Agenda — Finance Committee, March 14, 2022

AGENDA

FINANCE COMMITTEE

SPECIAL MEETING NOTICE
MARCH 14, 2022
PUBLIC MEETING 3:00 P.M.

Members
Victor M. Gordo, Mayor
Felicia Williams, District 2
John J. Kennedy, District 3
Andy Wilson, District 7

STAFF
Matthew Hawkesworth, Director of Finance
Theresa Fuentes, Assistant City Attorney
Gloria Acevedo, Recording Secretary

MISSION STATEMENT
The City of Pasadena is dedicated to delivering exemplary municipal services, responsive to our entire community and consistent
with our history, culture and unique character.

In compliance with the Americans with Disabilities Act of 1990, Assistive Listening Devices are available from the City Clerk’s Office with a 24-hour advance notice.

Please call (626) 744-4124 to request use of a listening device.

Language translation services are available for this meeting by calling (626)744-4124 at least 24 hours in advance.

Habrá servicio de interpretación disponible para éstas juntas llamando al (626)744-4124 por lo menos con 24 horas de anticipación.

Meetings are broadcast live on cable Channel 3 and on the Internet at http://pasadena.granicus.com/mediaplayer.php?camera_id=2&publish_id=9 and https://www.pasadenamedia.org/watch/ (Click on Video Streamlining on the right side of the screen).

Items on the agenda may not be called in order listed. Agendas and supporting documents are available on the Internet at
https://www.cityofpasadena.net/commissions/city-council-finance-committee/

Materials related to an item on this Agenda submitted to the Finance/Audit Committee after distribution of the agenda packet will be posted online and listed as: “Supplemental Agenda Material Received after the Posting of the agenda”

PURSUANT TO EXECUTIVE ORDER N-29-20 ISSUED BY GOVERNOR GAVIN NEWSOM ON MARCH 17, 2020, THE SPECIAL FINANCE COMMITTEE MEETING MARCH 14, 2022 AT 3:00 P.M. WILL TAKE PLACE SOLELY BY
VIDEOCONFERENCE/TELECONFERENCE.

TO ACCESS THE MEETING:

http://pasadena.granicus.com/MediaPlayer.php?publish_id=9 AND

WWW.PASADENAMEDIA.ORG

In order to facilitate public participation at meetings held solely by electronic means, the City will accept public comment in the following manner:

1. During the meeting, members of the public may provide live public comment by submitting a speaker card prior to the start of public comment on that item, at the following webpage:
www.cityofpasadena.net/commissions/public-comment

After submitting a public speaker card, join the virtual meeting at the published start time with a computer, other electronic device, or by telephone. The same name or telephone number on the Speaker Card must be used for the virtual meeting in order to locate and unmute the speaker.

Computer or electronic devices, join the meeting at:
https://us02web.zoom.us/j/161482446

Telephone only dial-in: 1-669-900-6833, Meeting ID: 161 482 446

2. Members of the public may submit correspondence of any length prior to the start of the meeting, at the following email address:

[email protected]

Correspondence will be forwarded to the legislative body prior to the start of the meeting.

3. If assistance is needed by phone, please call the City Clerk's Office at:
(626) 744-4124.

IF YOU NEED A REASONABLE MODIFICATION OR ACCOMMODATION

PURSUANT TO THE AMERICANS WITH DISABILITIES ACT

BECAUSE YOU ARE UNABLE TO PARTICIPATE ELECTRONICALLY AS SET FORTH ABOVE, CONTACT THE CITY CLERK’S OFFICE
AS SOON AS POSSIBLE AT (626) 744-4124 OR
[email protected].

SPECIAL MEETING
AGENDA

FINANCE COMMITTEE
M
ARCH 14, 2022
Public Meeting: 3:00 P.M.

Council Chamber, Pasadena City Hall
100 North Garfield Avenue, Room S249
PUBLIC MEETING - 3:00 P.M.

ROLL CALL
PUBLIC COMMENT – LIMITED TO ITEMS ON THIS SPECIAL MEETING

AGENDA AND WILL BE HEARD AT THE TIME THE ITEM IS

CONSIDERED

APPROVAL OF MINUTES
F ebruary 14, 2022 Special Meeting
February 28, 2022 Cancellation Notice

NEW BUSINESS

1. AMENDMENTS TO FISCAL YEAR 2022 CAPITAL IMPROVEMENT

PROGRAM BUDGET

2. P

ROPOSITION A LOCAL RETURN FUND EXCHANGE WITH THE CITY OF

HIDDEN HILLS

3. APPROVAL OF BUSINESS TERMS OF THE SECOND AMENDMENT TO DEVELOPMENT, LOAN AND LEASE AGREEMENT NO. 23,370 WITH
BRIDGE HOUSING INC. INCLUDING ADDITIONAL CITY FUNDING IN AN AMOUNT NOT TO EXCEED $2,000,000 FOR THE DEVELOPMENT OF THE

HERITAGE SQUARE SOUTH PERMANENT SUPPORTIVE HOUSING
PROJECT FOR CHRONICALLY HOMELESS SENIORS AT 710 N. FAIR

OAKS AVENUE

4. QUARTERLY INVESTMENT REPORT - QUARTER ENDING DECEMBER 31, 2021

INFORMATION ONLY

5. FINANCIAL UPDATE - MARCH 2022

ADJOURN

Page 1 ends

APPROV

AL OF MINUTES
• FEBRUARY 14, 2022 SPECIAL MEETING
• FEBRUARY 28, 2022 CANCELLATION NOTICE

Page 2 ends

Page 3 ends

February 14, 2022
Special Finance/Audit Committee

Page 1 of 3 ends

Special Meeting Minutes

FINANCE/AUDIT COMMITTEE
Monday, February 14, 2022 ▪ 3:00 p.m.

Videoconference/Teleconference Council Chambers Room S249, Pasadena City Hall A. CA
LL TO ORDER: The special meeting of the Finance/Audit Committee was called to order at 3:09 p.m. with Mayor Gordo, Vice Mayor Wilson, and Councilmember Kennedy.

A
ttendees (Absent as indicated):

Councilmembers Staff Guests
Mayor Gordo, Chair
Andy Wilson
John Kennedy
Felicia Williams (Absent)
Matthew Hawkesworth
Theresa Fuentes
Brenda Harvey-Williams
Cynthia Kurtz
Ruthe Holden
Rebecca Takahashi
Tony Olmos
Kris Markarian
Phillis Hallowell
Joe Ludin, CliftonLarsonAllen LLP
Bob Callanan, CliftonLarsonAllen LLP
Recording Secretary: Gloria Acevedo
B. P
UBLIC COMMENT- None
C. A

PPROVAL OF MINUTES
 D
ecember 27, 2021 Cancellation Notice
 January 10, 2022 Special Meeting
 January 24, 2022 Special Meeting
T
he Minutes were approved as submitted.

D. N

EW BUSINESS

1. F
ISCAL YEAR JUNE 30, 2021 ANNUAL FINANCIAL REPORTS
Ma
yor Gordo introduced the item and Matthew Hawkesworth, Director of Finance, provided a PowerPoint presentation. There were no audit findings in this year’s report.

V
ice Mayor Wilson requested clarification on the difference from assigned fund versus unassigned fund. Mr. Hawkesworth responded that assigned means that the City has assigned the fund balance to a specific project that can be restricted at the local level, while the unassigned amount, has no restrictions and is money held above-and-beyond

Page 4 ends

February 14, 2022
Special Finance/Audit Committee

Page 2 of 3 ends

the 20 percent reserve. Currently, the unassigned has a negative fund balance due to outstanding amounts from FEMA expenditures. Vice Mayor Wilson congratulated Mr.

Hawkesworth on finding no deficiencies on this year’s report Co
uncil Member Kennedy requested staff to share year-over-year tax revenue data. An update will be provided at the first Finance Committee Meeting in March.

T
he Finance/Audit Committee approved forwarding this report to the full City Council.

E. IN

FORMATION ONLY

2. I
NTERNAL AUDIT STATUS UPDATE – REGARDING THE JULY THROUGH DECEMBER 2021

WORK PLAN
Ma
yor Gordo introduced the item and Ruthe Holden, Internal Auditor, provided a PowerPoint presentation and answered questions.

V
ice Mayor Wilson requested the definition of refund, forfeited, and escheated. He also asked about the disposition of the $6.4 million that are in the C & D deposit fund. Ms.

Holden provided the definitions and Cynthia Kurtz, Interim City Manager, stated that City Council can decide the best allocation for the funds, which are sitting in the refuse fund. Ms. Kurtz reminded the Committee that the refuse fund is operating at an annual $3.5 million deficit and that refuse rates have not seen an increase in nearly 10-years.

C
ouncilmember Kennedy asked if the escheated funds are returned to the General Fund for City use. Ms. Kurtz responded that the funds are returned to the refuse fund; however, they can be moved to other funds as seen fit by the City Council.

T
he Finance/Audit Committee acknowledged receiving the report.

3. F
Y 2022 CAPITAL IMPROVEMENT PROGRAM 2ND QUARTER MONITORING REPORT Ma
yor Gordo introduced the item.

V
ice Mayor Wilson asked about the status of the Colorado Street Bridge Barrier Enhancements project and stated that the project needs expedient impediments that will provide permanent support to public safety to the greatest extent possible. Cynthia Kurtz, Interim City Manager, informed the Committee that $2 million dollars were allocated to the project and that a project update is slated to go to the Public Safety Committee in late March or early April. Councilmember Kennedy added that a final review of the plan with various stakeholders was near completion and would result in a positive impact on eliminating the possibility for those in crisis to end their life on that bridge. Mayor Gordo added that various solutions were analyzed aimed at deterring

Page 5 ends

February 14, 2022
Special Finance/Audit Committee

Page 3 of 3 ends

individuals from ending their lives at this site and asked Ms. Kurtz for support in expediting the final report presentation.

C
ouncilmember Kennedy asked if staff meets with Councilmembers and the Mayor on an individual basis, regarding capital improvement projects in the Councilmember’s district, which can have citywide implications. Ms. Kurtz responded that she meets with Councilmembers on a monthly basis and the topic can be added to the agenda, while staff provides reports to Council Committees on the implementation of capital improvement projects throughout the City; however, the Capital Improvement Plan does not identify the projects’ Council District.

T
he Finance/Audit Committee acknowledged receiving the report.

F
. ADJOURN
W
ith no further business to come before the Finance/Audit Committee, the meeting adjourned at 3:53 p.m.
_______
__________________________
Victor M. Gordo Date
Chair, Finance Committee
_______
__________________________
ATTEST: Gloria Acevedo, Date
Recording Secretary

Page 6 ends

NEW BUSINESS

1. AMENDMENTS TO FISCAL YEAR 2022 CAPITAL

IMPROVEMENT PROGRAM BUDGET

Page 7 ends

Page 8 ends

Page 9 ends

Page 10 ends

Page 11 ends

Page 12 ends

Page 13 ends

Amendments to FY 2022 CIP Budget
March 14, 2022

Page 7 of 7 ends

FISCAL IMPACT:

The cumulative result of these recommendations will increase the FY 2022 CIP budget by $9,792,499. The specific funding sources for the budget amendments are listed on Attachment A.

Respectfully submitted,
T��Director of Public Works
Prepared by:
p��l�Jf
Management Analyst V
Approved by:

Attachment A -Amendments to the FY 2022 -2026 CIP Budget

Page 14 ends

Page 15 ends

Page 16 ends

Page 17 ends

Page 18 ends

Page 19 ends

Department of Public Works
AMENDMENTS TO FISCAL YEAR 2022

CAPITAL IMPROVEMENT PROGRAM
BUDGET
Finance Committee
March 14, 2022
Item # 1

Page 20 ends

Department of Public Works
Recommendations

1. Find the proposed actions are not “projects” as
defi
ned in the California Environmental Quality Act
(CEQA); and

2. Amend the Fiscal Year 2022 Capital Improvement
Program
(CIP) Budget as detailed in Attachment A.
2

Page 21 ends

Department of Public Works
Amendments
1 Project Funding Source Change ($)
1 Building Maintenance Charter Capital
Private Capital
Total
$275,000
$19,020
$294,000
2 Fire Station 31 Seismic Retrofit Charter Capital $300,000 3 Public Works Building – Seismic Upgrade Haz Mitigation Grant Charter Capital
Total
$544,315
$150,000
$694,315
4 San Rafael Treatment Wetlands &
Stormwater Capture
Safe, Clean Water
Program Grant
$4,771,551
5 Citywide Sports Facilities Improvements RIF $50,000
6 Robinson Park – Pool & Pool Building
Renovation
CDBG
Proposition A
Total
$400,000
$500,000
$900,000
7 Villa Parke Community Ctr Improvements RIF
CDBG
Total
$700,000
$30,435
$730,435Page 22
Department of Public Works
Amendments
4 Project Funding Source Change ($)
8 Washington Park – Construction Phase RIF $200,000
9 Installation of Leading Pedestrian Interval &
Audible Signals at Signalized Intersections
Pedestrian Crossing Enhancements Prog
HSIP
HSIP
$1,357,500
($1,357,500)
10 Complete Streets Project- Union Cycle Track
Traffic Signal @ Del Mar Blvd & Michigan Ave
Traffic Reduction
STP
Sewer Fund
ARPA
Total
ARPA
$500,000
$388,577
$420,000
$500,000
$1,808,577
($500,000)
11 Lake Ave Traffic & Pedestrian Safety
Enhancements from Mountain to Maple
Traffic Reduction $5,532
12 St. John Capacity Enhancement Traffic Reduction $5,000 13 S Lake Ave Pedestrian Access Improvements
to Gold Line Station
Sewer Fund $160,000

Page 23 ends

Department of Public Works
Amendments
5 Project Funding Source Change ($)
14 Police Department Building Renovation General Fund ($1,000,000) 15 Substation Modernization
Supervisory Control and Data Acquisition
Station Transformer Upgrades
Power Funds
Power Funds
Power Funds
$600,000
($300,000)
($300,000)
16 Glenarm Receiving Station Upgrades
Supervisory Control & Data Acquisition
System Expansion
Fire Threat Mitigation Tier 3 Areas
Seismic Upgrade of Power Facilities
Power Quality Meter Upgrades
T.M. Goodrich Intertie Transformer Upgrades
Switchgear Upgrades for Power System
Facilities
Citywide Fiber Optic Communication System
Power Funds $800,000
($200,000)
($200,000)
($200,000)
($100,000)
($89,876)
($6,367)
($3,757)

