HomeMy WebLinkAboutMINUTES - 04032007 - HA.1 TO: BOARD OF COMMISSIONERSV10
Housing
FROM: Rudy Tamayo Authority of
Executive Director Contra Costa
OT-dable housing solutions County
DATE: April 3, 2007
SUBJECT: FY 2006-2007 3rd Quarter,Budget Report
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
ACCEPT the FY 2006-2007 3`d Quarter Budget Report period ending 12/31/06
FINANCIAL IMPACT:
This report is for informational purposes only updating the financial position of Contra Costa Housing
Authority (CCHA).
BACKGROUND
This report is intended to provide the Board of Commissioners an overview of the financial position of the
CCHA through the third quarter of the fiscal year ending 12/31/06. The report is presented with an Agency
Summary that recaps the Fund Overviews. The Fund Overviews include a brief program summary, a variance
summary, and an analysis of program reserves. It should be noted that all program reserves are restricted for
use with-in each program (with the exception of Other State and Local Fund) The designation between
restricted and non-restricted is to identify funds that are obligated for special use with-in the fund
AGENCY SUMMARY:
CCHA Agency Summary Annual Budget ToQuarter C Quarter Annual Variance
Actual Estimate Estimated
Revenue $101,473,562 $ 72,931,424 $27,183,527 $100,114,951 $(1,358,611-)
Expenditures $100,596,104 $ 70,523,915 $ 22,510,243 $ 96,134,158 $4,461,946
To Reserves $ 3,980,793
To summarize the main points of this report, CCHA actual revenue compared to budgeted revenue was
reduced in the amount of $1,358,611. The reduction was a result of reduced operating subsidy and
unrecognized revenue in the Public Housing & Capital Fund Programs in the amount of$1,054,048. The
remaining amount was related to the reduction of port-in activities in the Other State and Local Programs.
CCHA had a savings in expenditures in the amount of $4,461,946. The Capital Fund accounted for
$2,683,738 in unexpended funds related to scheduled capital projects. The Housing Vouchers program had a
savings of $1,700,825 in Housing Assistance Payments (HAP). This savings was a result of utility allowance
increases that have not yet been processed and a reserve for project base vouchers.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
4RT&&EX IV RECTOR
RECOMMENDATION of COUNTY ADMINISTRATOR RECOMMENDATION OF 9OARD COMMI E
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON Z34.Lc3/O-nr— APPROVED AS RECOMMENDED OTHER
VOTE OF COMMISSIONERS I HEREBY CERTIFY THAT THIS IS A TRUE AND CORREC'
COPY OF AN ACTION TAKEN AND ENTERED ON MINUTES Of
UNANIMOUS(ABSENT ul(,trCMA,TEnJgS
THE BOARD OF COMMISSIONERS ON THE DATE SHOWN.
)
AYES: NOES:
ABSENT: ABSTAIN:
Contact: Judy Hayes,957-8028
Cc: County Administration ATTESTED O y 10 /0
Auditor-Controller JOHN CULLEN,CL RK OF THE BOARD OF COMMISSIONERS
BY: DEPUTY
H:\JudyHayes\MSOFFICE\WINWORD\BOARD\BO-3rd Q Budget Report.doc
Td Q Budget Report
ApH13, 2007
Page 2 of 3
FUND OVERVIEW:
Housing Choice Vouchers(formerly known as Section 8)
Program Summary-CCHA administers contracts with independent landlords that own rental property.
CCHA subsidizes the families' rents through a Housing Assistance Payment(HAP)payable to the landlord.
The program is funded through an Annual Contributions Contract(ACC)with the Department of Housing and
Urban Development(HUD) under the authority of the code of federal regulation (CFR)24-982.
Variance Summary:
Housing Choice Annual Budget 3'Quarter—_0—Quarter Annual Variance
Vouchers Actual Estimate Estimated
Revenue $80,658,820 $60,345,790 $20,487,467 $80,833,257 $ 174,437
Expenditures $80,396,619 $57,658,149 $21,037,645 $78,695,794 $1,700,825
To Reserves 1 1 $_2,137,463_ I
Revenue-The positive variance of$174,437 is primarily the increase in investment income.
