Insurance claims payable - - - Compensated absences - - - Net pension liability 16,292 7,132 3,056 Net OPEB liability 2,832 1,613 3 6 Lease liability - 4 - Subscription liability 650 21 - Total noncurrent liabilities 19,774 8,770 3,092 Total liabilities 20,798 9,857 5,938 Deferred Inflows of Resources:
Lease related - 285 - Pension related 296 101 4 OPEB related 885 504 11 Total deferred inflows of resources 1,181 890 15 Net Position:
Net investment in capital assets 3,114 - 16,279 Unrestricted (9,853) 1,518 10,868 Total net position (deficit) (6,739)$ 1,518$ 27,147$
CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 203
Fleet
Repair and Workers' General 311
Maintenance Benefits Compensation Liability Call Cente r Total 3,807$ - $ 14,264$ 1,209 $ 414 $ 52,494$ 123 105 38 3,382 2 3,817 10 - - 201 - 211 404 - - - - 404 - - - - - 308 - 45 53 - - 1,049 4,344 150 14,355 4,792 41 6 58,283 845 - 26 3,950 62 48,666 (189) - (3) (157) (25) (26,674) 656 - 23 3,793 37 21,992 656 - 23 3,793 37 21,992 5,000 150 14,378 8,585 453 80,275 1,180 26,623 4,147 334 276 40,974 81 23 27 15 19 647 1,261 26,646 4,174 349 295 41,621 897 14,162 165 21 12 19,953 - 26,890 - - - 26,890 - - 16,074 10,352 - 26,426 - 12,381 - - - 12,381 1 - - - - 2 54 - - 82 12 408 952 53,433 16,239 10,455 24 86,060 - - 28,310 1,634 - 29,944 - 1,400 - - - 1,400 952 78,922 10,784 684 60 6 118,428 753 215 251 143 179 6,022 4 - - - - 8 117 - - - 25 813 1,826 80,537 39,345 2,461 810 156,615 2,778 133,970 55,584 12,916 834 242,675 - - - - - 285 56 788 42 16 13 1,316 235 67 78 45 56 1,881 291 855 120 61 69 3,482 479 - 23 3,711 - 23,60 6 2,713 (108,029) (37,175) (7,754) (155) (147,867) 3,192$ (108,029)$ (37,152)$ (4,043)$ (155)$ (124,261)$
INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASA DENA (AMOUNTS EXPRESSED IN THOUSANDS)
204 Annual Comprehensive Financial Report | June 30, 2024 Combining Statement of Revenues, Expenditures and Changes in Net Position Internal Service Funds
For the Fiscal Year Ended June 30, 2024
Computing and
Communication Building Fleet
Services Maintenance Replacement
Operating Revenues:
Charges for services:
Computing and communication services 21,555$ -$ -$ Building maintenance - 16,613 - Fleet replacement and maintenance - - 3,777 Employee benefits - - - Insurance - - - Other revenues - - - Total operating revenues 21,555 16,613 3,777 Operating Expenses:
Computing and communication services 20,185 - - Building maintenance - 15,672 - Fleet replacement and maintenance - - 231 Employee benefits - - - Insurance - - - 311 Call Center - - - Depreciation/amortization 1,615 11 1,674 Total operating expenses 21,800 15,683 1,905 Operating income (loss) (245) 930 1,872 Nonoperating Revenues (Expenses):
Investment earnings (loss) 87 205 432 Net change in fair value of investments 105 250 528 Miscellaneous revenues - - 12 Lease revenues - 285 - Gain (loss) on disposal of assets 1 - 31 Interest income from leases - 2 - Interest on leases and subscriptions (66) (1) - Total nonoperating revenues (expenses) 127 741 1,003 Income (loss) before transfers (118) 1,671 2,875 Transfers from (to) Other Funds:
Transfers in 2,087 165 - Transfers out (1,829) (850) - Net income (loss) 140 986 2,875 Net position (deficit), beginning (6,879) 532 24,272 Net position (deficit), ending (6,739)$ 1,518$ 27,147$
CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 205
Fleet
Repair and Workers' General 311
Maintenance Benefits Compensation Liability Call Cente r Total -$ -$ -$ -$ -$ 21,555$ - - - - - 16,613 11,186 - - - - 14,963 - 44,585 - - - 44,585 - - 18,315 26,691 - 45,006 - 102 - - 907 1,009 11,186 44,687 18,315 26,691 907 143,731 - - - - - 20,185 - - - - - 15,672 11,132 - - - - 11,363 - 51,746 - - - 51,746 - - 20,652 8,036 - 28,688 - - - - 862 862 96 - 2 79 12 3,489 11,228 51,746 20,654 8,115 874 132,005 (42) (7,059) (2,339) 18,576 33 11,726 79 (703) 322 (148) 8 282 97 (843) 396 (189) 10 354 - - - 3,338 - 3,350 - - - - - 285 - - - - - 32 - - - - - 2 (12) - - (5) (2) (86) 164 (1,546) 718 2,996 16 4,219 122 (8,605) (1,621) 21,572 49 15,945 - - - - - 2,252 - - - - - (2,679) 122 (8,605) (1,621) 21,572 49 15,518 3,070 (99,424) (35,531) (25,615) (204) (139,779) 3,192$ (108,029)$ (37,152)$ (4,043)$ (155)$ (124,261)$
INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASA DENA (AMOUNTS EXPRESSED IN THOUSANDS)
206 Annual Comprehensive Financial Report | June 30, 2024 Combining Statement of Cash Flows
Internal Service Funds
For the Fiscal Year Ended June 30, 2024
Computing and
Communication Building Fleet
Services Maintenance Replacement
Cash Flows from Operating Activities:
Cash received from customers 21,549$ 16,611$ 3,745$ Cash payments to suppliers for goods and services (6,004) (10,547) 2,792 Cash payments to employees for services (13,434) (5,329) (172) Miscellaneous revenue - 288 11 Net cash provided by (used for) operating activities 2,111 1,023 6,376 Cash Flows from Noncapital Financing Activities:
Transfers from other funds 2,087 165 - Transfers to other funds (1,829) (850) - Net cash provided by (used for) noncapital financing activities 258 (685) - Cash Flows from Capital and Related Financing Activities:
Acquisition and construction of capital assets (1,489) - (4,217) Proceeds from sale of capital assets - - 31 Payments on leases and subscriptions (1,036) (17) - Interest paid on debt (66) (1) - Net cash used for capital and related financing activities (2,591) (18) (4,186) Cash Flows from Investing Activities:
Investment earnings (loss) 88 205 432 Net change in fair value of investments 105 250 529 Net cash provided by (used for) investing activities 193 455 961 Net increase (decrease) in cash and cash equivalents (29) 775 3,151 Cash and cash equivalents, beginning 3,762 8,761 16,380 Cash and cash equivalents, ending 3,733$ 9,536$ 19,531$
CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 207
Fleet
Repair and Workers' General 311
Maintenance Benefits Compensation Liability Call Cente r Total 11,083$ 44,535 $ 18,315 $ 23,153 $ 906 $ 139,897$ (8,126) 7,959 (4,469) (7,292) (190) (25,877) (2,916) (51,050) (12,466) (17,572) (644) (103,583) - 102 - 3,337 - 3,738 41 1,546 1,380 1,626 72 14,175 - - - - - 2,252 - - - - - (2,679) - - - - - (427) (269) - - - - (5,975) - - - - - 31 (45) - - (75) (12) (1,185) - - - (5) (2) (74) (314) - - (80) (14) (7,203) 79 (703) 322 (148) 8 283 97 (843) 396 (189) 10 355 176 (1,546) 718 (337) 18 638 (97) - 2,098 1,209 76 7,183 3,904 - 12,166 - 338 45,311 3,807$ -$ 14,264$ 1,209$ 414$ 52,494$
INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASA DENA (AMOUNTS EXPRESSED IN THOUSANDS)
208 Annual Comprehensive Financial Report | June 30, 2024 Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the Fiscal Year Ended June 30, 2024
Computing and
Communication Buildin g Fleet
Services Maintenance Re placement
Reconciliation of operating income (loss) to net cash
provided by (used for) operating activities:
Operating income (loss) (245)$ 930$ 1,872$ Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization 1,615 11 1,674 Miscellaneous and other revenue (expense) - 295 11 (Increase) decrease in accounts receivable (6) (20) (32) (Increase) decrease in lease receivable - 321 - (Increase) decrease in due from component units - - - Increase (decrease) in due to other funds - - - (Increase) decrease in inventories - - - (Increase) decrease in prepaids and other assets 27 - - Increase (decrease) in accounts payable and accrued liabilities (28) (583) 2,842 Increase (decrease) in insurance claims payable - - - Increase (decrease) in compensated absences - - - Increase (decrease) in deferred inflows (149) (358) (3) (Increase) decrease in deferred outflows (70) 296 13 Increase (decrease) in net OPEB liability 333 221 4 Increase (decrease) in net pension liability 634 (90) (5) Total adjustments 2,356 93 4,504 Net cash provided by (used for) operating activities 2,111$ 1,023$ 6,376$ Non-cash Capital and Financing Activities
Leases issued -$ - $ - $ Subscriptions issued 12$ - $ - $
CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 209
Fleet
Repair and Workers' General 311
Maintenance Benefits Com pensation Liabilit y Call Center Total (42)$ (7,059)$ (2,339)$ 18,576$ 33$ 11,726$ 96 - 2 79 12 3,489 (12) - - 3,337 2 3,633 (97) (50) - (3,335) (1) (3,541) - - - - - 321 (6) - - (203) - (209) - (5,005) - (5,113) - (10,118) 6 - - - - 6 - (25) (16) - - (14) 41 10,596 27 (9) (14) 12,872 - - 3,252 (11,745) - (8,493) - 929 - - - 929 (69) (796) (26) 1 (10) (1,410) 191 1,779 136 (111) 50 2,284 (6) 25 30 17 21 645 (61) 1,152 314 132 (21) 2,055 83 8,605 3,719 (16,950) 39 2,449 41$ 1,546$ 1,380$ 1,626$ 72$ 14,175$ 7$ - $ - $ - $ - $ 7 $ -$ - $ - $ - $ - $ 12 $
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ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2024
Fiduciary
Funds
FINC_Annual_Comprehensive_Report_2024_Dividers_Layout 1 11/21/2024 5:01 PM Page 12
INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASA DENA (AMOUNTS EXPRESSED IN THOUSANDS)
212 Annual Comprehensive Financial Report | June 30, 2024
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CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 213
FIDUCIARY FUNDS
Fiduciary funds are used to account for assets held by the City in a trustee or custodial capacity for individuals, governmental entities, and others, and are oper ated by carrying out the specifications of trust indentures, statutes, ordinances, or other governing regulations.
