Loading...
HomeMy WebLinkAbout9.1 Summary Financial Review - Second Quarter-2022Item Cover Page Subject Summary Financial Review - Second Quarter - 2022 Meeting August 16, 2022 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - Fiscal Impact Dollar Amount Budget Source Category VILLAGE MANAGER'S REPORT Type Discussion Item Information The Finance Department prepares and presents a review of financial activities for the most recently ended quarter. The attached report summarizes the financial activities of the Village of Mount Prospect for the second quarter of the fiscal year 2022. The attached report provides major highlights summarizing financial activities as well as recent challenges and opportunities, followed by analysis of revenues earned and expenditures incurred. The report also provides information regarding the General Fund Reserves as well as other relevant information. The 2022 second quarter financial review includes following items. a) The Village had another successful quarter, where the Village exceeded its revenue collections against the budgeted amounts. The Village's intergovernmental revenues from the State of Illinois reflects greater growth. The Village collected $7.4 million in State Sales Tax and $3.2 million in Income Tax during the Q2-2022. The Village had collected $6.4 million in sales tax and $2.4 million in income tax during Q2-2021. The Village did not receive any major property tax payments in Q2-2022, while at the same time last year, the Village received $2.3 million in property tax payments due to timing issues with the first installment of the property taxes. Overall, the YTD 3une-2022 revenue collection is recorded at $55,160,445, while the collection at the same time last year was recorded at $51,369,993. b) The Village has incurred expenditures totaling $24.9 million during Q2-2022. At 1 the same time last year, the Village had spent approximately $30.5 million. Due to various supply chain issues, many Village projects are running behind schedule, resulting in a lower expenditure for the quarter compared to last year. The total YTD expenditure is $49.7 million, which is trailing lower by $2.5 million compared to last year's amount. c) The YTD General Fund revenues total at $29.2 million, while the General Fund YTD expenditures total at $27.3 million. The YTD net result shows a surplus of $1.9 million. Overall, the General Fund is projected to have a surplus of $8.5 million for the year 2022. Staff has proposed various budget amendments supporting various abatements and transfer outs supporting Capital Project Funds. The Finance Commission has supported various allocation items totaling $4.2 million from the General Fund surplus for the year 2022. These items are listed in the report. Staff is currently working on the 2023 Annual Budget and Community Investment Plan and may propose additional budget amendments, reallocating from the 2022 General Fund surplus. d) Inflation is one of the major adverse highlights for the Q2-2022. A historic high inflation of 9.06% was recorded during June -2022. The Village has seen the impact of inflation in recent bid results and supply prices. The Village has enough cushion in its current budgetary system and reserves to handle the short term impacts of the inflation. Village staff is carefully reviewing the situation and the 2023 budget is being prepared accordingly. d) Increase in costs, residual COVID impacts on the market, labor shortages, market uncertainties and other economic and non -economic factors are impacting supply chains. It is difficult to obtain construction materials, vehicles and many other core supply items for governmental services. At this time, things are seemingly improving, but there is still a long way to recover. e) The Village completed its Annual Audit during Q2-2022 for the year ending on December 31, 2021 and has received a clean report. The Village also started its Annual Budget and Community Investment Plan Process for the year 2023 during Q2-2022. f) In January 2022, the Village gave a 3.0% wage increase as a cost of living adjustment (to non-union employees). Additionally, an employee has an opportunity to receive an additional 1.2% based on performance. In January, the inflation was 7.5% and the Village's pay increases were not in line with inflation, which may have caused a decline in real wages. Since then, inflation has increased to a high of 9.06%. The labor market is very competitive at this time and the Village has seen an uptick in labor turnover, as the private sector is offering lucrative wages and other benefits. It is important for the Village to retain 2 and hire dedicated and qualified employees. Staff is also cognizant of the financial burden on the Village. We are recommending a one-time inflationary adjustment of 2.0% to address inflationary pressures and help retain our talent. The advantage of a one-time bonus is that it does not increase the base salary and therefore the Village does not have to bear the burden of compounding costs in the future. Staff is proposing a budget amendment to accommodate a 2.0% one- time retention bonus for its non-union employees totaling $230,000. A full report is attached herewith and staff will do a summary presentation at the Board meeting. Alternatives 1. Staff and the Village Board to discuss the Second Quarter Financial Review. 