Page 24 ends

Department of Public Works
Amendments
6 Pasadena Water & Power Projects Funding Source Change ($) 17 Chester to Santa Anita 14kV Cable Replmnt
Subtransmission System Enhancements
Power Funds $530,000
($530,000)
18 Distribution System Expansion
Subtransmission System Enhancements
Distribution System Expansion
Substation Oil Containment
Power Distribution Capacity & Reliability
Economic Rehabilitation of Properties
4kV Distribution System Conversion
Power Fund
Underground Fund
Total
Power Fund
Underground Fund
Power Fund
Underground Fund
Power Fund
Power Fund
$607,842
$286,773
$900,528
($397,000)
($188,860)
($146,000)
($97,913)
($64,842)
($5,913)
19 Meters & Services
New Clean Water Well
CIC Funding
CIC Funding
$950,000
($950,000)
20 Enterprise Building Security Management CDBG $798,069

Page 25 ends

Department of Public Works
New Projects
• Alkebu-Lan Cult ural Center Improvements
> Appropriate $380K CDBG funds
> Scope includes roof repairs, replacement of interior
finis
hes with water damage & ADA upgrades to
restrooms
> Design will begin in FY 2022
• Playground Surface Replacement – Villa P arke &
Brookside Park
> Appropriate $195K RIF
> ADA surface replacement at Reese’s Retreat at
Brook
side Park & Villa Parke playground
> Project to be completed in FY 2023
7

Page 26 ends

Department of Public Works
Fiscal Impact
• Net increase to the FY 2022 CIP Budget by
$9,792,499
8

Page 27 ends

NEW BUSINESS

2. PROPOSITION A LOCAL RETURN FUND

EXCHANGE WITH THE CITY OF HIDDEN
HILLS

Page 28 ends

Agenda Report
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Transportation Department
March 14, 2022
SUBJECT: PROPOSITION A LOCAL RETURN FUND EXCHANGE WITH THE CITY

OF HIDDEN HILLS
RECOMMENDATION:

It is recommended that the City Council:

1. Find this action is exempt from the California Environmental Quality Act ("CEQA") pursuant to State CEQA Guidelines Section 15061 (b) (3 );

2. Neither Competitive Bidding nor Competitive Selection are required pursuant to City Charter Section 1002(H) and Pasadena Municipal Code Section 4.08.049(A)(3), contracts with other governmental
entities;

3. Authorize the City Manager to execute a one-time agreement with the City of Hidden Hills to exchange $87,845 of Pasadena's General Fund dollars currently dedicated for transit services for $117,127 of Hidden Hills Proposition A Local Return dollars to be used for Proposition A eligible transit operations, programs and projects in Pasadena;

4. Appropriate
$87,845 from the General Fund portion of the available fund balance in Fund 209 to account 20924043-811400 for the City's portion of the fund exchange;

5. Increase revenue by $117,127 in account 20824035-657 400 for the City of Hidden Hill's portion of the fund exchange; and

6. Transfer $87,845 from the available fund balance in Fund 208 into the fund balance for Fund 209 for the City's receiving fund to reimburse the donating fund and authorize staff to make necessary adjustments to the budget.

BACKGROUND:

The City of Hidden Hills has uncommitted Proposition A Local Return funds in the amount of $117,127 that can be made available to the City of Pasadena to assist in MEETING OF _____ _ AGENDA ITEM NO. ____ _

Page 29 ends

Page 30 ends

Prop A Local Return Fund Exchange with the City of Hidden Hills March 14, 2022

Page 3 of 3 ends

FISCAL IMPACT:

This one-time fund exchange with the City of Hidden Hills will result in an increase of $29,282 in Prop A, in FY22. This action will be addressed by:
• Appropriation of $87,845 from the General Fund portion of the available fund balance in Fund 209 to account 20924043-811400 for the City's portion of the fund exchange;
• Increase revenue by $117,127 in account 20824035-657 400 to recognize the City of Hidden Hill's portion of the fund exchange; and • Transfer $87,845 from 20820031-871500 (Transfer to Prop C Local Transit) into 20924043-681500 (Transfer from Transportation Sales Tax) for the City's receiving fund to reimburse the donating fund.

Prepared by:

M Giana Flores
Management Analyst
Approved by:

Respectfully submitted,
lARUBIO-CORNEJO
Director
Department of Transportation

Page 31 ends

Department of Transportation
Prop A Fund Exchange with the
City of Hidden Hills
Finance Committee and City Council
March 14, 2022
Item 2

Page 32 ends

Department of Transportation
2 Recommendation

1. Find this action is exempt from the California Environmental Quality Act (“CEQA”) pursuant to State CEQA Guidelines Section 15061(b) (3);

3. Authorize the City Manager to execute a one-time agreement with the City of Hidden Hill’s to exchange $87,845 of Pasadena’s General Fund dollars currently dedicated for transit services for $117,127 of Hidden Hill’s Proposition A Local Return dollars;

Page 33 ends

Department of Transportation
Recommendations

4. Appropriate $87,845 from the General Fund portion of the available f
und balance in Fund 209 for the City’s portion of the fund exchange;

5. Increase revenue by $117,127 in account 20824035-657400 for the C
ity of Hidden Hill’s portion of the fund exchange; and

6. Transfer $87,845 from Fund 208 into Fund 209 for the City’s receiving f
und to reimburse the donating fund.
3

Page 34 ends

Department of Transportation
Transit Funding – Proposition A
• Metro allows for exchange of uncommitted Prop A funds for unrestricted r
evenues from another city
• The receiving city must use the exchanged Prop A funds for eligible t
ransit operations, programs, and projects
• The premium is negotiated between the respective entities 4

Page 35 ends

Department of Transportation
Fund Exchange – City of Hidden Hills
• February 2022- City of Hidden Hills contacted Pasadena to express interest in a Proposition A Local Return fund exchange
• Recommend exchanging $87,845 of Pasadena’s General Fund for $117,127 of Hidden Hill’s Proposition A funds
> The exchange rate is 75 cents on the dollar for a one-time agreement • This fund exchange provides Pasadena with a net increase of $29,282 in Proposition A funding for eligible transit operations, programs, and projects
5

Page 36 ends

NEW BUSINESS

3. APPROVAL OF BUSINESS TERMS OF THE

SECOND AMENDMENT TO DEVELOPMENT,
LOAN AND LEASE AGREEMENT NO. 23,370
WITH BRIDGE HOUSING INC. INCLUDING

ADDITIONAL CITY FUNDING IN AN AMOUNT
NOT TO EXCEED $2,000,000 FOR THE
D

EVELOPMENT OF THE HERITAGE SQUARE

SOUTH PERMANENT SUPPORTIVE HOUSING

PROJECT FOR CHRONICALLY HOMELESS
SENIORS AT 710 N. FAIR OAKS AVENUE

Page 37 ends

PA^b^0
^^^
7 0
•N *
(D z
03 0
<& 0
'^.^ <>^ 0^: i?4rEO
Agenda Report
March 14,2022
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Department of Housing
SUBJECT: APPROVAL OF BUSINESS TERMS OF THE SECOND

AMENDMENT TO DEVELOPMENT, LOAN AND LEASE
AGREEMENT NO. 23.370 WITH BRIDGE HOUSING INC.

INCLUDING ADDITIONAL CIFf FUNDING IN AN AMOUNT NOT TOEXCEED $2,000,000 FOR THE DEVELOPMENT OF THE HERITAGESQUARE SOUTH PERMANENT SUPPORTIVE HOUSING PROJECTFOR CHRONICALLY HOMELESS SENIORS AT 710 N. FAIR OAKS AVENUE
!RECOMMENDATION:

It is recommended that the City Council:
1) Affirm the May 11, 2020, finding of the City Council that the project discussedherein is exempt from environmental review pursuant to the California Environmental Quality Act (CEQA) Public Resources Code §21080(b)(9); andCalifornia Code of Regulation, Title 14, Division 6, Chapters, State CEQA Guidelines §15332, Class 32, In-Fill Development Projects, that there were nofeatures that distinguish this project from others in the exempt class and,therefore, there were no unusual circumstances, and affirm that there is no new information or changed circumstances that would require furi:her environmental review;
2) Approve a budget amendment appropriating $2,000,000 from the Low andModerate Income Housing Asset Fund, unappropriated fund balance, to fund theproposed City loan through the Housing Department's FY 2022 Operating Budget for the hleritage Square South Project;
3) Approve the business terms of a Second Amendment to Development, Loan andLease Agreement with BRIDGE Housing Inc. for the development of the HeritageSquare South Project, as described in this agenda report; and MEETING OF.AGENDA ITEM NO.

Page 38 ends

Heritage Square South
March 14, 2022

Page 2 of 4 ends

4) Authorize the City Manager to execute, and the City Clerk to attest, any and alldocuments necessary to effectuate the staff recommendation.

BACKGROUND:

At its regular meeting of May 11, 2020, the City Council approved the key businessterms of that certain Development, Loan and Lease Agreement No. 23,370 (the"Agreement") with BRIDGE Housing Inc. (the "Developer") to develop the HeritageSquare South project (the "Project), a 70-unit permanent supportive housing complexfor chronically homeless seniors that is located at 710 N. Fair Oaks Avenue. TheAgreement provided for, among other things, City loan funding in the amount of$4,992,683 to assist the development of the Project. The Agreement was administratively amended pursuant to that certain First Amendment to Development,Loan and Lease Agreement, dated September 10, 2020, which made certainmodifications to the Agreement to, among other things, comport with State affordable housing requirements.

Under the Agreement, the total development cost of the Project was approximately$39M. In November 2021, the Developer was successful in obtaining a 9% Low IncomeHousing Tax Credit ("LIHTC") award in a highly competitive application environmentand, more recently, the Developer received a lender's commitment for a conventionalpermanent loan.

However, as the Developer successfully moved the Project through the City's entitlement process, a number of construction industry-wide factors have impacted thefinancial feasibility of the Project, resulting in the need to increase the amount of theCity loan. These factors include a general contractor / sub-contractor market that is invery high demand coupled with labor shortages resulting in much higher constructioncosts across all trades; and increases in materials prices by approximately 15% overthe past nine months due to excessive demand and supply chain constraints. Thisenvironment has caused the total development cost of the Project to increase byapproximately $10M (from $39M to $49M). In response, the Developer took measuresto reduce the funding gap including value engineering of the development; rebidding ofthe Project to general contractors; and renegotiating equity pricing and loan terms withthe tax credit investor and conventional lender.

In doing so, the Developer reduced the funding gap by approximately $8M, with aremaining gap of$2M. Consequently, on February 14, 2022, the Developer submitted arequest to the City for additional loan assistance in the amount of $2,000,000 to solvethe remaining funding gap. Staff evaluated the Developer's request and determinedthat the proposed City direct financing subsidy of the Project at the increased amount of$6,992,683 ($101,343 per restricted unit) remains a feasible and cost-effective way toaddress the City's critical affordable housing shortage. The staff recommendation wasalso reviewed on March 10, 2022, by the Internal Housing Loan Committee, which 2

Page 39 ends

Heritage Square South
March 14, 2022

Page 3 of 4 ends

serves the Housing Department and is comprised of staff in the City Manager, Housing, Human Services, Public Works, and Finance departments.

BUSINESS TERMS OF THE SECOM) AMENDMENT TO DEVELOPMENT^LQA^ AND LEASE AGREEMENT:

The proposed business terms of the Second Amendment to Disposition, Development and Loan Agreement for the Heritage Square South Project (the "Project") consist of the following:
1) Project Development Cost and Budget: The total development cost of the Project shall be increased to $49,667,617 (see Attachment A "Project Budget"). 2) City Loan: Funding of the City's residual receipts trust deed loan ("City Loan") for the Project shall be increased by an amount not to exceed $2,000,000 for a total loan amount not to exceed $6,992,683.
3) Equity and Other Permanent Financing: The equity and (non-City) permanent financing sources for the Project shall be revised to reflect $25,010,099 in 9% LIHTC equity, and $8,993,000 in conventional permanent financing. 4) Schedule of Performance: The existing Schedule of Performance for the Project shall be modified to reflect: a) a construction closing date that is no later than May 16, 2022; and b) a construction start date of May 17,2022.

COUNCIL POLICY CONSIDERATION:

The proposed action is consistent with the City's General Plan - Housing Element and the Five-Year Consolidated Plan. The proposed action supports and promotes the quality of life and the local economy, a goal of the City Council's strategic plan.

ENVIRONMENTAL ANALYSIS:

At the regular meeting on May 11, 2020, the City Council made a finding that the proposed development of the Project is categorically exempt from environmental review pursuant to the California Environmental Quality Act (CEQA) Public Resources Code §21080(b)(9); and California Code of Regulation, Title 14, Division 6, Chapters, State CEQA Guidelines §15332, Class 32, In-Fill Development Projects, and that there are no features that distinguish the Project from others in the exempt class and, therefore, there are no unusual circumstances.
3

Page 40 ends

Heritage Square South
March 14,2022

Page 4 of 4 ends

The proposed actions under the subject recommendations to approve the businessterms of a Second Amendment to the Development, Loan and Lease Agreement withBRIDGE Housing Corporation, and to appropriate additional City funding do notconstitute new information or changed circumstances such that additionalenvironmental review would be required at this time.

FISCAL IMPACT:

Approval of the recommended actions will increase the Housing Department's FY 2022Operating Budget by an amount not to exceed $2,000,000 (Account No.23716003-816700-51036) by transferring $2,000,000 from the Low and Moderate Income HousingAsset Fund unappropriated fund balance to the Heritage Square South Project.

Approval of this action will leave an unappropriated balance of approximately $660,000.The City funding for the Project will be in the form of a loan secured by a trust deed.The debt service on the City loan would be paid from the Project's annual residualreceipts which are not guaranteed.