Pension (and Other Employee Benefit) Trust Funds:
Deferred Compensation Fund – to account for resources earned by present and former employees and held in a trust capacity by the City in accordance with the provisions of Internal Revenue Code Section 457.
Fire and Police Retirement Fund – to account for transactions of the Fire and Police Retirement System, which is governed by its own retirement board.
Custodial Funds:
Lake/Washington Special Assessment District Fund – to account for maintenance costs of the parking lot located at Lake Avenue and Washington Boulevard.
Library Equipment Replacement Fund – to account for the library automated control system operated under joint agreement with the City of Glendale.
Workforce Innovation and Opportunity Act Fund – to account for the administration of Workforce Innovation and Opportunity Act (WIOA) activities under the direction of the Foothill Workforce Development Board (FWDB).
Open Space Assessment District Fund – to account for receipt and disbursement of debt service activity related to the acquisition and improvement of the Annandale Canyon Estates and adjacent property to be established as open space.
Private-Purpose Trust Funds : The fiduciary fund type used to report all trust arrangements, other than those properly reported in employee benefit trust funds or investment trust funds, under which principal and income benefit individuals, private organizations, or other governments. Private-purpose trust funds are used for the acti vities of the Successor Agency to the Pasadena Community Development Commission (PCAC). See the next tab for the combining statements related to the Successor Agency.
FIDUCIARY FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
214 Annual Comprehensive Financial Report | June 30, 2024 Combining Statement of Net Position
Pension (and Other Employee Benefit) Trust Funds
June 30, 2024
Fire & Police
Deferred Retirement
Compensation System Total
Assets:
Current assets:
Cash and cash equivalents -$ 2,481$ 2,481$ Short-term investments - 4,313 4,313 Total current assets - 6,794 6,794 Receivables:
Interest - 238 238 Pending trade sales - 1,779 1,779 Total receivables - 2,017 2,017 Investments, at fair value:
Government and agencies - 18,628 18,628 Fixed income mutual funds 387,695 17,075 404,770 Domestic corporate obligations - 7,128 7,128 International corporate obligations - 455 455 Real estate - 10,755 10,755 Partnerships/Joint ventures - 4,600 4,600 Equity - domestic - 19,972 19,972 Equity - international - 19,655 19,655 Total investments 387,695 98,268 485,963 Total assets 387,695 107,079 494,774 Liabilities:
Accounts payable and accrued liabilities - 50 50 Pending trade purchases - 8,399 8,399 Total liabilities - 8,449 8,449 Net Position:
Restricted for other employee benefits 387,695 - 387,695 Restricted for pensions - 98,630 98,630 Total net position 387,695$ 98,630$ 486,325$
CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 215 Combining Statement of Changes in Net Position
Pension (and Other Employee Benefit) Trust Funds
For the Fiscal Year Ended June 30, 2024
Fire & Police
Deferred Retirement
Compensation System Total
Additions:
Contributions:
Plan members 15,715$ -$ 15,715$ Amounts collected for distribution - 601 601 Total contributions 15,715 601 16,316 Net investment income:
Interest - 1,179 1,179 Dividends - 1,583 1,583 Net change in fair value of investments 46,469 3,872 50,341 Gross investment income 46,469 6,634 53,103 Less investment expenses - (414) (414) Total net investment income 46,469 6,220 52,689 Total additions 62,184 6,821 69,005 Deductions:
Benefits paid to participants 25,010 12,250 37,260 Administrative expenses 143 318 461 Total deductions 25,153 12,568 37,721 Change in net position 37,031 (5,747) 31,284 Net position, beginning, as previously reported 350,687 104,377 455,064 Restatement for correction of an error (23) - (23) Net position, beginning, as restated 350,664 104,377 455,041 Net position, ending 387,695$ 98,630$ 486,325$
FIDUCIARY FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
216 Annual Comprehensive Financial Report | June 30, 2024 Combining Statement of Net Position
Custodial Funds
June 30, 2024
Lake/
Washington Workforce
Special Library Innovation and Open Space
Assessment E quipment O pportunity Assessment
District Replacement Act (WIOA) District Total
Assets:
Cash and investments -$ 310$ 19$ 147$ 476$ Accounts receivable - 6 942 3 951 Total assets - 316 961 150 1,427 Liabilities:
Accounts payable and accrued liabilities - - 359 1 360 Due to other governments 5 - 546 - 551 Due to bondholders - - - 888 888 Total liabilities 5 - 905 889 1,799 Net Position (Deficit):
Restricted for special assessments (5) - - - (5) Restricted for library equipment - 316 - - 316 Restricted for WIOA - - 56 - 56 Restricted for bondholders - - - (739) (739) Total net position (deficit) (5)$ 316$ 56$ (739)$ (372)$
CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 217 Combining Statement of Fiduciary Net Position
Custodial Funds
For the Fiscal Year Ended June 30, 2024
Lake/
Washington Workforce
Special Library Innovation and Open Space
Assessment Equipment Opportunity Assessment
District Re placement Act (WIOA) District Total
Additions:
Intergovernmental -$ -$ 4,090$ -$ 4,090$ Program revenue - - 26 - 26 Assessment revenue 29 - - 83 112 Investment earnin gs- 7 - 3 10 Net change in fair value of investments - 5 - 3 8 Total additions 29 12 4,116 89 4,246 Deductions:
Contributions to City 28 5 - - 33 Program expense - - 3,918 - 3,918 Administrative ex pense - - - 4 4 Interest expense - - - 53 53 Total deductions 28 5 3,918 57 4,008 Change in net position 1 7 198 32 238 Net Position (Deficit):
Beginning of year (6) 309 (142) (771) (610) End of year (5)$ 316$ 56$ (739)$ (372)$
FIDUCIARY FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
218 Annual Comprehensive Financial Report | June 30, 2024
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2024
Successor
Agency Combined
FINC_Annual_Comprehensive_Report_2024_Dividers_Layout 1 11/21/2024 5:01 PM Page 13 (This page intentionally left blank)
CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 221
PRIVATE-PURPOSE TRUST FUNDS
Private-purpose trust funds are one type of the fiduciary funds reported in the prior tab.
Successor Agency to Pasadena Community Development Commission (PCAC) – was formed to account for receipt of incremental property tax and disbursements related to enforceable obligations (debts) of the former redevelopment agency.
It will remain in place until all enforcea ble obligations, as approved on the Recognized Obligation Payment Schedule (ROPS) by California Department of Finance, are paid in full and all assets have been liquidated. It includes the following funds:
• Administration Fund – to account for administrative costs of the Successor Agency as approved on the ROPS.
• Redevelopment Obligation Retirement Fund – to account for receipts and disbursements of incremental property tax.
• Debt Funds – to account for enforceable obligations of the former redevelopment agency. They include Old Pasadena, Lincoln, Downtown, Fair Oaks, Orange Grove, Villa Parke, Lake /Washington project areas, and the Affordable Housing debt function. The Affordable Housing debt fund is used to account for the 2006 Tax Allocation Revenue Bonds (housing set-aside revenues – Townhouse Project Refunding), Housing Enabled by Local Partnerships (HELP) program loans, and payment of enforceable obligations of the former Low and Moderate Income Housing Fund.
PRIVATE-PURPOSE TRUST FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
222 Annual Comprehensive Financial Report | June 30, 2024 Combining Statement of Net Position
Private-Purpose Trust Funds
June 30, 2024
Redevelopment
Administration
Obligation
Retirement Old Pasadena Lincoln Downtown
Assets:
Current assets:
Cash and investments -$ 5 $ -$ - $ -$
Cash with fiscal agent - 127 - - -
Notes receivable - - - - -
Allowance for uncollectible long-term receivable - - - - - Total current assets - 132 - - -
Noncurrent assets:
Land and land rights - 104 - - -
Total noncurrent assets - 104 - - -
Total assets - 236 - - -
Liabilities:
Due to other governments 35 - - - -
Total liabilities 35 - - - -
Net Position:
Net position held in trust (35)$ 236 $ -$ - $ -$
Successor Agency
CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 223 Fair Oaks Orange Grove Villa Parke
Lake
Washington Total
43$ 98$ 9 $ 86$ 241$
- - - - 127
515 - - - 515
(515) - - - (515)
43 98 9 86 368
- - - - 104
- - - - 104
43 98 9 86 472
- - - - 35
- - - - 35
43$ 98$ 9 $ 86$ 437$
Successor Agency
PRIVATE-PURPOSE TRUST FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
224 Annual Comprehensive Financial Report | June 30, 2024 Combining Statement of Changes in Net Position
Private-Purpose Trust Funds
For the Fiscal Year Ended June 30, 2024
Redevelopment
Administration
Obligation
Retirement Old Pasadena Lincoln Downtown
Additions:
Property taxes -$ 6,566$ -$ -$ -$ Gain/(loss) on disposition of property - (110) - - -
Miscellaneous revenues - - - - -
Total additions - 6,456 - - -
De
ductions:
Statutory passthrough expenses - - 3,680 63 - Administrative expenses:
County administrative expenses 13 - 132 7 686 To
tal deductions 13 - 3,812 70 686
Tr
ansfers:
Transfers in - - 3,812 70 686 Tr
ansfers out - (6,519) - - -
Total transfers - (6,519) 3,812 70 686
Cha
nge in net position (13) (63) - - -
Net position, beginning, as previously reported - 299 - - - Restatement for correction of an error (22) - - - -
Net position (deficit), beginning, as restated (22) 299 - - - Net position (deficit), ending (35)$ 236$ -$ -$ -$ Successor Agency
CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 225 Fair Oaks Orange Grove Villa Parke
Lake
Washington Total
-$ -$ -$ -$ 6,566$
- - - - (110)
- 28 - - 28
- 28 - - 6,484
668 74 661 424 5,570
46 15 4 9 14 962
714 89 710 438 6,532
714 89 710 438 6,519
- - - - (6,519)
714 89 710 438 -
- 28 - - (48)
43 70 9 86 507
- - - - (22)
43 70 9 86 485
43$ 9
8$ 9$ 86$ 437$
Successor Agency
PRIVATE-PURPOSE TRUST FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
226 Annual Comprehensive Financial Report | June 30, 2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2024
Component
Units
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CITY OF PASADENA FINANCIAL SECTION COMPONENT UNITS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 229
DISCRETELY PRESENTED COMPONENT UNITS
Component units are legally separate organizations for which the elected officials of the primary government are financially accountable. In addition, component units can be other orga nizations for which the nature and significance of their relationship with a primary government are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. Discretely presented component units do not meet one of the two criteria for blending. The two criteria required to blend component units are (1) the Board of the component unit is substantively the same as that of the City or (2) the component unit serves the City exclusively.