2. Action at the discretion of the Village Board. Staff Recommendation Staff to present a summary financial review for the Q2-2022. ATTACHMENTS: Q2---2022–Financial–Review---August-1 1-2022.pdf 06 June Board Reports for Upload .pdf 3 Village of Mount Prospect Finance Department Second Quarter Financial Review For the Quarter Ended June 30, 2022 Prepared By: Amit Thakkar, CPA Director of Finance I11introductilairi The Finance Department prepares and presents a review of financial activities for the most recently ended quarter. This report summarizes the financial activities of the Village of Mount Prospect for the second quarter of the fiscal year 2022. The report begins with major highlights summarizing financial activities as well as recent challenges and opportunities, followed by analysis of revenues earned and expenditures incurred. The report also provides information regarding the General Fund Reserves as well as other relevant information. At the conclusion, the report provides information regarding proposed budget amendment for the year 2022. a) The Village had another successful quarter, where the Village exceeded its revenue collections against the budgeted amounts. The Village's intergovernmental revenues from the State of Illinois reflects greater growth. The Village collected $7.4 million in State Sales Tax and $3.2 million in Income Tax during the Q2-2022. The Village had collected $6.4 million in sales tax and $2.4 million in income tax during Q2-2021. The Village did not receive any major property tax payments in Q2-2022, while at the same time last year, the Village received $2.3 million in property tax payments due to timing issues with the first installment of the property taxes. Overall, the YTD June -2022 revenue collection is recorded at $55,160,445, while at the same time last year, the revenue collection was recorded at $51,369,993. b) Inflation is one of the major adverse highlights for the Q2-2022. A historic high inflation of 9.06% was recorded during June -2022. The Village has seen the impact of inflation in recent bid results and supply prices. The Village has enough cushion in its current budgetary system and reserves to handle the short term impacts of the inflation. Village staff is carefully reviewing the situation and the 2023 budget is being prepared accordingly. c) Increase in costs, residual COVID impacts on the market, labor shortages, market uncertainties and other economic and non -economic factors are impacting supply chains. It is difficult to obtain construction materials, vehicles and many other core supply items for the governmental services. At this time, things are seemingly improving but there is still a long way to recover. d) The Village has incurred expenditures totaling $24.9 million during Q2-2022. At the same time last year, the Village had spent approximately $30.5 million. Due to various supply chain issues, many Village projects are running behind schedule, resulting in a lower expenditure for the quarter compared to last year. e) The Village has seen a return to normalcy during Q2-2022. The Village came out of COVID-19 and has resumed almost all Village sponsored events. f) The Village completed its Annual Audit during Q2-2022 for the year ended on December 31, 2021 and has received a clean report. The Village also started its Annual Budget and Community Investment Plan Process for the year 2023 during Q2-2022. Property Taxes 20,873,259 486,444 1.1,261.,364 1.0,838,362 423,002 3.9 Other Taxes 1.3,304,500 3,792,661 4,867,470 4,075„579 791,890 19.4% Intergovernmental Revenue 54,713,145 12.,544,62.1 16,448,.557 14,318,1.46 2,130,412 14.9% Ucens( m, Permits & Fees 3,(X)8,000 1,238,290 2,402,738 2,372,443 .30,294 13% Charges For Services .38,333,258 +9,501.,722 18,551,348 17,91.'7,965 633,383 3.5% Fines & Forfeits 541,000 428,626 529,985 264,912 265,072 10011% Vnvfntn7ent Vnccorne 118,070 60,806 (177,317) (14,974) (162,34:3) +++ Other Financing Scrurces 21.,330,000 11.,080 1.1,080 311,330 (100,250)96.406/ Other Revenue 2,261,560 572,441 1,117,164 1,099,102 18,062 1„6s6 Reimbursements 397,000 92,009 .. 148,057 1.74,128 (26,071) 15.036 TatalRevenuas .. ... .:.154,880,092 28,728„694 55,160,445 51,356,494'.: 3,803,452 ... 