AGENDA
FINANCE COMMITTEE
SPECIAL MEETING NOTICE
MAY 9, 2022
PUBLIC MEETING 3:00 P.M.
M
embers
Victor M. Gordo, Mayor
Felicia Williams, District 2
John J. Kennedy, District 3
Andy Wilson, District 7
S
TAFF
Matthew Hawkesworth, Director of Finance
Theresa Fuentes, Assistant City Attorney
Gloria Acevedo, Recording Secretary
M
ISSION 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.
I
n 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 t
ranslation 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.
M
eetings 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).
I
tems 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/ M
aterials 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”
THE SPECIAL FINANCE COMMITTEE MEETING ON MAY 9, 2022 AT 3:00 P.M.
WILL TAKE PLACE SOLELY BY VIDEOCONFERENCE/TELECONFERENCE.
T
O ACCESS THE MEETING:
ht
tp://pasadena.granicus.com/MediaPlayer.php?publish_id=9 AND
W
WW.PASADENAMEDIA.ORG
I
n 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:
g
[email protected]
C
orrespondence 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 F
ORTH ABOVE, CONTACT THE CITY CLERK’S OFFICE
AS SOON AS POSSIBLE AT (626) 744-4124 OR
[email protected].
SPECIAL MEETING
AGENDA
FINANCE COMMITTEE
M
AY 9, 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
NEW BUSINESS
1. A
UTHORIZATION TO ENTER INTO A CONTRACT WITH LUCID GROUP
USA TO LEASE PARKING SPACES FROM THE CITY IN THE
SCHOOLHOUSE GARAGE
2. Q
UARTERLY INVESTMENT REPORT - QUARTER ENDING MARCH 31, 2022
3. BUDG
ET WORKSHOP FY 2023 RECOMMENDED OPERATING BUDGET
O
PERATING BUDGET PRESENTATIONS:
RO
SE BOWL OPERTING COMPANY
CITY MANAGER’OFFICE – INTERNAL AUDIT AND PUBLIC INFORMATION
OFFICE SECTIONS
FY 2023 ENHANCEMENT REQUESTS
INFORMATION ONLY
ADJOURN
NEW BUSINESS
1. AUTHORIZATION TO ENTER INTO A CONTRACT
WITH LUCID GROUP USA TO LEASE PARKING
SPACES FROM THE CITY IN THE
SCHOOLHOUSE GARAGE
Department of Transportation
AUTHORIZATION TO ENTER INTO A CONTRACT WITH LUCID
GROUP USA TO LEASE PARKING SPACES FROM THE CITY
IN THE SCHOOLHOUSE GARAGE
Finance Committee & City Council
May 9, 2022
Department of Transportation
2 Recommendation
1. Find that this action is exempt under the California Environmental
Quality Act (CEQA);
2. Authorize the City Manager to execute a contract with Lucid Group USA to lease nine (9) reserved parking spaces from the City in the Schoolhouse Garage for an amount payable to the City of $123,930 for the initial five-year term; and
3. Authorize the City Manager to execute contract amendments for extension of the contract term for two additional five-year terms as detailed in the report.
Department of Transportation
Background
• Lucid is opening a new location for the sales and service of Lucid Automobil
es at 32 West Colorado Blvd
• City began talks with Lucid in April of 2021 to identify a location to that
would best suit their needs to display and
charge the vehicles to be used in test drives
• Schoolhouse Garage was identified as the most feasible location for bot
h Lucid as well as the City because of its
close vicinity to the showroom and the amount of space
available in Schoolhouse Garage.
3
Department of Transportation
Lucid Design Examples
• Brickell City Centre Miami
4
Department of Transportation
Lucid Design Examples
• Pacific Centre Vancouver
5
Department of Transportation
Lucid Design Examples
• Fashion Island Newport Beach
6
Department of Transportation
Fiscal Impact
7 • Contract amount for initial five-year term is $123,930 > Contract is $24,784 annually for the exclusive use of nine parking s
paces
> Annual amount for the nine parking spaces will be recalculated at the begi
nning of each additional five-year term should they be requested > Revenue will go to fund 40724023-695900 and directly benefit the S
choolhouse Parking Garage
NEW BUSINESS
2. QUARTERLY INVESTMENT REPORT - QUARTER
ENDING MARCH 31, 2022
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Agenda Report
May 9, 2022
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;
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Department of Finance
SUBJECT: QUARTERLY INVESTMENT REPORT - QUARTER ENDING
MARCH 31, 2022
j
RECOMMENDATION:
This report is for information only.
BACKGROUND:
Government Code Section 53646 (2)(b)(1 ) states that in the case of a local agency, the Treasurer or Chief Fiscal Officer (CFO) may render a quarterly report to the legislative body of the local agency containing detailed information on: 1) all securities, investments, and moneys of the local agency; 2) a statement of compliance of the portfolio with the statement of investment policy; and 3) a statement of the local agency's ability to meet its pool's expenditure requirements for the next six-months. By making these reports optional, this bill does not impose a state-mandated local program, however encourages local agencies to continue to report. The bill also states that the Treasurer or CFO may report whatever additional information or data may be required by the legislative body of the local agency.
The quarterly report shall include the following:
1. The type of investment, name of the issuer, date of maturity, par and dollar amount invested in each security, investment, and money within the treasury;
2. The weighted average maturity of the investments within the treasury;
3. Any funds, investments, or programs, including loans, that are under the management of contracted parties;
4. The market value as of the date of the report and the source of this valuation for any security within the treasury; and
5. A description of the compliance with the Statement of Investment Policy.
MEETING OF.AGENDA ITEM NO.
Quarterly Investment Report - Quarter Ending March 31,2022 May 9, 2022
Economic Summary
The Federal Reserve Bank of Atlanta reported on April 19, 2022, its latest quarterly estimate for Gross Domestic Product (GDP) for the first quarter at 1.3% on an annualized basis compared to the 6.9% rate the prior quarter. The quarter-to-quarter slow down is attributed to consumer concerns over continued higher prices for goods and services, the anticipated rise in interest rates, and conflict spread from Eastern Europe.