Rose Bowl Operating Company (RBOC) – incorporated on January 18, 1994, as a legally separate entity with the primary purpose of returning economic and civic value to the City by managing a world class stadium and a professional quality golf course complex in a residential open-space environment.
Pasadena Center Operating Company (PCOC) – established on September 19, 1973, as a legally separate entity with the primary purpose of managing and operating the Pasadena Center, a civic facility designed for conferences, exhibitions, trade shows, assemblies, cultural, educational, and recreational programs, and for the use, benefit, and enjoyment of the public.
Pasadena Community Access Corporation Board (PCAC) – establishe d on December 9, 1983, by Articles of Incorporation, to provide a means for individuals or groups to use cable telecommunications to communicate and share information.
COMPONENT UNITS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
230 Annual Comprehensive Financial Report | June 30, 2024 Combining Statement of Net Position
Discretely Presented Component Units
June 30, 2024
Rose Bowl Pasadena Center Pasadena
Operating Operating Community
Company Company Access Corp. Total
Assets:
Current assets:
Cash and investments 39,928$ 25,245$ 423$ 65,596$ Accounts receivable, net 4,551 1,115 1 5,667 Prepaids and other assets 166 103 11 280 Lease receivable 244 - - 244 Due from City of Pasadena - 874 - 874 Inventory 274 - - 274 Deposits - - 17 17 Restricted cash and cash investments - 8,179 182 8,361 Total current assets 45,163 35,516 634 81,313 Noncurrent assets:
Restricted assets - cash and investments 10,491 - - 10,491 Due from City of Pasadena 405 - - 405 Capital assets:
Not being depreciated/amortized - 3,407 - 3,407 Being depreciated/amortized, net 139,752 113,255 679 253,686 Total capital assets 139,752 116,662 679 257,093 Total noncurrent assets 150,648 116,662 679 267,989 Total assets 195,811 152,178 1,313 349,302 Deferred Outflows of Resources:
Accumulated decrease in fair value of hedging - 2,533 - 2,533 Debt refunding related 1,015 756 - 1,771 Pension related 1,770 - - 1,770 Total deferred outflows of resources 2,785 3,289 - 6,074 Liabilities:
Current liabilities:
Accounts payable and accrued liabilities 6,958 1,651 24 8,633 Accrued salaries and benefits 653 926 37 1,616 Accrued interest 3,103 416 - 3,519 Due to City of Pasadena 1,069 - - 1,069 Deposits payable 834 1,283 - 2,117 Long-term advance due within one year 100 - - 100 Unearned revenue 7,422 - - 7,422 Compensated absences due within one year 212 - 43 255 Long-term debt due within one year 6,297 7,698 - 13,995 Lease liability - 9 176 185 Subscription liability - 175 - 175 Total current liabilities 26,648 12,158 280 39,086 Noncurrent liabilities:
Compensated absences 92 - - 92 Long-term debt, net of current portion 191,553 122,747 - 314,300 Lease liability - 5 229 234 Subscription liability - 263 - 263 Derivative instrument liability - 2,533 - 2,533 Long-term advance 300 - - 300 Net pension liability 3,932 - - 3,932 Total noncurrent liabilities 195,877 125,548 229 321,654 Total liabilities 222,525 137,706 509 360,740 Deferred Inflows of Resources:
Deferred refunding charge - 3,221 - 3,221 Service concession agreement - 48 - 48 Lease related 232 - - 232 Pension related 63 - - 63 Total deferred inflows of resources 295 3,269 - 3,564 Net Position (Deficit):
Net investment in capital assets (27,002) 12,909 274 (13,819) Restricted 9,545 870 182 10,597 Unrestricted (6,767) 713 348 (5,706) Total net position (deficit) (24,224)$ 14,492$ 804$ (8,928)$
CITY OF PASADENA FINANCIAL SECTION COMPONENT UNITS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 231 Combining Statement of Revenues, Expenses and Changes in Net Position Discretely Presented Component Units
For the Fiscal Year Ended June 30, 2024
Rose Bowl Pasadena Center Pasadena
Operating Operating Community
Company Company Access Corp. Total
Operating Revenues:
Charges for services:
Rose Bowl 49,773$ -$ -$ 49,773$ Golf course 12,745 - - 12,745 Pasadena Center Operating Company - 12,877 - 12,877 Pasadena Community Access Corporation - - 1,139 1,139 Total operating revenues 62,518 12,877 1,139 76,534 Operating Expenses:
Rose Bowl 40,866 - - 40,866 Golf course 9,870 - - 9,870 Pasadena Center Operating Company - 13,464 - 13,464 Pasadena Community Access Corporation - - 975 975 Depreciation/amortization 11,577 4,098 214 15,889 Total operating expenses 62,313 17,562 1,189 81,064 Operating income (loss) 205 (4,685) (50) (4,530) Nonoperating Revenues (Expenses):
Contributions from City of Pasadena - 1,595 - 1,595 Transient occupancy taxes - 11,608 - 11,608 Tourism business im provement district tax - 4,148 - 4,148 Facility restoration fee - 118 - 118 Investment income 2,447 1,513 - 3,960 Interest expense (12,182) (3,982) (1) (16,165) revenue - - 217 217 PEG expense - - (332) (332) Other nono perating revenues 5,026 - - 5,026 Total nono perating revenues (4,709) 15,000 (116) 10,175 Income before ca pital contributions (4,504) 10,315 (166) 5,645 Capital contributions - 69 - 69 Change in net position (4,504) 10,384 (166) 5,714 Net position (deficit), beginning (19,720) 4,108 970 (14,642) Net position (deficit), ending (24,224)$ 14,492$ 804$ (8,928)$
COMPONENT UNITS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
232 Annual Comprehensive Financial Report | June 30, 2024 Combining Statement of Net Position
Discretely Presented Component Unit
Rose Bowl Operating Company
June 30, 2024
Golf
Rose Bowl Course Total
Assets:
Current assets:
Cash and investments 21,981$ 17,947$ 39,928$ Accounts receivable, net 4,283 268 4,551 Lease receivable 244 - 244 Inventory 5 269 274 Prepaids and other assets 152 14 166 Total current assets 24,466 20,697 45,163 Noncurrent assets:
Due from City of Pasadena 405 - 405 Restricted assets - cash and investments 10,491 - 10,491 Lease receivable - - - Capital assets:
Being depreciated/amortized, net 133,941 5,811 139,752 Total noncurrent assets 144,837 5,811 150,648 Total assets 169,303 26,508 195,811 Deferred Outflows of Resources:
Deferred refunding charge 1,015 - 1,015 Pension related 1,712 58 1,770 Total deferred outflows of resources 2,727 58 2,785 Liabilities:
Current liabilities:
Accounts payable and accrued liabilities 4,917 2,041 6,958 Accrued salaries and benefits 561 92 653 Accrued interest payable 3,103 - 3,103 Due to City of Pasadena 917 152 1,069 Deposits 834 - 834 Unearned revenues 7,298 124 7,422 Current portion of long-term advance 100 - 100 Current portion of compensated absences 202 10 212 Current portion of lon g-term debt 5,831 466 6,297 Total current liabilities 23,763 2,885 26,648 Noncurrent liabilities:
Long-term advance 300 - 300 Compensated absences 83 9 92 Long-term debt, net of current portion 191,553 - 191,553 Net pension liability 3,802 130 3,932 Total noncurrent liabilities 195,738 139 195,877 Total liabilities 219,501 3,024 222,525 Deferred Inflows of Resources:
Lease related 232 - 232 Pension related 37 26 63 Total deferred inflows of resources 269 26 295 Net Position:
Net investment in capital assets (32,813) 5,811 (27,002) Restricted for debt service 10,491 (946) 9,545 Unrestricted (25,418) 18,651 (6,767) Total net position (deficit) (47,740)$ 23,516$ (24,224)$
CITY OF PASADENA FINANCIAL SECTION COMPONENT UNITS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 233 Combining Statement of Revenues, Expenses and Changes in Net Position Discretely Presented Component Unit
Rose Bowl Operating Company
For the Fiscal Year Ended June 30, 2024
Rose Bowl Golf Course Total
Operating Revenues:
Charges for services:
Rose Bowl 49,773$ -$ 49,773$ Golf course - 12,745 12,745 Total operating revenues 49,773 12,745 62,518 Operating Expenses:
Rose Bowl 40,866 - 40,866 Golf course - 9,870 9,870 Depreciation/amortization 10,759 818 11,577 Total operating expenses 51,625 10,688 62,313 Operating income (loss) (1,852) 2,057 205 Nonoperating Revenues (Expenses):
Investment earnings (loss) 1,976 471 2,447 Interest expense (12,182) - (12,182) Other nonoperating revenues (expenses) 5,706 (680) 5,026 Total nonoperating revenues (expenses) (4,500) (209) (4,709) Change in net position (6,352) 1,848 (4,504) Net position (deficit), beginning (41,388) 21,668 (19,720) Net position (deficit), ending (47,740)$ 23,516$ (24,224)$
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ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2024
Statistical
Section
FINC_Annual_Comprehensive_Report_2024_Dividers_Layout 1 11/21/2024 5:01 PM Page 15
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
236 Annual Comprehensive Financial Report | June 30, 2024
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CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 237
STATISTICAL SECTION CONTENT DESCRIPTION
This section of the City of Pasadena’s annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health.
Contents
Financial Trends 238
These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time.
Net Position
Changes in Net Position
Fund Balances of Governmental Funds
Changes in Fund Balances of Governmental Funds
Revenue Capacity 249
These schedules contain information to help the reader assess the City’s two most significant local revenue sources by type, the property and sales tax for governmental activities and electric revenue for business-type activities.
Assessed Value and Estimated Actual Value of Taxable Property Direct and Overlapping Property Tax Rates
Principal Property Taxpayers
Property Tax Levies and Collections
Taxable Sales by Category
Electricity Sold by Type of Customer
Electricity Rates
Electricity Customers
Debt Capacity 260
These schedules present information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future.