7.4".6.. The Village adopted a revenue budget totaling $154.9 million for the year. The Village collected $55.2 million in YTD revenues. Of this amount, the Village collected $28.8 million in Q2-2022. The overall YTD collection (adjusted) is trailing higher by $3.8 million, or 7.4% compared to 2021 collections. I:)irolpeirty tax Property tax is one of the most reliable revenue sources. The Village's total 2021 levy was $19.4 million, which includes 2.0% for losses and costs. The Village was expected to collect 98.5 percent of the 2021 levy payable in 2022. The actual YTD property tax collection for the year 2022 totaled $11.3 million. The property tax budget for the year also included $1,650,000 for Tax Increment Financing District (TIF). The first installment represents 55% of the prior year's property tax extension. The second installment is expected to be delayed by three to six months. The Village is hopeful to collect the majority of the levied property taxes before the end of the fiscal year. Other 11fz�xes The category of Other Taxes includes all the taxes enacted per local ordinances and includes Home Rule Sales Tax, Hotel/Motel, Food and Beverage, Municipal Motor Fuel, Utility Taxes, etc. As some of these taxes are collected by the State, there is a three- month lag between the actual sales and the remittance of the tax. In addition, all the local economic activities for the month of June are reported in July or later. The comparative total revenue amounts under this category are tracking higher by $791,890. The total year-to-date collection is $4,867,470 and represents 36.6 percent of the annual budget. u heir , veirni entail I evenue This category includes all the State shared taxes, including State Sales Tax, Income Tax, Use Tax, Motor Fuel Tax, and Grants. The Village is vigilantly tracking all the intergovernmental revenues. As most of these taxes are collected by the State, there is a three-month lag between the actual sales and the remittance of the tax. The year to date collection totals approximately $16.4 million. Of this amount, $12.5 million is collected during Q2-2022. The YTD collection amount under this category is trending higher by $2.1 million compared to 2021 amounts (adjusted for deferred revenues). The 2021 amount includes $3.5 million received in the American Rescue Plan, the similar amount ($3.5 mil) is received by the Village in June this year. Excluding $3.5 million in the American Rescue Plan, the Village's intergovernmental revenues are $2.1 million higher compared to last year's amount. The major collections include $5.4 million in Income Tax and $7.4 million in State Sales Tax. Additionally, staff is pleased to report that as of the date of the report, the Village has collected $6.7 million in YTD Income Tax against the annual budget of $6.3 million. The 2022 projection for the income tax revenue (per the latest information) is $8,344,131, resulting in a projected surplus of $2.0 million. At the same time, the State Sales Tax projection for the year is $28.9 million against the annual budget of $23.5 million, resulting in a projected surplus of $5.4 million. I,,]censes & 1::'ernifts The Village collected $2,402,738 in license and permit fees through June 2022. Of this amount, $1,238,290 was collected in Q2-2022. The amount collected is higher by $30,294 or 1.3 percent compared to collections in 2021. This category includes $1,260,062 in vehicle license fees, which is earmarked for the street resurfacing program. Moreover, the Village collected $498,535 in building permit fees. This category also includes $644,141 in various business license and permit fees. C"ha I°' ;yes 'foll°' Seirvlfc The Village has received $18.5 million in Charges for Services through June 2022. Of this amount, $9.5 million was collected during Q2-2022. The amount includes water/sewer/refuse charges and also internal service payments, including vehicle maintenance and vehicle replacement lease payments. The collected amount represents 48.4 percent of the annual budget, and it is trailing higher by $633,383 compared to the 2021 collection due to water/sewer/refuse rate increases for the year 2022. The Village also collected $1.3 million in ambulance billing fees through June 2022, and the amount is trailing higher by $411,302 compared to the 2021 collection at the same time. I::::hne & Il::::orfe,lltlulres The Village collected $529,985 in Fines and Forfeitures revenues through June -2022. Of this amount, $428,626 was collected during Q2-2022. The amount is trailing higher by $265,072 or 100.1 % compared to the collection from the same time last year. The 2021 fines and forfeiture revenues were impacted due to lower level of enforcements related to COVID-19 restrictions. hrivest,ilneint llncolrne The Village is reporting a negative investment income with a loss of $177,317. The reported loss is merely an accounting adjustment and represents unrealized loss in the market value of investments. The Village invests in secured Federal Treasury notes, but since the initial investments, the interest rates have increased and are reflected in the market value of the investments. Upon maturity, the above losses will be reversed and the actual interest/investment income will be realized. The Village has the intention and capacity to hold these investments until their maturities. Experid a tui res The data below recaps the expenditures incurred through June -2022. personnel 53,155,8341 25,038,61,1 47.1% 24,293,508 744,502 Contractual Senoces 35,206,885 15,635,799 44.4% 16,4 7,,973 (832,074) CoInInry{, &fie:s 8 supppies. 