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HomeMy WebLinkAboutFND-004-10Meeting: SPECIAL GENERAL PURPOSE AND ADMINISTRATION Date: FEB 19, 2010 Resolution#: ~(~1~-075- ioBy-law#: Report: FND-004-10 File#: 2010 CURRENT AND CAPITAL BUDGET RECOMMENDATIONS: It is respectfully recommended. that the General Purpose and Administration Committee recommend to Council the following: THAT Report FND-004-10 be received; 2. THAT Council approve the 2010 Operating and Capital budgets as outlined in Schedule "A", at an estimated tax levy impact of 3.2% (exclusive of tax policy impacts), as directed in FND-004-10; THAT Council provide direction on the items listed as optional items for consideration, as itemized in Schedule "B"; 4. THAT Council provide direction on the grants for external agencies per their requests itemized in Schedule "C", at an estimated tax levy impact of 0.21 %; THAT Schedules "D", "E" and "F" outlining Reserve and Reserve Fund Contributions and new Reserves/Reserve Funds be approved; THAT approximately $700,000 be drawn from the Rate Stabilization Reserve Fund to offset the tax rate impact; THAT the financing of Capital projects, as outlined in the attached documents be approved; 8. THAT the external agencies, referred to in Schedule "C" be advised of Council's decision regarding their grant request; 9. THAT the corporate advertising policy which restricts advertisements to statutory notices be amended to include provision for required Municipal notices as determined by the Chief Administrative Officer; CORPORATION OF THE MUNICIPALITY OF CLARINGTON 40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L1C 3A6 T (905)623-3379 REPORT NO.: FND-004-10 PAGE 2 10. THAT Council authorize the Mayor's Golf Tournament to take place in 2010, at no cost to the tax base with the net proceeds from the Mayor's Golf Tournament to be directed to the Visual Arts Centre for capital improvements; 11. THAT the cash flow shortfall in the Development Charges Reserve Funds be interim financed from the Municipal Capital Works Program, Impact/Escrow Reserve Fund and General Municipal Reserve Fund, in equal proportions, to be repaid with interest as cash flow permits. 12. THAT the unspent budget from the 2007 Capital budget for the Green Road grade separation be cancelled at this time, along with the projected debt and that a report from staff be brought back at such time that appropriate negotiations have been undertaken with GoTransit; and 13. THAT the appropriate By-laws to levy the 2010 tax requirements for Municipal Regional and Education purposes be forwarded to Council for approval, once final tax policy information is available. Submitted by: Reviewed by: Director of Finance/ Treasurer -, i i~ ~~~ ~~~ Nan Tayl , BBA, C.A 1 ~ __ '-+. Franklin Wu, Chief Administrative Officer NT/hj I REPORT NO.: FND-004-10 PAGE 3 1.0 OVERVIEW: 1.1 The 2010 budget is outlined in detail in the draft budget documents circulated in conjunction with this report. The approximate 2010 base impact is detailed in Schedule "A" attached hereto. 1.2 The Chief Administrative Officer and the Director of Finance have worked diligently with all departments to review all areas and identify savings. 1.3 This impact is after assessment growth, which is estimated at 1.92%. Every 1 increase in the budget generally results in a tax increase of approximately $9.87 for the average residential taxpayer for the local portion of the tax bill (based on average value of $246,000). This does not include the impact of tax policy changes determined by the Region of Durham. 1.4 Based on the 2010 returned roll, Clarington assessment splits are 90% for residential, farm and multi-residential and 10% for commercial and industrial properties. 1.5 Clarington continues to rely strongly on reserves and reserve funds to alleviate tax levy impacts. For 2010 the net annual draw on reserves and reserve funds is approximately $15 million (2009 - $11 million) including $700,000 drawn from the Rate Stabilization Reserve Fund to offset the tax levy. This includes Capital and Current (operating). The summaries for the reserves and reserve funds are included in the attached Schedule "D". "E" and "F". 