Ratio of Outstanding Debt by Type
Ratio of General Bonded Debt Outstanding
Direct and Overlapping Bonded Debt
Legal Debt Margin Information
Governmental Activity Debt
Business-Type Activity Debt
Demographic and Economic Information 272
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place.
Demographic and Economic Statistics
Principal Employers
Operating Information 274
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs.
Full-time and Part-time City Employees by Program
Operating Indicators by Function/Program
Capital Asset Statistics by Function/Program
Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year.
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
238 Annual Comprehensive Financial Report | June 30, 2024 Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2015 2016 2017 2018 2019
Governmental activities
Net inv estment in c apital assets 408,195$ 405,858$ 418,266$ 439,355$ 458,378$ Res tricted 44,327 56,050 55,477 69,730 79,205 Unres tri cted (339,336) (325,826) (310,488) (362,358) (362,242) Total gov er nmental ac tiv ities net position 113,186 136,082 163,254 146,726 175,341 Business-type activities
Net inv estment in c apital assets 371,526$ 449,141$ 408,944$ 420,692$ 434,358$ Res tricted 176,248 153,241 171,545 152,811 142,806 Unres tri cted 114,512 131,037 183,279 199,209 230,707 Total business-ty pe ac tiv ities net position 662,286$ 733,419$ 763,768$ 772,712$ 807,871$ Primary government
Net inv estment in c apital assets 779,721$ 854,999$ 827,210$ 860,047$ 892,736$ Res tricted 220,574 209,291 227,022 222,541 222,011 Unres tri cted (224,824) (194,789) (127,209) (163,149) (131,535) Total primary government net position 775,471$ 869,501$ 927,023$ 919,439$ 983,212$ Fiscal Year
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 239 Financial Trends
2020 2021 2022 2023 2024
470,689$ 468,005$ 471,778$ 493,108$ 517,159$ 84,006 82,123 81,495 86,143 87,618 (364,572) (390,132) (403,721) (345,893) (343,205) 190,123 159,996 149,553$ 233,358$ 261,572$ 458,534$ 486,944$ 499,719$ 521,998$ 545,235$ 128,220 126,668 109,474 93,335 98,857 244,811 240,454 270,029 278,453 341,688 831,565$ 854,066$ 879,222$ 893,786$ 985,780$ 929,223$ 954,949$ 971,497$ 1,015,106$ 1,062,394$ 212,226 208,791 190,969 179,478 186,475 (119,761) (149,678) (133,691) (67,440) (1,517) 1,021,688$ 1,014,062$ 1,028,775$ 1,127,144$ 1,247,352$ Fiscal Year
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
240 Annual Comprehensive Financial Report | June 30, 2024 Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2015 2016 2017 2018 2019
Expenses
Governmental activities:
General gov ernment 38,902$ 59,425$ 42,895$ 45,755$ 49,619$ P ublic safety 106,327 96,484 127,760 142,495 145,937 Tr anspor tation 49,526 35,739 41,738 46,452 52,239 Utility - - - - - Sanitation 4,232 4,267 4,290 4,376 4,117 Health 13,764 10,914 10,558 11,347 13,401 Culture and leisure 30,127 32,286 34,249 38,365 37,135 Community development 35,248 72,725 39,787 45,114 47,304 Interest and other fiscal charges 10,310 9,187 8,611 8,411 7,889 Total gov er nmental ac tiv ities ex penses 288,436$ 321,027$ 309,888$ 342,315$ 357,641$ Business-type activities:
Elec tr ic 171,282$ 174,858$ 183,522$ 187,872$ 196,874$ Water 48,462 45,240 48,009 54,757 56,738 Refuse 12,843 14,421 14,330 15,695 16,528 P ar king 13,532 14,488 13,062 14,140 14,502 Telec ommunic ations 89 141 110 144 170 Total business-ty pe ac tiv ities ex penses 246,208 249,148 259,033 272,608 284,812 Total primary government expenses 534,644$ 570,175$ 568,921$ 614,923$ 642,453$ Program Revenues
Governmental activities:
Cha rges for s ervi ces :
General gov ernment 18,750$ 18,053$ 14,651$ 10,861$ 11,203$ P ublic safety 14,674 14,841 19,244 15,708 15,297 Tr anspor tation 16,059 16,384 16,663 28,165 30,555 Sanitation 7,875 7,008 7,127 7,665 8,193 Health 1,022 644 870 2,346 2,432 Culture and leisure 3,566 4,504 5,870 3,181 2,748 Community development 12,630 14,193 15,803 13,286 14,954 Operating grants and contributions 41,943 40,422 41,050 47,058 59,763 Capital grants and contributions 16,197 15,383 9,083 14,190 8,582 Total gov er nmental ac tiv ities pr ogr am r ev enues 132,716$ 131,432$ 130,361$ 142,460$ 153,727$ Business-type activities:
Cha rges for s ervi ces :
Elec tr ic 203,748$ 199,197$ 202,480$ 212,116$ 218,054$ Water 57,440 50,835 58,287 62,592 60,181 Refuse 11,959 11,880 11,775 11,413 11,743 P ar king 13,603 14,621 14,595 14,560 13,977 Telec ommunic ation 655 609 669 471 680 Operating grants and contributions - - - 2,355 1,462 Capital grants and contributions 2,905 2,790 4,811 4,112 3,615 Total business-ty pe ac tiv ities pr ogr am r ev enues 290,310 279,932 292,617 307,619 309,712 Tota l pri ma ry government progra m revenues 423,026$ 411,364$ 422,978$ 450,079$ 463,439$ Net Revenues (Expenses)
Gov er nmental ac tiv ities (155,720) ( 189,595) (179,527) (199,855) (203,914) Business-ty pe ac tiv ities 44,102 30, 784 33,584 35,011 24,900 Total net rev enues (expenses) (111,618)$ (158,811)$ (145,943)$ (164,844)$ (179,014)$ Fiscal Year
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 241 Financial Trends
2020 2021 2022 2023 2024
67,355$ 72, 811$ 86,104$ 68,549$ 82,026$ 152,889 148, 287 151,005 157,931 179,795 55,429 48, 597 44,752 49,533 58,815 6,134 171 124 135 29 4,600 6, 783 6,091 5,831 6,413 15,367 17, 465 17,062 18,967 21,010 37,224 45, 291 48,529 50,399 55,227 52,019 57, 362 62,727 59,411 64,936 6,425 6, 500 6,364 6,311 6,230 397,442$ 403, 267$ 422,757$ 417,067$ 474,481$ 197,138$ 196, 389$ 196,718$ 239,414$ 215,075$ 58,974 63, 933 61,518 61,705 62,769 19,429 20, 059 18,818 21,509 25,036 14,713 12, 097 10,901 13,222 12,651 164 189 163 188 191 290,418 292, 667 288,117 336,038 315,722 687,860$ 695, 934$ $ 710,875 $ 753,105 $ 790,203 20,245$ 13, 504$ 12,984$ 13,551$ 17,983$ 13,656 10, 322 13,736 15,285 23,129 26,933 20, 811 16,607 18,761 27,888 7,728 7, 321 7,301 7,721 - 2,497 2, 154 2,168 2,610 2,959 1,725 674 1,096 840 2,084 12,487 11, 795 14,470 16,276 14,782 56,837 60, 764 81,469 110,521 77,488 36,663 9, 449 10,184 22,223 20,905 178,771$ 136, 794$ $ 160,014 $ 207,788 $ 187,218 217,873$ 222, 266$ 226,509$ 255,825$ 282,073$ 62,466 71, 269 69,359 64,961 69,471 11,644 11, 502 11,864 12,309 12,757 11,229 9, 198 11,066 13,545 13,048 439 568 776 415 565 1,784 2, 777 6,572 2,594 2,124 2,934 4, 248 4,559 5,897 5,207 308,369 321, 828 330,704 355,546 385,245 487,140$ 458, 622$ $ 490,719 $ 563,334 $ 572,463 (218,671) ( 266,473) (262,743) (209,279) (287,263) 17,951 29, 161 42,587 19,508 69,523 (200,720)$ ( 237,312)$ $ (220,156) $ (189,771) $ (217,740) Fiscal Year
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
242 Annual Comprehensive Financial Report | June 30, 2024 Changes in Net Position (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2015 2016 2017 2018
General Revenues and Other Changes in Net Position
Governmental activities:
Ta xes :
Property 56,446$ 59,141$ 68,752$ 63,483$ Sales 33,706 36,855 35,708 35,076 Utility user s' 29,316 28,100 28,251 27,881 Transient occupancy 13,165 14,864 15,229 15,814 Cons truction 4,770 4,375 3,491 3,265 Business lic ense 5,836 6,483 6,347 7,196 Franchise 2,903 2,542 2,797 2,733 Other taxes 7,181 7,335 7,298 7,449 Other intergovernmental 16,648 18,005 18,259 19,996 Use of money - investment earnings 4,461 4,955 1,857 3,008 Use of property - interest income from leases - - - - Net c hange in fair v alue of inv estments - - - - Gain on sale of assets 370 (60) - (299) M iscellaneous rev enues 4,863 14,621 8,224 11,372 Reins tatement of PCDC Loan - 11,128 - - Tra ns fers 14,657 15,033 18,652 18,766 Total gov er nmental ac tiv ities $ 194,322 $ 223, 376 $ 214,865 $ 215,740 Business-type activities:
Ta xes :
Fr anc hise tax 4,319$ 4,575$ 4,893$ 5,359$ Use of money - investment earnings 5,529 6,593 2,372 2,506 Use of property - interest income from leases - - - - Net c hange in fair v alue of inv estments - - - - Gain on sale of assets - (311) - (49) M iscellaneous rev enues 15,631 42,427 8,154 2,552 Tra ns fers (14,657) (15,033) (18,652) (18,766) Total business-ty pe ac tiv ities 10,822 38, 252 (3,234) (8,398) Total pr imar y gov er nment $ 205,144 $ 261, 627 $ 211,631 $ 207,342 Changes in Net Position
Gov er nmental ac tiv ities 38,602 33, 781 35,338 15,885 Business-ty pe ac tiv ities 54,924 69, 036 30,351 26,613 Total pr imar y gov er nment $ 93,526 $ 102, 816 $ 65,688 $ 42,498
