Finance Committee
January 22, 2024

Unavailable revenues 197 970 4 - - Lea s e rel a ted - 693 - - -
Total deferred inflows of resources 197 1,663 4 - - Fund balances:

Nons pendable - 4 - - -
Restricted 4,852 - - - -
Committed - - 20 ,096 16,106 37,971 Unassi gned - (6,905) - - -
Total
fund balances (deficit) 4,852 (6,901) 20,096 16,106 37,971 Total liabilities, deferred inflow of resources
and fund balances 5,077$ 5,442 $ 21,772 $ 16,273 $ 38,038 $ PAGE 287

CITY OF PASADENA SUPPLEMENTARY INFORMATION NONMAJOR GOVERNMENTAL FUNDS Annual Comprehensive Financial Report | June 30, 2023 149 Housing and
Air Quality Community Donated
Transportation Librar y Parking Improvement Develo pment Funds Total 38,406$ 14 ,037$ 4 ,226$ 260 $ 7,533$ 4 ,088$ 147 ,008$ 3,300 100 141 46 6,027 10 16,975 - - - - - - 716
- - - - 145 - 149
- - - - 61 ,269 - 61 ,269
- - - - (61,269) - (61,269)
- - - - 2,645 - 2,645
- - - - - - 73
41,706 14,137 4,367 306 16,350 4,098 167,566 1,505 368 24 3 2,204 157 6,369 - 1 - - 6 619 1,356
- - - - - - 8,826
- 26 - - 1,822 - 2,798
1,505 395 24 3 4,032 776 19,349 62 - 1 - 3,058 - 4,292
- - - - - - 693
62 - 1 - 3,058 - 4,985
- - - - 145 - 149
40,139 - - 303 9,115 3,322 57,731 - 13,742 4,342 - - - 92 ,257
- - - - - - (6,905)
40,139 13,742 4,342 303 9,260 3,322 143,232 41,706$ 14,137$ 4,367$ 306$ 16,350$ 4,098$ 167,566$ PAGE 288

SPECIAL REVENUE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
150 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Special Revenue Funds
For the Fiscal Year Ended June 30, 2023
Sewer
Construction
Public Buildin g and Under ground
Safety Health Services Maintenance Utilities
Revenues:

Taxes -$ 1,166$ -$ -$ 6,831$
Licenses and permits - 1,804 11,533 - -
Inter gov ernmental 3,839 14,513 25 3,100 -
Cha rges for s ervi ces - 541 2,423 7,721 -
Inv estment earnin gs5 8 - 311 177 587
Net change in fair v alue of inv estments (1 4 ) - (91) (67) (190) Lease revenues - 265 - - -
Interest - leases (as lessor ) - 4 - - -
M isc ellaneous r ev enues - 99 74 - -
Contri buti ons - - - - -
Total revenues 3,883 18,392 14,275 10,931 7,228 Expenditures:

Current:

P ublic safety 3,217 - - - -
Trans porta tion - - - - -
Utilit y - - - - 135
Sanita tion - - - 5,886 -
Health - 18,944 - - -
C ult ur e and leisur e - - - - -
Communit y develo pment - - 9,983 - -
Capital outla y 537 193 372 - -
Debt service:

Pri ncipa l reti rement - - - - -
Interest - - - - -
Lea s e payments - 26 - - -
Subscri ption payments - 48 3 2 -
Int er est - leases and subsc r iptions - 2 - - - Total expenditures 3,754 19,213 10,358 5,888 135 Excess (deficiency) of revenues over (under)
expenditures 129 (821) 3,917 5,043 7,093
Other financing sources (uses):

Transfers in - 973 - - -
Transfers out (164) (25) (339) (3,185) (5,403)
L eases
issued - 115 - - -
Subscri pt ions issued - 73 - - -
Total other financing sources (uses) (164) 1,136 (339) (3,185) (5,403) Net c
hange in fund balances (35) 315 3,578 1,858 1,690
Fund balances (deficit ) at be ginnin g of year 4,887 (7,216) 16,518 14,248 36,281 Fund balances (deficit) at end of year 4,852$ (6,901)$ 20,096$ 16,106$ 37,971$ PAGE 289

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 151 Housing and
Air Quality Community Donated
Transportation Librar y Parking Improvement Develo pment Funds Total -$ 3,034$ 9$ -$ -$ -$ 11,040$
-
- - - -
- 13,337
21,880 83 - 230 33,383 - 77,053
1,035 4 112 - 1 - 11,837
561 195 62 3 128 60 2,142 (
153) (6
9) (24) -
(46) (
18) (672)
- 1
8 3,126 - 10 - 3,419
-
- - - -
- 4
1,028 - 2 - 1,830 - 3,033
-
185 -
- - 632 817
24,351 3,450 3,287 233 35,306 674 122,010 - - - - - - 3,217
14,263 - 3,019 42 - - 17,324
- - - - - - 135
- - - - - - 5,886
- - - - - - 18,944
-
14,478 - - - 373 14,851
- - - - 33,168 - 43,151
169 148 - - - - 1,419 - - - - 300 -
300
-
- - - 124 -
124
49 149 9 - 315
-
548
27 50 - - 69
-
199
1 3 - - 15
-
21 14,509 14,828 3,028 42 33,991 373 106,119 9,842 (11,378) 259 191 1,315 301 15,891 379 12,213 27 - 1,695 - 15,287
(3,917) (279) (7) - (2,780) - (16,099)
58 148 - - - - 321
99 - - - - -
172
(3,381) 1 2,082 20 - (1,085) - (319)
6,461 704 279 191 230 301 15,572 33,678 13,038 4,063 112 9,030 3,021 127,660 40,139$ 13,742$ 4,342$ 303$ 9,260$ 3,322$ 143,232$ PAGE 290

SPECIAL REVENUE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
152 Annual Comprehensive Financial Report | June 30, 2023 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Public Safety Fund
For the Fiscal Year Ended June 30, 2023
Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
Revenues:

Inter governmental 2,640$ 3,523$ 3,839$ 316$ Inv estment earnin gs2 9 29 58 29 Net chan ge in fair v alue of inv estment s - - (14) (14) Total rev
enues 2,669 3,552 3,883 331
Expenditures:

Current:

Publ i c s a fety 3,159 3,224 3,217 7
Capital outla y 157 1,085 537 548
Total expenditures 3,316 4,309 3,754 555
Excess (deficiency) of revenues
over (under) expenditures (647) (757) 129 886
Other financing sources (uses):

Transfers out - (300) (164) 136
Total oth
er financing sources (uses) - (300) (164) 136
Net change in fund balances (647) (1,057) (35) 1,022
Fund balance at be ginnin g of year 4,887 4,887 4,887 - Fund balance at end of year 4,240$ 3,830$ 4,852$ 1,022$ Budget
PAGE 291

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 153 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Health Fund
For the Fiscal Year Ended June 30, 2023
Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
Revenues:

Taxes 880$ 880$ 1,166$ 286 $
Licenses and permits 1,912 1,912 1,803 (109)
In
tergovernmental 15,886 18,411 14,514 (3,897)
Ch
a rges for serv ices 460 460 541 81 Leas e revenues 232 232 265 33
Interest - leases (as lessor ) - - 4 4
M isc ellaneous r ev enues - 1
54 9
9 (55)
T
otal revenues 19,370 22,049 18,392 (3,657)
Expenditures:

Current:

Health 19 ,636 22,656 18,944 3,712
Capit al out lay 4 5 193 (188) De
bt service:

Leas e payments - - 26 (26)
Su
bscri ption payments - - 48 (48)
I
nt er est - leases and subsc r iptions - - 2 (2)
To
tal expenditures 19,640 22,661 19,213 3,448
Excess (deficiency) of revenues
over (under) expenditures (270) (612) (
821) (209)
O
ther financing sources (uses):

Transfers in 525 824 973 149 Transfers out - (25) (25) -
L
eases issued - - 1
15 115
Subscri pt ions issued - - 7 3 73
Total other financing sources 525 799 1,136 337 Net change in fund balances 255 187 315 128 Fund balance (deficit) at
beginning of year (7,216) (7,216) (7,216) -
Fund balance (deficit) at end of year (6,961)$ (7,029)$ (6,901)$ 128$ Budget
PAGE 292

SPECIAL REVENUE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
154 Annual Comprehensive Financial Report | June 30, 2023 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Building Services Fund
For the Fiscal Year Ended June 30, 2023
Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
Revenues:

Licenses and permits 6,624$ 6 ,624$ 11 ,533$ 4 ,909$ Inter gov ernmental 919 919 25 (894) Cha rges for s ervi ces 1,710 1,710 2,423 713 Inv estment earnin gs 166 166 311 145
Net chan ge in fair v alue of inv estments - - (91) (91) M isc ellan
eous r ev enues 5 4 54 74 20
Total revenues 9,473 9,473 14,275 4,802 Expenditures:

Current:

Communit y develo pment 12,038 11,666 9,983 1,683 Capital outla y - 372 372 -
Debt service:

Subscri ption payments - - 3 (3)
Total expe
nditures 12,038 12,038 10,358 1,680 Excess (deficiency) of revenues
over (under) expenditures (2,565) (2,565) 3,917 6,482 Other financing sources (uses):

Transfers out - - (339) (339) Total othe
r financing sources (uses) - - (339) (339) Net change in fund balances (2,565) (2,565) 3,578 6,143 Fund balance at beginning of year 16,518 16,518 16,518 - Fund balance at end of year 13,953$ 13,953$ 20,096$ 6,143$ Budget
PAGE 293

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 155 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Sewer Construction and Maintenance Fund
For the Fiscal Year Ended June 30, 2023
Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
Revenues:

Inter governmental -$ -$ 3,100$ 3 ,100$ Cha rges for s ervi ces 7,474 7,474 7,721 247
In
v estment earnin gs 128 1 28 1 77 4 9
Ne
t chan ge in fair v alue of inv estments - - (67) (67) T
otal revenues 7,602 7,602 10,931 3 ,329
Expenditures:

Current:

Sanitation 5 ,708 6,338 5,886 452
De
bt service:

Subscri pti on payments - - 2 (2)
To
tal expenditures 5,708 6,338 5,888 450
E
xcess (deficiency) of revenues
over (under) expenditures 1,894
1,264
5,043
3,779
O
ther financing sources (uses):

Transfers out - (6,500) (3,185) 3,315
T
otal other financing sources (uses) - (6,500) (3,185) 3,315 Ne
t change in fund balances 1,894 (5,236) 1,858 7,094 F
und balance at be ginnin g of yea r 14,248 14 ,248 14 ,248 - F
und balance at end of year 16,142$ 9,012$ 16,106$ 7,094$ Budget
PAGE 294

SPECIAL REVENUE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
156 Annual Comprehensive Financial Report | June 30, 2023 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Underground Utilities Fund
For the Fiscal Year Ended June 30, 2023
Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
Revenues:

Taxes 5,800$ 5,800$ 6,831$ 1,031$
Inv estment earnin gs 454 454 587 133
Net chan ge in fair v alue of inv estments - - (190) (190) Total reve
nues 6,254 6,254 7,228 974
Expenditures:

Current:

Utilit y 135 135 135 -
Total expenditures 135 135 135 -
Excess (deficiency) of revenues
over (under) expenditures 6,119 6,119 7,093 974 Other financing sources (uses):

Transfers out (4,218) (4,338) (5,403) (1,065) Total other
financing sources (uses) (4,218) (4,338) (5,403) (1,065) Net change in fund balances 1,901 1,781 1,690 (91) Fund balance
at be ginnin g of year 36,281 36,281 36,281 - Fund balance at end of year 38,182$ 38,062$ 37,971$ (91)$ Budget
PAGE 295

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 157 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Transportation Fund
For the Fiscal Year Ended June 30, 2023
Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
Revenues:

Inter gov ernmental 19,846$ 19,846$ 21,880$ 2,034$ Cha rges for s ervi ces 1,042 1,042 1,035 (7) Inv e
stment earnin gs 283 283 561 278
Net chan ge in fair v alue of inv estments - - (153) (153) M isc
ellaneous r ev enues 1,023 1,023 1,028 5
Total revenues 22,194 22,194 24,351 2,157
Expenditures:

Current:

Trans portation 14,983 15,808 14,263 1,545
Capital outla y - - 169 (169)
Debt
service:

Leas e payments - - 49 (49)
Subsc
ription payments - - 27 (27)
Inte
rest - leases and subscri ptions - - 1 (1)
Tota
l expenditures 14,983 15,808 14,509 1,299
Excess (deficiency) of revenues
over (under) expenditures 7,211 6,386 9,842 3,456 Other financing sources (uses):

Transfers in 379 379 379 -
Transfers out (97) (7,865) (3,917) 3,948
L eases issued - - 58 58
Subsc r iptions issued - - 99 99
Total other financing sources (uses) 282 (7,486) (3,381) 4,105 Net change in fund balances 7,493 (1,100) 6,461 7,561 Fund balance at be ginnin g of year 33,678 33,678 33,678 - Fund balance at end of year 41,171$ 32,578$ 40,139$ 7,561$ Budget
PAGE 296

SPECIAL REVENUE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
158 Annual Comprehensive Financial Report | June 30, 2023 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Library Services Fund
For the Fiscal Year Ended June 30, 2023
Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
Revenues:

Taxes 3,053$ 3,053$ 3,034$ (19)$
Inter gov ernmental - 93 83 (10)
Cha rges for s ervi ces 10 10 4 (6)
Inv estmen
t earnin gs9 7 97 195 98
Net chan ge in fair v alue of inv estments - - (69) (69) Lease rev enues - -
18 18
Miscellaneous revenues 4 4 - (4)
Contributio
ns 60 128 185 57
Total revenues 3,224 3,385 3,450 65
Expenditures:

Current:

C ultur e and leisur e 1 5 ,771 15,910 14,478 1,432 Capital outla y - - 148 (148)
Debt servi
ce:

Lease pay ments - - 149 (149)
Subscription payments - - 50 (50)
Inter est - leases (as lessee) - - 3 (3)
Total expenditures 15,771 15,910 14,828 1,082 Excess (deficiency) of revenues
over (under) expenditures (12,547) (12,525) (11,378) 1,147 Other financing sources (uses):

Transfers in 12,213 12,213 12,213 -
Transfers out - - (279) (279)
Leases issu
ed - - 148 148
Total other financing sources (uses) 12,213 12,213 12,082 (131) Net change in fund balances (334) (312) 704 1,016
Fund balance at be ginnin g of year 13,038 13,038 13,038 - Fund balance at end of year 12,704$ 12,726$ 13,742$ 1,016$ Budget
PAGE 297

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 159 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Parking Fund
For the Fiscal Year Ended June 30, 2023
Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
Revenues:

Taxes 10$ 10$ 9$ (1)$
Cha rges for s ervi ces 60 60 112 52
Inv estment earnin gs2 2 22 62 40
Net chan ge in fair v alue of inv estments - - (24) (24) Le
as e revenues 2,911 2,911 3,126 215
M isc ellaneous r ev enues - - 2 2
Total revenues 3,003 3,003 3,287 284
Expenditures:

Current:

Trans portation 2,904 3,150 3,019 131
Debt service:

Leas e payments - - 9 (9)
To
tal expenditures 2,904 3,150 3,028 122
Excess (deficiency) of revenues
over (under) expenditures 99 (147) 2
59 4
06 Other financing sources (uses):

Transfers in - - 27 27
Transfers out (7) (37) (7) 3 0
T
otal other financing sources (uses) (7) (37) 2 0 57
Net change in fund balances 92 (184) 2 79 4 63
Fund balance at be ginnin g of year 4,063 4,063 4,063 - Fund balance at end of year 4,155$ 3,879$ 4,342$ 463$ Budget
PAGE 298

SPECIAL REVENUE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
160 Annual Comprehensive Financial Report | June 30, 2023 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Air Quality Improvement Fund
For the Fiscal Year Ended June 30, 2023
Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
Revenues:

Inter gov ernmental 170$ 170$ 230$ 60$
Inv estment earnin gs (2) (2) 3 5
Total r
evenues 168 168 233 65
Expenditures:

Current:

Trans porta tion 172 172 42 130
Total expenditures 172 172 42 130
Net change in fund balances (4) (4) 191 195
Fund bal
ance at be ginnin g of year 112 112 112 -
Fund balance at end of year 108$ 108$ 303$ 195$ Budget
PAGE 299

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 161 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Housing and Community Development Fund
For the Fiscal Year Ended June 30, 2023
Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
Revenues:

Inter gov er nmental 27,875$ 27,875$ 33,383$ 5,508$ Cha rges for s ervi ces 1 1 1 -
Inv estment earnin gs9 6 96 128 32
Net chan ge in fair v alue of inv est ment s - - (46) (46) Lease r
ev enues 91 91 10 (81)
M isc ellan
eous r ev enues 3,496 4,823 1,830 (2,993)
Total rev
enues 31,559 32,886 35,306 2,420
Expenditures:

Current:

Communi ty develo pment 38,269 42,238 33,168 9,070 Debt service:

Pri ncipa l reti rement 300 300 300 -
Interes t 140 140 124 16
Lease pay ments - - 315 (315)
Subscri pti on payments - - 69 (69)
Inter e
st - leases and subscr iptions - - 15 (15)
Total expenditures 38,709 42,678 33,991 8,687
Excess (deficiency) of revenues
over (under) expenditures (7,150) (9,792) 1,315 11,107 Other financing sources (uses):

Transfers in 1,545 1,695 1,695 -
Transfers out - - (2,780) (2,780)
Total
other financing sources (uses) 1,545 1,695 (1,085) (2,780) Net change in fund balances (5,605) (8,097) 230 8,327 Fund balances at be ginnin g of year 9,030 9,030 9,030 - Fund balance at end of year 3,425$ 933$ 9,260$ 8,327$ Budget
PAGE 300

SPECIAL REVENUE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
162 Annual Comprehensive Financial Report | June 30, 2023 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Donated Funds
For the Fiscal Year Ended June 30, 2023
Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
Revenues:

Inv estment earnin gs3 3$ 33$ 60$ 27$ Net chan ge in fair v alue of inv estments - - (18) (18) Contri b
uti ons 405 405 632 227
Total revenues 438 438 674 236
Expenditures:

Current:

Culture and leisure 370 370 373 (3)
Total expenditures 370 370 373 (3)
Net change in fund balances 68 68 301 233 Fund balance at be ginnin g of year 3,021 3,021 3,021 - Fund balance at end of year 3,089$ 3,089$ 3,322$ 233$ Budget
PAGE 301

CAPITAL PROJECT
FUNDS

ANNUAL COMPREHENSIVE

FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2023
PAGE 302

SPECIAL REVENUE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
164 Annual Comprehensive Financial Report | June 30, 2023 (This page intentionally left blank)
PAGE 303

CITY OF PASADENA FINANCIAL SECTION SPECIAL REVENUE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 165

NONMAJOR GOVERNMENTAL FUNDS

CAPITAL PROJECTS FUNDS
Capital projects funds are used to account for the acquisition or construction of major capital facilities by the City, other than those financed by proprietary funds.

Charter Capital Projects Fund – to account for certain resources identified by the City Council for the acquisition, construction, replacement or repair of municipal improvements where disbursements other than specific municipal improvement projects can be authorized only by a vote of the people.

New Development Impact Fund – to account for fees received from developers of commercial and indust rial facilities to be used to fund capital projects, which are made necessary in whole or in part by new development.

Residential Development Impact Fund – to ac count for fees received from developers of residential facilities to be used to develop park or recreational facilities.
10% Green Fee Capital Projects Fund – to account for capital improvements related to the development of the Arroyo Seco.

Funding comes from 10% of the gross receipts generated from green fees at the Brookside Golf Course, which are submitted to the capital project fund.

Capital Public Art Fund – to account for fees collected to be used for public art projects.

Traffic Reduction and Transportation Improvement Fee Fund – to account for fees assessed on new fee for new industrial, office, retail, and residential development, to ensure that the transportation improvements identified in the Mobility Element necessary to address the impact of new development on the Ci ty’s transportation system are equitably shared by all new development.

PAGE 304

CAPITAL PROJECT FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
166 Annual Comprehensive Financial Report | June 30, 2023 Combining Balance Sheet
Nonmajor Governmental Funds
Capital Project Funds
June 30, 2023
10%
Charter New Residential Green Fee
Capital Develo pment Develo pment Ca pital
Projects Im pact Im pact Pro jects
Assets:

C ash and inv estments 1 ,849$ 260$ 5,384$ 72$ Accounts receivable 2 2 81 1
Total assets 1,851 262 5,465 73
Fund balances:

Restricted 1,851 - - -
Committed - 262 5,465 73
Total fund balances 1,851 262 5,465 73
Total liabilities and fund balances 1,851$ 262$ 5,465$ 73$ PAGE 305

CITY OF PASADENA FINANCIAL SECTION CAPITAL PROJECT FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 167 Traffic
Capital Reduction
Public Trans portation
Art Im provement Total
1,028$ 2,006$ 10,599$
4 11 101
1,032 2,017 10,700
- - 1,851
1,032 2,017 8,849
1,032 2,017 10,700
1,032$ 2,017$ 10,700$
PAGE 306

CAPITAL PROJECT FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
168 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Capital Project Funds
For the Fiscal Year Ended June 30, 2023
10%
Charter New Residential Green Fee
Capital Develo pment Develo pment Ca pital
Projects Im pact Impact Pro jects
Revenues:

Cha rges for s ervi ces -$ -$ -$ -$
Inv estment earnin gs1 7 4 166 2
Net chan ge in fair v alue of inv estment s (38) (2) (106) (1) M isc ellaneo
us r ev enues - - - -
Total revenues (21) 2 60 1
Expenditures:

Current:

General government 6 - - -
Trans portation - - 141 -
Communit y develo pment - - - -
Total expenditures 6 - 141 -
Excess (deficiency) of revenues over (under)
expenditures (27) 2 (81) 1
Other financing sources (uses):

Transfers out - - (7,255) (9) Total other
financing sources (uses) - - (7,255) (9) Net change in fund balances (27) 2 (7,336) (8) Fund balance
s at beginning of year 1,878 260 12,801 81 Fund balances at end of year 1,851$ 262$ 5,465$ 73$ PAGE 307

CITY OF PASADENA FINANCIAL SECTION CAPITAL PROJECT FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 169 Traffic
Capital Reduction
Public Trans portation
Art Im provement Total
-$
59$ 59$
16 5
2 257
(6) (30) (183)
15 - 15
25 81 148
- - 6
- - 141
18 - 1
8 18 - 1
65 7 8
1 (17)
- (1,907) (9,171)
- (1,907) (9,171)
7 (1,826) (9,188)
1,
025
3,843
19,888
1,032$ 2,017$ 10,700$
PAGE 308
(This page intentionally left blank)
PAGE 309

PERMANENT
FUNDS

ANNUAL COMPREHENSIVE

FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2023
PAGE 310
(This page intentionally left blank)
PAGE 311

CITY OF PASADENA FINANCIAL SECTION CAPITAL PROJECT FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 173

NONMAJOR GOVERNMENTAL FUNDS

PERMANENT FUNDS
Permanent funds are
used to account for resources that are legally restricted to the extent that only earnings, not principal, may be used for purposes that support the City’s programs.

Vroman Art Bequest Fund – for purchase of books on art and works of art for the Pasadena Public Library.

Singer Trust Fund – for maintenance of Singer Park.

Noble Award Fund – for purchase of medals to award persons rendering notable service in promoting the beauty or general welfare of Pasadena.

Pasadena Center Capital Improvement Trust Fund – for capital improvements.

Cox Trust Fund – for purchase of literary classics.

Jankos Trust Fund – for purchase of books and materials for the purpose of self-improvement, career development, and agriculture.

Hudson Family Trust Fund – for the purchase of any type of library material for the Lamanda Park Branch of the Pasadena Public Library.

M. A. Berger Trust Fund – for support and maintenance of the Pasadena Public Library’s business and economic collections.

PAGE 312

PERMANENT FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
174 Annual Comprehensive Financial Report | June 30, 2023 Combining Balance Sheet
Nonmajor Governmental Funds
Permanent Funds
June 30, 2023
Pasadena
Center Capital
Vroman Art Sin ger Noble Im provement
Bequest Trust Award Trust
Assets:

Cash and investments 6 $ 47$ 6$ 456$
Accounts recei va bl e - - - 2
Total assets 6 47 6 458
Fund balances:

Nons pendable 5 23 1 400
Re stricted 1 24 5 -
Commi tte d - - - 58
Total fund balances 6$ 47$ 6$ 458$
PAGE 313

CITY OF PASADENA FINANCIAL SECTION PERMANENT FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 175 Hudson M. A.

