Agenda — Finance Committee, November 14, 2022

AGENDA

FINANCE/AUDIT COMMITTEE

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

Members
Victor M. Gordo, Mayor
Tyron Hampton, District 1
Felicia Williams, District 2
Andy Wilson, District 7
STAFF
Matthew Hawkesworth, Director of Finance
Theresa Fuentes, Assistant City Attorney
Gloria Acevedo, Recording Secretary

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

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

I
tems on the agenda may not be called in order listed. Agendas and supporting documents are available on the Internet at
https://www.cityofpasadena.net/commissions/city-council-finance-committee/ Mat
erials related to an item on this Agenda submitted to the Finance/Audit Committee after distribution of the agenda packet will be posted online and listed as: “Supplemental Agenda Material Received after the Posting of the agenda”

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SPECIAL MEETING
AGENDA

FINANCE/AUDIT COMMITTEE
NOVEMBER 14, 2022
Public Meeting: 3:00 P.M.

Council Chamber, Pasadena City Hall
100 North Garfield Avenue, Room S249

PUBLIC MEETING - 3:00 P.M.

ROLL CALL

PUBLIC COMMENT – LIMITED TO ITEMS ON THIS SPECIAL MEETING

AGENDA AND WILL BE HEARD AT THE TIME THE ITEM IS

CONSIDERED

APPROVAL OF MINUTES

September 12, 2022 Special Meeting
September 26, 2022 Cancellation Notice
October 3, 2022 Special Meeting
October 24, 2022 Special Meeting

NEW BUSINESS

1. APPROPRIATE $150,000 TO THE HOUSING DEPARTMENT’S FISCAL YEAR 2023 OPERATING BUDGET AND AMEND CONTRACT NO. 31272 WITH

SOUTHERN CALIFORNIA HOUSING RIGHTS CENTER FOR TENANT-

LANDLORD COUNSELING SERVICES

2. AMENDMENT TO CONTRACT WITH AME BUILDERS, INC. DBA AME ROOFING (NO.32245) FOR ALLENDALE LIBRARY ROOF REPLACEMENT AND RETROFIT FOR AN INCRASE OF $147,647 FOR A TOTAL NOT-TO- EXCEED AMOUNT OF $446,487 AND AMENDMENT TO FISCAL YEAR 2023

CAPITAL IMPROVEMENT PROGRAM BUDGET

3. QUARTERLY INVESTMENT REPORT – QUARTER ENDING SEPTEMBER 30,2022

INFORMATION ONLY

4. INTERNAL AUDIT STATUS UPDATE

ADJOURN

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APPROVAL O

F MINUTES
 September 12, 2022
 September 26, 2022
 October 03, 2022
 October 24, 2022
Special Meeting
Cancellation Notice
Special Meeting
Special Meeting

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01 09/12/2022

CITY OF PASADENA

FINANCE COMMITTEE MINUTES

PASADENA CITY HALL
100 NORTH GARFIELD AVENUE
CITY HALL COUNCIL CHAMBER S249
SEPTEMBER 12, 2022

SPECIAL MEETING

The meeting was convened and held virtually by videoconference/teleconference.

OPENING Chair Mayor Gordo called the special meeting of the Finance Committee to order at 3:08 p.m.

ROLL CALL:

Staff:

Guests:

Mayor Victor M. Gordo (Chair)
Vice Mayor Andy Wilson
Councilmember Felicia Williams

Miguel Márquez, City Manager
David Reyes, Acting Assistant City Manager
Theresa Fuentes, Assistant City Attorney
Matthew Hawkesworth, Director of Finance
Tony Olmos, Director of Public Works
Laura Rubio-Cornejo, Director of Transportation
Richard Dilluvio, Principal Planner
Kris Markarian, Deputy Director/City Engineer
Phyllis Hallowell, Management Analyst
Brenda Harvey-Williams, Director Parks, Recreation
and Community Services
Jon Hamblen, Parking Manager
Vic Erganian, Deputy Director of Finance/City Treasurer Gloria Acevedo, Recording Secretary

Michael Ross, Chief Executive Officer, Pasadena
Center Operating Company

APPROVAL OF MINUTES It was moved by Councilmember Williams an d seconded by Vice Mayor Wilson, to approve the minutes of the June 20, 2022, July 11, 2022, August 8, 2022 Special Meetings and the cancellation notices for June 27, 2022, July 25, 2022, and August 22, 2022 cancellation notices, as submitted:

AYES: Chair Gordo, Vice Mayor Wilson, and Councilmember Williams
NOES: None
ABSENT: None
ABSTAIN: None

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02 09/12/2022

OLD BUSINESS LOAN TO THE PASADENA CENTER OPERATING COMPANY (PCOC) TO

FUND CAPITAL IMPROVEMENT PROJECTS
Matthew Hawkesworth, Director of Finance, provided introductory comments, and Vic Erganian, Deputy Director of Finance/City Treasurer, provided a PowerPoint presentation and responded to questions.

Vice Mayor Wilson thanked the Pasadena Center Operating C ompany staff for the informative report and thanked the Pasadena Heritage Organization for providing a letter of support.

Councilmember Williams concurred with Vice Mayor Wilson and added that the financing structure should also be considered by the Rose Bowl Operating Company for some of their projects.

Chair Gordo agreed the loan should be used as a model and noticed the distinction between basic m aintenance and the capital improvement for these projects.

Recording secretary Gloria Acevedo, reported receiving a letter of support from the Pasadena Heritage Organization, which was distributed to the Finance Committee and posted online.

Following a brief discussion, i t was moved by Vice Mayor Wilson and seconded by Councilmember Williams to approve staff’s recommendation and forward the item to the City Council for consideration:

AYES: Chair Gordo, Vice Mayor Wilson, and Councilmember Williams
NOES: None
ABSENT: None
ABSTAIN: None
NEW BUSINESS AMENDMENTS TO FISCAL YEAR 2023 CAPITAL IMPROVEMENT

PROGRAM BUDGET
Chair Gordo introduced the item and Matthew Hawkesworth, Director of Finance provided a brief outline and introduced Vic Erganian, Deputy Director of Finance/City Treasurer.

Following a brief discussion, it was moved by Councilmember Williams, seconded by Vice Mayor Wilson, to approve staff’s recommendation and forward the item to the City Council for consideration:

AYES: Chair Gordo, Councilmember Williams, Vice Mayor W ilson
NOES: None
ABSENT: None
ABSTAIN: None

AUTHORIZATION TO ENTER INTO A CONTRACT WITH ENSEMBLE

REAL ESTATE INVESTMENTS FOR PARKING SPACES IN THE PASEO

COLORADO SUBTERRANEAN GARAGE
Chair Gordo introduced the item, Laura Rubio- Cornejo, Director of Transportation, introduced Jon Hamblin, Parking Manager, who provided a PowerPoint presentation and responded to questions.

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03 09/12/2022
Vice Mayor Wilson expressed concern over entering into a 55- year agreement and suggested changing the language to where after year 15, the terms of the agreement can be renegotiated and requested confirmation that the term of the agreement would be null if the Paseo Parking structure is sold in the future.

Chair Gordo stated he does not support the sale of the Paseo Garage as it is important to keep control of the important asset and agreed the conditions of the agreement should be given one more round of review.

Mayor Gordo suggested bringing the item to a close session for further consideration.

Councilmember Williams expressed that the swap agreement tied to this structure is onerous and suggested the City should explore the option to sell the structure to the new owner of the Paseo Colorado.

On the order of the Chair and consensus of the Committee, the item was held for future close session discussion and will not advance to the City Council Meeting.

ACCEPTANCE OF CALIFORNIA OFFICE OF TRAFFIC SAFETY GRANT

FOR THE PEDESTRIAN AND BICYCLE SAFETY PROGRAM
Chair Gordo introduced the ite m, Laura Rubio Cornejo, Director of Transportation, provided a brief outline of the agenda item.

It was moved by Vice Mayor Wilson, seconded by Councilmember Williams, to approve staff’s recommendation and forward the item to the City Council for consideration:

AYES: Chair Gordo, Councilmember Williams, Vice Mayor Wilson
NOES: None
ABSENT: None
ABSTAIN: None

DEFINE THE PROCESS AND PRINCIPLES FOR USE OF THE ANNEX

BUILDINGS WITHIN HAHAMONGA WATERSHED PARK
Chair Gordo introduced the item and Brenda Harvey -Williams, Director of Parks Recreation and Community Services (PRCS), who provided a PowerPoint presentation and responded to questions.

Vice Mayor Wilson expressed concern about the City taking the role of the developer in this projec t and asked if this is the most economical way to proceed. He also stated that this is an opportunity to look at the space as the whole canvas.

Councilmember Williams suggested to include as part of the Request for Proposal, the concept for the area and request a financial Proforma report, that should help the City determine the options for the site.

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04 09/12/2022
Chair Gordo asked the PRCS staff to reach out to the Trust of Public Land Organization so they can provide input as it relates to the better use of the space and stated this was a great opportunity to look at the space and its possible uses as a big picture. Lastly, he asked staff to revisit the Hahamongna Master plan and the plan’s 2010 addendum and present the findings to the Finance Committee.