1.6 Consistent with prior years, interest revenue from the Port Granby Trust monies were factored in so as to mitigate the tax levy impact. This is, of course, much reduced due to poor interest rates currently available on investments. Revenue increases for many departments where possible have been factored in. Ontario Municipal Partnership Fund (OMPF) will not be received from the province (loss of $116,000). Due to expect economic conditions, building, investment income and planning revenues are expected to decline from the 2009 budget value consistent with the amendments made to the 2009 budget in August, 2009. 1.7 For 2010, Clarington will experience minor increases in Veridian dividends. 2.0 TAX RATE STABILIZATION: 2.1 Historically, Clarington has drawn on our Rate Stabilization Reserve Fund approximately $1,000,000 per year, on average. This is proposed to be reduced by $300,000 for 2010. The municipality must reduce its reliance on these funds. The forecast documents reflect a continued decrease in our reliance on this and a switch to a focus replenishing this reserve fund forfuture economic downturns. REPORT NO.: FND-004-10 PAGE 4 3.0 TAX POLICY CHANGES: 3.1 Along term strategic tax policy plan was approved in 2002 by the Region of Durham that will have an impact on the final tax rates. The 2010 update of the plan will be presented to Regional Council in early 2010. The tax,ratio changes impact upon the relative share of the total taxes that each property class pays. A particular additional impact to Clarington relates to the education retained portion of payment-in-lieu properties such as Ontario Power Generation. In the 2008 provincial budget, a provincially mandated reduction in the industrial education rate was announced. As a result, Clarington will continue to experience a loss of revenue in this area. For 2010, any loss in this area will be included as a tax policy adjustment in the calculation of the final tax rates. 4.0 PHYSICIAN RECRUITMENT: 4.1 On July 14, 2008, Council committed to a four year funding program for the Physician Recruitment Program to be undertaken by the Clarington Board of Trade. The $120,000 annual commitment is drawn from Impact/Escrow Reserve Fund and from the general tax levy. In 2009, the split is $90,000 from Reserve Fund and $30,000 from the tax levy. In 2010, the tax levy support was to be $60,000 from the Reserve Fund and $60,000 from the tax levy. The result would be a net levy increase of $30,000 which would need to be built into the 2010 budget. 4.2 In order to reduce the budget impact, staff proposes to change the funding formula by eliminating the additional $30,000 previously committed for 2010. The effect of this change would result in reducing the recruitment target from four to three new family physicians with $60,000 from the Impact/Escrow Reserve Fund and $30,000 from tax levy. 4.3 The Clarington Board of Trade has been advised of the foregoing proposed changes and is in agreement with it. 5.0 STAFFING: 5.1 Despite the economic downturn, the Municipality is still experiencing some growth and development activities over the last few years. There are more roads, parks and facilities to be maintained and there are always the demands for various services from both new and existing residents. Yet, our Current workforce has remained stagnant. Notwithstanding our continuous effort to re- engineering new ways to do our work more efficiently, staff resources are definitely stretched to the limit and staff morale and customer service are beginning to suffer. The senior administration understands and respects the desire of Council to keep the tax levy as low as possible and therefore is not proposing any new staff for the 2010 budget. However, looking ahead in the next couple years, we have a few areas of pressure points where additional staff resources are definitely needed such as operational staff, firefighters and IT REPORT NO.: FND-004-10 PAGE 5 personnel. These needs will be more urgent if the growth and development rebounds quicker than anticipated. 