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HomeMy WebLinkAboutDocumentation_Regular_Tab 12_11/9/2023 Agenda Item #12. Regular Council STAFF MEMO Meeting: Regular Council - Nov 09 2023 Staff Contact: Jeremy Allen, Village Manager Department: Manager KrUwa Monthly Manager's Report 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 2024 distribution is scheduled for the midst of November 2023. Historically, 91% of ad valorem tax distribution receipted by the end of February. 3. Sales/use taxes (7%), 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 due October 1 st and collected at 91%. 4. Intergovernmental revenues (2%) which include municipal revenue sharing, half-cent sales tax, and local gas tax are one month behind the collection/reported period. Revenues for FY 2024 has not been received at 10/31/2023, with the exception of the municipal revenue sharing collected at 8%. 5. Revenues (Budgetary comparison) recorded in the General fund represents 2% of budgeted due to the distribution nature of Ad valorem taxes (first FY 2024 distribution — November 2023) and State Revenues collection one/two month behind collected period. 6. Overall Expenditures (Budgetary comparison) in the General Fund represents 7% of budgeted, which is below target budgeted due to the fact that not all the expenditures recorded for the services provided up to 10/31/23 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 2023. 8. Expenditures (Prior year comparison) all funds — decreased due to timing in different expenditures recording. Page 396 of 702 Agenda Item #12. 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. BUDGET INFORMATION: 19F BUDGET AMOUNT NA AMOUNT AVAILABLE NA EXPENDITURE AMOUNT: NA FUNDING SOURCES: NA IS THIS A PIGGYBACK: ❑ Yes ❑ N/A DID YOU OBTAIN 3 QUOTES? ❑ Yes ❑ N/A COMMENTS/EXPLANATION ON SELECTIONNA Oct 2023 Oct 2023 Balance Sheet Quarterly Investment Report - September 2023 October 2023 Grant Budget Worksheet (1) October 2023 Managers Report.ADA (1) (1) Page 397 of 702 Agenda Item #12. VILLAGE OF TEQUESTA Cash&Investments Unadjusted Unaudited 10/31/2023 Cash Investments Total General Fund#001 $ 183,515 $ 7,078,219 $ 7,261,734 Building Fund#101 479,460 491,121 970,582 Capital Improvement Fund#301 20,223 1,210,722 1,230,945 Capital Projects Fund#303 54,124 200,000 254,124 Water Utility#401 1,051,420 7,829,085 8,880,506 Refuse &Recycling#402 10,956 82,493 93,449 Stormwater#403 70,366 200,000 270,366 Special Law Enforcement#605 137,723 175,479 313,201 Total Cash and Investments $ 2,007,787 $ 17,267,120 $ 19,274,907 *Interfund transfer pending Page 398 of 702 VILLAGE OF TEQUESTA Agenda Item #12. REVENUE REPORT-CASH BASIS,UNAUDITED YTD BALANCE YTD BALANCE DESCRIPTION 10/31/2022 10/31/2023 VARIANCE %VARIANCE NOTES REVENUES Fund 001-GENERAL FUND General Property Taxes 0 0 0 #DIV/O! Sales&Use Taxes 67,858 89,249 21,391 31.52% Year end adjustment pending Franchise fees-gross receipt 0 0 0 #DIV/O! Licenses&Permits 1,260 540 (720) -57.14% Grants-Federal 0 0 0 #DIV/O! Grants-State 0 0 0 #DIV/O! Intergovernmental Revenue 18,242 20,237 1,994 10.93% Municipal revenue sharing increase Chgs for Services-Gen Gov 28,107 34,180 6,073 21.61% Land development fees based on the projects Indirect Costs 71,923 75,249 3,326 4.62% Rents&Royalties 27,227 385 (26,842) -98.59%Timing in revenue recording Contributions&Donations 0 0 0 #DIV/O! Miscellaneous Revenues 30 14 (16) -53.33% Chgs for Services-Public Safety 71,412 77,169 5,757 8.06% Fines&Forfeitures 0 0 0 #DIV/O! Impact Fees 851 425 (425) -50.00% Grants and Contributions-Local 0 0 0 #DIV/O! Charges for Services-Recreation 3,133 15,500 12,367 394.79% Recreation fees increase due to open facility/programs Unrestricted Investment Earning (1,523) 0 1,523 -100.00%Timing in revenue recording Other Financing Sources 0 #DIV/O! Total General Fund 288,520 312,948 24,428 8.47% Fund 101-BUILDING FUND Licenses&Permits 53,040 39,426 (13,614) -25.67% Varies year to year based upon activity/projects Charges for Services 0 0 0 #DIV/O! Miscellaneous Revenues 0 0 0 #DIV/O! Unrestricted Investment Earning 1,563 0 (1,563) -100.00%Timing in revenue recording Total Building Fund 54,603 39,426 (15,176) -27.79% Fund 301-Capital Improvement Fund Sales&Use Taxes 0 0 0 #DIV/O! Unrestricted Investment Earning 0 0 0 #DIV/O! Total Capital Improvement Fund 0 0 0 #DIV/O! Fund 303-Capital Projects Fund Unrestricted Investment Earning 0 0 0 #DIV/O! Total Capital Projects Fund: 0 0 0 #DIV/O! Fund 401-Water Fund Miscellaneous Revenues 182 0 (182) -100.00% Fines&Forfeitures 0 0 0 #DIV/O! Unrestricted Investment Earning (7,E;' `` 0 7,818 100.00% Other Financing Sources 0 0 0 #DIV/O! Charges for Services 261,436 625,616 364,180 139.30%Year end adjustment pending Total Water Fund: 253,801 625,616 371,816 146.50% Fund 402-Refuse&Recycling Intergovernmental Revenue 0 0 0 #DIV/O! Unrestricted Investment Earning 0 0 0 #DIV/O! Charges for Services 0 0 0 #DIV/O! Total Refuse&Recycling: 0 0 0 #DIV/O! Fund 403-Stormwater Utility Miscellaneous Revenues 0 0 0 #DIV/O! Grants and Contributions-Local 0 0 0 #DIV/O! Unrestricted Investment Earning 0 0 0 #DIV/O! Other Financing Sources 0 0 0 #DIV/O! Charges for Services 0 0 0 #DIV/O! Transfers In 0 0 0 #DIV/O! Total Stormwater Utility: 0 0 0 #DIV/O! Fund 605-Special Law Enforcement Forfeitures 0 0 0 #DIV/O! Unrestricted Investment Earning 200 0 (200) -100.00% Total Special Law Enforcement 200 0 (200) -100.00% TOTAL REVENUES-ALL FUNDS 597,123 977,991 380,868 63.78% NOTES are for differences grater than 10%and amounts over$1,000. Page 399 of 70 Agenda Item #12. VILLAGE OF TEQUESTA EXPENDITURE REPORT-CASH BASIS,UNAUDITED YTD BALANCE YTD BALANCE % DESCRIPTION 10/31/2022 10/31/2023 VARIANCE VARIANCE NOTES EXPENDITURES Fund 001-GENERAL