Finance Committee
August 25, 2025

AGENDA

FINANCE COMMITTEE

SPECIAL MEETING NOTICE
AUGUST 25, 2025
PUBLIC MEETING 3:00 P.M.

M
embers
Victor M. Gordo, Mayor
Tyron Hampton, District 1
Rick Cole, District 2
Gene Masuda, District 4
S
TAFF
Vic Erganian, Acting Director of Finance
Arnold Lee, Chief Assistant City Attorney
Gloria Acevedo, Recording Secretary
M

ISSION STATEMENT
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SPECIAL MEETING
AGENDA

FINANCE COMMITTEE
AUGUST 25, 2025
Public Meeting: 3:00 P.M.

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

The Finance Committee may take action within its authority on any item listed on this agenda as it deems appropriate following consideration and discussion of the matter.

PUBLIC MEETING - 3:00 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

Ju ly 21, 2025 Special Meeting
July 28, 2025 Cancellation Notice
August 11, 2025 Cancellation Notice

NEW BUSINESS

1. AUTHORIZE THE CITY MANAGER TO ENTER INTO A CONTRACT FOR THE PURCHASE OF 17 FUEL CELL ELECTRIC BUSES FROM NEW

FLYER OF AMERICA, INC FOR PASADENA TRANSIT FOR A NOT TO EXCEED AMOUNT OF $32,050,255

2. AMENDMENTS TO THE CITY MANAGER’S FISCAL YEAR 2026

ADOPTED OPERATING BUDGET

3. AUTHORIZE THE CITY MANAGER TO ENTER INTO A CONTRACT WITH THE CITY OF LOS ANGELES FOR 2024 URBAN AREA SECURITY

INITIATIVE (UASI) GRANT FUNDS AND AMEND THE FIRE
DEPARTMENT’S AND HEALTH DEPARTMENT’S FY 2026 OPERATING

BUDGETS TO RECOGNIZE AND APPROPRIATE THE GRANT FUNDS

2 4. QUARTERLY INVESTMENT REPORT - QUARTER ENDING JUNE 30, 2025

ADJOURN

APPROV

AL OF MINUTES
 July 21, 2025 Special Meeting
 July 28, 2025 Cancellation Notice
 August 11, 2025 Cancellation Notice

01 7/21/2025 Finance Committee Meeting

CITY OF PASADENA

MEETING OF THE FINANCE COMMITTEE MINUTES

PASADENA CITY HALL
100 NORTH GARFIELD AVENUE
CITY HALL COUNCIL CHAMBER S249
JULY 21, 2025

SPECIAL MEETING
OP
ENING Chair Gordo called the special Meeting of the Finance Committee to order at 3:08 p.m.

ROLL CALL: Mayor Victor M. Gordo (Chair)
Councilmember Rick Cole
Councilmember Tyron Hampton (Absent)
Councilmember Gene Masuda
Sta
ff: Brenda Harvey-Williams, Assistant City Manger
Arnold Lee, Chief Assistant City Attorney
Armine Trashian, Controller
Greg de Vinck, Director of Public Works
Brent Maue, Acting City Engineer
Adema, Daniel, Public Works Superintendent
Phyllis Hallowell, Public Works Administrator
Tiffany Chen, Acting Principal
David Reyes, General Manager
James Wong, Director of Housing
Jennifer O’Reilly-Jones, Program Coordinator III
Flora Karmiryan, Principal Administrative Analyst
Byanca Banaga, Senior Administrative Analyst
Alexander Hernandez, Assistant to the City Manager
Judith Dunaway, Acting Director of Public Health
Elizabth Tayor, Acting Division Manager for Environmental Health Gloria Acevedo, Recording Secretary
APPROVAL OF MINUTES: It w as moved by C ouncilmember Cole, se conded by Councilmember Masuda, to approve the June 23, 2025, Special Meeting of the Finance Committee and the July 14, 2025 Cancellation Notice (Motion Unanimously carried) (Absent Councilmember Hampton).

02 7/21/2025 Finance Committee Meeting

AUTHORIZE THE CITY MANAGER TO ENTER INTO A

CONTRACT WITH LOS ANGELES TRUCK CENTERS, LLC DBA

VELOCITY VEHICLE GROUP TO PURCHASE NINE BATTLE
MOTORS LET2 ELECTRIC HEAVY-D UTY TRUCKS, FOR A TOTAL
AMOUNT NOT-TO-EXCEED $5,116,060 AND AMEND THE FISCAL
YEAR 2026 PUBLIC WORKS OPERATING BUDGET BY
APPROPRIATING $2,340,000 FROM THE EPA CLEAN HEAVY-

DUTY GRANT PROGRAM
Chair G ordo introduced Assistant C ity M anager, Br enda Harvey - Williams who introduced, Greg de Vinck, Director of Public Works, who provided a PowerPoint presentation and responded to questions.

Councilmember Cole thanked Mr. de Vinck for a thorough presentation and asked about staff’s ability to make larger repairs on these vehicles.

Mr. de Vinck expressed concern given the technology i s rather new; however, acknowledged, there will be a future need for staff to provide advanced repairs.

Councilmember Masuda inquired about obtaining parts for the new vehicles, since currently that is a great concern with the existing fleet.

Mr. de Vinck shared it is difficult to predict what parts may be needed in the future; however, the life of the new vehic les is estimated to be ten years, and many parts are covered by the warranty. He also pointed out that service contracts with the manufacture will be kept.

Chair Gordo suggested for staff to obtain training/certifications that will enable all in-house repairs, in particular when there are long wait times for repairs by the manufacture.

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)

AUTHORIZE THE CITY MANAGER TO ENTER INTO A CONTRACT
WITH DOKKEN ENGINEERING, INC. IN THE AMOUNT OF
$1,637,058 FOR 1) PREPARATION OF THE ENVIRONMENTAL
DOCUMENT AND PRELIMINARY ENGINEERING (PHASE 1A) IN AN
AMOUNT NOT TO EXCEEED $781,185 AND 2) PREPARATION OF
PLANS, SPECIFICATIONS, AND ESTIMATES (PHASE 1 B) IN AN
AMOUNT NOT TO EXCEED $855,873 FOR THE SAN RAFAEL

BRIDGE SEISMIC RETROFITPROJECT, AND AMENDMENT TO
THE FISCAL YEAR 2026 CAPITAL IMPROVEMENT PROGRAM
BUDGET

NEW BUSINESS
03 7/21/2025 Finance Committee Meeting
Chair Gordo introduced the item and Greg de Vinck, Director of Public Works, introduced Brent Maue, Acting City Engineer, who provided a PowerPoint presentation and responded to questions.

Councilmember Cole and Chair Gordo expressed concern regarding only one vendor responding to the bid, given the number of local engineering firms. The sole bidder previously provided services for the last City bridge work. Tiffany Chen, Acting Principal, shared that the bid received attention from ten firms who attended the pre- proposal meeting; however, due to the complexity of the San Rafael bridge, only the vendor with experience in working with this type of bridge submitted a proposal.

