Finance Committee
June 9, 2025

AGENDA

FINANCE/AUDIT COMMITTEE

SPECIAL MEETING NOTICE
JUNE 9, 2025
PUBLIC MEETING 2:00 P.M.

Members
Victor M. Gordo, Mayor
Tyron Hampton, District 1
Rick Cole, District 2
Gene Masuda, District 4
STAFF
Matthew Hawkesworth, Director of Finance
Arnold Lee, Chief Assistant City Attorney
Gloria Acevedo, Recording Secretary

MISSION STATEMENT
The City of Pasadena is dedicated to delivering exemplary municipal services, responsive to our entire community and consistent
with our history, culture, and unique character.

In compliance with the Americans with Disabilities Act of 1990, Assistive Listeni ng Devices are available from the City Clerk’s Office wit h a 24-hour advance notice.

Please call (626) 744-4124 to request us e of a listening device.

Language translation services are available for this meeting by calling (626)744-4124 at
least 24 hours in advance.

Habrá servicio de interpretación disponible para éstas juntas llamando al (626)744-4124 por lo menos con 24 horas de anticipación.

Meetings
are broadcast live on cable Channel 3 and on the Internet a t http://pasadena.granicus.com/mediaplayer.php?camera_id=2&publish_id=9 and https://www.pasadenamedia.org/watch/ (Click on Video Streamlining on the right side of the screen).

Items
on the agenda may not be called in order listed. Agendas and supporting documents are available on the Internet at
https://www.cityofpasadena.net/commissions/city -council-finance-committee/ Materials
related to an item on this Agenda submitted to the Finance/Audit Committee after distribution of the agenda packet will be posted online and listed as: “Supplemental Agenda Material Received after the Posting of the agenda”

PUBLIC COMMENT AT THE SPECIAL FINANCE/AUDIT COMMITTEE MEETING FOR JUNE 9, 2025, AT 2:00 P.M. WILL BE ACCEPTED IN-PERSON AND BY VIDEOCONFERENCE/TELECONFERENCE.

Link to City Meeting Policy:
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TO VIEW A LIVE STREAM OF THE MEETING:
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ther participating in-person or virtually at the meeting, members of the public may provide public comment by submitting a speaker card prior to the start of public comment on that item, at the following webpage:
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gac
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SPECIAL MEETING
AGENDA

FINANCE/AUDIT COMMITTEE
JUNE 9, 2025

Public Meeting: 2:00 P.M.

Council Chamber, Pasadena City Hall
100 North Garfield Avenue, Room S249

Teleconference Location:

The FIDI Hotel
11 Stone St
New York, NY 10004
Conference Room

PUBLIC MEETING – 2:00 P.M.

ROLL CALL

PUBLIC COMMENT – LIMITED TO ITEMS ON THIS SPECIAL MEETING

AGENDA AND WILL BE HEARD AT THE TIME THE ITEM IS CONSIDERED

APPROVAL OF MINUTES

April 28, 2025 Special Meeting
May 12, 2025 Special Meeting
May 26, 2025 Cancellation Notice
May 29, 2025 Cancellation Notice

OLD BUSINESS

1. BUDGET WORKSHOP FY 2026 RECOMMENDED OPERATING BUDGET

OPERATING BUDGET PRESENTATIONS:

A. ROSE BOWL OPERATING COMPANY
B. HUMAN RESOURCES
C. CITY MANAGER’S OFFICE
D. FINANCE DEPARTMENT

NEW BUSINESS

2. AMEND THE FISCAL YEAR 2025 CAPITAL IMPROVEMENT PROGRAM

2 3. AMENDMENTS TO FISCAL YEAR 2025 OPERATING BUDGET

4. FISCAL YEAR JUNE 30, 2024, SINGLE AUDIT REPORT

5. QUARTERLY INVESTMENT REPORT - QUARTER ENDING MARCH 31, 2025

6. JOINT ACTION: ADOPT THE FISCAL YEAR 2025-2026 INVESTMENT POLICY

AND INVESTMENT STRATEGY

ADJOURN

APPROV

AL OF MINUTES
 April 28, 2025 Special Meeting
 May 12, 2025 Special Meeting
 May 26, 2025 Cancellation Notice
 May 29, 2025 Cancellation Notice

01 4/ 28/2025 Joint Finance Committee Meeting

CITY OF PASADENA

JOINT MEETING OF THE FINANCE COMMITTEE AND/OR CITY COUNCIL MINUTES

PASADENA CITY HALL
100 NORTH GARFIELD AVENUE
CITY HALL COUNCIL CHAMBER S249
APRIL 28, 2025

SPECIAL MEETING

OPENING Chair Gordo called the special Joint Meeting of the Finance Committee and/or City Council to order at 5:24 p.m.

ROLL CALL: Mayor Victor M. Gordo (Chair)
Vice Mayor Jess Rivas
Councilmember Rick Cole
Councilmember Tyron Hampton (Arrived at 5:53 p.m.)
Councilmember Justin Jones
Councilmember Jason Lyon
Councilmember Steve Madison (Via Teleconference)
Councilmember Gene Masuda

Staff: Miguel Márquez, City Manager
Brenda Harvey-Williams, Assistant City Manger
Michele Bagneris, City Attorney/City Prosecutor
Matthew Hawkesworth, Acting Assistant City Manager/ Director of Finance
Greg de Vinck, Director of Public Works
Hayden Melbourn, Principal Engineer
Koko Panossian, Director Parks, Recreation & Community Services David Reyes, Interim General Manager Water & Power
Joaquin Siques, Director of Transportation
Phillip LeClair, Chief Information Officer
Dan Augustyn, Management Analyst V

Richard Yee, Principal Engineer
Gary Takara, Engineering Manager
Elena Chamorro, Principal Financial Rate Analyst
Jeremy Marquette, Assistant General Manager Customer Service and Technology
Clarence Siruno, Manager of Utility Financial Services
Stacy Jacobson, Financial Rate Analyst
Brad Boman, Engineering Manager
Kelly Nguyen, Assistant General Manager
Lynne Chaimowitz, Assistant General Manager
Stacie Takeuchi, Chief Assistant General Manager
Varoojan Avedian, Assistant General Manager
Phyllis Hallowell, Public Works Administrator

02 4/ 28/2025 Joint Finance Committee Meeting

Ozzie Aranda, Management Analyst II
Mark Jomsky, City Clerk
Gloria Acevedo, Recording Secretary

Guests: Michael Ross, Chief Executive Officer, Pasadena Center Operating Company
Jens Weiden, Chief Executive Officer/General Manager, Rose Bowl Operating Company
Derek Doolittle, Assistant General Manager, Rose Bowl Operating Company
Steve Haderlein, President, Rose Bowl Operating Company Mo Salama, Chief Financial Offer, Rose Bowl Operating Company

NEW BUSINESS: CITY MANAGER’S RECOMMENDED FISCAL YEAR 2026-2030

CAPITAL IMPROVEMENT PROGRAM BUDGET

PUBLIC WORKS
Matthew Hawkesworth, Acting Assistant City Manager/ Director of Finance, provided an opening statement.

Chair Gordo introduced Greg de Vinck , Director of Public Works, who provided a PowerPoint presentation and responded to questions.

The following individuals provided a comment/suggestion on the matter.

Sean Devey, graduate student from Caltech advocated for the CIP budget to have an increased focus on resolution 9977.

Greg Apodaca, reminded the City Council of the devastation of the Eaton Fire, having suffered personal loss and would like to see the CIP budget focus on rebuilding sustainably.

Karen French, is interested in how City priorities are established.

Cynthia Cannady, Pasadena 100, advocated for an increase in Citywide rooftop solar as the proposed budget does not include any plans for any new installation.

Correspondence was received urging the City Council to support the Capital Improvement Program ( CIP) budget aligning with the Climate Emergency Resolution 9977, distributed to the Committee, posted online, and made part of the public record.

Councilmember Jones inquired about the lack of solar projects, the feasibility to defund projects and transfer those funds towards an

03 4/ 28/2025 Joint Finance Committee Meeting

increase in street paving, and advocated for the replacement of street signs in District 3.

Councilmember Cole shared his concerns about the methodology for the allocation of the gas tax and on the $400,000 line item for hiring consultants to complete the Street Tree Master Plan (STMP).

Councilmember Masuda expressed his concern for the lack of solar and asked that significant consideration to be given to street lighting and street paving.

Councilmember Lyon suggested that the City might want to consider dipping into the 5% operating reserve fund to pay for an increase in paving projects. He also, wants to have discussions about trees prior to the completion of the STMP.

Councilmember Madison suggested for the City Council look at trees during the current budget cycle as it affects public safety.

Councilmember Hampton advocated for setting aside more funds for the care of the City’s roads and asked if it was feasible to use undergrounding funds for the installation of solar on residential homes.

DEPARTMENT OF TRANSPORTATION
Chair Gordo introduced the item and Joaquin Siques, Director of Transportation, presented a PowerPoint presentation and responded to questions.

Councilmember Jones asked how long the electric buses will utilize the Transportation Operations Maintenance Facility located on Hammond Street. Mr. Siques confirmed the date was extended until 2028.

Councilmember Cole requested an explanation on how the department plans to complete the $180 million dollar in programs with only $130,000 in appropriations and suggested to staff to start looking at funding sources outside of grants in the next five-years.

PASADENA WATER AND POWER
Water
Chair Gordo introduced the item and David Reyes, Interim General Manager, introduced Lynne Chaimowitz, Assistant General Manager, who provided a PowerPoint presentation and responded to questions.

Councilmember Masuda, inquired about the feasibility of undergrounding homes in the upper Hastings Ranch that have power lines behind their property. Mr. Reyes responded that prioritization is

04 4/ 28/2025 Joint Finance Committee Meeting

given to power lines that are in high fire zones (tiers 2 and 3) and most of these are not behind residential properties.

Councilmember Ly on asked for an explanation on the difference between recommended appropriation listed and the work plan and thanked the department for the increased collaboration with Public Works in completing projects.

Councilmember Cole asked why the department isn’t allocating funds for storm water projects, rather than rely on funding from Measure W that is overseen by the Public Works Department, asked about the five wells that are not in service, and if there were concerns with the quality of the water.

Councilmember Hampton inquired about the number of City owned reservoirs in Altadena and asked if there is a plan to underground power to them given, some were compromised during the recent Eaton Fire.

Stacie Takeuchi, Chief Assistant General Manager, responded that some of the reservoirs in Altadena were fed by City owned utilities, which allowed for quick repairs, Southern California Edison (Edison) is looking at undergrounding the one reservoir it supports in Altadena.

Councilmember Hampton also asked about back up plans that will allow the department to provide clean drinking water to residents during natural disasters. Lastly, Councilmember Hampton asked why the department does not pave an entire street when doing work on part of the street.

Councilmember Jones asked how many miles of water distribution main projects are completed annually. Ms. Takeuchi responded that typically its two-and-a half to five-miles; however larger projects, are one-and- a half mile. Councilmember Jones also asked that staff bring options to the City Council on how to allocate additional funds to street improvement projects, as he is not ready to recommend dipping into the 5% operating reserve fund.

Chair Gordo is reluctant to taking money from the reserve funds to fund capital improvement projects as they are reserved for emergencies.

Chair Gordo also asked staff to reach out to Edison to explore the opportunity for Pasadena Water and Power (PWP) staff to make repairs to utility owned reservoirs that are powered by Edison.

Power
Councilmember Cole asked for an explanation on how the $13.5 million solar battery storage fund will be utilized in FY 26. Ms. Chaimowitz confirmed, the initial stage will be a construction phase needed to be able to connect the project to the California ISO grid.

05 4/ 28/2025 Joint Finance Committee Meeting

Councilmember Hampton asked for clarification that the concrete on Raymond Ave., will be removed and replaced with asphalt. Mr. de Vinck confirmed the street will be repaved; he will use value engineering to determine what material will be used. Mayor Gordo recused himself during this question (2 minutes). In addition, Councilmember Hampton believes incentivizing solar projects for all residents should become part of the CIP budget. Lastly, he thanked PWP for their efforts, in particular with the recent windstorm and Eaton Fire.

Councilmember Lyon believes that increasing solar on City projects should be considered an emergency.

DEPARTMENT OF INFORMATION TECHNOLOGY
Chair Gordo introduced the item and Phillip LeClair, Chief Information Officer, provided a PowerPoint presentation and responded to questions.

Councilmember Hampton asked about Wi-Fi availability and security at all parks. He also requested for the installation of emergency poles at Brookside Park and around the Rose Bowl, a progress report on the subject should be presented to the Public Safety Committee. Lastly, he asked staff to diversify the electric vehicle charg ing station’s vendors and to look at simplifying the point of sale at all charging stations.

Councilmember Jones requested information on the technology used to protect against data breaches.

Councilmember Madison requested for the department to work with the Pasadena Fire Department and the Pasadena Police Department to identify hot spots that could detect wildfires as well as other public safety dangers.

Chair Gordo recommends the prioritization of technology that supports public safety. The City should count on state -of-the-art technology. He also asked all City departments that have aging technology that support public safety to bring the item to the City Council before failures contribute to a crisis.

PASADENA CENTER OPERAT

ING COMPANY IMPROVEMENTS
Chair Gordo introduced the item and Michael Ross, Chief Executive Officer, Pasadena Center Operating Company, provided a PowerPoint presentation.

Chair Gordo expressed gratitude to the Pasadena Center Operating Company (PCOC) Board and Staff for a great job during the recent Eaton Fire. Mr. Ross thanked City staff for their role in getting the Emergency Operations Center up and running very rapidly.

06 4/ 28/2025 Joint Finance Committee Meeting

Councilmember Madison asked that the future of the Ice Skating Center be considered in this budget cycle.

Councilmember Hampton pointed out the great job that the PCOC team does in welcoming all event attendees.

ROSE BOWL OPERATING COMPANY IMPROVEMENTS
Chair Gordo introduced Steve Haderlein, President, Rose Bowl Operating Company, who introduced Derek Doolittle, Chief Operations Officer, Rose Bowl Operating Company, who provided a PowerPoint presentation. Jens Weiden, Chief Executive Officer/General Manager, Rose Bowl Operating Company, responded to questions.

Councilmember Cole asked Mr. Weiden to clarify the part the Rose Bowl Legacy Foundation will take in providing funds, the projects that are needed to keep the stadium competitive, and projects necessary to maintain the 100-year-old stadium.

Councilmember Madison thanked the R ose Bowl Operating Company (RBOC) staff and the Board for their efforts , reminded City staff to consider the Rose Bowl outside of just a sports venue, and asked that public services continue to be incorporated. He also reminded the City Council that all projects are thoroughly vetted by the RBOC Board.

Chair Gordo pointed out the important role the Rose Bowl played in the Eaton Fire.

Councilmember Hampton agrees that safety enhancements at the Rose Bowl and surrounding facilities should continue and thanked the Department of Transportation staff for their efforts in installing a safety crosswalk on the corner of Seco St. and Rosemont Ave.

Closing Comments
Councilmember Cole asked the City Council to consider investing in place making to increase future property and tax revenue, needed to fund critical CIP projects, such as investing in fixing City streets and fire safety among others. He gave the example of the investment model the City used when developing Old Pasadena.

Chair Gordo commented on the place making that has been taking place in the City, naming the Playhouse District, North Lincoln Avenue, the Pasadena Convention Center, and City parks as thriving investments.

Councilmember Madison spoke on the investments the City has made on City Hall, the Rose Bowl, the relinquishment of the 710 stub, and asked staff to continue the development of aspirational budgets.

07 4/ 28/2025 Joint Finance Committee Meeting

Vice Mayor Rivas commented on the need to see a through line on CIP projects.

Councilmember Hampton would like to see a report on the fluoride content in the City’s potable water.

Following a brief discussion, on the order of the Chair and consensus of the Committee, the presentations were received and filed.

ADJOURNMENT: On the order of the Chair, the special meeting of the Joint Meeting of the Finance Committee and/or City Council was adjourned at 9:50 p.m. in memory of Peggy Sisson, Bob Denham, Edwin “Jed the Fish” Gould, Rich Marta, and Andrea Donahue.

ATTEST: ___________________________
Mayor Victor Gordo, Chair
Finance Committee/City Council

____________________
Gloria Acevedo
Recording Secretary

01 5/12/2025 Finance Committee Meeting

CITY OF PASADENA

MEETING OF THE FINANCE COMMITTEE MINUTES

PASADENA CITY HALL
100 NORTH GARFIELD AVENUE
CITY HALL COUNCIL CHAMBER S249
MAY 12, 2025

SPECIAL MEETING
OPENI
NG Chair Gordo called the special Meeting of the Finance Committee to order at 3:04 p.m.

ROLL CALL: Mayor Victor M. Gordo (Chair)
Councilmember Rick Cole
Councilmember Tyron Hampton (Arrived at 3:36 p.m.)
Councilmember Gene Masuda
Staff: M
iguel Márquez, City Manager
Brenda Harvey-Williams, Assistant City Manger
Arnold Lee, Chief Assistant City Attorney
Matthew Hawkesworth, Acting Assistant City Manager/ Director of Finance
Alex Souto, Deputy City Manager
Tiffany Jacobs-Quinn, Director of Human Resources
Hayden Melbourn, Principal Engineers
Koko Panossian, Director Parks, Recreation & Community Services Sam De Sylva, Police Lieutenant
Tim Park, Budget Administrator
Rachelle Razon, Senior Administrative Analyst
Byanca Banaga, Senior Administrative Analyst
Gloria Acevedo, Recording Secretary

APPROVA
L OF MINUTES: It was moved by Councilmember Masuda, seconded by Councilmember Cole, to approve the minutes of the April 14, 2025, Special Finance Committee Meeting (Motion Unanimously carried) (Absent
Councilmember Hampton).

NEW BUSI
NESS: AUTHORIZE THE CITY MANAGER TO EXECUTE GRANT RELATED

DOCUMENTS FOR THE EDWARD BYRNE MEMORIAL JUSTICE

ASSISTANCE GRANT AWARD AND AMEND THE POLICE
DEPARTMENT’S FISCAL YEAR 2025 OPERATING BUDGET BY
RECOGNIZING REVENUE AND APPROPRIATING $34,390 IN

GRANT FUNDS
Chair Gordo introduced Sam De Sylva, Police Lieutenant, who provided a PowerPoint presentation and responded to questions.

02 5/12/2025 Finance Committee Meeting
Councilmember Cole suggested for staff to provide all relevant details about the subject in the agenda reports.

Councilmember Masuda asked about the number of stolen vehicles that are recovered each year by the automatic license plate reader technology.

It was moved by Councilmember Cole, seconded by Councilmember Masuda, to approve staff’s recommendation and forward the item to the City Council for consideration. (Motion Unanimously carried) (Absent:

Councilmember Hampton)

APPROVE THE ALLOWABLE USES AND CHARACTERISTICS

OF ENTITIES ALLOWED TO SUBMIT PROPOSALS FOR THE

BUILDINGS WITHIN HAHAMONGNA WATERSHED PARK

ANNEX AREA REPORT
Chair Gordo introduced the item and Koko Panossian, Director Parks, Recreation & Community Services , presented a PowerPoint presentation and responded to questions.

The following individuals provided a comment/suggestion the matter.

Charles Thomas, representing Outward Bound Adventures
Brandon, Hammerli, representing Climate Resilience Education and Environmental Center
Emily Hopkins, representing Climate Resilience Education and Environmental Center (Side Street Projects)
Samantha Johnson-Yang, representing Climate Resilience
Education and Environmental Center (Tongra SBBMI)
Heavenly Hughes, Pasadena Resident
David Weeshoff, representing Pasadena 100
Marcus Renner, Pasadena Resident
Dr. Julianna Delgado, Pasadena Resident
Leigh Adams, Pasadena Resident
Laurel Siegel, Pasadena Resident
Tim Martinez, Pasadena Resident
Heather Wu, representing Climate Resilience Education and Environmental Center
Ana Sodviver, representing Climate Resilience Education and Environmental Center

03 5/12/2025 Finance Committee Meeting
Glori
a Acevedo, Recording Secretary, reported that four letters of correspondence were received, which were distributed to the Committee, posted online, and made part of the public record.

Chair Gordo pointed out the buildings were n ot intended for rehabilitation, by resolution, the City purchased the land in 2005 and determined the space would be used as a park or recreation space. He also shared that in 2022, the City explored the option to rehabilitate the buildings and convert them to a career technical education center in partnership with Pasadena City College (PCC); however, that use did not meet the criteria outlined by the Metropolitan Water District transfer deed and the adopted City resolution. Chair Gordo cautioned the Committee to move forward with a Request for Proposal (RFP) only after the City Attorney’s office reviews the transfer deed fr om Metropolitan Water District, the City adopted resolution, and explores the feasibility to amend the documents, if restrictions don’t allow the use of the space, other than for outdoor/recreation. The action would prevent the selected entity from experiencing legal challenges.

Councilmember Hampton requested clarification on the cost estimates outlined in the agenda report and on the condition of the buildings when acquired. He recalled that at one-point , Interim City Manager, Cynthia Kurtz, explored the possibility to use the site as an educational center in partnership with PCC, and asked that the RFP, move along in an expediated manner. He also pointed out that this is a great opportunity to hire and train locally. Councilmember Hampton also asked City Manager, Miguel Márquez, if the City can support the $9 million dollars estimated that are needed for this project. Mr. Marquez indicated the goal is to have the successful proposer of the project to provide the funding, the City would remain as a partner.

Councilmember Cole thanked Mr. Panossian for a great presentation.

He echoed Councilmember Hampton’s remarks regarding moving forward with the RFP and agreed with incorporating Chair Gordo’s recommendation to review the legal requirements for the use of the space.

Mr. Márquez committed to returning the item to the full City Council on June 2, 2025, with answers to the questions raised by the Committee and a plan to expediate the RFP process.

It was moved by Councilmember Hampton, seconded by
Councilmember Cole with the recommendation to approve the potential demolition of the buildings, explore any legal restrictions on the property (including the feasibility to amend the deed restrictions and the resolution adopted by the City Council for the use of open space) ,

04 5/12/2025 Finance Committee Meeting
expediate the issuance of the RFP, and forward the item to the City Council for consideration. (Motion Unanimously carried) (Absent: None) BUDGET WORKSHOP FY 2026 RECOMMENDED OPERATING
BUDGET
OPER
ATING BUDGET PRESENTATIONS:

A. HUMAN RESOURCES
B. CITY MANAGER’S OFFICE
On the order of the Chair and consensus of the Committee, the item was moved to the May 29, 2025, Finance Committee Meeting.

INFORMATION ONLY: Pasadena Center Operating Company Transient Occupancy Tax (TOT) and Tourism Business Improvement District (TBID)
On the order of the Chair and consensus of the Committee, the item was received and filed.