Public Speakers Charles Thomas and Louis Brunet representing the nonprofit organization Climate Resilience Environmental Education Center spoke in support of the City revisiting the options for this unique space of land and intending to incorporate an environmental education component.

City Manager, Miguel Márquez, s uggested for staff to first look at the allowable uses for the space before focusing on the financial impact.

After a brief discussion the Committee asked the PRCS Department to review the Hahamanga Master Plan and the Addendum and bring back the findings to a future Finance Committee Meeting for consideration.

QUARTERLY INVESTMENT REPORT – QUARTER ENDING JUNE 30, 2022 Chair Gordo introduced the item, Matthew Hawkesworth, Director of Finance, presented Vic Erganian, Deputy Director of Finance /City Treasurer, provided a PowerPoint presentation and responded to questions.

Chair Gordo inquired about the effects of the market on inventory in Pasadena versus that of surrounding communities. Mr. Erganian will provide a follow up m emo or email to the Finance Committee with the findings.

Following a brief discussion, it was moved by Councilmember Williams, seconded by Vice Mayor Wilson, to approve staff’s recommendation and forward the item to the City Council for consideration:

AYES: Chair Gordo, Councilmember Williams, Vice Mayor W ilson
NOES: None
ABSENT: None
ABSTAIN: None

INFORMATION ONLY ROSE BOWL OPERATING COMPANY MONTHLY FINANCIAL UPDATE Chair Gordo introduced the ite m, Matthew Hawkesworth, Director of Finance, made a short introduction and stated that the Rose Bowl Operating Company (RBOC) is required to submit ongoing financial updates to the Finance Committee in a memo format.

Vice Mayor Wilson asked if the memos will be provided in a monthly or quarterly basis and asked M r. Hawkesworth to add
comments/observations to the reports to assist the Committee in better understanding the report findings.

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05 09/12/2022

ADJOURNMENT

Councilmember Williams asked about the feasibility for the Pasadena Company Operating Center to provide their financial updates on a monthly/quarterly basis. Mr. Hawkesworth committed to contacting Michael Ross, Chief Executive Officer, Pasadena Center Operating Company.

Chair Gordo commented on the increased activity at the RBOC and stated more activities are forthcoming.

On the order of the Chair and consensus of the Committee, the item was received and filed.

OPERATING COMPANY AGREEMENTS AND REVENUE MEASURES

On the order of the Chair and consensus of the Committee, the item was held for the following Finance Committee Meeting.

On the order of the Chair, the special meeting of the Finance Committee was adjourned at 4:25 p.m.

ATTEST:

Gloria Acevedo
Recording Secretary

Mayor Victor Gordo, Chair
Finance Committee

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01 10/3/2022

CITY OF PASADENA

FINANCE COMMITTEE MINUTES

PASADENA CITY HALL
100 NORTH GARFIELD AVENUE
CITY HALL COUNCIL CHAMBER S249
OCTOBER 3, 2022

SPECIAL MEETING

The meeting was convened and held virtually by videoconference/teleconference.

OPENING Chair Mayor Gordo called the special meeting of the Finance Committee to order at 3:12 p.m.

ROLL CALL: Mayor Victor M. Gordo (Chair)
Vice Mayor Andy Wilson
Councilmember Felicia Williams
Staff: Miguel Márquez, City Manager
David Reyes, Acting Assistant City Manager
Lisa Hosey, Assistant City Attorney
Matthew Hawkesworth, Director of Finance
Tony Olmos, Director of Public Works
Laura Rubio-Cornejo, Director of Transportation
Brenda Harvey-Williams, Director Parks Recreation
and Community Service
Lisa Derderian, Public Information Officer
Shari Thomas, Assistant General Manager
Jim Wong, Senior Project Manager
Tim Park, Budget Administrator
Flora Karmiryan, Principal Administrative Analyst
Jonathan Paul, Principal Administrative Analyst
Phyllis Hallowell, Management Analyst
Mellissa Gray, Management Analyst
Vic Erganian, Deputy Director of Finance/City
Treasurer
Sandra Campos, Acting Recording Secretary

Guests: Michael Ross, Chief Executive Officer, Pasadena Center Operating Company

OLD BUSINESS OPERATING COMPANY AGREEMENTS AND REVENUE

MEASURES MEMO
Chair Gordo introduced the item and Matthew Hawkesworth, Director of Finance, provided introductory comments. The memo is a follow up to the August 8, 2022, meeting discussion.

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02 10/3/2022

Councilmember Williams inquired about the process that was used to identify the P asadena Center Operating Company (PCOC) as the recipient of the Transient Occupancy Tax and the Tourism Business Improvement District revenue that is provided for the Rose Bowl Operating Company (RBOC) for some of their community events.

Lastly, Councilmember Williams requested staff provide a table in future reporting that compares the revenue sources and limits if any for the PCOC, RBOC, and the Pasadena Community Access Corporation.

Chair Gordo reminded the Committee that the operating companies were created to act as independe nt bodies and expressed concer n about micromanaging. He also asked that the Finance Committee, City staff and staff from the operating companies meet to discuss financial revenue sources and debt obligations.

Vice Mayor Wilson asked about the bonding capacity for the expansion of the Pasadena Convention Center. Mr. Hawkesworth stated that the bonds use City-owned property as collateral.

Following a brief discussion, it was moved by Vice Mayor Wilson seconded by, Councilmember Williams, to approve staff’s recommendation and forward the item to the City Council for consideration:

AYES : Chair Gordo, Vice Mayor Wilson Councilmember Williams
NOES: None
ABSENT: None
ABSTAIN: None

NEW BUSINESS

DIRECTION TO PREPARE AN ORDINANCE AMENDING PASADENA
MUNICIPAL CODE CHAPTER 5.24 TO ENHANCE THE CITY’S

ABILITY TO PERMIT AND REGULATE ALARM SYSTEMS AND

RELATED FALSE ALARM ACTIVATIONS
Chair Gordo introduced the item and Matthew Hawkesworth, Director of Finance, provided a PowerPoint presentation and responded to questions.

Vice Mayor Wilson inquired about the methodology of going from 4- years to one-year and requested a five-year history of outstanding alarm permits and the revenue stream.

Councilmember Williams asked about the outreach to inform residents/businesses of the transition to the new model and about the policy regarding false alarm fees Mr. Hawkesworth will work with the vendor to set up an outreach campaign and stated that
residents/businesses who have a permitted alarm are allowed one false

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03 10/3/2022

alarm while those who do not have a permit are fined on the first incident.

Chair Gordo suggested considering an audit of existing alarm companies since they rely on City resources to respond. He also suggested waiving the penalty fee for companies who come forward and pay for their alarm permits, this should be part of the outreach campaign.

Following a brief discussion, it was moved by Vice Mayor Wilson, seconded by Councilmember Williams, to approve staff’s
recommendation and forward the item to the City Council for consideration:

AYES : Chair Gordo, Vice Mayor Wilson Councilmember Williams
NOES: None
ABSENT: None
ABSTAIN: None

AMENDMENTS TO FISCAL YEAR 2023 ADOPTED OPERATING
BUDGET
Mayor Gordo introduced the item and Jonathan Paul, Principal Administrative Analyst, provided a PowerPoint presentation.

It was moved by Vice Mayor Wilson, seconded by Councilmember Williams, to approve staff’s recommendation and forward the item to the City Council for consideration:

AYES: Chair Gordo, Councilmember Williams, Vice Mayor Wilson
NOES: None
ABSENT: None
ABSTAIN: None

INFORMATION ONLY REVIEW OF CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM JULY 2022 PENSION VALUATIONS AND FUTURE

FORECAST
Chair Gordo introduced the item and Matthew Hawkesworth, Director of Finance, provided a PowerPoint presentation and responded to questions.

Chair Gordo expressed concern over the California Public Em ployees Retirement System (CalPERS) investment strategy, which is extremely risky and could negatively impact members and municipalities. Chair Gordo asked staff to monitor CalPERS actions and suggested the City

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04 10/3/2022

send a second letter to the CalPERS board president expressing concern, if needed. In addition, he asked staff to provide data indicating the ratio of Public Employee Pension Reform Act versus Classic Members. Mr. Hawkesworth will provide the dat a at a subsequent Finance Committee Meeting.

Councilmember Williams requested staff to provide the data for the Rose Bowl Operating Company’s unfunded accrued liability, at the next Finance Committee Meeting.

On the order of the Chair and consensus of the Committee, the item was received and filed.

ADJOURNMENT On the order of the Chair, the special meeting of the Finance Committee was adjourned at 4:17 p.m.

ATTEST: ______________________
Mayor Victor Gordo, Chair
Finance Committee

____________________
Gloria Acevedo
Recording Secretary

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01 10/24/2022

CITY OF PASADENA

FINANCE COMMITTEE MINUTES

PASADENA CITY HALL
100 NORTH GARFIELD AVENUE
CITY HALL COUNCIL CHAMBER S249
OCTOBER 24, 2022

SPECIAL MEETING

The meeting was convened and held virtually by videoconference/teleconference.

OPENING Chair Mayor Gordo called the special meeting of the Finance Committee to order at 3:15 p.m.