2,409,8�21 1.,102,11:28 45,7% 1,1�10,041 (8,01:3) Capital I in prove ments 49,987,999 5,,597,795 11.2°x; 7, 312,794 (2,315,000) Debt Service, 9,988,211 2,G99,290 21.01'74 2,241,173 (141,883) Other Exp7enditure5 10,642,895 207,357 �1.,9% 16:3,779 44,078 Total Expbonditures 161,391,641 4%6801279 15.5% 52,188„668 (2,15018,389')" 10 PtublicRepresentation 613,657 185,811 30'3% 171,197 14,614 20 Village Administration 4,893,316 1,890,368 38.6% 1,875,618 14,751 30 Fiunance 2,340,407 984,388 423„2, 904,563 79,826 40 Community Development 4,434,367 1,63,3,372 36S% 1,636,5615 (3,1113) 50 Human SeUvices 1,861„388 6038,,539, 34,3411 553,892 84,647 60 Pcrl(Ce 20,901,459 9,953,.913 47,6% 9,936,192 17,7"2:.1. 70 Fine 20,0411,352 9,15.0,812 45,.63,5 8,799,6181 352,131 80 Public Worts 78,257,235 17,881,418 22.9% 2,0 669,,129 (2,787,702:) 00 Iran Depairtmental 218,678,480 7,361.,657 261:2 7,642,840 (281.,183) Total Expenditures nditures 161„391,641 49,684,279 30.8% 52,188,668 12,508,389) I::I II"'so11"11f 6i cl'os-t : The year-to-date expenditures for Personnel Costs, including benefits, are $25.1 million or 47.1 percent of the annual budget. The amount is trending higher by $744,502 compared to 2021. The overtime costs through June 2022 are $998,700, while the overtime costs at the same time last year were $1,017,937. This category covers the majority of the contractual services that include some large line items, including JAWA water purchases, budgeted and grant -funded engineering studies, and other contracts. The year-to-date expenditure is $15.6 million, and the Village has spent 44.4 percent of the budgeted amount through June 2022. The contractual service spending is trailing lower by $832,074 compared to 2021 amounts due to timing issues with the expense recognition and payments. There are also various supply chain issues experienced during the first half of the year 2022, resulting in delays in various project timelines. The Village has spent $1,102,028 in supplies through June 2022. The spending totals approximately 45.7 percent of the approved budget. The category is trailing marginally lower by $8,013 compared to 2021. The Village is tracking inflation diligently. The recent inflation is at its highest in the last 40 years. So far, the Village has tracked inflation and its financial impacts successfully and the current budget and fund balance has the capacity to deal with the short-term inflation impacts. Cq::Atall Ila°rnIl,rllQuell°m��w„u t,se The Village has $49.9 million in approved capital improvement projects for the year 2022. The amount includes $5.3 million worth of projects carried over from 2021. Through June 2022, the Village has initiated various approved capital projects and has paid $5.6 million for Capital Improvement costs. For the most part, the major capital projects are conducted 10 during the summer and the major portion of the expenditure is expected to be paid in the second half of the year. Per the established debt service schedules, the Village's bond payments are due on June 1 and December 1. The Village paid bond interest payments totaling $2.1 million during Q2-2022. These payments were due on June 1. The remaining payment of $7.9 million will be paid in December 2022 and will include interest totaling $2.2 million and principal payments totaling $5.7 million. Otlheir Exlpeindiitu,uiiµ(-�, The Other Expenditure category includes all other expenditures not categorized above. For the period under review, this category totals at $207,357 against the budgeted amount of $9.9 million. The remaining expenditures mostly includes transfers out ($8.5 million) and they are expected to be executed during Q4-2022. Gene SII F,,und Reserves Revenue 65,77 ,2018 65,779,,208, 29,199,4663, Expens'es 69,211,839 70,175,733 27,302,16 v/ Revenuers - Unaudited 1.,525,597 3,778,061 8„375,373 5,11Cu,293 5,927,046 4,477,093 29,199,463 Expsenses- UnaudPited 82,396,825) (4,614,239) (8,068,4.3,1) (3,673,429) (4,502,318) (4,047,021) (27,302,166) Net Monthly Surplus/(Deficit) J871 229 (836,078) 306,940 1,442,864 1,424,728 430 072 1,897,297 As %of General Punct Budget 43% 42% 42% 44% 478@ 4.796 47% As Aug 04General Punct Budget 31% 35% 42% 44% 46% 47'% 47% As depicted above, the General Fund total revenue budget for the year is $65.8 million and the expenditures, including the American Rescue Plan, totaled $70.2 million. The 11 budegeted deficit for the year is $4.4 million, mainly due to the American Rescue Plan funding timing issues with the revenue recognition and incurrence of the expenditures. The YTD actual recognized revenues totaled $29.2 million, while the expenditures