Cox Jankos Famil y Berger
Trust Trust Trust Trust Total
5$ 28$ 110$ 1,375$ 2,033$ - - 1 6 9
5 28 111 1,381 2,042
4 25 100 875 1,433
1 3 11 506 551
- - - - 58
5$ 28$ 111$ 1,381$ 2,042$ PAGE 314

PERMANENT FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
176 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Permanent Funds
For the Fiscal Year Ended June 30, 2023
Pasadena
Center Capital
Vroman Art Sin ger Noble Im provement
Bequest Trust Award Trust
Revenues:

Inv estment earnin gs- $ 1$ -$ 7$ Net chan ge in fair v alue of inv estments - - - (3) Total reven
ues - 1 - 4
Net change in fund balances - 1 - 4
Fund balances at beginning of year 6 46 6 454 Fund balances at end of year 6$ 47$ 6$ 458$ PAGE 315

CITY OF PASADENA FINANCIAL SECTION NON-MAJOR ENTERPRISE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 3 0, 2023 177 Hudson M. A.

Cox Jankos Famil y Berger
Trust Trust Trust Trust Total
-$ -$ 2$ 20$ 30$
- - (1) (8) (12)
- - 1
12 18
- - 1 12 18
5 28 110 1,369 2,024
5$ 28$ 111$ 1,381$ 2,042$ PAGE 316
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PAGE 317

NONMAJOR

ENTERPRISE FUNDS

ANNUAL COMPREHENSIVE

FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2023
PAGE 318
(This page intentionally left blank)
PAGE 319

CITY OF PASADENA FINANCIAL SECTION NON-MAJOR ENTERPRISE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 181

NONMAJOR ENTERPRISE FUNDS
Enterprise funds are used to account for City operations that are financed and operated in a manner similar to private business enterprises, where the costs of providing these services to the general public on a continuing basis are financed or recovered primarily through user charges.

Refuse Collection Fund – to account for the operations of the City's refuse collection program, a self-supporting activity, which renders services on a user charge basis to residents and businesses.

Telecommunications Fund – to account for revenues received for the use of the fiber optic system excess capacity by private sector firms and used to repay the loan, which funded its construction, as well as fees for setting up wireless facilities on City- owned property
PAGE 320

NONMAJOR ENTERRPRISE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
182 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Net Position
Nonmajor Enterprise Funds
June 30, 2023
Refuse Tele-
Collection communications Total
Assets:

Current assets:

Ca s h a nd i nve s tme nts 19,769$ 2 ,362$ 22 ,131$ Accounts recei vabl e , net 2,759 97 2,856
Due from com ponent units 2 9 11
Lease r ec eiv able - 55 55
Total current assets 22,530 2,523 25,053
Noncurrent assets:

Capital as s ets 14,017 2,420 16,437
Less: accumulated de preci a ti on/amortization (8,011) (1,129) (9,140) Capita l as
s ets , net 6,006 1,291 7,297
Total noncurrent assets 6,006 1,291 7,297
Total assets 28,536 3,814 32,350
Deferred outflow of resources:

Pension related 3,151 - 3,151
OPEB related 220 - 220
Total deferred outflow of resources 3,371 - 3,371
Liabilities:

Current liabilities:

Accounts payable and ac c r ued liabilities 1,734 - 1,734 Depos its 6,049 - 6,049
Unea rned revenues - 1,067 1,067
Lease liability 3 - 3
Subscri ption liabilit y 17 - 17 Total current liabilities 7,803 1,067 8,870
Noncurrent liabilities:

Net pension liabilit y 8,509 - 8,509
Net OP EB liabilit y 2,183 - 2,183
Subsc r iption liability 5 6 - 56
Total noncurrent liabilities 10,748 - 10,748
Total liabilities 18,551 1,067 19,618
Deferred inflow of resources:

Lea s e related - 76 76
Pension related 273 - 273
OPEB related 692 - 692
Total deferred inflow of resources 965 76 1,041
Net position:

Net inv estment in c a pital assets 5,930 1,291 7,221 Unres tri cted 6,461 1,380 7,841
Total net position 12,391$ 2,671$ 15,062$
PAGE 321

CITY OF PASADENA FINANCIAL SECTION NONMAJOR ENTERPRISE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 183 Combining Statement of Revenues, Expenditures and Changes in Net Position Nonmajor Enterprise Funds
For the Fiscal Year Ended June 30, 2023
Refuse Tele-
Collection communications Total
Operating revenues:

Charges for services:

Refuse collection 12,309$ -$ 12,309$
Telec ommunic ation - 4
15 415
Total operating revenues 12,309 415 12,724
Operating expenses:

Refus e col l ecti on 20 ,144 - 20,144
Tel ecommuni ca ti ons - 10 10
De preci a ti on/amortization 935 178 1,113
Total operating expenses 21,079 188 21,267
Operating income (loss) (8,770) 2 27 (8,543)
No
noperating revenues (expenses):

Taxes 6 ,713 - 6,713
Inter governmental 107 - 1 07
Noncom plianc e for feit ur es (430) - (430)
In
v estment earnin gs3 31 37 368
Net chan ge in fair v alue of inv estments (185) (17) (202) Ga
in (loss ) on dis posal of assets 19 - 19
Lease rev enues - 41 41
Interest ex pense (2) - (2)
T
otal nonoperating revenues (expenses) 6,553 61 6,614 Income (loss) before transfers (2,217) 288 (1,929)
Transfers:

Tr ansfer s in - 1
23 123
Transfers out (773) (504) (1,277)
C
hanges in net position (2,990) (93) (3,083)
N
et posit ion at beginning of y ear , as r est at ed 1 5 ,3 8 1 2,764 18,145 Net position at end of year 12,391$ 2,671$ 15,062$ PAGE 322

NONMAJOR ENTERRPRISE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
184 Annual Comprehensive Financial Report | June 30, 2023 Statement of Cash Flows
Nonmajor Enterprise Funds
For the Fiscal Year Ended June 30, 2023
Refuse Tele-
Collection communications Total
Cash Flows from Operating Activities:

Ca s h recei ved from cus tomers 13,602$ 585$ 14,187$ C ash pay ment s t o supplier s for goods and ser v ic es (1 1 ,8 5 4 ) (142) ( 11,996)
C
a s h pa yments to empl oyees for s ervices (7,515) - ( 7,515)
O
ther pa yments (1,223) - (
1,223)
N
et cash provided by (used for) operating activities (6,990) 443 (6,547) Cash Flows from Noncapital Financing Activities:

C ash t r ansfer s in - 1
23 123
C ash t r ansfer s out (7 7 3 ) (
504) (
1,277)
Taxes received 6,713 - 6,713
Intergov ernmental rev enues 107 - 1
07 Net cash provided by (used for) noncapital financing activities 6,047 (381) 5 ,666
Cash Flows from Capital and Related Financing Activities:

Acquisition and construction of capital assets (3,217) (71) ( 3,288)
P
roceeds from sale of capital assets 19 - 1
9 Proceeds from lease activities - 5
3 53
Net cash used for capital and related financing activities (3,198) (18) ( 3,216)
C
ash Flows from Investing Activities:

Inv estment earnings 331 37 368
Net change in fair v alue of inv estments (18 5 ) (
17) (
202)
Net cash provided by (used for) investing activities 146 20 166 Net increase (decrease) in cash and cash equivalents (3,995) 64 (3,931) Cash and cash equivalents at beginning of year 23,764 2,298 26,062 Cash and cash equivalents at end of year 19,769 2,362 22,131 Reconciliation of cash and cash equivalents to amounts
reported on the Statement of Net Position:

C ash and inv estments 1 9 , 7 6 9 2,362 22,131
Cash and cash equivalents at end of year 19,769$ 2,362$ 22, 131$ PAGE 323

CITY OF PASADENA FINANCIAL SECTION NONMAJOR ENTERPRISE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 185 Statement of Cash Flows
Nonmajor Enterprise Funds (Continued)
For the Fiscal Year Ended June 30, 2023
Refuse Tele-
Collection communications Total
Reconciliation of operating income (loss) to net cash
provided by (used for) operating activities:

Opera ti ng i ncome (l os s ) (8,770)$ 227$ (8,543)$ Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities:

Depreciation and amortization 935 178 1,113
Other revenue (expens e) (1,223) - (1,223)
(Increase) decrease in accounts receivable (467) 170 (297) (Increase) decrease in prepaids and other assets 24 - 24 Increase (decrease) in accounts payable and accrued liabilities 746 (2) 744 Increase (decrease) in unearned rev enue - (130) (130) Increase (decrease) in deposits pay able 1,761 - 1,761 Increase (decrease) in deferred inflows - non-lease related (2,510) - (2,510) (Increase) decrease in deferred outflows (1,961) - (1,961) Inc r ease (dec r ease) in net OP EB liability 12 7 - 127 Inc r ease (dec r ease) in net pension liability 4 ,34 8 - 4,348 Total adjustments 1,780 216 1,996
Net cash provided by (used for) operating activities (6,990)$ 443$ (6,547)$ Non-Cash Investing, Capital and Financing Activities
C hanges in fair v alue of inv estments (18 5 ) (17) (202) PAGE 324
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PAGE 325

INTERNAL SERVICE FUNDS
ANNUAL COMPREHENSIVE FINANCIAL REPORT | FISCAL YEAR ENDED JUNE 30, 2023 PAGE 326
(This page intentionally left blank)
PAGE 327

CITY OF PASADENA FINANCIAL SECTION NONMAJOR ENTERPRISE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 189

INTERNAL SERVICE FUNDS
Internal service funds are used
to account for the financing of goods and services provided by one City department to another or to other governmental units on a cost-reimbursement basis.

Computing and Communication Services Fund – to account for all operations of the Computing and Communications Division of the City Manager's Department, which includes such services as data processing, radio communications, telephone, and voice services.

Building Maintenance Fund – to account for housekeeping and structural maintenance of City buildings.

Fleet Replacement Fund – to account for the procurement of City vehicles.

Fleet Repair and Maintenance Fund – to account for the repair and maintenance of City vehicles.

Benefits Fund – to account for employee compensated absences, retirement, and health benefits.

Workers’ Compensation Fund – to acco unt for investigation services, temporary disability and medical payments, excess insurance, permanent disability awards, administrative servic es, and litigation costs. Premiums based on employee worker classifications are indirectly charged to each department for claims proportionate to current industry rates applicable to job functions.

General Liability Fund – to a ccount for payment of self-insured general liability and auto mobile liability claims, excess insurance, claims adjusting services, lit igation costs, and administrative services. Contributions are made from each department and are based on past claims experience and appropriate risk factors. 311 Call Center Fund – to account for the operation of the City’s central call center.

PAGE 328

INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
190 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Net Position
Internal Service Funds
June 30, 2023
Computing and
Communication Buildin g Fleet
Assets: Services Maintenance Re placement
Current assets:

C ash and inv est ment s 3 ,762$ 8,761$ 16,380$ Accounts receiva ble 15 71 25
Due from com ponent uni ts - - -
Inv entories - - -
Prepaids and ot her asset s 9 7 8 - -
L ease r ec eiv able - 307 -
Total current assets 4,755 9,139 16,405
Noncurrent assets:

L ease r ec eiv able - 321 -
Capi tal as s ets 11,058 87 28,912
Less: accumulated de preci a ti on/amortization (6,918) (34) (18,021) Ca pi tal a
s s ets , net 4,140 53 10,891
Total noncurrent assets 4,140 374 10,891
Total assets 8,895 9,513 27,296
Deferred outflow of resources:

Pension related 6,197 2,452 90
OPEB rela ted 252 140 3
Total deferred outflow of resources 6,449 2,592 93 Liabilities:

Current liabilities:

Accounts payable and accrued liabilities 798 1,658 6 Due to other funds - - -
Due to com ponent units - - -
Insurance claims payable - - -
Compensat ed absenc es - - -
Lease liabilit y - 13 -
Subscri pt ion liabilit y 1,048 9 -
Total current liabilities 1,846 1,680 6
Noncurrent liabilities:

Insurance claims payable - - -
Compensat ed absenc es - - -
Net pension liabilit y 15,659 7,222 3,061
Net OP EB liabilit y 2,499 1,392 32
Subscri pt ion liabilit y 888 31 -
Total noncurrent liabilities 19,046 8,645 3,093
Total liabilities 20,892 10,325 3,099
Deferred inflows of resources:

Leas e rela ted - 594 -
Pension related 538 213 8
OPEB rela ted 793 441 10
Total deferred inflows of resources 1,331 1,248 18 Net position:

Net investment in ca pit al assets 2,204 - 10,891 Unrestricted (9,083) 532 13,381
Total net position (deficit) (6,879)$ 532$ 24,272$ PAGE 329

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 191 Fleet
Repair and Workers' General 311
Maintenance Benefits Com pensation Liabilit y Call Center Total 3,904$ - $ 12,166$ - $ 338$ 45,311$ 26 55
-
46 1
239
4 -
- 8
-
12 410
-
- -
-
410
-
20 37 -
-
1,035
-
-
- -
-
307
4,344 75 12,203 54 339 47,314
-
-
- -
-
321
576
-
26 3,950
62 44,671
(93) - (2) (79) (12) (25,159)
483
-
24 3,871
50 19,512
483
-
24 3,871 50 19,833
4,827 75 12,227 3 ,925 389 67,147
1,376 28,406 4,287 226 330 43,364
76 19
22 13
16 541
1,452 28,425 4,309 239 346 43,905
856
3,564 98 31 26 7,037
-
31,896 - 5,113 - 37,009
-
- - 9
-
9 -
- 17,881 18 ,157 - 36,038
-
12,033 - - - 12,033
-
-
- -
-
13 50
-
- 75
12 1,194
906
47,493 17,979 23 ,385 38 93,333 -
-
23,251 5,574
-
28,825
-
820 - -
-
820
1,013 77,770 10,470 551 627 116,373
759
190
221 127
158
5,378
171
-
- 82
37 1,209
1,943 78,780 33,942 6 ,334 822 152,605 2,849 126,273 51,921 29 ,719 860 245,938 -
-
- -
-
594
119
1,591 76 20 29 2,594
241
60 70 40
50 1,705
360
1,651 146 60 79 4,893
262
-
24 3,714 1 17,096
2,808 (99,424) (35,555) (29,329) (205) (156,875) 3,
070$ (99,424)$ (35,531)$ (25,615)$ (204)$ (139,779)$ PAGE 330

INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
192 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Revenues, Expenditures and Changes in Net Position Internal Service Funds
For the Fiscal Year Ended June 30, 2023
Computing and
Communication Buildin g Fleet
Services Maintenance Re placement
Operating revenues:

Charges for services:

Computin g and communication services 20,073$ -$ -$ Buildin g maintenance - 14,530 -
Fleet re placement and maintenance - - 3,221
Emplo yee benefits - - -
Insurance - - -
Other revenues - - -
Total operating revenues 20,073 14,530 3,221
Operating expenses:

Computin g and communication services 17,372 - - Buildin g maintenance - 13,972 -
Fleet re placement and maintenance - - 214
Emplo yee benefits - - -
Insurance - - -
311 Ca l l Center - - -
De preci a ti on/amortization 1,663 10 1,488
Total operating expenses 19,035 13,982 1,702
Operating income (loss) 1,038 548 1,519
Nonoperating revenues (expenses):

Inv estment earnin gs (loss ) 42 130 229
Net chan ge in fair v alue of inv estments 8 (37) (87) Lease re v
enues - 297 -
Gain (loss ) on dis posal of assets - - 11
Interest - leases (as lessor ) - 3 -
Interest ex pense (55) (1) -
Total no
noperating revenues (expenses) (5) 392 153
Income (loss) before transfers 1,033 940 1,672
Transfers from (to) other funds:

Transfers in 930 165 1,554
Transfers out (408) (1,307) -
Net incom
e (loss) 1,555 (202) 3,226
Net position (deficit) at beginning of year (8,434) 734 21,046 Net position (deficit) at end of year (6,879)$ 532$ 24,272$ PAGE 331

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 193 Fleet
Repair and Workers' General 311
Maintenance Benefits Com pensation Liabilit y Call Center Total -$ -$ -$ -$ -$ 20,073$
- - - - - 14,530
12,507 - - - - 15,728 - 40,559 - - - 40,559
- - 15,803 20,870 - 36,673 - 109 - - 872 981
12,507 40,668 15,803 20,870 872 128,544 - - - - - 17,372
- - - - - 13,972
10,503 - - - - 10,717 - 46,481 - - - 46,481
- - 16,564 8,952 - 25,516
- - - - 759 759
76 - 2 79 12 3,330
10,579 46,481 16,566 9,031 771 118,147 1,928 (5,813) (763) 11,839 101 10,397 65 (387) 181 (98) 3 165
(12) 58 (85) 143 (1) (13)
- - - - - 297
- - - - - 11

- - - - - 3
(6) - - (3) (1) (66)
47 (329) 96 4
2 1 397
1,975 (6,142) (667) 11,881 102 10,794 (1,554) - - - - 1,095 - - - - - (1,715)
421 (6,142) (667) 11,881 102 10,174
2,649 (93,282) (34,864) (37,496) (306) (149,953) 3,070$ (99,424)$ (35,531)$ (25,615)$ (204)$ (139,779)$ PAGE 332

INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
194 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Cash Flows
Internal Service Funds
For the Fiscal Year Ended June 30, 2023
Computing and
Communication Buildin g Fleet
Services Maintenance Re placement
Cash Flows from Operating Activities:

Ca s h recei ved from cus tomers 20,069 $ 14,494$ 3,365$ Ca s h pa yments to s uppl i ers for goods a nd s ervi ces (5,270) (7,765) (84) Ca s h pa yments to empl oyees for s ervi ces (12,208) (5,235) (184) M isc ellaneous r ev enue - - 168
Net cash provided by (used for) operating activities 2,591 1,494 3,265 Cash Flows from Noncapital Financing Activities:

Tr ansfer s fr om ot her funds 9 3 0 165 1,554
Tra ns fers to other funds (408) (1,307) -
Net cash provided by (used for) noncapital financing activities 522 (1,142) 1,554 Cash Flows from Capital and Related Financing Activities:

Acqui s i ti on a nd cons tructi on of capi tal as s ets (1,480) - (3,524) P r oc eeds fr om sale of c apit al asset s - - 11 Proceeds from lea s e activities - 277 -
Net cash used for capital and related financing activities (1,480) 277 (3,513) Cash Flows from Investing Activities:

Inv est ment ear nings (loss) 4 2 130 229
Net change in fair v alue of inv estments 8 (37) (87) Net cash provided by (used for) investing activities 50 93 142 Net increase (decrease) in cash and cash equivalents 1,683 722 1,448 Cash and cash equivalents at beginning of year 2,079 8,039 14,932 Cash and cash equivalents at end of year 3,762$ 8,761$ 16,380$ Reconciliation of cash and cash equivalents to amounts
reported on the Statement of Net Position:

C ash and inv est ment s 3 ,7 6 2 8,761 16,380
Cash and cash equivalents at end of year 3,762$ 8,761$ 16,380$ PAGE 333

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 195 Fleet
Repair and Workers' General 311
Maintenance Benefits Com pensation Liabilit y Call Center Total 12,533$ 40,815$ 15,786$ 9,239$ 871$ 117,172$ (7,833) (3,913) (6,619) (8,192) (122) (39,798) (2,915) (36,573) (9,645) (938) (687) (68,385) - - - - - 168
1,785 329 (478) 109 62 9,157
(1,554) - - - - 1,095
- - - - - (1,715)
(1,554) - - - - (620)
(274) - (26) (154) (23) (5,481)
- - - - - 11
- - - - - 277
(274) - (26) (154) (23) (5,193)
65 (387) 181 (98) 3 165
(12) 58 (85) 143 (1) (13)
53 (329) 96 45 2 152
10 - (408) - 41 3,496
3,894 - 12,574 - 297 41,815
3,904$ -$ 12,166$ -$ 338$ 45,311$
3,904 - 12,166 - 338 45,311
3,904$ -$ 12,166$ -$ 338$ 45,311$
PAGE 334

INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
196 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the Fiscal Year Ended June 30, 2023
Computing and
Communication Buildin g Fleet
Services Maintenance Re placement
Reconciliation of operating income (loss) to net cash
provided by (used for) operating activities:

Opera ti ng i ncome (l os s ) 1,038 $ 548$ 1,519$ Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities:

Depreciati on and amorti zation 1,663 10 1,488 (Increase) decrease in accounts receivable (5) (36) (22) (Increase) decrease in due from component units - - -
Increase (decrease) in due to other funds - - -
(Increase) decrease in inventories - - -
(Increase) decrease in prepaids and other assets 192 - 334 Increase (decrease) in accounts payable and accrued liabilities 49 943 (48) Increase (decrease) in insurance claims pay able - - - Increase (decrease) in compensated absences - - - Increase (decrease) in deferred inflows - non-lease related (4,743) (1,968) (80) (Increase) decrease in deferred outflows (3,991) (1,530) (54) Inc r ease (dec r ease) in net OP EB liability (4 6 ) 119 (1) Increase (decrease) in net pension liability 8,434 3,408 129 Total adjustments 1,553 946 1,746
Net cash provided by (used for) operating activities 2,591$ 1,494$ 3,265$ Non-cash Investing, Capital and Financing Activities
Appr eciation (depr eciation) in fair v alue of inv estments (8 ) 37 87 PAGE 335

CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 197 Fleet
Repair and Workers' General 311
Maintenance Benefits Com pensation Liabilit y Call Center Total 1,928$ (5,813) $ (763) $ 11,839$ 101$ 10,397$ 76 - 2 79 12 3,330
22 146 (17) (28) - 60
3 - - 15 - 18
- 7,326 - (504) - 6,822
98 - - - - 98
- - - - - 526
(209) (1,596) 20 89 13 (739)
- - 154 (11,445) - (11,291)
- 666 - - - 666
(1,045) (22,814) (2,015) (115) (266) (33,046) (882) (17,511) (3,243) (168) (207) (27,586) (56) 27 26 61 (38) 92
1,850 39,898 5,358 286 447 59,810 (143) 6,142 285 (11,730) (3 9) (1,240)
1,785$ 329$ (478)$ 109$ 62$ 9,157$ 12 (58) 85 (143) 1 13
PAGE 336
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PAGE 337

FIDUCIARY
FUNDS

ANNUAL COMPREHENSIVE

FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2023
PAGE 338
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PAGE 339

CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 201

FIDUCIARY FUNDS
Fiduciary funds are used to account for assets held by the City in a trustee or custodial capacity for individuals, governmental entities, and others, and are oper ated by carrying out the specifications of trust indentures, statutes, ordinances, or other governing regulations.

Pension (and Other Employee Benefit) Trust Funds:

Deferred Compensation Fund – to account for resources earned by present and former employees and held in a trust capacity by the City in accordance with the provisions of Internal Revenue Code Section 457.

Fire and Police Retirement Fund – to account for transactions of the Fire and Police Retirement System, which is governed by its own retirement board.

Custodial Funds:

Lake/Washington Special Assessment District Fund – to account for maintenance costs of the parking lot located at Lake Avenue and Washington Boulevard.

Library Equipment Replacement Fund – to account for the library automated control system operated under joint agreement with the City of Glendale.

Workforce Innovation and Opportunity Act Fund – to account for the administration of Workforce Innovation and Opportunity Act (WIOA) activities under the direction of the Foothill Workforce Development Board (FWDB).

Open Space Assessment District Fund – to account for receipt and disbursement of debt service activity related to the acquisition and improvement of the Annandale Canyon Estates and adjacent property to be established as open space.

Pasadena Rental Housing Board Fund – to account for resources to provide affordable housing and community development opportunities for low- and moderate-income persons to enhance and strengthen the City.

Private-Purpose Trust Funds : The fiduciary fund type used to report all trust arrangements, other than those properly reported in employee benefit trust funds or investment trust funds, under which principal and income benefit individuals, private organizations, or other governments. Private-purpose trust funds are used for the acti vities of the Successor Agency to the Pasadena Community Development Commission (PCAC). See the next tab for the combining statements related to the Successor Agency.