5.2 As part of our effort to re-engineer our organization, several minor organizational structural changes are proposed for a few departments. These changes include position title changes, reduction in part time staffing, reclassification, attrition from retirement, etc., none of which involves any budgetary increase. On the contrary, a net savings of $26,400 will be realized from the aforementioned measures and this saving is built into the 2010 budget. Details of all changes are contained in the respective departmental organizational chart included in the budget document. 5.3 Also incorporated into the 2010 budget is the elimination of two full time positions (Manager of Subdivision Implementation and Building Inspector), as well as the elimination of students in the office environments. 6.0 CLARINGTON.NET: 6.1 In an effort to aid Council with options to further reduce the budget, we propose as an option, the Clarington.net publication be discontinued. This will net a savings of $27,400. In addition to budget pressure, it would be prudent to discontinue this publication in light of the sensitivity that it will bring in an election year. This item has been included in the option list on Schedule "B" for Council, if they wish to remove this from the budget. 7.0 LEGAL SERVICES: 7.1 The proposed change in the procurement of legal services will net the Municipality an estimated saving of $150,000 which has been built into the 2010 budget. Details of the changes of legal services are contained in a separate report scheduled to be considered prior to this budget report. Subject to Council's decision on this matter, the $150,000 would have to be added back into the tax levy should Council remain with the status quo. 8.0 2009 YEAR END RESULTS: 8.0 While final financial results and audited financial statements will not be available for some time, preliminary indications are available for the 2009 year. As Council has seen through the report on revenue sensitive to economic conditions, revised budget targets for building permit revenues and planning revenues were achieved. Winter control for 2009 was not overextended due to relatively mild conditions in November and December 2009. 8.1 As a result, it is not anticipated that the financial results for 2009 will have nay detrimental impact on the 2010 budget. Council will not need to make any budget adjustments for any projected deficit due to the amendments made in August 2009 to prevent this from occurring. REPORT NO.: FND-004-10 PAGE 6 9.0 CAPITAL BUDGET COMMENTARY: 9.1 The recommended impact on the tax base of the proposed Capital Budget is an increase from last year of $22,343. This translates to a 0.07% tax levy increase and is very minor in nature. 9.2 There has been significant dialogue in recent years pertaining to the state of municipal infrastructure in Ontario. In Clarington, there have been only minor changes to the tax levy support to Capital since 2003. Clarington has the PSAB Capital asset project underway and will be reporting on this as the project progresses. We are not recommending a notable tax levy increase for 2010 due to economic considerations but have factored 1 % per year into the forecast due to concerns over deteriorating conditions. 9.3 Details of Capital projects, by department, are included in the Draft Capital Budget. 9.4 Federal fuel tax proceeds have been incorporated into the Draft Capital Budget at $2,393,743. Recent announcements show a modest increase in this funding in 2010 of approximately $124,000. 9.5 The Capital Budget is presented to Council for consideration and approval. The financing for most of the projects is a combination of Reserve, Reserve Funds, Development Charges and tax levy. 10.0 CURRENT BUDGET IMPACTS: 10.1 Consistent with any other major employer, as well as all other municipalities, Clarington is experiencing costs increases in areas such as wage increases, insurance costs, winter maintenance costs, OMERS impact, fuel cost increases, utilities and facility maintenance costs. The Current budget impacts are detailed in Schedule "A" to this report. 11.0 DEBT STATUS: 11.1 Current projected annual debt repayment obligations for 2010 budget purposes total $4,517,000. This is comprised of debentures issued for the South Courtice Arena, the Bowmanville Indoor Soccer Facility, the MAC/Main Library, the Newcastle Aquatic facility, RRC Museum space and the Newcastle branch library. It also includes the projected new debenture for the Mill Street Underpass project. 