FUND Council 7,194 6,661 (533) -7.41% Manager 19,559 20,827 1,268 6.48% Human Resources 38,356 38,490 133 0.35% Village Clerk 30,832 30,392 (440) -1.43% Finance 51,470 69,903 18,433 35.81% ClearGov software purchase$24K Legal 944 0 (944) -100.00% Differs from year to year based upon service needs Comprehensive Planning 1,250 11,519 10,269 821.52% Regular full time salaries General Government 35,010 38,252 3,242 9.26% IT 134,361 55,709 (78,652) -58.54% Timing in expenditure recording(prepaids) Police Department 336,809 218,895 (117,914) -35.01% Timing in expenditure recording&salaries Code Compliance 7,119 500 (6,618) -92.97% Vacant position Fire Control 392,047 279,402 (112,646) -28.73% Pension contribution prepayment Public Works 111,339 53,219 (58,120) -52.20% Timing in exp recording FEC leases&build repair&maint Leisure Services 79,101 88,310 9,209 11.64% Grants acquisition&ins increases Debt Service 365,427 363,815 (1,612) -0.44% Interfund Transfers 0 0 #DIV/0! Total General Fund 1,610,817 1,275,894 (334,924) -20.79% Fund 101-BUILDING FUND Building Department 60,556 62,101 1,545 2.55% Total Building Fund 60,556 62,101 1,545 2.55% Fund 301-Capital Improvement Fund Public Works 0 0 0 #DIV/0! Miscellaneous projects,M&E 0 0 0 #DIV/0! Total Capital Improvement Fund: 0 0 0 #DIV/0! Fund 303-Capital Projects Fund Public Works 0 0 0 #DIV/0! Recreation Center 0 0 0 #DIV/0! Total Capital Projects Fund: 0 0 0 #DIV/0! Fund 401-Water Fund Water-Administration 160,662 164,291 3,628 2.26% Water- Production 88,430 61,688 (26,742) -30.24% Timing in exp recording water chemicals,fees&permits Water-Distribution 57,630 42,344 (15,286) -26.52% Timing in exp recording water system&vehicles maint Water-Customer Service 17,899 15,668 (2,231) -12.47% Timing in exp recording billing postage Renewal&Replacement 16,601 0 (16,601) -100.00% Differs from year to year based upon projects Debt Service 32,036 33,268 1,231 3.84% Other Nonoperating 0 0 0 #DIV/0! Total Water Fund: 373,258 317,258 (56,001) -15.00% Fund 402-Refuse&Recycling Refuse and Recycling 806 0 (806) -100.00% Total Refuse&Recycling: 806 0 (806) -100.00% Fund 403-Stormwater Utility Storm Water Utilities 30,839 17,988 (12,851) -41.67% Drainage maint Renewal&Replacement 0 0 0 #DIV/0! Other Nonoperating 0 0 0 #DIV/0! Total Stormwater Utility: 30,839 17,988 (12,851) -41.67% Fund 605-Special Law Enforcement Police 4,956 0 (4,956) -100.00% Differs from year to year based upon needs Total Special Law Enforcement: 4,956 0 (4,956) -100.00% TOTAL EXPENDITURES-ALL FUNDS 2,081,233 1,673,240 (407,993) -19.60% NOTES are for differences grater than 10%and amounts over$1,000. Page 400 of 702 Benda Item #12. THE VILLAGE OFTEQUESTA REVENUE REPORT-CASH BASIS,UNAUDITED FY 2024 FY 2024 8.33% ORIGINAL AMENDED TARGET YTD BALANCE DOLLAR PERCENT %BDGT DESCRIPTION BUDGET BUDGET BUDGET 10/31/2023 VARIANCE VARIANCE USED NOTES Fund 001-GENERAL FUND General Property Taxes 11,524,090 11,524,090 960,341 0 (960,341) -100.00% 0.00 First distribution is in November Sales&Use Taxes 1,350,252 1,350,252 112,521 89,249 (23,272) -20.68% 6.61 state revs two more months to be recorded Franchise fees-gross receipt 530,938 530,938 44,245 0 (44,245) -100.00% 0.00 Revenues one more month to be recorded Licenses&Permits 9,000 9,000 750 540 (210) -28.00% 6.00 Indirect Costs 902,991 902,991 75,249 75,249 0 0.00% 8.33 Grants Federal 25,737 25,737 2,145 0 (2,145) -100.00% 0.00 Differ from year to year,timing of collection Grants-State 77,000 77,000 6,417 0 (6,417) -100.00% 0.00 Differfrom yeartoyear,timing ofcollection Intergovernmental Revenue 984,222 984,222 82,019 20,237 (61,782) -75.33% 2.06 state revs one/two more months to be recorded Grants and Contributions-Local 14,084 14,084 1,174 0 (1,174) -100.00% 0.00 Differ from year to year Chgs for Services-Gen Gov 208,645 208,645 17,387 34,180 16,793 96.58% 16.38 Land development fees based on projects Chgs for Services-Public Safety 1,227,355 1,227,355 102,280 77,169 (25,111) -24.55% 6.29 Timing in revenue recording Charges for Services-Recr. 62,500 62,500 5,208 15,500 10,292 197.60% 24.80 Timing in revenue recording Fines&Forfeitures 18,275 18,275 1,523 0 (1,523) -100.00% 0.00 Timing in revenue recording Unrestricted Investment Earning 280,500 280,500 23,375 0 (23,375) -100.00% 0.00 Timing in revenue recording Rents&Royalties 188,839 188,839 15,737 385 (15,352) -97.55% 0.20 Timing in revenue recording,cash basis Impact Fees 8,169 8,169 681 425 (255) -37.52% 5.21 Differ from year to year depending on projects/permits Contributions&Donations 10,000 10,000 833 0 (833) -100.00% 0.00 Timing Tequesta rest and other events donations Miscellaneous Revenues 13,205 13,205 1,100 14 (1,086) -98.73% 0.11 Differ from year to year Other Financing Sources 8,398 8,398 700 0 (700) -100.00% 0.00 Differ from year to year Appropriate Fund Balance 0 0 0 Total General Fund 17,444,200 17,444,200 1,453,683 312,948 (1,140,735) -78.47% 1.79 Fund 101-BUILDING FUND Licenses&Permits 608,708 608,708 50,726 39,426 (11,299) -22.28% 6.48 Variesyearto year based upon activity/projects Chgs for Sery-Gen Gov 0 0 0 0 0 #DIV/01 100.00 Unrestricted Investment Earning 15,000 15,000 1,250 0 (1,250) -100.00% 0.00 Timing in revenue recording Appropriate Fund Balance 564,262 564,262 0 0 Total Building Fund 1,187,970 1,187,970 51,976 39,426 (12,549) -24.14% 3.32 Fund 301-Capital Improvement Fund Sales&Use Taxes 757,055 757,055 0 0 0 #DIV/01 0.00 Unrestricted Investment Earn 0 0 0 0 0 #DIV/DI 100.00 Transfersln 15,000 15,000 1,250 0 (1,250) -100.00% 0.00 FY 2024 not recorded,transfers recorded at year end Appropriate Fund Balance 481,909 481,909 0 Total Capital Improvement Fund: 1,253,964 1,253,964 1,250 0 (1,250) -100.00% 0.00 Fund 303-Capital Projects Fund Unrestricted Investment