AGENDA
FINANCE COMMITTEE
SPECIAL MEETING NOTICE
OCTOBER 24, 2022
PUBLIC MEETING 3:00 P.M.
Me
mbers
Victor M. Gordo, Mayor
Tyron Hampton, District 1
Felicia Williams, District 2
Andy Wilson, District 7
STAFF
M
atthew Hawkesworth, Director of Finance
Theresa Fuentes, Assistant City Attorney
Gloria Acevedo, Recording Secretary
MI
SSION 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.
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ompliance 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.
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It
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DEPARTMENT OF FINANCE
CITY OF PASADENA
NOTICE OF SPECIAL MEETING
OF THE FINANCE COMMITTEE
OCTOBER 24, 2022
PUBLIC MEETING: 3:00 P.M.
PASADENA CITY HALL, COUNCIL CHAMBER
100 NORTH GARFIELD AVENUE, ROOM 5249
Note to the Public: City Hall is closed to the public until further notice.
NOTICE IS HEREBY GIVEN that a special meeting of the Finance Committee will be held on Monday, October 24, 2022 at 3:00 p.m. by videoconference/teleconference to discuss matters on the attached agenda.
Victor M. G
City of Pasa
HEREBY CERTIFY that this notice, in its entirety, was posted on the Internet at www.cityofpasadena.neUcommissions/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 20th day of October, 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
ColoradoBoulevard.net
La Opinion
Pasadena Journal
Pasadena Now
Pasadena Star News
Pasadena Weekly
Conversation Live
��a�
Finance Committee
In compliance with the Americans with Disabilities Act of 1990, listening assistive devices are available from the City Clerk's Office with a 24-hour advance notice.
Please call (626) 7 44-4124 to request use of a listening device.
Language translation services may be requested with 24-hour advance notice.
Habra servicio de interpretaci6n disponible para estas juntas 1/amando al (626) 744-4124 por lo menos con 24 horas de anticipaci6n.
SPECIAL MEETING
AGENDA
FINANCE COMMITTEE
O
CTOBER 24, 2022
Public Meeting: 3:00 P.M.
Council Chamber, Pasadena City Hall
100 North Garfield Avenue, Room S249
PUBLIC MEETING - 3:00 P.M.
ROLL CALL
PUBLIC COMMENT – LIMITED TO ITEMS ON THIS SPECIAL MEETING
AGENDA AND WILL BE HEARD AT THE TIME THE ITEM IS
CONSIDERED
APPROVAL OF MINUTES
NEW BUSINESS
1. AUT
HORIZE THE CITY MANAGER TO EXECUTE ALL AGREEMENTS AND
ADOPT A RESOLUTION FOR THE RECEIPT OF STATE AND FEDERAL
GRANT FUNDS FOR PASADENA DIAL-A-RIDE
2. APPROVAL OF BUDGET AMENDMENT TRANSFERRING $150,000 TO THE PUBLIC HEALTH DEPARTMENT’S FISCAL YEAR 2023 OPERATING
BUDGET TO PROVIDE EMERGENCY SHELTER SERVICES USING
EMERGENCY SOLUTIONS GRANT FUNDING
INFORMATION ONLY
3. F
Y 2023 CAPITAL IMPROVEMENT PROGRAM – FIRST QUARTER
MONITORING REPORT
4. RO
SE BOWL OPERATING COMPANY CALPERS VALUATIONS AS OF JUNE 30, 2021
5. RO
SE BOWL OPERATING COMPANY MONTHLY FINANCIAL UPDATE
6. PASADENA CENTER OPERATING COMPANY FINANCIAL UPDATE
ADJOURN
PAGE 1
NEW BUSINESS
ITEM 1
AUTHORIZE THE CITY MANAGER TO
EXECUTE ALL AGREEMENTS AND ADOPT A
RESOLUTION FOR THE RECEIPT OF STATE
AND FEDERAL GRANT FUNDS FOR
PASADENA DIAL-A-RIDE
PAGE 2
PAGE 3
PAGE 4
PAGE 5
PAGE 6
PAGE 7
Department of Transportation
RECEIVE STATE AND FEDERAL GRANT FUNDS
FOR PASADENA DIAL-A-RIDE
City Council
October 24, 2022
Item 1
PAGE 8
Department of Transportation
Recommendation
1. Find that the proposed action is exempt from the California Env
ironmental Quality Act (“CEQA”)
2. Authorize the City Manager to execute an agreement with Metro to rec
eive Federal Transit Administration (FTA) Section 5310 grant funds
3. Adopt a resolution authorizing the City Manager to receive Low Carbon Tr
ansit Operations Program (LCTOP) grant funds from the County of Los Angeles
2 PAGE 9
Department of Transportation
Two Projects: Reimbursement & Contributing Sponsor
1. Receive FTA Section 5310 funds from Metro
> Receive$250,820 in FTA Section 5310 grant funds for
Pasadena Dial-A-Ride COVID-19 Safety Response
Reimbursement for personal protective equipment
Reimbursement for enhanced door-to-door food delivery service on Pasadena Dial-A-Ride
2. LCTOP Funds from the County of Los Angeles
> Receive $106,589 of contributing sponsor funds from the Co
unty of Los Angeles to purchase one zero-emission bus
and its infrastructure
3 PAGE 10
Department of Transportation
Fiscal Impact – LCTOP Projects
1. Receive $250,820 of FTA Section 5310 from Metro and
appro
priate into the FY2023 Operating Budget
2. Receive $106,589 of contributing sponsor LCTOP funds from the Coun
ty of Los Angeles in FY2023
4 PAGE 11
Department of Transportation
Next Steps
• Winter 2022:
> Execute administrative contracts
> Submit Resolutions to Caltrans
> Submit reimbursement request to Metro for Pasadena Dial-A-Rid e COVID-19 Safety Response
• 2023:
> Return to Council with request to purchase Zero-Emi ssion Pasadena Dial- A-Ride Bus
5 PAGE 12
NEW BUSINESS
ITEM 2
APPROVAL OF BUDGET AMENDMENT
TRANSFERRING $150,000 TO THE PUBLIC
HEALTH DEPARTMENT’S FISCAL YEAR
2023 OPERATING BUDGET TO PROVIDE
EMERGENCY SHELTER SERVICES USING
EMERGENCY SOLUTIONS GRANT FUNDING
PAGE 13
PAGE 14
PAGE 15
PAGE 16
Department of Housing
APPROVAL OF BUDGET AMENDMENT TRANSFERRING $150,000 TO THE PUBLIC HEALTH DEPARTMENT’S FISCAL YEAR 2023 OPERATING BUDGET TO
PROVIDE EMERGENCY SHELTER SERVICES USING EMERGENCY SOLUTIONS
GRANT FUNDING
Department of Housing
October 24, 2022
Finance Committee Item 2
PAGE 17
Department of Housing
BACKGROUND
Council has previously approved two interdepartmental
transfers of ESG-CV grant funds from Housing to Public
Health
• September 27, 2021- $220 ,000
• January 24, 2022- $ 86,272
Previously transferred ESG-CV funds have supported the
provision of emergency shelter at motels (“motel vouchers”) through existing PPHD programs serving people
experiencing homelessness
2 PAGE 18
Department of Housing
BACKGROUND
Staff recommends the transfer of $150,000 of ESG-CV
funding to the Public Health Department to support the
continued provision of emergency shelter through motel
stays.
• Up to ten percent of the funds can be used for
adm
inistrative costs.
• Remaining funds can be used for motel stays and
rel
ated costs such as transportation to motels and
food for program participants.
• The funds are required by HUD to be expended by
Se
ptember 30, 2023.
3 PAGE 19
Department of Housing
FISCAL IMPACT
Approval of the recommended action will transfer existing ESG-CV grant funds in the amount of $150,000 from the
Department of Housing’s FY 2023 Operating Budget within the ESG Fund (224) to the Public Health Department’s FY 2023 Operating Budget (Fund 203) to provide emergency
shelter services for people experiencing homelessness.
4 PAGE 20
Department of Housing
RECOMMENDATIONS
1. Find that the recommended action is exempt from the
Ca
lifornia Environmental Quality Act ("CEQA"); and
2. Amend the Fiscal Year (FY) 2023 Operating Budget by
tr
ansferring $150,000 from the Department of Housing to
the Public Health Department to provide emergency
shelter services to people experiencing homelessness.
5 PAGE 21
INFORMATION ONLY
ITEM 3
FY 2023 CAPITAL IMPROVEMNT PROGRAM
– FIRST QUARTER MONITORING REPORT
PAGE 22
PAGE 23
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
LEGEND
Project Completed
Project Delayed - External Factors
Project Delayed - Internal Factors
Project Over Budget
PAGE 24
Municipal Buildings and Facilities
4,000,000111,000,000Central Library Seismic Retrofit
and Renovations
719221 Building materials testing and a
geotechnical site study was
completed in first quarter. Kick-off
meeting for the Central Library
Programming Committee was held
on September 13, 2022.
Environmental documentation and
design will begin in FY 2023.
4,000,000
2% N/A Planning77,493
1,886,6892,441,235Fire Station 31 Seismic Retrofit719142 Construction began in the first quarter and is anticipated to be
completed in the fourth quarter.
Construction will be completed in FY
2023.
960,000
34% 5/31/2023 Construction649,756
1,284,3282,000,000Public Works Building - Seismic
Upgrade
719153 Design continued in the first quarter.
Plans were submitted to the Planning
Department for initial plan check
review on September 13, 2022.
Design will be completed in FY 2023.500,000
9% 6/30/2023 Design113,693
7,675,0007,675,000Fire Stations Renovations and
Improvements
719114 Modular trailers for the temporary
housing of personnel at Fire Station
38 was advertised for bid in the first
quarter. Contract was awarded on
October 3, 2022 and installation will
begin in the third quarter.
Tenant improvements at Fire Station
31 will be completed in FY 2023.
Seismic retrofit and renovations at Fire
Station 38 and design of renovations
at Fire Station 37 will begin in FY
2023.
2,000,000
27% N/A Ongoing2,082,038
6,040,0248,033,582Building Maintenance FY 2021 -
2025
719035 Power wash and exterior paint work
at the Water and Power Warehouse
was completed and planning for work
at other locations continued in the
first quarter.
Work will be completed at the following
locations in FY 2023: City Hall, City
Yard, Community Health Center, Fire
Stations (32, 33, 34, 36, 37, 38, and
39), La Pintoresca Branch Library,
Police Department, Police Heliport,
Police Range Main Office,
Schoolhouse Parking Structure,
Urgent Care, Villa Parke Community
Center, and Water and Power
Warehouse. In addition, a window
washing program will be initiated and
the repair and repainting of roof top
equipment will be completed for
various facilities.
1,000,00043% 6/30/2023 Ongoing2,589,305
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 2
PAGE 25
250,000250,000Public Health Building Tenant
Improvements
719206 Design continued in the first quarter.
Drawing set revisions were
submitted to the Planning
Department for review.
This project will be completed in FY
2023.
200,000
18% 6/30/2023 Design44,374
2,200,0003,400,000Mobile Operations Center719197 Planning and scoping of storage building to store the MOC truck
continued in the first quarter. The
MOC truck is anticipated to be
delivered in the second quarter.
Construction of storage building will
begin when funds are identified.
400,000
39% N/A Ongoing859,225
1,360,000749,543Parking Lot Improvements at City
Facilities FY 2019-2023
719098 Planning began in the first quarter.
Contract of drywell installation is
anticipated to advertise in the second
quarter and complete in the third
quarter. Microsurfacing and striping
of the parking lot will be completed in
FY 2024.
Design will be completed and
installation of a drywell,
microsurfacing, and new striping at the
Public Health Center parking lot will
begin in FY 2023.
270,000
71% 12/31/2023 Design968,770
3,500,0003,500,000Hale Building Interior Remodel711609 Design of Phase II began in the first quarter. Space planning and furniture
layouts for first and third floor were
approved by the Planning
Department on September 21, 2022.
Design of Phase II will begin in FY
2023.
1,000,000
28% N/A Design993,034
600,000600,000Roof Replacements - Hill Ave
Library and Victory Park
Recreation Center
7191610 Contract for construction at Victory
Park was awarded on August 15,
2022. Construction is anticipated to
begin in the second quarter.
New roof installation at the Victory
Park Recreation Center Administration
Building will be completed in FY 2023.
New roof installation at the Hill Avenue
Library will subsequently follow.
300,000
3% 6/30/2023 Ongoing19,372
380,000380,000Alkebu-Lan Cultural Center
Improvements
7192111 Planning and solicitation of design
consultant services for interior
remodel began in the first quarter.
Repairs to the main building's clay
tile roof were also completed.
Construction will be completed in FY
2023.
380,000
0% 6/30/2023 Planning919
300,000300,000City Hall Building Systems -
Design Phase
7192312 No activity in the first quarter.
Project start pending completion of
City Hall Building Systems
Assessment project.
Design will begin in FY 2023.300,000
0% N/A No Activity This
Quarter
0 Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 3
PAGE 26
175,000175,000Update to ADA Transition Plan for
City Facilities
7192413 Planning and solicitation for
consultant services began in the first
quarter.
This project will begin in FY 2023.175,000
0% N/A Planning0
200,0006,800,000Police Department Building
Renovation
7191814 No activity in the first quarter. Project
is on hold pending additional funding.
Based on an initial conditions
assessment of the building's power
capacity, a significant power service
upgrade is required for entirety of
building to provide wanted service
level for conference room. The
increased scope of work and
subsequent cost impacts exceed the
current project budget.
Electrical upgrades to the conference
rooms will be completed in FY 2023.
200,000
1% 6/30/2023 No Activity This
Quarter
2,922
75,00075,000City Hall Building Systems
Assessment
7191717 Review of contract for professional
services for building assessment
continued in the first quarter. The
assessment is anticipated to begin in
the second quarter.
The building systems assessment will
be completed in FY 2023.
30,000
30% 6/30/2023 Ongoing22,799
Streets and Streetscapes
4,800,00044,350,000Annual Citywide Street
Resurfacing and ADA
Improvement Program FY 2023
739381 Street selection began in the first
quarter and design is anticipated to
be completed in the third quarter.
Resurfacing will begin in FY 2023.4,800,000
0% 12/31/2023 Planning21,419
3,750,0003,750,000Annual Citywide Street
Resurfacing and ADA
Improvement Program FY 2022
739332 Construction began in the first
quarter. A total of 20 ramps and
9,823 square feet of sidewalk were
repaired, and street resurfacing was
completed on El Molino Ave between
Mountain St and Washington Blvd.
Resurfacing on Kinneloa Ave
between Colorado Blvd and Del Mar
Blvd is anticipated to be completed in
the third quarter.
Resurfacing will be completed in FY
2023.
3,500,000
7% 4/14/2023 Construction277,799
1,298,0504,275,000Curb Ramp ADA Improvements
Program - FY 2022 - 2026
739373 Construction continued and a total of
10 curb ramps were replaced in the
first quarter.
Installation of curb ramps will continue
in FY 2023.
600,000
52% 6/30/2027 Ongoing675,591
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 4
PAGE 27
12,635,10821,135,108Annual ADA Sidewalk
Improvement Program
739134 Construction began in the first
quarter.
Repair of sidewalks will continue in FY
2023.
2,500,000
71% 3/31/2023 Construction8,977,834
1,865,9711,865,971Miscellaneous Sidewalk Repair
Program
739405 Construction continued and over
26,274 square feet of sidewalk were
repaired in the first quarter.
Sidewalk repairs will continue in FY
2023.
300,000
41% 11/30/2022 Construction755,923
3,050,0005,050,000Colorado Street Bridge Barrier
Enhancements
733246 Project update was presented to the
Public Safety Committee (PSC) on
September 21, 2022. Community will
be re-engaged and new design
consultant will be hired in the second
quarter. Per PSC request, mock-up
installations on the bridge from
previous considerations will be
removed.
Environmental and design phases will
continue in FY 2023.
50,000
35% N/A Planning1,067,756
2,525,00010,575,000Holly Street Bridge - Seismic
Retrofit
733237 Design continued in the first quarter.Design will continue in FY 2023 and complete in FY 2024.
675,000
39% 6/30/2024 Design983,942
358,000358,000Bridge Improvement Program FY
2019 - 2023
739298 Right-of-way permits were issued for
Del Mar Blvd and Columbia St in the
first quarter. Construction began in
the first quarter and is anticipated to
be completed in the third quarter.
Bridge inspections and improvements
will continue in FY 2023.
100,000
40% N/A Construction142,525
200,000600,000Guardrail Program FY 2023 -
2027
739419 Planning began in the first quarter.This is a continuing program. Projects will be scheduled by City staff as
repairs and/or replacements are
identified.
200,000
0% 6/30/2023 Planning0
605,919605,919Guardrail Improvement Program -
Highway Safety Improvement
Program
7393010 This project was completed in the
first quarter.
All repair or replacement of damaged
guardrails at locations identified
through HSIP will be completed in FY
2023.
200,000
33% 9/23/2022 Completed199,489
5,650,0005,350,000Annual Citywide Street
Resurfacing and ADA
Improvement Program FY 2021
7393212 This project was completed in the
first quarter. Resurfacing was
completed on El Molino between
Mountain St and Washington Blvd.
Resurfacing will be completed in FY
2023.
500,000
87% 9/30/2022 Completed4,939,588
Street Lighting
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 5
PAGE 28
4,265,0004,435,000High Voltage Series Street Light
Conversion - Phase I
744151 S-248 (Lake Ave) was completed
and material for S-013 (Marengo
Ave) circuit was ordered in the first
quarter. Design for S-104 (Linda
Vista Ave) and installation of S-155
(Marianna Rd) circuits also continued
in the first quarter.
Design will continue for S-104 (Linda
Vista Ave) and S-057 (Orange Grove
Blvd from Wilson Ave to Oak Ave)
circuits in FY 2023. Construction for S-
155 (Marianna Rd), S-013 (Marengo
Ave), and S-248 (Lake Ave) circuits
will continue in FY 2023.
300,000
18% 6/30/2022 Design785,669
300,00014,200,000High Voltage Series Street Light
Conversion - Phase II
744172 Design will begin upon the
completion of Phase I conversions.
Design of S-048 (San Rafael Ave) and
S-092 (Orange Grove east) circuits will
continue in FY 2023.
30,000
79% N/A No Activity This
Quarter
237,849
155,0004,600,000High Voltage Series Street Light
Conversion - Phase III
744203 Procurement of materials began in
the first quarter.
Construction on the S-064
(Rosemead) circuit began in FY 2022
and will be completed in FY 2023.
60,000
40% 6/30/2023 Ongoing62,586
1,233,2637,500,000Street Lighting Program744134 Planning began in the first quarter.This is a continuing program. Projects will be scheduled by City staff as
requests are received for enhanced
lighting, in-fill lighting, and as street
light components in need of repair or
replacement are identified.
200,000
66% N/A Planning815,902
150,0002,600,000LED Street Safety Lighting
Upgrades
744215 Planning began in the first quarter.Procurement and installation of Phase I will begin in FY 2023.
150,000
1% N/A Planning1,000
450,000850,000Concrete Traffic Signal/Street
Lighting Pole Replacements
744166 No activity in the first quarter.
Construction anticipated to continue
in the second quarter.
Construction for replacement of
concrete poles at Altadena Dr and
Foothill Blvd will be completed in FY
2023.
140,000
51% 1/25/2023 No Activity This
Quarter
228,597
Street Lighting and Electric Undergrounding
4,800,0009,780,000Mountain Street - Electrical
System Undergrounding, Lake
Avenue to Hill Avenue
32131 The substructure and electrical
infrastructure designs for Mountain
St. began in first quarter.
The coordinated design package will
be completed and construction of the
Mountain Street Underground Utility
will begin in FY 2023.
220,000
0% 6/30/2027 Design13,234
1,020,00024,920,000Raymond Avenue - Electrical
System Undergrounding, Maple
Street to North City Limits
32142 The substructure design continued
and the initial electrical design was
completed in first quarter.
The coordinated design package for
the Raymond Avenue Underground
Utility District will begin in FY 2023
100,000
6% 6/30/2027 Design56,533
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 6
PAGE 29
600,000368,000Electric System Undergrounding
Outside Established
Undergrounding Districts
32103 A reimbursement application was
received and processed in first
quarter.
This is an ongoing project involving
undergrounding projects that are not
part of an established undergrounding
district. An estimated four service
reimbursements will be processed in
FY 2023.
17,000
33% 6/30/2027 Ongoing200,684
16,0002,800,000Florecita Drive - Electrical System
Undergrounding
32174 No reportable activity in the first
quarter.
Efforts to establish utility
undergrounding district for Florecita Dr
which is located in a Tier 3 (Extreme
Fire Hazard) area will begin in FY
2023.
16,000
0% 6/30/2027 No Activity This
Quarter
0 16,0005,516,000Canyon Close - Electrical System
Undergrounding
32185 No reportable activity in the first
quarter.
Efforts to establish utility
undergrounding district for Canyon
Close which is located in a Tier 3
(Extreme Fire Hazard) area will begin
in FY 2023.
16,000
0% 6/30/2023 No Activity This
Quarter
0 Transportation
Active Transportation/Complete Streets
423,481613,481Pasadena Bicycle Program FY
2021-2025
751111 Based on resident request, 12 new
bike racks were installed citywide in
the first quarter. New installations are
anticipated to be completed and
Greenways outreach will continue in
the second quarter.
Implementation of the Bicycle
Transportation Plan will continue in FY
2023, including installation of
additional painted bike-way amenities
such as green paint at conflict points
and installation of sharrows along
Roseways. In addition, prioritization of
Bike Boulevards (Greenways), existing
bike network gaps, and associated
outreach will continue in FY 2023.
60,000
84% 6/30/2024 Ongoing356,931
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 7
PAGE 30
499,915874,915Citywide Complete Streets
Program FY 2021-2025
751142 An on-call contract was awarded in
the first quarter for speed hump
installations. A total of three new
speed humps were installed on
Raymond Ave between Orange
Grove Blvd and Villa St and a total of
13 speed humps on Grand Avenue
were rebuilt to current standards.
The Pedestrian Master Plan was
presented to the Transportation
Advisory Committee in September
and work on the two Mountain NTMP
efforts with consultant continued in
the first quarter.
Ongoing work including speed hump
investigations, preferential parking
program and Neighborhood Traffic
Management Program (NTMP) will
continue in FY 2023. Specific NTMPs
for the neighborhoods of Mountain
Street/Summit Avenue area (between
Fair Oaks Ave and Los Robles Ave),
N. Raymond Ave area (between
Washington Blvd and Montana St),
and Mountain St/Holliston Ave area
(between Mentor Ave and Hill Ave) will
be completed in FY 2023.