Prepared by:

James Wong
Senior Project Manager
Approved by:

QY'NThlA^/kURTZ
Interim City Manager
Respectfully submitted,
WILLIAM K. HUAN
Director of Housing
Concurred by:
^n^4^
lATTftjEWff.-MATTft
Director
Department of Finance

AWKESWORTH
Attachment A: Project Budget
4

Page 41 ends

ATTACHMENT A - PROJECT BUDGET
USES OF FUNDS Total Budget Per
Unit Residential Non-Residential
ACQUISITION COSTS
Total Purchase Price - Real Estate:
6,400,000
Land - Heritage Square South 6,400,000 91,429 5,850,798 549,202 Legal - Acquisition 25,000 357 22,855 2,145
Off-site Improvements 574,258 8,204 524,979 49,279
HARD COSTS

NEW CONSTRUCTION
Hard Costs-Unit Construction 22,814,679 325,924 20,856,887 1,957,792 Site Improvements/Landscape 1,355,612 19,366 1,239,283 116,329 GC - General Conditions 1,053,487 15,050 963,084 90,403 GC - Overhead & Profit 1,404,649 20,066 1,284,112 120,537 GC - Insurance 200,163 2,859 182,986 17,177
GC - Bond Premium 200,163 2,859 182,986 17,177
Contingency - Owner's Construction 2,050,000 29,286 1,874,084 175,916 SOFT COSTS
Architecture - Design 1,010,000 14,429 923,329 86,671
Design/Engineering - Landscape 50,000 714 45,709 4,291
Design/Engineering - Acoustic 10,000 143 9,142 858
Design/Engineering - CASP 40,000 571 36,567 3,433
Design/Engineering - Civil 125,000 1,786 114,273 10,727 Design/Engineering - PV 40,000 571 36,567 3,433
Geotech/Soils Report 65,000 929 59,422 5,578
Phase I/II/Toxics Report 40,000 571 36,567 3,433
Special Inspections/Testing 75,000 1,071 68,564 6,436
Prevailing Wage Monitor 20,000 286 18,284 1,716
LEED / HERS Rater 30,000 429 27,426 2,574
Owner's Rep / Construction Supervision 136,500 1,950 124,787 11,713 Consultant: Interior Design 73,000 1,043 66,736 6,264
Local Development Impact Fees 1,084,703 15,496 991,622 93,081 Impact Fee Waiver 1,721,574 24,594 1,573,841 147,733
Local Permits/Fees 589,989 8,428 539,360 50,629
Utilty Connection Fees 50,000 714 45,709 4,291
Relocation - Permanent 400,000 5,714 365,675 34,325
Real Estate Taxes During Const 66,446 949 60,744 5,702
Insurance During Const 800,000 11,429 731,350 68,650
Appraisal 15,000 214 13,713 1,287
Market/Rent Comp Study 15,000 214 15,000 0
Community Outreach 150,000 2,143 137,128 12,872
Soft Cost Contingency 332,424 4,749 303,898 28,526
Construction Loan Interest 1,478,581 21,123 1,351,700 126,881 Accrued Interest - City of Pasadena Land 262,480 3,750 239,956 22,524 Accrued Interest - City of Pasadena 286,787 4,097 262,177 24,610 Title/Recording/Escrow - Construction 40,000 571 36,567 3,433 Title/Recording/Escrow - Permanent 40,000 571 36,567 3,433 Legal (Owner): Construction Closing 100,000 1,429 91,419 8,581 Permanent Closing 100,000 1,429 91,419 8,581
Syndication - GP 47,000 671 47,000 0
Syndication Consulting 80,000 1,143 80,000 0
Audit/Cost Certification 50,000 714 50,000 0
TCAC Application/Res/Monitoring Fee 110,973 1,585 110,973 0 Marketing 37,100 530 37,100 0
Furnishings Not in Contract 441,500 6,307 441,500 0
Start-up /Lease-up Expenses 175,000 2,500 175,000 0
Capitalized Operating Reserve (6 mos.) 629,099 8,987 629,099 0 Developer Fee 2,200,000 31,429 2,011,212 188,788
COSTS OF ISSUANCE/FINANCING FEES
Construction Lender Origination Fee 223,519 3,193 204,339 19,181 Construction Lender Expenses 30,000 429 27,426 2,574
Construction Lender Counsel 60,000 857 54,851 5,149
Permanent Lender Expenses 123,001 1,757 123,001 0
Permanent Lender Counsel 45,000 643 45,000 0
Permanent Loan Origination Fee 89,930 1,285 89,930 0
TOTAL DEVELOPMENT COSTS 49,667,617 709,537 45,563,703 4,103,915

Page 42 ends

Housing Department
Heritage Square South Project
Second Amendment to
Development, Loan & Lease Agreement
March 14, 2022
Finance Committee Item 3

Page 43 ends

Housing Department

BACKGROUND
2

Page 44 ends

Housing Department

BACKGROUND
> City Council-approved Development, Loan & Lease
Agmt (“DLLA”) was entered into w/ BRIDGE Housing
in June 2020 for the development of the Heritage
Square South Project at 710 N. Fair Oaks Ave.
> $4.99M in City loan assistance for development of a
70-unit
permanent supportive housing complex for
chronically homeless seniors, plus 7,500 sf
commercial space
> Original estimated total developm
ent cost of $39M
> In November 2021, BRIDGE was awarded an
alloc
ation of 9% Low Income Housing Tax Credits in
a highly competitive funding cycle
3

Page 45 ends

Housing Department

BACKGROUND
> BRIDGE also recently obtained a conventional
perm
anent loan commitment of $8.99M
> As BRIDGE moved the project through City’s
entit
lement process, financial feasibility was impacted
by construction industry-wide factors
> A market in which builders are in very high demand
coupled
with labor shortages, resulting in much
higher construction costs across all trades
> Increases in materials prices due to high demand
and supply
chain constraints
4

Page 46 ends

Housing Department

BACKGROUND
> These factors have resulted in the project’s total
developm
ent cost to increase by $10M ($39M to
$49M)
> BRIDGE reduced the gap by $8M through i ncrease
in tax credit equity pricing, negotiated more favorable conventional loan terms, reductions in operating
expenses, and value engineering
> As recommended, remaining $2M gap to be cl
osed
with additional City loan assistance pursuant to a
Council-approved amendment to the DLLA
5

Page 47 ends

Housing Department

BACKGROUND
> City loan amount of $6,992,683 represents a direct
fi
nancing subsidy of $101,343 per affordable unit
> The per-unit development cost is $618K (not
including the cost of the commercial space and value
of the ground leased City-owned land); for
comparison purposes, deducting the cost for
prevailing wages, the per-unit cost is approximately
$525K
6

Page 48 ends

Housing Department

BACKGROUND
7

Page 49 ends

Housing Department

BACKGROUND
8

Page 50 ends

Housing Department
2ND AMENDMENT AGMT TERMS
> Total development cost of the project increased to
$49,667,617
> C
ity loan increased by an amount not to exceed
$2,000,000
for a maximum total loan of $6,992,683
> All other City loan provisions remain under the
origi
nal DLLA (3% interest; 55-year permanent loan
term; annual residual receipts payments;
subordination of deed of trust to conventional
construction and permanent loans)
9

Page 51 ends

Housing Department
2ND AMENDMENT AGMT TERMS
> Updating the equity and (non-Ci ty) permanent
financing sources to reflect 9% Low Income Housing
Tax Credit equity in the amount of $25,010,099, and
a conventional permanent loan in the amount of
$8,993,000
> Construction closing date wi
ll be no later than
5/16/2022
10

Page 52 ends

Housing Department

FISCAL IMPACT
> Increase in Department’s FY 2022 Operating Budget
by an amount
not to exceed $2,000,000
> Reduction in the unappropriated fund balance of the
Housi
ng Successor Fund to approximately $660K
> Debt service on the City loan would be paid from the
Proj
ect’s annual residual receipts which are not
guaranteed and only partial repayment is expected
11

Page 53 ends

Housing Department

RECOMMENDATION

1. Affirm the May 11, 2020 City Council finding that the project discussed herein is exempt from environmental
review pursuant to CEQA Public Resources Code
§21080(b)(9), and California Code of Regulations, Title 14, Division 6, Chapter 3, State CEQA Guidelines
§15332, Class 32, In-Fill Development Projects, that
there were no features that distinguish this project from others in the exempt class and, therefore, there were
no unusual circumstances, and affirm that there is no
new information or changed circumstances that would
require further environmental review;
12

Page 54 ends

Housing Department

RECOMMENDATION

2. Approve a budget amendment appropriating
$2,000,000 from the Housing Successor Fund,
unappropriated fund balance, to provide additional loan assistance through the Housing Department’s FY 2022
Operating Budget for the Heritage Square South
Project;

3. Approve the business terms of a Second
Amendment Agreement to Development, Loan and
Lease Agreement with BRIDGE Housing Inc. for the
development of the Heritage Square South Project, as
described in this agenda report; and
13

Page 55 ends

Housing Department

RECOMMENDATION

4. Authorize the City Manager to execute, and the City
Clerk to attest, any and all documents necessary to
effectuate the staff recommendation.
14

Page 56 ends

NEW BUSINESS

4. QUARTERLY INVESTMENT REPORT – QUARTER
ENDING December 31, 2021

Page 57 ends

Page 58 ends

Page 59 ends

Page 60 ends

Page 61 ends

Page 62 ends

Page 63 ends

Page 64 ends

City of Pasadena
Quarterly Investment Report
Quarter Ending 12/3
1/2021
Prepared by the Department of Finance
Treasury Division
Attachment A

Page 65 ends

Quarterly Investment Report
I. Pooled Investment Portfolio
II. Capital Endowment Portfolio
III. Power Reserve Portfolio
IV. Miscellaneous Portfolios
V. Investments Held by Trustees
VI. PARS Section 115 Trust

Page 66 ends

I. Pooled Investment Portfolio

Page 67 ends

CITY OF PASADENA
Treasurer's Pooled Investment Portfolio
Vicken Erganian
City Treasurer
December 2021

PORTFOLIO COMPLIANCE
The Treasurer's investment portfolio is in compliance with the California Government Code Section 53601 and the City's Investment Policy approved by the City Council on May 24, 2021. The holdings in the investment pool are in compliance with the current investment policy statement. Further information on compliance issues can be obtained by calling the City of Pasadena Treasurer's Office. A complete copy of the monthly investment report on the investment portfolio including a detailed listing of each investment, is available by calling the Treasurer's office at (626)744-4422.

PORTFOLIO STRUCTURE AS OF 12/31/2021

TYPE MARKET VALUE PERCENT
Money Market - Collateralized 15,987,541 2.65%
Certificates of Deposit 1,250,000 0.21%
Municipal Bonds 43,746,264 7.24%
Corporate Bonds 89,503,832 14.82%
Federal Agencies 286,124,998 47.37%
US Treasury Securities 44,480,903 7.36%
Supernationals 19,699,196 3.26%
Money Market-CAMP 88 0.00%
LAIF 101,334,683 16.78%
Cash in Bank 1,944,987 0.32%
TOTALS: 604,072,492 100.00%
Accrued Interest Receivable 944,076
GRAND TOTAL: 605,016,569
PORTFOLIO LIQUIDITY AS OF 12/31/2021
Percent of
Aging Interval Par Value Portfolio
0-30 Days 119,267,299 19.86%
31 days - 1 Year 33,885,000 5.64%
1 - 2 Years 60,070,000 10.00%
2 - 3 Years 110,300,000 18.37%
3 - 4 Years 172,242,778 28.68%
4 - 5 Years 104,748,000 17.44%
Over 5 Years - 0.00%
TOTAL: 600,513,077 100.00%
Dec-21 Nov-21 Oct-21 Sep-21 Aug-21 Jul-21
Month-End Market Value 605,016,569 586,456,156 584,667,218 583,988,591 550,691,041 568,028,717 Modified Duration 2.43 2.50 2.56 2.56 2.46 2.51
Weighted Average Maturity 2.49 2.57 2.62 2.62 2.63 2.72 Current Book Yield to Maturity 0.712% 0.707% 0.728% 0.710% 0.790% 0.788% Effective Yield - Year to Date 0.830% 0.850% 0.880% 0.950% 0.870% 0.970% Interest Earned 349,365 357,653 346,176 352,146 373,376 408,130 Fiscal Year To Date Interest Earned 2,186,846 1,837,481 1,479,828 1,133,652 781,506 408,130 Fair Value Change Gain/(Loss) (1,203,885) (763,342) (2,800,036) (1,846,116) (207,528) 1,400,829 Fiscal Year To Date change in fair value (5,420,077) (4,216,193) (3,452,851) (652,815) 1,193,301 1,400,829 Total Fiscal YTD Earnings (3,233,231) (2,378,712) (1,973,022) 480,837 1,974,807 1,808,959

PORTFOLIO STATISTICS
MMF-Collateral

2.65%
Certificates of
Deposit

0.21%
Muni

7.24%
Corp Bond

14.82%
Fed Agency

47.37%
US Treasury

7.36%
Supranationals

3.26%
Money Market-
CAMP

0.00%
LAIF

16.78%
Cash in Bank

0.32%
1

Page 68 ends

YTM
365Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2021
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
LAIF

0.230Local Agency Investment Fund864 75,000,001.00 75,000,001.00 0.23075,000,001.00SYS864 1

0.230LAIF-COVID Relief Funds Acct14053 26,334,682.10 26,334,682.10 0.23026,334,682.10SYS14053 1 101,334,683.10101,334,683.10101,334,683.10101,334,683.10Subtotal and Average 0.230 1 Money Market Fund-CAMP

0.051California Asset Management Pr13824 88.44 88.44 0.05088.44SYS13824 1

88.4488.4488.4488.44Subtotal and Average 0.051 1
Collateralized Money Market

0.100EAST WEST BANK13067 15,987,541.13 15,987,541.13 0.10015,987,541.13SYS13067 1 15,987,541.1315,987,541.1315,987,541.1311,423,025.00Subtotal and Average 0.100 1 Municipal Bonds