totaled $27.3 million. The YTD net result is a surplus of $1.9 million. Per the most recent projections, the sales tax revneues are estimated to have an outperformance of $5.4 million and the income tax revenue is estimated to outperform by $2.0 million. With other outperforming revenues, the Village is estimated to have an estimated surplus of $8.5 million for the year 2022. Staff has proposed various budget amendments includng $1.5 million for the reallocation of Home -rule sales tax (through transfer out) to three capital project funds: $500,000 transfer for the Flood Control Construction Fund (to meet the fund balance policy requirements), $1.4 million transfer for the abatement of Police and Fire Head Quarter Bond 2018B Debt Service levy and $750,000 in sales tax reallocation (through transfer out) for the pension levy abatement for the year 2022 (payable in 2023). rranOer out to Street Construction Fund (Home RUle) !l0Fl,000 Transfer Out to, Flood Control Construction (Fundi Horne, Pule) 5 00, 000 Transfer out to Hood) Control ConstmuctionFund (Stage Sales Tax) 500"000 rrarnO'er Out to Capit,M Ilmparoveirnent Fund (Home RuW) 500000 Transfer Out LoPension Stabilliiaation (2022 Lenny Payable 2023) 7501,000 Transfer out to Debt S'orvke Fund Prnliirue and Flre hpead Quarter Serie n 2018113, Bond Levy 1,40Q,000 The above items were discussed at the Finance Commission and the Finance Commission supported these items as a one-time transfer from the General Fund for the year 2022. Staff is currently working on the 2023 Annual Budget and Community Investment Plan and may propose additional budget amendments, reallocating from the 2022 General Fund surplus. Other Iterns In June 2022, the inflation rate was at a 40 -year high mark at 9.06%. The higher inflation will result in higher supply prices, contractual obligations, construction costs/bid results and higher personnel and benefit costs. Normally, the Village 12 allows anywhere from 2 % to 4% for inflationary adjustments, and expected increases in revenues have been approximately 3.5%. The year 2021 was an exceptional year and the Village recorded unusual growth. The Village is in a strong position to digest any short-term impact of inflation but in the long -run, the Village may have to change its strategies regarding procurement of goods and services. 9.1 a M Oct 2021 Jan 2022 Apr 2022 JLA 2022 Recently, the interest rate yield curve was inverse, i.e. short-term interest rates are higher than long-term rates. Recently, the interest rate for 2 year Treasuries were 20 basis points higher than the 10 -year interest rates. Per some economists, the inverted yield curve is a reflection of a recession in the near future. As of now, the yield curve is not inverted, but current market conditions, the global climate, and uncertainties may cause a recession. The Village is in strong financial health and although no major impacts are anticipated in the near future, the Village Administration is alert and already has a contingency plan (if needed). f3udg 't Arriendirneirit In January 2022, the Village gave a 3.0% wage increase as a cost of living adjustment (to non-union employees). Additionally, an employee has an opportunity to receive an additional 1.2% based on performance. In January, the inflation was 7.5% as depicted above and the Village's pay increases were not in line with inflation which may have caused a decline in real wages. Since then, the inflation has increased to as high as 13 9.06°/x. The labor market is very competitive at this time and the Village has seen an uptick in labor turnover, as the private sector is offering lucrative wages and other perquisites. It is important for the Village to retain and hire dedicated and qualified employees. At the same time, the Village Administration is also cognizant of the financial burden on the Village. The Village Administration is of the opinion that a one-time inflationary adjustment of 2.0% can help the Village in retaining its talent pool. The advantage of a one-time bonus is that it does not increase the base salary and the Village does not have to bear the burden of compounding costs in the future. The Village Administration will be proposing a budget amendment to accommodate a 2.0% one-time retention bonus for its non-union employees totaling $230,000. irl III a lii iirl The Village is in strong and sustainable fiscal health and can provide quality governmental services to its residents and businesses consistently with a strong fiscal backbone. The Village's performance in the year 2021 and first half of the year 2022 proves a strong and robust local economy. The recent affirmation from S&P also proves the faith in the Village's fiscal strength and ability to serve its residents and business community for a sustainable future. The Village also recently concluded its strategic planning and the 2023 annual budget and community investment plan will be shaped around the top and high