AGENDA
FINANCE/AUDIT COMMITTEE
SPECIAL MEETING NOTICE
MARCH 27, 2023
PUBLIC MEETING 3:00 P.M.
Members
Victor M. Gordo, Mayor
Tyron Hampton, District 1
Felicia Williams, District 2
STAFF
Matthew Hawkesworth, Director of Finance
Theresa Fuentes, Assistant City Attorney
Gloria Acevedo, Recording Secretary
MISSION STATEMENT
The City of Pasadena is dedicated to delivering exemplary municipal services, responsive to our entire community and consistent
with our history, culture and unique character.
In compliance with the Americans with Disabilities Act of 1990, Assistive Listening Devices are available from the City Clerk’s Office with a 24-hour advance notice.
Please call (626) 744-4124 to request use of a listening device.
Language translation services are available for this meeting by calling (
626)744-4124 at least 24 hours in advance.
Habrá servicio de interpretación disponible para éstas juntas llamando al (626)744-4124 por lo menos con 24 horas de anticipación.
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”
PUBLIC COMMENT AT THE FINANCE/AUDIT COMMITTEE MEETING FOR MARCH 27, 2023 AT 3:00 P.M. WILL BE ACCEPTED IN-PERSON AND BY VIDEOCONFERENCE/TELECONFERENCE.
Li
nk to City Meeting Policy:
cityofpasadena.net/CityCouncilMeetingPolicy
In order to facilitate public participation at meetings the City will accept public comment in the following manner:
1. Whether participating in-person or virtually at the meeting, members of the public may provide public comment by submitting a speaker card prior to the start of public comment on that item, at the following webpage:
www.cityofpasadena.net/commissions/public-comment/
If a public comment speaker wishes to speak on more than one agenda item, please indicate which items on the online form (multiple item speakers will be handled according to the process posted on the agenda and as specified in the City meeting policy). Public comments are limited to 3 minutes each, and the Chair and Committee may limit this time if reasonable under the circumstances.
2. In-person Meeting Participation: Complete an online speaker card at the following website: www.cityofpasadena.net/commissions/public-comment/ After submitting a public speaker card, members of the public may attend the meeting in-person by coming to the Pasadena City Council Chamber, Room S249 at City Hall at the date and start-time of the posted meeting.
Virtual Meeting Participation: For virtual participants, you may attend by connecting to the meeting using a computer, other electronic device, or by telephone. Please review the agenda to identify the published start time for the meeting and connect to the meeting just prior to, or at the start of the meeting.
To participate in public comment for an item and to be recognized to speak, it is required that the speaker login to the meeting using the same name or telephone number used on the Speaker Card form. This will allow City staff to locate and promote the speaker into the meeting when it is time for their public comment.
Participants’ phone calls to the Committee meeting will be recorded as part of the Committee meeting. By staying on the line and making public comment during the Committee meeting by phone, you are agreeing to have your phone call recorded. Following is the connectivity information for virtual participation:
Computer or electronic devices, join the meeting at: cityofpasadena.net/cczoom Telephone only dial-in: 1-669-900-6833, Meeting ID: 161 482 446
3. Speaker Card Help Line: If a public comment speaker needs assistance in completing a speaker card, please call the City Clerk’s Office at: (626) 744-4124.
Help line will open 30 minutes prior to the posted start time of the meeting.
4. Members of the public may submit correspondence of any length prior to the start of the meeting, at the following email address:
gac
[email protected]
C
orrespondence will be forwarded to the Committee prior to the start of the meeting, posted online, and made part of the legislative record for the item.
LIVESTREAM WITH CAPTIONING IS AVAILABLE AT WWW.PASADENAMEDIA.ORG, AND ALSO AT WWW.CITYOFPASADENA.NET/COMMISSIONS/AGENDAS, I
F YOU NEED A REASONABLE MODIFICATION OR ACCOMMODATION PURSUANT
TO THE AMERICANS WITH DISABILITIES ACT
BECAUSE YOU ARE UNABLE TO PARTICIPATE ELECTRONICALLY AS SET FORTH ABOVE, CONTACT THE CITY CLERK’S OFFICE
AS SOON AS POSSIBLE AT (626) 744-4124 OR
[email protected].
DEPARTMENT OF FINANCE
CITY OF PASADENA
NOTICE OF SPECIAL MEETING
OF THE FINANCE/AUDIT COMMITTEE
MARCH 27, 2023
PUBLIC MEETING: 3:00 P.M.
PASADENA CITY HALL, COUNCIL CHAMBER
100 NORTH GARFIELD AVENUE, ROOM 5249
. NOTICE IS HEREBY GIVEN that the special meeting of the Finance/Audit Committee will be held on Monday, March 27, 2023 at 3:00 p.m. in the Pasadena City Hall Council Chambers S249.