ADJOURNME
NT: On the order of the Chair, the special meeting of the Meeting of the Finance Committee was adjourned at 5:02 p.m.

ATTES
T: ___________________________
Mayor Victor Gordo, Chair
Finance Committee
______________
______
Gloria Acevedo
Recording Secretary

DEPARTMENT OF FINANCE

CITY OF PASADENA

NOTICE OF CANCELLATION

FINANCE COMMITTEE

SPECIAL MEETING
MAY 29, 2025
NOTICE IS HEREBY GIVEN that the special meeting of the Finance Committee, scheduled for Thurs day, May 29, 2025, at 3:30 p.m. in the Pasadena City Hall, 100 North Garfield Avenue, Pasadena, is cancelled due to a lack of a quorum.

I HEREBY CERTIFY that this notice, in its entirety, was posted on the Internet at www.cityofpasadena.net/commissions/city-council-finance-committee and on the Council Chamber Bulletin Board, Room S249 and the Bulletin Board in the rotunda area, City Hall, 100 North Garfield Avenue, this 29th day of May 2025, by 3:30 p.m., and that copies hereof were faxed, emailed or delivered to each member of the City Council and to each local newspaper of general circulation, radio or television station requesting notice in writing, all of which recipients are identified on the distribution list set forth herein below.

DISTRIBUTION:

City Council
City Manager
City Attorney
Public Information Officer
Los Angeles Times
Pasadena Independent
ColoradoBoulevard. net
La Opinion
Pasadena Weekly
Pasadena Now
Pasadena Star News
Conversation Live
Glor
Finance Committee
Revised

OLD BUSINESS
ITEM 1 A
1 . BUDGET WORKSHOP FY 2026 RECOMMENDED

OPERATING BUDGET
OPERATING BUDGET PRESENTATION:

A. ROSE BOWL OPERATING COMPANY

Rose Bowl Operating Company
(RBOC)
FY 2026 Recommended Operating
Budget
1 May 29, 2025
City of Pasadena
Finance Committee

Mission Statement
The mission of the Rose Bowl Operating
Company (RBOC) is to improve the quality of
life in Pasadena by providing top quality
entertainment and by generating revenue
through the operation of a world-class stadium
and a professional quality golf course complex.
2

Fiscal 2025 Accomplishments
3 Fiscal 2025 Summary
• Debt Service: The RBOC will pay the entire Debt Service obligation in FY 2025 with no General Fund support. RBOC worked closely with City Finance to refinance the 2010B Bonds and flatten the bond debt payments from annual escalation by $200-400K per year.
• Reinvestment: RBOC has reinvested in the Stadium and Golf Course capital infrastructure and preventative maintenance; in FY2024 spend was $4M, FY2025 Budget $8.4M, and anticipated FY2026 Budget of $28.5M (which includes $22M in Lasting Legacy Campaign funds and $6.5M from Capital fund balance). • Capital: At the RBOC Board direction staff has prepared a long-term capital needs plan to present the City of Pasadena Council as outlined in the Operating Agreement.
• Legacy Foundation: Life to date actual transfers and Grant funding $32M. Legacy has begun efforts related to Capital campaign targeting fund raising of $80M and continues pursuit of Government grant funding opportunities. • Music Festival: Fiscal year 4, of 7-years completed with AEG; RBOC to net $3.0M.

RBOC was able to extend the contract Guarantee by 2 years with a $1.5M credit in FY 2024.

Fiscal 2025 Accomplishments
• Eaton Fires: On January 7, 2025, the Eaton fire broke out in the San Gabriel Valley, significantly impacting the Altadena and Pasadena communities. • The Rose Bowl Stadium quickly responded to the ever-growing needs and proudly served its community as a command center for first responder operations ensuring that 4,000 personnel were able to have a home base, warm meals and other basic needs while fighting the Eaton fire.
• The Rose Bowl Stadium in partnership with the Pasadena music festivals Cruel World, Just Like Heaven, and Head In The Clouds, donated $250,000 (with 50% RBOC contribution) to the Pasadena Community Foundation - Eaton Fire Relief and Recovery Fund, which supports the immediate and pressing needs of those impacted by the fire.
• The RBOC also partnered with Live Nation on a first responder show that along with Fire Aid raised over $100M for those impacted by the fires • Fiscal Impact – Initial lost revenues and increased expenses total $2.4M due to the Fires; RBOC is working with Insurance, City/FEMA for potential expense recovery:
• Lost Revenues $1.5M: 1 Concert $654K. Flea Market $166K, Enterprise Events $93K, Golf Complex $550K • Increased Expense $925K: Golf Expenses $625K, Stadium Expenses $300K 4 Rose Bowl served as the command center for the Eaton Fires

Fiscal 2025 Accomplishments
• America’s Stadium annually hosts dozens of events supporting local community groups which generates more than $7 million annually for local causes as homelessness, education, athletics and community support events – these organizations include
• The First Tee of Pasadena, Ronald McDonald House, Union Station Homeless Services, Pasadena Unified School District, and many more. • Egg Bowl, Cinco de Mayo at the Rose Bowl, Open Houses with Tours, Athletes in Schools Program, Women’s Empowerment Symposium, Networking Luncheon, Annual Turkey Tussle and Turkey Trot 5K. • The continued growth trajectory of the Rose Bowl Institute’s free programs, due to funded donor support, within the community have included sportsmanship dialogues and awards.
5 Community Program Highlights

Fiscal 2025 Forecast
FY 2025 Forecast reflects a budget miss of $2.1M with key areas:

Net Event Income anticipated to miss budget by $409K mainly due to :
• Football UCLA and Rose Bowl Game ran to budget with a net event income of $10.4M • Music Festival missed by $247K due to 4 fewer shows admission fees for a Net Event Income of $3.1M • Concerts and Soccer combined net positive of $123K (Including the 6 pending matches in June for Club World Cup)
• Flea Market projected to net $1.5 million; budget miss of $78K due to cancellation of the January event. • Enterprise Events projected to net $1.5 million; budget miss of $205k due to impact of the Eaton fires.

Brookside Golf Complex is anticipated to miss budget by $2.3M, mainly due to:
• Revenues Budget miss of $1.0M of which $550K in lost revenue was due to complex closure from fires. • Expenses increases due to Eaton Fires $625K in range sod, repairs to structures, netting, irrigation etc. • Golf Operating expenses increased by $650K as water rates increased (30% FY24 to FY25) due to changes in billing structure; course continues to reduce water usage, and transition to new operator with onetime costs and increases in insurance and personnel (benefits and taxes). •FY2025 is the first year under Troon management. The complex continues to provide best in industry services.

Non-Event Income anticipated to be $1.7K better than budget with interest earnings.

Reserves are anticipated to increase by $1.1M mainly due to the increased expenses associated with Club World Cup and the RBOC Operating Reserves Policy requirement of 8% of expenses to Reserves.

Anticipated FY 2025 Net Loss will be $3.3M ($1.3M Operating and $2.0M Reserves) funded from operating available balance.
6 Fiscal 2025 Forecast Summary

Rose Bowl Operating Company
FY2025 Adopted Budget and Forecast
7 In thousands

Fiscal 2026 Budget: Current Targets
• Current Targets
• Excitement about continuing successful operations with current events’ fiscal performance, new revenue streams, Legacy fund- raising and Golf revenues. • June 2022, Forecast FY 2026 was ($6.5M) Net Loss with General Fund demands.
• Current, Recommended FY 2026 Budget anticipates $1.5M Net Income to be transferred to Capital Reserves.
• Continued focus on assessing market demands for major events, flea market and other enterprise events. Assessments include managing events’ caliber; neighborhood impacts and net event income.
• Obtaining City Council approval, launching of Family Golf and executing on the successes observed in that market.
8 Fiscal 2026 Budget focus is an investment in the future of the Rose Bowl

Fiscal 2026 Budget: Future Planning
• Current Targets (Continued)
• Efforts to continue investments in the stadium/golf complex staffing, capital, and preventative maintenance.
• Highest Historical Capital Budget for FY2026: $28.5M with a funding plan from Net Operating Income, Legacy Capital Campaign efforts and partners.
• Capital Spend planned: Lasting Legacy Campaign South End Zone and Stadium $26.5M and Golf Course $2.0M
• FY 2026 planned Preventative Maintenance from Operations of $2.0M. • Negotiated contracts for increased investments in the campus. • Multimedia (Advertising) contract with JMI with $8.0M committed to Capital • Golf Complex Management with Troon up to $4.5M committed to Capital • Olympic venue contract negotiations to begin
• Premium Seating Sales contract under review and negotiations. 9 Fiscal 2026 Budget focus is an investment in the future of the Rose Bowl

Fiscal 2026 Budget Sensitivities
• Events Summary:
• Football: UCLA to Big-Ten Conference and Rose Bowl Game Quarterfinal 2 nd year. • 7 Concerts and 1 Soccer match .
• 10 Music Festivals with threshold payment of $450K.
• Flea Market & Enterprise Events – assumed continued growth trends. • Speculative Events days included in the above (9 of 25): 4 Concerts, 1 Soccer match and 4 Music Festival holds.
• Golf Complex: Golf Revenues per round increased by $5.75 per round mainly due to increases in greens fees, cart rentals, and driving range fees. The increases in revenues are necessary to offset water rate increases (FY24 to FY25 30% and FY25 to FY26 12.5%).

Food and Beverage continues assumed growth of catering during events as UCLA Tailgating. Staff continues diligence to manage controllable expenses, with concerns about water costs increasing due to tier levels.
• Expenses with potential additional significant impacts and budget increases of:
• Utility rates (Water and Electricity): Golf water increased by 44% or $420K and Stadium Electricity increased 11% or $150K.
• Stadium environmental sustainability increased 11% or $50K, and Golf Insurance increased 13% or $54K.
10 Fiscal 2026 Key Budget Assumptions

Rose Bowl Operating Company
FY2025 Adopted Budget and FY2026 Recommended
11 In thousands

Rose Bowl Operating Company
FY26 Forecast to Recommended Budget comparisons
12 Recommended Net Income up $873K from the May 2024 Proforma for FY2026 In thousands

Rose Bowl Operating Company
Budget Historical Events Statistics
13

Rose Bowl Operating Company
14 Budget Historical Net Event Income In thousands

Rose Bowl Operating Company
Budget Historical Operating Net Income/(Loss)
15

Rose Bowl Operating Company
Budget History Revenues in thousands
16

Rose Bowl Operating Company
Budget History Expenditures in thousands
17

Rose Bowl Operating Company
Budget History By Division or Major Budget Area in thousands 18

Rose Bowl Operating Company
Key Issues
• Identify incremental revenue
opportunities
• Focus on long term financial
structure and health for the complex
• Music Festival success
• Stabilize and grow golf course
property revenue. Work to identify
reliable and affordable water
sources.

Strategies
• Focus on big picture thinking
around appropriate revenue
generating activities and uses on
the entire campus
• Work closely with the City in
forecasting revenue, expenses and
funding necessary for bond debt
service and capital improvements
• Recognize the importance of music
festivals and provide support to
help them succeed and achieve
revenue share above guarantee
• Refine efforts related to increasing
net golf course as well as food &
beverage revenue. Identify more
opportunities on golf complex
including the Family Golf initiative
19 FY 2026 Key Issues and Strategies

Rose Bowl Operating Company
Key Issues (continued)
• Continued focus on event
operations, including security and
outside the fence line management
• Prepare for 2028 Olympics
• Identify long-term capital funding
sources
• Success of existing tenants
Strategies (continued)
• Work and communicate closely
with public safety officials, event
promoters and stakeholders
• Collaborate with Los Angeles
leaders and put forth an effort
based on Stadium’s history and
brand to provide Pasadena a
global platform
• Legacy 2.0 continue to focus on
collaboration with donors, City,
State and Federal Governments
• Leverage existing agreements and
create new public/private
partnerships that increase revenue
and capital funding for all parties
20 FY 2026 Key Issues and Strategies

Rose Bowl Operating Company
21 20-Year Capital Improvement Plan
Purpose and Status
> To provide City Council with a forward-looking, order-of-magnitude view of anticipated capital investment needs over the next 20 years for the City-owned Rose Bowl Stadium and Brookside Golf Complex. This is not a deferred maintenance list, but a capital roadmap.
> Current Facility Status: the stadium and golf course are in good condition - successfully hosted the 2025 Rose Bowl Game and 2024 UCLA Season; Brookside successfully hosted Pasadena City Championship March and various music festivals.

Impact
> Ensures continued ability to host world-class events and drive economic impact > Protect two of Pasadena’s most visible and celebrated public assets > Avoids future system failures through responsible, phased modernization > Advances guest safety, operational efficiency, and regulatory compliance Today’s Action
> Informational only. No approvals or funding decisions are being requested. The RBOC will return to Council annually with an updated outlook.

Rose Bowl Operating Company
Funding Strategy
> Revenue from a full, active event calendar
> Philanthropic gifts via the Rose Bowl Legacy Foundation > State & Federal grant pursuits
> Select City partnership for infrastructure projects
Project Prioritization
> Near-term (0-5 years): Based on Consequence x Likelihood of Failure > Additional Filters: safety, disruption, risk, regulatory need, reputational impact > Ongoing investment in modernization ensures continued reliability 22 Total 20-Year Estimated Investment: $243 Million
Venue Estimate Key Focus Areas
Rose Bowl Stadium $216.50 million Structural systems,
plumbing, technology,
security, guest
experience
Brookside Golf Course $26.50 million Irrigation, cart paths, clubhouse, infrastructure

END OF PRESENTATION
23

OLD BUSINESS
ITEM 1 B
1 . BUDGET WORKSHOP FY 2026 RECOMMENDED

OPERATING BUDGET

OPERATIN
G BUDGET PRESENTATION:

B. HUMAN RES
OURCES

Human Resources Department
FY 2026 Recommended
Operating Budget
Finance Committee
May 12, 2025

Human Resources Department
FY 2025 Accomplishments
• Labor Relations and Classification & Compensation
> Negotiated multi-year labor agreement with the Pasadena Police Lieutenants Association (New Bargaining Unit)
> Implemented numerous class & comp adjustments to improve retention • Employee Wellness
> Launched Walking Wednesdays at City Hall
> Onsite mental health and trauma resilience support
• Supported local recruiting efforts
> KPI – local hiring into entry-level positions FY25 to date = 56% • Employee Equity & Engagement
> 1st Employee engagement survey & program rolled out
▪ Overall score 3.87 out of 5 (80th percentile of government agencies) ▪ 73% participation (1,463 employees)
> Eaton Fire Support for displaced employees
2

Human Resources Department
FY 2025 Accomplishments
3

Human Resources Department
FY 2025 Accomplishments
4

Human Resources Department
FY 2026 Priorities/Work Plan
• Human Resources Department Strategic Planning
> Review and update KPI’s
> Review time-to-hire life cycle
> Evaluate resource/staffing allocation
• City-wide Recruitment and Retention
> Continue classification and compensation studies
> Social Media presence and branding as employer of choice • Employee Equity & Engagement Program
> 2nd Employee Engagement Survey
> Continue to support employees impacted from Eaton Fire • Labor Negotiations
> Four multi-year MOUs expiring June 30, 2026:
▪ AFSCME, IBEW, LIUNA, and PPOA5

Human Resources Department
Expense History by Category
6 *Risk Management re-org moved budget and FTEs for WC/Safety from HR to City Manager’s Office in FY 25.
**Capital Outlay: FY 23 actuals reflect lease buyout of now CMO-Risk Management Safety vehicle and GASB 96 (expense with offsetting revenues). FY 25 budget reflects four electric vehicles HR funded using AQMD funds for the Fire Department (3) and Public Works (1).

Category
FY 2023
Actuals
FY 2024
Actuals
FY 2025
Adopted*
FY 2026
Recommended % Change
Personnel 5,181,019 5,591,613 4,951,812 5,341,072 7.9%
Services & Supplies 2,795,129 3,149,388 1,474,405 1,700,477 15.3% Capital Outlay** 153,762 160,363 208,000 0 -100.0%
Internal Srvc Chrg 826,419 1,019,242 861,165 1,056,220 22.7% Debt Service 55,027 107,821 0 0
Operat Transfer Out 0 25,000 40,000 40,000 0.0%
Operating Expense 1,567 1,436 0 0
Grand Total 9,012,923 10,054,862 7,535,382 8,137,769 8.0% FTE 35.00 36.00 30.00* 30.00 0.0%

Human Resources Department
Cost Drivers – Comparison of FY 2026
Proposed vs FY 2025 Adopted Budget
7 • Personnel increased by $389,260 (+7.9%)
> Salary, MOU adjustments, filled vacancies and benefits increase: $313,404 (+8.0%)
▪ FY 25 Vacancies: 3; FY 26 Vacancies: 0
> Pension Increase: $75,856 (+7.5%)
• Services/Supplies increased by $226,072 (+15.3%)
> Increases in professional services contracts that have been absorbed over last three years, plus annual CPI adjustments > Increased volume of pre-employment services
• Internal Services (IS) increased by $195,055 (+22.7%) > Cost Allocation Plan (CAP) increase and BSFMD & DoIT charges ▪ CAP increase of $127,553; charged 100% to Fund 504 –
Benefits Fund

OLD BUSINESS
ITEM 1 C
1 . BUDGET WORKSHOP FY 2026 RECOMMENDED

OPERATING BUDGET

OPERATING
BUDGET PRESENTATION:

C. CITY MANAG

ERS OFFICE

City Manager Office
FY 2026 Recommended
Operating Budget
Finance Committee
May 12, 2025

City Manager Department
FY 2025 Accomplishments
• Secured approval of Charter Amendments: Measures

PA, PB, PC
, PF, PR and Measure PL
• Hired Sustainability Coordinator to coordinate City’s susta
inability efforts and environmental programs
• Completed Historic Project research of Reconnecting
Communi
ties 710 Master Plan and introduced land use
themes, mobility, and circulation options
• Supported 18 departments with media outreach,
interview
s, and press conferences
• Risk Management reduced employee injuries,
implement
ed the workers compensation carve out
program, and closed new pre-litigation claims
2

City Manager Department
FY 2025 Accomplishments – Risk Management
3

City Manager Department
Appropriations by Category
4 Category
FY 2023
Actuals
FY 2024
Actuals
FY 2025
Adopted
FY 2026
Recommended
%
Change
Personnel $5,585,206 $6,987,788 $10,425,881 $11,034,764 5.8% Services & Supplies $2,789,121 $4,231,218 $8,005,105 $7,084,008 -11.5% Capital Outlay $227,786 $53,126 $0 $0 0%
Internal Services $587,161 $693,400 $1,011,660 $1,280,360 26.6% Grand Total $9,189,274 $11,965,663
$19,442,646 $19,399,132 -0.2%
FTE 59.00 56.00 -3.00

City Manager Department
Appropriations by Division
5 Division
FY 2023
Actuals
FY 2024
Actuals
FY 2025
Adopted
FY 2026
Recommended
%
Change
City Management – Admin $3,098,667 $4,190,153 $6,114,394 $5,945,659 -2.8% Public Affairs $901,196 $621,411 $843,086 $880,555 4.4% Economic Development $4,581,452 $6,443,699 $6,652,161 $6,228,907 -6.4% Internal Audit $601,599 $412,912 $580,074 $591,896 2.0% Risk Management $6,309 $297,487 $5,252,931 $5,752,115 9.5% Total $ 9,189,274 $11,965,663 $19,442,646 $19,399,132 -0.2%

City Manager Department
Appropriations by Fund
6 General Fund
53%
Workers'
Comp Fund
21%
Workforce
Innov and
Opp Act
19%
General
Liability Fund
7%
Fund Amount
General Fund $10,214,199
Workers’
Compensation
$4,093,256
WIOA Act $3,638,060
General Liability $1,453,617
TOTAL $19,399,132

City Manager Department
Significant Changes from FY 2025 Budget
• Personnel incre ase of $609k (5.8%)
> 56.0 FTE (net decrease of 3.0 FTE)
 Career Services Division – reduce b y 4 FTE
 Administration – trans fer of 1 FTE Office of the Young Child to City Manager’s Office
• Services and Supplies decrease of $921k (-11.5%)
> Decrease Career Services to align with funding
> Decrease Reconnecting Communities 710 budget to
align
with consultant contracts and term
• Internal Service Charges increase of $269k (26.6%)
> Inflationary adjustments and citywide increases
7

City Manager Department
FY 2026 Proposed Budget Enhancements
8 DESCRIPTION FUND AMOUNT
Risk Management Division – lease of office
space at 199 N. Los Robles
Workers’
Compensation
$87,989
Liability and Claims section - software for
citywide tracking of certificates of insurance
General Liability $50,000
Safety Section – additional staffing (MASH
trainee) to support the safety group
Workers’
Compensation
$47,348
Workers’ Compensation section - software
module for case tracking and reporting
Workers’
Compensation
$25,000
Administration section – base budget for
materials, supplies, memberships, conferences,
and mileage
50% - General Liability
50% - Workers’ Comp
$17,520
Total $227,857

City Manager Department
FY 2026 Priorities
• Continue to mange City operations, ensure long-term
planni
ng for major capital reinvestment, and ensure
public services are provided efficiently and effectively while furthering the City Council’s Strategic Plan and
Goals
• Risk Management
> Promote culture of risk awareness, mitigation, and strategic decis
ion-making related to risk across City departments
• Continue Master Plan efforts for Reconnecting
Communi
ties 710 project
9

City Manager Department
FY 2026 Priorities
• Internal Audit
> Monitor and report on Open Audit Recommendations
> Monitor and investigate fraud hotline complaints
• Public Affairs
> Coordinate citywide outreach and increase engagement
• Continue to prepare the City to host the 2028 Olympic and Par
alympic Games
• Centralize in the City Manager’s Office work of the Office of the Young
Child in support of Pasadena as an Early
Learning City
• Continue work with the Career Technical Education
Initia
tive working group
10

OLD BUSINESS
ITEM 1 D
1 . BUDGET WORKSHOP FY 2026 RECOMMENDED

OPERATING BUDGET

OPERATIN
G BUDGET PRESENTATION:

D. FINANCE DE

PARTMENT

Finance Department
Finance Department
FY 2026 Recommended
Operating Budget
Finance Committee
May 12, 2025

Finance Department
FY 2025 Accomplishments
• Staffed the Finance and Logistics sections of the
Eaton Fi
re Emergency Operations Center.
• Over 160 procurements were electronically
advertised to
vendors.
• Facilitated a “Doing Business with the City”
worksho
p for Pasadena businesses.
• Held more than 170 one-on-one meeti ngs with
various Pasadena businesses, including small
businesses.
2

Finance Department
Appropriations by Category
3

Finance Department
Significant Changes from FY 2025
Adopted Budget
4 • Personnel - Increased $877,292 (+8.5%)
> MOU/Medical Benefits/Filled Vacancies increase $733K (+9.0%)  FY 25 Vacancies: 8; FY 26 Vacancies: 0
> Pension increase $144K (+6.8%)
• Services & Supplies - Increased $78,567 (+4.6%)
> Insurance increase $62K (+32.7%)
> Contract Increase for OpenGov software $17K (+1.0%)
 Budget $12K and Procurement $5K
• Internal Services - Increased $305,493 (+8.1%)
> DoIT IS increase $178K (+5.8%)
> Public Works IS increase $127K (+19.5%)

Finance Department
FY 2026 Priorities/Workplan
• Support and facilitate a long-term Genera l Fund
forecast that includes future capital funding
needs for vital infrastructure.
• Conduct cost of service studies for revenue
recover
y.
• Lead the evaluation of programs and services.
• Continue refining the new Operating Budget
developm
ent and monitoring software solution.
• Upgrade/replace collections software.
5

NEW BUSINESS
ITEM 2
2 . AMEND THE FISCAL YEAR 2025 CAPITAL

IMPROVEMENT PROGRAM

PAS-1b^0
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Agenda Report
June 9, 2025
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Department of Public Works
SUBJECT: AMEND THE FISCAL YEAR 2025 CAPITAL IMPROVEMENT

PROGRAM
RECOMMENDATION:

It is recommended that the City Council:

1. Find that the proposed actions are not "projects" as defined in the California Environmental Quality Act (CEQA), Public Resources Code Section 21065 and Section 15378(b)(4) and (5) of the State CEQA Guidelines and, as such, are not subject to environmental review; and

2. Amend the Fiscal Year 2025 Capital Improvement Program (CIP) Budget as detailed in Attachment A of this report.

BACKGROUND:

Throughout the fiscal year, the Department of Public Works in conjunction with other impacted departments reviews active CIP projects to determine if budgetary changes are needed. Staff has completed this report detailing needed budget adjustments and amendments to the Fiscal Year 2025 CIP Budget as detailed on Attachment A. The budgetary changes are listed below.