125,000
57% 6/30/2025 Ongoing286,275
746,9311,419,981Pedestrian Crossing
Enhancements Program FY 2021-
2025
751123 Installations of RRFB's at Raymond
Ave/Bellevue Dr and Marengo
Ave/Bellevue Dr were completed and
design for additional locations began
in the first quarter.
Rectangular Rapid Flashing Beacons
at Raymond Ave and Bellevue Dr and
Marengo Ave and Bellevue Dr will be
completed in FY 2023. Design for
Raymond Ave and Grandview St,
Euclid Ave and Glenarm St, and El
Molino Ave and Buckeye St and
installation of new ADA compliant APS
push buttons at 16 intersections will be
completed in FY 2023.
200,000
30% 6/30/2023 Design226,351
260,500410,500Arterials Speed Management
Program FY 2021-2025
751134 Speed feedback signs on Villa St,
Washington Blvd, and Fair Oaks Ave
were completed in the first quarter.
Design of other locations will
continue.
Design for speed back signs on Villa
St between Wilson Ave and Hill Ave,
Washington Blvd between Catalina
Ave and Hill Ave, California Blvd
between Oakland Ave and Madison
Ave, and Fair Oaks Ave at Penn St
began in FY 2022 and will be
completed in FY 2023.
75,000
27% N/A Ongoing71,443
10,312,01710,312,017Complete Streets Project - Union
Street Cycle Track
750875 Construction continued in the first
quarter.
Construction will continue in FY 2023.6,960,000
20% 12/30/2023 Construction2,022,721
4,476,3425,500,000Complete Streets Project -
Cordova St from Hill Ave to Arroyo
Pkwy
750526 Construction contract was awarded
on August 8, 2022.
Construction will begin in FY 2023.3,700,000
15% 10/31/2023 Construction682,705
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 8
PAGE 31
1,871,0001,871,000Complete Streets Project - Ave 64
from Colorado Blvd to South City
Limits
750778 Construction contract was advertised
but all bids were rejected due to
exceeding available budget.
Department of Transportation is
seeking an additional $1.5M of Metro
funding for construction needs.
Construction contract is anticipated
to be re-advertised in July 2023.
Construction will begin in FY 2023.1,319,000
28% 12/31/2024 Construction526,460
1,599,9801,599,980Complete Streets Project - N Hill
Ave from North City Limit to Villa
St
750939 Design was completed and
preparation of construction bid
package began in the first quarter.
Design will continue in FY 2023.900,000
20% 6/30/2024 Construction318,362
3,133,0903,133,090South Lake Ave Pedestrian
Access Improvements to Gold
Line Station
7510610 Contract for construction was
advertised in the first quarter and the
single bid was rejected for exceeding
available budget. Work with design
group to rescope project began and
is anticipated to be re-advertised in
the second quarter.
Construction will begin in FY 2023.2,400,000
16% N/A Construction510,105
200,000200,000Complete Streets Project -
Mountain St at Sierra Bonita Ave
and Sinaloa Ave - Design Phase
7510711 Design continued in the first quarter.Design will be completed in FY 2023.130,000 29% 6/30/2023 Design57,683
1,867,5002,367,500Enhancements to Metro Gold Line
Allen Station
7551412 No reportable activity in the first
quarter.
A quick build pilot project began
implementation in FY 2022 and will
continue into FY 2023. The design of
the permanent installation will begin in
FY 2023.
1,867,500
0% 6/30/2022 No Activity This
Quarter
0 1,357,5001,357,500Installation of Leading Pedestrian
Interval and Audible Signals at
Signalized Intersections
7512314 Design continued in the first quarter.This project will continue in FY 2023.1,357,500 5% N/A Design62,594
150,0002,200,000Pasadena Pedestrian Plan -
Outreach and Conceptual Design
7551117 Project planning began and work to
finalize the Pasadena Pedestrian
Plan continued in the first quarter.
Outreach and concept design will
begin in FY 2023.
150,000
0% N/A Planning0
600,000800,000Greenway (Bike Boulevard)
Implementation - Design Phase
7512419 No reportable activity in the first
quarter.
Outreach and design is anticipated to
begin in the second quarter.
Greenway outreach and quickbuild of
an additional corridor will begin in FY
2023.
600,000
0% N/A No Activity This
Quarter
0 Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 9
PAGE 32
Traffic Operations, Traffic Signals, and ITS
225,000625,000Transportation System Safety
Enhancements Project - FY 2021
- 2025
7511521 Planning continued for the
recommended signal modifications in
the first quarter.
Design of safety enhancements to
address safety concerns at high
collision intersections, with a focus on
the Civic Center and the Central
Business District will begin in FY 2023.
150,000
0% 6/30/2025 Planning0
1,447,1911,447,191Implement Bus Signal Priority
System on Pasadena Transit
Buses
7509422 Design continued in the first quarter
and is anticipated to advertise for
construction in the second quarter.
Installation will continue in FY 2023.1,050,000
21% N/A Design299,729
2,071,7662,071,766Adaptive Traffic Control Network -
Phase II
7509523 Construction continued in the first
quarter. Construction was
anticipated to be completed in the
second quarter, however, signal
controller and cabinet manufacturing
and shipping from the supplier was
delayed. Traffic signal timing
consultant work is anticipated to be
completed in the third quarter.
Construction will be completed in FY
2023.
1,080,000
47% 2/15/2023 Construction983,131
125,000125,000Traffic Signal Safety
Enhancements at the
Intersections of Lake Ave at
Corson St and Maple St
7510824 No reportable activity in the first
quarter.
Signs, safety analytics software, and
360 video detection system will be
installed in FY 2023.
12,000
95% 6/30/2023 No Activity This
Quarter
118,467
129,512189,512Old Pasadena Traffic
Improvement - FY 2021-2025
7511625 Work continued in the first quarter.On-street dining was installed in FY 2021 and will continue to be
maintained in FY 2023. Additional
enhancements to signing, striping, on-
street parking, and signal operations
will also continue as requests are
received.
30,000
5% 6/30/2025 Ongoing6,240
4,270,8005,711,908Gold Line Phase I - Project
Enhancements
7550626 Procurement began in the first
quarter and installation of
enhancements is anticipated to be
completed in the second quarter.
Analysis of traffic conditions at Holly St
and Arroyo Pkwy for Pedestrian
Access Enhancements to Metro Gold
Line Memorial Park Station (75523)
will continue and implementation of
Light Rail Train Tracking and Network
System (75517) will be completed in
FY 2023.
150,000
0% 6/30/2023 Ongoing6,597
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 10
PAGE 33
698,711698,711Intelligent Transportation System
Phase I - Parking Guidance
7591227 Procurement for construction
contract began in the first quarter.
Construction will begin in FY 2023.667,000
7% N/A Construction47,743
300,802500,802Intelligent Transportation System
(ITS) Equipment
Upgrades/Replacement - FY
2021-2025
7511728 Replacement of aging ITS equipment
continued in the first quarter.
This project will continue in FY 2023.50,000
24% N/A Ongoing70,996
262,144462,144Mobility Corridor Improvements
FY 2021-2025
7511829 No reportable activity in the first
quarter.
This project will continue in FY 2023.50,000
59% N/A No Activity This
Quarter
154,102
4,100,0004,100,000Walnut St Corridor Signal
Improvements
7512131 Contract for design was awarded on
July 18, 2022.
Design will continue in FY 2023.400,000
0% N/A Design0
2,605,0002,605,000St. John Capacity Enhancement7512032 Streetlight and traffic signal design began in the first quarter and is
anticipated to be completed in the
third quarter.
Design will continue in FY 2023.400,000
2% N/A Design40,286
3,800,0003,800,000Intelligent Transportation System
Projects & Traffic Flow
Improvements within the SR 710
Affected Corridors
7591433 This project is pending Metro
approval of Letter of Agreement.
Work to finalize continued in the first
quarter.
Design began in FY 2022 and will be
completed in FY 2023.
80,000
0% 6/30/2023 Ongoing0
1,060,0001,410,000Traffic Signal at Orange Grove
Blvd and Craig Ave
7509735 Scope expanded in FY 2022 to
include corner extensions and
received Affordable Housing and
Sustainable Communities funding.
Preparation of agreements for grant
funds and preliminary design began
in the first quarter.
Design will continue in FY 2023.560,000
7% 6/30/2023 Design72,906
620,000620,000Installation of Automated License
Plate Readers - Pilot Program
7511936 No activity in the first quarter.This project will continue in FY 2023.
620,000
0% N/A No Activity This
Quarter
0 531,000531,000Traffic Signal at Orange Grove
Blvd and Sunnyslope Ave
7509937 Construction contract was awarded
on September 19, 2022.
Construction will begin in FY 2023.50,000
5% 6/30/2023 Construction25,184
560,000500,000Installation of Pedestrian Hybrid
Beacon at Washington Blvd and
Hudson Ave
7551238 Design continued in the first quarter.Design will begin in FY 2023.60,000 0% N/A Design0
Transit
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 11
PAGE 34
13,242,49418,792,493Purchase of Replacement Transit
Vehicles and Expansion Fixed-
Route Transit Vehicles
7508541 An independent cost analysis was
completed and procurement for
vehicles began in the first quarter.
Contract is anticipated to be awarded
in the second quarter.
Ten replacement renewable natural
gas (RNG) standard buses are
anticipated for order in FY 2023 and
delivery in FY 2024.
4,230,000
39% N/A Design5,137,615
1,274,3162,234,316Purchase of Dial-A-Ride Vehicles7508642 An independent cost analysis was completed and procurement for
vehicles began in the first quarter.
Contract is anticipated to be awarded
in the second quarter.
Two replacement vehicles and one
expansion vehicle will be purchased
and delivered in FY 2023.
327,423
74% 6/30/2023 Ongoing946,893
432,093732,093Bus Stop Improvement Program7590044 No reportable activity in the first quarter.
This is a continuing program. Projects
will be scheduled by City staff as
locations are identified.
125,000
71% N/A No Activity This
Quarter
306,992
Parking
1,500,00012,100,000Off Street Parking Facility
Maintenance and Repair Project
721601 Project planning and work to replace
the elevator cabs in a majority of the
parking garages began in the first
quarter.
This work will begin in FY 2023.1,500,000
0% N/A Planning0
Sewers and Storm Drains
3,000,0007,000,000Annual Sewer System
Improvements and Capacity
Upgrades - FY 2022-2026
769181 Contract for construction was
awarded on July 11, 2022 and is
anticipated to begin in the second
quarter.
Repair or rehabilitation of sewer will
continue in FY 2023 as identified by
annual inspection and evaluation.
2,960,000
4% 6/30/2023 Construction119,914
2,326,2936,326,293Annual Storm Drain System
Repair & Improvements - FY 2020
- 2024
769132 Construction began in the first
quarter.
Construction of miscellaneous catch
basin repairs at 13 locations citywide
and drainage issues along Kewen
Drive will be completed in FY 2023.
Additionally, various improvements to
the open portions of the East Side
Storm Drain will begin.
1,950,000
9% 6/30/2023 Construction215,710
9,641,5519,641,551San Rafael Treatment Wetlands
and Storm Water Capture
762913 Design continued in the first quarter.Public outreach and design will continue in FY 2023.
1,500,000
6% 6/30/2023 Design591,011
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 12
PAGE 35
2,900,0002,900,000Modernization of Busch Garden
and Rosemont Sewer Pump
Stations
769174 No activity in the first quarter.
Construction contract anticipated to
advertise in the third quarter.
Construction will begin in FY 2023.2,650,000
9% 6/28/2024 No Activity This
Quarter
272,682
2,970,0003,556,000NPDES Rio Hondo Bacteria Load
Reduction - Design Phase
762925 Design continued in the first quarter.Design of this project will continue in FY 2023 and is being managed by
San Gabriel Valley Council of
Governments.
1,500,000
19% 6/30/2023 Design571,087
200,0001,000,000Civil Defense - Septic System
Upgrades - Design Phase
769196 Planning continued in the first
quarter. A feasibility study and design
will be completed by the fourth
quarter.
Design will begin in FY 2023.200,000
0% 6/30/2023 Planning0
Rose Bowl Improvements
1,064,9851,380,985Brookside Golf Course &
Clubhouse Preventative
Maintenance FY 2020 - 2024
1 Office improvements, utility repairs,
shade replacements, tree trimming,
fencing repairs and needs
assessment work continued in the
first quarter.
The following preventative work will
continue in FY 2023: tree trimming;
golf course equipment buyout; and
concrete, utility, IT, and other
miscellaneous repairs and services.
1,871,119
0% N/A Ongoing
3,195,0004,560,000Rose Bowl Preventative
Maintenance FY 2020 - 2024
2 Concession stand upgrades,
sewer/water assessment, repairs to
seating deck/benches, EMS cart
replacement and safety/security
assessment work continued in the
first quarter.
In FY 2023, the following preventative
maintenance work will continue: roof,
stadium fiber and IT, security camera,
plumbing, concourse slurry seal and
asphalt, videoboard maintenance, and
other miscellaneous repairs and
services.
1,365,000
0% N/A Ongoing
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 13
PAGE 36
5,690,37616,880,376Rose Bowl Major Improvement
Projects FY 2020 - 2024
3 Electrical, IT, HVAC, roof, asphalt,
rock wall, flag pole, Pavilion floor and
tv, and plumbing repairs continued in
the first quarter. Tree trimming,
painting, stadium rekey, and video
maintenance also continued.
The following projects will take place
in FY 2023: broadcast and
audio/visual control room upgrades,
back of house WiFi, campus fiber
upgrades, field sideline bench
replacement, concession stand
upgrades, perimeter pedestrian flow
safety improvements, stadium seating
replacement, speaker system
replacement, Pavilion club upgrades,
Loge Lounge outdoor TV replacement
and future project studies &
assessments.
1,471,918
0% N/A Ongoing
Parks and Landscaping - Park Projects
5,900,0005,900,000Robinson Park - Pool and Pool
Building Renovations
780851 Construction began in the first
quarter.
Construction will be completed in FY
2023.
4,250,000
18% 6/30/2023 Construction1,046,754
3,000,0003,000,000Washington Park Community
House and Restroom -
Construction Phase
780892 Construction began in the first
quarter.
Construction will be completed in FY
2023.
2,600,000
11% 6/30/2023 Construction319,466
3,743,4663,743,466Citywide Sports Facilities
Improvements and Installations
780443 Construction at McKinley School
pickleball/tennis courts began in the
first quarter and will be completed in
October 2022. A public meeting was
held to discuss pickleball at
McDonald Park on July 28, 2022 and
as a result of the feedback received,
the volleyball court will not be
converted for pickleball use. The
Parks, Recreation and Community
Services Department to determine if
project scope will be revised for other
possible pickleball improvements at
the park.
Construction of sports courts
improvements and site amenities at
McKinley School, Eaton-Blanche Park,
Brenner Park, McDonald Park, and
Jefferson School will be completed in
FY 2023.
500,000
82% 6/30/2023 Construction3,071,195
655,000655,000Lamanda Park Library Pocket
Park - Construction
780784 Construction continued in the first
quarter and is anticipated to be
completed in the second quarter.
Construction will be completed in FY
2023.
420,000
74% 12/2/2022 Construction483,538
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 14
PAGE 37
700,0005,200,000Vina Vieja Pickleball Courts780865 Design continued in the first quarter.Phase I design will be completed and construction will begin in FY 2023.
300,00053% 6/30/2024 Design372,047
2,820,6005,920,600Central Park Improvements784616 Design continued in the first quarter.Construction of the playground improvements will be completed in FY
2023.
300,000
78% 9/30/2023 Design2,212,509
220,000195,000Playground Surface Replacement
- Villa Parke and Brookside Park
780907 Contract of construction was
awarded on September 19, 2022.
This project will be completed in FY
2023.
150,000
0% 3/30/2023 Construction554
100,000100,000Brenner Park Playground
Equipment Replacement - Design
Phase
782008 Design consultant was selected from
pre-qualified list of on-call landscape
architectural consultants in the first
quarter.
Design will begin in FY 2023.100,000
1% 6/30/2024 Ongoing1,161
350,000300,000Hamilton Park Field
Improvements - Design Phase
780709 No activity in the first quarter.
Public outreach efforts will begin in
the third quarter.
Design will begin in FY 2023.300,000
0% 6/30/2024 No Activity This
Quarter
0 200,000200,000Villa Parke Pool and Pool Area
Upgrades - Concept Study
7818810 No activity in the first quarter.
Public outreach will begin in the third
quarter.
Public outreach and study will begin in
FY 2023.
200,000
0% N/A Ongoing0
Parks and Landscaping - Landscape Projects
100,0002,150,000Tree Replacement/Planting
Citywide - FY 2023-2027
789591 200 trees were planted in June and
July under the project Tree
Replacement/Planting Citywide
2017-2021 (78958).
Procurement for new trees under the
current project began in the first
quarter and contract is anticipated to
be awarded in the second quarter.
300 trees will be planted with 40
weeks of watering in FY 2023.
100,000
0% 6/30/2023 Planning0
Arroyo Projects
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 15
PAGE 38
1,250,0001,250,000Brookside Park - Upgrade of
Athletic Field Lighting and
Backstop Replacement
773631 Design continued in the first quarter.Design will be completed in FY 2023.1,250,000 0% 6/30/2023 Design0
100,000100,000Hahamongna Watershed Park -
Disc Golf Improvements
775172 Planning began in the first quarter.Project will be completed in FY 2023.100,000 0% 6/30/2023 Planning0
500,000500,000One Arroyo Project – Woodlands
Loop and Streamside Walk –
Environmental and Design Phase
773813 Planning continued in the first
quarter. Draft Categorical Exemption
for CEQA and concept drawings for
consolidated design review were
submitted to the Planning
Department in the first quarter.
Environmental and design will be
completed in FY 2023.
430,000
9% N/A Planning46,111
1,582,9001,732,900Hahamongna - Implement Master
Plan - Oak Grove Area
Improvements
775065 Habitat maintenance, monitoring,
and reporting services continued in
the first quarter.
The five-year environmental and
habitat monitoring effort began in FY
2022 and will continue through FY
2026.
50,000
82% N/A Ongoing1,296,517
898,8031,048,803Lower Arroyo Seco - Habitat
Restoration
774106 Habitat maintenance, monitoring,
and reporting services continued in
the first quarter.
The five-year environmental and
habitat monitoring effort began in FY
2022 and will continue through FY
2026.
50,000
96% N/A Ongoing859,866
2,468,4722,618,472Implement Master Plan -
Hahamongna Watershed Park -
Berkshire Creek Area
Improvements
775097 Habitat maintenance, monitoring,
and reporting services continued in
the first quarter.
The five-year environmental and
habitat sustainability plan began in FY
2022 and will continue through FY
2026.
50,000
98% N/A Ongoing2,409,715
82,55082,550Central Arroyo - Recreational
Stairs - Concept Study
773838 Planning began in the first quarter.Public outreach will begin in FY 2023.82,550 4% 6/30/2023 Planning3,417
Pasadena Center Improvements
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 16
PAGE 39
4,650,00010,000,000Restoration, Upgrades, and
Repairs of the Civic Auditorium,
Convention Center and Ice Rink
1 Contract was awarded in the first
quarter for design to include
research, field investigation,
technical drawings and
specifications, documentation and
coordination with project
management to follow. A
consolidated review and plan check
is anticipated in the second quarter.
Work completed to date includes
research, field investigation,
technical drawings and
specifications, documentation and
coordination with project
management to follow.
In FY 2023, general and emergency
repairs will be completed as well as
waterproofing and painting of the Civic
Auditorium.
750,000
0% N/A Planning
Water System
14,180,00033,180,000Distribution Mains10801 A total of 18,101 square feet of asphalt roadway and 3,254 square
feet of concrete roadway and
sidewalk was repaired in the first
quarter. Construction of the Arroyo
Pkwy main replacement continued
and construction of the San Gabriel
Blvd and Magnolia Ave projects
began in first quarter. In addition,
design for future water main
construction continued.
Planned projects in FY 2023 include
Arroyo Pkwy, Magnolia Ave,
Bellefontaine St, San Gabriel Blvd,
gate valve replacements, fire hydrant
installations, and design of mains.
4,743,552
76% 6/30/2024 Ongoing10,721,805
3,089,00048,354,000Sunset Reservoir Improvements10752 The draft Environmental Impact Report, 75% of design plans, and the
Conditional Use Permit application
were submitted to the City for review.
Design, environmental review and
conditional use permit package will be
completed in FY 2023. Community
outreach will continue.
893,196
71% 6/30/2025 Design2,190,424
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 17
PAGE 40
10,981,75415,731,754Arroyo Seco Canyon Project10403 Plans to incorporate the naturalization of Area 1 headworks
design with the Area 2 intake and
diversion structure for the California
Department of Fish and Wildlife
permitting were underway in the first
quarter. In addition, the final design
for the Area 3 infiltration basins
reconfiguration and expansion
continued.
Work on the Arroyo Seco Canyon
project will continue with the
reconfiguration and expansion of the
infiltration basins, road, and parking lot
(Area 3) in FY 2023. Area 3
construction will be completed in FY
2023.
4,365,360
58% 6/30/2026 Design6,397,609
7,419,0008,244,600Well Improvements10744 A revised version of the design for the Garfield Replacement Well
above grade improvements and
preparations for the Ventura Well
rehabilitation were completed in the
first quarter.
Construction of above grade
improvements for Garfield
Replacement Well will be completed.
Other well equipment will be replaced
as required in FY 2023.
2,745,120
66% 6/30/2027 Design4,931,898
8,961,2638,961,263Customer Information System10115 This project was completed in the first quarter. The Customer
Information System Managed
Services project (1096) will continue
to enhance the system.
The Customer Information System
project will be in a stabilization period
and the project will be completed in FY
2023.
1,447,887
100% 6/30/2023 Completed8,992,091
5,910,0008,274,000Booster Improvements10736 Field meetings and preparation work for the Ross Booster station began in
the first quarter. Electrical switchgear
equipment was pre-ordered and is
expected to experience delivery
delays. In addition, the upgraded
motors for Jones Booster #2 and #3
were installed in the first quarter.
Construction of Ross Booster Station
upgrades will continue and booster
pumps will be replaced as required in
FY 2023. The preliminary design of
Eagle Rock Booster Station upgrades
will begin.
2,229,120
62% 6/30/2027 Construction3,673,649
6,775,0009,175,000Meters and Services10817 A total of 570 small meters, 8 large meters, and 8 domestic and fire
services were replaced in the first
quarter.
Small and large meter installations are
planned in FY 2023. Vaults will be
replaced and domestic and fire service
renewals and abandonments are also
anticipated.
1,122,300
71% 6/30/2024 Ongoing4,827,699
10,780,00011,580,000Treatment Systems10918 Construction of the Wadsworth Groundwater Treatment Plant began
in the first quarter.
Construction of the Wadsworth
Treatment Facility will be completed in
FY 2023. The facility will remove TCP
from three wells (Wadsworth Well,
Craig Well, and Woodbury Well).
