1. Pasadena Center Operating Company (PCOC) FY 2019 Recommended Budget
Joint Finance Committee / Council Meeting
June 4, 2018

2. Mission Statement
The mission of the Pasadena Center Operating Company (PCOC) is to promote Pasadena as a meeting and travel destination in an effort to maximize economic impact through the development of meetings, conventions, entertainment events and tourism by providing professionally managed facilities and first-class service.

3. Pasadena Center Operating Company
Operating Revenue History By Source
In thousands

4. Pasadena Center Operating Company
Expense History By Cost Category
In thousands

5. Pasadena Center Operating Company
Significant Changes From FY 2018 Budget
4,000 new hotels rooms have opened in the LA area over the past year
TBID is flat to FY 2018 budget
Six months of TOT and TBID for Hyatt Place Hotel
Increase in Minimum Wage effect - $65,000
Decrease in Workers Comp cost savings - $120,000
TBID funding secured long-term
Anticipated transfer to reserves $425,000

6. Pasadena Center Operating Company
FY 2019 Key Issues and Strategies
Key Issues
Sheraton, Hilton and Westin hotels renovations complete
4,000 new hotel rooms have opened in the past year in the LA market. Increased competition is affecting Pasadena TOT and TBID
CESSE and COSPAR Conventions to be hosted in July 2018
CIP – Over $12 million in unfunded CIP needs
Strategies
Continue to solicit high end group business in 2020, 2021, and 2022 that will pay increased rates
Continue to solicit large convention business in 2020, 2021, and 2022
PCOC and the City need to continue to provide excellent service in order to grow world class Science, Technology and Engineering conventions
Continue a program of repair to ensure long-term success of the Convention Center, Civic Auditorium and Ice Skating Center