1. Sierra Madre Blvd. Medium Enhancements - Design Phase (73945) - The Department of Public Works recommends appropriating $100,000 in Measure W Local Return Funds to this project and increasing the budget by a like amount. The total project increased by $100,000 due to an unanticipated Army Corps of Engineers Section 408 Permit required for the proposed dry weather diversion elements of the project to address water quality compliance. This appropriation will cover the cost for consultant support services to develop and oversee application process, review and permitting fees.

MEETING OF.AGENDA ITEM NO.

Amendments to FY 2025 CIP Budget
June 9, 2025

2. San Rafael Bridge Seismic Retrofit (73946) - The Department of Public Works recommends transferring $130,000 in General Fund from Colorado Street Bridge Barrier Enhancements - Design Phase (73324) to this project. The funding will be used to cover the local match requirement for the design phase and continue progress on important seismic safety improvements of the San Rafael Bridge Project.

The Colorado Street Bridge Barrier Enhancements project is currently in the design phase and has sufficient funds to complete this phase. While additional funding will be needed for construction in the future, redirecting a portion of the current balance to address this immediate need will not affect the progress of the design phase of the project.

3. Citywide Parks Playground Shade Structure Installations - Phase I (78084)- The Department of Public Works recommends appropriating $200,000 in Measure A Local Return Funds. This funding will allow for the construction of shade structures at McDonald Park, and Victory Park. Recent construction cost proposals for these sites have come in significantly higher than those received in 2024. This appropriation will allow the City to proceed with both installations as originally scoped, ensuring these park improvements are not delayed.

4. Miscellaneous Sidewalk Repair Program - FY 2021 - 2025 (73940) - The Department of Public Works recommends appropriating $221,507 in Private Capital and increasing the budget by a like amount. These funds have been collected from property owners and developers as conditions of development or sales of the property. The program provides for replacement of damaged sidewalks along property frontages, these repairs will help maintain pedestrian accessibility along the City's sidewalk network.

5. Installation of Low Voltage Electrical Services (3221) - The Water and Power Department recommends appropriating $700,000 from the Power Fund to this customer driven project and increasing the budget by a like amount. This appropriation is necessary to meet the increase in the number of customer requests for modifications, upgrades, or new low voltage electric service installations and the increased costs for labor and materials in FY 2025.

6. Emergency Transmission and Distribution System Replacements (3222) - The Water and Power Department recommends appropriating $4,700,000 from the Power Fund to this project and increasing the budget by a like amount. This appropriation is due to emergency asset replacements from faults on three major 35kV sub-transmission lines mainly impacted by severe weather conditions, as well as Eaton Fire and Windstorm damage.

7. Deteriorated Pole Replacement Program (3233) - The Water and Power Department recommends transferring $750,000 in Power Fund from the 4kVto 17kV Distribution System Conversion Program (3227) project to this project and increasing the budget by a like amount. This transfer is due to increased costs for labor and materials to replace poles and to meet annual replacement goals. Appropriations remaining in the 4kVto 17kV Distribution System Conversion Program (3227) project will be sufficient to complete the FY 2025 work plan.

Amendments to FY 2025 CIP Budget
June 9, 2025

8. Management Information Systems-Power (3239) - The Water and Power Department recommends appropriating $305,000 from the Power Fund to this project and increasing the budget by a like amount. This appropriation is due to recent capitalization requirements for software subscriptions.

9. Management Information Systems-Water (1083) - The Water and Power Department recommends appropriating $164,000 from the Water Fund to this project and increasing the budget by a like amount. This appropriation is due to recent capitalization requirements for software subscriptions.

COUNCIL POLICY CONSIDERATION:

All of the above projects and actions address City Council's goals to maintain fiscal responsibility and stability and improve, maintain, and enhance public facilities and infrastructure.

ENVIRONMENTAL ANALYSIS:

CEQA excludes from environmental analysis those actions that are not "projects" as defined by State CEQA Guidelines Section 15378. That section excludes from the definition of "project" the creation of government funding mechanisms and fiscal activities which do not yet commit the lead agency to any specific project and excludes organizational or administrative governmental activities that do not result in physical changes to the environment. The actions proposed herein are budgetary and part of the City's normal administrative process as it takes early steps to prepare for the possibility of undertaking a project, and therefore they are not yet "projects" as defined by CEQA. As the City becomes more certain it will undertake one of the projects, and before it commits itself to the project, the appropriate environmental analysis will be conducted and brought to the appropriate City body for approval.

Amendments to FY 2025 CIP Budget
June 9, 2025

FISCAL IMPACT:

The cumulativeresult of these recommendations will increase the FY 2025 CIP budget by $6,390,507. The specific funding sources for the budget amendments are listed on Attachment A. There is no net change to the General Fund.

Respectfully submitted,
Prepared by:

CtUi
/
Phyllis 1-^llowell
Public Works Administrator
Approved by:

A^.."^
4ARQUEZ
City Manager
3REC
^
GREC3 DE VINCK, P.E.

Director of Public Works
Attachment A - Amendments to the FY 2025 - 2029 CIP Budget

Amendments to the FY 2025-2029 CIP Budget Attachment A
Project/Fund Source Appropriations Changes Revised
Through FY Appropriation
2025
1 Sierra Madre Blvd. Medium Enhancements - Design Phase (73945)
Safe, Clean Water Program (Measure W) - Local Return 950,000 100,000 1,050,000 Total 950,000 100,000 1,050,000
2 San Rafael Bridge Seismic Retrofit (73946)
General Fund 0 130,000 130,000
Highway Bridge Program Funds 9,043,340 0 9,043,340
Gas Tax 50,000 0 50,000
Total 9,093,340 130,000 9,223,340
Colorado Street Bridge Barrier Enhancements - Design Phase (73324)
General Fund 950,000 (130,000) 820,000
American Rescue Plan Act (ARPA) 2,000,000 0 2,000,000
Gas Tax 100,000 0 100,000
Total 3,050,000 (130,000) 2,920,000
3 Citywide Parks Playground Shade Structure Installations - Phase I (78084)
Measure A - Local Return 377,000 200,000 577,000
Residential Impact Fee (RIF) 223,000 0 223,000
Total 600,000 200,000 800,000
4 Miscellaneous Sidewalk Repair Program FY 2021 - 2025
(73940)
Private Capital 2,598,878 221,507 2,820,385
Total 2,598,878 221,507 2,820,385
5 Installation of Low Voltage Electrical Services (3221) Power Fund 2,012,000 700,000 2,712,000
Total 2,012,000 700,000 2,712,000
6 Emergency Transmission and Distribution System
Replacements (3222)
Power Fund 14,292,000 4,700,000 18,992,000
Total 14,292,000 4,700,000 18,992,000
7 Deteriorated Pole Replacement Program (3233)
Power Fund 14,320,556 750,000 15,070,556
Total 14,320,556 750,000 15,070,556
4kV to 17kV Distribution System Conversion Program (3227) Power Fund 26,167,571 (750,000) 25,417,571
26,167,571 (750,000) 25,417,571
8 Management Information Systems - Power (3239)
Power Fund 1,806,500 305,000 2,111,500
Total 1,806,500 305,000 2,111,500
9 Management Information Systems - Water (1083)
Water Fund 954,500 164,000 1,118,500
Total 954,500 164,000 1,118,500
Net Changes 6,390,507

NEW BUSINESS
ITEM 3

3. AMENDMENTS TO FISCAL YEAR 2025 OPERATING
BUDGET

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Agenda Report
June 9, 2025
TO:

THROUGH:

FROM:

SUBJECT:

Honorable Mayor and City Council
Finance Committee
Department of Finance
AMENDMENTS TO FISCAL YEAR 2025 OPERATING BUDGET
I
i
RECOMMENDATION:

It is recommended that the City Council:

1. Find that the proposed action herein is not a "project" subject to the California Environmental Quality Act (CEQA) pursuant to State CEQA Guidelines Section 21065 and within the meaning of Section 15378(b); and

2. Amend the Fiscal Year (FY) 2025 Operating Budget as detailed in the following report by a net revenue of $4,025,675.

BACKGROUND:

Throughout the fiscal year, budgetary adjustments are necessary to account for unanticipated changes to the adopted budget. These revenue and appropriation amendments are presented to the City Council for consideration. This agenda report includes proposed amendments to the FY 2025 Operating Budget as adopted by the City Council on June 10, 2024.

Proposed Budget Amendments

1. Water and Power Budget Adjustments - The Pasadena Water and Power Department (PWP) recommends recognizing $10,131,867 in the General Fund (101), appropriating $1 5,957,493 in the Power Fund (401), and $1,300,000 in the Water Fund (402), as detailed below.
a. General Fund Transfer - PWP recommends increasing the transfer from the Power Fund (401) to the General Fund by $10,131,867. The existing transfer approved by City Council is $18,000,000. Pursuant to Pasadena Charter Section 1408, the maximum aggregate amount available for the Light and Power Fund transfer is calculated by multiplying the annual MEETING OFAGENDA ITEM NO.

Amendments to Fiscal Year 2025 Operating Budget
June 9, 2025

gross electric income from the sale of electric energy at rates and charges fixed by ordinance by 12 percent. Based on the power utility's financial performance in FY 2024, and using the full 12 percent per the Charter, the total transfer for FY 2025 will be $28,131,867.
b. Gas and Fuel - PWP recommends appropriating $4,600,000 from the unappropriated fund balance in the Power Fund (401) for purchased gas and fuel burned for local retail generation. Since January, the Glenarm Power Plant has generated 104,967 MWh to support the January 2025 Wind Storm & GouId-Goodrich Outage. The increased generation (102,018 MWh above budget) required an increase in gas purchases to run the gas turbines, resulting in the $4.6 million cost increase. c. Water - PWP recommends appropriating $900,000 from the unappropriated fund balance in the Water Fund (402) for purchased water.

Due to the Eaton Fire, the demand for water was higher than budgeted, because of fi relighting, flushing of water services and mains, and cleaning of reservoirs in the fire-impacted zones. PWP is seeking cost recovery in future years. In addition, this was the driest three-month period (November to January) since 1963; therefore, demands for water were already higher than in a typical winter period.
d. Miscellaneous Pay - PWP recommends appropriating a total of $629,626 from the unappropriated fund balance in the Power Fund (401) for miscellaneous pay to cover field crew standby hours that allow quick response times to after-hours incidents. The January Wind Storm and Eaton Fire emergency, in addition to staff vacancies, required an increase in staff to be available to respond to incidents. PWP is seeking cost recovery in future years.
e. Power Delivery Overtime - PWP recommends appropriating a total of $596,000 from the unappropriated fund balance in the Power Fund (401) for overtime pay. The January Wind Storm and Eaton Fire emergency required employees to work overtime to restore power and make conditions safe for residents. PWP is seeking cost recovery in future years. In addition, vacancies required additional overtime for Dispatch operations.
f. Water Overtime - PWP recommends appropriating $400,000 from the unappropriated fund balance in the Water Fund (402) for overtime pay.

Staff worked overtime in response to the Eaton Fire, assessing and repairing critical water structures, maintaining water quality, and working as part of the call center/dispatch. PWP is seeking cost recovery in future years.

2. Concord Property Sale - The Finance Department recommends recognizing $12,104,515 in partial loan repayment from the sale of the Concord Senior Housing property at 275 E. Cordova in the General Fund (101), transferring $11,071,199 to the Fire and Police Retirement Fund (667), and transferring $833,316 to the Low and Moderate Income Housing Asset Fund (237), for net proceeds to the General Fund in the amount of $200,000. This revenue and

Amendments to Fiscal Year 2025 Operating Budget
June 9, 2025

subsequent transfers were not included in the FY 2025 Operating Budget, and this action corrects the budget accordingly.

3. Outside Legal Services - The City Attorney/City Prosecutor Department recommends appropriating $2,200,000 from the unappropriated fund balance in the General Fund (101) for outside legal services. The Department currently has $2.5 million budgeted for outside legal services; however, this will not be sufficient given the number and range of legal matters required to be handled.

For example, the Civil Division has handled a high number of ongoing and time- consuming litigation matters, including a 20 percent increase of cases this fiscal year compared to FY 2024, with protracted discovery and law and motion in several litigation matters, as well as several complex advisory legal matters.

4. Walnut Street Vacant Land Transfer - The Finance department recommends recognizing $2,120,000 in the General Fund (101) due to the transfer of property at 2825 E. Walnut Street to the Pasadena Water and Power Department. The City Council approved this transfer at its meeting on January 22, 2024, and while it was anticipated the monies would be deposited in the General Fund in FY 2024, this transaction was completed in December 2024.

5. Fire Department Budget Adjustments - The Pasadena Fire Department recommends recognizing $1,246,334 and appropriating $1,673,868 among the General Fund (101), General Fund Projects Fund (105), and Homeland Security Grant Fund (230), as detailed below.
a. Emergency Medical Aid Response (EMS) Revenue - The Fire Department recommends recognizing and appropriating $700,000 from additional EMS revenue in the General Fund (101) to offset personnel costs ($375,000) and apparatus maintenance costs ($325,000). The Fire Department was partially funded for an eighteen-week Recruit Academy and eight-week 2025 Lateral Academy and has incurred additional position coverage expenses. Additional costs for fleet equipment maintenance are due to delays in delivery of replacement apparatus. As a result of manufacturing and supply chain issues, existing fire apparatus have been in service longer than their recommended useful lives and require further maintenance and replacement of parts at a higher-than- average rate. Replacement apparatus are expected to be placed into service in late FY 2025 and throughout FY 2026.
b. Transfer of Funds - The Fire Department recommends transferring $427,534 from the General Fund Projects Fund (105) to the General Fund (101). Funding comes from surplus residual revenue that is received annually in the General Fund Projects Fund from the California Governor's Office of Emergency Services for the Department's mutual aid responses that were provided throughout FY 2025, which is then transferred to the General Fund at year-end. This amount will be appropriated to purchase and upfit a rapid extraction module support vehicle, which will be deployed as additional mutual aid resources to send qualified personnel to statewide wildland incidents; complete facility improvement projects at Fire

Amendments to Fiscal Year 2025 Operating Budget
June 9, 2025

Station 33 and 38; and purchase video laryngoscopes for front-line apparatus.
c. 2023 Urban Area Security Initiative (UASI) Grant Funds - The Fire Department recommends recognizing and appropriating $100,000 in the Homeland Security Grant Fund (230) for a 2023 UASI Grant Award from the City of Los Angeles as a subrecipient. The City of Pasadena is eligible to receive annual grant funding through UASI as part of a nation-wide program to improve and enhance emergency response capability for terrorist-related activity. The funds available to the City are the result of a grant modification from the Los Angeles County Sheriffs Office to the Los Angeles Area Fire Chiefs Association, with Pasadena Fire Department as the grant host. This is a transfer of funds for the procurement of situational awareness application software.

Under 2023 UASI, the Fire Department will receive $100,000 for the purchase of an information sharing software program that supports fire service, law enforcement, and other disciplines. The goal is to provide daily intelligence and information to public safety leaders, and place intelligence and other timely information in one convenient location, which is readily accessible by all secured users. All purchases related to this grant will be made in accordance with the City's applicable procurement policies and procedures.
d. 2023 State Homeland Security Program (SHSP) Grant Funds -The Fire Department recommends recognizing and appropriating $18,800 in the Homeland Security Grant Fund (230) for a 2023 UASI Grant Award from the County of Los Angeles as a subrecipient. The City of Pasadena is eligible to receive annual grant funding through SHSP as part of a nation-wide program to improve and enhance emergency response capability for terrorist-related activity. The funds available to the City are the result of new grant allocations.

Under 2023 SHSP, the Fire Department will receive $18,800 for Mobilization Exercises for Regional Task Force-4 and with Teams within Los Angeles County. These exercises will enhance first responders' coordination and practice readiness responding to threats, hazards, and emergencies. All purchases related to this grant will be made in accordance with the City's applicable procurement policies and procedures.

6. Historic Resources Survey Phase II - The Planning and Community Development Department recommends appropriating $348,680 from the unappropriated fund balance in the General Fund (101) to re-budget funding for the City-Wide Historic Resource Survey. The funds are necessary to continue Phase II of the hlistoric Resource Survey, which includes initiation of the reconnaissance survey phase, scheduled to take place in June 2025.

Subsequently, the intensive level survey of eligible resources identified therefrom and public engagement are scheduled to take place in FY 2026, with the final report to be completed and presented to the City Council by the end of FY 2026.

Amendments to Fiscal Year 2025 Operating Budget
June 9, 2025

7. State and Local Cybersecurity Grant Program - The Department of Information Technology (DolT) recommends recognizing and appropriating $225,000 in the Computing and Communication Fund (501) for a grant awarded on December 24, 2024, through the State of California Governor's Office of Emergency Services for the State and Local Cybersecurity Grant Program. The City Council adopted a resolution on May 19, 2025, to accept the award to provide initial funding for enhancements to the City's cybersecurity initiatives.

8. Facility Space Assessment - The City Manager's Office recommends appropriating $97,000 from the unappropriated fund balance in the General Fund (101) for space assessment services, which will be completed by June 2025.

9. Lunch at the Library Grant Program - The Libraries and Information Services Department recommends recognizing and appropriating $33,176 in the Library Services Fund for the Lunch at the Library Grant Program. Lunch at the Library is a state-wide initiative that provides grants, training, and resources to help libraries establish successful summer meal sites or provide programming and resources at other community meal sites. Pasadena Public Library offers both.

Earlier this calendar year, funding for this grant was uncertain due to federal/state budget cuts. However, after a period of review, the California State Library confirmed their ability to provide funding for the current grant period.

In 2025, Pasadena Public Library will continue to visit free meal sites throughout the community, providing high-quality and high-interest books for children ages 0-18 to add to their home libraries, while connecting families to the annual Summer Reading program. In addition, the library will continue to offer free meals at the Jefferson Branch Library and plans to add a second meal site at another branch library. Library meal sites will have a scheduled daily activity, primarily led by a local educator and community partners. These activities will incorporate farming, the Science Technology Engineering, Art, and Mathematics curriculum, sustainability, music, and other enriching, educational activities. Many of these programs will be continuous, encouraging long-term participation throughout the summer.

COUNCIL POLICY CONSIDERATION:

The City Council's strategic planning goal of maintaining fiscal responsibility and stability will be advanced by monitoring the FY 2025 Operating Budget and by implementing necessary budget amendments.

Amendments to Fiscal Year 2025 Operating Budget
June 9, 2025

ENVIRONMENTAL ANALYSIS:

CEQA excludes, from environmental review, actions that are not "projects" as defined by CEQA Guidelines Section 21065 and within the meaning of Section 15378(b).

Sections 21065 and 15378(b) define a project as an action which may cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment. Section 15378 excludes from the definition of "project" government fiscal activities, which do not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment.

The actions proposed herein, amending the City's FY 2025 Operating Budget, are governmental fiscal activities that do not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment, and therefore is not a "project" as defined by CEQA. Since the action is not a project subject to CEQA, no environmental document is required.

Amendments to Fiscal Year 2025 Operating Budget
June 9, 2025

FISCAL IMPACT:

As detailed in the attached "Summary of Proposed 4th Quarter FY 2025 Budget Amendments", approval of the proposed budget amendments will increase FY 2025 total authorized operating appropriations across multiple funds by $33,739,732. These additional costs will be offset through increased revenue of $37,765,407.

The General Fund's unappropriated fund balance will increase by $9,806,187.

The budget amendments included in this agenda report are not anticipated to impact existing FY 2025 budgeted indirect and support costs, such as maintenance and Department of Information Technology support.

Respectfully submitted,
4 vs.