Vi
City 9f Pas
I HEREBY CERTIFY that this notice, in its entirety, was posted on the Internet at www.cityofpasadena.net/commissions/city-council-finance-committee and on the Council Chamber Bulletin Board, Room S249 and the Bulletin Board in the rotunda area, City Hall, 100 North Garfield Avenue, this 23rd day of March, 2023 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
Gloria Acevedo, Recording Secretary
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) 744-4124 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/AUDIT COMMITTEE
MARCH
27, 2023
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. AUTHORIZE THE CITY MANAGER TO ENTER INTO AN AGREEMENT
WITH THE SUBSTANCE ABUSE AND MENTAL HEALTH SERVICES
ADMINISTRATION TO RECOGNIZE AND APPROPRIATE $61,727 TO
THE FISCAL YEAR 2023 PUBLIC HEALTH DEPARTMENT
OPERATING BUDGET TO CONDUCT A MENTAL HEALTH
AWARENESS AND TRAINING PROGRAM
2. RECOGNIZE AND APPROPRIATE GRANT FUNDS IN THE AMOUNT OF $50,000 FROM CALIFORNIA STATE LIBRARY TO THE DEPARTMENT OF LIBRARIES AND INFORMATION SERVICES’ FISCAL YEAR 2023
OPERATING BUDGET
3. DIRECTION TO PREPARE AN ORDINANCE AMENDING PASADENA
MUNICIPAL CODE CHAPTER 4.100 TO REFLECT THE CHARTER
AMENDMENT TO SECTIONS 1407 AND 1408 AS APPROVED BY VOTERS
INFORMATION ONLY
4. INTERNAL AUDIT STATUS UPDATE
5. CITY OF PASADENA BANK HOLDINGS
ADJOURN
NEW BUSINESS
ITEM 1
AUTHORIZE THE CITY MANAGER TO ENTER INTO
AN AGREEMENT WITH THE SUBSTANCE ABUSE
AND MENTAL HEALTH SERVICES
ADMINISTRATION TO RECOGNIZE AND
APPROPRIATE $61,727 TO THE FISCAL YEAR
2023 PUBLIC HEALTH DEPARTMENT OPERATING
BUDGET TO CONDUCT A MENTAL HEALTH
AWARENESS AND TRAINING PROGRAM
NEW BUSINESS
ITEM 2
RECOGNIZE AND APPROPRIATE GRANT
FUNDS IN THE AMOUNT OF $50,000 FROM
CALIFORNIA STATE LIBRARY TO THE
DEPARTMENT OF LIBRARIES AND
INFORMATION SERVICES’ FISCAL YEAR
2023 OPERATING BUDGET
ATTACHMENT A
DocuSign Envelope ID: 1FCB6E2A-1 C7D-4409-B4EB-8DE8057O1 BE3
THE BASICS - YOUR LSTA GRANT AWARD
The following provides all of the basic information about your grant and managing your grant.
Award#: 40-9406
File#: EB-08
IMLS #: LS-2524 49-OLS-22
Oraanization: Pasadena Public Librarv
Proiect Title: Pasadena Public Librarv eBooks For All
Award Amount: $50,000
2022/2023 LSTA APPROVED BUDGET
Solaries/Waaes/Benefits $
Consultant Fees $
Travel $
Suoolies/Materials $
Equipment /$5,000 or more oer unit) $
Services $50,000
Proiect Total $50,000
Indirect Cost $
Grant Total $50,000
Payment Schedule IN-FULL
Start Date: I Februarv l 2023
End Date: I June 30 2023
This project will be officially closed as of the end date listed above and no new expenditures may be generated, nor may any additional funded project activities occur. Unexpended or unencumbered funds must be returned within 30 days of the end date. However, if funds were encumbered prior to the end date,
this project is allowed 45 days to liquidate those encumbrances. Any funds not liquidated are to be returned with the liquidation report within 60 days of the end date.
REPORTING
Financial and program narrative reports ore required. All required reporting materials will be located on the California State Library's Manaqe Your Current Grant webpage (https://www.librarv.ca.qov /grants/manage/).
Reporting period and deadlines can be found in the Award Agreement and Certification of Compliance for this project. Failure to provide timely reports is a serious breach of a grant recipient's administrative duty under the grant program, which may result in federal audit exceptions against the state and the loss of LST A funds.
PAYMENTS
Please note: If your full grant amount is more than $20,000, ten percent (10%) of the grant award is withheld until the end of the project period (unless otherwise noted in the Award Agreement and Certification of Compliance. This ten percent ( l 0%) is payable only if the grant recipient fulfills all project reporting requirements and expends all funds, or returns all unspent grant funds, by the time specified in the grant program.
NEW BUSINESS
ITEM 3
DIRECTION TO PREPARE AN ORDINANCE
AMENDING PASADENA MUNICIPAL CODE
CHAPTER 4.100 TO REFLECT THE CHARTER
AMENDMENT TO SECTIONS 1407 AND 1408 AS
APPROVED BY VOTERS
INFORMATION ONLY
ITEM 4
INTERNAL AUDIT STATUS UPDATE
INFORMATION ONLY
ITEM 5
CITY OF PASADENA BANK HOLDINGS
FINANCE DEPARTMENT
City of Pasadena
Bank Holdings
Vic Erganian
Deputy Finance Director/City Treasurer
March 27, 2023
Finance Committee Item 5
FINANCE DEPARTMENT
2 Update on Credit Suisse Bank
• Credit Suisse Bank (CS)– 2nd largest Bank in Switzerland • CS has been in the news the last several days
• Was acquired by UBS (the largest bank in Switzerland) • Moody’s has assigned a positive outlook to CS – expectation for a potential near future credit upgrade
FINANCE DEPARTMENT
3 Bonds
• BNY Mellon A1
• JPMorgan A1
• RBC A1
• Bank of America A2
• CitiGroup A2
• Goldman Sachs A2
• Credit Suisse/UBS A3
Commercial Paper
• BofA Securities P-1
• NATIXIS P-1
• MUFG Bank/US Bancorp P-1
• Credit Agricole P-1
CDs FDIC Insured
• BMW Bank North America
• Synchrony Bank
• Goldman Sacks Bank
• Sallie Mae Bank
• UBS Bank USA
Bank Holdings