On April 1, 2022, the Bureau of Labor Statistics (BLS) noted the U.S. unemployment rate was 3.6%, or 6.0 million unemployed persons at the end of March 2022. The State of California's unemployment rate measured at 4.9% for the same period, the unemployment rate in the County of Los Angeles was also 4.9% and the City of Pasadena's rate was 4.2%. The BLS also reported among the major worker groups, the unemployment rate for adult women was 3.3%, adult men 3.4 %, teenagers 10.0%, Whites 3.2 %, Blacks 6.2 %, Asians 2.8 %, and Hispanics 4.2 %.
Inflation
•I Headline YoY% 8.54
i—J Core YoY<b 6.47
1 Services (Ex Food & Energy) 2.76
•I Goods (Ex Food & Energy) 2.36
• Food 1.23
• Energy 2.21
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The U.S. economy has not been able to immunize itself from the continued rise in the price of consumer goods. The BLS reported the Consumer Price Index (CPI) for the month of January at 0.6%, unchanged compared to December. However, the CPI for February rose 0.8% and again in March by 1.2%. The BLS reported the annual CPI for the 12-months ending March 2022 at 8.5%. The energy index rose 32% over the last year and the food index increased 8.8%, the most significant 12-month increase since May 1981. The rise in energy cost was further exacerbated by the Russian invasion of Ukraine on February 24, 2022, and subsequent sanctions that limited global supplies.
The Federal Reserve Bank (Fed), after much anticipation and market signaling, raised the interest rate by 0.25% on March 17, 2022. The Wall Street Journal (WSJ) reported that officials signaled they expect to lift the rate to nearly 2% by the end of this year.
Quarterly Investment Report - Quarter Ending March 31, 2022 May 9, 2022
This is slightly higher than the level that prevailed before the pandemic hit the U.S. economy two years ago when they slashed rates to near zero. The WSJ's median projections show the rate rising to around 2.75% by the end of 2023, which would be the highest since 2008. The Fed indicated that at its next meeting in May, it might have a concrete plan to reduce its balance sheet, which was $8.937 trillion at the end of March and hinted that it may raise the Fed Funds rate by 0.5% in May.
New housing construction unexpectedly rose in March 2022 to the highest level since 2006, boosted mainly by muttifamily projects as builders seek to replenish housing inventory. Residential home starts jumped 6.8% in February and 0.3% in March to a
1.79 million annualized rate and building permits, a proxy for future construction, climbed to an annualized 1 .87 million units. Realtor.com reported at the end of March the national inventory of active listings declined by 18.9% over last year and down
62.3% compared to 2020 right on the onset of the COVID-19 pandemic. It also noted that the total inventory of unsold homes, including pending listings, declined by 12.5%.
Treasury Rates
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The one-year Treasury Bill ended the quarter yielding 1.595% as of March 31, 2022 compared to 0.376% at the end of December. The longer maturities rates have continued to rise, with the five-year yield ending at 2.460% compared to 1.263% at the end of December and the thirty-year at 2.448% on March 31, 2022 compared to 1.903% the end of December. At the end of June 2021 , the yield on the one-year, five-year, and thirty-year Treasuries were 0.066%, 0.889%, and 2.086%, respectively. March was on track to be the worst month for US Treasuries since July 2002. In March alone, the Bloomberg US Treasury Aggregate Index returned a negative 3.5% and was 5.6% down year to date. Short term US Treasury notes have withstood the worst of the sell- off as markets priced in significant tightening of monetary policy by the Federal Reserve to contain inflation.
Quarterly Investment Report - Quarter Ending March 31, 2022 May 9, 2022
Beginning in January 2022, investors started to feel nervous and not as confident with inflation concerns and the geo-political turmoil increase. The Dow Jones Industrial Average dropped 4.57% during the quarter, the S&P closed down 4.95%, and the NASDAQ returned a negative 9.10% for the quarter ending March 31, 2022.
Total Funds Under Management
The table below represents total City funds under management based on their market values as of March 31 ,2022.
3/31/2022 12/31/2021 $Change
Pooled Investment Portfolio
Capital Endowment
Stranded Investment Reserve Portfolio
Special Funds
Investments Held with Fiscal Agents
PARS Section 115 Trust
Total Funds Under Management
$596,834,937 $605,016,569
2,022,906
43,684,837
36,975,898
48,617,721
15,158,648
2,077,819
46,907,157
39,886,456
51,129,015
15,991,947
(8,181,632)
(54,913)
(3,222,320)
(2,910,558)
(2,511,294)
(833,299)
$743,294,947 $761,008,963 ($17,714,016)
The Pooled Investment Portfolio value decreased by a net following transactions during the quarter:
},181,632 due to the
Net Investment Earnings (Fair Market Value Change plus Interest Income) | $ (17,748,266) Deposits and Credit Card Receipts113,507,696
Property Tax Revenues27,217,188
Sales Tax and Other State Apportionments19,127,332
HDD Receipts Net of Payments and Loans5,435,210
Payroll and Payroll-related Expenses(67,851,253)
Vendor Payments and Accounts Payable Checks(52,789,134) Debt Service Payments Net of Reimbursements and Subsidies(16,940,471) Water and Power Payments Net of Receipts(24,081,806)
Net Transfer from Other Funds3,652,872
Drawdown from 2020A Water Revenue Project Fund1,753,000 Drawdown from 2021 A Water Revenue Project Fund536,000
Total$ (8,181,632)
The Capital Endowment Fund decreased by $54,913, representing the investment earnings for the period adjusted by the market value change of investments.
The Stranded Investment Reserve portfolio decreased by $3,222,320 representing $170,640 investment earnings for the period adjusted by $3,392,960 in market value change.
Quarterly Investment Report - Quarter Ending March 31, 2022 May 9, 2022
Special Funds decreased by $2,91 0,558. This was due to a drawdown of $1,753,000 from the Water Revenue Bonds 2020A series Project Fund, a drawdown of $536,000 from the Water Revenue Bonds 2021 A series Project Fund, and a net change in investment value of $621,558.