MATTHEW £'. HAWKESWORTH
Director of Finance
Prepared by:
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Paul
Principal Administrative Analyst
Approved by:
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City Manager
Attachment: (1)
A) Summary of Proposed 4th Quarter FY 2025 Budget Amendments

Attachment (A) - Summary of Proposed 4th Quarter FY 2025 Budget Amendments Proposed Amendments
Item ffFund
Revenue
Recognition
Expenditure
Appropriations
Net
Amendments
FTE
Amendments
la101General Fund$10,131,867$0($10,131,867)
2101 IGeneral Fund$12,104,515$11,904,515($200,000)
3101 (General Fund$0$2,200,000$2,200,000
4101 [General Fund$2,120,000$0($2,120,000)
5a101 [General Fund$700,000$700,000$0
Sb101 [General Fund$427,534$427,534$0
6101 IGeneral Fund$0$348,680$348,680
8101General Fund$0$97,000$97,000
Total General Fund$25,483,916$15,677,729($9,806,187)
la401Power Fund$0$10,131,867 $10,131,867
Ib401Power Fund$0$4,600,000$4,600,000
1c402Water Fund$0$900,000$900,000
Id401Power Fund$0$629,626$629,626
Ie401Power Fund$0$596,000$596,000
If402Water Fund$0$400,000 $400,000
2237Low and Mod Inc Housing Asset Fund$833,316$0($833,316) 2667Fire and Police Retirement Fund$11,071,199$0($11,071,199) 5b105General Fund Projects Fund$0$427,534$427,534
5c230Homeland Security Grant Fund$100,000$100,000$0
5d230Homeland Security Grant Fund$18,800$18,800$0
7501Computing and Communication Fund$225,000$225,000$0
9212Library Services Fund$33,176$33,176$0
City Funds Total$37,765,407$33,739,732($4,025,675)

Attachment (A) - Summary of Proposed 4th Quarter FY 2025 Budget Amendments Item # Fund
Revenue
Recognition
Expenditure
Appropriations
Net
Amendments
FTE
Amendments
1a 101 General Fund $10,131,867 $0 ($10,131,867) -
2 101 General Fund $12,104,515 $11,904,515 ($200,000) - 3 101 General Fund $0 $2,200,000 $2,200,000 -
4 101 General Fund $2,120,000 $0 ($2,120,000) -
5a 101 General Fund $700,000 $700,000 $0 -
5b 101 General Fund $427,534 $427,534 $0 -
6 101 General Fund $0 $348,680 $348,680 -
8 101 General Fund $0 $97,000 $97,000 -
Total General Fund $25,483,916 $15,677,729 ($9,806,187) - 1a 401 Power Fund $0 $10,131,867 $10,131,867 -
1b 401 Power Fund $0 $4,600,000 $4,600,000 -
1c 402 Water Fund $0 $900,000 $900,000 -
1d 401 Power Fund $0 $629,626 $629,626 -
1e 401 Power Fund $0 $596,000 $596,000 -
1f 402 Water Fund $0 $400,000 $400,000 -
2 237 Low and Mod Inc Housing Asset Fund $833,316 $0 ($833,316) - 2 667 Fire and Police Retirement Fund $11,071,199 $0 ($11,071,199) - 5b 105 General Fund Projects Fund $0 $427,534 $427,534 - 5c 230 Homeland Security Grant Fund $100,000 $100,000 $0 - 5d 230 Homeland Security Grant Fund $18,800 $18,800 $0 - 7 501 Computing and Communication Fund $225,000 $225,000 $0 - 9 212 Library Services Fund $33,176 $33,176 $0 -
$37,765,407 $33,739,732 ($4,025,675) -
Proposed Amendments
City Funds Total

NEW BUSINESS
ITEM 4

4. FISCAL YEAR JUNE 30, 2024, SINGLE AUDIT
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5

CITY OF PASADENA, CALIFORNIA
Schedule of Expenditures of Federal Awards
For the Year Ended June 30, 2024
Federal
Assistance Listing Unique Entity Passed-Through Total Federal Number Identifying Number to Subrecipients Expenditures SNAP Cluster
Department of Agriculture:

Passed through State of California Department of Health Services:

State Administrative Matching Grants for the
Supplemental Nutrition Assistance Program 10.561 JE73CDQUAPA7 -$ 237,498$ Total Department of Agriculture Programs - 237,498
T
otal SNAP Cluster - 237,498
CDBG - Entitlement Grants Cluster
Department of Housing and Urban Development Direct Programs:

Community Development Block Grants/Entitlement Grants * 14.218 N/A 185,199 1,573,091 COVID-19 Community Development Block Grants/Entitlement Grants * 14.218 N/A 155,118 346,128 B
eginning loan balances * 14.218 N/A - 27,159,649
S
ubtotal - AL 14.218 340,317 29,078,868
Total Department of Housing and Urban Development Programs 340,317 29,078,868 Total CDBG - Entitlement Grants Cluster 340,317 29,078,868 Housing Voucher Cluster
Department of Housing and Urban Development Direct Programs:

Section 8 Housing Choice Vouchers * 14.871 N/A - 19,329,914 CO
VID-19 Section 8 Housing Choice Vouchers (CARES Act) * 14.871 N/A - 2,626,921 B
eginning loan balances * 14.871 N/A - 50,000
S
ubtotal - AL 14.871 - 22,006,835
T
otal Department of Housing and Urban Development Programs - 22,006,835 Tota
l Housing Voucher Cluster - 22,006,835
WIOA Cluster
Department of Labor
Passed through State of California Department:

WIOA Adult Program * 17.258 JK7YAK6HPFM6 - 1,300,724
W
IOA Youth Activities * 17.259 JK7YAK6HPFM6 - 897,800
W
IOA Dislocated Worker Formula Grants - Rapid Response * 17.278 JK7YAK6HPFM6 - 292,170 W
IOA Dislocated Worker Formula Grants - Rapid Response Layoff Aversion * 17.278 JK7YAK6HPFM6 - 24,906 W
IOA Quest National Dislocated Worker Disaster Relief * 17.278 JK7YAK6HPFM6 - 208,362 W
IOA Dislocated Worker Formula Grants - Prison to Employment * 17.278 JK7YAK6HPFM6 - 84,140 W
IOA Dislocated Worker Formula Grants - Foothill CalTech * 17.278 JK7YAK6HPFM6 - 205,404 - 814,982
Passed through County of Los Angeles:

WIOA Dislocated Worker Formula Grants - CalWorks 17.278 JK7YAK6HPFM6 - 207,634 S
ubtotal - AL 17.278 - 1,022,616
Tota
l WIOA Cluster - 3,221,140
Tota
l Department of Labor Programs - 3,221,140
Transit Services Program Cluster
Pass-through State of California Department of Transportation:

Enhanced Mobility of Seniors and Individuals with Disabilities 20.513 EHEGWCLJEVJ4 - 239,284 T
otal Department of Transportation Programs - 239,284
T
otal Transit Services Programs Cluster - 239,284
Highway Safety Program Cluster
Pass-through State of California Department of Transportation:

State and Community Highway Safety 20.600 EHEGWCLJEVJ4 - 124,503 Mi
nimum Penalties for Repeat Offenders for Driving While Intoxicated - OTS Selective Traffic Enforcement Program (STEP) 20.608 EHEGWCLJEVJ4 - 266,655 T
otal California Department of Transportation Programs - 391,158 T
otal Highway Safety Programs Cluster - 391,158
Medicaid Program Cluster
Department of Health and Human Services Direct Programs:

Medical Assistance Program 93.778 N/A - 297,273
Passed through County of Los Angeles:

CHOUER Program 93.778 JK7YAK6HPFM6 - 92,524
S
ubtotal AL 93.778 - 389,797
T
otal Department of Health and Human Services Programs - 389,797 T
otal Medicaid Program Cluster - 389,797
Federal Grantor/Pass-Through
Grantor/Program or Cluster Title
The notes to the schedule of expenditures of federal awards are an integral part of this schedule. 6

CITY OF PASADENA, CALIFORNIA
Schedule of Expenditures of Federal Awards
For the Year Ended June 30, 2024
Other Programs
Department of Agriculture:

Passed through State of California Department of Agriculture:

WIC Special Supplemental Nutrition Program for Women,
Infants and Children 10.557 W7NKNDHMRD27 - 1,013,992 Total Department of Agriculture Programs - 1,013,992 Department of Housing and Urban Development:

Direct Programs:

Community Development Block Grants Section 108 Loan Guarantees 14.248 N/A - 416,325 Emergency Solutions Grant Program 14.231 N/A 113,808 161,696 HOME Investment Partnership Program 14.239 N/A - 1,552,785 Beginning loan balances 14.239 N/A - 13,962,511 Subtotal AL 14.239 - 15,515,296 Continuum of Care Program 14.267 N/A 2,213,638 3,501,273 Passed through City of Los Angeles:

Home Opportunities for Persons with AIDS 14.241 JK7YAK6HPFM6 - 232,294 Total Department of Housing and Urban Development Programs 2,327,446 19,826,884 Department of Justice:

Direct Programs:

Justice Reinvestment Initiative 16.827 N/A - 189,262 Justice Reinvestment Initiative 16.827 N/A - 593,408 Subtotal AL 16.827 - 782,670 Equitable Sharing Program - Justice 16.922 N/A - 1,624,703 Total Department of Justice Programs - 2,407,373 Department of Labor:

Passed through State of California Department:

WIOA Dislocated Worker Formula Grants 17.277 JK7YAK6HPFM6 - 680,083 Total Department of Labor Programs - 680,083 Department of Transportation:

Passed through the California Department of Transportation Highway Planning and Construction - Holly Street Bridge Seismic Retrofit 20.205 EHEGWCLJEVJ4 - 85,699 Highway Planning and Construction - Union Street Cycle Track 20.205 EHEGWCLJEVJ4 - 805,609 Highway Planning and Construction - Cordova Street Enhancement 20.205 EHEGWCLJEVJ4 - 1,737,592 Highway Planning and Construction - Rapid Flashing Beacons 20.205 EHEGWCLJEVJ4 - 5,208 Highway Planning and Construction - Interval/Audible Signal at Intersections 20.205 EHEGWCLJEVJ4 - 12,908 Federal Transit Capital Investment Grants - Intelligent Transportation System 20.205 EHEGWCLJEVJ4 - 322,467 Subtotal AL 20.205 - 2,969,483 Total Department of Transportation Programs - 2,969,483 Department of Treasury:

Direct Programs:

COVID-19 - Coronavirus State and Local Fiscal Recovery Funds - PORT 21.027 N/A - 578,194 COVID-19 - Coronavirus State and Local Fiscal Recovery Funds Health Equity 21.027 N/A - 327,184 COVID-19 - Coronavirus State and Local Fiscal Recovery Funds - Extended Water and Wastewater Arrearage Payment Program 21.027 N/A - 898,792 Subtotal AL 21.027 - 1,804,170 Total Department of Treasury Programs - 1,804,170 Department of Health and Human Services Programs:

Direct Programs:

Substance Abuse and Mental Health Services Projects
of Regional and National Significance (MHAT) 93.243 N/A - 23,375
Substance Abuse and Mental Health Services Projects
of Regional and National Significance (CDS) 93.243 N/A - 416,750
Subtotal AL 93.243 - 440,125 Passed-through the County of Los Angeles, Department of Public Health ELC Strike (Health Assoc. Infection) 93.323 DN3NGS58SMT9 - 11,950 CDC PH Infrastructure 93.967 DN3NGS58SMT9 - 226,837 COVID-19 Epidemiology Laboratory Capacity 93.323 DN3NGS58SMT9 - 2,003,112 Public Health Emergency Preparedness 93.354 DN3NGS58SMT9 - 282,404 CDC Disparities 93.354 DN3NGS58SMT9 - 133,613 Public Health Preparedness, Emergency and Response / Monkeypox 93.354 DN3NGS58SMT9 - 3,978 Subtotal AL 93.354 - 419,995 HIV Prevention Activities Health Department Based 93.940 DN3NGS58 SMT9 - 282,267 Total passed-through the County of Los Angeles, Department of Public Health - 2,944,161 Passed through State of California Department of Health Services:

Project Grants and Cooperative Agreements for Tuberculosis Control Programs 93.116 JE73CDQUAPA7 - 47,663 Childhood Lead Poisoning Prevention Projects, State and Local Childhood Lead Poisoning Prevention and Surveillance of Blood Lead Levels in Children 93.197 JE73CDQUAPA7 - 91,031 Immunization Cooperative Agreements 93.268 JE73CDQUAPA7 - 64,160 COVID-19 Immunization Cooperative Agreements 93.268 JE73CDQUAPA7 - 694,052 Subtotal AL 93.268 - 758,212 CDC Work Force Development 93.391 JE73CDQU APA7 - 292,419 State Health Disparity Grant - CERI 93.391 JE73CDQUAPA7 - 122,540 Subtotal AL 93.268 - 414,959 The notes to the schedule of expenditures of federal awards are an integral part of this schedule. 7

CITY OF PASADENA, CALIFORNIA
Schedule of Expenditures of Federal Awards
For the Year Ended June 30, 2024
Maternal and Child Health Services Block Grant to the States 93.994 JE73CDQUAPA7 - 115,342 Maternal and Child Health Services Block Grant to the States 93.994 JE73CDQUAPA7 - 619,464 S
ubtotal AL 93.268 - 734,806
D
IS Workforce Development 93.977 JE73CDQUAPA7 - 72,641
T
otal passed-through the State of California Department of Health Services - 2,119,312 T
otal Department of Health and Human Services Programs - 5,503,598 Department of Homeland Security Direct Programs:

Direct Programs:

Hazard Mitigation Grant 97.039 N/A - 85,054
Hazard
Mitigation Grant 97.039 N/A - 3,514
S
ubtotal AL 97.039 - 88,568
Di
saster Grants - Public Assistance (Presidentially Declared Disasters) 97.036 N/A - 1,683,598 T
otal direct programs - 1,772,166
Passed through County of Los Angeles
Homeland Security Grant Program - FY 2020 Urban Areas Security Initiative 97.067 DN3NGS58SMT9 652,602 652,602 T
otal Department of Homeland Security Programs 652,602 2,424,768 Total Other Programs 2,980,048 36,630,351
Total Expenditures of Federal Awards 3,320,365$ 92,194,931$ * Major Program
There was no federal awards expended in the form of noncash assistance and insurance in effect during the year.

The notes to the schedule of expenditures of federal awards are an integral part of this schedule. 8

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13

NEW BUSINESS
ITEM 5

5. QUARTER

LY INVESTMENT REPORT - QUARTER ENDING
MARCH 31, 2025

Agenda Report
June 9, 2025
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Department of Finance
SUBJECT: QUARTERLY INVESTMENT REPORT - QUARTER ENDING
MARCH 31, 2025
RECOMMENDATION:

This report is for information only.

BACKGROUND:

Government Code Section 53646 (2)(b)(1) states that in the case of a local agency, the Treasurer or Chief Fiscal Officer (CFO} may render a quarterly report to the legislative body of the local agency containing detailed information on: 1) all securities, investments, and moneys of the local agency; 2) a statement of compliance of the portfolio with the statement of investment policy; and 3) a statement of the local agency's ability to meet its pool's expenditure requirements for the next six-months. By making these reports optional, this bill does not impose a state-mandated local program, however, encourages local agencies to continue to report. The bill also states that the Treasurer or CFO may report whatever additional information or data may be required by the legislative body of the local agency.

The quarterly report shall include the following:

1. The type of investment, name of the issuer, date of maturity, par, and dollar amount invested in each security, investment, and money within the treasury;

2. The weighted average maturity of the investments within the treasury;

3. Any funds, investments, or programs, including loans, that are under the management of contracted parties;

4. The market value as of the date of the report and the source of this valuation for any security within the treasury; and

5. A description of the compliance with the Statement of Investment Policy.

MEETING OF _____ _ AGENDA ITEM NO. ____ _

City of Pasadena
Quarterly Investment Report
Quarter Ending 03/31/202
5 Prepared by the Department of Finance
Treasury Division
Attachment A

Quarterly Investment Report
I. Pooled Investment Portfolio
II. Capital Endowment Portfolio
III. Power Reserve Portfolio
IV. Miscellaneous Portfolios
V. Investments Held by Trustees
VI. PARS Section 115 Trust

I. Pooled
Investment Portfolio

CITY OF PASADENA
Treasurer's Pooled Investment Portfolio
Vicken Erganian
City Treasurer
March 2025

PORTFOLIO COMPLIANCE
The Treasurer's investment portfolio is in compliance with the California Government Code Section 53601 and the City's Investment Policy approved by the City Council on July 8, 2024. The holdings in the investment pool are in compliance with the current investment policy statement. Further information on compliance issues can be obtained by calling the City of Pasadena Treasurer's Office. A complete copy of the monthly investment report on the investment portfolio including a detailed listing of each investment, is available by calling the Treasurer's office at (626)744-4422.

PORTFOLIO STRUCTURE AS OF 03/31/2025

TYPE MARKET VALUE PERCENT
Money Market - Collateralized 1,248 0.00%
Municipal Bonds 63,032,994 7.90%
Corporate Bonds 102,819,314 12.89%
Federal Agencies 445,842,535 55.89%
US Treasury Securities 32,247,064 4.04%
Supranationals 32,550,024 4.08%
Commercial Paper 7,414,088 0.93%
Money Market-CAMP 110,208,347 13.82%
Money Market Fund-US Bank 3,343,314 0.42%
LAIF 1,358,373 0.17%
Cash in Bank (1,129,087) -0.14%
TOTALS: 797,688,212 100.00%
Accrued Interest Receivable 5,436,176
GRAND TOTAL: 803,124,387
PORTFOLIO LIQUIDITY AS OF 03/31/2025
Percent of
Aging Interval Par Value Portfolio
0-30 Days 128,801,725 15.95%
31 days - 1 Year 247,117,778 30.61%
1 - 2 Years 58,933,000 7.30%
2 - 3 Years 85,950,000 10.65%
3 - 4 Years 106,579,000 13.20%
4 - 5 Years 177,490,000 21.98%
Over 5 Years 2,500,000 0.31%
TOTAL: 807,371,503 100.00%
Mar-25 Feb-25 Jan-25 Dec-24 Nov-24 Oct-24
Month-End Market Value 803,124,387 818,520,106 837,712,301 823,742,327 790,423,402 791,805,706 Modified Duration 1.83 1.76 1.78 1.82 1.98 1.90
Weighted Average Maturity 2.05 1.96 2.01 2.07 2.19 2.12 Current Book Yield to Maturity 3.438% 3.384% 3.344% 3.308% 3.214% 3.166% Effective Yield - Year to Date 3.200% 3.180% 3.140% 3.110% 3.080% 3.050% Interest Earned 2,167,970 2,080,901 2,155,820 2,202,137 2,121,070 2,105,659 Fiscal Year To Date Interest Earned 18,682,097 16,514,127 14,433,225 12,277,406 10,075,268 7,954,198 Fair Value Change Gain/(Loss) 902,971 2,151,316 1,192,294 291,953 1,176,606 (1,826,700) Fiscal Year To Date change in fair value 13,515,462 12,612,492 10,461,176 9,268,882 8,976,930 7,800,324 Total Fiscal YTD Earnings 32,197,559 29,126,619 24,894,402 21,546,288 19,052,198 15,754,522

PORTFOLIO STATISTICS
MMF-Collateral

0.00%
Muni

7.88%
Corp Bond

12.85%
Fed Agency

55.73%
US Treasury

4.03%
Supranationals

4.07%
Commercial
Paper

0.93%
Money Market-
CAMP

13.78%Money Market
Fund-US Bank

0.42%
LAIF

0.17%
Cash in Bank
-0.14%
1

YTM
365

Par Value Book Value
Maturity
Date
Stated
RateMarket Value
March 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
LAIF

4.340Local Agency Investment Fund864 1,097,895.69 1,097,895.69 4.3401,097,895.69SYS864 1

4.340LAIF-COVID Relief Funds Acct14053 260,477.31 260,477.31 4.340260,477.31SYS14053 1 1,358,373.001,358,373.001,358,373.001,358,373.00Subtotal and Average 4.340 1 Money Market Fund-CAMP

4.532California Asset Management Pr13824 110,208,346.53 110,208,346.53 4.470110,208,346.53SYS13824 1 110,208,346.53110,208,346.53110,208,346.53110,834,601.49Subtotal and Average 4.532 1 Collateralized Money Market

3.820EAST WEST BANK13067 1,247.96 1,247.96 3.8201,247.96SYS13067 1 1,247.961,247.961,247.961,247.96Subtotal and Average 3.820 1 Money Market Fund-US Bank

0.0002010 Reserve W/US Bank14319 3,343,313.77 3,343,313.7711/20/2024 3,343,313.77SYS14155 1 3,343,313.773,343,313.773,343,313.773,342,612.32Subtotal and Average 0.000 1 Municipal Bonds

5.377City of Corona Revenue Bond14035 1,500,000.00 1,494,955.45 05/01/20251.13111/27/2023 1,496,130.00 AA+21969AAD4 30

0.943Huntington Beach CA Public Fin13861 300,000.00 300,000.00 05/01/20250.94308/12/2020 299,142.00 AA446216HJ5 30

0.883UNIVERSITY OF CA REVENUE BONDS13827 1,000,000.00 1,000,000.00 05/15/20250.88307/16/2020 995,700.00 Aa291412HGE7 44

0.610UNIVERSITY OF CA REVENUE BONDS13893 5,000,000.00 5,001,642.04 05/15/20250.88312/16/2020 4,978,500.00 Aa291412HGE7 44

0.952California St Health Facs Fing13883 1,500,000.00 1,500,000.00 06/01/20250.95211/04/2020 1,491,480.00 Aa313032UXM5 61

0.824Redondo Beach Unified School13840 500,000.00 500,000.00 08/01/20250.82408/06/2020 494,340.00 Aa2757710TZ1 122

5.270San Jose Redevelopment Agency14034 2,000,000.00 1,986,161.45 08/01/20253.07611/24/2023 1,991,140.00 AA+798170AH9 122

2.311South Pasadena Unified School13747 675,000.00 680,640.86 08/01/20255.00012/12/2019 676,647.00 Aa2839278JY5 122

0.740SAN RAMON VLY CA UNIF SCH DIST13872 1,500,000.00 1,500,000.00 08/01/20250.74010/20/2020 1,482,570.00 Aa1799408Z85 122

0.938West Coast Contra Unified Scho13940 3,000,000.00 3,000,000.00 08/01/20250.93806/17/2021 2,968,050.00 AA9523474V1 122

1.181City of Arcadia13881 750,000.00 750,000.00 12/01/20251.18211/12/2020 734,677.50 Aaa039063AE2 244

3.877SANTA CLARA VALLEY WATER DISTR14103 3,000,000.00 3,000,000.00 06/01/20263.88009/24/2024 2,987,640.00 Aa180168AGX9 426

5.738LOS ANGELES CA UNIF SCH DIST14027 1,975,000.00 1,974,324.06 05/01/20275.72010/20/2023 2,024,414.50 Aa3544646A77 760

4.788UNIVERSITY OF CA REVENUE BONDS14072 3,000,000.00 2,796,367.87 05/15/20271.31605/13/2024 2,828,940.00 Aa291412HGF4 774

4.508UNIVERSITY OF CA REVENUE BONDS14074 5,000,000.00 4,670,374.40 05/15/20271.31605/17/2024 4,714,900.00 Aa291412HGF4 774

3.977Fremont Unified School Distri14088 3,975,000.00 3,726,511.11 08/01/20271.11308/29/2024 3,712,928.25 Aa2357155BA7 852

