The URL can be used to link to this page

2020-07-23 Finance Committee Agenda Packet - Open SessionCity of Saint John Finance Committee - Open Session AGENDA Thursday, July 23, 2020 4:30 pm Meeting Conducted by Electronic Participation 1. Call to Order 2. Approval of Minutes Pages 2.1 Minutes of May 14, 2020 1 - 4 3. Consent Agenda 3.1 Shared Services - Service Agreement between the City of Saint John and 5 - 13 Police Commission 3.2 2021 Operating Budget Timeline 14 - 15 4. Business Items 4.1 2019 Consolidated Financial Statements 16 - 99 4.2 2020 General Fund Forecast 100 - 105 4.3 2020 Transit Forecast 106 - 112 4.4 Customer Service Initiative 113 - 133 4.5 Strategic Plan 134 - 151 Finance Committee Meeting Open Session May 14, 2020 MINUTES — OPEN SESSION FINANCE COMMITTEE MEETING MAY 14, 2020 AT 4:30 PM MEETING CONDUCTED BY ELECTRONIC PARTICIPATION Present: Mayor D. Darling Councilor D. Merrithew Councilor S. Casey Councilor D. Reardon Councilor G. Sullivan Councilor G. Norton Also Present: City Manager J. Collin Commissioner of Finance and Treasurer K. Fudge Director of Strategic Affairs I. Fogan Comptroller Finance C. Graham City Solicitor J. Nugent Fire Chief K. Clifford Commissioner Saint John Water B. McGovern Commissioner Growth & Community Development J. Hamilton Commissioner Transportation & Environment Services M. Hugenholtz Senior Financial Manager D. Arbour Senior Financial Manager C. Lavigne Fire Chief K. Clifford General Manager Saint John Transit M. Dionne Energy Manager S. Yammine Director Corporate Performance S. Rackley-Roach Administrative Assistant K. Tibbits 1. Meeting Called To Order Councilor Merrithew called the Finance Committee open session meeting to order. 1.1 Approval of Minutes 1.1.1 Minutes of January 22, 2020 Moved by Councillor Reardon, seconded by Councillor Sullivan: RESOLVED that the minutes of January 22, 2020 be approved. MOTION CARRIED. 1.1.2 Minutes of April 15, 2020 Moved by Councillor Reardon, seconded by Mayor Darling: RESOLVED that the minutes of April 15, 2020 be approved. MOTION CARRIED. Finance Committee Meeting Open Session May 14, 2020 1.2 Introduction to the Imoortance of 10 Year Corporate Strategic Plan Mr. Fogan reviewed the submitted presentation regarding the 10-year Corporate Strategic Plan. The strategic plan will guide decisions and policy development for the City of Saint John and support other plans currently in place. Public consultation and stakeholder engagements will be part of the development of the Corporate Strategic plan. Mr. Collin noted that the strategic plan is a living document and will require support from the current council and subsequent councils. This is a long-term vision and strategy document and will require both human and financial resources to be successful. Moved by Mayor Darling, seconded by Councillor Sullivan: RESOLVED that the presentation entitled "Strategic Planning" be received for information. MOTION CARRIED. 1.3 City Market Tower Interior Renovations Second Floor and Fit-U Mr. Yammine, Energy Manager, explained that original plans for the City Market renovation did not include renovations to the second floor due to capital budget limitations. In March 2020, the City received confirmation of grant funding from NB Power resulting from the implementation of energy measures. The City is now interested in completing the interior renovation and fit -up of the second floor at the City Market Tower. Upon completion, the entire building will be fully utilized. The proposed scope of work consists of interior renovations, supply and Installation of a high efficiency heating and cooling system, and supply and installation of new lighting. Moved by Councillor Reardon, seconded by Councillor Sullivan: RESOLVED that the Finance Committee recommend to Common Council that the change order submitted by Eclipse Construction Services Ltd., for the City Market Tower Interior Renovations Second Floor and Fit -Up, in the amount of $324,843.49 plus HST be accepted. Further to the base quote amount, it is recommended that a contingency allowance be carried for this project in the amount of $10,000 plus HST, for a total project cost of $334,843.49 plus HST. MOTION CARRIED 1.4 Budget Monitorine Polic Mr. Fudge noted that a Budget Monitoring Policy is a best practice financial policy to help the city remain on a sustainable path going forward. The policy will reinforce accountability in budget management practices, guide cost control measures, and increase the accuracy of the budget process. It is a tool to increase reserve funding and accelerate debt reduction, changing how budgets are managed. Wages and benefits and goods and services will be managed as separate budget envelopes. It will provide more transparency to the budget process and increase the performance of the operating budget. Service areas will not have the authority to fund unplanned initiatives from surpluses in their budget. Unplanned initiatives will require authorization from Council through a reserve fund process to allow the organization to consider all service needs and long-term objectives. Fundamental to this policy is the recognition that wage and benefit surpluses were never intended to subsidize the goods and services budget. The Budget Monitoring Policy will take effect January 1, 2021. Moved by Councillor Reardon, seconded by Councillor Sullivan: RESOLVED that the Finance Committee approves the draft Operating Budget Allocation Policy and recommends that Common Council approve the Operating Budget Allocation Policy as presented by staff. 2 2 Finance Committee Meeting Open Session May 14, 2020 MOTION CARRIED. 1.5 Capital Budget and Lone Term Debt Update Mr. Lavigne reviewed the submitted presentation entitled 2019 Capital Budget Report General Fund/Utility Fund and commented on the City's progress related to debt reduction. Both funds have a positive variance. The positive variances as well as additional pay as you go will reduce the amount to be borrowed. Moved by Councillor Reardon, seconded by Mayor Darling: RESOLVED that the 2019 Capital Budget Analysis report be received for information MOTION CARRIED. 1.6 COVID-19 Update Ms. Arbour provided an update on the financial impact to the General Fund as a result of COVID-19. There has been significant negative impact to the economy which will cause further financial pressure on the City in terms of a potential reduction in the tax assessment base and an increased structural deficit. The loss in revenue to the General Fund in 2020 is estimated to be $5M; this does not take into account drastic steps back in the recovery process. To compensate for the anticipated loss of revenue, the City has put a mitigation plan in place. Mr. Fudge noted that communities have been hit very hard economically due to COVID-19 and to date the federal government has not announced stimulus funds for municipalities. The City is very vulnerable to tax base growth and the unconditional grant, as 90% of the City's revenue comes from these two sources. A 1.5% tax base growth has been used as an assumption in the City's forecasting for structural deficit purposes; if that number erodes to zero it would equate to an approximate $1.8M loss. Moved by Councillor Reardon, seconded by Mayor Darling: RESOLVED that the General Fund COVID-19 Financial Impact Update be received for information. MOTION CARRIED. 1.7 Saint John Transit Reauest for Fundin Mr. Dionne noted that COVID-19 has had a significant financial impact on transit including a suspension of fares (since reinstated), as well as a nine passenger limit on buses. The operating budget has been reduced by 25% through staff layoffs, service reductions and reduced fuel consumption. Plexiglas shields have been installed on buses to provide greater safety to drivers and to enable the resumption of fares. Mr. Fudge noted that municipalities across the country are facing financial pressures on their transit services and a loss of revenue. At the end of April, Saint John transit was in a deficit position of $378K. With the current mandatory restrictions of nine riders per bus, transit is bringing in about 25% of their normal monthly revenue and is expected to run out of cash in July under the current conditions. Given the uncertainty, staff is recommending that Council provide the Saint John Transit Commission its July operating subsidy in early June in order to have sufficient cash to continue its operations. Mr. Collin stated that the City has requested that the Province allow municipalities to increase the number of people permitted to ride the bus. Even then, there is no guarantee that ridership will return to normal forecasted levels. Mr. Collin discussed the importance of the transit service to remain on a reduced service level to reduce cost by a minimum of 25%. Finance Committee Meeting Open Session May 14, 2020 In response to a question, Mr. Dionne noted that the Transit Commission has not discussed raising rates, noting that the Commission is undergoing a review and rates could form part of those recommendations. In terms of service reductions, an evaluation of routes has been conducted which includes a reduction of service hours from 97K to 71K. Moved by Councillor Reardon, seconded by Councillor Sullivan: RESOLVED that the Finance Committee make the following recommendation to Common Council: • Direct the Commissioner of Finance to advance the Saint John Transit Commission the budgeted July operating subsidy of $491,323 early in June to ensure there is sufficient cash flow to operate; • That the Council Resolution (20 April 2020) to reduce transit costs by 25% remain in effect for the remainder of 2020 and be subject to review as the situation develops in the coming months; • The City and the Commission continue to advocate to the provincial and federal governments for funding relief for public transit; • Request that an updated presentation be brought forward to the Finance Committee in early July with updated year-end projections and any additional mitigation recommendations that may need to be made to Council. MOTION CARRIED. Adjournment The Finance Committee open session meeting held on May 14, 2020 was adjourned at 6:30 p.m. 4 FINANCE COMMITTEE REPORT Report Date July 16, 2020 Meeting Date July 23, 2020 Chairman Councillor Merrithew and Members of Finance Committee SUBJECT: Service Level Agreement — Saint John Board of Police Commissioners OPEN OR CLOSED SESSION This matter is to be discussed in open session of Finance Committee. AUTHORIZATION Primary Author Commissioner/Dept. Head City Manager Craig Lavigne Kevin Fudge John Collin RECOMMENDATION It is recommended that this report be received and filed. EXECUTIVE SUMMARY The purpose of this report is to provide the Finance Committee with an overview of the City's finance department providing financial services to the Saint John Board of Police Commissioners and formalizing this service through a service level agreement. PREVIOUS RESOLUTION N/A STRATEGIC ALIGNMENT This report aligns with the 2021 General fund operating budget reductions and moving towards more shared services with the City's Agencies, Boards and Commissions. REPORT The Saint John Police Board of Police Commissions has been mandated by Common Council to reduce $1.3M from the police budget for the years 2021 and 2022. The City expressed a desire to work with the Commission to find solutions 61 -2- such as shared services as way to lower the impact to services due to the budget reductions. Staff from the City met with the Chief of Police and other members of the Police's Senior Leadership team to discuss