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)
AMEND THE HOUSING DEPARTMENT’S FISCAL YEAR 2026

OPERATING BUDGET BY RECOGNIZING AND APPROPRIATING
$100,000 IN THE OTHER HOUSING FUND; AUTHORIZE THE CITY

MANAGER TO ENTER INTO A CONTRACT WITH THE CITY OF LOS
ANGELES IN THE AMOUNT OF $398,830 TO CONTINUE TO

PROVIDE HOUSING OPPORTUNITIES FOR PERSONS WITH AIDS

TENANT-BASED RENTAL ASSISTANCE
Chair Gordo introduced Assistant City Manager, Brenda Harvey - Williams who introduced, Jennifer O’Reilly-Jones, Program Coordinator III, who provided a PowerPoint presentation and responded to questions.

Councilmember Cole asked if there is a greater need for services than the 16 households that will be served with this action and if those that need the service, but do not receive it, become more likely to experience homelessness. Ms. O’Reilly-Jo nes responded that there is a greater need than what the program can serve, and many individuals are already experiencing homelessness. Councilmember Cole requested additional information on the number of households that are in need of services.

Councilmember Masuda thanked Ms. O’Reilly-Jones for the report and commented that with this action the City only is only doing a portion of the work, alongside other partners.

It was moved by Councilmember Masuda, seconded by Councilmember Cole, to approve staff’s recommendation and forward the item to the

04 7/21/2025 Finance Committee Meeting
City Council for consideration. (Motion unanimously carried) (Absent:

Councilmember Hampton)
AMENDMENT TO THE FISCAL YEAR 2026 GENERAL FEE

SCHEDULE
Chair Gordo introduced and Judith Dunaway, Acting Director of Public Health, who provided a PowerPoint presentation and responded to questions.

Councilmember Cole asked how the department is evaluating complaints and if the process has led to policy changes. Elizabth Tayor, Acting Division Manager for Environmental Health, provided the response time for environmental health and plan check
applications/inquiries, and shared that a part time Plan Checker has been hired to ensure response times are within the mandated timeframe. Councilmember Cole asked the department to consider striking a balance on risk when establishing regulations.

Chair Gordo shared that during the recent pandemic, his office received many compliments on the swift response form the Public Health Department. He shared the importance to explain rationale for hyper focus on certain topics. He also expressed that caution should be taken when considering deviating from regulations.

Councilmember Masuda shared his district was asked not to provide cookies and soft drinks, and healthy snacks and water are now served at community events.

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

Councilmember Hampton)

SUPPORT THE ESTABLISHMENT OF AN IMMIGRANT
ASSISTANCE FUND AND AMEND THE CITY’S FISCAL YEAR
(FY) 2026 OPERATING BUDGET BY $100,000 TO CONTRIBUTE

SEED FUNDING FOR THE FUND
Chair Gordo introduced the item and Assistant City Manager, Brenda Harvey-Williams, introduced Alexander Hernandez, Assistant to the City Manager, who provided a PowerPoint presentation and responded to questions.

Chair Gordo reiterated, the action is to provide seed money and to challenge the entire community, businesses, non-profits and foundations to do join the effort in helping families that have been directly impacted.

05 7/21/2025 Finance Committee Meeting
Councilmember Cole thanked staff for working with the Pasadena Community Foundation and moving the item forward. Councilmember Cole also thanked the Mayor and echoed his comments on this being a community effort. Lastly, he proposed a motion for the City to add $20, 000 as a matching contribution at the sole discretion of the City Manager, if funds are available, and contributions from outside non- profit organizations reach $200,000.

Chair Gordo suggests the motion for the additional matching contribution to be permissive, allowing the City Manager to make the final decision.

Councilmember Masuda agrees with the Mayor’s suggestion, to give the City Manager sole discretion on the matter.

It was moved by Councilmember Cole, seconded by Councilmember Masuda, to approve staff’s recommendation authorizing the City Manager at his sole discretion to potentially add $20,000 in City funding as matching funds, if available, and only if outside non-profit organizations, businesses, and/or individual contributions reached $200,000. Making the potential total authorization by the City Council in the amount of $120,000 of City funds; and forward the item to the City Council for consideration. (Motion unanimously carried) (Absent:

Councilmember Hampton)

AUTHORIZE THE CITY MANAGER TO ENTER INTO AN

AGREEMENT WITH SOUTHERN CALIFORNIA EDISON TO

PERFORM SUBSTATION UPGRADE WORK FOR AN AMOUNT
NOT-TO-EXCEED $4,551,666, AND AMEND THE FISCAL YEAR
2026 CAPITAL IMPROVEMENT PROGRAM BUDGET FOR THE

TRANSMISSION SYSTEM ENHANCEMENTS PROJECT
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)

06 7/21/2025 Finance Committee Meeting
ADJOURNMENT: On the order of the Chair, the special meeting of the meeting of the Finance Committee was adjourned at 4:02 p.m.

AT
TEST: ___________________________
Mayor Victor M. Gordo, Chair
Finance Committee
________
____________
Gloria Acevedo
Recording Secretary

NEW BUSINESS
ITEM 1

1. AUTHORIZE THE CITY MANAGER TO ENTER INTO A
CONTRACT FOR THE PURCHASE OF 17 FUEL CELL

ELECTRIC BUSES FROM NEW FLYER OF AMERICA, INC FOR

PASADENA TRANSIT FOR A NOT TO EXCEED AMOUNT OF
$32,050,255

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Agenda Report
August 25, 2025
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Department of Transportation
SUBJECT: AUTHORIZE THE CITY MANAGER TO ENTER INTO A CONTRACT FOR THE PURCHASE OF 17 FUEL CELL ELECTRIC BUSES FROM

NEW FLYER OF AMERICA, INC FOR PASADENA TRANSIT FOR A
NOT TO EXCEED AMOUNT OF $32,050,255
RECOMMENDATION:

It is recommended that the City Council:

1. Find that the proposed action is exempt from the California Environmental Quality Act (CEQA) pursuant to State CEQA Guidelines Section 15061(b)(3);

2. Authorize the City Manager to enter into a contract with New Flyer of America, Inc. for the procurement of 17, 40-foot Fuel Cell Electric Buses (FCEB), based on the California Association for Coordinated Transportation (CALACT)/Basin Transit Purchasing Cooperative pricing, for an amount not-to-exceed $32,050,255, which includes the base contract amount of $29,136,595 and a contingency of $2,913,660 (10%) to provide for any necessary change orders;

3. Authorize the inclusion of an option to purchase up to two additional 40-foot FCEBs from New Flyer of America, Inc., with pricing adjusted per the CALACT/Basin Transit Purchasing Cooperative contract under the same terms and conditions, with funding for these option buses subject to future City Council approval and availability of funds;

4. Authorize the City Manager to approve no-cost amendments to the subject contract including durational extensions;

5. Amend the FY 2026 Capital Improvement Budget by appropriating $14,196,701 as detailed in the Fiscal Impact section; and

6. Find that neither Competitive Bidding nor Competitive Selection are required pursuant to City Charter Section 1002(H) contracts with other governmental entities or their MEETING OF08/25/2025AGENDA ITEM NO..7

Authorize the Purchase of Seventeen Fuel Cell Electric Buses August 25,2025

contractors for labor, materials, supplies or services, and Pasadena Municipal Code Section 4.08.049(8), contracts for which the City's best interests are served.