4.630CITY OF LOS ANGELES14077 3,000,000.00 3,091,280.83 09/01/20276.00007/09/2024 3,116,460.00 Aa2544351RM3 883

5.190City of Corona Revenue Bond14036 2,500,000.00 2,273,398.24 05/01/20281.86311/29/2023 2,331,575.00 AA+21969AAG7 1,126

4.753San Jose Redevelopment Agency14078 2,700,000.00 2,568,203.39 08/01/20283.12506/26/2024 2,602,206.00 AA798170AL0 1,218

3.925California St Health Facs Fing14093 5,000,000.00 5,238,649.01 09/01/20295.12509/03/2024 5,172,050.00 Aa213063EBP0 1,614

3.708STATE OF CALIFORNIA GO BONDS14128 4,500,000.00 4,755,109.50 10/01/20295.10010/01/2024 4,651,695.00 Aa213063D2W7 1,644 Portfolio PASD
Data Updated: SET_POOL: 04/21/2025 19:43
Run Date: 04/21/2025 - 19:43
Report Ver. 7.3.11
2

YTM
365

Par Value Book Value
Maturity
Date
Stated
RateMarket Value
March 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
Municipal Bonds

4.449California ST Public Works14142 8,890,000.00 8,810,627.12 11/01/20294.23011/01/2024 8,781,808.70 Aa313068XNN5 1,675

3.000PCOC Debt-General Fund14076 2,500,000.00 2,500,000.00 06/05/20343.00006/05/2024 2,500,000.00 AaaSYS14076 3,352 63,118,245.3363,032,993.9563,765,000.0063,102,312.03Subtotal and Average 3.587 968 Federal Agency Issues - Coupon

3.000Federal Home Loan Bank13982 5,000,000.00 5,000,000.00 04/22/20253.00004/22/2022 4,995,923.45 Aaa3130ARJW2 21

0.750Federal Home Loan Bank13811 5,000,000.00 5,000,000.00 05/19/20250.75005/19/2020 4,975,866.25 Aaa3130AJLA5 48

3.400Federal Home Loan Bank13985 5,000,000.00 5,000,000.00 05/23/20253.40005/23/2022 4,992,522.40 Aaa3130ARZD6 52

0.750FED HOME LOAN MORTAGE CORP13814 5,000,000.00 5,000,000.00 05/28/20250.75005/28/2020 4,972,400.50 Aaa3134GVVX3 57

0.750FED HOME LOAN MORTAGE CORP13816 5,000,000.00 5,000,000.00 05/28/20250.75005/29/2020 4,972,247.70 Aaa3134GVB31 57

0.750FED HOME LOAN MORTAGE CORP13817 5,000,000.00 5,000,000.00 05/28/20250.75006/01/2020 4,972,247.70 Aaa3134GVB31 57

0.780Federal Farm Credit Bank13820 5,000,000.00 5,000,000.00 06/16/20250.78006/16/2020 4,962,820.80 Aaa3133ELK37 76

0.764Federal Home Loan Bank13822 3,017,777.77 3,017,752.58 06/16/20250.76006/19/2020 2,995,034.98 Aaa3130AJPT0 76

0.650FED NATIONAL MORTGAGE ASSN13828 5,000,000.00 5,000,000.00 08/14/20250.65008/14/2020 4,931,940.00 Aaa3136G4C43 135

0.614Federal Farm Credit Bank13863 5,000,000.00 4,999,919.33 08/25/20250.61009/10/2020 4,921,474.30 Aaa3133EL4W1 146

0.530Federal Farm Credit Bank13864 20,000,000.00 20,000,000.00 09/29/20250.53009/29/2020 19,635,015.40 Aaa3133EMBH4 181

0.600FED HOME LOAN MORTAGE CORP13870 10,000,000.00 10,000,000.00 09/30/20250.60009/30/2020 9,820,122.70 Aaa3134GWVN3 182

0.600FED HOME LOAN MORTAGE CORP13873 10,000,000.00 10,000,000.00 10/15/20250.60010/15/2020 9,809,510.50 Aaa3134GWYS9 197

0.625FED HOME LOAN MORTAGE CORP13877 10,000,000.00 10,000,000.00 10/27/20250.62510/27/2020 9,794,102.70 Aaa3134GW3X2 209

0.600FED HOME LOAN MORTAGE CORP13878 5,000,000.00 5,000,000.00 10/27/20250.60010/27/2020 4,898,455.75 Aaa3134GW5P7 209

0.600FED HOME LOAN MORTAGE CORP13874 10,000,000.00 10,000,000.00 10/28/20250.60010/28/2020 9,794,510.90 Aaa3134GW3F1 210

0.600FED HOME LOAN MORTAGE CORP13876 5,000,000.00 5,000,000.00 10/28/20250.60010/28/2020 4,896,076.10 Aaa3134GW3Z7 210

0.600Federal Farm Credit Bank13888 10,000,000.00 10,000,000.00 11/24/20250.60011/24/2020 9,772,846.80 Aaa3133EMHF2 237

0.690FED HOME LOAN MORTAGE CORP13886 5,000,000.00 5,000,000.00 11/25/20250.62511/25/2020 4,884,589.25 Aaa3134GXCS1 238

0.719FED HOME LOAN MORTAGE CORP13891 5,000,000.00 5,000,000.00 11/26/20250.65011/30/2020 4,885,096.00 Aaa3134GXFA7 239

0.550Federal Home Loan Bank13900 5,000,000.00 5,000,000.00 02/12/20260.55002/12/2021 4,852,149.30 Aaa3130AKVR4 317

0.625Federal Home Loan Bank13905 5,000,000.00 5,000,000.00 02/17/20260.62502/17/2021 4,849,807.05 Aaa3130AL3S1 322

0.750Federal Home Loan Bank13907 5,000,000.00 5,000,000.00 02/24/20260.75002/24/2021 4,851,821.90 Aaa3130ALCV4 329

0.630Federal Home Loan Bank13906 5,000,000.00 5,000,000.00 02/26/20260.63002/26/2021 4,845,367.90 Aaa3130ALB94 331

0.844Federal Farm Credit Bank13911 10,000,000.00 9,999,632.22 03/02/20260.84003/02/2021 9,701,839.20 Aaa3133EMSK9 335

0.800Federal Home Loan Bank13908 5,000,000.00 5,000,000.00 03/04/20260.80003/04/2021 4,849,579.30 Aaa3130ALEY6 337

0.800Federal Home Loan Bank13909 5,000,000.00 5,000,000.00 03/10/20260.80003/10/2021 4,845,805.30 Aaa3130ALFS8 343

1.000Federal Home Loan Bank13910 4,875,000.00 4,875,000.00 03/23/20261.00003/23/2021 4,725,689.09 Aaa3130ALGJ7 356

0.940Federal Farm Credit Bank13960 5,000,000.00 5,000,000.00 09/28/20260.94009/28/2021 4,776,383.45 Aaa3133EM6E7 545

1.000Federal Home Loan Bank13953 5,000,000.00 5,000,000.00 09/30/20261.00009/30/2021 4,777,506.20 Aaa3130ANYN4 547

1.250Federal Home Loan Bank13964 5,000,000.00 5,000,000.00 10/28/20261.25010/28/2021 4,788,255.50 Aaa3130APDQ5 575

4.330Federal Farm Credit Bank14105 5,000,000.00 5,000,000.00 09/10/20274.33009/12/2024 4,991,012.15 Aaa3133ERSM4 892

4.329Federal Farm Credit Bank14106 5,000,000.00 5,000,000.00 09/10/20274.33009/16/2024 4,991,012.15 Aaa3133ERSM4 892 Portfolio PASD
Data Updated: SET_POOL: 04/21/2025 19:43
Run Date: 04/21/2025 - 19:43
3

YTM
365

Par Value Book Value
Maturity
Date
Stated
RateMarket Value
March 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
Federal Agency Issues - Coupon

4.875FED HOME LOAN MORTAGE CORP14146 7,500,000.00 7,500,000.00 11/15/20274.87511/15/2024 7,502,887.88 Aaa3134HAZR7 958

4.875FED HOME LOAN MORTAGE CORP14148 10,000,000.00 10,000,000.00 11/15/20274.87511/20/2024 9,988,996.30 Aaa3134HAF24 958

4.500Federal Home Loan Bank14049 5,000,000.00 5,000,000.00 01/12/20284.50001/12/2024 5,006,342.70 Aaa3130AYFT8 1,016

4.750FED NATIONAL MORTGAGE ASSN14163 5,000,000.00 5,000,000.00 01/28/20284.75001/30/2025 4,999,974.35 Aaa3136GA6U8 1,032

4.744FED HOME LOAN MORTAGE CORP14167 5,000,000.00 5,000,000.00 02/28/20284.75003/07/2025 4,996,322.70 Aaa3134HBBK6 1,063

4.750Federal Home Loan Bank14165 7,500,000.00 7,500,000.00 03/13/20284.75003/13/2025 7,484,773.05 Aaa3130B5CB2 1,077

4.910FED NATIONAL MORTGAGE ASSN14161 10,000,000.00 10,000,000.00 07/28/20284.91001/28/2025 9,989,784.20 Aaa3136GAA33 1,214

4.930Federal Farm Credit Bank14097 5,000,000.00 5,000,000.00 09/06/20284.93009/06/2024 4,995,909.00 Aaa3133ERSD4 1,254

5.000Federal Home Loan Bank14102 5,000,000.00 5,000,000.00 09/19/20285.00009/19/2024 4,997,698.35 Aaa3130B2MK8 1,267

4.830Federal Farm Credit Bank14162 10,000,000.00 10,000,000.00 11/06/20284.83002/06/2025 10,001,073.70 Aaa3133ER2E0 1,315

5.350Federal Home Loan Bank14038 5,000,000.00 5,000,000.00 11/28/20285.35011/29/2023 4,998,592.40 Aaa3130AXVE5 1,337

4.830Federal Home Loan Bank14147 5,000,000.00 5,000,000.00 12/04/20284.83012/04/2024 5,001,549.50 Aaa3130B3T52 1,343

4.602Federal Farm Credit Bank14108 10,000,000.00 10,000,000.00 01/02/20294.60010/02/2024 9,977,788.70 Aaa3133ERVH1 1,372

4.602Federal Farm Credit Bank14130 7,500,000.00 7,500,000.00 01/02/20294.60010/02/2024 7,483,341.53 Aaa3133ERVH1 1,372

5.150FED HOME LOAN MORTAGE CORP14054 5,000,000.00 5,000,000.00 01/22/20295.15001/22/2024 5,001,468.20 Aaa3134H1PT4 1,392

5.100FED HOME LOAN MORTAGE CORP14164 9,379,000.00 9,379,000.00 01/30/20295.10001/31/2025 9,373,645.06 Aaa3134HA3X9 1,400

4.600Federal Home Loan Bank14170 5,000,000.00 5,000,000.00 03/27/20294.60003/27/2025 4,986,331.25 Aaa3130B5MV7 1,456

5.500FED HOME LOAN MORTAGE CORP14067 5,000,000.00 5,000,000.00 04/11/20295.50004/11/2024 5,003,728.85 Aaa3134H1C68 1,471

5.600Federal Home Loan Bank14075 5,000,000.00 5,000,000.00 06/06/20295.60006/06/2024 5,006,239.50 Aaa3130B1LU9 1,527

5.050FED HOME LOAN MORTAGE CORP14085 5,000,000.00 5,000,000.00 08/07/20295.05008/07/2024 4,996,001.85 Aaa3134HADQ3 1,589

4.250Federal Home Loan Bank14109 5,000,000.00 5,000,000.00 09/10/20294.25009/25/2024 4,958,054.45 Aaa3130B2TQ8 1,623

5.000Federal Home Loan Bank14091 5,000,000.00 5,000,000.00 09/11/20295.00009/11/2024 4,996,810.65 Aaa3130B2KZ7 1,624

5.000Federal Home Loan Bank14096 10,000,000.00 10,000,000.00 09/11/20295.00009/11/2024 9,993,621.30 Aaa3130B2KZ7 1,624

4.850Federal Home Loan Bank14127 5,000,000.00 5,000,000.00 09/19/20294.85009/26/2024 4,997,339.60 Aaa3130B2WC5 1,632

5.000FED HOME LOAN MORTAGE CORP14107 10,000,000.00 10,000,000.00 09/19/20295.00009/19/2024 9,994,790.10 Aaa3134HALK7 1,632

4.304Federal Home Loan Bank14129 10,000,000.00 9,998,201.56 09/26/20294.30009/30/2024 9,943,475.20 Aaa3130B2UT0 1,639

5.000FED NATIONAL MORTGAGE ASSN14133 8,000,000.00 8,000,000.00 10/01/20295.00010/15/2024 7,983,513.84 Aaa3135GAW98 1,644

5.000FED NATIONAL MORTGAGE ASSN14138 7,500,000.00 7,500,000.00 10/01/20295.00010/15/2024 7,484,544.23 Aaa3135GAW98 1,644

4.900Federal Home Loan Bank14131 5,000,000.00 5,000,000.00 10/11/20294.90010/11/2024 4,999,001.75 Aaa3130B35Y5 1,654

4.600Federal Farm Credit Bank14136 5,000,000.00 5,000,000.00 10/15/20294.60010/15/2024 4,994,625.10 Aaa3133ERXP1 1,658

5.000FED NATIONAL MORTGAGE ASSN14141 5,000,000.00 5,000,000.00 10/23/20295.00010/23/2024 4,994,719.25 Aaa3135GAXE6 1,666

5.210FED HOME LOAN MORTAGE CORP14143 5,000,000.00 5,000,000.00 10/24/20295.21010/24/2024 4,998,440.20 Aaa3134HATX1 1,667

5.100FED HOME LOAN MORTAGE CORP14145 5,000,000.00 5,000,000.00 11/07/20295.10011/07/2024 5,001,895.85 Aaa3134HAXK4 1,681

5.150FED HOME LOAN MORTAGE CORP14158 5,000,000.00 5,000,000.00 12/18/20295.15012/27/2024 5,001,221.05 Aaa3134HAV42 1,722

5.100Federal Home Loan Bank14159 5,000,000.00 5,000,000.00 01/14/20305.10001/14/2025 4,999,583.75 Aaa3130B4GX3 1,749

5.000FED HOME LOAN MORTAGE CORP14160 5,000,000.00 5,000,000.00 01/14/20305.00001/14/2025 5,012,524.50 Aaa3134HA2C6 1,749

5.000Federal Home Loan Bank14166 5,000,000.00 5,000,000.00 03/15/20305.00003/25/2025 4,983,458.05 Aaa3130B5E38 1,809

5.000Federal Home Loan Bank14171 5,000,000.00 5,000,000.00 03/18/20305.00003/28/2025 4,983,434.05 Aaa3130B5MC9 1,812 Portfolio PASD
Data Updated: SET_POOL: 04/21/2025 19:43
Run Date: 04/21/2025 - 19:43
4

YTM
365

Par Value Book Value
Maturity
Date
Stated
RateMarket Value
March 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
450,269,505.69445,842,534.66450,271,777.77446,398,494.16Subtotal and Average 3.098 899 Treasury Securities - Coupon

5.190US TREASURY14025 5,000,000.00 4,995,513.02 09/30/20255.00010/18/2023 5,018,281.25 Aaa91282CJB8 182

4.929U.S. TREASURY14068 5,000,000.00 4,979,828.76 03/31/20264.50004/11/2024 5,020,195.30 Aaa91282CKH3 364

0.924US TREASURY13963 5,000,000.00 4,988,008.33 08/31/20260.75009/24/2021 4,779,492.20 Aaa91282CCW9 517

4.019U.S. TREASURY14140 10,000,000.00 9,925,758.08 09/30/20263.50010/22/2024 9,930,859.40 Aaa91282CLP4 547 24,889,108.1924,748,828.1525,000,000.0034,562,739.05Subtotal and Average 3.816 431 Corporate Bonds - Coupon

4.050CITIGROUP GLOBAL MARKETS13990 2,500,000.00 2,500,000.00 05/27/20254.05005/27/2022 2,493,549.78 A217330FVU2 56

4.050CITIGROUP GLOBAL MARKETS13991 2,500,000.00 2,500,000.00 05/27/20254.05005/27/2022 2,493,549.78 A217330FVU2 56

5.030Microsoft Corporation14073 4,000,000.00 3,957,230.61 11/03/20253.12505/15/2024 3,975,497.28 Aaa594918BJ2 216

0.825JP MORGAN13898 5,000,000.00 5,000,000.00 12/22/20250.82512/22/2020 4,849,037.40 A148128GY53 265

1.388BANK OF AMERICA CORP13923 5,000,000.00 4,969,076.68 01/26/20260.75003/25/2021 4,842,208.45 A106048WK82 300

0.752BANK OF NEW YORK MELLON13901 5,000,000.00 4,999,917.32 01/28/20260.75002/02/2021 4,854,375.40 A106406RAQ0 302

0.718APPLE INC13902 5,000,000.00 4,999,266.61 02/08/20260.70002/08/2021 4,850,715.65 Aaa037833EB2 313

1.250BANK OF AMERICA CORP13934 5,000,000.00 5,000,000.00 05/28/20261.25005/28/2021 4,815,049.05 A106048WM31 422

1.263BANK OF AMERICA CORP13945 3,623,000.00 3,620,279.69 06/25/20261.20007/21/2021 3,481,529.42 A106048WM64 450

1.155ROYAL BANK OF CANADA13958 6,250,000.00 6,249,582.31 07/14/20261.15009/22/2021 6,008,017.69 A178016EZT7 469

1.365Credit Suisse New York13961 5,000,000.00 4,992,500.68 08/07/20261.25009/24/2021 4,794,431.75 A322550L2G5 493

5.433Toyota Motor Credit Corp14033 5,000,000.00 4,997,545.83 11/20/20265.40011/20/2023 5,086,602.40 A189236TLD5 598

5.214Met Life Glob Funding I14043 1,060,000.00 1,030,678.10 12/18/20263.45012/18/2023 1,043,326.33 Aa359217GBY4 626

4.789MUTUAL OF OMAHA GLOBAL14155 4,000,000.00 4,042,201.91 04/09/20275.35011/22/2024 4,053,846.20 A162829D2D1 738

4.854Amazon.com Inc14080 5,000,000.00 4,812,928.88 08/22/20273.15007/03/2024 4,887,772.55 A1023135BC9 873

4.132Johnson & Johnson14048 5,000,000.00 4,843,181.45 01/15/20282.90001/10/2024 4,840,375.10 Aaa478160CK8 1,019

5.125JP MORGAN14055 5,000,000.00 5,000,000.00 01/26/20285.12501/26/2024 5,023,774.75 Aa246632FTS4 1,030

4.452US BANCORP14169 5,000,000.00 4,921,499.78 04/26/20283.90003/12/2025 4,920,247.85 A391159HHS2 1,121

5.330MUTUAL OF OMAHA GLOBAL14040 4,500,000.00 4,517,269.72 12/12/20285.45012/12/2023 4,617,226.58 A162829D2B5 1,351

5.500BANK OF AMERICA CORP14050 5,000,000.00 5,000,000.00 01/23/20295.50001/23/2024 5,018,651.35 A106055JDD8 1,393

4.000CISCO SYSTEMS INC14101 5,000,000.00 5,148,004.97 02/26/20294.85009/06/2024 5,084,249.80 A117275RBR2 1,427

3.975BRISTOL MYER14110 5,000,000.00 4,887,932.76 07/26/20293.40009/26/2024 4,793,089.60 A2110122CP1 1,577

4.750MUTUAL OF OMAHA GLOBAL14137 3,000,000.00 3,000,000.00 10/15/20294.75010/15/2024 2,984,601.06 A162829D2E9 1,658

5.000US BANCORP14168 3,000,000.00 3,000,000.00 03/12/20305.00003/12/2025 3,007,588.59 A391159XBH7 1,806 103,989,097.30102,819,313.81104,433,000.00101,168,692.76Subtotal and Average 3.337 780 Commercial Paper Disc. -Amortizing

4.624BOFA SECURITIES INC CP14135 7,500,000.00 7,413,608.78 07/03/20254.38010/10/2024 7,414,087.50 A106054NU33 93 7,413,608.787,414,087.507,500,000.007,399,772.81Subtotal and Average 4.624 93 Portfolio PASD
Data Updated: SET_POOL: 04/21/2025 19:43
Run Date: 04/21/2025 - 19:43 7..
5

YTM
365

Par Value Book Value
Maturity
Date
Stated
RateMarket Value
March 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
Monthly for Pool
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
Treasury Discounts -Amortizing

4.516US TREASURY14132 7,500,000.00 7,498,184.97 04/03/20254.30010/08/2024 7,498,235.40 Aaa912797MV6 2 7,498,184.977,498,235.407,500,000.0011,352,814.74Subtotal and Average 4.516 2 Supranationals

0.647INTL BK RECON & DEVELOP13903 5,000,000.00 5,000,000.00 02/10/20260.65002/10/2021 4,844,976.15 Aaa459058JS3 315

4.915INTL BK RECON & DEVELOP14058 5,000,000.00 4,993,311.67 01/12/20294.87501/31/2024 5,094,843.50 Aaa45906M4P3 1,382

4.316INTL BK RECON & DEVELOP14084 5,000,000.00 5,000,000.00 07/30/20294.75007/30/2024 5,013,722.10 Aaa45906M5K3 1,581

4.570INTL BK RECON & DEVELOP14089 5,000,000.00 5,000,000.00 09/04/20294.57009/04/2024 4,999,000.70 Aaa45906M5Q0 1,617

4.569INTL BK RECON & DEVELOP14098 5,000,000.00 5,000,000.00 09/04/20294.57009/05/2024 4,999,000.70 Aaa45906M5Q0 1,617

4.569INTL BK RECON & DEVELOP14099 5,000,000.00 5,000,000.00 09/04/20294.57009/06/2024 4,999,000.70 Aaa45906M5Q0 1,617

4.561INTL BK RECON & DEVELOP14134 2,600,000.00 2,599,765.34 09/04/20294.57010/09/2024 2,599,480.36 Aaa45906M5Q0 1,617 32,593,077.0132,550,024.2132,600,000.0032,593,002.35Subtotal and Average 3.981 1,376 812,114,662.67 805,981,059.03 3.438 750798,817,298.94 804,682,108.53Total and Average Portfolio PASD
APData Updated: SET_POOL: 04/21/2025 19:43
Run Date: 04/21/2025 - 19:43
6