Investments held with fiscal agents decreased by a net $2,51 1,294 representing the withdrawal of $2,000,000 from Southern California Public Powers Authority (SCPPA) held investments to pay the billing for February and March 2022, the transfer of $3,947,870 to the Trustee to pay debt service on the 2008 Paseo Bonds, 2010 ABCD Rose Bowl Bonds, and the 2016A Rose Bowl Bonds, which were due on April 1, 2022, the withdrawal of $74,357 from the Cost of Issuance Fund of the 2020A and 2021 A Water Revenue Refunding bonds, and an adjustment of 4,384,807 for market value change of investments.
The PARS Section 115 Trust account decreased by $833,299. The change was comprised of $814,158 of market value decrease of investments and $19,141 of investment expenses.
The City pools all internal funds to gain economies of scale and to simplify the investment function. There are over 100 funds in the Pooled Investment Portfolio. As of March 31, 2022, the General Fund's investment balance was estimated at $26 million representing 4.36% of the March 31, 2022 Pooled Portfolio value. The General Fund's cash balance fluctuates daily based on the timing of revenues receipts and payment of expenditures. Investments in the Capital Endowment Fund, the Stranded Investment Reserve Fund, the Special Funds, the PARS Section 115 Trust account, and funds held with fiscal agents are restricted funds or bond proceeds reserved in accordance with the City Charter, City ordinances, bond indentures, and Trust Agreements. The City targets an average duration oftwo-years in managing the pooled portfolio with a duration range of 1.5 to 2.5 years based on the portfolio's risk and return evaluation, the Treasury yield curve, and industry best practices as it pertains to public funds management. As of March, 2022 the portfolio's effective duration was 2.30 years.
Per government code requirements, attached are reports by each fund indicating the type of investments, date of maturity, par and dollar amount invested in each security, and investment and moneys within the Treasury with market values as of March 31, 2022. On a monthly basis, the City Treasurer prices the pooled portfolio and all other funds and investments under management. The market values are obtained from Interactive Data Corporation (IDC) and from Bloomberg Financial System. IDC is an independent third-party whose sole sen/ice is to provide market prices for all types of securities.
The types of securities held in the portfolio and their percentage allocation to the total are in compliance with the City's Fiscal Year (FY) 2022 Investment Policy, which was adopted by the City Council on May 24, 2021 and Section 53600 of the State Government Code. The City Treasurer targets to maintain in excess of $60 million short-term, liquid investments (1 to 90 day maturities), which represents approximately
Quarterly Investment Report - Quarter Ending March 31, 2022 May 9, 2022
1/12th of the City's total aggregate annual Operating Budget. As of March 31, 2022, the portfolio had $94 million in overnight short term investments. This balance, along with anticipated cash flows into the City's account, represents a strong liquidity position to meet budgeted expenditures for the next six-months.
The yield to maturity on the pooled portfolio plateaued beginning in FY 2020 and began decreasing due to the significant drop of overall interest rates in the financial markets, especially after the FED cut the FED Funds rate to the 0%-0.25% range. As the financial markets now anticipate the Fed to gradually increase the Fed Funds rate in 2022, it is expected that the yield to maturity of the pooled portfolio will gradually increase accordingly. The FY 2022 to date actual effective yield, which includes realized investment gains and losses was 0.79%.
The graph below represents the historic effective yield of the Pooled Portfolio over the last five-years, through March 2022 compared to the Local Agency Investment Pool (LAIF) rate managed by the State Treasurer.
Pooled Portfolio Rate Vs LAIF
2.35%
2.10%
1.85%
1.60%
1.35%
1.10%
0.85%
0.60%
Effective Yield
LAIF 0.35%
0.10%
TO
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COUNCIL POLICY CONSIDERATION:
This quarterly report supports the City Council's strategic planning goal to maintain fiscal responsibility and stability.
Quarterly Investment Report - Quarter Ending March 31, 2022 May 9, 2022
FISCAL IMPACT:
There is no fiscal impact as a result of this action report nor will it have any indirect or support cost requirements. There is no anticipated impact to other operational programs or capital projects.
Respectfully submitted,
MATT\HEW/^. HAWKESWORTH
Director of Finance
Preparedb
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Vie Erfl^nian
Depute Director of Finance/City Treasurer
Approved by:
c>-*>
CYNTHIA J. ^0'RfZ _^
Interim City M'anager
Attachment: (1)
Attachment A - Quarterly Investment Report - Quarter Ending March 31,2022
Attachment A
Monthly for Pool
Portfolio Management
Portfolio Details - Investments
March 31, 2022
Average Purchase Stated YTM Days to Maturity
CUSIP Investment# Issuer Balance Date Par Value Market Value Book Value Rate Mood:z:'s 365 Maturi� Date LAIF
