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HomeMy WebLinkAbout2022-11-16 FY2024 Budget Summit III Packet - Released FY2024 Budget Summit III Select Board, School Committee,Appropriation Committee, Capital Expenditures C o mmitte e November 16, 2022 7:00 PM Conducted by Remote Participation* AGENDA ITEMS FOR INDIVIDUAL CONSIDERATION 1. FY2024 Budget Summit III 7:OOpm • FY2024 Updated Revenue Projections • FY2024 Revenue Allocation(Municipal& School) and Uses of Free Cash • Debt Service Projections and Capital Financing • Municipal Budget Challenges for FY2024 ADJOURN 1. Anticipated Adjournment 8:30pm The meeting packet is typ is ally available at least one business day in advance of the meeting:https:Hlexington.novusagenda.com/agendapubhc/ Members of the public can view the meeting webinar from them computer or tablet by clicking on the following link at the time of the meeting: https://us06web.zoom.us/j/81131494343?pwd=Q 3Q 5bUpoL2p3MktkN25vUHd2WUppdz09 iP ho ne one-tap: +13126266799„81131494343# or+16469313 860„81131494343# Telephone:+1 312 626 6799 or+1 646 9313860 or+1 929 436 2866 or+1 301 715 8592 or+1 309 205 3325 or+1 346 248 7799 or+1 360 209 5623 or+1 3 86 347 5053 or+1 564 217 2000 or+1 669 444 9171 or+1 669 900 6833 or+1 719 359 4580 or+1 253 215 8782 webinar ID: 8113149 4343 Passcode:284951 *An Act Relative to Extending Certain State of Emergency Ac c o mo datio ns: https://www.mass.gov/the- open-meeting-law The next regularly scheduled meeting of the Select Board will be held on Monday, November 28, 2022 at 6:30pm via remote participation. Hearing Assistance Devices Available on Request LeiTedil"a All agenda time and the order of items are approximate and subject to change. Retarded by LexMedia AGENDA ITEM SUMMARY LEXINGTON BOARD OF SELECTMEN MEETING AGENDA ITEM TITLE: FY2024 Budget Summit III PRESENTER: ITEM Carolyn Ko sno ff Assistant Town NUMBER: Manager for Finance; Jim Malloy, Town Manager I.1 Sub Item: • FY2024 Updated Revenue Projections • FY2024 Revenue Allocation(Municipal & School) and Uses of Free Cash • Debt Service Projections and Capital Financing • Municipal Budget Challenges for FY2024 SUMMARY: SUGGESTED MOTION: FOLLOW-UP: DATE AND APPROXIMATE TIME ON AGENDA: 11/16/2022 7:00p m ATTACHMENTS: Description Type N w� 1713 CA "eg a A, 1 II A ) V � 1 pia �w�V a III O N N O O O - V as cn OC DC c� um Cl) 4� Lim Lim 7Vi L�K;MNGTON "kdvM.��ufflv'� ` CY) NNNIVEM 11111mom NNNN1119=91111offliffiliffiffm NN111119=MENEM=iiiiiiiiiiiiiiiiiiiiii NNNENEM ENENENM iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillilliillI ENENENNN iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillillilllI NNNNNNENENNE iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillilliillillillillilliillillillillillillillilI NNENEM i ;p e ;p ;p ;p ;p 0-1% 4 ;p f ;p I T-1 T-1 CIO *4 011 04 cr W)el rq (D Hill W) rn 10 11111 iim Hill Hill 11 Hill iim Jim rn rq rn (In, W, ) rq W, 11916.�A rq iiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillillilliillillillill.liillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilI iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillilliillillillillimommomillillillillillillillI iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillillillillillillillilillillillillillillilliillillillillillillilliillillililI iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillillillI iiiiiiiiiiiiillillillillillillilliilillii�illillillillI OAZ &11%uu 011 eq w T-1 7.4 eq 0. 