opportunities for shared services. Based on those discussions a draft service level agreement for financial services has been developed between the City and Police. This agreement will formalize several services such as accounts payable, accounts receivable and payroll functions that the City has been providing for the Police since they became a separate board. The agreement will provide Police with more access to a wider arrangement of financial expertise available in the Finance department with the City. Highlights of the services that will be provided are; • Weekly Payroll Processing • Accounts Payables Processing • Accounts Receivable — Billings and Collection • Purchasing and Procurement services • Providing Monthly Financial Results/Forecasting with input from the "customer" • Prepare annual operating and capital budgets with direction from the "customer" • Providing assistance with various ad hoc financial reporting as requested • Assist in preparing 5 Year Operating and Capital Budgets and Long Term Financial Plan • Accounting Specialist will report to Senior Finance Manager, City of Saint John • Representative from City of Saint John to attend board meetings — (11 board meetings and at addition requests from "customer") • Representative from City of Saint John to attend Senior Leadership meetings at the request of the "customer" In conclusion this agreement will allow the Police to meet their reduced 2021 operating budget, while trying to minimize impacts to service delivery and ensuring they still have the financial support needed. This is also another important step in moving the City towards more shared services as indicated as an opportunity in the EY operational review report. SERVICEAND FINANCIAL OUTCOMES The service level agreement has been incorporated in the 2021 Police budget reduction of $1.3M, while trying to reduce impact to their service delivery. C.1 -3- INPUT FROM OTHER SERVICE AREAS AND STAKEHOLDERS Input was received from staff of both the Finance and Administration team and the Senior Leadership team of the Police. ATTACHMENTS Appendix 1— Draft Service Level Agreement between COSJ and SJPF r� Service Level Agreement (SLA) For Saint John Board of Police Commissioners by City of Saint John Effective Date: 12-06-2020 Document Owner: I City of Saint John Version Version Date Description Author 1.0 12-06-2020 Service Level Agreement Craig Lavigne Approval (By signing below, all Approvers agree to all terms and conditions outlined in this Agreement.) Approvers Role Signed Approval Date Saint John Board of Customer Police Commissioners City of Saint John Service Provider Draft SLA for Discussion: Financial Services E:3 Page 1 Table of Contents 1. Agreement Overview........................................................................................................ 3 2. Goals & Objectives........................................................................................................... 3 3. Stakeholders...................................................................................................................... 3 4. Periodic Review, Amendments and Resolutions of Issues ............................................... 4 5. Service Agreement............................................................................................................ 5 5.1. Service Scope.............................................................................................................. 5 5.2. Customer Requirements.............................................................................................. 5 5.3. Service Provider Requirements................................................................................... 5 5.4. Service Assumptions................................................................................................... 6 5.5. Exemptions and Limitations....................................................................................... 6 5.6. Financial Agreement................................................................................................... 6 Draft SLA for Discussion: Financial Services Page 2 1. Agreement Overview This Agreement represents a Service Level Agreement ("SLA" or "Agreement") between the City of Saint John (COSJ) and Saint John Board of Police Commissioners (SJPF) for the provisioning of services required to support and assist in managing the financial operations of the Saint John Board of Police Commissioners. This Agreement remains valid until superceded by a revised agreement mutually endorsed by the stakeholders. 2. Goals & Objectives The purpose of this Agreement is to ensure that the proper elements and commitments are in place to provide consistent support, management and delivery of service for the Saint John Board of Police Commissioners by the City of Saint John. The goal of this Agreement is to obtain mutual agreement for management services between the Service Provider(s) and Customer(s). The objectives of this Agreement are to: • Provide clear reference to service, accountability, roles and/or responsibilities. • Present a clear, concise and measurable description of service provision to the Saint John Board of Police Commissioners. • Match perceptions of expected service provision with actual service support & delivery. • Specify provisions for service fees and cost recovery for services provided by the City of Saint John where necessary. 3. Stakeholders The following Service Provider(s) and Customer(s) will be used as the basis of the Agreement and represent the primary stakeholders associated with this SLA: Financial Services Provider: City of Saint John ("Provider") Financial Services Recipient: Saint John Board of Police Commissioners ("Customer") The responsibilities of the primary stakeholders, inclusive of the Service Provider and the Customer are outlined in Section 5 of this Agreement, titles Service Agreement. Draft SLA for Discussion: Financial Services iN Page 3 4. Periodic Review, Amendments and Resolutions of Issues 4.1. Agreement Review This Agreement is valid from the Effective Date outlined herein and is valid until further notice. This Agreement should be reviewed at a minimum once per fiscal year; however, in lieu of a review during any period specified, the current Agreement will remain in effect. The Business Relationship Manager ("Document Owner") is responsible for facilitating regular reviews of this document. Contents of this document may be amended as required, provided mutual agreement is obtained from the primary stakeholders and communicated to all affected parties. The Document Owner will incorporate all subsequent revisions and obtain mutual agreements / approvals as required. Business Relationship Manager: City of Saint John Review Period: TBD Previous Review Date: N/A Next Review Date: TBD 4.2. Agreement Amendments Either party may request changes to this agreement inclusive of Appendices or tables at any time. Amendments will be made by mutual consent of the Service Provider and the Saint John Board of Police Commissioners. Amendments will form part of the Agreement. 4.3. Issues Resolutions Significant variance from the established guidelines by "COSY or "SJPF" will be noted and forwarded to the other party, as they occur, so that immediate resolution may be initiated. In working in a collaborative way to carry out the responsibilities for the primary stakeholders of this Agreement, respectful and good communication will be key in the understanding needs, priorities, and resource requirements involved in addressing issues. The following escalation process will be followed: 1. Discussion at the management level for both the "COSY and "SJPF" to resolve the issues considering priorities, resource availability and cost. 2. Formal documentation of the issue with solutions presented from both "COSY and "SJPF" a. Management team members from the City's Finance Team and the Saint John Police Force will identify areas of agreement and outstanding issues. b. Senior Management members from the City and the Saint John Police Force will evaluate and seek technical support from management team members representing the primary stakeholders to make a decision. These members include the Deputy City Manager of the City of Saint John and the Police Chief or their respective designates as appointed. c. Signoff of the solution by the City Manager and the Police Chief. Draft SLA for Discussion: Financial Services 11 Page 4 5. Service Agreement The following detailed service parameters are the responsibility of the Service Provider in the ongoing support of this Agreement. 5.1. Service Scope The following Services are covered by this Agreement; • Financial Services and Support • Financial Consultation and Analysis • Compliance with regulations 5.2. Customer Requirements Customer responsibilities and/or requirements in support of this Agreement include: • All purchasing decision are at the direction of the "customer" • Accurate financial reporting must have input and support of the "customer" • Annual operating and capital budgets must have input and direction of the "customer" • Financial policies of the City of Saint John to be adopted by the "customer" 5.3. Service Provider Requirements Service Provider responsibilities and/or requirements in support of this Agreement include: • Weekly Payroll Processing • Accounts Payables Processing • Accounts Receivable — Billings and Collection • Purchasing and Procurement services • Assist in providing monthly financial results/forecasting with input from the "customer" • Assist in prepare annual operating and capital budgets with direction from the "customer" • Providing assistance with various ad hoc financial reporting as requested • Assist in preparing 5 Year Operating and Capital Budgets and Long Term Financial Plan Draft SLA for Discussion: Financial Services Page 5 12 • Accounting Specialist will report to Senior Finance Manager, City of Saint John • Representative from City of Saint John to attend board meetings — (11 board meetings and at addition requests from "customer") • Representative from City of Saint John to attend Senior Leadership meetings at the request of the "customer" 5.4. Service Assumptions Assumptions related to in -scope services and/or components include: • Changes to services will be communicated and documented to all stakeholders. 