COMPLIANCE REPORT
Pooled Investment Portfolio
As of 03/31/25
Diversification Credit Quality Maturity
Portfolio State Gov't Portfolio Portfolio Credit Quality Portfolio % of total Code limits compliance Credit Quality per Gov Code compliance Maturity Collateralized Money Market 0.00% 100% In compliance 102% Collateral 102% Collateral In compliance In compliance Certificates of Deposit 0.00% 30% In compliance n/a n/a In compliance In compliance Municipal Bonds 7.90% 100% In compliance Aaa/Aa3/Aa2/Aa1/A2/AA+/AA-/AAA/AA A or better In compliance In compliance US Treasury Securities 4.04% 100% In compliance Aaa AA+/Aaa In compliance In compliance Corporate Bonds 12.89% 30% In compliance* Aaa/Aa1/Aa3/A1/A2/A3 A or better In compliance In compliance Amortized Zero Cpn Bonds 0.00% 30% In compliance* Aa1/A1/A2/A3 A or better In compliance In compliance Federal Agency Issues 55.89% 100% In compliance Aaa AA+/Aaa In compliance In compliance Supranationals 4.08% 30% In compliance Aaa AA or better In compliance In compliance Commercial Paper 0.93% 100% In compliance P-1 (Short-term)/A1/Aa1 P-1 (Short-term) In compliance In compliance Money Market-CAMP 13.82% 100% In compliance n/a n/a In compliance In compliance Money Market Fund-US Bank 0.42% 100% In compliance n/a n/a In compliance In compliance LAIF 0.17% 100% In compliance n/a n/a In compliance In compliance Cash -0.14% 100% In compliance Collateralized Collateralized In compliance In compliance 100.00%
Portfolio Value 803,124,387
7

INVESTMENTS IN ISSUERS REPRESENTING OVER 5%

OF THE POOL PORTFOLIO
March 31, 2025
Market Value % of Total
FHLB 153,681,634 19.14%
FHLMC 150,571,282 18.75%
FFCB 101,205,142 12.60%
FNMA 40,384,476 5.03%
Total Fed Agencies 445,842,536 55.51%
OTHER PORTFOLIO INVESTMENTS 357,281,852 44.49%
Total Investments 803,124,387 * 100.00%
note: * Includes Cash in Bank and Accrued Interest Receivable 8

Pooled Portfolio - Total Return Performance
ICE BofA Pooled
1-3 Index Portfolio
2005 Annual 1.746 2.073
2006 Annual 4.195 4.474
2007 Annual 6.706 5.736
2008 Annual 4.649 3.474
2009 Annual 3.784 3.398
2010 Annual 2.322 1.806
2011 Annual 1.540 1.490
2012 Annual 1.467 1.788
2013 Annual 0.696 0.417
2014 Annual 0.777 1.321
2015 Annual 0.671 1.087
2016 Annual 1.284 0.713
2017 1st quarter 0.393 0.440
2nd quarter 0.303 0.419
3rd quarter 0.342 0.380
4th quarter -0.182
-0.059

0.856 1.180
2018 1st quarter -0.185 -0.097
2nd quarter 0.291 0.269
3rd quarter 0.354 0.431
4th quarter 1.166

1.038

1.626 1.641
2019 1st quarter 1.219 0.963
2nd quarter 1.480 1.054
3rd quarter 0.700 0.593
4th quarter 0.606

0.590

4.005 3.200
2020 1st quarter 1.590 0.495
2nd quarter 1.215 0.962
3rd quarter 0.274 0.287
4th quarter 0.227

0.236

3.306 1.980
2021 1st quarter -0.028 -0.467
2nd quarter 0.063 0.437
3rd quarter 0.088 0.085
4th quarter -0.533
-0.638
-0.410 -0.583
2022 1st quarter -

2.580 -2.910
2nd quarter -0.625 -0.842
3rd quarter -1.503 -1.713
4th quarter 0.890 0.821
-3.818 -4.644
2023 1st quarter 1.480 1.599
2nd quarter -0.341 0.995
3rd quarter 0.781 1.000
4th quarter 2.640

2.230

4.560 5.824
2024 1st quarter 0.450 0.934
2nd quarter 0.988 1.141
3rd quarter 2.940 2.047
4th quarter 0.011

0.703

4.389 4.825
2025 1st quarter 1.610 1.324
2nd quarter
3rd quarter
4th quarter

1.610 1.324
Yield Fiscal YTD
Pooled Portfolio YTM 3.34%
State Treasurer's LAIF yield 4.31%
2 Year Average US Treasury yield 4.12%
9

CITY POOLED PORTFOLIO
Portfolio Management
Distribution of Investments By Type - Historic
(By Market Values)
In %
Fiscal Year Total
June June June June June June June June 1st Qtr 2nd Qtr 3rd Qtr Investment Type 2016 2017 2019 2020 2021 2022 2023 2024 2025 2025 2025 Money Market 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Money Market Collateralized 7.25 3.97 1.59 11.73 6.76 0.00 0.00 0.00 0.00 0.00 0.00 Municipal Bonds 4.01 5.80 4.33 4.72 7.70 5.96 4.25 5.34 6.62 7.63 7.90 Corporate Bonds - Coupon 16.36 17.12 20.78 22.50 16.62 13.97 11.02 11.64 11.66 11.48 12.89 Agency CMOs/Mortgage Backed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Federal Agency Issues - Coupon 49.70 55.86 54.14 34.00 47.35 48.79 57.84 52.89 53.63 55.44 55.89 Repurchase Agreements 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 L.A.I.F. 14.38 9.07 7.29 11.66 16.47 4.00 0.19 0.18 0.17 0.16 0.17 Cash 0.68 0.44 0.45 0.34 0.53 0.31 0.06 0.03 (0.05) 0.60 (0.14) Treasury Securities 3.37 2.99 3.71 2.37 3.66 7.46 7.11 8.68 5.60 6.34 4.04 Treasury Securities Disc 0.00 0.00 0.00 0.00 0.00 1.54 1.48 0.00 0.00 0.00 0.00 Supranationals 4.25 3.76 5.89 8.24 0.80 3.73 4.27 4.68 4.42 4.57 4.08 Bank Notes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Federal Agency Discount 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Commerical Paper - Disc (Amortizing) 0.00 0.99 0.82 0.00 0.00 1.55 2.97 4.04 0.00 0.90 0.93 Money Market Fund-US Bank 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.40 0.42 Amortized Zero Cpn Bonds 0.00 0.00 0.00 0.00 0.00 0.77 0.00 0.00 0.00 0.00 0.00 Certificates of Deposit 0 0.00 0.00 1.00 0.00 0.00 0.20 0.19 0.17 0.00 0.00 0.00 Money Market-CAMP 0.00 0.00 0.00 3.89 0.12 11.72 10.61 12.36 17.96 12.47 13.82 Muni Variable Rate 0.00 0.00 0.00 0.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 10

II. Capit
al Endowment Portfolio

CITY OF PASADENA
Capital Endowment Portfolio
Vicken Erganian
City Treasurer
March 2025

PORTFOLIO COMPLIANCE
The Treasurer's investment portfolio is in compliance with the California Government Code Section 53601 and the City's Investment Policy approved by the City Council on July 8, 2024. The holdings in the investment pool are in compliance with the current investment policy statement. Further information on compliance issues can be obtained by calling the City of Pasadena Treasurer's Office. A complete copy of the monthly investment report on the investment portfolio including a detailed listing of each investment, is available by calling the Treasurer's office at (626)744-4422.

PORTFOLIO STRUCTURE AS OF 03/31/2025

TYPE MARKET VALUE PERCENT
Money Market - CAMP 123,667 6.10%
Federal Agencies 1,902,177 93.90%
TOTALS: 2,025,844 100.00%
Accrued Interest Receivable 31,476
GRAND TOTAL: 2,057,320
PORTFOLIO LIQUIDITY AS OF 03/31/2025
Percent of
Aging Interval Par Value Portfolio
0-30 Days 123,667 6.11%
31 days - 1 Year - 0.00%
1 - 2 Years - 0.00%
2 - 3 Years 1,900,000 93.89%
3 - 4 Years - 0.00%
4 - 5 Years - 0.00%
Over 5 Years - 0.00%
TOTAL: 2,023,667 100.00% -

PORTFOLIO STATISTICS
Mar-25 Feb-25 Jan-25 Dec-24 Nov-24 Oct-24
Month-End Mkt Value 2,057,320 2,050,507 2,039,800 2,030,339 2,023,457 2,015,660 Modified Duration 2.28 2.36 2.43 2.51 2.59 0.14
Weighted Average Maturity 2.49 2.57 2.65 2.73 2.81 0.06 Current Book Yield to Maturity 4.690% 4.692% 4.695% 4.706% 4.714% 1.227% Effective Yield - Year to Date 2.850% 2.630% 2.310% 1.920% 1.370% 1.230% Interest Earned 7,911 7,868 7,916 7,930 3,214 2,059 Fiscal Year To Date Interest Earned 43,141 35,230 27,362 19,446 11,516 8,302 Fair Value Change Gain/(Loss) (1,098) 2,839 1,545 (1,048) 4,583 5,965 Fiscal Year To Date change in fair value 37,562 38,660 35,820 34,275 35,324 30,741 Total Fiscal YTD earnings 80,703 73,890 63,182 53,721 46,840 39,042 MMF -
CAMP,

6.10%
Federal
Agencies,

93.90%
11

YTM
365

Par Value Book Value
Maturity
Date
Stated
RateMarket Value
March 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management

CAPITAL ENDOWMENT
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
Money Market Fund-CAMP

4.532California Asset Management Pr14111 123,666.77 123,666.77 4.470123,666.77SYS14111 1 123,666.77123,666.77123,666.77123,639.25Subtotal and Average 4.532 1 Collateralized Money Market

4.800EAST WEST BANK13057 0.00 0.00 4.8000.00SYS13057 1

0.000.000.000.00Subtotal and Average 0.000 0
Federal Agency Issues - Coupon

4.700FED HOME LOAN MORTAGE CORP14157 1,900,000.00 1,900,000.00 11/26/20274.70011/26/2024 1,902,177.31 Aaa3134HAF40 969 1,900,000.001,902,177.311,900,000.001,900,000.00Subtotal and Average 4.700 969 2,023,639.25 2,023,666.77 4.690 9102,025,844.08 2,023,666.77Total and Average Portfolio PASD
APData Updated: FUNDSNAP: 04/21/2025 19:53
Run Date: 04/21/2025 - 19:53
12

COMPLIANCE REPORT
Capital Endowment Portfolio
As of 03/31/25
Diversification Credit Quality Maturity
Portfolio State Gov't Portfolio Portfolio Credit Quality Portfolio % of total Code limits compliance Credit Quality per Gov Code compliance Maturity Collateralized Money Market 0.00% 100% In compliance 102% Collateral 102% Collateral In compliance In compliance Money Market-CAMP 6.10% 100% In compliance n/a n/a In compliance In compliance Corporate Bond 0.00% 30% In compliance** Aa2 A or better In compliance In compliance Federal Agency Issues 93.90% 100% In compliance** Aaa AA+/Aaa In compliance In compliance 100.00%
Portfolio Value 2,057,320
**Compliance is measured based on the City's total investments which include the Pooled portfolio as well as the Power Reserve Fund. 13

INVESTMENTS IN ISSUERS REPRESENTING OVER 5%

OF THE CAPITAL ENDOWMENT PORTFOLIO
March 31, 2025
Market Value % of Total
FHLMC 1,902,177 92.46%
Total 1,902,177 92.46%
OTHER PORTFOLIO INVESTMENTS 155,143 7.54%
Total Investments 2,057,320 * 100.00%
note: * Includes Accrued Interest Receivable
14

CAPITAL ENDOWMENT
Portfolio Management
Distribution of Investments By Type - Historic
(By Market Values)
In %
Fiscal Year Total
June June June June June June June June June 1st Qtr 2nd Qtr 3rd Qtr Investment Type 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025 2025 Money Market - Collateralized 100.00 1.80 0.75 0.03 1.10 3.10 3.38 0.00 0.00 0.00 0.00 0.00 Federal Agency Issues - Coupon 0.00 0.00 0.00 0.00 0.00 0.00 96.62 95.44 94.45 94.45 93.95 93.90 Corporate Bonds - Coupon 0.00 0.00 99.25 99.97 98.90 96.90 0.00 0.00 0.00 0.00 0.00 0.00 Municipal Bonds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 L.A.I.F. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Certificate of Deposit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Federal Agency Discount 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Treasury Securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Agency CMOs/Mortgage Backed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Commerical Paper - Disc (Amortizing) 0.00 98.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Asset Backed Securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Mutual Funds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Money Market - CAMP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.56 5.55 5.55 6.05 6.10 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 15

III. Power Reserve Portfolio

CITY OF PASADENA
Power Reserve Portfolio
Vicken Erganian
City Treasurer
March 2025

PORTFOLIO COMPLIANCE
The Treasurer's investment portfolio is in compliance with the California Government Code Section 53601 and the City's Investment Policy approved by the City Council on July 8, 2024. The holdings in the investment pool are in compliance with the current investment policy statement. Further information on compliance issues can be obtained by calling the City of Pasadena Treasurer's Office. A complete copy of the monthly investment report on the investment portfolio including a detailed listing of each investment, is available by calling the Treasurer's office at (626)744-4422.

PORTFOLIO STRUCTURE AS OF 03/31/2025

TYPE MARKET VALUE PERCENT
Municipal Bonds 1,946,900 4.41%
Federal Agencies 25,593,995 58.02%
L.A.I.F. 46,371 0.11%
Money Market-CAMP 16,522,251 37.46%
TOTALS: 44,109,517 100.00%
Accrued Interest Receivable 232,241
GRAND TOTAL: 44,341,759
PORTFOLIO LIQUIDITY AS OF 03/31/2025
Percent of
Aging Interval Par Value Portfolio
0 - 30 days 16,568,623 32.34%
31 days - 1 Year - 0.00%
1 - 2 Years 2,000,000 3.90%
2 - 3 Years - 0.00%
3 - 4 Years 6,000,000 11.71%
4 - 5 Years - 0.00%
Over 5 Years 26,666,667 52.05%
TOTAL: 51,235,290 100.00%

PORTFOLIO STATISTICS
Mar-25 Feb-25 Jan-25 Dec-24 Nov-24 Oct-24
Month-End Market Value 44,341,759 44,168,216 43,311,472 43,096,162 43,684,821 43,262,822 Modified Duration 4.73 4.77 4.72 4.77 4.95 4.97
Weighted Average Maturity 6.39 6.46 6.54 6.60 6.67 6.75 Current Book Yield to Maturity 2.670% 2.680% 2.686% 2.742% 2.785% 2.428% Effective Yield - Year to Date 2.550% 2.540% 2.510% 2.480% 2.440% 2.440% Interest Earned 114,011 107,895 114,095 116,156 103,133 102,558 Fiscal Year To Date Interest Earned 969,589 855,578 747,683 633,588 517,432 414,299 Fair Value Change Gain/(Loss) 59,532 748,849 101,201 (704,543) 319,137 (852,091) Fiscal Year To Date change in fair value 1,107,999 1,048,467 299,618 198,417 902,960 583,823 Total Fiscal YTD Earnings 2,077,588 1,904,045 1,047,301 832,005 1,420,392 998,122 Money Market-
CAMP

1.03%
Fed Agency

58.02%
LAIF

0.11%
Municipal
Bonds

4.54%
16

YTM
365

Par Value Book Value
Maturity
Date
Stated
RateMarket Value
March 31, 2025
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management

POWER RESERVE FUND
Days to
MaturityMoody'sCUSIP Investment #
Purchase
Date
LAIF

4.340Local Agency Investment Fund6184 46,371.31 46,371.31 4.34046,371.31SYS6184 1 46,371.3146,371.3146,371.3146,371.31Subtotal and Average 4.340 1 Money Market Fund-CAMP

4.532California Asset Management Pr14063 16,522,251.37 16,522,251.37 4.47016,522,251.37SYS14063 1 16,522,251.3716,522,251.3716,522,251.3716,517,067.24Subtotal and Average 4.532 1 Collateralized Money Market

4.800EAST WEST BANK13066 0.00 0.00 4.8000.00SYS13066 1

0.000.000.000.00Subtotal and Average 0.000 0
Municipal Bonds

2.560LA County Redevelopment TABs13553 2,000,000.00 1,995,400.67 09/01/20262.37508/25/2016 1,946,900.00 Aa254465AGS5 518 1,995,400.671,946,900.002,000,000.001,995,274.12Subtotal and Average 2.560 518 Federal Agency Issues - Coupon

1.230Federal Farm Credit Bank13946 6,000,000.00 6,000,000.00 08/02/20281.23008/02/2021 5,447,653.86 Aaa3133EMX80 1,219

1.230Federal Farm Credit Bank13890 5,000,000.00 5,000,000.00 11/25/20301.23011/25/2020 4,237,074.20 Aaa3133EMHN5 2,064

1.850Federal Home Loan Bank13788 1,666,667.00 1,666,667.00 04/08/20321.85004/08/2020 1,404,206.96 Aaa3130AJEA3 2,564

2.000Federal Home Loan Bank13904 10,000,000.00 10,000,000.00 02/25/20362.00002/25/2021 7,648,180.40 Aaa3130AL3X0 3,982

2.000Federal Farm Credit Bank13875 10,000,000.00 10,000,000.00 10/15/20402.00010/15/2020 6,856,879.20 Aaa3133EMCV2 5,676 32,666,667.0025,593,994.6232,666,667.0032,666,667.00Subtotal and Average 1.733 3,627 51,225,379.67 51,235,289.68 2.670 2,33344,109,517.30 51,230,690.35Total and Average Portfolio PASD
APData Updated: FUNDSNAP: 04/08/2025 20:24
Run Date: 04/08/2025 - 20:24
17

COMPLIANCE REPORT
Power Reserve Portfolio
As of 03/31/25
Diversification Credit Quality Maturity
Portfolio State Gov't Portfolio Portfolio Credit Quality Portfolio % of total Code limits compliance Credit Quality per Gov Code compliance Maturity Collateralized Money Market 0.00% 100% In compliance 102% Collateral 102% Collateral In compliance In compliance Municipal Bonds 4.41% 100% In compliance Aa2 A or better In compliance In compliance Corporate Bonds 0.00% 30% In compliance Aaa A or better In compliance In compliance Federal Agency Issues 58.02% 100% In compliance Aaa AA+/Aaa In compliance In compliance Money Market-CAMP 37.46% 100% In compliance n/a n/a In compliance In compliance LAIF 0.11% 100% In compliance n/a n/a In compliance In compliance 100.00%
Portfolio Value 44,341,759
18

INVESTMENTS IN ISSUERS REPRESENTING OVER 5%

OF THE POWER RESERVE PORTFOLIO
March 31, 2025
Market Value % of Total
FHLB 9,052,387 20.42%
FFCB 16,541,607 37.30%
Total Fed Agencies 25,593,995 57.72%
OTHER PORTFOLIO INVESTMENTS 18,747,764 42.28%
Total Investments 44,341,759 * 100.00%
note: * Includes Accrued Interest Receivable
19

Power Reserve Portfolio - Total Return Performance
ICE BofA Power
5-7 Index Reserve
2003 Annual 4.214 3.940
2006 Annual 4.184 4.540
2007 Annual 7.656 6.960
2008 Annual 4.610 3.683
2009 Annual 3.784 3.714
2010 Annual 1.113 1.206
2011 Annual 1.555 2.547
2012 Annual 1.467 3.027
2013 Annual -0.143 -0.184
2014 Annual 2.446 2.688
2015 Annual 1.574 1.364
2016 Annual 2.050 -0.393
2017 1st quarter 0.773 0.830
2nd quarter 0.873 0.803
3rd quarter 0.567 0.515
4th quarter -0.398 0.071

1.815 2.219
2018 1st quarter -0.890 -0.702
2nd quarter 0.013 0.284
3rd quarter 0.188 0.048
4th quarter 1.812 1.987

1.123 1.617
2019 1st quarter 2.245 1.538
2nd quarter 2.530 1.704
3rd quarter 1.196 0.877
4th quarter 0.430 0.460

6.401 4.579
**2020 1st quarter 1.594 0.950
2nd quarter 1.215 0.625
3rd quarter 0.274 0.249
4th quarter 0.227 0.249

3.31 2.073
2021 1st quarter -1.178 -2.549
2nd quarter 0.634 3.715
3rd quarter -0.037 -0.554
4th quarter -0.896 -0.015
-1.477 0.597
2022 1st quarter -5.970 -6.886
2nd quarter -3.282 -4.182
3rd quarter -4.420 -5.972
4th quarter 1.918 0.454
-11.754 -16.586
2023 1st quarter 2.980 2.517
2nd quarter -1.230 -0.212
3rd quarter -1.916 -2.378
4th quarter 5.827 6.459

5.661 6.386
2024 1st quarter -0.464 -0.452
2nd quarter 0.470 0.895
3rd quarter 5.210 4.140
4th quarter -2.940 -2.083

2.276 2.500
2025 1st quarter 3.183 2.894
2nd quarter
3rd quarter
4th quarter

3.183 2.894
Yeld Fiscal YTD
Power Reserve YTM 2.63%
State Treasurer's LAIF yield 4.31%
2 Year Average Treasury yield 4.12%
Index changed to ICE BofA 5-7 in 2022
20

POWER RESERVE FUND
Portfolio Management
Distribution of Investments By Type - Historic
(By Market Values)
In % Fiscal Year Total
June June June June June June June June June 1st Qtr 2nd Qtr 3rd Qtr Investment Type 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025 2025 Money Market - Collateralized 7.43 0.02 4.34 2.58 32.06 0.08 0.00 0.00 0.00 0.00 0.00 0.00 Municipal Bonds 7.24 7.00 6.92 6.02 3.43 3.93 4.50 4.56 4.48 4.43 4.51 4.41 Federal Agency Issues - Coupon 77.86 79.82 82.96 85.12 51.22 57.67 75.33 72.13 70.30 70.65 57.63 58.02 L.A.I.F. 0.24 0.24 0.24 0.26 0.00 32.77 18.69 0.11 0.11 0.10 0.11 0.11 Corporate Bonds - Coupon 7.23 12.92 5.54 6.02 13.29 5.56 0.00 0.00 0.00 0.00 0.00 0.00 Certificate of Deposit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Federal Agency Discount 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Treasury Securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Agency CMOs/Mortgage Backed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Commerical Paper - Disc (Amortizing) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Asset Backed Securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Mutual Funds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Money Market - CAMP 0.00 0.00 0.00 0.00 0.00 0.00 1.48 23.21 25.12 24.81 37.75 37.46 Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 21