2.264RIVERSIDE CALIFORNIA POB13809 1,000,000.00 1,000,000.00 02/15/20222.26505/06/2020 1,002,110.00 AA76913CAW9 45

3.158STATE OF CALIFORNIA13802 3,025,000.00 3,041,947.03 03/01/20226.65004/03/2020 3,055,855.00 Aa213063BFS6 59

0.421SAN FRANSCISO CAL CITY & CNT,T13917 560,000.00 561,162.12 03/01/20221.67003/10/2021 561,052.80 Aa3797679BZ9 59

2.367STATE OF CALIFORNIA GO BONDS13605 2,500,000.00 2,500,000.00 04/01/20222.36704/27/2017 2,513,625.00 Aa213063DAD0 90

0.469Huntington Beach CA Public Fin13862 500,000.00 500,000.00 05/01/20220.46908/12/2020 500,260.00 AA446216HF3 120

1.812City of Glendora13719 820,000.00 820,000.00 06/01/20221.81209/05/2019 824,928.20 AAA378612AC9 151

1.550La Canada Unified School Distr13805 500,000.00 500,000.00 08/01/20221.55004/28/2020 502,840.00 Aa1502516QW0 212

1.863South Pasadena Unified School13749 230,000.00 234,086.92 08/01/20225.00012/12/2019 236,016.80 Aa2839278JV1 212

0.653Chino Public Financing Authori13924 1,000,000.00 1,000,000.00 09/01/20220.65303/25/2021 1,000,640.00 AA169548FH2 243

0.848Ventura Cnty CA Public Fing Au13818 750,000.00 750,000.00 11/01/20220.84806/11/2020 751,650.00 Aa1923078CS6 304

2.364RIVERSIDE CALIFORNIA POB13810 1,000,000.00 1,000,000.00 02/15/20232.36305/06/2020 1,015,230.00 AA76913CAX7 410

0.499Beverly Hills PFA13868 500,000.00 500,000.00 06/01/20230.49910/15/2020 497,985.00 AA+088006JX0 516

0.391City of Orange Taxable Pension13915 1,500,000.00 1,500,000.00 06/01/20230.39103/15/2021 1,493,160.00 AA684100AB6 516

1.477STATE OF CALIFORNIA13885 1,000,000.00 1,000,000.00 07/01/20231.47711/24/2020 1,008,880.00 A13017HAK2 546

1.650La Canada Unified School Distr13806 500,000.00 500,000.00 08/01/20231.65004/28/2020 505,415.00 Aa1502516QX8 577

1.078Oak Grove CA Sch Dist13821 500,000.00 500,000.00 08/01/20231.07806/25/2020 501,970.00 Aa3671205Y55 577

0.692Oxnard School District13841 500,000.00 500,000.00 08/01/20230.69209/03/2020 499,345.00 AA692020T34 577

2.025Buena Park Community RDA13738 1,240,000.00 1,240,000.00 09/01/20232.03311/13/2019 1,259,269.60 AA-119144AV5 608

2.085Escondido Lease Revenue Bonds13744 830,000.00 830,000.00 09/01/20232.08511/26/2019 846,774.30 AA-29634EEE8 608

0.475Califfornia State Univ Revenur13830 2,000,000.00 2,000,000.00 11/01/20230.47509/17/2020 1,989,700.00 Aa213077DMJ8 669

2.125Beverly Hills PFA13710 1,000,000.00 1,000,000.00 06/01/20242.12508/08/2019 1,023,730.00 AA+088006JM4 882

0.730Beverly Hills PFA13869 750,000.00 750,000.00 06/01/20240.73010/15/2020 743,010.00 AA+088006JY8 882

0.587City of Orange Taxable Pension13916 1,500,000.00 1,500,000.00 06/01/20240.58703/15/2021 1,484,820.00 AA684100AC4 882

2.070South Pasadena Unified School13748 325,000.00 348,336.09 08/01/20245.00012/12/2019 357,064.50 Aa2839278JX7 943

0.580SAN RAMON VLY CA UNIF SCH DIST13871 1,500,000.00 1,500,000.00 08/01/20240.58010/20/2020 1,481,280.00 Aa1799408Z77 943 Portfolio PASD
APData Updated: SET_POOL: 01/20/2022 17:08
Run Date: 01/20/2022 - 17:09 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.6.1
2

Page 69 ends

0.575West Coast Contra Unified Scho13941 1,000,000.00 1,000,000.00 08/01/20240.57506/17/2021 985,380.00 AA9523474U3 943

0.685Califfornia State Univ Revenur13829 2,000,000.00 2,000,000.00 11/01/20240.68509/17/2020 1,978,760.00 Aa213077DMK5 1,035

0.982City of Arcadia13882 675,000.00 675,000.00 12/01/20240.98211/12/2020 670,909.50 Aaa039063AD4 1,065

0.650SANTA BARBARA CNTY CA SOLID WA13894 300,000.00 326,045.61 12/01/20243.67012/18/2020 319,209.00 A180136PDB6 1,065

0.943Huntington Beach CA Public Fin13861 300,000.00 300,000.00 05/01/20250.94308/12/2020 294,285.00 AA446216HJ5 1,216

0.883UNIVERSITY OF CA REVENUE BONDS13827 1,000,000.00 1,000,000.00 05/15/20250.88307/16/2020 988,920.00 Aa291412HGE7 1,230

0.610UNIVERSITY OF CA REVENUE BONDS13893 5,000,000.00 5,045,305.35 05/15/20250.88312/16/2020 4,944,600.00 Aa291412HGE7 1,230

0.952California St Health Facs Fing13883 1,500,000.00 1,500,000.00 06/01/20250.95211/04/2020 1,480,785.00 Aa313032UXM5 1,247

0.824Redondo Beach Unified School13840 500,000.00 500,000.00 08/01/20250.82408/06/2020 492,995.00 Aa2757710TZ1 1,308

2.311South Pasadena Unified School13747 675,000.00 735,639.22 08/01/20255.00012/12/2019 761,562.00 Aa2839278JY5 1,308

0.740SAN RAMON VLY CA UNIF SCH DIST13872 1,500,000.00 1,500,000.00 08/01/20250.74010/20/2020 1,471,485.00 Aa1799408Z85 1,308

0.938West Coast Contra Unified Scho13940 3,000,000.00 3,000,000.00 08/01/20250.93806/17/2021 2,957,460.00 AA9523474V1 1,308

1.181City of Arcadia13881 750,000.00 750,000.00 12/01/20251.18211/12/2020 743,302.50 Aaa039063AE2 1,430 43,907,522.3443,746,264.2043,730,000.0043,913,914.11Subtotal and Average 1.239 767 Certificates of Deposit - Bank

0.650BMW BANK NORTH AMERICA13949 250,000.00 250,000.00 09/17/20240.65009/17/2021 250,000.0005580AD68 990

0.650SYNCHRONY BANK13952 250,000.00 250,000.00 09/17/20240.65009/17/2021 250,000.0087164YB60 990

0.650GOLDMAN SACHS BANK USA CD13951 250,000.00 250,000.00 09/23/20240.65009/22/2021 250,000.0038149MZY2 996

0.700SALLIE MAE BANK/SALT LKE CD13956 250,000.00 250,000.00 09/23/20240.70009/22/2021 250,000.00795451AW3 996

0.650UBS BANK USA13950 250,000.00 250,000.00 09/23/20240.65009/22/2021 250,000.0090348JT42 996 1,250,000.001,250,000.001,250,000.001,250,000.00Subtotal and Average 0.660 994 Federal Agency Issues - Coupon

0.320FED HOME LOAN MORTAGE CORP13879 10,000,000.00 10,000,000.00 11/02/20230.32011/02/2020 9,934,655.60 Aaa3134GW6E1 670

0.320FED HOME LOAN MORTAGE CORP13880 5,000,000.00 5,000,000.00 11/02/20230.32011/02/2020 4,967,327.80 Aaa3134GW6E1 670

0.320FED HOME LOAN MORTAGE CORP13887 10,000,000.00 10,000,000.00 11/24/20230.32011/24/2020 9,926,687.70 Aaa3134GXCA0 692

0.250Federal Home Loan Bank13896 5,000,000.00 5,000,000.00 12/28/20230.25012/28/2020 4,966,153.65 Aaa3130AKL79 726

0.250Federal Home Loan Bank13897 5,000,000.00 5,000,000.00 12/28/20230.25012/28/2020 4,966,153.65 Aaa3130AKL79 726

0.800Federal Home Loan Bank13972 7,500,000.00 7,500,000.00 12/28/20230.80012/28/2021 7,499,314.50 Aaa3130AQ6F5 726

0.500Federal Home Loan Bank13927 10,000,000.00 10,000,000.00 04/29/20240.50004/29/2021 9,949,426.30 Aaa3130ALXQ2 849

0.625Federal Home Loan Bank13944 5,000,000.00 5,000,000.00 10/15/20240.62507/15/2021 4,955,173.55 Aaa3130AN4L1 1,018

0.500Federal Home Loan Bank13948 5,000,000.00 5,000,000.00 10/30/20240.50009/30/2021 4,953,909.65 Aaa3130ANYT1 1,033

0.900Federal Home Loan Bank13966 5,000,000.00 5,000,000.00 11/08/20240.90011/08/2021 4,980,666.70 Aaa3130APPQ2 1,042

1.100Federal Home Loan Bank13968 5,000,000.00 5,000,000.00 11/15/20241.10011/15/2021 5,000,061.10 Aaa3130APRA5 1,049

0.550Federal Home Loan Bank13937 10,000,000.00 10,000,000.00 11/26/20240.55005/26/2021 9,869,516.80 Aaa3130AMK92 1,060

0.650Federal Home Loan Bank13932 5,000,000.00 5,000,000.00 12/09/20240.65006/09/2021 4,897,741.15 Aaa3130AMJX1 1,073

1.150Federal Home Loan Bank13971 5,000,000.00 5,000,000.00 12/10/20241.15012/10/2021 4,999,666.65 Aaa3130AQ3F8 1,074 Portfolio PASD
APData Updated: SET_POOL: 01/20/2022 17:08
Run Date: 01/20/2022 - 17:09 PM (PRF_PM2) 7.3.0
3

Page 70 ends

0.625Federal Home Loan Bank13933 5,000,000.00 5,000,000.00 02/27/20250.62505/27/2021 4,928,580.00 Aaa3130AMMG4 1,153

0.650Federal Home Loan Bank13959 5,000,000.00 5,000,000.00 03/28/20250.65009/28/2021 4,931,708.10 Aaa3130AP5S0 1,182

0.750Federal Home Loan Bank13811 5,000,000.00 5,000,000.00 05/19/20250.75005/19/2020 4,938,085.10 Aaa3130AJLA5 1,234

0.750FED HOME LOAN MORTAGE CORP13814 5,000,000.00 5,000,000.00 05/28/20250.75005/28/2020 4,928,553.05 Aaa3134GVVX3 1,243

0.750FED HOME LOAN MORTAGE CORP13816 5,000,000.00 5,000,000.00 05/28/20250.75005/29/2020 4,954,588.65 Aaa3134GVB31 1,243

0.750FED HOME LOAN MORTAGE CORP13817 5,000,000.00 5,000,000.00 05/28/20250.75006/01/2020 4,954,588.65 Aaa3134GVB31 1,243

0.780Federal Farm Credit Bank13820 5,000,000.00 5,000,000.00 06/16/20250.78006/16/2020 4,912,531.55 Aaa3133ELK37 1,262

0.764Federal Home Loan Bank13822 3,017,777.77 3,017,359.61 06/16/20250.76006/19/2020 2,973,723.31 Aaa3130AJPT0 1,262

0.650FED NATIONAL MORTGAGE ASSN13828 5,000,000.00 5,000,000.00 08/14/20250.65008/14/2020 4,912,712.75 Aaa3136G4C43 1,321

0.614Federal Farm Credit Bank13863 5,000,000.00 4,999,263.87 08/25/20250.61009/10/2020 4,894,878.50 Aaa3133EL4W1 1,332

0.530Federal Farm Credit Bank13864 20,000,000.00 20,000,000.00 09/29/20250.53009/29/2020 19,511,851.80 Aaa3133EMBH4 1,367

0.600FED HOME LOAN MORTAGE CORP13870 10,000,000.00 10,000,000.00 09/30/20250.60009/30/2020 9,832,103.00 Aaa3134GWVN3 1,368

0.600FED HOME LOAN MORTAGE CORP13873 10,000,000.00 10,000,000.00 10/15/20250.60010/15/2020 9,775,293.90 Aaa3134GWYS9 1,383

0.625FED HOME LOAN MORTAGE CORP13877 10,000,000.00 10,000,000.00 10/27/20250.62510/27/2020 9,802,118.50 Aaa3134GW3X2 1,395

0.600FED HOME LOAN MORTAGE CORP13878 5,000,000.00 5,000,000.00 10/27/20250.60010/27/2020 4,912,103.40 Aaa3134GW5P7 1,395

0.600FED HOME LOAN MORTAGE CORP13874 10,000,000.00 10,000,000.00 10/28/20250.60010/28/2020 9,789,419.50 Aaa3134GW3F1 1,396

0.600FED HOME LOAN MORTAGE CORP13876 5,000,000.00 5,000,000.00 10/28/20250.60010/28/2020 4,894,709.75 Aaa3134GW3Z7 1,396

0.600Federal Farm Credit Bank13888 10,000,000.00 10,000,000.00 11/24/20250.60011/24/2020 9,758,946.40 Aaa3133EMHF2 1,423

0.690FED HOME LOAN MORTAGE CORP13886 5,000,000.00 5,000,000.00 11/25/20250.62511/25/2020 4,919,176.35 Aaa3134GXCS1 1,424

0.719FED HOME LOAN MORTAGE CORP13891 5,000,000.00 5,000,000.00 11/26/20250.65011/30/2020 4,920,128.35 Aaa3134GXFA7 1,425

0.550Federal Home Loan Bank13900 5,000,000.00 5,000,000.00 02/12/20260.55002/12/2021 4,849,466.20 Aaa3130AKVR4 1,503

