AR 7 Attachment A - FY 2025 City of Pasadena Annual Comprehensive Financial Report (Final) (Unsecured for Internal Use) — Pasadena City Council, February 23, 2026 (part 2 of 2)

Charges for services:

Refuse collection 16,373$ -$ 16,373$ Telecommunication - 658 658 Total operating revenues 16,373 658 17,031 Operating Expenses:

Refuse collection 25,450 - 25,450 Telecommunications - 4 4 Depreciation/amortization 808 194 1,002 Total operating expenses 26,258 198 26,456 Operating income (loss) (9,885) 460 (9,425) Nonoperating Revenues (Expenses):

Taxes 9,204 - 9,204 Intergovernmental 228 - 228 Noncompliance forfeitures 1,044 - 1,044 Investment earnings 563 87 650 Net change in fair value of investments 395 60 455 Lease revenues - 42 42 Interest income from leases - 1 1 Interest expense on leases and subscriptions (1) - (1) Total nonoperating revenues (expenses) 11,433 190 11,623 Income before transfers 1,548 650 2,198 Transfers:

Transfers in - 350 350 Transfers out (198) (706) (904) Change in net position 1,350 294 1,644 Net position, beginning, as previously reported 8,786 2,930 11,716 Restatement for a change in accounting principle (26) - (26) Net position, beginning, as restated 8,760 2,930 11,690 Net position, ending 10,110$ 3,224$ 13,334$

NONMAJOR ENTERRPRISE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
186 Annual Comprehensive Financial Report | June 30, 2025 Statement of Cash Flows
Nonmajor Enterprise Funds
For the Fiscal Year Ended June 30, 2025
Refuse Tele-
Collection communications Total
Cash Flows from Operating Activities:

Cash received from customers 15,015$ 519$ 15,534$ Cash payments to suppliers for goods and services (9,596) (4) ( 9,600)
Cash payments to employees for services (12,516) - (12,516) N
et cash provided by (used for) operating activities (7,097) 515 (6,582) Cash Flows from Noncapital Financing Activities:

Cash transfers in - 3
50 3
50 Cash transfers out (198) (
706) (
904)
Taxes received 9,204 - 9,204 I
ntergovernmental revenues 228 - 228
N
onoperating miscellaneous revenues 1,044 - 1,044
N
et cash provided by (used for) noncapital financing activities 10,278 (356) 9 ,922
C
ash Flows from Capital and Related Financing Activities:

Acquisition and construction of capital assets (3,432) (298) ( 3,730)
Proceeds from lease activities - 4
4 4
4 Payments on leases and subscriptions (20) - (20)
Interest paid on debt (1) -
(1)
Net cash used for capital and related financing activities (3,453) (254) ( 3,707)
Cash Flows from Investing Activities:

Investment earnings 563 87 650
Net change in fair value of investments 395 60 455 Net cash provided by (used for) investing activities 958 147 1,105 Net increase (decrease) in cash and cash equivalents 686 52 738 Cash and cash equivalents, beginning 17,680 2,577 20,257 Cash and cash equivalents, ending 18,366$ 2,629$ 20,995$

CITY OF PASADENA FINANCIAL SECTION NONMAJOR ENTERPRISE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comp
rehensive Financial Report | June 30, 2025 187
Statement of Cash Flows
Nonmajor Enterprise Funds (Continued)
For the Fiscal Year Ended June 30, 2025
Refuse Tele-
Collection communications Total
Reconciliation of operating income (loss) to net cash
provided by (used for) operating activities:

Operating income (loss) (9,885)$ 460$ (9,425)$ Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities:

Depreciation and amortization 808 194 1,002 (Increase) decrease in accounts receivable (1,156) 20 (1,136) (Increase) decrease in lease receivable - (286) (286)
Increase (decrease) in due to other funds (46) - (46) Increase (decrease) in accounts payable and accrued liabilities 3,748 - 3,748 Increase (decrease) in unearned revenue (149) (116) (265) Increase (decrease) in compensated absences (4) - (4) Increase (decrease) in deposits payable (472) - (472) Increase (decrease) in deferred inflows 24 - 24 (Increase) decrease in deferred outflows 1,022 - 1,022 Increase (decrease) in lease and subscription liability - 243 243 Increase (decrease) in net OPEB liability (243) - (243) Increase (decrease) in net pension liability (744) - (744) Total adjustments 2,788 55 2,843
Net cash provided by (used for) operating activities (7,097)$ 515$ (6,582)$ Non-cash Operating Activity
Increase in compensated absences due to GASB 101 implementation 1 25 26 Non-cash Capital and Financing Activities
Subscriptions issued 24
- 24
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FOR THE FISCAL YEAR ENDED
JUNE 30, 2025

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

INTERNAL SERVICE
FUNDS

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
190 Annual Comprehensive Financial Report | June 30, 2025 (This page intentionally left blank)

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)

Annual Comprehensive Financial Report | June 30, 2025 191

INTERNAL SERVICE FUNDS

Internal service funds are used to account for the financing of goods and services provided by one City department to another or to other governmental units on a cost-reimbursement basis.

Computing and Communication Services Fund – to account for all operations of the Computing and Communications Division of the City Manager's Department, which includes such services as data processing, radio communications, telephone, and voice services.

Building Maintenance Fund – to account for housekeeping and structural maintenance of City buildings.

Fleet Replacement Fund – to account for the procurement of City vehicles.

Fleet Repair and Maintenance Fund – to account for the repair and maintenance of City vehicles.

Benefits Fund – to account for employee compensated absences, retirement, and health benefits.

Workers’ Compensation Fund – to account for investigatio n services, temporary disability and medical payments, excess insurance, permanent disability awards, administrative servic es, and litigation costs. Premiums based on employee worker classifications are indirectly charged to each department for claims proportionate to current industry rates applicable to job functions.

General Liability Fund – to account for payment of self-insured genera l liability and automobile liability claims, excess insurance, claims adjusting services, lit igation costs, and administrative services. Contributions are made from each department and are based on past claims experience and appropriate risk factors.

311 Call Center Fund – to account for the operation of the City’s central call center.

INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
192 Annual Comprehensive Financial Report | June 30, 2025 Combining Statement of Net Position
Internal Service Funds
June 30, 2025
Computing and
Communication Building Fleet
Assets: Services Maintenance Replacement
Current assets:

Cash and investments 2,909$ 10,327$ 15,012$
Accounts receivable 32 99 164
Due from component units - - -
Inventories - - -
Prepaids and other assets 774 - -
Total current assets 3,715 10,426 15,176
Noncurrent assets:

Capital assets 13,405 80 38,390
Less: accumulated depreciation/
amortization (6,398) (56) (19,983)

Capital assets, net 7,007 24 18,407
Total noncurrent assets 7,007 24 18,407
Total assets 10,722 10,450 33,583
Deferred Outflows of Resources:

Pension related 4,443 1,432 67
OPEB related 238 150 3
Total deferred outflows of resources 4,681 1,582 70 Liabilities:

Current liabilities:

Accounts payable and accrued liabilities 1,118 1,214 439 Due to other funds - - -
Insurance claims payable - - -
Compensated absences 94 16 1
Lease liability - 1 -
Subscription liability 1,334 10 -
Total current liabilities 2,546 1,241 440
Noncurrent liabilities:

Insurance claims payable - - -
Compensated absences 23 4 -
Net pension liability 14,971 6,593 3,053
Net OPEB liability 2,453 1,549 32
Lease liability - 3 -
Subscription liability 1,621 11 -
Total noncurrent liabilities 19,068 8,160 3,085
Total liabilities 21,614 9,401 3,525
Deferred Inflows of Resources:

Pension related 77 25 1
OPEB related 1,005 635 13
Total deferred inflows of resources 1,082 660 14
Net Position:

Net investment in capital assets 2,620 - 17,972
Unrestricted (9,913) 1,971 12,142
Total net position (deficit) (7,293)$ 1,971$ 30,114$

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)

Annual Comprehensive Financial Report | June 30, 2025 193

Fleet
Repair and Workers' General 311
Maintenance Benefits Compensation Liability Call Center Total 6,545$ -$ 14,605$ 17,265$ 795$ 67,458$ 35 1 743 26 3 1,103 4 - - - - 4 574 - - - - 574 - 12 5 - - 791 7,158 13 15,353 17,291 798 69,93 0 928 - 26 4,251 62 57,142 (320) - (5) (81) (37) (26,880) 608 - 21 4,170 25 30,262 608 - 21 4,170 25 30,262 7,766 13 15,374 21,461 823 100,192 877 20,293 3,795 239 127 31,273 75 19 28 15 25 553 952 20,312 3,823 254 152 31,826 929 18,483 300 1,151 13 23,647 - 27,581 - - - 27,581 - - 17,485 10,359 - 27,844 - 34,22 4 6 7 1 34,349 1 - - 171 - 173 57 - - - 12 1,413 987 80,288 17,791 11,688 26 115,007 - - 29,831 6,695 - 36,526 - 8,529 1 2 1 8,560 736 75,100 10,948 613 474 112,488 775 194 291 161 258 5,713 3 - - 339 - 345 61 - - - 11 1,704 1,575 83,823 41,071 7,810 744 165,336 2,562 164,111 58,862 19,498 770 280,343 15 230 25 4 2 379 317 79 119 66 106 2,340 332 309 144 70 108 2,719 462 - 21 3,660 2 24,737 5,362 (144,095) (39,830) (1,513) 95 (175,781) 5,824$ (144,095)$ (39,809)$ 2,147$ 97$ (151,044)$

INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
194 Annual Comprehensive Financial Report | June 30, 2025 Combining Statement of Revenues, Expenditures and Changes in Net Position Internal Service Funds
For the Fiscal Year Ended June 30, 2025
Computing and
Communication Building Fleet
Services Maintenance Re placement
Operating Revenues:

Charges for services:

Computing and communication services 23,475 $ -$
-$
Building maintenance -
17,471 -
Fleet replacement and maintenance - - 4 ,530
Employee benefits - - -

Insurance - - -

Other revenues - - -

Total operating revenues 23,475 17,471 4,530
Operating Expenses:

Computing and communication services 22,441 - -
Building maintenance - 1
7,030 -
Fleet replacement and maintenance - - 116
Employee benefits - - -
Insurance - - -
311 Call Center - - -
Depreciation/amortization 1,815 11 2,340
Total operating expenses 24,256 17,041 2,456
Operating income (loss) (781) 430 2
,074
Nonoperating Revenues (Expenses):

Investment earnings (loss) 92 304 515
Net change in fair value of investments 66 208 368 Gain (loss) on disposal of capital assets (91) - (
34)
Lease revenues - 2
85 -

Interest income from leases - 1
-
Interest expense on leases and subscriptions (54) (1) -

Other nonoperating revenues (ex penses) - - 4 6
Total nonoperating revenues (expenses) 13 797 895
Income (loss) before transfers (768) 1,227 2,969
Transfers from (to) Other Funds:

Transfers in 2,054 15 -
Transfers out (1,757) (769) -
Net income (loss) (471) 473 2
,969
Net position (deficit), beginning, as previously reported (6,739) 1,518 27,147 Restatement for a change in accounting principle (83) (20) (2) Net position (deficit), beginning, as restated (6,822) 1,498 27,145 Net position (deficit), ending (7,293)$ 1,971$ 30,114$

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)