ROLL CALL: Mayor Victor M. Gordo (Chair)
Vice Mayor Andy Wilson
Councilmember Tyron Hampton (Arrived at 3:17)
Councilmember Felicia Williams

Staff: Miguel Márquez, City Manager
David Reyes, Acting Assistant City Manager
Theresa Fuentes, Assistant City Attorney
Matthew Hawkesworth, Director of Finance
Tony Olmos, Director of Public Works
Laura Rubio-Cornejo, Director of Transportation
Kris Markarian, Deputy Director/City Engineer
Phyllis Hallowell, Management Analyst
Jennifer O’Reilly-Jones, Program Coordinator
Art Silva, Power Plant Manger
Varoojan Avedian, Power Engineering Manager
Jim Wong, Senior Project Manager
Natalie Ouwersloot, Engineering Manager
Denise Garcia, Management Analyst
Gloria Acevedo, Recording Secretary

NEW BUSINESS ITEM ONE WAS PULLED FROM THE AGENDA
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
Chair Gordo introduced the item and Jennifer O’Reilly-Jones, Program Coordinator, presented a PowerPoint presentation and responded to questions.

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02 10/24/2022

Vice Mayor Wilson asked why the vouchers were with the Housing Department versus the Pasadena Public Health Department (PPHD).

Ms. O’Reilly -Jones responded that the Housing Department is the funding source for the direct programs sponsored by the PPHD.

Following a brief discussion, it was moved by Vice Mayor Wilson seconded by, Councilmember Williams, to approve staff’s recommendation and forward the item to the City Council for consideration:

AYES : Chair Gordo, Vice Mayor Wilson Councilmembers Williams and Hampton
NOES: None
ABSENT: None
ABSTAIN: None

INFORMATION ONLY FY 2023 CAPITAL IMPROVEMENT PROGRAM – FIRST QUARTER

MONITORING REPORT
On the order of the Chair and consensus of the Committee, the item was received and filed.

ROSE BOWL OPERATING COMPANY CALPERS VALUATIONS AS
OF JUNE 30, 2021
Chair Gordo inquired if the funding ratio for the plan had improved and about the ratio of Rose Bowl Operating Company staff that are on the classic plan Mathew Hawkesworth, Director of Finance responded that the plan had maintained and the ratio of Rose Bowl employees was 50% in the classic plan and 50% in the Public Employee Pension Reform Act.

On the order of the Chair and consensus of the Committee, the i tem was received and filed.

ROSE BOWL OPERATING COMPANY MONTHLY FINANCIAL
UPDATE
On the order of the Chair and consensus of the Committee, the item was received and filed.

PASADENA CENTER OPERATING COMPANY FINANCIAL
UPDATE
On the order of the Chair and consensus of the Committee, the item was received and filed.

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03 10/24/2022

ADJOURNMENT On the order of the Chair, the special meeting of the Finance Committee was adjourned at 3:28 p.m.

ATTEST: ______________________
Mayor Victor Gordo, Chair
Finance Committee

____________________
Gloria Acevedo
Recording Secretary

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NEW BUSINESS
ITEM 1

APPROPRIATE $150,000 TO THE HOUSING
DEPARTMENT’S FISCAL YEAR 2023

OPERATING BUDGET AND AMEND
CONTRACT NO. 31272 WITH SOUTHERN

CALIFORNIA HOUSING RIGHTS CENTER

FOR TENANT-LANDLORD COUNSELING

SERVICES

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Agenda Report
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Department of Housing
November 14, 2022
SUBJECT: APPROPRIATE $150,000 TO THE HOUSING DEPARTMENT'S FISCAL YEAR 2023 OPERATING BUDGET AND AMEND CONTRACT NO.
31272 WITH SOUTHERN CALIFORNIA HOUSING RIGHTS CENTER

FOR TENANT-LANDLORD COUNSELING SERVICES
RECOMMENDATION:

It is recommended that the City Council take the following actions:
1) Find that the recommended action is exempt from the California Environmental Quality Act ("CEQA") pursuant to State CEQA Guidelines per Section 15061 (b) (3), the "common sense" provision that CEQA only applies to projects that may have an effect on the environment;
2) Amend the Housing Department's Fiscal Year (FY) 2023 Operating Budget by appropriating $150,000 from the unappropriated fund balance of the Other Housing Fund (238);
3) Authorize the City Manager to amend Contract No. 31272 with Southern California Housing Rights Center to increase the total contract value by $150,000 through June 30, 2024 for a not-to-exceed amount of $322,000 for continued tenant/landlord related services; and
4) To the extent the amendments could be considered a separate procurement subject to the Competitive Selection Process, grant the contract an exemption pursuant to Pasadena Municipal Code (PMC) Section 4.08.049(B), contracts for which the City's best interests are served. This transaction is exempt from competitive bidding per PMC Section 4.08.030 and City Charter Section 1002(F) based on contracts for professional or unique services.

MEETING OF _____ _ AGENDA ITEM NO. ____ _

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Housing Department
City Council
APPROPRIATE $150,000 TO THE HOUSING
DEPARTMENT FISCAL YEAR 2023 OPERATING BUDGET
AND AMEND CONTRACT NO. 31272 WITH SOUTHERN

CALIFORNIA HOUSING RIGHTS CENTER FOR TENANT-

LANDLORD SERVICES
November 14, 2022
Randy Mabson, Program Coordinator

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Housing Department
Background
• In City Council’s adoption of Tenant Protection Ordinance No. 7352 on N
ovember 4, 2019, in connection with State law AB 1482
(the Tenant Protection Act of 2019), staff was directed to assess the capacity of the Southern California Housing Rights Center (SCHRC) to adequately assist the community, and to determine if there is an opportunity to provide additional resources to support the work of SCHRC.
• On December 16, 2019, City Council approved an allocation of $150,000 in
City general funds over a two-year period for SCHRC
to continue providing tenant protection services and landlord tenant services under Contract No. 31272.
• On August 16, 2021, City Council earmarked $150,000 in Ameri
can Rescue Plan Act (ARPA) funds to expand eviction
prevention legal services through SCHRC.
2

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Housing Department
Background
• Recent data released by Liberty Hill Foundation shows Los Angele
s County eviction filings have surpassed pre-pandemic
levels.
• Approval of the proposed contract and budget amendments will e
nable SCHRC to increase capacity, expand its level of
tenant/landlord services, provide paralegal services to Pasadena tenants and legal representation to renters enrolled in the tenant-based rental assistance eviction prevention (TBRA- EP) program.
3

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Housing Department
Key Terms of Proposed Amendment
 Increase budget of existing contract by $150,000 for a total not to exc
eed $322,000 for a contract term ending June 30, 2024.
 SCHRC will expand tenant/landlord related services to include paral
egal services, and legal representation for participants in the tenant-based rental assistance program.
 SCHRC will operate from two locations in Pasadena: a) its curre
nt office within the Jackie Robinson Center, staffed with one (1) full-time position; and b) a second office in the City- owned commercial building at 1015 N. Lake Avenue, staffed with one (1) full-time position, one (1) part-time paralegal, and a legal representative attorney for participants in the City-funded TBRA-EP emergency rental assistance program.
4

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Housing Department
Fiscal Impact
Approval of the recommended actions will increase the
Department of Housing’s FY 2023 Operating Budget by the amount of $150,000 for the proposed contract extension with SCHRC.

Funding for this action will come from the Other Housing Fund’s (238) unappropriated fund balance to the Other Housing Fund’s account 23816047-811400-51017.
5

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Housing Department
Contract Amendment with
Housing Rights Center
Recommendation
1) Find that the recommended action is exempt from CEQA under t
he “General Rule” guidelines that CEQA only applies to
projects that may have an effect on the environment;
2) Amend the Housing Department Fiscal Year (FY) 2023
Operat
ing Budget by appropriating $150,000 from the
unappropriated fund balance of the Other Housing Fund (238); 3) Authorize the City Manager to amend Contract No. 31272 with Southe
rn California Housing Rights Center to increase the total contract value by $150,000 through June 30, 2024 for a not-to- exceed amount of $322,000 for continued tenant/landlord related services; and
6

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Housing Department
Contract Amendment with
Housing Rights Center
Recommendation
4) To the extent the amendment could be considered a separate procur
ement subject to the Competitive Selection Process,
grant the contract an exemption pursuant to Pasadena
Municipal Code (PMC) Section 4.08.049(B), contracts for which the City’s best interests are served. This transaction is exempt from competitive bidding per PMC Section 4.08.030 and City Charter Section 1002(F) based on contracts for professional or unique services.
7

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NEW BUSINESS
ITEM 2

AMENDMENT TO CONTRACT WITH AME
BUILDERS, INC. DBA AME ROOFING (NO.32245)

FOR ALLENDALE LIBRARY ROOF

REPLACEMENT AND RETROFIT FOR AN
INCRASE OF $147,647 FOR A TOTAL NOT-TO-
EXCEED AMOUNT OF $446,487 AND
AMENDMENT TO FISCAL YEAR 2023 CAPITAL

IMPROVEMENT PROGRAM BUDGET

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Agenda Report
November 14, 2022
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Department of Public Works
SUBJECT: AMENDMENT TO CONTRACT WITH AME BUILDERS, INC. DBA AME ROOFING (NO. 32245) FOR ALLENDALE LIBRARY ROOF
REPLACEMENT AND RETROFIT FOR AN INCREASE OF $147,647
FOR A TOTAL NOT-TO-EXCEED AMOUNT OF $446,487 AND
AMENDMENT TO FISCAL YEAR 2023 CAPITAL IMPROVEMENT

PROGRAM BUDGET
RECOMMENDATION:

It is recommended that the City Council:

1. Find the proposed action of amending an existing contract is not a "project" as defined in the California Environmental Quality Act (CEQA), Public Resources Code Section 21065 and Section 15378(b)(4) and (5) of the State CEQA Guidelines and, as such, are not subject to environmental review;

2. Authorize the City Manager to amend Contract No. 32245 with AME Builders, Inc., dba AME Roofing by $147,647 for a total not-to-exceed amount of $446,487. It is further recommended, to the extent this might be viewed as a separate project which should be competitively bid, the City Council exempt this transaction from competitive bidding based on this action serving the best interest of the City; and

3. Amend the Fiscal Year 2023 Capital Improvement Program Budget by appropriating $200,000 in Charter Capital Fund to the Allendale Library Roof Replacement and Retrofit (71903) project.

