AGENDA
FINANCE COMMITTEE
SPECIAL MEETING NOTICE
SEPTEMBER 12, 2022
PUBLIC MEETING 3:00 P.M.
Members
Victor M. Gordo, Mayor
Felicia Williams, District 2
John J. Kennedy, District 3 (in Memorium)
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”
THE SPECIAL FINANCE COMMITTEE MEETING ON SEPTEMBER 12, 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
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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:
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Telephone only dial-in: 1-669-900-6833, Meeting ID: 161 482 446
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[email protected]
Correspondence will be forwarded to the legislative body prior to the start of the meeting.
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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
SEPTEMBER 12, 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
June 20, 2022 Special Meeting
June
27, 2022 Cancellation Notice
July 11, 2022 Special Meeting
July 25, 2022 Cancellation Notice
August 8, 2022 Special Meeting
August 22, 2022 Cancellation Notice
OLD BUSINESS
1. LOAN TO THE PASADENA CENTER OPERATING COMPANY (PCOC) TO
FUND CAPITAL IMPROVEMENT PROJECTS
NEW BUSINESS
2. AMENDMENTS TO FI
SCAL YEAR 2023 CAPITAL IMPROVEMENT
PROGRAM BUDGET
3. AUTHORIZATION TO
ENTER INTO A CONTRACT WITH ENSEMBLE REAL
ESTATE INVESTMENTS FOR PARKING SPACES IN THE PASEO
COLORADO SUBTERRANEAN GARAGE
4. ACCPETANCE OF CA
LIFORNIA OFFICE OF TRAFFIC SAFETY GRANT FOR
THE PEDESTRIAN AND BICYCLE SAFETY PROGRAM
5. DEFINE THE PROCESS A
ND PRINCIPLES FOR USE OF THE ANNEX
BUILDINGS WITHIN HAHAMONGA WATERSHED PARK
PAGE 1
6. QUARTERLY INVEST
MENT REPORT - QUARTER ENDING JUNE 30, 2022
INFORMATION ONLY
7. ROSE BOWL OPERATING COMPANY MONTHLY FINANCIAL UPDATE
8. OPERATING COMPANY AGREEMENTS AND REVENUE MEASURES
ADJOURN
PAGE 2
APPROVAL OF MINUT
ES
• JUNE 20, 2022 SPECIAL MEETING
• JULY 11, 2022 SPECIAL MEETING
• JULY 25, 2022 CANCELLATION NOTICE
• AUGUST 8, 2022 SPECIAL MEETING
• AUGUST 22,2022 CANCELLATION NOTICE
PAGE 3
CITY OF PASADENA
FINANCE COMMITTEE MINUTES
PASADENA CITY HALL
100 NORTH GARFIELD AVENUE
CITY HALL COUNCIL CHAMBER – S249
JUNE 20, 2022
SPECIAL MEETING
The meeting was convened and held virtually by videoconference/teleconference.
OPENING Chair Mayor Gordo called the meeting of the Finance Committee to order at 3:05 p.m.
ROLL CALL:
Staff:
Mayor Victor Gordo (Chair)
Vice Mayor Andy Wilson (Absent)
Councilmember John Kennedy
Councilmember Felicia Williams
Theresa Fuentes, Assistant City Attorney
Michele Bagneris, City Attorney/City Prosecutor
Cynthia Kurtz, Interim City Manager
Matthew Hawkesworth, Director of Finance
Tony Olmos, Director of Public Works
Phyllis Hallowell, Management Analyst
Kris Markarian, City Engineer
Tim Park, Budget Administrator
Flora Karmiryan, Principal Administrative Analyst
Byanca Banaga, Administrative Analyst
Rachelle, Yalung, Senior Administrative Analyst
Shari Thomas, Assistant General Manager of Finance
Marvin Moon, Assistant General Manager of Power Delivery Varoojan Avedian, Engineering Manager of Power Delivery Christina Schieber, Management Analyst
Laura Rubio-Cornejo, Director of Transportation
Gloria Acevedo, Recording Secretary
APPROVAL OF MINUTES It was moved by Councilmember Williams , seconded by Councilmember Kennedy , to approve the minutes of April 1 1, 2022 Special Meeting, April 25, 2022 (Joint Meeting), and May 2, 2022 Special Meeting as submitted:
AYES: Councilmember Williams, Kennedy, Chair Gordo
NOES: None
ABSENT: Vice Mayor Wilson
ABSTAIN: None
NEW BUSINESS PROPOSITION A LOCAL RETURN FUND EXCHANGE WITH THE
CITY OF CUDAHY
Chair Gordo provided introductory comments and pointed out the report is transferring over dollars already allocated in the Transportation Department.
PAGE 4
Following discussion, i t was moved by Councilmember Kennedy, seconded by Councilmember Williams, to approve the staff recommendation, and forward the item to the City Council for consideration:
AYES: Councilmembers Williams, Kennedy, Chair Gordo
NOES: None
ABSENT: Vice Mayor Wilson
ABSTAIN: None
AMENDMENTS TO FISCAL YEAR 2022 CAPITAL IMPROVEMENT
BUDGET AND ADOPT ROAD REPAIR AND ACCOUNTABILITY ACT
OF 2017 (SB1) PROJECT LIST FOR FISCAL YEAR 2023
Chair Gordo provided introductory comments and confirmed the action is required to comply with Senate Bill 1.
Following discussion, i t was moved by Councilmember Williams, seconded by Councilmember Kennedy, to approve the staff recommendation, and forward the item to the City Council for consideration:
AYES: Councilmembers Williams, Kennedy, Chair Gordo
NOES: None
ABSENT: Vice Mayor Wilson
ABSTAIN: None
AMENDMENTS TO FISCAL YEAR 2022 ADOPTED OPERATING
BUDGET
Chair Gordo provided introductory comments, Matthew Hawkesworth, Director of Finance, introduced Timothy Park, Budget Administrator, who provided a PowerPoint presentation and responded to questions.
Councilmember Williams expressed that this is a good report with good results.
Chair Gordo asked for clarification on the gap between the appropriated and the unappropriated funds. Mr. Hawkesworth stated the delta is the $2.7 M to the General Fund and the $2.2 M to the power fund. Chair Gordo also asked for an explanation on the $900,000 increase in legal costs t o the City Attorney’s budget. Michele Bagneris, City Attorney/Prosecutor, stated that the increase was due to expenditures for large matters, Mr. Hawkesworth added the increase in Fiscal Year (FY) 2022 lead to the recommended increase for FY2023.
Following discussion, i t was moved by Councilmember Williams, seconded by Councilmember Kennedy, to approve the staff recommendation, and forward the item to the City Council for consideration:
AYES: Councilmembers Williams, Kennedy, Chair Gordo
NOES: None
ABSENT: Vice Mayor Wilson
ABSTAIN: None
PAGE 5
JOINT ACTION: FISCAL YEAR 2022 -2023 INVESTMENT POLICY
AND INVESTMENT STRATEGY
Chair Gordo provided introductory comments and asked if there had been any changes to the City’s investment policy , Matthew Hawkesworth, Director of Finance, stated the only change, approved by the City Council was the addition of the environmental social and governance component.
Councilmember Kennedy asked if diversification was clearly spelled out in the agenda report . Mr. Hawkesworth mentioned that the C ity’s investment policy focuses first on safety, second on liquidity, and third in yield. Making the City’s investment strategies different than personal portfolios that would require spelling out diversification.
Chair Gordo added that it was important of the Public to understand that as a public agency the City leads with the core principle to protect the underlying investment. The City’s investment portfolio is diversified as possible while staying within the State of California’s investment parameters.
Following discussion i t was moved by Councilmember Williams, seconded by Councilmember Kennedy, to approve the staff recommendation, and forward the item to the City Council for consideration:
AYES: Councilmembers Williams, Kennedy, Chair Gordo
NOES: None
ABSENT: Vice Mayor Wilson
ABSTAIN: None
ADJOURNMENT On the order of the Chair, the special meeting of the Finance Committee was adjourned at 3:34 p.m.
ATTEST:
____________________
Gloria Ac
evedo
Recording Secretary
________________________
Mayo
r Victor Gordo, Chair
Finance Committee
PAGE 6
PAGE 7
CITY OF PASADENA
FINANCE COMMITTEE MINUTES
PASADENA CITY HALL
100 NORTH GARFIELD AVENUE
CITY HALL COUNCIL CHAMBER – S249
JULY 11, 2022
SPECIAL MEETING
The meeting was convened and held virtually by videoconference/teleconference.
OPENING Chair Mayor Gordo called the special meeting of the Finance Committee to order at 3:03 p.m.
ROLL CALL:
Staff
Mayor Victor M. Gordo (Chair)
Vice Mayor Andy Wilson
Councilmember John Kennedy (Absent)
Councilmember Felicia Williams
David Reyes, Acting Assistant City Manager
Theresa Fuentes, Assistant City Attorney
Matthew Hawkesworth, Director of Finance
Shari Thomas, Assistant General Manager
Gloria Acevedo, Recording Secretary
APPROVAL OF MINUTES It was moved by Councilmember Williams an d seconded by Vice Mayor Wilson, to approve the minutes of May 9 , 2022 - Special Meeting, as submitted:
AYES: Chair Gordo, Vice Mayor Wilson and Councilmember Williams
NOES: None
ABSENT: Councilmember Kennedy
ABSTAIN: None
NEW BUSINESS DIRECTION TO RPEPA RE AN ORDINANCE AMENDING PASADENA MUNICPAL CODE CHAPTERS 4.444 AND 4.101 TO ENHANCE THE
CITY’S ABILITY TO COLLECT UNPAID TRANSIENT OCCUPANCY TAXES
AND TOURISM BUSINESS IMPROVEMENT DISTRICT MONIES
Chair Gordo provided introductory comments, and Matthew Hawkesworth, Director of Finance, provided a PowerPoint presentation and responded to questions.
Vice Mayor Wilson was surprised the collection process was not easily accessible given the state of California law on the subject.
Councilmember Williams asked it the proposed action would apply to the previous owners of the Sheraton, to which Mr. Hawkesworth responded, that it would only apply to the new owners.
PAGE 8
Chair Gordo requested the Sheraton’s failure to pay the City, Transient Occupancy Tax and Tourism Improvement District monies be reviewed by the City Attorney and the District Attorney’s Office for any possible criminal action.
Following discussion, it was moved by Vice Mayor Wilson, seconded by Councilmember Williams, to approve staff’s recommendation and forward the item to the City Council for consideration
AYES: Chair Gordo, Councilmember Williams, Vice Mayor Wilson
NOES: None
ABSENT: Councilmember Kennedy
ABSTAIN: None
INFORMATION ONLY
ADJOURNMENT
FINANCIAL UPDATE JULY 2022
Chair Gordo provided introductory comments, and Matthew Hawkesworth, Director of Finance provided a PowerPoint presentation and responded to questions.
Vice Mayor Wilson asked for clarification on how occupancy would be affected by the reopening of the DusitD2 Constance Pasadena Hotel. Mr.
Hawkesworth responded that it would increase occupancy capacity.
On the order of the Chair, and consensus of the Committee, the information was received and filed.
On the order of the Chair, the special meeting of the Finance Committee was adjourned at 3:22 p.m.
ATTEST:
Gloria Acevedo
Recording Secretary
Mayor Victor Gordo, Chair
Finance Committee
PAGE 9
DEPARTMENT OF FINANCE
CITY OF PASADENA
NOTICE OF CANCELLATION
FINANCE COMMITTEE
REGULAR MEETING
JULY 25, 2022
NOTICE IS HEREBY GIVEN that the regular meeting of the Finance Committee, scheduled for Monday, July 25, 2022 at 4:00 p.m. in the Pasadena City Hall, 100 North Garfield Avenue, Pasadena, is cancelled.
Victor M.
Finance Co
I HEREBY CERTIFY that this notice, in its entirety, was posted on the Internet at www.cityofpasadena.net/commissions/city-council-finance-committee and on the Council Chamber Bulletin Board, Room S249 and the Bulletin Board in the rotunda area, City Hall, 100 North Garfield Avenue, this 21 sT day of July, 2022, by 5:30 p.m., and that copies hereof were faxed, emailed or delivered to each member of the City Council and to each local newspaper of general circulation, radio or television station requesting notice in writing, all of which recipients are identified on the distribution list set forth herein below.
DISTRIBUTION:
City Council
City Manager
City Attorney
Public Information Officer
Los Angeles Times
Pasadena Independent
La Opinion
Pasadena Journal
Pasadena Now
Pasadena Star News
Pasadena Weekly
Conversation Live
Gloria Ace\7edo, Recording Secretary
Finance Committee
PAGE 10
CITY OF PASADENA
FINANCE COMMITTEE MINUTES
PASADENA CITY HALL
100 NORTH GARFIELD AVENUE
CITY HALL COUNCIL CHAMBER – S249
AUGUST 8, 2022
SPECIAL MEETING
The meeting was convened and held virtually by videoconference/teleconference.
OPENING Chair Mayor Gordo called the special meeting of the Finance Committee to order at 3:05 p.m.
ROLL CALL:
Staff
Guests
Mayor Victor M. Gordo (Chair)
Vice Mayor Andy Wilson
Councilmember Felicia Williams
David Reyes, Acting Assistant City Manager
Theresa Fuentes, Assistant City Attorney
Matthew Hawkesworth, Director of Finance
Tony Olmos, Director of Public Works
Vic Erganian, Deputy Director of Finance/City Treasurer Sandra Campos, Acting Recording Secretary
Michael Ross, Chief Executive Officer, Pasadena
Center Operating Company
APPROVAL OF MINUTES It was moved by Councilmember Williams and seconded by Vice Mayor Wilson, to approve the minutes of the May 23, 2022 Special Meeting and the June 13, 2022 cancellation notice, as submitted:
AYES: Chair Gordo, Vice Mayor Wilson, and Councilmember Williams
NOES: None
ABSENT: None
ABSTAIN: None
NEW BUSINESS LOAN TO THE PASADENA CENTER OPERATING COMPANY (PCOC) TO
FUND CAPITAL IMPROVEMENT PROJECTS
Matthew Hawkesworth, Director of Finance, provided introductory comments, and Vic Erganian, Deputy Director/City Treasurer, provided a PowerPoint presentation and responded to questions.
Councilmember Williams inquired about the feasibility for the PCOC to receive funding from the state legislature to address some of their maintenance needs. Mr. Hawkesworth, committed to working with the City Managers’ office and lobbyist to include in next year’s platform discussions. Councilmember Williams also requested for an update on the feasibility to refund the 2008A Variable Rate Demand Certificates of
PAGE 11
Participation (PCOC Bonds) at a future Finance Committee Meeting. The Finance Department will conduct future analysis of the option to refinance or terminate the PCOC Bonds and will share the findings at a future Finance Committee Meeting.
Vice Mayor Wilson expressed concern that the loan could become a subsidy and stated that the report needs more transparency. Following a brief discussion he requested the item to come back to the Finance Committee Meeting on September 12, 2022 with an explanation of the PCOC’s reserve policy, the capital maintenance schedule, as well as a list of the projects that the intended loan will fund. Councilmember Williams agreed with the request and added that additional information regarding the Transient Occupancy Tax (TOT) is needed as the TOT is legally pledged to the PCOC Bonds rather than a subsidy.
Chair Gordo echoed Vice Mayor Wilson’s request and added that moving forward similar requests should include the scope of work. Chair Gordo shared that the Tournament of Roses initiated a conversation with Senator Anthony Portantino and Assemblymember Chris Holden to discuss adding historical public buildings in the City to the Mills Act. He hopes that the PCOC and the Rose Bowl Operating Company could benefit from being part of the Mills Act, if historic buildings are added in the future. Lastly, Chair Gordo added that he too, is suggesting the PCOC should conduct an assessment of all its capital improvement needs and seek future strategic opportunities.
Following discussion, it was moved by Vice Mayor Wilson, seconded by Councilmember Williams, to continue the item at the September 12, 2022 Finance Committee Meeting.
AYES: Chair Gordo, Councilmember Williams, Vice Mayor Wilson
NOES: None
ABSENT: None
ABSTAIN: None
INFORMATION ONLY FY 2022 CAPITAL IMPROVEMENT PROGRAM – FOURTH QUARTER
MONITORING REPORT
Chair Gordo provided i
ntroductory comments, and Tony Olmos, Director of
Public Works, responded to questions.
Vice Mayor Wilson asked
if the delay on the Glenarm Generator 1 and
Generator 2 upgrades and replacements project would have an impact on the utilities ability to provide power to the City. A response from the Pasadena Water & Power Department to the Finance Committee, will follow.
On the order of the Chair and consensus of the Committee, the information was received and filed.
PAGE 12
ADJOURNMENT On the order of the
Chair, the special meeting of the Finance Committee
was adjourned at 4:00 p.m.
ATTEST:
Gloria Acevedo
Recording Secretary
Mayor Victor Gordo, Chair
Finance Committee
PAGE 13
PAGE 14
OLD BUSINESS
ITEM 1
LOAN TO THE PASADENA CENTER OPERATING
COMPANY (PCOC) FOR CAPITAL IMPROVEMENT
PROJECTS
PAGE 15
Agenda Report
September 12, 2022
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Department of Finance
SUBJECT: LOAN TO PASADENA CENTER OPERATING COMPANY
(PCOC) TO FUND CAPITAL IMPROVEMENT PROJECTS
RECOMMENDATION:
It is recommended that the City Council:
1. Find that the proposed action is not a project subject to the California Environmental Quality Act (CEQA) as defined in Section 21065 of CEQA and Section 15378 of the State CEQA Guidelines and, as such, no environmental document pursuant to CEQA is required for the project; and
2. Approve a loan to the PCOC for a term of 10-years in an amount not to exceed $2.5 million to be used for future PCOC capital improvement needs, to be repaid from PCOC's operating revenues as further described in this Agenda Report.
BACKGROUND:
Historically, PCOC has had several loans from the City to pay for major renovations and upgrades to the Pasadena Convention Center, Civic Auditorium, and Ice Skating Center. In 1999, the City provided PCOC with a 10-year $1.4 million loan for the renovation of the Conference Center. The loan was paid in full in 2019. Similarly in 2009 and during the construction of the Convention Center, PCOC entered into a $3 million loan agreement with the California Energy Commission to upgrade the HVAC system that allowed the new center to achieve LEED Gold Certification. This specific loan will be paid off in December 2022. Also in 2011, the City provided PCOC with another 10-year loan to build the Pasadena Skating Center and the loan was satisfied and paid in full in 2021.
These short-to-intermediate financing arrangements with the City allowed PCOC MEETING OF _____ _ AGENDA ITEM NO. ____ _
PAGE 16
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PAGE 23
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PAGE 25
PCOC Reserves - August 9, 2022
FY 2023 Budget (in thousands) $12,103
PCOC Funds Goal Actual
Operating Fund 35% 4,240 $ 4,200 $
Operating Reserve Fund 25% 3,030 $ 2,820 $
Capital Replacement Fund 1,000 $ 1,000 $
Total PCOC Funds 8,270$ 8,020$
PAGE 26
Yearl
Year2
Year3
Year4
Years
Year6
Year7
Year8
Year9
Yearl0
PCOC LOAN
DEBT SERVICE SCHEDULE
Debt amount
Rate:
Term:
Paymrnt due
Date
08/08/23
08/08/24
08/08/25
08/08/26
08/08/27
08/08/28
08/08/29
08/08/30
08/08/31
08/08/32
Principal
payment
218,076.27
224,618.56
231,357.11
238,297.83
245,446.76
252,810.17
260,394.47
268,206.31
276,252.49
284,540.03
2,500,000
3%
10 Years
Interest
payment
75,000.00
68,457.71
61,719.16
54,778.44
47,629.51
40,266.10
32,681.80
24,869.96
16,823.78
8,536.24
ATTACHMENT C
Total Outstanding
payment Balance
293,076.27 2,281,923.73
293,076.27 2,057,305.17
293,076.27 1,825,948.06
293,076.27 1,587,650.23
293,076.27 1,342,203.47
293,076.27 1,089,393.30
293,076.27 828,998.83
293,076.27 560,792.52
293,076.27 284,540.03
293,076.27 0.00
PAGE 27
Department of Finance
Loan to Pasadena Center Operating
Company (PCOC) To Fund Capital
Improvement Projects
Vic Erganian
Deputy Director of Finance /Treasurer
September 12, 2022
Finance Committee Item 1; City Council Item
XX
PAGE 28
Department of Finance
Recommendation
1. Find the proposed action is not a project subject to CEQA as defined in Section 21065 of CEQA, and as such, no
environmental document pursuant to CEQA is required
for the project.
2. Approve a loan to the PCOC for a term of 10-years in an amount not to exceed $2.5 million to be used for future PCOC capital improvement needs.
2 PAGE 29
Department of Finance
3 • Historically, PCOC has had several loans from the City to finance major capital project
s:
- Upgrades to the Pasadena Convention Center
- Civic Auditorium
- Ice Skating Center
• These short-to-intermediate financing arrangements allowed PCOC to achieve its capital improvement objectives without the need for expensive capital/public financings in the financial market or from private banks.
• Proceeds of the recommended loan will be used to help fund major capital improvement projects including waterproofing and painting of the Civic Auditorium, interior painting, and other needs as they arise.