Annual Comprehensive Financial Report | June 30, 2025 195

Fleet
Repair and Workers' General 311
Maintenance Benefits Com pensation Liabilit y Call Center Total -$ - $ - $ - $ - $ 23,475$ - - - - - 17,471 15,097 - - - - 19,627 - 46,800 - - - 46,800 - - 19,577 16,944 - 36,521 - 103 - - 1,05 6 1,159 15,097 46,903 19,577 16,944 1,056 145,053 - - - - - 22,441 - - - - - 17,030 12,610 - - - - 12,726 - 55,882 - - - 55,882 - - 22,983 10,781 - 33,764 - - - - 819 819 131 - 2 159 12 4,470 12,741 55,882 22,985 10,940 831 147,132 2,356 (8,979) (3,408) 6,004 225 (2,079) 133 (934) 444 158 17 729 88 (661) 312 44 11 436 - - - - - (125) - - - - - 285 - - - - - 1 (9) - - (8) (1) (73) 67 - - - - 113 279 (1,595) 756 194 27 1,366 2,635 (10,574) (2,652) 6,198 252 (713) - - - - - 2,069 - - - - - (2,526) 2,635 (10,574) (2,652) 6,198 252 (1,170) 3,192 (108,029) (37,152) (4,043) (155) (124,261) (3) (25,492) (5) (8) - (25,613) 3,189 (133,521) (37,157) (4,051) (155) (149,874) 5,824$ (144,095)$ (39,809)$ 2,147$ 97$ (151,044)$

INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
196 Annual Comprehensive Financial Report | June 30, 2025 Combining Statement of Cash Flows
Internal Service Funds
For the Fiscal Year Ended June 30, 2025
Computing and
Communication Building Fleet
Services Maintenance Replacement
Cash Flows from Operating Activities:

Cash received from customers 23,464 $ 17,770 $ 4,422$ Cash payments to suppliers for goods and services (4,933) (11,139) (2,295) Cash payments to employees for services (14,888) (5,588) (227) Miscellaneous revenue - - -
N
et cash provided by (used for) operating activities 3,643 1,043 1,900 Cash Flows from Noncapital Financing Activities:

Transfers from other funds 2,054 15 -
T
ransfers to other funds (1,757) (769) -
N
onoperating miscellaneous revenues - 1 4
6 N
et cash provided by (used for) noncapital financing activities 297 (753) 4 6 C
ash Flows from Capital and Related Financing Activities:

Acquisition and construction of capital assets (4,900) - (7,348) Payments on leases and subscriptions - (
10) -
I
nterest paid on debt (22) (1) -
N
et cash used for capital and related financing activities (4,922) (11) (7,348) Cash Flows from Investing Activities:

Investment earnings (loss) 92 3
04 5
15 N
et change in fair value of investments 66 2
08 3
68 N
et cash provided by (used for) investing activities 158 5 12 8
83 N
et increase (decrease) in cash and cash equivalents (824) 7 91 (4,519)
Cash and cash equivalents, beginning 3,733 9
,536 19,531
Cash and cash equivalents, ending 2,909$ 10,327$ 15,012$

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)

Annual Comprehensive Financial Report | June 30, 2025 197

Fleet
Repair and Workers' General 311
Maintenance Benefits Compensation Liability Call Center Total 15,184$ 47,596$ 18,872$ 22,257$ 1,054$ 150,619$ (9,231) (2,666) (5,110) (4,990) (164) (40,528) (3,360) (43,438) (14,177) (786) (522) (82,986) 6 103 - - - 109 2,599 1,595 (415) 16,481 368 27,214 - - - - - 2,069 - - - - - (2,526) 68 - - - - 115 68 - - - - (342) (83) - - (537) - (12,868) (58) - - (82) (14) (164) (9) - - (8) (1) (41) (150) - - (627) (15) (13,073) 133 (934) 444 158 17 729 88 (661) 3 12 44 11 436 221 (1,595) 756 202 28 1,165 2,738 - 341 16,056 381 14,964 3,807 - 14,264 1,209 414 52,494 6,545$ -$ 14,605$ 17,265$ 795$ 67,458$

INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
198 Annual Comprehensive Financial Report | June 30, 2025 Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the Fiscal Year Ended June 30, 2025
Computing and
Communication Building Fleet
Services Maintenance Replacement
Reconciliation of operating income (loss) to net cash
provided by (used for) operating activities:

Operating income (loss) (781)$ 430$ 2,074$ Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities:

Depreciation and amortization 1,815 11 2,340 Miscellaneous and other revenue (expense) - - -
(Increase) decrease in accounts receivable (11) (9) (108) (Increase) decrease in lease receivable - 308 -
(Increase) decrease in due from component units - - -
Increase (decrease) in due to other funds - - -
(Increase) decrease in inventories - - -
(Increase) decrease in prepaids and other assets 177 - - Increase (decrease) in accounts payable and accrued liabilities 317 139 (2,409) Increase (decrease) in insurance claims payable - - - Increase (decrease) in compensated absences 33 - -
Increase (decrease) in deferred inflows (99) 54 -
(Increase) decrease in deferred outflows 1,838 713 10 Increase (decrease) in lease and subscription liability 2,054 - - Increase (decrease) in net OPEB liability (379) (64) (4) Increase (decrease) in net pension liability (1,321) (539) (3) Total adjustments 4,424 613 (174)
Net cash provided by (used for) operating activities 3,643$ 1,043$ 1,900$ Non-cash Operating Activity
Increase in compensated absences due to GASB 101 implementation 83 20 2 Non-cash Capital and Financing Activities
Leases issued - - -
Subscriptions issued 3,466 - -

CITY OF PASADENA FINANCIAL SECTION INTERNAL SERVICE FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehen
sive Financial Report | June 30, 2025 199
Fleet
Repair and Workers' General 311
Maintenance Benefits Compensation Liability Call Cente r Total 2,356$ (8,979)$ (3,408)$ 6,004$ 225$ (2,079)$ 131 - 2 159 12 4,470
- - - - - -
88 105 (704) 3,357 (2) 2,716
- - - - - 308
- - - 201 - 201
6 691 - - - 697
(170) - - - - (170)
- 32 48 - - 257
33 4,322 136 1,128 2 3,668
- - 2,932 5,068 - 8,000 (3) 3,478 2 1 2 3,513
41 (546) 23 10 38 (479)
309 6,335 350 95 143 9,793
3 - - 511 - 2,568
22 (21) 40 18 79 (309)
(217) (3,822) 164 (71) (131) (5,940)
243 10,574 2,993 10,477 143 29,293 2,599$ 1,595$ (415)$ 16,481$ 368$ 27,214$ 3 25,492 5 8 - 25,613
- - - 537 - 537
- - - - 3,466 -

INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
200 Annual Comprehensive Financial Report | June 30, 2025 (This page intentionally left blank)

FOR THE FISCAL YEAR ENDED
JUNE 30, 2025

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

FIDUCIARY
FUNDS

INTERNAL SERVICE FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
202 Annual Comprehensive Financial Report | June 30, 2025 (This page intentionally left blank)

CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Ann
ual Comprehensive Financial Report | June 30, 2025 203

FIDUCIARY FUNDS
Fiduciary funds are used to account for assets held by the City in a trustee or custodial capacity for individuals, governmental entities, and others, and are oper ated by carrying out the specifications of trust indentures, statutes, ordinances, or other governing regulations.

Pension (and Other Employee Benefit) Trust Funds:

Deferred Compensation Fund – to account for resources earned by present and former employees and held in a trust capacity by the City in accordance with the provisions of Internal Revenue Code Section 457.

Fire and Police Retirement Fund – to account for transactions of the Fire a nd Police Retirement System, which is governed by its own retirement board.

Custodial Funds:

Lake/Washington Special Assessment District Fun d – to account for maintenance costs of the parking lot located at Lake Avenue and Washington Boulevard.

Library Equipment Replacement Fund – to account for the library automated control system operated under joint agreement with the City of Glendale.

Workforce Innovation and Opportunity Act Fund – to account for the administration of Workforce Innovation and Opportunity Act (WIOA) activities under the direction of the Foothill Workforce Development Board (FWDB).

Open Space Assessment District Fund – to account for receipt and disbursement of debt service activity related to the acquisition and improvement of the Annandale Canyon Estates and adjacent property to be established as open space.

Private-Purpose Trust Funds : The fiduciary fund type used to report all trust arrangements, other than those properly reported in employee benefit trust funds or investment trust funds, under which principal and income benefit individuals, private organizations, or other governments. Private-purpose trust funds are used for the acti vities of the Successor Agency to the Pasadena Community Development Commission (PCAC). See the next tab for the combining statements related to the Successor Agency.

FIDUCIARY FUNDS FINANCIAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
204 Annual Comprehensive Financial Report | June 30, 2025 Combining Statement of Net Position
Pension (and Other Employee Benefit) Trust Funds
June 30, 2025
457(b) 401(a) Fire & Police
Deferred Defined Retirement
Compensation Contribution System Total
Assets:

Current assets:

Cash and cash equivalents -$ -$ 2,249$ 2,249$
Short-term investments - - 2,091 2,091
Interest receivable - - 233 233
Receivables for security transactions - - 682 682 Total current assets - - 5,255 5,255
Investments, at fair value:

Government and agencies - - 21,376 21,376
Mutual funds 418,117 145 10,396 428,658
Domestic corporate obligations - - 8,822 8,822
International corporate obligations - - 200 200

Partnerships/joint ventures - - 5,231 5,231
Real estate - - 8,681 8,681
Alternatives - hedge fund - - 7,267 7,267
Equity - domestic - - 27,328 27,328
Equity - international - - 17,017 17,017
Total investments 418,117 145 106,318 52 4,580 Total assets 418,117 145 111,573 529,835
Liabilities:

Accounts payable and accrued liabilities - - 74 74 Compensated absences - - 1 1
Payable for security transactions - - 4,423 4,423 Total liabilities - - 4,498 4,498
Net Position:

Restricted for other employee benefits 418,117 145 - 418,262 Restricted for pensions - - 107,075 107,075
Total net position 418,117$ 145$ 107,075$ 525,337$

CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)

Annual Comprehensive Financial Report | June 30, 2025 205 Combining Statement of Changes in Net Position
Pension (and Other Employee Benefit) Trust Funds
For the Fiscal Year Ended June 30, 2025

457(b) 401(a) Fire & Police
Deferred Defined Retirement
Compensation Contribution System Total
Additions:

Contributions:

Plan members 17,520$ 41$ -$ 17,561$ Amounts collected for distribution - - 11,071 11,071 Total contributions 17,520 41 11,071 28,632 Net investment income:

Investment earnings 12,666 - 2,777 15,443 Net change in fair value of investments 29,341 13 7,233 36,587 Gross investment income 42,007 13 10,010 52,030 Less investment expenses - - (491) (491) Total net investment income 42,007 13 9,519 51,539 Total additions 59,527 54 20,590 80,171 Deductions:

Benefits paid to participants 28,857 - 11,753 40,610 Administrative ex penses 248 - 390 638 Total deductions 29,105 - 12,143 41,248 Change in net position 30,422 54 8,447 38,923 Net position, beginning, as previously reported 387,695 - 98,630 486,325 Restatement for a change in reporting entity - 91 - 91 Restatement for a change in accounting principle - - (2) (2) Net position, beginning, as restated 387,695 91 98,628 486,414 Net position, ending 418,117$ 145$ 107,075$ 525,337$