PAGE 340

FIDUCIARY FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
202 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Net Position
Pension (and Other Employee Benefit) Trust Funds
June 30, 2023
Fire & Police
Deferred Retirement
Compensation S ystem Total
Assets:

Current assets:

C ash and c ash e quivalents 350,687$ 2,628$ 353,315$ Short-term i nves tments - 4,877 4,877
Total current assets 350,687 7,505 358,192
Receivables:

Accounts - 2 2
Interest - 173 173
Pendin g trade s ales - 1,854 1,854
Total receivables - 2,029 2,029
Investments, at fair value:

Government and a gencies - 15,344 15,344
Fixed income mutual funds - 13,798 13,798
Domestic cor porate obli gations - 19,599 19,599
Inter national c or porate obli gat ions - 1,266 1,266
Real estate - 12,722 12,722
Equit y - domestic - 19,982 19,982
Equit y - international - 19,952 19,952
Total investments - 102,663 102,663
Total assets 350,687 112,197 462,884
Liabilities:

Accounts payable and ac c r ued liabilit ies - 59 59
Pending trade purchases - 7,761 7,761
Total liabilities - 7,820 7,820
Net position reserved in trust:

Held in trust for pensions 350,687 104,377 455,064
Total net position reserved in trust 350,687$ 104,377$ 455,064$ PAGE 341

CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 203 Combining Statement of Changes in Net Position
Pension (and Other Employee Benefit) Trust Funds
For the Fiscal Year Ended June 30, 2023
Fire & Police
Deferred Retirement
Compensation System Total
Additions:

Contributions:

Plan members 15,570$ -$ 15,570$
Total contributions 15,570 - 15,570
Net investment income:

Inv estment earnin gs3 3,264 1,027 34,291
Net chan ge in fair v alue of inv estments - 2,950 2,950 Dividends - 1,617 1,617
Gross investment income 33,264 5,594 38,858
Less investment expenses - (581) (581)
Total net investment income 33,264 5,013 38,277
Total additions 48,834 5,013 53,847
Deductions:

Benefits paid to par t ic ipant s 2 3,023 11,954 34,977 Adminis trative ex penses 216 344 560
Total deductions 23,239 12,298 35,537
Change in net position 25,595 (7,285) 18,310
Net position held in trust for employees:

Begi nni ng of yea r 325,092 111,662 436,754
End of year 350,687$ 104,377$ 455,064$
PAGE 342

FIDUCIARY FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
204 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Net Position
Custodial Funds
June 30, 2023
Lake/
Washington Workforce
Special Library Innovation and O pen Space
Assessment E quipment O pportunity Assessment Pasadena Rental District Re placement Act (WIOA) District Housin g Board Total Assets:

Cash and investments - $ 303$ 15$ 143$ -$ 461$ Accounts recei va bl e 4 6 692 3 - 705 Total assets 4 309 707 146 - 1,166 Liabilities:

Accounts payable and ac c r ued liabilities - - 849 1 5 855 Due to other gov ernments 10 - - - - 10 Due to bondholders - - - 916 - 916 Total liabilities 10 - 849 917 5 1,781 Net position (deficit) held in custody:

Res tri cted for s pec ial assessments (6) - - - - (6) Res tri cted f
or l i bra ry equi pment - 309 - - - 309 Res tri cted for WIOA - - (142) - - (142) Restricte
d for bondholders - - - (771) - (771)
Res tri cted f
or renta l hous i ng - - - - (5) (5)
End of year (6)$
309$ (142)$ (771)$ (5)$ (615)$
PAGE 343

CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 205 Combining Statement of Fiduciary Net Position
Custodial Funds
For the Fiscal Year Ended June 30, 2023
Lake/
Washington Workforce
Special Library Innovation and O pen Space
Assessment E quipment O pportunity Assessment Pasadena Rental District Re placement Act (WIOA) District Housin g Board Total Additions:

Inv estment earnin gs (loss ) -$ 4 $ - $ 1 $ -$ 5$ Assessment r ev enue 2 9
- - 83 - 112
In
tergovernmental - - 1,920 - - 1,920
Total additions 29 4 1,920 84 - 2,037
D
eductions:

Contributions to Cit y 33 - - - - 33 Progra m expense - - 2,895 - - 2,895 Administra tive ex pense - - - 3 5 8 Interest ex pense - - - 55 - 55
T
otal deductions 33 - 2
,895 58 5 2,991
Change in net position (4) 4 (975) 2 6 (5) (954)
Ne
t position (deficit) held in custody:

Be ginnin g of year (2) 3 05 8 33 (797) - 339
End of year (6)$ 3
09$ (142)$ (771)$ (5)$ (615)$
PAGE 344
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PAGE 345

SUCCESSOR AGENCY - COMBINED
ANNUAL COMPREHENSIVE FINANCIAL REPORT | FISCAL YEAR ENDED JUNE 30, 2023 PAGE 346
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PAGE 347

CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 209

PRIVATE-PURPOSE TRUST FUNDS
Private-purpose trust funds are one type of the fiduciary funds reported in the prior tab.

Successor Agency to Pasadena Community Development Commission (PCAC) – was formed to account for receipt of incremental property tax and disbursements related to enforceable obligations (debts) of the former redevelopment agency.

It will remain in place until all enforcea ble obligations, as approved on the Recognized Obligation Payment Schedule (ROPS) by California Department of Finance, are paid in full and all assets have been liquidated. It includes the following funds:
• Administration Fund – to account for administrative costs of the Successor Agency as approved on the ROPS. • Redevelopment Obligation Retirement Fund – to account for receipts and disbursements of incremental property tax.
• Debt
Funds – to account for enforceable obligations of the former redevelopment agency. They include Ol d Pasadena,
Lincoln, Downtown, Fair Oaks, Orange Grove, Villa Parke, Lake /Washington project areas, and the Afforda
ble Housing debt function. The Affordable Housing debt fund is used to account for the 2006 Tax Allocation Revenue Bonds (housing set-aside revenues – Townhouse Project Refunding), Housing Enabled by Local Partnerships (HELP) program loans, and payment of enforceable obligations of the former Low and Moderate Income Housing Fund.

PAGE 348

PRIVATE-PURPOSE TRUST FUNDS FINANCIAL SECT ION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
210 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Net Position
Private-Purpose Trust Funds
June 30, 2023
Redevelopment
Obligation
Retirement Old Pasadena Lincoln Downtown
Assets
Current assets:

Cash and investments 5$ -$ -$ -$
Cash with fiscal a gent 80 - - -
Notes receivable - - - -
Allowanc e for unc ollec t ible
lon g-ter m r eceiv able - - - -
Total current assets 85 - - -
Noncurrent assets:

Land and land rights 214 - - -
Total noncurrent assets 214 - - -
Total assets 299 - - -
Net Position
Net position held in trust 299$ -$ -$ -$
Successor Agency
PAGE 349

CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 211 Fair Oaks Orange Grove Villa Parke
Lake
Washington Total
43$ 70$ 9$ 86$ 213$
- - - - 80
515 - - - 515
(515) - - - (515)
43 70 9 86 293
- - - - 214
- - - - 214
43 70 9 86 507
43$ 70$ 9$ 86$ 507$
Successor Agency
PAGE 350

PRIVATE-PURPOSE TRUST FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
212 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Changes in Net Position
Private-Purpose Trust Funds
For the Fiscal Year Ended June 30, 2023
Redevelopment
Obligation
Retirement Old Pasadena Lincoln Downtown
Additions:

Property ta xes 6,250$ -$ -$ -$
Gain /(loss ) on dis position of property 648 - - - M isc ellaneous r ev enues - - - -
Total additions 6,898 - - -
Deductions:

Statutor y pass-t hr ough ex penses - 3,755 55 -
Administrative expenses:

Count y administr ativ e ex penses - 129 7 649
Successor agency administrativ e
cost allowance 648 - - -
Total deductions 648 3,884 62 649
Transfers:

Transfers in - 3,884 62 649
Transfers out (6,178) - - -
Total tra
nsfers (6,178) 3,884 62 649
Change in amount held in trust 72 - - -
Amount held in trust at be ginnin g of year 227 - - - Amount held in trust at end of year 299$ -$ -$ -$
Successor Agency
PAGE 351

CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 213 Fair Oaks Orange Grove Villa Parke
Lake
Washington Total
-$ -$ -$ -$ 6,250$
- - - - 648
- 21 - - 21
- 21 - - 6,919
531 57 534 343 5,275
-
40 22 46 10 903
- - - - 648
571 79 580 353 6,826
571 79 580 353 6,178
- - - - (6,178)
571
79 580 353 -
- 21 - - 93
43 49 9 86 414
43$ 70$ 9$ 86$ 507$
Successor Agency
PAGE 352
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PAGE 353

COMPONENT UNITS

ANNUAL COMPREHENSIVE

FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2023
PAGE 354
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PAGE 355

CITY OF PASADENA FINANCIAL SECTION COMPONENT UNITS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 217

DISCRETELY PRESENTED COMPONENT UNITS
Component units are legally
separate organizations for which the elected officials of the primary government are financially accountable. In addition, component units can be other orga nizations for which the nature and significance of their relationship with a primary government are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. Discretely presented component units do not meet one of the two criteria for blending. The two criteria required to blend component units are (1) the Board of the component unit is substantively the same as that of the City or (2) the component unit serves the City exclusively.

Rose Bowl Operating Company (RBOC) – incorporated on January 18, 1994, as a legally separate entity with the primary purpose of returning economic and civic value to the City by managing a world class stadium and a professional quality golf course complex in a residential open-space environment.

Pasadena Center Operating Company (PCOC) – established on September 19, 1973, as a legally separate entity with the primary purpose of managing and operating the Pasadena Center, a civic facility designed for conferences, exhibitions, trade shows, assemblies, cultural, educational, and recreational programs, and for the use, benefit, and enjoyment of the public.

Pasadena Community Access Corporation Board (PCAC) – establishe d on December 9, 1983, by Articles of Incorporation, to provide a means for individuals or groups to use cable telecommunications to communicate and share information.

PAGE 356

COMPONENT UNITS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
218 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Net Position
Discretely Presented Component Units
June 30, 2023
Rose Bowl Pasadena Center Pasadena
Operating Operating Community
Company Company Access Corp.T otal
Assets:

Current assets:

Cash and investments 35,352$ 17,403$ 408$ 53,163$ Accounts recei va bl e, net 5,285 852 4 6,141
Inventor y 316 - - 316
Due from Cit y of Pasadena 235 676 - 911
Pre paids and other assets 224 121 11 356
L ease r ec eiv able - 18 - 18
De posits - - 12 12
Restr ic t ed c ash and c ash inv est ments - 7,912 556 8,468 Total current assets 41,412 26,982 991 69,385
Noncurrent assets:

Rest r ic t ed assets - c ash and inv estment s 1 0,633 - - 10,633 Due from Cit y of Pa s a dena 422 - - 422
L ease r ec eiv able 2 4 4 28 - 272
C apital asset s:

Not bein g de preci a ted/amor t ized - 2,426 - 2,426 Bein g de preci a ted/amor tized, net 148,967 116,558 79 265,604 Total noncurrent assets 160,266 119,012 79 279,357
Total assets 201,678 145,994 1,070 348,742
Deferred outflow of resources:

Accumulated decrease in fair value of hed gin g de ri va ti ve s - 4,432 - 4,432 Deferred refundin g char ges 1,396 834 - 2,230
P ension r elat ed 1,780 - - 1,780
Total deferred outflow of resources 3,176 5,266 - 8,442 Liabilities:

Current liabilities:

Accounts payable and ac c r ued liabilities 4,977 1,053 9 6,039 Accrued salaries and benefits 542 731 24 1,297
Accrued interest 3,076 483 - 3,559
Due to Cit y of Pasadena 1,529 - - 1,529
De posits payable 2,417 1,572 - 3,989
Lon g-term adv ance due within one yea r 100 - - 100 Com pensated absences due within one yea r 173 - 39 212 Lease liabilit y - 62 28 90
Subscri ption liabilit y - 89 - 89
Lon g-term debt due within one yea r 5,238 6,775 - 12,013 Unearned rev enue 5,191 - - 5,191
Total current liabilities 23,243 10,765 100 34,108
Noncurrent liabilities:

Accrued salaries and benefits 98 - - 98
L ease liabilit y - 11 - 11
Subscri ption liabilit y - 137 - 137
Lon g-term a dva nce 400 - - 400
Der iv ativ e instr ument liability - 4,432 - 4,432 Lon g-term debt , net of current portion 196,756 127,945 - 324,701 Net pension liabilit y 3,526 - - 3,526
Total noncurrent liabilities 200,780 132,525 - 333,305 Total liabilities 224,023 143,290 100 367,413
Deferred inflow of resources:

Deferred refundi n g cha rge- 3,699 - 3,699
Serv ice concession a greement - 117 - 117
Leas e rel a ted 463 46 - 509
Pens i on rel a ted 88 - - 88
Total deferred inflow of resources 551 3,862 - 4,413 Net position/(deficit):

Net inv estment in c apit al asset s (24,145) 11,703 51 (12,391) Restricted 1
0,633 2,199 556 13,388
Unres tri cted (6,208) (9,794) 363 (15,639)
Total net
position/(deficit) (19,720)$ 4,108$ 970$ (14,642)$ PAGE 357

CITY OF PASADENA FINANCIAL SECTION COMPONENT UNITS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 219 Combining Statement of Revenues, Expenses and Changes in Net Position Discretely Presented Component Units
For the Fiscal Year Ended June 30, 2023
Rose Bowl Pasadena Cente r Pasadena
Operating Operating Community
Company Company Access Corp.T otal
Operating revenues:

Charges for services:

Rose Bowl 41,941$ -$ -$ 41,941$
Golf course 10,471 - - 10,471
Pasadena Center O peratin g Compan y - 12,746 - 12,746 Pasadena Communit y Access Cor poration - - 1,093 1,093 Total operating revenues 52,412 12,746 1,093 66,251 Operating expenses:

Rose Bowl 34,072 - - 34,072
Golf course 8,047 - - 8,047
Pasadena Center O peratin g Compan y - 11,837 - 11,837 Pasadena Communit y Access Cor poration - - 909 909 De preci a ti on/amor tization 11,888 3,990 194 16,072 Total operating expenses 54,007 15,827 1,103 70,937 Operating loss (1,595) (3,081) (10) (4,686)
Nonoperating revenues (expenses):

Contributions from Cit y of Pasadena - - - - Grant revenues - 67 - 67
Tra ns i ent occupanc y ta xes - 11,300 - 11,300
Tourism business im provement district tax - 4,029 - 4,029 Facilit y res tora ti on fee - 137 - 137
Investment income 636 368 - 1,004
Interest income - - - -
Interest ex pense (12,236) (5,412) - (17,648)
Lease
revenues - 16 - 16
Public, education, and government (PEG) revenue - - 191 191 PEG e xpense - - (90) (90)
Other n
ono peratin g revenues 4,585 - - 4,585
Total nonoperating revenues (7,015) 10,505 101 3,591 Income before capital contributions (8,610) 7,424 91 (1,095) Capital contributions - 76 - 76
Changes in net position (8,610) 7,500 91 (1,019) Net po
s i ti on a t begi nni ng of yea r (11,110) (3,392) 879 (13,623) Net position at end of year (19,720)$ 4,108$ 970$ (14,642)$ PAGE 358

COMPONENT UNITS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
220 Annual Comprehensive Financial Report | June 30, 2023 Combining Statement of Net Position
Discretely Presented Component Unit
Rose Bowl Operating Company
June 30, 2023
Golf
Rose Bowl Course Total
Assets
Current assets:

Cash and investments 17,986$ 17 ,366$ 35 ,352$
Accounts recei vabl e, net 5,141 144 5,285
Lease r ec eiv able 2 35 - 235
Inv entory 57 259 316
Prepaids and other assets 2 24 - 224
Total current assets 23,289 18,123 41,412
Noncurrent assets:

Due from Cit y of Pasadena 422 - 422
Rest r ic t ed asset s - c ash and inv est ment s 1 0,633 - 10,633 Lease r ec eiv able 2 44 - 244
Capital assets:

Bein g de preci a ted/amor tized, net 143,372 5,595 148,967 Total noncurrent assets 154,671 5,595 160,266
Total assets 177,960 23,718 201,678
Deferred outflow of resources
Deferred refundi n g cha rge1 ,396 - 1,396
Pension related 1,719 61 1,780
Total deferred outflow of resources 3,115 61 3,176 Liabilities
Current liabilities:

Accounts payable and ac c r ued liabilities 3,783 1,194 4,977 Accrued salaries and benefits 491 51 542
Accrued interest payable 3,076 - 3,076
Due to Cit y of Pasadena 1,529 - 1,529
De posits 2,417 - 2,417
Unearned rev enues 5,005 186 5,191
Current portion of lon g-term advance 100 - 100
Current portion of com pensated absences 167 6 173 Current portion of lon g-term debt 5,186 52 5,238
Total current liabilities 21,754 1,489 23,243
Noncurrent liabilities:

Long-term advance 400 - 400
Compensated absences 88 10 98
Long-term debt , net of current portion 196,290 466 196,756 Net pension liabilit y 3,406 120 3,526
Total noncurrent liabilities 200,184 596 200,780 Total liabilities 221,938 2,085 224,023
Deferred inflows of resources
Leas e related 463 - 463
Pension related 62 26 88
Total deferred inflows of resources 525 26 551
Net Position
Net inv estment in c apital assets (29,223) 5,078 (24,145) Res tri cte
d for debt s ervi ce 10,633 - 10,633
Unres tri cted (22,798) 16,590 (6,208)
Total net
position (deficit) (41,388)$ 21,668$ (19,720)$ PAGE 359

CITY OF PASADENA FINANCIAL SECTION COMPONENT UNITS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 221 Combining Statement of Revenues, Expenses and Changes in Net Position Discretely Presented Component Unit
Rose Bowl Operating Company
For the Fiscal Year Ended June 30, 2023
Rose Bowl Golf Course Total
Operating revenues:

Charges for services:

Rose Bowl 41 ,941$ - $ 41,941$
Golf course - 10,471 10,471
Total operating revenues 41,941 10 ,471 52 ,412 Operating expenses:

Rose Bowl 34 ,072 - 34,072
Golf course - 8,047 8,047
De pre ci a ti on/amortization 11,202 686 11,888 Total operating expenses 45,274 8,733 54,007 Operating income (loss) (3,333) 1,738 (1,595) Nonoperating revenues (expenses):

Inv estment earnin gs (loss ) 620 16 636
Interest ex pense (12,236) - (12,236)
Other
nono peratin g re ve nue s 4,582 3 4,585
Total nonoperating revenues (expenses) (7,034) 19 (7,015) Changes in net position (10,367) 1,757 (8,610) Net
position (deficit) at beginning of year (31,021) 19,911 (11,110) Net position (deficit) at end of year (41,388)$ 21,668$ (19,720)$ PAGE 360
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PAGE 361

STATISTICAL SECTION
ANNUAL COMPREHENSIVE FINANCIAL REPORT | FISCAL YEAR ENDED JUNE 30, 2023 PAGE 362
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STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
224 Annual Comprehensive Financial Report | June 30, 2023 PAGE 363

STATISTICAL SECTION CONTENT DESCRIPTION
(Unaudited)
This section of the City of Pasadena’s annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health.

Contents
Financial Trends 226
These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time.

Net Position
Changes in Net Position
Fund Balances of Governmental Funds
Changes in Fund Balances of Governmental Funds
Revenue Capacity 237
These schedules contain information to help the reader assess the City’s two most significant local revenue sources by type, the property and sales tax for governmental activities and electric revenue for business-type activities.

Assessed Value and Estimated Actual Value of Taxable Property Direct and Overlapping Property Tax Rates
Principal Property Taxpayers
Property Tax Levies and Collections
Taxable Sales by Category
Electricity Sold by Type of Customer
Electricity Rates
Electricity Customers
Debt Capacity 248
These schedules present information to help the reader assess the affordability of the City’s current levels of outstanding debt and the
City’s ability to issue additional debt in the future.

Ratio of Outstanding Debt by Type
Ratio of General Bonded Debt Outstanding
Direct and Overlapping Bonded Debt
Legal Debt Margin Information
Governmental Activity Debt
Business-Type Activity Debt
Demographic and Economic Information 260
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place.

Demographic and Economic Statistics
Principal Employers
Operating Information 262
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs.

Full-time and Part-time City Employees by Program
Operating Indicators by Function/Program
Capital Asset Statistics by Function/Program
Sources:

Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year.

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 225 PAGE 364

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
226 Annual Comprehensive Financial Report | June 30, 2023 Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2014 2015 2016 2017
Governmental activities
Net inv estment in c a pit al asset s 4 1 9,328$ 408 ,195$ 405 ,858$ 418 ,266$ Restricted 60 ,592 44,327 56,050 55,477
Unrestricted (29,751) (339,336) (325,826) (310,488)
Tota
l governmenta l a ctivities net position 4 5 0,169 113,186 136,082 163,254 Business-type activities
Net inv estment in c a pit al asset s 4 2 2,610$ 371 ,526$ 449 ,141$ 408 ,944$ Res tri cted 133 ,791 176,248 153,241 171,545
Unres tri cted 159,948 114,512 131,037 183,279
Tot al business-t ype a ctivities net position 7 1 6,349$ 662 ,286$ 733 ,419$ 763 ,768$ Primary government
Net inv estment in c a pit al asset s 8 4 1,938$ 779 ,721$ 854 ,999$ 827 ,210$ Res tri cted 194 ,383 220,574 209,291 227,022
Unres tri cted 130,197 (224,824) (194,789) (127,209) Tota
l pri ma ry gov ernment net position 1 ,166,518$ 775 ,471$ 869 ,501$ 927 ,023$ Fiscal Year
PAGE 365

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30 , 2023 227 Financial Trends
2018 2019 2020 2021 2022 2023
439,355$ 458,378$ 470,689$ 468,005$ 471,778$ 493,108$ 69,730 79,205 84,006 82,123 81,495 86,143
(362,358) (362,242) (364,572) (390,132) (403,721) (345,893) 146,726 175,341 190,123 159,996 149,553$ 233,358$ 420,692$ 434,358$ 458,534$ 486,944$ 499,719$ 521,998$ 152,811 142,806 128,220 126,668 109,474 93,335
199,209 230,707 244,811 240,454 270,029 278,453 772,712$ 807,871$ 831,565$ 854,066$ 879,222$ 893,786$ 860,047$ 892,736$ 929,223$ 954,949$ 971,497$ 1,015,106$ 222,541 222,011 212,226 208,791 190,969 179,478 (163,149) (131,535) (119,761) (149,678) (133,691) (67,440) 919,439$ 983,212$ 1,021,688$ 1,014,062$ 1,028,775$ 1,127,144$ Fiscal Year
PAGE 366

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
228 Annual Comprehensive Financial Report | June 30, 2023 Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2014 2015 2016 2017
Expenses
Governmental activities:

General gov ernment 53,260$ 38 ,902$ 59,425$ 42,895$ P ublic safet y 104,708 106,327 96,484 127,760
Trans porta tion 59,581 49,526 35,739 41,738
Utilit y - - - -
Sa nita tion 4,106 4,232 4,267 4,290
Health 14,239 13,764 10,914 10,558
C ultur e and leisur e 3 1,321 30,127 32,286 34,249 Communit y develo pment 31,669 35,248 72,725 39,787 Interes t a nd other fi s ca l cha rges 11,047 10,310 9,187 8,611 Total governmenta l a ctivities ex pens es 309,931$ 288 ,436$ 321,027$ 309,888$ Business-type activities:

El ectri c 177 ,590$ 171 ,282$ 174,858$ 183,522$ Water 51 ,054 48,462 45,240 48,009
Refuse 13,022 12,843 14,421 14,330
Pa rki ng 14,556 13,532 14,488 13,062
Tel ecommuni cati on 849 89 141 110
Tot al business-t ype activities ex pens es 257,071 246,208 249,148 259,033 Total pri ma ry gov ernment ex pens es 567,002$ 534 ,644$ 570,175$ 568,921$ Program Revenues
Governmental activities:

Cha rges for s ervi ces :

General gov ernment 17,872$ 18 ,750$ 18,053$ 14,651$ P ublic safet y 13,050 14,674 14,841 19,244
Trans portation 14,253 16,059 16,384 16,663
Sanitation 8,010 7,875 7,008 7,127
Hea l th 797 1,022 644 870
C ultur e and leisur e 3,382 3,566 4,504 5,870
Communit y develo pment 12,935 12,630 14,193 15,803 Operatin g grants and contributions 35,948 41,943 40,422 41,050 Capital grants and contributions 16,504 16,197 15,383 9,083 Total governmental activities progra m revenues 122 ,751$ 132 ,716$ 131,432$ 130,361$ Business-type activities:

Cha rges for s ervi ces :

El ectri c 188,174$ 203 ,748$ 199,197$ 202,480$ Water 61 ,233 57,440 50,835 58,287
Refuse 11,925 11,959 11,880 11,775
Pa rki ng 13,334 13,603 14,621 14,595
Tel ecommuni ca ti on 816 655 609 669
Operatin g grants and contributions - - - -
Capital grants and contributions 2,828 2,905 2,790 4,811 Tot al business-t ype activities progra m revenues 278 ,310 290,310 279,932 292,617 Total pri ma ry gov ernment progra m revenues 401,061$ 423 ,026$ 411,364$ 422,978$ Net Revenues (Expenses)
Governmental activities (187,180) (155,720) (189,595) (179,527) Business-t ype activities 21,239 44 ,102 30 ,784 33 ,584 Tota l net revenues (expenses ) (165,941)$ (111,618)$ (158,811)$ (145,943)$ Fiscal Year
PAGE 367