PAGE 30
Department of Finance
Fiscal Impact
• The loan will be structured as a 10-year debt;
• The loan will bear
an interest rate equal to the 10-year US Treasury
yiel
d currently at 3%;
• The loan will be funded from the City’s Pooled cash;
• Interest received from the loan will be credited to the pooled portfolio and distributed to all
participating funds in the pool;
• The annual debt service on the loan will be $293,076.27; • The loan will be paid from PCOC’s operating revenues commencing on the 1
st anniversary date of funding the loan; and
• There will be no prepayment penalties and PCOC will be able to pay off the balance prior t
o the maturity date at any time from its operating
revenues or from proceeds of future bond issues.
4 PAGE 31
NEW BUSINESS
ITEM 2
AMENDMENTS TO FISCAL YEAR 2023
CAPITAL IMPROVEMENT PROGRAM BUDGET
PAGE 32
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PAGE 38
Department of Public Works
Amendments to Fiscal Year 2023
Capital Improvement Program Budget
Finance Committee Item 2
September 12, 2022
PAGE 39
Department of Public Works
Recommendations
1. Find the proposed actions are not “projects” as
defined in the
California Environmental Quality Act
(CEQA), Public Resources Code Section 21065 and
Section 15378(b)(4) and (5) of the State CEQA
Guidelines and, as such, are not subject to
environmental review; and
2. Amend the Fiscal Year 2023 Capital Improvement
Program (CIP)
Budget as detailed in Attachment A of
this report.
2 PAGE 40
Department of Public Works
Public Works Projects
3 Project Funding Source Change ($)
1 Building Maintenance FY 2021-2025 (71903) Private Capital $6,422 2 Parking Lot Improvements at City Facilities FY
2019-2023 (71909)
Safe, Clean
Water Fund
$100,000
3 Playhouse District Park and Parking Lot
(78083)
Private Capital $5,000
4 Annandale Canyon Open Space (78240) RIF $4,157
5 Playground Surface Replacement – Villa
Parke and Brookside Park (78090)
RIF $25,000
PAGE 41
Department of Public Works
Public Works Projects
4 Project Funding Source Change ($)
6 Hamilton Park Field Improvements – Design
Phase (78070)
RIF $50,000
7 Jackie Robinson Field Foul Ball Netting
(77902)
RIF $6,500
8 Curb Ramp ADA Improvements Program – FY
2022-2026 (73937)
Pedestrian Crossing Enhancements Program
FY 2021-2025 (75112)
Reserve from
Key Projects
Reserve from
Key Projects
$23,050
($23,050)
PAGE 42
Department of Public Works
Transportation Projects
5 Project Funding Source Change ($)
9 ITS Phase I – Video Detection System and
Fiber Optic Communication (75913)
Traffic Reduction
Fee
$73,615
10 Complete Streets Project – N. Hill Ave from
North City Limits to Villa St (75093)
MTA Multi-Year
Subregional
Program
$364,980
11 Installation of Pedestrian Hybrid Beacon at
Washington Blvd and Hudson Ave (75512)
Measure M MSP $500,000
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Department of Public Works
Public Health Projects
6 Project Funding Source Change ($)
12 Public Health Building Restrooms – ADA
Improvements
Community
Development
Block Grant
Health
Administration
Funds
$75,000
$25,000
PAGE 44
Department of Public Works
Rose Bowl Operating Company
Projects
7 Project Funding Source Change ($)
13 Brookside Golf Course & Clubhouse
Preventative Maintenance
RBOC Restricted
Capital Fund
Green Fee Fund
$500,000
$27,000
14 Rose Bowl Stadium Major Capital
Improvement Projects
RBOC Restricted
Capital Fund
$300,000
PAGE 45
Department of Public Works
Fiscal Impact
• Net increase to the FY 2023 CIP Budget by
$2,062,694
8 PAGE 46
NEW BUSINESS
ITEM 3
AUTHORIZATION TO ENTER INTO A CONTRACT WITH
ENSEMBLE REAL ESTATE INVESTMENTS FOR PARKING
SPACES IN THE PASEO COLORADO SUBTERRANEAN
GARAGE
PAGE 47
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PAGE 49
Authorization To Enter Into A Contract With Ensemble Real Estate Investments For Parking Spaces In The Paseo Colorado Subterranean Garage
September 12, 2022
FISCAL IMPACT:
Under the current occupancy based agreement, Ensemble pays an average of approximately $14,000 per month for parking. This agreement will slightly reduce annual revenues by approximately $18,000, but will provide the City a more consistent revenue stream, especially during downturns in hotel occupancy. Parking Division staff estimates the total revenue for the 55 year term of the agreement to be approximately $16,500,000.
Parking Manager
Approved by:
�.Y �==
MI ARQUEZ
City Manager
LA
Director
y sub_mitted,
Department of Transportation
PAGE 50
Department of Transportation
AUTHORIZATION TO ENTER INTO A CONTRACT
WITH ENSEMBLE REAL ESTATE INVESTMENTS
FOR PARKING SPACES IN THE PASEO COLORADO
SUBTERRANEAN GARAGE
Finance Committee Item # 3
City Council Item #
September 12, 2022
PAGE 51
Department of Transportation
2 • Find this action is exempt under t he California
Environmental Quality Act (CEQA); and
• i). Authorize the City Manager to execute a contract with Ensemble Real Estate Investments (Ensemble) to provide
up to 140 parking spaces at the rates detailed in this
report for parking for the Hyatt Hotel in the Paseo
Colorado Garage for a term of 55 years and ii) grant the proposed contract an exemption pursuant to Pasadena
Municipal Code Section 4.08.049(B) contracts for which
the City’s best interests are served.
PAGE 52
Department of Transportation
Background
• Ensemble Real Estate Investments (Ensemble) opened the Hyatt Hotel at Paseo C
olorado Mall in 2018.
• Through terms of Parking Operations and Maintenance Agreement (POMA), Ensemble w
as provided with access to 99 reserved
parking spaces.
• Ensemble agreed to pay City $6 per vehicle per night in reserved spaces.
• Ensemble desires access to additional spaces for meetings and events and to create a more stabl
e parking expense.
• Ensemble has utilized overflow parking and was billed accordingly, but monthly expense varied
based upon usage.
3 PAGE 53
Department of Transportation
Background
4 Commencement Date Annual Parking Fee Monthly Parking Fee Years 1-5 $150,000 $12,500
Years 6-10 $165,000 $13,750
Years 11-15 $180,000 $15,000
Years 16-55 See Below
PAGE 54
Department of Transportation
Fiscal Impact
5 • This agreement prov
ides a more consistent revenue
stream for the City while stabilizing expenses for
Ensemble.
PAGE 55
NEW BUSINESS
ITEM 4
ACCPETANCE OF C
ALIFORNIA OFFICE OF
TRAFFIC SAFETY GRANT FOR THE
PEDESTRIAN AND BICYCLE SAFETY
PROGRAM
PAGE 56
PAGE 57
PAGE 58
PAGE 59
Department of Transportation
Office of Traffic Safety (OTS) Pedestrian and
Bicycle Safety Program Grant Acceptance
Finance Committee Item # 4
City Council Item #
September 12, 2022
PAGE 60
Department of Transportation
Recommendation
• Find that acceptance of this grant is exempt from the California Environment
al Quality Act (CEQA), Section
15061 (b)(3) of the State CEQA Guidelines; and
• Authorize the City Manager to enter into an agreement with the California
Office of Traffic Safety (OTS) to receive
Fiscal Year 2023 grant funding for the Pedestrian and
Bicycle Safety Outreach Program in the amount of
$187,000 and any subsequent agreements regarding this
grant award; and
2 PAGE 61
Department of Transportation
Recommendation (cont.)
• Amend the Department of Transportation’s FY 2023
Operating Budget to recogni
ze and appropriate $187,000
in grant funds awarded by OTS for the Pedestrian and
Bicycle Safety Outreach Program as detailed in the Fiscal Impact section of this report.
3 PAGE 62
Department of Transportation
Background
• The City applied for funds through the California
Office of Traffic Saf
ety (OTS) in January 2022 for
the Safer Streets Pasadena – Bicycle Safety
Outreach Program.
• The City was awarded $187,000 in OTS Grant
F
unds for this proposed program for the period of
October 1, 2023 through September 30, 2023.
• This grant is part of the California Traffic Safety
Program and was
made possible through the
support of OTS and the National Highway Traffic
Safety Administration (NHTSA)
4 PAGE 63
Department of Transportation
Previous OTS Campaigns - 2019
5 PAGE 64
Department of Transportation
Previous OTS Campaigns - 2021
6 PAGE 65
Department of Transportation
Council Policy Consideration
• Project is consistent with the following objectives
of th
e Mobility Element:
> Enhance Livability
> Encourage walking, biking and other alternatives to motor vehicles. • Addresses two policies of the Mobility Element:
> Policy 1.23 - Improve public health by supporting walking and bicycling throughout the City.
> Policy 2.12 - Continue to develop speci alized educational campaigns and informational materials to improve safety for pedestrians and bicyclists. 7 PAGE 66
Department of Transportation
Fiscal Impact
• OTS Grant is a non-matching grant.
• Grant
Award of $187,000 will be reflected in revenue
account 10124003-649700-95093 and costs
for the
programs will be appropriated in the expenditure account 10124003-811400-95093.
• City staffing costs to manage this program are minimal and will be absorbed wi
thin the Department of
Transportation’s operating budget.
• It is anticipated that the entire grant award amount of $187,000 will be expended by
the end of September 2023
when the program is complete.
8 PAGE 67
NEW BUSINESS
ITEM 5
DEFINE THE PROCESS AND PRINCIPLES FOR USE
OF THE ANNEX BUILDINGS WITHIN
HAHAMONGA WATERSHED PARK
PAGE 68
j
PA^0./^
~s.
0 * ^
z
<o 0
0 ^^ -0
0 Agenda Report
September 12,2022
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Parks, Recreation and Community Services Department SUBJECT: DEFINE THE PROCESS AND PRINCIPLES FOR USE OF THE ANNEX
BUILDINGS WITHIN HAHAMONGNA WATERSHED PARK
RECOMMENDATION:
i
i
It is recommended that the City Council:
1. Find that the proposed action herein is exempt from the California Environmental Quality Act (CEQA) pursuant to CEQA guidelines Section 15061(b)(3) (Common Sense Exemption);
2. Approve, in concept, the allowable uses of the Hahamongna Annex buildings in accordance to the Hahmongna Watershed Park Master Plans;
3. Approve criteria for selecting tenant(s) allowed to submit proposals to use the vacant Hahamongna Annex buildings.
BACKGROUND:
In 1993, Hahamongna Watershed Park was established (HWP) when the park's ownership, maintenance, and operations reverted back to the City from Los Angeles County. The City, in turn, agreed to sell 30 acres of the land to the Metropolitan Water District (MWD) for the price of $430,000 for the intended purpose of a water treatment plant installation. However, MWD decided not to build the water treatment plant.
In November 2005, the City re-acquired the 30 acre property from the MWD for a purchase price of $1.2 million under the California Surplus Lands Act. As part of the purchase, City Council approved and adopted a resolution to use the property as a park or recreation space in accordance with the Surplus Land Statue. Today, this area referred to as the Hahamongna Annex, includes four tenants and one vacant area.
The vacant area was previously used by the U.S Forestry Services and contains eight buildings.
MEETING OF.AGENDA ITEM NO.
PAGE 69
Hahamongna Annex - Define the process to obtain tenants September 12, 2022
The four existing tenants include:
Arroyo Seco Foundation Nursery;
Rose Bowl Riders;
Tom Sawyer Camp; and
Los Angeles County Fire Camp 2
In 2006 the Department of Public Works began a public planning process to determine the best uses for the Hahamongna Annex. This process included community outreach and the assistance of the National Park Service, Rivers, Trails, and Conservation Assistance (RTCA) Program.
The following timeline outlines the various milestones of the Annex planning process. • In 2006 City staff hosted the HWP Annex Celebration and Open House, developed and disseminated a questionnaire for existing tenants, and hosted three community workshops that focused on developing a vision statement, hearing issues and concerns from the public, and developing goals and objectives. These outreach meetings and discussions led to the adoption by the City Council of the Hahamongna Watershed Park Master Plan Addendum on February 1,2010.
In 2007 the City began discussions with the tenants regarding future leases, and the City Council conceptually approved the Proposed Amendments to the Goals and Objectives of the Hahamongna Watershed Park Master Plan.
In 2008 the City completed a Capacity Analysis to assist in the effort to find the optimum carrying capacity of specific use areas within the Annex property and held one additional community meeting. Also, a preliminary evaluation of existing structures was completed by Public Works to determine the extent of repairs needed to bring the buildings up to code.
The eight former US Forest buildings have been vacant since 2004 and have fallen into disrepair. In June 2022, a City consultant prepared a conceptual level cost estimate to bring all eight buildings to an operable shell. The cost estimate excluded all tenant improvements, site work and exterior utility service work that may be required prior to occupancy. Cost estimates ranged from $450,000 to $950,000 ($325 to $425 per square foot) to rehabilitate each of the six residential units and approximately $30,000 to improve each of the two warehouse units for a total cost of approximately $4 million for all of the buildings - not including interior tenant improvements and utitlity service that may be required. A realistic total for all of the buildings to be "move-in" ready could easily be $6 million. For comparison, new construction is estimated in the range of $700 to $800 per square foot (not including site work or exterior utilities that might be needed) based on recent bids for other projects.
PAGE 70
hlahamongna Annex - Define the process to obtain tenants September 12, 2022
RFP Concept
Staff recommends the City select tenants and uses for the vacant Hahamongna Annex buildings by utilizing a request for proposal (RFP) process. The RFP would only allow proposals that abide by the terms in the City Council-approved resolution when the property was purchased from MWD, which mandates the area is used as a park or recreation space. Further, allowable uses must fall within the scope of those defined in the 2010 Hahamongna Watershed Park Master Plan Addendum regarding the acquired annex area.
The allowable uses include:
Nature and natural resources
Watershed management
Native American history
Outdoor experiential education
Water resources and conservation
Habitat restoration, enhancement, and/or preservation
Ecosystems
Sustainability
• Open space conservation
Horsemanship
Enjoyment of the Outdoors
Allowable Proposer(s)
Given this rare opportunity to shape the use of public land, Council may want to limit the types of entities eligible to submit proposals. This unique public land should not be used for commercial purposes, so for-profit entities should be precluded. The potential uses would best be performed by a non-profit organization(s) whose mission and purpose align with the uses described above. Some characteristics the proposers should possess include:
Non-profit organization or group of organizations;
Proven track record of providing intended services in the public sector;
PAGE 71
Hahamongna Annex - Define the process to obtain tenants September 12, 2022
Fiscally sound;
•
•
Ability to operate and maintain the public land and buildings to City standards at no cost to the City;
Demonstrated ability to perform desired tenant improvements without cost to the Willing to commit to a long-term lease agreement of at least 15 years; The entity's mission statement/business plan falls within one or more of the allowable uses listed above;
Understanding and appreciation of the Hahamongna area and will be good stewards of the land;
Provide a quantifiable public benefit to that serves Pasadena residents, particularly youth; and
Provide direct public services and won't utilize the area and buildings solely for office or administration purposes.
In addition, the successful proposer(s) would need to complete all requirements of the Planning and Community Development Department, including obtaining a Conditional Use Permit (CUP) and any environmental review that might be required by the California Environmental Quality Act.
Role of Hahamonana Watershed Park Advisory Committee (HWPAC) As the body that advises the City Council on matters related to Hahamongna Watershed Park, the (HWPAC) should be involved in the recommendation of tenant(s) for the Annex buildings. The committee's specific roles could include reviewing the draft RFP before it is advertised, selecting a HWPAC Committee member to assist in evaluating proposals, hosting or designating a meeting to receive public input on the proposals received, and working within the community to bring qualified proposers to the table.
COUNCIL POLICY CONSIDERATION:
This action is consistent with the City Council's goals to improve, maintain, and enhance public facilities and infrastructure and to support and promote the quality of life and local economy.
ENVIRONMENTAL ANALYSIS:
This action is exempt from the CEQA pursuant to State CEQA Guidelines Section 15061(b)(3), the Common Sense Exemption (formerly the general rule) that CEQA
PAGE 72
Hahamongna Annex - Define the process to obtain tenants September 12, 2022
applies only to projects which have the potential for causing a significant effect on the environment.
FISCAL IMPACT:
As indicated above, the buildings have been largely vacant for nearly 20 years and have fallen into disrepair. Since the rehabilitation of all of the buildings could cost in excess of $6 million dollars, the City, in consultation with the selected organization(s), would need to identify which buildings to rehabilitate and then develop a refined cost estimate. Staff recommends a matching approach to the fund this project, requiring the selected user to pay for a portion of work and the City to pay for the balance. Identifying available grants and potential consideration of American Rescue Plan Act (ARPA) funds will all be evaluated as part of the future efforts.
Respectfully submitted,
^
/BRENDA HARVEY-WILU^S, Director
Parks, Recreation & Cofamuriity Services
Prepared by:
rrettirrett Crawford
Parks Superintendent
Approved by:
^•J_, A-
.UEJJVlARQUEZMIGUE
City Manager
PAGE 73
Parks, Recreation and Community Services Department
DEFINE THE PROCESS AND PRINCIPLES
FOR USE OF THE ANNEX BUILDINGS WITHIN
HAHAMONGNA WATERSHED PARK
Finance Committee Item #5
City Council Item #18
September 12, 2022
PAGE 74
Parks, Recreation and Community Services Department
Recommendations
1. Find proposed action exempt from CEQA pursuant
to State Guidelines Section 15061(b)(3);
2. Approve, in concept, allowable uses of
Hahamongna Annex buildings in accordance to
Hahamongna Watershed Park Master Plans;
3. Approve criteria for selecting tenant(s) allowed to
submit proposals to use vacant Hahamongna
Annex buildings
2 PAGE 75
Parks, Recreation and Community Services Department
Background
• 1993 – Hahamongna Watershed Park established
when park’s ownership, reverted back to City from
LA County
• 1993 – City sold 30 acres of land to MWD for $430k
to use as a water treatment plant installation
• 2005 – City re-acquired 30 acres from MWD for
$1.2M (water treatment plant never built). Area
known as Hahamongna Annex
3 PAGE 76
Parks, Recreation and Community Services Department
Background
• Hahamongna Annex, includes 4 tenants & 1
vacant area
• Current tenants:
> Arroyo Seco Foundation Nursery
> Rose Bowl Riders
> Tom Sawyer Camp
> Los Angeles County Fire Camp 2
• Vacant area: 8 former US Forestry Services
buildings vacant since 2004
4 PAGE 77
Parks, Recreation and Community Services Department
Annex
5 PAGE 78
Parks, Recreation and Community Services Department
Vacant Annex Buildings
• Vacant building have fallen into disrepair
• June 2022 – consultant prepared conceptual
cost estimates of $450K - $950K each to
rehab 6 residential units & $30K each to
improve 2 warehouse units
• Approximately $6M is realistic total to bring
all buildings to “move-in” condition
6 PAGE 79
Parks, Recreation and Community Services Department
RFP Concept
• Allowable uses per MWD purchase agreement &
2010 HWP Master Plan Addendum
> Park or recreation space
> Nature & natural resources
> Watershed management
> Native American history
> Outdoor experiential education
7 PAGE 80
Parks, Recreation and Community Services Department
RFP Concept (cont’d)
> Water resources & conservation
> Habitat restoration, enhancement &/or
preservation
> Ecosystems
> Sustainability
> Open space conservation
> Horsemanship
> Enjoyment of outdoors
8 PAGE 81
Parks, Recreation and Community Services Department
Proposer Characteristics
• Council may want to limit types of eligible
proposers to:
> Non-profit organization(s)
> Proven track record of providing intended
services in public sector
> Fiscally sound
> Ability to operate & maintain land & buildings at
no cost to City
9 PAGE 82
Parks, Recreation and Community Services Department
Proposer Characteristics (cont’d)
> Can perform tenant improvements at no cost to
City
> Will commit to lease of 15+ years
> Mission statement/business plan falls within
allowable uses
> Understands & appreciates Hahamongna area
& will be good stewards of land
> Provides quantifiable public benefit to
Pasadena residents particularly youth
10 PAGE 83
Parks, Recreation and Community Services Department
Proposer Characteristics/Abilities
> Provides direct public services & won’t utilize
area & buildings solely for office or
administration purposes
> Can complete all Planning Dept requirements
e.g.