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 243 Financial Trends
2019 2020 2021 2022 2023 2024
68,275$ 70,689$ 76,579$ 79,144$ 84,327$ 87,265$ 44,616 57,513 62,308 74,366 76,899 81,319 26,982 26,966 26,938 30,124 32,790 32,027 16,948 13,090 6,298 14,711 18,675 18,505 4,985 4,091 2,097 2,626 3,969 3,524 7,302 6,900 6,351 5,890 7,841 7,969 2,881 2,827 2,813 2,730 3,749 2,709 7,286 1,614 5,661 16,309 17,048 18,598 20,345 20,831 25,424 23,797 25,387 25,836 10,922 8,231 2,518 2,239 4,817 7,440 - - - 9 7 5 - - - (15,262) (1,651) 8,919 - 2,288 - - - - 8,270 5,493 3,091 4,664 3,361 6,609 - - - - - - 13,976 14,349 16,267 10,954 15,865 14,730 $ 232,788 $ 234,882 $ 236,345 $ 252,300 $ 293,084 $ 315,455 5,787$ 6,083$ 5,722$ 6,162$ 6,713$ 7,456$ 16,216 10,940 1,033 2,793 6,568 11,084 - - - 11 8 7 - - - (25,439) (4,449) 12,895 (1,114) - - (167) - - 3,346 3,069 2,852 10,571 2,940 2,877 (13,976) (14,349) (16,266) (11,362) (15,933) (14,730) 10,259 5,743 (6,659) (17,432) (4,153) 19,589 $ 243,047 $ 240,625 $ 229,686 $ 234,868 $ 288,931 $ 335,044 28,874 16,211 (30,128) (10,443) 83,805 28,192 35,159 23,694 22,502 25,156 15,355 89,112 $ 64,033 $ 39,905 $ (7,626) $ 14,712 $ 99,160 $ 117,304 Fiscal Year
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
244 Annual Comprehensive Financial Report | June 30, 2024 Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2015 2016 2017 2018 2019
General Fund:
Nonspendable 8,620$ 12,236$ 11,108$ 4,545$ 1,590$ Res tricted 400 400 400 10,995 11,631 Committed 30,951 33,451 47,563 46,949 50,775 Assigned 11,087 17,227 26,825 12,426 15,099 Unassigned 12,140 15,139 3,832 11,957 19,605 Total Gener al Fund 63,198 78,453 89,727 86,872 98,700 All Other Governmental Funds:
Nonspendable 30,997 7,799 2,482 1,574 1,478 Res tricted 52,516 55,650 55,077 58,597 67,575 Committed 87,144 101,338 106,631 108,569 121,002 Assigned - - - - - Unassigned (7,482) (8,126) (10,950) (2,273) (3,574) Total all other Gov er nmental Funds 163,175 156,661 153,240 166,467 186,481 Total Governmental Funds 226,373$ 235,114$ 242,967$ 253,339$ 285,181$ Fiscal Year
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 245 Financial Trends
2020 2021 2022 2023 2024
14,853$ 13, 626$ 13,697$ 14,316$ 14,224$ 12,106 13, 718 12,101 12,596 13,206 55,120 51, 687 57,339 71,985 67,892 25,082 20, 032 23,079 57,407 59,102 445 - - 8, 307 4,455 107,606 99, 063 106,216 164,611 158,879 1,554 1, 550 1,582 1,582 1,567 71,848 68, 307 64,846 68,434 65,260 115,446 111, 319 102,213 101,735 102,595 1,652 1, 944 2,775 1,361 - (5,180) ( 6,133) (9,480) (6,905) (8,160) 185,320 176, 987 161,937$ 166,207$ 161,262$ 292,926$ 276, 050$ 268,152$ 330,818$ 320,141$ Fiscal Year
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
246 Annual Comprehensive Financial Report | June 30, 2024 Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2015 2016 2017 2018 2019
Revenues:
Ta xes 153,323$ 159,694$ 167,874$ 162,898$ 179,275$ Licenses and permits 11,235 14,946 14,882 15,022 13,979 Intergov ernmental rev enues 63,785 65,299 62,121 74,093 75,237 Cha rges for s ervi ces 49,413 46,984 49,324 53,417 59,111 Fines and forfeits 7,329 7,378 7,802 7,262 6,377 Investment earnings 4,294 4,780 1,752 1,597 9,207 Net c hange in fair v alue of inv estments - - - - - Lease rev enues 3,822 4,212 4,765 4,418 4,326 Interest income from leases - - - - - M iscellaneous rev enues 7,133 16,341 12,072 14,240 11,929 Contributions 11,759 6,496 5,397 5,512 12,476 Total rev enues 312,093 326,130 325,989 338,459 371,917 Expenditures:
Current:
General gov ernment 44,283 47,488 42,054 38,611 40,655 P ublic safety 106,469 111,012 116,577 126,827 133,461 Tr anspor tation 37,018 35,282 40,196 45,078 49,621 Utility - - - - - Sanitation 4,274 4,356 4,324 4,352 4,300 Health 13,553 11,294 10,309 10,977 12,522 Culture and leisure 30,505 32,241 32,663 37,111 34,529 Community development 31,933 60,841 34,370 39,365 40,599 C apital outlay 16,855 29,032 32,254 28,707 21,492 Debt service:
P r inc ipal r etir ement 129,469 6,611 6,345 10,520 5,996 Interest 8,730 8,139 8,744 8,558 8,220 Bond issuance costs - - - - - Lease pay ments - - - - - Subscription payments - - - - - Interest on leases and subscriptions - - - - - Total expenditures 423,089 346,296 327,836 350,106 351,395 Excess (deficiency ) of rev enues
over (under) expenditures (110,996) (20,166) (1,847) (11,647) 20,522 Other financing sources (uses):
Premium (discount) on debt issued - (2,283) 5,790 - - Issuance of long-term debt 351 119,460 60,460 - - Payment to refunded bond escrow agent - - (60,762) - - Proceeds from financed purchase arrangements - - - - - P r oc eeds fr om sale of c apital assets - - - - - Tra ns fers i n 61,085 51,606 121,920 80,737 76,926 Tra ns fers out (50,718) (38,028) (109,631) (62,326) (62,000) L eases issued - - - - - Subscriptions issued - - - - - Reins tatement of PCDC Loan - - 11,128 - - Total other financing sources (uses) 10,718 130,755 28,905 18,411 14,926 Extraordinary gain (loss): 152,582 (2,197) - - - Net change in fund balances 52,304$ 108,392$ 27,058$ 6,764$ 35,448$ Debt serv ice as a percentage of
noncapital expenditures 34.0% 4.6% 5.1% 5.9% 4.3%
Fiscal Year
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 247 Financial Trends
2020 2021 2022 2023 2024
183,689$ 189,044$ 225,899$ 245,298$ 251,916$ 13,297 12,791 15,283 17,068 16,114 78,475 87,260 106,225 158,718 121,021 53,066 45,996 43,548 47,759 59,899 6,520 3,491 4,190 5,372 6,334 7,536 2,445 2,170 4,654 7,159 - - (14,844) (1,638) 8,561 10,748 3,252 4,512 5,191 4,905 - - 9 6 4 7,082 5,792 8,227 6,619 7,708 8,103 3,630 3,089 1,527 1,556 368,516 353,701 398,306 490,574 485,177 73,958 65,554 63,810 58,611 72,663 138,942 138,803 147,560 159,339 174,752 50,298 44,110 41,203 * 47,538 * 45,431 6,134 171 124 135 29 4,493 6,669 6,037 5,886 6,403 14,250 16,265 16,505 18,944 20,670 34,266 41,355 45,876 48,270 53,106 45,126 47,952 55,694 53,112 58,463 23,795 15,985 25,020 40,296 66,732 5,572 5,117 5,416 5,822 6,008 6,081 6,559 6,394 6,220 6,023 562 - - - - - - 1,116 1,234 1,353 - - - 725 1,591 - - 32 54 132 403,477 388,540 414,787 446,186 513,356 (34,961) (34,839) (16,481) 44,388 (28,179) - - - - - 138,605 - - - - (131,154) - - - - - - - - (65,670) 31,819 - - - - 72,394 67,461 73,495 77,462 90 (67,530) (49,497) (65,023) (60,910) 2,191 - - 110 838 17,485 - - - 887 - - - - - - 44,134 17,964 8,583 18,277 (45,904) - - - - - 9,173$ (16,875)$ (7,899)$ 62,665$ (74,083)$
3.2% 3.1% 3.3% 3.5% 3.4%
Fiscal Year
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
248 Annual Comprehensive Financial Report | June 30, 2024
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CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 249 Revenue Capacity
Assessed Value and Actual Value of Taxable Property
Last Ten Fiscal Years
Fiscal Secured Homeowners Net Secured Unsecured Total Assessed Total Direct Year Valuations Exemption Valuations Valuations Valuation Tax Rate 2015 23,756,525$ (131,813)$ 23,624,712$ 608,539$ 24,233,251$ 0.25% 2016 25,354,224 (130,238) 25,223,986 602,659 25,826,645 0.26% 2017 26,599,121 (128,241) 26,470,880 625,032 27,095,912 0.30% 2018 28,631,957 (126,543) 28,505,414 638,858 29,144,272 0.25% 2019 30,388,233 (124,908) 30,263,325 662,995 30,926,320 0.23% 2020 32,158,077 (123,481) 32,034,595 672,205 32,706,801 0.25% 2021 34,107,320 (120,266) 33,987,055 676,673 34,663,728 0.25% 2022 35,394,651 (118,859) 35,275,793 688,899 35,964,692 0.24% 2023 37,215,187 (117,845) 37,097,342 717,826 37,815,168 0.24% 2024 38,802,585 (115,493) 38,687,092 795,907 39,482,999 0.24%
NOTES:
Amounts pertaining to the Pasadena Community Development Commission and the City have been combined.
In 1 9 7 8 the v oter s of the State of C alifor nia passed P r oposition 1 3 whic h limited pr oper ty tax es to a total max imum r ate of 1 % based upon the as
sessed v alue of the pr oper ty being tax ed. Eac h y ear , the assessed v alue of pr oper ty may be inc r eased by an "inflation fac tor " (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed at the time that it is sold to a new owner. At that point, the new assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data c ur r ently av ailable with r espec t to the ac tual mar ket v alue of tax able pr oper ty and is subjec t to the limitations desc r ibed abov e.
SOURCE: Starting with FY2021, HdL Coren & Cone.