0 011 W) W) ch 16, 16 16, 16, 16, 16, 16. wn 16, cr I g m (D r ii rr� rq pr"q % 116 pil"I 016 th %glue AAA- AAA- AAA- AR"'i AAA- AAA- V1- AAA- AAA- AN Of"i illiNENMEEMIllillilliillillillillillillilliillillillillilliillillillI iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillillillillillillilillillillillillillillilliillillillillillillilliillillillillillillillilillillilillillillilillillilI iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillilillillillillillillilmommomiillillillillillillilI iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillilliillillillillillillilliillillillillillillilliillillillillillillilliillillililI iiiiiiiiiiiiiiiiiiiiilillillillillillillilliillillillillillillillI iiiiiiiiiiiiiiiiiiiiiillillillillillillillillillillilliillillillillillillillilillillillillillillilliillillilillillillillillillillilliI iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillilillillillillillillillillillillillillillillillillilI iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillilliillillillillillillilliillillillillillillillillilI iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillilliililI 1� rem% I'll r1%. 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' ul U Nw[IIN 1k� uw w' ly � , '71(I � 01 rIj �Y„ I: 1 ^(I rft y I�lydlr III N8 �j'I II �1' 1�NIII nlV� lipsm "Now 1,.. f, NrII g r 'lf �� IIIV I IIIIVwuouumno `` I� 1, r ��( fi Vhj G r dd'�y Uk NIVN� r� n I�i`II �IIUNh ��VUNdI& 1°imu"N ii���l, Ifriuu�ll 'u'�Illillliu� uud �im� fVf Wuul � mu � �»r�"ri i�r'y .i'4u IVlu�ui � um I um� �aa�^i1�IIP iiu4 � 7))� ,,l�o Iu�u�YM it ser�DUI i A,P ° 1N Still llldllN�rUriu 'uuuu° ��iiuuwru'ww� umi u� '°"�I Im��ii 6o a it liouuum� a�uu � ur"ll�� i 6m ur�unmva ;�mmi." yV� °w N/, , '�uuuuu"�nr�r iwmuuro>�" // •ff l Town of exin ton, MA 0 FY evenue romec ions Town Manager's Office Finance Department Issued 14, 2022 bra! Town of Lexington - FY2024 Revenue Projections Revenue Executive Summary This revenue projection is being submitted to the Select Board as required under Section 13 of Chapter 753 of the Acts of 1968, as amended,An Act Establishing the Selectmen-Town Manager Form of Government in the Town of Lexington. The projection is based on the most current data available; as new information arises, the projections may be revised. The summary below presents Total General Fund Operating Revenues, and Net General Fund Revenues. • Total General Fund Operating Revenues are from annually recurring and non-recurring revenue sources, including transfers from special revenue funds, Specialized Stabilization Funds, and the Health Claims Trust Fund. • Net General Fund Revenues are Total General Fund Revenues less revenues recommended to be set-aside to fund designated expenses. In FY2024, Total General Fund Operating Revenues are projected to increase by approximately$8.23 million, or 3.1%. Net General Fund Revenues, those available to support school and municipal operating budgets, are projected to increase by$7.36 million, or 3.0%. FY2021 FY2022 FY2023 FY2024 FY2023-24 Change General Fund Revenue Summary Actual Actual Estimated Projected $ 0/0 Property Tax Levy(Table 1) $ 194,3291878 $ 204,171,601 $ 213,426,933 $ 221,805,935 $ 87379,002 3.93% Tax Levy Dedicated to Capital ° Stabilization Fund $ — $ 575138 $ 15733,137 $ 1,733,137 $ — —/° Tax Levy Dedicated to Pension Fund $ 0 $ 0 $ 17060,000 $ 1;086)500 $ 267500 2.50% Total Property Tax Levy is 194,3299878 1$ 204,2289740 $ 21632209070 is 22496259572 1$ 894053502 3.89% State Aid(Table 2) $ 16,221,363 $ 16,683,885 $ 16,784,662 $ 16,988,059 $ 203,397 1.21 Local Receipts(Table 3) $ 15,358,065 $ 16,714,478 $ 13,488,108 $ 14,569,104 $ 1,080,9961 8.01% Available Funds(Table 4) $ 11,805,351 $ 17,825,379 $ 18,507,777 $ 17,399,902 $ (1,107,874) (5•99)% Other Available Funds-Use of Capital $ — $ — $ — $ — $ 1 — —0 Stabilization Fund(Table 4a) Yo Revenue Offsets(Table 5) $ (1,773,854) $ (1,821,196) $ (1,931,557) $ (2,331,557) $ (400,000) 20.71% Enterprise Receipts(Table 6) $ 17749,435 $ 17432,356 $ 17805,613 $ 1,852,184 $ 467571 2.58% Total General Fund Operating $ 2379690,239 $ 255,063,641 $ 264,8749673 $ 273,103,264 $ 892283591 3.11% Revenues Detailed Description: Property Tax Levy: The FY2024 property tax levy is projected to increase approximately$8.38 million, or 3.9%. The projected levy is a function of the FY2023 levy limit increased by 2.5% per Proposition 2�/2, plus an increment for new growth. FY2024 new growth will be a function of construction activity for the period July 1, 2022 to June 30, 2023. FY2024 new growth is estimated at $3,000,000 based on a review of historical data on new growth and the Town's expectation that both residential and industrial growth will remain strong in FY2024. Tax Levy Dedicated to Capital Stabilization Fund: In the Fall of 2021 the Town Manager proposed an new fiscal guideline, a Capital Stabilization Framework, to prepare for future capital projects. Beginning in FY2022, new levy growth generated from specified commercial and industrial development will be dedicated to the Capital Stabilization Fund (CSF) rather than becoming general revenue for the town's operating budget. Projects include those with a Preliminary Site Development and Use Plan (PSDUP) approved by Town Meeting, or those approved due to the revamped zoning on Hartwell Ave. This framework will reserve levy capacity to absorb a sudden increase in debt service for large capital projects such as the high school in future years. The set-aside funds can also be applied in future years to Town of Lexington - FY2024 Revenue Projections mitigate exempt debt service created by those capital projects. A list of properties currently subject to this guideline is available in Table 1A. Tax Levy Dedicated to Pension Fund: In FY2023 Takeda Pharmaceuticals (Takeda), a large industrial property owner discontinued their annual filing as a `manufacturer'with the Commonwealth of Massachusetts. In previous years, the designation as `manufacturer' exempted Takeda from personal property taxes. This change brings all of Takeda's $39 million of personal property back to the tax roll which equates to $1.06 million in new taxes. The Town has communicated a plan to dedicate this unexpected revenue into the Pension Fund for FY2023 and future years in order to remain on our planned funding schedule. When the Town has fully paid down the Pension liability (i.e. reached full- funding) the contribution from the tax levy to the Pension Fund will decrease by over $9 million annually. State Aid: Due to the pandemic, Local Aid was largely level-funded in FY2021, with minimal increases