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Home My WebLink AboutDocumentation_Regular_Tab 07_11/10/2022Agenda Item V. Regular Council STAFF MEMO -D Meeting: Regular Council -Nov 10 2022 Staff Contact: Jeremy Allen, Village Manager Department: Manager r Manager's Report through October 31, 2022 CRY: 1. The Financial Reports presented above are unadjusted and unaudited. The Village considers revenues available if collected within 60 days of the current fiscal period. This means that there are additional revenues and expenditures that have not been recorded to date and that will be recorded once year-end adjustments are completed. Additionally, during the year, revenues and expenses are recorded on a modified accrual basis (similar to a cash basis). This will result in significant differences between our beginning balances in the enterprise funds (water, refuse and recycling and stormwater) and the adjusted ending balances as these funds report on a full accrual basis. 2. Property Taxes — first FY 2023 distribution is scheduled for the midst of November 2022. Historically, 91 % of ad valorem tax distribution receipted by the end of February. 3. Sales/use taxes (4.41%), which include local infrastructure surtax, insurance premium, utility, communication service and local business tax, are one/two month behind collection/reported period, with the exception of the Local Business Tax collected at 87%. 4. Intergovernmental revenues (2.03%) which include municipal revenue sharing, half -cent sales tax, and local gas tax are one month behind the collection/reported period. Revenues for FY 2023 has not been received at 10/31 /2022, with the exception of the municipal revenue sharing collected at 9.32%. 5. Revenues (Budgetary comparison) recorded in the General fund represents 1.92% of budgeted due to the distribution nature of Ad valorem taxes (first FY 2023 distribution — November 2022) and State Revenues collection one/two month behind collected period. 6. Overall Expenditures (Budgetary comparison) in the General Fund represents 7.72% of budgeted, which is below target budgeted due to the fact that not all the expenditures recorded for the services provided up to 10/31 /22 and personnel expenditures recorded as paid not when accrued. 7. Revenues (Prior year comparison) all funds aligned with the prior year revenues. The increase shown is due to pending revenue adjustments for FY 2022. 8. Expenditures (Prior year comparison) all funds decreased due to recreation center project completion and timing in different expenditures recording. Page 135 of 475 Agenda Item #7. This document and any attachments may be reproduced upon request in an alternative format by completing our Accessibility Feedback Form, sending an e-mail to the Village Clerk or calling 561-768- 0443. PROJECT NAME: NA BUDGET: NA ENCUMBERED: NA Proposed: NA PROJECTED TOTAL: NA Oct 2022 v2 Finance Quarterly Investment Report -September 2022 2 October 2022 Grant Budget Worksheet (11 2Copy of October 2022 Managers Report.ADA Projected Remaining: NA Page 136 of 475 � 2 ILCt BALANCE SHEET FOR VILLAGE OF TEQUESTA acan u `G Period Ending 10/31/2022 DB: Teauesta Page: 1/8 Fund 001 GENERAL FUND GL Number Description *** Assets *** Cash and Cash Equivalents Investments Accounts Receivable Due from Other Funds Accrued Income Receivable Inventories Prepaids Other Assets - Current Other Fixed Assets Total Assets *** Liabilities *** Accounts Payable Accrued liabilities Retainage Payable Due to Other Funds Due to Other Governments Deferred Revenue Other Current Liabilities Customer Deposits Noncurrent liabilities Total Liabilities *** Fund Balance *** F/B - Reserved for Inventories F/B - Res for Encumbrance F/B - All Other Reserves F/B - Unreserved - Designated F/B - Unreserved/Undesignated Fund Balance - Ncnspendable Fund Balance - Restricted Fund Balance - Committed Fund Balance - Assigned Fund Balance - Unassigned Total Fund Balance Beginning Fund Balance - 21-22 Net of Revenues VS Expenditures - 21-22 *21-22 End FB/22-23 Beg FB Net of Revenues VS Expenditures - Current Year Ending Fund Balance Total Liabilities And Fund Balance * Year Not Closed Balance 1,335,402.65 6,485,360.66 369,528.44 0.00 23,660.00 86,030.48 414,439.79 0.00 0.00 8,714,422.02 318,881.79 437,182.26 0.00 0.00 1,337.26 84,317.77 0.00 0.00 0.00 841,719.08 0.00 0.00 0.00 0.00 0.00 732,799.97 364,007.00 500,000.00 55,709.00 4,553,863.61 6,206,379.58 6,206,379.58 2,602,592.11 8,808,971.69 (936,268.75) 7,872,702.94 8,714,422.02 Page 137 of 475 � 2 ILCt BALANCE SHEET FOR VILLAGE OF TEQUESTA acan u `G Period Ending 10/31/2022 DB: Teauesta Fund 101 BUILDING FUND GL Number Description Balance *** Assets *** Cash and Cash Equivalents Investments Accounts Receivable Inventories Prepaids Total Assets *** Liabilities *** Accounts Payable Accrued liabilities Due to Other Governments Total Liabilities *** Fund Balance *** F/B - Unreserved/Undesignated Fund Balance - Nonspendable Fund Balance - Restricted Fund Balance - Unassigned Total Fund Balance Beginning Fund Balance - 21-22 Net of Revenues VS Expenditures - 21-22 *21-22 End FB/22-23 Beg FB Net of Revenues VS Expenditures - Current Year Ending Fund Balance Total Liabilities And Fund Balance * Year Not Closed 215,736.98 604,837.05 0.00 208.52 4,328.60 825,111.15 2,166.71 (62,407.05) 2,823.94 (57,416.40) 0.00 11,454.70 864,932.12 0.00 876,386.82 876,386.82 5,904.51 882,291.33 236.22 882,527.55 825,111.15 Page: 2/8 Page 138 of 475 � 2 ILCt BALANCE SHEET FOR VILLAGE OF TEQUESTA acan u `G Period Ending 10/31/2022 DB: Teauesta Fund 301 CAPITAL IMPROVEMENT FUND GL Number Description Balance *** Assets *** Cash and Cash Equivalents Investments Accounts Receivable Due from Other Funds Prepaids Total Assets *** Liabilities *** Accounts Payable Accrued liabilities Retainage Payable Due to Other Funds Total Liabilities *** Fund Balance *** F/B - Res for Encumbrance F/B - All Other Reserves F/B - Unreserved - Designated F/B - Unreserved/Undesignated Fund Balance - Nonspendable Fund Balance - Restricted Fund Balance - Committed Fund Balance - Assigned Fund Balance - Unassigned Total Fund Balance Beginning Fund Balance - 21-22 Net of Revenues VS Expenditures - 21-22 *21-22 End FB/22-23 Beg FB Net of Revenues VS Expenditures - Current Year Ending Fund Balance Total Liabilities And Fund Balance * Year Not Closed 106,380.21 0.00 0.00 0.00 0.00 106,380.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 59,172.00 262,429.00 31,690.26 0.00 353,291.26 353,291.26 (246,911.05) 106,380.21 0.00 106,380.21 106,380.21 Page: 3/8 Page 139 of 475 � 2 ILCt BALANCE SHEET FOR VILLAGE OF TEQUESTA acan u `G Period Ending 10/31/2022 DB: Teauesta Fund 303 CAPITAL PROJECTS FUND GL Number Description Balance *** Assets *** Cash and Cash Equivalents Investments Accounts Receivable Due from Other Funds Prepaids Total Assets *** Liabilities *** Accounts Payable Accrued liabilities Retainage Payable Due to Other Funds Total Liabilities *** Fund Balance *** F/B - Res for Encumbrance F/B - Unreserved/Undesignated Fund Balance - Nonspendable Fund Balance - Assigned Fund Balance - Unassigned Total Fund Balance Beginning Fund Balance - 21-22 Net of Revenues VS Expenditures - 21-22 *21-22 End FB/22-23 Beg FB Net of Revenues VS Expenditures - Current Year Ending Fund Balance Total Liabilities And Fund Balance * Year Not Closed 136,378.12 0.00 0.00 0.00 0.00 136,378.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,550,094.11 0.00 2,550,094.11 2,550,094.11 (2,413,715.99) 136,378.12 0.00 136,378.12 136,378.12 Page: 4/8 Page 140 of 475 7/�1 1 2 �iCtlll BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 5/8 11 C acan u LLC Period Ending 10/31/2022 DB: Teauesta Fund 401 WATER FUND GL Number Description Balance *** Assets *** Current Assets 0.00 Cash and Cash Equivalents 2,108,571.11 Investments 4,915,615.07 Accounts Receivable 577,599.56 Special Assess -Current 0.00 Special Assess - noncurrent 0.00 Due from Other Funds 0.00 Accrued Income Receivable 23,660.01 Inventories 222,124.19 Prepaids 40,384.44 Other Assets - Current 0.00 Land 83,335.00 Other Assets - Non Current 83,335.00 INFRASTRUCTURE 15,249,991.62 Buildings 224,255.54 Improvements Other Than Bldgs. 24,662.40 Machinery & Equipment 306,345.95 Construction in Progress 216,729.93 Intangible Assets 8,038.08 Other Fixed Assets 0.00 Deferred Outflows 548,103.80 FIXED ASSETS 0.00 Total Assets 24,549,416.70 *** Liabilities *** Accounts Payable 10,317.59 Accrued liabilities (349,671.46) Retainage Payable 0.00 Due to Other Funds 0.00 Due to Other Governments 2,202.12 Deferred Revenue 0.00 Current Portion of Debt 391,728.09 Other Current Liabilities 0.00 Customer Deposits 41,430.00 Noncurrent liabilities 2,344,386.67 Other Long Term Liabilities 415,756.86 Def Inflows of Resources 478,636.00 Total Liabilities 3,334,785.87 *** Fund Balance *** F/B - Res for Encumbrance 0.00 F/B - All Other Reserves 0.00 F/B - Unreserved - Designated 0.00 F/B - Unreserved/Undesignated 0.00 N.A., Inv in Cap, net of debt 11,584,763.87 Net Assets, Restricted 0.00 Fund Balance - Restricted 376,728.00 Fund Balance - Committed 500,000.00 Fund Balance - Unassigned 7,760,148.90 Total Fund Balance 20,221,640.77 Beginning Fund Balance - 21-22 20,221,640.77 Net of Revenues VS Expenditures - 21-22 726,871.08 *21-22 End FB/22-23 Beg FB 20,948,511.85 Net of Revenues VS Expenditures - Current Year 266,118.98 Ending Fund Balance 21,214,630.83 Total Liabilities And Fund Balance 24,549,416.70 * Year Not Closed Page 141 of 475 � 2 I}], 5 � BALANCE SHEET FOR VILLAGE OF TEQUESTA acan `G 7T� Period Ending 10/31/2022 DB: Teauesta Fund 402 REFUSE & RECYCLING GL Number Description Balance *** Assets *** Cash and Cash Equivalents Investments Accounts Receivable Other Assets - Current Total Assets *** Liabilities *** Accounts Payable Due to Other Funds Total Liabilities *** Fund Balance *** F/B - Unreserved/Undesignated