Earning 0 0 0 0 0 #DIV/01 100.00 Grants-State 200,000 200,000 16,667 0 (16,667) -100.DD% 0.00 Timing in revenue recording Transfers In 1,884,895 1,884,895 157,075 0 (157,075) -100.00% 0.00 Fl2024 not recorded,transfers recorded at year end Appropriate Fund Balance 0 Total Capital Projects Fund: 2,084,895 2,084,895 173,741 0 (173,741) -100.00% 0.00 Fund 401-Water Fund Charges for Services 8,234,600 8,234,600 686,217 625,616 (60,600) -8.83% 7.60 Year end adjustment pending Unrestricted Investment Earn 0 0 0 0 0 #DIV/01 #DIV/0! Miscellaneous Revenues 37,272 37,272 3,106 0 (3,106) -100.00% 0.00 Differ from year to year Other Financing Sources(icl.loan) 8,620,000 8,620,000 718,333 0 (718,333) -100.00% 0.00 Loan proceeds,not received Appropriate Fund Balance 2,112,271 2,112,271 0 0 Total Water Fund: 19,004,143 19,004,143 1,407,656 625,616 (782,040) -55.56% 3.29 Fund 402-Refuse&Recycling Charges for Services 592,403 592,403 49,367 0 (49,367) -100.00% 0.00 First distribution is in November Unrestricted Investment Earn 500 500 42 0 (42) -100.00% 0.00 Appropriate Fund Balance 19,697 19,697 0 0 Total Refuse&Recycling: 612,600 612,600 49,409 0 (49,409) -100.00% 0.00 Fund 403-Stormwater Utility Grants&Contributions 252,500 252,500 21,042 0 (21,042) -100.00% 0.00 Timing in revenue recording Charges for Services 545,550 545,550 45,463 0 (45,463) -100.00% 0.00 First distribution is in November Unrestricted Investment Earn 500 500 42 0 (42) -100.00% 0.00 Appropriate Fund Balance 28,768 28,768 2,397 Total Stormwater Utility: 827,318 827,318 68,943 0 (68,943) -100.00% 0.00 Fund 60S-Special Law Enforcement Forfeitures 25,000 25,000 2,083 0 (2,083) -100.00% 0.00 Differfrom yeartoyear,timing ofcollection Unrestricted Investment Earn 1,500 1,500 125 0 (125) -100.00% 0.00 Appropriate Fund Balance 138,161 138,161 11,513 0 0.00 Total Special Law Enforcement 164,661 164,661 13,722 0 (13,722) -100.00% 0.00 TOTAL REVENUES-ALL FUNDS 42,579,751 42,579,751 3,220,380 977,991 (2,242,389) -69.63% 2.30 NOTES are for differences grater than 10%and amounts over$1,000. Page 401 of 702 A THE VILLAGE OF TEQUESTA EXPENDITURE REPORT-CASH BASIS,UNAUDITED FY 2024 FY 2024 8.33% ORIGINAL AMENDED TARGET YTD BALANCE DOLLAR PERCENT %BDGT DESCRIPTION BUDGET BUDGET BUDGET 10/31/2023 VARIANCE VARIANCE USED Fund 001-General Fund Council 74,640 74,640 6,220 6,661 (441) -7.09% 8.92(1),(2) Manager 362,368 362,368 30,197 20,827 9,370 31.03% 5.75(1),(2) Human Resources 456,599 456,599 38,050 38,490 (440) -1.16% 8.43(1),(2) Village Clerk 447,453 447,453 37,288 30,392 6,896 18.49% 6.79(1),(2) Finance 807,224 807,224 67,269 69,903 (2,634) -3.92% 8.66 Legal 195,000 195,000 16,250 0 16,250 100.00% 0.00(1),(2) Comprehensive Planning 495,338 495,338 41,278 11,519 29,759 72.09% 2.33(1),(2) General Government 328,215 328,215 27,351 38,252 (10,900) -39.85% 11.65(1),(2) IT 535,503 535,503 44,625 55,709 (11,084) -24.84% 10.40(3) Police Department 3,748,841 3,748,841 312,403 218,895 93,509 29.93% 5.84(1),(2) Code Compliance 109,261 109,261 9,105 500 8,605 94.51% 0.46(1),(2) Fire Control 4,764,250 4,764,250 397,021 279,402 117,619 29.63% 5.86(1),(2) Public Works 1,626,076 1,626,076 135,506 53,219 82,287 60.73% 3.27(1),(2) Leisure Services 1,201,176 1,201,176 100,098 88,310 11,788 11.78% 7.35(3) Debt Service 542,250 542,250 45,188 363,815 (318,627) -705.12% 67.09(3) Interfund Transfers 1,700,008 1,700,008 141,667 0 141,667 100.00% 0.00(3) Allocate to Fund Balance* 49,998 49,998 Total General Fund 17,444,200 17,444,200 1,453,683 1,275,894 177,790 12.23% 7.31 Fund 101-BUILDING FUND Building&Zoning 1,187,970 1,187,970 98,998 62,101 36,896 37.27% 5.23(1),(2) Allocate to Fund Balance* 0 0 Total Building Fund 1,187,970 1,187,970 98,998 62,101 36,896 37.27% Fund 301-Capital Improvement Fund General Public Works 65,000 65,000 5,417 0 5,417 100.00% 0.00 (2),(3) Parks 210,000 210,000 17,500 0 17,500 100.00% 0.00 (2),(3) Tequesta Drive(Bridge) 175,077 175,077 14,590 0 14,590 100.00% 0.00 (2),(3) Tequesta Park 44,000 44,000 3,667 0 3,667 100.00% 0.00 (2),(3) Misc Projects 250,000 250,000 20,833 0 20,833 100.00% 0.00 (2),(3) Interfund Transfers 310,000 310,000 25,833 0 25,833 100.00% 0.00 (2),(3) Allocate to Fund Balance* 199,887 199,887 Total Capital Improvement Fund: 1,253,964 1,253,964 104,497 0 104,497 100.00% 0.00 Fund 303-Capital Projects Fund Public Works 710,000 710,000 59,167 0 59,167 100.00% 0.00 (2),(3) Leisure Services 1,250,000 1,250,000 104,167 0 104,167 100.00% 0.00 (2),(3) Allocate to Fund Balance* 124,895 124,895 0.00 Total Capital Projects Fund: 2,084,895 2,084,895 173,741 0 173,741 100.00% 0.00 Fund 401-Water Fund Water-Administration 1,711,930 1,711,930 142,661 164,291 (21,630) -15.16% 9.60 Water- Production 2,280,598 2,280,598 190,050 61,688 128,362 67.54% 2.70 Water-Distribution 889,331 889,331 74,111 42,344 31,767 42.86% 4.76 Water-Customer Service 320,184 320,184 26,682 15,668 11,014 41.28% 4.89 Renewal&Replacement 3,753,000 3,753,000 312,750 0 312,750 100.00% 0.00 (2) Capital Improvement 9,555,000 9,555,000 796,250 0 796,250 100.00% 0.00(2) Debt Service 494,100 494,100 41,175 33,268 7,907 19.20% 6.73 Other Nonoperating 0 0 0 0 0.00% 0.00 Total Water Fund: 19,004,143 19,004,143 1,583,679 317,258 1,266,421 79.97% 1.67 Fund 402-Refuse&Recycling Refuse and Recycling 612,600 612,600 51,050 0 51,050 100.00% 0.00 Other Nonoperating 0 0 0 0 0 0.00% 0.00 Total Refuse&Recycling: 612,600 612,600 51,050 0 51,050 100.00% 0.00 Fund 403-Stormwater Utility Storm Water Utilities 373,318 373,318 31,110 17,988 13,122 42.18% 4.82 Renewal&Replacement 454,000 454,000 37,833 37,833 100.00% 0.00 (2),(3) Allocate to Fund Balance* 0 0 0 0 Total Stormwater Utility: 827,318 827,318 68,943 17,988 50,955 73.91% 2.17 Fund 605-Special Law Enforcement Police 164,661 