0.625Federal Home Loan Bank13905 5,000,000.00 5,000,000.00 02/17/20260.62502/17/2021 4,897,368.90 Aaa3130AL3S1 1,508

0.750Federal Home Loan Bank13907 5,000,000.00 5,000,000.00 02/24/20260.75002/24/2021 4,894,402.20 Aaa3130ALCV4 1,515

0.630Federal Home Loan Bank13906 5,000,000.00 5,000,000.00 02/26/20260.63002/26/2021 4,903,682.35 Aaa3130ALB94 1,517

0.844Federal Farm Credit Bank13911 10,000,000.00 9,998,332.22 03/02/20260.84003/02/2021 9,814,078.10 Aaa3133EMSK9 1,521

0.800Federal Home Loan Bank13908 5,000,000.00 5,000,000.00 03/04/20260.80003/04/2021 4,927,550.10 Aaa3130ALEY6 1,523

0.800Federal Home Loan Bank13909 5,000,000.00 5,000,000.00 03/10/20260.80003/10/2021 4,880,045.15 Aaa3130ALFS8 1,529

1.000Federal Home Loan Bank13910 4,875,000.00 4,875,000.00 03/23/20261.00003/23/2021 4,822,877.52 Aaa3130ALGJ7 1,542

0.940Federal Farm Credit Bank13960 5,000,000.00 5,000,000.00 09/28/20260.94009/28/2021 4,919,735.20 Aaa3133EM6E7 1,731

1.000Federal Home Loan Bank13953 5,000,000.00 5,000,000.00 09/30/20261.00009/30/2021 4,933,964.15 Aaa3130ANYN4 1,733

1.250Federal Home Loan Bank13964 5,000,000.00 5,000,000.00 10/28/20261.25010/28/2021 4,969,572.40 Aaa3130APDQ5 1,761 290,389,955.70286,124,997.68290,392,777.77282,406,056.56Subtotal and Average 0.652 1,238 Treasury Securities - Coupon

0.761US TREASURY13974 10,000,000.00 9,997,823.79 12/31/20230.75012/31/2021 10,003,520.00 Aaa91282CDR9 729

0.470US TREASURY13943 10,000,000.00 9,946,500.92 06/15/20240.25006/25/2021 9,854,690.00 Aaa91282CCG4 896

0.515US TREASURY13962 5,000,000.00 4,981,182.44 09/15/20240.37509/24/2021 4,930,470.00 Aaa91282CCX7 988

0.747US TREASURY13965 5,000,000.00 4,983,202.77 10/15/20240.62510/22/2021 4,960,545.00 Aaa91282CDB4 1,018 Portfolio PASD
APData Updated: SET_POOL: 01/20/2022 17:08
Run Date: 01/20/2022 - 17:09 PM (PRF_PM2) 7.3.0
4

Page 71 ends

0.554US TREASURY13954 10,000,000.00 9,982,802.83 03/31/20250.50009/16/2021 9,837,110.00 Aaa912828ZF0 1,185

0.924US TREASURY13963 5,000,000.00 4,960,499.41 08/31/20260.75009/24/2021 4,891,015.00 Aaa91282CCW9 1,703 44,852,012.1644,477,350.0045,000,000.0035,174,704.37Subtotal and Average 0.639 1,036 Corporate Bonds - Coupon

3.151UNION BANK NA CORPORATE BOND13685 5,000,000.00 4,999,979.62 04/01/20223.15003/07/2019 5,021,646.70 A390520EAH4 90

1.538TOYOTA CREDIT CORPORATION13615 5,000,000.00 5,000,000.00 06/29/20220.47006/29/2017 5,002,744.60 A189236TEA9 179

2.185Honeywell International13711 1,000,000.00 999,797.06 08/08/20222.15008/08/2019 1,008,731.84 A2438516BT2 219

2.100UNION BANK NA CORPORATE BOND13756 2,000,000.00 2,000,000.00 12/09/20222.10012/09/2019 2,025,574.56 A390520EAK7 342

2.154UNION BANK NA CORPORATE BOND13760 5,000,000.00 4,997,558.71 12/09/20222.10012/16/2019 5,063,936.40 A390520EAK7 342

1.864UNION BANK NA CORPORATE BOND13773 5,000,000.00 5,010,730.42 12/09/20222.10002/10/2020 5,063,936.40 A390520EAK7 342

2.728APPLE INC13693 5,000,000.00 5,006,572.88 02/23/20232.85004/24/2019 5,104,620.25 Aa1037833BU3 418

0.441TOYOTA CREDIT CORPORATION13929 3,000,000.00 2,998,457.95 04/06/20230.40004/09/2021 2,993,204.88 A189236TJD8 460

0.654ROYAL BANK OF CANADA13918 5,000,000.00 4,976,772.17 01/19/20240.42503/11/2021 4,939,299.10 A278015K7L2 748

0.800Goldman Sach Corporate Bond13935 5,000,000.00 5,000,000.00 06/03/20240.80006/03/2021 4,874,124.40 A238150AG41 884

0.672ROYAL BANK OF CANADA13947 5,000,000.00 4,997,207.41 07/29/20240.65007/29/2021 4,930,244.30 A278016EZU4 940

0.900NEW YORK LIFE GL13967 5,000,000.00 5,000,000.00 10/29/20240.90010/29/2021 4,966,771.70 Aaa64952WEJ8 1,032

0.825JP MORGAN13898 5,000,000.00 5,000,000.00 12/22/20250.82512/22/2020 4,726,799.50 A248128GY53 1,451

1.526BANK OF AMERICA CORP13923 5,000,000.00 4,846,431.65 01/26/20260.60003/25/2021 4,765,431.10 A206048WK82 1,486

0.752BANK OF NEW YORK MELLON13901 5,000,000.00 4,999,591.59 01/28/20260.75002/02/2021 4,858,901.65 A106406RAQ0 1,488

0.718APPLE INC13902 5,000,000.00 4,996,471.61 02/08/20260.70002/08/2021 4,900,491.95 Aa1037833EB2 1,499

1.250BANK OF AMERICA CORP13934 5,000,000.00 5,000,000.00 05/28/20261.25005/28/2021 4,815,153.95 A206048WM31 1,608

1.263BANK OF AMERICA CORP13945 3,623,000.00 3,613,111.29 06/25/20261.20007/21/2021 3,426,923.42 A206048WM64 1,636

1.155ROYAL BANK OF CANADA13958 6,250,000.00 6,248,526.81 07/14/20261.15009/22/2021 6,116,892.19 A278016EZT7 1,655

1.365Credit Suisse New York13961 5,000,000.00 4,974,446.78 08/07/20261.25009/24/2021 4,877,013.75 A122550L2G5 1,679 90,665,655.9589,482,442.6490,873,000.0090,663,852.70Subtotal and Average 1.364 984 Supranationals

0.500Inter-American Devel Bank13955 10,000,000.00 10,000,000.00 09/23/20240.50009/23/2021 9,867,500.60 Aaa4581X0DZ8 996

0.610INTL FINANCE CORP13957 5,000,000.00 4,998,428.54 02/28/20250.60009/28/2021 4,955,289.65 Aaa45950VQJ8 1,154

0.647INTL BK RECON & DEVELOP13903 5,000,000.00 5,000,000.00 02/10/20260.65002/10/2021 4,876,406.00 Aaa459058JS3 1,501 19,998,428.5419,699,196.2520,000,000.0019,998,409.14Subtotal and Average 0.564 1,162 586,164,733.43 608,568,090.44 0.712 910602,102,563.44 608,385,887.36Total and Average Portfolio PASD
APData Updated: SET_POOL: 01/20/2022 17:08
Run Date: 01/20/2022 - 17:09 PM (PRF_PM2) 7.3.0
5

Page 72 ends

YTM
365Par Value Book Value
Stated
RateMarket Value
December 31, 2021
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date

0.00 586,164,733.43 608,568,090.44 0.712 910
0 24,942.20
24,942.20
24,942.20
24,942.20
Subtotal
Accrued Interest at PurchaseAverage Balance
602,127,505.64 608,410,829.56Total Cash and Investments Portfolio PASD
APData Updated: SET_POOL: 01/20/2022 17:08
Run Date: 01/20/2022 - 17:09 PM (PRF_PM2) 7.3.0
6

Page 73 ends

COMPLIANCE REPORT
Pooled Investment Portfolio
As of 12/31/21
Diversification Credit Quality Maturity
Portfolio State Gov't Portfolio Portfolio Credit Quality Portfolio % of total Code limits compliance Credit Quality per Gov Code compliance Maturity Collateralized Money Market 2.65% 100% In compliance 102% Collateral 102% Collateral In compliance In compliance Certificates of Deposit 0.21% 30% In compliance n/a n/a In compliance In compliance Municipal Bonds 7.24% 100% In compliance Aaa/Aa3/Aa2/Aa1/A2/AA+/AA-/AAA/AA A or better In compliance In compliance US Treasury Securities 7.36% 100% In compliance Aaa AA+/Aaa In compliance In compliance Corporate Bonds 14.82% 30% In compliance* Aa1/A1/A2/A3 A or better In compliance In compliance Federal Agency Issues 47.37% 100% In compliance Aaa AA+/Aaa In compliance In compliance Supranationals 3.26% 30% In compliance Aaa AA or better In compliance In compliance Money Market-CAMP 0.00% 100% In compliance n/a n/a In compliance In compliance LAIF 16.78% 100% In compliance n/a n/a In compliance In compliance Cash 0.32% 100% In compliance Collateralized Collateralized In compliance In compliance 100.00%
Portfolio Value 605,016,569
7

Page 74 ends

INVESTMENTS IN ISSUERS REPRESENTING OVER 5%

OF THE POOL PORTFOLIO
December 31, 2021
Market Value % of Total
FHLB 118,985,272.63 19.67%
FHLMC 98,511,454.20 16.28%
FFCB 63,715,558.10 10.53%
Total Fed Agencies/Supranationals 281,212,284.93 46.48% OTHER PORTFOLIO INVESTMENTS 323,804,283.65 53.52%
Total Investments 605,016,568.58 * 100.00%
note: * Includes Cash in Bank and Accrued Interest Receivable 8

Page 75 ends

Pooled Portfolio - Total Return Performance
ML 1-3 Index Pooled
Corp/Gov Portfolio
2003 Annual 2.717 2.931
2004 Annual 1.226 2.090
2005 Annual 1.746 2.073
2006 Annual 4.195 4.474
2007 Annual 6.706 5.736
2008 Annual 4.649 3.474
2009 Annual 3.784 3.398
2010 Annual 2.322 1.806
2011 Annual 1.540 1.490
2012 Annual 1.467 1.788
2013 1st quarter 0.220 0.320
2nd quarter -0.140 -0.340
3rd quarter 0.420 0.270
4th quarter 0.196 0.167

0.696 0.417
2014 1st quarter 0.246 0.434
2nd quarter 0.370 0.503
3rd quarter 0.028 0.074
4th quarter 0.133 0.310

0.777 1.321
2015 1st quarter 0.594 0.628
2nd quarter 0.143 0.141
3rd quarter 0.284 0.431
4th quarter -0.350 -0.113

0.671 1.087
2016 1st quarter 0.982 0.713
2nd quarter 0.660 0.350
3rd quarter 0.027 0.170
4th quarter -0.385 -0.520

1.284 0.713
2017 1st quarter 0.393 0.440
2nd quarter 0.303 0.419
3rd quarter 0.342 0.380
4th quarter -0.182 -0.059

0.856 1.180
2018 1st quarter -0.185 -0.097
2nd quarter 0.291 0.269
3rd quarter 0.354 0.431
4th quarter 1.166 1.038

1.626 1.641
2019 1st quarter 1.219 0.963
2nd quarter 1.480 1.054
3rd quarter 0.700 0.593
4th quarter 0.606 0.590

4.005 3.200
2020 1st quarter 1.590 0.495
2nd quarter 1.215 0.962
3rd quarter 0.274 0.287
4th quarter 0.227 0.236

3.306 1.980
2021 1st quarter -0.028 -0.467
2nd quarter 0.063 0.437
3rd quarter 0.088 0.085
4th quarter -0.533 -0.638
-0.410 -0.583
Effective Yield Fiscal YTD
Pooled Portfolio effective yield 0.83%
State Treasurer's LAIF yield 0.21%
2 Year Average US Treasury yield 0.36%
9

Page 76 ends

CITY POOLED PORTFOLIO
Portfolio Management
Distribution of Investments By Type - Historic
(By Market Values)
In %
Fiscal Year Total
June June June June June June June June June June 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Investment Type 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 2022 2022 Money Market 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Money Market Collateralized 12.48 12.91 16.74 9.14 7.25 3.97 3.54 1.59 11.73 6.76 0.20 2.65 Municipal Bonds 12.66 12.62 13.00 4.97 4.01 5.80 5.78 4.33 4.72 7.70 7.59 7.24 Corporate Bonds - Coupon 27.70 25.94 22.67 21.65 16.36 17.12 15.47 20.78 22.50 16.62 15.95 14.82 Agency CMOs/Mortgage Backed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Federal Agency Issues - Coupon 30.73 36.55 43.39 43.45 49.70 55.86 60.37 54.14 34.00 47.35 44.84 47.37 Repurchase Agreements 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 L.A.I.F. 13.32 9.04 1.47 13.09 14.38 9.07 6.47 7.29 11.66 16.47 17.38 16.78 Cash 2.58 2.72 2.50 3.76 0.68 0.44 0.43 0.45 0.34 0.53 0.61 0.32 Treasury Securities 0.00 0.00 0.00 3.93 3.37 2.99 3.26 3.71 2.37 3.66 5.54 7.36 Treasury STRIP Bonds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Supranationals 0.00 0.00 0.00 0.00 4.25 3.76 4.49 5.89 8.24 0.80 3.41 3.26 Bank Notes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Federal Agency Discount 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Commerical Paper - Disc (Amortizing) 0.00 0.00 0.00 0.00 0.00 0.99 0.00 0.82 0.00 0.00 0.00 0.00 Asset Backed Securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Mutual Funds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Certificates of Deposit 0.52 0.22 0.23 0.00 0.00 0.00 0.19 1.00 0.00 0.00 0.21 0.21 Money Market-CAMP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.89 0.12 4.27 0.00 Muni Variable Rate 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.54 0.00 0.00 0.00 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.00 0.00 10