priorities identified in the strategic plan. Respectfully Submitted, Amit Thakkar, Director of Finance 14 LO T a FV O O O O O O O O O O M O O 4!1 O O O O O IQ O O O O to O to In to O 7 O O M O M v O� M O N m N iD M M n In lT m l!) ti ti 'O -I VI V1 v Oi M N tin .a M ti o 01 i . O 7 m 7 � � N � rn v lfl o O O I� M Ol ti O Ol O O O M O M IOtS v 111 kr 1101 I,y r: C to G 7 7 M fiA rT W rJ A W > � M U ~ 0 0 0 0 0 0 0 0 0 0 m o o vi o 0 o 0 o ' 0 O o M v O O o o lf1 M O V1 o M °�' lMn M C M M N V O t0 k I� W M V1 01 O � tD O O cl m 7 O 0 O C O m ti O � � 7 N m � N �O O IN N W M M M O n N to O C M M O n O M lD to vi m M n O M l0 lO m O 01 N M N u O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O M O O 4!1 O O O O O IQ O O O O to O to In to O 7 O O M O M v O� M O N m N iD M M n In lT m l!) ti ti 'O -I VI V1 v Oi M N tin .a M ti o 01 i . O 7 m 7 � � N � rn v lfl o O Mi I�f N r�^: ua O O Ol m ID l0 v O I,y r: C to G 7 7 M fiA rT i rJ A W > � M U ~ 0 0 0 0 0 0 0 0 0 0 m o o vi o 0 o 0 o ' O o M v O O o o lf1 M O V1 o M °�' lMn M Q O O O O O O O O O O C O m � C m tll O O O O O O O O O O M O O 4!1 O O O O O IQ O O O O to O to In to O 7 O O M O M v O� M O N m N iD M M n In lT m l!) ti ti 'O -I VI V1 v Oi M N tin .a M ti v v rl co T N Y1 til Yx -a I�f r�^: ua cia ni I,y r: G r p,l fiA rT rJ A W > � v v rl co T � '1: O O a� O 0 0 0 0 0 C� lc�I lc I - L all ti F A ou ZD q, P ti rn 6 c:i 6 1� O O O w u + + + 0 0 0 0 0 0 12 ll� C; 0 RY WR rn 6 c:i 6 1� O O O 6 6 cR. c:i 0 0 0 0 0 0 12 RY WR rn 6 c:i 6 1� 0 c:� 6 6 cR. c:i 12 RY WR II 0,11 IJ 7i ala 13 ou rz H rn O O q O n cR I 0 OJ I IN Lri 0 0 0 0 � 0 0 0 C� C� C� C� C� C� C� C� 0 0 0 0 0 0 NN O c:i 6 6 Ci c:i 6 6 c:� 6 cR. 6 6 I -L IDL Ci Li n D II> O 16 ce , rj 12 11 'lu r� ol W Cl 0 0 't as O c:i 6 'i c3 C� 6 Ci 6 6 cR. c:i 1� C:� 11L I LrL LQ R N O 12 O c:i 6 'i c3 C� 6 Ci 6 6 cR. c:i LrL LQ R 12 LU rcUa> rr rr 'ca 8 lit, 0 J� 'n, OR CD CN .W "14 0 :D 0 LM CD w u M . OEM u i an 0 0 12 ce tiA C� 0 0 0 0 0 C� C� I C� C� O C:i N c:� c:� vi vi cl� r, CN CN Fd O 6 6 01 Lr1 c:i Ci I 00 V) CN LQ O O q kq O o 0 0 0 0 0 0 O 6 6 01 Lr1 c:i Ci I 00 V) CN R@ It CN LO N LM a m.... y CD M IS Y w is::i Lo u ru o rn rn m o; d c OEM c H 0 0 0 0 � u 0 0 0 0 c w o in !n in C M M M C � U ~ 0 0 0 0 0 0 0 0 0 0 0 0 `® v ¢ m ca 0 0 0 0 0 0 c a� err ur m E � c m � 0 0 0 0 0 a 0 0 0 0 0 0 n m o � a +n er � ¢ m � •ri w � w w � W,v Ili umv 4�b % IIM. w o In rY II'N I..I.... U �tl ! o Q ti li, II LO N CD N � n n "rv,rvu sp,a m,,,,,,,, y N m m CD M IS Y "ew,w Q ti m, b..,Y•,u .® v 7 M 7 is:: Lo ,,,5 t0 O lD l0 ® C O M M M � ad Ql Ql Ql OO O O � u O O O O c w o M v o V1 01 0 Ol C O O_ 0 N n � a� U ~ 0 0 0 0 0 O O 0 0 N N N N 0 N N Ol � Qm ca O O O O O O C tR to m � C CD Q O O O O tiJ 0J O O O N O O N N N N CO O N N W Q m CJ O 4 b O Q m J � � er} W C"W', C 3 W W II, W" W,�, IIPk �7 &� Na IIN r ILII„II ILII„II M” � ! F o Q ti li, II CD N O 0 10 10 9 CN I- CN LM CD M . ad OEM ud i an 0 0 12 ce tiA O 0 10 10 9 CN I- CN I 0 0 0 0 0 0 0 0 o in 6 c:i 6 6 6 0 LM CD IS Lo u 011'' ru lit, %D 0 In v u OEM ZD Fd U rt 0 0 ca ce I 0 0 0 0 0 0 0 0 o in 6 c:i 6 6 6 0 lit, %D 0 In v ZD rt (Y) M co CN �1 0) CN c:i O O Ot M 6 lP V1 6 o6 R O O O O 0) CN c:i O O Ot 01 O lP V1 0 0 R 0 0 0 0 0 0 W iiia Al IIS C3 rm, 1p u< E :3 0) CN c:i Lri Lr� lit O lP V1 R W iiia Al IIS C3 rm, 1p u< :3 0) CN O C:i 6 c:i 6 C� 6 Ci c:� lr� i to cc� OR q O O W O9 0 0 C to F 14Y 0 0 0 0 0 0 C C� C C� cc� C m C CIE O lu Ch 2 ^M 0 In m O C:i 6 c:i 6 C� 6 Ci c:� lr� cc� F 14Y Z illi u. C5 C m C CIE lu Ch 2 ^M 0 In m �.o '9 QqOmqkqc�qc� I:i C:i i to C:i Lri C:i I 0 O Ili q: C6 .0 cd 0 0 0 0 0 0 0 0 0 N u w �lu 0 C� a� C� L'i c� MM 0 0 qqqqOOqqq K E I I cr� rl�. O �.o '9 QqOmqkqc�qc� I:i C:i i to C:i Lri C:i I 0 O Ili q: C6 .0 cd 0 0 0 0 0 0 0 0 0 w �lu 0 C� a� C� L'i c� MM 0 0 qqqqOOqqq K E I I �.o '9 U5 I:i C:i cll C:i Lri C:i 113 �.o '9 U5 113 .0 cd q., w �lu MM 0 0 �.o '9 6 6 O c3 c:� 6 Is LM I,- 0 CD IS 1:3 E r U Lo w u M w 0 QED ru LY Cd LA LF lu 10 rpt nl ad OEM Fd U 6 CO 0 .1 ca O CD ce O 6 6 O c3 c:� 6 Is 1:3 E QED LY Cd LA LF lu 10 rpt nl �1 ifsW 6 cl� n O O 00 -1 C:i Lri c:� �� kEL R 1112 iA oil 11M OU In F, 00 -1 16 O Ci o 01 r� O O t0 N W UJ 0 0 n N In LQ 0 0 0 c� 0 0 CL IM11 o viii lu ZD O Ci CL IM11 viii lu ZD > .W "14 0 :D LM CD IS i:::i R-1 r Lo 0 ro q) OEM U 0 ca ce ro 0 0 0 0 CD q q q q :� OP O 6 6 c3 6 6 6 li c:i Lri C� t cl� 1�i Fd ti O O O O O + w U + 12 ro 0 0 0 0 CD q q q q :� OP O 6 6 c3 6 6 6 li c:i Lri C� t cl� 1�i Fd ti O O O O O ro 0 0 0 0 CD q q q q :� OP 0 N LO M O 6 6 c3 6 6 6 li c:i Lri C� C:� cl� 1�i 12 lwb Iry W up Cp lu E ou > rz 0 N LO M .W "14 0 :D LM ("J a) I,- 0 CD CL C) ii R-1 rU . v) 011 ru q) OEM U 4w C :1 0 ca ce O O O O -1 N co C5 6 6 9 1:2 W E , "9S,' W :: pY CP eq W IJ I'D z -1 N co Fd Y W W O M O O O N C W O O W W N c U ~ °D ro v Q O O O O t\ O O O W O !+1 �D M Ol OJ N N ti M lp: lL) O M N (q M O N In W N O UI O Ol O N CP lT Ql M M V .