Finance Committee
January 22, 2024

The Pasadena Fire & Police Retirement System (“System” or “Plan”) is a closed, single-employer defined benefit pension plan governed by a Board of Retirement (“Board”) under the provisions of the City of Pasadena (“City”) Charter that provides retirement, disability, and survivor benefits for eligible sworn safety employees of the City. Its operations are reported as a Pension Trust Fund in the City’s basic financial statements. The System was established on July 1, 1935, by a vote of the people to formalize retirement benefits for the City’s Fire and Police members, and is governed by the authority in Article XV of the City Charter, and by Chapter 2.250 of the City’s Municipal Code.

The System serves the City’s sworn employees hired prior to July 1, 1977, except those who elected to transfer to the California Public Employees’ Retirement System (“CalPERS”) either when the System was closed to new members, or in June 2004. The System is governed by a Board of five members; one member of the City Council, two Pasadena residents appointed by the City Council, and two members of the System elected under the supervision of the System. Board members are elected to terms of four years with no restriction on reappointment. Board members receive no compensation.

The discussion and analysis of the System’s financial performance provides an overview of the financial activities for the year ended June 30, 2023. This discussion and analysis should be read in conjunction with and is qualified in its entirety by the accompanying audited financial statements and notes, which begin following this Management’s Discussion and Analysis. The financial statements, notes, and this discussion and analysis were prepared by management and are the responsibility of management.

Financial and Valuation Highlights
The Plan ended fiscal year 2023 with $104,377,299 in fiduciary net position compared to $111,661,738 in fiduciary net position as of June 30, 2022. The decrease in net position by $7,284,439 from the prior period was attributed to benefit payments exceeding investment net earnings. Earnings in the portfolio were 5.0% net of fees, calculated on a money-weighted rate of return basis, (compared to -8.6% net of fees for the prior fiscal year), and resulted in $5,013,170 in net investment earnings. Investment earnings were offset by $12,297,609 in deductions from the portfolio for benefits and administrative expenses. Investment earnings of 5.0% (net of fees) were lower than overall market conditions and the portfolio’s benchmark earnings rate of 5.5%.

A cash reserve within pooled cash at the City was maintained to meet the required monthly cost of benefits and administration. Rebalancing of investments serves as an ongoing process to maintain balance with the Board’s asset allocation goals, and when necessary, to fund the Plan’s benefit and administrative costs.

During fiscal year 2023, a total of $12,575,000 was withdrawn from the portfolio with the custodian and transferred to the City’s pooled cash account for payment of pension benefits and administration.

The June 30, 2023, actuarial valuation determined that the Actuarial Value of Assets (“AVA”) decreased to $107 million, and the Actuarial Accrued Liability (“AAL”) decreased to $128 million. Accordingly, the AVA Funded Percentage (which is the actuarially determined funding level used to calculate the City’s required minimum contribution) decreased to 84.1% on June 30, 2023. The minimum required AVA Funded Percentage on June 30, 2023, is 80.0%. Thus, there is no required contribution from the City for fiscal year 2024 (due January 1, 2024) based on the June 30, 2023 actuarial valuation and Amended and Restated Contribution Agreement No. 20,823 (“Agreement No. 20,823”).

The City’s Net Pension Liability (“NPL”) for the Plan increased from $14,629,000 on June 30, 2022, to $18,573,000 on June 30, 2023, primarily due to decreases in the Plan's Fiduciary Net Position ("FNP"). The FNP decreased by more than $7 million primarily due to benefit payments exceeding investment earnings.

As a result, the Plan’s FNP as a percentage of the Total Pension Liability decreased from 88.4% on June 30, 2022, to 84.9% on June 30, 2023.

PAGE 540
Pasadena Fire & Police Retirement System
Management’s Discussion and Analysis (MD&A) (Continued) (Unaudited)

Investment Performance
The Board reviews the asset allocation in the Investment Policy Statement (“IPS”) on an annual basis, including a 10-year return forecast (both geometric and arithmetic) analysis by asset class. The forecasts per asset class are discussed within the context of their individual standard deviation forecasts, the amount of risk each asset assumes for the forecasted returns, and the relationship of that asset/risk within the overall portfolio. Portfolio mix options are discussed given the expected returns in comparison to the current allocations, and the investment advisor provides recommendations to the Board regarding potential changes in the asset allocation mix and for prospective new managers. In addition, fund and asset benchmarks are added and/or changed in the IPS to more accurately evaluate the portfolio and each asset’s performance or when a new asset is acquired.

The System’s IPS has evolved since the hiring of investment advisor, Verus Investments, in 2011. The June 2011 policy revision adjusted the strategic allocation ranges for equities and fixed income, added allocations to Treasury Inflation Protected Securities (“TIPS”) and Real Estate, and deleted the allocation to Real Estate Investment Trust (“REIT”). In June 2013, the policy was revised to add an allocation for Liquid Alternative Investments through adjusting the strategic allocation ranges in equities. The IPS was revised in May 2014 to create a new fixed income asset class for Senior Bank Loans towards the goal of reducing risk. The IPS was revised in February 2015 to eliminate the allocation to Cash, and to move the assets held in Small/Mid Cap Domestic Equities to Small Cap Domestic Equities. Following the 10-year performance assessment in March 2016, the Board reallocated 2.0% from Domestic Core Equities (decreasing the allocation from 22.0% to 20.0%) to Domestic Core Fixed Income (increasing the allocation from 33.0% to 35.0%) through adoption of the revised IPS on April 20, 2016. During the year ended June 30, 2017, the IPS was further revised to add a new asset class for Index-Linked Investment-Grade Government Bonds to further prepare for and protect the portfolio from expected inflation.

Fiduciary Net Position and Total Pension Liability
Funds are accumulated to meet future obligations in the net position restricted for members’ pension benefits in the Statement of Fiduciary Net Position. Total Pension Liability is not reported in the basic financial statements, but is disclosed in Note 5 to the basic financial statements and in the required supplementary information. The Total Pension Liability is determined by the actuary and is a measure of the present value of actuarial accrued liabilities estimated to be payable in the future to current retirees and beneficiaries. The Net Pension Liability/(Asset) is measured as the Total Pension Liability (“TPL”) less the amount of the pension plan’s Fiduciary Net Position (“FNP”). The System had engaged Bartel Associates, LLC since July 2010 to serve as its independent actuary and to prepare the annual actuarial valuation. On July 1, 2022, Bartel Associates, LLC was acquired by Foster & Foster Consulting Actuaries, Inc. The most recent actuarial valuation was prepared as of June 30, 2023, and incorporated the requirements to comply with Governmental Accounting Standards Board (“GASB”) Statement No. 67.

Actuarial Valuation and City Contributions
The System’s funding objective is to meet long-term benefit promises by maintaining a well-funded plan and obtaining optimum returns consistent with the assumptions of prudent risk.

PAGE 541
Pasadena Fire & Police Retirement System
Management’s Discussion and Analysis (MD&A) (Continued) (Unaudited)

The June 30, 2023, actuarial valuation determined the AVA Funded Percentage, calculated in accordance with Agreement No. 20,823 and Contribution Agreement No. 16,900, to be 84.1% as compared to 87.8% in the prior year. The AVA Funded Percentage decreased by 1.7% under what was originally projected for 2022 in the June 30, 2021 valuation (85.9%), and was primarily attributed to the following actuarial changes:

Investment loss of $69,000 (investment return was lower than expected), COLA gain of $1,054,000 (COLA was lower than anticipated), demographic loss of $1,675,000 (less deaths than actuarially estimated), and benefit payments gain of $61,000 (higher than anticipated). As required by Contribution Agreement No. 16,900, if the AVA Funded Percentage was below the minimum funding percentage of 80% for fiscal year 2023, the City would have been required to reimburse the System in the following fiscal year subject to certain reimbursement limits. Based on the June 30, 2023, actuarial valuation, the funding deficiency was $0, or 0.0%, below the funding requirement of 80%. A required supplemental contribution is not owed to the System for the year ending June 30, 2024.

For funding purposes, the Plan had an approximate fair value asset rate of return of 4.4% net of investment and administrative expenses for the year ended June 30, 2023, compared to -8.5% in the previous year.

The assumed rate of return for actuarial purposes is 4.75%. The rate of return as estimated by the actuary is net of investment and administrative expenses, and is different than the long-term expected rate of return used to determine the discount rate in accordance with GASB Statement No. 67.

Financial Statement Overview
This discussion and analysis serves as an introduction to the System’s basic financial statements. These include the following three components:

Statement of Fiduciary Net Position
Statement of Changes in Fiduciary Net Position
Notes to Basic Financial Statements
In addition to the financial statements, this report also contains required supplementary information and other supplementary information that offers comparative data on prior years. 6/30/2023 6/30/2022
Funding Discount Rate 4.75% 4.75%
Actuarial Accrued Liability (AAL) 127,551$ 131,139$
Actuarial Value of Assets (AVA) 107,321 115,181
AVA Unfunded Actuarial Accrued Liability 20,230 15,958
AVA Funded Percentage 84.1% 87.8%
Minimum Funding Percentage* 80.0% 80.0%
Contribution Due from the City at 1/1 -$ -$
Funding Valuation Summary
(In Thousands)
Fiscal Year Ended
Source is the June 30, 2023 actuarial valuation and June 30, 2022 actuarial valuation prepared by System Actuary, Foster & Foster, Inc.
* Minimum Funding Percentage is calculated in accordance with Agreements No. 20,823 and No. 16,900 between the City and System.

PAGE 542
Pasadena Fire & Police Retirement System
Management’s Discussion and Analysis (MD&A) (Continued) (Unaudited)

The Statement of Fiduciary Net Position provides a snapshot of account balances at year-end. It also indicates the assets available for future benefit payments and administration of the Plan as well as current liabilities outstanding at year-end. The assets less liabilities give the reader a clear picture of what funds are available for future payments.

The Statement of Changes in Fiduciary Net Position,in contrast, provides a summary view of the additions to and the deductions from the plan net position that occurred over the course of the year.

Together these two statements report the System’s plan net position – the difference between assets and liabilities – as one way to measure the System’s financial situation. Over time, increases and decreases in plan net position are one indicator of whether the System’s financial situation is improving or deteriorating.

Additional factors, such as market conditions, also need to be considered in assessing the System’s overall financial situation.

The financial statements and required disclosures are in compliance with the accounting principles and reporting guidelines as set forth by the GASB, using the accrual basis of accounting. Investments are reported at fair value. Both realized and unrealized investment gains and losses are recognized using trade date accounting.

The Notes to Basic Financial Statements (Notes) provide additional information and explanations that are essential to a full understanding of the data provided in the financial statements.

The Required Supplementary Information (RSI) that follows the Notes shows the City’s net pension liability/(asset), as well as information reflecting how much the City has contributed in relation to its annual required contributions and other information to comply with GASB Statement No. 67.

The Other Supplementary Information (OSI) that follows the RSI provides additional comparative information from prior years.

GASB Statement No. 67
The System’s basic financial statements, notes to the basic financial statements, required supplementary information, and notes to the required supplementary information were prepared in accordance with the reporting requirements of GASB Statement No. 67. The most recent actuarial valuation as of June 30, 2023, was used to determine the total pension liability.

Net Pension Liability 6/30/2023 6/30/2022
Total Pension Liability 122,950$ 126,291$
Plan Fiduciary Net Position 104,377 111,662
Net Pension Liability/(Asset) 18,573$ 14,629$
Net Pension Liability Funded % 84.9% 88.4%
Schedule of Net Pension Liability
(In Thousands)
Source for pension liability is the June 30, 2023 GASB 67 plan actuarial information and June 30, 2022 GASBS 67 plan actuarial information prepared by System Actuary, Foster & Foster, Inc.

Fiscal Year Ended
PAGE 543
Pasadena Fire & Police Retirement System
Management’s Discussion and Analysis (MD&A) (Continued) (Unaudited)

Total Pension Liability (“TPL”) for the Plan decreased from $126.3 million at June 30, 2022, to $123.0 million at June 30, 2023. The Fiduciary Net Position (“FNP”) at June 30, 2022 decreased from $111.7 million to $104.4 million at June 30, 2023. The changes in both TPL and FNP resulted in a significant net increase of NPL from $14.6 million at June 30, 2022, to $18.6 million at June 30, 2023.

The Notes to Basic Financial Statements provide additional disclosures to comply with GASB Statement No. 67 Implementation, as follows:

Plan Membership,
Investments (allocation by asset class, expected long-term rate of return by asset class, and the annual money-weighted rate of return),
Investments greater than 5% of the Plan’s Fiduciary Net Position, Net Pension Liability/(Asset) (and the components of Net Pension Liability/(Asset)), and Significant actuarial assumptions used to measure Total Pension Liability.

The information reported in the Required Supplementary Information (RSI) section is required to be reported for 10 years; additional years will be reported as they become available:

Schedule of Changes in Employer’s Net Pension Liability/(Asset), Schedule of Employer’s Net Pension Liability/(Asset) and Related Ratios, Schedule of Employer Contributions,
Schedule of Investment Returns, and
Notes to the Required Supplementary Information, which includes additional information regarding the total pension liability.

The Other Supplementary Information section includes the following two schedules:

Additions by Source and Deductions by Type, and
Comparative Information from Prior Fiscal Years for Interest Rate Risk.

Condensed Statement of Fiduciary Net Position
As of June 30, 2023 and 2022, the System had $104,377,299 and $111,661,738, respectively, in net position. The net position represents funds restricted for members’ pension benefits. The total pension liability is not reported in the basic financial statements, but is disclosed in the Notes and in the RSI. 2023 2022 $ Change % Change
Current Assets 9,535$ 6,296$ 3,239$ 51.4%
Investments 102,663 113,657 (10,994) -9.7%
Total Assets 112,198 119,953 (7,755) -6.5%
Total Liabilities 7,821 8,291 (470) -5.7%
Net Position Restricted for Pensions 104,377$ 111,662$ (7,285)$ -6.5% June 30,
(In Thousands)
Condensed Statement of Fiduciary Net Position
PAGE 544
Pasadena Fire & Police Retirement System
Management’s Discussion and Analysis (MD&A) (Continued) (Unaudited)

Condensed Statement of Changes in Fiduciary Net Position During the year ended June 30, 2023, the Plan’s net position decreased by $7,284,439. Earnings for the year in the portfolio were 5.0% net of fees, compared to -8.6% net of fees in the prior year.

Earnings for the year by asset class were as follows: International Equity (15.2% net of fees), Domestic Equity (18.7% net of fees), Real Estate (-10.7% net of fees) Alternatives (-4.0% net of fees), and Domestic Fixed Income (0.8% net of fees on 43.4% of the total portfolio). There was an increase of $15,668,946 in investment earnings from 2022. This is reflective of the dramatic decline in real estate performance this year compared to the prior year with –10.7% in 2023 vs. 25.9% in 2022. Equity and alternative investments improved with Domestic Equity at 18.7% in 2023 vs. -13.1% in 2022, International Equity at 15.2% in 2023 vs. -13.1% in 2022, Domestic Fixed at 0.8% in 2023 vs. -8.2 in 2022 and Risk Parity at -4.0 in 2023 vs. -

15.7% in 2022.

Deductions from plan net position consisted of benefits payments to beneficiaries and the plan’s administration costs. Total deductions were $12,297,609 and $12,415,072 in fiscal year 2023 and 2022, respectively. Total deductions for the year ended June 30, 2023, reflect a decrease of $117,463 compared to the prior year due to decreasing membership.

Fiduciary Responsibilities
The System is a fiduciary for the public safety pension plan of the City of Pasadena. Accordingly, the System is responsible for ensuring that the assets reported in the statements are used for the intended purpose of paying expenses and providing retirement benefits to retirees and beneficiaries of the System. 2023 2022 $ Change % Change
Employer Contributions -$ -$ -$ n/a
Net Investment Earnings (Loss) 5,013 (10,656) 15,669 147.0% Total Additions (Loss) 5,013 (10,656) 15,669 147.0%
Benefit Payments 11,954 12,072 (118) -1.0%
Administrative Expenses 344 343 1 0.3%
Total Deductions 12,298 12,415 (117) -0.9%
Net (Decrease) (7,285) (23,071) 15,786 68.4%
Net Position Restricted for Pensions
Beginning of Year 111,662$ 134,733$ (23,071)$ -17.1%
End of Year 104,377$ 111,662$ (7,285)$ -6.5%
(In Thousands)
Condensed Statement of Changes in Fiduciary Net Position June 30,
For the Year Ended
PAGE 545
Pasadena Fire & Police Retirement System
Management’s Discussion and Analysis (MD&A) (Continued) (Unaudited)

Currently Known Facts, Conditions, or Decisions
In accordance with the amended Agreement No. 20,823, the City will make additional contributions to the System related to the sale of the Concord Senior Housing property at 275 E. Cordova, Pasadena, (Concord Property). The City is committed to transferring $12,560,017 representing the System’s 93% beneficial interest in additional proceeds from Concord Property sale as additional contributions to the System approximately 18 months after receiving the proceeds from outstanding notes receivable due to the City related to the sale. These contributions are expected to occur during fiscal year 2024.

Requests for Information
This financial report is designed to provide a general overview of the System’s finances and to account for the money the System receives. Questions concerning any of the information provided in this report or requests for additional information should be addressed to:

Pasadena Fire & Police Retirement System
100 N. Garfield Avenue, S201
Pasadena, CA 91101
Respectfully submitted,
Bernadette K. Carpio
Retirement Administrator
2023 2022 $ Change % Change
Employer Contributions -$ -$ -$ n/a
Net Investment Earnings (Loss) 5,013 (10,656) 15,669 147.0% Total Additions (Loss) 5,013 (10,656) 15,669 147.0%
Benefit Payments 11,954 12,072 (118) -1.0%
Administrative Expenses 344 343 1 0.3%
Total Deductions 12,298 12,415 (117) -0.9%
Net (Decrease) (7,285) (23,071) 15,786 68.4%
Net Position Restricted for Pensions
Beginning of Year 111,662$ 134,733$ (23,071)$ -17.1%
End of Year 104,377$ 111,662$ (7,285)$ -6.5%
(In Thousands)
Condensed Statement of Changes in Fiduciary Net Position June 30,
For the Year Ended
PAGE 546
The notes to the basic financial statements are an integral part of this statement.

PASADENA FIRE & POLICE RETIREMENT SYSTEM

STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2023
(WITH COMPARATIVE TOTALS FOR JUNE 30, 2022)
2023 2022
Assets
Cash and cash equivalents 2,628,415$ 2,769,310$
Short-term investments 4,877,181 608,561
Receivables:

Accounts 1,737 -
Interest 173,010 283,993
Pending trade sales 1,854,431 2,634,599
Total receivables 2,029,178 2,918,592
Investments, at fair value:

Government and agencies 15,344,370 19,255,353
Fixed income mutual funds 13,798,055 15,676,777
Domestic corporate obligations 19,598,618 21,541,729
International corporate obligations 1,265,838 1,428,993 Real estate 12,722,327 15,029,667
Equity - Domestic 19,982,564 20,377,674
Equity - International 19,951,659 20,346,394
Total investments 102,663,431 113,656,587
Total assets 112,198,205 119,953,050
Liabilities
Accounts payable and accrued liabilities 59,444 60,343
Pending trade purchases 7,761,462 8,230,969
Total liabilities 7,820,906 8,291,312
Net position restricted for pensions 104,377,299$ 111,661,738$ PAGE 547
The notes to the basic financial statements are an integral part of this statement.

PASADENA FIRE & POLICE RETIREMENT SYSTEM

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2023
(WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2022) 2023 2022
Additions:

Contributions:

Employer -$ -$
Net investment earnings:

Interest 1,027,037 654,560
Dividends 1,617,492 1,786,426
Net increase (decrease) in fair value of investments 2,949,288 (12,759,021) Total investment earnings (loss) 5,593,817 (10,318,035) Less investment expenses (580,647) (337,741)
Net investment earnings (loss) 5,013,170 (10,655,776)
Total additions 5,013,170 (10,655,776)
Deductions:

Benefits paid to participants 11,953,784 12,072,173
Administrative expenses 343,825 342,899
Total deductions 12,297,609 12,415,072
Net (decrease) in net position (7,284,439) (23,070,848) Net position restricted for pensions:

Beginning of year 111,661,738 134,732,586
End of year 104,377,299$ 111,661,738$
PAGE 548

PASADENA FIRE & POLICE RETIREMENT SYSTEM

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
NOTE 1 – PENSION PLAN DESCRIPTION
General
The Pasadena Fire & Police Retirement System (“System”) is a single-employer defined benefit pension plan governed by a Board of Retirement (“Board”) under provisions of the City of Pasadena (“City”) Charter.

The Board has sole and exclusive responsibility over the assets of the System and the responsibility to administer the System to assure prompt delivery of benefits and related services as provided in Article XV of the City Charter.

The System is governed by a Board of five members; one member of the City Council, two Pasadena residents appointed by the City Council, and two members of the System elected under the supervision of the System. Board members are elected to terms of four years with no restriction on reappointment. Board members receive no compensation. The Board consists of five members, whom on June 30, 2023, were as follows:

Keith Jones, Chair
Peter Boyle, Vice Chair
John H. Brinsley, Board Member
Gene Masuda, Board Member
Joe Milligan, Board Member
The System covers all sworn fire and police personnel who were employed by the City prior to July 1, 1977, except for those who elected to transfer to the California Public Employees’ Retirement System (“CalPERS”) when the System closed to new members in June 2004. In June 2004, active members were provided a one-time opportunity to transfer from the System to CalPERS as provided by an agreement with the City. CalPERS administers the retirement benefits for all fire and police members that elected to be transferred to CalPERS.

The System is included as a pension trust fund in the financial statements of the City of Pasadena, California. The System provides basic lifetime retirement, disability, and death benefits to members who meet the minimum age and length-of-service requirements.

As of June 30, 2023, System membership consisted of 183 retirees and beneficiaries who receive benefits including Domestic Relations Order (DRO) agreements. The average age was 80.7 years and the average monthly benefit was $5,733. Since June 30, 2022, the plan experienced 13 deaths: 10 deaths without a beneficiary for a net reduction of 10 participants. On June 30, 2023, total membership in the plan consisted of:
59 Service Retirees (average age 81.5, average monthly benefit $7,916) 53 Disability Retirees (average age 53, average monthly benefit $5,859) 71 Beneficiaries & DROs (average age 71, average monthly benefit $3,826) There are no longer any active employees participating in the System, and the System is closed to new entrants. Benefit provisions are established and, subject to any constitutional limitations, may be amended by the City Charter.

Pension Plan Benefits
Members are entitled to annual pension benefits beginning at normal retirement age (50) equal to 1/50 of final compensation, times the member’s number of years of service, times an actuarial equivalent based on the actual retirement age. The System permits service retirement at age 50, provided at least 15 years of service have been rendered, or retirement after 25 years of service, regardless of age.

PAGE 549

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 1 – PENSION PLAN DESCRIPTION(Continued)
Disability Benefits
Generally, active members who become totally disabled receive annual disability benefits that are equal to 50% of final compensation. Members who receive a service disability retirement receive a portion of their benefit tax-free (as determined by the percent disabled at retirement), and 100% lifetime continuance of all benefits to their surviving spouse. In contrast, members who receive a non-service disability retirement receive a 60% lifetime continuance of the benefits payable to their surviving spouse, and the member does not receive tax-free benefits.

Death Benefits
In the case of a death before a member is eligible to retire, there is a refund of the employee contributions, with interest, plus six months’ salary. If the member is eligible to retire, 60% of the earned benefit is payable to the eligible surviving spouse for their lifetime.

Survivor Benefits
Upon the death of a retiree, the qualified surviving spouse is entitled to receive retirement benefits equal to 60% continuance for a service retirement and 100% continuance for a service-connected disability retirement.

Cost of Living Adjustment (“COLA”)
Monthly pension benefits are eligible for an annual cost of living adjustment based on the increase/decrease of the annual average in the Consumer Price Index (“CPI”) for the Los Angeles-Riverside-Orange County, California area for the previous year, January to December, and the change is rounded to the nearest whole percentage. The adjustments are calculated by the actuary, adopted by the Board, and become effective on July 1 of each year. The COLA for fiscal year 2023 was an increase of 4%.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The System follows the accounting principles and reporting guidelines as set forth in Governmental Accounting Standards Board (“GASB”) Statement No. 67, Financial Reporting for Pension Plans - an amendment of GASB Statement No. 25 . The financial statements are prepared and presented using the accrual basis of accounting. Member and employer contributions are recognized in the period in which the contributions are due pursuant to legal requirements. Benefits are recognized when currently due and payable, in accordance with the terms of the System.

Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Cash and Investments
The System’s cash and short-term investments are managed by the City Treasurer and U.S. Bank (master custodian for investment securities).

PAGE 550

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued) Cash and Investments (Continued)
Cash necessary for the System’s daily operations is pooled with other City funds for short-term investment by the City Treasurer in the City’s Investment Pool (“Pool”). The City is responsible for the control and safekeeping of all instruments of title and for all investments in the Pool. The Pool is an external investment pool and is not registered with the Securities and Exchange Commission. At June 30, 2023, the Pool had a weighted average maturity of 1.56 years. The Pool is not rated. For further information regarding the Pool, refer to the City's Annual Comprehensive Financial Report, which can be found on the following website:
https://www.cityofpasadena.net/finance/financial-statements/#comprehensive-annual-financial-report .

Investment transactions are accounted for on the date the securities are purchased or sold (trade date).

Unsettled investment trades as of fiscal year-end are reported in the financial statements on an accrual basis. The corresponding proceeds due from sales are reported on the Statement of Fiduciary Net Position under receivables and labeled as pending trade sales, and amounts payable for purchases are reported under liabilities and labeled as pending trade purchases. Dividend income is recorded on the ex-dividend date, and interest income is accrued as earned. The calculation of realized gains and losses is independent of the calculation of the net change in the fair value of System’s investments. Changes in fair value include both realized and unrealized gains and losses on investments.

The System has designated $1,250,000 in cash reserves to be invested by the City Treasurer in the Pool.

The funds equal one month of benefits and administrative expenses and are reserved for use in the event of a major emergency or disaster.

Income Taxes
The Internal Revenue Service has ruled that plans such as the System qualify under Section 414(d) of the Internal Revenue Code and are not subject to tax under present income tax laws. On May 11, 2012, the Internal Revenue Service issued a favorable Tax Determination Letter to the System. Working in conjunction with the City Attorney to fulfill the conditions of the favorable determination letter, the System revised the Pasadena Municipal Code and the changes became effective December 6, 2012. Accordingly, no provision for income taxes has been made in the accompanying basic financial statements, as the System is exempt from federal and state income taxes under provisions of the Internal Revenue Code, Section 414(d), and the California Revenue and Taxation Code, Section 23701, respectively. As allowed, the System filed to renew its tax determination status on October 23, 2015. Upon completing an analysis of the Plan document relative to the current Internal Revenue Code, the IRS found that the Plan is in compliance with the provisions of the Internal Revenue Code (no Plan document failures exist). The System received a favorable determination letter on September 30, 2016.

Method Used to Value Investments
Investments are reported at fair value. Fair value for investments of publicly traded stocks and bonds and issues of the U.S. Government and its agencies is based on the last reported sale price as of the fiscal year-end. Fair value of securities denominated in a foreign currency reflects exchange rates in effect at fiscal year-end. Fair value of investments in commingled funds in real estate is based on the fund share price provided by the fund manager, which is based on the net asset value (NAV).

Fair value of investments in commingled funds in bank loans is the fund share price provided by the fund manager, which is based on the fair value of the fund. Valuation for PanAgora’s Risk Parity Multi Asset Group Trust is the fund itself, which is reported at NAV and provided by Mellon Global Securities Services under contract to provide these valuation services twice monthly and more frequently if requested. The real property asset manager (Invesco) has 100% of the properties appraised on a quarterly basis by independent third-party appraisers.

PAGE 551

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued) Method Used to Value Investments (Continued)
Use of discounted cash flow models and comparable sales analysis are the primary means of valuing real estate assets with the preponderance of weight given to the discounted cash flow method. Additionally, all valuations are consistent with Uniform Standards of Professional Appraisal Practice (USPAP), the Appraisal Standards Board and the Appraisal Foundation.

Comparative Data
The financial statements include certain prior year summarized comparative information in total but not at the level of detail required for a presentation in conformity with accounting principles generally accepted in the United States. Accordingly, such information should be read in conjunction with the System's financial statements for the year ended June 30, 2022, from which the summarized information was derived.

PAGE 552

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS
Cash and Investments
Cash and investments on June 30, 2023, were held as follows:

Authorized Investments
The City Charter, Article XV Section 1502, confers the authority and fiduciary responsibility for investing the System’s funds on the Board. As set forth below, Board members are subject to carry out their duties in the manner of a prudent person familiar with such retirement and investment matters acting under similar circumstances. Investments shall be subject to the same terms, limitations, and restrictions as are imposed by the Constitution and laws of the State upon the investment of the CalPERS funds, as now enacted or hereafter amended.

The Board is required by statute to use care, skill, prudence, and diligence to diversify the investments of the Plan so as to minimize the risk of loss and to maximize the rate of return, unless under the circumstances it is clearly not prudent to do so. The Board also has the authority to establish an investment policy based on professional advice and counsel, and allows for the delegation of investment authority to professional investment managers.

June 30, 2023
Unrestricted Pooled Cash 1,122,980$
Designated Pooled Cash 1,250,000
Cash with Master Custodian 255,435
Cash and Cash Equivalents 2,628,415
Short-term Investments 4,877,181
Investments 102,663,431
Total Investments 107,540,612
Total Cash and Investments 110,169,027$
Cash and Investments
PAGE 553

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS(Continued)
Authorized Investments (Continued)
The System’s investment policy outlines the responsibility for the investment of the funds and the degree of risk deemed appropriate for the System’s investments. Investment managers are contractually required to carry out their responsibilities in accordance with the Board’s investment policy and to follow specific contractual guidelines.

The Board oversees and guides the System subject to the following basic fiduciary responsibilities:

Solely in the interest of, and for the exclusive purpose of, providing economic benefits to participants and their beneficiaries.

With the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with these matters would use in the conduct of an enterprise of a like character with like objectives.

Diversify the investments of the System so as to minimize the risk of loss and to maximize the rate of return, unless under the circumstances, it is clearly prudent not to do so. Diversification is applicable to the deployment of the assets as a whole.

Pursuant to this authority, the Board has:

Securities of the U.S. Government or its
agencies
Certificates of Deposit, or Time
Deposits, placed with commercial
banks and savings and loan
associations
Negotiable Certificates of Deposit
Bankers’ Acceptances
Commercial Paper (rated A-1/P- 1 or
better)
Medium-Term Corporate Notes
Corporate and Municipal Bonds
Preferred Stock
Common Stock
Fixed-Income Funds
Senior Bank Loans
Foreign Stock and Corporate Bonds
Mutual Funds
Liquid Alternative Investments
Real Estate Investment Trust (“REIT”)
Real Estate
Risk Parity
Treasury Inflation Protected Securities
Short-Term Investment-Grade Bonds
The Board established an Investment Policy Statement (“IPS”) in accordance with applicable local, state, and federal laws. The Board exercises authority and control over the management of the System’s assets by setting policy, which the Board executes through the use of external prudent experts. During the year ended June 30, 2021, the alternative investment was changed from PIMCO All Asset Institutional to PanAgora Risk Parity Fund in November 2020. The IPS was revised to reflect the latest changes to the asset allocation, which were approved by the Board.

PAGE 554

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS(Continued)
Authorized Investments (Continued)
The IPS encompasses the following asset classes and asset allocation targets:

The System requires approximately $1,250,000 per month to cover benefit payments and administrative costs. On a quarterly basis, the Board and the investment consultant evaluate the assets against their allocation targets and determine the appropriate asset class/classes from which to withdraw for payment of benefits and administration. This process also serves as a regular rebalance process to ensure that the portfolio stays within the Board’s adopted allocation goals.

Fair Value and Fair Value Hierarchy of Investments
Investments are reported in the Statement of Fiduciary Net Position at fair value. The System categorizes its fair value measurements within the fair value hierarchy established by GAAP. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets. Level 2 inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuation techniques in which all significant inputs are observable. Level 3 inputs are significant unobservable inputs.

