[{"_1":2,"_111":-5,"_112":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6093472,"mediaKeyId","2846820-d67a5993b770c6b017156446ab79cbb5","parentId",2846820,"title","City staff launches community engagement for Library Park site plan","audioSeconds",879,"startMs",8281000,"endMs",9160000,"viewUrl","/Search/View?dp=1&key=2846820-d67a5993b770c6b017156446ab79cbb5&start=8281&end=9160","thumbnailUrl","https://assets.pipeline.soar.com/2846820-d67a5993b770c6b017156446ab79cbb5/thumbnail_8281000.jpg","articleUrl","/articles/6093472/South-Pasadena-City/Los-Angeles-County/California/City-staff-launches-community-engagement-for-Library-Park-site-plan","mediaUrl","https://secure.pipeline.soar.com/6093472-2309c324127dae043fafc2eea63a0dd2/orig.mp4?Expires=1771175430&Signature=J8OGKMsele8pKYLHOSxXllfKev0pkqAJEIpoEhL7UqeVdL4OieRH8Q2-Hoh6sirgLFA-LvTu24FfW4gDGMYffKvEvs7D2oRgZvifQ4ekOJKCMDS8-4DE7EwS8GN03A-3JnnHCh1480rx7FZhxswEm2gkQG4JpSW~VzEEdn7PJ7vsHUDbXD1~-~CsTaJL15iQ5lJ32BRLktuh-zfvPc6aKpW043SQTsEvQgUIW~cROIFRrLUijy1vONV-saplt5uIq7J-Ti3pD~CrNm5PMuEhUY0yshtkVlkSkB9pl8FLV-iwsNadqoWS8DvAhz7g2jasq8sJEVd9p6TJglOEcjAtew__&Key-Pair-Id=KUT5TJCACFTXG","author","City of South Pasadena, California","date","2025-04-02T13:28:55.61Z","article","Kathy Billings, director of the South Pasadena Public Library, told the Finance Commission that the city began a site‑plan study to explore a rebuilt or reimagined Library Park campus that could combine library, senior and community services.

Billings said the existing library and senior center buildings (excluding the historic Community Room built in 1930) are more than 43 years old, do not meet current accessibility or building codes in all respects and lack the kinds of flexible program and meeting spaces residents now expect. She said weekday usage regularly reaches 700 to more than 1,000 visitors on busy days, straining current space.

The current phase is a needs assessment and site analysis that staff and consultants will use to produce concept alternatives. The project schedule includes two rounds of community engagement: an initial round through early summer to gather needs and preferences, and a second round to test design concepts. A public survey will remain open through June 1; a staffed open house and workshop will be held April 9 (open house 4 p.m.–6 p.m., workshop 6:30 p.m.) and again the following morning. Staff also plans pop‑up outreach at the farmers market, the Garfield Park Extravaganza and other community events.

Billings described the site plan as the foundation for later phases that could include fundraising, design and construction. The project team will analyze constraints such as the historic Community Room and existing landscape features, including mature trees. She said final site plan recommendations are expected to go to City Council by mid‑October.

Billings asked commissioners to help spread information about the survey and outreach events; commissioners and members of the public stressed the importance of early community engagement and noted that funding strategies will be a later, separate conversation.","mediaType","Video","parentTitle","City of South Pasadena Finance Commission Regular Meeting 3/27/2025","oneSentenceSummary","Library director presented a site‑plan process to reimagine the Library Park campus, starting with a needs assessment and two rounds of public engagement; survey open through June 1 and first open house on April 9.","taxTitle","South Pasadena City, Los Angeles County, California","taxId",70853,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6093479,"Commission begins rewrite of investment policy, asks staff for clean draft and questions",416,6822000,7238000,"/Search/View?dp=1&key=2846820-d67a5993b770c6b017156446ab79cbb5&start=6822&end=7238","https://assets.pipeline.soar.com/2846820-d67a5993b770c6b017156446ab79cbb5/thumbnail_6822000.jpg","/articles/6093479/South-Pasadena-City/Los-Angeles-County/California/Commission-begins-rewrite-of-investment-policy-asks-staff-for-clean-draft-and-questions","https://secure.pipeline.soar.com/6093479-3fce6e41900052556a8a09e4f2e095b0/orig.mp4?Expires=1771175430&Signature=HWV8BSSjEO9iep~B7tO4F2U9m0Hxx35ofX23fomzqTm3k6UYhEoiwXcXIn61wW7RvTtTqc9FWVuxrtKyfQ4MX31RHxM5og1nuQts-XXGqMurjdO2VPPYgbvUoMmOqNHvpzzFhO4xuw9RtEAzmGVGsi-dHfu80RCbLsEV8lufhaF51lApFS-ReFsuCkabBwLai7MCV91urSoSGnv10HSKHsXJoYbv7FkyZBj2O8gUXZQ3bUGgQ174wrOZl-DRfWf0VAVgQx7h9nSH5XA6APKipawwz1wiPRqEnGR6pjfGixHkJ0p2ysIDkimhK3egCqd-EXhhLEfbqOgwtd4299T0Vg__&Key-Pair-Id=KUT5TJCACFTXG","Commissioners discussed a comprehensive update to the City of South Pasadena's investment policy and asked staff to circulate an unmarked, clean draft and a short list of decision questions ahead of the next meeting.

