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8 PASADENA CENTER OPERATING COMPANY
Statement of Net Position
June 30, 2024
Assets
Current:
Cash and cash equivalents 8,344,453$
Investments 16,900,595
Accounts receivable 1,114,874
Due from the City of Pasadena 874,153
Prepaid assets 103,100
Restricted:
Cash and investments with fiscal agent 8,179,169
Total Current Assets 35,516,344
Noncurrent:
Capital assets not being depreciated 3,407,121
Capital assets, net of accumulated depreciation/amortization 113,254,945 Total Noncurrent Assets 116,662,066
Total Assets 152,178,410
Deferred Outflows of Resources
Accumulated decrease in fair value of hedging derivatives 2,532,588 Deferred charge on refunding 756,211
Total Deferred Outflows of Resources 3,288,799
Total Assets and Deferred Outflows of Resources 155,467,209 Liabilities
Current:
Accounts payable and other liabilities 1,650,537
Interest payable 415,905
Accrued salaries and benefits 926,409
Advance deposits payable 1,283,481
Leases payable 9,036
Subscriptions payable 174,676
Long-term debt - due within one year 7,698,075
Total Current Liabilities 12,158,119
Noncurrent:
Leases payable 5,440
Subscriptions payable 263,300
Derivative instrument liability 2,532,589
Long-term debt 122,746,925
Total Noncurrent Liabilities 125,548,254
Total Liabilities 137,706,373
Deferred Inflows of Resources
Deferred charge on refunding 3,221,166
Service concession arrangement 48,073
Total Deferred Inflows of Resources 3,269,239
Net Position
Net investment in capital assets 12,908,481
Restricted 870,240
Unrestricted 712,876
Total Net Position 14,491,597$
The accompanying notes are an integral part of these financial statements. 9 PASADENA CENTER OPERATING COMPANY
Statement of Revenues, Expenses,
And Changes in Net Position
For the Year Ended June 30, 2024
Operating Revenues
Occupancy fees 5,550,740 $
Ice skating center 3,147,206
Parking 1,926,247
Commissions 2,253,281
Total Operating Revenues 12,877,474
Operating Expenses
Pasadena center 7,867,892
Ice skating center 1,926,877
Pasadena convention and visitors bureau 3,669,953
Depreciation/amortization expense 4,097,830
Total Operating Expenses 17,562,552
Operating Loss (4,685,078)
Nonoperating Revenues (Expenses)
Transient occupancy taxes 11,607,745
Tourism business improvement district tax 4,147,528
Facility restoration fee 117,661
Contribution from City of Pasadena 1,595,488
Investment income 1,512,767
Interest expense (3,981,886)
Total Nonoperating Revenues (Expenses) 14,999,303
Income (Loss) before Capital Contributions 10,314,225
Capital contributions 69,390
Changes in Net Position 10,383,615
Net Position, Beginning of Year 4,107,982
Net Position, End of Year 14,491,597$
The accompanying notes are an integral part of these financial statements. 10 PASADENA CENTER OPERATING COMPANY
Statement of Cash Flows
For the Year Ended June 30, 2024
Cash Flows from Operating Activities
Cash received from customers 12,338,978$
Cash paid to suppliers of goods and services (5,028,197) Cash paid to employees for services (7,672,224)
Net Cash Used in Operating Activities (361,443)
Cash Flows from Non-Capital Financing Activities
Contributions from the City of Pasadena 1,595,488
Contributions from the City of Pasadena (Transient Occupancy Taxes) 11,457,788 Receipt of Tourism Business Improvement District Taxes 4,121,521 Net Cash Provided by Non-Capital Financing Activities 17,174,797 Cash Flows from Capital and Related Financing Activities Acquisition and construction of capital assets (1,382,090) Proceeds from loans and borrowings 2,500,000
Principal paid on long-term debt (7,033,231)
Interest paid on long-term debt (4,177,322)
Facility restoration fee for capital improvements 117,661 Net Cash Used in Capital and Related Financing Activities (9,974,982) Cash Flows from Investing Activities
Investment income received (4,338,372)
Change in fair value of cash equivalents 5,609,128
Net Cash Provided by Investing Activities 1,270,756
Net Increase in Cash and Cash Equivalents 8,109,128
Cash and Cash Equivalents at Beginning of Year 25,315,089 Cash and Cash Equivalents at End of Year 33,424,217$
Operating Loss (4,685,078)$
Adjustments to Reconcile Operating Loss to
Net Cash Used in Operating Activities
Depreciation and amortization 4,097,830
Amortization of deferred inflows related to lease (33,575) (Increase) decrease in leases receivable 28,448
(Increase) decrease in accounts receivable (291,459)
Increase (decrease) in prepaid assets 17,683
Increase (decrease) in accounts payable and other liabilities 59 7,298 Increase (decrease) in salaries and benefits 195,668
Increase (decrease) in advance deposits payable (288,258) Total Adjustments 4,323,635
Net Cash Used in Operating Activities (361,443)$
Non-Cash Investing, Capital, and Financing Activities:
Amortization of deferred refunding charges 400,383$
Accretion of interest on long-term debt 271,561
Amortization of service concession arrangement 69,390
Acquisition of subscription and lease assets (411,206)
Reconciliation of Operating Loss to Net Cash
Used in Operating Activities
The accompanying notes are an integral part of these financial statements. 11 3$6$'(1$&(17(523(5$7,1*&203$1<
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