11.2 The total principal amount outstanding at January 1, 2010 is $32,289,000. New debentures will be required in 2010 for the Mill Street works. As Council is aware, annual growth is required to maintain the debenture repayment obligations from development charges without impacting the tax levy. Growth numbers in 2009 were severely impacted by the economic conditions. As a result, Council approved interim borrowing from other Reserve Funds for 2009 REPORT NO.: FND-004-10 PAGE 7 and this is also necessary for 2010. Based on a projected 350 new residential units for 2010, interim borrowing would be required of approximately $1,600,000. 11.3 It is recommended that these funds be interim borrowed from the Municipal Capital Works Reserve Fund, General Municipal Reserve Fund and the Impact/Escrow Reserve Funds in equal proportion with the amounts to be repaid, with interest, as cash flow allows. 11.4 It is proposed that the unspent funds from the budget page for Green Road from the 2007 Capital budget be deleted at this time, as well as anticipated debt. The project is still intended to proceed but due to the requirement and involvement of GoTransit, the currently authorized budget is no longer a valid representation of what may be occurring. Staff will report back when negotiations are completed with GoTransit to request appropriate approvals and funding at that time. 11.5 Total debt is now projected to be $31,724,000 on January 1, 2011, most of which is growth-related through development charges. The projected debt may be reduced further subject to the amount of collections occurring in the Roads and Related Development Charges Reserve Fund between now and when the debentures will be issued for Mill Street. 12.0 MUNICIPAL GRANT PROGRAM: 12.1 The municipal grant program is administered through the Community Services Department. The budget presented via this report includes a total of $60,000 for the grant program. The $60,000 is allocated based on Council direction when the grant report is brought forward. It is listed as an option on Schedule "B" should Council wish to reduce or eliminate this program as a cost saving measure. 13.0 INSURANCE: 13.1 Insurance premium costs for 2010 are fairly stable at this point. A budget increase of $30,000 has been incorporated into the draft Current budget as an estimate due to deductible requirements and a minor premium increase. 14.0 RESERVE AND RESERVE FUND CONTRIBUTIONS: 14.1 Consistent with past practice, transfers between reserve funds are at times deemed appropriate to bolster balances in depleting reserve funds. Other reserve fund contributions have been reviewed for reduction to assist with budget restraints. For 2010 some changes are included on the Reserve and Reserve Fund summaries in the attached Schedules "D" and "E". Primarily these changes relate to future Capital replacement needs. 14.2 In light of Council's expressed concern over budget restrictions and the positive balances in our Reserve Funds, it is recommended that for one-time only, to alleviate some of the pressure from reduced building permit revenues, $200,000 REPORT NO.: FND-004-10 PAGE 8 be transferred in to offset the tax levy impact from the General Municipal Reserve Fund. The funds originate from interest on Veridian promissory notes. This is proposed for 2010 only as an economic consideration and would be reverted back for 2011 when the building permit revenues should rebound by this amount. 15.0 EXTERNAL AGENCIES: 15.1 The requests from the external agencies, including the Museum, Library, Visual Arts Centre, Clarington Older Adults Board, etc. are detailed in the External Agencies section of the Draft Current Budget for Council to consider their requests on an individual basis and Schedule "C" to this report. The external agencies tab in the Draft Current Budget provides background information pertaining to the requests by the external agencies. The increase in budget requests for the external agencies total $69,760 for 2010 which is a 0.21 % total municipal levy increase. 16.0 MAYOR'S GOLF TOURNAMENT: 16.1 For the 2010 budget, Council is requested to provide direction on inclusion. of the Mayor's Golf Tournament. The anticipated gross revenues to be generated are approximately $61,000. The costs (including out-of-pocket costs for staff overtime), are anticipated to be in the vicinity of $35,000, resulting in net proceeds of $26,000. These net proceeds would be donated to the Visual Arts Centre, if approved by Council. 