Page 77 ends

II. Capital Endowment Portfolio

Page 78 ends

CITY OF PASADENA
Capital Endowment Portfolio
Vicken Erganian
City Treasurer
December 2021

PORTFOLIO STRUCTURE AS OF 12/31/2021

TYPE MARKET VALUE PERCENT
Money Market - Collateralized 178,231 8.58%
Federal Agencies 1,897,937 91.42%
TOTALS: 2,076,168 100.00%
Accrued Interest Receivable 1,651
GRAND TOTAL: 2,077,819
PORTFOLIO LIQUIDITY AS OF 12/31/2021
Percent of
Aging Interval Par Value Portfolio
0-30 Days 178,231 8.58%
31 days - 1 Year - 0.00%
1 - 2 Years - 0.00%
2 - 3 Years 1,900,000 91.42%
3 - 4 Years - 0.00%
4 - 5 Years - 0.00%
Over 5 Years - 0.00%
TOTAL: 2,078,231 100.00% -

PORTFOLIO STATISTICS
Dec-21 Nov-21 Oct-21 Sep-21 Aug-21 Jul-21
Month-End Mkt Value 2,077,819 2,078,117 2,077,975 2,077,883 2,077,605 2,077,140 Modified Duration 2.60 2.68 0.00 0.00 0.50 0.58
Weighted Average Maturity 2.65 2.73 0.00 0.00 0.99 1.07 Current Book Yield to Maturity 0.92% 0.92% 0.10% 0.10% 2.04% 2.04% Effective Yield - Year to Date 1.04% 1.07% 1.31% 1.75% 2.00% 2.000% Interest Earned 1,598 224 176 1,013 3,463 3,464
Fiscal Year To Date Interest Earned 9,939 8,341 8,117 7,941 6,927 3,464 Fair Value Change Gain/(Loss) (1,896) (167) 0 (735) (2,998) (2,890) Fiscal Year To Date change in fair value (8,686) (6,790) (6,623) (6,623) (5,888) (2,890) Total Fiscal YTD earnings 1,253 1,551 1,494 1,317 1,039 574 MMF -
Collateral
100.00%
11

Page 79 ends

YTM
365Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2021
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management

CAPITAL ENDOWMENT
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
Collateralized Money Market

0.100EAST WEST BANK13057 178,230.80 178,230.80 0.100178,230.80SYS13057 1 178,230.80178,230.80178,230.80178,230.80Subtotal and Average 0.100 1 Federal Agency Issues - Coupon

1.000Federal Home Loan Bank13970 1,900,000.00 1,900,000.00 11/25/20241.00011/30/2021 1,897,936.81 Aaa3130APVG7 1,059 1,900,000.001,897,936.811,900,000.001,900,000.00Subtotal and Average 1.000 1,059 2,078,230.80 2,078,230.80 0.923 9682,076,167.61 2,078,230.80Total and Average Portfolio PASD
APData Updated: FUNDSNAP: 01/12/2022 17:14
Run Date: 01/12/2022 - 17:15 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.6.1
12

Page 80 ends

COMPLIANCE REPORT
Capital Endowment Portfolio
As of 12/31/21
Diversification Credit Quality Maturity
Portfolio State Gov't Portfolio Portfolio Credit Quality Portfolio % of total Code limits compliance Credit Quality per Gov Code compliance Maturity Collateralized Money Market 8.58% 100% In compliance 102% Collateral 102% Collateral In compliance In compliance Federal Agency Issues 91.42% 100% In compliance** Aaa AA+/Aaa In compliance In compliance 100.00%
Portfolio Value 2,077,819
**Compliance is measured based on the City's total investments which include the Pooled portfolio as well as the Power Reserve Fund. 13

Page 81 ends

INVESTMENTS IN ISSUERS REPRESENTING OVER 5%

OF THE CAPITAL ENDOWMENT PORTFOLIO
December 31, 2021
Market Value % of Total
Wells Fargo Bank - 0.00%
FHLB 1,897,936.81 91.34%
FHLMC - 0.00%
FNMA - 0.00%
Total 1,897,936.81 91.34%
OTHER PORTFOLIO INVESTMENTS 179,882.05 8.66%
Total Investments 2,077,818.86 * 100.00%
note: * Includes Accrued Interest Receivable
14

Page 82 ends

CAPITAL ENDOWMENT
Portfolio Management
Distribution of Investments By Type - Historic
(By Market Values)
In % Fiscal Year Total
June June June June June June June June June 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Investment Type 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 2022 2022 Money Market - Collateralized 100.00 100.00 100.00 100.00 1.80 0.75 0.03 1.10 3.10 100.00 8.58 Federal Agency Issues - Coupon 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Corporate Bonds - Coupon 0.00 0.00 0.00 0.00 0.00 99.25 99.97 98.90 96.90 0.00 91.42 Municipal Bonds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 L.A.I.F. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Certificate of Deposit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Federal Agency Discount 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Treasury Securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Agency CMOs/Mortgage Backed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Commerical Paper - Disc (Amortizing) 0.00 0.00 0.00 0.00 98.20 0.00 0.00 0.00 0.00 0.00 0.00 Asset Backed Securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Mutual Funds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.00 0.00 15

Page 83 ends

III. Power Reserve Portfolio

Page 84 ends

CITY OF PASADENA
Power Reserve Portfolio
Vicken Erganian
City Treasurer
December 2021

PORTFOLIO STRUCTURE AS OF 12/31/2021

TYPE MARKET VALUE PERCENT
Money Market - Collateralized 285,917 0.61%
Municipal Bonds 2,080,400 4.45%
Federal Agencies 36,579,535 78.29%
L.A.I.F. 7,776,104 16.64%
Money Market-CAMP 87 0.00%
TOTALS: 46,722,042 100.00%
Accrued Interest Receivable 185,115
GRAND TOTAL: 46,907,157
PORTFOLIO LIQUIDITY AS OF 12/31/2021
Percent of
Aging Interval Par Value Portfolio
0 - 30 days 8,062,108 16.89%
31 days - 1 Year - 0.00%
1 - 2 Years - 0.00%
2 - 3 Years 5,000,000 10.48%
3 - 4 Years - 0.00%
4 - 5 Years 2,000,000 4.19%
Over 5 Years 32,666,667 68.44%
TOTAL: 47,728,775 100.00%

PORTFOLIO STATISTICS
Dec-21 Nov-21 Oct-21 Sep-21 Aug-21 Jul-21
Month-End Market Value 46,907,157 46,853,942 46,712,343 46,914,014 47,294,740 47,313,177 Modified Duration 8.14 8.21 7.94 8.00 8.12 7.56
Weighted Average Maturity 9.53 9.60 9.35 9.44 9.50 9.08 Current Book Yield to Maturity 1.436% 1.438% 1.339% 1.342% 1.339% 1.288% Effective Yield - Year to Date 1.320% 1.300% 1.290% 1.280% 1.250% 1.170% Interest Earned 56,836 53,131 53,017 52,813 53,700 52,986 Fiscal Year To Date Interest Earned 322,481 265,646 212,515 159,498 106,685 52,986 Fair Value Change Gain/(Loss) (3,441) 88,468 (254,687) (433,539) (72,137) 73,307 Fiscal Year To Date change in fair value (602,028) (598,587) (687,056) (432,368) 1,170.81 73,307 Total Fiscal YTD Earnings (279,547) (332,941) (474,541) (272,870) 107,856 126,293 MMF-
Collateral

0.76%
Muni

4.45%
Fed Agency

78.29%
LAIF

16.64%
Money Market-
CAMP

0.00%
16

Page 85 ends

YTM
365Par Value Book Value
Maturity
Date
Stated
RateMarket Value
December 31, 2021
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management

POWER RESERVE FUND
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
LAIF

0.230Local Agency Investment Fund6184 7,776,103.99 7,776,103.99 0.2307,776,103.99SYS6184 1 7,776,103.997,776,103.997,776,103.997,776,103.99Subtotal and Average 0.230 1 Money Market Fund-CAMP

0.051California Asset Management Pr14063 86.63 86.63 0.05008/10/2021 86.63SYS14063 1

86.6386.6386.6386.63Subtotal and Average 0.051 1
Collateralized Money Market

0.100EAST WEST BANK13066 285,917.07 285,917.07 0.100285,917.07SYS13066 1 285,917.07285,917.07285,917.07285,917.07Subtotal and Average 0.100 1 Municipal Bonds

2.560LA County Redevelopment TABs13553 2,000,000.00 1,984,849.25 09/01/20262.37508/25/2016 2,080,400.00 Aa254465AGS5 1,704 1,984,849.252,080,400.002,000,000.001,984,722.70Subtotal and Average 2.560 1,704 Federal Agency Issues - Coupon

1.000Federal Home Loan Bank13969 5,000,000.00 5,000,000.00 11/25/20241.00011/30/2021 4,993,685.05 Aaa3130APV69 1,059

1.230Federal Farm Credit Bank13946 6,000,000.00 6,000,000.00 08/02/20281.23008/02/2021 5,876,662.98 Aaa3133EMX80 2,405

1.230Federal Farm Credit Bank13890 5,000,000.00 5,000,000.00 11/25/20301.23011/25/2020 4,804,386.60 Aaa3133EMHN5 3,250

1.850Federal Home Loan Bank13788 1,666,667.00 1,666,667.00 04/08/20321.85004/08/2020 1,647,218.53 Aaa3130AJEA3 3,750

2.000Federal Home Loan Bank13904 10,000,000.00 10,000,000.00 02/25/20362.00002/25/2021 9,760,599.00 Aaa3130AL3X0 5,168

2.000Federal Farm Credit Bank13875 10,000,000.00 10,000,000.00 10/15/20402.00010/15/2020 9,496,982.50 Aaa3133EMCV2 6,862 37,666,667.0036,579,534.6637,666,667.0037,666,667.00Subtotal and Average 1.636 4,315 47,713,497.39 47,728,774.69 1.436 3,47746,722,042.35 47,713,623.94Total and Average Portfolio PASD
APData Updated: FUNDSNAP: 01/20/2022 17:15
Run Date: 01/20/2022 - 17:17 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.6.1
17

Page 86 ends

COMPLIANCE REPORT
Power Reserve Portfolio
As of 12/31/21
Diversification Credit Quality Maturity
Portfolio State Gov't Portfolio Portfolio Credit Quality Portfolio % of total Code limits compliance Credit Quality per Gov Code compliance Maturity Collateralized Money Market 0.61% 100% In compliance 102% Collateral 102% Collateral In compliance In compliance Municipal Bonds 4.45% 100% In compliance Aa2 A or better In compliance In compliance Federal Agency Issues 78.29% 100% In compliance Aaa/AA AA+/Aaa In compliance In compliance Money Market-CAMP 0.00% 100% In compliance n/a n/a In compliance In compliance LAIF 16.64% 100% In compliance n/a n/a In compliance In compliance 100.00%
Portfolio Value 46,907,157
18

Page 87 ends

INVESTMENTS IN ISSUERS REPRESENTING OVER 5%

OF THE POWER RESERVE PORTFOLIO
December 31, 2021
Market Value % of Total
FHLB 16,401,502.58 34.97%
FFCB 20,178,032.08 43.02%
Total Fed Agencies 36,579,534.66 77.98%
OTHER PORTFOLIO INVESTMENTS 10,327,622.22 22.02%
Total Investments 46,907,156.88 * 100.00%
note: * Includes Accrued Interest Receivable
19

Page 88 ends

Power Reserve Portfolio - Total Return Performance
ML Index Power
Corp/Gov Reserve
2003 Annual 4.214 3.940
2004 Annual 2.740 3.430
2005 Annual 0.980 2.615
2006 Annual 4.184 4.540
2007 Annual 7.656 6.960
2008 Annual 4.610 3.683
2009 Annual 3.784 3.714
2010 Annual 1.113 1.206
2011 Annual 1.555 2.547
2012 Annual 1.467 3.027
2013 1st quarter 0.400 0.340
2nd quarter -1.580 -1.400
3rd quarter 0.970 0.420
4th quarter 0.067 0.456
-0.143 -0.184
2014 1st quarter 0.698 1.089
2nd quarter 1.190 0.800
3rd quarter -0.192 0.249
4th quarter 0.750 0.550

2.446 2.688
2015 1st quarter 1.550 0.910
2nd quarter -0.178 0.039
3rd quarter 0.995 0.884
4th quarter -0.793 -0.469

1.574 1.364
2016 1st quarter 2.420 1.197
2nd quarter 1.390 0.560
3rd quarter 0.080 0.190
4th quarter -1.840 -2.340

2.050 -0.393
2017 1st quarter 0.773 0.830
2nd quarter 0.873 0.803
3rd quarter 0.567 0.515
4th quarter -0.398 0.071

1.815 2.219
2018 1st quarter -0.890 -0.702
2nd quarter 0.013 0.284
3rd quarter 0.188 0.048
4th quarter 1.812 1.987

1.123 1.617
2019 1st quarter 2.245 1.538
2nd quarter 2.530 1.704
3rd quarter 1.196 0.877
4th quarter 0.430 0.460

6.401 4.579
**2020 1st quarter 1.594 0.950
2nd quarter 1.215 0.625
3rd quarter 0.274 0.249
4th quarter 3.083 1.824
2021 1st quarter -1.178 -2.549
2nd quarter 0.634 3.715
3rd quarter -0.037 -0.554
4th quarter -0.896 -0.015
-0.544 0.597
Effective Yield Fiscal YTD
Power Reserve effective yield 1.32%
State Treasurer's LAIF yield 0.21%
2 Year Average Treasury yield 0.36%
** Index has been changed to ML 3-5 Govt/Agencies beginning 1st quarter of 2021 20