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 229 Financial Trends
2018 2019 2020 2021 2022 2023
45,755$ 49,619$ 67,355$ 72,811$ 86,104$ 68,549$ 142,495 145,937 152,889 148,287 151,005 157,931 46,452 52,239 55,429 48,597 44,752 49,533
- - 6,134 171 124 135
4,376 4,117 4,600 6,783 6,091 5,831
11,347 13,401 15,367 17,465 17,062 18,967
38,365 37,135 37,224 45,291 48,529 50,399
45,114 47,304 52,019 57,362 62,727 59,411
8,411 7,889 6,425 6,500 6,364 6,311
342,315$ 357,641$ 397 ,442$ 403,267$ 422,757$ 417 ,067$ 187,872$ 196,874$ 197 ,138$ 196,389$ 196,718$ 239,414 $ 54,757 56,738 58,974 63,933 61,518 61,705
15,695 16,528 19,429 20,059 18,818 21,509
14,140 14,502 14,713 12,097 10,901 13,222
144 170 164 189 163 188
272,608 284,812 290,418 292,667 288,117 336,038 614,923$ 642,453$ 687 ,860$ 695,934$ $ 710 ,875 $ 753 ,105 10,861$ 11,203$ 20,245$ 13,504$ 12,984$ 13,551$ 15,708 15,297 13,656 10,322 13,736 15,285
28,165 30,555 26,933 20,811 16,607 18,761
7,665 8,193 7,728 7,321 7,301 7,721
2,346 2,432 2,497 2,154 2,168 2,610
3,181 2,748 1,725 674 1,096 840
13,286 14,954 12,487 11,795 14,470 16,276
47,058 59,763 56,837 60,764 80,747 108,876
14,190 8,582 36,663 9,449 10,184 22,223
142,460$ 153,727$ 178 ,771$ 136,794$ $ 159 ,292 $ 206 ,143 212,116$ 218,054$ 217 ,873$ 222,266$ 226,509$ 255,825 $ 62,592 60,181 62,466 71,269 69,359 64,961
11,413 11,743 11,644 11,502 11,864 12,309
14,560 13,977 11,229 9,198 11,066 13,545
471 680 439 568 776 415
2,355 1,462 1,784 2,777 6,188 2,161
4,112 3,615 2,934 4,248 4,559 5,897
307,619 30 9,712 308,369 321,828 330,320 355,113 450,079$ 463,439$ 487 ,140$ 458,622$ $ 489 ,613 $ 561 ,256 (199,855) (203,914) (218,671) (266,473) (263,465) (210,924) 35,011 2 4,900 17,951 29,161 42,203 19,075
(164,844)$ (179,014)$ (200,720)$ (237,312)$ $ (221,262) $ (191,849) Fiscal Year
PAGE 368

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
230 Annual Comprehensive Financial Report | June 30, 2023 Changes in Net Position (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2014 2015 2016 2017
General Revenues and Other Changes in Net Position
Governmental activities:

Taxes:

Property, lev ied for general purpose 44,066$ 56 ,446$ 59,141$ 68,752$ Sales 33 ,198 33,706 36,855 35,708
Utilit y users' 28,893 29,316 28,100 28,251
Transient occu panc y 12,043 13,165 14,864 15,229
Cons truction 3,682 4,770 4,375 3,491
Business lic ense 5,633 5,836 6,483 6,347
Fra nchi s e 2,361 2,903 2,542 2,797
Other taxes 7,088 7,181 7,335 7,298
Other inter gov ernmental 15,924 16,648 18,005 18,259 Use of mone y - inv estment ear nin gs4 ,833 4,461 4,955 1,857 Use of property - lease activit y - - - -
Net chan ge in fair v alue of inv estments - - - - Gain on sale of asset s 1,153 370 (60) -
M
isc ellaneous r ev enues 4,655 4,863 14,621 8,224
Reinst at ement of P C DC L oan - - 11,128 -
Transfers 16,305 14,657 15,033 18,652
Total governmenta l a ctivities $ 179 ,834 $ 194 ,322 $ 223 ,376 $ 214 ,865 Business-type activities:

Taxes:

Franchise tax 3 ,907$ 4,319$ 4,575$ 4,893$
Use of mone y - inv estment ear nin gs7 ,136 5,529 6,593 2,372 Use of property - lease activit y - - - -
Net chan ge in fair v alue of inv estments - - - - Gain on sale of asset s (1,161) - (311) -
M isc ellaneous r ev enues 8,977 15,631 42,427 8,154 Transfers (16,305) (14,657) (15,033) (18,652)
T
ot al business-t ype activities 2,554 10 ,822 38 ,252 (3,234) Total pri ma ry government $ 182 ,388 $ 205 ,144 $ 261 ,627 $ 211 ,631 Changes in Net Position
Gov er nmental activ ities (7,346) 38,602 33 ,781 35 ,338 Business-t ype activities 23,793 54 ,924 69 ,036 30 ,351 Total pri ma ry government $ 16 ,447 $ 93 ,526 $ 102 ,816 $ 65 ,688 Fiscal Year
PAGE 369

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 231 Financial Trends
2018 2019 2020 2021 2022 2023
63,483$ 68 ,275$ 70,689$ 76,579$ 79,144$ 84,327$ 35,076 44,616 57,513 62,308 74,366 76,899 27,881 26,982 26,966 26,938 30,124 32,790 15,814 16,948 13,090 6,298 14,711 18,675
3,265 4,985 4,091 2,097 2,626 3,969 7,196 7,302 6,900 6,351 5,890 7,841 2,733 2,881 2,827 2,813 2,730 3,749 7,449 7,286 1,614 5,661 16,309 17,048 19,996 20,345 20,831 25,424 23,797 25,387 3,008 10,922 8,231 2,518 2,239 4,817 - - - - 731 1,652
- - - - (15,262) (1,651)
(299) - 2,288 - - -
11,372 8,270 5,493 3,091 4,664 3,361
- - - - - -
18,766 13,976 14,349 16,267 10,954 15,865 $ 215 ,740 $ 232 ,788 $ 234 ,882 $ 236 ,345 $ 253 ,022 $ 294 ,729 5,359$ 5 ,787$ 6,083$ 5,722$ 6,162$ 6,713 $ 2,506 16,216 10,940 1,033 2,793 6,568
- - - - 395 441
- - - - (25,439) (4,449)
(49) (1,114) - - (167) -
2,552 3,346 3,069 2,852 10,571 2,940
(18,766) (13,976) (14,349) (16,266) (11,362) (15,933) (8,398) 10,259 5 ,743 (6,659) (17,048) (3,720) $ 207 ,342 $ 243 ,047 $ 240 ,625 $ 229 ,686 $ 235 ,974 $ 291 ,009 15,885 28 ,874 16 ,211 (30,128) (10,443) 83,805 26,613 35 ,159 23 ,694 22 ,502 25 ,155 15 ,355 $ 42 ,498 $ 64 ,033 $ 39 ,905 $ (7,626) $ 14 ,712 $ 99 ,160 Fiscal Year
PAGE 370

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
232 Annual Comprehensive Financial Report | June 30, 2023 Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2014 2015 2016 2017
General Fund:

Nons pendable 8,352$ 8 ,620$ 12 ,236$ 11 ,108$ Restricted - 400 400 400
Committed 34,868 30,951 33,451 47,563
A ssigned 5,043 11,087 17,227 26,825
Unassi gned 15,015 12,140 15,139 3,832
Total General Fund 63,278 63,198 78,453 89,727
All Other Governmental Funds:

Nons pendable 31,674 30,997 7,799 2,482
Restricted 57,300 52,516 55,650 55,077
Committed 72,479 87,144 101,338 106,631 A ssigned - - - - Unassi gned (7,981) (7,482) (8,126) (10,950)
Tot
al all other Governmental Funds 153,472 163,175 156,661 153,240 Total Governmental Funds 216,750$ 226 ,373$ 235 ,114$ 242 ,967$ Fiscal Year
PAGE 371

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30 , 2023 233 Financial Trends
2018 2019 2020 2021 2022 2023
4,545$ 1,590$ 14,853$ 13,626$ 13 ,697$ 14,316$ 10,995 11,631 12,106 13,718 12,101 12,596 46,949 50,775 55,120 51,687 57,339 71,985 12,426 15,099 25,082 31,326 23,079 57,407 11,957 19,605 445 (11,294) - 8,307
86,872 98,700 107,606 99,063 106,216 164,611 1,574 1,478 1,554 1,550 1,582 1,582
58,597 67,575 71,848 68,307 64,846 68,434 108,569 121,002 115,446 111,319 102,213 101,735 - - 1,652 1,944 2,775 1,361
(2,273) (3,574) (5,180) (6,133) (9,480) (6,905) 166,467 186,481 185,320 176,987 161,937$ 166 ,207$ 253,339$ 285 ,181$ 292 ,926$ 276 ,050$ 268 ,152$ 330 ,818$ Fiscal Year
PAGE 372

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
234 Annual Comprehensive Financial Report | June 30, 2023 Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2014 2015 2016 2017
Revenues:

Taxes 136,965$ 153,323$ 159,694$ 167,874$
Licenses and permits 13,675 11,235 14,946 14,882
Inter gov ernmental 61,505 63,785 65,299 62,121
Cha rges for s ervi ces 43,416 49,413 46,984 49,324 Fi nes a nd forfei tures 6,768 7,329 7,378 7,802 Inv estment earnin gs5 ,255 4,294 4,780 1,752
Net chan ge in fair v alue of inv estments - - - - Lease rev enues 4,064 3,822 4,212 4,765
Interest - leases (as lessor ) - - - -
M isc ellaneous r ev enues 6,081 7,133 16,341 12,072 Contri buti ons 7,807 11,759 6,496 5,397
Total revenues 285,536 312,093 326,130 325,989
Expenditures:

Current:

General gov ernment 34,613 44,283 47,488 42,054
P ublic safet y 99,871 106,469 111,012 116,577
Trans portation 36,912 37,018 35,282 40,196
Utilit y - - - -
Sa nitation 4,106 4,274 4,356 4,324
Health 13,551 13,553 11,294 10,309
C ult ur e and leisur e 3 0,039 30,505 32,241 32,663 Communit y develo pment 29,579 31,933 60,841 34,370 Capital out la y 23,571 16,855 29,032 32,254
Debt service:

Pri ncipa l reti rement 20,808 129,469 6,611 6,345 Interest 9,797 8,730 8,139 8,744
Bond i s s ua nce cos ts - - - -
Lease pay ments - - - -
Subs cription payments - - - -
Interest - leases and subscriptions - - - -
Total expenditures 302,847 423,089 346,296 327,836 Excess (deficiency) of revenues
over (under) expenditures (17,311) (110,996) (20,166) (1,847) Other financing sources (uses):

Transfers in 84 ,444 61,085 51,606 121,920
Transfers out (65,045) (50,718) (38,028) (109,631) Tr
ansfers to com ponent unit (s) - - - -
Leases issued - - - -
Subscri ptions is sued - - - -
Premi um (discount ) on debt issued - - (2,283) 5,790 Issuanc e of lon g-term debt 841 351 119,460 60,460 Payment to refunded bond escrow a gent - - - (60,762) P
roceeds from sale of ca pital assets - - - -
Reinstatement of PC DC Loan - - - 11,128
Total other financing sources (uses) 20,240 10,718 130,755 28,905 Extraordinary gain (loss): - 152,582 (2,197) -
Net chan ge in fund balances 2,929$ 52,304$ 108,392$ 27,058$ Debt ser v ic e as a per c entage of
nonca pi ta l expendi tures 10.96% 34.02% 4.65% 5.10%
Fiscal Year
PAGE 373

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 235 Financial Trends
2018 2019 2020 2021 2022 2023
162,898$ 179 ,275$ 183,689$ 189,044$ 225,899$ 245,298$ 15,022 13,979 13,297 12,791 15,283 17,068
74,093 75,237 78,475 87,260 106,225 158,718
53,417 59,111 53,066 45,996 43,548 47,759
7,262 6,377 6,520 3,491 4,190 5,372
1,597 9,207 7,536 2,445 2,170 4,654
- - - - (14,844) (1,638)
4,418 4,326 10,748 3,252 4,512 5,191
- - - - 9 6
14,240 11,929 7,082 5,792 8,227 6,619
5,512 12,476 8,103 3,630 3,089 1,527
338,459 371,917 368,516 353,701 398,306 490,574 38,611 40,655 73,958 65,554 63,810 58,611
126,827 133,461 138,942 138,803 147,560 159,339 45,078 49,621 50,298 44,110 40,795 47,471
- - 6,134 171 124 135
4,352 4,300 4,493 6,669 6,037 5,886
10,977 12,522 14,250 16,265 16,505 18,944
37,111 34,529 34,266 41,355 45,876 48,270
39,365 40,599 45,126 47,952 55,694 53,112
28,707 21,492 23,795 15,985 25,020 40,296
10,520 5,996 5,572 5,117 5,416 5,822
8,558 8,220 6,081 6,559 6,394 6,220
- - 562 - - -
- - - - 1,116 1,234
- - - - - 725
-
- - - 32 54
350,106
351,395 403,477 388,540 414,379 446,119
(11,647) 20,522 (34,961) (34,839) (16,072) 44,455 80,737 76,926 72,394 67,461 73,495 77,462
(62,326) (62,000) (67,530) (49,497) (65,023) (60,910) -
- - - (408) (67)
-
- - - 110 838
- - - - - 887
-
- - - - -
- - 138 ,605 - - -
- - (131,154) - - -
- - 31,819 - -
- - - - - -
18,411 14,926 44,134 17,964 8,174 18,210
- - - - - -
6,764$ 35,448$ 9,173$ (16,875)$ (7,898)$ 62,665$

5.94% 4.31% 3.22% 3.13% 3.33% 3.46%
Fiscal Year
PAGE 374

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
236 Annual Comprehensive Financial Report | June 30, 2023 (This page intentionally left blank)
PAGE 375

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30 , 2023 237 Revenue Capacity
Assessed Value and Actual Value of Taxable Property
Last Ten Fiscal Years
Fiscal Secured Homeowners Net Secured Unsecured Total Assessed Total Direct Year Valuations Exemption Valuations Valuations Valuation Tax Rate 2014 22,534,203$ (134,257)$ 22,399,946$ 575,006$ 22,974,952$ 0.22% 2015 23,756,525 (131,813) 23,624,712 608,539 24,233,251 0.25% 2016 25,354,224 (130,238) 25,223,986 602,659 25,826,645 0.26% 2017 26,599,121 (128,241) 26,470,880 625,032 27,095,912 0.30% 2018 28,631,957 (126,543) 28,505,414 638,858 29,144,272 0.25% 2019 30,388,233 (124,908) 30,263,325 662,995 30,926,320 0.23% 2020 32,158,077 (123,481) 32,034,595 672,205 32,706,801 0.25% 2021 34,107,320 (120,266) 33,987,055 676,673 34,663,728 0.25% 2022 35,394,651 (118,859) 35,275,793 688,899 35,964,692 0.24% 2023 37,215,187 (117,845) 37,097,342 717,826 37,815,168 0.24% NOTES:

Amounts pertaining to the Pasadena Community Development Commission and the City have been combined.

In 1978 the voters of the Sta te of Ca li forni a pa s s ed Propos i tion 13 which li mited property taxes to a total ma xi mum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor " (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed at the time that it is sold to a new owner. At tha t point, the new assessed v alue is r eassessed at the pur c hase pr ic e of t he pr oper ty sold. The assessed v aluation data shown abov e r epr esents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described abo ve .

SOURCE: Sta rting wi th FY2021, HdL Coren & Cone.

PAGE 376

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
238 Annual Comprehensive Financial Report | June 30, 2023 Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)
2014 2015 2016 2017 2018
City Direct Rates:

Ci ty ba s i c ra te 0.1918 0.2329 0.2290 0.2537 0.2178 P C DC Suc c essor Agenc y 0.0282 0.0219 0.0331 0.0479 0.0356 Total Cit y Di rect Rate 0.2200 0.2548 0.2621 0.3016 0.2534 Overlapping Rates:

Los Angeles C ount y Genera l 0.4483 0.4118 0.4060 0.3647 0.4169 La Ca na da Uni fi ed School Di s tri ct 0.0672 0.0648 0.0617 0.0611 0.0591 Pa s a dena School Di s tri ct 0.4379 0.4389 0.4375 0.4386 0.4359 Pasadena Communit y
C ollege Di s tri ct 0.1247 0.1254 0.1254 0.1260 0.1248 Me tropol i tan Water Di s tri ct 0.0035 0.0035 0.0035 0.0035 0.0035 Total Di rect Rate 1.3017 1.2992 1.2963 1.2955 1.2936 Fiscal Year
NOTES:

FY2021 da ta wa s corrected i n FY2022.

The La Canada Unified School District Election of 2017 General Obligation Bonds, Series A, were authorized at an election of the registered voters of the La Canada Unified School District. The Bonds are general obligations of the Dis trict pa ya ble s olely from the proceeds of a d valorem property ta xes . The tota l a d va lorem ta x ra tes l evied, a s a percentage of a s s es s ed val ua ti on, by a l l ta xi ng enti ti es i n Ta x Ra te Area 4774, whi ch i ncl udes Pa s a dena Area C ommunity C ollege District.

SOURCES: Sta rti ng wi th FY2021, HdL Coren & Cone a nd Los Angel es County As s es s or 2012/2013 - 2021/2022 Combi ned Tax Rolls.

In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00% is s hared by al l ta xing agencies for which the s ubject property res i des within. In a dditi on to the 1.00% fixed a mount, property owners a re cha rged ta xes a s a precenta ge of a s s es s ed property va lues for the pa yment of the va rious inter gov er nmental ov er lapping debt.

PAGE 377

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 239 Revenue Capacity
2019 2020 2021 2022 2023

0.2208 0.2161 0.2209 0.2201 0.2230

0.0096 0.0301 0.0335 0.0238 0.0165

0.2304 0.2462 0.2544 0.2439 0.2395

0.4396 0.4238 0.4166 0.4267 0.4295

0.0579 0.0552 0.0562 0.0552 0.0534

0.4363 0.4365 0.4362 0.4370 0.4389

0.1247 0.1245 0.1238 0.1234 0.1238

0.0035 0.0035 0.0035 0.0035 0.0035

1.2924 1.2897 1.2907 1.2897 1.2887
Fiscal Year
PAGE 378

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
240 Annual Comprehensive Financial Report | June 30, 2023 Revenue Capacity
Principal Property Taxpayers
Current Year and Nine Years Ago
Percent of Percent of
Total City Total City
Total Taxable Total Taxable
Assessed Assessed Assessed Assessed
Property Owner Valuation Valuation* Valuation Valuation Kaiser Foundation Health Plan 317,349$ 0.84% 228,054$ 1.05% CPUS Pa s a dena LP 285,573 0.76% -

0.00%
CVFI S La ke Ave LP 272,373 0.72% -

0.00%
CSCDA Community Improvement Authority 226,809 0.60% -

0.00%
BPP Ea s t Uni on LLC 225,475 0.60% -

0.00%
PPF Off 100 W Wa l nut St LP 190,534 0.50% 173,706 0.80% Pa ci fi c Hunti ngton Hotel Corp 188,480 0.50% 158,420 0.73% PPF Off 74 N Pasadena Ave 177,066 0.47% 152,592 0.70% Wes tern As s et Pl a za LLC 174,962 0.46% 154,133 0.71% 177 Colorado Owner LLC 173,161 0.46% -

0.00%
P aseo C olor ado Holdings LLC - 0.00% 200,375 0.92% Tishman Spey er Archstone Smith - 0.00% 135,665 0.62% SSR Pas eo Colorado LLC - 0.00% 114,894 0.53%
TC Tri o Apa rtment LLC - 0.00% 114,108 0.52%
Ca pre f Pa s e o LLC Le s s or - 0.00% -

0.00%
Leonard M Marangi Et Al Trust - 0.00% -

0.00%
Equity Office Properties Trust - 0.00% -

0.00%
BCSP PASADENA TOWERS PROPERTY LLC - 0.00% 123,216 0.57% Total principal property taxpayers gross assessed value 2,231,781$ 5.91% 1,555,163$ 7.15% 2023 2014
NOTES:

The amount s shown abov e inc lude assessed v alue dat a for bot h t he C it y and the Redevelo pment A genc y.

Data is onl y pres ented for the to p ten properties in ea ch of the two years pres ented.

Exempt v alues are not included in Total C it y Tax able Assessed Valuat ion.

SOURCE: Starti ng wi th FY2021, HdL Coren & Cone.

PAGE 379

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30 , 2023 241 Revenue Capacity
Property Tax Levies and Collections (1)
Last Ten Fiscal Years
Fis
cal Taxes Levied Collections in
Year Ended for the Percent Subse quent Percent
June 30 Fiscal Year Amount of Lev y Years Amount of Lev y (2) 2014 41,214$ 41,489$ 100.67% $ 627 41 ,489$ 100.67% 2015 43 ,785 53,951 123.22% * 53,951 123.22% 2016 46,437 (3) 56,654 122.63% * 56,654 122.63% 2017 48,735 (3) 66,159 134.82% * 66,159 134.82% 2018 52,462 (3) 58,934 112.34% 608 58 ,934 112.34% 2019 55,562 65,535 117.95% * 65,535 117.95%
2020 59,511 67,890 114.08% * 67,890 114.08%
2021 62,969 73,748 117.12% * 73,748 117.12%
2022 65,066 76,309 117.28% * 76,309 117.28%
2023 68,595 81,292 118.51% * 81,292 118.51%
Fiscal Year of Levy Total Collections to Date
Collected within the
NOTES:
1 .Ex c ludes c ollec tions fr om P olic e Buildin g Gener al Obli gat ion Bond Assessment .

3. Ta xes Levi ed for the Fi s ca l Yea rs 2016, 2017 a nd 2018 res ta ted on Fi s ca l Yea r 2019 ta bl e. * C ollec tion in subse quent year infor mation not av ailable.

SOURCE: Count y of Los An geles , De partment of Auditor-Controller , Infor mation for Rec onciliation of Tax es.

2. Thi s percentage ma y exceed 100% becaus e i nformati on provi ded by Tax As s es s or ma y not cl ea rl y identify the y ear collected.

PAGE 380

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
242 Annual Comprehensive Financial Report | June 30, 2023 Taxable Sales by Category
Last Ten Calendar Years
Category 2013 2014 2015 2016
Appa rel Stores 196,947$ 189,018 $ 191,081 $ 185,448 $ Genera l Mercha ndi s e 232,768 225,356 221,751 217,422 Food Stores 114,250 115,530 117,323 119,790
Eati ng and Dri nking Pl aces 456,938 484,038 527,297 557,934 Bui l di ng Ma teri al s 128,753 139,856 151,476 153,656 Auto Deal ers and Suppl i es 471,969 519,264 567,122 603,078 Service Sta ti ons 176,911 170,434 150,270 131,929
Other Retai l Stores 619,370 614,529 631,814 627,434 Al l Other Outl ets 495,571 500,132 456,195 486,096
Total 2,893,477$ 2 ,958,157$ 3 ,014,329$ 3 ,082,787$ NOTE:

Due to confidentiality issues, the names of the ten largest rev enue pay ers are not av ailable. The categories pres ented are intended to provide a lterna tive informa tion regarding the sources of the City's revenue.