Janet, who volunteered to draft changes, said she used the California Municipal Treasurers Association/state template and compared other city policies to standardize format and language. She inserted an ESG paragraph that would allow prioritization of environmental, social and governance factors but did not propose an absolute fossil‑fuel exclusion.

Commissioners flagged several substantive points for discussion: whether to keep an existing 30% cap on a single allowable asset class, whether to add a 5% cap on any single issuer, and how to treat corporate sectors such as energy that can provide incremental yield. Zen, the city treasurer, said staff will adhere to the California guideline buckets and that any narrower limits would be a policy choice for the commission and council.

Public comment emphasized the constraints of the California government code and urged caution; speakers praised staff for catching up on reporting and reconciliations following prior internal‑control problems and said the state code already limits risky investments.

Commissioners agreed to receive a clean version of the proposed policy and a one‑page list of questions to consider before making a formal recommendation. The commission also asked that the new city manager be given an opportunity to review the draft before the commission forwards a recommendation to council.","Commissioners reviewed a red‑lined rewrite of the city's investment policy based on state templates and discussed ESG language, allocation caps and reporting; staff will circulate a clean draft and questions for further deliberation.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6093484,"Finance director outlines aggressive budget calendar; commission presses for more time and data",459,839000,1298000,"/Search/View?dp=1&key=2846820-d67a5993b770c6b017156446ab79cbb5&start=839&end=1298","https://assets.pipeline.soar.com/2846820-d67a5993b770c6b017156446ab79cbb5/thumbnail_839000.jpg","/articles/6093484/South-Pasadena-City/Los-Angeles-County/California/Finance-director-outlines-aggressive-budget-calendar-commission-presses-for-more-time-and-data","https://secure.pipeline.soar.com/6093484-19b5e1b2cd59eb17c858ebf70b3c6300/orig.mp4?Expires=1771175430&Signature=hfO4AVfRBViOf-DyMg~3hmp5ex9xJstY55J0Wz-K~-ljzBDRqivJzPNCC2ctG54772d~7WokjqOP42tptbYosyFAbttPCX-FXqf68ttDAlx-fns2eBsfTyk6vgFn~fHc2mCKrzpGMQIA6-4Czih8q-jmMUqexYLDqymaoGkfyrz0CpHioVpof1dh41q4DVPXHU-0FY~APDwuR1lypnavLFfyuZamdMWcyS0CbmNlWh9OKl45T-bQr15KaB28v-JZCxR4SWScu1lk~eWruN7X4UT9Z-d~EfdVbDRcvaAmPigxN1QYNJLJXQ2e2jN9QUI0DmG9QhkUQr-M7JX3nU3Fnw__&Key-Pair-Id=KUT5TJCACFTXG","Finance Director William presented the finance department’s year‑end and budget calendar and told the Finance Commission that departments submitted revenue and expenditure projections and worksheets under a compressed schedule.

William said instructions for major year‑end revenue and expenditure projections were issued March 4 with a March 18 return deadline; the budget development worksheet was distributed March 10 with department submissions due March 27. The commission was told the finance department will deliver a midyear status update at the April 16 City Council meeting and expects the proposed FY 2025–26 budget to go to council June 4, with final adoption possibly June 18 if more time is needed.

William also said the city will not conduct a zero‑based budget this year; instead the FY 2024–25 budget will serve as the baseline for FY 2025–26, adjusted for a 3.3% allowed CPI and minus one‑time items. The finance team asked departments to identify cost‑saving opportunities and to justify purchase orders to be rolled into the next fiscal year.

Commissioners raised practical concerns about the timeline and staff capacity. One commissioner asked for the midyear materials “three or four days ahead” to allow time for what was described as a “monster review.” William acknowledged the calendar is a base‑case with little slack and may be disrupted by unanticipated issues; he said the midyear review likelihood of being ready on April 16 was higher than the June 4 budget adoption date.

Public commenters urged the commission and incoming city manager to consider continuing appropriations or buying time to avoid forcing a new city manager to finalize a large, complex budget on an accelerated timetable. One commenter said the city lacks a reliable personnel count and warned that two‑thirds of city spending is personnel costs, which could be millions of dollars if not accurately counted.

William introduced Tatiana Fernandez as a new management analyst who will assist with the major review and accounts payable tasks. The finance department also said it will use LSL (the contract consultant) to assist departments and present audit and fund balance status at the April 16 meeting.