5.5. Exemptions and Limitations This SLA is subject to the following exceptions and special conditions: • "service provider" is not responsible for financial decisions made by the "customer" • The financial results of the Saint John Board of Police Commissioners are the sole responsibility of the "customer" 5.6. Financial Agreement It is agreed that the "COSY will provide these services to the "SJPF" at no additional charge. The value of this service has been built in the $1.3M reduction of the "SJPF's" 2021 Operating Budget. Draft SLA for discussion: Finance Services Page 6 13 FINANCE COMMITTEE REPORT Report Date July 16, 2020 Meeting Date July 23, 2020 Chairman Councillor Merrithew and Members of Finance Committee SUBJECT: 2021 General Fund Operating Budget Timelines OPEN OR CLOSED SESSION This matter is to be discussed in open session of Finance Committee. AUTHORIZATION Primary Author Commissioner/Dept. Head City Manager Craig Lavigne Kevin Fudge John Collin RECOMMENDATION It is recommended that this report be received and filed. EXECUTIVE SUMMARY The purpose of this report is to provide the Finance Committee with an overview of the proposed 2021 General Fund Operating Budget timelines. PREVIOUS RESOLUTION N/A STRATEGIC ALIGNMENT N/A REPORT The purpose of this report is to provide the Finance Committee with an overview of the proposed 2021 General Fund Operating Budget timelines. The 2021 General Fund will be a transformational budget for the City of Saint John. Council has approved approximately a $10M reduction for the 2021 operating budget compared to the 2020 operating budget. The 2021 budget will see a significant reduction in the City's workforce, along with a combination of expenditure reductions and new revenue opportunities in 14 -2- order to meet the $10M adjustment. The 2021 budget will no longer include additional Provincial Funding as in the past three budgets. The proposed budget timeline is; • August 13 - Draft 2021 General Fund Budget to Finance Committee for Approval • August 17 — Draft 2021 General Fund Budget to Common Council for Receive and File • August 31— 2021 General Fund Budget to Common Council for Approval • November 23 — Final approval based on Provincial Tax Assessments Staff from Finance and Saint John Water will bring forth a timeline for the 2021 Utility Fund Operating budget at the Finance meeting on August 131n SERVICEAND FINANCIAL OUTCOMES N/A INPUT FROM OTHER SERVICE AREAS AND STAKEHOLDERS N/A ATTACHMENTS N/A 15 KM I u 00 O N m O N m Ln r--1 m 1.0 N O 00 O l0 l0 N 1 1 1 1 l0 C) I� m Ln � Ln m I� N rl rl N Ol N rl N -tn I rn r--i Ln O O O Ln 00 O 1 1 1 6 O N m N O R;t I� N m � 1 1 1 00 l0 N O all Ln N Ln a U L O Ln N Ln a U L Lel u ca all N 0 0 0 0 0 © % r"' I'D �n rel N 1/� 1/� 1/� 1/� 1/� 1/� y () T O .V) O r �U H 4- 0 Q) E Q) m �1 O N `J G) r--1 0 N O c� O U The City of Saint John Consolidated Financial Statements December 31, 2019 WA The City of Saint John Contents Consolidated Financial Statements Page Independent Auditor's Report 3-4 Consolidated Statements of Financial Position 5 Consolidated Statement of Operations and Accumulated Surplus 6 Consolidated Statement in Changes in Net Debt 7 Consolidated Statement of Cash Flow 8 Notes to the Consolidated Financial Statements 9-39 EW6tte LLP P.0Box 20094 Bi-0.,mswick Sq�,,we Saiint John NB F2L 5132 Canada Tek 506-632-10,80 Fax:: 506-632-1210 www jeoitte C"I (CMM=4��M To His Woiship the NlIk'ayor and flenil.)ers, of Coninion COLAKil Of The City of 1;aint 3ohn Report on the Audit of the Financial' Statements Opinion We hEIVf? audited the financ-ial statements of The City of I�aint John (the "City"), which cornprise the statenient c.�f financial posiitlon as at Deceniber 31, 2019, and the staternents of oi.rations, and accurnt-flated sw-plus, change in net debt and cash flow for the year then ended, and notes to the financial state n-i ents, including as surninary of significant aCCOUntlng per: Hdes (collectively refer red to as the "financial statenients"). In our, opindon, the acconii3anying financial statements present fairly, in all' niaterial respects, the financial 1-)ositlon of the C-Ity as at Decernber -11, 2019, and the reSUItS, of its olDerations, its aCCUrinflated SLP'PIUS, Changes in its net del)t, and its cash flows for the year there errdedl in accordance with Canadian PLA)kC sector, aCCOLUIU)g standards, ("P,,:�AS"). Basis for Opinion We C0OCiUC.t(-.Cl (Alt aUdiit in accor-clance with Canadian generaliy accepted at-iditing standiiids ("Canadian GAA"), 0ur responsdAlities r,jrKler those standards- are further clesci-if>ecl it) the Auditor's Responsibilities for the Audit of the Financial Statements secflon Of OLII- rei)ort. We are independent of the City in accordance with the ethicaU requireinents, that are relevant to OUr audit of the financial stateinents in Canada, and we Ihaave fulfilled our other ethicali r,e,3j:)onsibihties in accordance with these reCiLdrements. We L)elieve that the alfl:fit evidence we have obtained is sufficient and al-ilDriol-n-late to provide as basis for oui oiArrion. Responsibilities of Management and Those Charged with Governance for the Financial Statements [,Ianagement is re..sj)onsil.)Ie for the preparation and fair- presentadon of the firrancial statenic--'rrts in accordance, with PSA�, and for such internal cowih-oll as rnanagernent cletermines is necessary to enaNe the pier�aiation of finar"Jal statements that are free frorn niaterial n-risstaten-ient, whetheir dUe-, to fraudi of err-ot-. In prelpadnij the financial statenients, managenient is, responsll.)Ie for assesslng the Organizatlon's al'Aity to contj[)L,ie as as ( ' ; al.)i,'flicalAe, rnatters i"elated to ( ' .16ng concern, disdos�ng, a,,. gc!Oing conc,,ern arid using the go1ing concern t)aSiS Of aCCOMANIC 1,1111e.SS lliainagi,,-rnent either intends to liClUidate the J 01 ganization or to cease operations, or has no realistic alternative blUt tO dO SO. Those charged with governance are responsible for Overseeing the Organization's financial rel,ucnting Process. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonaNe assurance ahcx.it whether the finandM statenients as a, whole ai-e free froni a-waterlal nitsstatenient, whether clue to fraUdi or error, and to rSSUe an aUditOCS report that inciudes our opinion. Pleasonat.de assurance is a high level of assurarice, but is not a guarantee that an audit conducte(.] inn acco; rJa rice. with Canadiart GAG wili always,detect as rnateHal ri-uisstatemeint when it exsts, r1isstatenients cat) ar ise fir oni fl-aUd or error and ,ate consi&r'rel material if, iinrfivicluaHy or in the aggregate, they COUld reasonaNy [--)e exp3ected to influence the econornlc decisions of Users taken on the I)asis of these fir-rancial statements. U As part of an, audit in accordanc,e with Canadian GAAS, we exercise p-cdessional jujdgn-nent aind maiinta4i professiorlal skepticismi throughout the alucift. We allso: Identify and assess the risks of materiai rn[sstatement of the financlial statements, whether due to fraud or error-, design and performi audit j.'arocedUl-PS, responsive to those risks, and ohtakii audit evidence tl'rat is Sufficient ani] appropriate to provide a basis for Our opirflon. Tile risk of not (Jetecting as rnaterial misstaternent reSUMIU) ft-Onl fraud is higher than for one resulting from error, ais fraud may involve colluslon, forgery, intenfloinal ornissions, niisi"eI..,)r(a.set,)tatioi-is, or the over of internal contm[. Obtain all Understanding of hiter-nal controi reievant to the audit in order to design audit procedures that are appropriate 41 file circunistances, but not for the purpose of expressing an opinion on the effectiveness of the City's internal control. Evaluate the appropriateness of accouriting policies Used and the reasonableness, of accountirig estimates aind relaterl di5clo5n.ures made by n-ianagement. • CODCAlds 011 the appropriato."wiess of management's use of the going concern basis Of aCCX)LJnti[1C1 and, based on the audit evidence obtained, whether as mateflal Uncertainty expsts, related to events Or Conditions that may cast significant dOUbt Orl the City's abiky to continue as a gok-KI concern. If we COnClUde that as rriaterial uncertainty exists, we are reClUired to draw attention in, ('-)Ur CIUCIROCS report to the irelated disclosures in the financ-iai statemP-rItS Or-, if such disc kDst,ires are inadeClUate, to rnochfy our opinion. OUr conclusions are based on the aUCht evidence obtairsed UP to tl'°ie (.1ate of our CILICROICS report. H1oWOVH1', fUtUl"P., events or condiflons may cause the C'Ry to cease to C1011UF-Me as, as going concern. • Evaluate the over'alN 1presentaflon, strU(JUre and content of the flnanci,M statements, including the (JiSCIOSUres, and whether the finaincial stafen-ipnts represent the underllyirayi tiansactions aind H.',verit& in a manner that achieves fair Iprresentaation. • Obtain, sufficient appropriate audit evidence regaidling the financiainforn-aflon of the entities or business activities Within 'the City to express an opinion on the financial statements. We are responsible fom the direction, SL]perystun and: performance of the tpu oup w.jcfit. We renlain SoMy responsiNe for- OLW aLlCht OpiniOrl. We cormInUnicate Mth those charged with governance regarding, arriong other niatters, the pllanned s('1-'1ope and flrnirig of the audit avid significant audit findings, 11111CIUding any significant deficiew-Jes in hater al control that we identify dUOT19 uaur audit. Chartered Professionai ACCOLMtWltS Saint Johrt, NB, Date KIN The City of Saint John Consolidated Statement of Financial Position As at December 31, 2019 Financial Assets Cash and cash equivalents (Note 4) Accounts receivable (Notes 5, 6 & 7) 2019 2018 86,821,672 54,488,474 13,566,770 14,928,028 Investment in energy services (Note 8) 40,755,000 50,801,000 Other investments (Note 9) 8,590,125 98,227,006 149,733,567 218,444,508 Financial Liabilities Accounts payable and accrued liabilities (Note 10) Deferred revenue 41,821,720 153,921,929 1,114,533 1,350,102 Deferred government transfers (Note 11) 41,864,256 45,327,274 Post -employment benefits and compensated absences (Note 13) 112,178,104 117,842,785 Long-term debt (Note 12) 218,102,854 230,759,530 415,081,467 549,201,620 Net debt (265,347,900) (330,757,112) Non -financial assets Inventory Prepaids 4,385,067 4,971,338 588,163 588,601 Tangible capital assets (Note 20) 1,018,953,533 1,023,433,031 1,023,926,763 1,028,992,970 Accumulated surplus 758,578,863 698,235,858 Contingencies (Note 14) Commitments (Note 15) Approved by: Don Darling, Mayor Jonathan Taylor, Common Clerk David Merrithew, Chair of Finance Committee kin The City of Saint John Consolidated Statement of Operations and Accumulated Surplus As at December 31, 2019 2019 Budget (Unaudited) (Note 2) 2019 2018 Revenues Property taxes 123,580,880 125,704,831 123,443,042 Unconditional grant 17,353,344 16,279,669 15,659,510 Financial assistance 7,117,402 2,788,061 4,556,010 Other revenue from own sources (Note 26) 24,188,724 24,329,404 23,604,611 Water and sewer revenue (Note 16) 43,770,000 45,592,250 44,590,627 Miscellaneous revenue 321,000 740,887 421,081 Contributions from others (Note 26) 1,346,002 1,654,379 2,877,350 Income from energy services - - 21,114,000 217,677,352 217,089,481 236,266,231 Expenses General government services (Note 26) 43,732,002 32,386,324 48,894,496 Protective services (Note 26) 55,637,734 53,891,311 53,478,337 Transportation services (Note 26) 38,680,238 48,805,432 47,324,451 Water and sewer services (Note 26) 49,970,335 46,951,619 40,332,566 Environmental health services (Note 26) 3,722,605 3,264,430 3,429,828 Environmental development services (Note 26) 18,725,999 19,773,933 18,792,023 Recreational and cultural services (Note 26) 10,370,658 10,550,737 11,258,467 Loss from energy services - 10,046,000 - 220,839,571 225,669,786 223,510,168 Annual (deficit) surplus before capital contributions (3,162,219) (8,580,305) 12,756,063 Government transfers for capital (Note 26) - 66,720,509 9,279,625 Other contributed assets for capital (Note 26) 2,202,801 157,601 Annual surplus - 60,343,005 22,193,289 Accumulated surplus, beginning of year - 698,235,858 676,042,569 Accumulated surplus, end of year - 758,578,863 698,235,858 VA The City of Saint John Consolidated Statement of Changes in Net Debt As at December 31, 2019 2019 2018 Annual surplus 60,343,005 22,193,289 Acquisition of tangible capital assets (Note 20) (37,740,309) (152,540,310) Loss on disposal of tangible capital assets (Note 20) 1,355,784 1,148,028 Proceeds on sale of tangible capital assets 211,627 1,428,448 Amortization of tangible capital assets (Note 20) 40,652,396 38,825,114 (Increase) decrease in inventory 586,271 (3,507,376) (Increase) decrease in prepaids 438 54,457 Tangible capital assets adjustment related to land held for