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
250 Annual Comprehensive Financial Report | June 30, 2024 Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)
2015 2016 2017 2018
City Direct Rates:
C ity basic r ate 0.2329 0.2290 0.2537 0.2178 PCDC Succes s or Agency 0.0219 0.0331 0.0479 0.0356 Total C ity Dir ec t Rate 0.2548 0.2621 0.3016 0.2534 Overlapping Rates:
Los Angeles County General 0.4118 0.4060 0.3647 0.4169 La C anada Unified Sc hool Distr ic t 0.0648 0.0617 0.0611 0.0591 P asadena Sc hool Distr ic t 0.4389 0.4375 0.4386 0.4359 Pasadena Community
C ollege Distr ic t 0.1254 0.1254 0.1260 0.1248 M etr opolitan Water Distr ic t 0.0035 0.0035 0.0035 0.0035 Total Dir ec t Rate 1.2992 1.2963 1.2955 1.2936 Fiscal Year
NOTES:
FY2021 da ta wa s corrected i n FY2022.
SOURCES: Sta rti ng wi th FY2021, HdL Coren & Cone a nd Los Angel es County As s es s or 2012/2013 - 2021/2022 Combi ned Ta x Rol l s .
In 1 9 7 8 , C alifor nia v oter s passed P r oposition 1 3 whic h sets the pr oper ty tax r ate at a 1 .0 0 % fix ed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a precentage of assessed pr
operty values for the payment of the various intergovernmental overlapping debt.
The L a C anada Unified Sc hool Distr ic t Elec tion of 2 0 1 7 Gener al Obligation Bonds, Ser ies A, wer e authorized at an election of the registered voters of the La Canada Unified School District. The Bonds ar e gener al obligations of the Distr ic t pay able solely fr om the pr oc eeds of ad v alor em pr oper ty tax es.
T
he total ad v alor em tax r ates lev ied, as a per c entage of assessed v aluation, by all tax ing entities in Tax Rate Ar ea 4 7 7 4 , whic h inc ludes P asadena Ar ea C ommunity C ollege Distr ic t.
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 251 Revenue Capacity
2019 2020 2021 2022 2023 2024
0.2208 0.2161 0. 2209 0.2201 0.2210 0.2210
0.0096 0.0301 0. 0335 0.0238 0.0166 0.0166
0.2304 0.2462 0. 2544 0.2439 0.2376 0.2376
0.4396 0.4238 0. 4166 0.4267 0.4295 0.3172
0.0579 0.0552 0. 0562 0.0552 0.0534 0.0564
0.4363 0.4365 0. 4362 0.4370 0.4389 0.4880
0.1247 0.1245 0. 1238 0.1234 0.1238 0.1422
0.0035 0.0035 0. 0035 0.0035 0.0035 0.0035
1.2924 1.2897 1. 2907 1.2897 1.2868 1.2449 Fiscal Year
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
252 Annual Comprehensive Financial Report | June 30, 2024 Revenue Capacity
Principal Property Taxpayers
Current Year and Nine Years Ago
Percent of Percent of
Total City Total City
Total Taxable Total Taxable
Assessed Assessed Assessed Assessed
Property Owner Valuation Valuation* Valuation Valuation K aiser Foundation Health P lan 291,284$ 0.77% 258,323$ 1.18% C P US P asadena LP 247,989 0.66% - 0.00% CVFI S La ke Ave LP 229,985 0.61% - 0.00% CSCDA Community Improvement Authority 204,331 0.54% - 0.00% BPP Ea s t Uni on LLC 199,113 0.53% - 0.00% PPF Off 100 W Wa l nut St LP 194,344 0.51% 174,495 0.80% P ac ific Huntington Hotel C or p 188,709 0.50% 159,912 0.73% PPF Off 74 N Pa s a dena Ave 180,607 0.48% 153,285 0.70% Western Asset Plaza LLC 176,624 0.47% 155,170 0.71% 177 Col ora do Owner LLC 171,982 0.45% - 0.00% Paseo Colorado Holdings LLC - 0.00% 201,238 0.92% Tishman Speyer Archstone Smith - 0.00% 134,716 0.62% SSR Paseo Colorado LLC - 0.00% 123,775 0.57% TC Tri o Apa rtment LLC - 0.00% 115,395 0.53% Ca pref Pa s eo LLC Les s or - 0.00% - 0.00% Leonar d M M ar angi Et Al Tr ust - 0.00% - 0.00% Equity Office Properties Trust - 0.00% - 0.00% BCSP PASADENA TOWERS PROPERTY LLC - 0.00% 127,500 0.58% Total principal property taxpayers gross assessed value 2,084,968$ 5.52% 1,603,808$ 7.34% 2024 2015
NOTES:
The amounts shown above include assessed value data for both the City and the Redevel Data is only presented for the top ten properties in each of the two years presented.
Ex empt v alues ar e not inc luded in Total C ity Tax able Assessed Valuation.
SOURCE: Starting with FY2021, HdL Coren & Cone.
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 253 Revenue Capacity
Property Tax Levies and Collections (1)
Last Ten Fiscal Years
Fiscal Taxes Levied Collections in
Year Ended for the Percent Subsequent Percent
June 30 Fiscal Year Amount of Levy Years Amount of Levy (2) 2015 43,785$ 53,951$ 123.22% * 53,951$ 123.22% 2016 46,437 (3) 56,654 122.63% * 56,654 122.63% 2017 48,735 (3) 66,159 134.82% * 66,159 134.82% 2018 52,462 (3) 58,934 112.34% 608 58,934 112.34% 2019 55,562 65,535 117.95% * 65,535 117.95% 2020 59,511 67,890 114.08% * 67,890 114.08% 2021 62,969 73,748 117.12% * 73,748 117.12% 2022 65,066 76,309 117.28% * 76,309 117.28% 2023 68,595 81,292 118.51% * 81,292 118.51% 2024 71,604 84,073 117.41% * 84,073 117.41% Fiscal Year of Levy Total Collections to Date
Collected within the
NOTES:
1 . Ex c ludes c ollec tions fr om P olic e Building Gener al Obligation Bond Assessment.
3. Ta xes Levi ed for the Fi s ca l Yea rs 2016, 2017 a nd 2018 res ta ted on Fi s ca l Yea r 2019 ta bl e. * C ollec tion in subsequent y ear infor mation not av ailable.
SOURCE: County of Los Angeles, Department of Auditor-Controller, Information for Reconciliation of Taxes.
2. This percentage may exceed 100% because information provided by Tax Assessor may not clearly identify the y ear collected.
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
254 Annual Comprehensive Financial Report | June 30, 2024 Taxable Sales by Category
Last Ten Calendar Years
Category 2014 2015 2016 2017
Appa rel Stores 189,018$ 191,081$ 185,450$ 177,153$
General Merchandise 225,356 221,751 217,422 213,578
Food Stores 115,530 117,323 119,790 118,502
Eating and Dr inking P lac es 484,061 527,957 558,034 579,955 Building M ater ials 139,856 151,476 153,656 167,924
Auto Dealers and Supplies 519,253 566,819 602,438 624,836 Ser v ic e Stations 170,434 150,270 131,929 144,807
Other Retail Stores 614,592 632,213 627,435 626,705
All Other Outlets 500,143 456,518 486,700 415,342
Total 2,958,243$ 3,015,408$ 3,082,854$ 3,068,802$
NOTE:
Due to c onfidentiality issues, the names of the ten lar gest r ev enue pay er s ar e not av ailable. The categories presented are intended to provide alternative information regarding the sources of the C
ity 's rev enue.
Slight v ar iations ac r oss the y ear s fr om pr ior y ear AC FR to r eflec t the most c ur r ent adjusted ec onomic SOURCES:
State Boar d of Equalization, C alifor nia Depar tment of Tax es and Fees Administr ation, State Controller's Office, The HdL Companies
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 255 Revenue Capacity
2018 2019 2020 2021 2022 2023
181,543$ 171,785$ 97,754$ 144,322$ 149,423$ 156,434$
212,075 200,734 143,460 167,841 175,047 164,217
128,315 135,202 133,683 135,209 147,329 151,151
598,870 630,531 426,063 592,565 686,595 725,569
171,658 158,522 168,709 233,585 295,838 289,753
719,610 712,278 747,302 809,678 904,249 877,096
161,406 155,631 94,427 141,101 178,777 166,185
635,330 609,484 472,290 631,800 673,422 630,922
452,584 371,518 226,291 302,375 1,115,773 1,111,536
3,261,391$ 3,145,685$ 2,509,979$ 3,158,476$ 4,326,453$ 4,272,863$
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
256 Annual Comprehensive Financial Report | June 30, 2024 Electricity Sold by Type of Customer
Last Ten Fiscal Years
(in Megawatt-Hours)
2015 2016 2017 2018
Type of Customer:
Residential 325 326 320 321 Commercial and Industrial 769 756 721 710 Street Lights and Traffic Signals 13 13 13 13 Wholesales to Other Utilities 31 - - 21 Other - - - - Total 1,138 1,095 1, 054 1,065 Total direct rate per megawatt hour 1 163.43 173.54 178.48 179. 07 Fiscal Year
NOTES:
1 Rate represents av erage cost per megawatt hour with respect to total rev enue sales from electricity 2 Other represents net change in unbilled revenue per megawatt hour SOURC E: P asadena Water and P ower
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 257 Revenue Capacity
2019 2020 2021 2022 2023 2024
325 319 344 334 352 311 687 658 587 627 710 642 13 12 12 11 11 50 27 69 32 - - - - - - 1 (5) 5 1,052 1,058 975 973 1,068 1,008 174.22 173.28 191.00 195.55 201.80 244.18 Fiscal Year
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
258 Annual Comprehensive Financial Report | June 30, 2024 Revenue Capacity
Electricity Rates
Last Ten Fiscal Years
(Average Rate in Dollar per Kilowatt-Hour)
Fiscal
Year Ended Commercial Street Lights &
June 30* Residential & Industrial Traffic Signals
2015 0.1784 0.1556 0.1514 2016 0.1827 0.1582 0.1505 2017 0.1826 0.1597 0.1467 2018 0.1927 0.1684 0.1495 2019 0.1940 0.1677 0.1495 2020 0.2092 0.1867 0.1793 2021 0.2106 0.1903 0.1813 2022 0.2100 0.1880 0.1882 2023 0.2188 0.1894 0.2015 2024 0.2591 0.2310 0.2508
SOURC E: P asadena Water and P ower
* FY 2015 - FY 2024 i ncl ude Publ i c Benefi t Cha rge (PBC)
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 259 Revenue Capacity
Electricity Customers
Current Year
Percent of
Electricity Operating Electric
Electricity Customer Charges Revenues
C altec h 12,909$ 4. 59% P asadena Hospital Assoc iation 8,537 3.04% Tesla Inc 4,344 1.54% P asadena Unified Sc hool Distr ic t 3,028 1.08% P asadena C ity C ollege 2,798 0.99% Dept of Trans portation 2,676 0.95% Metropolitan Transportation Authority 2,058 0. 73% Art C enter C ollege Of Design 1,923 0. 68% Kaiser Permanente 1,897 0.67% Pasadena Center 1,732 0.61% 41,902$ 14.88%
2024
SOURC E: P asadena Water and P ower
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
260 Annual Comprehensive Financial Report | June 30, 2024 Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Fiscal Year General Tax
Ended Obligation Revenue Pension Certificates of Allocation Loan June 30 Bonds Bonds Bonds Participation Bonds Payable
2014 -$ 6,180$ 123,890$ 76,590$ -$ 7,542$ 2015 - 5,618 117,185 73,165 - 6,153 2016 - 5,060 117,260 73,398 - 4,838 2017 - 4,501 117,336 68,276 - 3,361 2018 - - 117,412 62,967 - 1,844 2019 - - 117,488 57,636 - 833 2020 - - 136,739 55,478 - 6,812 2021 - - 134,886 53,220 - 5,876 2022 - - 132,832 50,866 - 4,937 2023 - - 130,494 48,408 - 3,982 2024 - - 128,101 45,835 - 3,011 Governmental Activities
NOTES:
*See Table 18 for personal income.