164,661 13,722 0 13,722 100.00% 100.00 (2) Total Special Law Enforcement 164,661 164,661 13,722 0 13,722 100.00% 100.00 TOTAL EXPENDITURES-ALLFUNDS 42,579,751 42,579,751 3,548,313 1,673,240 1,875,072 52.84% 3.93 Notes: *Not included in Target Budget calculation (1)Personal expenditures/expenses recorded as when paid not when accrued.Personnel paid 10/26/23 for the period ended 10/21/23. Due to timing of payroll dates 10 days of personnel expenditures not reflected in October 2023. (2)Not all operating expenditures/expenses recorded for the services of October 2023.Expenditures recorded on a cash basis and adjusted to accrual at year end. (3)Timing in expenditures/expenses recording and/or recorded as one time entry at year end. Page 402 of 702 � �3�}], 2� BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 1/8 �+ er`G rr1 Period Ending 10/31/2023 DB: Teauesta Fund 001 GENERAL FUND GL Number Description Balance *** Assets *** Cash and Cash Equivalents 183,515.23 Investments 7,078,218.89 Accounts Receivable 1,476,536.87 Due from Other Funds 0.00 Accrued Income Receivable 97,882.46 Inventories 56, 925.21 Prepaids 172,817.42 Other Assets - Current 0.00 Other Fixed Assets 0.00 Total Assets 9,065,896.08 *** Liabilities *** Accounts Payable 127,811.74 Accrued liabilities 472,028.81 Retainage Payable 0.00 Due to Other Funds 0.00 Due to Other Governments 1,406.37 Deferred Revenue 1,235,285.29 Other Current Liabilities 0.00 Customer Deposits 0.00 Noncurrent liabilities 0.00 Total Liabilities 1,836,532.21 *** Fund Balance *** F/B - Reserved for Inventories 0.00 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 Fund Balance - Ncnspendable 812,308.18 Fund Balance - Restricted 288,000.00 Fund Balance - Committed 500,000.00 Fund Balance - Assigned 2,036,098.00 Fund Balance - Unassigned 4,375,472.92 Total Fund Balance 8,011,879.10 Beginning Fund Balance - 22-23 8,011,879.10 Net of Revenues VS Expenditures - 22-23 180,428.36 *22-23 End FB/23-24 Beg FB 8,192,307.46 Net of Revenues VS Expenditures - Current Year (962,943.59) Ending Fund Balance 7,229,363.87 Total Liabilities And Fund Balance 9,065,896.08 * Year Not Closed Page 403 of 702 � �3�}], 2� BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 2/8 �+ er`G rr1 Period Ending 10/31/2023 DB: Teauesta Fund 101 BUILDING FUND GL Number Description Balance *** Assets *** Cash and Cash Equivalents 479,460.43 Investments 491,121.22 Accounts Receivable 28.63 Inventories 159.23 Prepaids 8,163.04 Total Assets 978,932.55 *** Liabilities *** Accounts Payable 7,773.38 Accrued liabilities (77,164.70) Due to Other Governments 2,928.68 Total Liabilities (66,462.64) *** Fund Balance *** F/B - Unreserved/Undesignated 0.00 Fund Balance - Nonspendable 10,303.06 Fund Balance - Restricted 832,828.08 Fund Balance - Assigned 29,399.00 Fund Balance - Unassigned 0.00 Total Fund Balance 872,530.14 Beginning Fund Balance - 22-23 872,530.14 Net of Revenues VS Expenditures - 22-23 195,540.09 *22-23 End FB/23-24 Beg FB 1,068,070.23 Net of Revenues VS Expenditures - Current Year (22,675.04) Ending Fund Balance 1,045,395.19 Total Liabilities And Fund Balance 978,932.55 * Year Not Closed Page 404 of 702 � 2�3�}], { 2� BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 3/8 jsny�+ er`G rr1 Period Ending 10/31/2023 DB: Teauesta Fund 301 CAPITAL IMPROVEMENT FUND GL Number Description Balance *** Assets *** Cash and Cash Equivalents 20,222.87 Investments 1,210,722.32 Accounts Receivable (5,490.38) Due from Other Funds 0.00 Prepaids 0.00 Total Assets 1,225,454.81 *** Liabilities *** Accounts Payable 0.00 Accrued liabilities 0.00 Retainage Payable 0.00 Due to Other Funds 0.00 Total Liabilities 0.00 *** 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 Fund Balance - Nonspendable 0.00 Fund Balance - Restricted 568,199.33 Fund Balance - Committed 312,722.00 Fund Balance - Assigned 31, 690.26 Fund Balance - Unassigned 0.00 Total Fund Balance 912,611.59 Beginning Fund Balance - 22-23 912,611.59 Net of Revenues VS Expenditures - 22-23 312,844.62 *22-23 End FB/23-24 Beg FB 1,225,456.21 Net of Revenues VS Expenditures - Current Year (1.40) Ending Fund Balance 1,225,454.81 Total Liabilities And Fund Balance 1,225,454.81 * Year Not Closed Page 405 of 702 � �3�}], 2� BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 4/8 �+ er`G rr1 Period Ending 10/31/2023 DB: Teauesta Fund 303 CAPITAL PROJECTS FUND GL Number Description Balance *** Assets *** Cash and Cash Equivalents 54,124.29 Investments 200,000.00 Accounts Receivable 0.00 Due from Other Funds 0.00 Prepaids 0.00 Total Assets 254,124.29 *** Liabilities *** Accounts Payable 0.00 Accrued liabilities 0.00 Retainage Payable 0.00 Due to Other Funds 0.00 Total Liabilities 0.00 *** Fund Balance *** F/B - Res for Encumbrance 0.00 F/B - Unreserved/Undesignated 0.00 Fund Balance - Nonspendable 0.00 Fund Balance - Assigned 136,378.12 Fund Balance - Unassigned 0.00 Total Fund Balance 136,378.12 Beginning Fund Balance - 22-23 136,378.12 Net of Revenues VS Expenditures - 22-23 117,746.17 *22-23 End FB/23-24 Beg FB 254,124.29 Net of Revenues VS Expenditures - Current Year 0.00 Ending Fund Balance 254,124.29 Total Liabilities And Fund Balance 254,124.29 * Year Not Closed Page 406 of 702 � 2�3�}], { 2� BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 5/8 jsny�+ er`G rr1 Period Ending 10/31/2023 DB: Teauesta Fund 401 WATER FUND GL Number Description Balance *** Assets *** Current Assets 0.00 Cash and Cash Equivalents 1,051,420.29 Investments 7,829,085.36 Accounts Receivable 531,426.18 Special Assess -Current 0.00 Special Assess - noncurrent 0.00 Due from Other Funds 0.00 Accrued Income Receivable 79,078.62 Inventories 225, 632.89 Prepaids 38,408.01 Other Assets - Current 0.00 Other Assets - Non Current 463,787.00 Land 83,335.00 INFRASTRUCTURE 14,679,696.76 Buildings 209,044.16 Improvements Other Than Bldgs. 