Fund Balance - Unassigned Total Fund Balance Beginning Fund Balance - 21-22 Net of Revenues VS Expenditures - 21-22 *21-22 End FB/22-23 Beg FB Net of Revenues VS Expenditures - Current Year Ending Fund Balance Total Liabilities And Fund Balance * Year Not Closed 68,933.68 0.00 0.00 0.00 68,933.68 0.00 0.00 0.00 0.00 94,283.76 94,283.76 94,283.76 (24,544.08) 69,739.68 (806.00) 68,933.68 68,933.68 Page: 6/8 Page 142 of 475 7/�1 1 2 IiCtlll BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 7/8 11 C acan LLC Period Ending 10/31/2022 DB: Teauesta Fund 403 STORMWATER UTILITY GL Number Description Balance *** Assets *** Cash and Cash Equivalents (41,744.99) Investments 0.00 Accounts Receivable 1,461.44 Due from Other Funds 0.00 Inventories (281.26) Prepaids 517.71 Other Assets - Current 0.00 Other Assets - Non Current 0.00 INFRASTRUCTURE 2,003,395.44 Buildings 0.00 Improvements Other Than Bldgs. 0.00 Machinery & Equipment 17,118.63 Construction in Progress 0.00 Deferred Outflows 25,859.00 Total Assets 2,006,325.97 *** Liabilities *** Accounts Payable 2,192.71 Accrued liabilities (26,171.09) Retainage Payable 0.00 Due to Other Funds 0.00 Due to Other Governments 0.00 Current Portion of Debt 0.00 Other Long Term Liabilities 14,769.37 Def Inflows of Resources 10,773.00 Total Liabilities 1,563.99 *** Fund Balance *** F/B - Res for Encumbrance 0.00 F/B - Unreserved - Designated 0.00 F/B - Unreserved/Undesignated 0.00 N.A., Inv in Cap, net of debt 1,236,387.06 Fund Balance - Unassigned 740,011.78 Total Fund Balance 1,976,398.84 Beginning Fund Balance - 21-22 1,976,398.84 Net of Revenues VS Expenditures - 21-22 48,875.73 *21-22 End FB/22-23 Beg FB 2,025,274.57 Net of Revenues VS Expenditures - Current Year (20,512.59) Ending Fund Balance 2,004,761.98 Total Liabilities And Fund Balance 2,006,325.97 * Year Not Closed Page 143 of 475 � 2 I}], 5 � BALANCE SHEET FOR VILLAGE OF TEQUESTA acan `G 7T� Period Ending 10/31/2022 DB: Teauesta Fund 605 SPECIAL LAW ENFORCEMENT GL Number Description Balance *** Assets *** Cash and Cash Equivalents Investments Accounts Receivable Inventories Prepaids Total Assets *** Liabilities *** Accounts Payable Due to Other Funds Total Liabilities *** Fund Balance *** Fund Balance - Ncnspendable Fund Balance - Restricted Fund Balance - Assigned Fund Balance - Unassigned Total Fund Balance Beginning Fund Balance - 21-22 Net of Revenues VS Expenditures - 21-22 *21-22 End FB/22-23 Beg FB Net of Revenues VS Expenditures - Current Year Ending Fund Balance Total Liabilities And Fund Balance * Year Not Closed 49,324.27 80,718.70 0.00 0.00 8,540.61 138,583.58 0.00 0.00 0.00 13,352.35 143,688.75 0.00 0.00 157,041.10 157,041.10 (18,457.52) 138,583.58 0.00 138,583.58 138,583.58 Page: 8/8 Page 144 of 475 Agenda Item #7. VILLAGE OF TEQUESTA Cash & Investments Unadjusted Unaudited 10/31/2022 Cash Investments Total General Fund #001 $ 1,335,403 $ 6,485,361 $ 7,820,763 Building Fund #101 215,737 604,837 820,574 Capital Improvement Fund #301 106,380 - 106,380 Capital Projects Fund #303 136,378 - 136,378 Water Utility #401 2,108,571 4,915,615 7,024,186 Refuse & Recycling #402 68,934 - 68,934 Stormwater #403 (41,745) * - (41,745) Special Law Enforcement #605 49,324 80,719 130,043 Total Cash and Investments $ 3,978,982 $ 12,086,531 $ 16,065,514 *Transfer pending Page 145 of 475 VILLAGE OF TEQUESTA �nda Item #7. REVENUE REPORT - CASH BASIS, UNAUDITED YTD BALANCE I YTD BALANCE DESCRIPTION VARIANCE I %VARIANCE I NOTES REVENUES Fund 001- GENERAL FUND Sales & Use Taxes Licenses & Permits Intergovernmental Revenue Chgs for Services - Gen Gov Intragovernmental Revenue Rents & Royalties Miscellaneous Revenues Chgs for Services - Public Safety Fines & Forfeitures Impact Fees Charges for Services - Recr. Unrestricted Investment Earning Other Financing Sources Total General Fund 69,375 87,401 18,025 25.98% FYE 2022 revenue adjustment pending 140 1,260 1,120 800.00% 15,950 18,242 2,293 14.37% State revenues sharing increase 28,329 28,107 (221) -0.78% 71,362 71,923 561 0.79% 18,076 27,227 9,151 50.62% Timing difference in lease revenue recording 2 30 28 1176.60% 86,723 71,190 (15,533) -17.91% Timing difference in EMS revenue recording 722 0 (722) -100.00% 851 851 0 0.00% 0 3,113 3,113 100.00% Recreation fees increase due to open facility 2 0 (2) -100.00% 236 (236) -100.00% 291,768 309,344 17,576 6.02% Fund 101- BUILDING FUND Licenses & Permits 56,196 53,040 (3,156) -5.62% Total Building Fund 56,196 53,040 (3,156) -5.62% Fund 301- Capital Improvement Fund Total Capital Improvement Fund 0 0 0 0.00% Fund 303 - Capital Projects Fund Total Capital Projects Fund: 0 0 0 0.00% Fund 401- Water Fund Miscellaneous Revenues 3 182 179 5969.33% Unrestricted Investment Earning 3 0 (3) -100.00% Charges for Services 246,455 568,384 321,929 130.62% FYE 2022 revenue adjustment pending Total Water Fund: 246,461 568,566 322,105 130.69% Fund 402 - Refuse & Recycling Total Refuse & Recycling: 0 0 0 0.00% Fund 403 - Stormwater Utility Total Stormwater Utility: 0 0 0 0.00% Fund 605 - Special Law Enforcement Total Special Law Enforcement 0 0 0 0.00% TOTAL REVENUES - ALL FUNDS 594,425 930,950 336,525 56.61% are Tor aiTTerences grater tnan luio ana amounts over Page 146 of 475 enda Item #7. VILLAGE OF TEQUESTA EXPENDITURE REPORT - CASH BASIS, UNAUDITED YTD BALANCE YTD BALANCE DESCRIPTION 10/31/2021 10/31/2022 VARIANCE VARIANCE NOTES EXPENDITURES Fund 001- GENERAL FUND Council 4,791 6,556 1,765 36.84% Membership, timing difference in recording Manager 22,199 19,209 (2,989) -13.47% Insurance decrease Human Resources 39,294 36,790 (2,504) -6.37% Village Clerk 38,235 22,316 (15,919) -41.63% Website, comp system maint, timing cliff in recording Finance 56,519 43,681 (12,839) -22.72% ClearGov subscribtion, timing difference in recording Comprehensive Planning 1,164 1,250 86 7.38% General Government 42,383 30,615 (11,768) -27.77% Paradise park lease termination IT 118,077 79,075 (39,003) -33.03% Comp system maint, timing difference in recording Police Department 321,189 252,956 (68,233) -21.24% Other contractual Svcs, timing difference in recording Code Compliance 6,088 5,258 (830) -13.63% Fire Control 355,815 270,657 (85,158) -23.93% Pension contrib, insurance, timing difference in recording Public Works 89,839 51,238 (38,601) -42.97% FEC leases, insurance, timing difference in recording Leisure Services 119,256 65,059 (54,196) -45.45% Construction insurance Debt Service 356,419 360,954 4,535 1.27% Total General Fund 1,571,267 1,245,613 (325,654) -20.73% Fund 101- BUILDING FUND Building Department 56,417 52,804 (3,613) -6.40% Comp system maint, ins, timing difference in recording Total Building Fund 56,417 52,804 (3,613) -6.40% Fund 301- Capital Improvement Fund Total Capital Improvement Fund: 0 0 0 0.00% Fund 303 - Capital Projects Fund Recreation Center Total Capital Projects Fund: Fund 401- Water Fund Water -Administration Water - Production Water -Distribution Water -Customer Service Renewal & Replacement Debt Service Total Water Fund: Fund 402 - Refuse & Recycling Refuse and Recycling Total Refuse & Recycling: Fund 403 - Stormwater Utility Storm Water Utilities Renewal & Replacement Total Stormwater Utility: Fund 605 - Special Law Enforcement (118,498) 0 118,498-100.00% Recreation Center project (118,498) 0 118,498-100.00% 171,617 141,560 (30,057) -17.51% Comp system maint, ins, FEC lease, timing diff in recording 128,609 65,395 (63,214) -49.15% Water system maint expense, timing in pension exp.rec. 48,485 46,310 (2,175) -4.49% 18,469 15,088 (3,381) -18.31% Insurance, timing difference in recording 12,242 2,058 (10,184) -83.19% Decrease of inventory purchases 30,752 32,036 1,284 4.18% 410,175 302,447 (107,728) -26.26% 726 806 80 11.08% 726 806 80 11.08% 21,989 20,513 (1,476) -6.71% 17,265 0 (17,265)-100.00% Drainage improvements 39,254 20,513 (18,741)-47.74% Police 6,562 0 (6,562)-100.00% Differs from year to year Total Special Law Enforcement: 6,562 0 (6,562)-100.00% TOTAL EXPENDITURES - ALL FUNDS 1,965,901 1,622,182 (343,719)-17.48% NOTES are for differences grater than 10% and amounts over $1,000. Page 147 of 475 Item #7. THE VILLAGE OFTEQUESTA Benda REVENUE REPORT- CASH BASIS, UNAUDITED FY 2023 FY 2023 8,33% ORIGINAL AMENDED TARGET YTD BALANCE DOLLAR PERCENT % BDGT DESCRIPTION BUDGET BUDGET BUDGET 10/31/2022 VARIANCE VARIANCE USED NOTES Fund 001- GENERAL FUND General Property Taxes 9,401,670 9,401,670 783,473 0 (783,473) -100.00% 0.00 Historically, 91% receipted by the end of Feb Sales & Use Taxes 1,979,760 1,979,760 164,980 87,401 (77,579) -47,02% 4.41 state revenues one/two month behind Franchise fees - gross receipt 484,710 484,710 40,393 0 (40,393) -100.00% 0.00 Licenses & Permits 1,000 1,000 83 1,260 1,177 1412.00% 126.00 oifferfromyeartoyear Intragovernmental Revenue 863,074 863,074 71,923 71,923 0 0.00% 8.33 Grants Federal 23,900 23,900 1,992 0 (1,992) -100.00% 0.00 oifferfromyear toyear, timing ofcollection Grants - State 63,000 63,000 5,250 0 (5,250) -100.00% 0.00 oifferfromyeartoyear, timing ofcollection Intergovernmental Revenue 903,855 903,855 75,321 18,242 (57,079) -75.78% 2.02 state revenues one/two month behind Chgs for Services - Gen Gov 206,633 206,633 17,219 28,107 10,888 63.23% 13.60 Land development fees depends on the projects Chgs for Services - Public Safety 1,329,753 1,329,753 110,813 71,190 (39,622) -35.76% 5.35 Timing in revenue recording Charges for Services - Recr. 61,000 61,000 5,083 3,113 (1,971) -38.77% 5.10 Timing in revenue recording Fines & Forfeitures 18,877 18,877 1,573 0 (1,573) -100.00% 0.00 Timing in revenue recording Unrestricted Investment Earning 110,488 110,488 9,207 0 (9,207) -100.00% 0.00 Timing in revenue recording Rents & Royalties 264,262 264,262 22,022 27,227 5,205 23.64% 10.30 cell tower leases increase Impact Fees 6,926 6,926 577 851 273 47.38% 12.28 Differ from year to year depending on projects Contributions & Donations 3,850 