Maintain Fiscal Responsibility and Stability, cont.

Federal stimulus funding was awarded to the City of Pasadena for projects ranging from a teen education center at La Pintoresca Park to short-term subsidies for households at risk of being evicted and job training for unemployed workers.

The Pasadena City Council received audited financial reports for Fiscal Year 2009 on Jan. 11, 2010. The reports show that, although declining revenues have presented challenges for every municipality in California, Pasadena has been able to maintain a comparative advantage over many other cities due to careful fiscal management.

This does not mean, however, that Pasadena has not been impacted financially. Recent trends have reinforced
the fact that the city is not immune to the economic downturn. For example, permits for new construction dropped off considerably in 2009, vacancy rates in commercial buildings increased and the level of consumer spending decreased, causing a reduction in sales tax revenues that help fund city programs and services.

Median home prices in Pasadena consistently exceeded those of other cities in Los Angeles County. The county estimated that the overall assessed valuation of properties in Pasadena would drop by 0.2 percent compared to the prior year.