Target Asset
Allocation
Domestic Equity
Large Cap Value 4%
Large Cap Growth 4%
Large Cap Core 8%
Small Cap Core 4%
Total Domestic Equity 20%
Foreign Equity 20%
Real Estate 10%
Fixed Income
Domestic Core Fixed Income 25%
Short-Term Investment-Grade Bonds 10%
Senior Bank Loans 5%
Treasury Inflation Protected Securities (TIPS) 5%
Total Fixed Income 45%
Risk Parity 5%
Total Portfolio 100%
Asset Class
Investment Policy Statement
Asset Classes and Targets
As of June 30, 2023
PAGE 555

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS(Continued)
Fair Value and Fair Value Hierarchy of Investments (Continued) The following table presents a summary of the fair value hierarchy of the recurring fair value measurements of the System as of June 30, 2023:

Debt and equity securities classified in Level 1 of the fair value hierarchy are valued using prices quoted in active markets for those securities. Debt securities classified in level 2 of the fair value hierarchy are valued using a matrix pricing technique or based on quoted prices that are not in active markets. Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices.

Quoted Prices in
Active Markets
for Identical
Assets
Significant Other
Observable
Inputs
Significant
Unobservable
Inputs
Net Asset
Value
Investments by fair value level June 30, 2023 (Level 1) (Level 2) (Level 3) (NAV) Debt Securities
U.S. Treasury Securities (Government Bonds) 4,602,720$ -$ 4,602,720$ -$ -$ U.S. Treasury Securities (Short-Term Investments)* 4,619,602 - 4,619,602 - - Government Mortgage-Backed Securities 9,946,337 - 9,946,337 - - Commercial Mortgage-Backed Securities 3,686,409 - 3,686,409 - - Gov't Issued Commercial Mortgage-Backed Securities 681,481 - 681,481 - - Corporate Bonds 6,868,647 - 6,868,647 - -
Municipal Bonds 113,832 - 113,832 - -
Mutual Funds Fixed Income 13,798,055 13,798,055 - -
Total Debt Securities 44,317,083 13,798,055 30,519,028 - - Equity Securities
Consumer Discretionary 358,440 358,440 - - -
Consumer Staples 361,430 361,430 - - -
Financial Services 522,807 522,807 - - -
Health Care Services 349,313 349,313 - - -
Industrial Services 1,041,067 1,041,067 - - -
Information Technology Services 977,004 977,004 - - -
Materials 209,806 209,806 - - -
Mutual Funds Equity 36,114,356 36,114,356 - - -
Total Equity Securities 39,934,223 39,934,223 - - -
Investments Measured at NAV
Senior Secured Bank Loans 5,354,124 - - - 5,354,124
Risk Parity Group Trust 4,955,276 - - - 4,955,276
Real Estate Funds 12,722,327 - - - 12,722,327
Total Measured at NAV 23,031,727 - - - 23,031,727
Total Investments Measured at Fair Value 107,283,033$ 53,732,278$ 30,519,028$ -$ 23,031,727$ * Excludes $257,579 of money market funds reported at amortized cost and not subject to the fair value hierarchy.

Fair Value Measurement Using
PAGE 556

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS(Continued)
Fair Value and Fair Value Hierarchy of Investments (Continued) Real estate funds include investment in the Invesco Core Real Estate – U.S.A Limited Partnership (“Fund”).

The fair value of the investment in this type has been determined using the NAV per share (or its equivalent) of the System’s ownership interest in partners’ capital. The System may request redemption of some or all of its interest by delivering a redemption notice at least 45 days in advance to the Fund.

Redemption requests are honored pro-rata based on the ratio of the ownership interest held by each individual investor making a redemption request to the total ownership of interest held by all investors requesting redemptions.

The Fund will use best efforts to honor redemption requests as quickly as possible; however, capital availability will dictate the ultimate redemption date and amount. The Fund’s portfolio manager is not required to liquidate, encumber assets, or defer investments in order to pay any redemption.

The System’s investment in the Senior Bank Loans Secured Subscription Agreement (“Trust Fund”) is valued using the NAV per share (or its equivalent) of the System’s ownership interest in the Trust Fund.

The Trust Fund has imposed restrictions on the amount and timing of withdrawals. Withdrawals of participation shall be permitted only on a withdrawal date, which is 15 th of each month. A written notice of
withdrawal request is required to be provided to the Trust Fund no later than the 15th of the month preceding the requested withdrawal date. If withdrawal requests for any given withdrawal date exceed limitations set forth in the Trust Fund’s agreement, all such withdrawal requests shall be processed pro rata. Withdrawal amounts requested but not paid on any given withdrawal date will not be carried over to the following withdrawal date and a new withdrawal request must be timely submitted.

The System’s investment in the PanAgora Risk Parity Group Trust is also valued using the NAV per share (or its equivalent) of the System’s ownership interest in the Risk Parity Group Trust. PanAgora Risk Parity Group Trust redemptions are beginning and mid-month with a two-day notice.

PAGE 557

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS(Continued)
Asset Allocation Policy and Expected Long-term Rate of Return by Asset Class The investments of the System are allocated by the IPS as approved by the Board and noted in the following table. The long-term geometric expected real rates of return are reported by asset class, and are based on CalPERS’ Capital Markets Assumptions studies.

Asset Class
Target Asset
Allocation
Expected
Geometric
Real Return*
Domestic Equity - Large Cap 16% 3.77%
Domestic Equity - Small Cap 4% 4.45%
Foreign Equity 20% 4.41%
Domestic Core Fixed Income 25% 0.53%
TIPS 5% -0.24%
Short-Term Investment-Grade Bonds 10% 0.05%
Senior Bank Loans 5% 1.64%
Alternative (Risk Parity) 5% 3.38%
Real Estate 10% 3.81%
100%
Inflation 2.50%
Expected Long-Term Rates of Return
Source is the June 30, 2023 GASB 67 actuarial information prepared by System Actuary, Foster & Foster, Inc. The rate for Alternative (Risk Parity) is used for Liquid Alternative Investments.
* 10-year geometric expected real rates of return from Foster & Foster's 2021 Capital Market Assumptions study.
6/30/2023
PAGE 558

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS(Continued)
Rate of Return
For the year ended June 30, 2023, the annual money-weighted rate of return on the System’s investments, net of investment expenses, was 5.0%. The money-weighted rate of return expresses investment performance, net of investment fees, adjusted for the changing amounts actually invested.

Deposit and Investment Risks
The System follows GASB Statement No. 40, Deposit and Investment Risk Disclosures – an amendment to GASB Statement No. 3 (“GASB Statement No. 40”). GASB Statement No. 40 is designed to inform financial statement users about deposit and investment risks that could affect the ability to provide services and meet obligations as they become due. The disclosures required by this statement provide information to assess common risks inherent in deposit and investment transactions.

Deposit and investment resources represent considerable assets of the System, and these resources are necessary to carry out fiduciary responsibilities. GASB Statement No. 40 requires the disclosure of the following specific risks that apply to the System’s investments:

Credit Risk and Fair Value of Investments
Custodial Credit Risk – Deposits and
Investments
Concentration of Credit Risk
Interest Rate Risk
Highly Sensitive Investments
Foreign Currency Risk
GASB Statement No. 40 also requires the disclosure of deposit or investment policies (or the lack thereof) that relate to the investment and custodial risks that are required to be disclosed. The Board has chosen to manage the investment risks described by GASB Statement No. 40 by contractually requiring each portfolio investment manager to abide by the IPS, specifically tailored to that individual manager, rather than adopting across-the-board investment policies with respect to these investment risks. The fixed income policy stipulates the strategy and investments, investment process, quality constraints, duration constraints, diversification, cash reserves, derivatives, and rate of return expectation. At June 30, 2023, the System had nine (9) external investment managers.

Credit Risk
Credit risk is the risk that the issuer of a debt security or other counterparty to an investment will not fulfill its obligations. The individual investment guidelines for the fixed income investment manager describe applicable restrictions on credit risk. The System seeks to maintain a diversified portfolio of fixed income instruments in order to obtain the highest total return for the fund at an acceptable level of risk within this asset class. The credit quality ratings of investments in fixed income securities by a nationally recognized statistical rating organization, S&P Global Ratings (“S&P”), as of June 30, 2023, are as follows:

PAGE 559

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS(Continued)
Credit Risk (Continued)
Custodial Credit Risk – Deposits
Custodial credit risk for deposits is the risk that, in the event of a financial institution’s failure, the System will not be able to recover the value of deposits nor be able to recover collateral securities that are in the possession of an outside party. Deposits are exposed to custodial credit risk if they are not insured or not collateralized. As of June 30, 2023, the System was not exposed to such risk. The System does not have a formal policy for custodial credit risk.

Quality Ratings - S & P Fair Value Percentage
AAA 408,943$ 0.81%
AA 530,836 1.06%
A 2,350,870 4.70%
BBB 4,740,393 9.48%
BB 71,340 0.14%
B 35,691 0.07%
CCC 484,612 0.97%
CC 93,169 0.19%
Total Securities with S&P Ratings 8,715,854$ 17.43%
Not Rated/Quality Rating N/A* 26,060,488 52.11%
Not Rated/U.S. Government Guaranteed Securities** 10,627,819 21.24% Not Rated/U.S. Government Bonds*** 4,602,720 9.20%
Total Securities Not Rated/Quality Rating N/A 41,291,027$ 82.57% Total Fixed Income Securities 50,006,881$ 100.00%
** U.S. Government Guaranteed Securities are Government Mortgage-Backed Securities and Government-issued Commercial Mortgage-Backed Securities. These U.S. Government Guaranteed Securities issued by Government Sponsored Enterprises (GSEs) are not rated by the rating agencies, but they are implicitly guaranteed by the U.S. Government. *** U.S. Government Bonds, more commonly disclosed as U.S. Treasury Bonds and Notes, are assets held in Treasury Bonds and Index Linked Government Bonds. These U.S. Government Guaranteed Securities issued are not rated by the rating agencies, but they are explicitly guaranteed by the U.S. Government.

Credit Quality Ratings of Investments in Fixed Income Securities * Includes Corporate MBS's rated "N/A" totaling $1,953,033. This category also includes securities held in the TIPS, Risk Parity, Senior Bank Loans, and Short-Term Investment-Grade Bonds asset classes.

PAGE 560

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS(Continued)
Custodial Credit Risk – Investments
Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, the System will not be able to recover the value of the investment or collateral securities that are in the possession of an outside party. The individual investment guidelines for each investment manager require that managed investments be held and maintained with the master custodian in the name of the System. Investment securities are exposed to custodial credit risk if the securities are uninsured, or are not registered in the System’s name, and held by the counterparty. The System’s investments are not exposed to custodial credit risk if they are insured or registered in the System’s name. The System’s investments are not exposed to custodial credit risk because all securities are held by the System’s custodial bank in the System’s name.

Concentration of Credit Risk – Investments
Concentration of credit risk is the risk of potential loss attributed to the magnitude of the System’s investment in a single issuer of securities. The Board’s investment policies and guidelines permit investments in numerous specified asset classes to take advantage of professional investment management advice and a well-diversified portfolio. The active core fixed income asset manager develops and applies diversification standards as deemed prudent, and is expected to maintain diversification by sector and issue.

As of June 30, 2023, there was more than 5% of the System’s investment in the Federal National Mortgage Association. The Federal National Mortgage Association represents 5.7% of total investments and 5.8% of fiduciary net position.

Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Duration is a measure of the price sensitivity of a fixed income portfolio to changes in interest rates. It uses the present values of cash flows, weighted for those cash flows as a percentage of the investment’s full price. The longer the duration of a portfolio, the greater its price sensitivity is to changes in interest rates.

While no specific ranges are required, one of the ways the System manages its exposure to interest rate risk is by requiring the fixed income investment manager to maintain its portfolio effective duration within +/- 20% of the benchmark, the Barclays Capital U.S. Aggregate Bond Index. See Other Supplementary Information, page 47 for the Core Fixed Income asset manager’s historic effective duration. The effective duration is a measure, in years, of interest-rate sensitivity in debt investments. The longer the effective duration, the greater the sensitivity to interest rate changes.

PAGE 561

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS(Continued)
Interest Rate Risk (Continued)
Information about the sensitivity of the fair values of the System’s investments to market interest rate fluctuations is provided in the table below that reports the average effective duration of the System’s fixed income investments by asset type as of June 30, 2023:

Highly Sensitive Investments
Highly sensitive investments are certain debt investments whose terms may cause their fair value to be highly sensitive to market interest rate changes. Terms include such information as embedded options, coupon multipliers, benchmark indexes, and reset dates. The System’s asset-backed investments have embedded prepayment options that will typically cause prepayments by the obligees of the underlying investments when interest rates fall. Prepayments eliminate the stream of future interest payments and, therefore, diminish the fair value of the asset-backed investment. The table on the following page reports the fair value of the System’s investments that are highly sensitive to changes in interest rates:

Asset Type Fair Value
Effective
Weighted
Duration
(years)
Government Bonds 4,602,720$ 9.21
Municipal Bonds 113,832 12.56
Corporate Bonds 6,868,647 6.43
Government Mortgage-Backed Securities 9,946,337 5.63
Government Issued Commercial Mortgage-Backed Securities 681,481 10.28 Commercial Mortgage-Backed Securities 3,686,409 1.84
No Effective Duration:

Mutual Funds Fixed Income 13,798,055 N/A
Risk Parity Group Trust 4,955,276 N/A
Other Fixed Income* 5,354,124 N/A
Total Fixed Income 50,006,881$
Fixed Income
Effective Duration by Asset Type
As of June 30, 2023
* Other Fixed Income includes assets held in Senior Bank Loans for which effective duration is unavailable.

PAGE 562

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS(Continued)
Highly Sensitive Investments (Continued)
Foreign Currency Risk
Foreign currency risk is the risk that changes in foreign exchange rates will adversely affect the fair value of an investment or deposit. The System’s authorized investment managers are permitted to invest in approved countries or regions, as stated in their respective investment guidelines. Currency hedging will be permitted as part of a defensive strategy to protect the portfolio’s underlying assets.

The System’s foreign investment holdings on June 30, 2023, has no foreign currency risk as the securities trade and settle in U.S Dollars as domestic trades.

Investment Type Fair Value
Government Mortgage-Backed Securities 9,946,337$
Government Issued Commercial Mortgage-Backed Securities 681,481 Commercial Mortgage-Backed Securities 3,686,409
Total Highly Sensitive Investments 14,314,227$
Highly Sensitive Investments
As of June 30, 2023
PAGE 563

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 4 – CONTRIBUTION INFORMATION
Contribution requirements are established by the City Charter and by contract, and, subject to any constitutional limitations, may be amended by the City Charter or further agreement between the City and the System.

General
Historically, the City has made monthly contributions to the System based on actuarially determined employer contribution rates which, together with employee contributions, were expected to provide sufficient assets to pay funded basic benefits when due. However, the City Charter did not require actuarially determined funding for unfunded basic, 1919 benefits, and COLA benefits, which are funded under Contribution Agreement No. 16,900, dated March 18, 1999, between the City and the System. Per the terms negotiated through their respective recognized Associations, employee contributions of 9% for both Fire and Police Department personnel base earnings were made by the City on behalf of the employees and credited to their individual accounts.

Member Contributions
As a condition of participation, members were required to contribute a percentage of their annual salary to the System. Currently there are no active members in the System, and hence no further member contributions are due to the System.

The City Charter required members’ contributions to be credited to the individual account of the member from whose compensation the contribution was deducted. Such contributions accrued interest at a rate determined by the Board and were either to be refunded to members or their beneficiaries upon separation from City service for reasons other than retirement, or applied towards providing members’ retirement or death allowances. Amendments to the City Charter cannot prevent the refund of such contributions plus accrued interest. Because there were no active members, accumulated contributions for 2023 were $0 with no interest credited.

City Contributions
The System’s funding mechanism was updated on March 18, 1999, when the System entered into Contribution Agreement No. 16,900 (“Agreement No. 16,900”) with the City. As a result of this agreement, the City made a contribution of $100,000,000 to the System on August 5, 1999, and agreed to make supplemental contributions to the System when needed. Per Agreement No. 16,900, the System was considered to meet minimum funding requirements for the year ended June 30, 2001, if the funded percentage exceeded 70%. As per the agreement, the required minimum funded percentage increased by 1/2% each year until it reached 80% in the year ended June 30, 2021. Thereafter it may, but need not, be changed by the System.

PAGE 564

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 4 – CONTRIBUTION INFORMATION(Continued)
City Contributions (Continued)
On October 20, 2011, the Board approved Amended and Restated Agreement No. 20,823 (“Agreement No. 20,823”). Under this new agreement, the City’s minimum funding percentage schedule and reimbursement cap in Agreement No. 16,900 carried forward, and the City agreed to provide a contribution of $46,600,000 to the System through the issuance of pension obligation bonds. Agreement No. 20,823 provided that the annual required supplemental contribution would be actuarially calculated using an interest assumption of 6% and an inflation rate of 3% beginning with the June 30, 2012, valuation. Pursuant to this agreement, future annual valuations after June 30, 2012, shall adopt an assumed interest rate and inflation assumption based on analysis performed by the System’s actuary and after seeking input from the City and System’s professional consultant. Agreements No. 16,900 and No. 20,823 state that if the minimum funding deficit is greater than $3,000,000 in a year, the City will pay $3,000,000 to the System. Any remaining amount necessary to reach the minimum funding percentage will be phased in over a five-year period; however, no annual supplemental payment may exceed a reimbursement cap measured by the prior year’s payments for benefits other than the funded basic benefits.

As of June 30, 2023, the funded percentage of the System, calculated in accordance with Agreement No. 20,823 and Agreement No. 16,900, was 84.1%. As provided by Contribution Agreement No. 16,900, if the funded percentage is below the minimum funding percentage of 80% for fiscal year 2023, the City will reimburse the System in the following fiscal year subject to certain reimbursement limits. Based on the June 30, 2023, actuarial valuation, the funding deficiency was $0, or 0%, below the funding requirement of 80% as of June 30, 2023. Thus, no required supplemental contribution is owed to the System by the City for the year ended June 30, 2023.

PAGE 565

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 5 – NET PENSION LIABILITY
Net Pension Liability
The City’s Net Pension Liability (“NPL”) at June 30, 2023, was $18,573,000. Fiduciary Net Position (“FNP”) as a percentage of total pension liability is 84.9%. At June 30, 2023, the components of the NPL were as follows:

Key Methods and Assumptions Used in Valuation of Total Pension Liability Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about mortality and cost trends. Actuarially determined amounts are subject to continual review or modification as actual results are compared with past expectations and new estimates are made about the future.

Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employers and plan members) and include the types of benefits provided at the time of each valuation. Following the recommendation provided by the System’s Actuary on May 17, 2023, the Board later accepted the recommended assumptions for use in the preparation of the actuarial valuation for the year ended June 30, 2023.

Net Pension Liability 6/30/2023
Discount Rate 5.25%
Total Pension Liability (TPL)* 122,950$
Fiduciary Net Position (FNP) 104,377
Net Pension Liability (NPL) 18,573$
FNP as a Percentage of TPL 84.9%
_______________________________________________________ *Source for the TPL is the June 30, 2023 GASBS 67 plan actuarial information report prepared by System Actuary, Foster & Foster, Inc.
(In Thousands)
Net Pension Liability
PAGE 566

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 5 – NET PENSION LIABILITY(Continued)
Key Methods and Assumptions Used in Valuation of Total Pension Liability (Continued) The Total Pension Liability (“TPL”) was determined by the actuarial valuation performed as of June 30, 2023, using the following actuarial assumptions:

Valuation Date/Measurement Date June 30, 2023
Expected Geometric Real Rate of Return
Domestic Equity - Large Cap 3.77%
Domestic Equity - Small Cap 4.45%
Foreign Equity 4.41%
Domestic Core Fixed Income 0.53%
Senior Bank Loans 1.64%
Short-Term I-G Bonds 0.05%
TIPS -0.24%
Risk Parity 3.38%
Real Estate 3.81%
Number of Participants *Retirees & Beneficiaries 183
Vested Terminations -
Actives -
Total Participants 183
Actuarial Assumptions **Discount Rate: 5.25%
Salary Scale: No active employees
Inflation Rate: 2.50%
Mortality CalPERS 2000-2019 Experience Study,
Mortality Improvement Scale 80% Scale MP-2021
Key Methods and Assumptions Used in Valuation of
Total Pension Liability
Source is the June 30, 2023 GASBS 67 plan actuarial information prepared by System Actuary, Foster & Foster, Inc.
**Discount Rate reflects assumed investment expenses of 15bp. *Alternative payee data for 23 Domestic Relations Order agreements provided separately from employee-retiree for first time in 6/30/22 valuation. Benefits for these alternative payees previously included in the corresponding retiree’s benefits. All DRO agreements provide benefits to the alternative payees for the lifetime of the System’s retiree.

PAGE 567

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 5 – NET PENSION LIABILITY(Continued)
Discount Rate
The discount rate of 5.25% was selected by the System actuary and approved by the Board to measure the June 30, 2023 TPL for accounting purposes. The discount rate is the expected real long-term rate of return, plus the inflation assumption of 2.50%, less assumed investment expenses of 15 basis points. The expected long-term real rate of return is compared at the 50% confidence level of capital market assumptions. Based on the assumptions, the System's Fiduciary Net Position was projected to be available to make all projected future benefit payments. The discount rate used as of June 30, 2023 is the same as the discount rate used as of June 30, 2022.

Sensitivity of the NPL to Changes in the Discount Rate
Examining the sensitivity of the NPL to changes in the discount rate by a 1% decrease, from 5.25% to

4.25%, revealed an increase in the NPL by $9,521,000 to a total NPL of $28,094,000. Conversely, increasing the discount rate by 1%, from 5.25% to 6.25%, revealed a corresponding decrease in the NPL of $8,347,000 to total NPL of $10,226,000 as of June 30, 2023.

NOTE 6 – ADMINISTRATIVE COSTS
The costs to administer the System are paid by the System. Administrative expenses were $343,825 for the year ended June 30, 2023. Administrative expenses increased by a net amount of $926 in fiscal year 2023 over the fiscal year 2022 amount of $342,899.
6/30/2023
Discount Rate 5.25%
Net Pension Liability 18,573$
Discount Rate (-1%) 4.25%
Net Pension Liability 28,094$
Net Increase in NPL 9,521$
Discount Rate (+1%) 6.25%
Net Pension Liability 10,226$
Net Decrease in NPL (8,347)$
Sensitivity of Net Pension Liability (NPL) to
Changes in the Discount Rate
(In Thousands)
PAGE 568

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
JUNE 30, 2023
NOTE 7 – CONCORD SENIOR HOUSING PROPERTY AGREEMENT
The City Council adopted Resolution No. 6179 at its July 18, 1989, meeting assigning a 93% beneficial interest in the Concord Senior Housing property at 275 E. Cordova, Pasadena (Concord Property), to the System, and 100% of the cash flow received by the City from the property for ground lease rent payments through 2031. The property was previously used for federally subsidized housing and was subject to federal restrictions on its use through August 2016. Resolution No. 6179 also declared the City’s formal intent to continue to utilize the property for federally subsidized housing through 2031.

The System’s Board reviewed and approved an amendment to Agreement No. 20,823 (Amended Agreement) at its meeting on February 20, 2019, which was later approved by City Council at its meeting on March 11, 2019. The amendment memorializes the accrued rent and interest owed to the City as of July 31, 2018, in the amount of $6,435,116. Further, the amendment assigns the System 100% of the past due amount and all future rents and income from operations through the term of the ground lease agreement, which expires on August 1, 2031, or until the City sells the Concord Property, whichever occurs first.

The sale of the Concord Property closed on May 28, 2020. The total proceeds received by the System was $23,137,382 as of June 30, 2020, which are comprised of the ground lease due through May 27, 2020, of $3,180,180, accrued interest on ground lease rent of $3,950,613, and 93the System's % beneficial interest of $16,006,589. The total proceeds transferred to the System were reduced by the amount of the City’s mandatory contribution of $3,478,000 for a total remittance of $19,659,382, which are reported as contributions in the statement of changes in fiduciary net position.

At June 30, 2023, the City has an outstanding note receivable related to the sale in the amount of $18,350,000 of which $17,065,500 is expected to be contributed to the System upon receipt based on the System’s 93% beneficial interest in accordance with the Amended Agreement. Approximately $13,505,395 of the outstanding note receivable balance is to be paid upon completion of construction. The System’s portion of the second installment of Sale Proceeds will be due upon the Permanent Financing Closing date of the Concord Property, which entitles the System to receive from the City its 93% beneficial interest of approximately $12,560,017. According to the Disposition, Development and Loan Agreement (DDLA), the Permanent Financing Closing date is scheduled to occur during fiscal year 2024. The remaining note receivable balance of $4,844,605 will be due 30 years after the project completion date and bears interest at a fixed rate of 2.5% per year. If and when there are payments received by the City, 93% of the payment will be remitted to the System as additional contributions for a total of $4,505,483.

PAGE 569

REQUIRED SUPPLEMENTARY INFORMATION

P A S A D E N A
FIRE &
POLICE

RETIREMENT

S Y S T E M
PAGE 570

PASADENA FIRE & POLICE RETIREMENT SYSTEM

REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)
SCHEDULE OF CHANGES IN EMPLOYER’S NET PENSION LIABILITY/(ASSET) 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Discount Rate 5.25% 5.25% 5.75% 5.75% 5.75% 5.75% 6.50% 6.50% 6.50% 6.00% Total Pension Libility (TPL):

Service Cost -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Interest 6,316 6,947 7,335 7,600 7,781 8,832 9,272 9,644 9,162 10,185 Benefit Payments (11,954) (12,072) (12,506) (12,773) (12,824) (12,815) (13,118) (13,448) (13,645) (14,140) Experience Losses (Gains) 482 164 (1,799) 438 1,862 1,261 (3,081) (2,098) (3,075) (5,310) Assumption Changes* 1,815 4,400 - - - 2,189 - - 3,141 - Benefit Changes - - - - - - - - - -
Net Change (3,340) (560) (6,969) (4,735) (3,181) (533) (6,927) (5,902) (4,417) (9,265) Total Pension Liability at Beginning of Year 126,291 126,852 133,821 138,556 141,737 142,270 149,197 155,099 159,516 168,781 Total Pension Liability at End of Year (a) 122,950$ 126,291$ 126,852$ 133,821$ 138,556$ 141,737$ 142,270$ 149,197$ 155,099$ 159,516$ 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Fiduciary Net Position:

Employer contributions -$ -$ -$ 23,137$ -$ -$ -$ -$ -$ 1,164$ Member Contributions - - - - - - - - - -
Net Investment Income 5,013 (10,656) 22,354 3,394 5,923 6,656 12,514 49 5,683 21,303 Benefit Payments (11,954) (12,072) (12,506) (12,773) (12,824) (12,815) (13,118) (13,448) (13,645) (14,140) Administrative Expenses (344) (343) (327) (321) (257) (274) (300) (301) (273) (296) Net Change (7,285) (23,071) 9,521 13,437 (7,158) (6,433) (904) (13,700) (8,235) 8,031 Fiduciary Net Position at Beginning of Year 111,662 134,733 125,211 111,774 118,932 125,365 126,269 139,969 148,204 140,173 Fiduciary Net Position at End of Year (b) 104,377$ 111,662$ 134,733$ 125,211$ 111,774$ 118,932$ 125,365$ 126,269$ 139,969$ 148,204$ Net Pension Liability/(Asset) (a) - (b) 18,573$ 14,629$ (7,881)$ 8,610$ 26,782$ 22,805$ 16,905$ 22,928$ 15,130$ 11,312$ ** Fiduciary Net Position (FNP) at beginning of FY2023 differ from FNP at end of FY2022 due to adjustments made to FNP after the 6/30/22 GASBS 67 report was performed. * Assumption Changes for June 30, 2015, June 30, 2018 and June 30, 2022. (In Thousands)
Source for pension liability is the June 30, 2023 GASBS 67 plan actuarial information prepared by System Actuary, Foster & Foster, Inc.

Changes in Total Pension Liability
(In Thousands)
Changes in Fiduciary Net Position
Fiscal Year Ending
Fiscal Year Ending
PAGE 571

PASADENA FIRE & POLICE RETIREMENT SYSTEM
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)(Continued) SCHEDULE OF EMPLOYER’S NET PENSION LIABILITY/(ASSET) AND RELATED RATIOS Date
Discount
Rate
Total
Pension
Liability
(TPL)
Fiduciary
Net Position
(FNP)
Net Pension
Liability
(NPL)
FNP as a
Percentage
of TPL
(FNP/TPL)
Covered
Payroll NPL %Pay
6/30/2023 5.25% 122,950$ 104,377$ 18,573$ 84.9% n/a n/a 6/30/2022 5.25% 126,291$ 111,662$ 14,629$ 88.4% n/a n/a 6/30/2021 5.75% 126,852$ 134,733$ (7,881)$ 106.2% n/a n/a 6/30/2020 5.75% 133,821$ 125,211$ 8,610$ 93.6% n/a n/a
6/30/2019 5.75% 138,556$ 111,774$ 26,782$ 80.7% n/a n/a 6/30/2018 5.75% 141,737$ 118,932$ 22,805$ 83.9% n/a n/a 6/30/2017 6.50% 142,270$ 125,365$ 16,905$ 88.1% n/a n/a 6/30/2016 6.50% 149,197$ 126,269$ 22,928$ 84.6% n/a n/a 6/30/2015 6.50% 155,099$ 139,969$ 15,130$ 90.2% n/a n/a 6/30/2014 6.00% 159,516$ 148,204$ 11,312$ 92.9% n/a n/a Net Pension Liability/(Asset)
(In Thousands)
Source for pension liability is the June 30, 2023 GASBS 67 plan actuarial information prepared by System Actuary, Foster & Foster, Inc.

PAGE 572

PASADENA FIRE & POLICE RETIREMENT SYSTEM
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)(Continued)

SCHEDULE OF EMPLOYER CONTRIBUTIONS
Fiscal Year
Ending
Contractually
Required
Contribution*
Actual Fiscal
Year
Contribution
Deficiency
(Excess)
Covered
Payroll
Contribution
as % of
Payroll
6/30/2023 -$ -$ - $ n/a n/a
6/30/2022 -$ -$ - $ n/a n/a
6/30/2021 -$ -$ - $ n/a n/a
6/30/2020 3,478$ 3,478$ - $ n/a n/a
6/30/2019 -$ -$ - $ n/a n/a
6/30/2018 -$ -$ - $ n/a n/a
6/30/2017 -$ -$ - $ n/a n/a
6/30/2016 -$ -$ - $ n/a n/a
6/30/2015 -$ -$ - $ n/a n/a
6/30/2014 1,164$ 1,164$ - $ n/a n/a
(In Thousands)
*Contractually required contributions are based on Board-adopted assumptions for use in preparing the valuation, and as required by applicable Contribution Agreements with the City.

Source is the June 30, 2023 GASBS 67 plan actuarial information prepared by System Actuary, Foster & Foster, Inc.

Employer Contributions
PAGE 573

PASADENA FIRE & POLICE RETIREMENT SYSTEM
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)(Continued)

SCHEDULE OF INVESTMENT RETURNS
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Annual money-weighted rate of return,
net of investment expense 5.00% -8.60% 19.00% 2.80% 5.50% 5.60% 10.70% 0.40% 3.70% 15.40% Money-Weighted Rate of Return
Source is the June 30, 2023 GASBS 67 plan actuarial information prepared by System Actuary, Foster & Foster, Inc.

PAGE 574

PASADENA FIRE & POLICE RETIREMENT SYSTEM

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) NOTE 1 – SCHEDULE OF CHANGES IN THE EMPLOYER’S NET PENSION LIABILITY/(ASSET) The total pension liability contained in this section was provided by the System’s actuary, Foster & Foster, Inc. The Net Pension Liability/(Asset) is measured as the Total Pension Liability less the amount of the Fiduciary Net Position of the System.

NOTE 2 – SCHEDULE OF EMPLOYER CONTRIBUTIONS
The required employer contribution and percent of those contributions actually made are presented in this section.