Obtain CUP
CEQA environmental review
11 PAGE 84
Parks, Recreation and Community Services Department
HWP Advisory Committee
• HWPAC role
> Review draft RFP before it is advertised
> Select a member to assist in evaluating
proposals
> Host meeting to receive public input on
proposals received
> Work to identify qualified proposers
12 PAGE 85
Parks, Recreation and Community Services Department
Fiscal Impact
• None at this time
• Building rehab costs likely $6M+
• City & selected tenant(s) will identify
building(s) to rehab & then develop refined
c
ost estimate & cost sharing
• Identify grants & potentially consider ARPA
funds
13 PAGE 86
Parks, Recreation and Community Services Department
Current Conditions
14 PAGE 87
Parks, Recreation and Community Services Department
Current Conditions
15 PAGE 88
Parks, Recreation and Community Services Department
Current Conditions
16 PAGE 89
NEW BUSINESS
ITEM 6
QUARTERLY INVESTMENT REPORT - QUARTER
ENDING JUNE 30, 2022
PAGE 90
I
PA^b^0
^^^
07 * *
(0 z
03 0<D 0
"-A^ -0^ 0^ ?^rED
Agenda Report
September 12, 2022
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Department of Finance
SUBJECT: QUARTERLY INVESTMENT REPORT - QUARTER ENDING
JUNE 30, 2022
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.09/12/22AGENDA ITEM NO..10
PAGE 91
Quarterly Investment Report- Quarter Ending June 30,2022 September 12, 2022
Economic Summary
40 30
20 10
0 -10
-20
-30
-40
33.8GDP Growth Rate
-5.1
?Mzoi:SG.~
6.7 6.3 4.52.3
6.9 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 -1.6 -0.9
-31.2
The U.S. economy began losing momentum heading into the second half of the year.
Gross Domestic Product (GDP) fell at a 0.9% annualized rate during the second quarter of 2022 after a 1 .6% decline in the first three months of the year. The Bureau of Economic Analysis attributed the recent decline in GDP to the decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment. It is important to note that by definition, two consecutive quarters of GDP contraction have been previously considered a recession. Currently, the labor market remains buoyant and comments from the Chair of the Federal Reserve Bank (Fed) stated that there are too many areas of the economy that are performing too well to officially declare a recession.
The drumbeat of recession grew louder after the economy shrank for a second straight quarter as decades-high inflation undercut consumer spending and Federal Reserve interest rate hikes slowed down business activities and the housing market.
The labor market remained strong. The U.S. economy added 528,000 jobs in July, more than double market's expectations of 250,000 and unemployment dropped from 3.6% in June to 3.5% in July, returning to its pre-pandemic level. Average hourly earnings rose
5.1% year-over-year in June, adding to broader inflationary pressures in the economy.
California's unemployment rate fell to 4.2% in June 2022, according to the State of California Employment Development Department (EDD). As of June 30, 2022 the unemployment rate in the County of Los Angeles was reported at 5.2% and 4.5% in the City of Pasadena.
PAGE 92
Quarterly Investment Report - Quarter Ending June 30, 2022 September 12, 2022
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US CPI Urban Consumers YoY NSA 8.5
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llllllllllllllll ,..llt^*l -iu-.iu.w.._ -,^iy*»->/..-^llil-'jr.(l.-.^--ll.ull.iti.ji*i..-ill- i,»lu.. ^4jli..liJIt* If
2012 | 2013 ! 20:14 I 2015 ! 2016 | 2017 | 2018 | 2019 | 2020 ! 2021 i 2022 The year-over-year Consumer Price Index (CPI), which measured at 9.1% in June, the highest level recorded in more than 40 years, sent shockwaves and fear in the financial markets. Notwithstanding the Fed's efforts to combat inflation, CPI increased 1.3% just in the month of June, according to the Bureau of Labor Statistics (BLS) report. The same report noted the increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors. Despite inflation impacting the U.S. economy, the University Of Michigan's survey of consumers' expectation of change in Inflation rate in June 2022 was estimated at 5.3% for next year and 3.1% in five-years, signaling consumer optimism in future decreases in inflation. Fortunately, the year-over-year CPI came in at 8.5% in July, better than analysts' expectation and brought some relief to most market participants. While some economists strongly believe that the worst is behind us, others believe it is too soon to come to that conclusion and the more relevant concern should be whether the economy will re-inflate and whether the Federal Resen/e's efforts to tame inflation ultimately cause the U.S. economy to slide into a recession.
Economic pundits have not been as optimistic and have remained critical of the Fed's slow action and initial transitory definition. Despite its critics, the Fed has remained cautious in its approach and increased interest rates by 0.50% on May 5, 2022, then by
0.75% on June 16, 2022, and again 0.75% on July 27, 2022. At the end of June, the Fed balance sheet decreased slightly to $8.913 trillion and has affirmed its commitment to continue to gradually bring its balance down.
PAGE 93
Quarterly Investment Report - Quarter Ending June 30, 2022 September 12, 2022
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CoovriohtB 2022 Bloomberq Finance L.P.
02/01/202305/03/202307/26/202311/01/2023 01/31/2024
lO-Auq-2022 15:36-09
The above implied overnight rate graph indicates the financial market's current expectation and pricing of several rate hikes reaching a Fed Funds rate of 3.5% level by March 2023 followed by gradual cuts to normalize it at 3% by December 2023.
Housing Starts dropped 2% in June after declining 14.4% in May and Building Permits were down 0.6% in June after dropping 7% in May. At the end of June 2022, Realtor.com reported the inventory of active listings was down 34.1% compared to June 2020, the early days of the COVID-19 pandemic and down 53.2% compared to June 2019. It also reported for the same month that the national median listing price for active listings was $450,000, up 16.9% compared to last year and up 31.4% compared to June 2020. According to Zillow, the value of a typical house in Pasadena has gone up 14.2% in the last year and is now at $1,199,000.
The one-year Treasury Bill ended the quarter yielding 2.742% as of June 30, 2022, compared to 0.06% a year ago and 1.595% at the end of March 2022. The longer maturities rates have continued to rise, with the five-year yield ending at 3.038% compared to 0.88% a year ago and 2.460% at the end of March. The thirty-year treasury yield closed at 3.183% on June 30, 2022, compared to 2.08% a year ago and
2.448% at the end of March.
Similar to the bond market, the stock market continued to decline, had one of its worst quarterly performance, and crossed into bear market territory as it priced in the Fed rate hikes, the supply chain challenges, and the continued war in Ukraine. The Dow Jones Industrial Average dropped 11.25% during the quarter, the S&P closed down 16.44% and the NASDAQ fared the worst of major indices with a 22.44% decline for the quarter ending June 30, 2022.
PAGE 94
Quarterly Investment Report - Quarter Ending June 30,2022 September 12, 2022
Total Funds Under Management
The table below represents total City funds under management based on their market values as of June 30, 2022.
Pooled Investment Portfolio
Capital Endowment
Stranded Investment Resen/e Portfolio
Special Funds
Investments Held with Fiscal Agents
PARS Section 115 Trust
Total Funds Under Management
6/30/20223/31/2022 $Change
$636,590,947
1,885,618
41,862,302
33,474,134
38,889,878
13,917,432
$596,834,937
2,022,906
43,684,837
36,975,898
48,617,721
15,158,648
39,756,010
(137,288)
(1,822,535)
(3,501,764)
(9,727,843)
(1,241,216)
$766,620,311 $743,294,947 23,325,364
The Pooled Investment Portfolio value increased by a net $39,756,010 due to the following transactions during the quarter:
Net Investment Earnings (Fair Market Value Change plus Interest Income) | $ (5,154,012) Deposits and Credit Card Receipts119,144,317
ARPA Funds26,312,988
Property Tax Revenues45,817,275
Sales Tax and Other State Apportionments18,883,880
HDD Receipts Net of Payments and Loans2,041,142
Payroll and Payroll-related Expenses(71,587,742)
Vendor Payments and Accounts Payable Checks(54,303,670) Debt Service Payments Net of Reimbursements and Subsidies(24,242,955) Water and Power Payments Net of Receipts(23,579,334)
Net Transfer from Other Funds3,148,121
Drawdown from 2020A Water Revenue Project Fund1,899,000 Drawdown from 2021 A Water Revenue Project Fund1,377,000 Total$ 39,756,010
PAGE 95
Quarterly Investment Report - Quarter Ending June 30, 2022 September 12, 2022
The Capital Endowment Fund decreased by $137,288, representing $13,288 in net investment earnings for the period adjusted by the market value change of investments and a $124,000 drawdown for capital project expenses in June 2022.
The Stranded Investment Reserve portfolio decreased by $1,822,535 representing $183,224 investment earnings for the period adjusted by $2,005,759 in market value change.
Special Funds decreased by $3,501 ,764. This was due to a drawdown of $1,377,000 from the Water Revenue Bonds 2020A series Project Fund, a drawdown of $1,899,000 from the Water Revenue Bonds 2021A series Project Fund, a drawdown of $94,530 from Frontier and a net change in investment value of $131,234.
Investments held with fiscal agents decreased by $9,727,843 representing the withdrawal of $2,000,000 from Southern California Public Powers Authority (SCPPA) held investments to pay the billing for April and June 2022, payment of a total $3,893,410 in debt service by the bond trustee related to the 2008 Paseo Bonds, 2010 ABCD Rose Bowl Bonds, the 2016A Rose Bowl Bonds, and an adjustment of $3,834,433 for market value change in investments.
The PARS Section 115 Trust account decreased by $1,241,216. The change was comprised of $1,223,029 of market value decrease of investments and $18,187 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 June 30, 2022, the General Fund's investment balance was estimated at $82 million representing 12.89% of the June 30, 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 June, 2022 the portfolio's effective duration was 2.04 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 June 30, 2022. On a monthly basis, the City Treasurer prices the pooled portfolio and alt 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 service is to provide market prices for all types of securities.
PAGE 96
Quarterly Investment Report- Quarter Ending June 30,2022 September 12, 2022
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) 2023 Investment Policy, which was adopted by the City Council on June 20, 2022 and Section 53600 of the State Government Code. The City Treasurer targets to maintain an excess of $60 million short-term, liquid investments (1 to 90 day maturities), which represents approximately 1/12th of the City's total aggregate annual Operating Budget. As of June 30,2022, the portfolio had $99.8 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 began increasing in April and is currently at
1.13% rate compared to the 0.78% yield last quarter end. As the financial markets have priced in additional Fed rate hikes and overall yields have increased, 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 0.82%.
The graph below represents the historic effective yield of the Pooled Portfolio over the twelve-month period ending July 31, 2022:
Yield
1.20%
1.00%
0.80%
0.60%
0.40%
0.20%
0.00%
July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July
21 21 2121 21212222 22 22222222
COUNCIL POLICY CONSIDERATION:
This quarterly report supports the City Council's strategic planning goal to maintain fiscal responsibility and stability.
PAGE 97
Quarterly Investment Report- Quarter Ending June 30,2022 September 12, 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,
n
^
MATTHEW g/HAWKESWORTH
Director of Finance
Prepared by^
/
Vie Erg^anian
Depute Director of Finance/City Treasurer
Approved by:
rL.
MIGUEJ^ftflARQUEZ
City Manager
Attachment: (1)
Attachment A - Quarterly Investment Report - Quarter Ending June 30,2022
PAGE 98
City of Pasadena
Quarterly Investment Report
Quarter Ending 6/30/2022
Prepared by the Department of Finance
Treasury Division
Attachment A
PAGE 99
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 100
I. Pooled Investme
nt Portfolio
PAGE 101
CITY OF PASADENA
Treasurer's Pooled Investment Portfolio
Vicken Erganian
City Treasurer
June 2022
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 June 20, 2022. 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 6/30/2022
TYPE MARKET VALUE PERCENT
Money Market - Collateralized 450 0.00%
Certificates of Deposit 1,250,000 0.20%
Municipal Bonds 37,894,352 5.96%
Corporate Bonds 88,723,960 13.97%
Amortized Zero Coupon Bonds 4,889,495 0.77%
Federal Agencies 309,987,950 48.79%
US Treasury Securities 47,378,325 7.46%
Supernationals 23,671,985 3.73%
Commercial Paper 9,878,450 1.55%
Money Market-CAMP 74,454,313 11.72%
US Treasury Securities Disc 9,772,180 1.54%
LAIF 25,429,165 4.00%
Cash in Bank 1,995,534 0.31%
TOTALS: 635,326,160 100.00%
Accrued Interest Receivable 1,264,787
GRAND TOTAL: 636,590,947
PORTFOLIO LIQUIDITY AS OF 6/30/2022
Percent of
Aging Interval Par Value Portfolio
0-30 Days 105,179,463 15.68%
31 days - 1 Year 65,155,000 9.71%
1 - 2 Years 111,820,000 16.67%
2 - 3 Years 172,567,778 25.72%
3 - 4 Years 184,923,000 27.56%
4 - 5 Years 31,250,000 4.66%
Over 5 Years - 0.00%
TOTAL: 670,895,241 100.00%
Jun-22 May-22 Apr-22 Mar-22 Feb-22 Jan-22
Month-End Market Value 636,590,947 626,359,828 612,499,058 596,834,937 612,258,268 616,238,689 Modified Duration 2.04 2.12 2.17 2.30 2.37 2.37
Weighted Average Maturity 2.15 2.22 2.28 2.40 2.43 2.44 Current Book Yield to Maturity 1.039% 0.901% 0.826% 0.757% 0.756% 0.731% Effective Yield - Year to Date 0.820% 0.800% 0.800% 0.790% 0.800% 0.810% Interest Earned 496,172 443,436 407,253 371,790 383,769 367,989 Fiscal Year To Date Interest Earned 4,657,256 4,161,083 3,717,648 3,310,395 2,938,605 2,554,836 Fair Value Change Gain/(Loss) (3,328,870) 2,129,684 (5,350,921) (10,636,109) (3,030,927) (5,204,973) Fiscal Year To Date change in fair value (30,842,193) (27,513,323) (29,643,007) (24,292,085) (13,655,977) (10,625,050) Total Fiscal YTD Earnings (26,184,937) (23,352,239) (25,925,359) (20,981,690) (10,717,372) (8,070,214)
PORTFOLIO STATISTICS
MMF-Collateral
0.00%
Certificates of
Deposit
0.20%
Muni
5.96%
Corp Bond
13.97%
Amortized Zero
Coupon Bonds
0.77%Fed Agency
48.79%
US Treasury
7.46%
Supranationals
3.73%
Commercial
Paper
1.55%
Money Market-
CAMP
11.72% US Treasury
Securities Disc
1.54%
LAIF
4.00%
Cash in Bank
0.31%
1 PAGE 102
YTM
365Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
LAIF
0.990Local Agency Investment Fund864 2,358,558.09 2,358,558.09 0.9902,358,558.09SYS864 1
0.990LAIF-COVID Relief Funds Acct14053 23,070,607.19 23,070,607.19 0.99023,070,607.19SYS14053 1 25,429,165.2825,429,165.2825,429,165.2838,525,831.95Subtotal and Average 0.990 1 Money Market Fund-CAMP
1.421California Asset Management Pr13824 74,454,313.24 74,454,313.24 1.40274,454,313.24SYS13824 1 74,454,313.2474,454,313.2474,454,313.2457,905,913.24Subtotal and Average 1.421 1 Collateralized Money Market
0.100EAST WEST BANK13067 450.15 450.15 0.100 450.15SYS13067 1 450.15450.15450.15450.15Subtotal and Average 0.100 1
Municipal Bonds
1.550La Canada Unified School Distr13805 500,000.00 500,000.00 08/01/2022 1.55004/28/2020 499,625.00 Aa1502516QW0 31
1.863South Pasadena Unified School13749 230,000.00 230,583.85 08/01/2022 5.00012/12/2019 230,483.00 Aa2839278JV1 31
1.125Upper Santa Clara VY CA JT PWR13987 2,725,000.00 2,723,637.50 08/01/2022 0.52505/16/2022 2,721,920.75 AA916544ER6 31
0.653Chino Public Financing Authori13924 1,000,000.00 1,000,000.00 09/01/2022 0.65303/25/2021 997,610.00 AA169548FH2 62
0.848Ventura Cnty CA Public Fing Au13818 750,000.00 750,000.00 11/01/2022 0.84806/11/2020 746,452.50 Aa1923078CS6 123
2.364RIVERSIDE CALIFORNIA POB13810 1,000,000.00 1,000,000.00 02/15/2023 2.36305/06/2020 993,850.00 AA76913CAX7 229
0.499Beverly Hills PFA13868 500,000.00 500,000.00 06/01/2023 0.49910/15/2020 488,180.00 AA+088006JX0 335
2.361Glendora CA PENSN OBLIG13989 1,450,000.00 1,443,303.57 06/01/2023 1.84805/18/2022 1,432,658.00 AAA378612AD7 335
0.391City of Orange Taxable Pension13915 1,500,000.00 1,500,000.00 06/01/2023 0.39103/15/2021 1,462,710.00 AA684100AB6 335
1.477STATE OF CALIFORNIA13885 1,000,000.00 1,000,000.00 07/01/2023 1.47711/24/2020 981,240.00 A13017HAK2 365
1.650La Canada Unified School Distr13806 500,000.00 500,000.00 08/01/2023 1.65004/28/2020 492,660.00 Aa1502516QX8 396
1.078Oak Grove CA Sch Dist13821 500,000.00 500,000.00 08/01/2023 1.07806/25/2020 488,675.00 Aa3671205Y55 396
0.692Oxnard School District13841 500,000.00 500,000.00 08/01/2023 0.69209/03/2020 486,400.00 AA692020T34 396
2.025Buena Park Community RDA13738 1,240,000.00 1,240,000.00 09/01/20232.03311/13/2019 1,222,950.00 AA-119144AV5 427
2.085Escondido Lease Revenue Bonds13744 830,000.00 830,000.00 09/01/20232.08511/26/2019 819,068.90 AA-29634EEE8 427