SYS864 864 Local Agency Investment Fund 68,000,001.00 68,000,001.00 68,000,001.00 0.320 0.320 SYS14053 14053 LAIF-COVID Relief Funds Acct 26,349,842.83 26,349,842.83 26,349,842.83 0.320 0.320 --------- Subtotal and Average 99,317,585.77 94,349,843.83 94,349,843.83 94,349,843.83 0.320 Money Market Fund-CAMP
SYS13824 13824 California Asset Management Pr 9,787.19 9,787.19 9,787.19 0.394 0.399 --------- Subtotal and Average 1,969.93 9,787.19 9,787.19 9,787.19 0.399 Collateralized Money Market
SYS13067 13067 EAST WEST BANK 0.00 0.00 0.00 0.100 0.100 --------- Subtotal and Average 780,296.46 0.00 0.00 0.00 0.000 0
Municipal Bonds
13063DAD0 13605 STATE OF CALIFORNIA GO BONDS 04/27/2017 2,500,000.00 2,500,000.00 2,500,000.00 2.367 Aa2 2.367 0 04/01/2022 446216HF3 13862 Huntington Beach CA Public Fin 08/12/2020 500,000.00 499,900.00 500,000.00 0.469 AA 0.469 30 05/01/2022 378612AC9 13719 City of Glendora 09/05/2019 820,000.00 821,467.80 820,000.00 1.812 AAA 1.812 61 06/01/2022 502516QW0 13805 La Canada Unified School Distr 04/28/2020 500,000.00 500,825.00 500,000.00 1.550 Aa1 1.550 122 08/01/2022 839278JV1 13749 South Pasadena Unified School 12/12/2019 230,000.00 233,036.00 232,335.38 5.000 Aa2 1.863 122 08/01/2022 169548FH2 13924 Chino Public Financing Authori 03/25/2021 1,000,000.00 997,000.00 1,000,000.00 0.653 AA 0.653 153 09/01/2022 923078CS6 13818 Ventura Cnty CA Public Fing Au 06/11/2020 750,000.00 747,922.50 750,000.00 0.848 Aa1 0.848 214 11/01/2022 76913CAX7 13810 RIVERSIDE CALIFORNIA POB 05/06/2020 1,000,000.00 1,003,660.00 1,000,000.00 2.363 AA 2.364 320 02/15/2023 088006JX0 13868 Beverly Hills PFA 10/15/2020 500,000.00 491,375.00 500,000.00 0.499 AA+ 0.499 426 06/01/2023 684100AB6 13915 City of Orange Taxable Pension 03/15/2021 1,500,000.00 1,473,465.00 1,500,000.00 0.391 AA 0.391 426 06/01/2023 13017HAK2 13885 STATE OF CALIFORNIA 11/24/2020 1,000,000.00 990,810.00 1,000,000.00 1.477 A 1.477 456 07/01/2023 502516QX8 13806 La Canada Unified School Distr 04/28/2020 500,000.00 495,915.00 500,000.00 1.650 Aa1 1.650 487 08/01/2023 671205Y55 13821 Oak Grove CA Sch Dist 06/25/2020 500,000.00 492,720.00 500,000.00 1.078 Aa3 1.078 487 08/01/2023 692020T34 13841 Oxnard School District 09/03/2020 500,000.00 489,640.00 500,000.00 0.692 AA 0.692 487 08/01/2023 119144AV5 13738 Buena Park Community RDA 11/13/2019 1,240,000.00 1,232,994.00 1,240,000.00 2.033 AA- 2.025 518 09/01/2023 29634EEE8 13744 Escondido Lease Revenue Bonds 11/26/2019 830,000.00 828,530.90 830,000.00 2.085 AA- 2 085 518 09/01/2023 13077DMJ8 13830 Califfornia State Univ Revenur 09/17/2020 2,000,000.00 1,941,760.00 2,000,000.00 0.475 Aa2 0.475 579 11/01/2023 088006JM4 13710 Beverly Hills PFA 08/08/2019 1,000,000.00 989,690.00 1,000,000.00 2.125 AA+ 2.125 792 06/01/2024 088006JY8 13869 Beverly Hills PFA 10/15/2020 750,000.00 720,457.50 750,000.00 0.730 AA+ 0.730 792 06/01/2024 684100AC4 13916 City of Orange Taxable Pension 03/15/2021 1,500,000.00 1,438,575.00 1,500,000.00 0.587 AA 0.587 792 06/01/2024 839278JX7 13748 South Pasadena Unified School 12/12/2019 325,000.00 342,605.25 346,077.76 5.000 Aa2 2.070 853 08/01/2024 799408Z77 13871 SAN RAMON VL Y CA UNIF SCH DIST 10/20/2020 1,500,000.00 1,433,595.00 1,500,000.00 0.580 Aa1 0.580 853 08/01/2024 9523474U3 13941 West Coast Contra Unified Scho 06/17/2021 1,000,000.00 952,570.00 1,000,000.00 0.575 AA 0.575 853 08/01/2024 13077DMK5 13829 Califfornia State Univ Revenur 09/17/2020 2,000,000.00 1,894,320.00 2,000,000.00 0.685 Aa2 0.685 945 11/01/2024 039063AD4 13882 City of Arcadia 11/12/2020 675,000.00 642,654.00 675,000.00 0.982 Aaa 0.982 975 12/01/2024 Portfolio PASO
Data Updated: SET _POOL: 04/1 7/2022 09:00 AP
Run Date: 04/17/2022 -09:01 PM (PRF _PM2) 7.3.0
Report Ver. 7.3.6.1
FINANCE DEPARTMENT
Quarterly Investment Report
Quarter Ending March 31, 2022
Vic Erganian
Deputy Finance Director/City Treasurer
May 9, 2022
Finance Committee Item 2
City
Council Agenda Item
FINANCE DEPARTMENT
2 The Quarter in Review
• GDP unexpectedly declined by -1.4% in the fi rst quarter of 2022. In the previous quarter growth was reported at a 6.9% increase. • In March there were 6.0 million unemployed persons and the unemployment rate decreased to 3.6%.
• Retail Sales were up 0.5% at the end of March and revised slightly higher for February at 0.8%.
• CPI for the 12-months ending March was 8.5%. The energy index rose 32% over the last year and the food index increased 8.8%, the most significant 12-month increase since May 1981.
FINANCE DEPARTMENT
3 The Quarter in Review
• The Federal Reserve rai sed the interest rate by 0.25% on March 17, 2022. The Fed’s total assets as of March 31, 2022 were $8.937 trillion. • As of March 31, 2022, the 1-Year Treasury yield was 1.60%, the 5-Year Treasury yield 2.460% and the 30-Year Treasury measured at 2.448%. 06/30/21 12/ 31/21 03/ 31/22 05/ 02/22
1 year UST 0.06% 0. 38% 1. 60% 2. 05%
2 year UST 0.25% 0. 73% 2. 33% 2. 73%
3 year UST 0.46% 0. 96% 2. 51% 2. 93%
5 year UST 0.89% 1. 26% 2. 46% 3. 00%
FINANCE DEPARTMENT
Treasury Yield Curve
4
FINANCE DEPARTMENT
Effective Fed Funds Rate
5
FINANCE DEPARTMENT
Implied Forward Fed Funds Curve
6
FINANCE DEPARTMENT
7 The Quarter in Review
• Beginning in January 2022, inves tors started to feel nervous and not as confident with inflation concerns and the geo- political turmoil increase.
• The Dow Jones Industrial Average dropped 4.57% during the quarter, the S&P closed down 4.95%, and the NASDAQ
returned a negative 9.10% for the quarter ending March 31, 2022.