22,313.60 Machinery & Equipment 221,399.76 Construction in Progress 827,897.41 Intangible Assets 0.00 Other Fixed Assets 0.00 Deferred Outflows 525, 669.89 FIXED ASSETS 0.00 Total Assets 26,788,194.93 *** Liabilities *** Accounts Payable 25,792.37 Accrued liabilities (350,481.20) Retainage Payable 0.00 Due to Other Funds 0.00 Due to Other Governments 277.32 Deferred Revenue 0.00 Current Portion of Debt 416,822.25 Other Current Liabilities 0.00 Customer Deposits 35,545.00 Noncurrent liabilities 1, 952,563.99 Other Long Term Liabilities 467,304.23 Def Inflows of Resources 891,769.00 Total Liabilities 3,439,592.96 *** 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 391,822.25 Fund Balance - Committed 500,000.00 Fund Balance - Unassigned 8, 919,488.87 Total Fund Balance 21,396,074.99 Beginning Fund Balance - 22-23 21,396,074.99 Net of Revenues VS Expenditures - 22-23 1,644,168.25 *22-23 End FB/23-24 Beg FB 23,040,243.24 Net of Revenues VS Expenditures - Current Year 308,358.73 Ending Fund Balance 23,348,601.97 Total Liabilities And Fund Balance 26,788,194.93 * Year Not Closed Page 407 of 702 � 2�3�}], { 2� BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 6/8 jsny�+ er`G rr1 Period Ending 10/31/2023 DB: Teauesta Fund 402 REFUSE & RECYCLING GL Number Description Balance *** Assets *** Cash and Cash Equivalents 10, 956.01 Investments 82,493.26 Accounts Receivable 0.00 Other Assets - Current 0.00 Total Assets 93,449.27 *** Liabilities *** Accounts Payable 0.00 Due to Other Funds 0.00 Total Liabilities 0.00 *** Fund Balance *** F/B - Unreserved/Undesignated 0.00 Fund Balance - Unassigned 72,642.83 Total Fund Balance 72,642.83 Beginning Fund Balance - 22-23 72,642.83 Net of Revenues VS Expenditures - 22-23 20,806.44 *22-23 End FB/23-24 Beg FB 93,449.27 Net of Revenues VS Expenditures - Current Year 0.00 Ending Fund Balance 93,449.27 Total Liabilities And Fund Balance 93,449.27 * Year Not Closed Page 408 of 702 � �3�}], 2� BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 7/8 �+ er`G rr1 Period Ending 10/31/2023 DB: Teauesta Fund 403 STORMWATER UTILITY GL Number Description Balance *** Assets *** Cash and Cash Equivalents 70,365.89 Investments 200,000.00 Accounts Receivable 3,578.00 Due from Other Funds 0.00 Inventories 714.45 Prepaids 0.00 Other Assets - Current 0.00 Other Assets - Non Current 40,159.00 INFRASTRUCTURE 1, 919,476.99 Buildings 0.00 Improvements Other Than Bldgs. 0.00 Machinery & Equipment 11,547.30 Construction in Progress 6,218.00 Deferred Outflows 28,070.00 Total Assets 2,280,129.63 *** Liabilities *** Accounts Payable 1,328.79 Accrued liabilities (22, 655.35) 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 17, 619.70 Def Inflows of Resources 42,400.00 Total Liabilities 38,693.14 *** 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 711, 661.18 Total Fund Balance 1,948,048.24 Beginning Fund Balance - 22-23 1,948,048.24 Net of Revenues VS Expenditures - 22-23 311,375.94 *22-23 End FB/23-24 Beg FB 2,259,424.18 Net of Revenues VS Expenditures - Current Year (17,987.69) Ending Fund Balance 2,241,436.49 Total Liabilities And Fund Balance 2,280,129.63 * Year Not Closed Page 409 of 702 � �3�}], 2� BALANCE SHEET FOR VILLAGE OF TEQUESTA Page: 8/8 �+ er`G rr1 Period Ending 10/31/2023 DB: Teauesta Fund 605 SPECIAL LAW ENFORCEMENT GL Number Description Balance *** Assets *** Cash and Cash Equivalents 137,722.62 Investments 175,478.63 Accounts Receivable 0.00 Inventories 0.00 Prepaids 3,584.52 Total Assets 316,785.77 *** Liabilities *** Accounts Payable 0.00 Due to Other Funds 0.00 Total Liabilities 0.00 *** Fund Balance *** Fund Balance - Ncnspendable 8,540.61 Fund Balance - Restricted 80,795.97 Fund Balance - Assigned 44,186.00 Fund Balance - Unassigned 0.00 Total Fund Balance 133,522.58 Beginning Fund Balance - 22-23 133,522.58 Net of Revenues VS Expenditures - 22-23 183,263.19 *22-23 End FB/23-24 Beg FB 316,785.77 Net of Revenues VS Expenditures - Current Year 0.00 Ending Fund Balance 316,785.77 Total Liabilities And Fund Balance 316,785.77 * Year Not Closed Page 410 of 702 Agenda Item #12. •a TO: Honorable Mayor, Village Council Members, and Jeremy Allen, ICMA-CM, Village Manager FROM: Jeff Snyder, CPA, Finance Director DATE: October 16, 2023 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, 2023. 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 including(2%) in TD Bank operating account(the Village's current bank), (5%) in TD Bank Money Market Account, and in two local government investment pools, also liquid (48%) - Florida SAFE and Florida CLASS. This brings our total percentage of short term liquid investments to (55%). The Village's portfolio also consists of longer term United States Government Agency Securities (40% - Federal Home Loan Bank i.e. FHLB, Federal National Mortgage Association — Fannie Mae, Federal Home Loan Mortgage Corporation — Freddie Mac). The Village's portfolio holds one certificate of deposit (CD's - 5%) from TD Bank. The portfolio's mark-to-market (purchase price to market value) for the Agencies demonstrates the effect of rising interest rates amid the Federal Open Market Committee (FOMC) efforts to control inflation.This resulted in an unrealized loss of($127,730)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 = 3.50% increasing to 5.5%. The stated interest rate will be the yield recognized by the Village by following the hold until maturity strategy. Page 411 of 702 Agenda Item #12. Quarterly Investment Report 10/16/2023 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 5.51% as of September 30, 2023.The weighted average return for our short-term investments was 5.24% or 27 basis points below the SBA (which