3,850 321 0 (321) -100.00% 0.00 Miscellaneous Revenues 13,699 13,699 1,142 30 (1,112) -97.37% 0.22 Differfromyeartoyear Other Financing Sources (lease) 21,791 21,791 1,816 0 (1,816) -100,00% 0.00 sale of assets differ from yeartoyear Appropriate Fund Balance 385,000 385,000 Total General Fund 16,143,248 16,143,248 Fund 101- BUILDING FUND Licenses & Permits 604,115 604,115 Chgs for Sery - Gen Gov 0 0 Unrestricted Investment Earning 3,000 3,000 Miscellaneous Revenues 0 0 Appropriate Fund Balance 238,445 238,445 Total Building Fund 845,560 845,560 Fund 301- Capital Improvement Fund Transfers In 707,686 707,686 Appropriate Fund Balance 510,436 510,436 Total Capital Improvement Fund: 1,218,122 1,218,122 Fund 303 - Capital Projects Fund Transfers In 294,895 294,895 Appropriate Fund Balance Total Capital Projects Fund: 294,895 294,895 Fund 401- Water Fund Charges for Services 6,538,611 6,538,611 Fines & Forfeitures 0 0 Unrestricted Investment Earn 75,000 75,000 Miscellaneous Revenues 39,950 39,950 Other Financing Sources (icl.loan) 10,891,758 10,891,758 Appropriate Fund Balance 382,342 382,342 Total Capital Projects Fund: 17,927,661 17,927,661 Fund 402 - Refuse & Recycling Charges for Services 572,366 572,366 Unrestricted Investment Earn 500 500 Appropriate Fund Balance 29,106 29,106 Total Refuse & Recycling: 601,972 601,972 Fund 403 - Stormwater Utility Grants & Contributions 95,000 95,000 Charges for Services 519,571 519,571 Unrestricted Investment Earn 1,528 1,528 Transfers In 300,000 300,000 Appropriate Fund Balance 0 0 Total Stormwater Utility: 916,099 916,099 Fund 605 - Special Law Enforcement Forfeitures 63,700 63,700 Appropriate Fund Balance 36,007 36,007 Total Special Law Enforcement 99,707 99,707 TOTAL REVENUES - ALL FUNDS 38,047,264 38,047,264 NOTES are for differences grater than 10%and amounts over $1,000 45,271 309,344 (1,035,927) -77.01% 1.92 50,343 53,040 2,697 5.36% 8.78 0 0 0 100,00% 0.00 250 0 (250) -100.00% 0.00 0 0 0 100,00% 0.00 0 0 70,463 53,040 (17,423)-24.73% 6.27 58,974 0 (58,974)-100.00% 0.00 FY 2023 not recorded, timing in revenue recording 0 0 (101,510)-100.00% 0.00 24,575 0 (24,575)-100.00% 0.00 1 FY 2023 not recorded, timing in revenue recording 0 0 (24,575)-100.00% 0.00 544,884 568,384 23,500 4.31% 8.69 0 0 0 100.00% 100.00 6,250 0 (6,250) -100.00% 0.00 Timing in revenue recording 3,329 182 (3,147) -94.53% 0.46 Differfrom yearto year, timing ofcollection 907,647 0 (907,647) -100.00% 0.00 Loan proceeds recorded when received 0 0 93,972 568,566 (925,406)-61,94% 3.17 47,697 0 (47,697)-100,00% 0.00 Historically, 91% receipted by the end of Feb 42 0 (42)-100.00% 0.00 0 50,164 0 (50,164)-100,00% 0.00 Timing in revenue recording 7,917 0 (7,917)-100,00% 0.00 43,298 0 (43,298) -100.00% 0.00 Historically, 91%receiptedbythe end ofFeb 127 0 (127) -100.00% 0.00 25,000 0 0 (25,000) -100.00% 100.00 FY 2023 not recorded, timing in revenue recording 0 (76,342)-100.00% 0.00 5,308 0 (5,308)-100.00% 0.00 1 Differ from year to year, timing of collection 3,001 0.00 8,309 0 (8,309)-100.00% 0.00 0,605 930,950 (2,239,655)-70.64% 2.45 Page 148 of 475 THE VILLAGE OF TEQUESTA EXPENDITURE REPORT - CASH BASIS, UNAUDITED FY 2023 FY 2023 8.33% ORIGINAL AMENDED TARGET YTD BALANCE DOLLAR PERCENT % BDGT DESCRIPTION BUDGET BUDGET BUDGET 10/31/2022 VARIANCE VARIANCE USED Fund 001- General Fund Council 80,832 80,832 6,736 6,556 (180) -2.67% 8.11 (1),(2) Manager 318,325 318,325 26,527 19,209 (7,318) -27.59% 6.03 (1),(2) Human Resources 409,148 409,148 34,096 36,790 2,694 7.90% 8.99 (1),(2) Village Clerk 415,815 415,815 34,651 22,316 (12,335) -35.60% 5.37 (1),(2) Finance 755,922 755,922 62,994 43,681 (19,313) -30.66% 5.78 Legal 180,000 180,000 15,000 0 (15,000) -100.00% 0.00 (1),(2) Comprehensive Planning 229,540 229,540 19,128 1,250 (17,878) -93.47% 0.54 (1),(2) General Government 232,565 232,565 19,380 30,615 11,235 57.97% 13.16(1),(2) IT 480,271 480,271 40,023 79,075 39,052 97.58% 16.46 (3) Police Department 3,509,439 3,509,439 292,453 252,956 (39,498) -13.51% 7.21 (1),(2) Code Compliance 104,789 104,789 8,732 5,258 (3,474) -39.79% 5.02 (1),(2) Fire Control 4,531,013 4,531,013 377,584 270,657 (106,928) -28.32% 5.97 (1),(2) Public Works 1,602,399 1,602,399 133,533 51,238 (82,295) -61.63% 3.20(1),(2) Leisure Services 1,074,672 1,074,672 89,556 65,059 (24,497) -27.35% 6.05 (3) Debt Service 591,400 591,400 49,283 360,954 311,670 632.41% 61.03 New debt service Interfund Transfers 1,302,581 1,302,581 108,548 0 (108,548) -100.00% 0.00 (3) Allocate to Fund Balance 324,537 324,537 Total General Fund 16,143,248 16,143,248 1,345,271 1,245,613 (99,658) -7.41% 7.72 Fund 101- BUILDING FUND Building & Zoning 845,560 845,560 70,463 52,804 (17,659) -25.06% 6.24 (1),(2) Allocate to Fund Balance 0 0 0 #DIV/0! 