BACKGROUND:

On March 21, 2022, City Council approved a contract award to AME Builders, Inc., dba AME Roofing for the Allendale Library Roof Replacement and Retrofit for an amount not-to-exceed $298,840. During the discovery phase of the seismic retrofit portion of MEETING OF.AGENDA ITEM NO..

Page 29 ends

Amendment to Contract 32245 and Fiscal Year 2023 Capital Improvement Program Budget November 14, 2022

Page 2 of 3 ends

the project, alterations were identified that needed to be made before the roof replacement portion of the project could commence. The additional work was unforeseen, as it was within the wall structure. The existing building conditions were inconsistent with the original design drawings and, therefore, required the structural retrofit details to be re-designed by the Engineer of Record, and the newly proposed bracing to be reconfigured and modified.

The proposed contract increase will be set as follows:

Original Total Contract Not-to-Exceed Amount
Contract Amendment
Revised Total Contract Not-to-Exceed Amount
$298,840
$147,647
$446,487
Staff is asking the City Council to approve the contract amendment without further competitive bidding on the grounds that it is impractical to bid and that the public interest would not be served by bidding. The impracticality doctrine is recognized and created by the case Graydon v. Pasadena Redevelopment Agency. It is impractical to bid and the public interest would not be served by bidding for the following reasons: As in Graydon v. Pasadena Redevelopment Agency, 104 Cal. App. 34631, 164 Cat. RTTR. 56 1980, there is already a contractor mobilized who was selected for related work through a competitive bidding process. Likewise, the additional work can be considered an integral part of the initial work because AME Builders, Inc. was the lowest responsive and responsible bidder.

It is anticipated that construction will be completed in early December 2022 pending weather conditions. Allendale Library will remain closed in order to accommodate construction activities and will re-open upon project completion. Library staff have been relocated to other branch libraries and will return upon project completion.

COUNCIL POLICY CONSIDERATION:

The contract amendment is consistent with City Council's goal to improve, maintain, and enhance public facilities and infrastructure, and support and promote the quality of life and ensure public safety.

ENVIRONMENTAL ANALYSIS:

This contract amendment has been determined to be categorically exempt under the California Environmental Quality Act (CEQA) Guidelines in accordance with Section 21065 and Section 15378(b)(4) and (5). Section 15378 excludes from the definition of "project" the creation of government funding mechanisms and fiscal activities which do not yet commit the lead agency to any specific project, and also excludes organizational or administrative governmental activities that do not result in physical changes to the environment. The action proposed for the amendment to an existing contract herein is budgetary and part of the City's normal administrative process.

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Amendment to Contract 32245 and Fiscal Year 2023 Capital Improvement Program Budget November 14,2022

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FISCAL IMPACT•
The cost in amending Contract No. 32,245 with AME Builders, Inc., dba AME Roofing is $147,647, and the total cost in amending the FY 2023 Capital Improvement Program Budget is $200,000 in Charter Capital Fund to the Allendale Library Roof Replacement and Retrofit (71903) project and increasing the total estimated project cost by a like amount. There is sufficient fund balance in Charter Capital Fund to support the proposed increase.

The following table represents the project appropriation summary.

Contract Amendment $147,647
Additional Construction Administration and $ 52,353
Inspection
Total Fiscal Impact$ 200,000
Respectfully submitted,
rONY OLMOS, P.E.

Director of Public Works
Prepared by:
/(.
f^r K^i^arian, ^
feputy Director of Public Works/City Engineer
Approved by:
r^J ^-

MIGUETMARQUEZ
City Manager

Page 31 ends

Department of Public Works

AMENDMENT TO CONTRACT WITH AME BUILDERS,
INC. DBA AME ROOFING (NO. 32245) FOR ALLENDALE

LIBRARY ROOF REPLACEMENT AND RETROFIT FOR
AN INCREASE OF $147,647 FOR A TOTAL NOT-TO-
EXCEED AMOUNT OF $446,487 AND AMENDMENT TO
FISCAL YEAR 2023 CAPITAL IMPROVEMENT PROGRAM
BUDGET
City Council
November 14, 2022
Item
2

Page 32 ends

Department of Public Works
Project Background
2 • March 1, 2022 – City Council authorized a contract with AME Builders, Inc. for an amount not-to-exceed $298,840
• August 2022 – Construction began
• Due to various unforeseen site conditions and discrepancies between original construction drawings and as-built
conditions within the building’s walls, changes to the project scope include:
 Re-design of structural retrofit details by Engineer of Record
 Modification and reconfiguration of newly proposed
bracing system
 Additional deputy inspection

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Department of Public Works
Construction Contract Amendment
3 Increase AME Builders, Inc. contract by $147,647 to
include recommended additional work:
• Base Contract $ 259,860
• Contingency $ 38,980
• Amendment $ 147,647
• Total Contract NTE $ 446,487

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Department of Public Works
Fiscal Impact
• Contract Amendment with AME
Builders
• Cit
y Construction Administration and
Third-Party
Deputy Inspection
• Engineer Consultant Additional Design
Services
TOTAL

CIP PROGRAM BUDGET/

FISCAL IMPACT
$ 147,647
$ 44,788
$ 7,565
$ 200,000
4

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Department of Public Works
Photos of Building Retrofit
5

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Department of Public Works
Project Schedule
• Construction Start
• Contract Amendment
• Scheduled Construction
Completion
A
ugust 2022
November 14, 2022
December 16, 2022
6

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Department of Public Works
Recommendations
7 1. Find that the project proposed herein to be categorically exempt under the California Environmental Quality Act
(CEQA) guidelines;

2. Authorize City Manager to amend contract with AME
Builders to increase contract amount by $147,647 for a
total amount not-to-exceed $446,487; and

3. Amend the Fiscal Year 2023 Capital Improvements
Program Budget by $200,000 in Charter Capital Fund to
the Allendale Library Roof Replacement and Retrofit
(71903) project.

Page 38 ends

NEW BUSINESS
ITEM 3
QUARTERLY INVESTMENT REPORT – QUARTER
ENDING SEPTEMBER 30,2022

Page 39 ends

Agenda Report
November 14, 2022
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Department of Finance
SUBJECT: QUARTERLY INVESTMENT REPORT - QUARTER ENDING
September 30, 2022
RECOMMENDATION:

This report is for information only.

BACKGROUND:

Government Code Section 53646 (2)(b)(1) states that in the case of a local agency, the Treasurer or Chief Fiscal Officer (CFO) may render a quarterly report to the legislative body of the local agency containing detailed information on: 1) all securities, investments, and moneys of the local agency; 2) a statement of compliance of the portfolio with the statement of investment policy; and 3) a statement of the local agency's ability to meet its pool's expenditure requirements for the next six-months. By making these reports optional, this bill does not impose a state-mandated local program, however, encourages local agencies to continue to report. The bill also states that the Treasurer or CFO may report whatever additional information or data may be required by the legislative body of the local agency.

The quarterly report shall include the following:

1. The type of investment, name of the issuer, date of maturity, par, and dollar amount invested in each security, investment, and money within the treasury;

2. The weighted average maturity of the investments within the treasury;

3. Any funds, investments, or programs, including loans, that are under the management of contracted parties;

4. The market value as of the date of the report and the source of this valuation for any security within the treasury; and

5. A description of the compliance with the Statement of Investment Policy.

MEETING OF _____ _ AGENDA ITEM NO. __ _

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Quarterly Investment Report- Quarter Ending September 30,2022 November 14, 2022

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Economic Summary
G DP Growth Rate
40 3D
20 -10
-20 .5,1
-30
-40

33.8 6.9 6.3 6.74.52,32.6
Q3:Z520 Q4 2033 Ql 3021 Q23J21 Q3 3321 Q4 2021 Q1 2022 Q2 2022 Q3 3022 -1,6 -0.6
-31.2
The U.S. economy began the year with two consecutive quarterly contractions in Gross Domestic Product (GDP), with declines of 1.4% in the first quarter and 0.6% at the end of June. However, the Bureau of Economic Analysis (BEA), in its advance estimate for the third quarter GDP, reported an increase of 2.6%. This starkly contrasts with the 1.4% forecast for the same period by the Federal Reserve Bank of Philadelphia in their August 2022 survey. BEA noted that GDP reflected increases in exports, consumer spending, business investment, and government spending that were partly offset by decreases in housing and inventory investments.