17.0 CORPORATE ADVERTISING POLICY: 17.1 An amendment to the corporate advertising policy is requested through the budget process as this policy was approved through the 2009 budget process. It is requested that Council approve some flexibility in the policy to allow for municipal notices beyond the strict statutory definition. Advertisements or promotion-type notices will still be restricted. However, it is necessary to advertise such things as road closures, tax installment due dates, public information open houses, etc. 18.0 HISTORIC SIGNAGE: 18.1 At a meeting held on September 21, 2009, the following resolution was passed: "The correspondence Item D-37 from Sandra and David Walton-Ball with respect to signage indicating the entrance to "Historic Bond Head" be referred to the Operations Department for inclusion in the 2010 budget process". 18.2 In the draft budget for 2010, staff have included an additional $700 in account #100-36-384-10315-7112 Traffic Signs -Miscellaneous Operating expenses for this purpose. While it is small in dollar value, the concern is whether additional requests will come forward for other areas. Staff wanted to draw to the attention of Council the inclusion of this in the 2010 budget, per your request. REPORT NO.: FND-004-10 PAGE 9 19.0 NEWCASTLE FIRE HALL: 19.1 The construction of a new fire hall in Newcastle has been included in the Capital budget for 2010. However, it is not intended that the facility will be complete or operational in 2010. A future report will be forthcoming from the Fire Chief regarding the process and decisions to be made by Council, including future staffing implications for 2011 onwards. 20.0 FUTURE YEARS' BUDGETS: 20.1 There are certain known impacts for the 2011 budget year such as staffing, wage settlements, fire master plan implications, insurance costs and normal inflationary impacts. Also, depending upon the growth and resulting funds collected for development charges for indoor recreation and library, there may be tax levy impacts for debenture repayment requirements for new facilities. As mentioned above further consideration must be given in 2011 to the Rate Stabilization Reserve Fund. 20.2 Other items for future consideration include increased tax support to roads (estimated at 1 % of $340,000). Detailed information pertaining to future years' budgets is included in the forecast documents reported separately. Attachments: Schedule "A" - 2010 Base Budget Impact Summary Schedule "B" - 2010 Additional Funding Options Schedule "C" -External Agencies Budget Requests Schedule D" -Reserve Funds Schedule "E" -Reserves Schedule "F" - 2010 Operating -Reserves and Reserve Fund Contributions Interested Parties: • Clarington Museum and Archives • Clarington Older Adult Board • Clarington Public Library • Durham Region Community Care Association • John Howard Society (Firehouse Youth) • Newcastle Community Hall • Orono Cemetery Company • Visual Arts Centre of Clarington MUNICIPALITY OF CLARINGTON 2010 BUDGETIMPLICATIONS SCHEDULE"A" 02/03/10 DESCRIPTION AMOUNT REVENUEINCREASES CDNTRIBUTION FROM BUILDING DIVISION RESERVE FUND (143,054) INCREASE IN CONTRIBUTION FROM DC RESERVE FUNDS FOR DEBT COST INCREASE (455,036) INCREASE IN FINANCE FEES (100,000) NET INCREASE IN DOG/CAT LICENSES (19,000) VERIDIAN DIVIDENDS (27,200) OPERATIONS FEES FOR ROAD OCCUPANCY/SPECIAL EVENTS SERVICE (20,000) GROWTH AT 1.92% (650,000) CLERK'S FEE INCREASES (16,000) CORP SERVICES MISCELLANEOUS REVENUE (20,500) CONTRIBUTION FROM VERIDIAN INTEREST- ONE TIME FOR ECONOMIC CONDITIONS (200,000) CEMETERY INTEREST (25,000) CEMETERY FEES (13,750) (1,689,540) -5.00% REVENUE LOSSES REDUCE CONTRIBUTION FROM RATE STABILIZATION R/F 300,000 REDUCE CONTRIBUTION FROM IMPACT/ESCROW R/F RE: PHYSICIAN RECRUITMENT - REDUCE CONTRIBUTION FROM TAX WRITE-OFF RESERVE 25,000 REDUCTION IN BUILDING PERMIT FEES 600,000 REDUCTION IN INVESTMENT INCOME 370,000 REDUCTION IN PLANNING FEES - 146,000 REDUCTION IN PROVINCIAL GRANT (ompf) 116,000 REDUCTION IN RENTAL INCOME 50,000 EST LOSS OF EDUCATION RETAINED REVENUE COMMUNITY SERVICES