Andrew, I am certainly not a linux expert, but I ran the following commands to validate my system.
I specified during the installation that the system clock is using UTC and PST (Los Angeles).
hwclock -r --utc
=> Shows the proper local time (PST)
date
=> Shows the proper local time (PST)
Time Condition page in FreePBX shows system time as UTC (PST+8).
Please let me know if you would like me to run any other commands.