FIDUCIARY FUNDS FINANCIAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
206 Annual Comprehensive Financial Report | June 30, 2025 Combining Statement of Net Position
Custodial Funds
June 30, 2025
Lake/
Washington Workforce
Special Library Innovation and Open Space
Assessment Equipment Opportunity Assessment
District Replacement Act (WIOA) District Total
Assets:

Cash and investments -$ 322$ 24$ 150$ 496$
Accounts receivable - 7 461 3 471
Total assets - 329 485 153 967
Liabilities:

Accounts payable and accrued liabilities - - 193 - 193 Due to other governments 6 - 573 - 579
Due to bondholders - - - 856 856
Compensated absences - - 2 - 2
Total liabilities 6 - 768 856 1,630
Net Position (Deficit):

Restricted for library equipment - 329 - - 329 Restricted for other purposes (6) (283) (703) (992)
Total net position (deficit) (6)$ 329$ (283)$ (703)$ (663)$

CITY OF PASADENA FINANCIAL SECTION FIDUCIARY FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)

Annual Comprehensive Financial Report | June 30, 2025 207 Combining Statement of Fiduciary Net Position
Custodial Funds
For the Fiscal Year Ended June 30, 2025

Lake/
Washington Workforce
Special Library Innovation and O pen Space
Assessment E quipment O pportunity Assessment
District Re placement Act (WIOA) District Total
Additions:

Intergovernmental -$ -$ 2,618$ -$ 2,618$ Assessment revenue 27 - - 83 110 Investment earnings - 10 - 4 14 Net change in fair value of investments - 3 - 3 6 Total additions 27 13 2,618 90 2,748 Deductions:

Contributions to City 28 - - - 28 Program expense - - 3,117 - 3,117 Administrative expense - - - 3 3 Interest expense - - - 51 51 Total deductions 28 - 3,117 54 3,199 Change in net position (1) 13 (499) 36 (451) Net Position (Deficit):

Beginning of year, as previously reported (5) 316 56 (739) (372) Restatement for a change in accounting principle - - (8) - (8) Restatement for correction of an error - - 168 - 168 Beginning of year, as restated (5) 316 216 (739) (212) End of year (6)$ 329$ (283)$ (703)$ (663)$

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FOR THE FISCAL YEAR ENDED
JUNE 30, 2025

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

SUCCESSOR AGENCY

COMBINED
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CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)

Annual Comprehensive Financial Report | June 30, 2025 211

PRIVATE-PURPOSE TRUST FUNDS

Private-purpose trust funds are one type of the fiduciary funds reported in the prior tab.

Successor Agency to Pasadena Community Development Commission (PCAC) – was formed to account for receipt of incremental property tax and disbursements related to enforceable obligations (debts) of the former redevelopment agency.

It will remain in place until all enforcea ble obligations, as approved on the Recognized Obligation Payment Schedule (ROPS) by California Department of Finance, are paid in full and all assets have been liquidated. It includes the following funds:

• Administration Fund – to account for administrative costs of the Successor Agency as approved on the ROPS.

• Redevelopment Obligation Retirement Fund – to account for receipts and disbursements of incremental property tax.

• Debt Funds – to account for enforceable obligations of the former redevelopment agency. They include Old Pasadena, Lincoln, Downtown, Fair Oa ks, Orange Grove, Villa Parke, Lake /Washington project areas, and the Affordable Housing debt function. The Affordable Housing debt fund is used to account for the 2006 Tax Allocation Revenue Bonds (housing set-aside revenues – Townhouse Project Refunding), Housing Enabled by Local Partnerships (HELP) program loans, and payment of enforceable obligations of the former Low and Moderate Income Housing Fund.

PRIVATE-PURPOSE TRUST FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
212 Annual Comprehensive Financial Report | June 30, 2025 Combining Statement of Net Position
Private-Purpose Trust Funds
June 30, 2025
Redevelopment
Administration
Obligation
Retirement Old Pasadena Lincoln Downtown
Assets:

Current assets:

Cash and investments -$ 5$
-$ -$ -$

Cash with fiscal agent - 2
,722 - -
-
Notes receivable - - - -
-
Allowance for uncollectible long-term
receivable - - - - - Total current assets - 2
,727 -
- -
Total assets - 2
,727 -
- -
Liabilities:

Due to other governments 35 - - - - Total liabilities 35 - - - - Net Position:

Net position held in trust (35)$ 2
,727$ -$ -$ -$

Successor Agency

CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2025 213

Fair Oaks Orange Grove Villa Parke
Lake
Washington Total
43$ 140 $ 9 $ 86 $ 283 $ - - - - 2,722 515 - - - 515 (515) - - - (515) 43 140 9 86 3,005 43 140 9 86 3,005 - - - - 35 - - - - 35 43$ 140$ 9$ 86$ 2,970$ Successor Agency

PRIVATE-PURPOSE TRUST FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
214 Annual Comprehensive Financial Report | June 30, 2025 Combining Statement of Changes in Net Position
Private-Purpose Trust Funds
For the Fiscal Year Ended June 30, 2025
Redevelopment
Administration
Obligation
Retirement Old Pasadena Lincoln Downtown
Additions:

Property taxes -$ 6
,380$ -$ -$ -$

Gain on disposition of property - 2
,491 - -
-
Miscellaneous revenues - - - -
-
Total additions - 8
,871 -
- -
Deductions:

Statutory passthrough expenses - - 3,633 69 - Administrative expenses:

County administrative expenses - - 143 8 723 Total deductions - - 3,776 77 723 Transfers:

Transfers in - - 3,776 77 723 Transfers out - (6,380) - - - Total transfers - (6,380) 3,776 77 723 Change in net position - 2
,491 -
- -
Net position (deficit), beginning (35) 236 -
- -
Net position (deficit), ending (35)$ 2
,727$ -$ -$ -$

Successor Agency

CITY OF PASADENA FINANCIAL SECTION PRIVATE-PURPOSE TRUST FUNDS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2025 215

Fair Oaks Orange Grove Villa Parke
Lake
Washington Total
-$ - $ - $ - $ 6,380$ - - - - 2,491 - 42 - - 42 - 42 - - 8,913 510 107 622 428 5,369 58 18 48 13 1,011 568 125 670 441 6,380 568 125 670 441 6,380 - - - - (6,380) 568 125 670 441 - - 42 - - 2,533 43 98 9 86 437 43$ 140$ 9$ 86$ 2,970$ Successor Agency

PRIVATE-PURPOSE TRUST FUNDS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
216 Annual Comprehensive Financial Report | June 30, 2025 (This page intentionally left blank)

FOR THE FISCAL YEAR ENDED
JUNE 30, 2025

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

COMPONENT
UNITS
(This page intentionally left blank)

CITY OF PASADENA FINANCIAL SECTION COMPONENT UNITS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2025 219

DISCRETELY PRESENTED COMPONENT UNITS

Component units are legally separate organizations for which the elected officials of the primary government are financially accountable. In addition, component units can be other orga nizations for which the nature and significance of their relationship with a primary government are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. Discretely presented component units do not meet one of the two criteria for blending. The two criteria required to blend component units are (1) the Board of the component unit is substantively the same as that of the City or (2) the component unit serves the City exclusively.

Rose Bowl Operating Company (RBOC) – incorporated on January 18, 1994, as a legally separate entity with the primary purpose of returning economic and civic value to the City by managing a world class stadium and a professional quality golf course complex in a residential open-space environment.

Pasadena Center Oper ating Company (PCOC) – established on September 19, 1973, as a legally separate entity with the primary purpose of managing and operating the Pasadena Center, a civic facility designed for conferences, exhibitions, trade shows, assemblies, cultural, educational, and recreational programs, and for the use, benefit, and enjoyment of the public.

Pasadena Community Access Corporation Board (PCAC) – established on December 9, 1983, by Articles of Incorporation, to provide a means for individuals or groups to use cable telecommunications to communicate and share information.

COMPONENT UNITS FINANCIAL SECTION CITY OF PASADENA (AMOUNTS EXPRESSED IN THOUSANDS)
220 Annual Comprehensive Financial Report | June 30, 2025 Combining Statement of Net Position
Discretely Presented Component Units
June 30, 2025

Rose Bowl Pasadena Center Pasadena
Operating Operating Community
Company Company Access Corp. Total
Assets:

Current assets:

Cash and investments 49,601 $ 27,871 $ 466 $ 77,938 $ Accounts receivable, net 11,725 3,482 1 15,208 Prepaids and other assets 118 133 6 257 Lease receivable 6,267 - - 6,267 Due from City of Pasadena - 343 - 343 Inventory 348 - - 348 Deposits - - 17 17 Restricted cash and cash investments - 8,949 92 9,041 Total current assets 68,059 40,778 582 109,419 Noncurrent assets:

Restricted assets - cash and investments 337 - - 337 Due from City of Pasadena 387 - - 387 Capital assets:

Not being depreciated/amortized 704 5,030 - 5,734 Being depreciated/amortized, net 134,173 109,364 439 243,976 Total capital assets 134,877 114,394 439 249,710 Total noncurrent assets 135,601 114,394 439 250,434 Total assets 203,660 155,172 1,021 359,853 Deferred Outflows of Resources:

Accumulated decrease in fair value of hedging derivatives - 4,042 - 4,042 Debt refunding related 16,107 679 - 16,786 Pension related 1,405 - - 1,405 Total deferred outflows of resources 17,512 4,721 - 22,233 Liabilities:

Current liabilities:

Accounts payable and accrued liabilities 19,047 1,452 19 20,518 Accrued salaries and benefits 650 1,039 35 1,724 Interest payable 677 455 - 1,132 Due to City of Pasadena 2,486 - - 2,486 Deposits payable 745 1,620 - 2,365 Long-term advance due within one year 100 - - 100 Unearned revenue 16,361 - - 16,361 Compensated absences due within one year 308 - 44 352 Long-term debt due within one year 8,240 8,486 - 16,726 Lease liability - 77 180 257 Subscription liability - 151 - 151 Total current liabilities 48,614 13,280 278 62,172 Noncurrent liabilities:

Compensated absences 197 - 25 222 Long-term debt, net of current portion 191,987 114,262 - 306,249 Lease liability - 67 49 116 Subscription liability - 125 - 125 Derivative instrument liability - 4,042 - 4,042 Long-term advance 200 - - 200 Net pension liability 3,791 - - 3,791 Total noncurrent liabilities 196,175 118,496 74 314,745 Total liabilities 244,789 131,776 352 376,917 Deferred Inflows of Resources:

Deferred refunding charge - 2,756 - 2,756 Service concession agreement - 5 - 5 Lease related 6,268 - - 6,268 Pension related 23 - - 23 Total deferred inflows of resources 6,291 2,761 - 9,052 Net Position (Deficit):

Net investment in capital assets (31,804) 17,835 210 (13,759) Restricted 337 2,362 92 2,791 Unrestricted 1,559 5,159 367 7,085 Total net position (deficit) (29,908)$ 25,356 $ 669 $ (3,883) $

CITY OF PASADENA FINANCIAL SECTION COMPONENT UNITS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2025 221 Combining Statement of Revenues, Expenses and Changes in Net Position Discretely Presented Component Units
For the Fiscal Year Ended June 30, 2025

Rose Bowl Pasadena Center Pasadena
Operating Operating Community
Company Company Access Corp. Total
Operating Revenues:

Charges for services:

Rose Bowl 52,702 $ -$ -$ 52,702$ Golf course 12,192 - - 12,192 Pasadena Center Operating Company - 14,406 - 14,406 Pasadena Community Access Corporation - - 1,220 1,220 Total operating revenues 64,894 14,406 1,220 80,520 Operating Expenses:

Rose Bowl 46,506 - - 46,506 Golf course 11,374 - - 11,374 Pasadena Center Operating Company - 14,942 - 14,942 Pasadena Community Access Corporation - - 1,006 1,006 Depreciation/amortization 11,480 4,115 240 15,835 Total operating expenses 69,360 19,057 1,246 89,663 Operating income (loss) (4,466) (4,651) (26) (9,143) Nonoperating Revenues (Expenses):

Transient occupancy taxes - 12,348 - 12,348 Tourism business improvement district tax - 4,700 - 4,700 Facility restoration fee - 123 - 123 Investment income 2,300 2,793 - 5,093 Interest income - - 4 4 Interest expense (9,704) (4,161) (1) (13,866) Public, education, and government (PEG) revenue - - 153 153 PEG expense - - (243) (243) Loss on disposal of capital assets - (58) - (58) Other nonoperating revenues 6,387 (273) - 6,114 Total nonoperating revenues (expenses) (1,017) 15,472 (87) 14,368 Income before capital contributions (5,483) 10,821 (113) 5,225 Capital contributions - 43 - 43 Change in net position (5,483) 10,864 (113) 5,268 Net position (deficit), beginning of year,
as previously reported (24,224) 14,492 804 (8,928) Restatement for a change in accounting principle (201) - (22) (223) Net position, beginning of year, as restated (24,425) 14,492 782 (9,151) Net position (deficit), ending (29,908)$ 25,356$ 669$ (3,883)$

COMPONENT UNITS FINANCIAL SECTION CITY OF PASADENA
(AMOUNTS EXPRESSED IN THOUSANDS)
222 Annual Comprehensive Financial Report | June 30, 2025 Combining Statement of Net Position
Discretely Presented Component Unit
Rose Bowl Operating Company
June 30, 2025
Golf
Rose Bowl Course Total
Assets:

Current assets:

Cash and investments 34,957$ 14,644$ 49,601$
Accounts receivable, net 11,673 52 11,725
Lease receivable 6,267 - 6
,267
Inve
ntory 5 343 348
Prepaid items 115 3 118
Total current assets 53,017 15,042 68,059
Noncurrent assets:

Due from City of Pasadena 387 - 3
87 Restricted assets - cash and investments 337 - 3
37 Capital assets:

Construction in progress 704 - 7 04
Ot
her capital assets, net 126,382 7,791 134,173
Total noncurrent assets 127,810 13,163 140,973
Total assets 180,827 28,205 209,032
Deferred Outflows of Resources:

Deferred refunding charge 16,107 - 1
6,107
P
ension related 1,335 70 1,405
T
otal deferred outflows of resources 17,442 70 17,512 Liabilities:

Current liabilities:

Accounts payable and other liabilities 18,170 877 19,047 Accrued salaries and benefits 610 40 650
Accrued interest payable 677 - 6
77 Due to City of Pasadena 2,323 163 2,486
D
eposits 745 - 7
45 Unearned revenue 16,308 53 16,361
C
urrent portion of long-term advance 100 - 1
00 Current portion of compensated absences 293 15 308 Current portion of long-term debt 7,861 379 8,240 Total current liabilities 52,459 1,527 53,986
Noncurrent liabilities:

Long-term advance 200 - 2
00 Compensated absences 183 14 197
Long-term debt, net of current portion 190,274 1,713 191,987 Net pension liability 3,601 190 3,791
Total noncurrent liabilities 194,258 1,917 196,175 Total liabilities 246,717 3,444 250,161
Deferred Inflows of Resources:

Lease related 6,268 - 6 ,268
P
ension related 22 1 23
Total deferred inflows of resources 6,290 1 6,291
Net Position:

Net investment in capital assets (37,503) 5,699 (31,804) Restricted for debt service 337 - 3
37 Unrestricted (17,572) 19,131 1,559
T
otal net position (deficit) (54,738)$ 24,830$ (29,908)$

CITY OF PASADENA FINANCIAL SECTION COMPONENT UNITS (AMOUNTS EXPRESSED IN THOUSANDS)
Annual Comprehensive Financial Report | June 30, 2025 223 Combining Statement of Revenues, Expenses and Changes in Net Position Discretely Presented Component Unit
Rose Bowl Operating Company
For the Fiscal Year Ended June 30, 2025

Rose Bowl Golf Course Total
Operating Revenues:

Charges for services:

Rose Bowl 52,702$ -$ 52,702$ Golf course - 12,192 12,192 Total operating revenues 52,702 12,192 64,894 Operating Expenses:

Rose Bowl 46,506 - 46,506 Golf course - 11,374 11,374 Depreciation/amortization 10,522 958 11,480 Total operating expenses 57,028 12,332 69,360 Operating income (loss) (4,326) (140) (4,466) Nonoperating Revenues (Expenses):

Investment income 1,840 460 2,300 Interest expense (9,704) - (9,704) Other nonoperating revenues (ex penses) 5,387 1,000 6,387 Total nonoperating revenues (expenses) (2,477) 1,460 (1,017) Changes in net position (6,803) 1,320 (5,483) Net position (deficit), beginning of year, as previously reported (47,740) 23,516 (24,224) Restatement for a change in accounting principle (195) (6) (201) Net position (deficit), beginning, as restated (47,935) 23,510 (24,425) Net position (deficit), ending (54,738)$ 24,830$ (29,908)$

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FOR THE FISCAL YEAR ENDED
JUNE 30, 2025

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

STATISTICAL

SECTION

STATISTICAL SECTION CITY OF PASADENA
226 Annual Comprehensive Financial Report | June 30, 2025 (This
page intentionally left blank)

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 227

STATISTICAL SECTION CONTENT DESCRIPTION

This section of the City of Pasadena’s annual comprehens ive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health.

Contents

Financial Trends 228
These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time.

Net Position
Changes in Net Position
Fund Balances of Governmental Funds
Changes in Fund Balances of Governmental Funds

Revenue Capacity 239
These schedules contain information to help the reader assess the City’s two most significant local revenue sources by type, the property and sales tax for governme ntal activities and electric revenue for business-type activities.

Assessed Value and Estimated Actual Value of Taxable Property Direct and Overlapping Property Tax Rates
Principal Property Taxpayers
Property Tax Levies and Collections
Taxable Sales by Category
Electricity Sold by Type of Customer
Electricity Rates
Electricity Customers

Debt Capacity 250
These schedules present information to help the reader a ssess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future.

Ratio of Outstanding Debt by Type
Ratio of General Bonded Debt Outstanding
Direct and Overlapping Bonded Debt
Legal Debt Margin Information
Governmental Activity Debt
Business-Type Activity Debt

Demographic and Economic Information 262
These schedules offer demographic and economic indica tors to help the reader understand the environment within which the City’s financial activities take place.

Demographic and Economic Statistics
Principal Employers

Operating Information 264
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs.

Full-time and Part-time City Employees by Program
Operating Indicators by Function/Program
Capital Asset Statistics by Function/Program

Sources: Unless otherwise noted, the information in th ese schedules is derived fr om the annual comprehensive financial reports for the relevant year.

STATISTICAL SECTION CITY OF PASADENA
228 Annual Comprehensive Financial Report | June 30, 2025 Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(in thousands)
2025 2024 2023 2022 2021
Governmental activities
Net investment in capital assets 329,925$ 517,159$ 493,108$ 471,778$ 468,005$ Restricted 298,453 87,618 86,143 81,495 82,123 Unrestricted (375,487) (343,205) (345,893) (403,721) (390,132) Total governmental activities net position 252,891$ 261,572$ 233,358$ 149,553$ 159,996 Business-type activities
Net investment in capital assets 541,248$ 545,235$ 521,998$ 499,719$ 486,944$ Restricted 104,308 98,857 93,335 109,474 126,668 Unrestricted 397,657 341,688 278,453 270,029 240,454 Total business-type activities net position 1,043,213$ 985,780$ 893,786$ 879,222$ 854,066$ Primary government
Net investment in capital assets 871,173$ 1,062,394$ 1,015,106$ 971,497$ 954,949$ Restricted 402,761 186,475 179,478 190,969 208,791 Unrestricted 22,170 (1,517) (67,440) (133,691) (149,678) Total primary government net position 1,296,104$ 1,247,352$ 1,127,144$ 1,028,775$ 1,014,062$ Fiscal Year

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 229 Financial Trends

2020 2019 2018 2017 2016
470,689$ 458,378$ 439,355$ 418,266$ 405,858$ 84,006 79,205 69,730 55,477 56,050 (364,572) (362,242) (362,358) (310,488) (325,826) 190,123 175,341 146,726 163,255 136,082 458,534$ 434,358$ 420,692$ 408,944$ 449,141$ 128,220 142,806 152,811 171,545 153,241 244,811 230,707 199,209 183,279 131,037 831,565$ 807,871$ 772,712$ 763,768$ 733,419$ 929,223$ 892,736$ 860,047$ 827,210$ 854,999$ 212,226 222,011 222,541 227,022 209,291 (119,761) (131,535) (163,149) (127,209) (194,789) 1,021,688$ 983,212$ 919,439$ 927,023$ 869,501$ Fiscal Year

STATISTICAL SECTION CITY OF PASADENA

230 Annual Comprehensive Financial Report | June 30, 2025 Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(in thousands)

2025 2024 2023 2022 2021
Expenses
Governmental activities:

General government 99,082$ 82,026 $ 68,549 $ 86,10 4$ 72,811$ Public safet y 194,694 179,795 157,931 151,005 148,287 Transportation 72,455 58,815 49,533 44,752 48,597 Utility 30 29 135 12 4 171 Sanitation 6,033 6,413 5,831 6,091 6,783 Health 20,435 21,010 18,967 17,062 17,465 Culture and leisure 58,712 55,227 50,399 48,529 45,291 Community development 72,028 64,936 59,411 62,727 57,362 Interest and other fiscal charges 6,052 6,230 6,311 6,364 6,500 Total governmental activities expenses 529,521$ 474,481$ 417,067$ 422,757$ 403,267$ Business-type activities:

Electric 247,153$ 215,075$ 239,414$ 196,718$ 196,389$ Water 71,135 62,769 61,705 61,51 8 63,933 Refuse 26,259 25,036 21,509 18,81 8 20,059 Parking 12,671 12,651 13,222 10,901 12,097 Telecommunications 198 191 188 163 189 Total business-type activities expenses 357,416 315,722 336,038 288,117 292,667 Total primary government expenses $ 886,937 $ 790,203 $ 753,105 $ 710,875 695,934$ Program Revenues
Governmental activities:

Charges for services:

General government 19,612$ 17,983$ 13,551$ 12,984$ 13,504$ Public safet y 21,881 23,129 15,285 13,73 6 10,322 Transportation 19,978 19,763 18,761 16,607 20,811 Sanitation 12,360 8,125 7,721 7,301 7,321 Health 2,925 2,959 2,610 2,16 8 2,154 Culture and leisure 2,044 2,08 4 840 1,096 674 Community development 21,487 14,782 16,27 6 14,470 11,795 Operating grants and contributions 90,602 77,488 110,521 81,469 60,76 4 Capital grants and contributions 22,891 20,905 22,223 10,18 4 9,449 Total governmental activities program revenues $ 213,780 $ 187,218 $ 207,788 $ 160,014 136,794$ Business-type activities:

Charges for services:

Electric 269,363$ 282,073$ 255,825$ 226,509$ 222,266$ Water 80,694 69,471 64,961 69,359 71,269 Refuse 16,373 12,757 12,309 11,86 4 11,502 Parking 13,302 13,048 13,545 11,06 6 9,198 Telecommunication 658 565 415 77 6 568 Operating grants and contributions 2,124 2,12 4 2,594 6,572 2,777 Capital grants and contributions 7,593 5,207 5,897 4,559 4,248 Total business-type activities program revenues 390,107 385,245 355,546 330,704 321,828 Total primary government program revenues $ 603,887 $ 572,463 $ 563,334 $ 490,719 458,622$ Net Revenues (Expenses)
Governmental activities (315,741) (287,263) (209,279) (262,743) (266,473) Business-t ype activities 32,691 69,523 19,508 42,587 29,161 Total net revenues (expenses) $ (283,050) $ (217,740) $ (189,771) $ (220,156) (237,31 2)$ Fiscal Year

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 231 Financial Trends

2020 2019 2018 2017 2016
67,355$ 49,619 $ 45,755 $ 42,895 $ 59,425 $ 152,889 145,937 142,495 127,760 96,484 55,429 52,239 46,452 41,738 35,739 6,134 - - - - 4,600 4,117 4,376 4,290 4,267 15,367 13,401 11,347 10,558 10,914 37,224 37,135 38,365 34,249 32,286 52,019 47,30 4 45,114 39,787 72,725 6,425 7,889 8,411 8,611 9,187 397,442$ 357,641$ 342,315$ 309,888$ 321,027$ 197,138$ 196,874$ 187,872$ 183,522$ 174,858$ 58,974 56,738 54,757 48,009 45,240 19,429 16,528 15,695 14,330 14,421 14,713 14,502 14,140 13,062 14,488 164 170 144 110 141 290,418 284,812 272,608 259,033 249,148 687,860$ 642,453$ 614,923$ 568,921$ 570,175$ 20,245$ 11,203$ 10,861$ 14,651$ 18,053$ 13,656 15,297 15,708 19,24 4 14,841 26,933 30,555 28,165 16,663 16,384 7,728 8,193 7,665 7,127 7,008 2,497 2,432 2,346 870 644 1,725 2,748 3,181 5,870 4,50 4 12,487 14,954 13,286 15,803 14,193 56,837 59,763 47,058 41,050 40,422 36,663 8,582 14,190 9,083 15,383 178,771$ 153,727$ 142,460$ 130,361$ 131,432$ 217,873$ 218,054$ 212,116$ 202,480$ 199,197$ 62,466 60,181 62,592 58,287 50,835 11,644 11,743 11,413 11,775 11,880 11,229 13,977 14,560 14,595 14,621 439 680 471 669 609 1,784 1,462 2,355 - - 2,934 3,615 4,112 4,811 2,790 308,369 309,712 307,619 292,617 279,932 487,140$ 463,439$ 450,079$ 422,978$ 411,364$ (218,671) (203,914) (199,855) (179,527) (189,595) 17,951 24,900 35,011 33,584 30,784 (200,720)$ (179,014)$ (164,844)$ (145,943)$ (158,811)$ Fiscal Year

STATISTICAL SECTION CITY OF PASADENA

232 Annual Comprehensive Financial Report | June 30, 2025 Changes in Net Position (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(in thousands)

2025 2024 2023 2022 2021
General Revenues and Other Changes in Net Position
Governmental activities:

Taxes:

Property 90,486$ 87,265 $ 84,327 $ 79,14 4$ 76,579$ Sales 80,465 81,319 76,899 74,36 6 62,308 Utility users' 33,094 32,027 32,790 30,12 4 26,938 Transient occupancy 20,648 18,505 18,675 14,711 6,298 Construction 4,976 3,52 4 3,969 2,626 2,097 Business license 7,883 7,969 7,841 5,890 6,351 Franchise 2,606 2,709 3,749 2,730 2,813 Other taxes 18,563 18,598 17,04 8 16,309 5,661 Other intergovernmental 26,854 25,836 25,387 23,797 25,424 Use of money - investment earnin gs 9,541 7,440 4,817 2,239 2,518 Use of property - interest income from leases 3 5 7 9 - Net change in fair value of investments 8,360 8,919 (1,651) (15,262) - Gain on sale of assets - - - - - Miscellaneous revenues 8,158 6,609 3,361 4,664 3,091 Reinstatement of PCDC Loan - - - - - Transfers 19,603 14,730 15,865 10,95 4 16,267 Donated capital asset 74 - - - - Total governmental activities $ 331,314 $ 315,455 $ 293,084 $ 252,300 $ 236,345 Business-type activities:

Taxes:

Franchise tax 9,204$ 7,45 6$ 6,713$ 6,162$ 5,722$ Use of money - investment earnin gs 16,798 11,084 6,56 8 2,793 1,033 Use of property - interest income from leases 11 7 8 11 - Net change in fair value of investments 12,235 12,895 (4,449) (25,439) - Gain on sale of assets - - - (167) - Miscellaneous revenues 6,484 2,877 2,940 10,571 2,852 Transfers (19,603) (14,730) (15,933) (11,362) (16,266) Total business-type activities 25,129 19,589 (4,153) (17,432) (6,659) Total primary government $ 356,443 $ 335,044 $ 288,931 $ 234,868 $ 229,686 Changes in Net Position
Governmental activities 15,573 28,192 83,805 (10,443) (30,128) Business-t ype activities 57,820 89,112 15,355 25,156 22,502 Total primary government $ 73,393 $ 117,304 $ 99,160 $ 14,712 $ (7,626) Fiscal Year

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 233 Financial Trends

2020 2019 2018 2017 2016
70,689$ 68,275 $ 63,483 $ 68,752 $ 59,141 $ 57,513 44,61 6 35,076 35,708 36,855 26,966 26,982 27,881 28,251 28,100 13,090 16,948 15,814 15,229 14,864 4,091 4,985 3,265 3,491 4,375 6,900 7,302 7,196 6,347 6,483 2,827 2,881 2,733 2,797 2,542 1,614 7,286 7,449 7,298 7,335 20,831 20,345 19,996 18,259 18,005 8,231 10,922 3,008 1,857 4,955 - - - - - - - - - - 2,288 - (299) - (60) 5,493 8,270 11,372 8,224 14,621 - - - - 11,128 14,349 13,976 18,766 18,652 15,033 - - - - - $ 234,882 $ 232,788 $ 215,740 $ 214,865 $ 223,376 6,083$ 5,787$ 5,359$ 4,893$ 4,575$ 10,940 16,216 2,506 2,372 6,593 - - - - - - - - - - - (1,114) (49) - (311) 3,069 3,346 2,552 8,154 42,427 (14,349) (13,976) (18,766) (18,652) (15,033) 5,743 10,259 (8,398) (3,234) 38,252 $ 240,625 $ 243,047 $ 207,342 $ 211,631 $ 261,627 16,211 28,874 15,885 35,338 33,781 23,694 35,159 26,613 30,351 69,036 $ 39,905 $ 64,033 $ 42,498 $ 65,688 $ 102,816 Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
234 Annual Comprehensive Financial Report | June 30, 2025 Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(in thousands)
2025 2024 2023 2022 2021
General Fund:

Nonspendable 5,915$ 14,224$ 14,316$ 13,697$ 13,626$ Restricted 14,275 13,206 12,596 12,101 13,718 Committed 69,941 67,892 71,985 57,339 51,687 Assigned 21,331 59,102 57,407 23,079 20,032 Unassigned 25,140 4 ,455 8,307 - -
Total General Fund 136,602 158,879 164,611 106,216 99,063 All Other Governmental Funds:

Nonspendable 1,694 1 ,567 1,582 1,582 1,550 Restricted 282,744 6 5,260 6 8,434 64,846 68,307 Committed 108,529 102,595 101,735 102,213 111,319 Assigned - - 1,361 2,775 1,944
Unassigned (14,390) (8,160) (6,905) (9,480) (6,133) Total all other Governmental Funds 378,577 161,262 166,207 161,937 176,987 Total Governmental Funds 515,179$ 320,141$ 330,818$ 268,152$ 276,050$ Fiscal Year

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 235 Financial Trends

2020 2019 2018 2017 2016
14,853$ 1,590$ 4,545$ 11,108$ 12,236$ 12,106 11,631 10,995 400 400 55,120 50,775 46,949 47,563 33,451 25,082 15,099 12,426 26,825 17,227 445 19,605 11,957 3,832 15,139 107,606 98,700 86,872 89,727 78,453 1,554 1,478 1,574 2,482 7,799 71,848 67,575 58,597 55,077 55,650 115,446 121,002 108,569 106,631 101,338 1,652 - - - - (5,180) (3,574) (2,273) (10,950) (8,126) 185,320 186,481 166,467 153,240 156,661 292,926$ 285,181$ 253,339$ 242,967$ 235,114$ Fiscal Year

STATISTICAL SECTION CITY OF PASADENA

236 Annual Comprehensive Financial Report | June 30, 2025 Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(in thousands)

2025 2024 2023 2022 2021
Revenues:

Taxes 258,719$ 251,916$ 245,298$ 225,899$ 189,044$ Licenses and permits 22,354 16,114 17,068 15,283 12,791 Intergovernmental revenues 126,801 121,021 158,718 106,225 87,260 Charges for services 69,529 59,899 47,759 43,548 45,996 Fines and forfeits 5,455 6,334 5,372 4,190 3,491 Investment earnin gs 8,816 7,159 4,654 2,170 2,445 Net change in fair value of investments 7,924 8,561 (1,638) (14,844) - Lease revenues 447 4,905 5,191 4,512 3,252 Interest income from leases 2 4 6 9 - Miscellaneous revenues 11,518 7,708 6,619 8,227 5,792 Contributions 2,650 1,556 1,527 3,089 3,630 Total revenues 514,215 485,177 490,574 398,306 353,701 Expenditures:

Current:

General government 90,648 72,663 58,611 63,810 65,554 Public safet y 187,500 174,752 159,339 147,560 138,803 Transportation 53,754 45,431 47,538 41,203 44,110 Utility 30 29 135 124 171 Sanitation 5,993 6,403 5,886 6,037 6,669 Health 19,907 20,670 18,944 16,505 16,265 Culture and leisure 56,087 53,106 48,270 45,876 41,355 Community development 70,378 58,463 53,112 55,694 47,952 Capital outlay 54,452 66,732 40,296 25,020 15,985 Debt service:

Principal 6,955 6,008 5,822 5,416 5,117 Interest 5,827 6,023 6,220 6,394 6,559 Bond issuance costs - - - - - Lease payments 1,188 1,353 1,234 1,116 - Subscription payments 2,151 1,591 725 - - Interest on leases and subscri ptions 171 132 54 32 - Total expenditures 555,041 513,356 446,186 414,787 388,540 Excess (deficiency) of revenues
over (under) expenditures (40,826) (28,179) 44,388 (16,481) (34,839) Other financing sources (uses):