Expenditures-The positive variance of$1,700,825 million is a result of two primary factors 1)
Unexpended HAP funds that have been set aside for the utility allowance increase and 2)Cost
savings and changes to the indirect allocation plan consistent with Office of Management and
Budget(OMB)circular A-87.The positive variance for these two factors follow the amounts
reported in the reserve analysis section reported below respectively.
Analysis of Program Reserves:
Housing Choice VouchersRestricted Reserve Bal. Unrestricted Reserve Bal. Reserve Balances
Beginning FY Balances. $4,087,253 $ 544,748 $4,632,001
Reserves this report $1,584,523 $ 552,940 $2,137,463
Projected at 3/31/07 $5,671,776 $1,097,688 $6,769,464
Public Housing Operating Fund and Capital Fund
Program Summary-CCHA rents units to low or very low-income households. The Public
Housing Operating Fund and the Capital Fund are operated under a contract with HUD and under the
authority of CFR 24-990 and CFR 24-941 respectively. The Public Housing Operating fund provides a
nominal Operating Subsidy designed to cover the gap between rents collected and annual operating
expenses. The Capital Fund is designed to enable CCHA to make capital improvements to its public
housing properties and to otherwise provide long-term assets for the benefit of the administration of
the public housing program.
Public Housing & Annual Budget 3r"Quarter 4" Quarter Annual Variance
Capital Fund Actual Estimate Estimated
Revenue $12,941,105 $7,119,537 $4,767,520 $11,887,057 $(1,054,64-8)
Expenditures $12,692,315 $7,981,382 $2,352,266 $10,333,648 $2,358,667
To Reserves $ 1,553,409 1
Variance Summary:
Revenue-The negative variance in the amount of$1,054,048 million is a result of two
primary factors 1) Revenue in the capital fund is recognized on a cash basis under
HUD's accounting practices even though the Authority may have the funds legally
obligated which accounts for$371,014 of the variance. 2) Revenue in the Public
Housing Operating Fund was reduced by$683,034 in operating subsidy due to
reductions in Federal funding. The Authority received 85.5% of the federal entitlement
for the calendar year 2006.
Expenditures-The positive variance in the amount of$2,358,667 is related to the
unexpended capital funds that accounted for$2,683,738 and a negative variance in the
amount of$325,071 related to cost increases due to changes to the indirect allocation
plan consistent with Office of Management and Budget (OMB) circular A-87.
3'd Q Budget Report
April 3, 2007
Page 3 of 3
Analysis of Pro-gram Reserves:
Public Housing&Capital Restricted Reserve Bal. Unrestricted Reserve Bal. Reserve Balances
Fund
-Beginning FY Balances $3,319,433 $2,341,423 $5,660,856
-Reserves this report $2,956,727 $(1,403,318) $1,553,409
-Projected at 3/31/07 $6,276,160 $ 938,105 $7,214,265
Housing Certificate Programs
Program Summary CCHA administers three separate Housing Certificate Programs. These three
programs provide rental assistance based on the Housing Choice Voucher methodology in
determining subsidized rent and program compliance. CCHA subsidizes the families'rents through
Housing Assistance Payment(HAP)payable to the landlord. These programs are funded through an
Annual Contributions Contract(ACC)with the Department of Housing and Urban Development(HUD)
under three different federal CFRs'.The Shelter Plus Care program serves homeless and disabled
individuals and their families under CFR 24-886. The Moderate Rehabilitation program is a projected
based rental assistance program that operates under CFR 24-882, and the Rental Voucher program is
also a project based assistance program that operates under CFR 24-880.
Housing Certificate Annual Budget _3�Quarter -4u'--Quarter Annual Variance
Program Actual Estimate Estimated
Revenue $3,321,979 $2,397,141 $ 794,763 $3,191,904 $ (130,075)
Expenditures $3,157,973 $2,359,919 $ 804,391 $3,164,310 $ (6,337)
To Reserves 1 $ 27,594 1
Variance Summary:
Revenue-The negative variance in the amount of$130,075 is a result of reduced HAP funding
provided by HUD.
Expenditures-The negative variance in the amount of$6,337 is a result of higher Hap subsidy
payments made for clients.