BACKGROUND:

In alignment with the City's conservation and sustainability initiatives and in compliance with the California Air Resources Board's (CARB) Innovative Clean Transit (ICT) Regulation, the City continues to focus its procurement on 100% zero-emission buses (ZEBs). On January 30, 2023, the City Council adopted the Pasadena Zero Emission Bus Rollout Plan (Rollout Plan), which outlines the phased approach to transitioning the entire Pasadena Transit fleet to zero-emission buses by 2037. As part of the adoption of the Rollout Plan, City Council directed staff to aggressively pursue funding opportunities for Fuel Cell Electric Buses (FCEBs) and infrastructure to replace aging renewable natural gas (RNG) vehicles as soon as possible. On July 8, 2025, staff presented to the Municipal Services Committee (MSC) on the progress of the Rollout Plan, highlighting an aggressive effort to secure vehicle and infrastructure grant funding. As discussed at MSC and City Council, the Rollout Plan recommends a mixed fleet approach with FCEB for Pasadena Transit and battery electric buses (BEB) for Pasadena Dial-A-Rid based on a comprehensive needs assessment that included a route energy analysis, charging/fueling analysis, utility analysis and resilience planning.

In spring 2025, Pasadena put in service its first ZEB to provide drivers, maintenance and staff experience with electric buses prior to this first multi-vehicle order. The next major step in this transition is the procurement of 17 FCEBs, to replace aging renewable natural gas (RNG) vehicles that have reached the end of their useful life. FCEBs are fueled with hydrogen. Hydrogen fuel cells generate electricity to power the electric motor and its byproducts are water and vapor emissions.

Consistent with the Rollout Plan, at this stage, FCEBs continue to present the optimal direction for Pasadena Transit's needs, particularly in the areas of resiliency, range, and operational efficiency. Recent wildfire events highlighted the importance of having a transit fleet that can remain functional during emergencies. During these incidents, grid power was shut down across portions of the City. FCEBs are not dependent on the electrical grid for charging, a key advantage that allows them to continue operating when supported by backup power systems for hydrogen fueling. This ensures continuity of service even during disruptions—something that has become increasingly important in our region.

Additionally, after real world experience with the City's first Battery Electric Bus (BEB) that went into service this spring and discussions with other transit service providers, to match the range and service flexibility of 17 FCEBs, the City would require up to 34 BEBs to operate the route profile based on evolving service needs and real-world data, representing a higher replacement ratio than initially projected. While BEBs are an impori:ant part of the zero-emission landscape and continue to evolve, the size and complexity of a BEB-based fleet of this scale would increase both capital and operating costs, and require more space, additional drivers, and added maintenance resources.

FCEBs allow the City to adopt a more operational efficient, cost-effective and resilient

Authorize the Purchase of Seventeen Fuel Cell Electric Buses August 25,2025

solution while maintaining the high level of service our community expects. This decision does not preclude the use of BEBs, as a mixed propulsion fleet is part of the plan; it reflects the optimal choice for today's service environment and positions Pasadena to meet both environmental and operational goals responsibly.

The need to procure FCEBs to replace the aging RNG fixed route buses at this time is critical due state of the existing aging fleet in need of replacement. Vehicles are currently operating beyond their useful life expectancy, and the maintenance needs have increased beyond routine maintenance into major engine component overhauls. This creates impacts to the reliability of service which can be detrimental to ridership and significantly increases operating costs.

The Department of Transportation has identified the 2025 New Flyer Xcelsior CHARGE hl2 40-foot fuel cell electric bus as a suitable and comparable ZEB model to replace the 32 and 35-foot RNG vehicles purchased in 2012 and 2014. These FCEBs are in service at peer agencies such as Foothill Transit, SunLine Transit of Coachella Valley including Palm Spring, AC Transit ofAlameda and Contra Costa counties including Oakland, Orange County Transportation Authority (OCTA), and Omnitrans of San Bernardino County, and are recognized for their reliability, range, and one for one, seamless replacement with existing fixed-route operations. Staff has determined that the selected ZEBs are reliable, technologically mature, and compatible with Pasadena Transit's existing service and maintenance requirements.

By replacing 17 RNG vehicles with zero-emission FCEBs, this procurement will increase the share of zero-emission vehicles in Pasadena Transit's fixed-route fleet from 2% to approximately 46% and is expected to significantly reduce tailpipe greenhouse gas emissions and other harmful pollutants generated from the current transit fleet. According to CARB, as well as CALSTART, a Pasadena based, non-profit organization that specializes in developing and implementing clean and efficient transportation solutions, that conducted the modeling in the Pasadena Zero Emission Bus Rollout Plan, FCEBs can achieve a reduction of up to 100% of tailpipe COz emissions, as well as eliminate NOx and particulate matter emissions, improving air quality, particularly in disadvantaged communities disproportionately impacted by transportation-related pollution.

To support operational flexibility for potential future vehicle replacement or service expansion, staff is recommending the inclusion of an option to purchase up to two (2) additional FCEBs as part of the current procurement. Exercising the option would be contingent upon the availability of funds and future City Council approval. Including these buses as an option would allow the vendor to incorporate them into the existing production schedule, thereby avoiding additional costs and lead time associated with a separate procurement.

FUELING AND RE-APPROPRIATION OF FUNDING
The 17 vehicles are anticipated to be delivered in spring 2027. Following delivery, a six- month commissioning period is required to prepare the buses for revenue service. The

Authorize the Purchase of Seventeen Fuel Cell Electric Buses August 25, 2025

process includes training for drivers and maintenance personnel, installation of the regional fare collection system, and installation of other Pasadena-specific technologies.

Fueling will be provided by the City's future permanent Hydrogen Fueling Station, Capital Improvement Project planned for 159 S. Kinneloa Avenue. This station is currently in design and on target to be operational by the summer of 2027, aligning with the delivery of the new fleet of FCEBs. Initially, a temporary hydrogen fueling station was necessary asstated in the plan; however, due to this revised schedule, it is no longer required. Staff recommends that the funds previously allocated for the temporary station be reprogrammed to address the increased cost of the buses resulting from the procurement delay.

For infrastructure redundancies related to fueling, staff are in the early stages of exploring opportunities to coordinate with Foothill Transit. This involves considering the use of their existing fueling station in Pomona and their future Arcadia hydrogen fueling station, which is expected to begin construction in 2026. This would be a similar arrangement to the one Foothill Transit has with another public transit operator, allowing them to use their hydrogen fueling station.

PROCUREMENT
In order to help medium, small, rural and specialized transportation providers meet rigorous federal transit vehicle procurements, Basin Transit that serves the Morongo Basin, a member of the California Association of Coordinated Transportation (CALACT), formed the CALACT/Basin Transit Vehicle and Materials Purchasing Cooperative (CALACT Cooperative). This is not a sole source agreement but a procurement that has become the State's purchasing cooperative for smaller agencies statewide to use to ensure federally compliant procurements.