4,425,159
9% 6/30/2027 Construction979,424
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 18
PAGE 41
1,075,0003,242,200Customer Information System
Managed Services - Water
10969 A contract for the Customer
Information System enhancement
services was awarded and fully
executed in the first quarter.
Additional CIS system enhancements
and upgrades will continue to add
benefits to PWP customers and staff in
FY 2023.
541,800
3% 6/30/2027 Ongoing27,491
1,150,0004,350,000New Water Well108810 Planning for the shared location of a new well, water treatment plant, and
an Electric Vehicle fast charging
depot continued in the first quarter.
Design and environmental documents
for below grade improvements for a
new well will be completed in FY 2023.
299,280
5% 6/30/2024 Planning53,028
1,610,0001,610,000Local Non-Potable Water Project109511 Design for the pipeline to connect Brookside Golf Course to the
irrigation system began in the first
quarter. The installation of the
permanent irrigation tank is
postponed due to low water levels in
the Monk Hill area.
The irrigation system will be
connected to Brookside Golf Course
and an assessment of the old 12”
pipeline on Washington Boulevard to
the golf course will be completed in FY
2023. A new pipeline will be installed
on Arroyo Boulevard and connected to
the old pipeline on Washington Blvd.
The installation of a stormwater
capture project for Brookside Golf
Course pond use and connection of a
new irrigation water tank to Windsor
Well will also be completed.
722,400
43% 6/30/2027 Ongoing695,337
361,491466,491Field Services and Meter Reading
Automation
101212 No reportable activity in the first
quarter.
Purchase of new meter reading
hardware, software, and professional
services for the upgrade to Cloud
capability will begin in FY 2023.
72,240
34% 6/30/2027 No Activity This
Quarter
123,677
520,0001,220,000Computerized Maintenance
Management System
108913 Procurement for Project
Management and Quality Assurance
services continued in the first quarter
and is anticipated to be awarded in
the second quarter.
Project management, quality
assurance, and solution
implementation services for the
Computerized Maintenance
Management System will be procured
and system implementation
preparation tasks will begin in FY
2023.
516,000
33% 6/30/2027 Planning173,841
440,0005,865,000Monk Hill Groundwater Treatment
Improvements
107614 Planning with NASA to discuss the
Explorer Well project continued in
the first quarter.
Contract amendment negotiations for
the Explorer Well will continue in FY
2023. Environmental assessment and
permit issuance will continue pending
the outcome of the contract
amendment.
139,320
27% 6/30/2027 Design117,844
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 19
PAGE 42
245,000355,000Water SCADA Improvements108715 Water SCADA equipment was purchased and an analysis to further
improve communications reliability
was completed in the first quarter.
Upgrades to radio transmission for the
Water SCADA system
communications and remote terminal
unit upgrades will continue and a full
system upgrade will be assessed in
FY 2023.
154,800
19% 6/30/2024 Ongoing46,192
1,535,0002,410,000Emergency Generators - Water107916 Construction continued in the first quarter and is experiencing lead time
delays for manual transfer switch
equipment.
Installation of portable
generator connections to booster
stations will be completed in FY 2023.
Preliminary assessment for
stationary generators at booster
stations and wells will be completed.
455,407
38% 6/30/2027 Construction588,707
402,000664,500Management Information Systems108317 No reportable activity in the first quarter.
Project work in FY 2023 includes
implementation of vulnerability
assessment recommendations, firewall
security upgrades, information
technology data center miscellaneous
hardware and software, and network
equipment for switches and firewalls.
113,778
61% 6/30/2027 No Activity This
Quarter
243,233
445,0001,120,000Geographic Information System
(GIS) Enhancements
108418 No reportable activity in the first
quarter.
The GIS Utility Network Upgrade data
preparation will be conducted in FY
2023.
207,690
24% N/A No Activity This
Quarter
106,834
1,330,0003,030,000Reservoir Improvements109319 Procurement for the conceptual design for the Don Benito Reservoir
improvements continued in the first
quarter.
Design for the Don Benito reservoir
improvement project will be completed
in FY 2023. Other reservoir
improvements will be performed as
needed.
722,400
43% 6/30/2027 Planning573,978
455,0001,495,000Water Operations/Meter Shop109020 The water operation area will be at the abandoned rifle range at the
Eaton Canyon Civil Defense Center.
The rifle range buildings and land
was tested for the presence of lead
and asbestos in the first quarter.
Lead was found throughout the rifle
range and will require extensive
removal. Asbestos was not detected.
Site selection, remediation, and
preliminary design of an operations
workshop will begin in FY 2023.
361,200
6% 6/30/2024 No Activity This
Quarter
27,878
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 20
PAGE 43
2,728,0462,728,046Water and Power Facilities
Modernization
105621 Design for the locker room facility
remodel continued in the first quarter.
Locker room and shower facility
upgrades will be completed in FY
2023. Additional upgrades and
improvements to the warehouse
building, premises, racks, and material
handling equipment will continue for
Electric and Water utility functions, as
needed.
400,000
85% 6/30/2027 Design2,315,065
6,723,00014,723,000Customer Driven - Mains, Meters,
and Services
108222 A total of 12 water service
applications and deposits were
received from customers and
developers in the first quarter.
Installed projects include the
following 65 tasks: 22 domestic
services, 5 fire services with
backflow prevention devices, 22
meters, 4 fire hydrants, 11 service
abandonments, and 1 new water
main.
Installations of new meters, services,
mains, fire hydrants, gate valves, and
services including final paving of
trenches will be completed in FY 2023.
2,000,000
63% 6/30/2024 Ongoing4,249,214
8,302,6748,302,674Non-Potable Water Project101323 Coordination for the feasibility study review with LADWP for the US
Bureau of Reclamation grant
modification continued in the first
quarter.
A feasibility study, environmental
documents, permits, and regulatory
agency approvals will be completed in
FY 2023.
516,000
94% 6/30/2027 Ongoing7,841,192
110,0006,510,000Advanced Metering Systems
(AMS)
107824 Planning continued in the first
quarter. A steering committee was
formed to provide guidance on
project goals and to develop needs
assessment.
A pilot program will be implemented to
determine the best technology for
water AMI metering for future full-scale
deployment in FY 2023.
103,200
0% 6/30/2027 Planning0
165,000365,000Water Facilities Improvement
Initiative
109225 Additional Jones Reservoir/Sierra
Madre Median hugels and schematic
designs were completed in the first
quarter. Procurement for design and
construction will begin in the second
quarter.
Water facility landscapes will be
assessed and a retrofit/landscape
improvement plan will be developed to
include tree succession plans in FY
2023. Design of drought tolerant
landscapes and retrofits to support
efficient irrigation and maintenance
plans will begin. The Jones
Reservoir/Sierra Madre Median project
will be completed.
51,600
88% 6/30/2027 Ongoing145,171
Electric System
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 21
PAGE 44
Electric System
3,505,0008,305,000Conductor Replacement Program32261 Construction for the Lincoln circuit cable replacement and design for the
Belmont circuit cable replacement
began in first quarter.
The cable replacement on the Belmont
Circuit will be completed in FY 2023.
In addition, other projects may be
competed as needed to mitigate the
risk of failure.
1,300,000
22% 6/30/2024 Construction781,272
6,337,57118,337,5714kV to 17kV Distribution System
Conversion Program
32272 Engineering design for the Fair Oaks
feeder #9 was completed and
designs for Fair Oaks feeders #7 and
#12 began in first quarter. To date,
the engineering designs for Fair
Oaks Feeders #9 and #11, and the
Temple Alley have been completed.
Construction is on hold due to
material shortage. This is anticipated
to be resolved by fourth quarter.
The 4kV to 17kV conversions from
circuits F10 to Raymond Ave, F12 to
Belmont Ave, and F12 to Lincoln Ave
will be completed in FY 2023.
Additional conversion projects may
occur based on operational needs or
to prepare for major developments.
3,000,000
39% 6/30/2024 Design2,498,871
2,500,0002,505,000Subtransmission Cable Upgrade
(34-4)
32723 Engineering design for the
replacement/upgrade of the 34-4
subtransmission line was completed
and material ordered in first quarter.
The 34-4 subtransmission line
between Glenarm and Chester
substations will be replaced through
existing infrastructure in FY 2023.
2,500,000
0% 6/30/2024 Design1,754
19,411,43319,411,433Customer Information System30224 The project was completed in first quarter. The Customer Information
Systems Managed Services project
#03271 will continue to enhance the
system.
The Customer Information System
project will be in a stabilization period
and the project will be completed in FY
2023.
2,662,878
86% 6/30/2023 Completed16,677,658
3,872,0003,872,000Chester to Santa Anita 34kV
Cable Replacement
32685 This project was completed in first
quarter.
This project will be completed in FY
2023.
2,000
88% 6/30/2023 Completed3,424,735
6,815,3679,491,367GT-3 and GT-4 Upgrades and
Replacements
31866 The catalyst replacement was tested
and passed performance tests by a
third party laboratory in the first
quarter and is anticipated to be
installed in the second quarter.
Work on the SCR/CO Catalyst for GT-
3/4 is expected to be completed in FY
2023. In addition, the work plan
includes installation of GT-4 Silencers,
GT3/4 Ammonia CEMS (if required by
AQMD), and miscellaneous
improvements on an as-needed basis.
2,008,230
53% 6/30/2027 Ongoing3,588,192
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 22
PAGE 45
766,50013,766,500Energy Storage System Phase II32757 Initial planning and investigation work has began for the demolition of
the Broadway Powerplant.
Planned work in FY 2023 includes
permitting, environmental study,
development of specifications for a
RFP for major construction, installation
and Owner's Engineer.
766,500
0% 6/30/2027 Planning0
2,180,0004,280,000Fire Threat Mitigation Tier 2 Areas32588 El Mirador fire threat mitigation improvement design was released
for construction in first quarter.
Design for additional fire threat
mitigation work on Rosemont Ave.
was also developed and submitted
for field review.
Pole upgrades and new equipment will
be installed in tier 2 areas to mitigate
the impact of potential wildfires in FY
2023.
900,000
32% 6/30/2027 Ongoing706,303
5,230,00011,030,000Electrical Vault Replacement and
Reinforcement Program
32299 A total of 5 pullbox
repairs/replacements were
completed in first quarter.
A total of 45 vaults and/or pullboxes
will be reinforced, replaced, or have
their frame/cover replaced in FY 2023.
1,500,000
45% 6/30/2024 Ongoing2,351,928
816,35641,962,076Advanced Metering Infrastructure
(AMI)
314210 An Executive Steering Committee
was established in the first quarter. A
Request for Proposal was also
drafted for the needs assessment,
business case, and roadmap.
A business case and roadmap will be
conducted for the project needs
assessment in FY 2023. The CIS
system will require additional
advanced metering licenses for smart
meters. Procurement will begin for the
program management, AMI network,
systems integration and meters.
511,000
37% 6/30/2027 Planning305,166
4,173,0009,373,000Distribution Switch Replacement
Program
323111 A total of 5 switch replacements were
completed in first quarter.
A total of 16 distribution switches will
be replaced based on oil test results
and field evaluation in FY 2023.
1,180,000
96% 6/30/2024 Ongoing4,007,456
2,064,3202,272,320Power Production Facility
Improvements
323612 Contract for construction was
awarded on July 11, 2022.
Construction began and is
anticipated to be completed in
second quarter.
Work planned for FY 2023 includes:
fountain rehabilitation; new trailer for
Instrumentation group; installation of a
new perimeter wall at Azusa; physical
security improvements, and
miscellaneous facility improvements
on an as-needed basis.
1,124,200
35% 6/30/2025 Construction715,390
2,864,7585,864,758Receiving Station 35kV Upgrades326213 Two 35 kV circuit breaker Potential Transformer (PT) upgrades were
completed in first quarter.
The upgrade of five 35 kV Potential
Transformers will be completed in FY
2023.
300,000
60% 6/30/2027 Construction1,715,489
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 23
PAGE 46
8,638,00016,638,000Electric Vehicle Charging
Infrastructure
322514 Construction of EV charging
infrastructure at Victory Park and
Robinson Park and the installation of
additional EV chargers at the Del
Mar Garage began in first quarter. In
addition, the design for the Shoppers
Lane project with Tesla and the
planning efforts for the joint water
well and treatment project continued.
Electric Vehicle (EV) charging stations
on Shoppers Lane parking lot will be
installed in FY 2023, in collaboration
with TESLA. Installation of EV
charging stations in the Playhouse
Park and Police Department Garage
will also be completed. In addition, the
installation of additional EV charging
stations at Arroyo Parkway Charging
Plaza will begin.
1,887,000
52% 6/30/2027 Ongoing4,475,523
2,480,0004,880,000Distribution Transformer
Replacement Program
323715 Engineering designs for 9 distribution
transformer replacements were
completed in first quarter.
Construction is on hold due to
material shortages.
A total of 9 transformers will be
replaced based on field inspection, or
a modeling indication of overloading in
FY 2023.
600,000
62% 6/30/2024 Ongoing1,543,242
6,182,00011,282,000Emergency Transmission and
Distribution System
Replacements
322216 Emergency infrastructure
replacements for nine equipment
failures were completed in first
quarter.
Emergency replacements and repairs
to transmission, distribution, and
substation systems will be completed
on an as needed basis in FY 2023.
1,400,000
81% 6/30/2027 Ongoing5,025,452
34,700,50335,878,503GT-1 and GT-2 Upgrades and
Replacements
318217 No reportable activity in first quarter.
GT-2 Repair work is anticipated to
begin in the second quarter to meet
contract requirements that GT-2
produce at least 22 MW with
required emissions. Work will begin
on the GT-2 GSU transformer
containment project once the Repair
project is complete.
Planned work in FY 2023 includes the
Generator Step Up (GSU) transformer
containment, and GT1 Ammonia
CEMS Installation, if needed.
511,000
96% 6/30/2027 No Activity This
Quarter
33,195,386
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 24
PAGE 47
3,038,2785,238,278Work Order Management System
- Power Department
314018 Procurement for Project
Management and Quality Assurance
services continued in first quarter
and it is anticipated to be awarded in
second quarter.
Consultant and contract award for
Project Management and Quality
Assurance Services for Computerized
Maintenance Management System
(“CMMS”) will be recommended in FY
2023. Staff will also release a RFP for
CMMS solution and solution
implementer (“SI”), and begin
implementation preparation tasks in
parallel with CMMS Selection
activities. The Water and Power
Department will evaluate proposals
and Initiate product/solution
demonstrations and final selection.
500,000
46% 6/30/2027 Planning1,410,301
80,000288,000Replacement of Power Plant
Instruments and Controls
323219 No reportable activity in the first
quarter.
Procurement of instruments and
controls at the Glenarm Power Plant
on an as-needed basis in FY 2023.
51,100
3% 6/30/2024 No Activity This
Quarter
2,280
3,580,0006,000,000Santa Anita 35kV Receiving
Station Upgrades
326020 The engineering design and relay
settings files for the station circuit
breakers, consisting of the 34-19, 34-
29, BK-4, and BK-5, protection and
control upgrades were completed in
first quarter.
The procurement for Santa Anita 35
kV Receiving Station Protection and
Control Upgrades will be completed in
FY 2023. In addition, the protection
and control upgrades for 34-10, 34-11,
34-15, and 34-16 subtransmission
lines, and Capacitor Banks 10-12 and
4-6 will be completed.
1,930,000
33% 6/30/2027 Ongoing1,195,768
6,050,0006,050,000New 34.5 kV Circuit from Oak
Knoll to Santa Anita
326421 Preparations including purchase of
materials were performed for the
upcoming substation work.
This project will be completed in FY
2023.
308,000
95% 6/30/2027 Construction5,741,565
1,155,0005,140,800Customer Information System
Managed Services - Power
327122 A contract for the Customer
Information System enhancement
services was awarded and fully
executed in first quarter.
Additional enhancements and
upgrades will continue to add benefits
to PWP customers and staff in FY
2023. The managed services will
continue to enhance the system.
996,450
4% 6/30/2027 Ongoing51,055
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 25
PAGE 48
1,320,1246,220,124T.M. Goodrich Receiving Station
Upgrades
326323 Work on the TMG Receiving Station
220 kV Metering and DFR upgrades,
and the TMG Fault Reduction Study
began in first quarter.
The TMG Receiving Station fault
current reduction study will be
completed in FY 2023. In addition, the
TMG 220 KV Metering and
Disturbance Fault Recorder Upgrade
design, specification, and procurement
will be completed and the construction
initiated.
600,000
18% 6/30/2027 Ongoing234,723
3,287,0008,087,000Deteriorated Pole Replacement
Program
323324 A total of 18 pole replacements were
completed in first quarter.
A total of 70 utility poles will be
replaced based on inspection and
evaluation criteria in FY 2023.
1,200,000
87% 6/30/2027 Ongoing2,875,731
1,020,0003,020,000Primary Dispatch Facility
Remodel
325325 Development of contract for
construction design continued in the
first quarter. A high-level scope of
work for tenant improvements has
been established and the project
team is evaluating feasibility for
protection and control upgrades, and
the electric service upgrade with
limited availability of engineering and
field team resources.
A request for proposal for
development of a complete
construction design package will
advertise in FY 2023. The new design
will include tenant improvements,
protection and control upgrades,
electric service upgrade, and the
installation of a new video wall system.
A facility current state and needs
assessment will also be completed.
Assessment areas will include
environmental, fire protection, HVAC,
backup power, and security. Water and
Power Department engineering and
other technical staff will support facility
assessment and data collection
activities. The completed design will
be included in the construction bid
specification.
500,000
2% 6/30/2027 Planning19,613
15,398,00025,793,000Installation of Low Voltage
Electrical Services
322126 A total of 108 residential and
commercial installation requests for
new service, modifications, and
upgrades from the public right of way
equal to 400 amps or below were
completed in first quarter. A total of
101 solar connections were also
completed and work on the 170 5G
antenna service applications
continued.
Modifications, upgrades, solar
installations, telecom, unmetered
service, or new low voltage electric
service will be installed as requested
in FY 2023. Installation of service
conductors to provide electrical
service will be installed, as needed.
3,000,000
85% 6/30/2027 Ongoing13,123,607
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 26
PAGE 49
2,600,0003,700,000Seismic Upgrade of Power
Facilities
319627 The seismic engineering designs at
Brookside and Oak Knoll substations
continued in first quarter.
Construction of the seismic upgrade of
the Brookside and Oak Knoll
substations will be completed in FY
2023.
460,000
62% 6/30/2024 Design1,613,871
13,723,00024,223,000Installation of High Voltage
Electrical Services
322028 A total of two private property electric
service installations for new service,
modifications, and upgrades to
services greater than 400 amps were
completed and 12 new applications
were processed and initiated in first
quarter.
Modifications, upgrades or new high
voltage electric service will be
completed as requested in FY 2023.
Installation of cables, conduits,
switches, transformers, and meters will
be installed as necessary.
2,500,000
81% 6/30/2027 Ongoing11,059,552
980,0001,780,000Customer Load Research
Program
324129 No reportable activity in the first
quarter.
The ongoing replacement of failing or
analog electric customer meters with
load research/automated metering
equipment and connection to the MV-
90 system will continue in FY 2023.
200,000
66% 6/30/2024 No Activity This
Quarter
650,483
607,463802,463Field Services and Meter Reading302530 No reportable activity in the first quarter.
The work plan includes the purchase
and installation of new meter reading
hardware, software and professional
services for the upgrade to Cloud
capability in FY 2023.
132,860
51% 6/30/2027 No Activity This
Quarter
310,007
1,025,0004,025,000Supervisory Control and Data
Acquisition (SCADA) System
Expansion
324531 A cost proposal was received for
Eastern 1, Chester 4, and Glenarm 4
SEL-2032 to RTAC upgrades in first
quarter. In addition, network
troubleshooting related to the TM
Goodrich and Santa Anita Receiving
Station HMI project occurred.
Automation controller upgrades (SEL-
2032 to RTAC) and new interfaces to
Power SCADA will be completed for
Eastern Unit 1, Chester Unit 4, and
Glenarm Unit 4 substations in FY
2023. In addition, the Power Delivery
installation of OSI Soft PI Historian will
be completed.
625,000
21% 6/30/2024 Ongoing211,313
5,505,0016,805,001Distribution System Automation319232 The preliminary design for the City Hall Automated Transfer Switch
(ATS) system was completed in first
quarter. Construction is delayed until
FY 2024 due to extended delivery
time of the ATS unit from the
manufacturer. In addition, installation
of two trip-saver automated reclosers
were completed.
Two automated switches will be
installed on Vinedo Ave and Hill Ave
circuits to communicate with the Water
and Power Supervisory Control and
Data Acquisition system in FY 2023.
325,000
89% 6/30/2024 Ongoing4,891,268
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 27
PAGE 50
565,00010,620,000Fair Oaks Substation Upgrades326733 Development of specifications for the new Fair Oaks Unit Substation
began in first quarter.
The design and specifications of a
new unit substation for Fair Oaks
substation will be completed, Request
for Proposal issued, vendor selected,
and contract issued in FY 2023.
200,000
4% 6/30/2027 Ongoing19,973
490,0001,238,000Vault Cover Lid Replacement
Program
323034 New locations for the set of 15 vault
lid restraint systems for were
investigated in the first quarter.
Installation of restraint system and lid
enhancement for 15 vault/manhole
covers will be completed in FY 2023.
187,000
45% 6/30/2027 Planning219,429
3,160,0005,880,000Substation Modernization
Program
323535 The engineering design and material
procurement for Fair Oaks Unit 1
Modernization was completed in first
quarter.
The design, procurement, and
construction of Fair Oaks Unit 1
modernization will be completed in FY
2023. Modernization will focus on
upgrading Electro-Mechanical
Protection Relays, LTC Oil Filters, N2
Gas Cabinets, LTC Desiccant Filters,
Tap Changer Controllers, XFMR
Temperature Controllers, and DGA
Analyzers. In addition, a specification
for Unit Substation painting will be
created, issued, contractor selected,
and the painting of multiple units
completed.
680,000
75% 6/30/2027 Ongoing2,362,705
1,200,0003,600,000Customer Facility Replacements326936 Replacement of 13 meters were completed in first quarter.
A total of 10 units will be replaced
based on field recommendation and
resource availability in FY 2023.
600,000
10% 6/30/2027 Ongoing114,022
520,0001,120,000Security, Access Control, and
Lighting Program at Power
Facilities
324837 List of materials needed for the
lighting and security design of Fair
Oaks substation were reviewed in
first quarter and will be ordered in
second quarter.
Construction of security, access
control, and lighting for the Santa Anita
Receiving Station will be completed in
FY 2023.
151,000
29% 6/30/2027 Design148,957
510,000510,000Security Enhancements at
Glenarm Receiving Station and
Dispatch Center
324738 Design for Glenarm security was
completed and material order was
prepared in the first quarter.