+ O V W O1 ti O N N CP N N I� O to N O W M 01 M M O M M O N � M 7 vii 7 7 N 7 N m 7 + W O + N I� O to O M M cq N W rA O ti O N l0 N N NCP u? I: l0 O O O l0 V1 ti N M N O Lr N LQ 7 ON m 7 .�-I n rn 7 O rl� O Ol I� M LD 1p lc M M N a a O V � � W O O M I� O 01 O� t0 Ol I� N N O O N T CT IA to M O M O O 6l O U O O M O V O W O o O O O N CO l[) ON O D O N O 7 O N lfl 7 rl n W M N W N M l N N to O � M O to O GJ M 6l Il N W n N O n O V O O O CP (P l0 l0 O N tD M 1p V In CT M O l0 �/) lD Cly In 7 M N I� n N I1) n ti O M � If1 � �D In ti ti M N W O O O O O O O O O O O O O O O O O O O O O O O O O O M M N V n O N N N O n N O O V1 lD 111 � W to O l0 O lC) !r lD to CT N O lf1 l0 N N 4l1 CP N W O W O O O O O O O O O O O O O O O O O O O O O O O O IA 4l1 00 ll1 O O M O 7 7 m N m o n O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O i•O n m N � V n in m O N � N N w O in n N � 'i O 0 W N W lD V N (T In tC) M N V W V1 uu. If M .-I 61 N I� rl w M ai cn !ix t.. c la uu. If CMC x.A oul ✓) cl. ry ,,. W"A Z al 1 0 v o rl w M + + O O V + + + + N N + + O O O M O O O O O O O O O 0 0o io0 0 0 O cR C? O O O O C? O II II O O O O O O O Iz! O O O cs as II II as 1pfomm o p o 0 0 V o o r d 0 O O O O O O tiO O O O O N O O O O Fd O O M O O r O c O W lO rl tUp O� V1 ON ti O O 10 O O O O O O O OO O l0 O O O lD O O O O N ® G Ol f- 00 O O V O O W M O U O n n O .-I IO N D 9 W m O W L O O O O O O 0 O N C t.1 ~ O O O O O O Ifs O O O O O O O O� O N I ti W c7 N W O O O LQ O O O O � tll O N O 1p Or E 111 O W 01 d 0 0 0 0 0 0 0 0 0 0 0 0 0 6 0 0 0 0 o In v ¢i o o vi vi m N O N 7 � � O W �f m �Iu u,l.. lu la n,a r � x t rtF m CD le c� O ri cc� w yr 't 0 0 c:i c? 1� c-3 cs c:i Ci lc� lc� 12 Z IlaU VIII 0,11 't O O Q O N O W In M m m t0 ti � m N Q O A O n } n OJ N O O l[) V V W l0 O O N O [S V] n (P V O M O V O O N O l(1 O N O lD O O O O O O O O N O O O O t0 l0 O� O V N P 4l1 N CT rn O n O O O N O 7 O O O O O lA O N N N O O 7 M O O O O c0 O M V N of vi 7 M .Ni W O O O O O N V n n LQ W .y N O O O O N O O OJ N O O l[) V V W l0 O O N O [S V] n (P V M ui N V vi N O O O O O O O O O N O O O O U I O O P 4l1 N CT m V N M O O O O O O O W ti N . V V O O O OJ i0 N O O V M lA lJ1 O N N O W'i �U II II CD U I ro lit,�, a""a aw. rCx rr I��.I ISI x r N IN L(1 N M .�-I Lr? ll� O O M o i0 V In l0 vt OJ Il N O M � '-I 7 7 tD N� + O I� M Ill + � O 7 7 01 M I� O O l0 O O If1 OJ (T W Cb 0 (T O O O oc M M W m m .y ti M io N W (P M N O W O O O c� OJ O M O CP � .O -I r"i h IO N p O V �D .. m 0 0 0 0 0 0 0 0 0 o v . n O M O M O N W O N O M O IA N N O m M i[) N CP .My I N D N M O O O O O O O M Ill l0 � O 7 7 01 M I� N ti M CP M .ti � Cb 0 O O O O O O O O O O O O O O O 7 7 cl M O n D N M � m O O cs O Im M V) le u udu. ai cn ..... my lir Cb 0 li h C,! aIn r"i p r w r a a I, ra t F m O O cs O Im M V) le O -. E -. s Ili 6 cs , cs ll�. c:i CL V3 x O o iii cl� O w u 0J O O O 7- doc� LIZ n c� 61 C O -. E -. s Ili 6 cs , cs ll�. c:i CL V3 x O o iii cl� O -. E -. s Ili 6 cs , cs ll�. c:i CL V3 x iii r, lp: 00 LO le ti N M } d 0 O O O O O O l0 O Il O O O O O O O O O d O M M � N n 61 C N O O O N O O O O O O `D � ® G o } C N f- O O O O O O O O O W O O O O O O M O O O O O O O O O O L C C � O O cl � u n i �O N C GO U ~ O O O O O O O O O O ql � � � n m d O O O O O O O O O C OY � C [p N d 0 0 0 0 0 0 0 0 0 o a o � o d m ai cn rll ✓S ii o u `m11 q �a i n! Kra C4 P`tll Vi I! al O xIII W rl �IdIn 111 t X, ll u I 00 LO le 'I r"4 a I C? LM lz� 1� 1� 0 C") O O O O Ij O II Yld 15 CF n OEM u Cn E e ca Cp CL x uj O O O O C? O lz� 1� 1� Ci I 1� I O O O O O O II Yld a@ II II II Yld fn CF n a@ O ti c:i LM �114 (V c I 0 11 o va CD < m (V > m JA fA aha OEM u , V::: 9 r -W C RW a cn ma C of o x uj vi O ti c:i 6 cs 1� CL va aha , V::: 9 r RW a O ti �1 O O O O O O O O O O O O O O 7 13 su LM up C") fix ...... I lull vi rn n> rr� d I 9 F,: rti 15 �� 61 ! E Lr r.. r' t.r e:.ro w iii IL.a... ® i OEM i D L L O � � a N U F Cn N ' � I N � d C ca N I Csl CO � uj N 'c d� O = d � �1 O O O O O O O O O O O O O O 7 13 su up IS I lull vi rn n> rr� ii 9 F,: rti E Lr r.. r' t.r e:.ro w iii r.. w fosom r,,4..a' I C fix ...... LU %" N M V} M tPr V O N L] I N o W l0 M �� 15 } O O CS ! K� Fd n � lfl O O O n ® i OEM n7➢ D n � V vt +A L to M o o O N m L p 7 O i � a N N N .^-I U F IIM IIn Cn N ' � I N � to E C ca 0 0 [n 0 0 [n [n o LQ V N N I 7 N VT O � l CO � O O O O (D O O O CL CO N (b N n W uj N 'c W M M N d[ O = N Cil HT d fosom N rl LU %" N M V} M tPr V O N } N o W l0 M } O O IpA@ K� Fd n � lfl O O O n n M Illi.. n7➢ n � V vt +A N fPr to M o o O N m rn 7 O O N N In .^-I IIM IIn to yr 0 0 o 0 0 [n 0 0 [n [n o LQ V N 7 N VT 7 N V} O O O O (D O O O O O CO N (b N n W W M M N F N Cil HT N 01 fPr O O O O O O O O O O tN N N O O O O N O O O O O LI1 lD h O O i 1:3 .