resale (Note 20) - 3,4401348 Decrease (increase) in net debt 65,409,212 (88,958,002) Net debt, beginning of year (330,757,112) (241,799,110) Net debt, end of year (265,347,900) (330,757,112) VIA The City of Saint John Consolidated Statement of Cash Flow As at December 31, 2019 2019 2018 Operating transactions Annual surplus 60,343,005 22,193,289 Items not involving cash Amortization of tangible capital assets (Note 20) 40,652,396 38,825,114 Loss on disposal of tangible capital assets 1,355,784 1,148,028 Tangible capital assets adjustment related to land held for resale - 3,440,348 Change in investment in Energy Services 10,046,000 (21,114,000) Change in non -cash assets and liabilities Accounts receivable 1,361,258 1,826,161 Inventory 586,271 (3,507,376) Prepaids 438 54,457 Accounts payable and accrued liabilities (112,100,209) 123,787,095 Deferred revenue (235,569) (281,232) Deferred government transfers (3,463,018) 13,792,666 Other post -employment liabilities (5,664,681) 2,995,958 (7,118,325) 183,160,508 Capital transactions Acquisitions of tangible capital assets (Note 20) (37,740,309) (152,540,310) Proceeds on the sale of tangible capital assets 211,627 1,428,450 (37,528,682) (151,111,860) Financing transactions Repayment of long-term debt (21,484,676) (24,861,755) Proceeds from long-term debt 8,828,000 14,580,000 (12,656,676) (10,281,755) Investing transactions Redemption of investments (Note 9) 89,636,881 3,748,851 Net Increase in cash and cash equivalents 32,333,198 25,515,744 Cash and cash equivalents, beginning of year 54,488,474 28,972,730 Cash and cash equivalents, end of year 86,821,672 54,488,474 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 1. Purpose of the Organization The City of Saint John (the "City) was incorporated by royal charter in 1785. As a municipality, the City is exempt from income taxes under Section 149(1)(c) of the Canadian Income Tax Act. The City has the following vision statement: "We are energized, engaged people committed to working together to provide services that are responsive to community needs and delivered in a sustainable, cost effective way." 2. Summary of Significant Accounting Policies The consolidated financial statements of the City are the representations of the City's management prepared in accordance with Public Sector Accounting Standards ("PSAS") as recommended by the Chartered Professional Accountants of Canada Public Sector Accounting Board ("PSAB"). Significant aspects of the accounting policies adopted by the City are as follows: Reporting Entity The consolidated financial statements reflect the assets, liabilities, revenues, expenditures and changes in net debt and cash flows of the reporting entity. The reporting entity is comprised of all organizations and enterprises accountable for the administration of their affairs and resources to the City and which are owned or controlled by the City. Interdepartmental and organization transactions and balances are eliminated. The focus of PSAB financial statements is on the financial position of the City and the changes thereto. The Consolidated Statement of Financial Position includes all the assets and liabilities of the City. The entities included in the consolidated financial statements, having the same year end as the City, are as follows: 1. The City of Saint John General Operating Fund 2. The City of Saint John Capital and Loan Fund 3. The City of Saint John Water and Sewerage Utility Operating Fund 4. The City of Saint John Water and Sewerage Utility Capital and Loan Fund 5. Saint John Parking Commission 6. Saint John Transit Commission 7. Develop Saint John 8. Harbour Station Commission 9. Saint John Aquatic Centre Commission 10. Saint John Trade and Convention Centre 11. Saint John Energy 12. Lord Beaverbrook Rink 13. Saint John Police Commission 14. Saint John Free Public Library 15. Saint John Jeux Canada Games Foundation, Inc. 35 9 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 2. Summary of Significant Accounting Policies (Continued) Investment in Energy Services The City's investment in Saint John Energy is accounted for on a modified equity basis, consistent with generally accepted accounting principles as recommended by PSAS. Under the modified equity basis of accounting, the business enterprise's accounting principles are not adjusted to conform with those of the City and inter -organizational transactions and balances are not eliminated. The City recognizes its equity interest in the annual income or loss of Saint John Energy in its consolidated statement of operations with a corresponding increase or decrease in its investment asset account. Budget The budget figures contained in these financial statements were approved by Council on December 17, 2018 and the Minister of Local Government on January 17, 2019. The budget is unaudited and does not include elimination of inter -organizational revenues and expenses with controlled entities. Revenue Recognition Unrestricted revenue and other sources of revenue are recorded on an accrual basis and is recognized when collection is reasonably assured. Restricted contributions are recognized as revenue in the year in which the related expenses are incurred. Other revenue is recorded when it is earned. Property taxes, which are authorized by Council, are recognized as revenues in the period for which the taxes are levied. Government Transfers Government transfers are recognized in the consolidated financial statements as revenues in the period in which events giving rise to the transfer occur, providing the transfers are authorized, any eligibility criteria have been met, except to the extent that transfer stipulations give rise to an obligation that meets the definition of a liability and reasonable estimates of the amounts can be made. Transfers are recognized as deferred revenue when amounts have been received but not all eligible criteria have been met. Expenses Expenses are recorded on an accrual basis. The cost of all goods consumed and services received during the year is expensed. Measurement Uncertainty The preparation of the consolidated financial statements in accordance with Canadian PSAS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year. Key components of the consolidated financial statements requiring management to make estimates include: the useful life of tangible capital assets, impairement of tangible capital assets, rates for amortization, allowance for doubtful accounts in respect of receivables and estimates for pension liabilities. Estimates are based on the best information available at the time of preparation of the financial statements and are reviewed annually to reflect new information as it becomes available. Measurement uncertainty exists in these financial statements. Actual results could materiality differ from those estimates. 36 10 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 2. Summary of Significant Accounting Policies (Continued) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, balances with banks and short-term deposits with original maturities of three months or less. Restricted cash is not available for use in general operations and is not available for withdrawal as it is legally restricted in accordance with third -party special purpose agreements. Tangible Capital Assets Tangible capital assets are non -financial assets having a physical substance that: • Are held for use by the City in the production or supply of goods and services, for rentals to others, for administrative purposes or for the development, construction, maintenance or repair of other tangible assets; • Have useful lives extending beyond one year and are intended to be used on a continual basis; • Have a minimum value of $5,000 for individual assets; or $25,000 for pooled assets; and • Are not intended for sale in the ordinary course of operations. Tangible capital assets are recorded at cost which includes all amounts that are directly attributable to acquisition, construction, development or betterment of the asset. Assets that fall below the threshold amounts are expensed for accounting purposes. The cost of the tangible asset is amortizaed on a straight line over the estimated useful life as follow: Asset Type Years Equipment and light machinery 3-25 Furniture and office equipment 5-15 Information technology equipment and software 1-15 Land N/A Land improvements 5-100 Leasehold improvements term of lease Municipal buildings 10-70 Transportation 5-50 Motor vehicles and mobile equipment 5-20 Water and wastewater networks 5-100 In the year of acquisition and the year of disposal, one half of the annual amortization expense is recognized. Assets under construction are not amortized until the asset is available to productive use. Tangible capital assets are written down when conditions indicate that there is impairment in the value of the assets and the reduction in the reduction in the value can be objectively estimated and it is expected to be permanent. The net write -downs are accounted for as expenses in the statement of operations. Donated or contributed assets are recorded at fair market value at the date of construction or donation. In some circumstanaces, replacement cost may be used. 37 11 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 2. Summary of Significant Accounting Policies (Continued) Segmented Information The City provides a wide range of services to its residents. For management reporting purposes, operations and activities are organized and reported by function. This presentation was created for the purpose of recording specific activities to attain certain objectives in accordance with special regulations, restrictions or limitations. Municipal services are provided by service areas as follows: General Government Services This segment is reponsible for the overall governance and financial administration of the City. This includes Council functions, general and financial management, legal matters and compliance with legislation as well as civic relations. Protective Services This segment is responsible for the provision of policing services, fire protection, emergency measures, animal control and other protective measures. Transportation Services This segment is responsible for common services, road and street maintenance, street lighting, traffic services, partking and other transportation related functions. Water and Sewer Services This segment is responsible for the provision of water and sewer services including the maintenance and operation of the underground networks, treatment plants, reservoirs and lagoons. Environmental Health Services This is segment is responsible for the provision of waste collection and disposal. Environmental Development Services This segment is responsible for planning and zoning, community development, tourism and other municipal development and promotion services. Recreation and Cultural Services This segment is responsible for the maintenance and operation of recreational and cultural facilities, including the swimming pool, arenas, parks and playgrounds and other recreational and cultural facilities. Energy Services This segment comprises a non -generating distribution utility that supplies electricity to municipal, residential, general service and industrial customers through 12 interconnection supply points and substations located in the City. It also provides street lighting, area lighting and water heater rental services. 