Premium (discount) on debt issued - - - - - Issuance of debt 210,212 - - - - Payment to refunded bond escrow agent - - - - - Issuance of financed purchase arrangements 10 47 - - - Proceeds from sale of capital assets 2,120 - - - - Insurance recoveries 1,029 - - - - Transfers in 89,055 80,827 77,462 73,495 67,461 Transfers out (68,997) (65,670) (60,910) (65,023) (49,497) Leases issued 819 90 838 110 - Subscriptions issued 1,616 2,191 887 - - Reinstatement of PCDC Loan - - - - - Total other financing sources (uses) 235,864 17,485 18,277 8,583 17,964 Extraordinary gain (loss) - - - - - Net change in fund balances 195,038$ (10,694)$ 62,665$ (7,899)$ (16,875)$ Debt service as a percentage of
noncapital expenditures 3.2% 3.3% 3.4% 3.3% 3.1%
Fiscal Year

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 237 Financial Trends

2020 2019 2018 2017 2016
183,689$ 179,275 $ 162,898 $ 167,874 $ 159,694 $ 13,297 13,979 15,022 14,882 14,946 78,475 75,237 74,093 62,121 65,299 53,066 59,111 53,417 49,324 46,984 6,520 6,377 7,262 7,802 7,37 8 7,536 9,207 1,597 1,752 4,780 - - - - - 10,748 4,326 4,418 4,765 4,212 - - - - - 7,082 11,929 14,240 12,072 16,341 8,103 12,476 5,512 5,397 6,496 368,516 371,917 338,459 325,989 326,130 73,958 40,655 38,611 42,054 47,488 138,942 133,461 126,827 116,577 111,012 50,298 49,621 45,078 40,196 35,282 6,134 - - - - 4,493 4,300 4,352 4,324 4,356 14,250 12,522 10,977 10,309 11,294 34,266 34,529 37,111 32,663 32,241 40,599 39,365 34,370 60,841 23,795 21,492 28,707 32,254 29,032 5,572 5,996 10,520 6,345 6,611 6,081 8,220 8,558 8,744 8,139 562 - - - - - - - - - - - - - - - - - - - 358,351 351,395 350,106 327,836 346,296 10,165 20,522 (11,647) (1,847) (20,166) - - - 5,790 (2,283) 138,605 - - 60,460 119,460 (131,154) - - (60,762) - - - - - - 31,819 - - - - -
- - - - 72,394 76,926 80,737 121,920 51,606 (67,530) (62,000) (62,326) (109,631) (38,028) - - - - - - - - - - - - - 11,128 - 44,134 14,926 18,411 28,905 130,755 - - - - (2,197) 54,299$ 35,448$ 6,764$ 27,058$ 108,392$

3.7% 4.3% 5.9% 5.1% 4.6%
Fiscal Year

STATISTICAL SECTION CITY OF PASADENA

238 Annual Comprehensive Financial Report | June 30, 2025

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CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 239 Revenue Capacity
Assessed Value and Actual Value of Taxable Property
Last Ten Fiscal Years
(in thousands)

Fiscal Secured Homeowners Net Secured Unsecured Total Assessed Total Direct Year Valuations Exemption Valuations Valuations Valuation Tax Rate 2016 25,354,224 (130,238) 25,223,986 602,659 25,826,645 0.26% 2017 26,599,121 (128,241) 26,470,880 625,032 27,095,912 0.30% 2018 28,631,957 (126,543) 28,505,414 638,858 29,144,272 0.25% 2019 30,388,233 (124,908) 30,263,325 662,995 30,926,320 0.23% 2020 32,158,077 (123,481) 32,034,595 672,205 32,706,801 0.25% 2021 34,107,320 (120,266) 33,987,055 676,673 34,663,728 0.25% 2022 35,394,651 (118,859) 35,275,793 688,899 35,964,692 0.24% 2023 37,215,187 (117,845) 37,097,342 717,826 37,815,168 0.23% 2024 38,802,585 (115,493) 38,687,092 795,908 39,483,000 0.23% 2025 40,536,725 (114,352) 40,422,373 856,245 41,278,618 0.23%

NOTES:

Amounts pertaining to the Pasadena Community Development Commission and the City have been combined.

In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor " (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed at the time that it is sold to a new owner. At tha t point, the new assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described abo ve.

SOURCE: Starting with FY2021, HdL Coren & Cone.

STATISTICAL SECTION CITY OF PASADENA
240 Annual Comprehensive Financial Report | June 30, 2025 Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)
2025 2024 2023 2022
City Direct Rates:

City basic rate 0.2192 0.2192 0.2192 0.2201
PCDC Successor Agency 0.0155 0.0155 0.0155 0.0238 Total City Direct Rate 0.2347 0.2347 0.2347 0.2439 Overlapping Rates:

Los Angeles County General 0.3208 0.3172 0.4295 0.4267 La Canada Unified School District 0.0551 0.0564 0.0534 0.0552 Pasadena School District 0.4886 0. 4880 0.4389 0.4370 Pasadena Community
College District 0.1424 0.1422 0.1238 0.1234
Metropolitan Water District 0.0070 0.0035 0.0035 0.0035 Total Direct Rate 1.2486 1. 2420 1.2838 1.2897
Fiscal Year
NOTES:

FY2021 data was corrected in FY2022.

SOURCES: Starting with FY2021, HdL Coren & Cone and Los Angeles County Assessor 2012/2013 - 2021/2022 Combined Tax Rolls.

In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are char ged taxes as a precentage of assessed property values for the payment of the various intergovernmental overlapping debt.

The La Canada Unified School District Election of 2017 General Obligation Bonds, Series A, were authorized at an election of th e registered voters of the La Canada Unified School District. The Bonds are general obligations of the District payable solely fr om the proceeds of ad valorem property taxes. The total ad valorem tax rates levied, as a percentage of assessed valuation, by all tax ing entities in Tax Rate Area 4774, which includes Pasadena Area Community College District.

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 241 Revenue Capacity

2021 2020 2019 2018 2017 2016

0.2209 0.2161 0.2208 0.2178 0.2537 0.2290

0.0335 0.0301 0.0096 0.0356 0.0479 0.0331

0.2544 0.2462 0.2304 0.2534 0.3016 0.2621

0.4166 0.4238 0.4396 0.4169 0.3647 0.4060

0.0562 0.0552 0.0579 0.0591 0.0611 0.0617

0.4362 0.4365 0.4363 0.4359 0.4386 0.4375

0.1238 0.1245 0.1247 0.1248 0.1260 0.1254

0.0035 0.0035 0.0035 0.0035 0.0035 0.0035

1.2907 1.2897 1.2924 1.2936 1.2955 1.2963 Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
242 Annual Comprehensive Financial Report | June 30, 2025 Revenue Capacity
Principal Property Taxpayers
Current Year and Nine Years Ago
(in thousands)
Percent of Percent of
Total City Total City
Total Taxable Total Taxable
Assessed Assessed Assessed Assessed
Property Owner Valuation Valuation* Valuation Valuation CPUS Pasadena LP 297,110,009$ 0.72% 127,998,427$ 0.50% Stone Blossom Capital LLC 256,904,030 0.62% -

0.00%
Kaiser Foundation Health Plan 245,275,352 0.59% 275,064,469 1.07% BPP East Union LLC 234,584,512 0.57% -

0.00%
Capref Paseo LLC Lessor - 0.00% 140,370,811 0.54%
Pacific Huntington Hotel Corp 208,686,117 0.51% 164,042,123 0.64% ONNI Paseo LLC 208,600,540 0.51% -

0.00%
PPF Off 100 W Walnut St LP 198,231,152 0.48% 177,981,025 0.69% PPF Off 74 N Psdna Ave 184,218,989 0.45% 156,347,395 0.61% 177 Colorado Owner LLC 180,156,327 0.44% -

0.00%
Trio Pasaena LLC 175,417,705 0.42% -

0.00%
Paseo Colorado Holdings LLC -

0.00% -

0.00%
Western Asset Plaza LLC - 0.00% 162,758,350 0.63%
Tishman Speyer Archstone Smith - 0.00% 144,943,716 0.56% SPF 888 WALNUT PASADENA LLC - 0.00% 133,500,000 0.52% Teachers Insurance and Annuity Assn - 0.00% 126,481,056 0.49% Total principal property taxpayers gross assessed value 2,189,184,733$ 5.31% 1,609,487,372$ 6.25% 2025 2016
Data is only presented for the top ten properties in each of the two years presented.

Exempt values are not included in Total City Taxable Assessed Valuation.

SOURCE: Starting with FY2021, HdL Coren & Cone.

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 243 Revenue Capacity
Property Tax Levies and Collections (1)
Last Ten Fiscal Years
(in thousands)

Fiscal Taxes Levied Collections in
Year Ended for the Percent Subsequent Percent
June 30 Fiscal Year Amount of Levy Years Amount of Levy (2) 2016 46,437 (3) 56,654 122.63% * 56,654 122.63% 2017 48,735 (3) 66,159 134.82% * 66,159 134.82% 2018 52,462 (3) 58,934 112.34% 608 58,934 112.34% 2019 55,562 65,535 117.95% * 65,535 117.95% 2020 59,511 67,890 114.08% * 67,890 114.08% 2021 62,969 73,748 117.12% * 73,748 117.12% 2022 65,066 76,309 117.28% * 76,309 117.28% 2023 68,595 81,292 118.51% * 81,292 118.51% 2024 71,604 84,073 117.41% * 84,073 117.41% 2025 75,801 87,221 115.07% * 87,221 115.07% Fiscal Year of Levy Total Collections to Date
Collected within the

NOTES:

1. Excludes collections from Police Building General Obligation Bond Assessment.

3. Taxes Levied for the Fiscal Years 2016, 2017 and 2018 restated on Fiscal Year 2019 table. * Collection in subsequent year information not available.

SOURCE: County of Los Angeles, Department of Auditor-Controller, Information for Reconciliation of Taxes.

2. This percentage may exceed 100% because information provided by Tax Assessor may not clearly identify the year collected.

STATISTICAL SECTION CITY OF PASADENA

244 Annual Comprehensive Financial Report | June 30, 2025 Taxable Sales by Category
Last Ten Calendar Years
(in thousands)

Category 2024 2023 2022 2021
Apparel Stores 163,307$ 157,246$ 149,497$ 144,336$
General Merchandise 158,101 164,230 175,050 167,894
Food Stores 159,127 151,262 147,301 135,217
Eating and Drinking Places 724,703 732,723 687,778 593,514 Building Materials 294,481 289,878 295,838 233,942
Auto Dealers and Supplies 775,013 884,691 896,354 808,361 Service Stations 156,293 166,185 178,777 141,101
Other Retail Stores 633,875 635,568 674,553 631,060
All Other Outlets 1,643,228 1,118,766 1,106,332 1,006,845 Total 4,708,128$ 4,300,549$ 4,311,480$ 3,862,270$

NOTE:

Due to confidentiality issues, the names of the ten largest revenue payers are not available. The categories presented are intended to provide alternative information regarding the sources of the City's revenue.

Slight variations across the years from prior year ACFR to reflect the most current adjusted economic data.

The table has been updated according to the most current HDL report.