The System’s funding mechanism was updated on March 18, 1999, when the System entered into Contribution Agreement No. 16,900 (“Agreement No. 16,900”) with the City. As a result of this agreement, the City made a contribution of $100,000,000 to the System on August 5, 1999 and agreed to make supplemental contributions to the System when needed. Per Agreement No. 16,900, the System was considered to meet minimum funding requirements for the year ended June 30, 2001, if the funded percentage exceeded 70%. As per the agreement, the required minimum funded percentage increased by 1/2% each year until it reached 80% in the year ended June 30, 2021. Thereafter it may, but need not, be changed by the System.

On October 20, 2011, the Board approved Amended and Restated Agreement No. 20,823 (“Agreement No. 20,823”). Under this new agreement, the City’s minimum funding percentage schedule and reimbursement cap in Agreement No. 16,900 carried forward, and the City agreed to provide a contribution of $46,600,000 to the System through the issuance of pension obligation bonds. Agreement No. 20,823 provided that the annual required supplemental contribution would be actuarially calculated using an interest assumption of 6% and an inflation rate of 3% beginning with the June 30, 2012 valuation. Pursuant to this agreement, future annual valuations after June 30, 2012, shall adopt an assumed interest rate and inflation assumption based on analysis performed by the System’s actuary and after seeking input from the City and System’s professional consultant. Agreements No. 16,900 and No. 20,823 state that if the minimum funding deficit is greater than $3,000,000 in a year, the City will pay $3,000,000 to the System. Any remaining amount necessary to reach the minimum funding percentage will be phased in over a five-year period; however, no annual supplemental payment may exceed a reimbursement cap measured by the prior year’s payments for benefits other than the funded basic benefits.

The June 30, 2019 actuarial valuation determined there was a funding deficiency of $3,478,000 or 3.4% to meet the minimum funding requirement of 79.5%.

PAGE 575

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)(Continued) NOTE 2 – SCHEDULE OF EMPLOYER CONTRIBUTIONS(Continued)
The June 30, 2023 actuarial valuation determined the AVA Funded Percentage, calculated in accordance with Agreement No. 20,823 and Contribution Agreement No. 16,900, to be 84.1% as compared to 87.8% in the prior year. The AVA Funded Percentage decreased by 1.7% over what was originally projected for 2023 in the June 30, 2022 valuation (85.9%), and was primarily attributed to the following actuarial changes:

Investment loss of $69,000 (investment return was lower than expected), COLA gain of $1,054,000 (COLA was lower than anticipated), demographic loss of $1,675,000 (less deaths than actuarially estimated), and benefit payments gain of $61,000 (higher than anticipated). As required by Contribution Agreement No. 16,900, if the AVA Funded Percentage was below the minimum funding percentage of 80% for fiscal year 2023, the City would have been required to reimburse the System in the following fiscal year subject to certain reimbursement limits. Based on the June 30, 2023 actuarial valuation, the funding deficiency was $0, or 0.0%, below the funding requirement of 80%. A required supplemental contribution is not owed to the System for the year ending June 30, 2024.

NOTE 3 – ACTUARIAL ASSUMPTIONS
The information presented in the required supplementary schedules was used in the June 30, 2023 actuarial valuation for purposes of determining the Actuarially Determined Contribution (“ADC”). The assumptions and methods used for the June 30, 2023, and all prior actuarial valuations were recommended by the System’s actuary and adopted by the Board. Consistent with the requirements of GASB Statement No. 67, the factors impacting the ADC and any changes to the factors that significantly affect trends in the reported schedules must be disclosed for 10 years.

Actuarial Demographic Assumptions
Year Ended
June 30 Mortality Mortality Improvement
2023 CalPERS 2000-2019
Experience Study
Mortality Improvement Scale
80% Scale MP-2021
2022 CalPERS 2000-2019
Experience Study
Mortality Improvement Scale
80% Scale MP-2020
2018-2021 CalPERS 1997-2015
Experience Study
Mortality Improvement Scale
MP-2017
2015-2017 CalPERS 1997-2011
Experience Study
Modified MP-2014, to converge to
ultimate mortality improvement rates in
2022
2014 CalPERS 1997-2007
Experience Study
Scale AA
Schedule of Changes to Actuarial Demographic Assumptions For the Years Ended June 30, 2014 - 2023
PAGE 576

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) (Continued) NOTE 3 – ACTUARIAL ASSUMPTIONS(Continued)
Actuarial Demographic Assumptions (Continued)
Actuarial Methods
Year
Ended
June 30 Service Disability Beneficiaries*
Subtotal
Retirees &
Beneficiaries
Active
Members
Total
Members
2023 59 53 71 183 - 183
2022 61 57 75 193 - 193
2021 67 63 49 179 - 179
2020 72 67 55 194 - 194
2019 74 71 59 204 - 204
2018 79 75 58 212 - 212
2017 82 79 56 217 - 217
2016 90 84 59 233 - 233
2015 96 86 55 237 - 237
2014 98 90 59 247 - 247
*Alternative payee data for 23 Domestic Relations Order agreements provided separately from employee-retiree for first time in 6/30/22 valuation. Benefits for these alternative payees previously included in the corresponding retiree’s benefits. All DRO agreements provide benefits to the alternative payees for the lifetime of the System’s retiree.

Retirees & Beneficiaries
Schedule of Changes to Actuarial Demographic Assumptions For the Years Ended June 30, 2014 - 2023
Year
Ended
June 30
Actuarial Cost
Method
Amortization
Method
Remaining
Amortization
Period
Asset Valuation
Method
2014-2023 Entry Age
Normal Cost
Level Dollar
Open Period
5-year Investment gains and
losses smoothed over 5-
year fixed period
Schedule of Actuarial Cost and Amortization Methods
For the Years Ended June 30, 2014 - 2023
PAGE 577

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) (Continued) NOTE 3 – ACTUARIAL ASSUMPTIONS(Continued)
Actuarial Economic Assumptions (Continued)
Year
Ended
June 30
Discount
Rate
Invest.

Expenses
Admin.

Expenses Inflation
Cost of
Living
Salary
Increase
Employee
Contrib.

Rate Notes
2023 4.75% 15 bp 50 bp 2.50% 4.00% N/A N/A
No changes made from 6-30-22 assumptions, with the
exception of the 2% increase in the cost of living
adjustment.
2022 4.75% 15 bp 50 bp 2.50% 2.00% N/A N/A
The funding discount rate was decreased to 4.75%,
investment expenses to 15 bp, inflation to 2.50%,
expected rate of return to 5.25% and 1% decrease in
the cost of living adjustment.
2021 5.25% 40 bp 50 bp 2.75% 3.00% N/A N/A
No changes made from 6-30-20 assumptions, with the
exception of the 1% decrease in the cost of living
adjustment.
2020 5.25% 40 bp 50 bp 2.75% 4.00% N/A N/A
No changes made from 6-30-19 assumptions, with the
exception of the 1% increase in the cost of living
adjustment.
2019 5.25% 40 bp 50 bp 2.75% 3.00% N/A N/A
No changes made from 6-30-18 assumptions, with the
exception of the 1% increase in the cost of living
adjustment.
2018 5.25% 40 bp 50 bp 2.75% 2.00% N/A N/A
The funding discount rate was decreased to 5.25%,
inflation to 2.75%, expected rate of return to 5.75%
and 1% increase in the cost of living adjustment. The
expected return changed due to change in Capital
Market Assumptions. The model predicts that the
Expected Long-Term Nominal Net Rate of Return
(Rate of Return before factoring in inflation but after subtracting investment fees) is only estimated to be
between 5.61% and 5.83%.
2017 6.00% 40 bp 50 bp 3.00% 1.00% N/A N/A No changes made from 6-30-15 assumptions. 2016 6.00% 40 bp 50 bp 3.00% 1.00% N/A N/A No changes made from 6-30-15 assumptions. 2015 6.00% 40 bp 50 bp 3.00% 1.00% N/A N/A Discount rate assumes no cash reserve and is net of Investment Expenses; Administrative Expenses are
included in the City's contribution.
2014 6.00% 40 bp 60 bp 3.00% 2.00% N/A N/A The Discount Rate of 6.0% was evaluated and recommended by the actuary using the 6-30-14 target
asset allocation, future asset allocation rebalanced to maintain cash reserve equal to expected benefits
plus Admin Expenses less City Contribution, CalPERS
investment advisors' 2013 capital market
assumptions, and Investment Expenses of 40 bps
(Admin Expenses are excluded from the Discount
Rate).
2013 6.00% 40 bp 60 bp 3.00% 3.00% N/A N/A The discount rate assumed the Trust would maintain a cash reserve equal to one year's benefit payments;
Investment and Administrative Expenses are included
in the Discount Rate
Beginning with the June 30, 2009 valuation, all members were retired; salary increase rates and employee contribution rates were N/A.

Schedule of Changes to Actuarial Economic Assumptions
For the Years Ended June 30, 2013 - 2023
Sources are the Board-approved valuations, as prepared by Bartel Associates, LLC (June 30, 2013-2021) and Foster & Foster, Inc (June 30, 2022-2023).

PAGE 578

PASADENA FIRE & POLICE RETIREMENT SYSTEM
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) (Continued) NOTE 3 – ACTUARIAL ASSUMPTIONS(Continued)
Actuarial Economic Assumptions (Continued)
Asset Class 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Domestic Equity - Large Cap N/A N/A N/A 16% 16% 16% 16% 16% 16% 16% Domestic Equity - Small Cap N/A N/A N/A 4% 4% 4% 4% 4% 4% 4% Total Domestic Equity 22% 22% 20% 20% 20% 20% 20% 20% 20% 20% Foreign Equity 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%
Fixed Income 30% 33% 35% 20% 20% 25% 25% 25% 25% 25%
TIPS 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
Short-Term Investment-Grade Bonds N/A N/A N/A 10% 10% 10% 10% 10% 10% 10% Bank Loans 5% 5% 5% 10% 10% 5% 5% 5% 5% 5%
Alternative (Hedge Fund) 5% 5% 5% 5% 5% 5% 5% N/A N/A N/A Alternative (Risk Parity) N/A N/A N/A N/A N/A N/A N/A 5% 5% 5% Real Estate 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%
Cash Equivalents 3% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Total Portfolio 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Asset Class 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Domestic Equity - Large Cap N/A N/A N/A N/A 4% 4.36% 4.36% 4.36% 3.77% 3.77% Domestic Equity - Small Cap N/A N/A N/A N/A 5% 5.18% 5.18% 5.18% 4.45% 4.45% Total Domestic Equity 5.00% 5.00% 5.00% 5.00% N/A N/A N/A N/A N/A N/A Foreign Equity 5.00% 5.00% 5.00% 5.00% 4.60% 4.60% 4.60% 4.60% 4.41% 4.41% Fixed Income 0.74% 0.74% 0.74% 0.74% 1.47% 1.47% 1.47% 1.47% 0.53% 0.53% TIPS 0.20% 0.20% 0.20% 0.20% 1.29% 1.29% 1.29% 1.29% -0.24% -0.24% Short-Term Investment-Grade Bonds N/A N/A N/A 0.74% 1.26% 1.26% 1.26% 1.26% 0.05% 0.05% Bank Loans 0.74% 0.74% 0.74% 0.74% 3.10% 3.10% 3.10% 3.10% 1.64% 1.64% Alternative (Hedge Fund) 3.14% 3.14% 3.14% 3.14% 2.79% 2.79% 2.79% N/A N/A N/A Alternative (Risk Parity) N/A N/A N/A N/A N/A N/A N/A 2.79% 3.38% 3.38% Real Estate 4.25% 4.25% 4.25% 4.25% 3.04% 3.04% 3.04% 3.04% 3.81% 3.81% Cash Equivalents 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Inflation 3.00% 3.00% 3.00% 3.00% 2.75% 2.75% 2.75% 2.75% 2.50% 2.50% Discount Rate 6.00% 6.50% 6.50% 6.50% 5.75% 5.75% 5.75% 5.75% 5.25% 5.25% Sources are the Board-approved actuarial valuations, as prepared by Bartel Associates, LLC (June 30, 2014-2021) & Foster & Foster, Inc. (June 30, 2022-2023).

For Domestic Equity, Bartel Associates, LLC started breaking out large and small cap for the target asset allocation in 2017 and for the expected long-term geometric real rates of return in 2018.

For the June 30, 2018-2021 valuations, the expected rates of return are based on CalPERS investment advisors' 2017 capital market assumptions.

Expected Long-Term Geometric Real Rates of Return
Target Asset Allocation, Year Ended June 30
Schedule of Changes to Actuarial Economic Assumptions
Target Asset Allocation & Expected Long-Term Geometric Real Rates of Return For the Years Ended June 30, 2014 - 2023
PAGE 579

OTHER SUPPLEMENTARY INFORMATION

P A S A D E N A
FIRE &
POLICE

RETIREMENT

S Y S T E M
PAGE 580

PASADENA FIRE & POLICE RETIREMENT SYSTEM

OTHER SUPPLEMENTARY INFORMATION

ADDITIONS BY SOURCE AND DEDUCTIONS BY TYPE
Net
Fiscal Employer Investment
Year Contributions Income (Loss) Total
2023 -$ 5,013$ 5,013$
2022 - (10,656) (10,656)
2021 - 22,354 22,354
2020 23,137 3,394 26,531
2019 - 5,923 5,923
2018 - 6,656 6,656
2017 - 12,514 12,514
2016 - 49 49
2015 - 5,683 5,683
2014 1,164 21,303 22,467

ADDITIONS BY SOURCE
(In Thousands)
Fiscal Administrative
Year Benefits Expenses Total
2023 11,954$ 344$ 12,298$
2022 12,072 343 12,415
2021 12,506 327 12,833
2020 12,773 321 13,094
2019 12,824 257 13,081
2018 12,815 274 13,089
2017 13,118 300 13,418
2016 13,448 301 13,749
2015 13,645 273 13,918
2014 14,140 296 14,436

DEDUCTIONS BY TYPE
(In Thousands)
PAGE 581

PASADENA FIRE & POLICE RETIREMENT SYSTEM
OTHER SUPPLEMENTARY INFORMATION (Continued)

COMPARATIVE INFORMATION FROM PRIOR FISCAL YEARS

INTEREST RATE RISK EFFECTIVE DURATION BY ASSET MANAGER (UNAUDITED) Market Value Duration Benchmark % Under/Over
$25,120,569 7.03 Years 6.31 Years 11.4%
Market Value Duration Benchmark % Under/Over
$26,646,579 6.52 Years 6.44 Years 1.2%
Market Value Duration Benchmark % Under/Over
$33,325,246 6.06 Years 6.58 Years -7.9%
Market Value Duration Benchmark % Under/Over
$28,338,102 5.41 Years 6.04 Years -10.4%
Market Value Duration Benchmark % Under/Over
$27,496,065 5.72 Years 5.73 Years -0.2%
Market Value Duration Benchmark % Under/Over
$23,701,251 6.12 Years 6.01 Years 2%
Market Value Duration Benchmark % Under/Over
$24,131,769 5.62 Years 6.01 Years -6%
Market Value Duration Benchmark % Under/Over
$43,100,920 4.82 Years 5.47 Years -12%
Market Value Duration Benchmark % Under/Over
$45,285,057 4.99 Years 5.63 Years -11%
Market Value Duration Benchmark % Under/Over
$45,858,083 4.63 Years 5.60 Years -17%
Source is the June 30, 2014-2023 Investment Performance Reviews by asset manager MetWest.

MetWest Fixed Income Asset Manager
Effective Duration
June 30, 2017
June 30, 2015
June 30, 2014
June 30, 2016
June 30, 2018
June 30, 2019
June 30, 2020
June 30, 2021
June 30, 2022
June 30, 2023
PAGE 582
Ci
&,7<2)3$6$'(1$&$/,)251,$
$,548$/,7<0$1$*(0(17',675,&7)81'
)257+(<($5(1'('-81( ),1$1&,$/67$7(0(176
Attachment G
PAGE 583
&,7<2)3$6$'(1$&$/,)251,$
$,548$/,7<,03529(0(176)81'

)LQDQFLDO6WDWHPHQWV

)RU7KH<HDU(QGHG-XQH

PAGE 584
&,7<2)3$6$'(1$
$,548$/,7<,03529(0(176)81'

)LQDQFLDO6WDWHPHQWV

)RU7KH<HDU(QGHG-XQH

7DEOHRI&RQWHQWV

 3DJH
 1XPEHU

,QGHSHQGHQW$XGLWRUV¶5HSRUW 
),1$1&,$/67$7(0(176

 %DODQFH6KHHW  
 6WDWHPHQWRI5HYHQXHV([SHQGLWXUHVDQG&KDQJHVLQ)XQG%DODQF H 
 1RWHVWR)LQDQFLDO6WDWHPHQWV  
5(48,5('6833/(0(17$5<,1)250$7,21

 %XGJHWDU\&RPSDULVRQ6FKHGXOH  
,QGHSHQGHQW$XGLWRUV¶5HSRUWRQ&RPSOLDQFHDQGRQ,QWHUQDO&RQWURORYHU&RPSOLDQFH 

5HSRUWRQ,QWHUQDO&RQWURO2YHU)LQDQFLDO5HSRUWLQJDQGRQ&RPSOLDQFHDQG 2WKHU0DWWHUV%DVHGRQDQ$XGLWRIWKH$LU4XDOLW\,PSURYHPHQWV)XQG )LQDQFLDO6WDWHPHQWV3HUIRUPHGLQ$FFRUGDQFHZLWKGovernment Auditing Standards 

PAGE 585
()RXUWK6WUHHW6XLWH
6DQWD$QD&$





1%UHD%OYG6XLWH
%UHD&$




:DWHUZD\$YHQXH6XLWH

7KH:RRGODQGV7;



5LYHU3OD]D'U6XLWH
6DFUDPHQWR&$






$YHQLGDGHOD&DUORWDௗ6XLWH
/DJXQD+LOOV&$








ZZZOVOFSDVFRP

,1'(3(1'(17$8',7256¶5(3257

7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO &LW\RI3DVDGHQD&DOLIRUQLD

5HSRUWRQWKH$XGLWRIWKH)LQDQFLDO6WDWHPHQWV

Opinion

:HKDYHDXGLWHGWKHDFFRPSDQ\LQJILQDQFLDOVWDWHPHQWVRIWKH$LU4XDOLW\0DQDJHPHQW'LVWULFW)XQG WKH³)XQG´

RIWKH&LW\RI3DVDGHQD
WKH³&LW\´
DVRIDQGIRUWKH\HDUHQGHG-XQHDQGWKHUHODWHGQRWHVWRWKHILQDQFLDO VWDWHPHQWVDVOLVWHGLQWKHWDEOHRIFRQWHQWV

,QRXURSLQLRQWKHILQDQFLDOVWDWHPHQWVUHIHUUHGWRDERYHSUHVHQWIDLUO\LQDOOPDWHULDOUHVSHFWVWKHILQDQFLDOSRVLWLRQ RIWKH)XQGRIWKH&LW\DVRI-XQHDQGWKHFKDQJHVLQ LWVILQDQFLDOSRVLWLRQIRUWKH\HDUWKHQHQGHGLQ DFFRUGDQFHZLWKDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFD 
Basis for Opinion

:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWKDXGLWLQJVWDQGDUGVJHQHUDOO\DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFD DQGWKHVWDQGDUGVDSSOLFDEOHWRILQDQFLDODXGLWVFRQWDLQHGLQ Government Auditing Standards LVVXHGE\WKH &RPSWUROOHU*HQHUDORIWKH8QLWHG6WDWHV2XUUHVSRQVLELOLWLHV XQGHUWKRVHVWDQGDUGVDUHIXUWKHUGHVFULEHGLQWKH $XGLWRU¶V5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH)LQDQFLDO6WDWH PHQWVVHFWLRQRIRXUUHSRUW:HDUHUHTXLUHGWREH LQGHSHQGHQWRIWKH&LW\DQG)XQGDQGWRPHHWRXURWKHUHWKLFDO UHVSRQVLELOLWLHVLQDFFRUGDQFHZLWKWKHUHOHYDQW HWKLFDOUHTXLUHPHQWVUHODWLQJWRRXUDXGLW:HEHOLHYHWKDWWKH DXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIILFLHQWDQG DSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQV 
Emphasis of Matter

$VGLVFXVVHGLQ1RWHWKHILQDQFLDOVWDWHPHQWVSUHVHQWRQO\WKH)XQGDQGGRQRWSXUSRUWWRDQGGRQRWSUHVHQW IDLUO\WKHILQDQFLDOSRVLWLRQRIWKH&LW\DVRI-XQHWKHFKDQJHVLQLWVILQDQFLDOSRVLWLRQRUZKHUHDSSOLFDEOH LWVFDVKIORZVIRUWKH\HDUWKHQHQGHGLQDFFRUGDQFHZLWKDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQWKH8QLWHG 6WDWHVRI$PHULFD2XURSLQLRQLVQRWPRGLILHGZLWKUHVSHFWWRWKLVPDWWHU 
Responsibilities of Management for the Financial Statements 
0DQDJHPHQWLVUHVSRQVLEOHIRUWKHSUHSDUDWLRQDQGIDLUSUHVHQWDWLRQRIWKHILQDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWK DFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFDDQGIRUWKHGHVLJQLPSOHPHQWDWLRQDQG PDLQWHQDQFHRILQWHUQDOFRQWUROUHOHYDQWWRWKHSUHSDUDWLRQDQGIDLUSUHVHQWDWLRQRIILQDQFLDOVWDWHPHQWVWKDWDUHIUHH IURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU PAGE 586

7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO &LW\RI3DVDGHQD&DOLIRUQLD


Auditor’s Responsibilities for the Audit of the Financial Statements 
2XUREMHFWLYHVDUHWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHILQDQFLDOVWDWHPHQWVDVDZKROHDUHIUHHIURP PDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURUDQGWRLV VXHDQDXGLWRU¶VUHSRUWWKDWLQFOXGHVRXURSLQLRQV 5HDVRQDEOHDVVXUDQFHLVDKLJKOHYHORIDVVXUDQFHEXWLVQRWDEVROXWHDVVXUDQFHDQGWKHUHIRUHLVQRWDJXDUDQWHH WKDWDQDXGLWFRQGXFWHGLQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGD XGLWLQJVWDQGDUGVDQG Government Auditing Standards ZLOO DOZD\V GHWHFW D PDWHULDO PLVVWDWHPHQW ZKHQ LW H[LVWV 7KH ULVN RI QRW GHWHFWLQJ D PDWHULDO PLVVWDWHPHQWUHVXOWLQJIURPIUDXGLVKLJKHUWKDQIRURQHUHVXOWLQJIURPHUURUDVIUDXGPD\LQYROYHFROOXVLRQIRUJHU\ LQWHQWLRQDORPLVVLRQVPLVUHSUHVHQWDWLRQVRUWKHRYHUULGHRILQWHUQDOFRQWURO0LVVWDWHPHQWVDUHFRQVLGHUHGPDWHULDO LIWKHUHLVDVXEVWDQWLDOOLNHOLKRRGWKDWLQGLYLGXDOO\RULQWKHDJJUHJDWHWKH\ZRXOGLQIOXHQFHWKHMXGJPHQWPDGHE\ DUHDVRQDEOHXVHUEDVHGRQWKHILQDQFLDOVWDWHPHQWV

,QSHUIRUPLQJDQDXGLWLQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDX GLWLQJVWDQGDUGVDQG Government Auditing StandardsZH


x ([HUFLVHSURIHVVLRQDOMXGJPHQWDQGPDLQWDLQSURIHVVLRQDOVNHSWLFLVPWKURXJKRXWWKHDXGLW 
x ,GHQWLI\DQGDVVHVVWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKH ILQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRU HUURUDQGGHVLJQDQGSHUIRUPDXGLWSURFHGXUHVUHVSRQVLYHWRWK RVHULVNV6XFKSURFHGXUHVLQFOXGH H[DPLQLQJRQDWHVWEDVLVHYLGHQFHUHJDUGLQJWKHDPRXQWVDQGGLVFORVXUHVLQWKHILQDQFLDOVWDWHPHQWV 
x 2EWDLQDQXQGHUVWDQGLQJRILQWHUQDOFRQWUROUHOHYDQWWRWKHDXGLWLQRUGHUWRGHVLJQDXGLWSURFHGXUHVWKDWDUH DSSURSULDWHLQWKHFLUFXPVWDQFHVEXWQRWIRUWKHSXUSRVHRIH[SUHVVLQJDQRSLQLRQRQWKHHIIHFWLYHQHVVRI WKH&LW\¶VLQWHUQDOFRQWURO$FFRUGLQJO\QRVXFKRSLQLRQLVH[SUHVVHG 
x (YDOXDWHWKHDSSURSULDWHQHVVRIDFFRXQWLQJSROLFLHVXVHGDQGWKHUHDVRQDEOHQHVVRIVLJQLILFDQWDFFRXQWLQJ HVWLPDWHVPDGHE\PDQDJHPHQWDVZHOODVHYDOXDWHWKHRYHUDOOSUHVHQWDWLRQRIWKHILQDQFLDOVWDWHPHQWV 
:HDUHUHTXLUHGWRFRPPXQLFDWHZLWKWKRVHFKDUJHGZLWKJRYHUQDQFHUHJDUGLQJDPRQJRWKHUPDWWHUVWKHSODQQHG VFRSHDQGWLPLQJRIWKHDXGLWVLJQLILFDQWDXGLWILQGLQJVDQGFHUWDLQLQWHUQDOFRQWUROUHODWHGPDWWHUVWKDWZHLGHQWLILHG GXULQJWKHDXGLW

Required Supplementary Information

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¶V UHVSRQVHVWRRXULQTXLULHVWKHEDVLFILQDQFLDOVWDWHPHQWVDQGRWKHUNQRZOHGJHZHREWDLQHGGXULQJRXUDXGLWRIWKH EDVLFILQDQFLDOVWDWHPHQWV:HGRQRWH[SUHVVDQRSLQLRQRUSURYLGHDQ\DVVXUDQFHRQWKHLQIRUPDWLRQEHFDXVHWKH OLPLWHGSURFHGXUHVGRQRWSURYLGHXVZLWKVXIILFLHQWHYLGHQFHWRH[SUHVVDQRSLQLRQRUSURYLGHDQ\DVVXUDQFH 
0DQDJHPHQWKDVRPLWWHGWKHPDQDJHPHQW¶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

7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO &LW\RI3DVDGHQD&DOLIRUQLD


2WKHU5HSRUWLQJ5HTXLUHGE\Government Auditing Standards 
,QDFFRUGDQFHZLWKGovernment Auditing StandardsZHKDYHDOVRLVVXHGRXUUHSRUWGDWHG'HFHPEHURQ RXUFRQVLGHUDWLRQRIWKH&LW\¶VLQWHUQDOFRQWURORYHUWKH)XQGµVILQDQFLDOUHSRUWLQJDQGRQRXUWHVWVRILWVFRPSOLDQFH ZLWKFHUWDLQSURYLVLRQVRIODZVUHJXODWLRQVFRQWUDFWVDQGJUDQWDJUHHPHQWVDQGRWKHUPDWWHUV7KHSXUSRVHRIWKDW UHSRUWLVVROHO\WRGHVFULEHWKHVFRSHRIRXUWHVWLQJRILQWHUQ DOFRQWURORYHUILQDQFLDOUHSRUWLQJDQGFRPSOLDQFHDQG WKHUHVXOWVRIWKDWWHVWLQJDQGQRWWRSURYLGHDQRSLQLRQRQW KHHIIHFWLYHQHVVRIWKH&LW\¶VLQWHUQDOFRQWURORYHUWKH )XQGµVILQDQFLDOUHSRUWLQJRURQFRPSOLDQFH7KDWUHSRUWLVDQLQWHJUDOSDUWRIDQDXGLWSHUIRUPHGLQDFFRUGDQFHZLWK Government Auditing StandardsLQFRQVLGHULQJWKH&LW\¶VLQWHUQDOFRQWURORYHUWKH)XQGµVILQ DQFLDOUHSRUWLQJDQG FRPSOLDQFH


%UHD&DOLIRUQLD
'HFHPEHU
3 PAGE 588

CITY OF PASADENA

AIR QUALITY IMPROVEMENTS FUND
Balance Sheet
June 30, 2023
Assets:

Cash and investments 259,933$
Due from other governments 46,128
Interest receivable 442
Total Assets 306,503$
Liabilities and Fund Balance:

Liabilities:

Accounts payable 3,300$
Total Liabilities 3,300
Fund Balance:

Restricted for air quality improvements 303,203
Total Fund Balance 303,203
Total Liabilities and Fund Balance 306,503$
See Notes to Financial Statements
4 PAGE 589

CITY OF PASADENA

AIR QUALITY IMPROVEMENTS FUND
Statement of Revenues, Expenditures and
Changes in Fund Balance
For the Year Ended June 30, 2023
Revenues:

Intergovernmental 230,374$
Investment earnings 2,757
Total Revenues 233,131
Expenditures:

Contract services 42,101
Total Expenditures 42,101
Net Change in Fund Balance 191,030
Fund Balance:

Beginning of Year 112,173
End of Year 303,203$
See Notes to Financial Statements.
5 PAGE 590
&,7<2)3$6$'(1$
$,548$/,7<,03529(0(176)81'
1RWHVWR)LQDQFLDO6WDWHPHQWV
)RU7KH<HDU(QGHG-XQH

127(
 '(6&5,37,212)7+(5(3257,1*(17,7<

7KH&LW\RI3DVDGHQD$LU4XDOLW\,PSURYHPHQWV)XQGZDVIRUPHGWRDFFRXQWIRUDOORFDWLRQVPDGHE\$%NQRZQ DVWKH&OHDQ$LU$FW7KHUHYHQXHSURYLGHVPHDQVDQGLQFHQWLYHVIRUSURJUDPVWRUHGXFHWUDIILFDQGDLUSROOXWLRQ7KH &LW\SHUIRUPVDOODGPLQLVWUDWLYHDQGDFFRXQWLQJIXQFWLRQV7KHDFFRXQWLQJSROLFLHVRIWKH$LU4XDOLW\,PSURYHPHQWV )XQGDUHLQFRQIRUPLW\ZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHVLQWKH8QLWHG6WDWHVDSSOLFDEOHWRJRYHUQPHQWDO XQLWV7KH*RYHUQPHQWDO$FFRXQWLQJ6WDQGDUGV%RDUG
*$6%
LVWKHDFFHSWHGVWDQGDUGVHWWLQJERG\IRUHVWDEOLVKLQJ DFFRXQWLQJDQGILQDQFLDOUHSRUWLQJSULQFLSOHV&RPSOHWHILQDQFLDOVWDWHPHQWVRIWKH&LW\FDQEHREWDLQHGIURPWKH&LW\¶V )LQDQFH'HSDUWPHQW

127(
 6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6

$ )XQG$FFRXQWLQJ

,QRUGHUWRHQVXUHWKHSURSHULGHQWLILFDWLRQRILQGLYLGXDOUHYH QXHVRXUFHVDQGWKHH[SHQGLWXUHVPDGHIURPWKRVH UHYHQXHVWKH$LU4XDOLW\,PSURYHPHQWV)XQGLVRUJDQL]HGRQWKHEDVLVRIDQLQGLYLGXDOIXQGZKLFKLVFRQVLGHUHGD VHSDUDWHDFFRXQWLQJHQWLW\7KHRSHUDWLRQVRIWKHIXQGDUHDFFR XQWHGIRUZLWKDVHSDUDWHVHWRIVHOIEDODQFLQJ DFFRXQWVWKDWFRPSULVHLWVDVVHWVOLDELOLWLHVIXQGEDODQFHUHYHQXHVDQGH[SHQGLWXUHVDVIROORZV 