0.00 Total Building Fund 845,560 845,560 70,463 52,804 (17,659) -25.06% Fund 301- Capital Improvement Fund Public Works 848,285 848,285 70,690 0 (70,690) -100.00% 0.00 (2) Projects - Other 369,837 369,837 30,820 0 (30,820) -100.00% 0.00 (3) Allocate to Fund Balance Total Capital Improvement Fund: 1,218,122 1,218,122 101,510 0 (101,510) -100.00% 0.00 Fund 303 - Capital Projects Fund Public Works 170,000 170,000 14,167 0 (14,167) -100.00% 0.00 Allocate to Fund Balance 124,895 124,895 0.00 Total Capital Projects Fund: 294,895 294,895 24,575 0 (24,575) -100.00% 0.00 Fund 401- Water Fund Water -Administration 1,346,997 1,346,997 112,250 141,560 29,311 26.11% 10.51 Water- Production 1,960,184 1,960,184 163,349 65,395 (97,953) -59.97% 3.34 Water -Distribution 777,045 777,045 64,754 46,310 (18,444) -28.48% 5.96 Water -Customer Service 278,405 278,405 23,200 15,088 (8,113) -34.97% 5.42 Renewal & Replacement 2,216,000 2,216,000 184,667 2,058 (182,609) -98.89% 0.09 (2) Capital Improvement 10,855,000 10,855,000 904,583 0 (904,583) -100.00% 0.00 (2) Debt Service 494,030 494,030 41,169 32,036 (9,133) -22.18% 6.48 Other Nonoperating 0 0 0 0 0.00% 0.00 Total Capital Projects Fund: 17,927,661 17,927,661 1,493,972 302,447 (1,191,525) -79.76% 1.69 Fund 402 - Refuse & Recycling Refuse and Recycling 601,972 601,972 50,164 806 (49,358) -98.39% 0.13 (1),(2) Other Nonoperating 0 0 0 0 0 0.00% 0.00 Total Refuse & Recycling: 601,972 601,972 50,164 806 (49,358) -98.39% 0.13 Fund 403 - Stormwater Utility Storm Water Utilities 427,518 427,518 35,627 20,513 (15,114) -42.42% 4.80 (1),(2) Renewal & Replacement 419,000 419,000 34,917 0 (34,917) -100.00% 0.00 (2),(3) Allocate to Fund Balance 69,581 69,581 5,798 Total Stormwater Utility: 916,099 916,099 76,342 20,513 (55,829) -73.13% 2.24 Fund 605 - Special Law Enforcement Police 99,707 99,707 8,309 0 (8,309) -100.00% 100.00 (2) Total Special Law Enforcement 99,707 99,707 8,309 0 (8,309) -100.00% 100.00 TOTAL EXPENDITURES - ALLFUNDS 38,047,264 38,047,264 3,170,605 1,622,183 (1,548,423) -48.84% 4.26 Notes: (1) Personal expenditures/expenses recorded as when paid not when accrued. Personnel paid 10/27/22 for the period ended 10/22/22. Due to timing of payroll dates 9 days of personnel expenditures not reflected in October 2022. (2) Not all operating expenditures/expenses recorded for the services of October 2022. Expenditures recorded on a cash basis and adjusted at year end. (3) Timing in expenditures/expenses recording or/and recorded as one time entry. Page 149 of 475 Agenda Item #7. TO: Honorable Mayor, Village Council Members and Jeremy Allen, Village Manager FROM: Jeff Snyder, CPA, Finance Director DATE: October 26, 2022 SUBJECT: Quarterly Investment Report The investment policy requires that we provide Village Council with a quarterly investment report. Attached is the investment report for the quarter ending September 30, 2022. This report is divided into four sections. The first section is this narrative, followed by a listing of the investments, the weighted average interest rate compared to the bench marks established by the policy or closely related bench marks, and a graphical presentation of the make-up of the Village's investment portfolio. Currently the Village's investment portfolio is heavily invested in the short-term liquid investments (21%) at TD Bank, the Village's current bank and in two local government investment pools, also liquid (49%) - Florida SAFE and Florida CLASS. This brings our total percentage of short term liquid investments to (70%). The Village's portfolio also consists of longer term United States Government Agency Securities (18% - Federal Home Loan Bank i.e. FHLB). The Village's portfolio holds two certificates of deposits (CD's - 12%) from TD Bank. The portfolio's mark -to -market (purchase price to market value) for the Federal Home Loan Bank bonds demonstrates the effect of rising interest rates amid the Federal Open Market Committee (FOMC) efforts to control inflation. This resulted in an unrealized loss to our Government Agency Securities investments' market value. The market swings are the reason behind the Village's policy to hold investment until maturity. The change in market value is expected and anticipated. This is why the Finance Department does not invest funds necessary for current operations in longer -term investments. To hedge against rising rates we purchased a "step up" callable bond for which interest rates will climb each year the bonds are not called: 5-yr = 3.15% increasing to 5.5%, & 1-yr = 1.75% for six months increasing to 2.75% for last six months. The stated interest rate will be the yield recognized by the Village by following the hold until maturity strategy. Page 150 of 475 Agenda Item #7. Quarterly Investment Report Page 2 of 2 10/26/2022 The Village's portfolio performed as well as expected against the bench marks for the quarter in a rising rate environment. The short-term liquid investment bench mark was the Florida State Board of Administration Investment Pool (SBA) rate which was 3.07% as of September 30, 2022. The weighted average return for our short-term investments was 