38 12 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 2. Summary of Significant Accounting Policies (Continued) Inventory Inventory consists mainly of parts and materials and is valued at the lower of cost and net replacement cost with cost being determined on the first in, first out basis. Post Employment Benefits The City recognizes its obligations under post -employment benefit plans and the related costs, as disclosed in Note 13. Where appropriate, the City has undertaken actuarial valuations. 3. Bank Loan Payable The City has credit facilities with the Bank of Nova Scotia. According to the terms and conditions of the commitment letter signed between the City and the Bank of Nova Scotia, the City can borrow up to $6 million to fund general operations and $25 million to assist in financing capital expenditures pending fall -in of long-term financing. The interest rate for the credit facilities is the Bank's prime lending rate less 0.5% per annum with interest payable monthly. As at December 31, 2019, the balance of the bridge financing credit facility was zero (2018 - zero) and the balance of the operating line of credit was zero (2018 - zero). As prescribed in the Municipalities Act, borrowing to finance General Fund operations is limited to 4% of the City's operating budget. Borrowing to temporarily finance Utility Fund operations is limited to 50% of the operating budget for the year. In 2019, the City has complied with these limitations. 4. Cash and Cash Equivalents Cash and cash equivalents consists of the following: 2019 2018 Unrestricted cash 42,590,667 7,810,092 Restricted cash Airspace 2049 Fund 25,296 27,205 Land sub -division Fund 150,901 74,243 Saint John Non -Profit Housing Future Development Fund 53,613 52,447 Deposits on contracts 1,136,939 1,197,214 Develop Saint John 1,000,000 - Safe Clean Drinking Water Project 27,794,260 38,794,260 Gas Tax 14,069,996 6,533,013 86,821,672 54,488,474 39 13 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 S. Accounts Receivable Accounts receivable consist of the following: 2019 2018 Water and sewer charges to ratepayers 7,940,040 7,644,637 Other 3,483,072 4,245,857 Due from the Province of New Brunswick 1,475,380 3,001,876 Due from the Federal Government and its agencies 2,387,389 1,751,208 Allowance for doubtful accounts (1,719,111) (1,715,550) 13,566,770 14,928,028 6. Due from the Federal Government and its Agencies Amounts due from the Federal Government and its agencies consists of the following: 2019 2018 Clean Waste Water Funding 1,162,249 799,133 Canada Revenue Agency HST Receivable 1,175,952 856,099 Other 49,188 95,976 2,387,389 1,751,208 7. Due from the Province of New Brunswick Amounts due from the Province of New Brunswick consists of the following: 2019 2018 Clean Waste Water Funding 572,451 395,216 Financial Assistance - 1,566,473 Department of Transportation 276,333 272,255 Department of Public Safety - Flood 2018 502,000 502,000 Other 124,596 265,932 1,475,380 3,001,876 8. Investment in Energy Services Change in equity Saint John Energy: 2019 2018 Investment, beginning of year 50,801,000 29,687,000 Net (loss) earnings (10,046,000) 21,114,000 Investment, end of year 40,755,000 50,801,000 40 14 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 9. Other Investments Other investments consist of the following: 2019 2018 GIC - 90,229,783 Canada Games Foundation investments 7,350,333 6,869,070 Other investments 1,239,792 1,128,153 8,590,125 98,227,006 Investments of the City of Saint John are held with the Bank of Nova Scotia and consist of 2 year term redeemable GICs issued by the Bank of Scotia which fall within the scope of the City's Investment Policy. It is the policy of the City to invest funds to provide the optimal blend of investment returns and principal protection while meeting the City's daily cash flow and liquidity demands. The investments of the Canada Games Foundation (the "Foundation") are held in the custody of Scotiatrust and CIBC Melon. The Foundation's investment strategy is to hold high quality corporate or government bonds and liquid equity investments which bear no unusual credit or interest rate risk. Fair values of investments in fixed income securities and equities are determined using year end quoted market prices. 10. Accounts payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: 2019 2018 Trade payables 20,996,747 18,711,881 Payables related to the Safe Clean Drinking Water project 10,377,481 124,436,332 Other 201,560 181,487 Payroll 7,139,017 7,242,808 Conferences and holdings 1,007,508 1,085,925 Deposits 1,160,039 1,318,585 Interest payable 643,725 685,928 Due to Pension Fund 295,643 258,983 41,821,720 153,921,929 41 15 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 11. Deferred Government Transfers Deferred government transfers consist of the following: 2019 2018 Gas tax funding 14,069,996 6,533,014 Contribution from Regional Development Corporation 27,794,260 38,794,260 41,864,256 45,327,274 As per the Gas Tax Funding Agreement, funding received as part of the Gas Tax Funding program is recorded as revenue in the year during which related expenditures are incurred. Amounts that have not been spent are recorded as deferred government transfers on the Consolidated Statement of Financial Position. The contribution from Regional Development Corporation was related to the Safe Clean Drinking Water Project. The money will be used toward the substantial completion payments in the future. 12. Long -Term Debt Debentures consist of the following: 2019 Interest Rate Term Annual Payment 2019 2018 Year of Issue % (Years) $ $ $ New Brunswick Municipal Finance Corporation Debentures 2008 2.10 to 5.55 15 367,000 1,463,000 1,830,000 2008 2.10 to 5.55 15 175,000 1,575,000 1,750,000 2008 2.10 to 5.55 15 100,000 400,000 500,000 2009 0.95 to 5.00 10 5,603,000 - 5,603,000 2009 0.95 to 5.00 10 825,000 - 825,000 2009 0.95 to 5.00 10 600,000 - 600,000 2009 1.00 to 4.50 10 3,397,000 - 3,397,000 2009 1.00 to 4.50 10 2,750,000 - 2,750,000 2009 1.00 to 4.50 10 2,003,000 - 2,003,000 2010 1.50 to 4.55 10 1,000,000 6,000,000 7,000,000 2010 1.50 to 4.55 10 250,000 2,750,000 3,000,000 2011 1.65 to 4.25 10 1,667,000 13,664,000 15,331,000 2011 1.65 to 4.25 10 700,000 8,400,000 9,100,000 2011 1.35 to 3.45 10 300,000 2,100,000 2,400,000 2011 1.35 to 3.45 10 350,000 4,200,000 4,550,000 2011 2.06 15 200,000 2,400,000 2,600,000 2012 1.35 to 3.55 15 767,000 6,131,000 6,898,000 2012 1.35 to 3.80 20 425,000 5,525,000 5,950,000 2012 1.35 to 3.55 15 300,000 2,400,000 2,700,000 2013 1.35 to 3.70 15 687,000 6,178,000 6,865,000 I The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 12. Long -Term Debt (Continued) 2019 Interest Rate Term Annual Payment 2019 2018 Year of Issue % (Years) $ $ $ 2013 1.35 to 4.00 20 550,000 7,700,000 8,250,000 2013 1.35 to 4.00 20 360,000 6,840,000 7,200,000 2014 2.00 20 500,000 7,500,000 8,000,000 2014 1.15 to 3.90 15 707,000 7,065,000 7,772,000 2014 1.20 to 3.70 15 1,055,000 2,665,000 3,720,000 2014 1.20 to 3.70 20 668,000 5,340,000 6,008,000 2014 1.15 to 3.90 15 27,000 265,000 292,000 2014 1.20 to 2.15 5 56,000 - 56,000 2015 0.95 to 3.25 15 500,000 5,500,000 6,000,000 2015 1.05 to 3.65 15 607,000 1,942,000 2,549,000 2015 0.95 to 3.50 20 175,000 2,800,000 2,975,000 2015 1.05 to 3.15 20 175,000 1,050,000 1,225,000 2015 1.05 to 3.65 15 107,000 772,000 879,000 2016 1.20 to 3.55 15 1,034,000 5,068,000 6,102,000 2016 1.45 to 3.50 15 400,000 4,800,000 5,200,000 2016 1.45 to 3.75 20 200,000 3,400,000 3,600,000 2016 1.20 to 2.95 10 400,000 2,800,000 3,200,000 2016 1.20 to 3.55 15 127,000 919,000 1,046,000 2017 1.20 to 3.30 15 333,000 4,334,000 4,667,000 2017 1.65 to 3.20 15 513,000 2,874,000 3,387,000 2017 1.65 to 3.40 30 1,500,000 42,000,000 43,500,000 2017 1.65 to 2.90 10 350,000 2,800,000 3,150,000 2017 1.65 to 3.20 15 101,000 968,000 1,069,000 2018 2.55 to 3.55 15 700,000 9,800,000 10,500,000 2018 2.10 to 3.00 5 566,000 2,264,000 2,830,000 2018 2.10 to 3.45 10 125,000 1,125,000 1,250,000 2019 2.050 to 2.300 5 - 5,170,000 - 2019 3.41 10 - 1,428,000 - 2019 2.050 to 2.850 10 - 750,000 - 2019 1.950 to 2.100 5 - 1,670,000 - 2019 1.950 to 2.800 15 - 10,230,000 - 2019 1.950 to 2.450 10 - 2,500,000 - 34,302,000 217,525,000 230,079,000 Other Debentures Canada Mortgage and Housing Debentures 2009 3.97 15 102,675 577,854 680,530 Total Debentures 34,404,675 218,102,854 230,759,530 43 17 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 12. Long -Term Debt (Continued) The aggregate amount of principal repayments required in each of the next five years and thereafter to meet provisions of long-term debt, assuming maturity debt is renewed at terms comparable to those currently in effect, is as follows: 2019 28,781,752 2020 41,851,990 2021 15,715,395 2022 16,175,977 2023 14,102,740 Thereafter 101,475,000 218,102,854 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 13. Post Employment Benefits and Compensated Absences City of Saint John Shared Risk Plan The City of Saint John Pension Plan (Former CSJ Plan) was converted to the City of Saint John Shared Risk Plan ("CSJ SRP") effective January 1, 2013 (the conversion date). The purpose of the CSJ SRP is to provide secure benefits to members of the plan without an absolute guarantee but with a risk focused management approach delivering a high degree of certainty that base benefits can be met in the vast majority of potential future economic scenarios. These objectives are achieved through the development of a risk management framework that adheres to the legislated criteria, results in a low probability that base benefits will be reduced, and sets out the specific steps to be taken should the Plan's funded ratio fall below, or exceed, specified thresholds. These steps, when the Plan is underfunded, include the cessation of indexation of benefits, increasing contribution rates (to a predetermined maximum), reducing certain ancillary benefits, and ultimately reducing base benefits. When the Plan has excess funding, previous benefit reductions can be reversed, indexing is fully implemented, and various other potential increases can be implemented, including a decrease in contribution rates (to a predetermined maximum). Shared risk plans are legislated under the provincial Pension Benefits Act (PBA) which contains a number of requirements that must be met in order to qualify for registration by the Office of the Superintendent of Pensions. The Plan is also subject to the Income Tax Act. The Plan is administered by a Board of Trustees which includes 4 individuals nominated by the City and 4 individuals nominated by each of the four unions. The assets of the Plan are held by RBC Investor and Treasury Services which acts as custodian of the Plan. The assets of the Plan are managed by various investment managers who have discretionary investment authority within the investment mandates given to them by the Plan's Board of Trustees. The performance of the Plan relative to its benchmarks is measured on a regular basis. For service prior to the conversion date, the Plan provides for pensions at the rate of 2% per year of service times the average of the three consecutive years of service having the highest salary at the time of conversion. For service after the conversion date, the pension accrual for each year of service is 1.8% times the salary (excluding overtime pay) earned during the relevant year to a certain maximum salary that is indexed every year ($133,892 in 2018). Pension benefits accrued before the conversion date are payable without reduction when the member's age and service equal at least 85 (or at age 65, if earlier). Pension benefits accrued after the conversion date are payable without reduction at age 60 for employees in the International Association of Fire Fighters and Saint John Police Association and at age 65 for all other employees. Pension benefits can be paid as early as age 55 with a reduction. Shared risk plans extinguish all accrued rights to automatic future indexing. These automatic adjustments have been replaced by indexing as permitted by the Plan's funding policy, which is contingent on the SRP performance. 