June 6, 2022
TO: Honorable Mayor and City Council
FROM: Rose Bowl Operating Company (RBOC)
SUBJECT: Action Item – Recommend Fiscal 2023 Operating Budget RECOMMENDATION:
It is recommended that City Council:
Authorize the inclusion of the proposed Fiscal Year 2023 Rose Bowl Operating Company Operating Budget in the City Manager’s Recommended Operating Budget for Fiscal Year 2023.
BACKGROUND:
Article 9 of the City Charter requires the City Manager submit a recommended operating budget no later than the 3rd Monday in May. Accordingly, the RBOC’s operating budget will be included as part of the City’s recommended operating budget. Further the Operating Agreement between the City and the RBOC requires that the City Council approve the budget of the RBOC.
On April 19, 2022 the RBOC presented its draft operating budget to the Finance Committee of the City Council. It was determined at that time, that the RBOC’s Operating Budget should be brought back in conjunction with strategic initiatives that the RBOC will be presenting in a separate report on June 6, 2022.
For City of Pasadena budget purposes, these schedules are presented on a “Modified Accrual” basis.
FISCAL IMPACT:
This draft of the Operating Budget shows total gross revenue of $59.6 million opera ting expenditures of $62.4 million for a net loss of $2.8 million from operating reserves, and an ending Operating available balance of $6.4 million, after reserves. 06/06/2022 1
Agenda Report
MEETING OF _ ___ _ AGENDA ITEM NO. ___ _
RBOC – Recommend Fiscal 2023 Operating Budget June 6, 2022 Page 2 of 2 2 Respectfully submitted Darryl Dunn General Manager of the Rose Bowl Stadium Attachment A – RBOC Board 04.20.22 Agenda Report Attachment B – Budget Draft 04.19.22 Attachment C – FY 2023 Department Narrative Draft 04.19.22