in FY2022, which is projected to continue in FY2024, which is projecting an overall increase of 1.21%. The State is still developing its FY2024 budget; the initial FY2024 State aid numbers will be available in January 2023, once the Governor releases his budget. Final figure are likely to be known in June 2023 when the Legislature adopts, and the Governor signs, the FY2024 State budget. Local Receipts: FY2024 projections for each category of receipt are based on the history of actual collections and projections of 3 and 5 year historical averages, with some adjustments to specific categories due to economic and local conditions. FY2024 local receipts are estimated to increase by approximately $1,080,996 or 8.01% over FY2023 estimates (some FY2023 projections were estimated low due to pandemic trends). The main contributors to this growth are a partial rebound in Other Excise, and higher and Permit revenue. Building and related permit revenue is expected to increase due to an increase in fees and the continuation of commercial and residential construction into FY2024. Available Funds: Available Funds are projected to decrease by$(1,107,874), or (5.99)%. This is due to lower contributions from special revenue funds and specified stabilization funds, particularly the Health Claims Trust fund, which will be fully drawn-down with the final transfer of$240,000 in FY2024. In FY2024 the transfer from the PEG Access Special Revenue Fund is also decreasing by $100,000 to reflect a decline in cable fee revenue. PEG revenue in future years may continue to decline. FY2024 Available Funds includes a transfer$171,000 from the Transportation Demand Management Stabilization Fund to finance the Lexpress service and the Town's contribution to the REV Shuttle. This is an increase from prior years to partly offset the increasing contract cost for the Lexpress service. In FY2024, $0 is proposed to be drawn from the Capital Stabilization Fund to fund the ongoing mitigation of within-levy debt service. No funds have been needed for this purpose since FY2019. Revenue Offsets: Revenue Offsets are projected to increase by approximately$400,000 or 20.71%. Revenue Offsets represent the set-aside of a portion of projected revenues legally required for particular purposes including: (1) the component of state aid (Public Library aid reimbursement) that is distributed as Cherry Sheet aid, but, in fact, is a categorical grant that is not available to support General Fund operations; (2) cherry sheet assessments - estimated charges to be levied by the Commonwealth to cover the costs of state and regional services provided to the Town, based on updated projections issued alongside the Governor's budget; M � = Town of Lexington - FY2024 Revenue Projections (3) the Assessor's Overlay account which covers the cost of abatements and exemptions granted to property taxpayers; and, (4) potential snow and ice deficits. The FY2024 increase in total Revenue Offsets is driven by the set-aside of$400,000 in estimated FY2024 revenue to cover a potential snow and ice deficit at the end of FY2023. For FY2023, $400,000 was set-aside, but did not end up being needed since actual FY2022 snow and ice removal expenses fell within their budgeted levels. Enterprise Receipts: This category of revenue represents transfers from the Water, Sewer and Recreation Enterprise