-I lt) N C11 M CP Hf O O O O O O O O O O N N N i+t N N t\ W N t\ W N HT n � N fPr O O O O O O O O O LI1 lD O O O O M O O M .N -I O M HT M +Pr N rl LU %" Z IIM�. W IpA@ K� Fd Illi.. n7➢ �Y IIM IIn n$ tY! t �II a A0 5 gtt�Y Vi F 'S5 Cx. IIAI [L i 1:3 K U:. N rl O 0 0 o V L M O ® 'd M } C (n f m } i �p 0 li 4l1 O O D � + N 0 O O O d 0 o o i � ( � . O O -a � LIZd vi vt N r !n ti �12 d m� � � O o V V V L M O ® 'd I� f } C N f - i �p N 4l1 O O D � O m M CD O V V V L O O n i �p 4l1 If1 In U ~ O O O O O O O -a � vi vt vi !n ti d � � O O O O Ot � C [p N m M CD o v O n o o O o m o 0 o 0� 0 N 0 0 0 0 m 0 O V V M O O LO W ti O f tp 7 M 01 N � } } } } P } } } } } O W O N O O O O tiO O O tT O (p O O O O O O V tOD tOD V r O N O W O O O O W O O O O O O O O O o] O O O W r- O M I� M v .-I M O O O O O O O O O O O O O O O O O O O O O O ( LQ N n L M ( O O O O O O O O O O O O O O O O O O O O O O O O O O O W O O O O O O N O LA O Ln O O 7 O W O lD W ( O+ M tD O O O O O O O O O O O I( O O O O O O O O O O O J O iR O M O O N M +Pr O O O O O O O O O O O O O O O W cs W O O O O W OJ O OJ O O O 7 O 7 7 .Lr -I o w .Lr -I v o o io M w m rvCi N N tft V} J � d TINY F W M Z iaG IlN W IIII�II m C RJ. .�u NNa9A In 11 U d 6 w. "t 1Sj y-1 n KJ Kw R"u'S in n I`' fT1 Crl �1 N M V O O (T V V i0 O O O 1� V m N N Ih O N V1 rl n V O n N O (P Ol O m 01 n N .moi (t �D lI1 �D lt) 7 01 W W O 7 M 7 7 Imit M O + + M O N + O O + + + + + + + m M lD O to t0 q CP O o0 O O O O N l0 O O O O O O M IA m O O O O O M O O lfl O O O m 61 lP m .moi T m V1 CP IA O V1 O h O M Lr OS m N O� O m -I O O N vt c � vt M N O CP N O N 01 I� m T n n N n 7 In In 7 M vi M v- V' -I O n O O m O V V O O O O O O l0 lO M m IA O O CT O m IA O O Lq O O O t0 M m O� n .Ni O ri N h lf1 O . n n M N m n (S �D tD n R O� 7 M CP vl N V1 V m N O M O� .-I M O O O O O O n O O tD O .moi O O O O O O O O O I/1 <0 1p n n Ol M m �D N O lfl M O m iD N O V O IO m m O O O O N O O O O O O Q1 M m N M (P M m N V m O m Cn m V O !r M O M N M to CP O V1 V lD N V N I� n O O O O O O O O O . O O O O O O O O O O O O O O O O O O i0 O O O O O O O m N m n 1p m O lf] �O O O O M V M M N N NLr O M O O M O In lfl 7 N N n 01 7 M n M O O O O O O O O O O O O O O O O O O O O O O O O O O O i0 O O tp O O O O O O O O N N N IA CP n V N .-I N O O O O m N O O m O O O O O O O O O O n 10 m O O O O O O cs li] O O 10 O O O O O O O O O O O O O O N nrl V N O n i0 7 O N O vt O O O O M O O IP O 7 N N n M O M Ol n M �8 cn lix Lri N m 4fl ✓S V ud6. iai �8 cn lix ✓S r ix r % i q.y uwi �a r�i ri 7a �r ea „1 lin Z P/7 1 rx 11 yamy�' W n5 rlr r% r r m5 F,A ^+ . IL% It II t%rF l r t l C1 fX7 PYI Cl r'v�1 rI rr, N Lo rn k V O Q I— O Ln l- i O oC� o 0 0V: o O V M M O (Pcl m n V f in O OJ M N M N 7 7 7 O O + + + 7 + + + + + 7 M N W (P O O O (h O f N lD N O O O M M (P M N O O V O N - O O O I O 0 o v o 0 0 0 0 0 0 0 0 o m o 0 0 N O 111 �D �D Q1 ti ( O N O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 07 O M O N W O W O N O M IA O < O O O O O O O O O O O I( O O O O O O O O O O O O O O O O O O O O O O d 4 6 6 N cs of O O N W O OJ O N O M IA O .—I Ill lfl '9 V) LO J � d w m' Z II�II����9 a m W flb W'i C SII rpy R'q a�� l ! 'Cin n"lu. rw1 f�^ n"p ra er,,� i opal z ¢t7 'p1 Flr rll. '�y, II,% IYA II I C�1 A f } �"I fTi fI7 � '9 V) LO 1pfomm It Lq Iq M Lq .M -I O O O O . 1 rn N W } d 0 n m M W rn M c+ o If1 h o 01 O 0 O o O O O d N tli 61 C m � M t0 N 111 O+ O 01 Vt O O O O O O O O O 7 O O O Lr W M M M O+ f- O O O O . OJ O O O O O O O O 9 N n W L� O N tD M N O O O O O O N C n U ~ O O O O O O O O O O I to L!1 M m W 01 W N "® O W O Ce Q O O O O O O O O O O C Of � C p N d 0 0 0 0 0 0 0 0 0 0 V N n OJ OcT l I� W N O � Q m M Il lliiii til ILI y �G ai ICdI" cx: lix �G ✓S li q�X ^!, 'N1 fn dX91 O '9 ri m rx ai I rvti xa a w oti w r'Eu Q II,% IY II I C1 A f } �"I f1l fI7 � It �1 o o o 0 0 } v N m 0 0 l0 ti O M W N O O O O Il I: lf1 O O O O rA O tD O n t0 V � O V 01 ti 12 OJ W O O O O f— O O O O O O .moi O O O N 7 n � M H W O O l0 ID N O O O O IQ V O O O O O O O N U O o D N M N O t_1 ~ O O O O O O O O O O l0 l0 Ill O M � 01 Lr1 c O IL M M VN l0 7 N d O O O O O O O O O O C Oa � C [p N d 0 0 0 0 0 0 0 0 0 0 s ri N i0 T W c: Ii M lD lLlr 1 O N tp 7 �1 m Iliil ILG 4.k Iz I'I] W is r r"i cx. rlr aa, II,i. 00 -1 LO un o V: to w O V- c:? 6 c:i 6 cs 1� cL 12 O N O O 13 'd o E o V: to w 6 c:i 6 cs 1� cL 13 o E Ng :R al, ILI Slly 41A ID C3 AM IIA 23, 0 N E -. 0 S 6 0 c:i c:i ti 0 .d Lfl+ O O O O 111 C5 9 + Old O O I diR N to 61 C :3 0 N E -. 0 S 6 0 c:i c:i ti 0 .d O O O O 111 C5 9 Old 0 N E -. 0 S 6 0 c:i c:i ti .2 t i 1p O O O O C5 9 Old diR ap E ay :3 0 N E -. 0 S 6 c:i c:i ti 0 N C5 9 Old diR ap E ay :3 12. %rd 0 N �1 o o o c- O O O O O M (b M CO o � C11 m M 7 to M M i0 M O 111 o O O O O Cb OJ � V V N rte? A 7 rl N w l0 l0 In N c- O O O O O M (b M CO V �D � C11 � O IA to N i va'i n o v v rte? A 7 � w v rl� rn o o ti v o � i vi vi vi o� as er � 0 0 0 0 0 0 O 0 O 0 m M M to W � I 1 N m ti i w m � m v m v v m I v M iri M vi M M +R y} M O O O O O O O O O O O O 111 O O O W O o: O lfl � ai rn m 0 0 0 0 0 0 o m S � `s m S w 0 0 0 0 o M 0 Lr n 0 0 0 o 0 0 o 0 0 m 0 rn 10 7 N � N O W fPr W V? (P 111 +A erA 2 cn 5 i z uM.. rni w m a �y x �w wnw �ruu naw aa: I....G udl.. .15k u lu m'D wbn m! nw I � ria r wa as A ! its u F'.: rti w %rd e:a w ra ia: rl N w