Analysis of Reserves:
Housing Certificate Program Restricted Reserve Bal. Unrestricted Reserve Bal. Reserve Balances
Beginning FY Balances $0 $ 111,435 $ 111,435
Reserves this report $0 $ 27,594 $ 27,594
Projected 3/31/07 $0 $ 139,029 $ 139,029
Other State and Local Pro-grams
Program Summary-CCHA administer a variety of activities that are non-HUD which include managing
general partners for tax credit projects, developer fees for non-HUD projects, Rental Rehabilitation
programs, port-in administration of Housing Vouchers, and other state or local programs.
ffi
Other State and Annual Budget 3rd Quarter -4 —Quarter Annual Variance
Local Programs Actual Estimate Estimated
Revenue $4,551,658 $3,068,956 $1,133,777 $4,202,733 $ (348,925)
Expenditures $4,349,197 $2,524,465 $1,415,941 $3,940,406 $ 408,791
To Reserves I I - $ 262,327
Variance Summary:
Revenue-a negative variance in the amount of$348,925 was a direct result of port-in activities being
reduced, which is more than offset by the positive reduction in expenditures.
Expenditures-a positive variance in the amount of$408,791 was a direct result of port-in activities
being scaled back by absorbing incoming vouchers to our existing Housing Vouchers Program.
Analysis of Reserves:
Other State&Local Programs Restricted Reserve Bal. Unrestricted Reserve Bal. Reserve Balances
Beginning FY Balances $1,546,777 $2,081,573 $3,628,350
Reserves this report $ 262,327 $ 262,327
Projected 3/31/07 $1,809,104 $2,081,104 $3,890,677
TO: BOARD OF COMMISSIONERS
• 5F?P11.'1 Housing
FROM: Rudy Tamayo Authority of
Executive Director Contra Costa
affordable hou;i q solutions County
DATE: April 3, 2007
SUBJECT: 2007-2008 Agency Annual Budget
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Approve the 2007-2008 Agency Annual Budget
FINANCIAL IMPACT:
This Annual Budget proposes an increase in the overall Agency reserve in the amount of$597,084.
BACKGROUND
The Annual Budget process begins by the Authority submitting annualized rental income and
utility consumption data, as well as quarterly utilization reports to the Department of Housing and
Urban Development (HUD). HUD then determines funding entitlement based on federal rules and
appropriations. Contra Costa Housing Authority (CCHA) completes the mid-year budget to actual
report, which is then analyzed and compared to the historical cost data to project and develop the
next year budget. CCHA then takes into consideration new or planned projects, planned increase
or reductions, and any other factors in an effort to produce a balanced budget. The Consolidated
Budget History, Consolidated Budget, and Board Order are prepared and forwarded to the County
Administrator office and the Board for final consideration.
CCHA administers numerous programs and activities. We have prepared the Consolidated
Budget History, Consolidated Budget that reflects all the major programs and funding levels. In
addition, we have prepared a brief overview, a comparative summary, an explanation of changes,
and an analysis of program reserves. This information provided below starts at the "Agency Level"
and flows down to the "Program Level". The major issues related to this years budget are the
reduction in Housing Vouchers funding and the switch to project based accounting. These issues
have been addressed in the explanation of change section of the Housing Vouchers program and
State and Local Programs respectively.
AGENCY OVERVIEW:
The Housing Authority assisted an estimated 7,845 families directly in securing housing during the last
calendar year. This is down from a high of 8,336 families in 2002. The authority currently has 103 employees
down from a high of 129 in 2003. The Authority manages 1,430 rental-housing units at 18 different sites in 397
buildings. In addition, the Authority administers an estimated 6,415 families in the assisted housing programs
through out the county.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
&RUTA YO,EXECUTIVE ECTOR
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION O OARD COMMI
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON Qp3 r0: APPROVED AS RECOMMENDED 'Ot, OTHER
VOTE OF COMMISSIONERS I HEREBY CERTIFY THAT THIS IS A TRUE AND CORREC'
COPY OF AN ACTION TAKEN AND ENTERED ON MINUTES 01
UNANIMOUS(ABSENT THE BOARD OF COMMISSIONERS ON THE DATE SHOWN.