*RYHUQPHQWDO)XQG7\SH


Special Revenue Fund±7KHVSHFLDOUHYHQXHIXQGLVXVHGWRDFFRXQWIRUWKHSURFHHGVRIVSHFLILFUHYHQXHVRXUFHV WKDWDUHUHVWULFWHGE\ODZWRH[SHQGLWXUHVIRUDVSHFLILFSXUSRVH$VZLWKDOOJRYHUQPHQWDOIXQGVWKHVSHFLDOUHYHQXH IXQGLVDFFRXQWHGIRURQDVSHQGLQJRU³FXUUHQWILQDQFLDOUHVRXUFHV´PHDVXUHPHQWIRFXVZKLFKPHDQVWKDWFXUUHQW DVVHWVDQGFXUUHQWOLDELOLWLHVDUHJHQHUDOO\LQFOXGHGRQLWVEDODQFHVKHHW7KHUHSRUWHGIXQGEDODQFHLVWKHQHWFXUUHQW DVVHWVZKLFKLVFRQVLGHUHGRQO\WREHDPHDVXUHRI³DYDLODEOHVSHQGDEOHUHVRXUFHV´ 
% %DVLVRI$FFRXQWLQJ

%DVLVRIDFFRXQWLQJUHIHUVWRZKHQUHYHQXHVDQGH[SHQGLWXUHVDUHUHFRJQL]HGLQWKHDFFRXQWVDQGUHSRUWHGLQWKH ILQDQFLDOVWDWHPHQWVUHJDUGOHVVRIWKHPHDVXUHPHQWIRFXVDSSOLHG$OOJRYHUQPHQWDOIXQGVDUHUHFRJQL]HGZKHQWKH\ EHFRPHPHDVXUDEOHDQGDYDLODEOHDVQHWFXUUHQWDVVHWV0HDVXUDEOHPHDQVWKHDPRXQWRIWKHWUDQVDFWLRQFDQEH GHWHUPLQHGDQGDYDLODEOHPHDQVWK HDPRXQWLVFROOHFWLEOHZLWKLQ WKHFXUUHQWSHULRGRUVRRQHQRXJKWKHUHDIWHU

JHQHUDOO\VL[W\GD\V
WREHXVHGWRSD\OLDELOLWLHVRIWKHFXUUHQWSHULRG$PRXQWVZKLFKFRXOGQRWEHPHDVXUHGRUZHUH QRWDYDLODEOHZHUHQRWDFFUXHGDVUHYHQXHLQWKHFXUUHQWILVFDO\HDU([SHQGLWXUHVDUHDOVRJHQHUDOO\UHFRJQL]HGXQGHU WKHPRGLILHGDFFUXDOEDVLVRIDFFRXQWLQJZKLFKPHDQVWKDWH[SHQGLWXUHVDUHJHQHUDOO\UHFRUGHGDWWKHWLPHOLDELOLWLHV DUHLQFXUUHG

& )XQG%DODQFHV

)XQGEDODQFHLVUHSRUWHGE\WKHIROORZLQJIXQGEDODQFHFODVVLILFDWLRQV 

1RQVSHQGDEOHLQFOXGHDPRXQWVWKDWFDQQRWEHVSHQWEHFDXVHWKH\DUHHLWKHU D
QRWLQVSHQGDEOHIRUPRU
E
OHJDOO\
RUFRQWUDFWXDOO\UHTXLUHGWREHPDLQWDLQHGLQWDFW

5HVWULFWHGLQFOXGHDPRXQWVWKDWDUHFRQVWUDLQHGRQWKHXVHRIU HVRXUFHVE\HLWKHU D
H[WHUQDOFUHGLWRUVJUDQWRUV
FRQWULEXWRUVRUODZVRIUHJXODWLRQVRIRWKHUJRYHUQPHQWVRU E
E\ODZWKURXJKFRQVWLWXWLRQDOSURYLVLRQVRUHQDEOLQJ
OHJLVODWLRQ

&RPPLWWHGLQFOXGHDPRXQWVWKDWFDQRQO\EHXVHGIRUVSHFLILFSXUSRVHVSXUVXDQWWRFRQVWUDLQWVLPSRVHGE\IRUPDO DFWLRQRIWKHJRYHUQPHQW¶VKLJKHVWDXWKRULW\&LW\&RXQFLO7KHIRUPDODFWLRQWKDWLVUHTXLUHGWREHWDNHQWRHVWDEOLVK PRGLI\RUUHVFLQGDIXQGEDODQFHFRPPLWPHQWLVUHVROXWLRQRURUGLQDQFH 6 PAGE 591
&,7<2)3$6$'(1$
$,548$/,7<,03529(0(176)81'
1RWHVWR)LQDQFLDO6WDWHPHQWV
)RU7KH<HDU(QGHG-XQH

127(
 6800$5<2)6,*1,),&$17$&&2817,1*32/,&,(6
&217,18('


$VVLJQHGLQFOXGHDPRXQWVWKDWDUHFRQVWUDLQHGE\WKHJRYHUQPHQW¶VLQWHQWWREHXVHGIRUVSHFLILFSXUSRVHVEXWDUH QHLWKHUUHVWULFWHGQRUFRPPLWWHG7KH'LUHFWRURI$GPLQLVWUDWLYH6HUYLFHVLVDXWKRUL]HGWRDVVLJQDPRXQWVWRDVSHFLILF SXUSRVHZKLFKZDVHVWDEOLVKHGE\WKHJRYHUQLQJERG\LQUHVROXWLRQ 
8QDVVLJQHGLQFOXGHWKHUHVLGXDODPRXQWVWKDWKDYHQRWEHHQUHVWULFWHGFRPPLWWHGRUDVVLJQHGWRVSHFLILFSXUSRVHV 
7KHHQWLUHIXQGEDODQFHQHWSRVLWLRQRIWKH)XQGKDVEHHQFODVV LILHGDVUHVWULFWHGIXQGEDODQFHVLQFHWKHH[WHUQDO UHVRXUFHSURYLGHU6&$40'UHTXLUHVWKHPRWRUYHKLFOHIHHVWREHXVHGRQO\WRUHGXFHDLUSROOXWLRQ 

127(
 &$6+$1',19(670(176

7KH$LU4XDOLW\,PSURYHPHQWV)XQGSDUWLFLSDWHVLQWKH&LW\¶VSR ROHGFDVKDQGLQYHVWPHQWV WKHSRRO
7KH
-XQHFDVKDQGLQYHVWPHQWEDODQFHRI

UHSUHVHQWVWKH$LU4XDOLW\,PSURYHPHQWV)XQG¶VVKDUHRI WKHSRRO,QIRUPDWLRQUHODWLQJWRWKH&LW\¶VFDVKDQGLQYHVWPHQWVFDQEHIRXQGLQWKH&LW\¶VILQDQFLDOVWDWHPHQWV 

7 PAGE 592

CITY OF PASADENA

AIR QUALITY IMPROVEMENTS FUND
Budgetary Comparison Schedule
For the Year Ended June 30, 2023
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues:

Intergovernmental 170,000$ 170,000$ 230,374$ 60,374$ Investment earnings (1,874) (1,874) 2,757 4,631 Total Revenues 168,126 168,126 233,131 65,005 Expenditures:

Contract services 172,388 172,388 42,101 130,287 Total Expenditures 172,388 172,388 42,101 130,287 Net Change in Fund Balance (4,262) (4,262) 191,030 195,292 Fund Balance:

Beginning of Year - 112,173 112,173 -
End of Year (4,262)$ 107,911$ 303,203$ 195,292$ Budget Amounts
See Notes to Financial Statements.
8 PAGE 593
()RXUWK6WUHHW6XLWH
6DQWD$QD&$





1%UHD%OYG6XLWH
%UHD&$




:DWHUZD\$YHQXH6XLWH

7KH:RRGODQGV7;



5LYHU3OD]D'U6XLWH
6DFUDPHQWR&$






$YHQLGDGHOD&DUORWDௗ6XLWH
/DJXQD+LOOV&$








ZZZOVOFSDVFRP
,1'(3(1'(17$8',7256¶5(325721&203/,$1&(
$1'21,17(51$/&21752/29(5&203/,$1&(

7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO &LW\RI3DVDGHQD&DOLIRUQLD

5HSRUWRQ&RPSOLDQFH
Opinion
:HKDYHDXGLWHGWKH$LU4XDOLW\0DQDJHPHQW'LVWULFW)XQG WKH³ )XQG´
RIWKH&LW\RI3DVDGHQD&DOLIRUQLD

WKH³&LW\´
¶VFRPSOLDQFHZLWKWKHW\SHVRIFRPSOLDQFHUHTXLUHP HQWVLGHQWLILHGDVVXEMHFWWRDXGLWLQ&DOLIRUQLD $VVHPEO\%LOO&KDSWHU
WKURXJK

³$%´
WKDWFRXOGKDYHDGLUHFWDQGPDWHULDOHIIHFW
RQWKH&LW\¶V$%6XEYHQWLRQ)XQG3URJUDP
WKH³3URJUDP´
IRUWKH\HDUHQGHG-XQH

,QRXURSLQLRQWKH&LW\FRPSOLHGLQDOOPDWHULDOUHVSHFWVZL WKWKHW\SHVRIFRPSOLDQFHUHTXLUHPHQWVUHIHUUHGWR DERYHWKDWFRXOGKDYHDGLUHFWDQGPDWHULDOHIIHFWRQLWV)XQGIRUWKH\HDUHQGHG-XQH 

Basis for Opinion
:H FRQGXFWHG RXU DXGLW RI FRPSOLDQFH LQ DFFRUGDQFH ZLWK DXGLWLQJ VWDQGDUGV JHQHUDOO\ DFFHSWHG LQ WKH 8QLWHG6WDWHVRI$PHULFD
WKHVWDQGDUGVDSSOLFDEOHWRILQDQFLDODXGLWVFRQWDLQHGLQGovernment Auditing Standards LVVXHGE\WKH&RPSWUROOHU*HQHUDORIWKH8QLWHG6WDWHV
DQGWKHDXGLWUHTXLUHPHQWVRI$%2XUUHVSRQVLELOLWLHV XQGHUWKRVHVWDQGDUGVDQG$%DUHIXUWKHUGHVFULEHGLQWKH $XGLWRU¶V5HVSRQVLELOLWLHVIRUWKH$XGLWRI &RPSOLDQFHVHFWLRQRIRXUUHSRUW

:HDUHUHTXLUHGWREHLQGHSHQGHQWRIWKH)XQGDQG&LW\DQGWRPHHWRXURWKHUHWKLFDOUHVSRQVLELOLWLHVLQDFFRUGDQFH ZLWKUHOHYDQWHWKLFDOUHTXLUHPHQWVUHODWLQJWRRXUDXGLW:HEH OLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLV VXIILFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXURSLQLRQR QFRPSOLDQFHIRUWKH3URJUDP2XUDXGLWGRHVQRW SURYLGHDOHJDOGHWHUPLQDWLRQRIWKH&LW\¶VFRPSOLDQFHZLWKWKHFRPSOLDQFHUHTXLUHPHQWVUHIHUUHGWRDERYH 
Responsibilities of Management for Compliance
0DQDJHPHQW LV UHVSRQVLEOH IRU FRPSOLDQFH ZLWK WKH UHTXLUHPHQWV UHIHUUHG WR DERYH DQG IRU WKH GHVLJQ LPSOHPHQWDWLRQDQGPDLQWHQDQFHRIHIIHFWLYHLQWHUQDOFRQWUROR YHUFRPSOLDQFHZLWKWKHUHTXLUHPHQWVRIODZV VWDWXWHVUHJXODWLRQVUXOHVDQGSURYLVLRQVRIFRQWUDFWVRUJUDQWDJUHHPHQWVDSSOLFDEOHWRWKH)XQG¶V3URJUDP 
Auditor’s Responsibilities for the Audit of Compliance
2XUREMHFWLYHVDUHWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHU PDWHULDOQRQFRPSOLDQFHZLWKWKHFRPSOLDQFH UHTXLUHPHQWVUHIHUUHGWRDERYHRFFXUUHGZKHWKHUGXHWRIUDXGR UHUURUDQGH[SUHVVDQRSLQLRQRQWKH)XQG¶V FRPSOLDQFHEDVHGRQRXUDXGLW5HDVRQDEOHDVVXUDQFHLVDKLJKOHYHORIDVVXUDQFHEXWLVQRWDEVROXWHDVVXUDQFH DQGWKHUHIRUHLVQRWDJXDUDQWHHWKDWDQDXGLWFRQGXFWHGLQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDXGLWLQJVWDQGDUGV Government Auditing StandardsDQG$%ZLOODOZD\VGHWHFWPDWHULDOQRQFRPSOLDQFHZKHQLWH[LVWV7KHULVNRI QRWGHWHFWLQJPDWHULDOQRQFRPSOLDQFHUHVXOWLQJIURPIUDXGLVKLJKHUWKDQIRUWKDWUHVXOWLQJIURPHUURUDVIUDXGPD\ LQYROYH FROOXVLRQ IRUJHU\ LQWHQWLRQDO RPLVVLRQV PLVUHSUHVHQWDWLRQV RU WKH RYHUULGH RI LQWHUQDO FRQWURO PAGE 594

7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO &LW\RI3DVDGHQD&DOLIRUQLD

1RQFRPSOLDQFHZLWKWKHFRPSOLDQFHUHTXLUHPHQWVUHIHUUHGWRDERYHLVFRQVLGHUHGPDWHULDOLIWKHUHLVDVXEVWDQWLDO OLNHOLKRRGWKDWLQGLYLGXDOO\RULQWKHDJJUHJDWHLWZRXOGLQI OXHQFHWKHMXGJPHQWPDGHE\DUHDVRQDEOHXVHURIWKH UHSRUWRQFRPSOLDQFHDERXWWKH)XQG¶VFRPSOLDQFHZLWKWKHUHTXLUHPHQWVWKH3URJUDPDVDZKROH 
,QSHUIRUPLQJDQDXGLWLQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDXGLWLQJVWDQGDUGVGovernment Auditing Standards DQG$%ZH


x ([HUFLVHSURIHVVLRQDOMXGJPHQWDQGPDLQWDLQSURIHVVLRQDOVNHSWLFLVPWKURXJKRXWWKHDXGLW 
x ,GHQWLI\DQGDVVHVVWKHULVNVRIPDWHULDOQRQFRPSOLDQFHZKHWK HUGXHWRIUDXGRUHUURUDQGGHVLJQDQGSHUIRUP DXGLWSURFHGXUHVUHVSRQVLYHWRWKRVHULVNV6XFKSURFHGXUHVLQF OXGHH[DPLQLQJRQDWHVWEDVLVHYLGHQFH UHJDUGLQJWKH)XQG¶VFRPSOLDQFHZLWKWKHFRPSOLDQFHUHTXLUHPHQW VUHIHUUHGWRDERYHDQGSHUIRUPLQJVXFK RWKHUSURFHGXUHVDVZHFRQVLGHUHGQHFHVVDU\LQWKHFLUFXPVWDQFHV 
x 2EWDLQDQXQGHUVWDQGLQJRIWKH&LW\¶VLQWHUQDOFRQWURORYHUWK H)XQG¶VFRPSOLDQFHUHOHYDQWWRWKHDXGLWLQRUGHU WRGHVLJQDXGLWSURFHGXUHVWKDWDUHDSSURSULDWHLQWKHFLUFXPVWDQFHVDQGWRWHVWDQGUHSRUWRQLQWHUQDOFRQWURO RYHUFRPSOLDQFHLQDFFRUGDQFHZLWK$%EXWQRWIRUWKHSXU SRVHRIH[SUHVVLQJDQRSLQLRQRQWKH HIIHFWLYHQHVVRIWKH&LW\¶VLQWHUQDOFRQWURORYHUWKH)XQG¶VFRPSOLDQFH$FFRUGLQJO\QRVXFKRSLQLRQLV H[SUHVVHG

:HDUHUHTXLUHGWRFRPPXQLFDWHZLWKWKRVHFKDUJHGZLWKJRYHUQDQFHUHJDUGLQJDPRQJRWKHUPDWWHUVWKHSODQQHG VFRSHDQGWLPLQJRIWKHDXGLWDQGDQ\VLJQLILFDQWGHILFLHQFLHVDQGPDWHULDOZHDNQHVVHVLQLQWHUQDOFRQWURORYHU FRPSOLDQFHWKDWZHLGHQWLILHGGXULQJWKHDXGLW

5HSRUWRQ,QWHUQDO&RQWURORYHU&RPSOLDQFH

$deficiency in internal control over complianceH[LVWVZKHQWKHGHVLJQRURSHUDWLRQRIDFRQWURORYHUFRPSOLDQ FH GRHVQRWDOORZPDQDJHPHQWRUHPSOR\HHVLQWKHQRUPDOFRXUVHRISHUIRUPLQJWKHLUDVVLJQHGIXQFWLRQVWRSUHYHQW RUGHWHFWDQGFRUUHFWQRQFRPSOLDQFHZLWKDW\SHRIFRPSOLDQFH UHTXLUHPHQWRIWKH3URJUDPRQDWLPHO\EDVLV$ material weakness in internal control over complianceLVDGHILFLHQF\RUDFRPELQDWLRQRIGHILFLHQFLHVLQLQWHUQDO  FRQWURORYHUFRPSOLDQFHVXFKWKDWWKHUHLVDUHDVRQDEOHSRVVLELOLW\WKDWPDWHULDOQRQFRPSOLDQFHZLWKDW\SHRI FRPSOLDQFHUHTXLUHPHQWRIWKH3URJUDPZLOOQRWEHSUHYHQWHGRU GHWHFWHGDQGFRUUHFWHGRQDWLPHO\EDVLV$ significant deficiency in internal control over complianceLVDGHILFLHQF\RUDFRPELQDWLRQRIGHILFLHQFLHVLQLQWHUQDO FRQWURORYHUFRPSOLDQFHZLWKDW\SHRIFRPSOLDQFHUHTXLUHPHQWR IWKH3URJUDPWKDWLVOHVVVHYHUHWKDQDPDWHULDO ZHDNQHVVLQLQWHUQDOFRQWURORYHUFRPSOLDQFH\HWLPSRUWDQWHQR XJKWRPHULWDWWHQWLRQE\WKRVHFKDUJHGZLWK JRYHUQDQFH


2XUFRQVLGHUDWLRQRILQWHUQDOFRQWURORYHUFRPSOLDQFHZDVIRUW KHOLPLWHGSXUSRVHGHVFULEHGLQWKH$XGLWRU¶V 5HVSRQVLELOLWLHVIRUWKH$XGLWRI&RPSOLDQFHVHFWLRQDERYHDQG ZDVQRWGHVLJQHGWRLGHQWLI\DOOGHILFLHQFLHVLQ LQWHUQDOFRQWURORYHUFRPSOLDQFHWKDWPLJKWEHPDWHULDOZHDNQHV VHVRUVLJQLILFDQWGHILFLHQFLHVLQLQWHUQDOFRQWURO RYHUFRPSOLDQFH*LYHQWKHVHOLPLWDWLRQVGXULQJRXUDXGLWZHG LGQRWLGHQWLI\DQ\GHILFLHQFLHVLQLQWHUQDOFRQWURO RYHUFRPSOLDQFHWKDWZHFRQVLGHUWREHPDWHULDOZHDNQHVVHVDVGHILQHGDERYH+RZHYHUPDWHULDOZHDNQHVVHVRU VLJQLILFDQWGHILFLHQFLHVLQLQWHUQDOFRQWURORYHUFRPSOLDQFHPD\H[LVWWKDWZHUHQRWLGHQWLILHG 
2XUDXGLWZDVQRWGHVLJQHGIRUWKHSXUSRVHRIH[SUHVVLQJDQRSL QLRQRQWKHHIIHFWLYHQHVVRILQWHUQDOFRQWURORYHU FRPSOLDQFH$FFRUGLQJO\QRVXFKRSLQLRQLVH[SUHVVHG 
7KHSXUSRVHRIWKLVUHSRUWRQLQWHUQDOFRQWURORYHUFRPSOLDQFHLVVROHO\WRGHVFULEHWKHVFRSHRIRXUWHVWLQJRILQWHUQDO FRQWURORYHUFRPSOLDQFHDQGWKHUHVXOWVRIWKDWWHVWLQJEDVHGR QWKHUHTXLUHPHQWVRI$%$FFRUGLQJO\WKLV UHSRUWLVQRWVXLWDEOHIRUDQ\RWKHUSXUSRVH


%UHD&DOLIRUQLD
'HFHPEHU
10 PAGE 595
()RXUWK6WUHHW6XLWH
6DQWD$QD&$





1%UHD%OYG6XLWH
%UHD&$




:DWHUZD\$YHQXH6XLWH

7KH:RRGODQGV7;



5LYHU3OD]D'U6XLWH
6DFUDPHQWR&$






$YHQLGDGHOD&DUORWDௗ6XLWH
/DJXQD+LOOV&$








ZZZOVOFSDVFRP

,1'(3(1'(17$8',7256¶5(325721,17(51$/&21752/29(5),1$1&,$/5(3257,1*$1'21 &203/,$1&($1'27+(50$77(56%$6('21$1$8',72)),1$1&,$/67$7(0(1763(5)250(',1 $&&25'$1&(:,7+GOVERNMENT AUDITING STANDARDS

7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO &LW\RI3DVDGHQD&DOLIRUQLD

:HKDYHDXGLWHGLQDFFRUGDQFHZ LWKWKHDXGLWLQJVWDQGDUGVJHQHUDOO\DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFD DQGWKHVWDQGDUGVDSSOLFDEOHWRILQDQFLDODXGLWVFRQWDLQHGLQ Government Auditing Standards LVVXHGE\WKH &RPSWUROOHU*HQHUDORIWKH8QLWHG6WDWHVWKHILQDQFLDOVWDWHPH QWVRIWKH$LU4XDOLW\0DQDJHPHQW'LVWULFWVSHFLDO UHYHQXH IXQG
WKH ³)XQG´
 RI WKH &LW\ RI 3DVDGHQD &DOLIRUQLD
WKH ³&LW\´
 DV RI DQG IRU WKH \HDU HQGHG
-XQHDQGWKHUHODWHGQRWHVWRWKHILQDQFLDOVWDWHPHQW VZKLFKFROOHFWLYHO\FRPSULVHWKH)XQG¶VEDVLF ILQDQFLDOVWDWHPHQWVDQGKDYHLVVXHGRXUUHSRUWWKHUHRQGDWHG'HFHPEHU 
5HSRUWRQ,QWHUQDO&RQWURORYHU)LQDQFLDO5HSRUWLQJ

,QSODQQLQJDQGSHUIRUPLQJRXUDXGLWRIWKHILQDQFLDOVWDWHPHQWVZHFRQVLGHUHGWKH&LW\¶VLQWHUQDOFRQWURORYHUWKH )XQG¶VILQDQFLDOUHSRUWLQJ
LQWHUQDOFRQWURO
DVDEDVLVIRUGH VLJQLQJDXGLWSURFHGXUHVWKDWDUHDSSURSULDWHLQWKH FLUFXPVWDQFHVIRUWKHSXUSRVHRIH[SUHVVLQJRXURSLQLRQVRQWKH ILQDQFLDOVWDWHPHQWVEXWQRWIRUWKHSXUSRVHRI H[SUHVVLQJDQRSLQLRQRQWKHHIIHFWLYHQHVVRIWKH&LW\¶VLQWHUQDOFRQWURO$FFRUGLQJO\ZHGRQRWH[SUHVVDQRSLQLRQ RQWKHHIIHFWLYHQHVVRIWKH&LW\¶VLQWHUQDOFRQWURO

$deficiency in internal controlH[LVWVZKHQWKHGHVLJQRURSHUDWLRQRIDFRQWUROGRHVQRWDOORZPDQDJHPHQWRU HPSOR\HHVLQWKHQRUPDOFRXUVHRISHUIRUPLQJWKHLUDVVLJQHGIX QFWLRQVWRSUHYHQWRUGHWHFWDQGFRUUHFW PLVVWDWHPHQWVRQDWLPHO\EDVLV$material weaknessLVDGHILFLHQF\RUDFRPELQDWLRQRIGHILFLHQFLHVLQLQWHUQDO FRQWUROVXFKWKDWWKHUHLVDUHDVRQDEOHSRVVLELOLW\WKDWDPDWHULDOPLVVWDWHPHQWRIWKHHQWLW\¶VILQDQFLDOVWDWHPHQWV ZLOOQRWEHSUHYHQWHGRUGHWHFWHGDQGFRUUHFWHGRQDWLPHO\E DVLV$ significant deficiencyLVDGHILFLHQF\RUD FRPELQDWLRQRIGHILFLHQFLHVLQLQWHUQDOFRQWUROWKDWLVOHVVVHYHUHWKDQDPDWHULDOZHDNQHVV\HWLPSRUWDQWHQRXJK WRPHULWDWWHQWLRQE\WKRVHFKDUJHGZLWKJRYHUQDQFH

2XUFRQVLGHUDWLRQRILQWHUQDOFRQWUROZDVIRUWKHOLPLWHGSXUSRVHGHVFULEHGLQWKHILUVWSDUDJUDSKRIWKLVVHFWLRQDQG ZDVQRWGHVLJQHGWRLGHQWLI\DOOGHILFLHQFLHVLQLQWHUQDOFRQWU ROWKDWPLJKWEHPDWHULDOZHDNQHVVHVRUVLJQLILFDQW GHILFLHQFLHV*LYHQWKHVHOLPLWDWLRQVGXULQJRXUDXGLWZHGLGQRWLGHQWLI\DQ\GHILFLHQFLHVLQLQWHUQDOFRQWUROWKDWZH FRQVLGHUWREHPDWHULDOZHDNQHVVHV+RZHYHUPDWHULDOZHDNQHVVHVRUVLJQLILFDQWGHILFLHQFLHVPD\H[LVWWKDWZHUH QRWLGHQWLILHG

5HSRUWRQ&RPSOLDQFHDQG2WKHU0DWWHUV

$VSDUWRIREWDLQLQJUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKH)XQG¶VILQDQFLDOVWDWHPHQWVDUHIUHHIURPPDWHULDO PLVVWDWHPHQWZHSHUIRUPHGWHVWVRILWVFRPSOLDQFHZLWKFHUWDLQSURYLVLRQVRIODZVUHJXODWLRQVFRQWUDFWVDQGJUDQW DJUHHPHQWVLQFOXGLQJWKHSURYLVLRQVRI$VVHPEO\%LOO&KDSWHU WKURXJK
QRQFRPSOLDQFH
ZLWKZKLFKFRXOGKDYHDGLUHFWDQGPDWHULDOHIIHFWRQWKHILQDQFLDOVWDWHPHQWV+RZHYHUSURYLGLQJDQRSLQLRQRQ FRPSOLDQFHZLWKWKRVHSURYLVLRQVZDVQRWDQREMHFWLYHRIRXUDXGLWDQGDFFRUGLQJO\ZHGRQRWH[SUHVVVXFKDQ RSLQLRQ7KHUHVXOWVRIRXUWHVWVGLVFORVHGQRLQVWDQFHVRIQRQFRPSOLDQFHRURWKHUPDWWHUVWKDWDUHUHTXLUHGWREH UHSRUWHGXQGHUGovernment Auditing Standards

PAGE 596

7RWKH+RQRUDEOH0D\RUDQG0HPEHUVRIWKH&LW\&RXQFLO &LW\RI3DVDGHQD&DOLIRUQLD


3XUSRVHRI7KLV5HSRUW

7KHSXUSRVHRIWKLVUHSRUWLVVROHO\WRGHVFULEHWKHVFRSHRIRXUWHVWLQJRILQWHUQDOFRQWURODQGFRPSOLDQFHDQGWKH UHVXOWVRIWKDWWHVWLQJDQGQRWWRSURYLGHDQRSLQLRQRQWKHH IIHFWLYHQHVVRIWKH&LW\¶VLQWHUQDOFRQWURORURQ FRPSOLDQFH7KLVUHSRUWLVDQLQWHJUDOSDUWRIDQDXGLWSHUIRUPHGLQDFFRUGDQFHZLWKGovernment Auditing Standards LQFRQVLGHULQJWKH&LW\¶VLQWHUQDOFRQWURODQGFRPSOLDQFH$FFR UGLQJO\WKLVFRPPXQLFDWLRQLVQRWVXLWDEOHIRUDQ\ RWKHUSXUSRVH


%UHD&DOLIRUQLD
'HFHPEHU
12 PAGE 597

PASADENA HOUSING SUCCESSOR

PASADENA, CALIFORNIA
FOR THE YEAR ENDED JUNE 30, 2023 FINANCIAL STATEMENTS
Attachment H
PAGE 598

PASADENA HOUSING SU

CCESSOR

CITY OF PASADENA, CALIFORNIA
Basic Financial Statements
Fiscal Year Ended June 30, 2023
PAGE 599

PASADENA HOUSING SUCCESSOR

CITY OF PASADENA, CALIFORNIA
Basic Financial Statements
June 30, 2023
Table of Contents
Page
Numb
er

FINANCIAL SECTION
Independent Auditors’ Report
..................................................................................................................... 1

BASIC FINANCIAL STATEMENTS
Balance Sheet ............................................................................................................................................. 4 Statement of Revenues, Expenditures
and Changes in Fund Balances ................................................................................................................ 5 Notes to Financial Statements .................................................................................................................... 6

REQUIRED SUPPLEMENTAL INFORMATION
Budgetary Comparison Schedule ............................................................................................................... 8 Note to Required Supplementary Information ............................................................................................. 9

SUPPLEMENTAL INFORMATION
Computation of Low- and Moderate-Income Housing Fund Excess/Surplus ............................................ 10 Independent Auditors’ 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 ............................................................... 1 1 Independent Auditors’ Report on Compliance and on
Internal Control over Compliance .............................................................................................................. 13 PAGE 600
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
To the Honorable Mayor and Members of the City Council
Pasadena Ho
using Successor
City of Pasadena, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the Housing Successor (the “Housing Successor”), a special revenue fund of the City of Pasadena, California (the “ City of Pasadena”), as of and for the year ended
June 30, 2023, and the related notes to the financial statement s, which collectively comprise the Housing Successor’s basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Housing Successor, as of June 30, 2023, and the changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally 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. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial State ments section of our report. We are required to be independent of the City and to meet our other ethical responsib ilities, 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 opinions.

Emphasis of Matter
Fund Financial Statements
As discussed in Note 1, the financial statements of the Housing Successor are intended to present the financial position and the changes in financial position of only that portion of the Housing Successor that is attributable to the transactions of the Housing Successor. They do not purport to, and do not, present fairly the financial position of the City of Pasadena, as of June 30, 2023 and the changes in its financial position for the year then ended in accordance with accounting prin ciples generally accepted in the United States of America. Our opinion is not modified with respect to this matter.

Responsibilities of Management for the Financial Statements 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. .

PAGE 601
To the Honorable Ma
yor and Members of the City Council
Pasadena Housing Successor
City of Pasadena, California
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 Housing Successor’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 is sue an auditor’s report that includes our opinions.

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 generally accepted a uditing standards and Government Auditing Standards will always detect a material m isstatement 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 generally accepted au diting standards 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 au dit 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 City’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and t he 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 Housing Successor’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 p
rinciples generally accepted in the United States o f America require that the Budgetary Comparison Schedule, as listed on the table of contents, presented to supp lement 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 operat ional, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards 2 PAGE 602
To the Honorable Ma
yor and Members of the City Council
Pasadena Housing Successor
City of Pasadena, California
generally accepted in the United States of America, 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 knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assuran ce on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Management has omitted the management’s discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, 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. Our opinions on the basic financial statements are not affected by this missing information.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Housing Successor’s basic fi nancial statements. The Computa tion of the Housing Successor Excess/Surplus schedule (supplementary information) is presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management a nd is derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconcil ing such information directly to the underlying accounting and other records used to prepare the basic financia l statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the 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 December 13, 2023, on our consideration of the Housing Successor’s internal control over the Housing Successor’s 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 the Housing Successor’s internal control over the Housing Successor’s financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Housing Successor’s internal control over the Housing Successor’s financial reporting and compliance.