0.475Califfornia State Univ Revenur13830 2,000,000.00 2,000,000.00 11/01/20230.47509/17/2020 1,928,520.00 Aa213077DMJ8 488
2.125Beverly Hills PFA13710 1,000,000.00 1,000,000.00 06/01/20242.12508/08/2019 976,870.00 AA+088006JM4 701
0.730Beverly Hills PFA13869 750,000.00 750,000.00 06/01/20240.73010/15/2020 713,505.00 AA+088006JY8 701
0.587City of Orange Taxable Pension13916 1,500,000.00 1,500,000.00 06/01/20240.58703/15/2021 1,421,235.00 AA684100AC4 701
2.070South Pasadena Unified School13748 325,000.00 343,819.43 08/01/20245.00012/12/2019 334,935.25 Aa2839278JX7 762
0.580SAN RAMON VLY CA UNIF SCH DIST13871 1,500,000.00 1,500,000.00 08/01/20240.58010/20/2020 1,416,405.00 Aa1799408Z77 762
0.575West Coast Contra Unified Scho13941 1,000,000.00 1,000,000.00 08/01/20240.57506/17/2021 943,220.00 AA9523474U3 762
0.685Califfornia State Univ Revenur13829 2,000,000.00 2,000,000.00 11/01/20240.68509/17/2020 1,875,180.00 Aa213077DMK5 854
0.982City of Arcadia13882 675,000.00 675,000.00 12/01/20240.98211/12/2020 636,734.25 Aaa039063AD4 884
0.650SANTA BARBARA CNTY CA SOLID WA13894 300,000.00 321,580.65 12/01/20243.67012/18/2020 301,104.00 A180136PDB6 884 Portfolio PASD
APData Updated: SET_POOL: 07/18/2022 16:33
Run Date: 07/18/2022 - 16:34
2 PAGE 103
YTM
365Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
Municipal Bonds
0.943Huntington Beach CA Public Fin13861 300,000.00 300,000.00 05/01/2025 0.94308/12/2020 279,285.00 AA446216HJ5 1,035
0.883UNIVERSITY OF CA REVENUE BONDS13827 1,000,000.00 1,000,000.00 05/15/2025 0.88307/16/2020 931,060.00 Aa291412HGE7 1,049
0.610UNIVERSITY OF CA REVENUE BONDS13893 5,000,000.00 5,038,587.92 05/15/2025 0.88312/16/2020 4,655,300.00 Aa291412HGE7 1,049
0.952California St Health Facs Fing13883 1,500,000.00 1,500,000.00 06/01/2025 0.95211/04/2020 1,389,735.00 Aa313032UXM5 1,066
0.824Redondo Beach Unified School13840 500,000.00 500,000.00 08/01/2025 0.82408/06/2020 460,455.00 Aa2757710TZ1 1,127
2.311South Pasadena Unified School13747 675,000.00 727,177.93 08/01/2025 5.00012/12/2019 704,740.50 Aa2839278JY5 1,127
0.740SAN RAMON VLY CA UNIF SCH DIST13872 1,500,000.00 1,500,000.00 08/01/2025 0.74010/20/2020 1,383,090.00 Aa1799408Z85 1,127
0.938West Coast Contra Unified Scho13940 3,000,000.00 3,000,000.00 08/01/2025 0.93806/17/2021 2,779,200.00 AA9523474V1 1,127
1.181City of Arcadia13881 750,000.00 750,000.00 12/01/2025 1.18211/12/2020 695,122.50 Aaa039063AE2 1,249 39,623,690.8537,890,179.6539,500,000.0039,624,966.50Subtotal and Average 1.036 685 Certificates of Deposit - Bank
0.650BMW BANK NORTH AMERICA13949 250,000.00 250,000.00 09/17/2024 0.65009/17/2021 250,000.0005580AD68 809
0.650SYNCHRONY BANK13952 250,000.00 250,000.00 09/17/2024 0.65009/17/2021 250,000.0087164YB60 809
0.650GOLDMAN SACHS BANK USA CD13951 250,000.00 250,000.00 09/23/2024 0.65009/22/2021 250,000.0038149MZY2 815
0.700SALLIE MAE BANK/SALT LKE CD13956 250,000.00 250,000.00 09/23/2024 0.70009/22/2021 250,000.00795451AW3 815
0.650UBS BANK USA13950 250,000.00 250,000.00 09/23/2024 0.65009/22/2021 250,000.0090348JT42 815 1,250,000.001,250,000.001,250,000.001,250,000.00Subtotal and Average 0.660 813 Federal Agency Issues - Coupon
2.250Federal Home Loan Bank13986 5,000,000.00 5,000,000.00 06/09/2023 2.25006/09/2022 4,979,214.10 Aaa3130AS4W6 343
0.320FED HOME LOAN MORTAGE CORP13879 10,000,000.00 10,000,000.00 11/02/2023 0.32011/02/2020 9,665,295.50 Aaa3134GW6E1 489
0.320FED HOME LOAN MORTAGE CORP13880 5,000,000.00 5,000,000.00 11/02/2023 0.32011/02/2020 4,832,647.75 Aaa3134GW6E1 489
0.320FED HOME LOAN MORTAGE CORP13887 10,000,000.00 10,000,000.00 11/24/2023 0.32011/24/2020 9,644,926.00 Aaa3134GXCA0 511
0.250Federal Home Loan Bank13896 5,000,000.00 5,000,000.00 12/28/2023 0.25012/28/2020 4,799,242.65 Aaa3130AKL79 545
0.250Federal Home Loan Bank13897 5,000,000.00 5,000,000.00 12/28/2023 0.25012/28/2020 4,799,242.65 Aaa3130AKL79 545
0.800Federal Home Loan Bank13972 7,500,000.00 7,500,000.00 12/28/2023 0.80012/28/2021 7,292,098.73 Aaa3130AQ6F5 545
0.500Federal Home Loan Bank13927 10,000,000.00 10,000,000.00 04/29/2024 0.50004/29/2021 9,558,324.00 Aaa3130ALXQ2 668
3.100FED HOME LOAN MORTAGE CORP13994 5,000,000.00 5,000,000.00 06/28/2024 3.10006/28/2022 4,994,125.75 Aaa3134GXYE8 728
0.625Federal Home Loan Bank13944 5,000,000.00 5,000,000.00 10/15/2024 0.62507/15/2021 4,722,078.25 Aaa3130AN4L1 837
0.500Federal Home Loan Bank13948 5,000,000.00 5,000,000.00 10/30/2024 0.50009/30/2021 4,742,028.15 Aaa3130ANYT1 852
0.900Federal Home Loan Bank13966 5,000,000.00 5,000,000.00 11/08/2024 0.90011/08/2021 4,770,272.95 Aaa3130APPQ2 861
1.100Federal Home Loan Bank13968 5,000,000.00 5,000,000.00 11/15/2024 1.10011/15/2021 4,776,010.70 Aaa3130APRA5 868
0.550Federal Home Loan Bank13937 10,000,000.00 10,000,000.00 11/26/20240.55005/26/2021 9,414,506.90 Aaa3130AMK92 879
0.650Federal Home Loan Bank13932 5,000,000.00 5,000,000.00 12/09/20240.65006/09/2021 4,703,249.80 Aaa3130AMJX1 892
1.150Federal Home Loan Bank13971 5,000,000.00 5,000,000.00 12/10/20241.15012/10/2021 4,782,020.20 Aaa3130AQ3F8 893
1.125Federal Home Loan Bank13973 5,000,000.00 5,000,000.00 01/21/20251.12501/21/2022 4,771,593.55 Aaa3130AQFG3 935
1.250Federal Home Loan Bank13975 5,000,000.00 5,000,000.00 01/28/20251.25001/28/2022 4,809,409.60 Aaa3130AQJ79 942 Portfolio PASD
APData Updated: SET_POOL: 07/18/2022 16:33
Run Date: 07/18/2022 - 16:34
3 PAGE 104
YTM
365Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
Federal Agency Issues - Coupon
1.500Federal Home Loan Bank13977 5,000,000.00 5,000,000.00 02/18/2025 1.50002/18/2022 4,795,055.25 Aaa3130AQPF4 963
0.625Federal Home Loan Bank13933 5,000,000.00 5,000,000.00 02/27/2025 0.62505/27/2021 4,694,896.15 Aaa3130AMMG4 972
1.810Federal Home Loan Bank13979 4,700,000.00 4,700,000.00 02/27/2025 1.81002/28/2022 4,569,412.57 Aaa3130AQX99 972
0.650Federal Home Loan Bank13959 5,000,000.00 5,000,000.00 03/28/2025 0.65009/28/2021 4,692,020.50 Aaa3130AP5S0 1,001
3.000Federal Home Loan Bank13982 5,000,000.00 5,000,000.00 04/22/2025 3.00004/22/2022 4,972,222.75 Aaa3130ARJW2 1,026
0.750Federal Home Loan Bank13811 5,000,000.00 5,000,000.00 05/19/2025 0.75005/19/2020 4,692,008.00 Aaa3130AJLA5 1,053
3.400Federal Home Loan Bank13985 5,000,000.00 5,000,000.00 05/23/2025 3.40005/23/2022 4,979,360.05 Aaa3130ARZD6 1,057
0.750FED HOME LOAN MORTAGE CORP13814 5,000,000.00 5,000,000.00 05/28/2025 0.75005/28/2020 4,654,131.90 Aaa3134GVVX3 1,062
0.750FED HOME LOAN MORTAGE CORP13816 5,000,000.00 5,000,000.00 05/28/2025 0.75005/29/2020 4,670,923.45 Aaa3134GVB31 1,062
0.750FED HOME LOAN MORTAGE CORP13817 5,000,000.00 5,000,000.00 05/28/2025 0.75006/01/2020 4,670,923.45 Aaa3134GVB31 1,062
0.780Federal Farm Credit Bank13820 5,000,000.00 5,000,000.00 06/16/2025 0.78006/16/2020 4,672,635.10 Aaa3133ELK37 1,081
0.764Federal Home Loan Bank13822 3,017,777.77 3,017,420.07 06/16/2025 0.76006/19/2020 2,827,910.48 Aaa3130AJPT0 1,081
0.650FED NATIONAL MORTGAGE ASSN13828 5,000,000.00 5,000,000.00 08/14/2025 0.65008/14/2020 4,647,908.30 Aaa3136G4C43 1,140
0.614Federal Farm Credit Bank13863 5,000,000.00 4,999,364.71 08/25/20250.61009/10/2020 4,621,927.95 Aaa3133EL4W1 1,151
0.530Federal Farm Credit Bank13864 20,000,000.00 20,000,000.00 09/29/20250.53009/29/2020 18,387,452.20 Aaa3133EMBH4 1,186
0.600FED HOME LOAN MORTAGE CORP13870 10,000,000.00 10,000,000.00 09/30/20250.60009/30/2020 9,214,536.10 Aaa3134GWVN3 1,187
0.600FED HOME LOAN MORTAGE CORP13873 10,000,000.00 10,000,000.00 10/15/20250.60010/15/2020 9,201,749.80 Aaa3134GWYS9 1,202
0.625FED HOME LOAN MORTAGE CORP13877 10,000,000.00 10,000,000.00 10/27/20250.62510/27/2020 9,201,611.60 Aaa3134GW3X2 1,214
0.600FED HOME LOAN MORTAGE CORP13878 5,000,000.00 5,000,000.00 10/27/20250.60010/27/2020 4,596,899.50 Aaa3134GW5P7 1,214
0.600FED HOME LOAN MORTAGE CORP13874 10,000,000.00 10,000,000.00 10/28/20250.60010/28/2020 9,240,129.10 Aaa3134GW3F1 1,215
0.600FED HOME LOAN MORTAGE CORP13876 5,000,000.00 5,000,000.00 10/28/20250.60010/28/2020 4,620,064.55 Aaa3134GW3Z7 1,215
0.600Federal Farm Credit Bank13888 10,000,000.00 10,000,000.00 11/24/20250.60011/24/2020 9,197,195.20 Aaa3133EMHF2 1,242
0.690FED HOME LOAN MORTAGE CORP13886 5,000,000.00 5,000,000.00 11/25/20250.62511/25/2020 4,588,086.65 Aaa3134GXCS1 1,243
0.719FED HOME LOAN MORTAGE CORP13891 5,000,000.00 5,000,000.00 11/26/20250.65011/30/2020 4,599,481.95 Aaa3134GXFA7 1,244
0.550Federal Home Loan Bank13900 5,000,000.00 5,000,000.00 02/12/20260.55002/12/2021 4,562,551.20 Aaa3130AKVR4 1,322
0.625Federal Home Loan Bank13905 5,000,000.00 5,000,000.00 02/17/20260.62502/17/2021 4,605,371.55 Aaa3130AL3S1 1,327
0.750Federal Home Loan Bank13907 5,000,000.00 5,000,000.00 02/24/20260.75002/24/2021 4,566,791.30 Aaa3130ALCV4 1,334
0.630Federal Home Loan Bank13906 5,000,000.00 5,000,000.00 02/26/20260.63002/26/2021 4,610,151.40 Aaa3130ALB94 1,336
0.844Federal Farm Credit Bank13911 10,000,000.00 9,998,532.22 03/02/20260.84003/02/2021 9,219,757.80 Aaa3133EMSK9 1,340
0.800Federal Home Loan Bank13908 5,000,000.00 5,000,000.00 03/04/20260.80003/04/2021 4,571,695.55 Aaa3130ALEY6 1,342
0.800Federal Home Loan Bank13909 5,000,000.00 5,000,000.00 03/10/20260.80003/10/2021 4,570,896.20 Aaa3130ALFS8 1,348
1.000Federal Home Loan Bank13910 4,875,000.00 4,875,000.00 03/23/20261.00003/23/2021 4,403,239.91 Aaa3130ALGJ7 1,361
0.940Federal Farm Credit Bank13960 5,000,000.00 5,000,000.00 09/28/20260.94009/28/2021 4,536,959.40 Aaa3133EM6E7 1,550
1.000Federal Home Loan Bank13953 5,000,000.00 5,000,000.00 09/30/20261.00009/30/2021 4,615,607.85 Aaa3130ANYN4 1,552
1.250Federal Home Loan Bank13964 5,000,000.00 5,000,000.00 10/28/20261.25010/28/2021 4,660,097.80 Aaa3130APDQ5 1,580 330,090,317.00309,987,949.74330,092,777.77324,256,954.56Subtotal and Average 0.836 1,035 Portfolio PASD
APData Updated: SET_POOL: 07/18/2022 16:33
Run Date: 07/18/2022 - 16:34
4 PAGE 105
YTM
365Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
Treasury Securities - Coupon
0.761US TREASURY13974 10,000,000.00 9,998,364.11 12/31/2023 0.75012/31/2021 9,680,860.00 Aaa91282CDR9 548
1.081US TREASURY13978 5,000,000.00 4,983,889.13 01/31/2024 0.87501/31/2022 4,841,600.00 Aaa91282CDV0 579
0.470US TREASURY13943 10,000,000.00 9,957,308.21 06/15/2024 0.25006/25/2021 9,491,020.00 Aaa91282CCG4 715
0.515US TREASURY13962 5,000,000.00 4,984,629.79 09/15/2024 0.37509/24/2021 4,723,440.00 Aaa91282CCX7 807
0.747US TREASURY13965 5,000,000.00 4,986,189.31 10/15/2024 0.62510/22/2021 4,741,210.00 Aaa91282CDB4 837
0.554US TREASURY13954 10,000,000.00 9,985,429.57 03/31/2025 0.50009/16/2021 9,342,580.00 Aaa912828ZF0 1,004
0.924US TREASURY13963 5,000,000.00 4,964,697.65 08/31/2026 0.75009/24/2021 4,557,615.00 Aaa91282CCW9 1,522 49,860,507.7747,378,325.0050,000,000.0049,858,133.06Subtotal and Average 0.684 828 Corporate Bonds - Coupon
2.185Honeywell International13711 1,000,000.00 999,965.40 08/08/2022 2.15008/08/2019 999,578.14 A2438516BT2 38
2.100UNION BANK NA CORPORATE BOND13756 2,000,000.00 2,000,000.00 12/09/2022 2.10012/09/2019 1,991,758.94 A290520EAK7 161
2.154UNION BANK NA CORPORATE BOND13760 5,000,000.00 4,998,858.81 12/09/2022 2.10012/16/2019 4,979,397.35 A290520EAK7 161
1.864UNION BANK NA CORPORATE BOND13773 5,000,000.00 5,005,016.00 12/09/2022 2.10002/10/2020 4,979,397.35 A290520EAK7 161
2.728APPLE INC13693 5,000,000.00 5,003,701.23 02/23/2023 2.85004/24/2019 5,002,130.35 Aaa037833BU3 237
0.441TOYOTA CREDIT CORPORATION13929 3,000,000.00 2,999,067.99 04/06/2023 0.40004/09/2021 2,942,987.85 A189236TJD8 279
2.500JPMORGAN CHASE FINANCIAL13984 2,000,000.00 2,000,000.00 05/01/2023 2.50004/29/2022 1,980,009.62 A248133DE71 304
2.750CITIGROUP GLOBAL MARKETS13988 2,500,000.00 2,500,000.00 06/16/2023 2.75005/16/2022 2,425,837.28 A317330FUE9 350
0.654ROYAL BANK OF CANADA13918 5,000,000.00 4,982,437.49 01/19/2024 0.42503/11/2021 4,792,675.15 A178015K7L2 567
2.250GOLDMAN SACHS13980 2,500,000.00 2,500,000.00 03/15/2024 2.25003/15/2022 2,397,719.42 A238150AL86 623
3.125JPMORGAN CHASE FINANCIAL13983 2,000,000.00 2,000,000.00 04/29/2024 3.12504/29/2022 1,928,482.68 A248133DE55 668
0.800Goldman Sach Corporate Bond13935 5,000,000.00 5,000,000.00 06/03/2024 0.80006/03/2021 4,656,691.55 A238150AG41 703
0.672ROYAL BANK OF CANADA13947 5,000,000.00 4,997,749.07 07/29/2024 0.65007/29/2021 4,702,342.60 A178016EZU4 759
0.900NEW YORK LIFE GL13967 5,000,000.00 5,000,000.00 10/29/20240.90010/29/2021 4,681,953.50 Aaa64952WEJ8 851
4.050CITIGROUP GLOBAL MARKETS13990 2,500,000.00 2,500,000.00 05/27/20254.05005/27/2022 2,502,021.65 A317330FVU2 1,061
4.050CITIGROUP GLOBAL MARKETS13991 2,500,000.00 2,500,000.00 05/27/20254.05005/27/2022 2,502,021.65 A317330FVU2 1,061
0.825JP MORGAN13898 5,000,000.00 5,000,000.00 12/22/20250.82512/22/2020 4,394,492.50 A248128GY53 1,270
1.526BANK OF AMERICA CORP13923 5,000,000.00 4,865,300.11 01/26/20260.60003/25/2021 4,345,520.65 A206048WK82 1,305
0.752BANK OF NEW YORK MELLON13901 5,000,000.00 4,999,641.70 01/28/20260.75002/02/2021 4,506,619.55 A106406RAQ0 1,307
0.718APPLE INC13902 5,000,000.00 4,996,901.61 02/08/20260.70002/08/2021 4,557,463.85 Aaa037833EB2 1,318
1.250BANK OF AMERICA CORP13934 5,000,000.00 5,000,000.00 05/28/20261.25005/28/2021 4,350,266.50 A206048WM31 1,427
1.263BANK OF AMERICA CORP13945 3,623,000.00 3,614,214.12 06/25/20261.20007/21/2021 3,143,519.79 A206048WM64 1,455
1.155ROYAL BANK OF CANADA13958 6,250,000.00 6,248,689.20 07/14/20261.15009/22/2021 5,584,826.88 A178016EZT7 1,474
1.365Credit Suisse New York13961 5,000,000.00 4,977,224.30 08/07/20261.25009/24/2021 4,376,245.60 A122550L2G5 1,498 94,688,767.0388,723,960.4094,873,000.0099,353,573.62Subtotal and Average 1.524 876 Portfolio PASD
APData Updated: SET_POOL: 07/18/2022 16:33
Run Date: 07/18/2022 - 16:34
5 PAGE 106
YTM
365Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
Amortized Zero Coupon Bonds
2.597Credit Suisse NY13992 5,000,000.00 4,918,057.81 02/24/202306/02/2022 4,889,495.00 P-12254EBPQ8 238 4,918,057.814,889,495.005,000,000.004,749,445.61Subtotal and Average 2.597 238 Commercial Paper Disc. -Amortizing
1.299BOFA SECURITIES INC CP13981 10,000,000.00 9,946,527.78 12/02/2022 1.25003/07/2022 9,878,450.00 A106054PM29 154 9,946,527.789,878,450.0010,000,000.009,941,493.06Subtotal and Average 1.299 154 Treasury Discounts -Amortizing
2.208US TREASURY13993 10,000,000.00 9,811,121.83 05/18/2023 2.11506/07/2022 9,772,180.00 Aaa912796W47 321 9,811,121.839,772,180.0010,000,000.007,843,587.68Subtotal and Average 2.208 321 Supranationals
1.070Inter-American Devel Bank13976 5,000,000.00 5,118,283.31 01/16/2024 2.62501/21/2022 4,969,450.00 Aaa4581X0DF2 564
0.500Inter-American Devel Bank13955 10,000,000.00 10,000,000.00 09/23/2024 0.50009/23/2021 9,457,600.00 Aaa4581X0DZ8 815
0.610INTL FINANCE CORP13957 5,000,000.00 4,998,677.32 02/28/2025 0.60009/28/2021 4,738,482.85 Aaa45950VQJ8 973
0.647INTL BK RECON & DEVELOP13903 5,000,000.00 5,000,000.00 02/10/2026 0.65002/10/2021 4,504,628.80 Aaa459058JS3 1,320 25,116,960.6323,670,161.6525,000,000.0025,120,030.87Subtotal and Average 0.667 896 658,430,380.29 665,599,706.44 1.039 785633,324,630.11 665,189,879.37Total and Average Portfolio PASD
APData Updated: SET_POOL: 07/18/2022 16:33
Run Date: 07/18/2022 - 16:34
6 PAGE 107
YTM
365Par Value Book Value
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
0.00 658,430,380.29 665,599,706.44 1.039 785
0 5,995.58
5,995.58
5,995.58
5,995.58
Subtotal
Accrued Interest at PurchaseAverage Balance
633,330,625.69 665,195,874.95Total Cash and Investments Portfolio PASD
APData Updated: SET_POOL: 07/18/2022 16:33
Run Date: 07/18/2022 - 16:34
7 PAGE 108
COMPLIANCE REPORT
Pooled Investment Portfolio
As of 6/30/22
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 Certificates of Deposit 0.20% 30% In compliance n/a n/a In compliance In compliance Municipal Bonds 5.96% 100% In compliance Aaa/Aa3/Aa2/Aa1/A2/AA+/AA-/AAA/AA A or better In compliance In compliance US Treasury Securities 7.46% 100% In compliance Aaa AA+/Aaa In compliance In compliance Corporate Bonds 13.97% 30% In compliance* Aa1/A1/A2/A3 A or better In compliance In compliance Amortized Zero Cpn Bonds 0.77% 30% In compliance* Aa1/A1/A2/A3 A or better In compliance In compliance Federal Agency Issues 48.79% 100% In compliance Aaa AA+/Aaa In compliance In compliance Supranationals 3.73% 30% In compliance Aaa AA or better In compliance In compliance Commercial Paper 1.55% 100% In compliance P-1 (Short-term) P-1 (Short-term) In compliance In compliance Money Market-CAMP 11.72% 100% In compliance n/a n/a In compliance In compliance US Treasury Securities Disc 1.54% 100% In compliance Aaa AA+/Aaa In compliance In compliance LAIF 4.00% 100% In compliance n/a n/a In compliance In compliance Cash 0.31% 100% In compliance Collateralized Collateralized In compliance In compliance 100.00%
Portfolio Value 636,590,947
8 PAGE 109
INVESTMENTS IN ISSUERS REPRESENTING OVER 5%
OF THE POOL PORTFOLIO
June 30, 2022
Market Value % of Total
FHLB 156,308,581 24.55%
FHLMC 98,395,533 15.46%
FFCB 50,635,928 7.95%
Total Fed Agencies/Supranationals 305,340,041 47.96%
OTHER PORTFOLIO INVESTMENTS 331,250,906 52.04%
Total Investments 636,590,947 * 100.00%
note: * Includes Cash in Bank and Accrued Interest Receivable 9 PAGE 110
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 Annual 0.696 0.417
2014 Annual 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
2022 1st quarter -2.