Construction of security
enhancements at Glenarm Receiving
Station and Dispatch Center will be
completed in FY 2023.
220,000
12% 6/30/2027 Design61,583
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 28
PAGE 51
350,000605,000PWP Training Yard327439 Efforts to address environmental concerns at the site began in the first
quarter.
Solicitations to perform site work, and
have the site leveled and made ready
for new Department of Water and
Power operations will occur in FY
2023. Power services will be extended
to the site and existing training
materials relocated to this location.
350,000
0% 6/30/2027 Planning0
480,000880,000Distribution System GIS
Enhancements
324640 Work to create a portal to produce
stats from GIS directly began in first
quarter. The upgrade of GoSync!
Software to MIMS is anticipated to
begin in second quarter.
A portal tool to generate statistics
directly from GIS will be created and
will replace the outdated GIS stats
portal and spread sheet reports in FY
2023. Ideas will be explored to create
a tool to produce Sectionalizing Maps
directly from GIS, which will replace
AutoCAD generated maps.
100,000
4% 6/30/2024 Ongoing16,930
6,490,5287,490,528Distribution System Expansion
Program
322841 The underground substructure
installation for Shoppers Lane was
completed and the electrical design
for cable and switch installation was
released for construction in first
quarter.
Underground infrastructure for
customer related projects will be
enhanced and expanded in FY 2023.
250,000
84% 6/30/2024 Ongoing5,465,446
740,0005,090,000Station Transformer Upgrades325942 The development of a new mobile substation specification document
was initiated as a result of not being
awarded the bid for Los Angeles
World Airports used mobile
transformers.
The Mobile Transformer design and
specification will be completed,
request for proposal (RFP) posted,
vendor selected, and procurement
contract issued in FY 2023.
200,000
23% 6/30/2027 Ongoing173,652
790,0001,465,000Power Supply Integrated
Resource Planning and Design
324943 The IRP Consultant and Modeling
contract was awarded in September.
A Load Shift Test, which is an
important precursor to the Phase
Shifting Transformer CPI, was
executed in first quarter. Working
group meetings in support of Battery
Storage CPI also occurred.
Anticipated work includes procuring a
consultant to assist PWP with
developing the major 2023 IRP,
developing inputs and assumptions,
holding community meetings, and
modeling and analysis in FY 2023.
The process will take approximately
18 months and is expected to be
completed in FY 2024. Stakeholder
meetings will take place starting in Q4
of FY 2023.
613,200
35% 6/30/2025 Ongoing274,855
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 29
PAGE 52
4,376,3527,376,352Substation Oil Containment312844 The designs of the new oil containment system at Wilson
Substation and similar system at Oak
Knoll Substation continued. The
construction of the Villa Substation
oil containment system has been
delayed . The previous contract was
cancelled due to material price
increases; the project will be re-bid.
A new oil containment system for the
Wilson and Oak Knoll Substations will
be constructed in FY 2023. Also, the
design of new oil containment systems
for the Chester Substation will be
initiated.
1,193,000
70% 6/30/2027 Ongoing3,054,851
988,0002,188,000Power System Equipment325445 Procurement of test equipment began in the first quarter.
Major tools and test equipment will be
purchased upon field evaluation in FY
2023.
308,000
55% 6/30/2027 Planning546,086
545,0001,145,000Fiber Optic Cable Expansions /
Overbuilds
324446 No reportable activity in the first
quarter.
Work in coordination with Department
of Technology in completing fiber
projects to meet Department of Water
and Power operational and system
needs will continue in FY 2023.
150,000
28% 6/30/2024 No Activity This
Quarter
153,188
19,721,98220,251,982Water and Power Facilities
Modernization
317547 Design for the locker room facility
remodel continued in the first quarter.
Projects include locker room and
shower facility upgrades in FY 2023.
Additional upgrades and
improvements in the warehouse
building, premises, racks, and material
handling equipment will continue for
Electric and Water utility functions as
needed.
141,345
91% 6/30/2027 Design17,925,279
923,0001,723,000Power Transmission Program325148 LADWP is the operating agent for this project. Work continues on the
following main projects: 480V
Breaker Replacement and
Replacement of AC units for
Converter 1 & 2 Valve Halls.
Work will continue on the replacement
of the 480 V breaker at Sylmar
Converter Station ("SCS"); removal of
Old Ground System; replacement of 3
IGS Towers; air conditioning unit
replacement for Converter 1 & 2 Valve
Halls; Phase 2 of the Fire Protection
System Replacement; and various
smaller capital projects in FY 2023.
467,248
15% 6/30/2024 Ongoing141,454
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 30
PAGE 53
9,148,9999,508,999Power Transmission Program319049 No reportable activity in the first quarter.
LADWP is the operating agent for
this project. Work continued on the
following projects: AC/DC Filter
replacement, Porcelain Insulator
replacement, and 3-230 kV shunt
Reactor Bushings.
Work will continue on the Sylmar
AC/DC Filter Replacement project and
SCS Fire Protection System
Replacement-Construction Phase 1
project in FY 2023. The Porcelain
Insulators Replacement project will
continue, and is projected to be
complete December 2024. The
Reactor Bushing Replacement project
is expected to be completed in FY
2023.
402,943
98% 6/30/2027 No Activity This
Quarter
8,938,662
634,0001,121,500Management Information Systems
- Power
323950 No reportable activity in the first
quarter.
Planned work in FY 2023 includes:
implementation of recommended
vulnerability assessment; VMWare
NSX Distributed Firewall; VMWare
Carbon Black; IT Data Center
Miscellaneous Hardware and
Software; Network Equipment
(switches and Firewalls); and
projected year-end adjustment.
209,255
76% 6/30/2024 No Activity This
Quarter
482,062
1,726,6032,326,603Santa Anita 17kV Substation
Upgrades
326151 No reportable activity in the first
quarter.
The procurement and construction for
Santa Anita 17 kV open-air-rack
animal guard upgrades will be
completed in FY 2023.
200,000
81% 6/30/2027 No Activity This
Quarter
1,399,240
321,0001,446,000Geographic Information System
(GIS) Enhancements
324052 No reportable activity in the first
quarter.
GIS Utility Network Upgrade data
preparation will be conducted in FY
2023.
228,673
32% 6/30/2027 No Activity This
Quarter
102,871
1,183,0002,383,000Distribution Volt/Var
Enhancements Program
325253 Battery unit testing with new
firmware from the manufacturer
continued and two of the four issues
encountered were resolved in first
quarter. Additional trouble shooting is
required to get the units fully
operational. The project is
experiencing delays due to
remaining battery performance
issues.
A switch capacitor bank solution will
be installed to alleviate low voltage
problems in the system in FY 2023.
Voltage correction projects will occur
when determined by recorded voltage
abnormalities or when customers
request connection or upgrade of a
service connection. Additionally, a
communications system to
communicate with the distribution
battery systems will be installed.
300,000
44% 6/30/2024 Design519,901
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 31
PAGE 54
230,000230,000Power Quality Meter Upgrades325054 An assessment to install new power meter for Glenarm RSD CAPS 1-3
circuit breaker was completed in first
quarter.
In FY 2023, the 35-kV power meter
upgrades for the Glenarm RSC / RSD
34-13 and 34-33 circuit breakers will
be completed.
80,000
35% 6/30/2024 Ongoing80,725
1,830,0004,730,000Glenarm Receiving Station
Upgrades
326655 Planning continued in first quarter.
This project is experiencing external
delays due to material lead-time to
obtain new circuit breakers.
In FY 2023, the protection and control
upgrades for GT-1 and GT-2 circuit
breakers will be completed.
830,000
30% 6/30/2027 Ongoing553,158
3,942,0004,342,000Transmission System
Enhancements
319556 New insulators to replace the
damaged insulators on one of the
TMG Receiving Station 220kV
disconnects were ordered in the first
quarter.
In FY 2023, transmission equipment
may be replaced or upgraded per the
inspection results and
recommendations of Southern
California Edison.
100,000
84% 6/30/2027 Ongoing3,306,499
660,0006,660,000Energy Storage System Phase I320658 Development of Request for Proposal for selecting a developer to
design, construct, own, and operate
a 25 MW/ 100 MWh BESS in 2025
began in the first quarter.
Planned work in FY 2023 includes
permitting, environmental study,
development of specifications for a
RFP for major construction, installation
and Owner's Engineer.
654,080
1% 6/30/2025 Planning7,284
163,000371,000Power Facility Wastewater /
Storm Water Capture and
Treatment
327059 Monitoring of practices under
Wastewater permit continued in the
first quarter.
FY 2023 work planned is to complete
a study to determine most cost
effective option for managing chemical
constituents in storm water, and
address any needs of storm and waste
water treatment, storage, recycling
and disposal facilities at the power
plant on an as-needed basis.
153,300
0% 6/30/2027 Ongoing0
200,0005,605,000Chester Substation Upgrades327360 Procurement for new Chester 35 kV Switchgear began in first quarter.
In FY 2023, the design and
specifications for new Chester 35 kV
Switchgear will be completed, Request
for Proposal (RFP) issued, vendor
selected, and contract issued.
200,000
6% 6/30/2027 Ongoing11,160
612,900820,900Power Supply Facility Security323461 All cameras and new security equipment were installed at the
Broadway Plant in the first quarter.
Remaining work includes tuning and
adjusting system for best operation.
In FY 2023, procurement and
installation of new and/or improved
security systems with a focus on
Glenarm Plant will continue, and work
on Broadway and Azusa Hydro plants
will be performed on as needed basis.
150,745
56% 6/30/2024 Ongoing342,637
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 32
PAGE 55
Technology Projects
3,550,0003,550,000Police Computer-Aided Dispatch
and Records Management
System Replacement
711681 Post “go-live” system support
continued in the first quarter.
Planning for the replacement of the
Crime Analysis Tool is anticipated to
begin in the second quarter.
Implementation will be completed in
FY 2023.
700,000
66% N/A Ongoing2,340,921
6,960,5018,235,501DoIT Equipment Lifecycle
Replacement FY 2020 - FY 2024
711652 Network and server infrastructure
equipment and software updates
continued as part of planned lifecycle
replacements in the first quarter.
Server and storage lifecycle
replacement migrations continued. A
contract for the replacement of the
City’s aging PBX telephone system
is being finalized, and initial work is
anticipated to begin in the second
quarter. The complete phone system
replacement is expected to take two
years. Planning and design work
began on the security enhancement
of devices that access the City’s data
network and complete
implementation is anticipated to be
completed in the first quarter of FY
2024.
Annual system life cycle replacement
of hardware and software will continue
in FY 2023.
1,100,000
43% N/A Ongoing2,985,701
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 33
PAGE 56
3,126,3673,126,367Enterprise Building Security
Management
711633 Supply chain challenges continue to
hamper and delay construction
efforts at Villa Parke, Robinson Park,
La Pintoresca Park, and the Jackie
Robinson Community Center.
However, this impact was minimized
by exchanging some camera
equipment for more readily available
models that will be available in the
second quarter. Installation at these
four sites is now slated to begin in
the second quarter. Environmental
reviews required by the Housing and
Urban Development Department
were completed for all four sites.
Based on updated delivery dates of
materials needed for building access
and security equipment, construction
at seven branch libraries will begin in
the second quarter.
Work will be completed on building
access control systems and other
security improvements at the Jackie
Robinson Community Center and
various library locations, as well as
security improvements at Villa Parke,
Robinson Park, and La Pintoresca
Park in FY 2023.
750,000
51% N/A Construction1,588,828
1,991,6533,211,653City Fiber Network Expansion FY
2020 - FY 2024
711674 Work at eleven City facilities to
reconfigure fiber connections to
enhance the City's data network
capacity was completed in the first
quarter. New construction was also
completed to install fiber at one
commercial facility and two City
facilities, Rose Palace and
Playhouse Village Park.
Fiber expansion along Colorado Blvd.
and South Lake Ave. will begin to
augment existing fiber paths and
support future economic development
and connections to Pasadena Water
and Power Department's power
facilities to replace cellular-based
connectivity in FY 2023. Additionally,
fiber expansion to the Mirador
Reservoir and Radio Tower will begin
and is expected to be completed in FY
2024.
350,000
42% N/A Ongoing846,358
1,500,0001,500,000City Park Public Wifi Expansion711695 Instructions from the granting authority for documentation and
funding procedures were received
this quarter. Filing of high-level plan
will be completed in the second
quarter to receive approval to
proceed from granting authority to
expend funds.
The implementation schedule will be
determined in FY 2023.
1,500,000
0% N/A Planning0
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 34
PAGE 57
800,7912,000,000Enterprise Content Management
System
711516 New initiatives to expand the
Enterprise Content Management
System will be considered as part of
the FY 2024 capital budget.
Expanded use of the system will
support Housing services in FY 2023.
45,000
91% N/A No Activity This
Quarter
725,365
Capital Improvement Program
FY 2023 Quarter Monitoring Report
Activity Through September 30, 2022
Priority
Total
Estimated
CostProject Name
Appropriation
Thru FY 2023
FY 2023
Anticipated
Expenditures Status UpdateFY 2023 Workplan ScheduleProject# % of
Appropriations
Spent To Date
Revised
Completion
Date
Target
Completion
Date Phase
Expenditures
Life of
Project
October 17, 2022 Page 35
PAGE 58
INFORMATION ONLY
ITEM 4
ROSE B
OWL OPERATING COMPANY
CALPERS VALUATIONS AS OF
JUNE 30, 2021
PAGE 59
PAGE 60
California Public Employees’ Retirement System
Actuarial Office
400 Q Street, Sacramento, CA 95811 | Phone: (916) 795-3000 | Fax: (916) 795-2744 888 CalPERS (or 888-225-7377) | TTY: (877) 249-7442 | www.calpers.ca.gov July 2022
Miscellaneous Plan of the Rose Bowl Operating Company (CalPERS ID: 2705430573 ) Annual Valuation Report as of June 30, 2021
Dear Employer,
Attached to this letter, you will find the June 30, 2021 actuarial valuation report for the rate plan noted above. Provided in this report is the determination of the minimum required employer contributions for fiscal year (FY) 2023-24. In addition, the report contains important information regarding the curren t financial status of the plan as well as projections and risk measures to aid in planning for the future.
Because this plan is in a risk pool, the following valuation report has been separated into two sections:
• Section 1 contains specific information for the plan including the development of the current and projected employer contributions, and
• Section 2 contains the Risk Pool Actuarial Valuation appropriate to the plan as of June 30, 2021.
Section 2 can be found on the CalPERS website (www.calpers.ca.gov). From the home page, go to “Forms & Publications ” and select “View All”. In the search box, enter “Risk Pool ” and from the results list download the Miscellaneous Risk Pool Actuarial Valuation Report for June 30, 2021.
Your June 30, 2021 actuarial valuation report contains important actuarial information about your pension p lan at CalPERS. The plan actuary whose signature is in the Actuarial Certification is available to discuss.
Actuarial valuations are based on assumptions regarding future plan experience including investment return and payroll growth, eligibility for the types of benefits provided, and longevity among retirees. The CalPERS Board of Administration (board) adopts these assumptions after considering the advice of CalPERS actuarial and investment teams and other professionals. Each actuarial valuation reflects all prior differences between actual and assumed experience and adjusts the contribution r equirements as needed. This valuation is based on an investment return assumption of 6.8%, which was adopted by the board in November 2021 . Other assumptions used in this report are those recommended in the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021.
Required Contribution
The table below shows the minimum required employer contributions for FY 2023-24 along with est imates of the required contributions for FY 2024-25. Employee contributions other than cost sharing (whether paid by the employer or the employee) are in addition to the results shown below. The required employer contributions in this report do not reflect any cost sharing arrangement between the agency and the employees.
Fiscal Year Employer Normal
Cost Rate
Employer Amortization of
Unfunded Accrued Liability
2023-24 14.06% $225,979
Projected Results
2024-25 14.1% $219,000
Attachment A
PAGE 61
Miscellaneous Plan of the Rose Bowl Operating Company
(CalPERS ID: 2705430573 )
Annual Valuation Report as of June 30, 2021
The actual investment return for FY 2021-22 was not known at the time this report was prepared. The projections above assume the investment re turn for that year would be 6.8%. To the extent the actual investment return for FY 2021-22 differs from 6.8%, the actual contribution requirements for FY 2024-25 will differ from those shown above. For additional details regarding the assumptions and methods used for these projections , please refer to the “Projected Employer Contributions” in the “Highlights and Executive Summary” section. This section also contains projected required contributions through FY 2028-29.
Changes from Previous Year’s Valuation
On July 12, 2021, CalPERS reported a preliminary 21.3% net return on investments for FY 2020-21. Since the return exceeded the 7.00% discount rate sufficiently, the CalPERS Funding Risk Mitigation policy allows CalPERS to use a portion of the investment ga in to offset the cost of reducing the expected volatility of future investment returns. Based on the thresholds specified in the policy, the excess return of 14.3% prescribes a reduction in investment volatility that corresponds to a reduction in the disco unt rate of 0.20%, from 7.00% to 6.80%.
On November 17, 2021, the board adopted new actuarial assumptions based on the recommendations in the November 2021 CalPERS Experience Study and Review of Actuarial Assumptions . This study reviewed the retirement ra tes, termination rates, mortality rates, rates of salary increases , and inflation assumption for public agencies. These new assumptions are incorporated in this actuarial valuation and will impact the required contribution for FY 2023-24. In addition, the board adopted a new strategic asset allocation as part of its Asset Liability Management process. The new asset allocation along with the new capital market assumptions and economic assumptions support a discount rate of
6.80%. This includes a reduction in the price inflation assumption from 2.50% to 2.30%.
Besides the above noted changes, there may also be changes specific to the plan such as contract amendments and funding changes.
Further descriptions of general changes are included in the “Highlights and Executive Summary” section and in Appendix A of the Section 2 report, “ Actuarial Methods and Assumptions.” Questions
We understand that you might have questions about these results , and the plan actuary whose signature is on the valuation report is available to discuss. If you have other questions, you may call the Customer Contact Center at (888)- CalPERS or (888-225-7377).
Sincerely,
SCOTT TERANDO, ASA, EA, MAAA, FCA, CFA
Chief Actuary
PAGE 62
Actuarial Valuation
as of June 30, 2021
for the
Miscellaneous Plan
of the
Rose Bowl Operating Company
(CalPERS ID: 2705430573)
Required Contributions
for Fiscal Year
July 1, 2023 - June 30, 2024
PAGE 63
Table of Contents
Section 1 – Plan Specific Information
Section 2 – Risk Pool Actuarial Valuation I nformation
PAGE 64
Section 1
C A L I F O R N I A P U B L I C E M P L O Y E E S ’ R E T I R E M E N T S Y S T E M Plan Specific Information
for the
Miscellaneous Plan
of the
Rose Bowl Operating Company
(CalPERS ID: 2705430573)
(Rate Plan ID: 3153)
PAGE 65
Rate Plan belonging to the Miscellaneous Risk Pool
Table of Contents
Actuarial Certification 1
Highlights and Executive Summary
Introduction 3
Purpose of Section 1 3
Required Contribution s 4
Additional Discretionary Employer Contributions 5
Plan’s Funded Status 6
Projected Employer Contributions 6
Other Pooled Miscellaneous Risk Pool Rate Plans 7
Cost 8
Changes Since the Prior Year’s Valuation 9
Subsequent Events 9
Assets and Liabilities
Breakdown of Entry Age Accrued Liability 11
Allocation of Plan’s Share of Pool’s Experience/Assumption C hange 11 Development of Plan’s Share of Pool’s Market Value of Assets 11 Schedule of Plan’s Amortization Bases 12
Amortization Schedule and Alternatives 14
Employer Contribution History 16
Funding History 16
Risk Analysis
Future Investment Return Scenarios 18
Discount Rate Sensitivity 19
Mortality Rate Sensitivity 19
Maturity Measures 20
Maturity Measures History 21
Hypothetical Termination Liability 22
Participant Data 23
List of Class 1 Benefit Provisions 23
Plan’s Major Benefit Options 24
PAGE 66
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 1 Actuarial Certification
To the best of our knowledge, this report, comprising of Sections 1 and 2, is complete and accurate and contains sufficient information to disclose, fully and fairly, the funded condition of the Miscellaneous Plan of the Rose Bowl Operating Company and satisfies the actuarial valuation requirements of Government Code section 7504 . This valuation is based on the member and financial data as of June 30, 2021 provided by the various CalPERS databases and the benefits under this plan wi th CalPERS as of the date this report was produced. Section 1 of this report is based on the member and financial data for Rose Bowl Operating Company, while Section 2 is based on the corresponding information for all agencies participating in the Miscellaneous Risk Pool to which the plan belongs.
As set forth in Section 2 of this report, the pool actuaries have certified that, in their opinion, the valuation of the Miscellaneous Risk Pool has been performed in accordance with generally accepted actuarial principles consistent with standards of practice prescribed by the Actuarial Standards Board, and that the assumptions and methods are internally con sistent and reasonable for the risk pool as of the date of this valuation and as prescribed by the CalPERS Board of Administration according to provisions set forth in the California Public Employees’ Retirement Law.
Having relied upon the information set fo rth in Section 2 of this report and based on the census and benefit provision inf ormation for the rate plan, it is my opinion as the plan actuary that the Unfunded Accrued Liability amortization bases as of June 30, 2021 and employer contribution as of July 1, 2023 have been properly and accurately determined in accordance with the principles and standards stated above.
The undersigned is an actuary who satisfies the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States with regard to pensions.
STUART BENNETT, ASA, MAAA
Senior Pension Actuary, CalPERS
PAGE 67
Highlights and Executive Summary
• Introduction
• Purpose of Section 1
• Required Contributions
• Additional Discretionary Employer Contributions
• Plan’s Funded S tatus
• Projected Employer Contributions
• Other Pooled Miscellaneous Risk Pool Rate Plans
• Cost
• Changes Since the Prior Y ear’s Valuation
• Subsequent Events
PAGE 68
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 3 Introduction
This report presents the results of the June 30, 2021 actuarial valuation of the Miscellaneous Plan of the Rose Bowl Operating Company of the California Public Employees’ Retirement System (CalPERS). This actuarial valuation sets the required employer contributions for (FY) 2023-24.
Purpose of Section 1
This Section 1 report for the Miscellaneous Plan of the Rose Bowl Operating Company of CalPERS was prepared by the plan actuary in order to:
• Set forth the assets and accrued liabilities of this plan as of June 30, 2021; • Determine the minimum required employer contribution for this plan for the FY July 1, 2023 through June 30, 2024; and
• Provide actuarial information as of June 30, 2021 to the CalPERS Board of Administration (board) and other interested parties.
The pension funding information presented in this report should not be used in financial reports subject to Governmental Accounting Standa rds Board ( GASB) Statement No. 68 for a Cost Sharing Employer Defined Benefit Pension Plan. A separate accounting valuation report for such purposes is available on the CalPERS website (www.calpers.ca.gov).