45 19 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 13. Post Employment Benefits and Compensated Absences (Continued) City of Saint John Shared Risk Plan (Continued) The initial required employee contributions are equal to 12% of earnings for employees in the International Association of Fire Fighters and Saint John Police Association and employee contributions of 9% of earnings for other employees. Members in public safety occupations who accept a non -union position will have a one-time opportunity to elect to continue to contribute at the higher rate. The City makes initial required employer contributions of 15.2% and 11.4% of earnings (representing about 126.7% of employee contribution rates) for each of these groups. The initial contribution rates for both the employees and the City is subject to change as a result of the triggering mechanism and limitations imposed by the Plan's funding policy. Also, since April 1, 2013, the City is required to make contributions of 17% of earnings for a period of 15 years, or when the Plan achieves a minimum funded ratio of 150% (as calculated under the legislation) using a 15-year open group method (no less than 10 years of payment must be made). The City has no other financial obligation other than to make contributions at the above rates, and within the limits found under the Plan's funding policy. In the event of a wind-up of the Plan in the five years following the conversion date, the Plan would be wound up under the provisions of the Former CSJ Plan. All assumptions relating to the CSJ SRP have been made on the basis of an on -going Plan and the City does not foresee a wind-up of the Plan. Actuarial Valuations Actuarial valuations for the Plan are conducted annually by the Board of Trustees for regulatory purposes. In turn, the actuarial valuations for accounting purposes are based on these figures (with adjustments). The most recent actuarial valuation was prepared as at January 1, 2019. The actuarial valuations for accounting purposes are based on a number of assumptions about future events, such as inflation rates, interest rates, salary increases, employee turnover and mortality. The accrued benefit obligation as at December 31, 2018 and current period benefit cost for the following year are based on an actuarial valuation conducted as at December 31, 2018. The accrued benefit obligation as at December 31, 2018 and current period benefit cost for the following year are based on an actuarial valuation conducted as at December 31, 2018 and extrapolated to December 31, 2019, using assumptions effective for December 31, 2019. The assumptions used reflect management's best estimates. The following summarizes the major assumptions in the accounting valuations and extrapolations at the various effective dates: Discount rate Inflation rate Salary increase Mortality 2019 2018 5.85% 6.05% 2.10% 2.25% 2.85% 3.00% CPM - 2014 mortality table with adjustments factors The Expected Average Remaining Service Life (EARSL) is 12 years. During the year, the City made pension contributions of $19,712,340 (2018 - $20,562,689). The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 13. Post Employment Benefits and Compensated Absences (Continued) City of Saint John Shared Risk Plan (Continued) The following table reflects the City's share of the accrued benefit liability, which equals to the full portion of the Accumulated Benefit Obligation ("ABO") related to the temporary contributions and 55.9% of the remaining portion of the ABO net of Plan assets because funding contributions are shared at 55.9% by the City and 44.1% by employees, before taking into account the additional temporary contribution of 17% of earnings. 2019 2018 City share of accrued benefit liability, beginning of year 114,100,000 89,300,000 City share of current period benefit cost 6,000,000 6,300,000 City share of past service cost 1,800,000 13,000,000 Interest cost 6,600,000 5,700,000 Less City contributions (19,700,000) (20,600,000) Actuarial (gain) loss (29,300,000) 20,400,000 City share of accrued benefit liability, end of year 79,500,000 114,100,000 Unamortized actuarial gain (loss) 14,800,000 (15,700,000) Pension liability end of year 94,300,000 98,400,000 The following table reflects the City share of pension related expenses: 2019 2018 Current period benefit cost 6,000,000 6,300,000 Past service cost 1,800,000 13,000,000 Interest cost 6,600,000 5,700,000 Amortization of City share of actuarial (gain) loss 1,200,000 (700,000) Total expense related to Pension 15,600,000 24,300,000 Other Employee Future Benefits The City provides for the payment of retirement allowances to retiring employees in accordance with the terms of the various collective agreements and Municipal policy. The retirement allowance is based on the member's final annual salary and years of service at retirement. Employees upon retirement from the City are entitled to a retirement allowance equal to one month's pay, to a maximum of six months, for every five years of service. The program has been amended to provide certain employees with a payout option prior to retirement. Accepting the early payout option eliminates further accumulation of retirement allowance entitlement for those employees. The City also provides for employee sick leave. Unused sick leave accumulates to a maximum number of hours which varies by employment agreement. Under this program, employees are not entitled to a cash payment in lieu of sick leave when they leave the City's employment except as described below with respect to the retirement both outside workers (local 18) and firefighters (local 771). 47 21 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 13. Post Employment Benefits and Compensated Absences (Continued) Other Employee Future Benefits (Continued) Upon retirement, members of Local 18 and 771 will be eligible to receive 10% of their regular rate of pay for accumulated sick leave credits in excess of 1,760 hours or 2,280 hours respectively. For employees of the City of Saint John Fire department, who are unable to work due to heart disease or permanent injury to the lungs, the City pays certain amounts to disabled firefighters or their survivor spouse as a result of the provisions of an Act of the Legislature, known as the Act respecting the Saint John Firefighters's Association. As at January 1, 2013, the City's pension plan was converted to a shared risk model. As part of the conversion, the City assumed the obligation for paying existing disability pensions, that had been granted under the old plan, until disabled members reach the age of 65. On a go forward basis, disability coverage is now provided for employees through a long term disability program administered by an insurance carrier. Finally there are specific agreements that obligate the City to pay top up pensions to certain individuals. During the year, the City made payments of $66,200 (2018 - $65,375) related thereto. Valuation Techniques and Assumptions Actuarial valuations of the above benefits are completed for accounting purposes using the projected benefit method prorated on services. The last actuarial valuation of the post -employment benefit plans was conducted as at December 31, 2019. Previous to that, an actuarial valuation was performed as at December 31, 2018. The above benefit plans are unfunded and as such, there are no applicable assets. Benefits are paid out of general revenue as they become due. A reconciliation of the accrued benefit obligation for these plans, along with the main assumptions used for disclosure and expense calculations are as follows: 2019 2018 Accrued benefit obligation, beginning of year 25,649,185 26,522,427 Current period benefit cost 1,077,900 1,081,400 Past Service improvement costs, plan ammendments (1,377,300) - Benefit payments (2,870,300) (3,042,243) Interest cost 1,878,985 808,601 Actuarial loss 1,615,800 279,000 Other employee future benefits, end of year 25,974,270 25,649,185 2019 2018 Main assumptions used for these plans: Discount rate 2.76% 3.46% Salary increase 3.00% 3.00% EARSL Range 6 to 24 8 to 23 G ;7 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 13. Post Employment Benefits and Compensated Absences (Continued) These benefit plans require no contributions from employees. The benefit liability as at December 31, 2019 includes the following components: 2019 2018 Accrued Benefit Obligation (Carrying Value) Retirement allowances 4,921,100 4,517,400 Sick leave 9,142,000 8,330,000 Heart and lung pension 4,060,100 5,133,600 Disability benefits 4,754,600 5,637,600 Contractural top up agreements 12,700 1,076,185 Sick leave - Saint John Transit Commission 975,900 954,400 23,866,400 25,649,185 Unamortized actuarial loss (7,086,200) (6,206,400) 16, 780, 200 19,442,785 The unamortized actuarial losses will be amortized over the EARSL of the related employee groups starting in the next fiscal year. EARSL is determined separately for each benefit program. The total expense related to other employee benefits described above includes the following components: 2019 2018 Current period benefit cost 1,062,800 1,081,400 Amortization of actuarial loss 822,200 448,200 1,885,000 1,529,600 Other employee benefit interest expense 1,878,985 808,601 Total expense related to other employee future benefits 3,763,985 2,338,201 14. Contingencies In accordance with the Regional Service Delivery Act and the General Regulation thereunder, the City is also liable for a pro rata share of the debentures and other long-term debt issued on behalf of the Fundy Region Solid Waste Commission ("Commission"). The portion attributable to the City is determined on the basis of its percentage of total population within all participating municipalities and unincorporated areas. The total of such debt outstanding at December 31, 2019 amounted to $2,000,000 (2018 — $108,000). Based on 2003 population figures, the City is liable for approximately 55% of the Commission's debt. 49 23 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 14. Contingencies (Continued) The City is, from time to time, subject to various investigations, claims, and legal proceedings covering matters that arise in the ordinary course of its business activities. Management believes that any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on the consolidated financial position or operating results of the City. Legal proceedings filed in December 2013 remain outstanding against the city of Saint John with respect to the alleged activity of a former employee/police officer. The relief sought has not been quantified in the documents filed with the court and therefore the city is not in a position to estimate the amount of potential liability if any, in this matter. Legal proceedings were filed against the City of Saint John in early 2018 relating to the water supplied by the municipal water system to some of its customers. The relief sought has not been quantified in the documents filed with the court and therefore the City is not in a position to estimate the amount of the potential liability, if any, in this matter. 