580 -2.910
2nd quarter -0.625 -0.842
3rd quarter
4th quarter
Effective Yield Fiscal YTD
Pooled Portfolio effective yield 0.82%
State Treasurer's LAIF yield 0.38%
2 Year Average US Treasury yield 1.22%
10 PAGE 111
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 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 0.00 0.00 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 6.37 5.96 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 14.08 13.97 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 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 49.32 48.79 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 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 15.84 4.00 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 0.48 0.31 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 8.02 7.46 Treasury Securities Disc 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.54 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 4.03 3.73 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 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 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 1.66 1.55 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 0.00 0.00 Amortized Zero Cpn 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 0.00 0.77 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 0.21 0.20 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 0.00 11.72 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 0.00 0.00 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 11 PAGE 112
II. Capital Endowment Portfolio
PAGE 113
CITY OF PASADENA
Capital Endowment Portfolio
Vicken Erganian
City Treasurer
June 2022
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 June 20, 2022. 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 6/30/2022
TYPE MARKET VALUE PERCENT
Money Market - Collateralized 63,732 3.38%
Money Market - CAMP 13 0.00%
Federal Agencies 1,819,815 96.62%
TOTALS: 1,883,560 100.00%
Accrued Interest Receivable 2,058
GRAND TOTAL: 1,885,618
PORTFOLIO LIQUIDITY AS OF 6/30/2022
Percent of
Aging Interval Par Value Portfolio
0-30 Days 63,732 3.25%
31 days - 1 Year - 0.00%
1 - 2 Years - 0.00%
2 - 3 Years 1,900,000 96.75%
3 - 4 Years - 0.00%
4 - 5 Years - 0.00%
Over 5 Years - 0.00%
TOTAL: 1,963,732 100.00%
PORTFOLIO STATISTICS
Jun-22 May-22 Apr-22 Mar-22 Feb-22 Jan-22
Month-End Mkt Value 1,885,618 2,020,613 2,008,957 2,022,906 2,056,252 2,066,222 Modified Duration 2.26 2.20 2.27 2.35 2.44 2.52
Weighted Average Maturity 2.33 2.26 2.35 2.43 2.50 2.58 Current Book Yield to Maturity 1.014% 0.993% 0.959% 0.948% 0.923% 0.923% Effective Yield - Year to Date 1.000% 1.000% 1.000% 1.000% 1.020% 1.020% Interest Earned 1,741 1,709 1,661 1,609 1,601 1,600 Fiscal Year To Date Interest Earned 19,860 18,119 16,410 14,750 13,141 11,540 Fair Value Change Gain/(Loss) (12,736) 9,947 (15,610) (34,955) (11,570) (13,198) Fiscal Year To Date change in fair value (86,808) (74,072) (84,019) (68,409) (33,455) (21,884) Total Fiscal YTD earnings (66,948) (55,953) (67,609) (53,660) (20,314) (10,344) MMF -
Collateral
, 3.38%
MMF -
CAMP,
0.00%
Federal
Agencies,
96.62%
12 PAGE 114
YTM
365Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
CAPITAL ENDOWMENT
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
Money Market Fund-CAMP
1.421California Asset Management Pr14111 63,731.51 63,731.51 1.40203/28/2022 63,731.51SYS14111 1 63,731.5163,731.5163,731.51158,798.18Subtotal and Average 1.421 1 Collateralized Money Market
0.100EAST WEST BANK13057 13.19 13.19 0.100 13.19SYS13057 1
13.1913.1913.1913.19Subtotal and Average 0.100 1
Federal Agency Issues - Coupon
1.000Federal Home Loan Bank13970 1,900,000.00 1,900,000.00 11/25/2024 1.00011/30/2021 1,819,815.21 Aaa3130APVG7 878 1,900,000.001,819,815.211,900,000.001,900,000.00Subtotal and Average 1.000 878 2,058,811.37 1,963,744.70 1.014 8501,883,559.91 1,963,744.70Total and Average Portfolio PASD
APData Updated: FUNDSNAP: 07/18/2022 16:59
Run Date: 07/18/2022 - 16:59 PM (PRF_PM2) 7.3.0
13 PAGE 115
COMPLIANCE REPORT
Capital Endowment Portfolio
As of 6/30/22
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 3.38% 100% In compliance 102% Collateral 102% Collateral In compliance In compliance Money Market-CAMP 0.00% 100% In compliance n/a n/a In compliance In compliance Corporate Bond 0.00% 30% In compliance** Aa2 A or better In compliance In compliance Federal Agency Issues 96.62% 100% In compliance** Aaa AA+/Aaa In compliance In compliance 100.00%
Portfolio Value 1,885,618
**Compliance is measured based on the City's total investments which include the Pooled portfolio as well as the Power Reserve Fund. 14 PAGE 116
INVESTMENTS IN ISSUERS REPRESENTING OVER 5%
OF THE CAPITAL ENDOWMENT PORTFOLIO
June 30, 2022
Market Value % of Total
FHLB 1,819,815 96.51%
Total 1,819,815 96.51%
OTHER PORTFOLIO INVESTMENTS 65,802 3.49%
Total Investments 1,885,618 * 100.00%
note: * Includes Accrued Interest Receivable
15 PAGE 117
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 8.84 3.38 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 0.00 96.62 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 91.16 0.00 Municipal 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 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 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 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 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 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 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 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 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 0.00 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 16 PAGE 118
III. Power Reserve Portfolio
PAGE 119
CITY OF PASADENA
Power Reserve Portfolio
Vicken Erganian
City Treasurer
June 2022
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 June 20, 2022. 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 6/30/2022
TYPE MARKET VALUE PERCENT
Money Market - Collateralized 33 0.00%
Municipal Bonds 1,874,500 4.50%
Federal Agencies 31,386,729 75.33%
L.A.I.F. 7,786,712 18.69%
Money Market-CAMP 617,827 1.48%
TOTALS: 41,665,801 100.00%
Accrued Interest Receivable 196,500
GRAND TOTAL: 41,862,302
PORTFOLIO LIQUIDITY AS OF 6/30/2022
Percent of
Aging Interval Par Value Portfolio
0 - 30 days 8,404,572 17.48%
31 days - 1 Year - 0.00%
1 - 2 Years - 0.00%
2 - 3 Years 5,000,000 10.40%
3 - 4 Years - 0.00%
4 - 5 Years 2,000,000 4.16%
Over 5 Years 32,666,667 67.95%
TOTAL: 48,071,239 100.00%
PORTFOLIO STATISTICS
Jun-22 May-22 Apr-22 Mar-22 Feb-22 Jan-22
Month-End Market Value 41,862,302 42,197,779 41,936,771 43,684,837 45,444,012 46,133,377 Modified Duration 7.09 7.20 7.25 7.56 7.85 7.98
Weighted Average Maturity 9.05 9.12 9.20 9.29 9.36 9.45 Current Book Yield to Maturity 1.567% 1.510% 1.506% 1.449% 1.437% 1.436% Effective Yield - Year to Date 1.410% 1.390% 1.380% 1.360% 1.360% 1.330% Interest Earned 60,723 60,200 59,875 57,075 56,716 56,850 Fiscal Year To Date Interest Earned 673,920 613,196 552,997 493,122 436,047 379,331 Fair Value Change Gain/(Loss) (397,125) 200,809 (1,809,442) (1,816,250) (746,067) (830,630) Fiscal Year To Date change in fair value (6,000,734) (5,603,608) (5,804,417) (3,994,975) (2,178,725) (1,432,658) Total Fiscal YTD Earnings (5,326,814) (4,990,412) (5,251,421) (3,501,853) (1,742,678) (1,053,327) Money Market-
CAMP
1.03% Muni
4.50%
Fed Agency
75.33%
Municipal
Bonds
4.54%
Money Market-
CAMP
1.48%
17 PAGE 120
YTM
365Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
POWER RESERVE FUND
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
LAIF
0.990Local Agency Investment Fund6184 7,786,711.74 7,786,711.74 0.9907,786,711.74SYS6184 1 7,786,711.747,786,711.747,786,711.747,786,711.74Subtotal and Average 0.990 1 Money Market Fund-CAMP
1.421California Asset Management Pr14063 617,827.32 617,827.32 1.40208/10/2021 617,827.32SYS14063 1 617,827.32617,827.32617,827.32617,827.32Subtotal and Average 1.421 1 Collateralized Money Market
0.100EAST WEST BANK13066 33.04 33.04 0.100 33.04SYS13066 1
33.0433.0433.0433.04Subtotal and Average 0.100 1
Municipal Bonds
2.560LA County Redevelopment TABs13553 2,000,000.00 1,986,472.55 09/01/2026 2.37508/25/2016 1,874,500.00 Aa254465AGS5 1,523 1,986,472.551,874,500.002,000,000.001,986,341.78Subtotal and Average 2.560 1,523 Federal Agency Issues - Coupon
1.000Federal Home Loan Bank13969 5,000,000.00 5,000,000.00 11/25/2024 1.00011/30/2021 4,787,204.05 Aaa3130APV69 878
1.230Federal Farm Credit Bank13946 6,000,000.00 6,000,000.00 08/02/2028 1.23008/02/2021 5,392,828.02 Aaa3133EMX80 2,224
1.230Federal Farm Credit Bank13890 5,000,000.00 5,000,000.00 11/25/2030 1.23011/25/2020 4,164,192.30 Aaa3133EMHN5 3,069
1.850Federal Home Loan Bank13788 1,666,667.00 1,666,667.00 04/08/2032 1.85004/08/2020 1,425,978.80 Aaa3130AJEA3 3,569
2.000Federal Home Loan Bank13904 10,000,000.00 10,000,000.00 02/25/2036 2.00002/25/2021 8,292,041.10 Aaa3130AL3X0 4,987
2.000Federal Farm Credit Bank13875 10,000,000.00 10,000,000.00 10/15/2040 2.00010/15/2020 7,324,484.70 Aaa3133EMCV2 6,681 37,666,667.0031,386,728.9737,666,667.0037,666,667.00Subtotal and Average 1.636 4,134 48,057,580.88 48,071,239.10 1.567 3,30341,665,801.07 48,057,711.65Total and Average Portfolio PASD
APData Updated: FUNDSNAP: 07/18/2022 16:49
Run Date: 07/18/2022 - 16:49 PM (PRF_PM2) 7.3.0
18 PAGE 121
COMPLIANCE REPORT
Power Reserve Portfolio
As of 6/30/22
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 4.50% 100% In compliance Aa2 A or better In compliance In compliance Federal Agency Issues 75.33% 100% In compliance Aaa/AA AA+/Aaa In compliance In compliance Money Market-CAMP 1.48% 100% In compliance n/a n/a In compliance In compliance LAIF 18.69% 100% In compliance n/a n/a In compliance In compliance 100.00%
Portfolio Value 41,862,302
19 PAGE 122
INVESTMENTS IN ISSUERS REPRESENTING OVER 5%
OF THE POWER RESERVE PORTFOLIO
June 30, 2022
Market Value % of Total
FHLB 14,505,224 34.65%
FFCB 16,881,505 40.33%
Total Fed Agencies 31,386,729 74.98%
OTHER PORTFOLIO INVESTMENTS 10,475,573 25.02%
Total Investments 41,862,302 * 100.00%
note: * Includes Accrued Interest Receivable
20 PAGE 123
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 Annual -0.143 -0.184
2014 Annual 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 0.227 0.249
3.31 2.073
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
-1.477 0.597
2022 1st quarter -4.75 -6.886
2nd quarter -1.82 -4.182
3rd quarter
4th quarter
Effective Yield Fiscal YTD
Power Reserve effective yield 1.41%
State Treasurer's LAI
F yield 0.38%
2 Year Average Treasury y
ield 1.22%
** Index has been changed to ML 3-5 Govt/Agencies beginning 1st quarter of 2021 21 PAGE 124
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 0.00 0.00 Municipal Bonds 18.04 18.91 10.83 7.24 7.00 6.92 6.02 3.43 3.93 4.51 4.45 4.54 4.50 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 76.55 75.33 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 17.89 18.69 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 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 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 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 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 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 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 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 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 1.03 1.48 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 22 PAGE 125
IV. Miscellaneous Portfolios
PAGE 126
Fund Coupon Yield Maturity Face Value Cost Per Book Market Value City of Pasadena-Housing Succesor Agency
Money Mkt CAMP 1.402% 1.402% 7/1/2022 $2,263,435.75 $2,263,435.75 $2,263,435.75 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 7/1/2022 $167.23 $167.23 $167.23 LAIF 0.990% 0.990% 7/1/2022 $1.46 $1.46 $1.46
Weighted Average Maturity = 1 day $2,263,604.44 $2,263,604.44 $2,263,604.44 2002 Electric Revenue Reserve Fund
Money Mkt CAMP 1.402% 1.402% 7/1/2022 $68,832.46 $68,832.46 $68,832.46 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 7/1/2022 $4.30 $4.30 $4.30 FFCB 3133EMBH4 0.530% 0.530% 9/29/2025 $4,000,000.00 $4,000,000.00 $3,677,490.44 Weighted Average Maturity = 3.24 $4,068,836.76 $4,068,836.76 $3,746,327.20 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 = 18.44
Miscellaneous Funds
June 30, 2022
23 PAGE 127
Fund Coupon Yield Maturity Face Value Cost Per Book Market Value Miscellaneous Funds
June 30, 2022
2012A Electric Parity Reserve Fund
Money Mkt CAMP 1.402% 1.402% 7/1/2022 $9,762.03 $9,762.03 $9,762.03 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 7/1/2022 $0.59 $0.59 $0.59 FFCB 3133EMBH4 0.530% 0.530% 9/29/2025 $690,000.00 $690,000.00 $634,367.10 Weighted Average Maturity = 3.25 $699,762.62 $699,762.62 $644,129.72 2013A Electric Parity Reserve Fund
Money Mkt CAMP 1.402% 1.402% 7/1/2022 $210,672.61 $210,672.61 $210,672.61 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 7/1/2022 $13.41 $13.41 $13.41 FFCB 3133ELC28 0.730% 0.730% 5/27/2025 $8,000,000.00 $8,000,000.00 $7,459,718.72 Weighted Average Maturity = 2.87 $8,210,686.02 $8,210,686.02 $7,670,404.74 2013A Electric Project
Money Mkt CAMP 1.402% 1.402% 7/1/2022 $1,013.78 $1,013.78 $1,013.78 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 7/1/2022 $0.07 $0.07 $0.07 LAIF 0.990% 0.990% 7/1/2022 $0.00 $0.00 $0.00
Weighted Average Maturity = 1 day $1,013.85 $1,013.85 $1,013.85 24 PAGE 128
Fund Coupon Yield Maturity Face Value Cost Per Book Market Value Miscellaneous Funds
June 30, 2022
2016A Electric Revenue Refunding Project
Money Mkt CAMP 1.402% 1.402% 7/1/2022 $8,754.25 $8,754.25 $8,754.25 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/0/1900 $0.65 $0.65 $0.65 Weighted Average Maturity = 1 day $8,754.90 $8,754.90 $8,754.90 2016A Electric Revenue Refunding Reserve
Money Mkt CAMP 1.402% 1.402% 7/1/2022 $30,582.89 $30,582.89 $30,582.89 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 10/31/2018 $1.73 $1.73 $1.73 FFCB 3133EMBH4 0.530% 0.530% 9/29/2025 $2,680,000.00 $2,680,000.00 $2,463,918.59 Weighted Average Maturity = 3.26 $2,710,584.62 $2,710,584.62 $2,494,503.21 Frontier
Money Mkt CAMP 1.402% 1.402% 7/1/2022 $6,000.66 $6,000.66 $6,000.66 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/0/1900 $7.43 $7.43 $7.43 Weighted Average Maturity = 1 day $6,000.66 $6,000.66 $6,000.66 2020A Water Refund Revenue Bonds Project
LAIF 0.990% 0.990% 7/1/2022 $3,113,480.20 $3,113,480.20 $3,113,480.20 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 1/0/1900 $0.24 $0.24 $0.24 Money Mkt CAMP 1.402% 1.402% 7/1/2022 $3,254.84 $3,254.84 $3,254.84 Weighted Average Maturity = 1 day $3,116,735.28 $3,116,735.28 $3,116,735.28 2021A Water Refund Revenue Bonds Project
LAIF 0.990% 0.990% 7/1/2022 $12,576,866.67 $12,576,866.67 $12,576,866.67 Money Mkt Collateralized (East West Bank) 0.100% 0.100% 7/1/2022 $0.09 $0.09 $0.09 Money Mkt CAMP 1.402% 1.402% 7/1/2022 $1,158.05 $1,158.05 $1,158.05 Weighted Average Maturity = 1 day $12,578,024.81 $12,578,024.81 $12,578,024.81 GRAND TOTAL: $34,608,638.96 $34,608,638.96 $33,474,133.81 25 PAGE 129
V. Investments Held by Trustees
PAGE 130
Schedule of Funds Held by Trustees
CITY OF PASADENA
For Period Ending 6/30/2022 Market Yield 1.38%
Maturity 07/01/22
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value Date Yld
BNY 2021A Water Revenue Refunding Bonds
James Dickson COI-2021A Account #209092
(213)630-6204 Cash - - - 07/01/22 0.00%
Lena Chan Reserve-2021A Account #209094
(213) 630-6253 DREFUS GOVT CM INST 289 Cusip: X9USDDGCM 793,447.17 793,447.17 793,447.17 07/01/22 1.34% Cash 695.40 695.40 695.40 07/01/22 0.00%
Total 794,142.57 794,142.57 794,142.57
BNY 2020A Water Revenue Refunding Bonds
James Dickson COI-2020 Account #746583
(213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 07/01/22 1.38% Lena Chan DEBT SERVICE-2020 Account #746585
(213) 630-6253 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 07/01/22 1.38% Total - - -
2020AB POB Bonds
BNY POB COI-2020B Account #220413
James Dickson BlackRock Treasury Turst Dollars 63 Cusip: X9USDBTRD - - - 07/01/22 0.02% (213)630-6204 POB Bond Fund-2020B Account #220414
Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 65.89 65.89 65.89 07/01/22 1.38% (213) 630-6253 POB COI-2020A Account #765976
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 07/01/22 1.38% POB Bond Fund-2020A Account #765990
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 107.16 107.16 107.16 07/01/22 1.38% Total 173.05 173.05 173.05
2019A Electric Revenue Bonds
BNY Electric COI-2019A Account #106207
James Dickson Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 36,336.28 36,336.28 36,336.28 07/01/22 1.38% (213)630-6204 Electric Bond Fund-2019A Account #113813 - Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 0.44 0.44 0.44 07/01/22 1.38% (213) 630-6253
Total 36,336.72 36,336.72 36,336.72
26 PAGE 131
Schedule of Funds Held by Trustees
CITY OF PASADENA
For Period Ending 6/30/2022 Market Yield 1.38%
Maturity 07/01/22
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value Date Yld
US Bank 2018AB Rose Bowl Pasadena PFA Lease Revenue Bonds Ilse Vlach Interest Fund- Series 2018A Account #248882000 (213) 615-6051 Fidelity Govt Protfolio CI Cusp:316175108 100.13 100.13 100.13 07/01/22 1.21% Adriana Marshall Costs of Issuance- Series 2018A Account #248882002 (213) 615-6033 Fidelity Govt Protfolio CI Cusp:316175108 - - - 07/01/22 0.60% Interest Fund- Series 2018B Account #248882100
Fidelity Govt Protfolio CI Cusp:316175108 17.07 17.07 17.07 07/01/22 1.21% Principal Fund- Series 2018B Account #248882101
Fidelity Govt Protfolio CI Cusp:316175108 22.75 22.75 22.75 07/01/22 1.21% Costs of Issuance- Series 2018B Account #248882102
Fidelity Govt Obl Fd Cl D 316175108 - - - 07/01/22 0.60% Total 139.95 139.95 139.95
2017A Water Revenue Bonds
BNY Debt Service-2017A Account #948165
James Dickson Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 07/01/22 1.38% (213)630-6204 Reserve Fund-2017A Account #948269
Lena Chan Federal Home Loan Banks Cusip: 3130AL3S1 1,050,000.00 1,050,000.00 967,123.50 02/17/26 0.63% (213) 630-6253 DREYFUS CUSIP:X9USSGCM 26,595.84 26,595.84 26,595.84 07/01/22 1.34% Total 1,076,595.84 1,076,595.84 993,719.34
US Bank 2016A Rose Bowl Pasadena PFA Lease Revenue Bonds Ilse Vlach Interest Fund- Series 2016A Account #264433000 (213) 615-6051 Fidelity Govt Protfolio CI Cusp:316175108 12.48 12.48 12.48 07/01/22 1.21% Principal Fund- Series 2016A Account #264433001
Fidelity Govt Protfolio CI Cusp:316175108 26.35 26.35 26.35 07/01/22 1.21% 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 07/01/22 1.21% Cost of Issuance- Series 2016A Account #264433003
First American Govt Obl Fd Cl D 31846V401 - - - 07/01/22 0.00% Total 39.02 39.02 39.02
BNY Pasadena 2015A COPS Bond
James Dickson COPS Base Rental-2015A Account #336964
(213)630-6204 Cash Balance - - - 07/01/22 0.00%
Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 194,992.82 194,992.82 194,992.82 07/01/22 1.38% (213) 630-6253 Total 194,992.82 194,992.82 194,992.82
27 PAGE 132
Schedule of Funds Held by Trustees
CITY OF PASADENA
For Period Ending 6/30/2022 Market Yield 1.38%
Maturity 07/01/22