SOURCES:

State Boar d of Equalization, C alifor nia Depar tment of Tax es and Fees Administr ation, State C ontr oller 's Offic e, The HdL Companies
PAGE 381

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 243 Revenue Capacity
2017 2018 2019 2020 2021 2022
177,113$ 181,483 $ 171,766 $ 97,758 $ 144,279 $ 149,330 $ 213,578 212,075 200,988 143,434 167,795 175,020
118,456 128,230 135,371 133,677 134,886 146,687
579,785 598,669 627,754 424,914 591,247 681,595
167,924 171,639 158,517 170,873 231,793 295,489
625,426 718,738 712,411 747,555 809,741 905,090
144,807 161,406 155,631 94,232 139,951 178,443
616,644 635,411 608,066 471,997 628,960 668,500
414,785 450,178 376,319 226,118 1,008,879 1,105,835 3,058,518$ 3,257,829$ 3,146,823$ 2 ,510,558$ 3 ,857,531$ 4 ,305,989$ PAGE 382

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
244 Annual Comprehensive Financial Report | June 30, 2023 Electricity Sold by Type of Customer
Last Ten Fiscal Years
(in Megawatt-Hours)
2014 2015 2016 2017 2018
Type of C ustomer:

Res i denti a l 317 325 326 320 321
C ommer cial and Industr ial 7 8 4 769 756 721 710 Street Li ght s and Tr affic Si gnals 14 13 13 13 13 Wholesales to Other Utilities 37 31 - - 21
Other - - - - -
Total 1,152 1,138 1,095 1,054 1,065
Tota l direct rate per mega wa tt hour
1 162.46 163.43 173.54 178.48 179.07
Fiscal Year
NOTES:
1 Rate repres ents a verage cos t per mega wa tt hour with res pect to tota l revenue s a les from electri cit y 2 Other represents net change in unbilled revenue per megawatt hour SOURCE: Pasadena Water and Power
PAGE 383

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 245 Revenue Capacity
2019 2020 2021 2022 2023
325 319 344 334 352
687 658 587 627 710
13 12 12 11 11
27 69 32 - -
- - - 1 (5)
1,052 1,058 975 973 1,068
174.22 173.28 191.00 195.55 201.80
Fiscal Year
PAGE 384

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
246 Annual Comprehensive Financial Report | June 30, 2023 Revenue Capacity
Electricity Rates
Last Ten Fiscal Years
(Average Rate in Dollar per Kilowatt-Hour)
Fiscal
Year Ended Commercial Street Li ghts &
June 30* Residential & Industrial Traffic Signals
2014 0.1612 0.1442 0.1427
2015 0.1784 0.1556 0.1514
2016 0.1827 0.1582 0.1505
2017 0.1826 0.1597 0.1467
2018 0.1927 0.1684 0.1495
2019 0.1940 0.1677 0.1495
2020 0.2092 0.1867 0.1793
2021 0.2106 0.1903 0.1813
2022 0.2100 0.1880 0.1882
2023 0.2188 0.1894 0.2015
SOURCE: Pasadena Water and Power
* FY 2014 - FY 2023 i ncl ude Publ i c Benefi t Char ge (PBC) PAGE 385

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 247 Revenue Capacity
Electricity Customers
Current Year
Percent of
Electricity Operating Electric
Electricity Customer Charges Revenues
Ca l tech 14,849$ 5.80%
Pasadena Hospital Association 6,731 2.63%
Pasadena Unified School District 2,815 1.10%
Tes l a Inc 2,832 1.11%
Pasadena City College 2,342 0.92%
Dept of Transportation 2,251 0.88%
Kaiser Permanente 1,607 0.63%
Art Ce nte r Col l e ge Of De s i gn 1,473 0.58%
Public Works Dept 1,554 0.61%
Pasadena Center 1,472 0.58%
37,926$ 14.83%
2023
SOURCE: Pasadena Water and Power
PAGE 386

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
248 Annual Comprehensive Financial Report | June 30, 2023 Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Fiscal Year
Ended Revenue Pension Certificates of
June 30 Bonds Bonds Participation
2013 6 ,700$ 133,905$ 85,773$
2014 6 ,180 123,890 76,590
2015 5,618 117,185 73,165
2016 5,060 117,260 73,398
2017 4,501 117,336 68,276
2018 - 117,412 62,967
2019 - 117,488 57,636
2020 - 136,739 55,478
2021 - 134,886 53,220
2022 - 132,832 50,866
2023 - 130,494 48,408
Governmental Activities
NOTES:

Begi nni ng wi th fi s cal yea r 2022, the Ci ty i mpl emented GASB 87, s o l eas e l i ab ilities infor mation was added. **See Demographic Statistics Table for personal income. ***See Demogra phic Sta tis tics Ta ble for population data . Per ca pi ta ca l cul a ti on corrected i n FY2022.

Deta ils rega rding the City's outs ta nding debt ca n be found in the notes to the fina ncia l s ta tements (Note 10). The amount of outstanding debt by type reported above is net of the related premiums and discounts.

Begi nni ng wi th fi s ca l yea r 2018, the Ci ty i mpl emented GASB 75, s o other pos t empl oyment benefi ts l i a bi l ty a mount w
as removed from the lon g-term section.
*
Begi nni ng wi th fi s ca l yea r 2015, the Ci ty i mpl emented GASB 68, s o pens i on l i a bi l ty a mount wa s removed from the l ong- term debt section.

Begi nni ng wi th fi s ca l yea r 2019, the Ci ty i mpl emented GASB 88, s o other compens a ted a bs ences a nd i ns ura nce cl a i m liab
ilt y a mount were removed from the l on g-term section.

Begi nni ng wi th fi s ca l yea r 2023, the Ci ty i mpl emented GASB 96, s o the s ubs cri pti on-ba s ed i nforma ti on technol ogy a r
ran gements was added.

PAGE 387

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 249 Debt Capacity
Total
Loan Notes Governmental
Payable Payable Other * Activities
8,533$ 926$ 75,838$ 311,675$
7,542 562 89,295 304,059
6,153 547 67,173 269,841
4,838 6,533 69,775 276,863
3,361 6,218 87,229 286,921
1,844 5,903 59,669 247,795
833 5,587 - 181,544
6,812 5,271 - 204,300
-
5,876 4,955 - 198,937
-
4,937 4,639 110 193,384
3,982 4,322 9,460 196,666
PAGE 388

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
250 Annual Comprehensive Financial Report | June 30, 2023 Ratios of Outstanding Debt by Type (Continued)
Last Ten Fiscal Years
Fiscal Year Total
Ended Revenue Certificates of Loan Notes Business-t ype June 30 Bonds Partici pation Pa yable Pa yable Other* Activities 2013 239 ,665$ 9 ,837$ 45 $ 1 ,139$ 3 ,347$ 254 ,033$ 2014 304 ,245 8,125 9 987 (3,040) 310,326 2015 303 ,424 6,301 - 827 - 310 ,552
2016 289,292 4,358 - 659 - 294 ,309
2017 366,890 2,291 - 482 - 369 ,663
2018 348,915 106 - 296 - 349 ,317
2019 330,296 - 3,253 101 - 333 ,650
2020 311,558 - 2,824 - - 314 ,382
2021 306,453 - 2,384 - - 308 ,837
2022 301,282 - 1,932 - 51 303,265
2023 288,582 - 1,468 - 7,197 297,247
Business-type Activities
NOTES:

Beginning with fisc al y ear 2 0 22 , the C ity implemented GASB 8 7 , so lease liabilities infor mation was a **See Demogr aphic St at ist ic s Table for per sonal inc ome. ***See Demogra phic Sta tis tics Ta bl e for popula tion da ta . Per capita ca lcula tion corrected i n FY2022. *
Begi nni ng wi th fi s ca l yea r 2015, the Ci ty i mpl emented GASB 68, s o pens i on l i a bi l ty a mount wa s removed from the l on
g-term debt section.

Begi nni ng wi th fi s cal yea r 2018, the Ci ty i mpl emented GASB 75, s o other pos t empl oyment benefi ts liab
ilt y amount was removed from the lon g-term section.

Begi nni ng wi th fi s cal yea r 2019, the Ci ty i mpl emented GASB 88, s o other compens ated a bs ences and
B
egi nni ng wi th fi s cal yea r 2023, the Ci ty i mpl emented GASB 96, s o the s ubs cri pti on-ba s ed in fo
r mation
Detail s rega rding the City's outs ta nding debt can be found in the notes to the fina ncia l s ta tements (Note 10). The amount of outstanding debt by type reported above is net of the related premiums and PAGE 389

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 251 Debt Capacity
Total Private Pur pose Percenta geD e b t
Primary Long-Term of Personal Per
Government Liabilities Income ** Ca pita ***
565,708$ 51,257$ 10.86% 4,041$
614,385 48,553 10.34% 4,357
580,393 7,525 9.73% 4,116
571,172 16,553 9.67% 4,051
656,584 10,484 10.44% 4,591
597,112 3,501 8.86% 4,147
515,194 635 8.24% 3,529
518,682 435 8.11% 3,577
507,774 225 7.51% 3,502
496,649 - 6.97% 3,599
493,913 - 6.75% 3,605
PAGE 390

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
252 Annual Comprehensive Financial Report | June 30, 2023 Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
Fiscal Year General Tax
Ended Obli gation Revenue Pension Certificates of Allocation June 30 Bonds Bonds Bonds Partici pation Bonds Total
20 13 -
6,700 133,905 85,773 - 2 26,378
2014 -
6,180 123,890 76,590 - 2 06,660
2015 -
5,618 117,185 73,165 - 1 95,968
2016 -
5,060 117,260 73,398 - 1 95,718
2017 -
4,501 117,336 68,276 - 1 90,113
2018 - - 117,412 62,967 - 1 80,379
2019 - - 117,488 57,636 - 1 75,124
2020 - - 136,739 55,478 - 1 92,217
2021 - - 134,886 53,220 - 1 88,106
2022 - - 132,832 50,866 - 1 83,698
2023 - - 130,494 48,408 - 1 78,902
Outstanding General Bonded Debt
NOTES:
*See Assessed Value and Actual Value of Taxable Property Table for assessed v alues of taxable property .

Details rega rding the City's outs ta nding debt ca n be found in the notes to the financia l s ta tements (Note 10).

The amount of outstanding debt by type reported above is net of the related premiums and discounts.

General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enter pri s e funds , of which , the Cit y has none.

PAGE 391

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 253 Debt Capacity
Percent of
Total City
Restricted Taxable
Net Assets for Net Assessed Per
Debt Service Bonded Debt Valuation* Capita**
31,126 195,252 1.04% 1,617
24,755 181,905 0.90% 1,466
9,723 186,245 0.81% 1,321
12,036 183,682 0.76% 1,303
11,519 178,594 0.70% 1,249
11,528 168,851 0.62% 1,173
11,932 163,192 0.57% 1,118
11,883 180,334 0.59% 1,244
8,209 179,897 0.54% 1,241
7,085 176,613 0.51% 1,280
6,758 172,144 0.47% 1,257
PAGE 392

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
254 Annual Comprehensive Financial Report | June 30, 2023 (This page intentionally left bl
ank)
PAGE 393

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 255 Debt Capacity
Direct and Overlapping Debt
June 30, 2023
C it y Assessed Valuat ion 37,815,168$
Tot al Assessed Valuat ion* 37,815,168$
Es timated
Share of
Percentage Outs tanding Overla pping
Applic able
1 Debt a t 6/30/2023 Debt
Dir ec t & Ov er lapping Debt:

Metropol i ta n Wa ter Di s tri ct 1.05% 19,215$ 201$ Pas a dena Area Communi ty Col l ege Di s tri ct 35.24% 51,995 18,321 La Ca nada Uni fi ed School Di s tri ct 0.20% 98,950 195 Pas a dena Uni fi ed School Di s tri ct 73.38% 313,070 229,714 Total ov er la pp in g t ax and assessment debt 4 8 3,230$ 248,431 Ci ty direct debt 187,206
Total direct and overlapping debt 1 435,637$
NOTES:

SOURCE: HdL Core n & Cone , Los Angeles Count y Assessor and Audit or C ombined 2 0 2 2/23 Lien Date Ta x Rolls *For fiscal y ear 2 02 3 the Redev elopment Agency Inc r emental Valuation has been included in the C ity 's Total

1. For debt re paid with property ta xes, the percenta ge of ov erla pp in g debt a pp lic able is estimated usin g va l ue s .

Overla pp in g governments a re thos e tha t coincide , at least in par t, with the geo graphic boundaries of the Cit y.

PAGE 394

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
256 Annual Comprehensive Financial Report | June 30, 2023 Legal Debt Margin Information
Last Ten Fiscal Years
2014 2015 2016 2017
Assessed v aluat ion 5 7 5,006$ 24,233,251$ 25,826,921$ 27,095,911$ Conve rs i on percenta ge 25% 25% 25% 25%
Adjust ed assessed v aluat ion 1 4 3,752 6,058,313 6,456,730 6,773,978 Debt limit per centage 15% 15% 15% 15%
Debt limit 21,563 908,747 968,510 1,016,097
Total net debt applicable to limit: -$ -$ -$ -$
Le
ga l debt ma rgi n 21,563 908,747 968,510 1,016,097 Total debt a pp lic able to the limit
as a per centage of debt l i mi t 0.0% 0.0% 0.0% 0.0%
Fiscal Year
NOTE:

SOURCE: Ci ty of Pasadena , De partment of Finance and Los An geles C ount y Tax Assessor The Gov er nment C ode of the State of C alifor nia pr ov ides for a legal debt limit of 1 5 % of gr oss assessed v aluation. Howev er , this pr ov ision was enac ted when assessed v aluation was based upon 2 5 % of mar ket v alue.

Effecti ve wi th the 1981-82 fi s ca l yea r, ea ch pa rcel i s now a s s es s ed a t 100% of ma rket va l ue (a s of the mos t recent c hange in owner ship for that par cel). The c omputations shown abov e r eflec t a c onv er sion of assessed v aluation data for each fisc al y ear fr om the c ur r ent full v aluation per spectiv e to the 2 5 % lev el that was in effec t at the time that the legal debt mar gin was enacted by the State of C alifor nia for local gov er nments loc ated within the state.

PAGE 395

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 257 Debt Capacity
2018 2019 2020 2021 2022 2023
29,144,272$ 30,926,320$ 32,706,801$ 34,663,728$ 35,964,692$ 37,815,168$ 25% 25% 25% 25% 25% 25%
7,286,068 7,731,580 8,176,700 8,665,932 8,991,173 9,453,792 15% 15% 15% 15% 15% 15%
1,092,910 1,159,737 1,226,505 1,299,890 1,348,676 1,418,069 -$ -$ -$ -$ -$ -$
1,092,910 1,
159,737 1,226,505 1,299,890 1,348,676 1,418,069

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fiscal Year
PAGE 396

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
258 Annual Comprehensive Financial Report | June 30, 2023 Debt Capacity
Pledged-Revenue Coverage
Governmental Activity Debt
Last Ten Fiscal Years
Fiscal Year
Ended Property Tax
June 30 Taxes Increment ** Principal Interest Coverage
2014 44,066 6,486 2,704 725 1.89
2015 56,446 1,925 2,245 409 0.73
2016 59,141 4,965 2,100 284 2.08
2017 68,752 9,327 2,235 234 3.78
2018 63,484 4,586 2,360 177 1.81
2019 68,276 143 195 35 0.62
2020 70,689 65 200 26 0.29
2021 76,579 8 210 16 0.04
2022 79,144 - - - -
2023 84,327 - - - -
Tax Allocation Bonds
Private Purpose Trust Fund**
Debt Service
NOTE:

Details rega rding the City's outs ta nding debt ca n be found in the notes to the financia l s ta tements . **As of February 1, 2012, ta x i ncrement i s reported under Pri va te Purpos e Trus t Fund groupi ng. *Up to Ja nua ry 31, 2012, the da te of PCDC di s s ol uti on, ta x i ncrement wa s reported under Pri ma ry Government grouping.

Pri or to fi s ca l yea r 2015, gros s a mount wa s reported (before deducti on of Pa s s -through a nd County A dminist r at iv e C ost ).

Sta rti ng i n fi s ca l yea r 2015, net amount i s reported (pos t deducti on of Pas s -through and County A dminist r at iv e C ost ).

PAGE 397

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 259 Debt Capacity
Pledged-Revenue Coverage
Business-Type Activity Debt
Last Ten Fiscal Years
Fiscal Year Li ght & Less Net
Ended Power Operating Available
June 30 Revenue
1 Expenses
2 Revenue Princi pal Interest Covera ge
2014 193 ,701$ 155 ,663$ 38 ,038$ 8,695$ 7,190$ 239.46% 2015 207,745 147,810 59,935 8,950 8,715 339.29%
2016 204,224 146,510 57,714 9,340 8,347 326.31%
2017 204,287 151,499 52,788 11,290 10,865 238.27% 2018 213,873 148,636 65,237 12,000 11,250 280.59% 2019 230,980 155,634 75,346 12,475 10,778 324.03% 2020 226,285 156,038 70,247 13,005 10,249 302.09% 2021 222,862 155,468 67,394 13,380 9,679 292.27%
2022 207,563 155,040 52,522 13,930 9,147 227.60%
2023 260,779 192,916 67,863 7,225 8,487 431.92%
Fiscal Year Less Net
Ended Water Operating Available
June 30 Revenue
1 Expenses
2 Revenue Princi pal Interest Covera ge
2014 61 ,772$ 42 ,615$ 19 ,157$ 3,070$ 4,045$ 269.25% 2015 58,039 38,810 19,229 3,185 3,915 270.83%
2016 51,538 35,501 16,037 3,305 3,782 226.29%
2017 58,551 38,589 19,962 4,430 3,634 247.54%
2018 62,819 43,801 19,018 3,525 3,456 272.43%
2019 62,244 45,322 16,922 3,695 3,287 242.37%
2020 63,901 47,447 16,454 2,475 3,114 294.40% 2021 71,441 52,287 19,154 2,540 2,858 354.84%
2022 66,879 49,098 17,781 2,720 2,927 314.88%
2023 66,087 48,265 17,822 2,725 3,133 304.23%
Debt Service
3 Water Revenue Bonds
Debt Service
3 Light & Power Revenue Bonds
NOTES:
1 Total operating revenues including investment earnings 2 Total operating expenses exclusiv e of depreciation
3 Requirements are reported on a cash basis, excluding premiums Details regarding the city's outstanding debt can be found in the notes to the financial statements. Operating expenses do not include interest or depreciation expenses. * A
mount restated
PAGE 398

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
260 Annual Comprehensive Financial Report | June 30, 2023 Demographic & Economic Information
Demographic Statistics
Last Ten Calendar Years
Personal Per Capita
Calendar Income Personal Unemployment
Year Population
(1) (in thousands) Income
(2)
Rate
(3)
2013 140,879 5,607,829$ 39,806$ 5.80%
2014 140 ,949 5,679,117 40,292 7.40%
2015 141,023 5,738,875 40,694 6.00%
2016 143,333 5,968,550 41,641 4.70%
2017 144,388 6,045,196 41,867 3.70%
2018 146,312 6,251,241 42,725 4.00%
2019 144,842 6,399,297 44,181 3.90%
2020 145,306 6,761,032 46,529 10.40%
2021 138,310 7,130,017 51,550 7.30%
2022 136,988 7,313,150 53,385 4.20%
NOTES:

1. C
alifornia State Department of Finance

2. U
.S. Census Bureau, most recent American Community Survey

3. S
tate of California Employment Development Department, Bureau of Labor Statistics Department SOURCES: HdL , Core n & Cone , Avenue Insi ghts & Anal ytics PAGE 399

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 261 Demographic & Economic Information
Principal Employers
Current Year and Nine Years Ago
Percent of Percent of
Number of Total Number of Total
Employer Employees Employment Employees Employment
C alifor nia Institute of Tec hnology - Jet
Propulsion Laborator y 6,709 6.35% 5,201 4.90%
K aiser Permanente 6,525 6.18% 4,813 4.53%
C alifor nia Institute of Tec hnology - C ampus 3 ,8 1 5 3.61% 3,900 3.67% Huntington Memorial Hospital 3,620 3.43% 3,238 3.05% Pa s a de na Ci ty Col l e ge 2,821 2.67% 1,866 1.76% Pa s a dena Unifi ed School Dis tri ct 2,148 * 2.03% 2,043 1.92% The Ci ty of Pa s a dena 2,335 2.21% 2,389 2.25%
Art Ce nte r Col l e ge of De s i gn 1,060 1.00% 833 0.78% Hat haway -Sy c amor es 6 0 0 0.57% 665 0.63%
P ac ific C linics Administr ation 2 7 2 0.26% 274 0.26% 2023 2014
NOTES:

SOURCE: Pasadena Chamber of Commerce unless noted below:
* D
ata ta ken from FY2022

1. For City of Pasadena, the number includes seasonal employees. The information was provided by the City of Pasadena Human Resources department

2. In FY2023, the percentage of total employment i s ca l cul ated us ing a bas eli ne of 105,575 jobs i n Pas adena, data provided by Pasadena Chamber of Commerce

3. W
hile ev ery effort has been made to ensure the accuracy of the material included in this schedule, the C ity of P asadena r elies at times on thir d par ty sour c es when c ompiling data. For FY 2023, Ci ty of Pa s adena contacted the top employers and obtained tota l employee count for ea ch bus ines s.

PAGE 400

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
262 Annual Comprehensive Financial Report | June 30, 2023 Full-time and Part-time City Employees by Function
Last Ten Fiscal Years
Function 2014 2015 2016 2017 2018
General government 338.0 365.0 382.0 405.0 394.0 P ublic safet y 540.0 548.0 550.0 563.0 561.0 P ublic wor ks 2 9 3. 0 315.0 317.0 320.0 320.0 Trans porta ti on 51.0 50.0 51.0 51.0 50.0
Hea l th 124.0 125.0 85.0 80.0 84.0
C ultur e and leisur e 2 8 1. 0 94.0 97.0 103.0 107.0 Water & power 355.0 426.0 433.0 443.0 406.0
Informa ti on s ervi ces 140.0 107.0 108.0 108.0 105.0 Sea s onal 267.0 192.0 265.0 262.0 260.0
Total 2,389.0 2,222.0 2,288.0 2,335.0 2,287.0
Fiscal Year
SOURCE: Bud get Bri ef-FY2023
PAGE 401

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 263 Operating Information
2019 2020 2021 2022 2023
392.5 466.9 387.2 492.2 504.7
556.8 564.8 564.8 564.8 569.8
320.0 319.0 272.0 267.5 267.6

50.0 50.0 51.0 51.0 51.0

89.1 105.6 98.4 130.0 130.1
104.7 106.8 230.2 153.2 155.2
418.0 417.0 419.0 419.0 419.0
103.6 103.6 100.0 77.0 77.0
242.0 41.0 84.0 83.0 161.0
2,276.6 2,174.5 2,206.5 2,237.7 2,335.4
Fiscal Year
PAGE 402

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
264 Annual Comprehensive Financial Report | June 30, 2023 Operating Indicators by Function
Last Ten Fiscal Years
Function 2014 2015 2016 2017
Police:

Arres ts 3,852 3,966 4,210 4,078
Transportation:

Pa rki ng ci ta ti ons /wa rni ngs i s s ued** 168,896 185,832 166,481 175,430 Fire:

Number of emergency ca l l s *** 17,368 18,237 19,488 19,458 Ins pecti ons 7,445 7,500 8,296 9,251 Water:

New connections 57 31 35 98 Average daily consumption (thousands of gallons) 28,368 25,436 21,144 22,535 * Information was not available.
***FY2015 initia lly reported as 14, 349; corrected i n FY2016 to 18,237 ** P ar king c itations wer e or iginally r epor ted under P olice Dept. This c ategor y mov ed to Tr anspor taion Depa rtment i n FY2010 because a majori ty of pa rki ng ti ckets a re i s s ued by the Trans porta ti on PAGE 403

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 265 Operating Information
2018 2019 2020 2021 2022 2023
5,701 6,018 5,444 2,429 3,365 3,407
150,945 129,108 125,715 68,620 97,869 119,038 19,483 19,016 19,223 16,947 18,710 21,383
9,096 8,959 8,253 6,006 2,573 5,994
100 88 65 63 35 81
24,757 23,519 23,083 25,331 24,357 20,989
Fiscal Year
PAGE 404

STATISTICAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
266 Annual Comprehensive Financial Report | June 30, 2023

Capital Asset Statistics by Function
Last Ten Fiscal Years
2014 2015 2016 2017
Police:

Stations 1 1 1 1
Substa tions 5 5 5 3
Fire:

Fire stations 7 8 8 8
Transportation:

Streets (miles) 322 322 357 357
Streetl i ghts 17,100 17,207 17,452 17,584
Traffic signals 329 329 329 330
P ar king facilities 1 2 9 9 9
Culture and leisure:

Pa rk s i tes 24 20 20 20
Community/recreation centers 4 4 4 4
Li bra ri es 10 10 10 10
Electric Utility:

Power pl a nts 1 1 1 1
Cus tomers 64,163 64,931 65,039 65,564
M iles of ser v ic e 5 2 5 673 680 680
Maximum ca pa ci ty (megawatts ) 175 174 175 174
Water:

Water mains (miles) 5 0 8 516 520 520
Cus tomers 38,069 37,911 37,974 37,972
Av er age daily c onsumption (million gallons per day ) 2 5 .1 7 26.98 28.37 25.43 Fiscal Year
SOURCE: Ci ty of Pa s a de na
PAGE 405

CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2023 267 Operating Information
2018 2019 2020 2021 2022 2023
1 1 1 1 1 1
3 3 2 2 2 2
8 8 8 8 8 8
357 338 338 338 338 347
17,597 17,597 17,708 17,731 17,753 17,738
330 330 330 313 332 352
9 9 9 9 9 8
20 20 23 24 24 26
4 4 4 4 4 4
10 10 10 10 10 10
1 1 1 1 1 1
65,318 65,979 66,505 66,712 67,103 66,349
687 687 662 664 665 671
174 174 174 174 174 175
520 520 520 52 0 520 520
37,959 38,067 38,046 38,114 38,193 38,338

21.14 22.54 24.76 23.52 23.08 20.05
Fiscal Year
PAGE 406

PRINTED ON RECYCLED PAPER
PAGE 407
1611 E. Fourth Street, Suite 200
Santa Ana, CA 92701
(714) 569-1000
203 N. Brea Blvd, Suite 203
Brea, CA 92821
(714) 672-0022
21 Waterway Avenue, Suite 30089
The Woodlands, TX 77380
(936) 828-4587
2151 River Plaza Dr., Suite 150
Sacramento, CA 95833
(916) 503-9691
24422 Avenida de la Carlota, Suite 275
Laguna Hills, CA 92653
(949) 829-8299
www.lslcpas.com
INDEPENDENT AUDITORS’ REPORT O

N INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON

COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN

ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Ma
yor and Members of the City Council
City of Pasadena, Califor
nia
We have audited, in accordance with the auditing standards gene rally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of City of Pasadena, California (the “City”), as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated December 28, 2023.