Brea, California
December 28, 2023
3 PAGE 603

PASADENA HOUSING SUCCESSOR
Balance Sheet
June 30, 2023
ASSETS
Pooled cash and investments 1,011,816$
Receivables:

Notes and loans 27,216,705
Allowance for uncollectible notes and loans (27,216,705) Accrued interest 9,438
Total Assets 1,021,254$

LIABILITIES
Accounts payable 10$
Total Liabilities 10

FUND BALANCES
Restricted for:

Housing activities 1,021,244
Total Fund Balances 1,021,244
Total Liabilities and Fund Balances 1,021,254$
Housing
Successor
Fund
See Notes to Financial Statements.
4 PAGE 604

PASADENA HOUSING SUCCESSOR
Statement of Revenues, Expenditures
and Changes in Fund Balances
Year Ended June 30, 2023

REVENUES
Use of money and property 92,491$
Miscellaneous and other revenue 295,573
Total Revenues 388,064

EXPENDITURES
Current:

Housing 1,259,647
Total Expenditures 1,259,647
Net Change in Fund Balances (871,583)
Fund Balances, Beginning of Year 1,892,827
Fund Balances, End of Year 1,021,244$
Housing
Successor
Fund
See Notes to Financial Statements.
5 PAGE 605

PASADENA HOUSING SUCCESSOR
Notes To The Financial Statements
Year Ended June 30, 2023
NOTE 1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Financial Reporting Entity
The accompa
nying financial statements present only the Pasadena Housing Successor, a Special Revenue Fund of the City of Pasadena, Califor nia (the City) and do not include any other funds of the City. These financial statements are exclusively for the Pasadena Housing Successor a nd do not purport to, and do not, present fairly the financial position and changes in the financial position of the City. The City's basic financial statements are available at City Hall.

On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 (“the Bill”) that provides for the dissolution of all redevelopment agencies in the State of Calif ornia. The Bill impacted the reporting entity of the City of Pasadena that previously had reported a redevelopment a gency within the report entity of the City as a blended component unit.

On February 11, 2013, and in accor dance with California Health and Safety Code Section 34176, City Council of Pasadena elected that the City retain the housing assets and housing function of the former redevelopment agency. The City continues to report the housing assets and functions in the government special revenue fund designated
City Housing Successor.

The Housing Successor accounts for transactions related to affordable housing activities. Revenues include bond proceeds held by the Pasadena Successor Agency that will be tra nsferred for use into this fund for affordable housing activities, contributions from the City of Pasadena, in vestment earnings, rental income, loan repayments and interest income.

B. Basis of Presentation
The Housi
ng Successor's financial statements are prepared in conformity with accounting principles generally accepted in the United States o f America. The Government Accoun ting Standards Board is the acknowledged standard setting body for establishing accounting and financial reporting standards followed by governmental entities in the United States of America.

C. Measurement Focus, Basis of Accounting and Financial Statement Presentation The financial
statements are presented using the modified accrual basis of accounting. Revenues are recognized when they become measurable and av ailable as net current assets . Measurable means that the amounts can be estimated, or otherwise determined. Available means that the am ounts were collected during the reporting period or soon enough thereafter to be available to finance the expend itures accrued for the reporting period. The Housing Successor uses sixty-day availability period. The Housing Successor accrues the following revenue type:
investment earnings.

D. Assets, Liabilities and Fund Balance

1. Cash and Investments
Inve
stments are reported in the accompanying financial statements at fair value based on quoted market prices, except for certain certificates of deposi t, money market investments that mature within one year of acquisition and investment contracts that are reported at cost because they are not transferable, they have terms that are not affected by changes in market interest rates, and provided that the fair value of those investments is not significantly affected by the impairment of the credit standing of the issuer or by other factors. 6 PAGE 606

PASADENA HOUSING SUCCESSOR
Notes To The Financial Statements
Year Ended June 30, 2023
NOTE 1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Both realized and unrealized changes in fair value that occur d uring a fiscal year are recognized and recorded as net changes in fair value of investments. Investment earnings i nclude interest earnings and all other investment income.

The City pools cash and investments of all funds, except for ce rtain fund specific City held portfolios, deferred compensation assets, and assets held by fiscal agents. The Succ essor Housing fund’s share in this pool is displayed in the accompanying financial statements as cash and investments. Investment income earned by the pooled investments is allocated to the various funds based on each fund’s average cash and investment balance.

2. Fund Balance
In the fund financial statements, The Ho using Successor fund balance is made up of the following components:
 Restricted fund balance is the portion of fund balance that is subject to externally enforceable limitations by law, enabling legislation or limitations imposed by creditors or grantors.

NOTE 2 CASH AND INVESTMENTS
As of June 30, 2023, cash and investments were reported in the accompanying financial statements as follows:

A. Equity in the Cash and Investment Pool of the City of Pasadena The Housi
ng Successor has no separate bank accounts or investme nts other than its equity in the cash and investment pool managed by the City. This pool is governed by a nd under the regulatory oversight of the Investment Policy adopted by the City Council of the City. The Housing Successor has not adopted an investment policy separate from that of the City. The fair value of the Ho using Successors investment in this pool is reported in the accompanying financial statements at amounts based upon the Housing Successors prorate share of the fair value calculated by the City for the entire City portfolio . The balance available for withdrawal is based on the accounting records maintained by the City.

B. Disclosures Relating to the Investment Policy. Interest Rate Risk, Cred; and Custodial Credit Risk Additional di
sclosures related to the investment policy, intere st rate risk, credit risk and custodial credit risk are available in the City of Pasadena’s Annual Comprehensive Financial Report.

NOTE 3 NOTES RECEIVABLE
The City of Pasadena Housing Successor made loans to assist in the development of affordable rental housing projects and the purchase of homes by homebuyers. These loans a re secured by trust deeds and were funded with redevelopment low-moderate income housing set-aside funds. These notes have various terms, including maturities ranging from 5 to 45 years and interest rates rangin g from 1.5% to 11%. Due to the uncertainty of their collectability at June 30, 2023, the City has recorded an allow ance for uncollectible of $27,216,705. At June 30, 2023, the long term receivable balance was $27,216,705.

Equity in Pasadena Cash and Investment Pool 1,011,816$
Total cash and investments 1,011,816$
7 PAGE 607

PASADENA HOUSING SUCCESSOR
Budgetary Comparison Schedule
Year Ended June 30, 2023
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 1,892,827$ 1,892,827$ 1,892,827$ -$ Amounts Available for Appropriations (Inflows):

Use of money and property - - 92,491 92,491
Miscellaneous and other revenue 118,853 118,853 295,573 176,720 Total Amounts Available for Appropriations 2,011,680 2,011,680 2,280,891 269,211 Charges to Appropriations (Outflows):

Housing 281,523 1,337,605 1,259,647 77,958 Total Charges to Appropriations 281,523 1,337,605 1,259,647 77,958 Budgetary Fund Balance, June 30 1,730,157$ 674,075$ 1,021,244$ 347,169$ See Notes to Required Supplementary Information.
8 PAGE 608

PASADENA HOUSING SUCCESSOR
Note To Required Supplementary Information
June 30, 2023
NOTE 1
BUDGET
The City Council is required to adopt an annual budget resolution by June 30 of each fiscal year for the Pasadena Housing Successor. The budget is adopted on a basis th at does not differ materially from accounting principles generally accepted in the United States of America. The City maintains budgetary controls to ensure compliance with legal provisions embodied in the appropriated b udget approved by the City Council. The level of budgetary control (the level at which expenditures cannot legal ly exceed the appropriated amount is the department level and within a single fund. The City Manager may authorize transfers of appropriations within a department so long as it is within a single fund. Supplemental appropriations during the year must be approved by the City Council. All unencumbered appropriations lapse at fisc al year-end. In order to be an encumbered appropriation, there must be either an approved purchase order or contract in force as of June 30. 9 PAGE 609

PASADENA HOUSING SUCCESSOR
Computation of Low - and Moderate - Income
Housing Fund
Excess/Surplus
Opening Fund Balance 1,892,827$ 1,021,244$
Less Unavailable Amounts: - -
Available Housing Successor Funds 1,892,827 1,021,244 Limitation (Greater of $1,000,000 or four years deposits) Aggregate amount deposited for last four years: **
2021 - 2022 N/A 344,582$
2020 - 2021 366,012 366,012
2019 - 2020 1,443,006 1,443,006
2018 - 2019 848,443 848,443
2017 - 2018 1,294,310 N/A
Total 3,951,771$ 3,002,043$
Base Limitation 1,000,000$ 1,000,000$
Greater amount 3,951,771$ 3,002,043$
Computed Excess/Surplus None * None *
*
**
June 30, 2023
Please note: In accordance with HSC34176.1(d) If a housing successor has an excess surplus, the housing successor shall encumber the excess surplus for the purposes described in paragraph (3) of subdivision (a) or transfer the funds pursuant to paragraph (2) of subdivision (c) within three fiscal years. If the housing successor fails to comply with this subdivision, the housing successor, within 90 days of the end of the third fiscal year, shall transfer any excess surplus to the Department of Housing and Community Development for expenditure pursuant to the Multifamily Housing Program or the Joe Serna, Jr.

Farmworker Housing Grant Program. For purposes of this subdivision, "excess surplus" shall mean an unencumbered amount in the account that exceeds the greater of one million dollars ($1,000,000) or the aggregate amount deposited into the account during the housing successor's preceding four fiscal years, whichever is greater.

The City has elected to uzilize preceding four years without the current fiscal year, as advised by legal counsel, commencing with Fiscal Year 2020.

Low and Moderate
Housing Funds
All Project Area
July 1, 2023
Low and Moderate
Housing Funds
All Project Area
July 1, 2022
10 PAGE 610
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 ON INTE

RNAL 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 Mayo
r and Members of the City Council
City of Pasadena, Californi
a
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 stateme nts of the Pasadena Housing Successor (the “Housing Successor”), of the City of Pasadena, California (the “City”), as of and for the year ended June 30, 2023, and the related notes to the financial statement s, which collectively comprise the Housing Successor’s basic financial statements, and have issued our report thereon dated December 28, 2023.

Report on Internal C
ontrol over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over the Housing Successor’s 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 th e 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 contr ol that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Hou sing Successor’s financial statements are free from material misstatement, we performed tests of its complianc e with certain provisions of laws, regulations, contracts, and grant agreements, including the requirements of California Health and Safety Code Applicable to California Housing Successor Agencies, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on complian ce 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.

PAGE 611
To the Honorable Ma
yor and Members of the City Council
Pasadena Housing Successor
City of Pasadena, California
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 effectiveness of the Housing Successor’s internal control or on compliance. This report is an integral part of an audit p erformed in accordance with Government Auditing Standards in considering the Housing Successor’s internal control and co mpliance. Accordingly, this communication is not suitable for any other purpose.

Brea, California
December 28, 2023
12 PAGE 612
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 ON COMPLIANCE

AND ON INTERNAL CONTROL OVER COMPLIANCE
To the Honorable Mayor and Members of the City Council
Pasadena Housin
g Successor
City of Pasadena, California
Report on Compliance
Opinion
We have audited the accompanying financial statements of the Pa sadena Housing Successor, California (the “Housing Successor”)’s compliance with the types of compliance requirements identified as subject to audit in the California Health and Safety Code sections applicable to California Housing Successor Agencies (the “HSC”) for the year ended June 30, 2023.

In our opinion, the Housing Successor complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on the Housing Successor’s compliance with the HSC for the year ended June 30, 2023.

Basis for Opinion
We c o
nducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of the HSC. Our responsibilities under those standards and the HSC are further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.

We are required to be independent of the City and to meet our o ther ethical responsibilities, in accordance with 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 opinion on complianc e for the Program. Our audit does not provide a legal determination of the City’s compliance with the compliance requirements referred to above.

Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control o ver compliance with the requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to the Program.

Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud o r error, and express an opinion on the City’s compliance based on our audit. 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 generally accepted auditing standards, Government Auditing Standards, and the HSC will always detect material noncompliance when it exists.

PAGE 613
To the Honorable Ma
yor and Members of the City Council
Pasadena Housing Successor
City of Pasadena, California
The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, mi srepresentations, or the override of internal control.

Noncompliance with the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the City’s compliance with the requirements the HSC as a whole.

In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards, and the HSC, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material noncompliance, wheth er due to fraud or error, and design and perform audit procedures responsive to those risks. Such proced ures include examining, on a test basis, evidence regarding the City’s compliance with the compliance re quirements referred to above and performing such other procedures as we considered necessary in the circumstances.  Obtain an understanding of the City’s internal control over complia nce relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the HSC, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control over compliance. Accordingly, no such opinion is expressed.

We are required to communicate with those charged with governance re garding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.

Report on Internal Control over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over complian ce does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of the HSC on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of the HSC will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal contro l over compliance is a deficiency, or a combination of deficiencies, in internal c o n t r o l o v e r compliance with a type of compliance requirement of the HSC tha t is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our con s
ideration of internal control over compliance was for t he limited purpose described in the Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknes ses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we d id not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. 14 PAGE 614
To the Honorable Ma
yor and Members of the City Council
Pasadena Housing Successor
City of Pasadena, California
Our audit was not designed for the purpose of expressing an opi nion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based o n the requirements of the HSC. Accordingly, this report is not suitable for any other purpose.

Brea, California
December 28, 2023
15 PAGE 615
Ci

CITY OF PASADENA, CALIFORNIA

FOOTHILL WORKFORCE DEVELOPMENT
BOARD
FOR THE YEAR ENDED JUNE 30, 2023 FINANCIAL STATEMENTS
Attachment I
PAGE 616

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Basic Financial Statements
with Independent Auditors’ Report
For The Fiscal Year Ended
June 30, 2023
PAGE 617

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Audited Financial Statements
For the Year Ended
June 30, 2023
Table of Contents
Page

FINANCIAL SECTION
Independent Auditors’ Report .................................................................................................................................... 1

BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements:

Statement of Net Position ....................................................................................................................................... 4 Statement of Activities ............................................................................................................................................. 5 Fund Financial Statements:

Balance Sheet ................................................................................................................................................... 6 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ....................................................................................................................... 7 Statement of Revenues, Expenditures, and Change in Fund Balance ............................................................ 8 Reconciliation of the Statement of Revenues, Expenditures, and Change in Fund Balance to the Statement of Activities ................................................................................................. 9 Notes to Basic Financial Statements ................................................................................................................. 10

REQUIRED SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedule ..................................................................................................................... 14

OTHER REPORTS
Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Foothill Workforce Development Board Financial Statements Performed in Accordance with Government Auditing Standards .......................................... 15 PAGE 618
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
To the Board of Dire
ctors,
Foothill Workforce Development Board
City of Pasadena, California
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the go vernmental activities and the General Fund of the Foothill Workforce Development Board of the City of Pasadena, California (the “Board”), as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the Board’s basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Board as of June 30, 2023, and the changes in financial 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 and the standards applicable to financial audits contained in Government Auditing Standards , issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial State ments section of our report. We are required to be independent of the Board and to meet our other ethical responsi bilities, 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 opinions.

Responsibilities of Management for the Financial Statements 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 Board’s ability to continue as a going concern for twelve months beyond the financial statement date, includin g 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 is sue an auditor’s report that includes our opinions.

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 generally accepted a uditing standards and Government Auditing Standards will always detect a material misstatement when it exists.

PAGE 619
To the Board of Direc
tors
Foothill Workforce Development Board
Pasadena, California
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, mi srepresentations, 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 generally accepted au diting standards 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 au dit 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 Board’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and t he 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 Board’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 o f America require that the budgetary comparison information be presented to supplement the basic financial stat ements. 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 fin ancial reporting for placing the basic financial statements in an appropriate operational, economic, or historic al context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of m anagement 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 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.

Management has omitted the management’s discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial stateme nts, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of fi nancial reporting for placing the basic financial statements in an appropriate operational, economic, o r historical context. Our opinions on the basic financial statements are not affected by this missing information. 2 PAGE 620
To the Board of Direc
tors
Foothill Workforce Development Board
Pasadena, California
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 28, 2023, on our consideration of the Board’s internal control over financia l reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant a greements and other matters. The purpose of that report is solely to describe the scope of our testing of intern al control over financial reporting and compliance and the results of that testing, and not to provide an opinion on t he effectiveness of the Board’s internal control over financial reporting or on compliance. That report is an integra l part of an audit performed in accordance with Government Auditing Standards in considering Board’s internal control over financial reporting and compliance.

Brea, California
December 28, 2023
3 PAGE 621

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Statement of Net Position
Governmental
Activities
Assets:

Cash and investments 15,327$
Accounts receivable 692,146
Total Assets 707,473
Liabilities and Net Position (Deficit)
Liabilities:

Accounts payable 484,545
Due to other governments 364,775
Total Liabilities 849,320
Net Position (Deficit):

Unrestricted (deficit) (141,847)
Total Net Position (Deficit) (141,847)$
June 30, 2023
See Notes to Financial Statements.
4 PAGE 622

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Statement of Activities
Year Ended June 30, 2023
Operating
Contributions Governmental
Functions/Programs Expenses and Grants Activities
Governmental Activities:

Foothill Workforce Development Program 2,894,647$ 1,919,799$ (974,848)$ Total Governmental Activities 2,894,647$ 1,919,799$ (974,848) Change in Net Position (974,848)
Net Position at Beginning of Year 833,001
Net Position (Deficit) at End of Year (141,847)$
Program Revenues
Net (Expenses)
Revenue and
Changes in Net
Position
See Notes to Financial Statements.
5 PAGE 623

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Balance Sheet
Governmental Funds
June 30, 2023
ASSETS
Cash and investments 15,327$
Accounts receivable 692,146
Total assets 707,473$
Liabilities and Fund Balance (Deficit):

LIABILITIES
Accounts payable 849,320$
Total liabilities 849,320

FUND BALANCE (DEFICIT)
Unassigned (deficit) (141,847)
Total Liabilities and Fund Balance (Deficit) 707,473$
Foothill
Workforce
Development
Board
See Notes to Financial Statements.
6 PAGE 624

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position
June 30, 2023
Fund balances of governmental funds (141,847)$
Amounts reported for governmental activities in the statement of net position are different because:

Revenues are reported as unavailable revenue in the governmental funds and recognized in the statement of activities. These are included in the intergovernmental revenues in the - governmental fund activity.

Net Position of Governmental Activities (141,847)$
See Notes to Financial Statements.
7 PAGE 625

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Statement of Revenues, Expenditures, and Changes in Fund Balance Governmental Funds
Year Ended June 30, 2023

REVENUES
Intergovernmental 2,750,863$
Total Revenues 2,750,863

EXPENDITURES
Foothill Workforce Development Board 2,894,647
Total Expenditures 2,894,647
Net Change in Fund Balance (143,784)
Fund Balance, Beginning of Year 1,937
Fund Balance (deficit), End of Year (141,847)$
Foothill
Workforce
Development
Board
See Notes to Financial Statements.
8 PAGE 626

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance to the Statement of Activities
Year Ended June 30, 2023
Net change in fund balances - total governmental funds (143,784)$ Amounts reported for governmental activities in the statement of activities are different because:

Revenues reported as unavailable revenue in the governmental funds and recognized in the Statement of Activities. These are included in the intergovernmental revenues in the governmental fund activity. (831,064)
Change in Net Position of Governmental Activities (974,848)$ See Notes to Financial Statements.
9 PAGE 627

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Notes to the Financial Statements
June 30, 2023
NOTE 1:

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Developed 35 years ago, the Foothill Workforce Development Boar d (The Board) was approved by the City Council of the City of Pasadena as a Joint Powers Agreemen t (JPA) among the cities of Arcadia, Duarte, Monrovia, Sierra Madre, South Pasadena, and Pasadena. The JPA created the Foothill Employment and Training Consortium (FETC) which the City of Pasadena is the fiscal agent and has the authority to receive and administer workforce development funds. FETC formed the Foothill Workforce Development Board (FWDB) to take the lead in developing the implementation plan for workforce development services for job seekers and businesses. The mission is to support economic growth in the San Gabriel Valley by investing in skill development and job training to ensure that businesses have qualified workforce talent and j ob seekers have career opportunities. The FWDB’s Americas Job Center of California is located at 1207 Eas t Green Street in Pasadena and is funded through the Workforce Innovation and Opportunity Act (WIOA).

A. Basis of Presentation
The Boar
d’s basic financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. The Government Accounting Stan dards Board is the acknowledged standard setting body for establishing accounting and financial reporting standards followed by governmental entities in the United States of America.

These standards require that the financial statements described below be presented.

Government-Wide Financial Statements
Government-wide fina
ncial statements display information about the reporting government as a whole.

Eliminations have been made in the statement of activities so t hat certain allocated expenses are recorded only once (by function to which they were allocated).

Government-wide financial statements are presented using the ec onomic resources measurement focus and the accrual basis of accounting. Under the economic resources measu rement focus, all economic resources and obligations of the reporting government (both current and long- term) are reported in the government-wide financial statements. Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. Under the accrual basis of accounting, revenues, expenses, gains, losses, assets, and liabilities are recognized in accordance with various GASB Statements.

Fund Financial Statements
The operatio
ns of the board are accounted for with a separate s et of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements are presented after the government-wide financial statements.

Governmental Funds
In the
fund financial statements, governmental funds are presen ted using the modified-accrual basis of accounting. Their revenues are recognized when they become meas urable and available as net current assets.

Measurable means that the amounts can be estimated, or otherwis e determined. Available means that the amounts were collected during the reporting period or soon enou gh thereafter to be available to finance the expenditures accrued for the reporting period. The Board uses a ninety-day availability period. 10 PAGE 628

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Notes to the Financial Statements
June 30, 2023
NOTE 1:

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) In the fund financial statements, g overnmental funds are presen ted using the current financial resources measurement focus. This means t hat only current assets and curr ent liabilities are gene rally included on their balance sheets. The reported fund balance (net current assets) is considered to be a measure of “available spendable resources.” Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.

Because of their spending measurement focus, expenditure recogn ition for governmental fund types excludes amounts represented by noncurrent liabilities. Since they do no t affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

When both restricted and unrestricted resources are combined in a fund, expenses are considered to be paid first from restricted resources, and then from unrestricted resources.

B. Cash and Investments
Investments
are reported in the accompanying financial statemen ts at fair value based on quoted market prices, except for certain certificates of deposit, money market investments that mature within one year of acquisition and investment contracts that are r eported at cost because they are not transferable, they have terms that are not affected by changes in market interest rates, and provided that the fair value of those investments is not significantly affected by the impairment of the credit standing of the issuer or by other factors.

Both realized and unrealized changes in fair value that occur d uring a fiscal year are recognized and recorded as net changes in fair value of investments. Investment earnings i nclude interest earnings and all other investment income.

The Board pools cash and investments with the City of Pasadena. Investment income earned by the pooled investments is allocated to the various funds based on each fund’s average cash and investment balance.

C. Accounts Receivable
In the
government-wide statements, receivables consist of all r evenues earned at year-end and not yet received.

Receivables are recorded in the financial statements net of any allowance for doubtful accounts if applicable, and estimated refunds due. Federal and state grants are considered receivable and accrue as revenue when reimbursable costs are incurred.

D. Equity Classifications
Government-Wide Statements
Net position
is the excess of all the Board’s assets over all i ts liabilities, regardless of fund. Net position is divided into three categories under GASB Statement No. 34. These categories apply only to net position, which is determined at the government-wide level, and are described below:

Unrestricted net position - Consists of total net position less net investment in capital assets and restricted net position.

Fund Statements
The govern
mental fund financial statements present fund balances based on classifications that comprise a hierarchy that is based primarily on the extent to which the Board is bound to honor constraints on the specific purposes for which amounts in the respective governmental funds can be spent. The classifications used in the governmental fund financial statements are as follows:

Restricted – Amounts that are s ubject to externally enforceable limitations by law, enabling legislation or limitations imposed by creditors or grantors.
11 PAGE 629

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Notes to the Financial Statements
June 30, 2023
NOTE 2:

CASH AND INVESTMENTS
Equity in the Cash and Investment Pool of the City of Pasadena The
board has no separate bank accounts or investments other th an its equity in the cash and investment pool managed by the City. The Board has not adopted an investment po licy separate from that of the City. The fair value of the Board’s investment in this pool is reported in the accompanying financial statements at amounts based upon the Board’s pro rata share of the fair value calcula ted by the City for the entire City portion. The balance available for withdrawal is based on the accounting records maintained by the City. As of June 30, 2023, the Board’s equity in the City’s cash and investment pool was a balance of $15,327.

Disclosures Relating to the Investment Policy, Interest Rate Ri sk, Credit Risk and Custodial Credit Risk Addition
al disclosures related to the investment policy, intere st rate risk, credit risk and custodial credit risk are available in the City of Pasadena’s Annual Comprehensive Financial Report.

NOTE 3: FUND BALANCE
In the fund financial statements, governmental fund balance is made up of the following components:
• Restricted fund balance is the portion of fund balance that is subject to externally enfor ceable limitations by law, enabling legislation or limitations imposed by creditors or grantors. • Unassigned fund balance represents fund balance that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes. In a governmental fund, expenditures incurred for a specific purpose might exceed the amounts in the fund that ar e restricted, committed, and assigned to that purpose and a negative residual balance for that purpose may result.

The accounting policies of the Board consider restricted fund b alance to have been spent first when expenditures are incurred for purposes for which both the restricted and unr estricted fund balance is available. Similarly, when expenditures are incurred for purposes for which amounts in any of the unrestricted classifications of fund balance could be used, the Board considers committed amounts to be redu ced first, followed by assigned and then unassigned amounts.

As of June 30, 2023, the Board had an unrestricted fund balance deficit of $141,847. 12 PAGE 630

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Notes to the Required Supplementary Information
June 30, 2023
NOTE 1: BUDGETS AND BUDGETARY ACCOUNTING
As required by the laws of the State of California, the Board p repares and legally adopts a final operating budget on or before July 1 of each fiscal year for the funds, which is prepared on the modified accrual basis of accounting. Expenditures may not legally exceed appropriations at the fund level, which is the legal level of control.

Supplemental appropriations may be made during the fiscal year. All budget amounts in the accompanying financial statements have been adjusted for legally authorized revisions of the annual budget during the year.

As of June 30, 2023, the Board did not incur expenditures exceeding appropriations. 13 PAGE 631

FOOTHILL WORKFORCE DEVELOPMENT BOARD
Budgetary Comparison Schedule
Year Ended June 30, 2023
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Resources (Inflows):

Intergovernmental 5,345,447$ 5,345,447$ 2,750,863$ (2,594,584)$ Amounts Available for Appropriations 5,345,447 5,345,447 2,750,863 (2,594,584) Charges to Appropriation (Outflow):

Foothill Worforce Development Program 4,731,696 4,731,696 2,894,647 1,837,049 Total Charges to Appropriations 4,731,696 4,731,696 2,894,647 1,837,049 Net Change in Fund Balance 613,751$ 613,751$ (143,784) (757,535)$ Fund Balance at Beginning of Year 1,937
Fund Balance (Deficit) at End of Year (141,847)$
See Notes to the Required Supplementary Information.
14 PAGE 632
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

INDEPENDE
NT AUDITORS’ 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
Board of Di
rectors
Foothill Workforce Development Board
Pasad
ena, California
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 stateme nts of the governmental activities and the General Fund of the Foothill Workforce Development Board of the City of Pasadena, California (the “Board”), as of and for the year ended June 30, 2023, and the related notes to the fina ncial statements, which collectively comprise the Board’s basic financial statements, and have issued our report thereon dated December 28, 2023.

Repor
t on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Board’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 Board’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Board’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 contr ol that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Board’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. 15 PAGE 633
Board of Dire
ctors
Foothill Workforce Development Board
Pasadena, California
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 effectiveness of the Board’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 Board’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Brea, California
December 28, 2023
16 PAGE 634
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 ACCOUNTANTS' REPORT ON AGREED-UPON

PROCEDURES APPLIED TO APPROPRIATIONS LIMIT WORKSHEETS
To the Honorable Mayor and Members of the City Council
City of Pasadena, California
We have performed the procedures enumerated below to the accompanying Appropriations Limit Worksheet No. 6 (or other alternative computation) of the City of Pasadena, California, for the year ended June 30, 2023. These procedures, which were agreed to by the City of Pasadena and the League of California Cities (as presented in the publication entitled Agr eed-Upon Procedures Applied to the Appropriations Limitation Prescribed by Article XIII-B of the California Constitution), were performed solely to assist the City of Pasadena in meeting the requirements of S ection 1.5 of Article XIII-B of the California Constitution. The City of Pasadena's management is responsible for the Appropriations Limit Worksheet No. 6 (or other alternative computation).

This agreed-upon procedures engagement was conducted in accorda nce with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures desc ribed below either for the purpose for which this report has been requested or for any other purpose.

The procedures performed and our findings were as follows:

1. We obtained the completed Worksheets No. 1 through No. 7 (or other alternative computations) and compared the limit and annual adjustment factors included i n those worksheets to the limit and annual adjustment factors that were adopted by resolution o f the City Council. We also compared the population and inflation options included in the a forementioned worksheets to those that were selected by a recorded vote of the City Council.

Finding: No exceptions were noted as a result of our procedures.

2. For the accompanying Appropriations Limit Worksheet No. 6, we multiplied line A, last year's limit, by line D, ratio of change, and agreed the resulting amount to line E, this year's limit.

Finding: No exceptions were noted as a result of our procedures.

3. We compared the current year information presented in the ac companying Appropriations Limit Worksheet No. 6 to the other worksheets described in No. 1 above.

Finding: No exceptions were noted as a result of our procedures.

4. We compared the prior year appropriations limit presented in the accompanying Appropriations Limit Worksheet N o. 6 to the prior year appropriations limit adopted by the City Council for the prior year.

Finding: No exceptions were noted as a result of our procedures.

Attachment J
PAGE 635
To the Hono
rable Mayor and Members of the City Council
City of Pasadena, California
We were not engaged to and did not perform an audit, the objective of which would be the expression of an opinion on the accompanying Appr opriations Limit Worksheet N o. 6. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. No procedures have been performed with respect to the determination of the appropriations limit for the base year, as defined by the League publication entitled Article XIIIB Appropriations Limitation Uniform Guidelines.

This report is intended solely for the use of the City of Pasad ena, California and should not be used by those who have not agreed to the procedures and taken responsib ility for the sufficiency of the procedures for their purposes. However, this report is a matte r of public record and it s distribution is not limited.

Brea, California
August 24, 2023
PAGE 636

CITY OF PASADENA, CALIFORNIA
2022
-2023

APPROPRIATIONS LIMIT CALCULATION
A. 2021-2022 APPROPRIATIONS LIMIT AS REVISED: $ 344,743,594 B. 2022-2023 CHANGE IN PER CAPITA PERSONAL
INCOME 7.55%
C. 2022-2023 CHANGE IN POPULATION: (0.52)%
D. RATIO OF CHANGE X 1.0699380
E. 2022-2023 A
PPROPRIATIONS LIMIT: $ 368,854,259
($344,743,594 X 1.0699380)
PAGE 637

CITY OF PASADENA, CALIFORNIA
Independent Accountants’ Report on Applying
Agreed-Upon Procedures
for a Review of Deferred Compensation
For the Period
July 1, 2022 through June 30, 2023
Attachment K
PAGE 638
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 ACCOUNTANTS' REPORT ON AGREED-UPON PROCE
DURES

APPLIED FOR A REVIEW OF DEFERRED COMPENSATION PLAN
To the Honorable Mayor and Members of the City Council
City of Pasadena
Pasadena, California
We have performed the procedures enumerated below, which were a greed to by the City Council and the management of the City of Pasadena, California (the City), sole ly to assist the City in evaluating the deferred compensation plan for the fiscal year ended June 30, 2023. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the s ufficiency of the procedures described below, either for the purpose for which this report has been requested or for any other purpose.

Scope of the Procedures Performed and Related Findings
The procedures performed and the results obtained from the performance thereof were as follows:

1. Procedure Performed: We obtained payroll registers for four periods for the fiscal y ear ending June 30, 2023. Traced the amounts withheld relating to the 457 deferred compensation plan to the liability recorded in the benefits fund liability amount payable to the d eferred compensation provider (Great-West Financial Services).

Result: LSL noted variances between the amounts withheld relating to the 457 deferred compensation plan per the payroll registers and the liability recorded in the ben efits fund payable to Great-West Financial Services. These differences result from payroll being processed in batches, which may include dates from the prior and/or following pay periods. It was also noted that the payments made to the deferred compensation provider exceed the amounts withheld per the payroll registers.