• YTD as of 05/2/22
DJIA -9.02%
SPX -12.82%
NASDAQ -19.87%
FINANCE DEPARTMENT
8 Total Funds Under Management
Total Funds Under Management as of 3/31/2022 (Market Values):
Pooled Portfolio $596,834,937
Capital Endowment 2,022,906
Stranded Investment Reserve Portfolio 43,684,837
Special Funds 36,975,898
Investments held with Fiscal Agents 48,617,721
PARS Section 115 Trust 15,158,648
Total Funds Under Management $743,294,947
FINANCE DEPARTMENT
As of March 31, 2022
9 Pooled Portfolio Structure
FINANCE DEPARTMENT
• Money Market Funds FDIC/Collateralized
• Certificates of Deposit n/a
• Municipal Bonds Aa2/Aa3/A1/A2
• Federal Agencies Aaa
• Corporate Bonds Aaa/Aa1/Aa2/Aa3/A1/A2
• US Treasury Aaa
• Supranationals Aaa
• LAIF In Trust (Not rated)
10 Pooled Portfolio Credit Quality
FINANCE DEPARTMENT
Portfolio liquidity as of 3/31/2022
11 Percent of
Aging Interval Par Value Portfolio
0-30 Days 99,735,380 16.06%
31 days - 1 Year 37,800,000 6.09%
1 - 2 Years 81,570,000 13.13%
2 - 3 Years 135,000,000 21.74%
3 - 4 Years 227,117,778 36.57%
4 - 5 Years 39,873,000 6.42%
Over 5 Years 0.00%
TOTAL: 621,096,158 100.00%
FINANCE DEPARTMENT
12 • Apple Inc Aaa
• New York Life Aaa
• RBC A1
• BNY Mellon A1
• Credit Suisse A1
• Toyota A1
• Goldman Sachs A2
• Bank of America A2
• Honeywell Int’l A2
• JPMorgan A2
• Union Bank A2
Corporate Credit Quality
FINANCE DEPARTMENT
13 • 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
ESG – MSCI Ratings
FINANCE DEPARTMENT
Taxable Munis
• City of Glendora AAA
• City of Arc
adia Aaa
• San Ramon Vly CA
Unified Aa1
• Ca
lifornia Earthquake Authority F1+
• Beverly
Hills PFA AA+
• State of California Aa2
• University
of CA Revenue Aa1
• La Canada USD Aa
1 • Ventura County
PFA Aa1
• Chino Public Fin Aut
hority AA
• Riverside California POB AA
• West Coast Contra Unified AA
• City of Orange Taxable Pen AA
• South Pasadena Unified School Aa2
• California
State Univ Revenue Aa2
• Hunt
ington Beach CA Public Fin AA
• Redondo Beach Unified Sch Aa2
• Escondido Lease
Revenue Bonds AA-
• Buena Park Community RDA AA-
• Oak Grove CA School Dist Aa3
• Santa Barbar
a County A1
• Oxnard School District A+
14
FINANCE DEPARTMENT
Compliance
15 Pooled Investment Portfolio
As of 3/31/22
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 0.00% 100% In compliance 102% Collateral 102% Collateral In compliance In compliance Municipal Bonds 6.37% 100% In compliance
Aaa/Aa2/Aa1/A2/AA+/AA-
/AAA/F1+ A or better In compliance In compliance
US Treasury Securities 8.02% 100% In compliance Aaa AA+/Aaa In compliance In compliance Corporate Bonds 14.08% 30% In compliance* Aaa/Aa1/Aa2/Aa3/A1/A2 A or better In compliance In compliance Federal Agency Issues 49.32% 100% In compliance Aaa AA+/Aaa In compliance In compliance Supranationals 4.03% 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 Muni Variable Rate 0.00% 100% In compliance AA+ A or better In compliance In compliance LAIF 15.84% 100% In compliance n/a n/a In compliance In compliance Certificate of Deposit 0.21% 100% In compliance n/a n/a In compliance In compliance Cash 0.48% 100% In compliance Collateralized Collateralized In compliance In compliance Portfolio Value 596,834,937
FINANCE DEPARTMENT
Book Yield
16
FINANCE DEPARTMENT
17 Conclusion
• All investments are in compliance with the State
Government Code and t
he City’s investment policy.
• Ample liquidity is maintained to meet budgeted
expenditures.
• Adequate returns vs. portfolio risk.
NEW BUSINESS
ITEM 3
BUDGET WORKSHOP FY 2023 RECOMMENDED OPERATING
BUDGET
https://www.cityofpasadena.net/finance/wp-
content/uploads/sites/27/FY-2023-Recommended-Operating- Budget.pdf?v=1651773098114
ROSE BOWL OPERTING COMPANY
Rose Bowl Operating Company
(RBOC)
FY 2023 Recommended Budget
Finance Committee
1 May 09, 2022
Mission Statement
The mission of the Rose Bowl Operating Company
(RBOC) is to improve the quality of life in Pasadena
by providing top quality entertainment and by
generating revenue through the operation of a
world-class stadium and a professional quality golf
course complex.
2
Fiscal 2022 Accomplishments
• RBOC was able to improve FY21-22 projected net income by approximatel
y $11.6M from original pandemic projections
• Legacy Foundation generated Grant funding of $10M and planned transfer/project funding of an additional $1M (life to date transfers/funding $28.6M)
• Secured a 5-year contract with AEG to increase minimum rent by $1M/year ensuring $15M in guaranteed revenues for the RBOC over the next 5 years.
• Brookside golf complex continued to be an industry leader in operations and revenue generation with a net complex income of $2.5M • Enterprise events projected to net $1.3M while the stadium hosted 14 displacement events
3 Fiscal 2022 Accomplishments
(Continued)
• In partnership with Pasadena Health Department welcomed UCLA and Rose Bowl G
ame fans at full capacity coming out of the COVID-19
pandemic
• Staff, Board and City Council continued focus on analysis of opportunity planning on the Rose Bowl Campus
• Stadium hosted numerous community events generating hundreds of thousands of dollars for causes in the local community
• Supporting the Pasadena community by providing a site for graduations, PUSD home field, Turkey Tussle and Cinco de Mayo, and COVID testing
4 Rose Bowl Operating Company
Key changes FY22 Adopted/Forecast and FY23 Projected/Recommended 5
Rose Bowl Operating Company
FY 2023 Key Statistics: Displacement, Flea Market and Enterprise Events Market
6 Music Festival with amended contract terms allows for up to 10 Major Event days per year; there are 8 performance days scheduledin FY 2023.