IV. Miscellaneous Portfolios

Fund Coupon Yield Maturity Face Value Cost Per Book Market Value City of Pasadena-Housing Succesor Agency
Money Mkt CAMP 4.470% 4.532% 4/1/2025 $2,576,692.49 $2,576,692.49 $2,576,692.49 LAIF 4.340% 4.340% 4/1/2025 $1.60 $1.60 $1.60
Weighted Average Maturity = 1 day $2,57 6,694.09 $2,576,694.09 $2,576,694.09 2002 Electric Revenue Reserve Fund
Money Mkt CAMP 4.470% 4.532% 4/1/2025 $27,811.52 $27,811.52 $27,811.52 FFCB 3133EMBH4 0.530% 0.530% 9/29/2025 $4,000,000.00 $4,000,000.00 $3,927,003.08 Weighted Average Maturity = .50 $4,02 7,811.52 $4,027,811.52 $3,954,814.60 Annandale Assessment District
Municipal Bonds-Annandale Assessment 6.000% 6.000% 9/2/2040 $856,735.00 $856,735.00 $856,735.00 Weighted Average Maturity = 15.65
2012A
Electric Parity Reserve Fund
Money Mkt CAMP 4.470% 4.532% 4/1/2025 $22,787.00 $22,787.00 $22,787.00 FFCB 3133EMBH4 0.530% 0.530% 9/29/2025 $690,000.00 $690,000.00 $677,408.03 Weighted Average Maturity = .49 $712, 787.00 $712,787.00 $700,195.03 Miscellaneous Funds
March 31, 2025

22

Fund Coupon Yield Maturity Face Value Cost Per Book Market Value Miscellaneous Funds
March 31, 2025
2013A Electric Parity Reserve Fund
Money Mkt CAMP 4.470% 4.532% 4/1/2025 $29,855.03 $29,855.03 $29,855.03 FFCB 3133ELC28 0.730% 0.730% 5/27/2025 $6,750,000.00 $6,750,000.00 $6,711,632.06 Weighted Average Maturity = .16 $6,77 9,855.03 $6,779,855.03 $6,741,487.09 2016A Electric Revenue Refunding Reserve
Money Mkt CAMP 4.470% 4.532% 4/1/2025 $80,157.82 $80,157.82 $80,157.82 FFCB 3133EMBH4 0.530% 0.530% 9/29/2025 $2,680,000.00 $2,680,000.00 $2,631,092.06 Weighted Average Maturity = .49 $2,76 0,157.82 $2,760,157.82 $2,711,249.88 2020A Water Refund Revenue Bonds Project
LAIF 4.340% 4.340% 4/1/2025 $4,930.78 $4,930.78 $4,930.78 Weighted Average Maturity = 1 day $4,930.78 $4,930.78 $4,930.78 2021A Water Refund Revenue Bonds Project
LAIF 4.340% 4.340% 4/1/2025 $15,263.56 $15,263.56 $15,263.56 Money Mkt CAMP 4.470% 4.532% 4/1/2025 $1,318.31 $1,318.31 $1,318.31 Weighted Average Maturity = 1 day $16,5 81.87 $16,581.87 $16,581.87 GRAND TOTAL: $17,735,553.11 $17,735,553.11 $17,562,688.34

23

V. Investments Held by Trustees

Schedule of Funds Held by Trustees

CITY OF PASADENA
For Period Ending 3/31/2025 Market Yield 4.26%
Maturity 04/01/25
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value D ate Yld
US Bank 2024A Rose Bowl Pasadena PFA Lease Revenue Bonds Ilse Vlach Interest Fund- Series 2024A Account #290083000 (213) 615-6051
Adriana Marshall Principal Fund- Series 2024A Account #2900083001 (213) 615-6033
COI Fund- Series 2024A Account #2900083002
Cash 19,625.72 19,625.72 19,625.72 04/01/25 0. 00%
Total 19,625.72 19,625.72 19,625.72
Amy Green 2024A Electric Revenue Refunding Bonds
(213)630-6204 Bond Fund-2024A Account #000161623
Lena Chan DREFUS GOVT CM INST 289 Cusip: X9USDDGCM 352.00 352.00 352.00 04/01/25 4.23% (213) 630-6253
Total 352.00 352.00 352.00
BNY 2021A Water Revenue Refunding Bonds
Amy Green COI-2021A Account #209092
(213)630-6204 Cash - - - 04/01/25 0.00%
Lena Chan Debt Service-2021A Account #209093
(213) 630-6253 Cash - - - 04/01/25 0.00%
Reserve-2021A Account #209094
DREFUS GOVT CM INST 289 Cusip: X9USDDGCM 895,991.42 895,991.42 895,991.42 04/01/ 25 4.23% Cash - - - 04/01/25 0.00%
Total 895,991.42 895,991.42 895,991.42
BNY 2020A Water Revenue Refunding Bonds
Amy Green COI-2020 Account #746583
(213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 04/01/25 4.26% Lena Chan DEBT SERVICE-2020 Account #746585
(213) 630-6253 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 04/01/25 4.26% Total - - -

24

Schedule of Funds Held by Trustees

CITY OF PASADENA
For Period Ending 3/31/2025 Market Yield 4.26%
Maturity 04/01/25
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value D ate Yld
2020AB POB Bonds
BNY POB COI-2020B Account #220413
Amy Green BlackRock Treasury Turst Dollars 63 Cusip: X9USDBTRD - - - 04/01/25 4.41% (213)630-6204 POB Bond Fund-2020B Account #220414
Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 1,688.56 1,688.56 1,688.56 04/ 01/25 4. 26% (213) 630-6253 POB Bond Fund-2020B Account #220415
Blackrock Tresus Trust Dollar 11 Cusip: X9USDBTRO 85.93 85.93 85.93 04/01/25 3.93% POB COI-2020A Account #765976
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 04/01/25 4.26% POB Bond Fund-2020A Account #765990
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 3,052.02 3,052.02 3,052.02 04/01/25 4. 26% POB Bond Fund-2020A Account #765996
Blackrock Tresus Trust Dollar 11 Cusip: X9USDBTRO 186.95 186.95 186.95 04/01/25 3.93% Total 5,013.46 5,013.46 5,013.46
US Bank 2018AB Rose Bowl Pasadena PFA Lease Revenue Bonds Ilse Vlach Interest Fund- Series 2018A Account #248882000 (213) 615-6051 Fidelity Govt Protfolio CI Cusp:316175108 568.45 568.45 568.45 04/01/25 4.23% Adriana Marshall Costs of Issuance- Series 2018A Account #248882002 (213) 615-6033 Fidelity Govt Protfolio CI Cusp:316175108 - - - 04/01/25 4.23% Interest Fund- Series 2018B Account #248882100
Fidelity Govt Protfolio CI Cusp:316175108 61.72 61.72 61.72 04/01/25 4.23% Principal Fund- Series 2018B Account #248882101
Fidelity Govt Protfolio CI Cusp:316175108 876.50 876.50 876.50 04/01/25 4.23% Costs of Issuance- Series 2018B Account #248882102
Fidelity Govt Obl Fd Cl D 316175108 - - - 04/01/25 4.23% Total 1,506.67 1,506.67 1,506.67
2017A Water Revenue Bonds
BNY Debt Service-2017A Account #948165
Amy Green Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 04/01/25 4.26% (213)630-6204 Reserve Fund-2017A Account #948269
Lena Chan Federal Home Loan Banks Cusip: 3130AL3S1 1,050,000.00 1,050,000.00 1,018, 458.00 02/ 17/26 0.63% (213) 630-6253 DREYFUS CUSIP:X9USSGCM 50,963.56 50,963.56 50,963.56 04/ 01/25 4. 23% Total 1,100,963.56 1,100,963.56 1,069,421.56

25

Schedule of Funds Held by Trustees

CITY OF PASADENA
For Period Ending 3/31/2025 Market Yield 4.26%
Maturity 04/01/25
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Valu e Date Yld
US Bank 2016A Rose Bowl Pasadena PFA Lease Revenue Bonds Ilse Vlach Interest Fund- Series 2016A Account #264433000 (213) 615-6051 Fidelity Govt Protfolio CI Cusp:316175108 333,227.09 333,227.09 333,227. 09 04/ 01/25 4.23% Principal Fund- Series 2016A Account #264433001
Fidelity Govt Protfolio CI Cusp:316175108 4,708,232.11 4,708,232.11 4,708,232.11 04/01/25 4.23% Adriana Marshall
Insurance & Condemnation Fund- Series 2016A Account
#264433002
(213) 615-6033 Fidelity Govt Obl Fd Cl D 316175108 0.19 0.19 0.19 04/01/25 4.23% Cost of Issuance- Series 2016A Account #264433003
First American Govt Obl Fd Cl D 31846V401 - - - 04/01/25 4.23% Total 5,041,459.39 5,041,459.39 5,041,459.39
BNY Pasadena 2015A COPS Bond
Amy Green COPS Base Rental-2015A Account #336964
(213)630-6204 Cash Balance - - - 04/01/25 0.00%
Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS - - - 04/01/25 4.26% (213) 630-6253 Total - - -
BNY Pasadena Tax Pension 2015AB Bond
Amy Green Bond Fund-2015A POB Account #479226
(213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 644.57 644.57 644.57 04/01/25 4.26% Lena Chan Cash Balance - - - 04/01/25 0.00%
(213) 630-6253 Bond Fund-2015A POB Account #479227
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 260.81 260.81 260.81 04/01/25 4.26% Cash Balance 04/01/25 0.00%
Bond Fund-2015A POB Account #479231
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 1,497.92 1,497.92 1,497.92 04/01/ 25 4.26% Cash Balance - - - 04/01/25 0.00%
Bond Fund-2015A POB Account #479232
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 34.28 34.28 34.28 04/01/25 4.26% Cash Balance
Total 2,437.58 2,437.58 2,437.58

26

Schedule of Funds Held by Trustees

CITY OF PASADENA
For Period Ending 3/31/2025 Market Yield 4.26%
Maturity 04/01/25
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value D ate Yld
BNY Pasadena Water Revenue 2010AB
Amy Green 2010 A Parity Reserve Account #286245
(213)630-6204 DREYFUS CUSIP:X9USSGCM 39,931.37 39,931.37 39,931.37 04/01/ 25 4.23% Lena Chan Federal Home Loan Bank CUSIP:3130AL3S1 1,350,000.00 1,350,000.00 1,309,446. 00 02/17/ 26 0.63% (213) 630-6253 Cash - - - 04/01/25 0.00%
2010 B Debt Service Account #286247
Cash - - - 04/01/25 4.19%
2010 B Parity Reserve Account #286248
DREYFUS CUSIP:X9USSGCM 11,383.11 11,383.11 11,383.11 04/01/25 4.23% Federal Home Loan Bank CUSIP:3130AL3S1 300,000.00 300,000.00 290,988.00 02/17/26 0. 63% Cash - - - 04/01/25 0.00%
2010 A Debt Service Fund Account #286295
Cash - - - 04/01/25 0.00%
Total 1,701,314.48 1,701,314.48 1,651,748.48
US Bank 2010 Rose Bowl Pasadena PFA Lease Revenue Bonds Ilse Vlach Interest Fund (S631591)
(213) 615-6051 Fidelity Instl Mm Fds Government I CUSIP:316175108 5,838.04 5,838.04 5,838.04 04/01/ 25 4.23% Lindsey K Tonsfeldt Cash - - - 04/01/25 0.00%
(651) 466-5114 Principal Fund (S631592)
[email protected] Fidelity Instl Mm Fds Government I CUSIP:316175108 3.51 3.51 3.51 04/01/25 4.23% Bond Reserve Fund (S631593)
Federal Home Loan Bank Funds CUSIP: 3130ALBD5 - - - 02/25/41 2.15% Fidelity Instl Mm Fds Government I CUSIP:316175108 319,211.12 319,211.12 319,211.12 04/01/25 4. 23% Cash - - - 04/01/25 0.00%
Total 325,052.67 325,052.67 325,052.67
Computershare Corporate Trust PPFA (Paseo Colorado Parking Facilities) 2008 Tracy Mason Bond Fund Account #23200100
(213) 253-7536 Allspring Government Money Market Service 65,747.99 65,747.99 65,747.99 04/01/ 25 3.92% (667)786-1241 Cash - - - 04/01/25 0.00%
Reserve Fund Account #23200101
teresalynn.mason1@computershFHLB Cusip: 3130APVC6 2,000,000.00 2,000,000.00 1,914,040.00 12/01/ 26 1.38% Kushina White Well Fargo Advantage Government Money Market Service - - - 04/01/25 0.01% (682)352-3476 Cost of Issuance Fund Account #23200103
(667)786-1241 Well Fargo Advantage Government Money Market Service - - - 04/01/25 0.00% [email protected] 2,065,747.99 2,065,747.99 1,979,787.99

27

Schedule of Funds Held by Trustees

CITY OF PASADENA
For Period Ending 3/31/2025 Market Yield 4.26%
Maturity 04/01/25
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value D ate Yld
BNY Pasadena 2006,2008,2015 COP Reserves
Amy Green Reserve Account #281635
(213)630-6204 Federal Home Loan Banks CUSIP:3130AKKQ8 4,950,000.00 4,950,000.00 4,180, 819.50 12/ 23/30 1.25% Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 198,929.04 198,929.04 198,929.04 04/01/ 25 4.26% (213) 630-6253 Cash - - - 04/01/25 0.00%
Total 5,148,929.04 5,148,929.04 4,379,748.54
Pasadena 2008AB COPS, 15A Parity Reserve
BNY Reserve Fund #281207
Amy Green Federal Home Loan Banks CUSIP:3130AKKQ8 1,325,000.00 1,325,000.00 1,119, 108.25 12/ 23/30 1.25% (213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 53,248.76 53,248.76 53,248.76 04/ 01/25 4. 26% Lena Chan Cash Balance - - -
(213) 630-6253 Total 1,378,248.76 1,378,248.76 1,172, 357.01 BNY Pasadena 2008A COPS
Amy Green Base Rental Fund #281732
(213)630-6204 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 282,198.23 282,198.23 282,198.23 04/01/ 25 4.26% Lena Chan Cash Balance - - - 0.00%
(213) 630-6253 Interest Fund #281733
Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 58.50 58.50 58.50 04/01/25 4.26% Letter of Credit #281734
Bank of America CUS: S86494570 1.00 1.00 1.00 03/31/25 0.00% Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 14.05 14.05 14.05 04/01/25 4.26% Total 282,271.78 282,271.78 282,271.78
BNY Pasadena Conf Ctr 2006AB
Amy Green Reserve Fund #281722
(213)630-6204 Federal Home Loan Banks CUSIP:3130AJRH4 10,800,000.00 10,800,000.00 7,523, 172.00 06/ 29/40 2.07% Lena Chan Federal Home Loan Banks CUSIP:3130AKKQ8 270,000.00 270,000.00 228,044.70 12/23/ 30 1.25% (213) 630-6253 Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 729,154.70 729,154.70 729,154.70 04/01/ 25 4.26% Cash Balance - - - 01/00/00 0.00%
Total 11,799,154.70 11,799,154.70 8,480,371.40

28

Schedule of Funds Held by Trustees

CITY OF PASADENA
For Period Ending 3/31/2025 Market Yield 4.26%
Maturity 04/01/25
$ Amount
Trustee/Officer Issue Name Shares/Par Cost Market Maturity % Maturity Date Investment Value Value D ate Yld
BNY Pasadena Water Revenue 2003
Amy Green Parity Reserve Account #281651
(213)630-6204 Federal Home Loan Banks CUSIP: 3130AL3S1 1,000,000.00 1,000,000.00 969,960. 00 02/17/ 26 0.63% Lena Chan DREYFUS GOVT CM INST 289 CUSIP: X9USDDGCM 35,689.70 35,689.70 35,689.70 04/ 01/25 4. 24% (213) 630-6253 Cash - - - 04/01/25 0.00%
Total 1,035,689.70 1,035,689.70 1,005,649.70
BNY COPS Parity Reserve Fund(2006A, and 2008ABC COP)
Amy Green Certificate Reserve #281143
(213)630-6204 Federal Home Loan Banks CUSIP: 3130AKKQ8 2,025,000.00 2,025,000.00 1,710, 335.25 12/ 23/30 1.25% Lena Chan Goldman Fincl Sq Govt Instl 465 CUSIP:X9USDGLDS 81,381.63 81,381.63 81,381.63 04/ 01/25 4. 31% (213) 630-6253 Cash - - - 04/01/25 0.00%
(In aggegrate with 2006A, Total Funds 2,106,381.63 2,106,381.63 1,791, 716.88 and 2008ABC COP reserve)
SCPPA SCPPA Investments
Atif Haji Datoo SCPPA Project Stabilization Fund
(213) 367-4668 Fidelity Inst MMKT GOVT 57CUSIP:X9USDFIN 226,071.96 226,071.96 226,071.96 04/01/ 25 4.24% Fidelity Inst MMKT GOVT 57CUSIP:X9USDFIN 1,125,627.36 1,125,627.36 1,125,627.36 04/ 01/25 4.24% Federal Home Loan Bank CUSIP: 3130B3YT4 3,000,000.00 3,000,000.00 3,000,120.00 06/ 05/26 4.55% Federal Home Loan Mortgage Corp CUSIP: 3134HAU43 1,000,000.00 997,500.00 1,001,100.00 12/ 18/209 4.63% - - - 0.00%
Total 5,351,699.32 5,349,199.32 5,352,919.32
TOTAL FUND BALANCE 38,261,839.87$ 38,259,339.87$ 33,457,431.57$

29

VI. PARS Section 115 Trust

City of Pasadena
PARS Section 115 Trust
For the Month Ended March 31, 2025
Pension Account 6746056200
Mayket Value Book Value
Beginning Balance 13,947,536.04 13,871,373.53
Activity
Contributions - -
Disbursements - -
Total - -
Net Investment Income
Dividends 56,598.12 56,598.12
Interest 1,851.08 1,851.08
Other Income - -
Change in Accrued Income (32.81) (32.81)
Total Investment Income 58,416.39 58,416.39
Net Change in Unrealized Gain/Loss (250,609.31) -
Realized Gain/Loss 4,452.24 4,452.24
Total Mayket Value Adjustment (246,157.07) 4,452.24
Trust Fees (2,896.62) (2,896.62)
PARS Fee (Net of Depository Earnings) (2,619.22) (2,619.22) Unreconciled Difference - -
Total (5,515.84) (5,515.84)
Ending Balance 13,754,279.52 13,928,726.32
1 Year Inception To Date
Investment Return (Inception-To-Date as of 03/31/2025) 5.50% 4.36% BenchMayk Return (PARS Moderately Conservative) 5.39% 4.46% Asset Allocation
Market Value Percentage
Cash and Equivalents 514,914.83 3.74%
Equity 4,085,399.58 29.70%
Fixed Income 9,152,146.84 66.54%
Accrued Income 1,818.27 0.01%
Total 13,754,279.52 100.00%
Account Manager:

Kyra Clarke
3121 Michelson Dr 3rd Fl
Irvine, CA 92612
949-224-7214, [email protected]
Cash and Equivalents

3.74%
Equity

29.70%
Fixed Income

66.54%
Accrued Income

0.01%
30

City of Pasadena
PARS Section 115 Trust
For the Month Ended March 31, 2025
Post Employments Benefits Trust 6746056201
Mayket Value Book Value
Beginning Balance 2,641,956.08 2,623,081.56
Activity
Contributions - -
Disbursements - -
Total - -
Net Investment Income
Dividends 10,733.85 10,733.85
Interest 290.28 290.28
Other Income - -
Change in Accrued Income 34.34 34.34
Total Investment Income 11,058.47 11,058.47
Net Change in Unrealized Gain/Loss, Fee Receipts & Deliveries Net (46,470.10) - Realized Gain/Loss (375.39) (375.39)
Total Mayket Value Adjustment (46,845.49) (375.39)
Trust Fees (552.70) (552.70)
PARS Fee (Net of Depository Earnings) (496.13) (496.13) Unreconciled Difference - -
Total (1,048.83) (1,048.83)
Ending Balance 2,605,120.23 2,632,715.81
1 Year Inception To Date
Investment Return (Inception-To-Date as of 3/31/2025) 5.47% 4.45% BenchMayk Return (PARS Moderately Conservative) 5.39% 4.50% Asset Allocation
Marrket Value Percentage
Cash and Equivalents 93,093.21 3.57%
Equity 777,608.23 29.85%
Fixed Income 1,734,094.17 66.56%
Accrued Income 324.62 0.01%
Total 2,605,120.23 100.00%
Account Manager:

Kyra Clarke
3121 Michelson Dr 3rd Fl
Irvine, CA 92612
949-224-7214, [email protected]
Cash and Equivalents

3.57%
Equity

29.85%
Fixed Income

66.56%
Accrued Income

0.01%
31

NEW BUSINESS
ITEM 6

6. JOINT AC
TION: ADOPT THE FISCAL YEAR 2025-2026

INVESTMENT POLICY AND INVESTMENT STRATEGY

Agenda Report
TO: Honorable Mayor and City Council
June 9, 2025
Successor Agency to the Pasadena Community Development
Commission
THROUGH: Finance Committee
FROM: Department of Finance
SUBJECT: JOINT ACTION: ADOPT THE FISCAL YEAR 2025-2026 INVESTMENT

POLICY AND INVESTMENT STRATEGY
RECOMMENDATION:

It is recommended that the City Council and the Successor Agency to the Pasadena Community Development Commission:

1. Find that the proposed action is not a project subject to the California Environmental Quality Act (CEQA) as defined in Section 21065 of CEQA and Section 15378 of the State CEQA Guidelines and, as such, no environmental document pursuant to CEQA is required for the project; and

2. Adopt the City Treasurer's recommended Investment Policy and Investment Strategy for Fiscal Year 2025-2026 (FY 2025-2026).

BACKGROUND:

In relation to a local government's investment policy, California Government Code Section 53646 states "the Treasurer or Chief Fiscal Officer may annually render to the legislative body of the local agency a statement of investment policy." Attached for review and approval, is the City's Investment Policy for FY 2025-2026.

The Investment Policy is intended to outline the policies for maximizing the efficiency of the City's cash management system, the prudent investment of the City's funds, and to
provide guidelines for suitable investments. The primary goals of the investment policy are to ensure compliance with the law; provide protection of principal; maintain liquidity; and maximize investment income to enhance the economic status of the City.

MEETING OF AGENDA ITEM NO.

FY 2025/2026 CITY OF PASADENA INVESTMENT POLICY
| City of Pasadena | Department of Finance | Treasury Division |

Attachment A

DEPARTM

ENT OF FINANCE -- TREASURY DIVISION

CITY OF PASADENA INVESTMENT POLICY
Fiscal Year 2025 - 2026
I. PURPOSE
T
his statement is intended to provide guidelines for the prudent investment of the City's temporary idle cash and reserves, and to outline the policies for maximizing the efficiency of the City's cash management system. The ultimate goal is to enhance the economic status of the City while protecting its pooled cash.