2.27% or 80 basis points below the SBA (which included our bank deposit balance which normally has lower rates). The Village's longer -term weighted average return is 2.58% which is 167 basis points below the bench mark of a 3 year treasury bond, 4.25% (September 30, 2022 rate). Inflation continues to trouble the FOMC and they raised the benchmark interest rate by three-quarters of a percent in an effort to combat inflation. Investment returns will increase as a result, over time. Our weighted average maturity is 2.40 years and compares reasonably well to the September 30, 2022 3-year T-Bill bench mark. The Village's actual realized interest will be more than $108,000 for FY 2021-22. The weighted average maturity is 2.40 years which is well below the maximum set by policy for core funds of 5.5 years. The final graphical picture of our investment portfolio is provided to give you a quick over view to ensure that we are following the portfolio composition in our very comprehensive investment policy. I am happy to report that our portfolio composition is within the guidelines set. Please do not hesitate to contact me with questions, concerns and/or recommendations. Page 151 of 475 Agenda Item V. Village of Tequesta Quarterly Investment Report For the Quarter Ending 9/30/2022 Net Realized Net Realized & Unrealized Purchase Market Interest Interest Revenue Interest Revenue Maturity Investments: Price Value Rate 30-Sep-2022 30-Sep-2022 Date Agencies: Federal Home Loan Bank Agency 1,000,000 987,680 1.75% 6,076 (6,244) 25-May-23 Federal Home Loan Bank Agency $ 2,000,000 $ 1,914,540 3.15% 21,700 (63,760) 26-May-27 Certificates of Deposit: TD Bank 1,000,000 1,000,000 2.19% 8,760 8,760 8-May-23 TD Bank 1,000,000 1,000,000 2.64% 10,560 10,560 6-May-24 Cash & Cash Equivalents:## FL Class -Investment Pool* 3,824,021 3,824,021 3.00% 28,021 28,021 Liquid FLSAFE - Investment Pool* 4,360,339 4,360,339 2.74% 30,339 30,339 Liquid TD Bank** 3,431,513 3,431,513 0.85% 2,946 2,946 Liquid $ 16,615,873 $ 16,518,093 $ 108,403 $ 10,623 ## - Cash balance as of September 30, 2022 statements. * - Interest rate as of quarter -end. ** - Compensating balance which reduces banking fees - commonly called Earnings Credit Rate (ECR). Page 152 of 475 Agenda Item V. City of Venice, Florida Quarterly Investment Report For the Quarter Ending 9/30/2022 Weighted Weighted Purchase Purchase Interest Average Average Maturity Investments: Date Price Rate Interest Rate Maturity Date Agencies: Federal Home Loan Bank Agency 25-May-22 1,000,000 1.75% 0.35% 47 25-May-23 Federal Home Loan Bank Agency 26-May-22 2,000,000 3.15% 1.26% 670 26-May-27 Certificates of Deposit: TD Bank 5/6/2022 1,000,000 2.19% 0.44% 44 8-May-23 TD Bank 5/6/2022 1,000,000 2.64% 0.53% 115 6-May-24 Total Investments $ 5,000,000 876 Days/Maturity Weighted Average Interest Rate 2.58% Weighted Average Maturity 2.40 Years Bench Mark = 3 Yr Treasury Bond Rate 4.25% Cash & Cash Equivalents:## FL Class -Investment Pool* 3,824,021 3.00% 0.986% FLSAFE - Investment Pool* 4,360,339 2.74% 1.029% TD Bank** 3,431,513 0.85% 0.251% Total Cash & Cash Equivalents $ 11,615,873 Weighted Average Interest Rate 2.27% Bench Mark = SBA* 3.07% Total Cash & Investments $ 16,615,873 ## - Cash balance as of September 30, 2022 statements. * - Interest rate as of quarter -end. ** - Compensating balance which reduces banking fees - commonly called Earnings Credit Rate (ECR). 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L N O Q c u 41 c LV ca `l U U E c _ V Z a) c c Y ._ N '6 O > Q a) to C to of O 'p rc6 ` 'M `� c u ._ O tin E v O c E a E •� c O s a u x v n aO+ •Q u O s +O+ 'n Q is Q>> O v a) O a) n7 O 7 a > c6 O a O as a O O O a O cc a a m m U } (n O> 1/ (D O (,j LL U (.� ca J U 0-' (n H G d' W Page 158 of 475 Agenda Item V. v 72 �o 00 O W 0 0 0 00 ate+ N O N O M l0 m O 0 0 N N c-I N �--I = N O > N v O � N O O O OM O O O O N lD W O N O O O it O \ M m Ol Lfl Lfl L!1 M N rl M M � N GJ M 0 N 00 Ln O �n O O W O O .� O .� O N .� M 00 O m 00 lf1 O 0 00 1) Ol 01 0) Ql O, 00 O N � � f6 G1 r s 0 0 O 0 E N O O c-I O c-I O Mc -I N O 10 ^ O N Ln N N lD W 3 V C N E i f6 O. N N _u O a C a D C ao N O C O ^ p c 0 U LL N C Q E _� 'C E E rr ? 1E Ei > a C i > VI L LL 7 N N C N Ol C C (6 LL N LL C (0 .0 C C C > ++ 01 C p 0) > ++ O C GCl Y H t aJ H LL m — U C LL LL f6 C N u '0 > w u O> c C is N t E p 2 > >- ra N C L c O c O v v O O O O N N @ c O O� Q G in v t 't 7 E c�.i �` u, O N •Ol '6 '> +�+ Y C LL C G.7 '6 0 tv u LL O 0) cc Q u p a O O 5 c p Ca "= v M y = m s m m m m z 0) o 2 G N d d' LL m LL W W Z Z Z Z Z Z Z Z Z Z OC u a Page 159 of 475 Agenda Item V. 3 O h N N m M 1" N a"' u M n m N �O r, I� N W O co 00 0o rn O N 0o t o � � Lfl � ci NO n M M rs N M M Ill i.+ O \ N Ql M cD 0 O N l0 N M M V c-I n w M O -1 M N c-I -i -1 ID lD N O N l0 M �--I H O O N � a --I N mN CY)O C t0 V1 N O MO OlD w0 't l0 It M Q \ C fT O O Vt r O N rl M m �D r, Itm .