Funds to the General Fund to cover General Fund expenditures that support the operations of the water, sewer and recreation departments. "0 ; O w Town of Lexington - FY2024 Revenue Projections 11111 111 NONE= FY2023-24 Change FY2021 Actual I FY2022 Actual Estimated Projected $ % Table 1: Property Tax Levy Tax Levy $ 184,938,303 $ 194,415,313 $ 204,199,633 $ 213,400,433 $ 9,200,799 4.51% Prop.2.5% $ 4,623,458 $ 4,860,383 $ 5,106,419 $ 5,405,502 $ 299,082 5.86% New Growth $ 4,853,553 $ 4,923,938 $ 4,120,880 $ 3,000,000 $ (1,120,880) (27.20)% Override/Excess Levy Capacity $ 85,435 $ 28,032 NA NA Table IA: Property Tax Levy Dedicated to the Capital Stabilization Fund 1050 Waltham St. $ - $ - $ 1,252,291 $ 1,252,291 $ - -% 186 Bedford St. $ - $ 21,451 $ 45,939 $ 45,939 $ - -% 55 Watertown St. $ - $ 3507 $ 434,907 $ 434,907 $ - -% Table 113: Property Tax Levy Dedicated to the Pension Fund Table 2:State Aid Chapter 70 $ 14,438,034 $ 14,647,494 $ 14,852,994 $ 15,021,794 $ 168,800 1.14% Charter School Reimbursement $ 60,652 $ 101,651 $ 54,959 $ 54,959 $ - -% Unrestricted General Government Aid $ 1,627,400 $ 1,769,494 $ 1,729,837 $ 1,764,434 $ 34,597 2.00% Veterans'Benefits&Exemptions $ 31,454 $ 105,119 $ 92,035 $ 92,035 $ - -% Offsets(Library) $ 63,823 $ 60,127 $ 54,837 $ 54,837 $ - -% I Subtotal 1$ 16,221,5UT r$ 16,683,8851$ 16J84662 1$ 161988059 1$ 203,3971 1.21% Table 3: Local Receipts Motor Vehicle Excise Tax $ 5,335,129 $ 5,330,281 $ 5,455,000 $ 5,418,000 $ (37,000) (0.68)% Other Excise $ 813,643 $ 1,351,204 $ 1,043,500 $ 1,373,000 $ 329,500 31.58% Penalties&Interest $ 445,590 $ 590,842 $ 341,500 $ 380,500 $ 39,000 11.42% PILOT's $ 660,966 $ 682,107 $ 715,000 $ 811,000 $ 96,000 13.43% Rentals $ 473,201 $ 394,624 $ 361,850 $ 350,296 $ (11,554) (3.19)% Departmental-Schools $ 337,909 $ 1,169,058 $ 244,500 $ 297,500 $ 53,000 21.68% Departmental-Municipal $ 2,398,261 $ 2,742,233 $ 2,629,525 $ 2,705,525 $ 76,000 2.89% Licenses&Permits $ 3,542,914 $ 3,171,808 $ 2,335,800 $ 2,824,850 $ 489,050 20.94% Special Assessments $ 25,644 $ 18,165 $ 10,433 $ 10,433 $ - -% Fines&Forfeits $ 59,820 $ 79,398 $ 101,000 $ 98,000 $ (3,000) (2.97)% Investment Income $ 277,170 $ 281,726 $ 250,000 $ 300,000 $ 50,000 20.00% Miscellaneous Non-Recurring $ 987,817 $ 903,030 $ - $ - $ - -% Local Receipts not shown on Reca $ - $ - $ - $ - $ - -% 7 7 1617141478 137488,108 1495699104 ,0809996 Table 4:Available Funds Parking Fund $ 562,000 $ 828,237 $ - $ 100,000 $ 100,000 -% Cemetery Sale of Lots Fund $ 40,480 $ 51,933 $ 16,125 $ 50,408 $ 34,283 212.61% Free Cash* $ 9,468,456 $ 14,638,059 $ 16,384,329 $ 16,000,000 $ (384,329) (2.35)% Health Claims Trust Fund $ 750,000 $ 750,000 $ 750,000 $ 240,000 $ (510,000) (68.00)% Transportation Demand Management $ 141,000 $ 141,000 $ 141,000 $ 171,000 $ 30,000 21.28% Stab.Fund Traffic Mitigation Stabilization Fund $ - $ - $ 240,000 $ 80,000 $ (160,000) (100.00)% Transportation Management Overlay $ - $ - $ 65,000 $ 72,000 $ 7,000 10.77% District(TMOD)Stabilization Fund Center Improvement District $ - $ - $ - $ - $ - -% Stabilization Fund PEG Access Special Revenue Fund $ 620,711 $ 629,287 $ 637,576 $ 547,309 $ (90,267) (14.16)% Transportation Network Company $ 16,504 $ 20,889 $ 6,824 $ 7,685 $ 862 12.63% (TNC)Special Revenue Fund Betterments Fund $ 6,200 $ - $ - $ 11,500 $ 11,500 -% Visitors Center Stabilization