Page 89 ends

POWER RESERVE FUND
Portfolio Management
Distribution of Investments By Type - Historic
(By Market Values)
In % Fiscal Year Total
June June June June June June June June June 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Investment Type 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 2022 2022 Money Market - Collateralized 0.12 0.14 11.53 7.43 0.02 4.34 2.58 32.06 0.08 0.05 0.61 Municipal Bonds 18.04 18.91 10.83 7.24 7.00 6.92 6.02 3.43 3.93 4.51 4.45 Federal Agency Issues - Coupon 64.39 70.83 66.34 77.86 79.82 82.96 85.12 51.22 57.67 67.87 78.29 L.A.I.F. 0.25 0.25 0.24 0.24 0.24 0.24 0.26 0.00 32.77 16.62 16.64 Corporate Bonds - Coupon 17.19 9.87 11.06 7.23 12.92 5.54 6.02 13.29 5.56 0.00 0.00 Certificate of Deposit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Federal Agency Discount 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Treasury Securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Agency CMOs/Mortgage Backed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Commerical Paper - Disc (Amortizing) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Asset Backed Securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Mutual Funds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Money Market - CAMP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.94 0.00 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.00 0.00 21

Page 90 ends

IV. Miscellaneous Portfolios

Page 91 ends

Fund Coupon Yield Maturity Face Value Cost Per Book Market Value City of Pasadena-Housing Succesor Agency
Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/1/2022 $2,260,483.28 $2,260,483.28 $2,260,483.28 LAIF 0.230% 0.230% 1/1/2022 $1.46 $1.46 $1.46
Weighted Average Maturity = 1 day $2,260,484.74 $2,260,484.74 $2,260,484.74 2002 Electric Revenue Reserve Fund
Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/1/2022 $58,141.36 $58,141.36 $58,141.36 FFCB 3133EMBH4 0.530% 0.530% 9/29/2025 $4,000,000.00 $4,000,000.00 $3,902,370.36 Weighted Average Maturity = 3.74 $4,058,141.36 $4,058,141.36 $3,960,511.72 Annandale Assessment District
Municipal Bonds-Annandale Assessment 6.000% 6.000% 9/2/2040 $944,635.00 $944,635.00 $944,635.00 Weighted Average Maturity = 18.94
Miscellaneous Funds
December 31, 2021
22

Page 92 ends

Fund Coupon Yield Maturity Face Value Cost Per Book Market Value Miscellaneous Funds
December 31, 2021
2012A Electric Parity Reserve Fund
Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/1/2022 $7,920.49 $7,920.49 $7,920.49 FFCB 3133EMBH4 0.530% 0.530% 9/29/2025 $690,000.00 $690,000.00 $673,158.89 Weighted Average Maturity = 3.75 $697,920.49 $697,920.49 $681,079.38 2013A Electric Parity Reserve Fund
Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/1/2022 $181,221.48 $181,221.48 $181,221.48 FFCB 3133ELC28 0.730% 0.730% 5/27/2025 $8,000,000.00 $8,000,000.00 $7,871,813.44 Weighted Average Maturity = 3.37 $8,181,221.48 $8,181,221.48 $8,053,034.92 2013A Electric Project
Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/1/2022 $1,012.31 $1,012.31 $1,012.31 LAIF 0.230% 0.230% 1/1/2022 $0.00 $0.00 $0.00
Weighted Average Maturity = 1 day $1,012.31 $1,012.31 $1,012.31 23

Page 93 ends

Fund Coupon Yield Maturity Face Value Cost Per Book Market Value Miscellaneous Funds
December 31, 2021
2016A Electric Revenue Refunding Project
Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/1/2022 $8,741.54 $8,741.54 $8,741.54 Weighted Average Maturity = 1 day $8,741.54 $8,741.54 $8,741.54 2016A Electric Revenue Refunding Reserve
Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/1/2022 $23,440.33 $23,440.33 $23,440.33 FFCB 3133EMBH4 0.530% 0.530% 9/29/2025 $2,680,000.00 $2,680,000.00 $2,614,588.14 Weighted Average Maturity = 3.76 $2,703,440.33 $2,703,440.33 $2,638,028.47 Frontier
Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/1/2022 $100,473.59 $100,473.59 $100,473.59 Weighted Average Maturity = 1 day $100,473.59 $100,473.59 $100,473.59 2020A Water Refund Revenue Bonds Project
LAIF 0.230% 0.230% 1/1/2022 $6,235,194.80 $6,235,194.80 $6,235,194.80 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/1/2022 $3,250.11 $3,250.11 $3,250.11 Weighted Average Maturity = 1 day $6,238,444.91 $6,238,444.91 $6,238,444.91 2021A Water Refund Revenue Bonds Project
LAIF 0.230% 0.230% 1/1/2022 $15,000,000.00 $15,000,000.00 $15,000,000.00 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/1/2022 $9.91 $9.91 $9.91 Weighted Average Maturity = 1 day $15,000,009.91 $15,000,009.91 $15,000,009.91 GRAND TOTAL: $40,194,525.66 $40,194,525.66 $39,886,456.49 24

Page 94 ends

V. Investments Held by Trustees

Page 95 ends

Schedule of Funds Held by Trustees

CITY OF PASADENA
For Period Ending 12/31/2021 Market Yield 0.03%
Maturity 01/01/22
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value Date Yl d
BNY 2020A Water Revenue Refunding Bonds
James Dickson COI-2020 Account #746583
(213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 23,558.07 23,558.07 23,558.07 01/01/22 0.03% Lena Chan DEBT SERVICE-2020 Account #746585
(213) 630-6253 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 1.21 1.21 1.21 Total 23,559.28 23,559.28 23,559.28
2020AB POB Bonds
BNY POB COI-2020B Account #220413
James Dickson BlackRock Treasury Turst Dollars 63 Cusip: X9USDBTRD - - - 01/01/22 0.02% (213)630-6204 POB Bond Fund-2020B Account #220414
Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 2.94 2.94 2.94 01/01/22 0.03% (213) 630-6253 POB COI-2020A Account #765976
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 01/01/22 0.03% POB Bond Fund-2020A Account #765990
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 6.44 6.44 6.44 01/01/22 0.03% Total 9.38 9.38 9.38
2019A Electric Revenue Bonds
BNY Electric COI-2019A Account #106207
James Dickson Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 36,301.49 36,301.49 36,301.49 01/01/22 0.03% (213)630-6204 Electric Bond Fund-2019A Account #113813 - Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 01/01/22 0.03% (213) 630-6253
Total 36,301.49 36,301.49 36,301.49
US Bank Pasadena Public Financing Authority
Ilse Vlach Interest Fund- Series 2018A Account #248882000 (213) 615-6051 Fidelity Govt Protfolio CI Cusp:316175108 9.33 9.33 9.33 01/01/22 0.01% Adriana Marshall Costs of Issuance- Series 2018A Account #248882002 (213) 615-6033 Fidelity Govt Protfolio CI Cusp:316175108 - - - 01/01/22 0.01% Interest Fund- Series 2018B Account #248882100
Fidelity Govt Protfolio CI Cusp:316175108 1.96 1.96 1.96 01/01/22 0.01% Principal Fund- Series 2018B Account #248882101
Fidelity Govt Protfolio CI Cusp:316175108 22.74 22.74 22.74 01/01/22 0.01% Costs of Issuance- Series 2018B Account #248882102
Fidelity Govt Obl Fd Cl D 316175108 - - - 01/01/22 0.01% Total 34.03 34.03 34.03
2017A Water Revenue Bonds
BNY Debt Service-2017A Account #948165
James Dickson Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 01/01/22 0.03% (213)630-6204 Reserve Fund-2017A Account #948269
Lena Chan Federal Home Loan Banks Cusip: 3130AL3S1 1,050,000.00 1,050,000.00 1,028,443.50 02/17/26 0.63% (213) 630-6253 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 23,291.42 23,291.42 23,291.42 01/01/22 0.03% Total 1,073,291.42 1,073,291.42 1,051,734.92
25

Page 96 ends

Schedule of Funds Held by Trustees

CITY OF PASADENA
For Period Ending 12/31/2021 Market Yield 0.03%
Maturity 01/01/22
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value Date Yl d
US Bank Pasadena Public Financing Authority
Ilse Vlach Interest Fund- Series 2016A Account #264433000 (213) 615-6051 Fidelity Govt Protfolio CI Cusp:316175108 1.50 1.50 1.50 01/01/22 0.01% Adriana Marshall
Insurance & Condemnation Fund- Series 2016A Account
#264433002
(213) 615-6033 Fidelity Govt Obl Fd Cl D 316175108 0.19 0.19 0.19 01/01/22 0.01% Cost of Issuance- Series 2016A Account #264433003
First American Govt Obl Fd Cl D 31846V401 - - - 01/01/22 0.00% Total 1.69 1.69 1.69
BNY Pasadena 2015A COPS Bond
James Dickson COPS Base Rental-2015A Account #336964
(213)630-6204 Cash Balance - - - 01/01/22 0.00%
Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 01/01/22 0.03% (213) 630-6253 Total - - -
BNY Pasadena Tax Pension 2015AB Bond
James Dickson Bond Fund-2015A POB Account #479226
(213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 569.42 569.42 569.42 01/01/22 0.03% Lena Chan Cash Balance - - - 01/01/22 0.00%
(213) 630-6253 Bond Fund-2015A POB Account #479231
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 0.49 0.49 0.49 01/01/22 0.03% Cash Balance - - - 01/01/22 0.00%
Total 569.91 569.91 569.91
` Pasadena Water Revenue 2011A
James Dickson 2011 Water Revenue Debt Service Fund Account #288994 (213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 0.18 0.18 0.18 01/01/22 0.03% Lena Chan Total 0.18 0.18 0.18
(213) 630-6253
BNY Pasadena Water Revenue 2010AB
James Dickson 2010 A Parity Reserve Account #286245
(213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 7,282.46 7,282.46 7,282.46 01/01/22 0.03% Lena Chan Federal Home Loan Bank CUSIP:3130AL3S1 1,350,000.00 1,350,000.00 1,322,284.50 02/17/26 0.63% (213) 630-6253 Cash - - - 01/01/22 0.00%
2010 B Debt Service Account #286247
Cash - - - 01/01/22 0.03%
2010 B Parity Reserve Account #286248
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 3,840.80 3,840.80 3,840.80 01/01/22 0.03% Federal Home Loan Bank CUSIP:3130AL3S1 300,000.00 300,000.00 293,841.00 02/17/26 0.63% Cash - - - 01/01/22 0.00%
2010 A Debt Service Fund Account #286295
Cash - - - 01/01/22 0.03%
Total 1,661,123.26 1,661,123.26 1,627,248.76
26

Page 97 ends

Schedule of Funds Held by Trustees

CITY OF PASADENA
For Period Ending 12/31/2021 Market Yield 0.03%
Maturity 01/01/22
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value Date Yl d
US Bank 2010 Rose Bowl Pasadena PFA Lease Revenue Bonds Ilse Vlach Interest Fund (S631591)
(213) 615-6051 Fidelity Instl Mm Fds Government I CUSIP:316175108 375,204.18 375,204.18 375,204.18 01/01/22 0.01% Adriana Marshall Cash - - - 01/01/22 0.00%
(213) 615-6071 Principal Fund (S631592)
Fidelity Instl Mm Fds Government I CUSIP:316175108 3.18 3.18 3.18 01/01/22 0.01% Bond Reserve Fund (S631593)
Federal Home Loan Bank Funds CUSIP: 3130ALBD5 15,500,000.00 15,500,000.00 14,951,455.00 02/25/41 2.15% Fidelity Instl Mm Fds Government I CUSIP:316175108 70,787.56 70,787.56 70,787.56 01/01/22 0.01% Cash - - - 01/01/22 0.00%
Total 15,945,994.92 15,945,994.92 15,397,449.92 Wells Fargo Bank PPFA (Paseo Colorado Parking Facilities) 2008 Tracy Mason Bond Fund Account #23200100
(213) 253-7536 Well Fargo Advantage Government Money Market Service 4,977.66 4,977.66 4,977.66 01/01/22 0.02% Mataka Mpose Cash - - - 01/01/22 0.00%
Reserve Fund Account #23200101
[email protected] FHLB Cusip: 3130APVC6 2,000,000.00 2,000,000.00 1,998,800.00 12/01/26 1.38% [email protected] Well Fargo Advantage Government Money Market Service - - - 01/01/22 0.01% Cost of Issuance Fund Account #23200103
Well Fargo Advantage Government Money Market Service - - - 01/01/22 0.00% Total 2,004,977.66 2,004,977.66 2,003,777.66
BNY Pasadena 2006,2008,2015 COP Reserves
James Dickson Reserve Account #281635
(213)630-6204 Federal Home Loan Banks CUSIP:3130AKKQ8 4,950,000.00 4,950,000.00 4,758,484.50 12/23/30 1.25% Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 119,452.34 119,452.34 119,452.34 01/01/22 0.03% (213) 630-6253 Cash - - - 01/01/22 0.00%
Total 5,069,452.34 5,069,452.34 4,877,936.84
Pasadena 2008AB COPS, 15A Parity Reserve
BNY Reserve Fund #281207
James Dickson Federal Home Loan Banks CUSIP:3130AKKQ8 1,325,000.00 1,325,000.00 1,273,735.75 12/23/30 1.25% (213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 25,443.27 25,443.27 25,443.27 01/01/22 0.03% Lena Chan Cash Balance - - -
(213) 630-6253 Total 1,350,443.27 1,350,443.27 1,299,179.02 27