Key calendar items recorded in the meeting: community budget survey launched March 20 and closes April 20; midyear review and LSL status update on April 16; Finance Commission preliminary budget review May 8; council study sessions May 12 (operating) and May 14 (CIP); community meeting May 15; second draft commission review May 22; council consideration June 4 and, if needed, June 18.","Finance Director William presented a timeline for the midyear review and FY 2025–26 budget, drawing questions about feasibility and calls to provide documents earlier for commission review.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6093490,"Finance commission reviews four finalists to replace Western Asset as investment manager",4591,2049000,6640000,"/Search/View?dp=1&key=2846820-d67a5993b770c6b017156446ab79cbb5&start=2049&end=6640","https://assets.pipeline.soar.com/2846820-d67a5993b770c6b017156446ab79cbb5/thumbnail_2049000.jpg","/articles/6093490/South-Pasadena-City/Los-Angeles-County/California/Finance-commission-reviews-four-finalists-to-replace-Western-Asset-as-investment-manager","https://secure.pipeline.soar.com/6093490-51fd6a40da8d4efc0e24494967833f49/orig.mp4?Expires=1771175430&Signature=QVzDqZQjlOK4dSqDYduaY-YuLYO-SJ3VjBR9QPI4ZvFQNgWU6VHSq2n3wR-FoI4Ohw4CRCiZnDys~~ZbIhNQuMXY2sek0eyNsEEonnisK6KkFAoGLPpFSDj5~Y-H6WOl0lg7Q9HQ54vLFDvO1n1ZKg7m2zAwqZYppnpiCxK2fvxEAvemPywXPJEdGzU4Tkf~IH3TDbKB3PMLJJ2-IAmunWijrLdajowpUipi~AdXCnUsv4f29oIChpVbW-Bi3iH8x6KwO1zPsi3xmdxacickcA9Z8I1d3iJsO9t3iZZI8-NcxYEgDq4BItfhFGowLKvC93qI8Xyjxb~RNZFJUeErMw__&Key-Pair-Id=KUT5TJCACFTXG","The South Pasadena Finance Commission on an unspecified date heard detailed presentations from Morgan Stanley, BlackRock, Invesco and Payden & Rygel as it considers replacing Western Asset as the city’s day‑to‑day investment manager.

The selections matter because the manager oversees reserve funds and short‑term portfolios that affect yield, liquidity and reporting for the city’s operating and reserve accounts. Commissioners focused on net returns, service and how each firm would operate inside the city’s investment policy.

Brian Longpre, a Morgan Stanley liaison who has worked with the city for more than a decade, laid out Morgan Stanley’s sample portfolio and fees. The Morgan Stanley sample emphasized corporate and taxable municipal allocations and proposed a sample fee of about 16 basis points. Longpre cautioned against “chasing that ‘fool’s gold’ of the short‑term interest rates,” arguing for a balance between short‑term yields and longer‑term returns.

BlackRock’s sample portfolio showed a more conservative mix, with higher allocations to U.S. Treasuries and lower corporate exposure; Longpre and staff noted BlackRock’s sample fee at about 22 basis points. Invesco’s sample likewise favored a heavier Treasury allocation and came in near 17 basis points. Payden & Rygel, a Los Angeles‑based firm that presented as an alternative one‑stop manager, quoted roughly 11 basis points in the meeting packet.

Commissioners and staff discussed several practical differentiators: reporting platforms, local coverage and how each manager sources yield inside the city’s allowable investments. Morgan Stanley uses the Clearwater reporting platform; BlackRock uses Aladdin; Morgan Stanley’s Century City team led by Drew Zager was presented as locally based and highly responsive. BlackRock’s named portfolio manager for the strategy, Michael Hanratty, is Bay Area–based; Invesco’s portfolio manager was described as Colorado‑based. Payden & Rygel emphasized local presence and in‑house reporting and compliance capabilities.

Finance Director William clarified the current fee layers: Morgan Stanley, Western Asset and the custodian Zions Bank have historically shared fees and staff noted that earlier fee ratios reflect a much smaller portfolio. Commissioners pressed staff and the presenters to provide apples‑to‑apples comparisons that include advisory layers and any pass‑through costs.

A public commenter, Josh, urged caution on projecting investment income in the general fund and endorsed the presenters’ warnings about short‑term yield chasing. Commissioners agreed to digest the packets and return a ranked recommendation to the City Council; Treasurer Zen said the commission intends to come to an agreement and forward a recommendation to council.

The commission did not take an immediate vote; instead members asked staff to circulate unmarked materials and to schedule follow‑up so commissioners can rank finalists before making a recommendation.

Looking ahead, staff and commissioners discussed scheduling a decision to align with upcoming council meetings and budget deadlines so the council can consider the commission’s recommendation without delaying other agenda items.","Commissioners heard presentations from Morgan Stanley, BlackRock, Invesco and Payden & Rygel on replacing Western Asset, questioned fees, portfolio composition and reporting, and agreed to rank finalists for a council recommendation.","actionData","errors"]

Article not found

City staff launches community engagement for Library Park site plan

Commission begins rewrite of investment policy, asks staff for clean draft and questions

Finance director outlines aggressive budget calendar; commission presses for more time and data

Finance commission reviews four finalists to replace Western Asset as investment manager