--I c-I N Ill Q \ f' \ M _, _, lD O CO l0 O c-I l0 t N N 61 M Ill V M Ln Ill rn m rn ul \ o O ~ N V O O M 1 O N O w O O O al 7 ca � oc � ro 0 0 Ill O w w O 1-1 w O O N M N� M M Lrl - M Ill ill M � N 00 N f0 O N u m c-I ci l0 3 ci O V Q L4 O C � L Q 7 d C O ] V E N O N O_ CT Y W v N W v E W W u 3 _ a 0a C n a d u > ) -a C �_ a) a Y C N al ra N C to Q w a 7 aJ — ra E O N M K .M L W s N M x -O a -0 a al a a C L O N aJ m a/Q N ra u m W c bA 0 o aJ O c-I u in C c O to i a E rr E E L N •V _ LO 7 N u 00 i Q O ++N Q -D C W C M M al O -a O i C aJ a) C N Q) N N C N to M d M tY C @ N H rn H N LL N a! aJ C C = ra (a C= O L N O C 00 C (6 U 5 u O ►+ N C V m O a) a1 an d a/ Q Y OD O_ VI O V1 O Oa '� O i� L OD •— £ ++ i+ ++ VI �+ (a N Q) E O �01 aJ a`) v cl a` v 3 v _C 3 N v a O O al C a1 a> O- c a" H U� -O d al a O O O O p QJ ra O �+ W 00 W C M a/ N O _ 00 C N a w > OL Q O d d d L.L d J In Z/7 � 0- > M E Vl � vl LL 0 D w CL W d Page 160 of 475 Agenda Item V. c c In O N W O Q Vl O M lD ¢ ¢ O lD W r� Q ¢ ¢ ¢ ¢ in V1 N M M Ln rl lD \ z M N 11 - 00 lD \ z \ z M N Ln lD ^ z z z z z H ^ W � N O c � N O IT W M M O m N CA M o Q O 00 Q Q Q Q Q Q Q Q a+ lD lD N m In c-I I� n cy m M m L\} W M N I� N \ z W � o W \ z \ \ \ \ \ \ \ O N c-I a m M N n c-I * N z z z z z z z Y lf1 Ln In Vl 00 N N co Ln tD .--� M Ln N O CO c-I m M N -i 00 m Q LnLn V .--I Ql 1-4.--I V lD h V l!1 � M t/T W -;I- � , 1 W V M �--I Vl Ln � N 00 I� n W Mm O `~ N (V n c-I tV c-I W rq In Ln m M m N W � H c-I M Ln N cp M c } al O V ^ .--I N O M W N -i n O O .--� MLn O Ln O .--� m N Q1 C m W .--� u .-i N m Ol N .�-I al c-I N MLn ro V1 M u) ^ n 0 N m O N c a u cu C E N E N E O C 6 N to U 7 N N v n3 Ml b al C C L O [0 N M tlA O CL � C t L -O N U a1 w `0 E O_E n! CL C O U C nJ Y n! `1 O Q Y VI m nJ (0 Vf to 7 Y N \ M (0 0 Y Qj tv O N (0 p (u 76 ° a s o o c a7 +O U O t C C al Y O O_ .v > O V) O O 2 O O O tv cv j E o ai I v � v -a on " v im 0 3 t c O U O 0Qj u - O 7 in U O �n M O E nJ tM E N al C 0 i Y p 7 VI C 7 N N >• IA Y > N f0 ti N C °�° O CL al OJ O i O `� cc°p cc rQr ., U ru E Q 0 D u \ a`) m� M o o 0 v Y 3 o v c� c� o v t p c �.. o N � a v N v a-- 0q f0 (0 O M bA O ,... O '++ "� O C aj ✓i (unJ vu N vi C a+ aJ u N Q L O 0 in p w M O '^ �^ Xt O vYi O C E v -1 y N v cUi N O z O 2O O 'O LL LL M O f6 N `^ O 7 �. L LL ai �n N al U U p E 7 LL N u Y Q) N `-' � N N O U �. E E E - EL n �n O o N a a2s CrU C c +�+ +O+ `.t- . 3 s W ++ f6 N r` v �O EO E u > p L u c c v £ Y ° @ •° too 0 O o f6 YVNi V u OL O v O LL U �^ w LLO o al '^ �i - O U LL j Q a\\ \ \ �n C Y O O LL w 0n C N , of O to c W d ° in v— .F C-\ E Q K v m v o v v a, a N nn c` 6 v c �1 w a' ai p + u L v — no u s ai -p L u u un on o- bo v �� o v v� v Ca -0c v M v v .° o M a' u �i a s LL Y° s u E a at a en o o o tin � E bo tin 3 3 Q u Q d — Q Q z a W Page 161 of 475 Agenda Item V. 00r,M C� n v o E, O U o by v yj C -6 C j E -0 U O N O Q Q Q Y O O vi N Lbn E (0 v E = O U Q z + Q E t � C Q C p C E C O a a a a a a a a a a a a Q Z Z Z Z Z Z Z Z Z Z Z Z N C N fl_ C aQ+ O Z 03 O 6 O 6 LO -0 Q E Q O O V 0 6 O v 0 0 3 C 0 co Q ai u w Q a� c.i m co In a o m a rn Q bo ry Q7 rn 00 a V lD N l0 V O o- o f0 w 00 h Z -1 c l I- N Z 00 M Z I� c-I c-I M c-I Q u v C N Y O - V O -, m O Q N O_ Q W > in Q 3 - o 0 a a 3 Q) U Q U O 3 C f0 -O O Q cccp Q C N Q Ql Ql Q Q Q Q a Q ul l 7 aU+ Cc.� G OC Q Z O 1I O O M OZZZZZZI- > TQ 0) + t i+ O Q Q Q M 0 � > > Q N O '6 O vi aa) O '— bn v 3 E So� Q Q E 'P .� Y Q c p '> O Q U O = C Q Y Q Y U Q 2 C� QV o 0 3 � > >> - Q LL -6 +-+ Q[2 M, 2" O O 0QC N C C vNi -6 Q .— -6 O t0 O C .ai U Y '� U Q J � •� in v O = u C tOit Q QO — C N v o 3 v v> c0 in u c w O .3 c c O z C: "a o v -o E o a o c v Q o E Q Y - (0 Q m Q m Q Q LL Q Q Y C Q L O E C bD O O M O V bA Q Q c o ° �, ° m 3 vi 3 Q N Q E Q w +J c a v v = s w 0 .Q c c z 3 p v= 0 6 v ° a E Q Q Q Q >. V Q Z o bn c Q c Q C �_ bn N Q 0 > Q cn '� Y Q N O O -= Y 0mA N > Q O O N 6 Y cQ G Y N Y O E 3 0 v m °3 X °� a� E 3 v Q E o V �° `n . u° -- O E U 3> 1 Q o C -O Q V O -O C Q bn 0 Q Q 3 c Q Z u E a\�+ `o o s° M- Q �v �.o w ° ,o N° Y s bn - ° m a_0 bn v Y 6 v o 10 O E Q+ C m o Q o c 0 c '� O u .� •_' n v 6 o C E s a c - w Y Q o �m o _ L N v= O Q `+ O f - 'Q O O Y c 0 '� @ U �n L Q }' ++ -0 7 � N C O CJ n v Q a = o E N Q E = = c o Q- bn M O 3 _ Q v bz Q= a Q Fu 6 Q c � Q M 3 c Y O a u 0 "c 3 .N ab (u c° ax o n u O o Q do ns 0 t o Q 3 0 o Q •� W 7 o c o c L o •L M VI .� bA 'O Q E Q •> Q o> 0 c6 N Q cn o° o o 0 v, Q c0 => Q Q u LL E C 4 C W d i O C ' E c 0 Z C C M N U 0 d . U O n Q N LL Q J Q Q 3 Q L H Q Q Q v Q E OD N 01 N C C Q L Q 3 3 U Q Q u O @ bA `� Q '� Q Q Y N C '�n C O C O C O C O N Q_ N Q 0� Q i C O u L -O C c Q H H Q K 2k H X Q CC C W 7Y , N to Q -0 7 a t0 fl_ O 'y� 7 00 7 Ca a+ u V u V Y C c •N Q E O- m v > W o Q Q E 1 3 w Q Q Q Q o v E C t LL z d U H 0 Ln m W W W W U 4 M Q (;-- In M a—'' Page 162 of 475 Agenda Item V. v L vi bD Q N O E v E m N C O_ 7 N � N N � 3 u Y � L Y N N f6 v1 N � Y_ N i v v on N VI �- � N O N w 7 v O s _N v � N v O � U � > L v E � (p 7 c it Page 163 of 475