included our bank deposit balance which almost always is a lower rate). The Village's longer-term weighted average return is 4.61% which is 44 basis points below the bench mark of a 2 year treasury bond, 5.05% (September 30, 2023 rate). Inflation continues to be of interest to the FOMC and the market is split between no rate increase or one more increase by end of the calendar year in an effort to combat inflation, which puts the benchmark rate to the highest level in 15 years. Investment returns are increasing as a result. Our weighted average maturity is 2.42 years and compares reasonably well to the September 30, 2023 2-year T-Bill bench mark. The Net Realized, Net Realized and Unrealized total balances are presented to indicate how the current portfolio is performing. Total cash collected from our investments is not presented in this report. The weighted average maturity is 2.42 years which is well below the maximum set by policy for core funds of 5.5 years. We are evaluating our cash flow to determine the best method to ladder out our core funds over time, which is why our weighted average maturity is short. 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 412 of 702 Agenda Item #12. Village of Tequesta Quarterly Investment Report For the Quarter Ending 9/30/2023 Net Realized Net Realized & Unrealized Purchase Market Interest Interest Revenue Interest Revenue Maturity Investments: Price Value @ Rate 30-Jun-2023 30-Jun-2023 Date Agencies: Federal National Mortgage Assoc $ 1,000,000 $ 996,270 5.05% 23,847 20,117 6-May-24 Federal Home Loan Bank Agency 2,000,000 1,985,040 5.00% 43,056 28,096 25-Oct-24 Federal Home Loan Mortgage Corp 1,000,000 991,460 5.30% 20,611 12,071 9-May-25 Federal National Mortgage Assoc 1,000,000 989,840 5.50% 17,111 6,951 8-Jun-26 Federal Home Loan Bank Agency 2,000,000 1,921,260 3.50% 24,111 (54,629) 26-May-27 Federal Farm Credit Bank 1,000,000 988,400 6.00% 8,667 (2,933) 8-Aug-28 Certificates of Deposit: TD Bank 1,000,000 1,000,000 2.64% 26,327 26,327 6-May-24 Cash & Cash Equivalents:## FL Class-Investment Pool* 4,477,677 4,477,677 5.49% 245,655 245,655 Liquid FLSAFE- Investment Pool* 5,312,952 5,312,952 5.49% 235,048 235,048 Liquid TD Bank Money Market Account 1,000,000 1,000,959 4.50% 959 959 Liquid TD Bank** 390,306 390,306 0.85% - - Liquid $ 20,180,935 $ 20,054,164 $ 645,392 $ 517,662 ##- Cash balance as of Month-End statements. *- Interest rate as of quarter-end. **- Compensating balance which reduces banking fees- commonly called Earnings Credit Rate (ECR). @- Market Value based upon investment statements received from differing sources. Page 413 of 702 Agenda Item #12. Village of Tequesta Quarterly Investment Report For the Quarter Ending 9/30/2023 Weighted Weighted Purchase Purchase Interest Average Average Maturity Investments: Date Price Rate Interest Rate Maturity Date Agencies: Federal National Mortgage Assoc 5-Apr-23 1,000,000 5.05% 0.56% 34 6-May-24 Federal Home Loan Bank Agency 26-Sep-22 2,000,000 5.00% 1.11% 106 25-Oct-24 Federal Home Loan Mortgage Corp 8-May-23 1,000,000 5.30% 0.59% 74 9-May-25 Federal National Mortgage Assoc 6-Jun-23 1,000,000 5.50% 0.61% 118 8-Jun-26 Federal Home Loan Bank Agency 6-May-22 2,000,000 3.50% 0.78% 312 26-May-27 Federal Farm Credit Bank 2-Aug-23 1,000,000 6.00% 0.67% 204 8-Aug-28 Certificates of Deposit: TD Bank 5/6/2022 1,000,000 2.64% 0.29% 34 6-May-24 Total Investments $ 9,000,000 882 Days/Maturity Weighted Average Interest Rate 4.61% Weighted Average Maturity 2.42 Years Bench Mark= 2 Yr Treasury Bond Rate 5.05% Cash & Cash Equivalents:## FL Class-Investment Pool* 4,477,677 5.49% 2.198% FLSAFE- Investment Pool* 5,312,952 5.49% 2.610% TD Bank Money Market Account 1,000,000 4.50% 0.402% TD Bank** 390,306 0.85% 0.030% Total Cash & Cash Equivalents $11,180,935 Weighted Average Interest Rate 5.24% Bench Mark = SBA* 5.51% Total Cash & Investments $20,180,935 ##- Cash balance as of Month-End statements. *- Interest rate as of quarter-end. **- Compensating balance which reduces banking fees- commonly called Earnings Credit Rate (ECR). Page 414 of 702 Agenaa item wiz. �U C N Q +' o C p d � M E N � L N 0 0 c7 O M W Cm CL 0 G 0 W 4- 0 0 a a, Lrl c41 W M U L O c 0 Q � r H O H CL N ® rj Z cW G c H 0 (n U w a > Y Z °J Y c _x M Ln W T 2 � O Q V = v E 0 Q) v = a 00 y � o £ o v i 0 a 0 C7 m U 0 J Page 415 of 702 Agenda Item#12. ƒ } } } } � } } } } \ \ 8 E � :\ \ \ \ : :\ '31 2 R E F E 'E 2 E E \ \ /jj \ , E \ \\ \ \ \\ }\ \ \ Page 416 of 32 Agenda Item #12. I- 00 00 1- O Itt Ln 1- O N N M r-I N c-1 M M N ri N 00 M ri Ln M 00 N lD 00 Ln N Itt N Ln -1 O LD M ri 00 00 r-1 -i N N W Ln N c-1 O N Lt•-I M M 00 LD r-I O 't N N I� r"1 r-I r-I N N O ic O O N f0 N N O O O O O ~ O CQ O N N N N N N N N LD ri 00 N N Ol M 00 N c-I N I� lD 1-1 N 00 � 00 Ln lD M M I� c-I O lD \ \ O I� � qt � M � N Ln N m � � r-1 -1 N N \ Ol (D N N Ln Ln N N M LO LO c-I c-I M 0) N N c-I N N O O O N N N 1- N Ln -::I- lD LD (.D LD m 1- M O M LD 00 N c-1 O N -zl- Ln :I- M n -1 -1 ri 1l n Ln l0 Ln n Ln 00 w Itt O 1�t O -1 r-1 M N N 1- M LO m O M M m M 00 Ln O N N M N M en r-I r-I rq N N r-1 ri M r-I N N N N N N N N N N O O O N N N t L t O O O 2a O m r1i 1 LDLD M n a a+ 4+ r-100 Ln O to O D O m N Lnr-1 ri O r-1 r-1 M N O N r-I r- >= N d LJ d L L L 3 3 3 U U U N i O Q N OC ++ +, a� 0 4.1 E E iL n i i aJ a+ Q a) }� a dip N N E o 4 E M — L N -0cr L° � 3 O C Ln N Lu C .0 co N m Ln u Ln O U C Ln H d W uLn 4-1 p N aJ to M a) aJ a1 M E } to O Ln A cp !n > a- (� C \ +� > a) Ln n O_ Q) U U bA '+� O O a�i E u O m °C C E E a) [ o L v 4-1 — O Ln c Ln O L O Ln O a) Q — M aJ c a) V O a) cc O U U C O L +' Ql LL u >f5 Qn V U LA Ln M UQ a) a) U 41a0 O Z LL O � \ a) a) f6 Ln +� L a--� L Ln Q C a) � 0C U U O N O �� O Ln Ln a1 a) LL) a1 C Ln o u L O +, L L Q 00 LL Ln t