Management Response:

As noted by the Auditors these differences result from payroll being processed in batches. These batches do not always match up so that 100 percent of the payments remitte d are matched within the same pay period that the employee withholding occurred in. Withholdings are accounted for based on pay period ending dates and remittance to the deferred compensation provider, Great-Wes t Financial Services, are based on pay days. A number of special payrolls are run each pay period for special items such as terminations and retirements. Depending on when Accounting runs the payroll journal load process, some portion of these may be posted in the following pay period resulting in minor ti ming differences. When reviewed with all pay periods, all withholdings are remitted to the deferred compensation provider.

PAGE 639
To the Honorable Mayor and Members of the City Council
City of Pasadena
Pasadena, California

2. Procedure Performed: For each of the four pay periods selected, we agree the amoun t withheld to the payments issued to the provider.

Result: LSL noted variances between the amounts withheld relating to t he 457 deferred compensation plan per the payroll registers and the liability recorded in the ben efits fund payable to Great-West Financia l Services. These differences result from payroll being processed in batches, which may include dates from the prior and/or following pay periods. It was also noted that the payments made to the deferred compensation provider exceed the amounts withheld per the payroll registers.

Management Response:

As noted by the Auditors these differences result from payroll being processed in batches. These batches do not always match up so that 100 percent of the payments remitte d are matched within the same pay period that the employee withholding occurred in. Withholdings are accounted for based on pay period ending dates and remittance to the deferred compensation provider, Great-Wes t Financial Services, are based on pay days. A number of special payrolls are run each pay period for special items such as terminations and retirements. Depending on when Accounting runs the payroll journal load process, some portion of these may be posted in the following pay period resulting in minor ti ming differences. When reviewed with all pay periods, all withholdings are remitted to the deferred compensation provider.

3. Procedure Performed: We reviewed the selected payments to determine that the withh oldings were remitted to the provider for investment within fifteen days fol lowing the close of the month, in accordance w ith Internal Revenue Code Section 457.

Result: No exceptions were noted as a result of our procedures.

This report is intended solely for the information and use of t he City Council and management of the City of Pasadena and is not intended to be, and should not be used by anyone other than these specified parties.

Brea, California
December 28, 2023
PAGE 640
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
December 2
8, 2023
To the Honorable Mayor and Members of the City Council
City of Pasadena, Califor
nia
We have audited 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 the City of Pasadena, California (the “City”) for the year ended Ju ne 30, 2023. Professional standards require that we provide you with information a bout our respons ibilities under g enerally accepted auditing standards, Government Auditing Standards and the Uniform Guidance, as well as certain information relat ed to the planned scope and timing of our audit. We have communicated such information in our letter to you dated August 29, 2023.

Professional standards also require that we communicate to you the following information related to our audit.

Significant Audit Matters
Qualitative Aspects of Accounting Practice
s
Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City are described in Note 1 to the financ ial statements. As described in Note 1 to the financial statements, the City changed accounting policies rela ted to subscription-based information technology arrangements and by adopting Statement of Governmental Accounti ng Standards (GASB Statement) No. 96, in fiscal year 2022-2023. We noted no transactions entered into by the City during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period.

Accounting estimates are an integral part of the financial stat ements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events.

Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the City’s financial statements were:

Management’s estimates of the net pension liability and net oth er postemployment benefits liability based on actuarial valuation estimates. We evaluated the methods, assump tions, and data used to develop the actuarial valuation estimates in determining that they are reasonable in relation to the financial statements taken as a whole.

Management’s estimate of the fair market value of its derivativ e instrument is based on third party valuation. We evaluated the key factors and assumptions used to develop the f air market value of the derivative instrument in determining that it is reasonable in relation to the financial statements taken as a whole.

The financial statement disclosures are neutral, consistent, and clear.

Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our audit.

Corrected and Uncorrected Misstatements
Attachment L
PAGE 641
To the Hon
orable Mayor and Members of the City Council
City of Pasadena, California
Professional standards require us to accumulate all known and l ikely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. The attached schedule summarizes uncorrected misstatements of the financial statements. Management has determined that their effects are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. The uncorrected misstatements or the matters underl ying them could potentially cause future period financial statements to be materially misstated, even though, in our judgment, such uncorrected misstatements are immaterial to the financial statements under audit. In addition, none of the misstatements detected as a result of audit procedures and corrected by management were material, eit her individually or in the aggregate, to each opinion unit’s financial statements taken as a whole.

Disagreements with Management
For
purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be sign ificant to the financial statements or the auditor’s report. We are pleased to report that no such disagreements arose during the course of our audit.

Management Representations
We
have requested certain representations from management that are included in the management representation letter dated December 28, 2023
Management Consultations with Other Independent Accountants In
some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the City’s financial statements or a determination of the type of auditor’s opinion that may be expressed on those statements, our professi onal standards require the con sulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledg e, there were no such consultations with other accountants.

Other Audit Findings or Issues
We
generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the City’s audi tors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention.

Other Matters
We
applied certain limited procedures to management’s discussio n and analysis, the budgetary comparison schedules for the General Fund and the major special revenue fu nds, and the required pension and other postemployment benefits schedules , which are required supplementary information (RSI) that supplements the basic financial statements. Our procedures consisted of inquiri es of management regarding the methods of preparing the information and comparing the information for con sistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We did not audit the RSI and do not express an opinion or provide any assurance on the RSI.

We were engaged to report on the combining and individual fund financial statements and schedules which accompany the financial statements but are not RSI. With respec t to this supplementary information, we made certain inquiries of management and evaluated the form, co ntent, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financ ial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves.

PAGE 642
To the Hon
orable Mayor and Members of the City Council
City of Pasadena, California
We were not engaged to report on other information included in the annual report which is comprised of the introductory and statistical sections, which accompany the fina ncial statements but are not RSI. Such information has not been subjected to the auditing procedures applied in th e audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

Restriction on Use
This
information is intended solely for the information and use of City Council and management of the City and is not intended to be, and should not be, used by anyone other than these specified parties.

Very truly yours,
Brea, California
PAGE 643

ATTACHMENT
Summary of Unadjusted Audit Differences
Name of Governmental Unit: City of Pasadena
Date of Combined Balance Sheet: June 30, 2023
Opinion Unit, Fund Ty
pe or Fund: General Fund
Unadjusted Audit Differences Cause
LAIF fair market value adjustment - cash and investments Fair market value adjustment was not recorded for LAIF
investments at June 30, 2023 19,177$
Cumulative effect (before effect of prior year differences) 19,177 Effect of unadjusted audit difference - prior year -
Cumulative effect (after effect of prior year differences) 19,177$ Current Year Over
(Under) Revenues and
Expenditures/Expenses
and Changes in Fund
Balance/Equity
PAGE 644

INFORMATION ONLY
ITEM 8

8. ROSE BOWL OPERATING COMPANY FINANCIAL UPDATE
PAGE 645
PAGE 646
PAGE 647
PAGE 648
PAGE 649
PAGE 650
PAGE 651
PAGE 652
PAGE 653

INFORMATION ONLY
ITEM 9

9. PASADENA CENTER OPERATING COMPANY

FINANCIAL UPDATE
PAGE 654
PAGE 655
PAGE 656
PAGE 657

INFORMATION ONLY
ITEM 10

10. FINANCIAL UPDATE JANUARY 2024
PAGE 658
PAGE 659
PAGE 660
PAGE 661
PAGE 662
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 101 - General Fund $279,131,116 $111,721,655 40.02% $302,558,549 $130,358,741 43.09% $322,859,710 $128,847,799 39.91% 71 - Taxes $193,331,680 $77,372,412 40.02% $208,983,300 $87,509,592 41.87% $224,887,600 $85,044,237 37.82% 72 - Franchise Fees $2,804,000 $977,105 34.85% $2,798,000 $1,260,135 45.04% $2,920,500 $950,802 32.56% 73 - Licenses & Permits $3,374,205 $1,968,223 58.33% $3,470,205 $2,110,296 60.81% $3,944,705 $1,577,027 39.98% 74 - Intergov Revenue $23,801,215 $407,265 1.71% $28,917,737 $8,174,058 28.27% $25,517,551 $2,524,263 9.89% 75 - Charge fr Svc Extrnl $12,424,500 $5,905,036 47.53% $12,945,142 $6,487,441 50.11% $19,897,364 $11,224,120 56.41% 76 - Charge fr Svc Intrnl $14,763,662 $7,344,329 49.75% $15,367,693 $7,495,800 48.78% $17,797,541 $7,609,394 42.76% 77 - Operat Transfer In $20,140,438 $14,932,222 74.14% $21,465,438 $15,219,726 70.90% $15,140,438 $11,156,562 73.69% 78 - Fines & Forfeitures $4,752,500 $1,709,273 35.97% $5,120,500 $1,797,936 35.11% $6,626,000 $2,078,984 31.38% 79 - Investment Earnings $720,712 ($286,123) -39.70% $675,066 ($1,160,847) -171.96% $2,419,024 $5,358,172 221.50% 80 - Rental Income $461,210 $222,171 48.17% $561,609 $256,125 45.61% $987,714 $457,884 46.36% 81 - Misc. Revenue $1,490,494 $767,881 51.52% $1,437,359 $670,708 46.66% $1,904,773 $640,599 33.63% 82 - Other Fincng Source ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 83 - Operating Income $1,050,000 $385,360 36.70% $800,000 $537,771 67.22% $800,000 $225,755 28.22% 84 - Non-Op Revenue $16,500 $16,500 100.00% $16,500 ($0) 0.00% $16,500 ($0) 0.00% 102 - Parking Operations Fund $27,620 $13,808 49.99% $33,000 $16,500 50.00% $27,620 $11,508 41.67% 73 - Licenses & Permits ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 75 - Charge fr Svc Extrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 77 - Operat Transfer In $27,620 $13,808 49.99% $33,000 $16,500 50.00% $27,620 $11,508 41.67% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 104 - L. A. Impact Fund $74,999 $7,228 9.64% $74,999 $5,773 7.70% $74,999 $8,612 11.48% 74 - Intergov Revenue $74,999 $7,159 9.55% $74,999 $5,756 7.67% $74,999 $8,612 11.48% 79 - Investment Earnings ($0) $70 0.00% ($0) $17 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% Created on 1/10/2024 Page 1 of 14
PAGE 663
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 105 - General Fund Projects Fund $5,770,723 $4,402,269 76.29% $5,822,850 $4,732,857 81.28% $6,837,932 $3,187,248 46.61% 73 - Licenses & Permits ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 74 - Intergov Revenue ($0) $31,825 0.00% ($0) $374,344 0.00% ($0) ($0) 0.00% 75 - Charge fr Svc Extrnl $5,770,723 $4,370,444 75.73% $5,822,850 $4,358,172 74.85% $6,837,932 $3,187,248 46.61% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 80 - Rental Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) $341 0.00% ($0) ($0) 0.00% 83 - Operating Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 106 - New Years Day Genl Fund Events $1,623,000 $1,393,104 85.84% $1,698,000 $1,527,874 89.98% $1,698,000 $1,710,794 100.75% 71 - Taxes $275,000 ($0) 0.00% $200,000 ($0) 0.00% $200,000 ($0) 0.00% 73 - Licenses & Permits $45,000 $48,415 107.59% $45,000 $47,459 105.46% $45,000 $51,092 113.54% 75 - Charge fr Svc Extrnl $3,000 ($0) 0.00% $3,000 ($0) 0.00% $3,000 ($0) 0.00% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue $1,300,000 $1,344,689 103.44% $1,450,000 $1,480,415 102.10% $1,450,000 $1,659,701 114.46% 83 - Operating Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 107 - Section 115 Trust Fund ($0) $160,629 0.00% ($0) ($91,078) 0.00% ($0) $95,519 0.00% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings ($0) $160,629 0.00% ($0) ($91,078) 0.00% ($0) $95,519 0.00% 108 - Foothill Air Support Team Fund $411,098 $402,063 97.80% $341,544 $332,106 97.24% $367,282 $416,583 113.42% 75 - Charge fr Svc Extrnl $407,597 $407,592 100.00% $336,022 $336,025 100.00% $348,047 $416,583 119.69% 79 - Investment Earnings $3,501 ($5,529) -157.92% $5,522 ($3,919) -70.96% $19,235 ($0) 0.00% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 201 - Supplemental Law Enforcement F $364,747 $203,538 55.80% $367,639 $222,501 60.52% $397,467 $266,803 67.13% 74 - Intergov Revenue $360,000 $207,850 57.74% $360,000 $226,554 62.93% $380,000 $266,803 70.21% 75 - Charge fr Svc Extrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $4,747 ($4,312) -90.84% $7,639 ($4,053) -53.06% $17,467 ($0) 0.00% Created on 1/10/2024 Page 2 of 14
PAGE 664
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 202 - Public Safety Augmentation Fun $1,700,000 $665,035 39.12% $2,000,000 $706,743 35.34% $2,100,000 $689,758 32.85% 74 - Intergov Revenue $1,700,000 $665,035 39.12% $2,000,000 $706,743 35.34% $2,100,000 $689,758 32.85% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 203 - Health Fund $21,776,649 $6,048,545 27.78% $22,278,428 $6,425,912 28.84% $25,962,553 $6,723,612 25.90% 71 - Taxes $804,075 $406,789 50.59% $880,000 $564,356 64.13% $1,050,000 $506,429 48.23% 73 - Licenses & Permits $1,871,834 $550,186 29.39% $1,912,435 $736,151 38.49% $2,046,190 $715,152 34.95% 74 - Intergov Revenue $17,305,979 $4,349,121 25.13% $17,401,229 $4,268,944 24.53% $20,106,348 $4,705,358 23.40% 75 - Charge fr Svc Extrnl $458,250 $200,629 43.78% $435,818 $200,474 46.00% $468,980 $217,661 46.41% 76 - Charge fr Svc Intrnl $60,000 $30,000 50.00% $23,750 $11,876 50.00% ($0) ($0) 0.00% 77 - Operat Transfer In $830,541 $262,771 31.64% $899,000 $286,996 31.92% $1,545,000 $312,500 20.23% 79 - Investment Earnings ($0) $81 0.00% ($0) $252 0.00% ($0) $389 0.00% 80 - Rental Income $217,578 $120,839 55.54% $231,704 $129,217 55.77% $241,000 $133,094 55.23% 81 - Misc. Revenue $228,392 $128,127 56.10% $494,492 $227,647 46.04% $505,035 $133,029 26.34% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
83 - Operating Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 204 - Building Services Fund $8,522,600 $4,026,621 47.25% $9,472,978 $7,133,669 75.31% $11,876,271 $7,284,220 61.33% 73 - Licenses & Permits $6,624,000 $3,523,713 53.20% $6,624,000 $6,195,407 93.53% $8,447,090 $5,896,309 69.80% 74 - Intergov Revenue ($0) $89,022 0.00% $918,556 $24,922 2.71% $1,115,000 $299,377 26.85% 75 - Charge fr Svc Extrnl $1,710,000 $482,044 28.19% $1,710,000 $1,050,318 61.42% $1,710,000 $1,056,277 61.77% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 78 - Fines & Forfeitures ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $134,600 ($90,265) -67.06% $166,422 ($175,564) -105.49% $550,181 ($0) 0.00% 81 - Misc. Revenue $54,000 $22,106 40.94% $54,000 $38,586 71.46% $54,000 $32,257 59.73% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
205 - Sewer Construction and Maint. $7,170,975 $3,312,125 46.19% $7,306,357 $3,396,192 46.48% $7,887,576 $2,942,156 37.30% 73 - Licenses & Permits ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 75 - Charge fr Svc Extrnl $7,117,263 $3,358,266 47.18% $7,221,370 $3,471,761 48.08% $7,619,123 $2,942,156 38.62% 79 - Investment Earnings $53,712 ($46,142) -85.91% $84,987 ($75,569) -88.92% $268,453 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
Created on 1/10/2024 Page 3 of 14
PAGE 665
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 206 - Underground Utilities Fund $6,053,885 $2,995,570 49.48% $6,254,433 $3,226,094 51.58% $6,913,245 $2,870,268 41.52% 71 - Taxes $5,700,000 $3,242,075 56.88% $5,800,000 $3,560,210 61.38% $5,800,000 $2,870,118 49.48% 79 - Investment Earnings $353,885 ($246,599) -69.68% $454,433 ($334,266) -73.56% $1,113,245 ($0) 0.00% 81 - Misc. Revenue ($0) $95 0.00% ($0) $150 0.00% ($0) $150 0.00% 207 - Asset Forfeiture Fund $15,323 $68,988 450.23% $21,340 $754,756 3536.80% $68,624 $636,955 928.17% 74 - Intergov Revenue ($0) $79,428 0.00% ($0) $781,016 0.00% ($0) $636,955 0.00% 79 - Investment Earnings $15,323 ($10,440) -68.13% $21,340 ($26,260) -123.05% $68,624 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 208 - Transportation Sales Tax Fund $3,836,066 $1,791,851 46.71% $4,486,224 $2,023,708 45.11% $5,105,725 $1,887,887 36.98% 73 - Licenses & Permits 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 74 - Intergov Revenue $3,558,815 $1,834,941 51.56% $4,178,804 $2,101,698 50.29% $4,615,604 $1,862,774 40.36% 75 - Charge fr Svc Extrnl $14,000 $4,848 34.63% $14,000 $6,074 43.38% $14,000 $14,422 103.02% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $55,251 ($56,828) -102.85% $85,420 ($98,898) -115.78% $302,121 ($0) 0.00% 81 - Misc. Revenue $208,000 $8,889 4.27% $208,000 $14,834 7.13% $174,000 $10,690 6.14% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 209 - Proposition C Local Transit Fu $8,728,424 $4,262,813 48.84% $9,792,551 $4,269,272 43.60% $15,081,030 $4,240,868 28.12% 74 - Intergov Revenue $3,559,894 $1,928,889 54.18% $3,755,739 $1,566,474 41.71% $8,089,022 $1,545,847 19.11% 75 - Charge fr Svc Extrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 77 - Operat Transfer In $4,260,944 $2,130,470 50.00% $5,083,768 $2,541,886 50.00% $5,684,053 $2,368,355 41.67% 79 - Investment Earnings $92,586 ($91,358) -98.67% $138,044 ($148,058) -107.25% $467,955 ($0) 0.00% 81 - Misc. Revenue $815,000 $294,812 36.17% $815,000 $308,969 37.91% $840,000 $326,665 38.89% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% Created on 1/10/2024 Page 4 of 14
PAGE 666
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 210 - Gas Tax Fund $4,663,560 $1,928,214 41.35% $5,246,828 $1,728,528 32.94% $5,357,395 $1,798,830 33.58% 73 - Licenses & Permits ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 74 - Intergov Revenue $3,608,196 $1,437,036 39.83% $4,185,924 $1,238,812 29.59% $4,257,734 $1,370,476 32.19% 76 - Charge fr Svc Intrnl $1,028,050 $514,036 50.00% $1,028,050 $514,030 50.00% $1,028,050 $428,354 41.67% 79 - Investment Earnings $27,315 ($22,858) -83.68% $32,854 ($24,313) -74.00% $71,612 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
83 - Operating Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 212 - Library Services Fund $14,841,281 $7,347,480 49.51% $15,504,213 $7,627,194 49.19% $15,751,961 $6,393,055 40.59% 74 - Intergov Revenue ($0) $19,790 0.00% ($0) $10,698 0.00% $42,981 $17,192 40.00% 75 - Charge fr Svc Extrnl $7,500 $1,214 16.18% $7,500 $1,900 25.33% $4,650 $2,028 43.61% 76 - Charge fr Svc Intrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 77 - Operat Transfer In $14,645,929 $7,322,959 50.00% $15,265,787 $7,632,893 50.00% $15,280,303 $6,366,793 41.67% 78 - Fines & Forfeitures $27,500 $594 2.16% $2,500 $576 23.04% $2,500 ($0) 0.00% 79 - Investment Earnings $61,552 ($51,334) -83.40% $96,627 ($117,322) -121.42% $383,727 ($0) 0.00% 80 - Rental Income $35,000 $37,975 108.50% ($0) ($0) 0.00% $1,500 ($0) 0.00% 81 - Misc. Revenue $63,800 $16,281 25.52% $131,800 $98,450 74.70% $36,300 $7,042 19.40% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
213 - Old Pasadena Parking Meter Fun $1,540,000 $884,000 57.40% $1,785,000 $895,824 50.19% $1,889,065 $498,351 26.38% 77 - Operat Transfer In 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings ($0) ($7,758) 0.00% ($0) ($12,775) 0.00% $49,065 ($0) 0.00% 80 - Rental Income $1,525,000 $880,130 57.71% $1,770,000 $885,966 50.05% $1,810,000 $481,026 26.58% 81 - Misc. Revenue $15,000 $11,628 77.52% $15,000 $22,633 150.89% $30,000 $17,325 57.75% 214 - Civic Center Parking Meter Fun $605,210 $297,381 49.14% $615,047 $364,614 59.28% $751,883 $219,747 29.23% 73 - Licenses & Permits $28,500 $14,655 51.42% $38,000 $17,148 45.13% $38,000 $15,862 41.74% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $10,835 ($6,678) -61.63% $12,047 ($9,385) -77.91% $31,883 ($0) 0.00% 80 - Rental Income $520,875 $253,125 48.60% $520,000 $295,918 56.91% $612,000 $151,119 24.69% 81 - Misc. Revenue $45,000 $36,278 80.62% $45,000 $60,933 135.41% $70,000 $52,766 75.38% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
Created on 1/10/2024 Page 5 of 14
PAGE 667
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 215 - Bikeways Fund ($0) ($0) 0.00% $90,000 ($0) 0.00% $90,000 ($0) 0.00% 74 - Intergov Revenue ($0) ($0) 0.00% $90,000 ($0) 0.00% $90,000 ($0) 0.00% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 216 - Air Quality Improvement Fund $172,131 $48,123 27.96% $168,126 $95,127 56.58% $176,222 ($0) 0.00% 74 - Intergov Revenue $170,000 $47,744 28.08% $170,000 $94,224 55.43% $170,000 ($0) 0.00% 79 - Investment Earnings $2,131 $379 17.79% ($1,874) $903 -48.17% $6,222 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 217 - South Lake Parking Operating F $375,259 $174,751 46.57% $355,830 $179,579 50.47% $387,478 $112,373 29.00% 71 - Taxes $14,000 $9,697 69.26% $10,000 $9,000 90.00% $10,000 $9,000 90.00% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $1,759 $234 13.30% $2,080 ($6,075) -292.12% $17,478 ($0) 0.00% 80 - Rental Income $188,750 $71,767 38.02% $343,750 $176,655 51.39% $150,000 $103,374 68.92% 81 - Misc. Revenue $2,000 $375 18.75% ($0) ($0) 0.00% ($0) ($0) 0.00% 84 - Non-Op Revenue $168,750 $92,679 54.92% ($0) ($0) 0.00% $210,000 ($0) 0.00% 218 - Library Special Tax Fund $2,816,080 $1,155,518 41.03% $3,052,956 $1,232,860 40.38% $3,067,472 $1,292,118 42.12% 71 - Taxes $2,816,080 $1,155,518 41.03% $3,052,956 $1,232,860 40.38% $3,067,472 $1,292,118 42.12% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 219 - Community Develop Block Grant $3,177,131 $1,739,913 54.76% $3,480,795 $2,424,121 69.64% $2,511,608 $362,154 14.42% 74 - Intergov Revenue $3,027,131 $1,715,757 56.68% $3,280,795 $2,417,138 73.68% $2,481,608 $355,881 14.34% 75 - Charge fr Svc Extrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue $150,000 $24,156 16.10% $200,000 $6,984 3.49% $30,000 $6,273 20.91% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 220 - Rental Assistance Programs Fnd $17,827,136 $8,509,152 47.73% $17,777,546 $8,940,973 50.29% $20,380,081 $8,736,765 42.87% 74 - Intergov Revenue $17,807,136 $8,498,174 47.72% $17,757,546 $8,910,653 50.18% $20,360,081 $8,692,105 42.69% 75 - Charge fr Svc Extrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings ($0) $3,131 0.00% ($0) $24,092 0.00% ($0) $41,133 0.00% 80 - Rental Income $20,000 $7,847 39.23% $20,000 $6,228 31.14% $20,000 $3,526 17.63% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
Created on 1/10/2024 Page 6 of 14
PAGE 668
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 221 - Home Investment Partnership Fd $1,100,560 $228,289 20.74% $2,105,468 $128,823 6.12% $1,327,238 $810,534 61.07% 74 - Intergov Revenue $984,537 $68,588 6.97% $1,989,445 $84,171 4.23% $1,211,215 $744,863 61.50% 75 - Charge fr Svc Extrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 80 - Rental Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue $116,023 $159,701 137.65% $116,023 $44,652 38.49% $116,023 $65,672 56.60% 222 - Housing Assistance Fund ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 74 - Intergov Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 223 - Supportive Housing Prog. (SHP) $3,737,296 $260,506 6.97% $4,143,148 $648,114 15.64% $4,143,148 $205,915 4.97% 74 - Intergov Revenue $3,737,296 $260,506 6.97% $4,143,148 $648,114 15.64% $4,143,148 $205,915 4.97% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
224 - Emergency Shelter Grant -ESG $2,313,762 $1,247,517 53.92% $422,979 $1,699,271 401.74% $333,157 $707,968 212.50% 74 - Intergov Revenue $2,313,762 $1,247,517 53.92% $422,979 $1,699,271 401.74% $333,157 $707,968 212.50% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 225 - West Gateway Parking Meter Fd $19,753 $4,475 22.65% $18,294 $8,282 45.27% $22,217 $5,573 25.08% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $1,003 ($752) -74.99% ($456) ($1,117) 244.98% $3,717 ($0) 0.00% 80 - Rental Income $18,750 $5,227 27.88% $18,750 $9,399 50.13% $18,500 $5,573 30.12% 83 - Operating Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 226 - HOPWA Fund $180,670 ($0) 0.00% $281,085 ($0) 0.00% $298,831 $69,197 23.16% 74 - Intergov Revenue $180,670 ($0) 0.00% $281,085 ($0) 0.00% $298,831 $69,197 23.16% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 80 - Rental Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% Created on 1/10/2024 Page 7 of 14
PAGE 669
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 229 - Playhouse Parking Fund $13,313 $4,577 34.38% $10,609 $3,596 33.89% $11,616 $1,714 14.76% 79 - Investment Earnings $1,813 ($334) -18.43% $609 ($478) -78.50% $1,616 ($0) 0.00% 80 - Rental Income $11,500 $4,911 42.71% $10,000 $3,273 32.73% $10,000 $1,714 17.14% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) $800 0.00% ($0) ($0) 0.00% 230 - Homeland Security Grant Fund $628,304 ($0) 0.00% $1,354,649 ($0) 0.00% $1,113,401 $114,917 10.32% 74 - Intergov Revenue $628,304 ($0) 0.00% $1,354,649 ($0) 0.00% $1,113,401 $114,917 10.32% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 232 - So. Lake Parking Meter Zone Fd $185,540 $102,344 55.16% $217,403 $101,472 46.67% $221,869 $48,526 21.87% 77 - Operat Transfer In 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $6,290 ($4,120) -65.50% $7,403 ($6,329) -85.49% $20,369 ($0) 0.00% 80 - Rental Income $10,500 $576 5.49% $210,000 $106,850 50.88% $1,500 $47,973 3198.17% 81 - Misc. Revenue ($0) $18 0.00% ($0) $950 0.00% ($0) $554 0.00% 84 - Non-Op Revenue $168,750 $105,870 62.74% ($0) ($0) 0.00% $200,000 ($0) 0.00% 233 - Sewer Facility Charge Fund $440,134 $165,402 37.58% $295,829 $338,503 114.43% $596,582 $463,993 77.78% 75 - Charge fr Svc Extrnl $400,000 $187,038 46.76% $252,469 $370,868 146.90% $500,000 $463,993 92.80% 79 - Investment Earnings $40,134 ($21,636) -53.91% $43,360 ($32,365) -74.64% $96,582 ($0) 0.00% 236 - Measure R Transportation Fnd $1,822,697 $1,112,478 61.03% $2,208,204 $1,207,917 54.70% $2,515,582 $1,158,312 46.05% 74 - Intergov Revenue $1,819,664 $1,116,823 61.38% $2,205,363 $1,215,898 55.13% $2,486,746 $1,158,312 46.58% 79 - Investment Earnings $3,033 ($4,345) -143.25% $2,841 ($7,981) -280.96% $28,836 ($0) 0.00% 237 - Low and Mod Inc Housing Asset $182,154 $275,402 151.19% $118,853 $115,427 97.12% $118,853 $71,372 60.05% 75 - Charge fr Svc Extrnl $400 $54,999 13749.66% $400 $3,700 925.00% $400 $4,168 1041.89% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings ($0) $1,169 0.00% ($0) $34,669 0.00% ($0) $21,761 0.00% 80 - Rental Income $63,301 $30,870 48.77% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue $118,453 $188,363 159.02% $118,453 $77,058 65.05% $118,453 $45,444 38.36% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% Created on 1/10/2024 Page 8 of 14
PAGE 670
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 238 - Other Housing Funds $4,324,168 $1,969,237 45.54% $7,674,677 $1,609,065 20.97% $7,527,885 $2,484,007 33.00% 74 - Intergov Revenue $103,667 $842,635 812.83% ($0) $821,611 0.00% $674,758 $2,080,380 308.31% 75 - Charge fr Svc Extrnl $400 $4,807 1201.84% $400 $98 24.38% $400 $1,102 275.62% 77 - Operat Transfer In $1,474,638 $737,316 50.00% $4,544,638 $772,312 16.99% $3,000,000 ($0) 0.00% 79 - Investment Earnings ($0) ($87) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 80 - Rental Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue $2,745,463 $384,566 14.01% $3,129,639 $15,044 0.48% $3,852,727 $402,525 10.45% 82 - Other Fincng Source 0.00% 0.00% ($0) ($0) 0.00%
84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 239 - Inclusionary Housing Trust Fun $200,091 $916,203 457.89% $217,321 $560,023 257.69% $279,418 $550,292 196.94% 75 - Charge fr Svc Extrnl $50,400 $93,536 185.59% $50,400 $33,677 66.82% $50,400 $449,991 892.84% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $78,591 ($35,988) -45.79% $95,821 ($48,101) -50.20% $157,918 ($0) 0.00% 80 - Rental Income $71,100 ($0) 0.00% $71,100 ($0) 0.00% $71,100 $6,651 9.35% 81 - Misc. Revenue ($0) $858,654 0.00% ($0) $574,448 0.00% ($0) $93,651 0.00% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 241 - Rd Maint and Rehab Acct (RMRA) $2,877,815 $1,004,601 34.91% $2,955,984 $1,049,767 35.51% $3,528,808 $908,839 25.75% 74 - Intergov Revenue $2,859,623 $992,761 34.72% $2,931,114 $1,029,487 35.12% $3,455,593 $908,839 26.30% 79 - Investment Earnings $18,192 $11,840 65.08% $24,870 $20,280 81.54% $73,215 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 83 - Operating Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 242 - Measure M Local Return Fund $2,063,364 $1,227,783 59.50% $2,498,722 $1,327,032 53.11% $2,834,987 $1,090,297 38.46% 74 - Intergov Revenue $2,062,286 $1,262,836 61.23% $2,499,411 $1,375,630 55.04% $2,818,313 $1,090,297 38.69% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $1,078 ($35,053) -3250.24% ($689) ($48,598) 7056.83% $16,674 ($0) 0.00% Created on 1/10/2024 Page 9 of 14
PAGE 671
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 301 - Project Management Fund $48,232,639 $9,417,118 19.52% $39,025,744 $13,252,845 33.96% $254,785,180 $2,079,879 0.82% 73 - Licenses & Permits 0.00% 0.00% ($0) ($0) 0.00%
74 - Intergov Revenue $10,809,721 $1,816,115 16.80% $11,767,495 $2,204,471 18.73% $217,729,582 $1,672,286 0.77% 75 - Charge fr Svc Extrnl ($0) $15,028 0.00% $100,000 $30,005 30.01% $80,000 $4,596 5.75% 76 - Charge fr Svc Intrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 77 - Operat Transfer In $36,505,729 $7,129,348 19.53% $26,546,807 $10,440,862 39.33% $36,291,918 $2,216 0.01% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 80 - Rental Income $530,000 $73,935 13.95% $300,000 $244,761 81.59% $300,000 $99,374 33.12% 81 - Misc. Revenue $387,189 $382,691 98.84% $311,442 $332,746 106.84% $383,680 $301,406 78.56% 82 - Other Fincng Source ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 83 - Operating Income 0.00% 0.00% ($0) ($0) 0.00%
84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 310 - Capital Public Art Fund $7,763 ($6,145) -79.16% $10,509 ($9,501) -90.41% $30,810 ($0) 0.00% 74 - Intergov Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $7,763 ($6,145) -79.16% $10,509 ($9,501) -90.41% $30,810 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 83 - Operating Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 313 - Traffic Reduction Trans Improv $441,956 $1,652 0.37% $100,210 ($72,968) -72.81% $165,535 $36,979 22.34% 75 - Charge fr Svc Extrnl $400,000 $27,773 6.94% $50,000 ($34,453) -68.91% $50,000 $36,979 73.96% 79 - Investment Earnings $41,956 ($26,122) -62.26% $50,210 ($38,515) -76.71% $115,535 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 405 - Plaza Las Fuentes Parking Fund ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 80 - Rental Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% Created on 1/10/2024 Page 10 of 14
PAGE 672
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 406 - Refuse Collection Fund $17,769,472 $11,230,188 63.20% $18,719,028 $7,893,025 42.17% $18,983,873 $7,077,332 37.28% 72 - Franchise Fees $5,500,000 $2,185,273 39.73% $6,100,000 $2,317,027 37.98% $6,100,000 $2,513,859 41.21% 73 - Licenses & Permits ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 74 - Intergov Revenue $103,000 $19,593 19.02% $308,808 ($0) 0.00% $98,000 $19,483 19.88% 75 - Charge fr Svc Extrnl $517,000 $274,177 53.03% $500,000 $341,569 68.31% $500,000 $212,360 42.47% 76 - Charge fr Svc Intrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $206,005 ($136,195) -66.11% $263,820 ($228,212) -86.50% $711,873 ($0) 0.00% 81 - Misc. Revenue $169,590 $3,189,144 1880.50% $250,000 ($247,527) -99.01% $250,000 $141,124 56.45% 83 - Operating Income $11,273,877 $5,689,651 50.47% $11,296,400 $5,660,929 50.11% $11,324,000 $4,121,395 36.40% 84 - Non-Op Revenue ($0) $8,545 0.00% ($0) $49,237 0.00% ($0) $69,112 0.00% 407 - Off-Street Parking Facilities $11,592,411 $5,004,305 43.17% $13,142,241 $6,539,171 49.76% $14,694,141 $1,527,572 10.40% 73 - Licenses & Permits 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 75 - Charge fr Svc Extrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $137,971 ($8,430) -6.11% $106,741 ($1,879) -1.76% $162,641 $212 0.13% 80 - Rental Income $10,144,965 $4,416,370 43.53% $12,517,000 $6,344,596 50.69% $13,541,500 $1,315,149 9.71% 81 - Misc. Revenue ($0) $9,098 0.00% ($0) $76 0.00% ($0) ($0) 0.00% 83 - Operating Income $522,125 $193,960 37.15% $518,500 $196,378 37.87% $650,000 $212,211 32.65% 84 - Non-Op Revenue $787,350 $393,307 49.95% ($0) ($0) 0.00% $340,000 ($0) 0.00% 408 - Telecommunications Fund $436,958 $497,923 113.95% $699,406 $113,908 16.29% $860,070 $366,149 42.57% 72 - Franchise Fees ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 73 - Licenses & Permits $420,290 $426,098 101.38% $546,693 $103,113 18.86% $576,883 $304,131 52.72% 76 - Charge fr Svc Intrnl $9,000 $27,000 300.00% $36,000 $9,000 25.00% $36,000 $18,000 50.00% 77 - Operat Transfer In ($0) ($0) 0.00% $52,500 $26,250 50.00% $52,500 $21,875 41.67% 79 - Investment Earnings $7,668 ($14,601) -190.41% $11,267 ($24,455) -217.04% $71,194 ($0) 0.00% 80 - Rental Income 0.00% 0.00% ($0) ($0) 0.00%
81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 83 - Operating Income ($0) $59,426 0.00% $52,946 ($0) 0.00% $123,493 $22,143 17.93% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% Created on 1/10/2024 Page 11 of 14
PAGE 673
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 409 - Paseo Colo Parking Structures ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 80 - Rental Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 415 - DelMar GoldLine Parking Garage ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 83 - Operating Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 501 - Computing and Communication Fd $19,276,372 $9,421,940 48.88% $21,101,533 $10,348,257 49.04% $22,606,806 $9,069,883 40.12% 72 - Franchise Fees ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 73 - Licenses & Permits ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 74 - Intergov Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 75 - Charge fr Svc Extrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 76 - Charge fr Svc Intrnl $164,251 $82,123 50.00% $184,450 $92,224 50.00% $195,682 $81,534 41.67% 77 - Operat Transfer In $606,400 $303,196 50.00% $591,342 $295,668 50.00% $609,045 $253,769 41.67% 79 - Investment Earnings $9,333 ($5,758) -61.69% $17,213 ($8,817) -51.23% $55,072 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 83 - Operating Income $18,496,388 $9,042,378 48.89% $20,308,528 $9,969,182 49.09% $21,747,007 $8,734,580 40.16% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 502 - Building Maintenance Fund $14,145,315 $6,799,815 48.07% $15,102,299 $7,347,277 48.65% $17,492,715 $7,041,298 40.25% 76 - Charge fr Svc Intrnl $612,711 $306,357 50.00% $453,002 $226,502 50.00% $453,001 $188,750 41.67% 77 - Operat Transfer In $96,903 $48,453 50.00% $164,785 $82,393 50.00% $164,985 $68,744 41.67% 79 - Investment Earnings $72,736 ($49,731) -68.37% $80,381 ($72,362) -90.02% $231,372 ($0) 0.00% 80 - Rental Income $337,800 $166,194 49.20% $425,424 $189,798 44.61% $430,696 $193,490 44.92% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 83 - Operating Income $13,025,165 $6,328,542 48.59% $13,978,707 $6,920,945 49.51% $16,212,661 $6,590,314 40.65% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 503 - Fleet Replacement Fund $3,057,197 $1,444,269 47.24% $3,232,297 $1,471,769 45.53% $4,130,637 $955,943 23.14% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $98,031 ($84,696) -86.40% $145,728 ($138,792) -95.24% $460,449 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 83 - Operating Income $2,959,166 $1,515,369 51.21% $3,086,569 $1,610,895 52.19% $3,670,188 $939,993 25.61% 84 - Non-Op Revenue ($0) $13,596 0.00% ($0) ($333) 0.00% ($0) $15,950 0.00% Created on 1/10/2024 Page 12 of 14
PAGE 674
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 504 - Benefits and Insurance Fund ($39,358) $16,662,740 -42336.89% $1,043,490 $19,545,228 1873.06% $1,385,761 $22,399,392 1616.40% 76 - Charge fr Svc Intrnl ($0) ($0) 0.00% $1,171,551 $585,777 50.00% $1,385,761 $577,401 41.67% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings ($39,358) $279,272 -709.58% ($128,061) $192,759 -150.52% ($0) ($0) 0.00% 81 - Misc. Revenue ($0) $2,410 0.00% ($0) $1,890 0.00% ($0) $2,450 0.00% 83 - Operating Income ($0) $16,381,058 0.00% ($0) $18,764,802 0.00% ($0) $21,819,542 0.00% 508 - Printing Services Fund ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 83 - Operating Income ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 510 - Citizen Service Center Fund $851,737 $424,094 49.79% $873,550 $433,753 49.65% $914,346 $377,788 41.32% 76 - Charge fr Svc Intrnl $850,556 $425,270 50.00% $871,820 $435,908 50.00% $906,692 $377,788 41.67% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $1,181 ($1,176) -99.56% $1,730 ($2,155) -124.57% $7,653 ($0) 0.00% 511 - Fleet Repair and Maintenance $9,030,296 $4,995,707 55.32% $9,581,790 $6,254,347 65.27% $9,854,414 $2,771,225 28.12% 77 - Operat Transfer In ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 79 - Investment Earnings $9,330 ($18,070) -193.68% $15,526 ($29,496) -189.98% $97,025 ($0) 0.00% 81 - Misc. Revenue $10,000 $983 9.83% $10,000 ($0) 0.00% $10,000 ($0) 0.00% 83 - Operating Income $9,010,966 $5,012,794 55.63% $9,556,264 $6,283,843 65.76% $9,747,389 $2,771,225 28.43% 84 - Non-Op Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 613 - Cultural Trust Fund $418,972 $260,687 62.22% $426,720 $518,061 121.41% $829,252 $205,112 24.73% 79 - Investment Earnings $13,972 ($13,017) -93.17% $21,720 ($23,677) -109.01% $79,252 ($0) 0.00% 81 - Misc. Revenue $405,000 $273,705 67.58% $405,000 $541,738 133.76% $750,000 $205,112 27.35% 614 - La Pintoresca Branch Childrens $143 ($111) -77.28% $193 ($171) -88.77% $555 ($0) 0.00% 79 - Investment Earnings $143 ($111) -77.28% $193 ($171) -88.77% $555 ($0) 0.00% 677 - Library Equip Repl-Pasadena $1,066 $547 51.31% $1,442 $962 66.73% $4,358 ($0) 0.00% 79 - Investment Earnings $1,066 $547 51.31% $1,442 $962 66.73% $4,358 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% Created on 1/10/2024 Page 13 of 14
PAGE 675
City of Pasadena
Revenue
By Fund
December 2023
Attachment A