II. OBJE
CTIVE
The City's cash management system is designed to accurately monitor and forecast expenditures and revenues, thus enabling the City to invest funds to the fullest possible extent. The City attempts to earn the highest yield obtainable while remaining within the investment criteria established for the safety and liquidity of public funds.

The invest
ment portfolio will be managed in accordance to the parameters specified within this policy.

The investment portfolio will be designed to obtain a reasonable market -level rate of return, given budgetary and economic cycles, commensurate with the City’s investment risk and cash flow needs.

The City’s portfolio management approach will be active, allowing periodic restructuring of the investment portfolio to take advantage of current and anticipated rate movements.

III. POLICY
As
a Charter City, Pasadena operates its temporary pooled idle cash investments as a trustee and under the prudent person rule (Probate Code Section 16040, et seq., formerly set forth in Civil Code Section 2261, et seq.). The prudent person rule governing the standard of care of trustees, generally states, in essence, that:

FY 2025/2026 CITY OF PASADENA INVESTMENT POLICY
| City of Pasadena | Department of Finance | Treasury Division |

a) The trustee shall administer the trust with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims to accomplish the purposes of the trust as determined from the trust instrument.
b) When invest
ing, reinvesting, purchasing, acquiring, exchanging, selling, and managing trust property, the trustee shall act with the care, skill, prudence, and diligence under the circumstances then prevailing, including but not limited to the general economic conditions and the anticipated needs of the trust and its beneficiaries, that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims to accomplish the purposes of the trust as determined from the trust instrument. In the course of administering the trust pursuant to this standard, individual investments shall be considered as part of an overall investment strategy.

This aff
ords the City a broad spectrum of investment opportunities as long as the investment is considered prudent and is allowable under current legislation of the State of California (Government Code Section 53600 et seq.). It is the City’s full intent, at the time of purchase, to hold all investments until maturity to ensure the return of all invested principal dollars. However, it is realized that market prices of securities will vary depending on economic and interest rate conditions at any point in time.

It is further recognized that in a well -diversified investment portfolio, occasional paper losses are inevitable due to economic, bond market or individual security credit analysis and shifts in interest rates.

It is f
urther recognized that even in a well -diversified portfolio, at any particular point in time, when security valuations are impacted by changes in interest rates and economic conditions, that securities may at times be worth less than the original purchase price. Market fluctuations and occasional measured losses may occur and must be considered within the context of overall portfolio return rather than based on the performance of any single security or investment transaction. It is also understood that in the event of the need for a forced liquidation of investments to meet unplanned or unanticipated cash flow demands, a potential loss of investment principal might occur.

The prudent and professional management of portfolio risk includes knowingly selling or changing a security to prevent further losses or to incur loss for the intent of improving credit quality or liquidity.

The City
Treasurer, the Finance Director and other individuals assigned to manage the investment portfolio, acting within the intent and scope of the investment policy and other written procedures and exercising due diligence, shall be relieved of personal responsibility and liability for securities credit risk or market price changes, provided deviations from expectations are reported in a timely manner and appropriate action is taken to control adverse developments. Criteria for selecting investments in the order of priority are:

FY 2025/2026 CITY OF PASADENA INVESTMENT POLICY

| City of Pasadena | Department of Finance | Treasury Division |

1. Safety
The safety and risk associated with an investment refers to the potential for loss of principal, interest or both. Protection of the public funds entrusted to the Treasurer is the paramount criteria used to evaluate the investment instruments available. Safety of principal is the foremost objective of the City of Pasadena. Each investment transaction shall seek to ensure that capital losses are avoided, whether from securities default, broker -dealer default or erosion of market value. The City shall seek to preserve principal by mitigating the two types of risk, credit risk and market risk.

2. Liquidity
This refers to the ability to convert an investment to cash at any moment in time with minimal risk of forfeiting a portion of principal or interest. Liquidity is an essential investment requirement especially in light of the City's need to be able to meet emergency financing demands of the community at any time.

Because the City of Pasadena operates its own electric and water utility and bills monthly for these services, significant cash flow is generated on a daily basis. Historical cash flow trends are compared to current cash flow requirements on an ongoing bas is in an effort to ensure that the City’s investment portfolio will remain sufficiently liquid to enable the City to meet all reasonable anticipated operating requirements.

3. Yield
Yield is the potential dollar earnings an investment can provide, and sometimes is described as the rate of return. As a general rule, yields tend to mirror the inherent risk and liquidity characteristics of the particular investment and thus can only be evaluated after those investment criteria are satisfied.

IV. LENGTH OF MATURITIES
The City attempts to obtain the highest yield possible when selecting investments, provided that criteria for safety and liquidity are met. Ordinarily, because investments normally carry a positive yield curve, (i.e., longer term investments have higher rates than shorter maturities), the City attempts to stagger its maturities to meet anticipated cash needs in such a way that new investment money can be placed in maturities that carry a higher rate than is available in the short market of 30 days or under. Furthermore, maturities are selected to position the portfolio to anticipate market risks as well as anticipate cash needs of the City, thereby obviating the need for forced liquidation.

The Government code stipulates that no investment shall be made in securities with maturities in excess of five years without express authority from the City's legislative body. The City Treasurer shall not, at any time, invest in securities with stated maturities exceeding five years with the exception of the Power Reserve portfolio and bond reserve funds as authorized in the bond indentures or with the consent of the bond insurers.

FY 2025/2026 CITY OF PASADENA INVESTMENT POLICY
| City of Pasadena | Department of Finance | Treasury Division |

Stranded Investment Reserve Fund
The City Council authorizes the City Treasurer to invest monies in the Reserve Fund in securities with maturities exceeding five years. The City Treasurer shall strive to maximize the yield in this fund by extending the maturity of the investments and matching them with future cash flow needs.

V.

DELEGATION OF AUTHORITY
The authority granted by the Pasadena City Council assigns the responsibility of investing idle cash to the City Treasurer who will report to the Director of Finance. In the City Treasurer’s absence, the Director of Finance or the Assistant City Treasurer is authorized to initiate investment transactions.

The City Council also delegates to the City Treasurer and the Director of Finance the authority to open new bank accounts, investment and cash management accounts, letters of credit and other credit enhancement products, close bank accounts, investment and cash management accounts, and sign all documents related thereto.

VI. P

ORTFOLIO EVALUATION AND REPORTING
Investment performance is continually monitored and evaluated by the City Treasurer. Investment performance statistics and activity reports are reported monthly to the Director of Finance and the City Manager.

T
he City Treasurer shall review and render monthly and quarterly reports to the City Manager and the Director of Finance. Government Code Section 53646 (b)(1) states that the Treasurer or Chief Fiscal Officer may render quarterly reports to the legislative body of the local agency containing detailed information on all securities, investments, and moneys of the local agency, a statement of compliance of the portfolio with the statement of investment policy, and a statement of the local agency’s ability to meet its pool’s expenditures for the next six months. By making these reports optional, this Bill does not impose a state-m andated local program but encourages agencies to continue to report. The quarterly report shall incorporate the disclosure requirements of GASB 40 including the portfolio risk disclosure in the following four primary categories:

1. C
redit Risk of Investment positions;

2. Concentration Risk;

3. Interest Rate Risk;

4. Foreign Currency Risk.

V
II. QUALIFIED BROKERS/DEALERS
The City shall transact business only with national or state chartered banks, and with securities br
oker/dealers. The broker/dealers should be primary dealers licensed by the state as a broker - dealer or from a member of a federally regulated securities exchange, or from a brokerage firm designated as a primary government dealer by the Federal Reserve Bank. The City can also transact

FY 2025/2026 CITY OF PASADENA INVESTMENT POLICY
| City of Pasadena | Department of Finance | Treasury Division |

with non-primary broker/dealers upon the City Treasurer’s and the Director of Finance’s approval.

Investment staff shall investigate dealers who wish to do business with the City to determine if they are adequately capitalized, have pending legal action against the firm or the individual broker and make markets in securities appropriate to the City’s needs.

T
he City Treasurer shall annually send a copy of the current investment policy to all broker/dealers approved to do business with the City of Pasadena. Confirmation of receipt of this policy shall be considered evidence that the dealer understands the City’s investment policies and intends to sell the City only appropriate investments authorized by this investment policy.

V
III. COLLATERAL REQUIREMENTS
Collateral is required for investments in certificate of deposits and repurchase agreements. In order to reduce market risk, the collateral level will be at least 102% of the market value of principal and accrued interest.

I
n order to conform with the provisions of the Federal Bankruptcy Code which provides for liquidation of securities held as collateral, securities acceptable as collateral shall be certificates of deposit, commercial paper, eligible banker’s acceptances, medium term notes or securities that are the direct obligations of, or are fully guaranteed as to principal and interest by, the United States or any agency of the United States. Mortgage securities and whole loans can also be used as collateral for the repurchase agreements as long as the collateral level is at least 102% of the market value of the principal and accrued interest.

IX. SA

FEKEEPING OF SECURITIES
To protect against fraud or embezzlement or losses caused by collapse of an individual securities dealer, all securities owned by the City shall be held in safekeeping by a third-party trust department, acting as agent for the City under the terms of a custody agreement or PSA agreement (repurchase agreement collateral). All trades executed by a dealer will settle delivery versus payment (DVP) through the City's safekeeping agent.

X. E

NVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)
Investments will be considered in entities that support environmental, social, and governance (ESG) factors alongside traditional financial measures in the investment decision making process, ensuring that investments are financially prudent, and impact driven. Investing in companies that prioritize conservation and sustainable business practices helps protect our environment for future generations and is commensurate with the City of Pasadena’s values. ESG factors may include, but are not limited to:
• Environmental: Carbon Footprint; Energy Consumption; Water/Waste; External Conservation Initiatives; and Sector-Specific Adjustments.

FY 2025/2026 CITY OF PASADENA INVESTMENT POLICY
| City of Pasadena | Department of Finance | Treasury Division |

• Social: Labor Rights; Employee Diversity; Corporate Social Responsibility; and Human Rights/Ethics.
• Governance: Leadership Structure; Executive Compensation; Human Capital Management; Transparency/Disclosure; and Shareholder Rights.

X
I. AUTHORIZED INVESTMENTS
The City shall not invest any funds in any security that could result in a zero interest accrual if held to maturity. In addition, the City shall not invest any funds in inverse floaters, range notes or interest only strips that are derived from a pool of mortgages and also common stocks. However, a local agency may hold prohibited instruments until their maturity date. These limitations will not apply to investments in shares of beneficial interest issued by diversified management companies as referenced in subparagraph 11 of this section.

T
he City is further governed by the California Government Code, Section 53600 et seq. Within the context of these limitations, the following investments are authorized, and further limited herein:

1. U
nited States Treasury Bills, Bonds, and Notes or those for which the full faith and credit of the United States are pledged for payment of principal and interest. There is no limitation as to the percentage of the portfolio which can be invested in this category, although maturity limitations as stated in Section IV apply.

2. O
bligations issued by the Government National Mortgage Association (GNMA), the Federal Farm Credit Bank System (FFCB), the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Association (FHLMC), the Student Loan Marketing Association (SLMA) and the Tennessee Valley Authority (TVA) and the Federal Home Loan Bank. There is no limitation on the dollar amount that can be invested in these issues except for maturity limitations as stated in Section IV.

3. B
ills of exchange or time drafts drawn on and accepted by commercial banks, otherwise known as banker’s acceptances. Banker’s acceptances purchased may not exceed 180 days to maturity or 40% of the cost value of the portfolio. No more than 30% shall be invested in any one commercial bank pursuant to Section 53601(f) of the Government Code.

4. C
ommercial paper of “prime” quality of the highest ranking or highest numerical rating as provided for by Moody’s Investor services or Standard and Poor’s Corporation, and issued by domestic corporations having assets in excess of $500,000,000 and having an “A” or better rating on its long term debentures as provided by Moody’s or Standard & Poor’s. Purchases of eligible commercial paper may not exceed 270 days to maturity nor represent more than 10% of the outstanding paper of the issuing corporation. Purchases of commercial paper may not exceed 15% of the cost value of the portfolio. An additional 15%, or a total of 30% of the agency’s surplus money, may be invested pursuant to this subdivision. The additional 15%

FY 2025/2026 CITY OF PASADENA INVESTMENT POLICY
| City of Pasadena | Department of Finance | Treasury Division |

may be so invested only if the dollar weighted average maturity of the entire amount does not exceed 31 days.

5. N
egotiable Certificates of Deposit issued by nationally or state chartered banks or state or federal savings institutions. Purchases of negotiable certificates of deposit may not exceed 30% of total portfolio.

6. I
nvestments in Repurchase agreements or securities lending agreements may be made when the term of the agreement does not exceed one year. The market value of the securities used as collateral for the repurchase agreements shall be monitored by the investm ent staff and shall not be allowed to fall below 102% of the value of the repurchase agreement. A PSA Master Repurchase Agreement is required between the City of Pasadena and the broker dealer or financial Institution for all Repurchase Agreements transacted.

7. R
everse Repurchase Agreements or securities lending agreement which specifies terms and conditions may be transacted with broker/dealers and financial institutions but cannot exceed 20% of the portfolio base value on the date entered into with the conditions as specified in Section 53601(i)(3)(B) of the Government Code.

8. Loc
al Agency Investment Fund (LAIF) which is a State of California managed investment pool may be used up to the maximum permitted by California State Law.

9. C
AMP: California Asset Management Program. A Joint Powers Authority created to provide statewide local government investment pool. Maximum term of 1 day.

10. C
ollateralized Money M arket Bank Accounts: Interest -bearing collateralized money market bank accounts in banks or credit unions. Maximum term of 1 day.

11. T
ime deposits, non- negotiable and collateralized in accordance with the California Government Code, may be purchased through banks or savings and loan associations. Since time deposits are not liquid, no more than 25% of the investment portfolio may be invested in this investment type.

12. M
edium Term Corporate Notes, with a maximum remaining maturity of five years or less may be purchased. Securities eligible for investment shall be rated “A” or better by Moody’s or Standard and Poor’s rating services. Purchase of medium term notes may not exceed 30% of the cost value of the portfolio and no more than 5% of the cost value of the portfolio may be invested in notes issued by one corporation. Commercial paper holdings should also be included when calculating the 5% limitation.

13. S
hares of beneficial interest issued by diversified management companies investing in the securities and obligations as authorized by subdivisions (a) to (j) inclusive of the Government Section or subdivision (m)or(n) and that comply with the investment restrictions of this article

FY 2025/2026 CITY OF PASADENA INVESTMENT POLICY
| City of Pasadena | Department of Finance | Treasury Division |

and Article 2 (commencing with Section 53630). To be eligible for investment pursuant to this subdivision, these companies shall either:
a) A
ttain the highest ranking or the highest letter and numerical rating provided by not less than two of the three largest nationally recognized rating services. b) R
etain an investment advisor registered with the Securities and Exchange Commission with no less than five years of experience investing in the securities and obligations as authorized by subdivisions (a) to (j), inclusive, and with assets under management in excess of five hundred million dollars ($500,000,000). The purchase price of shares of beneficial interest purchased pursuant to this subdivision shall not include any commission that these companies may charge and shall not exceed 20 percent of the agency’s surplus money that may be invested pursuant to this section. No more than 10% of the portfolio may be invested in any one mutual fund at the date of purchase.

14. R
egistered state warrants or treasury notes or bonds, including bonds payable solely out of the revenues from a revenue- producing property owned, controlled, or operated by the state or by a department, board, agency, or authority of the state.

15. B
onds, notes, warrants or other indebtedness of any local agency within this state, including bonds payable solely out of the revenues from a revenue- producing property owned, controlled, or operated by the local agency, or by a department, board, agency, or authority of the local agency including variable rate demand bonds with a daily or weekly put feature and supported by a credit facility.

16. A
ny mortgage pass-through security, collateralized mortgage obligation mortgage- backed or other pay -through bond, equipment lease- backed certificate, consumer receivable pass - through certificate, or consumer receivable-backed bond of a maximum of five years maturity.

Securities eligible for investment under this subdivision shall be issued by an issuer having an “A” or higher rating for the issuer’s debt as provided by an a nationally recognized rating service and rated in a rating category of “AA” or its equivalent or better by a nationally recognized rating service. Purchase of securities authorized by this subdivision may not exceed 20% of the agency’s surplus money that may be invested pursuant to this section.

17. C
ontracts issued by insurance companies that provide the policyholder with the right to receive a fixed or variable rate of interest and the full return of principal at the maturity date.

18. N
otwithstanding anything to the contrary contained in this section, Section 53635 of the Government Code, or any other provision of law, moneys held by a trustee or fiscal agent and pledged to the payment or security of bonds or other indebtedness, or obli gations under a lease, installment sale, or other agreement of a local agency, or certificates of participation in those bonds, indebtedness, or lease installment sale, or other agreements, may be invested in accordance with the statutory provisions governing the issuance of those bonds,

FY 2025/2026 CITY OF PASADENA INVESTMENT POLICY
| City of Pasadena | Department of Finance | Treasury Division |

indebtedness, or lease installment sale, or other agreement, or to the extent not inconsistent therewith, or if there are no specific statutory provisions, in accordance with the ordinance, resolution, indenture, or agreement of the local agency providing for the issuance.

19. Notes,
bonds, or other obligations that are at all times secured by a valid first priority security interest in securities of the types listed by Section 53651 as eligible securities for the purpose of securing local agency deposits having a market value at least equal to that required by Section 53652 for the purpose of securing local agency deposits. The securities serving as collateral shall be placed by delivery or book entry into the custody of a trust company or the trust department of a bank which is not affiliated with the issuer of the secured obligation, and the security interest shall be perfected in accordance with requirements of the Uniform Commercial Code or federal regulations applicable to the types of securities in which the security interest is granted.

20. United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter -American Development Bank, with a maximum remaining maturity of five years or less, and eligible for purchase and sale within the United States. Investments under this subdivision shall be rated “AA” or better by an NRSRO and invested pursuant to this section.

21. Municipal Variable Rate Demand Bonds (VRDBs) that have long- term maturities exceeding five years and have a seven-day put feature and carry a short-term interest rate which is reset every seven days and are backed by a liquidity facility and/or bank letter of credit (LOC). The underlying issuer rating must be rated at least A or better.

FY 2025-2026 CITY OF PASADENA INVESTMENT STRATEGY
| City of Pasadena | Department of Finance | Treasury Division |

Attachment B

DEPARTM

ENT OF FINANCE -- TREASURY DIVISION

CITY OF PASADENA INVESTMENT STRATEGY
Fiscal Year 2025-2026
I. PURPOSE
T
he City's investment strategy is designed to ensure (1) the prudence and efficiency of investments; (2) the accurate monitoring and forecasting of revenues and expenditures; and, (3) the securing of the safety and liquidity of public funds. The City attempts to earn the highest yield obtainable while maintaining compliance to the criteria of the City's Investment Policy. The qualifications are as follow:

1. To secure
safety of funds

2. To maintain liquidity of assets

3. Yield or return

4. To monitor deposits from all departments (Float)

5. Compounding of interest

6. To match investment maturities to large expenditures

7. Flexibility to change investments to maximize security and yield

8. To retain full knowledge of investments available to Treasurers

9. To deal only with qualified brokers and banks

10. To insist upon written confirmation of investments and collateral

11. To check with FHLB for sufficiency of collateral if pooled collateral

FY 2025-2026 CITY OF PASADENA INVESTMENT STRATEGY
| City of Pasadena | Department of Finance | Treasury Division |

I
I. FINANCIAL DATA
Daily economic and financial market data is obtained from the Bloomberg Financial System and financial experts in the field through bankers, brokers, market analysts and periodicals.

I
II. CASH FORECASTS
Twelve- and eighteen- month cash forecasts are monitored and updated to accurately estimate revenues and expenditures in order to invest funds to the fullest extent possible.

I
V. MAINTAINING BANK BALANCES
Active bank balances are kept at adequate levels without jeopardizing good banking relationships.

V.

PORTFOLIO TESTING
The City's portfolio is tested on a monthly basis so that legal limits of types of investments are not exceeded.

VI. L

IQUIDITY OF FUNDS
Sufficient funds are maintained in overnight liquid investments to meet current and estimated cash flow needs. The City maintains an adequate level of overnight and short term investments to meet any liquidity and cash need at any given day when cash outflow exceeds cash inflow.

VII. P

ORTFOLIO MANAGEMENT
In managing the City’s portfolio, the City Treasurer considers the overnight investment balance along with securities with maturities of 90 days or less as the operating fund for cash flow purposes. This portion of the portfolio is managed to meet the needs of the regular day to day operating expenses of the public body. Safety of principal and liquidity are the primary investment objectives. Income is a secondary objective. Typically the Treasurer maintains an average investment balance of at least $40 million in this short term liquid portion of the portfolio with a maturity of one week or less.

FY 2025-2026 CITY OF PASADENA INVESTMENT STRATEGY
| City of Pasadena | Department of Finance | Treasury Division |

The balance of the portfolio is invested in securities with longer -term maturities representing the surplus funds. This portion of the portfolio is managed with longer -term securities as liquidity is not the primary objective and may include supplementing the short term liquidity portion of the portfolio if necessary. Safety of principal is still the primary objective, but income, competitive return, and liquidity can be secondary objectives.

VIII. M

ANAGEMENT ACTIVITY
The investment program shall seek to augment returns consistent with the intent of this policy, identified risk limitations and prudent investment principals. These objectives will be achieved by the potential use when appropriate of the following strategies:
1) A
ctive Portfolio Management:

Through active fund and cash flow management, taking advantage of current economic and interest rate trends, the portfolio yield may be enhanced with limited and measurable increases or decreases in risk by enhanced indexing the portfolio or extending or reducing the weighted maturity of the total portfolio and/or actively trading a portion of the portfolio to try to achieve higher returns. Realized gains and losses are expected in active portfolio management and thus authorized as part of the program.
2) P
ortfolio Maturity Management:

When structuring the maturity composition of the portfolio, the City shall evaluate current and expected interest rate yields and necessary cash flow requirements. It is recognized that in normal market conditions, longer maturities produce higher yields. However, the securities with longer maturities also experience greater price fluctuations when the level of interest rates change.

FY 2025-2026 CITY OF PASADENA INVESTMENT STRATEGY
| City of Pasadena | Department of Finance | Treasury Division |

3) Security Swaps:

The City may take advantage of security swap opportunities or simply sell an investment to improve the overall portfolio yield and/or credit risk. Such transactions that improve the portfolio yield and/or reduce credit risk may be selected even if the transactions result in an accounting loss.