CC ra c0 _ E a E _ s L L Y Q 0° �, 4of702 v '� E 'in E ac u v E tin o Q Q +� v a) o a) o o H a) > o a) v a) LL U o_ o o v o luo z oc U LL oc U H m H > V O w U oc a oc LL m � U z oc - U Agenda Item #12. NNnLnrNN ° 4 - ^ M fC N O � N O N 00 :t 00 ri N O N n M (V r� r J O w M LP) N I" L.0 ri LD M N M LI) ri n �t O r-1 M M 0) ri ri N N 00 ri Ol O H O N O~ N O O N N O CO Ln M N N LI) 00 N -1 r1 M N O 00 O N r� Lf) L.0 ri M ri Ln M -1 M LD N N N 00 IZI- zl- 01 Ln ri oo O N ri O 0 0 r� M c-I 0) r-I 76 G rn O rn r-L H ri O O N N LMD 00 LO o r-I 00 00 N cm 00 M lD N � r� 00 O Ol O 00 r-1M f- Lr) Q) N M 00 r� w n N M M N a) M M r-1 O c I r-1 Q y O 00 00 00 c-I ri N N CV N O N O ~ eq O N N M r- 't 00 O O M M O ri ri ri O Q) Lr) Itt O LP) n N L.0 N M r, r-1 1.0 N r-1 N 00 N r-1 O O en N O N O ~ O N N O ,3 O M M O O 0) LP) �t O Ln n N (.0 N M t M N ri N 00 N r-1++ 5 n 00 n O O M O O 0l d L L L L 3 3 U U 0J c � ra U ai aJ — — L a) W w � U C 4- V O V O V i C V C � L i 0J �0 0 0 a, aa) ro >- E V -c- — co c 41 O CL o f° 0 _o c U w v CO aJ c t O 0) n V) N = E 0) V U to > � C f9 a) to N a- E L t v >' to to �' O V C-0 aJ o 6L to U CO (O c +_+ N aJ 1 1p a) C V 0) 0J QCL6 3 C N C w M (a 3 co txo £ O X 0) ru M 0J � N -0 to 0 d c = 0J C m W a) Y a C E i �` v c i G U (U � � . fu 0J 0J > D_ +1 E aJ v aci Q .� H a, V v co > O " a) 4 O v a ao Q * L O n n O \ 0J U v ra > U � +� aJ aJ � c aJ a) > L 'c *' ro v v Ln v '+, v v �, -0 v ca CC ro a�J v �a to (7 v aa) � u O °C Lno up s c c in c E Q c� Ln a '� .W H U � an 3 Q O Q Q o c o + > m c aJ - L Ln Ln �' > O O_ E OULA Ln a) 0J O O O +.� +' Z c� +1 Q N U 0) aC-� aC-� a) •}, L N C a1- aJ c Ln aJ aJ L U U L ai U 0 ra D_ a\i v) c a) � C aA L Q ,, 7 7 a) v � � p 'o v '`-' o >1 o � � E ai � o .E � o 1= L.� w Ln o a) of 702 _0 � 'un v r6 en > -a c = en E �, U +- a) > Ln 0 o fc° °cJ o c v co c o aJ aJ 4° .L O aJ V V c c J M O O D_ C Q N Ln m U O d v) Ll V � Aed' Itn V0 � m L-n 9 00 M M LEI N N r-1 00 0 ti 0 0 N O I� 00 00 l0 M N Ln r-1 -tt 00 m 00 O �t N w Ln 00 00 M -�t M r-1 r-I M N r-I M N O �t M Itt N N Ln 00 N N Ln I" W Ln -i N Ln M w -i -i N r-I Ln o N Ln M r-I M N I� o H O N o O N o ~ O c" N 0 00 O IZT IZI- -1 c-I 1-1 M Itt \ ri O w ri ri Ln O Ln M -:t 00 r-I -:i- m m t Ln �t m �t N Ln r-1 Ln M M N O Ln r-1 r-1 W N Ln m r-1 N Ln r-1 r-1 Ln l0 3 M Ln N c-I m r-I M 00 Q o H O R N 0 o O N (7• o N o p 1-' N O r-i Cn O I, 00 n fV N r I W �t n N r, N 00 r-I O O r-I I;t O r-I '�t r-I O r-I r-I M O r-I I, N Ln r-I o N c-I o � N o p c" N O c-I m O I" 00 r- N N rI W r� N r� N 00 ri O O r-I -:t O r-I 't r-I O r-I r-I M O ar L c-I I- N Lll �t r-I y ++ N C cI 'a O 3 CO a� ca � 3 � � L u Q U U �+ N Q) � O C 0 N O 00 E O O ri 0 _ � O n '+, c p o2S E M" +`" C a ra E O i0 .° v Q v 4-1(n E E U ++ O ++ N > +' U V) a••' (6 O Nu U m MU - ¢ ai N U 3 C O C f6 q L Q w > E Q a-� a n a--� 4) O w 4J Y +ai O z - ; u E > O � � L � .L O � O \ n Ln C: N 3 U O E 4, C O > c6 fC � Ln \ w i v = U L O N ' O � v1 J ++ } 1 C > q0 v� N 2 H .L by a� c0 O) C 0A >; in Ln i u C +' O CC O ) O = O O c0 � U p co i O � Q L R � H VI m O C 1 0A 00 U +� a 41 0 '� = W (0 L N > o U 0° c v E o Y o ° 3 Q � to o °c o u ai c ai p °� o_ � — O o c oc U oc ca o a� o_ a z ¢ z oc w c� n L �° �° ° m ai o°'c Q Y LO U o c �� Of 702 �^ > a +w , � w w w `L° O O v a 0 O ¢ 0 O a w w w H w � a = 2 Z cn ¢ Agenda Item #12. N N � \ M +�+ \ M ^ O tD OLn O H N H N ^ N N t0 00 O O N N (p ^O O O O O Lr)-q 0 al N ON � O M O O O N N 0 0 c-I r� M lf1 O Lr) -tl- (.0 O O M Ln Lr) O O O O O Ln 00 I- O O [V c-I m :i- O 00 Ln al Ln O Ol n Itt N Lr) O O Lr) N M en co r� ci O M rl l0 N N u1 Itt 00 O (V r N N N Lr) M N fV00 N `� O O N � N N � N O O N N 0 0 0 Ln tD M O O O M tD 0 0 M 0 0 0 0 0 0 a 0 a S t M 00 -1 tD 00 N O O -1 O O O ++ ++ •--I c-I c-I c-I c-I r, N .--I .--I N C_ CC_ l6 C C =00 a-+ 00 ++ GC L Ll i a7 3 � _ U U V _ O al U a) Y L a 0 41 41 o = o au) 03 ro } H 7 0 Ln L _ Y bA Ln O •N n O y to � a) X } v o v a u a ~ c a, O v v Q co Q Ln a) — L O O' w u �— L rp c U J — ru .0 ajo v = n O L 4' u _ � (6 u u O O O O 4- 4. U -0 O on = Q — a a V) v) � u -0 L° > Lo Y ° a) v L- n � M oc a _0 -0 w M E V) as Y a Dc } a v �, +3 -0 L " J ra oc ofu 4� � � = N ra Y O E v a u a� p d Q Q x m = t 'c O n c a) n3 V �, + O Y ra C7 .— u �c >- (6 O to o L O O U ii 4� co a) Y - - a) Ln L4 bjO Ln U Ln a) 5 (� m a v) (6 >` +� U1 N N C6 M 0 > > L _0 u a) p m al t U E c U Z a) W c +' 4 J a) c- Q Q Q . � a L u ra �, ,� M of 702 p O p U ._ do E a, c E a, s c s O 0 u x a, — 'O °� v 2 a a i U z Ln O > Y 0 O H C7 LL U H C7 C0 m � U Doc 0 a � � u Agenda Item #12. No o (.0 00 Ln O O M Ln N N N O N O H N O l0 0 O O O^ 00 00 O I\ M N � N Lr) ri ri �^-1 w 00 Lr) 0 0) 00 OlLr) N Lfl � M O N Lr) O Lr) O O O O O O O O O O O O O O 00 N r-i N l0 Ln O O M Ln M O O 00 O O Ln Lr) O ri ri M ri Ln -zt N O N 00 1-1 w -z�- M `-1 rri r» `- N N M w 00 N 0 N pp N Lr1 O N N O 0 Ln O O 0 O 0 0 0 00 0 00 O O O O O 0 O 0 0 O 0 Ln 00 s +� r-i C O E +1 00 0 d L L 3 U N +' bA = E L +-+ (6 Q O E U cu w U i 'LLn U L r0 (U d O c m o ° a 0 +� Ln N O 'n � M -a O U ra a +- V) o Q o pi u '> c O O N 7 L j > M C `^ C7 O o j _ a) c .