Fund $ 200,000 $ - $ - $ 50,000 $ 50,000 - General Stabilization Fund $ - $ - $ - $ - $ - (100.00)% bra! Town of Lexington - FY2024 Revenue Projections Special Education Stabilization Fund $ — $ 500,000 $ — $ — $ — —% Avalon Bay School Enrollment Mitigation/School Bus Stabilization $ — $ — $ — $ — $ — (100.00)% Funds Use of BAN Premiums $ — $ 110,000 $ — $ 70,000 $ 70,000 —% Balances from Prior Yr.Capital Articles $ — $ 155,974 $ 266,923 $ — $ (266,923) (100.00)% Subtotal $ 11 8053511 $ 17,8259379 $ 1895079777 $ 1793999902 $ (1 91079874) (5.99)%j Funds Capital Stabilization Fund $ — $ — $ — $ — $ — — Table 5: Revenue Offsets Cherry Sheet Assessments $ (960,031) $ (1,011,069) $ (1,126,720) $ (1,126,720) $ — —% Cherry Sheet Offsets-Public Libraries $ (63,823) $ (60,127) $ (54,837) $ (54,837) $ — —% Overlay(abatements) $ (750,000) $ (750,000) $ (750,000) $ (750,000) $ — —% Health Withholding Account Deficit $ — $ — $ — $ — $ — Snow Deficit $ — $ — $ — $ (400,000) $ (400,000) — • Table 6: Enterprise Receipts Water $ 930,001 $ 918,245 $ 977,093 $ 1,001,520 $ 24,427 2.50% Wastewater(Sewer) $ 541,663 $ 514,111 $ 542,416 $ 555,976 $ 13,560 2.50% Recreation&Community Programs $ 277,771 $ — $ 286,104 $ 294,687 $ 8,583 3.00% Gross General Fund Revenues $ 2371690,239 $ 255,063,641 $ 26478745673 $ 273,1033264 $ 8,2029091 3.10% Revenues Set Aside for $ 91180,935 $ 159038,401 $ 207198,797 $ 21,067,836 $ 8699039 4.30% Designated Expenses Net General Fund Revenues $ 22895099304 $ 24090259240 $ 24496759875 $ 252,0359428 $ 793337052 3.00% Available for Appropriation Town of Lexington - FY2024 Revenue Projections Revenues Set Aside for Designated Expenses: This represents components of Gross General Fund Revenues that are set aside for designated purposes. The proposed purposes for FY2024 are shown in the table below. Financing Sources Tax Levy Free Cash Other Total Notes 1 Set-Aside for Unanticipated $ 200,000 $ 200,000 1 Reserved for appropriation at the 2023 annual town Current Fiscal Year Needs meeting to fund supplemental appropriations to the FY2023(current year)budget. 2 Other Post-Employment $ 240,000 $ 1,739,721 $ 1,979,721 $240,000 from the tax levy made available by an equal Benefits(OPEB) transfer from the Health Insurance Claims Trust Fund to fund FY2024 Health Insurance. 3 Unallocated $ 750,000 $ 750,000 Set aside for yet-to-be identified one-time needs in the FY2024 budget. 4 Cash Capital $ 700,000 $ 11,365,279 $ 159,685 $ 12,224,964 Free Cash,Tax Levy and other available funds to support capital improvements. 5 Appropriate into Capital $ 1,733,137 $ 1,733,137 To meet future capital/debt service needs. Stabilization Fund 6 Appropriate from Capital $ — $ — Proposed use of Capital Stabilization Fund to hold debt Stabilization Fund service increases to 5%annually. 7 Special Education $ 1,000,000 $ 1,000,000 Special Education Stabilization Fund(Free Cash) Stabilization Fund 8 Street Improvement Program $ 2,688,312 $ 2,688,312 Tax Levy designated for long-term street maintenance nlqn 9 Municipal Building Envelope $ 225,029 $ 225,029 Initially funded in 2006 override;increases by 2.5%per and Systems year. 10 Warrant Articles $ — $ 15,000 $ — $ 15,000 Senior Tax Work-Off 11 Support of Recreation and $ 251,673 $ 251,673 Tax Levy support of Recreation and Community Community Programs Programs Enterprise(Transfer to Article 5) 12 Subtotal 1 1 111 $ 159,685 $217067,836 13 Free Cash to Support $ — $ 500,000 $ — $ 500,000 One-time set-aside for estimated increases to Refuse Operating Budget Collection&Recycling contracts 14 One-time Municipal Expenses $ 30,000 $ 30,000 Municipal Wage Study 15 Funding for New Pension $ 400,000 $ 400,000 Amount of incremental increase in the updated Pension Schedule Funding schedule will continue to be supported with Free Cash in FY2024. 