The measurements shown in this actuarial valuation may not be app licable for other purposes. The agency should contact the plan actuary before disseminating any portion of this report for any reason that is not explicitly described above.
Future actuarial measurements may differ significantly from the current measuremen ts presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; changes in actuarial policies; changes in plan pro visions or applicable law; and differences between the required contributions determined by the valuation and the actual contributions made by the agency .
Assessment and Disclosure of Risk
This report includes the following risk disclosures consistent with the recommendations of Actuarial Standards of Practice No. 51 and recommended by the California Actuarial Advisory Panel (CAAP) in the Model Disclosure Elements document:
• A “Scenario T est,” projecting future results under different investment income returns. • A “Sensitivity Analysis,” showing the impact on current valuation results using alternative discount rates of 5.8% and 7.8%.
• A “Sensitivity Analysis,” showing the impact on current valuation results assuming rates of mortality are 10% lower or 10% higher than our current post-retirement mortality assumptions adopted in 2021. • Plan maturity measures indicat ing how sensitive a plan may be to the risks noted above.
PAGE 69
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 4 Required Contributions
Fiscal Year
Required Employer Contributions 2023-24
Employer Normal Cost Rate 14.06%
Plus
Required Payment on Amortization Bases1 $225,979
Paid either as
1) Monthly Payment $18,831.58
Or
2) Annual Prepayment Option* $218,667
The total minimum required employer contribution is the sum of the Plan’s Employer Normal Cost Rate (expressed as a percentage of payroll and paid as payroll is reported) plus the Employer Unfunded Accrued Liability (UAL) Contribution Amount (billed monthly ( 1) or prepaid annually (2) in dollars). * Only the UAL portion of the employer contribution can be prepaid (which must be received in full no later than July 31).
Fiscal Year Fiscal Year
2022-23 2023-24
Development of Normal Cost as a Percentage of Payroll
Base Total Normal Cost for Formula 19.55% 21.30%
Surcharge for Class 1 Benefits 2
a) FAC 1 0.62% 0.72%
Phase out of Normal Cost Difference 3 0.00% 0.00%
Plan’s Total Normal Cost 20.17% 22.02%
Formula's Expected Employee Contribution Rate 7.96% 7.96% Employer Normal Cost Rate 12.21% 14.06%
1 The required payment on amortization bases does not take into account any additional discretionary payment made after April 29, 2022.
2 Section 2 of this report contains a list of Class 1 benefits and corresponding surcharges for each benefit. 3 The normal cost change is phased out over a five-year period in accordance with the CalPERS contribution allocation policy.
PAGE 70
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 5 Additional Discretionary Employer Contributions
The minimum required employer contribution towards the Unfunded Accrued Liability (UAL) for this rate plan for the 2023-24 FY is $225,979 . CalPERS allows agencies to make additional discretionary payments (ADPs) at any time and in any amount. These optional payments serve to reduce the UAL and future required contributions and can result in significant long -term savings. Agencies can also use ADPs to stabilize annual contributions as a fixed dollar amount, percent of payroll or percent of revenue.
Provided b elow are select ADP options for consideration. Making such an ADP during FY 2023-24 does not require an ADP be made in any future year, nor does it change the remaining amortization period of any portion of unfunded liability. For information on permanent changes to amortization periods, see the “Amortization Schedule and Alternatives” section of the report.
Agencies considering making an ADP should contact CalPERS for additional information.
Minimum Required Employer Contribution for Fiscal Year 2023-24 Estimated
Normal Cost
Minimum UAL
Payment
ADP Total UAL
Contribution
Estimated Total
Contribution
$231,015 $225,979 $0 $225,979 $456,994
Alternative Fiscal Year 2023-24 Employer Contributions for Greater UAL Reduction Funding
Target
Estimated
Normal Cost
Minimum UAL
Payment
ADP1 Total UAL
Contribution
Estimated Total
Contribution
10 years $231,015 $225,979 $1,080 $227,059 $458,074 5 years $231,015 $225,979 $164,492 $390,471 $621,486 1 The ADP amounts are assumed to be made in the middle of the fiscal year. A payment made earlier or later in the fiscal year would have to be less or more than the amount shown to have the same effect on the UAL amortization.
Note that the calculations above are based on the projected Unfunded Accrued Liability as of June 30, 2023 as determined in the June 30, 2021 actuarial valuation. New unfunded liabilities can emerge in future years due to assumption or metho d changes, changes in plan provisions , and actuarial experience different than assumed.
Making an ADP illustrated above for the indicated number of years will not result in a plan that is exactly 100% funded in the indicated number of years. Valuation resu lts will vary from one year to the next and can diverge significantly from projections over a period of several years .
PAGE 71
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 6 Plan’s Funded Status
June 30, 2020 June 30, 2021
1. Present Value of Projected Benefits (PVB) $15,488,407 $16,531,759
2. Entry Age Accrued Liability (AL) 13,218,072 13,998,868
3. Plan’s Market Value of Assets (MVA) 9,966,478 12,016,224
4. Unfunded Accrued Liability (UAL) [(2) - (3)] 3,251,594 1,982,644
5. Funded Ratio [(3 ) / (2)] 75.4% 85.8%
The UAL and funded ratio are assessments of the need for future employer contributions based on the actuarial cost method used to fund the plan. The UAL is the present value of future employer contributions for service that has already been earned and is i n addition to future normal cost contributions for active members. The funded ratio, on the other hand, is a relative measure of funded status that allows for comparison between plans of different sizes. For measures of funded status that are appropriate for assessing the sufficiency of plan assets to cover estimated termination liabilities, please see “Hypothetical Termination Liability” in the “Risk Analysis” section.
Projected Employer Contributions
The table below shows the required and projected employ er contributions (before cost sharing) for the next six fiscal years. The projection assumes that all actuarial assumptions will be realized and that no further changes to assumptions, contributions, benefits, or funding will occur during the projection pe riod. In particular, the investment return beginning with FY 2021-22 is assumed to be 6.80% per year, net of investment and administrative expenses. Actual contribution rates during this projection period could be significantly higher or lower than the projection shown below. Future contribution requirements may differ significantly from those shown below. The actual long -term cost of the plan will depend on the actual benefits and expenses paid and the actual investment experience of the fund.
Required
Contribution
Projected Future Employer Contributions
(Assumes 6.80% Return for Fiscal Year 2021-22 and Beyond) Fiscal Year 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 Rate Plan 3153 Results
Normal Cost % 14.06% 14.1% 14.1% 14.1% 14.1% 14.1% UAL Payment $225,979 $219,000 $203,000 $186,000 $164,000 $172,000 For some sources of UAL, the change in UAL is amortized using a 5-year ramp up. For more information, please see “Amortization of the Unfunded Actuarial Accrued Liability” under “Actuarial Methods” in Appendix A of the Section 2 Report. This method phases in the impact of the change in UAL over a 5-year period in order to reduce employer cost volatility from year to year. As a result of this methodology, dramatic changes in the re quired employer contributions in any one year are less likely. However, required contributions can change gradually and significantly over the next five years. In years when there is a large increase in UAL, the relatively small amortization payments durin g the ramp up period could result in a funded ratio that is projected to decrease initially while the contribution impact of the increase in the UAL is phased in.
For projected contributions under alternate investment return scenarios, please see the “Fut ure Investment Return Scenarios” in the “Risk Analysis” section .
Our online pension plan projection tool, Pension Outlook, is available in the Employers section of the CalPERS website. Pension Outlook can help plan and budget pension costs under various scenarios.
PAGE 72
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 7 Other Pooled Miscellaneous Risk Pool Rate Plans
All of the results presented in this Section 1 report, except those shown below, correspond to rate plan 3153.
In many cases, employers have additional rate plans within the same risk pool. For cost analysis and budgeting it is useful to consider contribut ions for these rate plans as a whole rather than individually. The estimated contribution amounts and rates for all of the employer’s rate plans in the Miscellaneous Risk Pool are shown below and assume that the payroll for each rate plan will grow according to the overall payroll growth assumption of 2.80% per year for three years.
Fiscal Year Fiscal Year
2022-23 2023-24
Estimated Combined Employer Contributions for all Pooled Miscellaneous Rate Plans Projected Payroll for the Contribution Year $3,005,691 $3,005,886 Estimated Employer Normal Cost $302,852 $335,680
Required Payment on Amortization Bases $328,019 $225,979 Estimated Total Employer Contributions $630,871 $561,659 Estimated Total Employer Contribution Rate (illustrative only) 20.99% 18.69% PAGE 73
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 8 Cost
Actuarial Determination of Plan Cost
Contributions to fund the plan are comprised of two components:
• Normal Cost, expressed as a percentage of total active payroll • Amortization of the Unfunded Accrued Liability (UAL), expressed as a dollar amount For fiscal yea rs prior to 2016-17, the Amortization of UAL component was expressed as a perce ntage of total active payroll. Starting with FY 2016-17, the Amortization of UAL component was expressed as a dollar amount and invoiced on a monthly basis. There continues to be an option to prepay this amount during July of each fiscal year.
The Normal Cost component is expressed as a percentage of active payroll with employer and employee contributions payable as part of the regular payroll reporting process.
The determination of both components requires complex actuarial calculations. The calculations are based on a set of actuarial assumptions which can be divided into two categories:
• Demographic assumptions (e.g., mortality rates, retirement rates, employment t ermination rates, disability rates)
• Economic assumptions (e.g., future investment earnings, inflation, salary growth rates) These assumptions reflect CalPERS’ best estimate of future experience of the plan and are long term in nature.
We recognize that al l assumptions will not be realized in any given year. For example, the investment earnings at CalPERS have averaged 6.9% over the 20 years ending June 30, 2021, yet individual fiscal year returns have ranged from -23.6% to +21.3%. In addition, CalPERS reviews all actuarial assumptions by conducting in-depth experience studies every four years, with the most recent experience study completed in 2021.
PAGE 74
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 9 Changes Since the Prior Year’s Valuation
Benefits
The standard actuarial pr actice at CalPERS is to recognize mandated legislative benefit changes in the first annual valuation follow ing the effective date of the legislation. Voluntary benefit changes by plan amendment are generally included in the first valuation that is prepared after the amendment becomes effective, even if the valuation date is prior to the effective date of the amend ment.
This valuation generally reflects plan changes by amendments effective before the date of the report. Please refer to the “Plan’s Major Benefit Options” and Appendix B of the Section 2 Report for a summary of the plan provisions used in th is valuation.
Actuarial Methods and Assumptions
On November 17, 2021, the board adopted new actuarial assumptions based on the recommendations in the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. This study reviewed the retirement rates, termination rates, mortality rates, rates of salary increases, and inflation assumption for Public Agencies. These new assumptions are incorporated in this actuarial valuation and will impact the required contribution for FY 2023-24. In addition, the board adopted a new asset portfolio as part of its Asset Liability Management process.
The new asset mix supports a 6.80% discount rate, which reflects a change in the price inflation assumption to
2.30% .
Subsequent Events
The contribution requirements determined in this actuarial valuation report are based on demographic and financial information as of June 30, 2021. Changes subsequent to that date are not reflected. Investment returns below the assumed rate of return may incre ase future required contributions while investment returns above the assumed rate of return may decrease future required contributions.
The projected employer contributions on Page 6 are calculated under the assumption that the disco unt rate remains at 6.8% going forward and that the realized rate of return on assets for FY 2021-22 is 6.8%.
This actuarial valuation report reflects statutory changes, regulatory changes and board actions through January 2022. Any subsequent changes or actions are not reflected.
PAGE 75
Assets and Liabilities
• Breakdown of Entry Age Accrued Liability
• Allocation of Plan’s Share of Pool’s Experience/Assumption Change • Development of Plan’s Share of Pool’s Market Value of Assets • Schedule of Plan’s Amortization Bases
• Amortization Schedule and A lternatives
• Employer Contribution H istory
• Funding History
PAGE 76
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 11 Breakdown of Entry Age Accrued Liability
Active Members $7,371,667
Transferred Members 35,290
Terminated Members 173,387
Members and Beneficiaries Receiving Payments 6,418,524 Total $13,998,868
Allocation of Plan’s Share of Pool’s
Experience/Assumption Change
It is the policy of CalPERS to ensure equity within the risk pools by allocating the pool’s experience gains/losses and assumption changes in a manner that treats each employer equitably and maintains benefit security for the members of the System while mi nimizing substantial variations in employer contributions.
The Pool’s experience gains/losses and impact of assumption/method changes is allocated to the plan as follows:
1. Plan’s Accrued Liability $13,998,868
2. Projected UAL balance at 6/30/ 2021 3,221 ,115
3. Pool’s Accrued Liability 1 20,794,529,023
4. Sum of Pool’s Individual Plan UAL Balances at 6/30/ 20211 4,597,734,264
5. Pool’s 2020/21 Investment (Gain)/Loss1 (2,338,185,055)
6. Pool’s 2020/21 Non-Investment (Gain)/Loss1 (84,077,623)
7. Plan’s Share of Pool’s Investment (Gain)/Loss: [(1) - (2)] ÷ [(3) - (4)] × (5) (1,555,887)
8. Plan’s Share of Pool’s Non-Investment (Gain)/Loss: (1) ÷ (3) × (6) (56,601)
9. Plan’s New (Gain)/Loss as of 6/30/ 2021: (7) + (8) (1,612,488)
10. Increase in Pool’s Accrued Liability due to Change in Assumptions 1 60,407,898
11. Plan’s Share of Pool’s Change in Assumptions: (1) ÷ (3) × (10) 40,667
12. Increase in Pool’s Accrued Liability due to Funding Risk Mitigation 1 495,172,731
13. Plan’s Share of Pool’s Change due to Funding Risk Mitigation: (1) ÷ (3) × (12) 333,350
14. Offset due to Funding Risk Mitigation (355,504)
15. Plan’s Net Investment (Gain): (7) – (14) (1,200,383) 1 Does not include plans that transferred to Pool on the valuation date.
Development of the Plan’s Share of Pool’s Market
Value of Assets
16. Plan’s UAL: (2) + (9) + (11) + (13) $1,982,644
17. Plan’s Share of Pool’s MVA: (1) - (16) $12,016,224
PAGE 77
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 12 Schedule of Plan’s Amortization Bases
Note that there is a two-year lag between the valuation date and the start of the contribution fiscal year. • The assets, liabilities, and funded status of the plan are measured as of the valuation date: June 30, 2021. • The required employer contributions determined by the valuation are for the fiscal year beginning two years after the valuati on date: FY 2023-24.
This two-year lag is necessary due to the amount of time needed to extract and test the membership and financial data, and the need to provide public agencies with their required employer contribution well in advance of the start of the fiscal year.
The Unfunded Accrued Liability (UAL) is used to determine the employer contribution and therefore must be rolled forward two years f rom the valuation date to the first day of the fiscal year for which the contribution is being determined. The UAL is rolled forwar d each year by subtracting the expected payment on the UAL for the fiscal year and adjusting for interest. The expected payment for the first fiscal year is determined by the actuarial valuation two years ago and the contribution for the second year is fro m the actuarial valuation one year ago. Additional discretionary payments are reflected in the Expected Payments column in the fiscal year they were made by the agency .
Reason for Base
Date
Est.
Ramp
Level
2023-24
Ramp
Shape
Escala-
tion
Rate
Amort.
Period
Balance
6/30/21
Expected
Payment
2021-22
Balance
6/30/22
Expected
Payment
2022-23
Balance
6/30/23
Minimum
Required
Payment
2023-24
Side Fund
2013 or
Prior No Ramp 2.80% 1 154,319 81,432 80,658 83,670 (325) (336) Investment (Gain)/Loss 6/30/13 100% Up/Down 2.80% 22 804,557 56,089 801,302 57,632 796,231 57,792 Non-Investment (Gain)/Loss 6/30/13 100% Up/Down 2.80% 22 (8,073) (563) (8,040) (578) (7,989) (580) Share of Pre-2013 Pool UAL 6/30/13 No Ramp 2.80% 13 691,606 62,379 674,170 64,094 653,776 64,687 Assumption Change 6/30/14 100% Up/Down 2.80% 13 418,088 42,041 403,071 43,197 385,838 43,676 Investment (Gain)/Loss 6/30/14 100% Up/Down 2.80% 23 (643,685) (43,666) (642,329) (44,866) (639,641) (44,953) Non-Investment (Gain)/Loss 6/30/14 100% Up/Down 2.80% 23 771 52 770 54 767 54 Investment (Gain)/Loss 6/30/15 100% Up/Down 2.80% 24 431,719 28,548 431,573 29,333 430,606 29,365 Non-Investment (Gain)/Loss 6/30/15 100% Up/Down 2.80% 24 (37,412) (2,474) (37,399) (2,542) (37,315) (2,545) Assumption Change 6/30/16 100% Up/Down 2.80% 15 188,596 13,877 187,079 17,824 181,380 17,987 Investment (Gain)/Loss 6/30/16 100% Up/Down 2.80% 25 575,563 30,104 583,591 38,665 583,317 38,676 Non-Investment (Gain)/Loss 6/30/16 100% Up/Down 2.80% 25 (73,965) (3,869) (74,996) (4,969) (74,961) (4,970) Assumption Change 6/30/17 100% Up/Down 2.80% 16 233,085 12,690 235,820 17,386 233,888 21,912 Investment (Gain)/Loss 6/30/17 100% Up/Down 2.80% 26 (313,138) (12,306) (321,714) (16,859) (326,168) (21,063) Non-Investment (Gain)/Loss 6/30/17 100% Up/Down 2.80% 26 (16,453) (647) (16,903) (886) (17,137) (1,107) Assumption Change 6/30/18 80% Up/Down 2.80% 17 367,863 13,414 379,015 20,675 383,422 27,764 Investment (Gain)/Loss 6/30/18 80% Up/Down 2.80% 27 (97,818) (2,600) (101,783) (4,008) (104,562) (5,335) Method Change 6/30/18 80% Up/Down 2.80% 17 97,341 3,550 100,291 5,471 101,457 7,347 Non-Investment (Gain)/Loss 6/30/18 80% Up/Down 2.80% 27 49,127 1,306 51,118 2,013 52,514 2,679 Non-Investment (Gain)/Loss 6/30/19 No Ramp 0.00% 18 52,619 4,802 51,235 4,802 49,756 4,717 PAGE 78
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 13 Schedule of Plan’s Amortization Bases (Continued)
Reason for Base
Date
Est.
Ramp
Level
2023-24
Ramp
Shape
Escala-
tion
Rate
Amort.
Period
Balance
6/30/21
Expected
Payment
2021-22
Balance
6/30/22
Expected
Payment
2022-23
Balance
6/30/23
Minimum
Required
Payment
2023-24
Investment (Gain)/Loss 6/30/19 60% Up Only 0.00% 18 50,223 1,098 52,503 2,196 53,804 3,235 Investment (Gain)/Loss 6/30/20 40% Up Only 0.00% 19 251,932 0 269,063 5,894 281,268 11,562 Non-Investment (Gain)/Loss 6/30/20 No Ramp 0.00% 19 44,250 0 47,259 4,321 46,007 4,243 Assumption Change 6/30/21 No Ramp 0.00% 20 40,667 (11,483) 55,299 (11,804) 71,258 6,408 Net Investment (Gain) 6/30/21 20% Up Only 0.00% 20 (1,200,383) 0 (1,282,009) 0 (1,369,186) (29,430) Non-Investment (Gain)/Loss 6/30/21 No Ramp 0.00% 20 (56,601) 0 (60,450) 0 (64,561) (5,806) Risk Mitigation 6/30/21 No Ramp 0.00% 1 333,350 (11,666) 368,074 (11,992) 405,496 419,056 Risk Mitigation Offset 6/30/21 No Ramp 0.00% 1 (355,504) 0 (379,678) 0 (405,496) (419,056) Total 1,982,644 262,108 1,846,590 298,723 1,663,444 225,979 The (gain)/loss bases are the plan’s allocated share of the risk pool’s (gain)/loss for the fiscal year as disclosed in “Allocation of Plan’s Share of Pool’s Experience/Assumption Change” earlier in this section. These (gain)/loss bases will be amortized in accordance with the CalPERS amortization policy in effect at the time the base was established.
PAGE 79
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool
Amortization Schedule and Alternatives
The amortization schedule on the previous page (s) shows the minimum contributions required according to the CalPERS amortization policy. Many agencies have expressed a desire for a more stable pattern of payments or have indicated interest in paying off the unfunded accrued liabilities more quickly than required. As such, we have provided alternative amortization schedules to help analyze the current amortization sched ule and illustrate the potential savings of accelerating unfunded liability payments.
Shown on the following page are future year amortization payments based on 1) the current amortization schedule reflecting the individual bases and remaining periods shown on the previous page, and 2) alternative “fresh start” amortization schedules using two sample periods that would both result in interest savings relative to the current amortization schedule. To initiate a Fresh Start, please contact the plan actuary.
The Current Amortization Schedule typically contains both positive and negative bases. Positive bases result from plan changes, assumption changes , method changes or plan experience that increase unfunded liability. Negative bases result from plan chang es, assumption changes , method changes, or plan experience that decrease unfunded liability. The combination of positive and negative bases within an amortization schedule can result in unusual or problematic circumstances in future years , such as:
• When a negative payment would be required on a positive unfunded actuarial liability; or • When the payment would completely amortize the total unfunded liability in a very short time period, and results in a large change in the employer contribution r equirement.
In any year when one of the above scenarios occurs, the actuary will consider corrective action such as replacing the existing unfunded liability bases with a single “fresh start” base a nd amortizing it over an appropriate period.
The Current Amortization Schedule on the following page may appear to show that, based on the current amortization bases, one of the above scenarios will occur at some point in the future. It is impossible to know today whether such a scenario will in fact arise since there will be additional bases added to the amortization schedule in each future year. Should such a scenario arise in any future year, the actuary will take appropriate action based on guidelines in the CalPERS amortization policy.
PAGE 80
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool
Amortization Schedule and Alternatives (continued)
Alternate Schedules
Current Amortization
Schedule 10 Year Amortization 5 Year Amortization
Date Balance Payment Balance Payment Balance Payment
6/30/2023 1,663,444 225,979 1,663,444 227,059 1,663,444 390,471 6/30/2024 1,543,022 218,565 1,541,906 227,059 1,373,030 390,471 6/30/2025 1,422,068 202,888 1,412,104 227,059 1,062,867 390,470 6/30/2026 1,309,098 186,329 1,273,475 227,059 731,614 390,471 6/30/2027 1,205,557 164,181 1,125,419 227,059 377,835 390,470 6/30/2028 1,117,860 171,671 967,295 227,059
6/30/2029 1,016,462 179,370 798,419 227,059
6/30/2030 900,212 187,284 618,059 227,059
6/30/2031 767,879 195,419 425,435 227,059
6/30/2032 618,140 192,582 219,713 227,060
6/30/2033 461,152 189,354
6/30/2034 296,824 180,836
6/30/2035 130,123 134,474
6/30/2036
6/30/2037
6/30/2038
6/30/2039
6/30/2040
6/30/2041
6/30/2042
6/30/2043
6/30/2044
6/30/2045
6/30/2046
6/30/2047
6/30/2048
6/30/2049
6/30/2050
6/30/2051
6/30/2052
Total 2,428,932 2,270,591 1,952,353
Interest Paid 765,488 607,147 288,909
Estimated Savings 158,341 476,579
PAGE 81
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 16 Employer Contribution History
The table below provides a recent history of the required employer contributions for the plan. The amounts are based on the actuarial valuation from two years prior and does not account for prepayments or benefit changes made during a fiscal year. Additional discretionary payments before July 1, 201 9 or after June 30, 2021 are not included.