7 Operating Revenue History By Source
Rose Bowl Operating Company
8 Expenditure History By Cost Category
Rose Bowl Operating Company
Rose Bowl Operating Company
Budget History By Division or Major Budget Area in thousands 9
Rose Bowl Operating Company
Budget History By Division or Major Budget Area(Continued) in thousands 10
Rose Bowl Operating Company
Key Issues
• Identify incremental revenue
oppor
tunities
• Focus on long ter
m financial structure
for
the RBOC
• Music F
estival success
• Stabilize and grow golf course property
revenue
Strategies
• Focus on big picture thinking around
appr
opriate revenue generating
ac
tivities and uses of Rose Bowl
campus
• Work closely with the City in
for
ecasting revenue, expens
es and
fundi
ng necessary for bond debt
s
ervice and capital improvements
• Recognize the importance of music
festivals and prov
ide support to help
them
succeed and achieve revenue
s
hare above guarantee
• Refi
ne efforts related to increasing net
gol
f course as wel
l as food & beverage
r
evenue. Identify more outdoor
opportunities on golf course including
the F
amily Golf initiative
11 FY 2023 Key Issues and Strategies
Rose Bowl Operating Company
Key Issues (continued)
• Continued focus on event operations,
i
ncluding securi
ty and outside
m
anagement
• Continue to grow Enterprise events
revenues
• Prepare for
World Cup and Olympics
opportunities
• Make signi
ficant progress in Legacy
$40 Million Centennial
Campaign
Strategies (continued)
• Work and communicate closely with
publ
ic safety offic
ials, event promoters
and stakeholders
• Maximize revenue on available dates
based on increase displ
acement event
l
oad
• Collaborate with Los Angeles leaders
and put forth an effort bas
ed on
s
tadium’s history and brand to provide
P
asadena a global platform
• Identify donors and prospective
nam
ing opportunities, whi
le providing
appr
opriate resources
12 FY 2023 Key Issues and Strategies
NEW BUSINESS
ITEM 3
BUDGET WORKSHOP FY 2023 RECOMMENDED OPERATING
BUDGET
CITY MANAGER'S OFFICE – INTERNAL AUDIT AND PUBLIC
INF
ORMATION OFFICE SECTIONS
City Manager Department
FY 2023 Recommended
Operating Budget
May 9, 2022
City Manager Department
FY 2022 Accomplishments
• Managed the development, approval and/or implementation of City Council policy initiatives and directives, such as:
> Affordable housing, accessory dwelling units, violence prevention programs, cannabis business regulations and Caltrans 710 stub relinquishment • Provided leadership in response to the COVID-19 pandemic and recovery measures
• Oversaw efforts to address Central Library seismic retrofit and temporary relocation of library services to Jefferson Elementary School • Sponsored violence intervention efforts by engaging a team to specifically implement violence interruption efforts to address gun and gang violence • Internal Audit completed the citywide risk assessment, annual audit plan and multiple internal audits to improve efficiencies and accountability in city services
• Public Affairs expanded communications efforts through the use of social media platforms, printed materials, and video content while coordinating communications across departments
2
City Manager Department
Appropriations by Category
3 Category
FY 2019
Actuals
FY 2020
Actuals
FY 2021
Actuals
FY 2022
Adopted
FY 2023
Recommended
%
Change
Personnel 5,426,797 5,615,363 6,040,183 6,181,532 6,487,209 4.9% Services & Supplies 2,615,915 1,735,400 2,445,134 4,080,804 3,836,316 -6.0% Internal Srvc Chrg 522,689 574,285 572,281 562,867 613,523 9.0% Grand Total 8,565,401 7,925,048 9,057,598 10,825,203 10,937,048 1.0% FTE 37.00 39.50 2.50
City Manager Department
Appropriations by Division
4 Division
FY 2019
Actuals
FY 2020
Actuals
FY 2021
Actuals
FY 2022
Adopted
FY 2023
Recommended
%
Change
City Management-Admin. 2,850,603 2,722,129 2,506,639 2,498,530 2,732,236 9.4% Economic Development Division 5,178,651 4,486,135 5,237,334 6,803,589 6,602,462 -3.0% Internal Audit 0 0 559,414 797,064 813,212 2.0%
Northwest Programs 570 2,893 2,005 0 0 0.0%
Public Affairs 535,576 713,892 752,206 726,021 789,138 8.7% Grand Total 8,565,401 7,925,048 9,057,598 10,825,203 10,937,048 1.0%
City Manager Department
Significant Changes from FY 2022 Budget
• FY 2023 Expenditure increase of 1.0% overall
• Personnel increases $305,000 namely due to:
> Addition of 1.0 FTE for administrative support to assist Real Estate and Economic Development Managers
> Addition of 1.5 FTE approved mid-year FY 2022
• Services & Supplies reduced $244,000 due to:
> Reduction in contract services in Foothill Workforce
Development within Economic Development Division
> Absorption of costs for new 1.5 FTE reflected in
Personnel
5
City Manager Department
City Manager Administration - FY 23 Priorities
• Ensure public services are provided efficiently and
effectively while furthering City Council’s Strategic Plan and Goals
• Remain strategic and financially prudent in any program expansions or additions
• Focus on the recovery and growth of our local economy • Continue to serve our business and residential
communities
• Develop and present a plan for the seismic retrofit of the Central Library
• Recruitment of executive leadership vacancies
6
City Manager Department
City Manager Administration - FY 23 Priorities
• Library Continuation Measure to preserve and maintain services levels:
> Recommendation to City Council – July 2022
• Youth Gang and Violence Intervention & Prevention:
> Completion of RFP and contracting services – August 2022 • Risk Management & Liability organization assessment
and operations restructuring:
> Assessment and Implementation – October 2022
7
City Manager Department
Public Affairs Division – FY 23 Priorities
• Citywide Training On Accessibility Criteria For Events & Public Outreach Materials
• Standardizing City Logos, Graphics, Terminology When
Disseminating Public Outreach Materials
• Citywide Emergency Management Training and
Exercises
• Shift To Paperless InFocus Newsletter With Opt-In For Printed Version
8
City Manager Department
Internal Audit Division – FY 23 Priorities
• Complete projects approved by Finance/Audit
Committee on 10/25/21
> High Risk Inventory Audit
> Audit of Citywide Succession Planning
> Building & Safety Inspections Audit
> IT Risk Assessment
• Monitor and report on Fraud Hotline Complaints
• Monitor and report on Open Audit Recommendations
9
NEW BUSINESS
ITEM 3
BUDGET WORKSHOP FY 2023 RECOMMENDED OPERATING
BUDGET
FY
2023 ENHANCEMENT REQUESTS
FY 2023
ENHANCEMENT REQUESTS
Status
(For Budget Use) Department Fund Cost Category Classification FTE Amount Justification One-Time / Ongoing Absorb City Manager 101 Personnel Administrative Specialist 1.00 86,828 To assist the City's Real Property Manager who manages over 400 City owned properties; support the Acting Economic Development Manager and serve as primary backup for the department's Management Analyst I.