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value Date Yld
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 569.71 569.71 569.71 07/01/22 1.38% Lena Chan Cash Balance - - - 07/01/22 0.00%
(213) 630-6253 Bond Fund-2015A POB Account #479231
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 70.64 70.64 70.64 07/01/22 1.38% Cash Balance - - - 07/01/22 0.00%
Total 640.35 640.35 640.35
` 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 - - - 07/01/22 1.38% Lena Chan Total - - -
(213) 630-6253
BNY Pasadena Water Revenue 2010AB
James Dickson 2010 A Parity Reserve Account #286245
(213)630-6204 DREYFUS CUSIP:X9USSGCM 11,511.24 11,511.24 11,511.24 07/01/22 1.34% Lena Chan Federal Home Loan Bank CUSIP:3130AL3S1 1,350,000.00 1,350,000.00 1,243,444.50 02/17/26 0.63% (213) 630-6253 Cash - - - 07/01/22 0.00%
2010 B Debt Service Account #286247
Cash - - - 07/01/22 1.38%
2010 B Parity Reserve Account #286248
DREYFUS CUSIP:X9USSGCM 4,782.22 4,782.22 4,782.22 07/01/22 0.70% Federal Home Loan Bank CUSIP:3130AL3S1 300,000.00 300,000.00 276,321.00 02/17/26 0.63% Cash - - - 07/01/22 0.00%
2010 A Debt Service Fund Account #286295
Cash - - - 07/01/22 1.38%
Total 1,666,293.46 1,666,293.46 1,536,058.96
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 117.11 117.11 117.11 07/01/22 1.21% Adriana Marshall Cash - - - 07/01/22 0.00%
(213) 615-6071 Principal Fund (S631592)
Fidelity Instl Mm Fds Government I CUSIP:316175108 3.18 3.18 3.18 07/01/22 1.21% Bond Reserve Fund (S631593)
Federal Home Loan Bank Funds CUSIP: 3130ALBD5 15,500,000.00 15,500,000.00 10,951,370.00 02/25/41 2.15% Fidelity Instl Mm Fds Government I CUSIP:316175108 237,558.11 237,558.11 237,558.11 07/01/22 1.21% Cash - - - 07/01/22 0.00%
Total 15,737,678.40 15,737,678.40 11,189,048.40
28 PAGE 133
Schedule of Funds Held by Trustees
CITY OF PASADENA
For Period Ending 6/30/2022 Market Yield 1.38%
Maturity 07/01/22
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value Date Yld
Wells Fargo Bank PPFA (Paseo Colorado Parking Facilities) 2008 Tracy Mason Bond Fund Account #23200100
(213) 253-7536 Allspring Government Money Market Service 25,145.09 25,145.09 25,145.09 07/01/22 1.36% Mataka Mpose Cash - - - 07/01/22 0.00%
Reserve Fund Account #23200101
[email protected] FHLB Cusip: 3130APVC6 2,000,000.00 2,000,000.00 1,877,640.00 12/01/26 1.38% [email protected] Well Fargo Advantage Government Money Market Service - - - 07/01/22 0.01% Cost of Issuance Fund Account #23200103
Well Fargo Advantage Government Money Market Service - - - 07/01/22 0.00% Total 2,025,145.09 2,025,145.09 1,902,785.09
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 4,077,414.00 12/23/30 1.25% Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 30,940.65 30,940.65 30,940.65 07/01/22 1.38% (213) 630-6253 Cash - - - 07/01/22 0.00%
Total 4,980,940.65 4,980,940.65 4,108,354.65
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 1,091,429.00 12/23/30 1.25% (213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 8,281.95 8,281.95 8,281.95 07/01/22 1.38% Lena Chan Cash Balance - - -
(213) 630-6253 Total 1,333,281.95 1,333,281.95 1,099,710.95 BNY Pasadena 2008A COPS
James Dickson Base Rental Fund #281732
(213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 248,735.63 248,735.63 248,735.63 07/01/22 1.38% 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 07/01/22 1.38% 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 07/01/22 1.38% Total 248,741.27 248,741.27 248,741.27
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 341,829.38 341,829.38 341,829.38 07/01/22 1.38% Cash Balance - - - 0.00%
29 PAGE 134
Schedule of Funds Held by Trustees
CITY OF PASADENA
For Period Ending 6/30/2022 Market Yield 1.38%
Maturity 07/01/22
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value Date Yld
Reserve Fund #281722
Federal Home Loan Banks CUSIP:3130AJRH4 10,800,000.00 10,800,000.00 7,817,040.00 06/29/40 2.07% Federal Home Loan Banks CUSIP:3130AKKQ8 270,000.00 270,000.00 222,404.40 12/23/30 1.25% Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 113,483.34 113,483.34 113,483.34 07/01/22 1.38% Rebate Fund #281726
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 3.48 3.48 3.48 07/01/22 1.38% Cash Balance - - - 0.00%
Prepayment #281735
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 07/01/22 0.00% Total 11,525,317.20 11,525,317.20 8,494,761.60
BNY Pasadena Water Revenue 2003
James Dickson Parity Reserve Account #281651
(213)630-6204 Federal Home Loan Banks CUSIP: 3130AL3S1 1,000,000.00 1,000,000.00 921,070.00 02/17/26 0.63% Lena Chan DREYFUS GOVT CM INST 289 CUSIP: X9USDDGCM 13,943.01 13,943.01 13,943.01 07/01/22 1.34% (213) 630-6253 Cash - - - 07/01/22 0.00%
Total 1,013,943.01 1,013,943.01 935,013.01
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 1,668,033.00 12/23/30 1.25% Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 12,658.89 12,658.89 12,658.89 07/01/22 1.38% (213) 630-6253 Cash - - - 07/01/22 0.00%
(In aggegrate with 2006A, Total Funds 2,037,658.89 2,037,658.89 1,680,691.89 and 2008ABC COP reserve)
SCPPA SCPPA Investments
Atif Haji Datoo SCPPA Project Stabilization Fund
(213) 367-4668 Fidelity Inst MMKT GOVT 57CUSIP:X9USDFIN 187,538.84 187,538.84 187,538.84 07/01/22 0.62% Fidelity Inst MMKT GOVT 57CUSIP:X9USDFIN 55,214.04 55,214.04 55,214.04 07/01/22 0.62% US Cash Mgmt Bill Cusip: 912796K57 1,000,000.00 999,355.28 999,630.00 07/14/22 0.11% United State Treasury Note/Bond Cusip: 91282CR2 3,500,000.00 3,487,095.74 3,476,935.00 10/31/22 0.13% Federal Home Loan Bank CUSIP: 3130ANZG8 1,000,000.00 999,800.00 955,210.00 09/16/24 0.15%
0.00%
- - - 0.00%
Total 5,742,752.88 5,729,003.90 5,674,527.88
TOTAL FUND BALANCE 48,414,813.12$ 48,401,064.14$ 38,889,877.52$ 30 PAGE 135
VI. PARS Section 115 Trust
PAGE 136
City of Pasadena
PARS Section 115 Trust
For the Month Ended June 30, 2022
Pension Account 6746056200
Market Value Book Value
Beginning Balance 12,173,333.90 12,550,316.00
Activity
Contributions - -
Disbursements - -
Total - -
Net Investment Income
Dividends 28,035.32 28,035.32
Interest 211.65 211.65
Other Income 0.20 0.20
Change in Accrued Income 4,112.03 4,112.03
Total Investment Income 32,359.20 32,359.20
Net Change in Unrealized Gain/Loss (499,612.62) -
Realized Gain/Loss - -
Total Market Value Adjustment (499,612.62) -
Trust Fees (2,651.65) (2,651.65)
PARS Fee (Net of Depository Earnings) (2,379.20) (2,379.20) Unreconciled Difference - -
Total (5,030.85) (5,030.85)
Ending Balance 11,701,049.63 12,577,644.35
1 Year Inception To Date
Investment Return (Inception-To-Date as of 6/30/2022) -11.84% 3.01% Benchmark Return (PARS Moderately Conservative) -10.29% 3.29% Asset Allocation
Market Value Percentage
Cash and Equivalents 488,138.98 4.17%
Equity 3,091,396.78 26.42%
Fixed Income 8,117,190.17 69.37%
Accrued Income 4,323.70 0.04%
Total 11,701,049.63 100.00%
Account Manager:
Kyra Clarke
3121 Michelson Dr 3rd Fl
Irvine, CA 92612
949-224-7214, [email protected]
Cash and Equivalents
4.17%
Equity
26.42%
Fixed Income
69.37%
Accrued Income
0.04%
31 PAGE 137
City of Pasadena
PARS Section 115 Trust
For the Month Ended June 30, 2022
Post Employments Benefits Trust 6746056201
Market Value Book Value
Beginning Balance 2,305,877.99 2,379,959.70
Activity
Contributions - -
Disbursements - -
Total - -
Net Investment Income
Dividends 5,561.23 5,561.23
Interest 36.45 36.45
Other Income - -
Change in Accrued Income 773.88 773.88
Total Investment Income 6,371.56 6,371.56
Net Change in Unrealized Gain/Loss, Fee Receipts & Deliveries Net (94,913.11) - Realized Gain/Loss - -
Total Market Value Adjustment (94,913.11) -
Trust Fees (503.83) (503.83)
PARS Fee (Net of Depository Earnings) (450.67) (450.67) Unreconciled Difference - -
Total (954.50) (954.50)
Ending Balance 2,216,381.94 2,385,376.76
1 Year Inception To Date
Investment Return (Inception-To-Date as of 6/30/2022) -11.82% 3.05% Benchmark Return (PARS Moderately Conservative) -10.29% 3.28% Asset Allocation
Market Value Percentage
Cash and Equivalents 77,226.80 3.48%
Equity 587,213.77 26.49%
Fixed Income 1,551,130.47 69.98%
Accrued Income 810.90 0.04%
Total 2,216,381.94 100.00%
Account Manager:
Kyra Clarke
3121 Michelson Dr 3rd Fl
Irvine, CA 92612
949-224-7214, [email protected]
Cash and Equivalents
3.48%
Equity
26.49%
Fixed Income
69.98%
Accrued Income
0.04%
32 PAGE 138
FINANCE DEPARTMENT
Quarterly Investment Report
Quarter Ending June 30, 2022
Vic Erganian
Deputy Finance Director/City Treasurer
September 12, 2022
Finance Committee Item 6; City Council Item xx
PAGE 139
FINANCE DEPARTMENT
Inflation
2 PAGE 140
FINANCE DEPARTMENT
3 -5.1
-31.2
33.8 4.5 6.3 6.7
2.3 6.9
-1.6 -0.9
-40
-30
-20
-10
0 10
20 30
40 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 GDP Growth Rate
PAGE 141
FINANCE DEPARTMENT
Unemployment
4 PAGE 142
FINANCE DEPARTMENT
5 • The Federal Reserve raised the Fed Funds rate by:
- 0.50% in May
- 0.75% in June
- 0.75% in July (now at 2.33%).
• Yields 12/31/21 06 /30/22 Now
• 1 Yr Treasury 0.38% 2. 74% 3. 26%
• 5 Yr Treasury 1.26% 3. 04% 3. 18%
• 30 Yr Treasury 1.90% 3. 18% 3. 25%
PAGE 143
FINANCE DEPARTMENT
Yield curve
6 PAGE 144
FINANCE DEPARTMENT
Treasury Yield Curve
7 PAGE 145
FINANCE DEPARTMENT
Effective Fed Funds Rate
8 PAGE 146
FINANCE DEPARTMENT
9 • The stock market continued to dec line and cross into bear market territory as it priced in the Fed rate hikes, the supply chain challenges, and the continued war in Ukraine.
• The Dow Jones Industrial Average dropped 11 .25% during the quarter, the S&P closed down 16.44%, and the NASDAQ returned a negative 22.44% for the quarter ending June 30, 2022.
PAGE 147
FINANCE DEPARTMENT
10 Total Funds Under Management as of 6/30/2022 (Market Values):
Pooled Portfolio $636,590,947
Capital Endowment 1,885,618
Stranded Investment Reserve Portfolio 41,862,302
Special Funds 33,474,134
Investments held with Fiscal Agents 38,889,877
PARS Section 115 Trust 13,917,432
Total Funds Under Management $766,620,310
PAGE 148
FINANCE DEPARTMENT
As of June 30, 2022
11 PAGE 149
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)
12 PAGE 150
FINANCE DEPARTMENT
Portfolio liquidity as of 6/30/2022
13 Percent of
Aging Interval Par Value Portfolio
0-30 Days 105,179,463 15.68%
31 days - 1 Year 65,155,000 9.71%
1 - 2 Years 111,820,000 16.67%
2 - 3 Years 172,567,778 25.72%
3 - 4 Years 184,923,000 27.56%
4 - 5 Years 31,250,000 4.66%
Over 5 Years 0.00%
TOTAL: 670,895,241 100.00%
PAGE 151
FINANCE DEPARTMENT
14 Corporate Credit Quality
PAGE 152
FINANCE DEPARTMENT
Taxable Munis
• City of Glendora AAA California Ear thquake Authority F1+ • Beverly Hills PFA AA+ Buena Park Communit y RDA AA-
• Chino Public Fin Authority AA La Canada USD Aa1
• City of
Arcadia Aaa Ventura County P FA Aa1
• Riverside California POB AA California S tate Univ Revenue Aa2 • Santa Barbara County A1 Huntington Beach CA Publi c Fin AA • San Ramon Vly CA Unified Aa1 Oak Gr ove CA School Dist Aa3 • State of California Aa2 Oxnard School Dis trict A+
• West Coast Contra Unified AA Redondo Beach Unified S ch Aa2 • University of CA Revenue Aa1
• City of Oran
ge Taxable Pen AA
• South Pasadena Unified School Aa2
• Escondido Leas
e Revenue Bonds AA-
PAGE 153
FINANCE DEPARTMENT
Compliance
16 Pooled Investment Portfolio
As of 6/30/22
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 Certificates of Deposit 0.20% 30% In compliance n/a n/a In compliance In compliance Municipal Bonds 5.96% 100% In compliance Aaa/Aa3/Aa2/Aa1/A2/AA+/AA-/AAA/AA A or better In compliance In compliance US Treasury Securities 7.46% 100% In compliance Aaa AA+/Aaa In compliance In compliance Corporate Bonds 13.97% 30% In compliance* Aa1/A1/A2/A3 A or better In compliance In compliance Amortized Zero Cpn Bonds 0.77% 30% In compliance* Aa1/A1/A2/A3 A or better In compliance In compliance Federal Agency Issues 48.79% 100% In compliance Aaa AA+/Aaa In compliance In compliance Supranationals 3.73% 30% In compliance Aaa AA or better In compliance In compliance Commercial Paper 1.55% 100% In compliance P-1 (Short-term) P-1 (Short-term) In compliance In compliance Money Market-CAMP 11.72% 100% In compliance n/a n/a In compliance In compliance US Treasury Securities Disc 1.54% 100% In compliance Aaa AA+/Aaa In compliance In compliance LAIF 4.00% 100% In compliance n/a n/a In compliance In compliance Cash 0.31% 100% In compliance Collateralized Collateralized In compliance In compliance 100.00%
Portfolio Value 636,590,947
PAGE 154
FINANCE DEPARTMENT
Book Yield
17 0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
July 21 Aug 21 Sept 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 July 22 Yield
PAGE 155
FINANCE DEPARTMENT
18 • All investments are in compliance with the State
Government Code and the
City’s investment policy.
• Ample liquidity is maintained to meet budgeted
expenditures.
• Adequate returns vs. portfolio risk.
PAGE 156
INFORMATION ONLY
ITEM 7
ROSE BOWL OPERATING COMPANY
MONTHLY FINANCIAL UPDATE
PAGE 157
PAGE 158
PAGE 159
PAGE 160
PAGE 161
PAGE 162
PAGE 163
PAGE 164
PAGE 165
PAGE 166
PAGE 167
PAGE 168
PAGE 169
PAGE 170
PAGE 171
INFORMATION ONLY
ITEM 8
OPERATING COM
PANY AGREEMENTS AND REVENUE
MEASURES
PAGE 172
PAGE 173
PAGE 174
PAGE 175
PAGE 176
PAGE 177
1 Pasadena Tourism Business
Improvement District
TBID
ANNUAL
REPORT
FY21
Attachment A
PAGE 178
2 3
ABOUT
Developed by the Pasadena Center Operating Company and approved by the Pasadena City Council, the Pasadena Tourism Business Improvement District (PTBID) is an assessment district proposed to provide specific benefits to payors, by funding targeted marketing and sales promotion efforts. This approach has been used successfully in over 100 California destinations to provide the benefit of additional room night sales to payors.
LOCATION
The PTBID includes all lodging businesses located within the boundaries of the City of Pasadena. It does not include home-sharing or vacation rental businesses as defined by Pasadena Ordinance No. 7317.
SERVICES
The PTBID is designed to provide specific benefits directly to payors by increasing room night sales and revenue therefrom. Marketing and sales promotions will increase overnight tourism and market payors as tourist, meeting and event destinations, thereby increasing room night sales and revenue therefrom.
BUDGET
The total PTBID annual budget for each year of its five (5) year operation was anticipated to be approximately $3,800,000. This budget is expected to fluctuate as room sales do but was not expected to significantly change over the life of the PTBID. However, due to COVID 19, the FY21 Budget is projected to be $2,132,000, based upon hotel occupancy forecasts by Tourism Economics for LA County and Smith Travel Research (STR), and consultations with Pasadena hotel partners.
COST
The annual assessment rate is 2.89% of gross room rental revenue. Based on the benefit received, the assessment shall not be collected on stays of more than thirty (30) consecutive days; and stays by any officer or employee of a foreign government who is exempt by reason of express provision of federal law or international treaty.
COLLECTION
The City is responsible for collecting the assessment on a monthly basis (including any delinquencies, penalties and interest) from each lodging business located in the PTBID.
DURATION
The PTBID will have a five (5) year life, beginning July 1, 2018 through June 30, 2023. Once per year, beginning on March 1, there is a thirty (30) day period in which lodging business owners paying more than fifty percent (50%) of the assessment may protest and initiate a City Council hearing on PTBID termination.
MANAGEMENT
The PCOC will serve as the PTBID’s Owners’ Association. The Owners’ Association is charged with managing funds and implementing programs in accordance with this Plan, and must provide annual reports to the City Council.
TABLE OF CONTENTS
About 2
Letter from the Chair 4
Letter from the Executive Director 5
FY21 Highlights 6
FY21 Financials 11
FY22 TBID Activities 12
FY22 Tourism Recovery Plan 13
FY22 Budget 14
Tourism Outlook 15
Meetings & Conventions 16
Leisure 26
Tourism Leadership 30
Pasadena Convention Center & Civic Auditorium 32 Filming 34
Appendix 35
PAGE 179
4 5
LETTER FROM
EXECUTIVE
DIRECTOR
Dear Friends and Colleagues,
After a year unlike any other, our mission to position Pasadena as a leading meeting and leisure travel destination is more critical than ever for the well-being of our community. Our work to showcase the destination infuses much needed dollars into the economy and fuels the recovery.
In June, Visit Pasadena launched our comprehensive Pasadena Tourism Recovery Plan which details our multilayered marketing approach to attract visitors and meetings back to the destination.
We are grateful for the support of the Pasadena City Council for their confidence in our work and the resiliency of our industry.
As we move beyond this pandemic, we thank you for your
continued support and collaboration. Despite the hardships of the last year, Pasadena is ready and eager to welcome back visitors and help drive Pasadena’s recovery efforts. There is still work to be done to rebuild the vibrant travel and hospitality workforce, but we are proud of the work our destination has done and we are confident that we will rise to the occasion.
Sincerely,
Jeanne Goldschmidt
Executive Director
Pasadena Convention and Visitors Bureau
LETTER FROM
THE CHAIR
Dear Friends and Colleagues,
During these unprecedented times, the tourism and hospitality industry has been severely impacted. In the face of adversity, the Pasadena Convention & Visitors Bureau continues to proactively support and strengthen our tourism community so our destination can recover quickly.
Travel and meetings bring business to our local economy. From hotels and lodgings, to museums and entertainment, to restaurants and retailers, and meetings and events, tourism is the heartbeat of Pasadena. The industry sustains over 6,000 jobs locally in Pasadena. Therefore, it is more critical than ever to build a foundation for recovery.
We are confident that tourism is a resilient industry that can lead Pasadena’s recovery. We extend our gratitude to the Pasadena Center Operating Company Board of Directors, the City of Pasadena, and our community partners for their efforts and leadership to sustain the industry and provide a path forward.
Sincerely,
Tyron Hampton
PCOC Board Chair
Council Member, City of Pasadena
4 5
PAGE 180
6 7
FILM LOCATION
While on-site events were postponed, our Sales team remained active in pursuing new filming opportunities for Pasadena and the Pasadena Convention Center facilities and highlighting the availability of our Civic Auditorium to be used as the backdrop for feature films and television shows. In addition, the City of Pasadena Film Office has extended filming hours at the Pasadena Convention Center, which exempts us from the normal curfew hours of 7:00 AM to 10:00 PM.
Our team has launched campaigns to showcase why productions like America’s Got Talent, Daytime Emmy Awards, and Subaru commercials choose us and continue to return to the Civic Auditorium each year. Not only are our facilities professionally managed, but our dedicated team is fully equipped to provide a controlled, safe environment for high-quality productions.