AYES: NOES:
ABSENT: 'a/ ABSTAIN:
Contact: Judy Hayes,957-8028
Cc: County Administration ATTESTED Ej
Auditor-Controller JOHN LLEN, ERK OF THE BOARD OF COMMISSIONERS
BY: DEPUTY
H:\JudyHayes\MSOFFICE\WINWORD\BOARD\BO-AGENCY WIDE BUDGET 2007-08. c
� J
• 1
' I
Housing Authority 2007-08 Annual Budget
April 3, 2007
Page 2 of 4
CCHA Comparative 2007-2008 Budget 2006-2007 Prior Yr Change
ummary
Revenue $96,746,307 $100,114,951 $ 3,368,644
Expenditures $18,344,813 $ 16,159,596 $ 2,185,217
Program Costs, Debt
Services & Other
Capital Improvements $77,804,410 $ 76,874,562 $ 929,848
To Reserves $ 597,084 $ 3,980,793
Explanation of Change:
The major reduction in revenues is related to the reduced federal funding in the Housing Choice Vouchers
program as outline below. The major increase in expenditures is related to the filling of vacant positions;
projected salary increases, and estimated increased cost in operations as outline below. And finally, the major
increase in Program Costs, Debt Services &Other Capital Improvements is related to Capital Improvements
planned to be completed during this fiscal year.
Analysis of Program Reserves:
It should be noted that all program reserves are restricted for use with-in each program The
designation between restricted and unrestricted is to identify funds that are obligated for special use
with-in the program fund. The only exception to this rule is those unrestricted funds with-in the State
and Local Fund.
Agency Consolidated Restricted Reserve Bal. Unrestricted Reserve Bal. Reserve Balances
Projected 3/31/07 $13,757,040 $4,255,926 $18,012,966
This Budget $ 597,084 $ 597,084
Projected to 3/31/08 $14,354,124 $4,255,926 $18,610,050
Housing Choice Vouchers Overview:
The Housing Choice Vouchers program formerly know as the Section 8 Program is a program that provides
rental assistance to families in the private rental market. CCHA administers contracts with independent
landlords that own rental property and lease to qualified family. Housing Assistance Payment(HAP) is made to
the owner. The program is funded through an Annual Contributions Contract(ACC)with the HUD under the
authority of the code of federal regulation (CFR)24-982.
CCHA Comparative 2007-2008 Budget 2006-2007 Prior Yr Change
Summary
Revenue $76,266,548 $80,833,257 $ 4,566,709
Expenditures $ 5,447,789 $ 4,912,420 $ 535,369
Program Costs, Debt
Services & Other
Capital Improvements $70,725,079 $70,683,374 $ 41,705
To Reserves $ 93,680 $ 5,237,463
Explanation of Change:
The reduction in revenue for this fiscal year is directly related to federal reductions. $4,408,824 was reduced
for HAP and $157,885 was reduced in administrative fees. This represents a 5.45% reduction in Housing
Assistance Payments and a 2.86% reduction in administrative fees.
$379,501 of the increased expenditures is related to the filling of vacant positions and projected salary
increases. The remaining $155,868 is estimated increase cost in operating expenditures.
The increase of$41,705 is related to HAP payments for family subsidies.
Analysis of Program Reserves:
Housing Choice Vouchers Restricted Reserve Bal. Unrestricted Reserve Bal. Reserve Balances
Projected 3/31/07 $5,671,776 $1,097,688 $6,769,464
This Budget $ 93,680 $ $ 93,680
Projected to 3/31/08 $5,765,456 $1,097,688 $6,863,144
Public Housing&Capital Fund Overview:
The Public Housing Operating Fund and the Capital Fund are operated under a contract with HUD
and under the authority of CFR 24-990 and CFR 24-941 respectively. CCHA rents units to low or very
• r, Y
Housing Authority 2007-08 Annual Budget
April 3, 2007
Page 3 of 4
low-income households. HUD fund provides a nominal Operating Subsidy designed to cover the gap
between rents collected and annual operating expenses. The Capital Fund is designed to enable
CCHA to make capital improvements to its public housing properties and to otherwise provide long-
term assets for the benefit of the administration of the public housing program.
CCHA Comparative 2007-2008 Budget 2006-2007 Prior Yr Change
Summary
Revenue $11,950,014 $11,887,057 $ 62,957
Expenditures $ 9,327,222 $ 8,906,183 $ 421,039
Program Costs, Debt
Services & Other
Capital Improvements $ 2,331,665 $ 1,427,465 $ 904,201
To Reserves $ 291,127 $ 1,553,409
Explanation of Change:
There is minimal change in Revenue estimated this fiscal year. It should be noted that the Operating
Subsidy estimated for this fiscal year($5,508,092) is projected at only 80% of entitlement. This is
consistent with the funding Level of 85.5% last year.