Ongoing
Absorb City Manager 101 Personnel 22,000 To fund existing Administrative Intern (0.5 FTE) in Public Affairs Division; position added without $$ in Q1 FY22. Ongoing Yes City Manager 101 Services & Supplies 75,000 Consultant services for Community Violence Intervention services Ongoing Yes City Attorney 101 Personnel Prosecution Assistant 1.00 80,693 To provide additional support for Prosecution Division; significant increase in case filings and criminal case referrals. Ongoing Yes City Attorney 507 Personnel Insurance & Claims Specialist 1.00 86,814 To assist the Liability & Claims Diviision whose workload has substantially grown; currently 2 staff. Ongoing Yes City Attorney 101 Services & Supplies 200,000 Additional outside legal services for overall department. Ongoing Yes City Attorney 101 Services & Supplies 25,000 Additional funds for various services and supplies costs including State Bar and other associaiton dues, library reference materials and other resource subscriptions.
Ongoing
Absorb Finance 101 Personnel Accountant 1.00 105,261 To assist with bank reconciliation of cash accounts due to the significant increase in electronic payments; to meet critical timelines.
Ongoing
Yes Finance 101 Personnel Payroll Specialist 86,814 To fund existing Payroll Specialist (1.0 FTE). Position was previously approved in FY22, however, funding was not provided. Ongoing Yes Finance 101 Services & Supplies 30,000 Software to comply with GASB 87 lease accounting requirements. Ongoing Yes Finance 101 Services & Supplies 20,000 Procure Now software to assist departments with preparation and tracking of requests for proposals and bid documents. Ongoing Absorb Finance 101 Services & Supplies 23,000 Increase existing LCP Tracker software amount to include monitoring and tracking of local hiring associated with Huntington Hospital project.
Ongoing
Yes Fire 101 Personnel Six (6) CSW-Paramedic Interns
(each @ 0.5 FTE)
3.00 119,244 To implement Paramedic Internship program, as part of PFD Local Area Recruitment initiatives; Individuals will be enrolled in an approved California paramedic training program and required to complete a field internship to become eligible for a California paramedic license; Interns will be highly eligible for upcoming PFD Academies; Recruitment process for Interns will include a local Pasadena preference; Eligibility / Target Age Range: 18 – 25 years.
Ongoing
Yes Fire 101 Personnel 64,077 Overtime costs to continue running existing Local Area Recruitment Programs and implement new programs: Exploreres Program ($19,024), Girls Camp ($9,806), and Pasadena Unified School District Program ($35,247).
Ongoing
Not Yet Fire 101 Interal Service Charges 583,579 Two (2) remounted rescue ambulances to serve as the Department's 6th front-line RA and 6th reserve RA; Remounted vehicles result in an approximate 15% savings compared to new vehicles.
This request to be revisted after the new revenue mechanism is evaluated, approved and operational to fund the cost.
One-Time
Not Yet Fire 101 Services & Supplies 54,000 Six sets of turnouts and personal protective equipment for six additional Firefighter Paramedics.
This request to be revisted after the new revenue mechanism is evaluated, approved and operational to fund the cost.
One-Time
Not Yet Fire 101 Services & Supplies 72,000 Six radios for six new Firefighter Paramedics.
This request to be revisted after the new revenue mechanism is evaluated, approved and operational to fund the cost.
One-Time
Absorb Fire 101 Services & Supplies 89,472 Additional hours (from 80 to 160 per month) for contracted Nurse Educator and Continuous Quality Improvement (CQI) Program Coordinator to provide Paramedic Continuing Education and CQI program implementation; increase maximum service hours under current contract.
Ongoing
Yes Fire 101 Services & Supplies 21,900 Paramedic School tuition for six (6) PFD Paramedic Internships. Ongoing Yes Housing 238 Services & Supplies 150,000 To support various needs at dept's discretion (i.e. encampment clean up, Section 8 document scanning, HOPE Case Manager. One-Time Yes - ARPA Housing 238 Services & Supplies 3,000,000 CM's direction to designate $3 million of ARPA 2nd tranche funding for Housing project. One-Time Yes Human Resources 101 Personnel HR Specialist 1.00 84,563 This position is critical for recruitment, testing, pre-employment, on boarding and employment services so that HR can continue to help departments fill critical vacancies and deliver service to the public. The City is experiencing a sharp increase in employee turnover, both resignations and retirements. The recruitment team needs position reinstated from FY21 (eliminated to help balance budget).
Ongoing
Absorb Human Resources 101 Personnel Senior Office Assistant 1.00 80,693 This position is responsible for office reception and pre-employment processing, among other administrative tasks. This was formerly a Human Resources Specialist, but the department seeks to replace it with a lower level position that more appropriately describes the work needed. Position was eliminated in FY21 to help balance budget.
Ongoing
No Human Resources 101 Personnel HR Analyst (limited term) 1.00 116,441 IF HR continues same capacity of COVID work, position needed for employee contact tracing and testing/vaccine policy compliance.
Will revisit if COVID cases surge and additional resources are required.
One-Time
No Human Resources 101 Services & Supplies 60,000 IF testing requirement remains, additional budget for weekly COVID testing ($60,000 per month).