MEETINGS AND CONVENTIONS
As meeting planners’ needs evolved through the pandemic, our Sales Team worked closely with meeting planners to navigate ever-changing local restrictions and instill confidence in the ability to host safe meetings in our destination. We approached each relationship with care offering timely resources and expertise to keep clients engaged. We also continued to exercise flexibility in pricing, space, and contract terms for events in the short term.
Our Sales team continued to connect with prospective and returning clients to book and rebook business for 2021/2022 and into future years. The Sales team contracted 13,881 room nights for future meetings and conventions.
Occupancy ADR RevPAR Revenue
FY22 Forecast 67.33% $154.88 - -
FY21 48.9% $126.35 $63.05 $49,946,079
FY20 63.8% $166.28 $114.00 $102,330,042
*Note: The Sheraton and Hotel Constance were closed during FY21 reducing the hotel supply in the market FY21 HIGHLIGHTS
MEETING CAMPAIGNS
Visit Pasadena produced e-mail campaigns to
continually connect with meeting planners during
the pandemic. The campaigns provided important
COVID updates, additional safety protocols, virtual
tours, as well as showcased outdoor venues, group
tours, and experiences.
CLEAN & SAFE VIDEO
To prepare for our public reopening, we
created a video highlightingthe new safety
enhancements and health protocols the
Pasadena Convention Center has made to
ensure visitors and employees feel comfortable
in our facility.
VIRTUAL CONVENTION CENTER
TOURS
The Sales & Marketing team produced a six-part virtual
site inspection experience for each of the Convention
Center’s available venue spaces as a resource for
potential clients. The video series served as a COVID-
safe alternative to the in-person site visit and were
widely distributed across CVENT and other sales
platforms.
FY21 HIGHLIGHTS
7 PAGE 181
8 9
LEISURE
SHOP SMALL, DINE LOCAL
Visit Pasadena continued to support local restaurants
and businesses during the ongoing COVID-19 crisis. We
worked closely with the City of P
asadena to encourage
people to shop small and dine spotlighting hundreds of
independent businesses located in Pasadena. The team
also maintained online directories to support ongoing
operations and reopening of its business community.
The directories have received over 1 million impressions, 65,000 pageviews, and feature over 300 Pasadena
businesses.
• Shop Pasadena
• Dine Pasadena
• Connect Pasadena
• Outdoor Dining
• We’re Open Keep Us Open
FY21 HIGHLIGHTS
CULTURAL PARTNER MARKETING
SUPPORT
During the pandemic, we provided marketing support
to our museums and attractions to keep them
top of mind during the pandemic. We encouraged
participating in their virtual activities, as well as
donation drives. As things progressed, we promoted
their reopening plans across our social media
accounts and monthly newsletters, and developed a
video series to announce the reopening of museums
across the city.
STAYCATIONS CAMPAIGN
We implemented a staycation campaign to encourage
locals and visitors from nearby cities in Southern
California to travel in the city. The campaign
highlighted food and outdoor activities at popular
Pasadena locations. Local businesses and attractions
were able to benefit from the efforts to keep local
dollars within Pasadena, rather than traveling out of
state.
FY21 HIGHLIGHTS
STIMULUS PLAN
On Monday, June 14, 2021, the Pasadena City Council approved a segment of the American Rescue Plan Act of 2021 to fund a $475,000 Pasadena Tourism Stimulus Recovery Plan. The plan will allow the Pasadena Convention & Visitors Bureau to bring back key full time staff positions and implement a multi-layered marketing campaign to attract visitors to the destination and increase visitor spending to local hotels, restaurants, retail, and cultural attractions sooner than expected.
Visit Pasadena swiftly launched its tourism recovery advertising campaign to attract visitors and drive business to local hotels, restaurants, retail and cultural institutions just in time for the busy summer travel season. • Advertising on popular travel platforms, Expedia, and Tripadvisor • Targeted advertising to active travel planners using Sojern • Social media advertising on Facebook and Instagram
• Pasadena Official Visitors Guide to prominently feature the Rose Bowl on the cover and showcase our Pasadena restaurants who have been impacted by the pandemic. • As a part of the Tourism Stimulus Recovery, Visit Pasadena will sponsor a dedicated e-newsletter to Visit California’s 180,000+ opt-in subscribers.
PASADENA 626 DAY
Visit Pasadena and the City of Pasadena were thrilled to launch the first ever Pasadena 626 Day to signal a new day for the business community. It was envisioned as a way to highlight Pasadena businesses located all over the city, its unique shops and restaurants, and the cultural institutions which attract visitors to the City. Over 100 businesses participated in the day-long event on June 26. The campaign received 10,200 pageviews, five million impressions, and $180k publicity value.
It earned media coverage on Good Day LA, KABC Eyewitness News, KTLA, NBC Los Angeles, KNX Radio, and in local
publications.
WEBSITE AND SOCIAL MEDIA
Visit Pasadena continued to promote our destination with original and curated content to build brand awareness on our website and social media. At this time, consumers have increased their use of official travel websites from visitor bureaus to obtain information regarding travel advisories and protocols. • 371,000 unique website visitors
• 688,000 website page views
• 68,300 social media followers
PAGE 182
10 11
CALIFORNIA CONVENTION
CENTER COALITION
Throughout FY 21, the Pasadena Convention Center and
Visit Pasadena joined tourism officials across the State of California to advocate for the reopening of business meetings and convention centers. The California
Convention Center Coalition sought to reopen convention centers and meeting venues and created a detailed
plan for the reopening of convention centers with best
practice recommendations for sanitation, staff training, physical distancing, and communication.
The coalition educated state legislative members on the devastation of COVID-19 on the meetings industry and
sought their support. The coalition called on Governor
Gavin Newsom to immediately issue state guidance
clarifying under what conditions our industry can resume business.
The continued lack of guidance caused clients to back
out of events for late 2021, 2022 and beyond, primarily because planning and booking require several months
and sometimes years of lead time. Convention centers,
hotels and other meeting venues could not compete for
future events when it appeared California was closed
indefinitely.
Subsequently, Governor Newsom announced that small
gatherings, private meetings and events would be able
to return starting April 15 and would expand to business meetings, conventions and tradeshows starting June 15.
TOURISM MARKETING PARTNER
MEETINGS
Visit Pasadena convened two Tourism Marketing Partner
Meetings. About thirty tourism stakeholders attended
each meeting to support recovery efforts, marketing
campaigns, share updates and collaborate on activities.
ECONOMIC PARTNER MEETINGS
Visit Pasadena also joined a monthly call with the
Pasadena Economic Development Department, business
districts and shopping centers to discuss pressing issues and share resources and information during the recovery.
TOURISM
LEADERSHIP
For FY21, funding received from the PTBID was $1.3M, a decrease of $1.66M compared to FY20. The sharp decline was caused by the shutdown of travel and meetings due to the pandemic.
Income Budget Allocated Actuals
TBID Assessment $2,132,000 $1,369,000
Expenditures Allocated
Staffing $1,317,000 $1,006,000
Administration Expenses $42,000 $23,000
Advertising $187,000 $66,000
Trade Shows and Activities $93,000 ($11,000)
Events and Sponsorships $130,000 ($23,000)
Familiarization Activities $16,000 -
Sales Calls and Travel $53,000 -
Promotional Expenses $255,000 $51,000
Total Expenditures $2,093,000 $1,112,000
TBID Fund Reserve $39,000 $257,000
FY21 TBID Fund Balance $587,000 $844,000
*Unaudited
FY21 FINANCIALS
PAGE 183
12 13
FY22 TOURISM
RECOVERY PLAN
Despite the hardships of the last year, Pasadena is
ready and eager to welcome back visitors and help
drive Pasadena’s recovery efforts. The travel industry
makes tremendous contributions to our local economy
and workforce as well as our community’s identity and
culture.
There is genuine optimism for recovery. People are
making travel plans. Pasadena museums, cultural
attractions, entertainment venues, and restaurants
have reopened.
But there is still work to be done, particularly in
rebuilding the vibrant travel and hospitality workforce.
Visit Pasadena has developed a Tourism Recovery Plan
to accelerate the recovery of travel and tourism over
the next 12 months.
FY22 TBID
ACTIVITIES
12 13
PAGE 184
14 15
TOURISM OUTLOOK
The COVID-19 pandemic brought the tourism industry to a standstill with catastrophic declines in 2020 compared to 2019. No sector within our industry has been unaffected and travel and tourism in every community across the country has suffered. Locally, hotel occupancy and average daily rates dropped 50% and 30% respectively (STR).
An estimated decline of $8.6M in TOT and $3.5M in TBID is projected for FY21 and FY22. Over 500 events have been canceled at the Pasadena Convention Center amounting to a loss of $15M in revenue. In addition, Pasadena hotels have lost over $100M in revenue to date. The industry is not expected to fully recover until 2024. Analysts forecast demand travel to return to pre-pandemic levels in late 2023, and for revenue per available room to reach full recovery in 2024 (Tourism Economics).
Starting June 15, California officially reopened for travelers as state-mandated capacity restrictions and physically distancing ended. The loosening of restrictions as well as vaccine roll-out and a decline in cases allowed leisure- travel demand to begin to gather strength. Summer travel plans were holding strong across the country. In June 2021, US travel spending reflected a drop of “only” 15% below June 2019 levels, a significant improvement from earlier months (US Travel). In California, visitor spending was down 25% from 2019 levels (Visit California).
However, in late July, an increasing spread of the Delta variant of COVID-19 is cause for concern for the recovery and is dampening expectations for a long summer travel boom. Destination Analysts reported the Delta variant are disrupting travel plans with 25% of travelers postponing upcoming trips, 19% have canceled. 45% of Americans doubt that it’s safe to go out and travel.
The TBID assessment forecasted revenue is $2.7 million, an increase of $1.4 million compared to FY21.
This is a decrease of $1.1 million compared to pre-pandemic FY19. The CVB expenditures budget is $1.8 million, $600,000 more than FY21 Budget. FY22 Budget anticipates an average occupancy of 67% with an ADR of $154.75. Our budget projections were created in anticipation of the Sheraton and Hotel Constance reopening by September 1.
Income FY22
TBID Assessment $2,700,000
ARPA Tourism Recovery Funds $475,000
Expenditures Allocated
Staffing $ 1,560,000
Administration Expenses $17,000
Advertising $279,000
Trade Shows and Activities $122,000
Events and Sponsorships $144,000
Familiarization Activities $22,000
Promotional Expenses $131,000
Total Expenditures $2,275,000
TBID Fund Reserve $900,000
FY22 Projected TBID Fund Balance $ 1,744,000
FY22 BUDGET
PAGE 185
16 17
SALES DEPLOYMENT
The Sales team’s key priority for FY22 is to capitalize on targeted sales and marketing efforts to increase meetings, conventions and tradeshows coming to Pasadena.
Our sales team has been reduced due to budget constraints, but our deployment will remain focused on key areas of opportunity such as our strong client base of SoCal associations, scientific meetings, and our local corporate market. Local and regional events will be important to our recovery and we anticipate short term opportunities for these types of meetings to increase once they have been approved by the State and local health officials. We will continue to source opportunities for new and returning educational, affinity and religious events. Through partnerships with LA Tourism, Helms Briscoe and CVENT we will maximize our exposure to clients to attract new citywide conventions and meetings. We will continue to work with our local partners such as Caltech and JPL to expand our reach into the scientific community and bring their conventions and scientific assemblies to Pasadena.
We anticipate refilling a remote position in Sacramento by September 1, 2021.
Our current deployment:
TAYLOR FRY
National Sales Manager
• Association of all size- CA and
outside of CA
• Corporate outside of CA- 200 peak
and above
• Government- state and national
DEBBIE VAIL
Sales Manager
• CA Corporate of all size
• Corporate outside of CA- under
200 peak
• SMERF of all size
MATT HOURIHAN
Senior Sales Manager
• Civic Auditorium performances
• Film and TV productions
• Televised award shows
• Convention Center tradeshows
LAURI DECLERK
Sales Manager
• Small meetings
• Civic graduations
• Consumer shows
• City of Pasadena events
• Car research clinics
MEETINGS & CONVENTIONS
A NEW CHALLENGE
As our meeting planners needs evolve, our sales efforts will adapt in non-traditional ways. We hope to strengthen our working partnership, develop our peer-to-peer network, and create a greater sense of collaboration and transparency in our communication between ourselves and our clients.
We’ll continue to exercise flexibility in pricing, space, and contract terms for events in the short term, which remains a high priority for event organizers. With the uncertainty of meeting room block and food and beverage minimums, the
CVB intends to support the needs of both hotels and clients.
Meeting planners will continue to look to the CVB to navigate the local restrictions, and navigate the requirements and recommendations when hosting live events in the city. As we reassess standard offerings, it will be critical to work hand- in-hand with our clients to communicate our commitment to health and safety protocols.
Communication continues beyond health and safety
measures. Our Sales and Marketing Departments will serve as destination storytellers, the main resource for local and state reopenings, and highlight upcoming events. The narrative will instill confidence in attendees that Pasadena is a safe place to meet. We will continue to share best practices and improve our protocols as more and more eeents return to Pasadena. 16 PAGE 186
18 19
INDUSTRY ASSOCIATIONS
Sales managers will hold membership in local and national industry associations, become involved by serving on committees/boards, and attend industry meetings to increase contact with prospective clients. Our team also participates on weekly webinars to stay informed on industry trends and research. • American Society of Association Executives (ASAE)
• California Society of Association Executives (CalSAE) • International Association of Exhibitions and Events (IAEE) • Destinations International (DI)
• Meeting Professionals International (MPI)
• Professional Convention Management Association (PCMA) FY22 TBID ACTIVITIES
TRADESHOWS/CONVENTIONS
The Sales team will attend and exhibit at hospitality industry tradeshows and conventions in our target markets, to increase the number of qualified leads. Shows that were canceled in 2020 due to COVID have had our payments transferred to FY22 events where possible. The team has developed a travel calendar based on the best opportunities to connect with qualified clients.
Tradeshow Date Format Location
Smart Meetings National West 3 Day August 8-10, 2021 In-Person San Diego Connect Marketplace: Assn. + Corp. August 30-September 1, 2021 In-Person Tampa Destinations Int'l Destination Showcase September TBD Hybrid Washington DC Connect Med/Tech November 29-December 1, 2021 In-Person Washington DC Connect DC November 29-December 1, 2021 In-Person Washington DC CalSAE Seasonal Spectacular December 14-15, 2021 In-Person Sacramento PCMA Convening Leaders January 9-12, 2022 In-Person Las Vegas
CITYWIDE CONVENTIONS
Status Dates Room Nights
November 2021
Assn of CA Water Agencies Definite Nov 28-Dec 3, 2021 2,571 January 2022
Barbershop Harmony Mid-Winter
Conference
Definite Jan 10-16, 2022 2,503
CA Assn of Public Procurement
Officials
Definite Jan 30-Feb 2, 2022 1,825
March 2022
SoCal LINUX Expo SCALE 20X Contract Issued March 1-7, 2022 646 Caltech QIP Definite March 7-11, 2022 920
SAE International (Aerotech) Definite March 13-18, 2022 1,192 AeroMat Definite March 14-22, 2022 682
CA Speech Language-Hearing Assn Definite March 23-26, 2022 1,453 April 2022
2022 HCSRN Annual Conf Definite April 11-14, 2022 867
CAEYC 2022 Contract Issued April 25-May 1, 2022 885
May 2022
Air Sensors International Contract Issued May 10-13, 2022 907 Leading Age California Definite May 15-18, 2022 966
Fire and Climate Conference Contract Issued May 22-26, 2022 1,020 (not yet contracted) June 2022
American Astronomical Society Definite June 11-16, 2022 1,433 The continued closure of gatherings in California have forced the following citywide conventions from July to October to reschedule their events to future years.
Dates Room Nights Rebooked
Academic Senate for CA Community
Colleges
July 10-12, 2021 860 room nights July 10-13, 2024
LightBox Expo September 2021 1,750 room nights October 12-16, 2022 CA Hospital Assn Oct 4-6, 2021 550 September 12-14, 2022 Great Minds in STEM October 19-24,
2021
4,105 October 10-15, 2023
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20 21
SALES PROSPECTING
Each sales manager will prospect for new business
through contacts made at tradeshows, industry events,
and research. The team will reengage clients who
have not held their events here in the past year and
rebook their events when the time is right. The Sales
and Marketing teams will develop enticing packages,
sponsorships, and add-on services to entice them to
rebook. Regular marketing email campaigns, targeted
digital campaigns and a robust business to business
social media presence will support prospecting efforts.
Sales efforts are monitored weekly, monthly, and
annually.
CUSTOMER SITE INSPECTIONS
In person site inspections are the optimal way for
meeting planners to experience our destination
and our meeting facilities. We underwrite the costs
for these visits when necessary. In the interim, our
Sales and Marketing teams developed a virtual site
tour to allow prospective clients the opportunity to
experience the Pasadena Convention Center and
our destination. The videos feature guided walk
throughs of our exhibit halls, ballroom, meeting
rooms highlighting amenities, features and floor
plans. We will resume our practice of hosting in
person site inspections in FY22.
NEW EVENT TRENDS EMERGING FROM AN UNPRECEDENTED YEAR
Hybrid events are here to stay. Since many groups turned to a virtual format to convene last year, clients and their attendees are familiar with Zoom and video conferences. We expect many groups will want to incorporate a virtual element to create a hybrid format for their events. Now that small meetings can resume, transitioning clients will be more attentive to virtual event production, wifi capabilities, and how venues’ built-in infrastrucure capabilities can support a hybrid format.
In addition to the pandemic, 2020 renewed our country’s focus on social justice. For many clients, that focus has reached the c-suite, and has motivated organizations to establish a commitment to diverity, equity, and inclusion (DEI) in internal structures and how they conduct external business. As these organizations evaluate destinations to bring their event to, they will be interested to know what efforts are being made to promote DEI in gender, race, disabilities, etc., and how it is reflected in marketing materials, local leadership, and business ownership.
When selecting a destination to host their event, future meeting planners will weigh factors including - a welcoming community for all (DEI), low COVID risks, and hybrid capability. We aim to position Pasadena as a destination that meets these requirements.
RFP & CVENT PARTICIPATION
CVENT is the preeminent website database for meeting planners during their site selection and RFP process. The PCVB has invested in a robust package of advertising options to keep Pasadena top of mind for tens of thousands of planners using CVENT’s digital channels. The package includes 2 diamond listings, email newsletters, banner ads, and guaranteed RFP generation. COVID has had a dramatic impact on the leads sourced thru the CVENT in 2020 and we were forced to reduce our level of commitment due to financial constraints. We gradually increase back to 2019 levels over the next few years.
2019
11.99 business hours
average response time
58%
296
RFP conversion rate
total RFPs received
2020
10.84 business hours
average response time
19%
250
RFP conversion rate*
total RFPs received*
2021 GOALS
<10
business hours
average response time
40%
RFP conversion rate
*many RFPs sourced in early
2020 were cancelled due to
the COVID-19 pandemic
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22 23
MEETINGS ADVERTISING AND CAMPAIGNS
We will advertise in select meeting industry digital platforms to maintain awareness of and interest in Pasadena.
Paid media will be dedicated toward digital display, mobile, email targeting and SEM. We will develop blog posts regularly for meeting planners that will keep us top of mind as they plan their meetings and will also share content in email marketing campaigns. We will also utilize LinkedIn’s paid and unpaid platform to connect with meeting planners. LinkedIn is a great social media network for business-to-business interactions. Our Sales Team engages actively on LinkedIn with their networks.
Advertising campaigns will include:
• Back to Business in Pasadena
• Your Hybrid Meetings Solution
• Center for Innovation and Technology
BACK TO BUSINESS IN PASADENA
Maintaining health and safety in America is critical for social and economic recovery. Travelers, including meeting planners and attendees, expect leadership from travel brands. They require proof that safety measures are in place throughout their entire travel journey. Meeting planners will also need these assurances as they select their next meeting destination and market their events and conventions.
We will execute a marketing and communications strategy to showcase our entire destination’s commitments to health and safety, including the convention center, hotels, museums, attractions, restaurants, and retailers. The strategy includes website statements, signage, email communications, and press releases.
GLOBAL BIORISK ADVISORY
COUNCIL ACCREDITATION
The Pasadena Convention Center has achieved the
Global Biorisk Advisory Council® (GBAC) STAR™
accreditation, the gold standard for prepared
facilities. The program verifies that the Pasadena
Convention Center implements best practices to
prepare for, respond to, and recover from outbreaks
and pandemics.
#PasadenaPrepared
BACK TO
BUSINESS
MAKE PASADENA YOUR SAFE
MEETINGS DESTINATION
The 130,000 square foot GBAC STAR™ accredited
Pasadena Convention Center features a 55,000 square
foot exhibit hall, 20,000 square foot outdoor plaza,
robust safety protocols, and professional virtual
meeting capabilities. The center is also centrally
located, with over 1,200 hotel rooms in easy walking
distance—and another 1,300 rooms a short drive or
light rail ride away. In the heart of downtown
Pasadena, attendees are footsteps fromsafe
and walkable entertainment districts and stunning
architectural landmarks.