Report on Internal
Control over Financial Reporting
In planning and performing our audit of the financial statement s, we considered the City’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allo w management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely b asis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less s evere than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. We identified certain deficiencies in internal control, described in the accompanying schedule of findings and responses as items 2023-001 and 2023-002 that we consider to be significant deficiencies.

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and ma terial effect on the financial statements.

However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Attachment B
PAGE 408
To the Hono
rable Mayor and Members of the City Council
City of Pasadena, California
City of Pasadena’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the City ’s response to the findings identified in our audit and described in the accompanying schedule of findings and responses. The City’s response was not subjected to the other auditing procedures app lied in the audit of the financial statements and, accordingly, we express no opinion on the response.

Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the e ffectiveness of the City’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s inter nal control and compliance. Acco rdingly, this communication is not suitable for any other purpose.

Brea, California
December 28, 2023
PAGE 409
To the Hono
rable Mayor and Members of the City Council
City of Pasadena, California

SCHEDULE OF FINDINGS AND RESPONSES
Reference Number
2023-001 – Timeliness of Bank Reconciliation Preparation Evaluation of Finding
Significant Deficiency
Condition
A cash reconciliation that recon ciles from the bank balance to the general ledger balance should be prepared to determine that all cash transactions have been recorded properly and to discover bank errors. Bank statements in some instances were accumulated for several months before they were reconciled to the appropriate general ledger controls. Not reconciling the accounts on a monthly and timely basis means that errors or other problems might not be recognized or resolved on a timely basis. We recommend that all bank accounts be reconciled each month prior to preparation of monthly financial statements.

Criteria
In order to make the financial reports generated by the accounting system as meaningful as possible, the City should reconcile to the general ledger accounts for cash on a monthly basis as timely as possible.

Cause of Condition
Due to the significant volume and detail of individual cash transactions, in addition to staffing and personnel issues experienced by the City, there were instances where the City di d not possess the capacity to perform the monthly bank reconciliations on a timely basis.

Effect or Potential Effect of Condition
Not reconciling the accounts on a monthly and timely basis mean s that errors or other problems might not be recognized or resolved on a timely basis.

Recommendation
The Finance Department should look at ensuring that sufficient experienced personnel are available to help facilitate the monthly bank reconciliation processes.

Management Response
We agree with the finding. The City is currently implementing efficiency improvements to the monthly bank reconciliation process in hopes to alleviate this occurrence during Fiscal Year 2024.

Reference Number
2023-002 – Year-End Close and Financial Reporting
Evaluation of Finding
Significant Deficiency
Condition
During the audit, we found the following conditions that result ed in significant adjustments to the financial statements.

Accuracy in External Financial Reporting
The year-end closing process did not ensure that account balances were reconciled and accurate in advance of the audit requiring a significant number of correcting journal entr ies provided by the City to correct the final financial statements. It appears these errors were primarily caused by th e trial balance being prepared from data that was not always complete, contained errors, and appropriate year end reconciliations had not been performed.

PAGE 410
To the Hono
rable Mayor and Members of the City Council
City of Pasadena, California

SCHEDULE OF FINDINGS AND RESPONSES (CONTINUED)
Criteria
Management is responsible for the preparation and fair presenta tion, as well as the accuracy of its financial statements, including disclosures in accordance with accounting principles generally accepted in the United States of America. This includes the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statement s that are free from material misstatement, whether due to error or fraud.

Cause of Condition
Due to the significant volume and detail of general ledger tran sactions of the City, in addition to newly issued complex Government Accounting St andards Board ( GASB) Pronouncem ents, some processes were not fully executed and reflected in the City trial balance prior to being furnished to the auditors.

Effect or Potential Effect of Condition
Due to the items noted above, there is a potential for significant misstatements to be present in the initial trial balance that is provided to the auditors.

Recommendation
The City should put in place formalized year-end close procedures to ensure the close is complete and reduce the amount of journal entries needed and errors found after the closing process has been completed. We suggest management also establish effective review policies and procedu res, including but not limited to; apply analytical procedures on the trial balance numbers and perform reconciliations of all significant accounts.

Management Response
Management agrees with the finding. Due to the implementation o f the newly issued and complex GASB pronouncement, a number of journal entries and corrections were made by City staff. The City will implement and follow formal year-end closing processes and procedures to ensu re sufficient review and corrections to the trial balance are made, prior to year-end close.

PAGE 411

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ROSE BOWL OPERATING COMPANY
(A COMPONENT UNIT OF THE CITY OF PASADENA, CALIFORNIA)
Basic Financial Statements
Year Ended June 30, 2023
Table of Contents
Page

FINANCIAL SECTION
Independent Auditors’ Report ............................................................................................................................. 1 Management's Discussion and Analysis ................................................................................................................... 5

BASIC FINANCIAL STATEMENTS
Statement of Net Position ................................................................................................................................... 24 Statement of Revenues, Expenses, and Changes in Net Position .............................................................. 25 Statement of Cash Flows ............................................................................................................................. 26 Notes to the Basic Financial Statements ...................................................................................................... 27

REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Proportionate Share of the Net Pension Liability .......................................................................... 52 Schedule of Plan Contributions .................................................................................................................... 54

OTHER REPORT
Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ............................................................................... 57 PAGE 447

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PAGE 448

1611 E. Fourth Street, Suite 200
Santa Ana, CA 92701
(714) 569-1000
203 N. Brea Blvd, Suite 203
Brea, CA 92821
(714) 672-0022
21 Waterway Avenue, Suite 30089
The Woodlands, TX 77380
(936) 828-4587
2151 River Plaza Dr., Suite 150
Sacramento, CA 95833
(916) 503-9691
24422 Avenida de la Carlota, Suite 275
Laguna Hills, CA 92653
(949) 829-8299
www.lslcpas.com

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ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023

TABLE OF CONTENTS
I. OVERVIEW OF THE FI NA

NCIAL STATEMENTS
II. EXECUTIVE SUMMARY
III. FINANCIAL STATEMENTS
IV. FINANCIAL ANALYSIS
a. Statistical and Net Event Income Comparison
b. Net Event and Operations Income Comparison
c. Expense Comparison
d. Other Non-Operating Revenue
e. Balance Sheet Highlights
The objective of management’s discussion and analysis is to help readers of the Rose Bowl Operating Company’s (“RBOC”) financial statements be tter understand the financial p osition and operating activities for the fiscal year ended June 30, 2023 (FY 2023), with selected comparative information. This discussion should be read in conjunction with the financial statements. Unless otherwise indicated, years (2022, 2023) in this discussion refer to the fiscal year ended June 30.

I. OVERVIEW OF THE FI NANCIAL STATEMENTS
This discussion and analysis serves as an introduction to the RBOC’s basic financial statements. The RBOC’s financial statements consist of two components: 1) fund financ ial statements and 2) notes to the financial statements.

BASIC FINANCIAL STATEMENTS
The statement of net position presents information on all the RBOC’s assets and deferred outflows of resources, liabilities and deferred inflows, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the fin ancial position of the RBOC is improving or deteriorating.

The statement of revenues, expenses, and changes in net position presents information showing how the RBOC’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows.

The statement of cash flows presents information on the cash inflows and outflows of cash during the fiscal year, directly attributing cash flows to types of sources and uses an d reconciling those cash flows to the changes in net position for the fiscal year.

The basic financial statements can be found on pages 24-26 of this report.

NOTES TO THE BASIC FINANCIAL STATEMENTS
The notes provide additional information that is essential to a full understanding of the data provided in the financial statements. The notes to the financial statements can be found on pages 27-49 of this report. 5 PAGE 453

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
II. EXECUTIVE SUMMARY (STADIUM AND GOLF COURSE)
In FY 2023,
Stadium and Golf Course key areas impacting events, operations and net income are highlighted below:
 The
RBOC is working to address the increasing demands for capi tal, events, golf complex maximization and continuing full contributions towards debt service.
 Legacy Connections continues successful donor fundraising efforts and focusing on State and Federal grant applications.
 Music Festival agreement renewal and renegotiation with AEG (f or a 5-year partnership) had a successful second year; yielding $1.3 million beyond the guaranteed $3 million annually.  Flea market net event income reaches a 10-year high (2nd year in a row) due to marketing efforts and the new 5-year agreement, that commenced FY 2022.
 Enterprise events continue to grow and outperform net event income expectations, while displacement events increase.
 Golf operations continues generating strong revenues with the highest complex net income in the past five years due to higher average daily rate and event displacem ent income due to the increased number of events.
 Events and demands for capital projects created increased staffing demands that the RBOC has continuously been challenged with managing. Full time Employees at FY 2023 Year End was 34 on a budget of 38. Event staffing has especially been a challenge to fulfill with the increased events volume. Overall expenditures have increased in areas of security, janitorial, public safety, rentals, and event productions (plumbing, electrical, etc.) due to the labor market demands.
 Two main factors have resulted in increased investment earning s. FY 2022 fair market valuation reduction to the debt service reserve fund did not reoccur in FY 2023; and the increased earnings in FY 2023 have been based on the City of Pasadena’s California Asset Management Program (CAMP) investments program for most of the RBOC’s investments effective October 2022.
 Reduction in Non-Operating revenues is primarily due to no Legacy Connections transfer, delay in grant funding payments, and no City of Pasadena contribution toward debt service. 6 PAGE 454

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
III. FINANCIAL STATEMENTS

ROSE BOWL OPERATING COMPANY

STATEMENT OF REVENUES, EX PENSES, AND CHANGE IN NET POSITION - FULL ACCRUAL YEAR ENDING JUNE 30, 2023

PRELIMINARY YEAR-END CLOSE, PENDING FINANCIAL AUDIT
Rose Bowl Golf Course 2023 2022 Variance
Operating Revenues:

Green fees and other golf revenues -$ 6,570,865$ 6,570,865$ 6,830,452$ (259,587)$ Golf displacement - 1,180,918 1,180,918 765,084 415,834 Advertising 3,395,930 - 3,395,930 3,303,689 92,242 Facility rentals and parking revenues 24,538,851 148,804 24,687,655 16,627,155 8,060,500 Concessions 3,443,299 - 3,443,299 2,493,772 949,527 Pro shop - 186,901 186,901 127,246 59,655
Restaurant * - 2,383,989 2,383,989 379,412 2,004,577
Admission tax 1,016,866 - 1,016,866 376,772 640,094 Cost recoveries 9,546,503 - 9,546,503 7,946,944 1,599,559 Total operating revenues 41,941,449 10,471,477 52,412,926 38,850,526 13,562,400 Operating Expenses:

Salaries and benefits (Overhead) (4,325,575) (264,371) (4,589,946) (4,557,748) (32,197) Annual PERS Valuation Adj (111,533) (7,140) (118,673) 362,187 (480,860) General and administrative (4,889,751) (709,100) (5,598,851) (5,825,249) 226,398 Depreciation (11,202,189) (686,223) (11,888,412) (12,454,402) 565,990 Capital Preventative Maint.Expense (1,292,889) (301,720) (1,594,609) (1,363,220) (231,389) Events and parking expenses (23,452,983) (
123,305) (23,576,288) (16,316,426) (7,259,862)
Green fees and other golf expenses - (4,425,419) (4,425,419) (4,622,862) 197,443 Restaurant Expenses * - (2,216,440) (2,216,440) - (2,216,440) Total Operating Expenses (45,274,920) (8,733,718) (54,008,638) (44,777,720) (9,230,917) Operating Income (Loss) (3,333,471) 1,737,759 (1,595,712) (5,927,194) 4,331,482 Nonoperating Revenues (Expenses):

Investment gain 620,492 16,055 636,547 (3,997,109) 4,633,657 Interest expense (12,236,402) - (12,236,402) (12,275,424) 39,022 Other nonoperating revenues 4,582,158 3,316 4,585,474 24,433,621 (19,848,147) Total Nonoperating Revenues
(Expens es ) (7,033,752) 19,371 (7,014,380) 8,161,088 (15,175,469) Changes in Net Position (10,367,223) 1,757,130 (8,610,092) 2,233,894 (10,843,987) Net Position:

Beginning of Year (31,021,103) 19,910,681 (11,110,422) (13,344,316) 2,233,894 End of Year (41,388,326)$ 21,667,811$ (19,720,514)$ (11,110,422)$ (8,610,092)$ * 2023 Golf Restaurant Revenue / Expenses reported as Gross, as Golf Food and Beverage contract changed to Management agreement.

Combined Totals
7 PAGE 455

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
III. FINANCIAL STATEMENTS (CONTINUED)
ROSE BOWL OPERATING CO.

STATEMENT OF NET POSITION - FULL ACCRUAL
YEAR ENDING JUNE 30, 2023
Rose Bowl Golf Course 2023 2022 Variance
Assets:

Current assets:

Cash and investments 17,986,050$ 17,365,729$ 35,351,779$ 36,112,298$ (760,519)$ Accounts receivable, net of allowance 5,141,259 143,890 5,285,149 5,961,352 (676,202) Lease Receivable 234,836 - 234,836 225,789 9,047 Inventory 56,684 259,069 315,753 122,897 192,856 Prepaid items 224,137 - 224,137 347,573 (123,436) Total Current Assets 23,642,966 17,768,688 41,411,654 42,769,909 (1,358,255) Noncurrent assets:

Due from Stadium - 353,949 353,949 - 353,949
Due from City of Pasadena 422,335 - 422,335 438,830 (16,495) Cash and investments restricted 10,633,043 - 10,633,043 11,188,835 (555,792) Lease Receivable 244,205 - 244,205 479,042 (234,837) Capital assets:

Construction in progress - 203 203 970 (767)
Other capital assets, net 143,371,734 5,595,479 148,967,213 155,450,983 (6,483,770) Total
Noncurrent Assets 154,671,317 5,949,631 160,620,948 167,558,660 (6,937,712) Total Assets 178,314,283 23,718,319 202,032,603 210,328,569 (8,295,966) Deferred outflows of Resources:

Deferred refunding charge 1,396,004 - 1,396,004 1,776,732 (380,728) Outflows related to net pension liability 1,719,512 60,901 1,780,413 888,259 892,154 Total Deferred Outflows of Resources 3,115,516 60,901 3,176,417 2,664,991 511,426 Liabilities:

Current:

Accounts payable and other liabilities 3,783,173 1,193,859 4,977,032 6,003,963 (1,026,931) Accrued salaries and benefits 491,220 51,368 542,588 640,588 (98,000) Interest payable 3,076,339 - 3,076,339 3,110,530 (34,191) Due to Golf Course 353,949 - 353,949 - 353,949
Due to City of Pasadena 1,528,539 - 1,528,539 1,532,654 (4,115) Deposits 2,417,164 - 2,417,164 377,285 2,039,879 Unearned revenues 5,005,430 185,527 5,190,957 4,298,319 892,638 Current portion of advance 100,000 - 100,000 1 00,000 - Current portion compensated absences 167,040 6,086 173,126 185,287 (12,161) Current portion of long-term debt 5,185,893 51,769 5,237,662 4,485,617 752,045 Total Current Liabilities 22,108,747 1,488,609 23,597,356 20,734,243 2,863,113 Noncurrent:

Long-term advance 400,000 - 400,000 500,000 (100,000) Compensated absences 88,271 10,454 98,725 39,244 59,481 Long-term debt 196,290,172 465,918 196,756,090 199,532,435 (2,776,345) Net pension liability 3,406,173 120,238 3,526,411 1,390,048 2,136,363 Total Noncurrent Liabilities 200,184,616 596,610 200,781,226 201,461,727 (680,501) Total Liabilities 222,293,363 2,085,219 224,378,582 222,195,969 2,182,613 Deferred Inflows of Resources:

Deferred inflow related to Leasor 463,049 - 463,049 - 463,049 Deferred inflow related to
net pension liability 61,713 26,190 87,903 1,213,439 (1,125,536) Total Deferred inflows of Resources 524,762 26,1 90 550,952 1,213,439 (662,487) Net position:

Net investment in capital assets (29,223,333) 5,077,996 (24,145,337) (16,001,852) (8,143,485) Restricted for debt service 10,633,043 - 10,633,043 11,188,835 (555,792) Unrestricted (22,798,036) 16,589,815 (6,208,221) (6,297,404) 89,183 Total Net Position (41,388,326)$ 21,667,811$ (19,720,515)$ (11,110,421)$ (8,610,094)$ Totals
8 PAGE 456

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
Trend line represents high and current point.

IV. FINA NCI

AL ANALYSIS
A. Statistical and Fiscal Trends
During FY
2023 the Rose Bowl stadium hosted 24 displacement events and 12 flea market events with a combined attendance of 819,136, as well as 142 enterprise events includi ng: runs/walks, food truck events, parties, graduations, and filming. The Flea Market set a record annual a ttendance of 212,616 during FY 2023.

UCLA Football is starting to experience increases in per game a ttendance, while Americafest decreased in attendance.

ROSE BOWL OPERATING COMPANY
EVENT STATISTICS: EVENT MIX
YEAR ENDING JUNE 30, 2023
Major/Displacement
Major * Trend line
Event Event Type 2018 2019 2020 2021 2022 2023
1 U CLA 676478
2 R ose Bowl Game 111011
3 M usic Festival 20105 1 0
4 C oncerts 551002
5 S occer Matches 221002
6 A mericafest 4th of July Celebration 111011
Total Major/Displacement 17 16 11 4 14 24
Flea Market 12 12 9 3 12 12
Number of Enterprise Events 191 178 125 111 132 142
* 2020: 9 months of operation and 2021: 4 UCLA games No Fans due to COVID

ROSE BOWL OPERATING COMPANY
EVENT STATISTICS: EVENT ATTENDANCE
YEAR ENDING JUNE 30, 2023
Major/Displacement
Major *T r e n d l i n e
Event Event Type 2018 2019 2020 2021 2022 2023
1 UCLA 248,134 251,486 137,860 - 227,500 153,063 2 Rose Bowl Game 80,072 84,313 69,814 - 78,345 75,284 3 Music Festival 36,735 - 25,092 - 108,884 224,644
4 Concerts 265,212 264,342 55,534 - - 16,853
5 Soccer Matches 109,053 111,252 34,019 - - 126,037 6 Americafest 4th of July
Celebration 20,606 17,744 17,924 - 14,569 10,639
Total Major/Displacement 759,812 729,137 340,243 - 429,298 606,520 Flea Market 151,749 153,585 126,674 60,176 209,616 212,616 Total Attendance 911,561 882,722 466,917 60,176 638,914 819,136 * 2020: 9 months of operation and 2021: 4 UCLA games No Fans due to COVID 9 PAGE 457

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
Trend line represents high and current point.

IV. FINA NCI

AL ANALYSIS (CONTINUED)
Stadium / Golf Complex Net Event Income Comparison:

Stadium and Golf
net event income for FY 2023 was $18.5 million, close to the FY 2018 high net event income of $18.8 million. Highlights include - Football net event income is $9.2 million made up of UCLA $4.0 million - lower than prior years due to UCLA’s opponent schedule, and Rose Bowl Game $5.2 million, which is a 5-year high in net event income. The new Music Festival contract, in the second year of the 5-year contract, set a 5-year record of $4.3 million in net event income, or $1.3 million beyond the minimum threshold due to events’ successful financial performance. Other Major events (2 soccer matches, and 2 concerts) had a combined $2.1 million net event income, while Americafest had a net event loss of $467,000 in part due to the lower attendance and labor costs.

Enterprise events net income during FY 2023 was approximately $1.7 million $66,000 higher than FY 2022; which is a success given the reductions of available event days due to the 10 additional displacement events. The average per enterprise event net income was approximately $12,300, which is less than the FY 2022 amount of $14,500.

The Flea Market operated for the full year with net event income of $1.7 million, increasing the per event net income to $145,000, or $43,000 higher than the prior 5-year average, d ue to increased attendance and contracted RBOC share.

ROSE BOWL OPERATING COMPANY

NET EVENTS INCOME COMPARISON
YEAR ENDING JUNE 30, 2023 *
Summary Net Event Income 2018 2019 2020 2021 2022 2023 Trend line Stadium 18,807,422 $ 15,951,579 $ 14,724,361$ 3,666,040$ 14,314,999$ 18,488,455$ Golf - 154,399 61,638 2,407 261,179 25,496
Combined Net Event Income: 18,807,422$ 16,105,978$ 14,785,999$ 3,668,447$ 14,576,177$ 18,513,951$ *
Major/Dis placement Events - Fis cal Year: 2018 2019 2020 2021 2022 2023 Event Count 17 16 11 4 14 24

1. UCLA 5,113,153$ 4,429,625$ 4,346,696$ 635,891$ 4,752,393$ 3,982,199$

2. Rose Bowl Game (i) 5,001,444 4,950,473 4,439,981 690,739 5,064,791 5,223,832

3. Music Festiv al 2,227,803 - 2,845,446 - 1,378,330 4,335,027

4. Concerts 3,142,485 3,497,195 856,401 - - 854,683

5. Soccer 645,256 837,639 297,691 - - 1,233,319

6. Americafest July 4th Celebration (52,104) (170,869) (168,665) - - (467,987)

7. Other/Event Reconciliations/Development - (205,238) (46,639) 70,844 (113,777) (136,883) Total Major/Displacement Events Net Income 16,078,037 13,338,825 12,570,911 1,397,474 11,081,737 15,024,190 Enterprise Ev ents

1. Stadium 1,617,250 1,554,854 1,286,037 1,973,262 1,657,630 1,723,749

2. Golf Complex - 154,399 61,638 2,407 261,179 25,496 Total Enterprise Ev ents Net Income: 1,617,250 1,709,253 1,347,675 1,975,669 1,918,809 1,749,246 Flea Market 1,112,135 1,057,900 867,413 295,304 1,575,632 1,740,516 Total Net Ev ent Income: 18,807,422$ 16,105,978$ 14,785,999$ 3,668,447$ 14,576,177$ 18,513,951$ (i) Rose Bowl Game 2021 final payment during FY2023 is in non-operating revenues as it is for prior year event.

Average Net Event Income (by Event Type)
Displacement Event 945,767$ 833,677$ 1,142,810$ 3 49,369$ 791,553$ 626,008$ Enterprise Events 8,467 9,603 10,781 17,799 14,536 12,319 Flea Market 92,678 88,158 96,379 98,435 131,303 145,043 * 2020: 9 months of operation and 2021: 4 UCLA games No Fans due to COVID 10 PAGE 458

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
Trend line represents high and current point.

IV. FINA NCI

AL ANALYSIS (CONTINUED)
Golf Complex Key Statistics:

As high the demand for golf continues, the Brookside Golf Compl ex continues efforts to balance demand, course availability (given the increased displacement events), pricing, and reinvestment in course health, renovation, and future business concepts. Below are key statistics utilized to manage the golf course financial performance:
 Total golf rounds of 135,000 generated a gross course revenue of $6.6 million. Total Revenues per Round was $48.62, increased from $43.13 in FY 2022.
 A rounds per day average of 473 is consistent with the past 2 years.  Playable days were a low of 286 days due to 24 displacement events days (which displaces golf several days in event load in-out etc).

Golf Complex Net Income (made up of the below operating units) totals a 5-year high of $2.7 million for FY 2023; with key drivers from Golf Course, Displacement/Parking, and Go lf Enterprise Events. Other significant revenue streams include Displacement/Parking revenues and Pro Shop reve nues. Displacement/Parking revenues are driven by the increased number of displacement events and Pro S hop revenues are driven by increased lessons and RBOC taking over the Pro Shop operation.

ROSE BOWL OPERATING COMPANY

GOLF COURSE STATISTICS / GROSS GOLF REVENUES
YEAR ENDING JUNE 30, 2023
*
Key Statistics 2018 2019 2020 2021 2022 2023 Trend line Rounds 143,246 135,945 117,204 179,280 158,559 135,144 Playable Days 339 321 278 353 327 286
Rounds/Day 423 423 422 508 485 473 Av erage Per Round 27.27$ 27.01$ 30.12$ 35.24$ 38.30$ 42.66$ Average Range Fees Per Round 4.84 4.43 4.68 4.56 4.83 5.96 Total Revenue Per Round 32.11 31.44 34.80 39.80 43.13 48.62 Gross Golf Revenues (in millions) 4.70 4.30 4.10 7.10 6.80 6.57 * 2020 has 9 months of operations and 3 months of fixed costs with no revenues due to COVID

ROSE BOWL OPERATING COMPANY

GOLF COMPLEX NET INCOME
YEAR ENDING JUNE 30, 2023
*
Fiscal Year 2018 2019 2020 2021 2022 2023 Trend line
Golf Course 1,339,124 $ 988,898$ 812,838$ 2,487,962$ 2,207,591$ 2,145,446$ Restaurant 490,856 449,091 310,978 188,677 379,412 167,549 Displacement / Parking - 436,438 289,714 - 765,084 1,180,918 Enterprise Ev ents - 115,484 31,467 2,407 261,179 25,496 Pro shop 17,865 16,338 11,371 32,628 127,246 186,904 Cost recoveries (non-event) 15,000 53,910 61,695 - (144,272) - Other Non-operting Revenues 453,598 156,912 97,010 18,496 (156,341) 16,055 Overhead Expenses (625,285) (787,464) (715,138) (830,476) (932,672) (973,471) Total Complex Net Income: 1,691,158$ 1,429,608$ 899,935$ 1,899,694$ 2,507,227$ 2,748,897$ * 2020 has 9 months of operations and 3 months of fixed costs with no revenues due to COVID 11 PAGE 459

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
IV. FINANCIAL ANALYSIS (CONTINUED)
B. Rev
enue/Expense, Net Event and Operations Income comparison (Stadium and Golf Complex) The below
chart and associated t able are comparisons of FY 2022 to FY 2023 revenues, expenses, debt service (Net), preventative maintenance expenditure and capital set aside (or designation from operations for preventative maintenance).