Most economists are now considering the recent economic rebound as unsustainable.

The Bloomberg Economies' recession probability model, which is based on 13 indicators, currently points to a 100% probability of a recession in the next 12 months.

This actually supports the perception that Fed tightening to control inflation slows down the economy and raises unemployment. Historically Fed rate hikes have typically triggered an economic downturn especially at the current unprecedent level of magnitude.

The Bureau of Labor Statistics (BLS) reported the unemployment rate holding at 3.5% or 5.8 million unemployed persons at the end of September. The BLS reported 263,000 jobs were added to the U.S. economy in September, and that monthly job growth has averaged 420,000 thus far in 2022, compared with 562,000 per month in 2021. California's unemployment rate was 3.9% in September 2022, according to the State of California Employment Development Department (EDD). For the same period, the EDD noted the unemployment rate in the County of Los Angeles was reported at 4.5% and 3.7% in the City of Pasadena.

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Quarterly Investment Report - Quarter Ending September 30,2022 November 14, 2022

Page 3 of 7 ends

IpCECYOY Index
Dec
MM
Mar Jun Sep Dec Har Jun Sep
2017 I
(US serKina; Consumpfon Bipendihu^ Core Prica Index YcV 3A) Honftiy 3iXT2C;( &ecSep '' Dec
CopyrigliK 2023 Btacirtws F'
2K;Sep
t-Z!?;3;21
Despite the Federal Reserve's (Fed) actions, the U.S. economy still has not been able to immunize itself from inflation. The year-over-year Consumer Price Index (CPI) was measured at 8.2% in September, which is slightly lower compared to the 9.1% reported in June. CPI increased by 0.4% in the month of September. The BLS reported the increases in the shelter, food, and medical care indexes were the largest of many contributors to the monthly growth and were partially offset by a 4.9% decline in the gasoline index. The personal consumption expenditure (PCE) which is used by the Fed for its inflation target rose 0.3% from a month earlier, topping estimates. Year- over-year, the PCE gauge was up 6.2% also higher than economists' estimates and well above the central bank's 2% goal.

The Fed issued a statement after its Federal Open Market Committee (FOMC) in which it stated that inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. The Fed noted that Russia's war against Ukraine has created upward inflation pressure and is weighing on global economic activity. The Fed also reiterated that its goal for a stable monetary environment would be to achieve maximum employment and target inflation at the rate of 2% over the longer run. Hence the reason they increased the interest rate by 75 basis points or 0.75% and brought their balance sheet down to $8.795 trillion in September. Economists and analysts' consensus is that the central bank will remain vigilant against inflation and anticipate two additional rate hikes this year: 75 basis points or 0.75% in November and 50 basis points or 0.50% in December.

Overall interest rates continued to increase during the quarter. The below graph indicates the Treasury yield curve on September 30, 2022, compared to September 30,2021.

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Quarterly Investment Report - Quarter Ending September 30,2022 November 14, 2022

Page 4 of 7 ends

4.00-^

3.00-1

2.00-1

1.00-1

0.00-1
ury Yteld Curve 9730/22Tl-
•"""•"".flfe. ;.....«<"
..;...»•""-••
Treasury Yield Curve 9/30/21
.1......-.--...--- .--. ^..^.;.-.-.--..----------..-.----------.-...--.............. •••?
L-^
-f.--
..--
.-?
^
,MM;,W—!f:...t
^M~6^1^Y~5YTV10Y15Y
Tenor
20Y
Copyrights 202.2 Bloomberg F'inance L.P.
30Y
31-0ct-2022 00:44:04
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported that single-family housing starts in September were down 4.7% at 892,000 compared to the August figure of 936,000. At the end of September, Realtor.com reported the national inventory of active listings increased by 26.9% over last year, newly listed homes declined by 9.8% on a year-over-year basis, the median list grew by 13.9%, and average days houses for sale on the market was 50 days. For the City of Pasadena, the Deputy Chief Economist for the California Association of Realtors, Oscar Wei, provided the City of Pasadena housing data for the month of September. The median list price for single-family homes, condos, and townhomes was $999,500, and the median sold price was $1,100,000. Also noted for the same period, the median days on the market was 24 days and the active listings at the end of the month were 146.

Total Funds Under Management
The table below represents total City funds under management based on values as of September 30, 2022.
9/30/2022 6/30/2022
Pooled Investment Portfolio
Capital Endowment
Stranded Investment Reserve Portfolio
Special Funds
Investments Held with Fiscal Agents
PARS Section 115 Trust
their market
$Change
$615,577,316
1,833,119
39,374,095
32,557,027
38,091,731
13,310,826
$636,590,947
1,885,618
41,862,302
33,474,134
38,889,878
13,917,432
(21,013,631)
(52,499)
(2,488,207)
(917,107)
(798,147)
(606,606)
Total Funds Under Management$740,744,114 $766,620,311 (25,876,197) The Pooled Investment Portfolio value decreased by a net $21,013,631 due to the following cash transactions during the quarter:

Page 43 ends

Quarterly Investment Report - Quarter Ending September 30, 2022 November 14, 2022

Page 5 of 7 ends

Net Investment Earnings (Fair Market Value Change plus Interest Income) | $ (10,751,322) Deposits and Credit Card Receipts138,437,036
Property Tax Revenues6,318,808
Sales Tax and Other State Apportionments18,869,611
HDD Receipts Net of Payments and Loans3,599,003
Payroll and Payroll-related Expenses(80,242,272)
Vendor Payments and Accounts Payable Checks(53,510,433) DebtSen/ice Payments Net of Reimbursements and Subsidies(8,770,352) Water and Power Payments Net of Receipts(38,129,945)
Net Transfer from Other Funds2,598,235
Drawdown from 2020A Water Revenue Project Fund568,000
Total$ (21,013,631)
The Capital Endowment Fund decreased by $52,499, representing $5,106 investment earnings for the period adjusted by $ 57,605 in market value change.

The Stranded Investment Reserve portfolio decreased by $2,488,207 representing $200,972 investment earnings for the period adjusted by $2,689,179 in market value change.

Special Funds decreased by $917,107. This was due to a drawdown of $568,000 from the Water Revenue Bonds 2020A series Project Fund, and a net change in investment value of $349,107.

Investments held with fiscal agents decreased by a net $798,147 as a result of a 1) increase of $486,576 investment in the Southern California Public Powers Authority (SCPPA) held investment account, 2) the debt service payment of $857,818 to the bonds trustee related to the 2008 Paseo Bonds, the 2010 ABCD Rose Bowl Bonds, and the 2016A Rose Bowl Bonds, and 3) an adjustment of $2,142,541 for market value change of investments.

The PARS Section 115 Trust account decreased by $606,606. The change was comprised of $589,099 of market value decrease of investments and $17,507 of investment expenses.

The City pools all internal funds to gain economies of scale and to simplify the investment function. There are over 100 funds in the Pooled Investment Portfolio. As of September 30, 2022, the General Fund's investment balance was estimated at $56.9 million representing 9.24% of the September 30, 2022, Pooled Portfolio value. The General Fund's cash balance fluctuates daily based on the timing of revenues receipts and payment of expenditures. Investments in the Capital Endowment Fund, the Stranded Investment Reserve Fund, the Special Funds, the PARS Section 115 Trust account, and funds held with fiscal agents are restricted funds or bond proceeds reserved in accordance with the City Charter, City ordinances, bond indentures, and Trust Agreements. The City targets an average duration oftwo-years in managing the

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Quarterly Investment Report - Quarter Ending September 30, 2022 November 14, 2022

Page 6 of 7 ends

pooled portfolio with a duration range of 1.5 to 2.5 years based on the portfolio's risk and return evaluation, the Treasury yield curve, and industry best practices as it peri:ains to public funds management. As of September 2022, the portfolio's effective duration was 1.96 years.

Per government code requirements, attached are reports by each fund indicating the type of investments, date of maturity, par and dollar amount invested in each security, and investment and moneys within the Treasury with market values as of September 30, 2022. On a monthly basis, the City Treasurer prices the pooled portfolio and all other funds and investments under management. The market values are obtained from Interactive Data Corporation (IDC) and from Bloomberg Financial System. IDC is an independent third-party whose sole service is to provide market prices for all types of securities.

The types of securities held in the portfolio and their percentage allocation to the total are in compliance with the City's Fiscal Year (FY) 2023 Investment Policy, which was adopted by the City Council on June 20, 2022, and Section 53600 of the State Government Code. The City Treasurer targets to maintain in excess of $60 million short-term, liquid investments (1 to 90 day maturities), which represents approximately 1/12th of the City's total aggregate annual Operating Budget. As of September 30, 2022, the portfolio had $73.6 million in overnight short-term investments. This balance, along with anticipated cash flows into the City's account, represents a strong liquidity position to meet budgeted expenditures for the next six-months.

The yield to maturity on the pooled portfolio plateaued beginning in FY 2020 and began decreasing due to the significant drop of overall interest rates in the financial markets, especially after the FED cut the FED Funds rate to the 0%-0.25% range. As the financial markets now anticipate the Fed to further increase the Fed Funds rate in 2022, it is expected that the yield to maturity of the pooled portfolio will gradually increase accordingly. The FY 2023 to date actual effective yield, which includes realized investment gains and losses was 1.160%.