REOPENING PLANS AND GUIDELINES
The Pasadena Convention Center has
developed robust health and safety measures and
guidelines to reopen safely.
STREAMLINED SAFETY PROCEDURES
PROCESS
Pasadena is one of a few cities in California with its
own health department which ensures a streamlined
experience for planners to develop their operations
plan and expedite safety approvals.
PASADENA COMMITMENT TO SAFETY
The entire Pasadena community is committed to
health and safety, including our hotels, attractions,
restaurants, and retailers. Our destination partners
have implemented safety and sanitation protocols to
ensure your group can meet safely.
HYBRID AND VIRTUAL MEETINGS
With the help of our preferred audiovisual partner,
Encore, we have adapted to the provide hybrid
meeting options. Their expertise, service, and state
of the art technology help create a customized, yet
safe setting for large groups and gatherings.
DESTINATION PROFESSIONALS
The Pasadena Convention & Visitors Bureau is
actively engaged and prepared to help you host your
next meeting or convention.
See appendix for Back to Business one sheet.
See appendix for Stay Safe Pledge Ad
PASADENA: CENTER FOR
INNOVATION AND TECHNOLOGY
Pasadena has a long history of innovation and a
deep-rooted entrepreneurial spirit. From Hubble to
Hawkings, some of the world’s greatest minds have
lived and worked in Pasadena, making Jet Propulsion
Laboratory (JPL), The Planetary Society, and the
ArtCenter College of Design, Pasadena’s pioneering
institutions have earned worldwide recognition
for their contributions to science, technology and
creativity.
YOUR HYBRID AND VIRTUAL
MEETINGS SOLUTION
As meetings evolve, we are marketing our readiness
to support clients as they host hybrid and virtual
meetings that meet their needs and elevate their brand.
With our preferred audiovisual partner, Encore, the
Pasadena Convention Center is prepared to provide
the technology and management to professionally
run a hybrid and virtual meeting. A new website page
has launched, and a direct email campaign has been
executed. The campaign will continue through FY22.
STAY SAFE PLEDGE
In collaboration with our hotels, business partners, and the City of Pasadena, the Stay Safe Pledge ensures
visitors that Pasadena has taken all of the necessary
steps in practicing the safest protocols for cleanliness, disinfection, and overall preparedness in regards to
COVID-19 and all other potential viral risks.
Businesses that sign the pledge have agreed to follow
all local, state and federal guidelines:
• Stay informed of the latest best practices
• Implement disinfection protocols
• Train employees on how to limit the spread of
COVID-19 including daily screening measures
Stay Safe Campaign Timeline
• April 14: Debut program to tourism partners.
• May 5: Develop marketing materials and
window clings.
• May 12: Solicit commitment from hotels,
museums and tourism partners.
• May 19: Launch stay safe media campaign with
press release.
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24 25
DESTINATION SERVICES
Meetings and events planned in FY22, will be navigating challenging waters. They will require extensive planning and ingenuity to host safe events and attract attendees. For citywide meetings, the Destination Services, Marketing and Communications teams will offer expanded services to support meetings at this critical juncture.
Services will include:
• Custom website landing pages
• Custom welcome videos featuring elected officials and local business leaders • Offsite venue planning, group tours and activities support • Social posts
• Sponsored giveaways and promotions
• Expanded local public relations strategy
• Collateral media such as zoom backgrounds, flyers, banners, maps, photography and fact sheets • Promotional items such as the Pasadena Coloring Book
In addition, the Destination Services team will provide important travel and meeting safety messages and information for meeting planners and attendees. This includes travel restrictions and orders, guidance on large gatherings, hotel openings and closures.
Custom website landing page
FY22 TBID ACTIVITIES
PASADENA
COLORING BOOK
Custom lamppost banners and signage Pasadena Coloring Book Private group tour, custom one sheets, and local
guided activities
SOUTHERN CALIFORNIA’S CULTURAL OASIS
Southern California’s cultural pulse comes to life in Pasadena. Culturally rich and artfully layered, Pasadena’s cachet rivals the likes of New York City and San Francisco. There’s a masterpiece around every corner – storied architecture, landmark museums, rare books, lush gardens, top-notch theaters and galleries. Explore Pasadena while enjoying 300 days of Southern California sunshine and an average temperature of 75 degrees.
CHARMING NEIGHBORHOODS
Only a short stroll from the Convention Center are four districts that blend the past, present and future:
Civic Plaza, Old Pasadena, Playhouse District and South Lake Avenue. Located within Pasadena’s 1.5- mile downtown core, these legendary areas are alive with cobblestone courtyards, sidewalk bistros, nightlife, shopping, and entertainment.
CENTER OF INNOVATION, CITY OF INSPIRATION
Pasadena makes a cool base camp of inspiration. From Hubble to Hawkings, some of the world’s greatest minds have lived and worked in Pasadena. Home to Caltech, JPL and the ArtCenter College of Design, Pasadena institutions boast worldwide recognition for their contributions to science, technology and creativity.
SHOPPING. Antiques, boutiques, museum stores,
shopping centers, world-famous flea markets—
Pasadena is a walkable hub for retail therapy of all
variety, where hidden shopping gems are on every
corner.
ACCESSIBILITY. Just 16 miles from Burbank Airport, 29
miles from LAX, 37 miles from Ontario Airport, and
38 miles from Long Beach Airport.
DINING. Pasadena is the next foodie frontier, where a
new wave of artisanal eats and handcrafted pours is
remaking the SoCal culinary scene.
ENTERTAINMENT. From sophisticated jazz to comedy
clubs, from Broadway-style theatre to dance spots,
we’ll keep everyone in your group entertained.
NO HASSLES. A safe, pedestrian-friendly city, Pasadena
off ers a multitude of hotel rooms and services steps
from the Convention Center.
ARTS & CULTURE. Recently named “Best Arts Town” by
Sunset Magazine, Pasadena is considered one of the
most culturally rich and artfully layered cities in the US with 7 museums.
Welcome, OTC 2020! PASADENA CONVENTION CENTER
Wednesday, June 17 - Friday , June 19, 2020
25 PAGE 190
26 27
LEISURE
The Marketing team has worked to target drive market
customers to our hotels and tourism partners since many visitors show favoritism towards staying closer to their homes - likely within driving distance. Since the reopening, travelers prioritize purposeful escapes and experiences.
Visit Pasadena’s advertising and marketing focuses on
wellness, the outdoors and other “off the beaten path”
activities that allow for appropriate physical distances.
Our messaging for indoor activities emphasize how Pasadena has taken the appropriate protocols to make travel safer throughout their journey. We also resonated that Pasadena is a vibrant city with a small-town atmosphere and inviting vibe.
Pasadena may be near Los Angeles, but it feels worlds away.
Our marketing plan has focused on increasing confidence of the Gen X crowd as well as attracting more Millennials. Key characteristics of our ideal customer are young professionals who love the energy and culture of downtown life and lead active lifestyles. They enjoy theater, movies, concerts, culture, healthy foods, sustainability and are fashion-forward. They are drawn to urban neighborhoods and love the energy of downtown life and being close to the action. They are also ethnically diverse, mostly female, college-educated, and are career driven (Buxton).
26 LEISURE ADVERTISING AND CAMPAIGNS
The Marketing & Communications team will run a strategic marketing campaign focused on locals, drive market, and short-haul domestic travelers to support destination recovery, increase hotel business, and position Pasadena for long-term success.
Paid media will be strategically focused. Utilizing limited resources, we will target our specific markets using primarily organic and paid digital advertising – digital display ads, and social media ads.
Research shows that our audience is most receptive to travel and tourism content on Instagram and Google. We will subsidize these channels with Facebook and Twitter. Campaigns will target friends, family, returning visitors, and drive market through FY22. We will focus on the decision making and booking stage of the travel journey and reflect consumer sentiments.
See appendix for full page ad.
VISIT PASADENA
ENEWSLETTER
We deliver a monthly e-newsletter to over 15,000
subscribers sharing the latest news, events, and
activities in Pasadena. The newsletter provides
valuable content for visitors with a focus on beautiful imagery and bite-sized teasers of upcoming
attractions, with clickable links to keep subscribers
interested and engaged.
VISITORS GUIDE
This year, Visit Pasadena will publish one annual,
high-quality visitors guide in FY22. The publication
will highlight the best events and activities and
contain curated content promoting arts and cultural
attractions. 75,000 copies of the Official Pasadena
Visitors Guide will be polybagged with Los Angeles
Magazine and Pasadena Magazine, as well as
distributed in regional airports, welcome centers,
hotels, and to meeting attendees.
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28 29
WEBSITE AND SOCIAL MEDIA
Our website and social media promote our destination with original and curated content to build brand awareness.
At this time, consumers have increased their use of official travel websites from visitor bureaus to obtain information regarding travel advisories and protocols. The team will continue to build upon the newly redesigned VisitPasadena.com. We write regular blog about what visitors can experience during their stay in Pasadena.
Social media is an ideal platform for inspiring travelers to get to know our destination. Our Marketing team develops original, high-quality, and engaging content to influence travel including scenic imagery, short, digestible videos, and focused call-to-actions. We find and curate user-generated content that fits our brand. We also post relevant content on events, activities, and things to do in Pasadena.
MEDIA RELATIONS
Visit Pasadena will distribute regular press releases, tip sheets, event listings to generate media coverage on
Pasadena and the Pasadena Center Operating Company.
We will also utilize our relationships with Visit California and Discover Los Angeles to keep Pasadena top of
mind. We will aim to host one familiarization event in
FY22, likely in Spring 2022, for travel and meeting trade journalists. Our goal is to earn coverage in 25 leisure and meeting publications.
Media campaigns will include:
• Support the Tourism Recovery – Plan Your
Staycation
• Pasadena Road Trip
• Pasadena Hotel Focus
• Why Tourism Matters
• Pasadena Convention Center Readies to Reopen
• Pasadena is Open and Ready
STAKEHOLDER RELATIONS
PARTNERSHIPS
TOURISM MARKETING PARTNER
MEETINGS
Visit Pasadena will continue to convene regular meetings with our tourism marketing partners to support recovery efforts, engage with our partners, and elevate the Pasadena brand collectively. Our tourism partners represent Pasadena hotels, business districts, museums, performing arts
organizations, attractions, and educational institutions. Our team meets monthly with the City of Pasadena Economic
Development Department, districts, and shopping centers to discuss the latest news, COVID updates, and campaigns.
Visit Pasadena also participates in Old Pasadena Marketing Committees and the San Gabriel Valley Marketing
Committee.
TOURISM PARTNER NEWSLETTERS
We send a bi-monthly newsletter to our stakeholders as
another tool to engage with our partners. The newsletter provides a glimpse of recent activities and achievements to promote Pasadena as a meetings and leisure destination.
We also share industry research, trends, and consumer
insights that are especially valuable in the ever-changing COVID landscape.
TOURISM PARTNER MARKETING
SUPPORT
It is critical to support our partners, especially during these times. Our partners are working extremely hard to survive and thrive during the pandemic. Most have closed their
doors to the public for more than a year. We will continue to actively promote their activities and virtual events to help them stay visible through the recovery. When the time is right, we will begin campaign to support their reopening.
FY22 TBID ACTIVITIES
29 PAGE 192
30 31
Visit Pasadena is dedicated to supporting the tourism industry and our partners to aid the recovery of Pasadena and the surrounding region.
ROSE BOWL STADIUM
The Rose Bowl Stadium is an iconic landmark that is beloved across the nation and is an important piece of the City of Pasadena’s legacy and worldwide appeal. It has served as a backdrop for a centennial of annual events, new year celebrations, global performances, and more. It is a place that has created memories for families across the nation and traditions that have been passed down for generations. It is important that the stadium continues its grand tradition of providing world-class events so we can continue to attract visitors and provide lasting experiences.
Visit Pasadena enthusiastically supports the Rose Bowl Operating Company during these difficult times with marketing, public relations, and strategic partnerships. This support extends to promotion of signature events on our website and social media and prominent coverage in our upcoming Visitors Guide with a cover feature story and advertising.
SAN GABRIEL VALLEY ECONOMIC PARTNERSHIP
Leisure and hospitality play a critical role in the local and regional economy. Visit Pasadena will continue its leadership as a founding member of the San Gabriel Valley Hospitality Committee. With many upcoming major events – notably the 2026 FIFA World Cup, Breeders Cup, and the 2028 Olympics - Pasadena and the San Gabriel Valley will be front and center for the entire world to see. Therefore, it is critical to strengthen and rebuild the entire region to its full potential and showcase the best it has to offer. Visit Pasadena will also continue to lend expertise on the San Gabriel Valley Economic Partnership Marketing Committee.
TOURISM
LEADERSHIP
This year, our Leadership team continues to actively
participate in various committees and campaigns to
support the tourism industry’s recovery:
• CalTravel Association Board of Directors
• CalTravel COVID-19 Task Force
• California Convention Center Coalition
• CalTravel Diversity, Equity & Inclusion Task
Force
• Southern California Destination PR
Professionals
• US Travel COVID-relief advocacy efforts
• US Travel “When You’re Ready. We’ll Be
Ready” campaign
• US Travel “Plan For Vacation Day” campaign
• California Travel Officials call for Governor
Newsom to Release Guidelines for Business
Meetings, Events and Conventions
INDUSTRY ASSOCIATIONS
Our goal is to develop partnerships with the greater Los Angeles travel community and regional destination marketing organizations (DMOs) to raise awareness of Pasadena as a travel destination. Visit Pasadena will maintain memberships in various industry associations and attend industry meetings to increase Pasadena’s visibility. These meetings create an opportunity to network with other destination marketing organizations and exchange information and ideas related to best practices. (i.e., Travel & Tourism Marketing Association, Destination Marketing Association International, DMA West, CalTravel Association, and Visit California).
Visit Pasadena relies on our partners to support our efforts in the “travel ecosystem. ” Visit California promotes travel in and throughout the state. Discover Los Angeles inspires travel to the region. Visit Pasadena attracts visitors to our destination and onto our local downtown, hotels and attractions.
DISCOVER
LA
VISIT
PASADENA
ATTRACTIONS
& HOTELS
VISIT
CALIFORNIA
SUPPORT LOCAL BUSINESSES
The Pasadena Convention & Visitors Bureau will
continue to support local restaurants during the ongoing COVID-19 crisis with the recent release of the Pasadena Outdoor Dining Guide. In addition, the Marketing and
Communications team continues to work closely with
the City of Pasadena to maintain three online directories to support the ongoing operations and reopening of
its business community. “Dine Pasadena” and “Shop
Pasadena” promote local restaurants and small retail
businesses open for business while “Connect Pasadena,”
provides a list of educational and engaging content
from Pasadena businesses and cultural institutions. The directories have received over 20,000 pageviews and
feature over 300 Pasadena businesses.
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32 33
COMMITMENT TO HEALTH AND SAFETY
GBAC STAR Accreditation
The Pasadena Convention Center has been awarded the Global Biorisk Advisory Council® (GBAC) STAR™ accreditation, the gold standard for prepared facilities. Under the guidance of GBAC, a Division of ISSA, the worldwide cleaning industry association, the Pasadena Convention Center has implemented the most stringent protocols for cleaning, disinfection and infectious disease prevention in its facilities.
PASADENA CONVENTION
CENTER & CIVIC AUDITORIUM
FY22 TBID ACTIVITIES
As the cleaning industry’s only outbreak prevention, response and recovery accreditation, GBAC STAR™ helps organizations establish protocols and procedures, offers expert-led training and assesses a facility’s readiness for biorisk situations. The program verifies that the Pasadena Convention Center implements best practices to prepare for, respond to and recover from outbreaks and pandemics.
The Pasadena CVB and Convention Center launched a campaign to showcase the recent GBAC STAR accreditation. The campaign included email newsletters, digital, social media, and a press release. Communicating the STAR accreditation will instill confidence for meeting planners and will support them as they market their events in Pasadena.
32 Facility Reopening Plans and Guidelines
As the City of Pasadena continues through the recovery, the Pasadena Convention Center is planning and preparing to reopen. Our reopening plan to provide a safe workplace includes enhanced cleaning efforts, staggered work schedules and breaks, wearing of face masks, daily health screenings, practicing physical distancing, increased handwashing, and frequent cleaning and disinfecting of high touch areas.
DRAFT
DRAFT
PASADENA CONVENTION CENTER
REOPENING
GUIDELINES
THE PASADENA CENTER
OPERATING COMPANY
Weddings and Social Events Campaign
Because weddings and social events were restricted
through the pandemic, we believe there is pent up
demand for these activities, starting with very small
outdoor gatherings. Our team has also developed micro-
weddings packages to use during the recovery and are
actively promoting our offerings. The campaign will
include organic marketing, press releases, and paid
advertising.
Paid advertising campaign will be featured in the
following publications:
• Here Comes The Guide
• Wedding Wire
• The Knot
• Targeted Facebook, Instagram, Google Search
Advertising
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34 35
FILMING
While on-site events have been postponed, our Sales team has remained active in pursuing new filming opportunities for Pasadena and the Pasadena Convention Center facilities and highlighting the availablity of our Civic Auditorium to be used as the backdrop for feature films and television shows. In addition, the City of Pasadena Film Office has allowed for extended filming hours at the Pasadena Convention Center, which exempts us from the normal curfew hours of 7:00 AM to 10:00 PM.
Our team has launched campaigns to showcase why productions like America’s Got Talent, Daytime Emmy Awards, and Suburu commercials choose us and continue to return to the Civic Auditorium each year. Not only are our facilities professionally-managed, but our dedicated team is fully equipped to provide a controlled, safe environment for high-quality productions.
GLOBAL BIORISK ADVISORY
COUNCIL ACCREDITATION
The Pasadena Convention Center has achieved the
Global Biorisk Advisory Council® (GBAC) STAR™
accreditation, the gold standard for prepared
facilities. The program verifies that the Pasadena
Convention Center implements best practices to
prepare for, respond to, and recover from outbreaks
and pandemics.
#PasadenaPrepared
BACK TO
BUSINESS
MAKE PASADENA YOUR SAFE
MEETINGS DESTINATION
The 130,000 square foot GBAC STAR™ accredited
Pasadena Convention Center features a 55,000 square
foot exhibit hall, 20,000 square foot outdoor plaza,
robust safety protocols, and professional virtual
meeting capabilities. The center is also centrally
located, with over 1,200 hotel rooms in easy walking
distance—and another 1,300 rooms a short drive or
light rail ride away. In the heart of downtown
Pasadena, attendees are footsteps fromsafe
and walkable entertainment districts and stunning
architectural landmarks.
REOPENING PLANS AND GUIDELINES
The Pasadena Convention Center has
developed robust health and safety measures and
guidelines to reopen safely.
STREAMLINED SAFETY PROCEDURES
PROCESS
Pasadena is one of a few cities in California with its
own health department which ensures a streamlined
experience for planners to develop their operations
plan and expedite safety approvals.
PASADENA COMMITMENT TO SAFETY
The entire Pasadena community is committed to
health and safety, including our hotels, attractions,
restaurants, and retailers. Our destination partners
have implemented safety and sanitation protocols to
ensure your group can meet safely.
HYBRID AND VIRTUAL MEETINGS
With the help of our preferred audiovisual partner,
Encore, we have adapted to the provide hybrid
meeting options. Their expertise, service, and state
of the art technology help create a customized, yet
safe setting for large groups and gatherings.
DESTINATION PROFESSIONALS
The Pasadena Convention & Visitors Bureau is
actively engaged and prepared to help you host your
next meeting or convention.
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36 37
A vivacious city with a small-town atmosphere, Pasadena is the northeastern gateway to all things L.A. Nestled at the base of the San Gabriel Mountains and located just 10 miles from downtown Los Angeles, the “Crown of the Valley” feels worlds away.
The jewels of Pasadena’s storied past have been beautifully preserved as the city evolved into the sophisticated, modern destination it is today. Equal parts classic and contemporary, Pasadena is a thriving, forward-thinking hub of art, design and technological innovation.
YOUR
PASADENA
ADVENTURE
AW AITS
PAGE 196
38 BOARD OF DIRECTORS
Tyron Hampton, Chair
City of Pasadena, Councilmember, Council District 1
Archie C. Purvis, Vice-Chair
Purvis Enterprises, Inc.
Paul Leclerc, Treasurer
Langham Huntington, Pasadena
Joe Titizian, Secretary
Hilton Pasadena
Emina Darakjy
Resident
Phillip Hosp
Foley & Lardner, LLP
William Chu
Hotel Constance Pasadena
Eric Duyshart
City of Pasadena
David Eads
Tournament of Roses
Kim Ferreira
Resident
Eleanor Lee
Resident
Michael Owen
Old Pasadena Courtyard by Marriott
Robert Montano
Resident
Siamak Nassirpour
Westin Pasadena
Blair Salisbury
El Cholo Cafe
PASADENA CENTER
OPERATING COMPANY
Michael Ross
CEO
Naz Sabripour, CEM, CVP
Executive Director, P
asadena Convention Center
Margie Christ
Director of Human Resources
Phuong Wong
Director of Finance
VISIT PASADENA
Jeanne Goldschmidt
Executive Director, Visit Pasadena
Christine Susa
Director of Marketing & Communications
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