** Beginning with fiscal year 2015, the City implemented GASB 68, so the pension liabilty amount was removed from the long term debt section .
Beginning with fiscal year 2018, the City implemented GASB 75, so the other post employment benefits liabilty amount was removed from the long term debt section.
Beginning with fisc al y ear 2 0 1 9 , the C ity implemented GASB 8 8 , so the other c ompensated absenc es and insur anc e c laim liabilty amount were remov ed from the long term debt section.
**See Table 1 8 for population data. P er C apita c alc ulation c or r ec ted in FY2 0 2 2 .
Details regarding the City's outstanding debt can be found in the notes to the financial statements (Note 11). The amount of outstanding debt by type reported above is net of the related premiums and
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 261 Debt Capacity
Finance Total
Notes Purchase L ease Subscription Governmental
Payable Arrangement L iability Liability Other ** Activities 562$ -$ -$ -$ 89,295$ 304,059$ 547 - - - 67,173 269,841 6,533 - - - 69,775 276,864 6,218 - - - 87,229 286,921 5,903 - - - 59,669 247,795 5,587 - - - - 181,544 5,271 - - - - 204,300 -
4,955 - 5,029 - - 203,966 -
4,639 - 4,024 - - 197,298 4,322 - 3,641 5,819 - 196,666 4,005 50 2,716 5,309 - 189,027
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
262 Annual Comprehensive Financial Report | June 30, 2024 Ratios of Outstanding Debt by Type (Continued)
Last Ten Fiscal Years
Fiscal Year
Ended Revenue Certificates of L oan Notes Lease Subscription June 30 Bonds Participation P ayable Payable Liability Liability Other 2014 304,245$ 8, 125$ -$ 987$ -$ -$ (3,040)$ 2015 303,424 6, 301 - 827 - - - 2016 289,292 4, 358 - 659 - - - 2017 366,890 2, 291 - 482 - - - 2018 348,915 106 - 296 - - - 2019 330,296 - 3,253 101 - - - 2020 311,558 - 2,824 - - - - 2021 306,453 - 2,384 - 2,642 - - 2022 301,282 - 1,932 - 1,376 - - 2023 288,582 - 1,468 - 2,426 4,771 - 2024 275,552 - 992 - 6,725 3,003 - Business-type Activities
NOTES:
*See Table 18 for personal income.
** Beginning with fiscal year 2015, the City implemented GASB 68, so the pension liabilty amount was removed from the long term debt section .
Beginning with fiscal year 2018, the City implemented GASB 75, so the other post employment benefits liabilty amount was removed from the long term debt section.
Beginning with fisc al y ear 2 0 1 9 , the C ity implemented GASB 8 8 , so the other c ompensated absenc es and insur anc e c laim liabilty amount were remov ed from the long term debt section.
**See Table 1 8 for population data. P er C apita c alc ulation c or r ec ted in FY2 0 2 2 .
Details regarding the City's outstanding debt can be found in the notes to the financial statements (Note 11). The amount of outstanding debt by type reported above is net of the related premiums and discounts.
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 263 Debt Capacity
Total Total Private Purpose Percentage Debt
Business-type Primary Long-Term of Personal Per
Activities Government Liabilities Income * Capita *** 310,317$ 614,376$ 48,552,905$ 10.34% 4,357$ 310,552 580,393 7,525,000 9.73% 4,116 294,309 571,173 16,553,159 9.67% 4,051 369,663 656,584 10,483,543 10.44% 4,591 349,317 597,112 3,501,092 8.86% 4,147 333,650 515,194 635,000 8.24% 3,529 314,382 518,682 435,000 8.11% 3,577 311,479 515,445 225,000 7.62% 3,555 304,590 501,888 - 7.04% 3,637 297,247 493,913 - 6.75% 3,605 286,272 475,299 - 5.79% 3,395
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
264 Annual Comprehensive Financial Report | June 30, 2024 Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
Fiscal Year General Ta x
Ended Obligation R evenue Pension Certificates of Allocation June 30 Bonds B onds Bonds Participation Bonds Total
2014 -$ 6,180$ 123,890$ 76,590$ -$ 206,660$ 2015 - 5,618 117,185 73,165 - 195,968 2016 - 5,060 117,260 73,398 - 195,718 2017 - 4,501 117,336 68,276 - 190,113 2018 - - 117,412 62,967 - 180,379 2019 - - 117,488 57,636 - 175,124 2020 - - 136,739 55,478 - 192,217 2021 - - 134,886 53,220 - 188,106 2022 - - 132,832 50,866 - 183,698 2023 - - 130,494 48,408 - 178,902 Outstanding General Bonded Debt
NOTES:
General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enterprise funds, of which, the City has none. *See Table 5 for assessed v alues of taxable property . **See Table 1 8 for population data. P er C apita c alc ulation c or r ec ted in FY2 0 2 2 .
Details regarding the City's outstanding debt can be found in the notes to the financial statements (Note 9). The amount of outstanding debt by type reported above is net of the related premiums and discounts.
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 265 Debt Capacity
Percent of
Total City
Restricted Taxable
Net Assets for Net A ssessed Per
Debt Service Bonded Debt V aluation* Capita**
24,755$ 181, 905$ 0.90% 1,290$ 9,723 186, 245 0.81% 1,321 12,036 183, 682 0.76% 1,303 11,519 178, 594 0.70% 1,249 11,528 168, 851 0.62% 1,173 11,932 163, 192 0.57% 1,118 11,883 180, 334 0.59% 1,244 8,209 179, 897 0.54% 1,241 7,085 176, 613 0.51% 1,218 6,758 172, 144 0.47% 1,247
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
266 Annual Comprehensive Financial Report | June 30, 2024
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CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 267 Debt Capacity
Direct and Overlapping Debt
June 30, 2024
C ity Assessed Valuation 39,483,000$
Total Assessed Valuation* 39,483,000$
Es timated
Sha re of
Percentage Outstanding Overlapping
Applic able 1 Debt a t 6/30/2024 Debt
Direct & Overlapping Debt:
M etr opolitan Water Distr ic t 1.023% 18,210$ 186$ P asadena Ar ea C ommunity C ollege Distr ic t 35.019% 174,690 61,175 La C anada Unified Sc hool Distr ic t 0.218% 95,730 209 P asadena Unified Sc hool Distr ic t 73.089% 363,215 265,469 Total overlapping tax and assessment debt 651,845$ 327,039 City direct debt 180,953
Total direct and overlapping debt 1 507,992$
Notes :
Source: HdL Coren & Cone, Los Angeles County Assessor and Auditor Combined 2023/24 Lien Date Tax Rolls *For fiscal year 2024 the Redevelopment Agency Incremental Valuation has been included in the City's Total
1. For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
268 Annual Comprehensive Financial Report | June 30, 2024 Legal Debt Margin Information
Last Ten Fiscal Years
2015 2016 2017 2018
Assessed v aluation 24,233,251$ 25,826,921$ 27,095,911$ 29,144,272$ Conversion percentage 25% 25% 25% 25%
Adjusted assessed valuation 6,058,313 6,456,730 6,773,978 7,286,068 Debt limit per c entage 15% 15% 15% 15%
Debt limit 908,747 968,510 1,016,097 1,092,910 Total net debt applic able to limit: -$ -$ -$ -$ Legal debt mar gin 908,747 968,510 1,016,097 1,092,910 Total debt applic able to the limit
as a per c entage of debt limit 0.0% 0.0% 0.0% 0.0%
Fiscal Year
NOTE:
Source: City of Pasadena, Department of Finance and Los Angeles County Tax Assessor The Gov er nment C ode of the State of C alifor nia pr ov ides for a legal debt limit of 1 5 % of gr oss assessed v aluation. Howev er , this pr ov ision was enac ted when assessed v aluation was based upon 2 5 % of mar ket v alue.
Effec tiv e with the 1 9 8 1 -8 2 fisc al y ear , eac h par c el is now assessed at 1 0 0 % of mar ket v alue (as of the most r ec ent c
hange in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for eac h fisc al y ear fr om the c ur r ent full v aluation per spec tiv e to the 2 5 % lev el that was in effec t at the time that the legal debt mar gin was enac ted by the State of C alifor nia for loc al gov er nments loc ated within the state.
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 269 Debt Capacity
2019 2020 2021 2022 2023 2024
30,926,320$ 32,706,801$ 34,663,728$ 35,964,692$ 37,815,168$ 39,483,000$ 25% 25% 25% 25% 25% 25%
7,731,580 8,176,700 8,665,932 8,991,173 9,453,792 9,870,750 15% 15% 15% 15% 15% 15%
1,159,737 1,226,505 1,299,890 1,348,676 1,418,069 1,480,612 -$ -$ -$ -$ -$ -$ 1,159,737 1,226,505 1,299,890 1,348,676 1,418,069 1,480,612
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fiscal Year
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
270 Annual Comprehensive Financial Report | June 30, 2024 Debt Capacity
Pledged-Revenue Coverage
Governmental Activity Debt
Last Ten Fiscal Years
Fiscal Year
Ended Property Tax
June 30 Taxes Increment ** Principal Interest Coverage
2014 44,066 6,486 2,704 725 1.89 2015 56,446 1,925 2,245 409 0.73 2016 59,141 4,965 2,100 284 2.08 2017 68,752 9,327 2,235 234 3.78 2018 63,484 4,586 2,360 177 1.81 2019 68,276 143 195 35 0.62 2020 70,689 65 200 26 0.29 2021 76,579 8 210 16 0.04 2022 79,144 - - - - 2023 84,327 - - - - 2024 87,265 - - - - Tax Allocation Bonds
Private Purpose Trust Fund**
Debt Service
NOTE:
Details regarding the City's outstanding debt can be found in the notes to the financial statements. **As of February 1, 2012, tax increment is reported under Private Purpose Trust Fund grouping. *Up to January 31, 2012, the date of PCDC dissolution, tax increment was reported under Primary Government grouping.