° L.L. U H d N Y d Y w Y L L ~ Q) N H w Q ru U U_ L Ln .5 N Q > U C — O o > > L O O > +1 r6 c6 r6 = E to O O M U L1 z r6 �_ O — •C 4 i 4-J V) � a1 j O � L � >� OC ~ — Q = p 3 U in 0 pLn N ul (U Ln O m c6 M N >, Q1 cu — a U � v � U- E L 1 of 702 a s a o -0 Q a Q °' �' a o w o a '- c o " c � c = E o U LL �, w Q w w w W o � - v o a o w O 'L c " v o ca F- F- F- (D = — L u — 11 Ln H LL N LL. F- 2 Ln m G d LL. CO LL. LJJ U d Agenda Item #12. a a _ o m » r § M m o a = - m \ q \ \ / ~ ro \ ƒ / 0 o m d Q ry)° m \ 7 @ _ / E § Q % � \ ) 0 � ~ m g e z o M @ � m o m m m c e o r \ m o e 3 0 m e o e qt m � ¥ r- 00 m � 00 e � m w w m G m e e � ® \ � f'4 # \ w o \ \ / e m \ 2 / 0 M \ \ % \ = m o e m i # \ / / % » q # q = + C14 ƒ Q w o � } m \ k E $ m � 2 2 � 2 7 R m o o m -4 00 m o -4 w G # G \ ® » 00 o # m e # 00 z _ e u 1 m � � -1 m e e m j a � � 3 0 E _ \ 0 & E ) / \ cr Q \ ( ƒ / ai\ ƒ k \ ® � 2 = u 2 0- E \ Ln 2 s = 2 [ k ( \ / - } \ / ® \ ® $ 0 # e G _0 _ _ } / 2 g ± ® 2 E E e N E e 2 / \ 2 k 0 u 0 u \ & § 2 / k k \ 4 f \ / ® / \ k § \ \ 7 0 _ t 0 u = ' ' t 2 = CL = m / o tLO / G E E y 2 % � / e & % � = e 2 & e / 2 u 0 E- - � \ 2 c ( 2 § 2 2 0 % \ � > § I -0 Q / / s u £ £ E a = 2 = f - _ � Z f - a � - m _ » ' u \ t \ « � ' . y e \ G > 2 � . g = / 2 2 2 2 2 a % _ / e § 0 % s 5 2 0 702 \ e O 4 M O § \ 0 2 0 0 0 2 § % / § -0 E b % w E a E & « o O n- 3 a- 3 a m > c 3 m 4 t 3 / q 3 ƒ ± Agenda Item #12. r-I N N N Ln N (� N O 00 M M O M M -i M Ln p Q O 00 t�D -;t Q Q Q Q Q Q }+ ri M M 00 ri \ 00 O 00 \ \ \ \ \ \ ry �..� lD l.D M Ln r-I n n r-I M N ^ Z Z Z N O M N M N O n O N M �t Ln Ln Ln Ln I� CC N N N O I� Ln I� M 00 M M M ri Ln ri lD M N M I" ^ ri Ol I, 4' O lD LD 00 M lD -i M � M 00 00 ,� NL.fl ill Ol ri M ri L.l1 w M -1 c-I I� Ln Lf1 N N -i N -i Lr) Lr) M N N -i l0 p O N N ,:I- M 00 N 't O 00 O (� N O O N ^ O M M M LLn M M ^ -1 N N N O 00 c-I M Ln CMf) N O fA � l0 N r-i ri O� N N '4 00 Dal LDD M Ql I O N (V 00 N 00 00 N ^ M r-1 -i Ln Lf) M N d1 c-I M p r-i r-I r-I cu N m .0 Lfl N c-I DO Lo O 00 a) � O O f N N M w O r-) 0 N Lf1 Lf) rj r O O l0 OtN O0MN 00 r-1 lD C � 00 MU QU � N C a ai (D bA i Ln LJ Y i C V a--� ai = u 0 O E O Y i Q v M N _0 O ro Q 4-1 Q aJ C +' V) L \ Ln '+' v> > (O O aJ aJ ) +, a) co E > 4� .0 C O 0 u a� o Q > O o u c0a ew o N L U a••+ z L {n o �� () C E V) L E a) O O D N > o 0 ai U aJ 7 0 D —5 5 N n O N a1 > s w } C U . •� 0 W -0 M 0 N a) C bD O L to t U \ u O O J L of , O >> C r � L N 0 W C v -0 0 U Z � V � L OT +' � 0 7 N 3 c 0 `n Ln - - o w O ai av E o +� v v �; .� avi v +° +° c O M an -0 +� }, o +J -0 W �+ V) v, C +1 a) U a) as L L o (O C �, 4 0 0 N VI +-+ U o o •a--� C C a) (6 N o LL d tea' a��i °; z a o o o ca 0 ;° Zn - 0 3 E -. .L xx Q n N ° o v o2S C7 �, v a ccv a' tioa' + ° n E � L � \ LA �..i N C L o N N L L E E E � '� > Ln L +„ C a-io o .o ago E E °c 0 c°Aa u 0 0 0 0 a� c a, _0 LL o a, E c c u 0 0 o v LA LU c o M + (A +, 4" N (A � C, O U N > Q Dc a1 \ \o Ln -0 LL cu a U Ea) ro ti0 a) ai c c U +� 'u Q ao ULn u 0 u nn an +� 0i c } a, c c a� o aa'i a, - °C o c c - E v C a o e of 702 O aJ C V1 L J CO U W W 4O U LL d O_ — 4 J L dA 0 aJ dA N 7 W bA dA M N a Q V 0 0 Q J o iD = Q a Z M LL In s Agenda Item #12. < < < < < < < < < < < < < < 1� 1� m \ \ m � z z z z z z z z z z z z z 2 $ S \ \ « m % i « \ « \ \ 0 M r- � ® # e = m \ # m $ zC G m 2 \ 2 N e % O _ \ 7 ƒ \ < � $ 7 2 « \ « / q $ = m » » m # _ = e / m e z = m � z m z N � \ m m # e » -i o O � < � o m < < < < < < 7 $ ® 2 e m 2 z 2 z 2 z e o » # o o m 0 0 w / 2 ° f E / \ _ \ % 4-1 e ® g R ° ± u \ / \ 2 \ / � ° ° E = R � G 2 y / 2 \ \ 0 E \ « 2 = R 7 -0@ / \ g ° x % y 2 / 2 \ / / ƒ \ � 5 ± \ d g k J 7 f / ( \ / % � \ s % 0 e 2 U / .\ \ / CL / \ ® 2 \ R § \ _ / k / � / � ) z : - 3 Q � \ / / 2 / = 5 \ / % o M ± y 2 2 •p y 2 � G 2 2 y 7 0 2 \ : / Q = ® 0 / E 5 w { 2 $ 0 / { { \ \ y / 0 m < � § % \ § 3 E E ƒ ° ® 2 9 \ E ® R m E e e e @ 5 _ > @ � / o § E m m m = a 5. / m ƒ 7 2 © c ® G 3 ® 2 E e 2 \ 5 2 3 E a ) \ ) / / 3 3 $ '\ 2 / \ ) \ } { \ § Ln � v 2 \ / % ± / % % G ) § 5 / / / \ « E ® ± @ E E E e e e o o m 2 t � '- g o 0 0 2 \ / / 2 / / / \ L / } 3 / / \ 0- 0 $ \ \ \ Page 424 0 702 e 2 / o \ 2 3 $ f 3 Agenda Item #12. > Q U O — N � } W Q -2 C (13 a) U N M iF Ql C 4 O n Lfl N N OL Q Q U O M � ^ N N N O >� N O a! U N O O U N a--L N a) � �••' C O N C O Q a) d t a) LJ c i O U N N a--� U •� _ V1 U O N O Ln U O U a) > m N O O +' Z fu Z E a1 �O4s ,- -1�2, LL N LL c ate) Ln Ln [�6 U (6 +� O r, � N M 00 n n tb n 61 LD N O J a) VI C i 0 Ln N M -1 U i OU d a) E 4- Q N N N O aJ t]b .Ln d U i>j -O , Q C N O O i Z �_ (o _ ry -O c6 c E O c LL en N a) VL O Q -O .c U aO)O O ' uO Q L 00 u roa) E Ln O N a) N M N a) —Q U U vi a) tB C a) aJ O Ln O W u 0 -0 W CL a) 'n L N N OW i� V1 Q -O d 3 N t U v Q) Q a.., O arJ o v V1 L aj U w VI C � t t ai?> M E V) On >. -0 •� Q > p O O a) p cu O LU N3 A O O N L E O O -1 r LcI r p N O � n N Ln CC l0 U Q to N C W = C a1 al a) Z c O •� .0 a1 ,O L) L L 3 � CL L L ai a) _ U a--+ a J U Ln LF— O L O C Q u Li Q E LL v O V) Ln •� Q M a) f6 -Q ate--+ C C O LLZ O � an) V + "+a) 'a .NU ao O aj °O — E O CL Ln M M OL" NLcU UO 0 .2u a) t° - 4- Ln O UL -0 C ) ° J co Qa) d` O W a) ZcvLnO O Q) >` O jOn m V IA O O L M E E OaJ O > ry d ° ° E w cp 0 3 O n 0 n3 a1 +� a) aJ O Q C a. H n L 0 c6 O n ` O -p O aJ w N = a c tB c E U a) 'O O 0 v v E 4J W Q 4- N of s Q Q C L U U .- U L a) ut N C O_ Vf 7 3 (6 O '> cfl .. ++ U_ /L } }1 L L) .� w " M f6 ut Q U U, N 41 a) qA U N N > i Ln Q � Q N 0 ` a) O1 > O O +� `� dA L- LL LL'iy ai a) Q O o ai ate) V) fl. C,6 Lw a>i ° Q p C w E w v) n +� U � E c aJ N a O Y N fC '� O E InQj Ln > O aj W Ln O N E S-zOO , U- LL v a) a-.+ 0 U Y (10 c a) C N U p a) O = Y U n n u v — c L ra lD VL N cc a) (6 as Ln ru a) CJ >CL a) `- ++ r6 ra a1 +' C tll O a1 ra OA v _ �' a� u of N 0 W 0 cM c .� a) > co coc U a) c ra o a+ (Li a LU n Ln f6 c Q) (UO LS U 06 O_ i rC c E L L FEVCrOL >, W> Ln O ' oV, > CO v o v ca of 702�O O V) LL > U LLO N v U >>U O- " � 0 0 U M M U * J W c c W > c J° l! J Agenda Item #12. m > > � / \ $ 2 7 « « M ~ k E � 00 > > / / / \ / I \ « « § k u \ } Qj / \ E / \ 2 $ \ Ln 7 \ \ \ \ 2 2 { % c o = j 5 r4 C14 e « m \ / r ~ � � / / § \ rj C ® — M a \ \ } / R ° c m 2 � / / \ $ � @ ® 2 \ \ w « 4 / \ E \ -\ \ 4- ) \ { / M \ aj § = j 7 c > \ E § § 2 % » cl CL k V) 7 % 0 E a § / ° f \ \ \ . c C m e ( j § k & 2 : \ \ � cc ( ( \ E \ / _ / § c = � -.P S ƒ y F- r- 0 0 \ § 2 = 2 = } § Q) \ M 2!- / e 5 % 0- 0 \ / � § M Page 426 0 702 } Q 2 0 @ \ o \ / $ > f \ Cr