The CALACT Cooperative developed bid documents and product specifications for a federally compliant competitive price-based procurement process for several classes of transit vehicles to be used by participating government agencies. The CALACT Cooperative executed contracts with various public transit vendors, including New Flyer, to establish the pricing for transit vehicles. The selection process that the CALACT Cooperative followed meets the more than 30 federal requirements specific to federally compliant transit procurements. As a participating member of CALACT, the City is eligible to use the CALACT Cooperative contract with these vendors for the purchase of transit vehicles. Using this agreement, the City will receive the same pricing and terms as other governmental agencies, consistent with Section 1002(1-1) of the City Charter and Pasadena Municipal Code Section 4.08.049(B), which exempts the contract from competitive selection in the City's best interests.

Contract Contingency
A 10% contingency is included in the total contract amount to address unforeseen necessary changes and mitigate financial risk. Of this total, 4% is allocated for minor technical or specification adjustments that are common during the bus manufacturing process, such as supplier-driven component updates. The remaining 6% is included to

Authorize the Purchase of Seventeen Fuel Cell Electric Buses August 25, 2025

address the uncertain nature of federal tariffs on imported parts and equipment. Projected tariff costs are anticipated to range between 3% and 15% of the base bus price. The final cost of any tariffs will not be known until the manufacturer, New Flyer, begins procuring materials in early 2026. While the 6% contingency may be sufficient, there is a possibility that final tariff costs could exceed this amount, and if so staff may need to return to the City Council to request additional funding.

COUNCIL POLICY CONSIDERATION:

The proposed action is consistent with the adopted Zero Emission Bus Rollout Plan and supports the City's Climate Action Plan (CAP) which sets forth strategies to reduce greenhouse gas (GHG) emissions and transition municipal operations to cleaner energy sources. The purchase of these buses will replace fossil fuel vehicles with zero-emission FCEBs, in line with the CAP'S goals to improve local air quality, reduce transportation- related emissions, and promote sustainable mobility. In addition, these vehicles will enhance the public transit system by replacing vehicles that have met their useful life and expanding passenger capacity with larger buses.

ENVIRONMENTAL ANALYSIS:

The proposed action is exempt from the California Environmental Quality Act ("CEQA") under State CEQA Guidelines Section 15061(b)(3), the "common sense" exemption that CEQA applies only to projects which may have a significant effect on the environment.

This procurement involves no construction or physical environmental changes, and the replacement vehicles will operate within existing routes and facilities. The new vehicles are zero-emission and would not generate greenhouse gas or air pollutant emissions. The limited change vehicle miles traveled (VMT) associated with the new vehicles would result in negligible adverse transportation impacts, which would be far below the City's significance thresholds and, further, would be partially offset by the reduction in automobile use that would result from the expansion of transit service. Finally, the new vehicles generate less operational noise than the existing public transit fleet vehicles (e.g., engine/motor humming, occasional squealing tires, reverse warning tones, etc.).

Such noise would be well below the noise standards of the City's Noise Ordinance and General Plan Noise Element and, in the case of warning tones, would provide for enhanced safety.

Authorize the Purchase of Seventeen Fuel Cell Electric Buses August 25,2025

FISCAL IMPACT:

The cost of this action will be $32,050,255, with $29,054,979 covered by various grant funding sources listed in the table below. Funding for this action will be addressed by utilization of existing Capital Improvement Program (CIP) budgeted appropriations in the Purchase of Fixed Route Transit Vehicles Project (CIP 75085) and new requested appropriations of $14,196,701 as detailed below. There is no impact to the General Fund.

Funding Source
Grant Revenue Source
Existing
Appropriations
Requested
AppropriationsTotal
Volkswagen Mitigation Fund$6,720,000$6,720,000
Transit Intercity Rail Capital Project (TIRCP)$6,306,838$6,306,838 Metro ZEB Call for Projects$4,500,000$4,500,000
Metro Measure M MultiyearSubregional Program$4,481,425$4,481,425 Metro Prop C (non-local)$4,546,716$4,546,716
Carbon Reduction Program$2,500,000$2,500,000
Local Match (Local Prop A/C, Re-Appropriate
from Hydrogen Fueling Station CIP 75133 to
Replacement of Transit Vehicles CIP 75085)$2,995,276$2,995,276 Total Project Funding$17,853,554 | $14,196,701 | $32,050,255

Authorize the Purchase of Seventeen Fuel Cell Electric Buses August 25, 2025

This purchase qualifies for the State of California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program (HVIP). This program provides point-of-sale vouchers to assist fleet owners with transitioning to zero emissions heavy-duty vehicles. If approved by the California Air Resources Board, the hlVIP vouchers would reduce the net cost of this recommendation by $720,000.

The replacement buses will be operated and maintained under the City's transit operations contract with First Transit, Inc.

Respectfully submitted,
JOAQUIN T. SIQUES
Director
Department of Transportation
Prepared by:
^
Sebastian Andres Hernandez
Principal Planner
Approved by:
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A.

CORRESPONDENCE

To:

From:

Date:

Re:

Memorandum
Pasadena City Council
Environmental Advisory Commission
July 9, 2025
Concerns and Recommendations Regarding the Hydrogen-Based Zero Emission Bus Rollout Plan
The Environmental Advisory Commission, writes to express our appreciation for the City of Pasadena's continued leadership in advancing climate action and transitioning to a zero-emission municipal bus fleet.

The goal of a cleaner, healthier transit system aligns with our shared environmental and public health priorities. However, after reviewing the City's proposed Zero Emission Bus (ZEB) Rollout Plan presented on May 13, 2025, we feel compelled to raise serious concerns regarding the plan's reliance on hydrogen fuel cell electric buses (FCEBs) for the Pasadena Transit fleet.

While we understand that both battery electric buses (BEBs) and FCEBs are permissible under the California Air Resources Board's Innovative Clean Transit Rule, the heavy investment in hydrogen technology as the primary pathway raises questions regarding cost, safety, reliability, and climate efficacy:

1. Cost and Financial Risk
The plan anticipates spending over $150 million through 2028, with $100 million allocated to a Transit Operations and Maintenance Facility and $20.5 million to a hydrogen fueling station. Yet even with grant funding, over $31.5 million remains unfunded. Hydrogen buses are estimated to cost approximately $1.6 million per unit, compared to $1.3 million for BEBs, with significant additional costs for hydrogen fueling infrastructure. While the ZEB Rollout Plan anticipates that BEBs would require an additional 9 units, the marginal reduction in fleet size with FCEBs does not offset the substantial difference in capital and infrastructure costs. These figures suggest escalating financial burdens on local taxpayers, especially as long-term fuel and maintenance costs remain uncertain.

2. Fuel Supply and Emissions
Unlike battery electric vehicles, which can be charged using local grid electricity and increasingly renewable sources, hydrogen fuel must be imported by truck. This introduces both cost and reliability risks in addition to undermining climate benefits. Each delivery entails truck traffic (likely diesel trucks) through Pasadena's residential neighborhoods and along freeways, contributing to greenhouse gas emissions, air pollution, and road safety risks.