The graph below represents the historic effective yield of the Pooled Portfolio over the twelve-month period ending October 31, 2022:

1.50%

1.00%

0.50%

0.00%
Yield
llllllllll
Sept 210ct 21 Nov 21Dec 21 Jan 22 Feb 22Mar 22Apr 22May 22Jun 22 July 22Aug 22Sept 220rt 22

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Quarterly Investment Report - Quarter Ending September 30,2022 November 14, 2022

Page 7 of 7 ends

COUNCIL POLICY CONSIDERATION:

This quarterly report supports the City Council's strategic planning goal to maintain fiscal responsibility and stability.

FISCAL IMPACT:

There is no fiscal impact as a result of this action report, nor will it have any indirect or support cost requirements. There is no anticipated impact to other operational programs or capital projects.

Respectfully submitted)
<VV^^
MATTHEW E./HAWKESWORTH
Director of Finance
Prepare^! by:
i7
Vie Ercj^iian
City Ti^asurer/Deputy Director of Finance
Approved by:
rA^'^P ^~

MIGUELMARQUEZ
City Manager
Attachment: (1)
Attachment A - Quarterly Investment Report - Quarter Ending September 30, 2022

Page 46 ends

ATTACHMENT A
City of Pasadena
Quarterly Investment Report
Quarter Ending 09/30/2022
Prepared by the Department of Finance
Treasury Division

Page 47 ends

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

Page 48 ends

I. Pooled Investment Portfolio

Page 49 ends

f°"~^\
\:^

CITY OF PASADENA
Treasurer's Pooled Investment Portfolio
•<TED
September 2022
Vicken Erganian
City Treasurer

PORTFOLIO COMPLIANCE
The Treasurer's investment portfolio is in compliance with the California Government Code Section 53601 and the City's Investment Policy approved by the City Council on June 20, 2022. The holdings in the investment pool are in compliance with the current investment policy statement. Further information on compliance issues can be obtained by calling the City of Pasadena Treasurer's Office. A complete copy of the monthly investment report on the investment portfolio including a detailed listing of each investment, is available by calling the Treasurer's office at (626)744-4422.

PORTFOLIO STRUCTURE AS OF 9/30/2022
TYPE
Money Market- Collateralized
Certificates of Deposit
Municipal Bonds
Corporate Bonds
Federal Agencies
US Treasury Securities
Supernationals
Commercial Paper
Money Market-CAMP
US Treasury Securities Disc
LAIF
Cash in Bank
TOTALS:

Accrued Interest Receivable
GRAND TOTAL:

MARKET VALUE
452
1,250,000
32,955,709
86,356,143
325,670,148
46,495,710
23,060,228
14,853,560
69,389,918
9,780,250
1,223,759
3,026,602
614,062,479
1,514,837
615,577,316

PERCENT

0.00%
0,20%

5.37%

14.06%

53.04%

7.57%

3.76%

2.42%

11.30%

1.59%

0.20%

0.49%
100.00%
.USJre™ry Certific.te ofSec.nt,esD;» --n^,;1.59%
Commercial
Paper

0.20%
Supranationals

3.76%
US Treasury

7.57%

2.42%
MMP-ColIatml

0.00%
Mone>r Market-
CAMP
Cash 11.30%LAIF

0.20%in
Bank

0.49%
Mmi
Corp Bond

14.06%
Fed Agency

53.04%
PORTFOLIO LIQUIDITY AS OF 9/30/2022
Aging Interval
0-30 Days
31 days-1 Year
1 - 2 Years
2 - 3 Years
3 - 4 Years
4 - 5 Years
Over 5 Years
TOTAL:

Par Value
86,040,731
69,270,000
131,325,000
169,167,778
195,498,000
15,000,000
666,301,509
Percent of
Portfolio

12.91%

10.40%

19.71%

25.39%

29.34%

2.25%

0.00%
100.00%

PORTFOLIO STATISTICS
Month-End Market Value
Modified Duration
Weighted Average Maturity
Current Book Yield to Maturity
Effective Yield - Year to Date
Interest Earned
Fiscal Year To Date Interest Earned
Fair Value Change Gain/(Loss)
Fiscal Year To Date change in fair value
Total Fiscal YTD Earnings
Sep-22
615,577,316

1.96 2.08

1.331%

1.160%
637,773
1,800,785
(7,920,701)
(12,552,107)
(10,751,322)
Aug-22
618,937,411

1.97 2.08

1.200%

1.110%
603,728
1,163,012
(7,017,634)
(4,631,406)
(3,468,394)
Jul-22
627,904,658

2.02 2.12

1.132%

1.060%
559,284
559,284
2,386,228
2,386,228
2,945,512
Jun-22
636,590,947

2.04 2.15

1.039%

0.820%
496,172
4,657,256
(3,328,870)
(30,842,193)
(26,184,937)
May-22
626,359,828

2.12 2.22

0.901%

0.800%
443,436
4,161,083
2,129,684
(27,513,323)
(23,352,239)
Apr-22
612,499,058

2.17 2.28

0.826%

0.800%
407,253
3,717,648
(5,350,921)
(29,643,007)
(25,925,359)
1

Page 50 ends

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Page 57 ends

Pooled Portfolio - Total Return Performance
|2003
! 2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
1 st quarter
2nd quarter
3rd quarter
4th quarter
1 st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1 st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
ICE BofA

1.31ndex

2.717

1.226

1.746

4.195

6.706

4.649

3.784

2.322

1.540

1.467

0.696

0.777

0.594

0.143

0.284
-0.350

0.671

0.982

0.660

0.027
-0.385

1.284

0.393

0.303

0.342
-0.182

0.856
-0.185

0.291

0.354

1.166

1.626

1.219

1.480

0.700

0.606

4.005

1.590

1.215

0.274

0.227

3.306
-0.028

0.063

0.088
-0.533
-0.410
-2.580
-0.625
-1.503
Pooled
Portfolio

2.931

2.090

2.073

4.474

5.736

3.474

3.398

1.806

1.490

1.788

0.417

1.321

0.628

0.141

0.431
-0.113

1.087

0.713

0.350

0.170
-0.520

0.713

0.440

0.419

0.380
-0.059

1.180
-0.097

0.269

0.431

1.038

1.641

0.963

1.054

0.593

0.590

3.200

0.495

0.962

0.287

0.236

1.980
-0.467

0.437

0.085
-0.638
-0.583
-2.910
-0.842
-1.713
lEffective Yield Fiscal YTD
I Pooled Portfolio effective yield 1.16%
IState Treasurer's LAIF yield 1.35%
12 Year Average US Treasury yield 3.38%
9

Page 58 ends

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II. Capital Endowment Portfolio

Page 60 ends

f~'\
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CITY OF PASADENA
Capital Endowment Portfolio
September 2022
Vicken Erganian
City Treasurer

PORTFOLIO STRUCTURE AS OF 9/30/2022
rrpE
Money Market- Collateralized
Money Market-CAMP
Federal Agencies
TOTALS:

Accrued Interest Receivable
GRAND TOTAL:

MARKET VALUE
13 64,103
1,762,210
1,826,327
6,792
1,833,119

PERCENT

0.00%

3.51%

96.49%
100.00%
MMF-
Collateral,

0.00%
^..1:':f
MMF-
CAMP,
--^^il%
<^
Federal
Agencies,

96.49%
PORTFOLIO LIQUIDITY AS OF 9/30/2022
Aging Interval
0-30 Days
31 days-1 Year
1-2 Years
2 - 3 Years
3 - 4 Years
4-5 Years
Over 5 Years
TOTAL:

Par Value
64,116
1,900,000
1,964,116
Percent of
Portfolio

3.26%

0.00%

96.74%

0.00%

0.00%
100.00%

PORTFOLIO STATISTICS
Month-EndMkt Value
Modified Duration
Weighted Average Maturity
Current Book Yield to Maturity
Effective Yield - Year to Date
Interest Earned
Fiscal Year To Date Interest Earned
Fair Value Change Gain/(Loss)
Fiscal Year To Date change in fair value
Total Fiscal YTD earnings
Sep-22
1,833,119

2.00 2.08

1.066%

1.030%
1,726
5,106
(26,282)
(57,605)
(52,499)
Aug-22
1,857,675

2.09 2.16

1.046%

1.010%
1,708
3,381
(20,154)
(31,323)
(27,942)
Jul-22
1,876,121

2.18 2.24

1.032%

1.000%
1,672
1,672
(11,169)
(11,169)
(9,496)
Jun-22
1,885,618

2.26 2.33

1.014%

1.000%
1,741
19,860
(12,736)
(86,808)
(66,948)
May-22
2,020,613

2.20 2.26

0.993%

1.000%
1,709
18,119
9,947
(74,072)
(55,953)
Apr-22
2,008,957

2.27 2.35

0.959%

1.000%
1,661
16,410
(15,610)
(84,019)
(67,609)
11

Page 61 ends

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. Power Reserve Pori:folio

Page 66 ends

f"^\
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CITY OF PASADENA
Power Reserve Portfolio
Vicken Erganian
City Treasurer
September 2022