15. Commitments Greater Saint John Regional Facilities Commission During 1998, the Greater Saint John Regional Facilities Commission ("Regional Facilities Commission") was created by an Act of the Legislative Assembly of New Brunswick. Under the provisions of the Act, the Regional Facilities Commission has the authority to determine the annual amount of total municipal contribution to be made towards the operation of five regional facilities: the Saint John Aquatic Centre Commission, Harbour Station Commission, the Saint John Trade and Convention Centre, the Imperial Theatre and the Saint John Arts Centre. Under the provisions of the Act, the City's contribution is its pro rata share of the Regional Facilities Commission's operating budget based on the tax bases of the participating municipalities of the Town of Quispamsis, the Town of Rothesay, the Town of Grand Bay - Westfield and the City of Saint John. The City's contribution is 67.30% in 2019 (2018 - 67.151%). 16. Water and Sewer Fund Surplus The Municipalities Act requires Water and Sewer Fund surplus/deficit amounts to be absorbed into one or more of four Operating Budgets commencing with the second ensuing year; the balance of the surplus/deficit at the end of the year consists of: 2019 2018 2019 Surplus 196,731 - 2018 Surplus 51,791 51,791 2017 Surplus 399,028 532,037 2016 Surplus 358,282 537,423 2015 Surplus 161,112 322,225 2014 Surplus - 507,658 1,166,944 1,951,134 50 24 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 17. Water cost transfer The City's water cost transfer for fire protection is within the maximum allowable by Regulation 81-195 under the Municipalities Act, based upon the applicable percentage of water system expenditures for the population. 18. Funds Held in Trust Funds administered by the City for the benefit of external parties are not included in the consolidated financial statements. The amount administered as at December 31, 2019 was $476,554 (2018 - $484,113). 51 25 00 00 LnO O nO � � M� m m m O m ++ Ql Ql l0 O 00 U- U- C O C O m m m I- r- -tt m O m H l0 l0 I, m m r-I 00 N l0 00 r-I r-I I� M r-I r-I Q r-I ri m m r-I r-I N m O N m m rI m M m 00 m m CIOi O O LOn -zr m -zr H m N cn cn ILM 00 N w cn m N N Lri - 00 r i N C r-I ri N ri M ri N N I, N n m 00 00 I, I, l0 N l0 Ln O n l0 N I, m m m I, n Ln N r-I m CL OJ r-I r-I Z:, C Z:, O r-i r-i V i m 00 m OJ Ln Ln O O m rr-I m Ln L � l0 l0 Ln l0 0[ C C OJ In In O � 000 l0 00 In bA O O O O O O m O O C N -tt -tt O r-i 0) m OJ n n n r-I o0 I� to n L Vl C7 CL OC 0 L y r-I r-I r-I m O r-I r-I N r-I m r, 3 0 0 N rm-I w� 0 OJ y�j l0 l0 N O l0 N {n O) 00 00 -tt N N I, In w 00 I, w 00 co l0 l0 In N n n m l0 l0 L r-I r-I O m r-I r-I f6 m Q V D C v LL f6 0A N � 01 N CL L O � > 01 N O N CL a) C7 V b.0 T O "' E E w 0 O O 0A +�+ 4- 0A � > N OJ v 01 OJ N C 70 N m M +�+ of N Q m U U Q 0) OC H CL O H O H Q w Q (0 CO f6 0o 01 rq E lH O L 00 O N E L U E C O � .+' a1 O L Q O C U a) p tiro m a) w C _ C U O cCo N N C C U ns C O Cu U t Z; f0 a ++ .. a O E a>j U L Q O a1 E v �_ E 0 U Q W E Q" Q vi b.0 d O U h0 7 C c0 a) a) L a1 i O C v �n > a1 E •C to E ++ U E C a1 >to C tiA C a) O a, p U �n vn OU � 3 E O Q "a M a1 f0 C •� Q : +�+ r-I W 0 "a C +�+ Q " m L 0 0 = r lH i O Ln O t L w Q (O +� � +� +� r-I U a) Q p 0 Q "a p .4 co > OU a"' a) a1 W ++ C W r-I L Q J +�+ C W J E i O 0 O v LL v O 0 Q �, v (n > W > V) Q !A OLU > w w = 0 L EL` L i +�+ O > Mv tiu > > = Q m _ :U �. C = O w U U O C V) C L `H L O O U Q O N a) C N Q' O C7 U O — a a) (DU v C a) a) a) a) C M t *' O (7 a) v Q ao -00 O 0 .L M U CO O O O U U a1 o o c u bO p ' N W M W W W a1 LL :3 LL L � a1 b.0 b.0 b.0 � b.0 W b.0 U C 0 a C C c 0 U-)c w e ,S E U L v o v v L v aj +� ai Q Q Q lH �..1 Q Q) Q 0 0 0 O> O -0 c c v Q > u c u c c U V G rl L O C a) C a) C a) L = -a C C a) w C C a) a) c0 O N C7 C7 0 O X a1 C7 v (7 >" a) > O v v v > v E a) (7 a) a)i E t � v M = +' ov +' >- o0 E E E > E E t L s +' r-I 0 0 0 +' v o E o aj +� O N O� L O Q O N Q OL t +� ,� �. a) _ in U O O O p >� 0 0 a1 U C >, of O O O > N m O O N >O u L C: C > t H C L a1N N" Ln On MM +� 0 QNl CL Q- '" E M v) v) v) a)U a O v) 0000 v) v) Q m a) +�+ c6 O > Q O a > O Ln Ln N C O > +� 2 v 2 v in° U U im N Qn N 0 � N M fC y � 41 LL E ai W � V f� 41 O 0 -0 � N � � U 0 41 CA G7 i 0 0 T CJ 0) i 0 0 Z LL v m m Q f6 Q m U aj bb C f6 N O H � m rl O N N C o � V 7 O m O Q V oa m m Y O M m +. z C m0 O Vf Q C H ca N N EL V). V 7 a C W G m N V S � a > 00 r a S O E m � � m O J L E r C a E O Q E C r, m Ln (o O rl m m m (o O ri In �i Ol m rl�, m rl n m (o m ci ko c-I N m m m a a In N Oi O m m' (o ci rl co ko �j ko Ln In O� In rl O N ' N W ci N m n N I, In N ci Ol ci ci a m co ci ci (o Ol (o �T O Oi r. Ol to Ln O co co Ln ko ko O N N co O (o N co In (:�T ci n m Ln Ln ci (o co (o �T O �T N ci 0) 0 m � N N Ln O rl �T m co m ko Ln a m m m Ln m ci ri N N co N co co N W N Ol Ol N Ol co O m m cI m m �T ci O co co O In In O Ln n ko Ln ko Lr �i co a T ^ O w O w -p hp N 5 o vN U C 0 C - O W IA 2 =p Q 7 -a uV m Q ] Q t 0 m Ln O m N m ko c-I Ln ko n Ol N 00 m N O� Ln 00 m Oi a O O m 00 Ol Ln al Ln O Ln O N Ln m r. m Ln N ko Ln Ln m N m rl m ri N N 00 N N 00 O N 00 00 N m O Ln W n m m 00 a m � m Ln m m N m rl� m rl m Ln ri N ci N m In Ln (o co m a O ri m �T �T ci rl ko ko O m rl Ln ko Ln N m O N N N �T ko ko N In m m (o m (o ci N m a a oo Ln W m co O ci N rl N ci In ci O N N to N ci N ci Ol N N m Ln m Ln O� ' oc c I m (o co Ln (o m a m 00 �T ci Ol c-I N 00 Ol n � n ci I� In O N m O rl N In Il ci co' m N N n rl a ko rl co m m (o O N rl m m Ol m ci N In O ci n �T m a N In 00 a � Ln c-I ci (o 0 co m Ol rl 00 00 00 N (o ri z 0 a N O O oc � c- ° O Q O 0 N - LU N N _ 7 f0 cc G U O 0 V V " 0 Q m Q Q =o Q ko Ln N a ko n N m n n n NN N O ko a N c-I ci m Ol O m rl m 00 O ci 00 n N 00 c-I O n n ci co m in ui m Ln m co 14 O rl Ln W n Ol N co m n m m Lri M Lri N O N rl N in N O a M ui O rl l0 N rl m l0 O O a N co a Lri �o m O rl n a a in O a co rl Ln a Ln N N Ln l0 n Ol m co LL m 0 W i Q a > a Y ua 0 o m m H z W z H N ci In 00 m ci m o m N m (o N (o L rl CO In O O co ci (o N rl N O Ln m m n ' m m Lri n a N N O' N ci N m N O a m ' Ln O N ci Ol ' ko O O NN ko 00 a N ko Lri O ci n a ' Ln O 00 ci Ln a ' a Ln N N Ln ko n m m 00 a m N m in ui m Ln m co 14 O rl Ln W n O) N co m n m m Lri M Lri N O N rl N in N O a M ui O rl l0 N rl m l0 O O a N co a Lri �o M O rl n a a in O a 00 li7 N N f� Ol N O � N M fC y LL E �7 W fC � O 0 -0 � N � 0 0 41 CA G1 i 0 ++ 0` 0 ^'^ .W 4j W CJ 41 41 s 0 0 Z LL ou c m C w _ y S O E m O J CO. E r C N E C O a E C � m O m co co ci a rl rl N �i O N a li a a io m ci io m in io r, in a m O m m � � m O oo O 00 o N o io m Ln Ln m rn m m rn N �T n �i In Ol N Ol N M to to M m in ' ' m Ln o0 oc Ln a m O a ai N a m N N co ri a rn of a rn m In ci to ci m ci �T N n N Ln ci io io io O Ln a O c-I c-I rl rl N co co �T �T co O �T Ln Lr & CO In o00o a m m Ln 000 m N to to w In w N rt 00 ci m to co m ci O w to w m to co ci O rl m in w to w o0 to G In ' ' kc N N ' N N m to N rl �T O N N In ul In m rl rl m m rl io a in Ln in to O N 't Il N N N N O �T m ci c-I N m co co co h Ln ci n N N a * �T �T N to co co m m M m M co m O ci N �T Ol co M m M O O O ci ci to rl Ol rl ci ' rl of a Lr co a N of ri ko io kc co to 00 to I, N n N a �T a rl co ci �T W N �T �T O O O r. In n m N c-I l0 to l0 In In ci ci N M m M �T �T N N N N N �T Ol m O N CO Ol ci Cl Ol Cl rl io m Ln Ln F, m m Ln Ln in ci io � O O N m m O O ' O o N m co Ln ri N m a a a rl Ol m N Ol m to to l0 to l0 to G to O c0 ' CO rl — rl �T m �i ci rl �i Ol n n co �T O N ko m n N O O O ci N m ci ci to O rl a a N c-I Il ' l0 N c-I N ri in ri a N a ri O a a a a m rl O ci m Ln o O O O ci N m O m co N Ln in Ln in CO CO N a io m N CO in Ln in �T In N N N N N mom O N I, l0 m n n n m m m m co m m a co co co N kc a a � m m oo u; in u; m co Ln io O co N W m of m rl m m m a io m rl in Ln in O io N Ln Ln m m m u; Ln u; "' li � "' 0 m 0 0 0 0 N N ci rl ci rl m rl O O n n N m M ON O ' N ll CO ' N Ol G ' Ol N to co to ci co Cl Ol Cl In m co I, In N In In In O O Ln io a a a N N ci ci �T Ol ci N �T CO ci ci ci ci ci ci m to Ol rl �T ko ko M m M c0 c0 N m Il m N c0 in In ' in N to rl N In ci rl Ol N N N N c-I m to N oc a a co ci Ol In ci to N N N m m ci ci N N N � co a 00 co co co rl � m Ln in Ln in In Oi O In u1 In u1 n n ' � � � � N m co co co co z cLn i c-I c�-I N LU H � 1= T p T J N COC G T O � o H '�° o b C v -a'6c '° v -aY V O N N �) 'C' ' O N N 0 Lu J N N 5 E N C C N p H O m 41 Li — C N U 0 W U U }+ U c m .i N V) 0 2 N 16 -O 0 7 'O 'O ; m t0 V m f0 O Q U H N LU z Q O C N u m ¢ o ¢ t m Q co ¢ ¢ =o m z H CJ cD LO m li7 N -O N O O 11 c-I I, O O c-I N M 'zt M 00 M y0+ -zt O cl Ln cl O c-I l0 M O N l0 O O Ln M M N O c-I l0 N ci c-I m l0 ' l0 ci (Z O N M 0) l0 zt c-I O zt n l0 m O Ln l0 O l0 .a zt lzt LPI l0 Ln Ln O l0 NM -t Ln c-I c-I I, 00 l0 N Ln c-I I, zt N 00 Ln O cl Ln Ln I, NQ VI M Ln zt M - c-I N l0 Ln c-I 0 0 M N C N cl N 'zt N M cl l0 M N cl ci N cl N �O -O r1 01 ei It n O 01 ei 01 M q* O O %0 Vf +O + M 00 %o l0 %o O O I M 00 M N ' N M 00 I 00 n N 01 a N 00 ll O O 00 n O M 01 m q* 01 00 01 O N q* 01 00 N N q* w 00 a -I O C O n I, N 00 n N M q* n 01 Lr Ln l0 00 O N N N O a -I l0 O ll q* O w l0 00 Lr N rn Ln %0' N q* Ln -4 I, 00 01 O I, O Ln 00 i N a -I N a -I O of a N N O ei N ei N u O O o 0 0 0 l0 l0 l0 V d > O O O W Gl O O O 06 M N I, n M t Ln Ln cl cl M Ol N — y1 C i V Ln 00 Ln 00 ci zt l0 c-I CO zt -1 O N l0 l0 Ol cl N Ln 0) i L: e-I c-I L6 -ze c-I o 0 tii V 'Fa ++ l0 cl N 0) l0 n N M M C d (4 0) n 00 c l (4 Ln M M zt C G d V L6 c-I Ln M Ol I, lD O M O G Q O O > 00 O l0 N 0) I, O Ln 0) CO 'zt t N m I, n O n L l0 n 06 O Ol C ; N C d W _ H � O O u .� Ol chi Ln rn rn E d C CA AA, l0 N O O lt0 N lt0 N cl N M M > m C d W = L Ln ° 3 Ln 00 rn iD 0 l �D d H N N lzt (7 M I� l0 M CA N N O M N M c l 0) cOi Cc > lr� Ln Ln O O Ln N Ol M L CAci m ci l0 M c-I N C C M 00 zt l0 0) zt M n (7 zt Ln l0 Ln M M M V N 00 M zt l0 I, 0) ci Ln cl O. > 00 00 N Ln N l0 cl 11 O zt M n l0 l0 I, O 00 zt l0 ci N c-I N -zz 0 l0 O N1 ci cl N cl cl M m F N zt l0 M 00 c-I Ln d Ln M 00 M I, cl N > y1 N lzt l0 (7 M M l0 d M kn V V (U > N N rn l0 N M n Ln cl 0) 00 N l0 O M M l0 u O `y a zt E 0) cl I" n cl l0 I" l0 CO M zt N Ol y M c0 l0 t0' l0 O 0) M zt O c-I ci M M l0 CO N 0) (n �n i £ d V Ol 00 M c l l0 M Ln t � M l0 I, N O I, I" N 00 I, O Ln M zt l0 l0 I, Ln 0) 00 I, fC Ln io rn O 00 00 Ln rn rn V CJ > N N ll N c-I cl CO I- M M chi M � G1 ii � � � v G1 fC � o v •O N N W 0 O 7 C N O N W N Nai �n N N -0 N Q Vi N L, ai O Ni 0 -0 NW LJDaLO �c f -2 .W A NNNO ZY W v c� ' �7 Z I -o v _ > o co ao ` U W Ln C7 Q V1 C C Z Li- N d � — d a C C 0 w U -tea C 7 6L � i+ N 7 L 06 a L M 'a W U C �} 1 L 7 � 3 LL 06 L 3 m d LL �n a O C m 7 W LL a M 07 ++ (7 a U _ bA f0 S aj C m a aj Q a LL O Ln rL O 4 N o 0 0 0 a a It m O w M O Ln O O O O N w O O O M ll O of O Vf O I %0 ei ll n M N N M N N O O 01 q N %0 01 a a a N w rL N O O 00 rL a 00 M ei ei N O 00 N M O -* 00 %0 01 O ei 00 ei -4 ei Ln N a -I N N %0 M `-' •••• •••• N Ln ei N ei l0 M rn Mrn M r-� r r Ln I, Ln Ln N l0 M rr M Ol Ol Ol O a-L rq l0 l0' ci ei ci ei orn N tl tD r, m io Lr M 00 a M c l N rr P- l0 (7 Ln ll ei l0 l0 M ei rn Ln O N 0) co O o co rL o o o o n 0) 00 00 M N 00) Lr1 Ol l0 CO CO r, cl M ' CO O M O ' ' ' ' ' ' ' %C' Zt 0) O Lr1 -Zt 01 � rr rr O N O O N cl cl N N N N N N N c-I I, O O O O l0 ei l0 Lr1 Ln O O O O Il l0 M n N cl Ln O Ln O ' l0 c-I N 01 Zt n l0 (4 O O a> l0 N a) a 00 l0 00 cl cl O O cl cl 0) ei rr Ln 00 I� M O Ln N r" n l v N L n I, M v v M C d E i cr i n 00 � C O � � U v v v � L v � � V aj a aj d � a � v fl V v 41�c M v a-0 ai a v v E L7- ai ° ^ O N a 3 j W W L .