Additionally, truly "green" hydrogen is not yet available at scale and even if it was, requires large amounts of electricity and water to produce, straining both energy and water resources. More commonly, hydrogen is produced from natural gas or so-called "renewable natural gas," both of which are energy- intensive processes that generate significant fossil fuel emissions. In this context, the logistics and environmental impacts of hydrogen make it a far less sustainable or reliable fuel choice than battery electric options. The City would be effectively swapping tailpipe emissions for upstream emissions from fossil-fueled supply chains.

3. Safety Concerns
Hydrogen is a highly flammable and pressurized gas, requiring strict containment protocols. The prospect of transporting and storing large quantities of hydrogen within City limits, particularly near homes or sensitive areas, is deeply concerning. The risk of leaks or accidents — whether during storage or transportation — cannot be entirely mitigated and raises serious questions about the prudence of placing such facilities in a dense environment like Pasadena.

4. Future Cost and Technology Uncertainty
Hydrogen is a relatively immature transit technology. During the ZEB Rollout Plan presentation, we were told that only one company in the world currently manufactures hydrogen fuel cell buses There is also a limited network of hydrogen fueling stations and a narrow supply chain for parts and maintenance. This leaves us concerned about higher operating costs, longer downtimes, and greater dependency on a small set of specialized vendors. The risks of relying on a single manufacturer are not hypothetical — we are informed that the City has already experienced similar challenges with EV chargers that use proprietary technology, which have remained out of service due to lack of available repairs. In contrast, battery electric buses, when thoughtfully implemented using open standards and diverse suppliers, offer a strategic advantage: they benefit from a rapidly expanding market, declining costs, and widespread parts availability.

5. Battery Electric Buses as a Viable and Preferable Alternative Battery electric buses, which are already designated for Dial-A-Ride service in Pasadena's plan, offer a lower-risk and more scalable path to zero emissions. BEBs do not rely on fuel imports, produce no local emissions, and can leverage existing investments in the electrical grid and renewable energy. Other agencies across the state, including LA Metro, have made significant investments in BEBs, recognizing their potential for long-term operational cost savings and climate resilience.

Recommendation
We urge the City Council to reconsider the current emphasis on hydrogen fuel cell buses and instead consider prioritizing a battery-electric fleet transition for both Pasadena Transit and Dial-A-Ride. To that end, we also recommend commissioning an updated comparative analysis of lifecycle emissions, total cost of ownership, and safety implications for BEB versus FCEB pathways — including localized supply chain impacts. However, cost is not the only factor to consider; the significantly greater risks to safety associated with hydrogen fuel compared to electric transportation infrastructure must also be fully accounted for in the City's decision-making.

Our Commission is committed to supporting Pasadena's transition to a sustainable, zero-emission future.

We believe that with careful planning and community-centered investment, this goal can be achieved in a manner that maximizes both environmental benefit and public safety.

NEW BUSINESS
ITEM 2

2. AMENDMENTS TO THE CITY MANAGER’S FISCAL YEAR 2026

ADOPTED OPERATING BUDGET

NEW BUSINESS
ITEM 3

3. AUTHORIZE THE CITY MANAGER TO ENTER INTO A CONTRACT WITH THE CITY OF LOS ANGELES FOR 2024 URBAN AREA SECURITY INITIATIVE (UASI) GRANT FUNDS AND AMEND THE FIRE DEPARTMENT’S AND HEALTH
DEPARTMENT’S FY 2026 OPERATING BUDGETS TO RECOGNIZE AND

APPROPRIATE THE GRANT FUNDS

Recognition and Appropriation of 2024 Urban Area Security Initiative (UASI) Grant Funds August 25, 2025

FISCAL IMPACT:

Of the UASI 2024 total grant award of $320,185, the Police Department has already recognized $120,000 as part of the Department's FY 2026 Operating Budget adoption.

Approval of the recommended action will amend the Fire Department and Public Health Department Operating budgets to recognize and appropriate the remaining UASI 2024 grant award of $200,185 in the Homeland Security Grant Fund (Fund 230) as detailed in the table below. There are no anticipated indirect or support costs such as maintenance and IT support. There is no impact to the General Fund.

Prepared by:

Stephanie Chan�
Management Analyst V
Fire Department
Approved by:

Department
FIRE

PUBLIC HEAL TH
TOTAL
Amount
$120,185
$80,000
$200,185
Respectfully submitted,
cw
CHAD A�
Fire Chief
Fire Department
Director
rtment of Finance

NEW BUSINESS
ITEM 4

4. QUARTERLY INVESTMENT REPORT - QUARTER
ENDING JUNE 30, 2025

PAS^b^0
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Agenda Report
August 25, 2025
TO: Honorable Mayor and City Council
THROUGH: Finance Committee
FROM: Department of Finance
SUBJECT: QUARTERLY INVESTMENT REPORT - QUARTER ENDING
JUNE 30, 2025
RECOMMENDATION:

This report is for information. There is no staff recommendation for this item. The City Council may, however, take action relating to this item as it deems appropriate following consideration and discussion of the matter.

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;
MEETING OFAGENDA ITEM NO.

Quarterly Investment Report - Quarter Ending June 30, 2025 August 25, 2025

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.

Economic Summary
The U.S. economy showed renewed strength in the second quarter (Q2), of 2025 rebounding from a slow start to the year with solid Gross Domestic Product (GDP) growth, steady job gains, and resilient consumer spending. Housing activity held firm despite elevated mortgage rates, while inflation pressures eased, supporting real wage growth and household purchasing power. Financial markets rallied sharply, fueled by improved trade policy signals, pushing major equity indexes to record highs and boosting bond performance. Overall, the quarter's data points to healthy economic momentum heading into the second half of the year.

Growth (GDP):

The U.S. economy grew at an annual rate of 3.0% in Q2 of 2025, a strong turnaround from the 0.5% decline seen in the first quarter. This rebound was driven primarily by a drop in impori:s and a rise in consumer spending, particularly in health care, dining, and vehicle purchases. However, gains were partially offset by weaker business investment and lower exports. Overall, the data reflects renewed economic momentum and continued consumer strength heading into the second half of the year.

Consumer Spending:

Consumer spending rose in the second quarter, with gains across both services and goods. Leading the way in services were health care (notably outpatient and hospital care), dining and accommodations, and financial services. On the goods side, increased spending was driven by strong sales of new light trucks and pharmaceutical products.

Housing Market:

The residential real estate market held steady in Q2 of 2025, showing resilience despite mortgage rates hovering around 6.8%. While total home sales remained flat compared to the previous quarter, the market became more favorable for buyers.

Inventory levels rose sharply to over 30% more than a year ago. Home prices showed signs of moderation, with the national price index expected to grow just 2.9%, barely outpacing inflation.