16 • Total . 1 1 1 1 1 1 •: •• • O O C) M LO M M 1` LO � M M N Cfl O N X N Cfl M Lid Cfl CO N M C9 M I` O � LO Cfl O M � M O N C6 � O ti O � ti M 00 00 00 O 00 O I� I'*- I� O O U O N FL >% Cfl O � Cfl 00 ti LO LO Lid O LO ,I- Cfl ,I- � O � O CD LO > LO Cfl ti O M (fl LO 0) 00 ti CM I� d7 N O It � ti N N c6 N ti O N M O CY) CY) LO 1` Cfl O O N CY) O Cfl N O L J C) (fl ti M 00 LO M O I` (C) LO 1` 00 0') N QU O O O N N CO I LO (fl I` I` 00 0) O M C`) U 60- 60- 6e> cq {q 09, 6q c} 6q tq OC), Ug 60- {f} 64> {-!} a) {0} �} {e} 619- N > X I` O ;t LO ;t f` M I;t 00 O LO N C O It O CO CD I` CO LO M I*-- O O U') CO CO M M M E N N M O M CO � M U-) M Lid M O I� � O Q X N0 CO N L6 N 00 r- Cfl M � 00 � � CO CO Ln 00 m N Q co Ln co It ti LO Ln Nt L() I` d') CO C9 00 N M M CD 6q 6q 6q 6q 6q 6q 6q 6q 6q 6q 6q 6q 6r} 6q 6q 6q 6r} 6r}I N U o co X O N "t CD "t I` LO CO M LO ;tO N 1` M M CO CD U- Q O O C) CO N cM M 00 CO M (fl t N CO N LO t CO M .E +� E F CO M ti CO C) N M M CD U') LO 1` CD C) 4-04-0 O ti N Cfl M N O � O M O O r- CO O '1 O Ln M M LO N V- M I` V- O M LO CO CO O O N N 0 0 0 00 N It I` O O CO I� I` O N CO N O v- N It CO U- -0 M Q QD � � M O Cfl 00 V- 00 Ln O I` (fl (fl I` 00 � O c r Q .0 0 O 0-) C) N N M � Ln Cfl I` I*-- 00 0 0 M CO 0 V }' L1) M CO 't N ;t O O � N ti LO O O ";I- O Cfl 00 +r Co Ln I` 't 00 Ln N 00 Ln M M M O O Ln M d7 I ca O O O M N M Cfl M Ln CO O Cfl M CO CO O N M M M Ln += U Ln M r- N N (fl cM dr dr ti cM O N O 00 ;:i ti 00 cr }' O Q N I- N ti M � LO I` O N N N M O co N 00 ":t O m V O CDM 0') CO CO I` I` CO 0') M CO N CO � CO 0') N O � O ■ CIO � N� L6 � Li Li Ln Ln Ln Ln Cfl Cfl r. 00 00 00 C N M L6 lqi HIV X 0 W to -G} 69- U> 6q 6U} 61!} G� 6q 691 6q {a 6r} U> to ff} 6r} 6q 6q V> ■ >+ O 00 co O O ti Nt co O co I` CO O N co co N O N O > ti 00 N � CO LO M CO � LO CM CO I� N O I` I� I� O O Ln Ln Ln I` CO I` CO CO CO CO I` O M I M M I` O LO O J }' I� 00 O m 00 m m N C) M Cfl m O O ti 00 LO CO C) Lid N •N .E CO CO � I` 1` I` Ln CO � 00 C9 CO CO O M � LO N N N 1 1 J 00 00 O 00 ` m N coCfl -I- 00 ` 0') coM 0) 0') N N Cfl N O Ln C O � O L(i N 00 Ln � 00 � � dr Cfl � � � (fl � }, 00 00 0-) O N N CO It "t LO CO CO 1` 00 M O N � � V— V— V— V— V— V— V— V— V— � N N N _ F- 60M 60, 6q 66} 6q 60, � 6�} U� 091 69, 6!} 60- U� 69} 6�} 60M to to U)m - C- co ' +�r 0 � h o � Uco 00 Co>� M LO O o C( � '� > Q> N 0000 m �= �i �0 }' O Q � � M _ 609� 69M {f} 6F 1 609M 609M 609M 6091 609- {f} 609M 609� 609- 609. {f} 6pk 609� 609- 609- 6F} •N c6 00 m •— U N � � I I I I I I I I I I I I I I I I I M m -a CD O 07 — E Q N -0 � ° ti � - pz� N O umm to I to ka Ef} 6q {f} 69M 6F} 6g Q9, bg bg 6F} u> to {f} 6n, bg 6F} U N O co m O O N O CO Ln Ln M M Nt Ln M M w O O x C CD N N 00 U-) ;I- CDU-) M 'Cl- M 00 M Nt M CD CD Ln M 00 CD0 � U + M I` O C) 00 C)CO CO O LO LO O M O M LO LO O (� 3 N CO L6 Cfl � CO CO 00 r, Cfl N dr ti O 00 M M O O ' O ? 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