Prior to fiscal year 2015, gross amount was reported (before deduction of Pass-through and County Adminis trative Cos t).
Starting in fiscal year 2015, net amount is reported (post deduction of Pass-through and County Administr ativ e C ost).
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 271 Debt Capacity
Pledged-Revenue Coverage
Business-Type Activity Debt
Last Ten Fiscal Years
Fiscal Year Light & Less Net
Ended Power Operating Available
June 30 Revenue 1 Expenses 2 Revenue Principal Interest Coverage 2015 207,745 147,810 59,935 8,950 8,715 339.29% 2016 204,224 146,510 57,714 9,340 8,347 326.31% 2017 204,287 151,499 52,788 11,290 10,865 238.27% 2018 213,873 148,636 65,237 12,000 11,250 280.59% 2019 230,980 155,634 75,346 12,475 10,778 324.03% 2020 226,285 156,038 70,247 13,005 10,249 302.09% 2021 222,862 155,468 67,394 13,380 9,679 292.27% 2022 207,563 155,040 52,522 13,930 9,147 227.60% 2023 260,779 192,916 67,863 7,225 8,487 431.92% 2024 290,319 169,232 121,087 7,485 8,123 775.80% Fiscal Year Less Net
Ended Water Operating Available
June 30 Revenue 1 Expenses 2 Revenue Principal Interest Coverage 2014 61,772$ 42,615$ 19,157$ 3,070$ 4,045$ 269.25% 2015 58,039 38,810 19,229 3,185 3,915 270.83% 2016 51,538 35,501 16,037 3,305 3,782 226.29% 2017 58,551 38,589 19,962 4,430 3,634 247.54% 2018 62,819 43,801 19,018 3,525 3,456 272.43% 2019 62,244 45,322 16,922 3,695 3,287 242.37% 2020 63,901 47,447 16,454 2,475 3,114 294.40% 2021 71,441 52,287 19,154 2,540 2,858 354.84% 2022 66,879 49,098 17,781 2,720 2,927 314.88% 2023 71,004 49,880 21,124 2,795 2,997 364.71% Debt Service 3
Water Revenue Bonds
Debt Service 3
Light & Power Revenue Bonds
NOTES:
1 Total operating revenues including investment earnings 2 Total oper ating ex penses ex c lusiv e of depr ec iation 3 Requirements are reported on a cash basis, excluding premiums Details regarding the city's outstanding debt can be found in the notes to the financial statements. Operating expenses do not include interest or depreciation expenses. * Amount res tated
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
272 Annual Comprehensive Financial Report | June 30, 2024 Demographic & Economic Information
Demographic Statistics
Last Ten Calendar Years
Personal Per Capita
Calendar Income Personal Unemployment
Year Population (1) (in thousands) Income (2) Rate (3)
2014 140,949 5,679,117 40,292 7.40%
2015 141,023 5,738,875 40,694 6.00%
2016 143,333 5,968,550 41,641 4.70%
2017 144,388 6,045,196 41,867 3.70%
2018 146,312 6,251,241 42,725 4.00%
2019 144,842 6,399,297 44,181 3.90%
2020 145,306 6,761,032 46,529 10.40%
2021 138,310 7,130,017 51,550 7.30%
2022 136,988 7,313,150 53,385 4.20%
2023 139,692 8,205,784 58,741 4.60%
NOTES:
1 . C alifor nia State Depar tment of Financ e
2. U.S. Census Bureau, most recent American Community Survey 3 . State of C alifor nia Employ ment Dev elopment Depar tment, Bur eau of L abor Statistic s Depar tme SOURCES: HdL, Coren & Cone, Avenue Insights & Analytics
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 273 Demographic & Economic Information
Principal Employers
Current Year and Nine Years Ago
Percent of Percent of
Number of Total Number of Total
Employer Employees Employment Employees Employment
C alifor nia Institute of Tec hnology - Jet
Propulsion Laboratory 5,029 4.57% 5,000 4.90% Kaiser Permanente 4,760 4.33% 4,813 4.53% C alifor nia Institute of Tec hnology - C ampus 3,900 3.55% 3,900 3.67% Huntington M emor ial Hospital 3,200 2.91% 3,328 3.05% P asadena C ity C ollege 2,619 2.38% 2,037 1.76% P asadena Unified Sc hool Distr ic t 2,420 2.20% 2,037 1.92% The City of Pasadena 2,260 2.05% 2,106 2.25% P ac ific C linic s Administr ation 1,100 1.00% 280 0.26% Art C enter C ollege of Design 883 0.80% 701 0.78% Hathaway -Sy c amor es 657 0.60% 681 0.63% 2024 2015
NOTES:
1. For City of Pasadena, the number includes seasonal employees. The information was provided by the City of Pasadena Human Resources department.
2 . In FY2 0 2 4 , the per c entage of total employ ment is c alc ulated using a baseline of 1 1 0 ,0 0 0 jobs in P asadena, data provided by Pasadena Chamber of Commerce.
3. While every effort has been made to ensure the accuracy of the material included in this schedule, the City of P asadena r elies at times on thir d par ty sour c es when c ompiling data. For FY2 0 2 4 , C ity of P asadena c ontac ted the top employers and obtained total employee count for each business.
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
274 Annual Comprehensive Financial Report | June 30, 2024 Full-time and Part-time City Employees by Function
Last Ten Fiscal Years
Function 2015 2016 2017 2018 2019
General gov ernment 365.0 382.0 405.0 394.0 392.5 P ublic safety 548.0 550.0 563.0 561.0 556.8 Public works 315.0 317.0 320.0 320.0 320.0 Transportation 50.0 51.0 51.0 50.0 50.0 Health 125.0 85.0 80.0 84.0 89.1 Culture and leisure 94.0 97.0 103.0 107.0 104.7 Wa ter & power 426.0 433.0 443.0 406.0 418.0 Infor mation ser v ic es 107.0 108.0 108.0 105.0 103.6 Seasonal 192.0 265.0 262.0 260.0 242.0 Total 2,222.0 2,288.0 2,335.0 2,287.0 2,276.6 Fiscal Year
SOURCE: Budget Bri ef-FY2024
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 275 Operating Information
2020 2021 2022 2023 2024
466.9 387.2 492. 2 504.7 497.4 564.8 564.8 564. 8 569.8 585.3 319.0 272.0 267. 5 267.6 267.6
50.0 51.0 51. 0 51.0 54.0 105.6 98.4 130. 0 130.1 137.7 106.8 230.2 153. 2 155.2 168.2 417.0 419.0 419. 0 419.0 419.0 103.6 100.0 77. 0 77.0 79.0
41.0 84.0 83. 0 161.0 161.0 2,174.5 2,206.5 2, 237.7 2,335.4 2,369.2 Fiscal Year
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
276 Annual Comprehensive Financial Report | June 30, 2024 Operating Indicators by Function
Last Ten Fiscal Years
Function 2015 2016 2017 2018
P
olice:
Arres ts 3,966 4,210 4,078 5,701 Transportation:
P ar king c itations/war nings issued** 185,832 166,481 175,430 150,945 Fire:
Number of emergency calls*** 18,237 19,488 19,458 19,483 Inspections 7,500 8,296 9,251 9,096 Water:
New connections 31 35 98 100 Average daily consumption (thousands of gallons) 25,436 21,144 22,535 24,757 Fiscal Year
* Infor mation was not av ailable.
***FY2015 i ni ti a l l y reported a s 14,349; corrected i n FY2016 to 18,237 ** P ar king c itations wer e or iginally r epor ted under P olic e Dept. This c ategor y mov ed to Transportaion
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 277 Operating Information
2019 2020 2021 2022 2023 2024
6,
018 5,444 2,429 3,365 3,407 1,663 129,108 125,715 68,620 97,869 119,038 118,613 19,016 19,223 16,947 18,710 21,383 19,948 8,959 8,253 6,006 2,573 5,994 7,069 88 65 63 35 81 105 23,519 23,083 25,331 24,357 20,989 21,935 Fiscal Year
STATISTICAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
278 Annual Comprehensive Financial Report | June 30, 2024 Capital Asset Statistics by Function
Last Ten Fiscal Years
2015 2016 2017 2018
P
olice:
Stations 1 1 1 1 Substations 5 5 3 3 Fire:
Fir e stations 8 8 8 8 Transportation:
Streets (miles) 322 357 357 357 Streetlights 17,207 17,452 17,584 17,597 Tr affic signals 329 329 330 330 P ar king fac ilities 9 9 9 9 Culture and leisure:
P ar k sites 20 20 20 20 Community/recreation centers 4 4 4 4 Libr ar ies 10 10 10 10 Electric Utility: 84,073
Power plants 1 1 1 1 Cus tome rs 64,931 65,039 65,564 65,318 M iles of ser v ic e 673 680 680 687 M ax imum c apac ity (megawatts) 174 175 174 174 Water:
Water mains (miles) 516 520 520 520 Cus tome rs 37,911 37,974 37,972 37,959 Av er age daily c onsumption (million gallons per day ) 26.98 28.37 25.43 21.14 Fiscal Year
SOURC E: C ity of P asadena
CITY OF PASADENA STATISTICAL SECTION
(AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2024 279 Operating Information
2019 2020 2021 2022 2023 2024
1 1 1 1 1 1 3 2 2 2 2 2 8 8 8 8 8 8 338 338 338 338 347 347 17,597 17,708 17,731 17,753 17,738 17,803 330 330 313 332 352 354 9 9 9 9 8 8 20 23 24 24 26 26 4 4 4 4 4 4 10 10 10 10 10 10 1 1 1 1 1 1 65,979 66,505 66,712 67,103 66,349 67,343 687 662 664 665 671 661 174 174 174 174 175 198 520 520 520 520 520 520 38,067 38,046 38,114 38,193 38,338 38,517
22.54 24.76 23.52 23.08 20.05 20.16 Fiscal Year