PORTFOLIO STRUCTURE AS OF 9/30/2022

TCPE MARKET VALUE PERCENT
Money Market - Collateralized 33 0.00%
Municipal Bonds 1,822,480 4.65%
Federal Agencies 28,749,570 73.43%
L.A.I.F. 21,290 0.05%
Money Market-CAMP 8,561,276 21.87%
TOTALS: 39,154,649 100.00%
Accrued Interest Receivable 219,446
GRAND TOTAL: 39,374,095
Money Market-
Mone;' Market- CAMP
CAMP 1.03%

21.87%
Muni
65%
Municipal
Bonds
g
Fed Agency
Aging Interval
0-30 days
31 days-1 Year
1 - 2 Years
2-3 Years
3-4 Years
4-5 Years
Over 5 Years
TOTAL:

PORTFOLIO LIQUIDITY AS OF 9/30/2022
Percent of
Par Value
8,582,599
5,000,000
2,000,000
32,666,667
48,249,266
Portfolio

17.79%

0.00%

10.36%

0.00%

4.15%

67.70%
100.00%

PORTFOLIO STATISTICS
Month-End Market Value
Modified Duration
Weighted Average Maturity
Current Book Yield to Maturity
Effective Yield - Year to Date
Interest Earned
Fiscal Year To Date Interest Earned
Fair Value Change Gain/fLoss)
Fiscal Year To Date change in fair value
Total Fiscal YTD Earnings
Sep-22
39,374,095

6.55 8.81

1.918%

1.670%
70,296
201,630
(1,756,826)
(2,689,179)
(2,487,548)
Aug-22
41,061,284

6.86 8.88

1.648%

1.610%
65,901
131,335
(1,431,063)
(932,352)
(801,018)
Jul-22
42,426,446

7.09 8.98

1.640%

1.610%
65,434
65,434
498,711
498,711
564,145
Jun-22
41,862,302

7.09 9.05

1.567%

1.410%
60,723
673,920
(397,125)
(6,000,734)
(5,326,814)
May-22
42,197,779

7.20 9.12

1.510%

1.390%
60,200
613,196
200,809
(5,603,608)
(4,990,412)
Apr-22
41,936,771

7.25 g.20

1.506%

1.380%
59,875
552,997
(1,809,442)
(5,804,417)
(5,251,421)16

Page 67 ends

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Page 68 ends

Power Reserve Portfolio
As of 9/30/22
Collateralized Money Market
Municipal Bonds
Federal Agency Issues
Money Market-CAMP
LAIF
I Portfolio Value
I
Portfolio
% of total

0.00%

4.65%

73.43%

21.87%

0.05%
100.00%
39,374,095 1

COMPLIANCE REPORT
Diversification
State Gov't Portfolio
Code limits comr2liance
100% In compliance
100% In compliance
100% In compliance
100% In compliance
100% In compliance
Credit Quality Maturity
Portfolio Credit Quality Portfolio
Credit Quality r2er Gov Code comr2liance Maturity
102% Collateral 102% Collateral In compliance In compliance Aa2 A or better In compliance In compliance
Aaa/AA AA+/Aaa In compliance In compliance
n/a n/a In compliance In compliance
n/a n/a In compliance In compliance
18

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Page 70 ends

Power Reserve Portfolio - Total Return Performance
ICE BofA
3-5 Index
Power
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
"2020
2021
2022
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
1st quarter
2nd quarter
3rd quarter
4th quarter
1 st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1 st quarter
2nd quarter
3rd quarter
4th quarter
1 st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter

2.420

1.390

0.080
-1.840

2.050

0.773

0.873

0.567
-0.398

1.815
-0.890

0.013

0.188

1.812

1.123

2.245

2.530

1.196

0.430

6.401

1.594

1.215

0.274

0.227

3.31 -1.178

0.634
-0.037
-0.896
-1.477
-5.627
-2.810
-4.590
eserve

3.940

3.430

2.615

4.540

6.960

3.683

3.714

1.206

2.547

3.027
-0.184

2.688

0.910

0.039

0.884
-0.469

1.364

1.197

0.560

0.190
-2.340
-0.393

0.830

0.803

0.515

0.071

2.219
-0.702

0.284

0.048

1.987

1.617

1.538

1.704

0.877

0.460

4.579

0.950

0.625

0.249

2.073
-2.549

3.715
-0.554
-0.015

0.597
-6.886
-4.182
-5.972
|Effective Yield Fiscal YTD
[Power Reserve effective ^eld 1.67%
IState Treasurer's LAIF yield 1 .35%
|2 Year Average Treasury yield 3.38%
• Index has been changed to LT03TRUU 5-7 Year Index beginning 2022 20

Page 71 ends

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IV. Miscellaneous Portfolios

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V. Investments Held by Trustees

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Page 82 ends

VI. PARS Section 115 Trust

Page 83 ends

City of Pasadena
PARS Section 115 Trust
For the Month Ended September 30,2022
Pension Account 6746056200
Beginning Balance
Activity
Contributions
Disbursements
Market Value
11,820,862.94
Book Value
12,575,840.58
Total
Net Investment Income
Dividends
Interest
Other Income
Change in Accrued Income
Net Change in Unrealized Gain/Loss
Realized Gain/Loss
Total Investment Income
Total Market Value Adjustment
Trust Fees
PARS Fee (Net of Depository Earnings)
Unreconciled Difference
Ending Balance
Investment Return (Inception-To-Date as of 9/30/2022)
Benchmark Return (PARS Moderately Conservative)
Total
28,010.81
1,109.34

0.44 1,800.28
30,920.87
(650,228.94)
(5,630.18)
(655,859.12)
(2,545.11)
(2,320.45)
(4,865.56)
11,191,059.13
28,010.81
1,109.34

0.44 1,800.28
30,920.87
(5,630.18)
(5,630.18)
(2,545.11)
(2,320.45)
(4,865.56)
12,596,265.71
1 Year Inception To Date
-15.04% 1.86%
-13.80% 2.14%
Asset Allocation
Cash and Equivalents
Equity
Fixed Income
Accrued Income
Total
Market Value
580,922.76
3,090,168.23
7,517,058.48
2,909.66
11,191,059.13
Percentage

5.19%

27.61%

67.17%

0.03%
100.00%
Accrued Income

0.03%
Cash and Equivalents

5.19%
Fixed Income

67.17%
Equity

27.61%
Account Manager:

Kyra Clarke
3121 Michelson Dr 3rd Fl
lrvine.CA 92612
949-224-7214, [email protected]
30

Page 84 ends

City of Pasadena
PARS Section 115 Trust
For the Month Ended September 30,2022
Post Employments Benefits Trust 6746056201
Beginning Balance
Activity
Contributions
Disbursements
Market Value
2,239,342.14
Book Value
2,383,747.51
Total
Net Investment Income
Dividends
Interest
Other Income
Change in Accrued Income
Total Investment Income
5,288.49
204.13
333.39
5,826.01
5,288.49
204.13
333.39
5,826.01
Net Change in Unrealized Gain/Loss, Fee Receipts & Deliveries Net Realized Gain/Loss
Total Market Value Adjustment
Trust Fees
PARS Fee (Net of Depository Earnings)
Unreconciled Difference
Ending Balance
Investment Return (Inception-To-Date as of 9/30/2022)
Benchmark Return (PARS Moderately Conservative)
Total
(123,393.14)
(1,083.28)
(124,476.42)
(485.05)
(439.58)
(924.63)
2,119,767.10
(1,083.28)
(1,083.28)
(485.05)
(439.58)
(924.63)
2,387,565.61
1 Year Inception To Date
-15.03% 1.83%
-13.80% 2.07%
Asset Allocation
Cash and Equivalents
Equity
Fixed Income
Accrued Income
Total
Market Value
107,041.99
585,093.43
1,427,093.76
537.92
2,119,767.10
Percentage

5.05%

27.60%

67.32%

0.03%
100.00%
Accrued Income

0.03%
Cash and Equivalents

5.05%
Fixed Income!