Page 98 ends

Schedule of Funds Held by Trustees

CITY OF PASADENA
For Period Ending 12/31/2021 Market Yield 0.03%
Maturity 01/01/22
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value Date Yld
BNY Pasadena 2008A COPS
James Dickson Base Rental Fund #281732
(213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 248,500.17 248,500.17 248,500.17 01/01/22 0.03% Lena Chan Cash Balance - - - 0.00%
(213) 630-6253 Interest Fund #281733
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 4.28 4.28 4.28 01/01/22 0.03% Letter of Credit #281734
Bank of America CUS: S86494570 1.00 1.00 1.00 03/31/23 0.00% Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 0.36 0.36 0.36 01/01/22 0.03% Total 248,505.81 248,505.81 248,505.81
BNY Pasadena Conf Ctr 2006AB
James Dickson Base Rent 2006A #281715
(213)630-6204 AMBAC Insurance Pol#25713BE for $27,139,972.15 Lena Chan DTD 9/7/06 Due 2/1/23 Cus: S86692630 1.00 1.00 1.00 02/01/23 0.00% (213) 630-6253 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 6.74 6.74 6.74 01/01/22 0.03% Cash Balance - - - 0.00%
Reserve Fund #281722
Federal Home Loan Banks CUSIP:3130AJRH4 10,800,000.00 10,800,000.00 10,283,436.00 06/29/40 2.07% Federal Home Loan Banks CUSIP:3130AKKQ8 270,000.00 270,000.00 259,553.70 12/23/30 1.25% Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 341,524.72 341,524.72 341,524.72 01/01/22 0.03% Rebate Fund #281726
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 3.48 3.48 3.48 01/01/22 0.03% Cash Balance - - - 0.00%
Prepayment #281735
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 01/01/22 0.00% Total 11,411,535.94 11,411,535.94 10,884,525.64 BNY Pasadena Water Revenue 2003
James Dickson Parity Reserve Account #281651
(213)630-6204 Federal Home Loan Banks CUSIP: 3130AL3S1 1,000,000.00 1,000,000.00 979,470.00 02/17/26 0.63% Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 10,805.93 10,805.93 10,805.93 01/01/22 0.03% (213) 630-6253 Cash - - - 01/01/22 0.00%
Total 1,010,805.93 1,010,805.93 990,275.93
BNY COPS Parity Reserve Fund(2006A, and 2008ABC COP)
James Dickson Certificate Reserve #281143
(213)630-6204 Federal Home Loan Banks CUSIP: 3130AKKQ8 2,025,000.00 2,025,000.00 1,946,652.75 12/23/30 1.25% Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 49,919.59 49,919.59 49,919.59 01/01/22 0.03% (213) 630-6253 Cash - - - 01/01/22 0.00%
(In aggegrate with 2006A, Total Funds 2,074,919.59 2,074,919.59 1, 996,572.34 and 2008ABC COP reserve)
28

Page 99 ends

Schedule of Funds Held by Trustees

CITY OF PASADENA
For Period Ending 12/31/2021 Market Yield 0.03%
Maturity 01/01/22
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value Date Yld
SCPPA SCPPA Investments
Atif Haji Datoo SCPPA Project Stabilization Fund
(213) 367-4668 Fidelity Inst MMKT GOVT 57CUSIP:X9USDFIN 1,228,893.81 1,228,893.81 1,228,893.81 01/01/22 0.01% US Cash Mgmt Bill Cusip: 912796Q51 2,500,000.00 2,499,902.78 2,500,000.00 01/04/22 0.04% US Cash Mgmt Bill Cusip: 912796S91 3,000,000.00 2,999,533.33 2,999,550.00 03/22/22 0.05% US Cash Mgmt Bill Cusip: 912796k57 2,000,000.00 1,998,710.56 1,998,080.00 07/14/22 0.11% Federal Home Loan Bank CUSIP: 3130ANZG8 1,000,000.00 999,800.00 993,560.00 09/16/24 0.16%

0.00%
(213) 367-3073 - - - 0.00%
Total 9,728,893.81 9,726,840.48 9,720,083.81
TOTAL FUND BALANCE 51,640,419.73$ 51,638,366.40$ 50,157,766.43$ 29

Page 100 ends

VI. PARS Section 115 Trust

Page 101 ends

City of Pasadena
PARS Section 115 Trust
For the Month Ended December 31, 2021
Pension Account 6746056200
Market Value Book Value
Beginning Balance 13,297,717.16 12,122,945.96
Activity
Contributions - -
Disbursements - -
Total - -
Net Investment Income
Dividends 64,778.93 64,778.93
Interest 2.66 2.66
Other Income 0.14 0.14
Change in Accrued Income 1.87 1.87
Total Investment Income 64,783.60 64,783.60
Net Change in Unrealized Gain/Loss (216,039.92) -
Realized Gain/Loss 304,543.68 304,543.68
Total Market Value Adjustment 88,503.76 304,543.68
Trust Fees (2,866.51) (2,866.51)
PARS Fee (Net of Depository Earnings) (2,538.05) (2,538.05) Unreconciled Difference - -
Total (5,404.56) (5,404.56)
Ending Balance 13,445,599.96 12,486,868.68
1 Year Inception To Date
Investment Return (Inception-To-Date as of 12/31/2021) 5.07% 7.24% Benchmark Return (PARS Moderately Conservative) 5.50% 7.34% Asset Allocation
Market Value Percentage
Cash and Equivalents 171,482.91 1.28%
Equity 4,219,194.65 31.38%
Fixed Income 9,054,917.85 67.34%
Accrued Income 4.55 0.00%
Total 13,445,599.96 100.00%
Account Manager:

Kyra Clarke
3121 Michelson Dr 3rd Fl
Irvine, CA 92612
949-224-7214, [email protected]
Cash and Equivalents

1.28%
Equity

31.38%
Fixed Income

67.34%
Accrued Income

0.00%
30

Page 102 ends

City of Pasadena
PARS Section 115 Trust
For the Month Ended December 31, 2021
Post Employments Benefits Trust 6746056201
Market Value Book Value
Beginning Balance 2,517,845.88 2,295,360.93
Activity
Contributions - -
Disbursements - -
Total - -
Net Investment Income
Dividends 11,306.37 11,306.37
Interest 0.40 0.40
Other Income -
Change in Accrued Income 0.11 0.11
Total Investment Income 11,306.88 11,306.88
Net Change in Unrealized Gain/Loss, Fee Receipts & Deliveries Net (43,513.96) - Realized Gain/Loss 61,732.74 61,732.74
Total Market Value Adjustment 18,218.78 61,732.74
Trust Fees (544.00) (544.00)
PARS Fee (Net of Depository Earnings) (480.56) (480.56) Unreconciled Difference - -
Total (1,024.56) (1,024.56)
Ending Balance 2,546,346.98 2,367,375.99
1 Year Inception To Date
Investment Return (Inception-To-Date as of 12/31/2021) 5.14% 7.61% Benchmark Return (PARS Moderately Conservative) 5.50% 7.62% Asset Allocation
Market Value Percentage
Cash and Equivalents 24,760.06 0.97%
Equity 799,939.69 31.42%
Fixed Income 1,721,646.61 67.61%
Accrued Income 0.62 0.00%
Total 2,546,346.98 100.00%
Account Manager:

Kyra Clarke
3121 Michelson Dr 3rd Fl
Irvine, CA 92612
949-224-7214, [email protected]
Cash and Equivalents

0.97%
Equity

31.42%
Fixed Income

67.61%
Accrued Income

0.00%
31

Page 103 ends

FINANCE DEPARTMENT
Quarterly Investment Repo rt
Quarter Ending December 31, 2021
Vic Erganian
Deputy Finance Director/City Treasurer
March 14, 2022
Finance Committee Item
4 City Council Agenda Item

Page 104 ends

FINANCE DEPARTMENT
2 The Quarter in Review
• Economic growth as measured by GDP increased 5.7% in 2021. 1st quarter 6.3%
2nd quarter 6.7%
3rd quarter 2.3%
4th quarter 7.0%
• At the end of December there were 6.3 million unemployed persons, and the unemployment rate was 3.9%. January 2022 rate was 4%.

Lowest pre-pandemic rate was 3.6% in mid 2019.
• YOY CPI was 7% end of December 2021 and 7.5% end of January 2022.
• Core inflation was 5.5% as of December 2021 and 6% as of January 2022.

Page 105 ends

FINANCE DEPARTMENT
Treasury Yield Curve
3

Page 106 ends

FINANCE DEPARTMENT
Treasury Yield and Inflation
4

Page 107 ends

FINANCE DEPARTMENT
5 Total Funds Under Management
Total Funds Under Management as of 12/31/2021 (Market Values):

Pooled Portfolio $605,016,568
Capital Endowment 2,077,818
Stranded Investment Reserve Portfolio 46,907,156
Special Funds 39,886,456
Investments held with Fiscal Agents 50,157,766
PARS Section 115 Trust 15,991,945
Total Funds Under Management $760,037,709

Page 108 ends

FINANCE DEPARTMENT
As of December 31, 2021
6 Pooled Portfolio Structure

Page 109 ends

FINANCE DEPARTMENT
Portfolio Liquidity as of 12/31/2021
7 Percent of
Aging Interval Par Value Portfolio
0-30 Days 119,267,299 19.86%
31 days - 1 Year 33,885,000 5.64%
1 - 2 Years 60,070,000 10.00%
2 - 3 Years 110,300,000 18.37%
3 - 4 Years 172,242,778 28.68%
4 - 5 Years 104,748,000 17.44%
Over 5 Years 0.00%
TOTAL: 600,513,077 100.00%

Page 110 ends

FINANCE DEPARTMENT
ESG - MSCI Ratings
RBC AA
Honeywell Int'l AA
Bank of NY/Mellon AA
Apple A
Credit Suisse A
Toyota A
JPMorgan A
MUFG Union Bank A
Goldman Sachs A
Bank of America BBB
New York Life N/A
8

Page 111 ends

FINANCE DEPARTMENT
Portfolio ESG Rating
9 TYPE MARKET VALUE % ESG
Money Market - Collateralized 10,988,474 1.79% 100%
Certificates of Deposit 1,250,000 0.20% 100%
Municipal Bonds 43,381,753 7.05% 100%
Corporate Bonds 88,519,102 14.39% 100%
Federal Agencies 292,954,598 47.63% 100%
US Treasury Securities 48,986,358 7.96% 100%
Supernationals 24,628,726 4.00% 100%
Money Market-CAMP 88 0.00% 100%
LAIF 101,349,844 16.48% 100%
Cash in Bank 3,009,965 0.49% 100%
Accrued Interest Receivable 1,169,780
TOTALS: 616,238,689 100.00% 100%

Page 112 ends

FINANCE DEPARTMENT
10 Conclusion
• All investments are in compliance with the State
Gover
nment Code and the City’s investment policy.
• Ample liquidity is maintained to meet budgeted
expenditures.
• Adequate returns vs. portfolio risk.

Page 113 ends

INFORMATION ONLY

5. F INANCIAL UPDATE – MARCH 2022

Page 114 ends

Financial Update – March 2022
Matthew Hawkesworth
Director of Finance
March 14, 2022
Finance Committee
Item 5

Page 115 ends

General Fund – Property Tax
2 FY 2023 - Forecast
Estimated Net Taxable Value $32.4 billion 5.97% growth
City Share of Property Tax $67.8 m
Residual Redevelopment Property Tax $9.76 m 4% growth
VLF through Property Tax $22.0 m 6.22% growth
Total Property Tax $99.6 m 4.5% growth

Page 116 ends

General Fund – Sales Tax
Percentage Change Projection
Autos & Transp. -0.3% $8.6 m
Building & Construction -0.6% $2.7 m
Business & Industrial -2.1% $1.9 m
Food & Drugs 3.0% $2.6 m
Fuel & Service -0.8% $1.5 m
General Consumer 1.6% $8.7 m
Restaurants & Hotels 4.5% $7.2 m
Transfers 0.0% -
Pools 6.0% $8.0 m
Total Base Tax 2.2% $40.8 m
Measure I * 2.1% $29.8 m
3 * PUSD share forecast at $9.9 million

Page 117 ends

General Fund – Utility Users Tax
Percentage Change Projection
Electricity 0.0% $12.0 m
Natural Gas 5.6% $3.8 m
Water 11.1% $4.0 m
Telephone – Landline 8.0% $2.7 m
Telephone – Long Distance -28.6% $1.0 m
Telephone – Cellular -25.0% $1.5 m
Cable TV/Streaming 57.1% $2.2 m
Total UUT 2.6% $27.2 m
4

Page 118 ends

General Fund – Transient Occupancy Tax
• July – December 2021 data
> Monthly average of $1.1m in TOT
> Strong summer recovery, slowed a bit in fall with a strong Decem
ber
• January – February 2022
> Dip in occupancy after holiday season with some
busi
ness/conference travel returning
• Forecast for FY 2023
> 15% growth over FY 2022 to $14.77m – on tar get with
prior forecast
> Continues to trend toward a pre-pandemic recovery in 2024-2025 5

Page 119 ends

General Fund – Other Taxes
6 • Construction Tax - $2.9m
> Flat forecast with guarded concern that interest rate increases could slow future projects
• Street Light & Signal Tax - $6.2m
> Based on electricity usage and trending down slightly • Business License Tax - $6.5m
> Slight contraction with fewer out of town registrations or renewals
• Cannabis Tax - $760,000
> Assume maintaining current tax rates and opening of
the third dispensary

Page 120 ends

Other General Fund Revenue
• Licenses and permits – slow growth related to
parking permits
• Charges for services seeing some growth from
part
icipation in programs and use of facilities
• Fines and forfeitures still trending lower than
pre-pandem
ic due to a reduction in parking
citations
7

Page 121 ends

General Fund Revenue
• A number of key revenues are based on the
consumpti
on of things consumed less.
> UUT, Franchise Fees, Street Light & Traffic Signal Tax • Some revenues are fixed in nature or the cost
recovery i
s maximized.
> Transfers from other funds
> Overhead recovery from grant funds
• Property Tax & Sales Tax carry the burden
> Represents $170 million of a $290 million forecast
8

Page 122 ends

General Fund Revenues
Type FY 2022 FY 2023
Property Tax $95,312,600 $99,602,000
Sales Tax 63,155,409 70,645,300
UUT 26,500,000 27,200,000
TOT 12,843,280 14,770,000
Franchise Fees 2,804,000 2,798,000
Other Taxes 16,175,000 16,385,000
Licenses & Permits 3,374,205 3,470,205
Intergovernmental 939,246 550,270
Charges for Svcs. 27,188,162 28,080,835
Fines & Forfeitures 4,752,500 4,420,500
Investments 720,712 675,066
Rental Income 477,710 578,109
Misc. 2,540,494 2,237,359
Other Funds 20,140,438 20,140,438
$276,923,755 $291,553,083
9

Page 123 ends

Finance CommitteeMarch 14, 2022

Finance Committee
March 14, 2022