Quarterly Investment Report - Quarter Ending June 30,2025 August 25, 2025

Labor Market:

The labor market remained strong and balanced in the second quarter. Job growth accelerated to an average of 150,000 new jobs per month, up from 11 1,000 in the first quarter, while unemployment held steady near 4.1-4.2%, a level consistent with stable inflation. Labor force participation edged down slightly overall, though participation among prime-age workers stayed historically high. Job openings remained steady at about 7.6 million, indicating continued demand for workers. Lower inflation in the first half of the year boosted real wages, supporting expectations for solid consumer spending in the months ahead.

Inflation:

Inflation pressures remained limited in the second quarter. Headline Consumer Price Index rose 2.7% over the past year, though much of the uptick reflected base effects from last year's unusually low readings. Quarterly inflation slowed to 2.4% on an annualized basis, just above the Federal Reserve's 2% target. Energy prices edged higher, food inflation continued to ease, and rent growth held steady at its slowest pace since early 2022. Core inflation, excluding food and energy, remained contained, with notable cooling in auto insurance and airline fares. Overall, price trends point to continued moderation in the months ahead.

Financial Markets:

The second quarter of 2025 marked a sharp rebound for equity markets. The S&P 500 surged 10.94%, reversing earlier losses as investor sentiment improved following a temporary pause on new tariffs by the administration. Markets reacted positively to the shift, with both the S&P 500 and Nasdaq 100 hitting new all-time highs in June.

Bond markets remained volatile in the second quarter of 2025, influenced by shifting trade policies and ongoing fiscal concerns. Short-term Treasury yields declined while long-term yields edged slightly higher, continuing the steepening trend from the first quarter. Credit spreads were choppy early in the quarter but narrowed significantly by June, helping drive performance. High-yield corporate bonds outperformed investment-grade bonds again this quarter. Despite rate volatility, core bond benchmarks posted positive returns: the Bloomberg US Aggregate Bond Index rose

1.2%, and the High Yield Index gained 3.5%. Municipal bonds; however, faced pressure from increased supply and ended the quarter down slightly at -0.1%.

Quarterly Investment Report - Quarter Ending June 30,2025 August 25, 2025

Total Funds Und^er Management
The table below represents total City funds under management based on their market values as of June 30, 2025.
06/30/2025 03/31/2025Change
Pooled Investment Portfolio
Capital Endowment
Stranded Investment Reserve Portfolio
Special Funds
Investments Held with Fiscal Agents
PARS Section 115 Trust
Total Funds Under Hflanagement
$815,652,671
1,528,677
44,807,154
17,728,913
232,737,959
16,979,488
$803,124,387
2,057,320
44,341,759
17,562,688
33,457,432
16,359,400
12,528,284
(528,643)
465,395
166,225
199,280,527
620,088
$1,129,434,862 $916,902,986 $212,531,876
The Pooled Investment Portfolio value increased by a net $12,528.284 due to the following cash transactions during the quarter:

Net Investment Earnings (Fair Market Value Change plus Interest Income)$ 9,371,317 Deposits and Credit Card Receipts141,497,023
Property Tax Revenues55,592,957
Sales Tax and Other State Apportionments18,645,744
HUD Receipts Net of Payments and Loans8,396,343
Payroll and Payroll-related Expenses(99,634,904)
Vendor Payments and Accounts Payable Checks(69,707,271) Debt Service Payments Net of Reimbursements and Subsidies(20,695,645) Water and Power Payments Net of Receipts(27,167,870)
Net Transfer from Other Funds(380,262)
Purchase of Property from Cal Trans related to the 710 highway Project(139,148) Short-term construcion loan for 1878 E Walnut Street Per City Agreement No. 24,237 Total
(3,250,000)
$ 12,528,284
The Capital Endowment Fund decrease by $528,643, representing $23,535 investment earnings for the period adjusted by a $2,178 decrease in market value of investments and drawdown of $550,000 for Capital project expenses
The Stranded Investment Resen/e portfolio increased by $465,395, representing investment earnings for the period adjusted by the change in the market value of investments.

Special Funds increased by $166,225, representing investment earnings for the period adjusted by the change in market value of investments.

Quarterly Investment Report - Quarter Ending June 30,2025 August 25, 2025

Investments held with fiscal agents increased by a net $199,280,527 due to the following:

A decrease of $5,038,543 in trustee accounts for debt service payments on the 2008 Paseo Bonds and 2016A Rose Bowl Bonds.

A $19,626 reduction in the 2024A Rose Bowl Bonds cost of issuance account.

An increase of $534,524 from investment earnings, adjusted for changes in the market value of investments.

An increase from General Obligation bond proceeds, including:
$195,951,654 deposited in the project fund.
$7,832,330 deposited in the capitalized interest account. $20,188 remaining in the cost of issuance account.
0 0
0 The PARS Section 115 Trust account increased by $620,088. The change was comprised of a $639,700 increase in market value of investments adjusted by $19,612 of investment expenses.

The City pools all internal funds to gain economies of scale and to simplify the investment function. There are over 100 funds in the Pooled Investment Portfolio. As of June 30, 2025, the General Fund's investment balance was estimated at $94.2 million representing 8.34% of the June 30, 2025, Pooled Portfolio value. The General Fund's cash balance fluctuates daily based on the timing of revenues, receipts, and payment of expenditures. Investments in the Capital Endowment Fund, the Stranded Investment Reserve Fund, the Special Funds, the PARS Section 115 Trust account, and funds held with fiscal agents are restricted funds or bond proceeds reserved in accordance with the City Charter, City ordinances, bond indentures, and Trust Agreements. The City targets an average duration oftwo-years in managing the pooled portfolio with an effective historic duration range of 1.5 to 2.5 years based on market conditions and the portfolio's risk and return evaluation, the Treasury yield curve, and industry best practices as it pertains to public funds management. As of June 30, 2025, the portfolio's effective duration was 1.83 years.

Per government code requirements, attached are reports by each fund indicating the type of investments, date of maturity, par and dollar amount invested in each security, and investment and moneys within the Treasury with market values as of June 30, 2025. On a monthly basis, the City Treasurer prices the pooled portfolio and all other funds and investments under management. The market values are obtained from Interactive Data Corporation (I DC) and from Bloomberg Financial System. I DC is an independent third-party whose sole service is to provide market prices for all types of securities.

The types of securities held in the portfolio and their percentage allocation to the total are in compliance with the City's Fiscal Year 2025 Investment Policy, which was adopted by the City Council on July 8, 2024, and Section 53600 of the State Government Code. The City Treasurer targets to maintain in excess of $70 million short-term, liquid investments (1-to-90-day maturities), which represents approximately

Quarterly Investment Report - Quarter Ending June 30,2025 August 25, 2025

1/12th of the City's total aggregate annual Operating Budget. As of June 30, 2025, the pori:folio had $101.9 million in overnight short-term investments. This balance, along with anticipated cash flows into the City's account, represents a strong liquidity position to meet budgeted expenditures for the next three-months.

The yield to maturity on the pooled portfolio began gradually increasing beginning April 2023 as a result of the Fed tightening the monetary policy by raising the Fed Funds rate. However, interest rates across the Treasury yield curve decreased during the quarter with the most declines occurring on the two to five-year maturities. The yield on the pooled portfolio tripled in the last twenty-four months and is expected to continue to increase over the next twelve-month period. The earnings rate on the pooled portfolio as of July 2025 was 3.55%.

