED PAPER

Pasadena City CouncilFebruary 14, 2022

Pasadena City Council
February 14, 2022