[
Fiscal
Year
Employer
Normal Cost
Unfunded Liability
Payment ($)
Additional Discretionary
Payments
2016 - 17 10.069% $146,856 N/A
2017 - 18 10.110% 165,971 N/A
2018 - 19 10.609% 193,715 N/A
2019 - 20 11.432% 223,837 0
2020 - 21 12.361% 249,507 0
2021 - 22 12.20% 285,257
2022 - 23 12.21% 322,519
2023 - 24 14.06% 225,979
Funding History
The table below shows the recent history of the actuarial accrued liability, share of the pool’s market value of assets, unfunded accrued liability, funded ratio, and annual covered payroll.
Valuation
Date
Accrued
Liability
(AL)
Share of Pool’s
Market Value of
Assets (MVA)
Unfunded
Accrued
Liability (UAL)
Funded
Ratio
Annual
Covered
Payroll
06/30/2012 $5,894,980 $3,845,350 $2,049,630 65.2% $1,632,510 06/30/2013 6,502,005 4,553,369 1,948,636 70.0% 1,649,442 06/30/2014 7,375,194 5,597,668 1,777,526 75.9% 1,669,333 06/30/2015 7,969,418 5,945,213 2,024,205 74.6% 1,704,169 06/30/2016 8,794,378 6,229,252 2,565,126 70.8% 1,804,211 06/30/2017 9,732,649 7,223,810 2,508,839 74.2% 1,981,570 06/30/2018 10,684,494 7,824,607 2,859,887 73.2% 2,053,221 06/30/2019 11,909,400 8,928,178 2,981,222 75.0% 1,956,805 06/30/2020 13,218,072 9,966,478 3,251,594 75.4% 1,523,308 06/30/2021 13,998,868 12,016,224 1,982,644 85.8% 1,512,430 PAGE 82
Risk Analysis
• Future Investment Return Scenarios
• Discount Rate Sensitivity
• Mortality Rate Sensitivity
• Maturity Measures
• Maturity Measures History
• Hypothetical Termination Liability
PAGE 83
CalPERS Actuarial Valuation – June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Future Investment Return Scenarios
Analysis using the investment return scenarios from the Asset Liability Management process completed in 2021 was performed to determine the effects of various future investment returns on required employer contributions. The projections below reflect the impact of the CalPERS Funding Risk Mitigation policy. The projections also assume that all other actuarial assumptions will be realized and that no further changes in assumptions, contributions, benefits, or funding will occur.
The first table shows projec ted contribution requirements if the fund were to earn either 3.0% or 10.8% annually. These alternate investment returns were chosen because 90% of long -term average returns are expected to fall between them over the 20 -year period ending June 30, 2041.
Required contributions outside of this range are also possible. In particular, whereas it is unlikely that investment returns will average less than 3.0% or greater than 10.8% over a 20 -year period, the likelihood of a single investment return less than 3. 0% or greater than 10.8% in any given year is much greater. The following analysis illustrates the effect of an extreme, single year investment return.
The portfolio has an expected volatility (or standard deviation) of 12.0% per year. Accordingly , in any given year there is a 16% probability that the annual return will be -5.2% or less and a 2.5% probability that the annual return will be -17.2% or less. These returns represent one and two standard deviations below the expected return of 6.8%.
The follow ing table shows the effect of a one or two standard deviation investment loss in FY 2021-22 on the FY 2024-25 contribution requirements. Note that a single-year investment gain or loss decreases or increases the required UAL contribution amount incremental ly for each of the next five years, not just one , due to the 5-year ramp in the amortization policy. However, the contribution requirements beyond the first year are also impacted by investment returns beyond the first year . Historically, significant downt urns in the market are often followed by higher than average returns. Such investment gains would offset the impact of these single year negative returns in years beyond FY 2024-25.
Assumed Annual Return for
Fiscal Year 2021-22
Required
Employer
Contributions
Projected
Employer
Contributions
2023-24 2024-25
(17.2)% (2 standard deviation loss)
Normal Cost Rate 14.06% 14.1%
UAL Contribution $225,979 $289,000
(5.2)% (1 standard deviation loss)
Normal Cost Rate 14.06% 14.1%
UAL Contribution $225,979 $254,000
• Without investment gains (returns higher than 6.8%) in year FY 2022-23 or later, projected contributions rates would continue to rise over the next four years due to the continued phase -in of the impact of the illustrated investment loss in FY 2021-22. • The Pension Outlook Tool can be used to model projected contributions for these scenarios beyond FY 2024-25 as well as to model other investment return scenarios .
Assumed Annual Return
FY 2021-22
through 2040-41
Projected Employer Contributions
2024-25 2025-26 2026-27 2027-28 2028-29
3.0% (5th percentile)
Normal Cost Rate 14.1% 14.1% 14.1% 14.1% 14.1%
UAL Contribution $230,000 $237,000 $255,000 $280,000 $346,000
10.8% (95th percentile)
Normal Cost Rate 14.4% 14.6% 14.9% 15.2% 15.5%
UAL Contribution $208,000 $172,000 $0 $0 $0
PAGE 84
CalPERS Actuarial Valuation – June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 19 Discount Rate Sensitivity
The discount rate assumption is calculated as the sum of the assum ed real rate of return and the assumed annual price inflation, currently 4.5% and 2.3%, respectively. Changing either the price inflation assumption or the real rate of return assumption will change the discount rate. The sensitivity of the valuation resul ts to the discount rate assumption depends on which component of the discount rate is changed. Shown below are various valuation results as of June 30, 2021 assuming alternate discount rates by changing the two components independently. Results are shown u sing the current discount rate of 6.8% as well as alternate discount rates of
5.8% and 7.8%. The rates of 5.8% and 7.8% were selected since they illustrate the impact of a 1.0% increase or decrease to the 6.8% assumption.
Sensitivity to the Real Rate of Return Assumption
As of June 30, 2021 1% Lower
Real Return Rate
Current
Assumptions
1% Higher
Real Return Rate
Discount Rate 5.8% 6.8% 7.8%
Inflation 2.3% 2.3% 2.3%
Real Rate of Return 3.5% 4.5% 5.5%
a) Total Normal Cost 27.78% 22.02% 17.65%
b) Accrued Liability $15,949,596 $13,998,868 $12,388,074 c) Market Value of Assets $12,016,224 $12,016,224 $12,016,224 d) Unfunded Liability /(Surplus) [(b) - (c)] $3,933,372 $1,982,644 $371,850 e) Funded Ratio 75.3% 85.8% 97.0%
Sensitivity to the Price Inflation Assumption
As of June 30, 2021 1% Lower
Inflation Rate
Current
Assumptions
1% Higher
Inflation Rate
Discount Rate 5.8% 6.8% 7.8%
Inflation 1.3% 2.3% 3.3%
Real Rate of Return 4.5% 4.5% 4.5%
a) Total Normal Cost 23.14% 22.02% 20.04%
b) Accrued Liability $14,460,791 $13,998,868 $12,897,110 c) Market Value of Assets $12,016,224 $12,016,224 $12,016,224 d) Unfunded Liability /(Surplus) [(b) - (c)] $2,444,567 $1,982,644 $880,886 e) Funded Ratio 83.1% 85.8% 93.2%
Mortality Rate Sensitivity
The following table looks at the change in the June 30, 2021 plan costs and funded status under two different longevity scenarios, namely assuming post-retirement rates of mortality are 10% lower or 10% higher than our current mortality assumptions adopted in 2021. This type of analysis highlights the impact on the plan of improving or worsening mortality over the long -term.
As of June 30, 2021 10% Lower
Mortality Rates
Current
Assumptions
10% Higher
Mortality Rates
a) Total Normal Cost 22.38% 22.02% 21.69%
b) Accrued Liability $14,268,057 $13,998,868 $13,750,983 c) Market Value of Assets $12,016,224 $12,016,224 $12,016,224 d) Unfunded Liability /(Surplus) [(b) - (c)] $2,251,833 $1,982,644 $1,734,759 e) Funded Ratio 84.2% 85.8% 87.4%
PAGE 85
CalPERS Actuarial Valuation – June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 20 Maturity Measures
As pension plans mature they become more sensitive to risks . Understanding plan maturity and how it affects the ability of a pension plan sponsor to tolerate risk is important in understanding how the pension plan is impacted by investment return volatility, other economic variables and changes in longevity or othe r demographic assumptions. Since it is the employer that bears the risk, it is appropriate to perform this analysis on a pension plan level considering all rate plans. The following measures are for one rate plan only.
One way to look at the maturity level of CalPERS and its plans is to look at the ratio of a plan’s retiree liability to its total liability. A pension plan in its infancy will have a very low ratio of retiree liability to total liability. As the plan matures, the ratio starts increasing. A mature plan will often have a ratio above 60%-65%.
Ratio of Retiree Accrued Liability to
Total Accrued Liability June 30, 2020 June 30, 2021
1. Retired Accrued Liability $6,327,048 $6,418,524
2. Total Accrued Liability 13,218,072 13,998,868
3. Ratio of Retiree AL to Total AL [(1) / (2)] 0.48 0.46 Another measure of maturity level of CalPERS and its plans is to look at the ratio of actives to retirees, also called the support ratio. A pension plan in its infancy will have a very high ratio of active to retired members. As the plan matures and members retire, the ratio declines. A mature plan will often have a ratio near or below one.
To calculate the support ratio for the rate plan, retirees and beneficiaries receiving a continuance are each counted as one, even though they may have only worked a portion of their careers as an active member of this rate plan. For this reason, the support ratio, while intuitive, may be less informative than the ratio of retiree liability to total accrued liabilit y above. For comparison, the support ratio for all CalPERS public agency plans is
0.82 and is calculated consistently with how it is for the individual rate plan. Note that to calculate the support ratio for all public agency plans, a retiree with service from more than one CalPERS agency is counted as a retiree more than once.
Support Ratio June 30, 2020 June 30, 2021
1. Number of Actives 14 14
2. Number of Retirees 13 13
3. Support Ratio [(1) / (2)] 1.08 1.08
PAGE 86
CalPERS Actuarial Valuation – June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 21 Maturity Measures (Continued)
The a ctuarial calculations supplied in this communication are based on various assumptions about long -term demographic and economic behavior. Unless these assumptions ( e.g., terminations, deaths, disabilities, retirements, salary growth, investment return) are exactly realized each year, there will be differences on a year-to-year basis. The year -to-year differences between actual experience and the assumptions are called actuarial gains and losses and serve to lower or raise required employer contribution s from one year to the next. Therefore, employer contributions will inevitably fluctuate, especially due to the ups and downs of investment returns.
Asset Volatility Ratio
Shown in the table below is the asset volatility ratio (AVR), which is the ratio of market value of assets to payroll.
Plans that have higher AVR experience more volatile employer contributions (as a percentage of payroll) due to investment return. For example, a plan with an asset-to-payroll ratio of 8 may experience twice the contribution volatility due to investment return volatility than a plan with an asset -to-payroll ratio of 4. It should be noted that this ratio is a measure of the current situation. It increases over time but generally tends to stabilize as the plan matures.
Liability Volatility Ratio
Also shown in the table below is the liability volatility ratio (LVR), which is the ratio of accrued liability to payroll.
Plans that have a higher LVR experience more volatile employer contributions (as a percen tage of payroll) due to changes in liability. For example, a plan with LVR ratio of 8 is expected to have twice the contribution volatility of a plan with LVR of 4. It should be noted that this ratio indicates a longer -term potential for contribution volatility, since the AVR, described above, will tend to move closer to the LVR as the funded ratio approaches 100%.
Contribution Volatility June 30, 2020 June 30, 2021
1. Market Value of Assets $9,966,478 $12,016,224
2. Payroll 1,523,308 1,512,430
3. Asset Volatility Ratio ( AVR) [(1) / (2)] 6.5 7.9
4. Accrued Liability $13,218,072 $13,998,868
5. Liability Volatility Ratio (LVR) [(4) / (2)] 8.7 9.3 Maturity Measures History
Valuation Date
Ratio of
Retiree Accrued Liability
to
Total Accrued Liability
Support
Ratio
Asset
Volatility
Ratio
Liability
Volatility
Ratio
06/30/2017 0.15 3.67 3.6 4.9
06/30/2018 0.14 3.67 3.8 5.2
06/30/2019 0.25 2.50 4.6 6.1
06/30/2020 0.48 1.08 6.5 8.7
06/30/2021 0.46 1.08 7.9 9.3
PAGE 87
CalPERS Actuarial Valuation – June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 22 Hypothetical Termination Liability
The hypothetical termination liability is an estimate of the financial position of the plan had the contract with CalPERS been terminated as of June 30, 2021. The plan liability on a termination basis is calculated differently compared to the plan’s ong oing funding liability. For the hypothetical termination liability calculation , both compensation and service are frozen as of the valuation date and no future pay increases or service accruals are assumed . This measure of funded status is not appropriate for assessing the need for future employer contributions in the case of an ongoing plan, that is, for an employer that continues to provide CalPERS retirement benefits to active employees.
A more conservative investment policy and asset allocation strategy was adopted by the board for the Terminated Agency Pool. T he Terminated Agency Pool has limited funding sources since no future empl oyer contributions will be made. Therefore, expected benefit payments are secured by risk-free assets and benefit security for members is increased while limiting the funding risk. However, this asset allocation has a lower expect ed rate of return than the PERF and consequently, a lower discount rate is assumed. The lower discount rate for the Terminated Agency P ool results in higher liabilities for terminated plans.
The effective termination discount rate will depend on actual market rates of return for risk -free securities on the date of termination. As market discount rates are variable, the table below shows a range for the hypothetical termination liability based on the lowest and highest interest rates observed during an approximate 19 -month period from 12 months before the valuation date to seven months after.
Market
Value of
Assets (MVA)
Hypothetical
Termination
Liability 1,2
at 1.00%
Funded
Ratio
Unfunded
Termination
Liability
at 1.00%
Hypothetical
Termination
Liability 1,2
at 2.25%
Funded
Ratio
Unfunded
Termination
Liability
at 2.25%
$12,016,224 $32,221,745 37.3% $20,205,521 $26,516,956 45.3% $14,500,732 1 The hypothetical liabilities calculated above include a 5% contingency load. The contingency load and other actuarial assumptions can be found in Appendix A.
2 The discount rate used for termination valuations is a weighted average of the 10-year and 30-year U.S. Treasury yields where the weights are based on matching asset and liability durations as of the termination date. The discount rates used in the table a re based on 20-year Treasury bonds, rounded to the nearest quarter percentage point, which is a good proxy for most plans. The 20-year Treasury yield was 2.00% on June 30, 2021, the valuation date.
In order to terminate the plan, first contact our Pensio n Contract Services unit to initiate a Resolution of Intent to Terminate. The completed Resolution will allow the plan actuary to provide a preliminary termination valuation with a more up -to-date estimate of the plan liabilities. Before beginning this pro cess, please consult with the plan actuary.
PAGE 88
CalPERS Actuarial Valuation – June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 23 Participant Data
The table below shows a summary of the plan’s member data upon which this valuation is based:
June 30, 2020 June 30, 2021
Active Members
Counts 14 14
Average Attained Age 47.46 48.46
Average Entry Age to Rate Plan 32.54 32.54
Average Years of Credited Service 14.88 15.88
Average Annual Covered Pay $108,808 $108,031
Annual Covered Payroll $1,523,308 $1,512,430
Present Value of Future Payroll $12,211,608 $12,292,478 Transferred Members 1 1
Separated Members 5 5
Retired Members and Beneficiaries
Counts* 13 13
Average Annual Benefits* $37,539 $37,847
Counts of members included in the valuation are counts of the recor ds processed by the valuation. Multiple records may exist for those who have service in more than one valuation group. This does not result in double counting of liabilities.
* Value s include community property settlements.
List of Class 1 Benefit Provis ions
This plan has the additional Class 1 Benefit Provisions:
• One Year Final Compensation (FAC 1)
PAGE 89
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 24 Plan’s Major Benefit Options
Shown below is a summary of the major optional benefits for which the agency has contracted. A description of principal standard and optional plan provisions is in Section 2 .
Benefit Group
Member Category Misc Misc
Demographics
Actives No Yes
Transfers/Separated Yes Yes
Receiving Yes Yes
Benefit Group Key 102076 102077
Benefit Provision
Benefit Formula 2% @ 60 2.5% @ 55
Social Security Coverage No No
Full/Modified Full Full
Employee Contribution Rate 8.00%
Final Average Compensation Period One Year One Year
Sick Leave Credit Yes Yes
Non-Industrial Disability Standard Standard
Industrial Disability No No
Pre-Retirement Death Benefits
Optional Settlement 2 Yes Yes
1959 Survivor Benefit Level Level 4 Level 4
Special No No
Alternate (firefighters) No No
Post-Retirement Death Benefits
Lump Sum $500 $500
Survivor Allowance (PRSA) No No
COLA 2% 2%
PAGE 90
CALPERS ACTUARIAL VALUATION - June 30, 2021
Miscellaneous Plan of the Rose Bowl Operating Company
CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 25 Section 2
C A L I F O R N I A P U B L I C E M P L O Y E E S ’ R E T I R E M E N T S Y S T E M Risk Pool Actuarial Valuation Information
Section 2 may be found on the CalPERS website
(www .calpers.ca.gov) in the Forms and
Publications section
PAGE 91
California Public Employees’ Retirement System
Actuarial Office
400 Q Street, Sacramento, CA 95811 | Phone: (916) 795-3000 | Fax: (916) 795-2744 888 CalPERS (or 888-225-7377) | TTY: (877) 249-7442 | www.calpers.ca.gov July 2022
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company (CalPERS ID: 2705430573 ) Annual Valuation Report as of June 30, 2021
Dear Employer,
Attached to this letter, you will find the June 30, 2021 actuarial valuation report for the rate plan noted above. Provided in this report is the determination of the minimum required employer contributions for fiscal year (FY) 2023-24. In addition, the re port contains important information regarding the current financial status of the plan as well as projections and risk measures to aid in planning for the future.
Because this plan is in a risk pool, the following valuation report has been separated into t wo sections:
• Section 1 contains specific information for the plan including the development of the current and projected employer contributions, and
• Section 2 contains the Risk Pool Actuarial Valuation appropriate to the plan as of June 30, 2021.
Section 2 can be found on the CalPERS website (www.calpers.ca.gov). From the home page, go to “Forms & Publications ” and select “View All”. In the search box, enter “Risk Pool ” and from the results list download the Miscellaneous Risk Pool Actuarial Valuation Report for June 30, 2021.
Your June 30, 2021 actuarial valuation report contains important actuarial information about your pension p lan at CalPERS. The plan actuary whose signature is in the Actuarial Certification is available to discuss.
Actuarial valuations are based on assumptions regarding future plan experience including investment return and payroll growth, eligibility for the types of benefits provided, and longevity among retirees. The CalPERS Board of Administration (board) adopts these assumptions after considering the advice of CalPERS actuarial and investment teams and other professionals. Each actuarial valuation reflects all prior differences between actual and assumed experience and adjusts the contribution r equirements as needed. This valuation is based on an investment return assumption of 6.8%, which was adopted by the board in November 2021 . Other assumptions used in this report are those recommended in the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021.
Required Contribution
The table below shows the minimum required employer contributions and the Employee PEPRA Rate for FY 2023-24 along with estimates of the required contributions for FY 2024-25. Employee contributions other than cost sharing (whether paid by the employer or the employee) are in addition to the results shown below. The required employer contributions in this report do not reflect any cost sharing arrangement between the agency and the employees.
Fiscal Year Employer Normal
Cost Rate
Employer Amortization of
Unfunded Accrued Liability
PEPRA Member
Rate
2023-24 7.68% $0 7.75%
Projected Results
2024-25 7.7% $0 TBD
Attachment B
PAGE 92
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company (CalPERS ID: 2705430573 )
Annual Valuation Report as of June 30, 2021
The actual investment return for FY 2021-22 was not known at the time this report was prepared. The projections above assume the investment re turn for that year would be 6.8%. To the extent the actual investment return for FY 2021-22 differs from 6.8%, the actual contribution requirements for FY 2024-25 will differ from those shown above. For additional details regarding the assumptions and methods used for these projections , please refer to the “Projected Employer Contributions” in the “Highlights and Executive Summary” section. This section also contains projected required contributions through FY 2028-29.
Changes from Previous Year’s Valuation
On July 12, 2021, CalPERS repo rted a preliminary 21.3% net return on investments for FY 2020-21. Since the return exceeded the 7.00% discount rate sufficiently, the CalPERS Funding Risk Mitigation policy allows CalPERS to use a portion of the investment gain to offset the cost of reducing the expected volatility of future investment returns. Based on the thresholds specified in the policy, the excess return of 14.3% prescribes a reduction in investment volatility that corresponds to a reduction in the discount rate of 0.20%, from 7.00% to 6.80%.
On November 17, 2021, the board adopted new actuarial assumptions based on the recommendations in the November 2021 CalPERS Experience Study and Review of Actuarial Assumptions . This study reviewed the retirement rates, termination rates, mortal ity rates, rates of salary increases , and inflation assumption for public agencies. These new assumptions are incorporated in this actuarial valuation and will impact the required contribution for FY 2023-24. In addition, the board adopted a new strategic asset allocation as part of its Asset Liability Management process. The new asset allocation along with the new capital market assumptions and economic assumptions support a discount rate of
6.80%. This includes a reduction in the price inflation assumptio n from 2.50% to 2.30%.
Besides the above noted changes, there may also be changes specific to the plan such as contract amendments and funding changes.
Further descriptions of general changes are included in the “Highlights and Executive Summary” section and in Appendix A of the Section 2 report, “ Actuarial Methods and Assumptions.” Questions
We understand that you might have questions about these results , and the plan actuary whose signature is on the valuation report is available to discuss. If you have other questions, you may call the Customer Contact Center at (888)- CalPERS or (888-225-7377).