The graph below represents the historic yield of the Pooled Portfolio from July 2021 to period ending July 31, 2025:

Pooled Portfolio Yield

3.50%

3.00%

2.50%

2.00%

1.50%

1.00%

0.50%

0.00%
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COUNCIL POLICY CONSIDERATION:

This quarterly report supports the City Council's strategic planning goal to maintain fiscal responsibility and stability.

Quarterly Investment Report - Quarter Ending June 30,2025 August 25, 2025

FISCAL IMPACT:

There is no fiscal impact as a result of this report, nor will it have any indirect or support cost requirements. There is no anticipated impact to other operational programs or capital projects.

Respectfully ^Obmitted,
(f^r/
VICKEj(T(VIC)ERGANIAN
Actin^Di rector of Finance
Approved by:

IGUEL^
c
r7 MIGUEL MAB^QUEZ
City Manager
(
Attachment: (1)
Attachment A - Quarterly Investment Report - Quarter Ending June 30,2025

City of Pasadena
Quarterly Investment Report
Quarter Ending 06/30/2025
Prepared by the Department of Finance
Treasury Division
Attachment A

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

I. Pooled Investment Portfolio

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^TED ^"

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

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 06/30/2025
TYPE
Money Market - Collateralized
Municipal Bonds
Corporate Bonds
Federal Agencies
US Treasury Securities
Supranationals
Commercial Paper
Money Market-CAMP
Money Market Fund-US Bank
LAIF
Cash in Bank
TOTALS:

Accrued Interest Receivable
GRAND TOTAL:

MARKET VALUE
1,260
65,583,216
101,400,597
430,910,828
69,413,349
32,623,764
7,497,263
95,754,739
3,378,920
1,373,342
1,385,568
809,322,846
6,329,825
815,652,671

PERCENT

0.00%

8.10%

12.53%

53.24%

8.58%

4.03%

0.93%

11.83%

0.42%

0.17%

0.17%
100.00%
Commercial
Supimatiomls ^

4.03% 0.93%
USTn
LAIF
"-SM.-COU^:

M°?y.WB^ °'M%
.17%Fund-U
s0
oro Bond

12.53%
Fed Age
PORTFOLIO LIQUIDITY AS OF 06/30/2025
Aging Interval
0-30 Days
31 days-1 Year
1 - 2 Years
2 - 3 Years
3 - 4 Years
4 - 5 Years
Over 5 Years
TOTAL:

Par Value
117,893,830
243,923,000
66,285,000
123,575,000
84,820,000
184,420,233
2,281,924
823,198,986
Percent of
Portfolio

14.32%

29.63%

8.05%

15.01%

10.30%

22.40%

0.28%
100.00%

PORTFOLIO STATISTICS
Month-End Market Value
Modified Duration
Weighted Average Maturity
Current Book Yield to Maturity
Effective Yield - Year to Date
Interest Earned
Fiscal Year To Date Interest Earned
Fair Value Change Gain/(Loss)
Fiscal Year To Date change in fair value
Total Fiscal YTD Earnings
Jun-25
815,652,671

1.83 2.03

3.578%

3.280%
2,232,042
25,362,375
1,771,366
16,206,501
41,568,876
May-25
828,152,380

1.86 2.07

3.570%

3.250%
2,221,880
23,130,333
(649,110)
14,435,135
37,565,468
Apr-25
814,025,210

1.75 1.96

3.429%

3.230%
2,226,356
20,908,453
1,568,783
15,084,246
35,992,699
Mar-25
803,124,387

1.83 2.05

3.438%

3.200%
2,167,970
18,682,097
902,971
13,515,462
32,197,559
Feb-25
818,520,106

1.76 1.96

3.384%

3.180%
2,080,901
16,514,127
2,151,316
12,612,492
29,126,619
Jan-25
837,712,301

1.78 2.01

3.344%

3.140%
2,155,820
14,433,225
1,192,294
10,461,176
24,894,402
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Pooled Portfolio - Total Return Performance
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1 st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
ICE BofA
1-3 Index

1.746

4.195

6.706

4.649

3.784

2.322

1.540

1.467

0.696

0.777

0.671

1.284

0.393

0.303

0.342
-0.182

0.856
-0.185

0.291

0.354

1.166

1.626

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1.215

0.274

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1.258
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1.490

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5.824

1.324

1.179

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'Yield'
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State Treasurer's LAIF yield
2 Year Average US Treasury yield
Fiscal YTD

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4.27%

4.06%
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CITY OF PASADENA
Capital Endowment Portfolio
VTCO
June 2025
Vicken Erganian
City Treasurer

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 06/30/2025
TYPE
Money Market - CAMP
TOTALS:

Accrued Interest Receivable
GRAND TOTAL:

MARKET VALUE
1,527,177
1,527,177
1,500
1,528,677

PERCENT
100.00%
100.00%MMF-
CAMP,
100.00%
Aging Interval
0-30 Days
31 days -1 Year
1 - 2 Years
2 - 3 Years
3 - 4 Years
4 - 5 Years
Over 5 Years
TOTAL:

PORTFOLIO LIQUIDITY AS OF 06/30/2025
Percent of
Portfolio Par Value
1,527,177
1,527,177
100.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%
100.00%

PORTFOLIO STATISTICS
Jun-25
Month-End Mkt Value 1,528,677
Modified Duration 0.00
Weighted Average Maturity 0.00
Current Book Yield to Maturity 4.461 %
Effective Yield - Year to Date 3.310%
Interest Earned 7,702
Fiscal Year To Date Interest Earned 66,675
Fair Value Change Gain/(Loss) 273
Fiscal Year To Date change in fair value 35,384
Total Fiscal YTD earnings 1 02,060
May-25
2,070,702

2.13 2.28

4.681%

3.180%
7,937
58,973
(3,659)
35,111
94,085
Apr-25
2,066,425

2.20 2.41

4.688%

3.040%
7,896
51,037
1,209
38,771
89,807
Mar-25
2,057,320

2.28 2.49

4.690%

2.850%
7,911
43,141
(1,098)
37,562
80,703
Feb-25
2,050,507

2.36 2.57

4.692%

2.630%
7,868
35,230
2,839
38,660
73,890
Jan-25
2,039,800

2.43 2.65

4.695%

2.310%
7,916
27,362
1,545
35,820
63,182
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INVESTMENTS IN ISSUERS REPRESENTING OVER 5%

OF THE CAPITAL ENDOWMENT PORTFOLIO
June 30, 2025
Market Value
Total -
OTHER PORTFOLIO INVESTMENTS 1,528,677
Total Investments 1,528,677 *
note: * Includes Accrued Interest Receivable
% of Total

0.00%
100.00%
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. Power Reserve Portfolio

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CITY OF PASADENA
Power Reserve Portfolio
Yr.0^I
June 2025
Vicken Erganian
City Treasurer