SOURCES:

State Board of Equalization, California Department of Taxes and Fees Administration, State Controller's Office, The HdL Companies

CITY OF PASADENA STATISTICAL SECTION
Annual
Comprehensive Financial Report | June 30, 2025 245
Revenue Capacity
2020 2019 2018 2017 2016 2015
97,852$ 171,787$ 181,726 $ 177,153 $ 185,450$ 191,081$
143,460 200,734 212,075 213,578 217,422 221,751
133,683 135,180 128,315 118,502 119,790 117,323
426,982 631,545 599,204 579,957 558,091 527,957
168,700 158,708 171,666 167,924 153,656 151,488
746,557 711,311 720,503 624,431 601,963 566,434
94,737 155,631 161,406 144,807 131,929 150,270
471,959 610,868 636,154 626,684 627,435 632,213
902,283 909,119 923,089 850,261 918,313 850,460
3,186,213$ 3,684,883$ 3,734,138$ 3,503,297$ 3,514,049$ 3,408,977$

STATISTICAL SECTION CITY OF PASADENA
246 Annual Comprehensive Financial Report | June 30, 2025 Electricity Sold by Type of Customer
Last Ten Fiscal Years
(in Megawatt-Hours)
2025 2024 2023 2022
Type of Customer:

Residential 338 311 352 334
Commercial and Industrial 668 642 710 627
Street Lights and Traffic Signals 12 50 11 11
Wholesales to Other Utilities - - - -
Other 3 5 (5) 1

Total 1,021 1,008 1,068 973
Total direct rate per megawatt hour 1 238.00 244.18 201.80 195.55 Fiscal Year

NOTES:
1 Rate represents average cost per megawatt hour with respect to total revenue sales from electricity 2 Other represents net change in unbilled revenue per megawatt hour SOURCE: Pasadena Water and Power

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 247 Revenue Capacity

2021 2020 2019 2018 2017 2016
344 319 325 321 320 326 587 658 687 710 721 756 12 12 13 13 13 13 32 69 27 21 - - - - - - - - 975 1,058 1,052 1,065 1,054 1,095 191.00 173.28 174.22 179.07 178.48 173.54 Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
248 Annual Comprehensive Financial Report | June 30, 2025 Revenue Capacity
Electricity Rates
Last Ten Fiscal Years
(Average Rate in Dollar per Kilowatt-Hour)
Fiscal
Year Ended Commercial Street Lights &
June 30* Residential & Industrial Traffic Signals
2016 0.1827 0.1582 0.1505
2017 0.1826 0.1597 0.1467
2018 0.1927 0.1684 0.1495
2019 0.1940 0.1677 0.1495
2020 0.2092 0.1867 0.1793
2021 0.2106 0.1903 0.1813
2022 0.2100 0.1880 0.1882
2023 0.2188 0.1894 0.2015
2024 0.2591 0.2310 0.2508
2025 0.2545 0.2295 0.2311
SOURCE: Pasadena Water and Power
* FY 2016 - FY 2025 include Public Benefit Charge (PBC)

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 249 Revenue Capacity
Electricity Customers
Current Year

Percent of
Electricity Operating Electric
Electricity Customer Charges Revenues
Caltech 8,427 $ 3.14% Pasadena Hospital Association 8,287 3.08% Tesla Inc 4,627 1.72% Water Department 3,428 1.28% Pasadena Unified School District 3,265 1.21% Pasadena City College 3,162 1.18% Dept of Transportation 2,453 0.91% Metropolitan Transportation Authority 2,233 0.83% Art Center College of Design 2,041 0.76% Heitman Credit Acquisition X LLC 1,780 0.66% 39,703$ 14.77% 2025

SOURCE: Pasadena Water and Power

STATISTICAL SECTION CITY OF PASADENA
250 Annual Comprehensive Financial Report | June 30, 2025 Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(in thousands)
Fiscal Year General Tax
Ended Obligation Revenue Pension Certificates of Allocation Loan June 30 Bonds Bonds Bonds Participation Bonds Payable
2016 -$ 5
,060$ 117,260$ 73,398$ -$ 4 ,838$ 2017 - 4
,501 1
17,336 68,276 - 3
,361
201
8 - - 117,412 62,967 - 1
,844
201
9 - - 117,488 57,636 -
833
202
0 - - 136,739 55,478 -
6,812
202
1 - - 134,886 53,220 -
5,876
202
2 - - 132,832 50,866 -
4,937
202
3 - - 130,494 48,408 -
3,982
202
4 - - 128,101 45,835 -
3,011
202
5 210,126 - 124,905 43,152 - 2 ,024
G
overnmental Activities
NOTES:
*See Table 18 for personal income.
** Beginning with fiscal year 2015, the City implemented GASB 68, so the pension liabilt y amount was removed from the long term debt section.

Beginning with fiscal year 2018, the City implemented GASB 75, so the other post employment benefits liabilt y amount was removed from the long term debt section.

Beginning with fiscal year 2019, the City implemented GASB 88, so the other compensated absences and insurance claim liabilt y amount were removed from the long term debt section.
**See Table 18 for population data. Per Capita calculation corrected in FY2022.

Details regarding the City's outstanding debt can be found in the notes to the financial statements (Note 11). The amount of outstanding debt by type reported above is net of

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 251 Debt Capacity

Finance Total
Notes Purchase Lease Subscription Governmental
Payable Arrangement Liability Liability Other ** Activities 6,533$ -$ -$ -$ 69,775$ 276,864$ 6,218 - - - 87,229 286,921 5,903 - - - 59,669 247,795 5,587 - - - - 181,54 4 5,271 - - - - 204,30 0 4,955 - 5,029 - - 203,96 6 4,639 - 4,02 4 - - 197,29 8 4,322 - 3,641 5,819 - 196,66 6 4,005 5 0 2,716 5,309 - 189,027 3,687 37 3,178 7,017 - 394,12 6

STATISTICAL SECTION CITY OF PASADENA
252 Annual Comprehensive Financial Report | June 30, 2025 Ratios of Outstanding Debt by Type (Continued)
Last Ten Fiscal Years
(in thousands)
Fiscal Year
Ended Revenue Certificates of Loan Notes Lease Subscription June 30 Bonds Participation Payable Payable Liability Liability 2016 289,292$ 4,358 $ - $ 659$ -$ -$ 2017 366,890 2,291 - 482 - - 2018 348,915 106 - 296 - - 2019 330,296 - 3,253 101 - - 2020 311,558 - 2,824 - - - 2021 306,453 - 2,384 - 2,642 -
2022 301,282 - 1,932 - 1,376 -
2023 288,582 - 1,468 - 2,426 4,771
2024 275,552 - 992 - 6,725 3,003
2025 310,255 - 502 - 11,86 4 3,70 6
Business-type Activities
NOTES:
*See Table 18 for personal income.
** Beginning with fiscal year 2015, the City implemented GASB 68, so the pension liabilt y amount was removed from the long term debt section.

Beginning with fiscal year 2018, the City implemented GASB 75, so the other post employment benefits liabilt y amount was removed from the long term debt section.

Details regarding the City's outstanding debt can be found in the notes to the financial statements (Note 11).

The amount of outstanding debt by type reported above is net of the related premiums and discounts.

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 253 Debt Capacity

Total Total Private-Purpose Percentage Debt
Business-type Primary Long-Term of Personal Per
Activities Government Liabilities Income * Capita *** 294,309$ 571,173$ 16,553,159$ 9.67% 4,051$ 369,663 656,584 10,483,543 10.44% 4,591 349,317 597,112 3,501,092 8.86% 4,147 333,650 515,194 635,000 8.24% 3,529 314,382 518,682 435,000 8.11% 3,577 311,479 515,445 225,000 7.62% 3,555 304,590 501,888 - 7.04% 3,637 297,247 493,913 - 6.75% 3,605 286,272 475,299 - 5.79% 3,395 326,327 720,453 - 8.31% 5,110

STATISTICAL SECTION CITY OF PASADENA
254 Annual Comprehensive Financial Report | June 30, 2025 Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
(in thousands)
Fiscal Year General Tax
Ended Obligation Revenue Pension Certificates of Allocation June 30 Bonds Bonds Bonds Partici pation Bonds Total
2016 -$ 5,060$ 117,260$ 73,398$ -$ 1 95,718$ 2017 - 4
,501 117,336 68,276 - 1 90,113
2018 - - 117,412 62,967 - 1
80,379
2019 - - 117,488 57,636 - 1 75,124 2020 - - 136,739 55,478 - 1 92,217 2021 - - 134,886 53,220 - 1
88,106
2022 - - 132,832 50,866 - 1 83,698 2023 - - 130,494 48,408 - 1 78,902 2024 - - 128,101 45,835 - 1
73,936
2025 210,126 - 124,905 43,152 - 3
78,183
Outstanding General Bonded Debt
NOTES:

General bonded debt and general obligation bonds is debt payable with governmental fund resources. *See Table 5 for assessed values of taxable property.
**See Table 18 for population data. Per Capita calculation corrected in FY2022.

Details regarding the City's outstanding debt can be found in the notes to the financial statements (Note 9). The amount of o utstanding debt by type reported above is net of the related premiums and discounts.

CITY OF PASADENA STATISTICAL SECTION
Annual
Comprehensive Financial Report | June 30, 2025 255
Debt Capacity
Percent of
Total City
Restricted Taxable
Net Assets for Net Assessed Per
Debt Service Bonded Debt Valuation* Capita**
12,036$ 183,682$ 0.76% 1,303$
11,519 178,594 0.70% 1,249
11,528 168,851 0.62% 1,173
11,932 163,192 0.57% 1,118
11,883 180,334 0.59% 1,244
8,209 179,897 0.54% 1,241
7,085 176,613 0.51% 1,218
6,758 172,144 0.47% 1,247
6,976 166,960 0.44% 1,193
218,172 160,011 0.92% 1,135

STATISTICAL SECTION CITY OF PASADENA
256 Annual Comprehensive Financial Report | June 30, 2025 (This
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CITY OF PASADENA STATISTICAL SECTION
Annual Compr
ehensive Financial Report | June 30, 2025 257
Debt Capacity
Direct and Overlapping Debt
June 30, 2025
(in thousands)
City Assessed Valuation 41,278,618$
Total Assessed Valuation* 41,278,618$
Estimated
Share of
Percentage Outstanding Overlapping
Applicable 1 Debt at 6/30/2025 Debt
Direct & Overlapping Debt:

Metropolitan Water District 1.017% 17,155$ 174$
Pasadena Area Community College District 34.896% 149,370 52,124 La Canada Unified School District 0.249% 100,770 251 Pasadena Unified School District 72.885% 330,830 241,125 Total overlapping tax and assessment debt 598,125$ 293,675 Financed purchase arrangements 37
Lease liability 15,041
Subscription liability 10,723
City direct debt 195,000
Total direct and overlapping debt 1 514,476$
Notes:

1. For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated usin g values.

STATISTICAL SECTION CITY OF PASADENA
258 Annual Comprehensive Financial Report | June 30, 2025 Legal Debt Margin Information
Last Ten Fiscal Years
(in thousands)
2025 2024 2023 2022
Assessed valuation 41,278,618$ 39,483,000$ 37,815,168$ 35,964,692$ Conversion percentage 25% 25% 25% 25%
Adjusted assessed valuation 10,319,655 9,870,750 9,453,792 8,991,173 Debt limit percentage 15% 15% 15% 15%
Debt limit 1,547,948 1,480,612 1,418,069 1,348,676 Total net debt applicable to limit: -$ -$ -$ -$ Legal debt margin 1,547,948 1,480,612 1,418,069 1,348,676 Total debt applicable to the limit
as a percentage of debt limit 0.0%0 .0%0 .0%0 .0%
Fiscal Year
NOTE:

Source: City of Pasadena, Department of Finance and Los Angeles Count y Tax Assessor The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California f or local governments located within the state.