Will revisit if COVID cases surge and additional resources are required.
Ongoing
Absorb Human Resources 101 Services & Supplies 75,000 Consultant services for DEI work; previously absorbed in line item for training. Ongoing Yes Planning & Comm Development 204 Personnel Administrative Specialist 1.00 86,828 To provide administrative support for the new Building Official. - FTE being transferred from Finance Ongoing Yes - ARPA Planning & Comm Development 101 Services & Supplies 500,000 Consultant services for citywide Historic Resources survey (over 2 years). One-Time
FY 2023
ENHANCEMENT REQUESTS
Status
(For Budget Use) Department Fund Cost Category Classification FTE Amount Justification One-Time / Ongoing Yes Police 101 Personnel Park Safety Specialist 2.00 186,896 To enhance security at City parks (Robinson Park, Jackie Robinson Center & La Pintoresca) by offering patrol visibility and developing relationships in the neighborhoods; part of City's Violence Prevention Initiative.
Ongoing
Absorb Police 101 Services & Supplies 340,000 Contract for body worn cameras.
Additional funds previously added approved hardware already included in base.
Ongoing
Absorb Police 101 Services & Supplies 144,000 Data charges for new RIPA Cell phones purchased for the department. Ongoing Absorb Police 101 Services & Supplies 75,000 New Critical Performance Unit - to be used for personnel training and the development of curriculum based in technology and behavioral psychology to help employees with enhanced decision making as it relates to de-escalation and use of force.
Ongoing
Absorb Police 101 Services & Supplies 75,000 New Wellness Unit - to assist employees in both personal and professional lives experiencing crisis/trauma from the demands of sustained performance in stressful, dangerous and rapidly evolving envirnoments. The Wellness unit will provide resources to ensure professional and personal stability.
Ongoing
Yes PRCS 101 Personnel CSW-MASH Cross Training 1.00 31,584 To assist with ground maintenance responsibilities at new park in Playhouse District (i.e. opening the park each morning, picking up trash and emptying trash cans, and removing weeds and dead plants.
Ongoing
Yes PRCS 101 Personnel CSW-MASH Cross Training 1.00 31,584 To assist with landscape maintenance responsibilities (i.e. trimming, edging, pruning shrubs, plants and any ground cover) for the Annandale Trail project; to also assist with ground maintenance at Desiderio Park.
Ongoing
Yes PRCS 101 Capital Outlay 31,900 Purchase of two mowers and a gator; originally salvaged in 2012 (not part of replacement program). One-Time Yes PRCS 101 Services & Supplies 45,000 Additional budget for Amerifest (in addition to original base $80k). Ongoing Yes PRCS 101 Services & Supplies 30,000 Scholarship program for community-based youth sports. Ongoing No Public Health 101 Services & Supplies 292,000 GF support for Cross Connections program; need to correct the inventory of devices for future billings. Ongoing (up to 5 years) Yes Public Health 101 Operating Transfer 224,000 GF support for PORT 1; previously funded by SAMHSA grant ending Sept. 2022. Ongoing Yes - C&D Public Works 101 Services & Supplies 75,000 Contract services to apply for grant opportunities. One-Time Yes - C&D Public Works 101 Services & Supplies 250,000 Tree replacement and planting program - plant 200 trees annually; previously grant-funded (State Environmental Enhancement & Mitigation).
One-Time
Yes - C&D Public Works 406 Capital Outlay 250,000 Traffic Safety Improvements One-Time Yes Public Works 406 Services & Supplies 70,000 Increasing costs for recycling processing (residential $56k, commercial $14k). Ongoing Yes Public Works 406 Services & Supplies 400,000 Increasing costs for organic waste processing (residential $320k, commercial $80k). Ongoing Yes Public Works 406 Capital Outlay 1,714,010 Scheduled replacement of four refuse vehicles (3199, 3193, 3194, 3195); vehicles w/ highest maintenance costs. One-Time Yes Transportation 101 Services & Supplies 250,000 To partially restore and true-up budget for contract parking enforcement officers and related expenses for increased use of the parking permit/citation software; revenue offsets from increased parking permits and parking citations.
Ongoing
Yes Transportation 209 Interal Service Charges 235,000 Increased CNG costs for fixed route service; Fund 208/209 dedicated funding source. Ongoing Yes Transportation 208 Interal Service Charges 40,000 Increased fuel costs for vehicles used for Dial A Ride service. Ongoing Yes Transportation 106 Services & Supplies 75,000 Removal and re-installation of outdoor dining locations along Colorado Blvd for the Rose Parade; this portion represents TOR's share and can be requested with the City's tally of TOR billables; cost was $75k in 2022.
Ongoing
Yes Transportation 101 Services & Supplies 30,000 Removal and new installations of outdoor dining locations NOT associated with the Rose Parade; partial cost recovery from on- street dining fee.
Ongoing
Yes - ARPA Transportation 101 Services & Supplies 250,000 Sustained year-long education and awareness campaign to increase road safety. One-Time Yes Transportation 209 Services & Supplies 300,000 Consultant services to develop a Short Range Transit Plan plan to maximize ridership and evaluate future service options with detailed cost breakdowns; SRTP required by Metro every 3-5 years to receive local return funds.
One-Time
Yes Water & Power 401 Personnel 40,849 Reclassify existing Business Systems Analyst to Information Technology Manager; 0.65 FTE Fd 401. Ongoing Yes Water & Power 402 Personnel 21,996 Reclassify existing Business Systems Analyst to Information Technology Manager; 0.35 FTE Fd 402. Ongoing Yes Water & Power 412 Capital Outlay 30,000 GCMS Purge and Trap Concentrator One-Time Yes Water & Power 412 Capital Outlay 20,000 UV-Vis Spectrophotometer One-Time Yes Water & Power 401 Services & Supplies 75,000 To develop and promote EVs in disadvantaged communities and low-income areas through educational and outreach programs; in partnership with The Art Center, PCC, and vendors.
One-Time
Yes Water & Power 411/412 Capital Outlay 1,712,188 To purchase a variety of 11 scheduled vehicle replacements and a new forklift. One-Time TOTAL FTE 15.00 $ 13,345,214 TOTAL Enhancement Requests