VARIOUS REVENUES 100,000 REDUCTION IN TRANSFER STATION ROYALTIES 50,000 1,757,000 5.20% EXPENSE INCREASES SALARIES 422,385 BENEFITS (PRIMARILY OMERS AND HEALTH) 282,296 PART TIME FIREFIGHTERS 99,500 FIRE GRID MOVEMENTS AND EST SETTLEMENT 273,941 BAL OF NEW POSITION FROM 2009 47,775 STREETLIGHT ENERGY AND PLAYING FIELDS LIGHTING 93,000 TRAFFIC SIGNALS ENERGY 11,000 POST EMPLOYMENT BENEFITS 25,000 HUMAN RESOURCES LEGAL 20,000 SOFTWARE MAINTENANCE 30,000 INSURANCE 30,000 AUDIT FEES 10,000 FIRE MECHANICAL 32,000 GRASS/TREE CUTTING 50,000 PAVEMENT PATCHING 60,000 WINTER CONTROL 121,000 WATER- PARKS AND IRRIGATION 29,200 CATCH BASIN REPAIRS 15,000 GUIDE RAIL REPAIRS 7,000 BRIDGE AND CULVERT MAINTENANCE 12,000 INCREASE IN CONTRIBUTION TO TAX WRITE OFF RESERVE 75,000 CONTRIBUTION TO IMPACT/ESCROW RE: POLICE LEASE - 1( 1] 1: P 1~ 1~ if 1; if 1~ 2f 2] 27 2' 2~ 2~ 2f 2; 2f 2~ 3( 3] 3: 3= 3~ 3~ 3f 3; 3E 3' 4( 4] 4: 4: 4~ 4` MUNICIPALITY OF CLARINGTON 20108UDGET IMPLICATIONS SCHEDULE"A" 02/03/10 DESCRIPTION AMOUNT CONTRIBUTION TO FIRE EQUIP R/F 50,000 CONTRIBUTION TO COMMUNITY SERVICES CAP R/F 100,000 CONTRIBUTION TO LEGAL RESERVE 100,000 INCR IN TAX SUPPORT TO CAPITAL (currently included 22,343 DEBT SERVICING COST 455,036 TAX LEVY SUPPORT TO DEBT 36,940 2,510,416 7.43% EXPENSE DECREASES STAFF REDUCTION (STUDENTS AND BUILDING INSPECTOR AND MGR SUBDIVISION) (244,039) COMM SERVICES P/T STAFF REDUCTION (234,826) STAFF RECOGNITION (23,000) PHONE/FAX (20,000) ADVERTISING (58,000) PSAB PROJECT (40,000) CONTINGENCY (55,000) BUILDING AND SIDEWALK MAINTENANCE (49,000) UTILITIES- 10% CHALLENGE (100,000) BUDGET MEASURES SAVINGS ADMINISTRATOR'S OFFICE (20,SD0) CORPORATE SERVICES (58,625) CLERK'S (20,000) FINANCE (34,000) PLANNING (1D,SD0) ENGINEERING (30,000) OPERATIONS (32,OD0) COMMUNITY SERVICES (13,SD0) NET PROSHOP CLOSING (20,OD0) REDUCTION IN CONTRIBUTION TO SELF INSURED LOSSES RESERVE (25,000) SENIORS SNOW CLEARING CHANGE TO COST RECOVERY BASIS (85,000) REDUCTION IN CONTRIBUTION TO MUNICIPAL CAPITAL WORKS RESERVE FUND (75,000) REDUCTION IN CONTRIBUTION TO ECONOMIC DEVELOPMENT RESERVE FUND (25,000) REDUCE CIP (20,000) LEGAL SAVINGS (150,000) MISCELLANEOUS REVENUE INCREASES AND COST DECREASES ~ (52,044) (1,495,034) -4.43% GRAND TOTAL 1,082,842 3.20% 4fi 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 OVERALL SUMMARY SCHEDULE "A" 1,082,842 3.20%I, SCHEDULE "C"- EXTERNAL AGENCIES 69,760 0.21%! GRAND TOTAL 1,152,602 3.41%' MUNICIPALITY OF CLARINGTON 2010 BUDGET OPTIONAL ITEMS FOR CONSIDERATION Schedule "B" COST CUTTING/ REVENUE INCREASES: $ 1 Cancel Clarington.net 2 Cancel/ Reduce Community grant program 3 Increase projected building permit revenue 4 Cancel Employee Assistance Program (27,400) (60,000) (50,000) (25,000) -0.08% -0.18% -0.15% -0.07% (162,400) COST INCREASES: 5 Increase rural road resurfacing program 6 1% tax levy increase dedicated to road rehabilitation 100,000 337,800 0.30% 1.00% 437,800 MUNICIPALITY OF CLARINGTON 2010 BUDGET SCHEDULE"C" EXTERNAL AGENCIES DOLLAR PERCENTAGE BOARD OF TRADE (106,500 TO 110,000 per agreement) 3,500 3.29% CLARINGTON PUBLIC LIBRARY (2,492,872 TO 2,542,600) 49,728 1.99% VISUAL ARTS CENTRE (169,000 TO 171,500) 2,500 1.48% CLARINGTON MUSEUMS (226,585 TO 231,117) 4,532 2.00% CLARINGTON OLDER ADULTS CENTRE (125,000 TO 132,000) 7,000 5.60% FIREHOUSE YOUTH (45,000 TO 47,500) 2,500 5.56% TOTAL INCREASE ON OVERALL MUNICIPAITAX LEVY 69,760 0.21% ScheAUle D W m O O N `Q 1.,.1 ^ \ n ~ r ll! l W i a ~ z N E 6 C O w a n w a ~ aa ? kk ~ aa ° ~ w¢ < o i~ E¢ w o r i rc z W ~ w 5 m~ w w 8 o a w z¢ rc ~ Q Y ¢ d ~ a y ~ S ~ a ~ r m a < ~ o ~ rc 'J` a ~ z ~ ~ ~ ? rc ~ LL Z u i w r i , N ~ ~ yy ~ O O p~ C 2 WW ~y U > ^ 34 R ~ a w O ; N O O Q Z N ~ ~~ y w ~ U U 33 Z U ¢ ~a ¢ tt _ J 6 U Q O w LL < Z O p y O u a ; z ~ 2 z >> r w o o a o~ w ~ w w `2 i N , ~, 3 ~ i '" a ~ ~ a ~ ~ ~ ~ w °< ~ °< u w ~ ~ ~ v ~ ~ ~ d ~ ~ rc ~ ~ ~ 3 0 u ~ o m m i° w~ w ~? o ¢ z o z o z ~u 5 z ¢ 5 a w ~ p m N e t~l 4 M1 T I~ f0 ~ ~ T N N th iD ^ m W OI r V A N 1'~1 O W N N yy ' N O~~ Q m G ~ O [7 WN ~ O e Cl N~ o] l'1 A N O N N O 1~ N e O N f7 4 n t0 n O N M N OI V ~ C mmhN~N v 0p1 - ] N O N N O OI r NIN~lNO e N m b 7 O O V N mMN a0 m N {p Ol ~ N10 fO ~ ~Op I+1 N~ ~ V q ~. 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