Sincerely,
SCOTT TERANDO, ASA, EA, MAAA, FCA, CFA
Chief Actuary
PAGE 93
Actuarial Valuation
as of June 30, 2021
for the
PEPRA Miscellaneous Plan
of the
Rose Bowl Operating Company
(CalPERS ID: 2705430573)
Required Contributions
for Fiscal Year
July 1, 2023 - June 30, 2024
PAGE 94
Table of Contents
Section 1 – Plan Specific Information
Section 2 – Risk Pool Actuarial Valuation I nformation
PAGE 95
Section 1
C A L I F O R N I A P U B L I C E M P L O Y E E S ’ R E T I R E M E N T S Y S T E M Plan Specific Information
for the
PEPRA Miscellaneous Plan
of the
Rose Bowl Operating Company
(CalPERS ID: 2705430573)
(Rate Plan ID: 26476)
PAGE 96
Rate Plan belonging to the Miscellaneous Risk Pool
Table of Contents
Actuarial Certification 1
Highlights and Executive Summary
Introduction 3
Purpose of Section 1 3
Required Contribution s 4
Additional Discretionary Employer Contributions 5
Plan’s Funded Status 6
Projected Employer Contributions 6
Other Pooled Miscellaneous Risk Pool Rate Plans 7
Cost 8
Changes Since the Prior Year’s Valuation 9
Subsequent Events 9
Assets and Liabilities
Breakdown of Entry Age Accrued Liability 11
Allocation of Plan’s Share of Pool’s Experience/Assumption C hange 11 Development of Plan’s Share of Pool’s Market Value of Assets 11 Schedule of Plan’s Amortization Bases 12
Amortization Schedule and Alternatives 13
Employer Contribution History 15
Funding History 15
Risk Analysis
Future Investment Return Scenarios 17
Discount Rate Sensitivity 18
Mortality Rate Sensitivity 18
Maturity Measures 19
Maturity Measures History 20
Hypothetical Termination Liability 21
Participant Data 22
List of Class 1 Benefit Provisions 22
Plan’s Major Benefit Options 23
PEPRA Member Contribution Rates 24
PAGE 97
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 1 Actuarial Certification
To the best of our knowledge, this report, comprising of Sections 1 and 2, is complete and accurate and contains sufficient information to disclose, fully and fairly, the funded condition of the PEPRA Miscellaneous Plan of the Rose Bowl Operating Company and satisfies the actuarial valuation requirements of Government Code section 7504. This valuation is based on the member and financial data as of June 30, 2021 provided by the various CalPERS databases and the benefits under this plan with CalPERS as of the date this report was produced. Section 1 of this report is based on the member and financial data for Rose Bowl Operating Company, while Section 2 is based on the corresponding information for all agencies participating in the Miscellaneous Risk Pool to which the plan belongs.
As set forth in Section 2 of this report, the pool actuaries have certified that, in their opinion, the valuation of the Miscellaneous Risk Pool has been performed in accordance with generally accepted actuarial principles consistent with standards of practice prescribed by the Actuarial Standards Board, and that the assumptions and methods are internally con sistent and reasonable for the risk pool as of the date of this valuation and as prescribed by the CalPERS Board of Administr ation according to provisions set forth in the California Public Employees’ Retirement Law.
Having relied upon the information set forth in Section 2 of this report and based on the census and benefit provision inf ormation for the rate plan, it is my opini on as the plan actuary that the Unfunded Accrued Liability amortization bases as of June 30, 2021 and employer contribution as of July 1, 2023 have been properly and accurately determined in accordance with the principles and standards stated above.
The un dersigned is an actuary who satisfies the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States with regard to pensions .
STUART BENNETT, ASA, MAAA
Senior Pension Actuary, CalPERS
PAGE 98
Highlights and Executive Summary
• Introduction
• Purpose of Section 1
• Required Contributions
• Additional Discretionary Employer Contributions
• Plan’s Funded S tatus
• Projected Employer Contributions
• Other Pooled Miscellaneous Risk Pool Rate Plans
• Cost
• Changes Since the Prior Y ear’s Valuation
• Subsequent Events
PAGE 99
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 3 Introduction
This report presents the results of the June 30, 2021 actuarial valuation of the PEPRA Miscellaneous Plan of the Rose Bowl Operating Company of the California Public Employees’ Retirement System (CalPERS). This actuarial valuation sets the required employer contributions for (FY) 2023-24.
Purpose of Section 1
This Section 1 report for the PEPRA Miscellaneous Plan of the Rose Bowl Operating Company of CalPERS was prepared by the plan a ctuary in order to:
• Set forth the assets and accrued liabilities of this plan as of June 30, 2021; • Determine the minimum required employer contribution for this plan for the FY July 1, 2023 through June 30, 2024; and
• Provide actuarial information as of June 30, 2021 to the CalPERS Board of Administration (board) and other interested parties.
The pension funding information presented in this report should not be used in financial reports subject to Governmental Accounting Standa rds Board ( GASB) Statement No. 68 for a Cost Sharing Employer Defined Benefit Pension Plan. A separate accounting valuation report for such purposes is available on the CalPERS website (www.calpers.ca.gov).
The measurements shown in this actuarial valuation may not be applicable for other purposes. The agency should contact the plan actuary before disseminating any portion of this report for any reason that is not explicitly described ab ove.
Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; changes in actuarial policies; changes in plan provisions or applicable law ; and differences between the required contributions determined by the valuation and the actual contributions made by the agency .
Assessment and Disclosure of Risk
This report includes the following risk disclosures consistent with the recommendations of Actuarial Standards of Practice No. 51 and recommended by the California Actuarial Advisory Panel (CAAP) in the Model Disclosure Elements document:
• A “Scenario T est,” projecting future results under different investment income returns. • A “Sensitivity Analysis,” showing the impact on current valuation results using alternative discount rates of 5.8% and 7.8%.
• A “Sensitivity Analysis ,” showing the impact on current valuation results assuming rates of mortality are 10% lower or 10% higher than our current post-retirement mortality assumptions adopted in 2021. • Plan maturity measures indicat ing how sensitive a plan may be to the risks noted above.
PAGE 100
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 4 Required Contributions
Fiscal Year
Required Employer Contributions 2023-24
Employer Normal Cost Rate 7.68%
Plus
Required Payment on Amortization Bases1 $0
Paid either as
1) Monthly Payment $0.00
Or
2) Annual Prepayment Option* $0
Required PEPRA Member Contribution Rate 7.75%
The total minimum required employer contribution is the sum of the Plan’s Employer Normal Cost Rate (expressed as a percentage of payroll and paid as payroll is reported) plus the Employer Unfunded Accrued Liability (UAL) Contribution Amount (billed monthly ( 1) or prepaid annually (2) in dollars). * Only the UAL portion of the employer contribution can be prepaid (which must be received in full no later than July 31).
For additional detail regarding the determination of the required PEPRA member contribution rate see section on PEPRA Member Contribution Rates.
Fiscal Year Fiscal Year
2022-23 2023-24
Development of Normal Cost as a Percentage of Payroll
Base Total Normal Cost for Formula 14.22% 15.43%
Surcharge for Class 1 Benefits 2
None 0.00% 0.00%
Phase out of Normal Cost Difference3 0.00% 0.00%
Plan’s Total Normal Cost 14.22% 15.43%
Plan's Employee Contribution Rate 6.75% 7.75%
Employer Normal Cost Rate 7.47% 7.68%
1 The required payment on amortization bases does not take into account any additional discretionary payment made after April 29, 2022.
2 Section 2 of this report contains a list of Class 1 benefits and corresponding surcharges for each benefit. 3 The normal cost change is phased out over a five-year period in accordance with the CalPERS contribution allocation policy.
PAGE 101
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 5 Additional Discretionary Employer Contributions
The minimum required employer contribution towards the Unfunded Accrued Liability (UAL) for this rate plan for the 2023-24 FY is $0. CalPERS allows agencies to make additional discretionary payments (ADPs) at any time and in any amount. These optional payments serve to reduce the UAL and future required contributions and can result in significant long -term savings. Agencies can also use ADPs to stabilize annu al contributions as a fixed dollar amount, percent of payroll or percent of revenue.
Provided below are select ADP options for consideration. Making such an ADP during FY 2023-24 does not require an ADP be made in any future year, nor does it change the remaining amortization period of any portion of unfunded liability. For information on permanent changes to amortization periods, see the “Amortization Schedule and Alternatives” section of the report.
Agencies considering making an ADP should contact Cal PERS for additional information.
Minimum Required Employer Contribution for Fiscal Year 2023-24 Estimated
Normal Cost
Minimum UAL
Payment
ADP Total UAL
Contribution
Estimated Total
Contribution
$104,665 $0 $0 $0 $104,665
Alternative Fiscal Year 2023-24 Employer Contributions for Greater UAL Reduction Funding
Target
Estimated
Normal Cost
Minimum UAL
Payment
ADP1 Total UAL
Contribution
Estimated Total
Contribution
N/A N/A N/A N/A N/A N/A
1 The ADP amounts are assumed to be made in the middle of the fiscal year. A payment made earlier or later in the fiscal year would have to be less or more than the amount shown to have the same effect on the UAL amortization.
Note that the calculations above are based on the projected Unfunded Accrued Liability as of June 30, 2023 as determined in the June 30, 2021 actuarial valuation. New unfunded liabilities can emerge in future years due to assumption or method changes, changes in plan provisions , and actuarial experience d ifferent than assumed.
Making an ADP illustrated above for the indicated number of years will not result in a plan that is exactly 100% funded in the indicated number of years. Valuation results will vary from one year to the next and can diverge significa ntly from projections over a period of several years.
PAGE 102
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 6 Plan’s Funded Status
June 30, 2020 June 30, 2021
1. Present Value of Projected Benefits (PVB) $2,633,769 $3,125,902
2. Entry Age Accrued Liability (AL) 807,840 1,068,496
3. Plan’s Market Value of Assets (MVA) 738,117 1,117,081
4. Unfunded Accrued Liability (UAL) [(2) - (3)] 69,723 (48,585)
5. Funded Ratio [(3 ) / (2)] 91.4% 104.5%
The UAL and funded ratio are assessments of the need for future employer contributions based on the actuarial cost method used to fund the plan. The UAL is the present value of future employer contributions for service that has already been earned and is i n addition to future normal cost contributions for active members. The funded ratio, on the other hand, is a relative measure of funded status that allows for comparison between plans of different sizes. For measures of funded status that are appropriate for assessing the sufficiency of plan assets to cover estimated termination liabilities, please see “Hypothetical Termination Liability” in the “Risk Analysis” section.
Projected Employer Contributions
The table below shows the required and projected employer contributions (before cost sharing) for the next six fiscal years. The projection assumes that all actuarial assumptions will be realized and that no further changes to assumptions, contributions, b enefits, or funding will occur during the projection period. In particular, the investment return beginning with FY 2021-22 is assumed to be 6.80% per year, net of investment and administrative expenses. Actual contribution rates during this projection per iod could be significantly higher or lower than the projection shown below. Future contribution requirements may differ significantly from those shown below. The actual long -term cost of the plan will depend on the actual benefits and expenses paid and the actual investment experience of the fund.
Required
Contribution
Projected Future Employer Contributions
(Assumes 6.80% Return for Fiscal Year 2021-22 and Beyond) Fiscal Year 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 Rate Plan 26476 Results
Normal Cost % 7.68% 7.7% 7.7% 7.7% 7.7% 7.7%
UAL Payment $0 $0 $0 $0 $0 $0
For some sources of UAL, the change in UAL is amortized using a 5-year ramp up. For more information, please see “Amortization of the Unfunded Actuarial Accrued Liability” under “Actuarial Methods” in Appendix A of the Section 2 Report. This method phases in the impact of the change in UAL over a 5-year period in order to reduce employer cost volatility from year to year. As a result of this methodology, dramatic changes in the required employer contributions in any one year are less likely. However, required contributions can change gradually and significantly over the next five years. In years when there is a large increase in UAL, the relatively small amortizati on payments during the ramp up period could result in a funded ratio that is projected to decrease initially while the contribution impact of the increase in the UAL is phased in.
For projected contributions under alternate investment return scenarios, pl ease see the “Future Investment Return Scenarios” in the “Risk Analysis” section .
Our online pension plan projection tool, Pension Outlook, is available in the Employers section of the CalPERS website. Pension Outlook can help plan and budget pension costs under various scenarios.
PAGE 103
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 7 Other Pooled Miscellaneous Risk Pool Rate Plans
All of the results presented in this Section 1 report, except those shown below, correspond to rate plan 26476.
In many cases, employers have additional rate plans within the same risk pool. For cost analysis and budgeting it is useful to consider contributions for these rate plans as a whole rather than individually. The estimated contribution amounts and rates for all of the employer’s rate plans in the Miscellaneous Risk Pool are shown below and assume that the payroll for each rate plan will grow according to the overall payroll growth assumption of 2.80% per year for three years.
Fiscal Year Fiscal Year
2022-23 2023-24
Estimated Combined Employer Contributions for all Pooled Miscellaneous Rate Plans Projected Payroll for the Contribution Year $3,005,691 $3,005,886 Estimated Employer Normal Cost $302,852 $335,680
Required Payment on Amortization Bases $328,019 $225,979 Estimated Total Employer Contributions $630,871 $561,659 Estimated Total Employer Contribution Rate (illustrative only) 20.99% 18.69% PAGE 104
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 8 Cost
Actuarial Determination of Plan Cost
Contributions to fund the plan are comprised of two components:
• Normal Cost, expressed as a percentage of total active payroll • Amortization of the Unfunded Accrued Liability (UAL), expressed as a dollar amount For fiscal years prior to 2016-17, the Amortization of UAL component was expres sed as a perce ntage of total active payroll. Starting with FY 2016-17, the Amortization of UAL component was expressed as a dollar amount and invoiced on a monthly basis. There continues to be an option to prepay this amount during July of each fiscal year.
The Normal Cost component is expressed as a percentage of active payroll with employer and employee contributions payable as part of the regular payroll reporting process.
The determination of both components requires complex actuarial calculations. The calculations are based on a set of actuarial assumptions which can be divided into two categories:
• Demographic assumptions (e.g., mortality rates, retirement rates, employment termination rates, disability rates)
• Economic assum ptions (e.g., future investment earnings, inflation, salary growth rates) These assumptions reflect CalPERS’ best estimate of future experience of the plan and are long term in nature.
We recognize that all assumptions will not be realized in any given ye ar. For example, the investment earnings at CalPERS have averaged 6.9% over the 20 years ending June 30, 2021, yet individual fiscal year returns have ranged from -23.6% to +21.3%. In addition, CalPERS reviews all actuarial assumptions by conducting in-depth experience studies every four years, with the most recent experience study completed in 2021.
PAGE 105
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 9 Changes Since the Prior Year’s Valuation
Benefits
The standard actuarial practice at CalPERS is to recognize mandated legislative benefit changes in the first annual valuation follow ing the effective date of the legislation. Voluntary benefit changes by plan amendment are generally included in the first valuation that is prepared after the amendment becomes effective, even if the valuation date is prior to the effective date of the amendment.
This valuation generally reflects plan changes by amendments effective before the date of the report. Please refer to the “Plan’s Major Benefit Options” and Appendix B of the Section 2 Report for a summary of the plan provisions used in th is valuation.
Actuarial Methods and Assumptions
On November 17, 2021, the board adopted new actuarial assumptions based on the recommendations in the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. This study reviewed the retirement rates, termination rates, mortality rates, rates of salary increases , and inflation assumption for Public Agencies. These new assumptions are incorporated in this actuarial valuation and will impact the required contribution for FY 2023-24. In addition, the board adopted a new asset portfolio as part of its Asset Liability Management process.
The new asset mix supports a 6.80% discount rate, which reflects a change in the price inflation assumption to
2.30% .
Subsequent Events
The contribution requirements determined in this actuarial valuation report are based on demographic and financial information as of June 30, 2021. Changes subsequent to that date are not reflected. Investment returns below the assumed rate of return may increase future required contributions while investment returns above the assumed rate of return may decrease future required contributions.
The projected employer contributions on Page 6 are calculated under the assumption that the disco unt rate remains at 6.8% going forward and that the realized rate of return on assets for FY 2021-22 is 6.8%.
This actuarial valuation report reflects statutory changes, regulatory changes and board actions through January 2022. Any subsequent changes or actions are not reflected.
PAGE 106
Assets and Liabilities
• Breakdown of Entry Age Accrued Liability
• Allocation of Plan’s Share of Pool’s Experience/Assumption Change • Development of Plan’s Share of Pool’s Market Value of Assets • Schedule of Plan’s Amortization Bases
• Amortization Schedule and A lternatives
• Employer Contribution H istory
• Funding History
PAGE 107
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 11 Breakdown of Entry Age Accrued Liability
Active Members $1,035,791
Transferred Members 10,113
Terminated Members 22,592
Members and Beneficiaries Receiving Payments 0
Total $1,068,496
Allocation of Plan’s Share of Pool’s
Experience/Assumption Change
It is the policy of CalPERS to ensure equity within the risk pools by allocating the pool’s experience gains/losses and assumption changes in a manner that treats each employer equitably and maintains benefit security for the members of the System while mi nimizing substantial variations in employer contributions.
The Pool’s experience gains/losses and impact of assumption/method changes is allocated to the plan as follows:
1. Plan’s Accrued Liability $1,068,496
2. Projected UAL balance at 6/30/ 2021 71,163
3. Pool’s Accrued Liability 1 20,794,529,023
4. Sum of Pool’s Individual Plan UAL Balances at 6/30/ 20211 4,597,734,264
5. Pool’s 2020/21 Investment (Gain)/Loss1 (2,338,185,055)
6. Pool’s 2020/21 Non-Investment (Gain)/Loss1 (84,077,623)
7. Plan’s Share of Pool’s Investment (Gain)/Loss: [(1) - (2)] ÷ [(3) - (4)] × (5) (143,976)
8. Plan’s Share of Pool’s Non-Investment (Gain)/Loss: (1) ÷ (3) × (6) (4,320)
9. Plan’s New (Gain)/Loss as of 6/30/ 2021: (7) + (8) (148,296)
10. Increase in Pool’s Accrued Liability due to Change in Assumptions 1 60,407,898
11. Plan’s Share of Pool’s Change in Assumptions: (1) ÷ (3) × (10) 3,104
12. Increase in Pool’s Accrued Liability due to Funding Risk Mitigation 1 495,172,731
13. Plan’s Share of Pool’s Change due to Funding Risk Mitigation: (1) ÷ (3) × (12) 25,444
14. Offset due to Funding Risk Mitigation (43,819)
15. Plan’s Net Investment (Gain): (7) – (14) (100,157)
1 Does not include plans that transferred to Pool on the valuation date.
Development of the Plan’s Share of Pool’s Market
Value of Assets
16. Plan’s UAL: (2) + (9) + (11) + (13) ($48,585)
17. Plan’s Share of Pool’s MVA: (1) - (16) $1,117,081
PAGE 108
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 12 Schedule of Plan’s Amortization Bases
Note that there is a two-year lag between the valuation date and the start of the contribution fiscal year. • The assets, liabilities, and funded status of the plan are measured as of the valuation date: June 30, 2021. • The required employ er contributions determined by the valuation are for the fiscal year beginning two years after the valuation date: FY 2023-24.
This two-year lag is necessary due to the amount of time needed to extract and test the membership and financial data, and the ne ed to provide public agencies with their required employer contribution well in advance of the start of the fiscal year.
The Unfunded Accrued Liability (UAL) is used to determine the employer contribution and therefore must be rolled forward two years from the valuation date to the first day of the fiscal year for which the contribution is being determined. The UAL is rolled forward each year by subtracting the expected payment on the UAL for the fiscal year and adjusting for interest. The expected payment for the first fiscal year is determined by the actuarial valuation two years ago and the contribution for the second year is from the actuarial valuation one year ago. Additional discretionary payments are reflected in the Expected Payments column in the f iscal year they were made by the agency .
Reason for Base
Date
Est.
Ramp
Level
2023-24
Ramp
Shape
Escala-
tion
Rate
Amort.
Period
Balance
6/30/21
Expected
Payment
2021-22
Balance
6/30/22
Expected
Payment
2022-23
Balance
6/30/23
Minimum
Required
Payment
2023-24
Fresh Start 6/30/21 N/A (48,585) (15,044) (36,342) (14,238) (24,099) 0 Total (48,585) (15,044) (36,342) (14,238) (24,099) 0
The (gain)/loss bases are the plan’s allocated share of the risk pool’s (gain)/loss for the fiscal year as disclosed in “Allocation of Plan’s Share of Pool’s Experience/Assumption Change” earlier in this section. These (gain)/loss bases will be amortized in accordance with the CalPERS amortization policy in effect at the time the base was established.
PAGE 109
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool
Amortization Schedule and Alternatives
The amortization schedule on the previous page (s) shows the minimum contributions required according to the CalPERS amortization policy. Many agencies have expressed a desire for a more stable pattern of payments or have indicated interest in paying off the unfunded accrued liabilitie s more quickly than required. As such, we have provided alternative amortization schedules to help analyze the current amortization schedule and illustrate the potential savings of accelerating unfunded liability payments.
Shown on the following page are future year amortization payments based on 1) the current amortization schedule reflecting the individual bases and remaining periods shown on the previous page, and 2) alternative “fresh start” amortization schedules using two sample periods that would both result in interest savings relative to the current amortization schedule. To initiate a Fresh Start, please contact the plan actuary.
The Current Amortization Schedule typically contains both positive and negative bases. Positive bases result from plan changes, assumption changes , method changes or plan experience that increase unfunded liability. Negative bases result from plan changes, assumption changes , method changes, or plan experience that decrease unfunded liability. The combination of positive and negative bases within an amortization schedule can result in unusual or problematic circumstances in future years , such as:
• When a negative payment would be required on a positive unfunded actuarial liability; or • When the payment would completely amortize the total unfunded liability in a very short time period, and results in a large change in the employer contribution r equirement.
In any year when one of the above scenarios occurs, the actuary will consider corrective action such as replacing the existing unfunded liability bases with a single “fresh start” base and amortizing it over a n appropriate period.
The Current Amortization Schedule on the following page may appear to show that, based on the current amortization bases, one of the above scenarios will occur at some point in the future. It is impossible to know today whether such a scenario will in fact arise since there will be additional bases added to the amortization schedule in each future year. Should such a scenario arise in an y future year, the actuary will take appropriate action based on guidelines in the CalPERS amortization policy.