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 06/30/2025

TYPE MARKET VALUE PERCENT
Municipal Bonds 1,956,240 4.39%
Federal Agencies 25,711,251 57.69%
L.A.I.F. 46,882 0.11%
Money Market-CAMP 16,854,972 37.82%
TOTALS: 44,569,346 100.00%
Accrued Interest Receivable 237,808
GRAND TOTAL: 44,807,154
Mone>' Market-
CAMP
\~A Municipal
Bonds

4.54%
ed Agency

57.69%
LAIF

0.11%
PORTFOLIO LIQUIDIPT AS OF 06/30/2025
Percent of
Par Value
16,901,855
Aging Interval
0 - 30 days
31 days-1 Year
1 - 2 Years
2 - 3 Years
3 - 4 Years
4 - 5 Years
Over 5 Years
TOTAL:
2,000,000
6,000,000
26,666,667
51,568,522
Portfolio

32.78%

0.00%

3.88%

0.00%

11.64%

0.00%

51.71%
100.00%

PORTFOLIO STATISTICS
Month-End Market Value
Modified Duration
Weighted Average Maturity
Current Book Yield to Maturity
Effective Yield - Year to Date
Interest Earned
Fiscal Year To Date Interest Earned
Fair Value Change Gain/(Loss)
Fiscal Year To Date change in fair value
Total Fiscal YTD Earnings
Jun-25
44,807,154

4.54 6.18

2.659%

2.570%
112,329
1,308,375
461,457
1,234,595
2,542,970
May-25
44,233,368

4.54 6.25

2.660%

2.560%
114,277
1,196,046
(485,337)
773,138
1,969,184
Apr-25
44,604,428

4.69 6.32

2.670%

2.560%
112,180
1,081,769
150,477
1,258,475
2,340,244
Mar-25
44,341,759

4.73 6.39

2.670%

2.550%
114,011
969,589
59,532
1,107,999
2,077,588
Feb-25
44,168,216

4.77 6.46

2.680%

2.540%
107,895
855,578
748,849
1,048,467
1,904,045
Jan-25
43,311,472

4.72 6.54

2.686%

2.510%
114,095
747,683
101,201
299,618
1,047,301
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Power Reserve Portfolio -Total Return Performance
2003
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
'2020
2021
2022
2023
2024
2025
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
Annual
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
41h quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
1st quarter
2nd quarter
3rd quarter
4th quarter
ICE BofA
5-7 Index

4.214

4.184

7.656

4.610

3.784

1.113

1.555

1.467
-0.143

2.446

1.574

2.050

0.773

0.873

0.567
-0.398

1.815
-0.890

0.013

0.188

1.812

1.123

2.245

2.530

1.196

0.430

6.401

1.594

1.215

0.274

0.227

3.31 -1.178

0.634
-0.037
-0.89S
-1.477
-5.970
-3.282
-4.420

1.918
-11.754

2.980
-1.230
-1.916

5.827

5.661
-0.464

0.470

5.210
-2.940

2.276

3.183

2.049
Power
Reserve

3.940

4.540

6.960

3.683

3.714

1.206

2.547

3.027
-0.184

2.688

1.364
-0.393

0.830

0.803

0.515

0.071

2.219
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0.284

0.048

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1.617

1.538

1.704

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6.386
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0.895

4.140
-2.083

2.500

2.894

1.05 5.2323.944
Yeld Fiscal YTD
Power Reserve YTM 2.66%
State Treasurer's LAIF yield 4.27%
2 Year Average Treasury yield 4.06%
Index changed to ICE BofA 5-7 in 2022
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VI. PARS Section 115 Trust

City of Pasadena
PARS Section 115 Trust
For the Month Ended June 30,2025
Pension Account 6746056200
Beginning Balance
Activity
Contributions
Disbursements
Total
Mayket Value
13,939,050.21

0.00 0.00

0.00 Book Value
13,931,823.90

0.00 0.00

0.00 Net Investment Income
Dividends
Interest
Other Income
Change in Accrued Income
Net Change in Unrealized Gain/Loss
Realized Gain/Loss
Total Investment Income
Total Mayket Value Adjustment
Trust Fees
PARS Fee (Net of Depository Earnings)
Unreconciled Difference
Ending Balance
Investment Return (Inception-To-Date as of 06/30/2025)
BenchMayk Return (PARS Moderately Conservative)
Total
55,622.13
1,576.14

0.00 (87.42)
57,110.85
284,605.35

0.00 284,605.35
(2,914.23)
(2,618.15)

0.00 (5,532.38)
14,275,234.03
55,622.13
1,576.14

0.00 (87.42)
57,110.85

0.00 0.00

0.00 (2,914.23)
(2,618.15)

0.00 (5,532.38)
13,983,402.37
1 Year Inception To Date

8.61% 4.76%

8.66% 4.85%
Asset Allocation
Cash and Equivalents
Equity
Fixed Income
Accrued Income
Total
Market Value
454,731.55
4,324,154.16
9,494,859.60
1,488.72
14,275,234.03
Percentage

3.19%

30.29%

66.51%

0.01%
100.00%
Accrued Income

0.01%
Cash and Equivalents

3.19%
Equity

30.29%
•is
Fixed fncom

66.51%
Account Manager:

Kyra Clarke
3121 Michelson Dr 3rd Fl
Irvine, CA 92612
949-224-7214, [email protected]
29

City of Pasadena
PARS Section 115 Trust
For the Month Ended June 30,2025
Post Employments Benefits Trust 6746056201
Beginning Balance
Activity
Contributions
Disbursements
Total
Mayket Value
2,640,364.11

0.00 0.00

0.00 Book Value
2,638,218.23

0.00 0.00

0.00 Net Investment Income
Dividends
Interest
Other Income
Change in Accrued Income
Total Investment Income
10,531.00
272.44

0.00 (21.69)
10,781.75
10,531.00
272.44

0.00 (21.69)
10,781.75
Net Change in Unrealized Gain/Loss, Fee Receipts & Deliveries Net Realized Gain/Loss
Total Mayket Value Adjustment
Trust Fees
PARS Fee (Net of Depository Earnings)
Unreconciled Difference
Total
54,157.62

0.00 54,157.62
(553.68)
(495.94)

0.00 (1,049.62)

0.00 0.00

0.00 (553.68)
(495.94)

0.00 (1,049.62)
Ending Balance
Investment Return (Inception-To-Date as of 6/30/2025)
BenchMayk Return (PARS Moderately Conservative)
2,704,253.86 2,647,950.36
1 Year Inception To Date

8.61% 4.86%

8.66% 4.91%
Asset Allocation
Cash and Equivalents
Equity
Fixed Income
Accrued Income
Total
Marrket Value
75,584.44
826,339.46
1,802,079.21
250.75
2,704,253.86
Percentage

2.80%

30.56%

66.64%

0.01%
100.00%
Accrued Income

0.01%
Cash and Equivalents

2.80%
w Equity%

30.S6X
Fixed Incom

66.64%
Account Manager:

Kyra Clarke
3121 MichelsonDr3rdFI
Irvine.CA 92612
949-224-7214, [email protected] 30