$357,363 of the increased expenditures is related to the filling of vacant positions and projected salary
increases. The remaining $63,676 is estimated increase cost in operating expenditures.
The increase of$904,201 is related to completion of Capital Improvements in progress for the fiscal
year.
Analysis of Program Reserves:
Public Housing&Capital Restricted Reserve Bal. Unrestricted Reserve Bal. Reserve Balances
Fund
Projected 3/31/07 $6,276,160 $ 938,105 $7,2149265
This Budget $!I 291,127 $ 291,127
Projected to 3/31/08 $6,567,287 $ 938,105 $7,505,392
State and Local Overview:
CCHA administer a variety of activities that are non-HUD which include managing general partners for tax
credit projects, developer fees for non-HUD projects, port-in administration of Housing Vouchers, Rental
Rehabilitation Program, Component Units (DeAnza Gardens&Casa Del Rio), and any other state or local
program.
CCHA Comparative 2007-2008 Budget 2006-2007 Prior Yr Change
Summary
Revenue $5,220,885 $4,202,733 $ 1,018,152
Expenditures $3,156,038 $1,957,156 $(1,198,882)
Program Costs, Debt
Services & Other
Capital Improvements $1,937,329 $1,983,250 — , -$45,921
To Reserves $ 127,518 $ 262,327
Explanation of Change:
The increase of$1,018,152 is related to the new project base accounting mandate imposed by HUD.
Housing Authorities are now paid an administrative fee from the Public Housing Program to
administer the program. The increase in expenditures is related to those overhead cost that were
previously charged to Public Housing Program. The reason these amounts are not reflected in the
Public Housing budget reported above is because of similar increase and expenses projected in the
Capital Fund. The increase of$45,921 is related recognized interest expense pertaining to the Debt
Service of the Component Unit of DeAnza Gardens for the fiscal year.
Analysis of Program Reserves:
State & Local Funds Restricted Reserve Bal. Unrestricted Reserve Bal. Reserve Balances
Projected 3/31/07 $1,809,104 $2,081,104 $3,890,677
This Budget $ 127,518 $ 127,518
Projected to 3/31/08 $1,936,622 $2,081,104 $4,017,726
Housing Certificate Programs Overview:
CCHA administers three separate Housing Certificate Programs. These three programs provide rental
ty„
Housing Authority 2007-08 Annual Budget
April 3, 2007
Page 4 of 4
assistance based on the Housing Choice Voucher methodology in determining subsidized rent and program
compliance. CCHA subsidizes the families'rents through Housing Assistance Payment(HAP)payable to the
landlord. These programs are funded through an Annual Contributions Contract(ACC)with the Department of
Housing and Urban Development(HUD) under three different federal CFRs'. The Shelter Plus Care program
serves homeless and disabled individuals and their families under CFR 24-886. The Moderate Rehabilitation
program is a projected based rental assistance program that operates under CFR 24-882, and the Rental
Voucher program is also a project based assistance program that operates under CFR 24-880.
CCHA Comparative 2007-2008 Budget 2006-2007 Prior Yr Change
Summary
Revenue $3,308,860 $3,191,904 $ 116,956
-Expenditures $ 413,764 $ 383,837 $ 29,927
Program Costs, Debt
Services & Other
Capital Improvements 1 $2,810,337 $2,780,473 $ 29,864
To Reserves $ 84,762 $ 27,594
Explanation of Change:
The increase in Revenue in the amount of$116,956 is based the projected funding levels that has been
requested from HUD. Generally, HUD has not made major reduction in these program areas. The increase in
expenditures in the amount of$29,927 is related to projected salary and operating increases. The $29,864 is
project increase HAP for the fiscal year.
Analysis of Program Reserves:
Housing Certificates Restricted Reserve Bal. Unrestricted Reserve Bal. Reserve Balances
Programs
Projected 3/31/07 $ -0- $ 139,029 $ 139,029
This Budget $' 84,762 $ 84,762
Projected to 3/31/08 $' 84,762 $ 139,029 $ 223,791
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