UNAUDITED
Fiscal Year
2022 2023 2024
Fund Revised Budget Actual YTD Revised Budget Actual YTD Revised Budget Actual YTD 678 - Library Equip Repl-Glendale $931 ($719) -77.28% $1,252 ($1,111) -88.77% $3,606 ($0) 0.00% 79 - Investment Earnings $931 ($719) -77.28% $1,252 ($1,111) -88.77% $3,606 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 679 - Library Equip Repl-Shared $281 ($207) -73.87% $361 ($320) -88.77% $1,039 ($0) 0.00% 79 - Investment Earnings $281 ($207) -73.87% $361 ($320) -88.77% $1,039 ($0) 0.00% 81 - Misc. Revenue ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 681 - Workforce Innov and Opport Act $5,493,888 $39,716 0.72% $5,345,447 ($4,106) -0.08% $5,103,279 $988,198 19.36% 74 - Intergov Revenue $5,483,888 $39,716 0.72% $5,345,447 ($4,106) -0.08% $5,073,279 $981,908 19.35% 75 - Charge fr Svc Extrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) $6,290 0.00% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 81 - Misc. Revenue $10,000 ($0) 0.00% ($0) ($0) 0.00% $30,000 ($0) 0.00% 820 - Successor Agency Admin $36,297 ($0) 0.00% $72,500 ($0) 0.00% $72,500 ($0) 0.00% 71 - Taxes ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 75 - Charge fr Svc Extrnl ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% 77 - Operat Transfer In $36,297 ($0) 0.00% $72,500 ($0) 0.00% $72,500 ($0) 0.00% 79 - Investment Earnings ($0) ($0) 0.00% ($0) ($0) 0.00% ($0) ($0) 0.00% Created on 1/10/2024 Page 14 of 14
PAGE 676
City of Pasadena
Expenditures
By Fund
December 2023
Attachment B

UNAUDITED
Fiscal Year
2023 2024
Fund Revised Budget Actual - YTD Remaining % Used Revised Budget Actual - YTD Remaining % Used 101 - General Fund $299,367,320 $137,994,591 $161,372,730 46.10% $354,553,729 $160,246,655 $194,307,074 45.20% 90 - Personnel $187,451,679 $89,410,750 $98,040,929 47.70% $204,885,341 $106,822,710 $98,062,632 52.14% 91 - Services & Supplies $58,028,303 $22,738,701 $35,289,602 39.19% $67,324,687 $20,853,944 $46,470,743 30.98% 92 - Capital Outlay $474,708 $190,705 $284,003 40.17% $16,737,313 $11,062,820 $5,674,493 66.10% 93 - Internal Srvc Chrg $25,625,145 $13,900,906 $11,724,239 54.25% $28,370,918 $10,900,750 $17,470,169 38.42% 94 - Debt Service $9,504 $0 $9,504 0.00% $0 $0 $0 0.00% 95 - Operat Transfer Out $27,777,982 $11,753,528 $16,024,453 42.31% $37,235,469 $9,082,672 $28,152,797 24.39% 96 - Operating Expense $0 $0 $0 0.00% $0 $1,523,760 ($1,523,760) 0.00% 97 - Non-Op Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
102 - Parking Operations Fund $34,000 $13,897 $20,103 40.87% $40,000 $10,467 $29,533 26.17% 90 - Personnel $0 $2,296 ($2,296) 0.00% $0 $2,905 ($2,905) 0.00% 91 - Services & Supplies $34,000 $11,602 $22,398 34.12% $40,000 $7,562 $32,438 18.90% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
104 - L. A. Impact Fund $74,999 $18,018 $56,981 24.02% $74,999 $8,536 $66,463 11.38% 90 - Personnel $0 $1,919 ($1,919) 0.00% $0 $4,969 ($4,969) 0.00% 91 - Services & Supplies $65,288 $11,242 $54,046 17.22% $68,378 $809 $67,569 1.18% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $9,711 $4,857 $4,854 50.01% $6,621 $2,759 $3,862 41.67% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
105 - General Fund Projects Fund $5,934,165 $3,922,786 $2,011,378 66.11% $7,486,127 $3,808,314 $3,677,813 50.87% 90 - Personnel $3,670,066 $3,178,413 $491,653 86.60% $4,711,247 $3,372,514 $1,338,733 71.58% 91 - Services & Supplies $2,173,828 $689,319 $1,484,509 31.71% $2,589,598 $370,956 $2,218,642 14.32% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $90,271 $55,055 $35,216 60.99% $185,282 $64,844 $120,438 35.00% 106 - New Years Day Genl Fund Events $2,193,548 $160,559 $2,032,990 7.32% $2,203,547 $529,659 $1,673,888 24.04% 90 - Personnel $714,105 $133,884 $580,222 18.75% $718,391 $459,778 $258,613 64.00% 91 - Services & Supplies $1,454,443 $7,934 $1,446,509 0.55% $1,460,156 $69,881 $1,390,274 4.79% 93 - Internal Srvc Chrg $25,000 $18,741 $6,259 74.96% $25,000 $0 $25,000 0.00% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
107 - Section 115 Trust Fund $0 $28,992 ($28,992) 0.00% $0 $24,856 ($24,856) 0.00% 91 - Services & Supplies $0 $28,992 ($28,992) 0.00% $0 $24,856 ($24,856) 0.00% Created on 1/9/2024 Page 1 of 11
PAGE 677
City of Pasadena
Expenditures
By Fund
December 2023

UNAUDITED
2023 2024
Fund Revised Budget Actual - YTD Remaining % Used Revised Budget Actual - YTD Remaining % Used 108 - Foothill Air Support Team Fund $403,815 $115,894 $287,921 28.70% $416,988 $126,032 $290,956 30.22% 90 - Personnel $125,942 $72,862 $53,081 57.85% $135,551 $88,077 $47,474 64.98% 91 - Services & Supplies $263,734 $35,962 $227,772 13.64% $268,764 $32,675 $236,089 12.16% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $14,138 $7,070 $7,068 50.01% $12,673 $5,280 $7,393 41.67% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
201 - Supplemental Law Enforcement F $380,857 $126,067 $254,790 33.10% $408,836 $211,615 $197,220 51.76% 90 - Personnel $179,988 $45,961 $134,027 25.54% $209,021 $145,515 $63,506 69.62% 91 - Services & Supplies $180,788 $3,962 $176,827 2.19% $179,981 $57,836 $122,144 32.13% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $20,080 $10,042 $10,038 50.01% $19,834 $8,264 $11,570 41.67% 95 - Operat Transfer Out $0 $66,102 ($66,102) 0.00% $0 $0 $0 0.00% 202 - Public Safety Augmentation Fun $2,241,196 $781,874 $1,459,322 34.89% $2,602,594 $1,276,782 $1,325,812 49.06% 90 - Personnel $1,925,980 $729,735 $1,196,246 37.89% $2,266,908 $1,235,775 $1,031,133 54.51% 91 - Services & Supplies $227,558 $8,312 $219,246 3.65% $237,270 $0 $237,270 0.00% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $87,657 $43,827 $43,830 50.00% $98,416 $41,007 $57,409 41.67% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
203 - Health Fund $22,198,778 $8,214,187 $13,984,591 37.00% $25,655,193 $9,163,010 $16,492,183 35.72% 90 - Personnel $15,773,127 $6,232,932 $9,540,195 39.52% $16,905,111 $7,048,267 $9,856,844 41.69% 91 - Services & Supplies $4,286,029 $1,155,826 $3,130,203 26.97% $6,289,507 $1,149,800 $5,139,707 18.28% 92 - Capital Outlay $181,500 $5,019 $176,481 2.77% $29,800 $1,975 $27,825 6.63% 93 - Internal Srvc Chrg $1,933,122 $817,435 $1,115,687 42.29% $2,430,775 $962,968 $1,467,807 39.62% 95 - Operat Transfer Out $25,000 $2,975 $22,025 11.90% $0 $0 $0 0.00% 204 - Building Services Fund $12,039,320 $4,798,303 $7,241,017 39.86% $14,479,586 $4,881,297 $9,598,289 33.71% 90 - Personnel $7,173,317 $3,139,240 $4,034,077 43.76% $7,728,013 $3,523,192 $4,204,821 45.59% 91 - Services & Supplies $3,316,728 $830,891 $2,485,837 25.05% $3,445,358 $613,102 $2,832,256 17.80% 92 - Capital Outlay $0 $0 $0 0.00% $67,473 $0 $67,473 0.00% 93 - Internal Srvc Chrg $1,549,275 $754,657 $794,619 48.71% $1,838,742 $745,003 $1,093,739 40.52% 95 - Operat Transfer Out $0 $73,515 ($73,515) 0.00% $1,400,000 $0 $1,400,000 0.00% 205 - Sewer Construction and Maint. $9,548,499 $3,531,813 $6,016,687 36.99% $6,798,968 $2,343,902 $4,455,066 34.47% 90 - Personnel $2,232,701 $913,982 $1,318,718 40.94% $2,077,514 $1,062,061 $1,015,453 51.12% 91 - Services & Supplies $2,928,160 $1,323,533 $1,604,627 45.20% $2,685,561 $1,095,384 $1,590,177 40.79% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $587,639 $306,602 $281,036 52.18% $635,893 $186,457 $449,436 29.32% 95 - Operat Transfer Out $3,800,000 $987,695 $2,812,305 25.99% $1,400,000 $0 $1,400,000 0.00% Created on 1/9/2024 Page 2 of 11
PAGE 678
City of Pasadena
Expenditures
By Fund
December 2023

UNAUDITED
2023 2024
Fund Revised Budget Actual - YTD Remaining % Used Revised Budget Actual - YTD Remaining % Used 206 - Underground Utilities Fund $4,473,078 -$335,801 $4,808,879 -7.51% $5,641,677 $32,095 $5,609,582 0.57% 91 - Services & Supplies $104,097 $52,047 $52,050 50.00% $0 $0 $0 0.00% 93 - Internal Srvc Chrg $30,921 $15,459 $15,462 50.00% $28,967 $12,070 $16,897 41.67% 95 - Operat Transfer Out $4,338,060 -$403,307 $4,741,367 -9.30% $5,612,710 $20,025 $5,592,685 0.36% 207 - Asset Forfeiture Fund $549,500 $332,582 $216,919 60.52% $1,032,587 $226,218 $806,369 21.91% 90 - Personnel $15,529 $9,383 $6,146 60.42% $17,237 $16,953 $284 98.35% 91 - Services & Supplies $399,000 $323,199 $75,801 81.00% $649,000 $214,089 $434,911 32.99% 92 - Capital Outlay $134,971 $0 $134,971 0.00% $135,000 -$4,825 $139,825 -3.57% 93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $231,350 $0 $231,350 0.00% 208 - Transportation Sales Tax Fund $3,052,769 $1,101,365 $1,951,404 36.08% $5,337,281 $1,145,071 $4,192,209 21.45% 90 - Personnel $729,068 $382,749 $346,319 52.50% $805,934 $444,152 $361,782 55.11% 91 - Services & Supplies $2,056,276 $585,562 $1,470,714 28.48% $2,550,170 $608,638 $1,941,532 23.87% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $267,425 $129,734 $137,692 48.51% $316,154 $92,281 $223,873 29.19% 94 - Debt Service $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $3,320 ($3,320) 0.00% $1,665,023 $0 $1,665,023 0.00% 96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
209 - Proposition C Local Transit Fu $10,195,961 $2,817,020 $7,378,941 27.63% $20,183,361 $2,401,206 $17,782,155 11.90% 90 - Personnel $566,230 $282,378 $283,852 49.87% $719,211 $330,929 $388,282 46.01% 91 - Services & Supplies $6,535,340 $2,085,608 $4,449,732 31.91% $8,358,899 $1,794,217 $6,564,682 21.46% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $927,639 $445,652 $481,987 48.04% $1,071,986 $272,921 $799,065 25.46% 94 - Debt Service $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $2,166,751 $3,382 $2,163,369 0.16% $10,033,264 $3,138 $10,030,126 0.03% 96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
210 - Gas Tax Fund $6,086,571 $1,490,394 $4,596,177 24.49% $5,768,727 $1,295,119 $4,473,608 22.45% 90 - Personnel $2,349,165 $518,098 $1,831,066 22.05% $2,144,452 $812,372 $1,332,080 37.88% 91 - Services & Supplies $1,113,692 $475,391 $638,301 42.69% $929,899 $327,362 $602,537 35.20% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $438,715 $262,766 $175,949 59.89% $469,375 $155,385 $313,991 33.10% 95 - Operat Transfer Out $2,185,000 $234,139 $1,950,861 10.72% $2,225,000 $0 $2,225,000 0.00% 211 - Human Services Endowment Fund $0 $0 $0 0.00% $0 $0 $0 0.00% 90 - Personnel $0 $0 $0 0.00% $0 $0 $0 0.00%
91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
Created on 1/9/2024 Page 3 of 11
PAGE 679
City of Pasadena
Expenditures
By Fund
December 2023

UNAUDITED
2023 2024
Fund Revised Budget Actual - YTD Remaining % Used Revised Budget Actual - YTD Remaining % Used 212 - Library Services Fund $15,839,091 $6,928,896 $8,910,196 43.75% $16,824,619 $7,143,701 $9,680,918 42.46% 90 - Personnel $9,666,386 $4,123,084 $5,543,302 42.65% $9,416,957 $4,662,803 $4,754,154 49.51% 91 - Services & Supplies $2,878,993 $1,010,198 $1,868,795 35.09% $3,005,872 $896,358 $2,109,514 29.82% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $3,293,712 $1,692,628 $1,601,084 51.39% $4,179,790 $1,584,540 $2,595,250 37.91% 94 - Debt Service $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $102,986 ($102,986) 0.00% $222,000 $0 $222,000 0.00% 96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
213 - Old Pasadena Parking Meter Fun $1,536,741 $480,331 $1,056,410 31.26% $1,747,301 $540,618 $1,206,683 30.94% 90 - Personnel $173,658 $78,578 $95,080 45.25% $180,205 $95,278 $84,927 52.87% 91 - Services & Supplies $1,252,308 $400,823 $851,486 32.01% $1,450,074 $410,012 $1,040,062 28.28% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $80,775 $39,461 $41,314 48.85% $87,022 $35,328 $51,694 40.60% 95 - Operat Transfer Out $30,000 -$38,531 $68,531 -128.44% $30,000 $0 $30,000 0.00% 96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
214 - Civic Center Parking Meter Fun $737,267 $345,080 $392,187 46.81% $821,177 $352,071 $469,107 42.87% 90 - Personnel $525,120 $235,364 $289,756 44.82% $544,307 $279,861 $264,446 51.42% 91 - Services & Supplies $160,338 $83,557 $76,780 52.11% $213,952 $45,994 $167,958 21.50% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $45,241 $22,873 $22,369 50.56% $55,606 $23,169 $32,437 41.67% 94 - Debt Service $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $6,568 $3,286 $3,282 50.03% $7,312 $3,047 $4,265 41.67% 96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
215 - Bikeways Fund $180,000 $108,720 $71,280 60.40% $90,000 $0 $90,000 0.00% 91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $180,000 $108,720 $71,280 60.40% $90,000 $0 $90,000 0.00% 216 - Air Quality Improvement Fund $172,388 $15,326 $157,062 8.89% $197,388 $26,017 $171,371 13.18% 90 - Personnel $0 $0 $0 0.00% $0 $0 $0 0.00%
91 - Services & Supplies $172,388 $15,326 $157,062 8.89% $172,388 $15,600 $156,788 9.05% 93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $25,000 $10,417 $14,583 41.67% 217 - South Lake Parking Operating F $592,012 $308,218 $283,795 52.06% $455,501 $135,781 $319,719 29.81% 90 - Personnel $145,331 $74,257 $71,074 51.10% $153,624 $84,337 $69,287 54.90% 91 - Services & Supplies $395,820 $223,781 $172,039 56.54% $247,757 $41,603 $206,155 16.79% 93 - Internal Srvc Chrg $50,862 $10,180 $40,682 20.01% $54,119 $9,841 $44,278 18.18% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
Created on 1/9/2024 Page 4 of 11
PAGE 680
City of Pasadena
Expenditures
By Fund
December 2023

UNAUDITED
2023 2024
Fund Revised Budget Actual - YTD Remaining % Used Revised Budget Actual - YTD Remaining % Used 218 - Library Special Tax Fund $3,052,956 $1,526,478 $1,526,478 50.00% $3,067,472 $1,278,113 $1,789,359 41.67% 91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $3,052,956 $1,526,478 $1,526,478 50.00% $3,067,472 $1,278,113 $1,789,359 41.67% 219 - Community Develop Block Grant $3,482,191 $2,293,326 $1,188,866 65.86% $2,506,925 $801,721 $1,705,204 31.98% 90 - Personnel $450,622 $246,131 $204,491 54.62% $379,406 $336,968 $42,438 88.81% 91 - Services & Supplies $2,521,461 $115,150 $2,406,312 4.57% $1,608,385 $84,716 $1,523,669 5.27% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $70,108 $39,760 $30,348 56.71% $79,134 $17,694 $61,440 22.36% 94 - Debt Service $440,000 $363,947 $76,054 82.72% $440,000 $360,126 $79,874 81.85% 95 - Operat Transfer Out $0 $1,528,339 ($1,528,339) 0.00% $0 $2,216 ($2,216) 0.00% 96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
220 - Rental Assistance Programs Fnd $18,146,497 $10,753,138 $7,393,359 59.26% $20,523,517 $11,937,876 $8,585,641 58.17% 90 - Personnel $1,406,812 $730,179 $676,633 51.90% $1,458,348 $712,634 $745,714 48.87% 91 - Services & Supplies $16,512,463 $9,908,766 $6,603,696 60.01% $18,826,014 $11,132,303 $7,693,711 59.13% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $227,223 $114,193 $113,030 50.26% $239,155 $92,939 $146,216 38.86% 94 - Debt Service $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
221 - Home Investment Partnership Fd $2,111,855 $101,418 $2,010,438 4.80% $3,348,213 $940,846 $2,407,367 28.10% 90 - Personnel $183,910 $73,729 $110,181 40.09% $186,308 $99,329 $86,978 53.31% 91 - Services & Supplies $1,927,945 $27,689 $1,900,257 1.44% $3,161,905 $841,517 $2,320,389 26.61% 93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
222 - Housing Assistance Fund $0 $0 $0 0.00% $0 $0 $0 0.00% 90 - Personnel $0 $0 $0 0.00% $0 $0 $0 0.00%
91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
223 - Supportive Housing Prog. (SHP) $4,215,618 $959,464 $3,256,155 22.76% $4,229,252 $1,264,412 $2,964,839 29.90% 90 - Personnel $254,662 $161,423 $93,240 63.39% $378,370 $224,789 $153,581 59.41% 91 - Services & Supplies $3,960,596 $798,041 $3,162,555 20.15% $3,850,522 $1,039,623 $2,810,899 27.00% 92 - Capital Outlay 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $360 $0 $360 0.00% $360 $0 $360 0.00% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
Created on 1/9/2024 Page 5 of 11
PAGE 681
City of Pasadena
Expenditures
By Fund
December 2023

UNAUDITED
2023 2024
Fund Revised Budget Actual - YTD Remaining % Used Revised Budget Actual - YTD Remaining % Used 224 - Emergency Shelter Grant -ESG $442,484 $404,610 $37,874 91.44% $350,054 $152,017 $198,038 43.43% 90 - Personnel $19,505 $27,459 ($7,954) 140.78% $16,897 $16,088 $809 95.21% 91 - Services & Supplies $272,979 $227,151 $45,828 83.21% $333,157 $135,929 $197,228 40.80% 93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $150,000 $150,000 $0 100.00% $0 $0 $0 0.00% 225 - West Gateway Parking Meter Fd $17,809 $8,427 $9,382 47.32% $22,871 $8,790 $14,081 38.43% 90 - Personnel $10,434 $6,019 $4,415 57.69% $11,542 $7,728 $3,813 66.96% 91 - Services & Supplies $7,375 $2,408 $4,967 32.65% $11,329 $1,062 $10,267 9.37% 93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
226 - HOPWA Fund $281,085 $42,511 $238,574 15.12% $298,473 $147,814 $150,659 49.52% 90 - Personnel $31,787 $15,908 $15,879 50.05% $27,147 $26,052 $1,095 95.97% 91 - Services & Supplies $249,298 $26,603 $222,695 10.67% $271,326 $121,762 $149,564 44.88% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
228 - Misc Public Safety Grants Fund 0.00% $0 $0 $0 0.00% 91 - Services & Supplies 0.00% $0 $0 $0 0.00%
92 - Capital Outlay 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out 0.00% $0 $0 $0 0.00%
229 - Playhouse Parking Fund $14,858 $6,896 $7,962 46.41% $17,470 $7,595 $9,876 43.47% 90 - Personnel $10,434 $5,592 $4,842 53.60% $11,542 $7,086 $4,455 61.40% 91 - Services & Supplies $4,424 $1,303 $3,121 29.46% $5,929 $508 $5,420 8.58% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
230 - Homeland Security Grant Fund $1,354,649 $265,524 $1,089,125 19.60% $1,113,401 $301,160 $812,241 27.05% 90 - Personnel $15,000 $11,830 $3,170 78.86% $19,099 $31,152 ($12,053) 163.11% 91 - Services & Supplies $203,601 $18,235 $185,366 8.96% $306,113 $186,668 $119,445 60.98% 92 - Capital Outlay $1,136,048 $235,459 $900,589 20.73% $788,189 $83,340 $704,849 10.57% 93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
232 - So. Lake Parking Meter Zone Fd $197,631 $70,172 $127,459 35.51% $222,290 $60,094 $162,196 27.03% 90 - Personnel $78,621 $30,481 $48,140 38.77% $82,819 $40,102 $42,717 48.42% 91 - Services & Supplies $99,546 $29,959 $69,587 30.10% $116,893 $10,584 $106,309 9.05% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $19,463 $9,731 $9,732 50.00% $22,577 $9,407 $13,170 41.67% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
Created on 1/9/2024 Page 6 of 11
PAGE 682
City of Pasadena
Expenditures
By Fund
December 2023