67.32%
Equity

27.60%
Account Manager:

Kyra Clarke
3121 Michelson Dr 3rd Fl
Irvine, CA 92612
949-224-7214, [email protected]
31

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FINANCE DEPARTMENT
Quarterly Investment Report
Quarter Ending September 30, 2022
Vic Erganian
Deputy Finance Director/City Treasurer
November 14, 2022
Finance Committee/City Council
Item 3 (Finance Committee); Item XX (City Council)

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FINANCE DEPARTMENT
GDP
2

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FINANCE DEPARTMENT
Unemployment
3

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FINANCE DEPARTMENT
Inflation - PCE
4

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FINANCE DEPARTMENT
Effective Fed Funds Rate
5

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FINANCE DEPARTMENT
Treasury Yield Curve
6

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FINANCE DEPARTMENT
S&P 500
7

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FINANCE DEPARTMENT
8 The Quarter in Review - Summary
• GDP grew at a 2.6% rate, but consensus is a recession in the next 12-m
onths
• Labor market remained strong, but expected to
increase in 2023
• Inflation was stubbornly high and is expected to drop to

3.9% by end of 2023
• Fed continued to raise rates at unprecedented levels
• Fed Funds implied forward rate indicates Fed Funds at 5% by March 2023 then dropping to 4.5% by the end of
2023

Page 93 ends

FINANCE DEPARTMENT
9 Total Funds Under Management
Total Funds Under Management as of 9/30/2022 (Market Values):

Pooled Portfolio $615,577,316
Capital Endowment 1,833,119
Stranded Investment Reserve
Portfolio 39,374,095
Special Funds 32,557,027
Investments held with Fiscal Agents 38,091,731
PARS Section 115 Trust 13,310,826
Total Funds Under Management $740,744,114

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FINANCE DEPARTMENT
As of September 30, 2022
10 Pooled Portfolio Structure

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FINANCE DEPARTMENT
• Money Market Funds FDIC/Collateralized
• Certificates of Deposit FDIC insured
• Municipal Bonds Aa2/Aa3/A1/A2
• Federal Agencies Aaa
• Corporate Bonds Aaa-A2
• US Treasury Aaa
• Supranationals Aaa
• LAIF In Trust (Not rated)
11 Pooled Portfolio Credit Quality

Page 96 ends

FINANCE DEPARTMENT
Portfolio Liquidity as of 9/30/2022
12 Percent of
Aging Interval Par Value Portfolio
0-30 Days 86,040,731 12.91%
31 days - 1 Year 69,270,000 10.40%
1 - 2 Years 131,325,000 19.71%
2 - 3 Years 169,167,778 25.39%
3 - 4 Years 195,498,000 29.34%
4 - 5 Years 15,000,000 2.25%
Over 5 Years 0.00%
TOTAL: 666,301,509 100.00%

Page 97 ends

FINANCE DEPARTMENT
13 • Goldman Sachs A2
• RBC A2
• Johnson & Johnson Aaa
• New York Life Aaa
• Apple Inc Aa1
• Bank of America A2
• BNY Mellon A1
• Toyota A1
• Credit Suisse A2
• Honeywell Int’l A2
• JPMorgan A1
• Union Bank A2
Corporate Credit Quality

Page 98 ends

FINANCE DEPARTMENT
Taxable Munis
• City of Glendora AAA California Eart hquake Authority F1+ • Beverly Hills PFA AA+ Buena Park Community RDA AA-
• Chino Public Fin Authority AA La Canada U SD Aa1
• City of Arcadia Aaa Ventura C ounty PFA Aa1
• Riverside California POB AA California Sta te Univ Revenue Aa2 • Santa Barbara County A1 Huntington B each CA Public Fin AA • San Ramon Vly CA Unified Aa1 Oa k Grove CA School Dist Aa3 • State of California Aa2 Oxnard School D istrict A+
• West Coast Contra Unified AA Redondo Bea ch Unified Sch Aa2 • University of CA Revenue Aa1
• City
of Orange Taxable Pen AA
• South Pasadena Unified School Aa2
• Escondido Lease R
evenue Bonds AA-
14

Page 99 ends

FINANCE DEPARTMENT
Compliance
15 Pooled Investment Portfolio
As of 9/30/22
Diversification Credit Quality Maturity
Portfolio State Gov't Portfolio Portfolio Credit Quality Portfolio % of total Code limits compliance Credit Quality per Gov Code compliance Maturity Collateralized Money Market 0.00% 100% In compliance 102% Collateral 102% Collateral In compliance In compliance Certificates of Deposit 0.20% 30% In compliance n/a n/a In compliance In compliance Municipal Bonds 5.37% 100% In compliance
Aaa/Aa3/Aa2/Aa1/A2/AA+/AA-
/AAA/AA A or better In compliance In compliance
US Treasury Securities 7.57% 100% In compliance Aaa AA+/Aaa In compliance In compliance Corporate Bonds 14.06% 30% In compliance* Aa1/A1/A2/A3 A or better In compliance In compliance Federal Agency Issues 53.04% 100% In compliance Aaa AA+/Aaa In compliance In compliance Supranationals 3.76% 30% In compliance Aaa AA or better In compliance In compliance Commercial Paper 2.42% 100% In compliance P-1 (Short-term) P-1 (Short-term) In compliance In compliance Money Market-CAMP 11.30% 100% In compliance n/a n/a In compliance In compliance US Treasury Securities Disc 1.59% 100% In compliance Aaa AA+/Aaa In compliance In compliance LAIF 0.20% 100% In compliance n/a n/a In compliance In compliance Cash 0.49% 100% In compliance Collateralized Collateralized In compliance In compliance 100.00%
Portfolio Value 615,577,316

Page 100 ends

FINANCE DEPARTMENT
Book Yield
16 0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%
Sept 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 July 22 Aug 22 Sept 22 Oct 22 Yield

Page 101 ends

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

Page 102 ends

FINANCE DEPARTMENT
Pasadena Housing Statistics
18 0
20 40
60 80
100
120
140
160
180
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 City of Pasadena Housing Stats (Existing Single-Family Homes, Condos, and Townhomes)
Median Days on Market Active Listing at the End of Month

Page 103 ends

FINANCE DEPARTMENT
Pasadena Housing Statistics
19 $0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 City of Pasadena Housing Stats (Existing Single-Family Homes, Condos, and Townhomes)
Median Sold Price Median List Price

Page 104 ends

INFORMATION ONLY
ITEM 4

INTERNAL AUDIT STATUS UPDATE

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CITY MANAGER’S OFFICE

INTERNAL AUDIT STATUS UPDATE
Quarter Ended June 30, 2022
November 14, 2022
Finance/Audit Committee Meeting
Presented by: Ruthe Holden, Internal Audit
Manager

Page 159 ends

CITY MANAGER’S OFFICE
Status of Progress on Audit Plan
• Completed Projects:
> Audit of City’s Ethics Policies and Processes
 Scope includes survey of employee perspectives on the City’s
ethical environment
 3 High risk & 1 medium risk issues were identified
 Recommended 9 changes to strengthen internal controls • External Audits Received
> Public Health: LA County Close-out Audit of
Pasadena Tobacco Control Program
> Public Health: LA County Program Review of
Children’s
Health Outreach
2

Page 160 ends

CITY MANAGER’S OFFICE
Status of Progress on Audit Plan
• In Process Audits:
> High Risk Inventory Audit – fieldw ork is complete for Fire and IT departments, fieldwork is starting for Public Works and Police
 Included in FY21/22 audit plan
 Evaluate internal controls & risks related to non-capit alized inventory > Program Audit of Pasadena’s role as designated
administ
rator to implement WIOA program
 Outsourced to TAP International
 Objectives for the audit:
» Internal controls effective in promoting compliance to key financial provis
ions, policies & procedures & grant requirements
» Internal controls effective in promoting compliance requirements in JPA and releva
nt governance documents
» Programs implanted are consistent with Local Plan
3

Page 161 ends

CITY MANAGER’S OFFICE
Status of Progress on Audit Plan
• Additional projects completed this year
> Systems Implementation:
 System controls to PWP’s new customer information system, and  Internal and access controls for Origami claims management system > Joint procurement activities with SCPPA
 Working with Water & Power and Procurement to
evalua
te internal controls and processes related to
piggybacking on SCPPA procurements
4

Page 162 ends

CITY MANAGER’S OFFICE
Status of Recommendations
#
Start of Year 47
Closed 24
Added 7
Current Open 29
5 Ranking #
High 17
Medium 11
Low 1
Total 29

Page 163 ends

CITY MANAGER’S OFFICE
Internal Audit Quality Self
Assessment
• Internal Quality Assessment Completed
> Required by Audit Standards to be completed
and comm
unicated annually
> Assessed policies, procedures and practices to 166
audit stan
dards
> Overall assessment – Generally Conforms *
 Generally Conforms is the highest rating possible
6

Page 164 ends

CITY MANAGER’S OFFICE
External Quality Self Assessment
• First External Quality Assessment completed
> Required by Audit Standards to be completed
and comm
unicated every 5 years
> ALGA’s independent peer review team
completed
their assessment September 2, 2022
> Overall assessment – Generally C onforms
7

Page 165 ends

CITY MANAGER’S OFFICE
Additional Required
Communications
• Internal Audit Framework
> Reviewed during Internal Quality Assessment
> Revised Framework presented in Appendix E
• Independence of Internal Audit Activity
> Report to City Manager through Assistant City
Manager
> Int
ernal Audit division is organizationally
independent
• Resource Requirements
> Reviewed during development of annual audit
plan
8

Page 166 ends

CITY MANAGER’S OFFICE
Summary of Fraud Hotline Issues
• 14 issues received and closed
9 # of Complaints
Received
Department Assigned to Review
1 City Attorney
1 Finance
2 Human Resources
6 Internal Audit
1 Police
1 Transportation
2 Water & Power

Page 167 ends

CITY MANAGER’S OFFICE
Days to Close Fraud Hotline Complaints
10 11
1 0
0 2
0 2 4 6 8 10 12
0-30 days
31-60 days
61-90 days
91-120 days
120+ days
Days to Close Fraud Hotline Complaints

Page 168 ends

CITY MANAGER’S OFFICE
Next Steps
• Internal Audit Next Status Update
> Progress of Audit Plan
> Summary of Fraud Hotline
> Status of Open Audit Recommendations
11

Page 169 ends

Finance CommitteeNovember 14, 2022

Finance Committee
November 14, 2022