Revenues, Expenses, Debt Service (Net), and Preventative Maintenance Fiscal Years 2022 and 2023:
*COVID Impacted.
12 PAGE 460

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
Trend line represents high and current point.

IV. FINA NCI

AL ANALYSIS (CONTINUED)
Combined Net Event and Operations Income Comparison 5-Years:

Operating analysis excluding Depreciation and Nonoperating Revenues Stadium
Key change
s to Net Event and Operations Income were mainly due to the increased Stadium Net Event Income, less the full year Debt Service. The Net Operating Loss from st adium was $2.3 million after the Rose Bowl assumed the full $12.4 million in debt service (net of federal subsidies and reserves credits) The FY 2023 Net Event Income is $18.5 million, overhead expenses of $9.3 million and investment gain/interest expense $11.6 million resulted with a Stadium Net Event and Operations loss of $2.3 million.

ROSE BOWL OPERATING COMPANY

STATEMENT OF OPERATING REVENUES, EXPENSES, AND NET OPERATING INCOME(LOSS) YEAR ENDING JUNE 30, 2023
SUMMARY 2018 2019 2020 2021 2022 2023 Trend line
Stadium Net Event and Operations
Income /(Loss) (976,964)$ (3,062,188)$ (5,449,368) $ (3,646,513)$ 2,369,462$ (2,342,770)$ Golf Net Operations Income /(Loss) 1,691,158 1,429,608 899,935 1,899,719 2,507,230 2,748,894 Combined Stadium and Golf
Net Operating Income/(los s ) 714,194$ (1,632,579)$ (4,549,433)$ (1,746,794)$ 4,876,691$ 406,124$ Fiscal 2021 - 2022 City of Pasadena paid full or partial Debt Service (Interest Expense below reflects RBOC Share).

DETAILS
Stadium Net Event and Operations
Income /(Loss)
2018 2019 2020 2021 2022 2023 Trend line
Operating Rev enues / Expenses 38,169,096$ 36,227,585$ 27,935,904$ 8,087,414$ 30,225,641$ 41,941,449$ Events and parking expenses (20,043,593) (20,959,597) (13,214,188) (4,421,388) (15,910,642) (23,452,983) Net Event Income: (1) 18,125,503 15,267,988 14,721,716 3,666,026 14,314,999 18,488,466 Overhead Expens es
Salaries and benefits (3,675,602) (4,259,886) (4,706,761) (3,580,237) (4,289,386) (4,325,575) General and administrative (3,796,689) (3,982,472) (4,225,832) (3,610,074) (5,160,941) (4,889,751) Subtotal Overhead Expenses (7,472,291) (8,242,358) (8,932,593) (7,190,311) (9,450,327) (9,215,326) Net Event and Operations Income 10,653,212 7,025,630 5,789,123 (3,524,285) 4,864,671 9,273,140 Before Non Operating/Capital contributions, Bond subsidies, Depreciation and Annual PERs Valuation Adjust Inv estment Gain /(Loss) (2) (13,661) 2,130,531 863,381 (122,228) 31,596 620,492 Interest/Amortization Expense (3) (11,616,515) (12,218,348) (12,101,872) - (2,526,806) (12,236,402) Investment Gain/Interest Expense (11,630,176) (10,087,817) (11,238,491) (122,228) (2,495,210) (11,615,910) Stadium Net Event and Operations
Income /(Loss) (976,964)$ (3,062,188)$ (5,449,368)$ (3,646,513)$ 2,369,462$ (2,342,770)$ (1) Parking Expenses adjusted into Events and parking revenues/expenses in prior reported years. (2) Net Inv estment Gain/(Loss) adjusted for Fair Market Value $4.0 million FY 2022. (3) City of Pasadena Debt Serv ice Contribution: FY18-20 no City Contirbutions, FY21 $11.5M, FY22 $9.3M, FY23 no Contribution 13 PAGE 461

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
Trend line represents high and current point.

IV. FINA NCI

AL ANALYSIS (CONTINUED)
Golf Complex
Golf Co
mplex Net Operating Income has a 5-year high of $2.7 mil lion, with key drivers of direct golf course and parking/displacement income.

Significant Year to Year changes:
 Effective FY 2023 the restaurant operator contract changed from lease to a management structure, which increased costs due to first-year business start-up costs, reducing net.  Increased Parking/Displacement is due to 10 additional events displacing the golf operations and the golf facility charging the stadium for the golf displacement.
 Due to the increased displacement events Golf Enterprise Events has a $240,000 reduction in net.  Fair-market valuation on investment gain was $16,000, or $172,000 better than the FY 2022 of $156,000 loss.

C. Expense Comparison
The RBOC
has 5 key areas of operating expenses: Stadium Overh ead, Event Expenses, Debt Service, Golf Complex Overhead and Golf Course Direct expenses. Many of these expenses have experienced increases due to changes in market demands, driving costs higher than the CPI (Consumer Price Index). Key areas of increases include staffing market costs of retaining industry experienced staff, professional and contracted services in areas such as information technology, business development and legal services.

DETAILS
Golf Net Operations Income /(Loss) 2018 * 2019 2020 2021 2022 2023 Trend line Operating Revenues
Green fees and other golf revenues 4,600,506$ 4,302,350$ 4,131,359$ 7,137,906$ 6,830,452$ 6,570,865$ Green fees and other golf expenses (3,261,382) (3,313,453) (3,318,521) (4,649,944) (4,622,862) (4,425,419) Golf Course Net Income 1,339,124 988,897 812,838 2,487,962 2,207,591 2,145,446 Ancillary Net Income:

Restaurant 490,856 449,089 310,978 188,677 379,412 167,549 Parking/Displacement - 436,438 289,714 - 580,290 1,180,918 Golf Enterprise Events - 115,489 31,467 2,432 261,179 25,496 Pro shop 17,865 16,338 11,371 32,628 127,246 186,901 Cost Recovery (non-event) 15,000 53,910 61,695 - 40,522 - Total Operating Revenues: 1,862,845 2,060,161 1,518,063 2,711,699 3,596,241 1,560,864 Operating Expens es
Salaries and benefits (213,023) (249,380) (226,669) (222,492) (268,362) (264,371) General and administrative (412,262) (538,084) (488,469) (607,984) (664,309) (709,100) Total Overhead Expenses: (625,285) (787,464) (715,138) (83 0,476) (932,671) (973,471) Before Non Operating/Capital contributions, Depreciation and Annual PERs Valuation Adjustment Investment Gain /(Loss) 453,598 156,912 97,010 18,496 (156,341) 16,055 Golf Net Operations Income /(Loss) 1,691,158$ 1,429,608$ 899,935$ 1,899,719$ 2,507,230$ 2,748,894$ * American Golf Corp contract changed from 2018 lease Agreement to 2019 forward Management Agreement.

Key changes are RBOC retaining Parking/Displacement net. RBOC is also reserving $1 dollar per round for future capital demands. 14 PAGE 462

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
Trend line represents high and current point.

IV. FINA NCI

AL ANALYSIS (CONTINUED)
Stadium Overhead Expenses:

Stadium total overhead expenditures have maintained the FY 2020 spend rate of $9.1 - $9.3 million with growth of

4.7% since 2018 - based on CPI, contract renegotiations to market rates, and increased demands of events on the RBOC staff.

Salaries and Benefits have a growth rate of 4.6% due to market rate adjustments, promotions, and open full-time positions. Since 2018 salaries and benefits increased $650,000; Salaries increased by $520,000 mainly due to salary COLA, new Full-time employees in Legacy and Event suppor t, promotions, and market rate adjustments.

Benefits increased by $130,000 since FY 2018 with a growth rate of 13.1% due to cost of medical, vision, dental, and CalPERS. There were four fully or partially open budgeted FTE positions during FY 2023.

The General and Administrative (G&A) expenses have increased by $1.1 million or 29% since FY 2018 – with CPI and contract renegotiations on rates for most of the below significant areas:
 Utilities: $280,000 (22% increase)
 Insurance: $246,000 (160% increase)
 Professional Services (Legal, HR, IT, contracts): $221,000 (34% increase)  Premium Seating (increased staffing due to events): $166,000 (57% increase)  Government Affairs (new Grant opportunities): $128,000  Other: Advertising, dues, permits, banking: $38,000 (23% increase)

ROSE BOWL OPERATING COMPANY

STADIUM OVERHEAD EXPENSES
YEAR ENDING JUNE 30, 2023
Overhead Expens es :

Stadium * * * Current Yr
Fiscal Year: 2018 2019 2020 2021 2022 2023 % of Trend line Summary Category Expens es Total
Salaries and benefits (Overhead) 3,675,602 $ 4,259,886 $ 4,706,761 $ 3,580,899 $ 4,289,386 $ 4,325,575 $ 46.4% Annual PERs Valuation Adj 286,116 126,626 196,614 244,916 (182,143) 111,533 1.2% General and administrative 3,796,689 3,982,470 4,225,832 3,610,074 5,160,941 4,889,751 52.4% Stadium Total Overhead Expense: 7,758,407$ 8,368,982$ 9,129,207$ 7,435,888$ 9,268,184$ 9,326,859$ STADIUM DETAILS:

Salaries & Benefits
Salaries & Taxes 2,681,735$ 2,959,005$ 3,188,855$ 2,544,660$ 3,063,475$ 3,201,828$ 74% Benefits 993,866 1,300,880 1,517,907 1,036,239 1,225,929 1,123,747 26% Total Salaries & Benefits 3,675,602$ 4,259,886$ 4,706,761$ 3,580,899$ 4,289,403$ 4,325,575$ Annual PERs Valuation Adj 286,116 126,626 196,614 244,916 (182,143) 111,533 15 PAGE 463

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
Trend line represents high and current point.

IV. FINA NCI

AL ANALYSIS (CONTINUED)
Event Expenses:

The Rose Bowl Stadium experienced some changes to event operations which impacted event expenses. Event mix total cost in FY 2023 was $23.4 million and changes in the FY 2023 event mix have mitigated the increased expenses to reduce the per event average cost. Events, such as concerts, require increased security, public safety, and turf replacements; while Music Festivals and soccer matches generally have lower production costs, reducing event expenses.

Key significant areas of event expenditures continue to be public safety, security, ev ent production costs, parking/neighborhood traffic management and janitorial services. Between FY 2019 and FY 2023, the average expense per displacement event was reduced by $426,000 (7-concerts and soccer matches in FY2019 and 4 in FY 2023). During the same years the average per event expense for Enterprise and Flea Market have increased by $17,000 - $18,000, respectively per event.

ROSE BOWL OPERATING COMPANY

STADIUM OVERHEAD EXPENSES
YEAR ENDING JUNE 30, 2023
Overhead Expens es :

Stadium * * * Current Yr
Fiscal Year: 2018 2019 2020 2021 2022 2023 % of Trend line STADIUM DETAILS:

General and administrative:

Utilities: Water, gas, power, refuse 1,305,004 $ 1,278,771 $ 1,426,906 $ 1,319,565 $ 1,481,509 $ 1,587,769 $ 32% Professional Serv ices: City Legal, HR, IT, Contract
Negotiation Support, Staff Development 654,948 816,145 825,768 880,712 1,497,174 876,079 18% Professional Services: Government Affairs - - - - 45,000 127,500 3% Contracted Services: Admin Support, Plumbing,
Electrical, Pest Control, Janitorial, Landscaping,
Security, Fleet/Fuel Maintenance, etc..
816,073 891,804 840,755 695,804 802,698 856,179 18% Insurance 154,383 96,387 122,867 205,059 375,740 400,749 8% Premium Seating Sales / Contract Services 289,1 84 275,283 313,835 193,730 304,298 455,383 9% Operating Leases/Rental Expense: Vehicles, Office
Equipment, Storage, etc.. 165,422 162,113 279,324 122,904 138,237 169,498 3%
Other: Advertising, dues, permits, banking fees. 168,231 218,090 194,915 102,622 297,983 206,255 4% Supplies: Medical, vehicle parts, electrical, plumbing
equipment, general (ie office/postage, reference
materials, communications/conferencing)
243,444 243,878 221,462 89,677 218,302 210,340 4%
Total General and administrative: 3,796,689$ 3,982,470$ 4,225,832$ 3,610,074$ 5,160,941$ 4,889,751$ * 2020: 9 months of operation and 2021: 4 UCLA games No Fans due to COVID ** 2022 Professional services increased by 700K mainly due to Legal Settlement (300K not recurring), revenue opportunity study, business development, staff development training, information technology and concessions consulting. 16 PAGE 464

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
Trend line represents high and current point.

IV. FINA NCI

AL ANALYSIS (CONTINUED)
Cost recovery as percentage of tot al event expenses is driven by contract event terms of what expenses are included in the license fees. Displacement events expense recovery will vary between the types of event contracts.

For example, Music Festival events have a cost recovery of almo st 100% and events such as concerts, soccer matches and Americafest are closer to 20% to 40%, for an average per displacement event cost recovery of 42%. Effective FY 2023, Enterprise event contracts incl ude an increased License fee to account for recurring costs, therefore Enterprise event s average cost recovery has de creased to 30% from a historical 70%, while net event income has increased by approximately $200,000 since FY 2019. The Flea market events have consistently been in the 65-80% cost range of recovery of total event costs and FY 2023 average 71% of total event costs.

ROSE BOWL OPERATING COMPANY

STADIUM EVENT EXPENSES
YEAR ENDING JUNE 30, 2023
Event Expenses:

Stadium *C Y % of
Fiscal Year: 2018 2019 2020 2021 2022 2023 Total
Category Expenses
PUBLIC SAFETY 3,787,906$ 3,801,844$ 2,313,345$ 173,832$ 3,043,575$ 4,384,098$ 19% EVENT PRODUCTION 2,663,070 2,863,129 1,835,962 2,118,078 2,890,258 3,770,187 16% PARKING 3,233,994 3,466,867 2,173,142 401,140 2,736,246 4,845,744 21% SECURITY 3,810,730 3,963,795 2,388,194 578,521 2,495,189 2,952,586 13% JANITORIAL 2,026,301 2,326,516 1,353,806 346,816 1,406,661 2,287,733 10% CATERING 861,531 853,215 615,555 12,194 719,441 1,151,109 5% RENTALS 858,751 1,004,703 531,274 105,947 675,934 954,945 4% FIELD AND SOD RELATED 1,129,499 964,240 610,247 52,086 575,900 986,988 4% RBOC STAFFING 324,418 425,588 475,189 490,461 466,200 470,115 2% SHUTTLE EXP 489,581 498,567 316,318 - 360,666 765, 364 3% PROFESSIONAL CONSULTING 147,647 201,398 152,684 15,599 226,033 480,642 2% PERMITS AND FEES 147,344 154,158 133,220 26,821 130,494 177,744 1% TEMP SUPPORT 165,318 222,679 126,033 68,588 124,595 139,556 1% ADVERTISING 397,502 212,899 189,217 31,304 59,432 86,172 0% Stadium Event Expens es : 20,043,593$ 20,959,597$ 13,214,188$ 4,421,388$ 15,910,624$ 23,452,983$ * 2020: 9 months of operation and 2021: 4 UCLA games No Fans due to COVID Event Type Expens e Review: Trend line
Displacement Events Expense 18,636,201$ 19,755,237$ 12,202,483$ 924,804$ 13,519,110$ 19,403,060$ Average Per Event Expense 1,096,247 1,234,702 1,109,317 231,201 965,651 808,461 Displacement Events Counts 17 16 11 4 14 24 Enterprise Events Expense 1,407,392$ 1,204,360$ 1,011,705$ 3,416,019$ 1,906,500$ 3,474,402$ Average Per Event Expense 7,369 6,766 8,431 30,775 14,4 43 24,468 Enterprise Events Counts 191 178 120 111 132 142 Flea Market Events Expense 337,460$ 354,329$ 264,417$ 80,552$ 485,014$ 575,521$ Average Per Event Expense 28,122 29,527 29,380 26,851 40,418 47,960 Flea Market Events 12 12 9 3 12 12 Average per event cos t recovery:

Displacement 331,378$ 271,256$ 411,629$ 125,192$ 434,321$ 337,111$ % of Avg Expenses 30% 22% 37% 54% 45% 42%
Enterprise Events 5,301$ 8,833$ 12,180$ 23,037$ 10,102$ 7,372$ % of Avg Expenses 72% 131% 144% 75% 70% 30%
Flea Market 18,451$ 19,164$ 19,264$ 18,614$ 35,470$ 34,089$ % of Avg Expenses 66% 65% 66% 69% 88% 71%
Cost Recovery:

Displacement 5,633,430$ 4,340,090$ 4,527,918$ 500,768$ 6,080,490$ 8,090,670$ Enterprise Events 1,012,526 1,572,329 1,461,598 2,557,132 1,333,477 1,046,771 Flea Market 221,411 229,968 173,378 55,843 425,639 409,062 Total Cost Recovery: 6,867,366 6,142,387 6,162,895 3,113,743 7,839,60 7 9,546,503
Cost Recovery % of Expenses 34% 29% 47% 70% 49% 41%
17 PAGE 465

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
IV. FINANCIAL ANALYSIS (CONTINUED)
D. Other Non
-Operating Revenue:

Total Other N
on-Operating revenue of $4.5 million are mainly re curring sources. Recurring sources include Legacy Connections, federal government subsidies on debt servic e, cell site rental and utilities cost recovery contracted to FY 2025. Year-to-Year differences were mainly due to the FY 2022 Non-Recurring sources not occurring in FY 2023 of $10.0 Legacy Connections landed Shuttered Venue Operators Grant and City of Pasadena net debt contribution was $9.3 million.

ROSE BOWL OPERATING COMPANY

OTHER NONOPERATING REVENUES
YEAR ENDING JUNE 30, 2023
Summary: 2023 2022 Details Ref.

Legacy Connections - $ 700,000 $ #1
Recurring Sources 4,585,474 4,475,616 #2-10
Non- Recurring Sources - 19,258,006 #11-12
Total non-operating Revenue
Sources Fiscal 2022 / 2023 4,585,474$ 24,433,622$
Estimated recurring funds 4.5M to 5.2M annuall y.

Details: 2023 2022 Variance
Sources Bus.Unit 4,585,474 $ 24,433,622 $ (19,848,147)$ Legacy and Recurring:
1 Legacy Connections Stadium - 700,000 (700,000) No FY23 Transfer; Legacy in progress of securing 3 grants totaling $3.7M: State of California $3M w ater line pending budget, Dept of Interior $500K pending drawdown, CA Nonprofit Security Grant $200K pending reimb. 2 ToR - Rose Bowl Game 2021 final payment Stadium 666,667 666,667 - 3 ToR - Contribution Stadium 75,000 75,000 - 4 Music Festiv al per ticket contribution Stadium 224,644 108,884 115,760 5 Concessionaire contribution 3% of revenues Stadium 234,603 170,199 64,404 Golf 3,316 47,572 (44,256)
6 Subisidy from 2010 Bonds Stadium 2,736,642 2,740,792 (4,149) 7 Misc. Non-Operating: Finance Credits Stadium 9,165 6,577 2,588 8 Misc. Non-Operating: Utilities Recovery Stadium 397,245 426,219 (28,974) 9 Misc. Non-Operating: ATM Mach use Stadium 6,668 2,183 4,485 10 Misc. Non-Operating: Cell Site rentals* Stadium 231,524 231,524 - Sub-total Recurring: 4,585,474 5,175,616 (590,142) * 2023 Cell site rentals agreement adjusted for GASB87 (lease considerations) Non- Recurring Sources
11 City of Pasadena Contribution to Bond Debt Stadium - 9,258,005 (9,258,005) 12 Shuttered Venue Operators Grant (SVOG) Stadium - 10,000,000 (10,000,000) Sub-total non recurring: - 19,258,005 (19,258,005)
Total Other nonoperating revenue: 4,585,474$ 24,433,622$ (19,848,147)$ Reference Income Statement: Other nonoperating revenue
18 PAGE 466

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
IV. FINANCIAL ANALYSIS (CONTINUED)
E. Balanc
e Sheet Highlights:

On a
full accrual basis, the Net Position decreased by $8.610 million, as outlined by the Statement of Revenue and Expenses (Income Statement) and below Statement of Net Position (Balance Sheet).

Key areas of changes in Assets include cash, accounts receivables, capital and debt related:

CHANGE IN CASH
Total Unrestricted Cash balances at year end decreased by $556,000 mainly due to:

Stadium cash decreased by $2.2 million net of:
 $3.7 million less Capital,
 $1.9 million less Operating, and
 $3.5 million higher event deposits
Golf Complex cash increased by $1.4 million net of
 $45,000 less Capital,
 $604,000 increased Operating mainly due to the change in Restaurant operating contract*  $837,000 increase Golf Course mainly due to increased rates. *During FY 2023 the Restaurant contract was changed from Lease agreement to a Management Agreement. This means RBOC is to collect all cash at the restaurant for sales and pay all expenditures directly - versus a lease deal where RBOC would collect from the operator a percentage of sales. American Golf Corp. has managed the restaurant operations since the transition in August 2022.

ROSE BOWL OPERATING CO.

STATEMENT OF NET POSITION SUMMARY (ASSETS - LIABLITIES) YEAR ENDING JUNE 30, 2023
2023 2022 Variance
Assets:

Total Current Assets 41,411,654$ 42,769,909$ (1,358,255)$ Total Noncurrent Assets 160,620,948 167,558,660 (6,937,712) Total Assets 202,032,602$ 210,328,569$ (8,295,967)$ Total Deferred Outflows of Resources 3,176,417 2,664,991 511,426 Liabilities:

Total Current Liabilities 23,597,356$ 20,734,243$ 2,863,113$ Total Noncurrent Liabilities 200,781,226 201,461,727 (680,501) Total Liabilities 224,378,582$ 222,195,969$ 2,182,613 Total Deferred inflows of Resources 550,953 1,213,439 (662,486) Assets Net Liabilities: (19,720,516)$ (11,110,421)$ (8,610,095)$ Totals
19 PAGE 467

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
IV. FINANCIAL ANALYSIS (CONTINUED)
Balance Shee
t highlights

CHANGE IN CASH
CHANGE IN ACCOUNTS RECEIVABLE:

Accounts Receivables decreased by $676,000:
 Stadium Accounts Receivables are less than the prior year by $472,000 mainly due to events. o Events less by $1.4 million – FY 2022 fourth quarter had more events and associated billing than FY 2023 o Non-Events less by $578,000 - pr ior year Legacy $300,000, Payroll related taxes due $180,000 and Wireless carrier Accounts Receivable $100,000.
o Other Accounts Receivables increased by $1.5 million. At year-end there were $1.4 million in subsidies due from the Federal Government and the balance is capital fund due from concessionaire.  Golf Accounts Receivable is less by $204,000 mainly due to:
o Inter-company due from Stadium decreased while increased banqu et deposits for a net decrease of $131,000.
o Capital fund due from concessionaire not recurring in FY 2023.

ROSE BOWL OPERATING CO.

STATEMENT OF NET POSITION SUMMARY (CASH)
YEAR ENDING JUNE 30, 2023
2023 2022 Variance
Cash Summary
Rose Bowl 17,986,050$ 20,155,550$ (2,169,500)$ Golf Course 17,365,729 15,956,749 1,408,980
Cash Summary Total 35,351,779$ 36,112,299$ (760,520)$ Cash and investments restricted 10,633,043 11,188,835 (555,792) Cash Details
Rose Bowl
Capital 11,886,387$ 15,620,865$ (3,734,478)$ Operating 2,384,240 4,314,447 (1,930,207)
Events Deposits 3,715,423 220,237 3,495,186 Total 17,986,050$ 20,155,550$ (2,169,500)$ Golf Complex
Capital 3,597,992 $ 3, 643,515$ (45,524)$ Operating 8,482,640 7,877,818 604,822
Golf Course 5,263,086 4,426,164 836,922
Event Deposits 22,011 9,252 12,759
Total 17,365,729$ 15,956,749$ 1,408,980$
Cash and investments restricted 10,633,043$ 11,188,835$ (555,792)$ Totals
20 PAGE 468

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
IV. FINANCIAL ANALYSIS (CONTINUED)
Balance Shee
t highlights

CHANGE IN ACCOUNTS RECEIVABLE
CHANGE IN CAPITAL ASSETS:

Capital assets decreased by $6.5 million mainly due to $11.8 mi llion in depreciation offset by changes to construction in progress and ne w assets of $5.3 million ($3.6 m illion in actuals assets, and $1.6 million in Lease Asset adjustments due to GASBs 87 and 96) and Golf Complex increased by $151,000.