PAGE 110
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool
Amortization Schedule and Alternatives (continued)
Alternate Schedules
Current Amortization
Schedule N/A Year Amortization N/A Year Amortization
Date Balance Payment Balance Payment Balance Payment
6/30/2023 N/A N/A N/A N/A N/A N/A
6/30/2024
6/30/2025
6/30/2026
6/30/2027
6/30/2028
6/30/2029
6/30/2030
6/30/2031
6/30/2032
6/30/2033
6/30/2034
6/30/2035
6/30/2036
6/30/2037
6/30/2038
6/30/2039
6/30/2040
6/30/2041
6/30/2042
6/30/2043
6/30/2044
6/30/2045
6/30/2046
6/30/2047
6/30/2048
6/30/2049
6/30/2050
6/30/2051
6/30/2052
Total N/A N/A N/A
Interest Paid N/A N/A N/A
Estimated Savings N/A N/A
PAGE 111
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 15 Employer Contribution History
The table below provides a recent history of the required employer contributions for the plan. The amounts are based on the actuarial valuation from two years prior and does not account for prepayments or benefit changes made during a fiscal year. Additional discretionary payments before July 1, 201 9 or after June 30, 2021 are not included.
[
Fiscal
Year
Employer
Normal Cost
Unfunded Liability
Payment ($)
Additional Discretionary
Payments
2016 - 17 6.555% $25 N/A
2017 - 18 6.533% 79 N/A
2018 - 19 6.842% 345 N/A
2019 - 20 6.985% 2,823 0
2020 - 21 7.732% 3,326 0
2021 - 22 7.59% 4,156
2022 - 23 7.47% 5,500
2023 - 24 7.68% 0
Funding History
The table below shows the recent history of the actuarial accrued liability, share of the pool’s market value of assets, unfunded accrued liability, funded ratio, and annual covered payroll.
Valuation
Date
Accrued
Liability
(AL)
Share of Pool’s
Market Value of
Assets (MVA)
Unfunded
Accrued
Liability (UAL)
Funded
Ratio
Annual
Covered
Payroll
06/30/2014 $13,565 $14,168 ($603) 104.5% $152,500
06/30/2015 36,006 34,139 1,867 94.8% 239,459
06/30/2016 97,853 87,971 9,882 89.9% 477,075
06/30/2017 204,954 195,772 9,182 95.5% 629,588
06/30/2018 342,551 316,130 26,421 92.3% 779,798
06/30/2019 530,720 487,303 43,417 91.8% 1,060,126
06/30/2020 807,840 738,117 69,723 91.4% 1,247,451
06/30/2021 1,068,496 1,117,081 (48,585) 104.5% 1,254,468 PAGE 112
Risk Analysis
• Future Investment Return Scenarios
• Discount Rate Sensitivity
• Mortality Rate Sensitivity
• Maturity Measures
• Maturity Measures History
• Hypothetical Termination Liability
PAGE 113
CalPERS Actuarial Valuation – June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Future Investment Return Scenarios
Analysis using the investment return scenarios from the Asset Liability Management process completed in 2021 was performed to determine the effects of various future investment returns on required employer contributions. The projections below reflect the impact of the CalPERS Funding Risk Mitigation policy. The projections also assume that all other actuarial assumptions will be realized and that no further changes in assumptions, contributions, benefits, or funding will occur.
The first table shows projec ted contribution requirements if the fund were to earn either 3.0% or 10.8% annually. These alternate investment returns were chosen because 90% of long -term average returns are expected to fall between them over the 20 -year period ending June 30, 2041.
Required contributions outside of this range are also possible. In particular, whereas it is unlikely that investment returns will average less than 3.0% or greater than 10.8% over a 20 -year period, the likelihood of a single investment return less than 3. 0% or greater than 10.8% in any given year is much greater. The following analysis illustrates the effect of an extreme, single year investment return.
The portfolio has an expected volatility (or standard deviation) of 12.0% per year. Accordingly , in any given year there is a 16% probability that the annual return will be -5.2% or less and a 2.5% probability that the annual return will be -17.2% or less. These returns represent one and two standard deviations below the expected return of 6.8%.
The follow ing table shows the effect of a one or two standard deviation investment loss in FY 2021-22 on the FY 2024-25 contribution requirements. Note that a single-year investment gain or loss decreases or increases the required UAL contribution amount incremental ly for each of the next five years, not just one , due to the 5-year ramp in the amortization policy. However, the contribution requirements beyond the first year are also impacted by investment returns beyond the first year . Historically, significant downt urns in the market are often followed by higher than average returns. Such investment gains would offset the impact of these single year negative returns in years beyond FY 2024-25.
Assumed Annual Return for
Fiscal Year 2021-22
Required
Employer
Contributions
Projected
Employer
Contributions
2023-24 2024-25
(17.2)% (2 standard deviation loss)
Normal Cost Rate 7.68% 7.7%
UAL Contribution $0 $6,000
(5.2)% (1 standard deviation loss)
Normal Cost Rate 7.68% 7.7%
UAL Contribution $0 $2,700
• Without investment gains (returns higher than 6.8%) in year FY 2022-23 or later, projected contributions rates would continue to rise over the next four years due to the continued phase -in of the impact of the illustrated investment loss in FY 2021-22. • The Pension Outlook Tool can be used to model projected contributions for these scenarios beyond FY 2024-25 as well as to model other investment return scenarios .
Assumed Annual Return
FY 2021-22
through 2040-41
Projected Employer Contributions
2024-25 2025-26 2026-27 2027-28 2028-29
3.0% (5th percentile)
Normal Cost Rate 7.7% 7.7% 7.7% 7.7% 7.7%
UAL Contribution $490 $2,100 $4,700 $8,500 $13,000
10.8% (95th percentile)
Normal Cost Rate 7.9% 8.1% 8.3% 8.5% 8.7%
UAL Contribution $0 $0 $0 $0 $0
PAGE 114
CalPERS Actuarial Valuation – June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 18 Discount Rate Sensitivity
The discount rate assumption is calculated as the sum of the assum ed real rate of return and the assumed annual price inflation, currently 4.5% and 2.3%, respectively. Changing either the price inflation assumption or the real rate of return assumption will change the discount rate. The sensitivity of the valuation resul ts to the discount rate assumption depends on which component of the discount rate is changed. Shown below are various valuation results as of June 30, 2021 assuming alternate discount rates by changing the two components independently. Results are shown using the current discount rate of 6.8% as well as alternate discount rates of
5.8% and 7.8%. The rates of 5.8% and 7.8% were selected since they illustrate the impact of a 1.0% increase or decrease to the 6.8% assumption.
Sensitivity to the Real Rate of Return Assumption
As of June 30, 2021 1% Lower
Real Return Rate
Current
Assumptions
1% Higher
Real Return Rate
Discount Rate 5.8% 6.8% 7.8%
Inflation 2.3% 2.3% 2.3%
Real Rate of Return 3.5% 4.5% 5.5%
a) Total Normal Cost 19.32% 15.43% 12.47%
b) Accrued Liability $1,338,934 $1,068,496 $859,847
c) Market Value of Assets $1,117,081 $1,117,081 $1,117,081 d) Unfunded Liability /(Surplus) [(b) - (c)] $221,853 ($48,585) ($257,234) e) Funded Ratio 83.4% 104.5% 129.9%
Sensitivity to the Price Inflation Assumption
As of June 30, 2021 1% Lower
Inflation Rate
Current
Assumptions
1% Higher
Inflation Rate
Discount Rate 5.8% 6.8% 7.8%
Inflation 1.3% 2.3% 3.3%
Real Rate of Return 4.5% 4.5% 4.5%
a) Total Normal Cost 16.27% 15.43% 14.03%
b) Accrued Liability $1,123,637 $1,068,496 $968,133
c) Market Value of Assets $1,117,081 $1,117,081 $1,117,081 d) Unfunded Liability /(Surplus) [(b) - (c)] $6,556 ($48,585) ($148,948) e) Funded Ratio 99.4% 104.5% 115.4%
Mortality Rate Sensitivity
The following table looks at the change in the June 30, 2021 plan costs and funded status under two different longevity scenarios, namely assuming post-retirement rates of mortality are 10% lower or 10% higher than our current mortality assumptions adopted in 2021. This type of analysis highlights the impact on the plan of improving or worseni ng mortality over the long-term.
As of June 30, 2021 10% Lower
Mortality Rates
Current
Assumptions
10% Higher
Mortality Rates
a) Total Normal Cost 15.71% 15.43% 15.18%
b) Accrued Liability $1,088,849 $1,068,496 $1,049,677 c) Market Value of Assets $1,117,081 $1,117,081 $1,117,081 d) Unfunded Liability /(Surplus) [(b) - (c)] ($28,232) ($48,585) ($67,404) e) Funded Ratio 102.6% 104.5% 106.4%
PAGE 115
CalPERS Actuarial Valuation – June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 19 Maturity Measures
As pension plans mature they become more sensitive to risks . Understanding plan maturity and how it affects the ability of a pension plan sponsor to tolerate risk is important in understanding how the pension plan is impacted by investment return volatility, other economic variables and changes in longevity or othe r demographic assumptions. Since it is the employer that bears the risk, it is appropriate to perform this analysis on a pension plan level considering all rate plans. The following measures are for one rate plan only.
One way to look at the maturity level of CalPERS and its plans is to look at the ratio of a plan’s retiree liability to its total liability. A pension plan in its infancy will have a very low ratio of retiree liability to total liability. As the plan matures, the ratio starts increasing. A mature plan will often have a ratio above 60%-65%.
Ratio of Retiree Accrued Liability to
Total Accrued Liability June 30, 2020 June 30, 2021
1. Retired Accrued Liability $0 $0
2. Total Accrued Liability 807,840 1,068,496
3. Ratio of Retiree AL to Total AL [(1) / (2)] 0.00 0.00 Another measure of maturity level of CalPERS and its plans is to look at the ratio of actives to retirees, also called the support ratio. A pension plan in its infancy will have a very high ratio of active to retired members. As the plan matures and members retire, the ratio declines. A mature plan will often have a ratio near or below one.
To calculate the support ratio for the rate plan, retirees and beneficiaries receiving a continuance are each counted as one, even though they may have only worked a portion of their careers as an active member of this rate plan. For this reason, the support ratio, while intuitive, may be less informative than the ratio of retiree liability to total accrued liabilit y above. For comparison, the support ratio for all CalPERS public agency plans is
0.82 and is calculated consistently with how it is for the individual rate plan. Note that to calculate the support ratio for all public agency plans, a retiree with service from more than one CalPERS agency is counted as a retiree more than once.
Support Ratio June 30, 2020 June 30, 2021
1. Number of Actives 18 18
2. Number of Retirees 0 0
3. Support Ratio [(1) / (2)] N/A N/A
PAGE 116
CalPERS Actuarial Valuation – June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 20 Maturity Measures (Continued)
The a ctuarial calculations supplied in this communication are based on various assumptions about long -term demographic and economic behavior. Unless these assumptions ( e.g., terminations, deaths, disabilities, retirements, salary growth, investment return) are exactly realized each year, there will be differences on a year-to-year basis. The year -to-year differences between actual experience and the assumptions are called actuarial gains and losses and serve to lower or raise required employer contribution s from one year to the next. Therefore, employer contributions will inevitably fluctuate, especially due to the ups and downs of investment returns.
Asset Volatility Ratio
Shown in the table below is the asset volatility ratio (AVR), which is the ratio of market value of assets to payroll.
Plans that have higher AVR experience more volatile employer contributions (as a percentage of payroll) due to investment return. For example, a plan with an asset-to-payroll ratio of 8 may experience twice the contribution volatility due to investment return volatility than a plan with an asset -to-payroll ratio of 4. It should be noted that this ratio is a measure of the current situation. It increases over time but generally tends to stabilize as the plan matures.
Liability Volatility Ratio
Also shown in the table below is the liability volatility ratio (LVR), which is the ratio of accrued liability to payroll.
Plans that have a higher LVR experience more volatile employer contributions (as a percentage of payroll) due to changes in liability. For exam ple, a plan with LVR ratio of 8 is expected to have twice the contribution volatility of a plan with LVR of 4. It should be noted that this ratio indicates a longer -term potential for contribution volatility , since the AVR, described above, will tend to move closer to the LVR as the funded ratio approaches 100%.
Contribution Volatility June 30, 2020 June 30, 2021
1. Market Value of Assets $738,117 $1,117,081
2. Payroll 1,247,451 1,254,468
3. Asset Volatility Ratio ( AVR) [(1) / (2)] 0.6 0.9
4. Accrued Liability $807,840 $1,068,496
5. Liability Volatility Ratio (LVR) [(4) / (2)] 0.6 0.9 Maturity Measures History
Valuation Date
Ratio of
Retiree Accrued Liability
to
Total Accrued Liability
Support
Ratio
Asset
Volatility
Ratio
Liability
Volatility
Ratio
06/30/2017 0.00 N/A 0.3 0.3
06/30/2018 0.00 N/A 0.4 0.4
06/30/2019 0.00 N/A 0.5 0.5
06/30/2020 0.00 N/A 0.6 0.6
06/30/2021 0.00 N/A 0.9 0.9
PAGE 117
CalPERS Actuarial Valuation – June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 21 Hypothetical Termination Liability
The hypothetical termination liability is an estimate of the financial position of the plan had the contract with CalPERS been terminated as of June 30, 2021. The plan liability on a termination basis is calculated differently compared to the plan’s ong oing funding liability. For the hypothetical termination liability calculation , both compensation and service are frozen as of the valuation date and no future pay i ncreases or service accruals are assumed . This measure of funded status is not appropriate for assessing the need for future employer contributions in the case of an ongoing plan, that is, for an employer that continues to provide CalPERS retirement benefi ts to active employees.
A more conservative investment policy and asset allocation strategy was adopted by the board for the Terminated Agency Pool. T he Terminated Agency Pool has limited funding sources since no future empl oyer contributions will be made. Therefore, expected benefit payments are secured by risk-free assets and benefit security for members is increased while limiting the funding risk. However, this asset allocation has a lower expect ed rate of return than the PERF and consequently, a lower discount rate is assumed. The lower discount rate for the Terminated Agency P ool results in higher liabilities for terminated plans.
The effective termination discount rate will depend on actual market rates of return for risk -free securities on the date of termination. As market discount rates are variable, the table below shows a range for the hypothetical termination liability based on the lowest and highest interest rates observed during an approximate 19 -month period from 12 months before the valuation date to seven months after.
Market
Value of
Assets (MVA)
Hypothetical
Termination
Liability 1,2
at 1.00%
Funded
Ratio
Unfunded
Termination
Liability
at 1.00%
Hypothetical
Termination
Liability 1,2
at 2.25%
Funded
Ratio
Unfunded
Termination
Liability
at 2.25%
$1,117,081 $2,879,210 38.8% $1,762,129 $1,985,042 56.3% $867,961 1 The hypothetical liabilities calculated above include a 5% contingency load. The contingency load and other actuarial assumptions can be found in Appendix A.
2 The discount rate used for termination valuations is a weighted average of the 10-year and 30-year U.S. Treasury yields where the weights are based on matching asset and liability durations as of the termination date. The discount rates used in the table a re based on 20-year Treasury bonds, rounded to the nearest quarter percentage point, which is a good proxy for most plans. The 20-year Treasury yield was 2.00% on June 30, 2021, the valuation date.
In order to terminate the plan, first contact our Pension Contract Services unit to initiate a Resolution of Intent to Terminate. The completed Resolution will allow the plan actuary to provide a preliminary termination valuation with a more up -to-date estimate of the plan liabilities. Before beginning th is process, please consult with the plan actuary.
PAGE 118
CalPERS Actuarial Valuation – June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 22 Participant Data
The table below shows a summary of the plan’s member data upon which this valuation is based:
June 30, 2020 June 30, 2021
Active Members
Counts 18 18
Average Attained Age 38.50 39.83
Average Entry Age to Rate Plan 34.81 35.45
Average Years of Credited Service 3.74 4.41
Average Annual Covered Pay $69,303 $69,693
Annual Covered Payroll $1,247,451 $1,254,468
Present Value of Future Payroll $13,838,133 $14,120,268 Transferred Members 2 2
Separated Members 2 4
Retired Members and Beneficiaries
Counts* 0 0
Average Annual Benefits* $0 $0
Counts of members included in the valuation are counts of the recor ds processed by the valuation. Multiple records may exist for those who have service in more than one valuation group. This does not result in double counting of liabilities.
* Value s include community property settlements.
List of Class 1 Benefit Provisions
This plan has the addition al Class 1 Benefit Provisions:
• None
PAGE 119
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 23 Plan’s Major Benefit Options
Shown below is a summary of the major optional benefits for which the agency has contracted. A description of principal standard and optional plan provisions is in Section 2 .
Benefit Group
Member Category Misc
Demographics
Actives Yes
Transfers/Separated Yes
Receiving No
Benefit Group Key 112203
Benefit Provision
Benefit Formula 2% @ 62
Social Security Coverage No
Full/Modified Full
Employee Contribution Rate 6.75%
Final Average Compensation Period Three Year
Sick Leave Credit Yes
Non-Industrial Disability Standard
Industrial Disability No
Pre-Retirement Death Benefits
Optional Settlement 2 Yes
1959 Survivor Benefit Level Level 4
Special No
Alternate (firefighters) No
Post-Retirement Death Benefits
Lump Sum $500
Survivor Allowance (PRSA) No
COLA 2%
PAGE 120
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 24 PEPRA Member Contribution Rates
The California Public Employees’ Pension Reform Act of 2013 (PEPRA) established new benefit formulas, final compensation period, and contribution requirements for “new” employees (generally those first hired into a CalPERS-covered position on or after January 1, 2013). In accordance with Government Code Section 7522.30(b), “new members … shall have an init ial contribution rate of at least 50 % of the normal cost rate.” The normal cost rate is dependent on the plan of retirement benefits, actuarial assumptions , and demographics of the risk pool, particularly members’ entry age. Should the total normal cost rate change by more than 1% from the base total normal cost rate, the new member rate shall be 50 % of the new normal cost rate rounded to the nearest quarter percent.
The table below shows the determination of the PEPRA member contribution rates effective J uly 1, 2023, based on 50% of the total normal cost rate as of the June 30, 2021 valuation.
Basis for Current Rate Rates Effective July 1, 2023
Rate Plan
Identifier Benefit Group Name
Total
Normal
Cost
Member
Rate
Total
Normal
Cost
Change Change
Needed
Member
Rate
26476 Miscellaneous PEPRA Level 13.735% 6.75% 15.43% 1.695% Yes 7.75% PAGE 121
CALPERS ACTUARIAL VALUATION - June 30, 2021
PEPRA Miscellaneous Plan of the Rose Bowl Operating Company CalPERS ID: 2705430573
Rate Plan belonging to the Miscellaneous Risk Pool Page 25 Section 2
C A L I F O R N I A P U B L I C E M P L O Y E E S ’ R E T I R E M E N T S Y S T E M Risk Pool Actuarial Valuation Information
Section 2 may be found on the CalPERS website
(www .calpers.ca.gov) in the Forms and
Publications section
PAGE 122
INFORMATION ONLY
ITEM 5
ROSE BOWL OPERATING COMPANY
MONTHLY FINANCIAL UPDATE
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INFORMATION ONLY
ITEM 6
PASADE
NA CENTER OPERATING COMPANY
FINANCIAL UPDATE
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/-------- Year - to - Date Through /
Actual Budget
Actual vs.
Budget Prior Year CY vs. PY
% Change
CY vs. PY
FY 2023
Budget
Fav / (unfav) Fav / (unfav)
Period Ended
August 2022
Operating Revenue
Convention Center 341,000$ 233,000$ 108,000$ 160,000$ 181,000$ n/a 2,300,000$ Other rentals & Commissions 184,000 153,000 31,000 74,000 110,000 148.6% 1,900,000 Subtotal Center revenue 525,000 386,000 139,000 234,000 291,000 n/a 4,200,000 Civic Auditorium & Facility Fees 64,000 80,000 (16,000) 21,000 43,000 n/a 1,200,000 Food Service Commission 47,000 60,000 (13,000) 24,000 23,000 95.8% 900,000 Parking Garage 180,000 150,000 30,000 99,000 81,000 n/a 1,200,000 Ice Skating Center 518,000 299,000 219,000 336,000 182,000 n/a 2,660,000 Total Operating Revenues 1,334,000 975,000 359,000 714,000 620,000 n/a 10,160,000 Investment Earnings - 4,000 (4,000) - - n/a 25,000
Total Revenues: 1,334,000 979,000 355,000 714,000 620,000 n/a 10,185,000 Center Operating Expenses
Convention Center 872,000 1,079,000 207,000 729,000 (143,000) -19.6% 7,191,000
Parking Garage Expense 39,000 57,000 18,000 7,725 (31,275) n/a 357,000 Ice Skating Center 251,000 240,000 (11,000) 169,000 (82,000) -48.5% 1,654,000 Total Center Operating Expense 1,162,000 1,376,000 214,000 905,725 (256,275) -28.3% 9,202,000 Operating Results: 172,000 (397,000) 569,000 (191,725) 363,725 -189.7% 983,000 Debt Service - Loans 31,000 30,000 (1,000) 52,000 21,000 40.4% 191,000 Net Gain/(Loss) 141,000$ (427,000) $ 568,000 $ (243,725) $ 384,725 $ -157.9% 792,000$ TOT / Bonds Debt Services
Transient Occupancy Tax 1,868,000 1,800,000 68,000 1,366,000 502,000 36.7% 10,800,000 Debt Services & Allowance 1,864,000 1,934,000 70,000 1,777,000 (87,000) -4.9% 11,027,000 Net Gain / (Loss) 4,000$ (134,000)$ 138,000 $ (411,000) $ 415,000 $ -101.0% (227,000)$ Convention Visitors Bureau
TBID Assessment 625,000 600,000 25,000 453,000 172,000 38.0% 3,600,000 Convention Visitors Bureau Expenses 306,000 340,000 34,000 204,000 (102,000) -50.0% 2,900,000 Net Gain / (Loss) 319,000$ 260,000 $ 59,000 $ 249,000 $ 70,000 $ 28.1% 700,000$ Grant Funds
Shuttered Venue Operator Grant - - - 119,000 (119,000) n/a - American Rescue Plan Act Grant - - - 10,000 (10,000) n/a - Total Grants -$ -$ -$ 109,000$ (129,000) $ n/a -$ Total PCOC
Total Revenue 3,827,000$ 3,379,000$ 448,000$ 2,642,000$ 1,185,000$ 44.9% 24,585,000$ Total Expenses 3,363,000 3,680,000 317,000 2,938,725 (424,275) -14.4% 23,320,000 Toal Net Gain / (Loss) 464,000$ (301,000) $ 765,000 $ (296,725) $ 760,725 $ -256.4% 1,265,000$ sage Intell
Attachment A
PAGE 139
Fiscal Year 2023
@ 08/31/22
Projects Location Budget Amount Actual Amount Over / (Under) Status General Facility Maintenance Repair
including Civic, Ice Rink, Conference Ctr, Exhibition Hall General 200,000.00 - (200,000.00) Waterproofing and painting of Civic Auditorium Exterior Civic Aud 550,000.00 - (550,000.00) 750,000.00 - (750,000.00)
Notes:
Capital Improvements Programs
PAGE 140