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 259 Debt Capacity

2021 2020 2019 2018 2017 2016
34,663,728$ 32,706,801$ 30,926,320$ 29,144,272$ 27,095,911$ 25,826,921$ 25% 25% 25% 25% 25% 25%
8,665,932 8,176,700 7,731,580 7,286,068 6,773,978 6,456,730 15% 15% 15% 15% 15% 15%
1,299,890 1,226,505 1,159,737 1,092,910 1,016,097 968,510 -$ -$ -$ -$ -$ -$ 1,299,890 1,226,505 1,159,737 1,092,910 1,016,097 968,510

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
260 Annual Comprehensive Financial Report | June 30, 2025 Debt Capacity
Pledged-Revenue Coverage
Governmental Activity Debt
Last Ten Fiscal Years
(in thousands)
Fiscal Year
Ended Property Tax
June 30 Taxes Increment ** Principal Interest Coverage
2016 59,141 4 ,965 2,100 2 84 2 .08 2017 68,752 9
,327 2,235 234 3 .78 2018 63,484 4 ,586 2,360 1 77 1.81 2019 68,276 1 43 195 35 0.62 2020 70,689 6
5 200 26 0 .29 2021 76,579 8
210 16 0 .04
2022 79,144 - - - -
2023 84,327 - - - -

2024 87,265 - - - -

2025 90,486 - - - -
Tax Allocation Bonds
Private-Purpose Trust Fund**
Debt Service
NOTE:

Details regarding the City's outstanding debt can be found in the notes to the financial statements. **As of February 1, 2012, tax increment is reported under Private Purpose Trust Fund grouping. *Up to January 31, 2012, the date of PCDC dissolution, tax increment was reported under Primary Government grouping.

Prior to fiscal year 2015, gross amount was reported (before deduction of Pass-through and County Administrative Cost).

Starting in fiscal year 2015, net amount is reported (post deduction of Pass-through and County Administrative Cost).

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 261 Debt Capacity
Pledged-Revenue Coverage
Business-Type Activity Debt
Last Ten Fiscal Years
(in thousands)

Fiscal Year Light & Less Net
Ended Power Operating Available
June 30 Revenue 1 Expenses 2 Revenue Principal Interest Coverage 2016 204,22 4 146,510 57,714 9,340 8,347 326.31% 2017 204,287 151,499 52,788 11,290 10,865 238.27% 2018 213,873 148,636 65,237 12,000 11,250 280.59% 2019 230,980 155,634 75,346 12,475 10,778 324.03% 2020 226,285 156,038 70,247 13,005 10,249 302.09% 2021 222,862 155,468 67,394 13,38 0 9,679 292.27% 2022 207,563 155,040 52,522 13,930 9,147 227.60% 2023 260,779 192,916 67,863 7,225 8,487 431.92% 2024 290,319 169,232 121,087 7,485 8,123 775.80% 2025 282,856 201,13 0 81,726 69,160 8,468 105.28% Fiscal Year Less Net
Ended Water Operating Available
June 30 Revenue 1 Expenses 2 Revenue Principal Interest Coverage 2016 58,039 38,81 0 19,229 3,185 3,915 270.83% 2017 51,538 35,501 16,037 3,305 3,782 226.29% 2018 58,551 38,589 19,962 4,430 3,634 247.54% 2019 62,819 43,801 19,018 3,525 3,456 272.43% 2020 62,244 45,322 16,922 3,695 3,287 242.37% 2021 63,901 47,447 16,454 2,475 3,114 294.40% 2022 71,441 52,287 19,154 2,540 2,858 354.84% 2023 66,879 49,098 17,781 2,720 2,927 314.88% 2024 71,004 49,880 21,124 2,795 2,997 364.71% 2025 82,396 58,075 24,321 2,860 2,857 425.42% Debt Service 3
Water Revenue Bonds
Debt Service 3
Light & Power Revenue Bonds

NOTES:
1 Total operating revenues including investment earnings 2 Total operating expenses exclusive of depreciation
3 Requirements are reported on a cash basis, excluding premiums Details regarding the city's outstanding debt can be found in the notes to the financial statements. Operating expenses do not include interest or depreciation expenses.

STATISTICAL SECTION CITY OF PASADENA
262 Annual Comprehensive Financial Report | June 30, 2025 Demographic & Economic Information
Demographic Statistics
Last Ten Calendar Years
Personal Per Capita
Calendar Income Personal Unemploymen t
Year Population (1) (in thousands) Income (2) Rate (3)
2015 141,023 5,738,875 40,694 6 .00%
2016 143,333 5,968,550 4 1,641 4.70%
2017 144,388 6,045,196 4 1,867 3.70%
2018 146,312 6,251,241 42,725 4.00%
2019 144,842 6,399,297 44,181 3.90%
2020 145,306 6,761,032 46,529 10.40%
2021 138,310 7,130,017 51,550 7 .30%
2022 136,988 7,313,150 5 3,385 4.20%
2023 139,692 8,205,784 5 8,741 4.60%
2024 140,631 8,667,045 61,629 5.40%
NOTES:

1. California State Department of Finance

2. U.S. Census Bureau, most recent American Community Survey

3. State of California Employment Development Department, Bureau of Labor Statistics Department SOURCES: HdL, Coren & Cone, Avenue Insights & Analytics

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 263 Demographic & Economic Information
Principal Employers
Current Year and Nine Years Ago

Percent of Percent of
Number of Total Number of Total
Employer Employees Employment Employees Employment
California Institute of Technology - Jet
Propulsion Laboratory 5,029 4.57% 5,771 4.90% Kaiser Permanente 4,508 4.10% 3,314 4.53% California Institute of Technology - Campus 3,925 3.57% 3,900 3.67% Huntington Memorial Hospital 3,878 3.53% 3,674 3.05% Pasadena City College 3,149 2.86% 2,619 1.76% Pasadena Unified School District 2,236 2.03% 2,420 1.92% The City of Pasadena 2,380 2.16% 2,260 2.25% Pacific Clinics Administration 224 0.20% 263 0.26% Art Center College of Design 851 0.77% 1,318 0.78% 2025 2016

NOTES:

1. For City of Pasadena, the number includes seasonal employees. The information was provided by the City of Pasadena Human Resources department.

2. In FY2024, the percentage of total employment is calculated using a baseline of 110,000 jobs in Pasadena, data provided by Pasadena Chamber of Commerce.

3. While every effort has been made to ensure the accuracy of the material included in this schedule, the City of Pasadena reli es at times on third party sources when compiling data. For FY2024, City of Pasadena contacted the top employers and obtained total employee count for each business.

STATISTICAL SECTION CITY OF PASADENA
264 Annual Comprehensive Financial Report | June 30, 2025 Full-time and Part-time City Employees by Function
Last Ten Fiscal Years
Function 2025 2024 2023 2022 2021
General government 531.42 497.4 504.7 492.2 387.2
Public safety 592.25 585.3 569.8 564.8 564.8
Public works 273.63 267.6 267.6 267.5 272
Transportation 61 54 51 51 51
Health 117.82 137.7 130.1 130 98.4
Culture and leisure 167.76 168.2 155.2 153.2 230.2
Water & Power 430 419 419 419 419
Information services 81 79 77 77 100
Seasonal 126 161 161 83 84
Total 2,380.88 2,369.20 2,335.40 2,237.70 2,206.50
Fiscal Year
SOURCE: Budget Brief-FY2025

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 265 Operating Information

2020 2019 2018 2017 2016
466.9 392.5 394 405 382
564.8 556.8 561 563 550
319 320 320 320 317
50 50 50 51 51
105.6 89.1 84 80 85
106.8 104.7 107 103 97
417 418 406 443 433
103.6 103.6 105 108 108
41 242 260 262 265
2,174.50 2,276.60 2,287.00 2,335.00 2,288.00
Fiscal Year

STATISTICAL SECTION CITY OF PASADENA

266 Annual Comprehensive Financial Report | June 30, 2025 Operating Indicators by Function
Last Ten Fiscal Years

Function 2025 2024 2023 2022
Police:

Arrests 3,140 1,663 3,407 3,365
Transportation:

Parking citations/warnings issued** 98,623 118,613 119,038 97,869 Fire:

Number of emergency calls*** 21,753 19,948 21,383 18,710 Inspections 7,205 7,069 5,994 2,573
Water:

New connections 71 105 81 35
Average daily consumption (thousands of gallons) 24,612 21,935 20,989 24,357 Fiscal Year

* Information was not available.
***FY2015 initially reported as 14,349; corrected in FY2016 to 18,237 ** Parking citations were originally reported under Police Dept. This category moved to Transportaion

CITY OF PASADENA STATISTICAL SECTION

Annual Comprehensive Financial Report | June 30, 2025 267 Operating Information

2021 2020 2019 2018 2017 2016
2,429 5,444 6,018 5,701 4,078 4,210
68,620 125,715 129,108 150,945 175,430 166,481
16,947 19,223 19,016 19,483 19,458 19,488
6,006 8,253 8,959 9,096 9,251 8,296
63 65 88 100 98 35
25,331 23,083 23,519 24,757 22,535 21,144
Fiscal Year

STATISTICAL SECTION CITY OF PASADENA
268 Annual Comprehensive Financial Report | June 30, 2025 Capital Asset Statistics by Function
Last Ten Fiscal Years
2025 2024 2023 2022
Police:

Stations 1 1 1 1
Substations 2 2 2 2
Fire:

Fire stations 8 8 8 8
Transportation:

Streets (miles) 347 347 347 338
Streetlights 17,838 17,803 17,738 17,753
Traffic signals 356 354 352 332
Parking facilities 8 8 8 9
Culture and leisure:

Park sites 26 26 26 24
Community/recreation centers 4 4 4 4
Libraries 10 10 10 10
Electric Utility:

Power plants 1 1 1 1
Customers 67,781 67,343 66,355 66,916
Miles of service 673 661 671 665
Maximum capacity (megawatts) 198 198 175 174
Water:

Water mains (miles) 520 520 520 520
Customers 38,637 38,517 38,338 38,193
Average daily consumption (million gallons per day) 22.74 20.16 20.05 23.08 Fiscal Year
SOURCE: City of Pasadena

CITY OF PASADENA STATISTICAL SECTION
Annual Compr
ehensive Financial Report | June 30, 2025 269
Operating Information
2021 2020 2019 2018 2017 2016
1 1 1 1 1 1
2 2 3 3 3 5
8 8 8 8 8 8
338 338 338 357 357 357 17,731 17,708 17,597 17,597 17,584 17,452 313 330 330 330 330 329 9 9 9 9 9 9
24 23 20 20 20 20
4 4 4 4 4 4
10 10 10 10 10 10
1 1 1 1 1 1
67,566 66,505 65,979 65,318 65,564 65,039 664 662 687 687 680 680 174 174 174 174 174 175 520 520 520 520 52 0 520 38,114 38,046 38,067 37,959 37,972 37,974

23.52 24.76 22.54 21.14 25.43 28.37 Fiscal Year
100 Garfield Avenue • Pasadena, CA 91101
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Pasadena City CouncilFebruary 23, 2026

Pasadena City Council
February 23, 2026