ROSE BOWL OPERATING CO.

STATEMENT OF NET POSITION SUMMARY (ACCOUNTS RECEIVABLE) YEAR ENDING JUNE 30, 2023
2023 2022
Accounts Receivable Summary
Rose Bowl 5,141,259$ 5,612,763$ (471,504)$
Golf Course 143,890 348,589 (204,699)
Accounts Receivable Total 5,285,149$ 5,961,352$ (676,202)$ Accounts Receivable Details
Rose Bowl
Events 2,708,575$ 4,098,120$ (1,389,545)$
Non-Events 2,468 580,331 (577,862)
Other 2,430,216 934,313 1,495,903
Total 5,141,259$ 5,612,764$ (471,505)$
Allowance for Doubtful Accounts (included in
Rose Bowl Total) (703,687) (381,884) (321,803)
Golf Com
plex
Golf Course 118,992$ 250,416$ (131,423)$ Other 24,898 98,174 (73,276)
Total 143,891$ 348,590$ (204,699)$
Totals

CHANGE IN CAPITAL
YEAR ENDING JUNE 30, 2023
Summary:
2023 2022 Variance
Stadium 143,371,734$ 149,320,201$ (5,948,467)$
Golf Course 5,595,479 6,130,782 (535,303) Total Other capital assets, net 148,967,213$ 155,450,983$ (6,483,770)$ Combined Construction in progress 203$ 970$ (767)$ Change in Capital (6,484,537)$
21 PAGE 469

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
IV. FINANCIAL ANALYSIS (CONTINUED)
Balance Shee
t highlights

CHANGE IN DEBT
Outstanding debt decreased by $2.0 million during FY 2023 mainly due to principal payments on the 2016 and 2018 Bonds ($4.4 million), one year of the 2016 bond premium amortiz ation ($550,000), one year of the 2018 bond premium amortization ($178,000) net of accreted interest amortization (i) of $1.7 million and Lease Liability GASB 87-96 Adjustments totaling $1.5 million.

Detail:

Stadium
June 30, 2023 June 30, 2022 Variance
Building and improvements 258,808,326 $ 255,258,313 $ 3,550,013 $ Machinery and equipment 18,402,334 18,402,334 - Sub-total 277,210,660 273,660,647 3,550,013
Lease/Subscription Assets (GASB87/96) 1,619,400 56,085 1,563,315 Less accumulated depreciation (135,458,327) (124,396,531) (11,061,795) Total NBV/Other Capital Asset, net 143,371,734$ 149,320,201$ (5,948,467)$ GASB87-96 Amortization of Lease/Subscription Assets (140,397)$ (21,553)$ (118,843) Golf Course , ,
Building and improvements 13,883,261$ 13,596,767$ 286,494$ Machinery and equipment 1,634,532 1,770,106 (135,574) Sub-total 15,517,793 15,366,873 150,920
Less accumulated depreciation (9,922,314) (9,236,091) (686,223) Total NBV/Other Capital Asset, net 5,595,479$ 6,130,782$ (535,303)$ Reference: Balance Sheet: Other capital asset, net
Construction in Progress 203$ 970$ (767)$

ROSE BOWL OPERATING COMPANY

CHANGE IN DEBT
YEAR ENDING JUNE 30, 2023
Summary: 2023 2022
Long-Term Debt(Stadium) 194,970,165$ 198,958,988$ (3,988,823)$ Current Portion of Long-Term Debt (Stadium) 4,975,000 4,433,848 541,152 Lease/Subscription Liability (GASB87/96 Adjustment) 1,530,899 55,761 1,475,139 Long-Term Debt(Golf) 465,918 517,687 (51,769)
Current Portion of Long-Term Debt (Golf) 51,769 51,769 - Total Debt 201,993,752$ 204,018,052$ (2,024,300)$
22 PAGE 470

ROSE BOWL OPERATING COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2023
IV. FINANCIAL ANALYSIS (CONTINUED)
Balance Shee
t highlights

CHANGE IN DEBT
(i) Accreted Interest is a discount rate on bonds amortized over the life of the 2010 bond.

REQUEST

S FOR INFORMATION
This financial report is designed to provide a general overview of the RBOC’s finances. Questions concerning any of the information provided in this report, or requests for additional financial information, should be addressed to the RBOC Finance Office ([email protected]) , Rose Bowl Operating Company, 1001 Rose Bowl Dr., Pasadena, California 91103.

Details:

Stadium
June 30, 2023 June 30, 2022 Variance
2010 Revenue Bonds 125,648,265 $ 125,648,265 $ - $ 2016 Revenue Bonds 17,630,000 19,885,000 (2,255,000) 2016 Bond Premium 2,063,260 2,613,463 (550,203) 2018 Bond and Premium 39,635,390 41,968,712 (2,333,322) Accreted Interest 14,968,251 13,277,396 1,690,854 Lease/Subscription Liability (GASB87/96 Adjustment) 1,530,899 55,761 1,475,139 Total Debt Related: 201,476,065$ 203,448,597$ (1,972,532)$ Golf Course
* Golf Course Debt Now includes
Long Term Note Due American Golf (15 year schedule) 517,687 569,455 (51,768) Total Debt 201,993,752$ 204,018,052$ (2,024,299)$ 23 PAGE 471

ROSE BOWL OPERATING COMPANY
Statement of Net Position
June 30, 2023
Assets:

Current:

Cash and investments 17,986,050$ 17,365,729 $ 35,351,779$ Accounts receivable, net of allowance of $703,687 for the Rose Bowl 5,141,259 143,890 5,285,149 Lease receivable 234,836 - 234,836
Inventory 56,684 2
59,069 315,753
Prepaid it
ems 224,137 - 224,137
Total Current Assets 23,642,966 17,768,688 41,411,654 Noncurrent:

Due from City of Pasadena 422,335 - 422,335
Due from Stadi
um - 353,949 353,949
Cash and in
vestments restricted 10,633,043 - 10,633,043
Lease rece
ivable 244,205 - 244,205
Capital
assets:

Construction in progress - 203 203
Other c
apital assets, net 143,371,734 5,595,479 148,967,213 Total Noncurrent Assets 154,671,317 5,949,631 160,620,948 Total Assets 178,314,283 23,718,319 202,032,602 Deferred Outflows of Resources:

Deferred refunding charge 1,396,004 - 1,396,004 Outflows related to net pension liability 1,719,512 60,901 1,780,413 Total Deferred Outflows of Resources 3,115,516 60,901 3,176,417 Liabilities:

Current:

Accounts payable and other liabilities 3,783,173 1,193,859 4,977,032 Accrued salaries and benefits 491,220 51,368 542,588 Interest payable 3,076,339 - 3,076,339
Due to Golf Course 353,949 - 353,949
Due to City
of Pasadena 1,528,539 - 1,528,539
Deposit
s 2,417,164 - 2,417,164
Unearned revenue 5,005,430 185,527 5,190,957 Current portion of long-term
advance 100,000 - 100,000
Current portion com
pensated absences 167,040 6,086 173,126
Current portion of long-term
debt 5,185,893 51,769 5,237,662
Total Current Liabilities 22,108,747 1,488,609 23,597,356 Noncurrent:

Long-term advance 400,000 - 400,000
Compensated abs
ences 88,271 10,454 98,725
Long-term debt, net of current porti
on 196,290,172 465,918 196,756,090
Net pension liability 3,406,173 120,238 3,526,411 Total Noncurrent Liabilities 200,184,616 596,610 200,781,226 Total Liabilities 222,293,363 2,085,219 224,378,582 Deferred Inflows of Resources:

Inflows related to lessor leases 463,049 - 463,049 Inflows related to net pension liability 61,713 26,190 87,903 Total Deferred Inflows of Resources 524,762 26,190 550,952 Net Position:

Net investment in capital assets (29,223,333) 5,077,996 (24,145,337) Restricted for debt service 10,633,043 - 10,633,043 Unrestricted (
22,798,036) 16,589,815 (6,208,221)
Total Net Position (41,388,326) $ 21,667,811 $ (19,720,515) $ Rose Bowl Golf Course Total
The accompanying notes are an integral part of these financial statements. 24 PAGE 472

ROSE BOWL OPERATING COMPANY
Statement of Revenues, Expenses, and
Changes in Net Position
Year Ended June 30, 2023
Operating Revenues:

Green fees and other golf revenues -$ 6, 570,865$ 6,570,865$ Parking revenue -
1,180,918 1,180,918
Advertising revenue 3,395,930 - 3,395,930
F
acility rentals 24,538,851 148,804 24,687,655
Concessions 3,443,299 - 3,443,299
Pr
o shop - 186,
901 186,901
Res
taurant -
2,383,989 2,383,989
Adm
ission tax 1,016,866 - 1,016,866
Cos
t recoveries 9,546,503 - 9,546,503
T
otal Operating Revenues 41,941,449 10,471,477 52,412,926 Operating Expenses:

Salaries and benefits 4,325,572 264,371 4,589,943 Annual PERS valuation adjustment 111,533 7,140 118,673 General and administrative 4,889,751 709,100 5,598,851 Depreciation/amortization 11,202,192 686,223 11,888,415 Capital preventative maintenance 1,292,889 301,720 1,594,609 Events and parking 23,452,983 123,305 23,576,288 Green fee and other golf expenses -
4,425,419 4,425,419
Restaurant -
2,216,440 2,216,440
Total Operating Expenses 45,274,920 8, 733,718 54,008,638 Operating Income (Loss) (3,333,471) 1, 737,759 (1,595,712) Nonoperating Revenues (Expenses):

Investment income (loss) 620,492 16,055 636,547 Interest expense (12,236,402) - (12,236,402)
Ot
her nonoperating revenues 4,582,158 3,316 4,585,474 T
otal Nonoperating Revenues (Expenses) (7,033,752) 19,371 (7,014,381) Changes in Net Position (10,367,223) 1, 757,130 (8,610,093) Net Position:

Beginning of Year (31,021,103) 19,910,681 (11,110,422) End of Year (41,388,326)$ 21,667,811$ (19,720,515)$ Rose Bowl TotalGolf Course
The accompanying notes are an integral part of these financial statements. 25 PAGE 473

ROSE BOWL OPERATING COMPANY
Statement of Cash Flows
Year Ended June 30, 2023
Cash Flows from Operating Activities:

Cash received from customers 31,266,351$ 473,324 $ 31,739,675 $ Cash paid to employees for services (9,253,482) (985,993) (10,239,475) Cash paid to suppliers for goods and services (24,775,357) 2,182,964 (22,592,393) Other cash receipts 13,959,299 - 13,959,299
Net Cash Provided by Operating Activities 11,196,811 1,670,295 12,867,106 Cash Flows from Non-Capital
Financing Activities:

Contributions 91,146 (78,765) 12,381 Other nonoperating revenues 1,845,739 3,316 1,849,055 Net Cash Provided (Used) by Non-Capital Financing Activities 1,9 36,885 (75,449) 1,861,436 Cash Flows from Capital and Related Financing Activities:

Acquisition of capital assets (3,550,014) (150,153) (3,700,167) Payment on advance (100,000) - (100,000)
Interest subsidy on bonds payable 2,736,642 - 2,736,642 Principal payments on long-term debt (4,641,747) (51,768) (4,693,515) Interest payments on long-term debt (10,924,360) - (10,924,360) Net Cash Used in Capital and Related Financing Activities (16,47 9,479) (201,921) (16,681,400) Cash Flows from Investing Activities:

Investment gain (loss) 620,492 16,055 636,547 Net Cash Provided by Investing Activities 620,492 16,055 636,547 Net Increase (Decrease) in Cash and Cash Equivalents (2,725,291) 1,408,980 (1,316,311) Cash and Cash Equivalents at Beginning of Year 31,344,384 15,956,749 47,301,133 Cash and Cash Equivalents at End of Year 28,619,093$ 17,365,729$ 45,984,822$ Cash and investments 17,986,050$ 17,365,729 $ 35,351,779 $ Cash and investments restricted 10,633,043 - 10,633,043 Total reported on Statement of Net Position 28,619,093 17,365,729 45,984,822 Cash and cash equivalents at end of year 28,619,093$ 17,365,729$ 45,984,822$ Operating Income (Loss) (3,333,471)$ 1,737,759 $ (1,595,712) $ Adjustments to Reconcile Operating Income (Loss) to
Net Cash Provided by Operating Activities:

Depreciation/amortization 11,202,192 686,223 11,888,415 (Increase) decrease in accounts receivable 471,504 204,700 676,204 (Increase) decrease in lease receivable 225,790 - 225,790 (Increase) decrease in inventory (56,165) (136,691) (192,856) (Increase) decrease in prepaid assets 120,776 2,660 123,436 (Increase) decrease in deferred outflows related to pension (871,846) (20,308) (892,154) Increase (decrease) in accounts payable and accrued expenses (88,139) (938,794) (1,026,933) Increase (decrease) in accrued salaries and benefits (78,785) (19,215) (98,000) Increase (decrease) in deposits 2,039,879 - 2,039,879 Increase (decrease) in lease liability (32,779) - (32,779) Increase (decrease) in subscription liability (198,968) - (198,968) Increase (decrease) in deferred revenue 772,818 119,820 892,638 Increase (decrease) in compensated absences 40,627 6,692 47,319 Increase (decrease) in net pension liability 2,079,650 56,713 2,136,363 Increase (decrease) in deferred inflows related to pension (1,096,272) (29,264) (1,125,536) Net Cash Provided by Operating Activities 11,196,811$ 1,670,295$ 12,867,106$ Non-Cash Investing, Capital, and Financing Activities:

Purchase of capital assets through lease and subscription-based IT agreement financing (1,703,710) $ - $ (1,703,710)$ Accretion of interest on bonds payable 1,690,855 - 1,690,855 Amortization of deferred charge and bond discounts/premiums 380,728 - 380,728 Rose Bowl TotalGolf Course
Reconciliation of Cash and Investments to Amounts
Reported on the Statement of Net Position:

Reconciliation of Operating Income (Loss) to Net Cash
Provided by Operating Activities:

The accompanying notes are an integral part of these financial statements. 26 PAGE 474
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Disclosure Related to Long-Term Debt Under GASB 88
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(a)
Upon the happening of any of the events & default, then it shall be lawful for the Authority or its assignee, subject to the terms of the Lease, with the consent of the Majority Holder, to (i) exercise any and all remedies available or granted to it under the Sublease or pursuant to law, to the extent not inconsistent with the remedies granted unde r
the Sublea
se or (ii) by mandamus or other suit, action or proceeding at law or in equity to enforce the Authority’s or its assignee’s rights against the City and to compel the City to perform and carry out its duties and obligations under the law a
nd its covenants and agreements with the City as provided in the Sublease. Upon the breach of any agre
ement, condition, covenant or term contained in the Sublease required to be observed or performe d by the City, the Authority o
r its assignee may not exercise any rights of entry upon or repossession of the Leased Property.

In the event of such default, the Authority or its assignee must thereafter maintain the Sublease in full force and effect and may only recover rent and other monetary charges as they become due, -XQH 6HULHV$ 6HULHV% 6HULHV' ,QWHUHVW 7RWDO
       

       

       

 
      

       


      
 


        

   
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all without terminating the City’s right to possession of the Leased Property, regardless of whether or not the City has abandoned the Leased Property; THIS SHALL BE THE SOLE AND EXCLUSIVE REMEDY AVAILABLE AGAINST THE CITY UNDER THE SUBLEASE OR OTHERWISE. THE AUTHORITY SHALL HAVE NO RIGHT

UPON AN EVENT OF DEFAULT UNDER THE SUBLEASE BY THE CITY TO ACCELERATE THE RENTAL PAYMENTS. TERMINATE THE SUBLEASE OR RE-ENTER THE LEASED PROPERTY. 
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ROSE BOWL OPERATING COMPANY
Cost Sharing Multiple-Employer Plans
Schedule of Proportionate Share of the Net Pension Liability As of June 30, for the Last Ten Fiscal Years (1)
2023 2022 2021 2020
Measurement Period June 30, 2022 June 30, 2021 June 30, 2020 June 3 0, 2019 Proportion of the Net Pension Liability (Asset) 0. 07536% 0.07321% 0.07105% 0.06964% Proportionate Share of the Net Pension Liability (Asset) 3,526,411$ 1, 390,048$ 2,996,767 $ 2,788,864 $ Covered Payroll 3,209,344$ 2,655,214$ 3,273,956$ 3,083,082$ Proportionate Share of the Net Pension Liability (Asset) as Percentage of Covered Payroll 109.88% 52.35% 91.53% 90.46% Total Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 87.16% 90.35% 76.58% 75.26%
Notes to Schedule of Proportionate Share of the Net Pension Liability:
1 Fiscal year 2015 was the first year of GASB Statement No. 68 implementation; therefore only nine years are shown.

Benefit Changes : There were no changes to benefit terms that applied to all members of the Public Agency Pool. However, individual employers in the Plan may have provided a benefit improvement to their employees such as Golden Handshakes, service purchases, and other prior service costs. Employers that have done so may need to report this information as a separate liability in their financial statement as CalPERS considers such amounts to be separately financed employer-specific liabilities. These employers should consult with their auditors. Additionally, the figures above do not include any liability impact that occurred after the June 30, 2021 valuation date, unless the liability impact is deemed to be material to the Public Agency Pool.

Changes of Assumptions : Effective with the June 30, 2021 valuation date (2022 measurement date),the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. 52 PAGE 500
2019 2018 2017 2016 2015
June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014

0.06867% 0.06821% 0.06766% 0.07266% 0.02717%
2,587,867$ 2,688,676 $ 2, 350,455$ 1, 993,478$ 1, 690,891$ 2,798,456$ 2,583,602 $ 2, 183,555$ 2, 292,759$ 2, 304,751$

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53 PAGE 501

ROSE BOWL OPERATING COMPANY
Cost Sharing Multiple-Employer Plans
Schedule of Plan Contributions
As of June 30, for the Last Ten Fiscal Years (1)
Fiscal year ended June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Actuarially Determined Contributions 608,451$ 593,271$ 513,532$ 537,091$ Contribution in Relation to the Actuarially Determined Contribution (608,451) (593,271) ( 513,532) (537,091) Contribution Deficiency (Excess) -$ -$ -$ -$
Covered Payroll 3,332,480$ 3, 209,344$ 2, 655,214$ 3,273,956$ Contributions as a Percentage of Covered Payroll 18.26% 18.49% 19.34% 16.40% Note to Schedule:

Valuation Date: June 30, 2021
Methods and assumptions used to determine contribution rates:

Actuarial Cost Method Entry Age Normal Cost Method
Amortization method Level percentage of payroll, closed Assets valuation method Market Value
Discount Rate 6.90% (net of administrative expenses)
Projected Salary Increases
Inflation 2.50%
Payroll Growth 2.75%
(1) Historical information is required only for measurement for which GASB Statement No. 68 is applicable. Fiscal Year 2015 was the first year of implementation, therefore only nine years are shown.

Depending on Age, Service, and type of employment.
54 PAGE 502
June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 20 15 470,264$ 403,984$ 371,534$ 317,561$ 324,587$ (470,264) (403,984) (371,534) (317,561) (324,587) -$ -$ -$ -$ -$
3,083,082$ 2,798,456$ 2,583,602$ 2,373,593$ 1,922,101$

15.25% 14.44% 14.38% 13.38% 16.89%
55 PAGE 503

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1611 E. Fourth Street, Suite 200
Santa Ana, CA 92701
(714) 569-1000
203 N. Brea Blvd, Suite 203
Brea, CA 92821
(714) 672-0022
21 Waterway Avenue, Suite 30089
The Woodlands, TX 77380
(936) 828-4587
2151 River Plaza Dr., Suite 150
Sacramento, CA 95833
(916) 503-9691
24422 Avenida de la Carlota, Suite 275
Laguna Hills, CA 92653
(949) 829-8299
www.lslcpas.com


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PASADENA COMMUNITY ACCESS CORPORATION
Statement of Net Position
June 30, 2023
ASSETS
Current assets:

Cash and cash equivalents 407,833$
Accounts receivable 4,605
Prepaid items 10,798
Deposits 12,420
Restricted cash and cash equivalents 555,842
Total current assets 991,498
Noncurrent:

Capital assets, net 79,068
Total noncurrent assets 79,068
Total assets 1,070,566

LIABILITIES
Current liabilities:

Accounts payable and other liabilities 9,396
Accrued salaries and benefits 23,548
Accrued interest 35
Compensated absences 39,282
Lease payable 27,787
Total current liabilities 100,048
Total liabilities 100,048

NET POSITION
Net investment in capital assets 51,281
Restricted for Public, Educational and Governmental Access 555,842 Unrestricted 363,395
Total net position 970,518$
The accompanying notes are an integral part of these financial statements. 8 PAGE 517
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22 PAGE 531

PASADENA FIRE & POLICE RETIREMENT SYSTEM

A PENSION TRUST FUND OF THE CITY OF

PASADENA, CALIFORNIA
INDEPENDENT AUDITOR’S REPORT AND

BASIC FINANCIAL STATEMENTS

WITH REQUIRED SUPPLEMENTARY INFORMATION AND

OTHER SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2023
(WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2022)

P A S A D E N A
FIRE &
POLICE

RETIREMENT

S Y S T E M
Attachment F
PAGE 532
PAGE 533

PASADENA FIRE & POLICE RETIREMENT SYSTEM
FOR THE YEAR ENDED JUNE 30, 2023
(WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2022)

TABLE OF CONTENTS
Page
Independent Auditor’s Report ............................................................................................................ 1 Management’s Discussion and Analysis (Unaudited)........................................................................ 5 BASIC FINANCIAL STATEMENTS:

Statement of Fiduciary Net Position ............................................................................................... 12 Statement of Changes in Fiduciary Net Position ............................................................................ 13 Notes to Basic Financial Statements .............................................................................................. 14 REQUIRED SUPPLEMENTARY INFORMATION (Unaudited):

Schedule of Changes in Employer’s Net Pension Liability/(Asset) ................................................ 36 Schedule of Employer’s Net Pension Liability/(Asset) and Related Ratios .................................... 37 Schedule of Employer Contributions .............................................................................................. 38 Schedule of Investment Returns..................................................................................................... 39 Notes to Required Supplementary Information .............................................................................. 40 OTHER SUPPLEMENTARY INFORMATION:

Additions by Source and Deductions by Type................................................................................ 46 Comparative Information from Prior Fiscal Years: Interest Rate Risk (Unaudited)........................ 47 PAGE 534
PAGE 535
1 Independent Auditor’s Report
To the Board of Retirement
Pasadena Fire & Police Retirement System
Pasadena, California
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of the Pasadena Fire & Police Retirement System (System), a pension trust fund of the City of Pasadena, California, as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the System’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the fiduciary net position of the System as of June 30, 2023, and the changes in its fiduciary net position for the year then ended in accordance with accounting principles generally accepted in the United States of America
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States ( Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the System and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Other Matter
Prior-Year Comparative Information
The financial statements include partial prior-year comparative information. Such information does include all of the information required to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the System’s financial statements for the year ended June 30, 2022, from which such partial information was derived.

Report on Prior-Year Comparative Information
We have previously audited the System’s 2022 financial statements, and we expressed an unmodified opinion on the financial statements in our report dated October 17, 2022. In our opinion, the partial comparative information presented herein as of and for the year ended June 30, 2022, is consistent, in all material respects, with the audited financial statements from which it has been derived.

PAGE 536
2 Responsibilities of Management for the Financial Statements The System’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the System’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:

Exercise professional judgment and maintain professional skepticism throughout the audit.

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the System’s internal control. Accordingly, no such opinion is expressed.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the System’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, the schedule of changes in employer’s net pension liability/(asset), the schedule of employer’s net pension liability/(asset) and related ratios, the schedule of employer contributions, the schedule of investment returns, and the notes to required supplementary information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS , which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other PAGE 537
3 knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the System’s basic financial statements. The schedule of additions by source and deductions by type and the comparative information from prior fiscal years: interest rate risk (other supplementary information) are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the other supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards , we have also issued our report dated November 14, 2023, on our consideration of the System’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the System’s internal control over financial reporting and compliance.

Los Angeles, California
November 14, 2023
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PAGE 539
Pasadena Fire & Police Retirement System
Management’s Discussion and Analysis (MD&A)
(Unaudited)