UNAUDITED
2023 2024
Fund Revised Budget Actual - YTD Remaining % Used Revised Budget Actual - YTD Remaining % Used 233 - Sewer Facility Charge Fund $2,000,000 $109,817 $1,890,183 5.49% $500,000 $0 $500,000 0.00% 91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $2,000,000 $109,817 $1,890,183 5.49% $500,000 $0 $500,000 0.00% 234 - Prop 1B-LocalStrs&Roads Imprvm $0 $0 $0 0.00% $0 $0 $0 0.00% 91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
236 - Measure R Transportation Fnd $2,205,363 $1,102,683 $1,102,680 50.00% $2,486,746 $1,036,144 $1,450,602 41.67% 90 - Personnel $0 $0 $0 0.00% $0 $0 $0 0.00%
91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $2,205,363 $1,102,683 $1,102,680 50.00% $2,486,746 $1,036,144 $1,450,602 41.67% 237 - Low and Mod Inc Housing Asset $1,337,604 $1,163,378 $174,227 86.97% $251,300 $86,782 $164,518 34.53% 90 - Personnel $131,206 $106,609 $24,597 81.25% $121,755 $86,693 $35,062 71.20% 91 - Services & Supplies $1,206,399 $1,056,769 $149,630 87.60% $129,545 $89 $129,456 0.07% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
97 - Non-Op Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
238 - Other Housing Funds $8,797,401 $1,080,624 $7,716,776 12.28% $7,917,782 $1,225,322 $6,692,460 15.48% 90 - Personnel $1,116,118 $521,399 $594,719 46.72% $424,044 $303,610 $120,434 71.60% 91 - Services & Supplies $7,338,894 $444,617 $6,894,276 6.06% $7,257,850 $865,432 $6,392,418 11.92% 92 - Capital Outlay $99,355 $0 $99,355 0.00% $235,888 $56,279 $179,609 23.86% 93 - Internal Srvc Chrg $243,034 $114,608 $128,426 47.16% $0 $0 $0 0.00% 94 - Debt Service $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
97 - Non-Op Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
239 - Inclusionary Housing Trust Fun $2,339,379 $2,674,820 ($335,440) 114.34% $2,415,654 $1,437,938 $977,715 59.53% 90 - Personnel $263,283 $63,693 $199,590 24.19% $273,822 $65,846 $207,976 24.05% 91 - Services & Supplies $2,076,096 $2,611,126 ($535,030) 125.77% $2,141,832 $1,372,092 $769,740 64.06% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
97 - Non-Op Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
Created on 1/9/2024 Page 7 of 11
PAGE 683
City of Pasadena
Expenditures
By Fund
December 2023

UNAUDITED
2023 2024
Fund Revised Budget Actual - YTD Remaining % Used Revised Budget Actual - YTD Remaining % Used 241 - Rd Maint and Rehab Acct (RMRA) $2,920,000 $874,428 $2,045,572 29.95% $3,400,000 $0 $3,400,000 0.00% 90 - Personnel $0 $0 $0 0.00% $0 $0 $0 0.00%
91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $2,920,000 $874,428 $2,045,572 29.95% $3,400,000 $0 $3,400,000 0.00% 242 - Measure M Local Return Fund $2,499,411 $1,249,707 $1,249,704 50.00% $2,818,313 $1,174,297 $1,644,016 41.67% 90 - Personnel $0 $0 $0 0.00% $0 $0 $0 0.00%
91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $2,499,411 $1,249,707 $1,249,704 50.00% $2,818,313 $1,174,297 $1,644,016 41.67% 301 - Project Management Fund $7,623,436 $16,214 $7,607,222 0.21% $8,703,376 $525,442 $8,177,933 6.04% 90 - Personnel $6,853,106 $765,743 $6,087,363 11.17% $7,707,961 $847,513 $6,860,448 11.00% 91 - Services & Supplies $271,672 -$1,022,661 $1,294,334 -376.43% $430,813 -$533,768 $964,581 -123.90% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $498,658 $273,132 $225,526 54.77% $564,601 $211,697 $352,904 37.49% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
310 - Capital Public Art Fund $557,000 $0 $557,000 0.00% $386,967 $105,490 $281,477 27.26% 90 - Personnel $0 $0 $0 0.00% $0 $1,416 ($1,416) 0.00%
91 - Services & Supplies $557,000 $0 $557,000 0.00% $386,000 $103,671 $282,329 26.86% 93 - Internal Srvc Chrg $0 $0 $0 0.00% $967 $403 $564 41.67% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
313 - Traffic Reduction Trans Improv $344,615 $506,528 ($161,913) 146.98% $187,813 $0 $187,813 0.00% 90 - Personnel $0 $0 $0 0.00% $0 $0 $0 0.00%
91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $344,615 $506,528 ($161,913) 146.98% $187,813 $0 $187,813 0.00% 405 - Plaza Las Fuentes Parking Fund $0 $0 $0 0.00% $0 $0 $0 0.00% 91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
406 - Refuse Collection Fund $25,714,389 $12,768,876 $12,945,513 49.66% $27,088,019 $9,853,017 $17,235,002 36.37% 90 - Personnel $7,520,506 $3,572,007 $3,948,499 47.50% $7,892,001 $4,504,787 $3,387,214 57.08% 91 - Services & Supplies $8,351,664 $3,243,919 $5,107,745 38.84% $10,353,490 $4,045,213 $6,308,277 39.07% 92 - Capital Outlay $4,884,913 $2,801,075 $2,083,838 57.34% $3,798,058 $0 $3,798,058 0.00% 93 - Internal Srvc Chrg $4,184,065 $2,324,320 $1,859,745 55.55% $4,846,230 $1,220,418 $3,625,812 25.18% 94 - Debt Service $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $773,240 $386,618 $386,622 50.00% $198,240 $82,600 $115,640 41.67% 96 - Operating Expense $0 $440,935 ($440,935) 0.00% $0 $0 $0 0.00% Created on 1/9/2024 Page 8 of 11
PAGE 684
City of Pasadena
Expenditures
By Fund
December 2023

UNAUDITED
2023 2024
Fund Revised Budget Actual - YTD Remaining % Used Revised Budget Actual - YTD Remaining % Used 407 - Off-Street Parking Facilities $14,290,987 $4,736,277 $9,554,710 33.14% $15,111,991 $3,081,036 $12,030,955 20.39% 90 - Personnel $1,193,593 $524,936 $668,657 43.98% $1,364,544 $619,619 $744,925 45.41% 91 - Services & Supplies $8,862,088 $2,643,827 $6,218,261 29.83% $8,740,099 $1,877,045 $6,863,054 21.48% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $462,368 $218,903 $243,465 47.34% $480,199 $182,592 $297,607 38.02% 94 - Debt Service $355,462 $340,013 $15,449 95.65% $997,420 $360,742 $636,678 36.17% 95 - Operat Transfer Out $1,640,972 $70,502 $1,570,470 4.30% $1,650,990 $41,037 $1,609,953 2.49% 96 - Operating Expense $1,776,504 $938,096 $838,408 52.81% $1,878,738 $0 $1,878,738 0.00% 408 - Telecommunications Fund $798,541 $331,890 $466,652 41.56% $807,594 $182,748 $624,847 22.63% 90 - Personnel $0 $0 $0 0.00% $0 $0 $0 0.00%
91 - Services & Supplies $69,000 $176 $68,824 0.26% $69,000 $0 $69,000 0.00% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $2,541 $1,269 $1,272 49.95% $3,594 $1,498 $2,097 41.67% 95 - Operat Transfer Out $535,000 $241,210 $293,790 45.09% $535,000 $181,250 $353,750 33.88% 96 - Operating Expense $192,000 $89,234 $102,766 46.48% $200,000 $0 $200,000 0.00% 409 - Paseo Colo Parking Structures $0 $0 $0 0.00% $0 $0 $0 0.00% 91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
501 - Computing and Communication Fd $22,125,641 $9,699,291 $12,426,350 43.84% $23,751,665 $9,780,680 $13,970,984 41.18% 90 - Personnel $12,823,398 $5,760,968 $7,062,430 44.93% $13,914,063 $7,100,481 $6,813,582 51.03% 91 - Services & Supplies $5,721,273 $2,841,528 $2,879,745 49.67% $6,008,967 $2,076,614 $3,932,353 34.56% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $1,195,970 $608,007 $587,963 50.84% $1,483,635 $603,586 $880,049 40.68% 94 - Debt Service $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $1,275,000 $90,422 $1,184,578 7.09% $1,275,000 $0 $1,275,000 0.00% 96 - Operating Expense $1,110,000 $398,366 $711,634 35.89% $1,070,000 $0 $1,070,000 0.00% 502 - Building Maintenance Fund $15,793,965 $5,624,361 $10,169,604 35.61% $16,695,154 $5,872,279 $10,822,875 35.17% 90 - Personnel $5,752,973 $2,523,713 $3,229,259 43.87% $6,007,266 $2,884,966 $3,122,300 48.02% 91 - Services & Supplies $7,414,207 $2,519,825 $4,894,381 33.99% $8,206,506 $2,401,199 $5,805,307 29.26% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $1,326,786 $705,612 $621,174 53.18% $1,481,382 $586,114 $895,269 39.57% 95 - Operat Transfer Out $1,300,000 -$124,790 $1,424,790 -9.60% $1,000,000 $0 $1,000,000 0.00% 96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
Created on 1/9/2024 Page 9 of 11
PAGE 685
City of Pasadena
Expenditures
By Fund
December 2023

UNAUDITED
2023 2024
Fund Revised Budget Actual - YTD Remaining % Used Revised Budget Actual - YTD Remaining % Used 503 - Fleet Replacement Fund $14,237,811 $1,439,338 $12,798,473 10.11% $11,155,740 $273,727 $10,882,013 2.45% 90 - Personnel $182,313 $85,731 $96,583 47.02% $198,345 $86,988 $111,357 43.86% 91 - Services & Supplies $269,627 $37,448 $232,179 13.89% $255,229 $1,742 $253,487 0.68% 92 - Capital Outlay $13,701,059 $604,520 $13,096,539 4.41% $10,659,259 $167,119 $10,492,140 1.57% 93 - Internal Srvc Chrg $84,812 $15,645 $69,166 18.45% $42,907 $17,878 $25,029 41.67% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
96 - Operating Expense $0 $695,994 ($695,994) 0.00% $0 $0 $0 0.00% 504 - Benefits and Insurance Fund $1,225,059 $555,308 $669,751 45.33% $1,377,018 $674,596 $702,423 48.99% 90 - Personnel $819,446 $374,788 $444,659 45.74% $802,249 $407,003 $395,246 50.73% 91 - Services & Supplies $257,297 $105,821 $151,476 41.13% $262,638 $138,144 $124,494 52.60% 93 - Internal Srvc Chrg $148,316 $74,700 $73,616 50.37% $312,131 $129,448 $182,683 41.47% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
506 - Workers' Compensation Fund $2,966,696 $1,641,125 $1,325,571 55.32% $3,097,179 $1,664,831 $1,432,348 53.75% 90 - Personnel $1,024,282 $515,717 $508,566 50.35% $1,097,487 $589,994 $507,492 53.76% 91 - Services & Supplies $1,726,152 $992,664 $733,487 57.51% $1,767,215 $978,517 $788,698 55.37% 92 - Capital Outlay $0 $25,984 ($25,984) 0.00% $0 $0 $0 0.00% 93 - Internal Srvc Chrg $216,262 $105,977 $110,285 49.00% $232,478 $96,320 $136,158 41.43% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
96 - Operating Expense $0 $783 ($783) 0.00% $0 $0 $0 0.00% 507 - General Liability Fund $679,874 $314,056 $365,818 46.19% $719,461 $250,583 $468,878 34.83% 90 - Personnel $381,965 $163,111 $218,854 42.70% $421,472 $219,277 $202,195 52.03% 91 - Services & Supplies $224,107 $104,677 $119,431 46.71% $227,021 $2,153 $224,868 0.95% 93 - Internal Srvc Chrg $73,802 $46,268 $27,533 62.69% $70,968 $29,153 $41,815 41.08% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
96 - Operating Expense 0.00% $0 $0 $0 0.00%
508 - Printing Services Fund $0 $0 $0 0.00% $0 $0 $0 0.00% 90 - Personnel $0 $0 $0 0.00% $0 $0 $0 0.00%
91 - Services & Supplies $0 $0 $0 0.00% $0 $0 $0 0.00%
92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
96 - Operating Expense $0 $0 $0 0.00% $0 $0 $0 0.00%
Created on 1/9/2024 Page 10 of 11
PAGE 686
City of Pasadena
Expenditures
By Fund
December 2023

UNAUDITED
2023 2024
Fund Revised Budget Actual - YTD Remaining % Used Revised Budget Actual - YTD Remaining % Used 510 - Citizen Service Center Fund $867,010 $423,962 $443,048 48.90% $1,014,701 $405,804 $608,897 39.99% 90 - Personnel $679,315 $341,422 $337,893 50.26% $784,599 $343,224 $441,375 43.75% 91 - Services & Supplies $66,910 $27,407 $39,503 40.96% $90,083 $8,614 $81,469 9.56% 93 - Internal Srvc Chrg $120,785 $55,133 $65,652 45.65% $140,020 $53,967 $86,053 38.54% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
96 - Operating Expense 0.00% $0 $0 $0 0.00%
511 - Fleet Repair and Maintenance $9,873,923 $4,599,398 $5,274,525 46.58% $10,910,619 $4,898,407 $6,012,212 44.90% 90 - Personnel $2,764,015 $1,548,696 $1,215,319 56.03% $2,949,950 $1,561,844 $1,388,106 52.94% 91 - Services & Supplies $6,212,889 $2,588,292 $3,624,597 41.66% $6,895,517 $2,898,766 $3,996,751 42.04% 92 - Capital Outlay $0 $0 $0 0.00% $0 $0 $0 0.00%
93 - Internal Srvc Chrg $897,020 $452,432 $444,588 50.44% $1,065,151 $437,796 $627,355 41.10% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
96 - Operating Expense $0 $9,978 ($9,978) 0.00% $0 $0 $0 0.00% 613 - Cultural Trust Fund $370,358 $141,961 $228,397 38.33% $375,609 $108,738 $266,871 28.95% 90 - Personnel $33,986 $20,870 $13,117 61.41% $39,603 $24,799 $14,804 62.62% 91 - Services & Supplies $306,856 $106,336 $200,520 34.65% $306,843 $71,788 $235,055 23.40% 93 - Internal Srvc Chrg $29,515 $14,755 $14,760 49.99% $29,163 $12,151 $17,012 41.67% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
681 - Workforce Innov and Opport Act $4,731,697 $1,092,110 $3,639,588 23.08% $5,134,398 $1,832,806 $3,301,593 35.70% 90 - Personnel $2,385,512 $667,011 $1,718,501 27.96% $2,527,588 $866,788 $1,660,801 34.29% 91 - Services & Supplies $2,336,558 $424,504 $1,912,054 18.17% $2,598,026 $964,996 $1,633,030 37.14% 93 - Internal Srvc Chrg $9,627 $594 $9,033 6.17% $8,785 $1,022 $7,762 11.64% 95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
820 - Successor Agency Admin $72,500 $0 $72,500 0.00% $72,500 $0 $72,500 0.00% 90 - Personnel $0 $0 $0 0.00% $0 $0 $0 0.00%
91 - Services & Supplies $72,500 $0 $72,500 0.00% $72,500 $0 $72,500 0.00% 93 - Internal Srvc Chrg $0 $0 $0 0.00% $0 $0 $0 0.00%
95 - Operat Transfer Out $0 $0 $0 0.00% $0 $0 $0 0.00%
Grand Total $575,522,171 $241,877,223 $333,644,948 42.03% $654,899,720 $257,300,125 $397,599,595 39.29% Created on 1/9/2024 Page 11 of 11
PAGE 687

INFORMATION ONLY
ITEM 11

11. MITIGATION FEE ACT ANNUAL REPORTS
PAGE 688
PAGE 689
Department – Public Works
Fee – Residential Impact Fee (RIF)
(A) A
brief description of the type of fee in the account or fund Th
is fee is to provide a wide range of park and recreational facilities and services as a means of improving the quality of life for all Pasadena residents.
(B
) The amount of the fee
Project Fee
Number of
Bedrooms
Studio $21,277.40
1 $22,454.44
2 $24,938.38
3 $28,678.12
4 $34,844.89
5 or more $39,385.40
(C
) The beginning and ending balance of the account or fund:

Refer to the table below.
(D) The amount of the fees collected and the interest earned:

Refer to the table below.

Fiscal Year Beginning
Fund Balance
Fees
Collected
Interest
Earned
Transfers Out Ending Fund
Balance
FY 2023 $12,801,000.24 $(141,424.78) $59,312.35 $7,254,729.00 $5,464,158.81 (E) An
identification of each public improvement on which fees were expended and the amount of the expenditures on each improvement, including the total percentage of the cost of the public improvement that was funded with fees:

Included in Attachment A.
(F) An identification of an approximate date by which the construction of the public improvement will commence if the local agency determines that sufficient funds have been collected to complete financing on an incomplete public improvement, as identified in paragraph (2) of subdivision (a) of Section 66001, and the public improvement remains in incomplete.

Included in Attachment A. N/A indicates projects that do not include construction. (G) A description of each interfund transfer or loan made from the account or fund, including the public improvement on whic h the transferred or loaned fees will be expended, and, in the case of an interfund loan, the date on which the loan will be repaid, and the rate of interest that the account or fund will receive on the loan. • No loans were made during the fiscal year from this fund. • Please see (E) for all the transfers from the Residential Development Fund to the Capital Project Fund.

Attachment A
PAGE 690
(H) The amount of refunds made pursuant to subdivision (e) of Section 66001 and any allocation pursuant of subdivision (f) of Section 66001.

The city refunded $698,326.68 in the fiscal year 2023. This is $141,424.78 greater than fees collected, $556,901.90.

Additional information is being provided regarding this fee to comply with Government Code 66001:
(1) Identification of the purpose to which the reportable fees are to be put. a. The Residential Impact Fee provides a wide range of park and recreational facilities and services as a means of improving the quality of life for all Pasadena residents. The fees are distributed within the city in the same park district that they are collected.
(2) Identification of a reasonable relationship between the reportable fees and the purpose for which they are charged. a. The City has identified that there should be a park within a half-mile of any resident. The Residential Impact Fees establish and maintain these parklands. These fees mitigate development as the City is broken into West, Central, and East. The fees are utilized in whichever of these districts they are collected. 10% of all Fees collected go towards the Arroyo (citywide park).
(3) Identification of all the City sources and amounts of funding to complete financing of the projects as identified by the City.
a. Included in Attachment A.
(4) Identification of the approximate dates on which the funding referred to in item C is expected to be deposited into the appropriate account or fund.
a. Included in Attachment A.

PAGE 691
Attachment A
Construction
Reporting
Time Frame
Proj. No. Project Name Project Phase Est.

Construction
Start Date (F)
Est. Project
Cost
FY 2023
Impact Fee
Expended (E)
FY 2023 Total
Expended on
Project
Impact Fee
Approp. thru
FY 2023 (H.3)
Total
Approp. thru
FY 2023 (H.3)
% of Proj.

Funded with
Fees FY 2023
(E)
Funding
deposit date
(H.4)
Other Funding Sources (H.3)
71909;
71913
Parking Lot Improvements City Facilities FY 2019 - 2023 71909 Completed;
71913 Completed
FY 2019 1,360,000 0 6,455 390,000 1,360,000 29% FY 2019 General Fund; Sewer Fund; Charter Capital; Measure W 77381 One Arroyo Project - Woodlands Loop and Streamside Walk - Environmental and Design Phase
Design N/A 500,000 82,921 82,921 135,000 500,000 27% FY 2020 Private Capital - One Arroyo Foundation (Memo), Proposition A (Parks) - Cities Excess Funds, General Fund
77410 Lower Arroyo Seco - Habitat Restoration Completed FY 2021 1,048,803 50,000 47,650 357,000 898,803 34% FY 2020 Proposition A (Parks) 1992 77506 Hahamongna - Implement Master Plan - Oak Grove Area Improvements
Completed FY 2022 1,732,900 107,294 62,282 700,000 1,582,900 40% FY 2020 Proposition A (Parks) 1992, Proposition A (Parks) 1996 77509 Implement Master Plan - Hahamongna Watershed Park - Berkshire Creek Area Improvements
Completed FY 2020 2,618,472 2,786 52,786 615,000 2,468,472 23% FY 2013 Prop 84 Urban Streams Restoration Program, Proposition A (Parks) 1992, Proposition A (Parks) 1996, Measure W
77517 Hahamongna Watershed Park - Disc Golf Improvements Design FY 2023 100,000 15,667 15,667 100,000 100,000 100% 77902 Jackie Robinson Baseball Field - Foul Ball Netting Improvements Completed FY 2022 346,500 6,496 6,496 346,500 346,500 100% FY 2020 78038 Restroom Building Replacements Completed FY 2008 7,822,123 51 51 7,333,531 7,707,123 94% FY 2013 Private Capital, Proposition 12 (Parks), Proposition 40 - Per Capita, Proposition A (Parks) 1992, State of CA - Roberti Z-Berg Harris Grant 78044 Citywide Sports Fields Improvements and Installations Construction FY 2013 3,893,466 466,581 466,582 3,562,166 3,893,466 91% FY 2013 Pasadena Community Foundation Grant, Tournament of Roses, Proposition 68
78061 Villa Parke Community Center Improvements Construction FY 2021 5,172,151 293,495 293,495 4,247,158 5,172,151 82% FY 2013 General Fund; Community Development Block Grant 78071 Hamilton Park Field Improvements - Design Phase Design FY 2023 350,000 15,369 15,369 50,000 350,000 14% Measure A 78078 Lamanda Park Library Pocket Park - Construction Construction FY 2022 655,000 367,413 367,413 655,000 655,000 100% FY 2018 78083 Playhouse District Park and Parking Lot Construction FY 2021 5,330,000 108,340 363,340 5,000,000 5,330,000 94% FY 2019 Off Street Parking Facilities Fund; Measure W, Private Capital 78085 Robinson Park - Pool and Pool Building Renovation Construction FY 2022 5,900,000 2,992,721 4,391,880 4,000,000 5,900,000 68% FY 2019 Community Development Block Grant; Proposition A (Parks) - Cities Excess Funds
78086 Vina Vieja Pickleball Courts Planning FY 2023 5,200,000 84,624 84,624 495,000 995,000 10% FY 2019 Measure A 78087 La Pintoresca Park Improvements Completed FY 2021 1,750,000 254,269 254,269 1,750,000 1,750,000 100% FY 2020 78088 Washington Park Community House and Restroom - Design Phase Completed N/A 300,000 0 1 300,000 300,000 100% FY 2020 78089 Washington Park Community House and Restroom - Construction Phase
Completed FY 2022 3,000,000 2,079,566 2,083,165 3,000,000 3,000,000 100% FY 2020 78090 Playground Surface Replacement - Villa Parke and Brookside Park Planning FY 2023 220,000 197,710 197,710 220,000 220,000 100% FY 2022 78188 Villa Parke Pool and Pool Area Upgrades - Concept Study Planning FY 2023 200,000 1,314 1,314 200,000 200,000 100% 78200 Brenner Park Playground Equipment Replacement - Design Design FY 2023 100,000 9,906 9,906 100,000 100,000 100% 78240 Annandale Canyon Open Space Trail Access, Improvements, and Park Expansion
Completed FY 2022 1,000,157 4,157 4,157 850,157 1,000,157 85% FY 2013 Proposition A (Parks) 1992 78461 Central Park Improvements Design N/A 6,050,600 114,049 114,049 2,878,600 2,950,600 48% FY 2013 Private Capital Development Impact Fees
Annual FY
2023
1of 3
PAGE 692
Attachment A
Construction
Reporting
Time Frame
Proj. No. Project Name Project Phase Est.

Construction
Start Date (F)
Est. Project
Cost
FY 2023
Impact Fee
Expended (E)
FY 2023 Total
Expended on
Project
Impact Fee
Approp. thru
FY 2023 (H.3)
Total
Approp. thru
FY 2023 (H.3)
% of Proj.

Funded with
Fees FY 2023
(E)
Funding
deposit date
(H.4)
Other Funding Sources (H.3)
Development Impact Fees
77365 Brookside Play Equipment Safety Replacement Completed prior to FY 2019
1,545,428 1,545,428 FY 2013 Proposition 40, Green Fee, Community Development Block Grant 71908 Jackie Robinson Center - Kitchen Remodel Completed prior to FY 2020
125,332 125,332 FY 2019 Community Development Block Grant 77507 Hahamongna - Implement Master Plan - Trail Development Completed prior to FY 2021
155,182 155,182 FY 2020 FEMA Grant
77508 Implement Master Plan - Hahamongna Watershed Park - Habitat Restoration
Completed prior
to FY 2021
539,366 539,366 FY 2020 Proposition A (Parks), Proposition 12 77371 Central Arroyo Trail Restoration Completed prior
to FY 2019
688,848 688,848 FY 2005 Competitive Trails Grant, Federal Emergency Management Agency, Non- Motorized Trails Grant, Rose Bowl Fund, Youth Employment Service Grant
77377 East Neighborhood Connector Trail Completed prior to FY 2019
246,000 246,000 FY 2015
77379 Area H Perimeter Improvements Completed prior
to FY 2020
1,400,000 1,400,000 FY 2014 Legacy Connections - Rose Bowl Legacy Campaign 77406 Lower Arroyo - Trail Restoration Completed prior
to FY 2021
526,772 526,772 FY 2013 Proposition A
77407 Lower Arroyo - Main Entrance Improvements Completed prior to FY 2020
302,253 302,253 FY 2015 Proposition A (Parks) 1992
77414 Lower Arroyo - Signage Plan Completed prior
to FY 2020
329,200 329,200 FY 2016 Proposition A (Parks) 1992, Recreational Trails Grant 77507 Hahamongna - Implement Master Plan - Trail Development Completed prior to FY 2019
877,905 877,905 FY 2016
77516 Hahamongna Oak Grove Disc Golf Improvements Completed prior to FY 2020
75,000 75,000 FY 2013
77562 Brookside Park Jackie Robinson Field Improvements Completed prior to FY 2019
447,478 447,478 FY 2015
77563 Hahamongna - Removal Asphalt on Trail Completed prior to FY 2021
28,937 28,937 FY 2020
77901 Pasadena Equestrian Center Improvements Completed prior to FY 2023
650,000 650,000 FY 2013
78043 Robinson Park - Recreation Center Renovation Project Completed prior to FY 2021
12,272,075 12,272,075 FY 2017 Community Development Block Grant, General Fund, Housing-Related Parks Program Grant, Section 108 HUD Loan, Tournament of Roses 78054 Desiderio Park - Development of a New Park Completed prior to FY 2023
3,497,503 3,497,503 FY 2014 Inclusionary Housing Trust Fund, Proposition A (Parks) - Cities Excess Funds
78055 Soccer Field - Muir High School Completed prior
to FY 2023
2,300,000 2,300,000 FY 2014 Proposition A (Parks) - Cities Excess Funds, 2004 Youth Soccer and Recreational Development Program
78058 Victory Park - Update of Master Plan Completed prior to FY 2019
250,000 250,000 FY 2013
78059 Restroom Installation Desiderio Park Completed prior to FY 2021
916,600 916,000 FY 2019
78068 Citywide Park Accessibility Improvements Completed prior to FY 2021
672,000 672,000 FY 2014
78069 Hamilton Park Various Projects Completed prior
to FY 2021
1,362,950 1,362,950 FY 2017
78074 McDonald Park Play Equipment Replacement Completed prior to FY 2020
400,000 400,000 FY 2014
78076 Pocket Park Planning FY 16-20 Completed prior
to FY 2020
150,000 150,000 FY 2015
78077 Robinson Park Green Space Parking Lot and Pool Assessment Completed prior to FY 2019
25,000 25,000 FY 2013
Five Year
FY 2019 -
FY 2023
2of 3
PAGE 693
Attachment A
Construction
Reporting
Time Frame
Proj. No. Project Name Project Phase Est.

Construction
Start Date (F)
Est. Project
Cost
FY 2023
Impact Fee
Expended (E)
FY 2023 Total
Expended on
Project
Impact Fee
Approp. thru
FY 2023 (H.3)
Total
Approp. thru
FY 2023 (H.3)
% of Proj.

Funded with
Fees FY 2023
(E)
Funding
deposit date
(H.4)
Other Funding Sources (H.3)
Development Impact Fees
78079 Neighborhood Park Development - Union/El Molino Concept Study Completed prior to FY 2021
200,000 200,000 FY 2014
78080 Citywide Park Asset Assessment Completed prior
to FY 2021
210,000 210,000 FY 2019
78082 Court Repairs Eaton Blanche & McDonald Park - Construction Phase
Completed prior
to FY 2020
250,000 250,000 FY 2016
78801 School Park Site Improvements Completed prior
to FY 2019
724,500 724,500 FY 2013
78901 Replace/Install Security Lights Completed prior
to FY 2021
2,119,311 2,119,311 FY 2010 Community Development Block Grant, Private Capital, Tournament of Roses
78902 Installation of Security Lights Completed prior
to FY 2021
750,000 750,000 FY 2015
Purchase of Land Completed prior
to FY 2020
2,500,000 2,500,000 FY 2015
Total 7,254,729 8,915,126
3of 3
PAGE 694
DEP
ARTMENT – TRANSPORTATION
FEE – TRAFFIC REDUCTION AND TRANSPORTATION IMPROVEMENT FEE (TR/TIF) (A) A br
ief description of the type of fee in the account or fund:

The T
raffic Reduction and Transportation Improvement Fee (TR/TIF) was established in November 2006, updated in July 2017, to help mitigate the traffic impacts of new commercial and industrial development on the City’s transportation infrastructure. Fees collected from the TR/TIF funds the implementation or construction of transportation improvements in support of livability, neighborhood protection, and mobility goals as identified in the current City’s General Plan Land Use and Mobility Elements.
(B) The a
mount of the fee (for FY 2023):

Land Use Unit Current Fee
Industrial Net new square feet $1.28
Retail Net new square feet $12.42
Office Net new square feet $9.35
Multi-family Residential Net new dwelling unit $3,971.48 Single Family Residential Net new dwelling unit $10,257.02 (C) The b
eginning and ending balance of the account or fund:

Refer to Table 1 below.
(D) The amount of the fees collected and the interest earned:

Refer to Table 1 below.

Table 1
Fiscal
Year
Beginning Fund
Balance
(a)
Fees Collected
(b)
Interest
Earned
(c)
Transfers
Out –
Expenses
(d)
Ending
Fund
Balance
(a)+(b)+(c)-
(d)
2023 $3,843,049 $59,184 $22,277 $1,907,051 $2,017,459
(E) An i
dentification of each public improvement on which fees were expended and the amount of the expenditures on each improvement, including the total percentage of the cost of the public improvement that was funded with fees:

Refer to Table 2 (Annual Plan) below.
(F) An identification of an approximate date by which the construction of the public improvement will commence if the local agency determines that sufficient funds have been collected to complete financing on an incomplete public improvement, as identified in paragraph (2) of subdivision (a) of Section 66001, and the public improvement remains in incomplete.

Refer to Table 2 (Annual Plan) below. N/A indicates projects that do not include construction.

Attachment B
PAGE 695
(G) A description of each inter-fund transfer or loan made from the account or fund, including the public improvement on which the transferred or loaned fees will be expended, and, in the case of an inter-fund loan, the date on which the loan will be repaid, and the rate of interest that the account or fund will receive on the loan.

No loans were made during the fiscal year from this TR/TIF Fund. Please see (E) in Table 2 (Annual Plan) below for all the Transfers Out (Expenses) from the TR/TIF Fund to the Capital Projects Fund. (H) The amount of refunds made pursuant to subdivision (e) of Section 66001 and any allocation pursuant of subdivision (f) of Section 66001.

A total of $114,262.78 in refunds were issued in order to comply with AB602, which changed the timing of fee collection.

Additional information is being provided regarding this fee to comply with Government Code 66001:
(1) Identification of the purpose to which the reportable fees are to be put.

Fees collected from the TR/TIF funds the implementation or construction of transportation improvements in support of livability, neighborhood protection, and mobility goals as identified in the current City’s General Plan Land Use and Mobility Elements. (2) Identification of a reasonable relationship between the reportable fees and the purpose for which they are charged.

A list of current eligible transportation improvements is incorporated in Attachment A of the “Amendment to Municipal Code Section 4.19 – Traffic Reduction and Transportation Improvement Fee” Council Agenda report dated July 24, 2017. (3) Identification of all the City sources and amounts of funding to complete financing of the projects as identified by the City.

Refer to Table 2 (Annual Plan) below.
(4) Identification of the approximate dates on which the funding referred to in item C is expected to be deposited into the appropriate account or fund.

Ref
er to Table 2 (Annual Plan) below.

PAGE 696
PAGE 697
PAGE 698