� (o •� 7 O t0 7 O O Vf C j OJ C ? ai u .E Q N 0 i 9- 1 iai w UO OJ O ai O_ O OJ LL 00 O v O_ p ai m v O xi C d O v Q a E E = c E (0 N > 7 �o U ;9 N a E> ajajuo a� E N N a LL Q ❑C Ln In D- d Q ° ° LO M v a 0 G7 47 G7 C iA m a U ~ U C U � +d 'In N � C E Vi Q U E O U c L O C' O O V�f -0 ' _ `A o U a a O O G7 S m C � L G O C CA ate+ - 'E C m a O U C � t O i 'E f6 H E of O U ci l0 n n r, n N O N Ln n ci C to Ln n Ln cO Ol rn M t0 00 ci rn O NCO a) O 11 cl rn N a) cl t0 n CO 11 Ln �l Ln M c-I CO ll U N CO t0 n N -t rn zt chi 0 11 CO n N N rn 00 u) o CO Co n O t0 N M cl N Lr n CO O N �--� N CO N M O n 0) N t0 Lf ci N M rn Ln zt rn w rn t ci M CO ci N t0 l0 O t0 t0 Ol N zt 00 Ln O -t Ln CO N CO O ci O ci ci CO CO 00 CO t0 O tn rn CO M M c0 lzt zt t z rn CO n O M Ol rr M Ol zt -t N ci N cl CO CO O O to to Ol n N c-I N c-I o o rn Ln n M � n l0 Ol t0 CO N CO N c n N ll O a) a) M 00 rn �l �l �l V d v V Cai V 3 Q d a x v � 3 v v Y °�' c a C !0 w 7 v�i ro 7 > 9- N £ 0 V C ao o a � Z n to �l O to Ln Ln CO Zt n O c l0 l0 O CO Ol Ol t0 ll Clt 17 CO O N 0 Oi ri Oi Ln � *' O N n M N cl N cl CO Ol Ol N 'zt N U ci t0 t0 N t0 c N U) l0 CO Ol O l6 n Ln ri ri co n C Ln M Ow l N n O l0 LL t0 n Ln to to rn 'a CO N Ln ci M c-I � l6 CO n r-I Ln Ln rnO rnO O O 0 M l0 n n n c-I c-I Ol M M O i ` 0 m m � U s O� Zt M N N Ol N (7 M ' M CO M Lf1 Lf) Lf1 n Ol CO Lf1 M CO ( N O N c-I N Lf1 M U c-I c-I c .Zt Lf1 Ol N CO l0 l00 Ol l0 Lf1 � Ol � ni to to rl rl rn c N � N � � W C s 0 o c 0 O 0 O 0 o C C Cn L Ln t0 t0 n r, n r,1 n C O 0 O 0 O O O O an s N � s � H � o c E E s � c U C l6 C L.L N l6 0 c 0 N s c N U c Ln ++ N v 7 C! L� a fl- G1 N v a +, N W 3 (1) ai m w v 3 O v�i to 7 > I N £ 0 m ca 0 0 U s a co N LO M The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 24. Reconciliation of Funding Deficit Upon Adoption of PSAS On January 1, 2017 the City adopted the use of PSAS. As a result, certain liabilities relating to employment benefits had to restated to reflect the adoption of the standards. Special Top -up Agreements Liabilities at December 31, 2016 as calculated on adoption of PSAS 1,035,500 Retirement Heart and Lung Allowances 5,133,600 4,517,400 Amount of December 31, 2016 liabilities funded in current year 54,700 (1,073,500) 403,700 Balance to be funded in future years 25. Subsequent Event 1,090,200 4,060,100 4,921,100 Subsequent to the year-end, on March 11, 2020, the World Health Organization characterized the outbreak of a strain of the novel coronavirus ("COVID-19") as a pandemic which has resulted in a series of public health and emergency measures that have been put in place to combat the spread of the virus. The duration and impact of COVID-19 is unknown at this time. While the City is unable to reliably estimate the impact, the length or the severity of these developments at this time, the City does not expect that the financial impact will have a material effect on the financial results and condition of the City in future periods. 59 33 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 26. Other Revenue and Expense Details 2019 Budget (Unaudited) (Note 2) 2019 2018 REVENUE Other Revenues from Own Sources General government services 3,229,557 1,503,397 1,196,894 Protective services 2,621,888 3,229,252 2,906,894 Transportation services 12,824,910 11,882,285 12,142,519 Environmental development services 4,145,961 6,085,926 5,497,334 Recreational and cultural services 1,366,408 1,628,544 1,860,970 24,188,724 24,329,404 23,604,611 Contributions from Others General government Services - 436,411 1,372,310 Protective services - 38,434 480,000 Transportation services 250,000 253,762 281,762 Environmental development services 1,096,002 925,772 743,278 1,346,002 1,654,379 2,877,350 Government Transfers for Capital Infrastructure Canada - gas tax funding - 2,512,951 1,446,615 Federal/Provincial clean waste water funding - 2,204,137 3,029,571 Infrastructure Canada - SCDW - 48,495,681 - Infrastructure Canada - public transit funding - - 3,256,318 Regional Development Corporation - 13,090,484 1,378,769 Other - 417,256 168,352 - 66,720,509 9,279,625 Other Contributed Assets for Capital Donated assets - 1,225,004 75,201 Federation of Canadian Municipalities - 923,767 82,400 Other - 54,030 - - 2,202,801 157,601 60 34 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 26. Other Revenue and Expense Details (Continued) 2019 Budget (Unaudited) (Note 2) 2019 2018 EXPENDITURES General Government Services Legislative Mayor's office 210,318 190,070 180,243 Common Council 534,190 478,157 429,253 744,508 668,227 609,496 City Manager City manager 680,822 673,380 596,969 Corporate planning 607,996 536,453 449,352 Corporate communications 445,602 388,016 386,035 1,734,420 1,597,849 1,432,356 Common Services City hall building 1,225,384 943,723 1,858,526 Property assessment 1,343,078 1,366,162 1,341,622 Public liability insurance 304,000 348,372 310,253 2,872,462 2,658,257 3,510,401 Other Common clerk 583,705 569,140 555,626 Human resources 1,520,515 1,512,655 1,449,039 Finance 1,748,875 2,406,614 2,177,676 City solicitor 804,192 656,969 694,459 Materials management 1,113,424 1,171,860 1,117,304 Information systems and support 2,512,414 2,247,593 2,032,289 Insurance 203,081 165,201 174,396 Debt charges 18,252,781 3,593,183 3,794,763 Amortization - 7,854,068 7,939,482 Post employment expenses 9,574,000 5,495,738 13,132,306 Other 2,030,151 1,751,496 10,240,634 Regional Services Commission 37,474 37,474 34,269 38,380,612 27,461,991 43,342,243 Total General Government Services 43,732,002 32,386,324 48,894,496 61 35 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 26. Other Revenue and Expense Details (Continued) 2019 Budget (Unaudited) (Note 2) 2019 2018 Protective Services Police Protection Police operations 15,741,734 15,129,893 15,348,119 Support services 1,981,054 1,573,891 1,493,241 Administration 1,773,555 1,995,988 2,060,276 Stations and buildings 1,047,368 923,036 931,292 Criminal investigations 4,432,850 4,570,677 4,437,358 Detention services 174,000 170,874 168,006 Automotive 907,978 611,968 649,076 26,058,539 24,976,327 25,087,368 Fire Protection Fire operations 23,624,764 22,944,949 22,334,577 Fire investigation 73,294 60,268 57,809 Fire prevention 900,805 842,833 841,637 24,598,863 23,848,050 23,234,023 Other Protective Services Inspection services 907,579 934,812 856,249 Enforcement services 367,769 434,824 369,143 Minimum standards 273,810 264,241 244,084 Dangerous buildings 510,788 410,743 656,210 Animal control 89,348 89,632 88,047 Emergency measures 333,939 384,867 511,845 Emergency dispatch centre 2,497,099 2,547,815 2,431,368 4,980,332 5,066,934 5,156,946 Total Protective Services 55,637,734 53,891,311 53,478,337 Transportation Services Public Works Roads and sidewalks 16,121,443 13,208,362 12,033,043 Other drainage services 2,635,935 2,693,469 2,566,748 Street lighting 971,000 949,174 953,702 Municipal operations 541,256 504,727 473,443 Amortization - 12,112,854 12,227,648 Flood 2018 - - 480,000 20,269,634 29,468,586 28,734,584 62 36 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 26. Other Revenue and Expense Details (Continued) 2019 Budget (Unaudited) (Note 2) 2019 2018 General Engineering Transportation 553,919 550,711 313,527 Traffic engineering and systems 2,292,512 2,082,029 1,922,772 2,846,431 2,632,740 2,236,299 Parking Administration Parking administration 617,565 506,135 495,664 617,565 506,135 495,664 External Controlled Entities Saint John Transit Commission 10,375,560 13,254,104 12,935,820 Saint John Parking Commission 4,571,048 2,943,867 2,922,084 14,946,608 16,197,971 15,857,904 Total Transportation Services 38,680,238 48,805,432 47,324,451 Water and Sewer Services Saint John Water & Wastewater Drinking water 17,149,000 14,107,169 9,732,616 Industrial water 2,583,000 1,511,160 1,090,946 Wastewater 11,054,000 9,288,025 9,357,067 Infrastructure management 820,000 702,471 421,584 Internal charges 905,000 185,823 265,541 Fiscal charges 17,459,335 4,594,608 4,794,339 Amortization - 16,562,363 14,670,473 Total Water and Sewer Services 49,970,335 46,951,619 40,332,566 Environmental Health Services Sanitary Services 3,722,605 3,264,430 3,429,828 Total Environmental Health Services 3,722,605 3,264,430 3,429,828 63 37 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 26. Other Revenue and Expense Details (Continued) 2019 Budget (Unaudited) (Note 2) 2019 2018 Environmental Development Services Research and Planning Community planning Succeed and stay Plan SJ Administration and Geographic Information Systems (GIS) 1,668,857 120,048 1,459,226 123,571 53,648 1,645,290 23,369 1,788,905 1,636,445 1,668,659 GIS 380,821 333,335 429,544 Carpenter shop 357,107 200,841 313,536 737,928 534,176 743,080 Economic Development Growth reserve 350,000 42,500 2,607 Market Square common area 2,182,993 2,506,897 2,125,694 Regional economic development 475,000 475,000 475,000 Regional facilities 2,200,262 974,399 792,585 5,208,255 3,998,796 3,395,886 Real Estate Management Property management 1,436,427 2,030,414 1,436,430 Real estate 268,384 262,074 662,966 1,704,811 2,292,488 2,099,396 Other Environmental Development Services City Market 986,126 1,196,384 1,075,525 Tourism 1,033,495 1,033,495 1,033,495 Community development 190,936 267,508 214,449 2,210,557 2,497,387 2,323,469 External Controlled Entities TD Station Commission 3,740,692 3,193,038 3,575,975 Aquatic Centre Commission - 2,882,411 2,832,142 Trade and Convention Centre 930,356 928,574 895,266 Develop Saint John 2,404,495 1,810,618 1,258,150 7,075,543 8,814,641 8,561,533 Total Environmental Development Services 18,725,999 19,773,933 18,792,023 64 38 The City of Saint John Notes to the Consolidated Financial Statements For the year ended December 31, 2019 26. Other Revenue and Expense Details (Continued) 2019 Budget (Unaudited) (Note 2) 2019 2018 Recreational and Cultural Services Cultural Grants Other cultural grants 2,177,234 1,281,063 1,256,224 2,177, 234 1,281,063 1,256,224 Parks Rockwood Park 590,039 575,602 461,565 Parks general services 2,179,716 1,891,702 2,049,605 2,769,755 2,467,304 2,511,170 Community Services Parks and playgrounds 309,178 208,259 199,000 Recreation and parks 265,628 228,906 249,944 Pro Kids 122,371 109,863 104,437 697,177 547,028 553,381 Other Recreational and Cultural Services Sports and recreation 3,529,263 3,638,307 3,491,475 Community centres 653,332 677,854 689,194 Cultural affairs 108,347 103,284 55,259 Amortization - 1,274,812 1,228,251 4,290,942 5,694,257 5,464,179 Externally Controlled Entities Lord Beaverbrook Rink 435,550 441,468 432,771 Saint John Free Public Library - 583,322 582,071 Canada Games Foundation - (463,705) 458,671 435,550 561,085 1,473,513 Total Recreational and Cultural Services 10,370,658 10,550,737 11,258,467 TOTAL EXPENDITURES 220,839,571 215,623,786 223,510,168 65 39 4 s 0 rot 4w 0 4w V s H a-J D ro ,--I O N Q) O Q) Q) .E E O U Q) U (o LL Q) a-J O a-J L Q Q) w 0 N O N M N 0 a� E E 0 U a) u a= ro iL 0 a� a) a P. \ 4 \ \ / ® U') \ \ § LL : 4 \ C: 0 / _ iU \ \ ( ) / \ so # e 5 � �)7\2 /{ #/ a =E « Ef /\jfa2 2 / \ $ S§ /§/ ¥] ]§§uf: -�k \ \ �_ & �U) =aa72J /LL e� /3\ ¥e £ o E = o \ ± / \ \ \ \ �2 \\3 _ §� / �\ �C: E e = / = e cc M) e I e e f = E cc _ _ 4� _= L. % E.» / 5 2 § p ƒ E Ln \ / k / 2 2 = e \ R z4 etN E » o f $ % E 7 E § \ \ / u / �2 E$ /\ ¥ _ §Ln _ cc { \\ %r\ �/\ /U \ \ : 7 § [ S 2 \ 5 § 50 % § / § / \ o E L. � o = _ _ (a ® ± ? 2 a _ _ � _ � cc a) _ 0 0 § 2 0 k E= C 2C R t § Ln _ ( = e # » d // t/) L. \ C ° ° ° 2 / � % / R a)f d § ' :a O = 6 4 Ln o f = I] � # 5 E / � � � ° S I u �_ /\ R � 2 �] % ■ ) / / / \ ® % k k o f o ° = x } 0 _ / E E 0 0/ 7 \ \ k = § \ t / u C ■ \ \ 2 z \ § e 2 )/ )t$ £5 o u cc � Lg �_ C) c / I$ cc = b 2 7 / o e �$ 2f2 G=� I % 5 E °° \ § om E \ cc ® / o ) ( E 2 ' 7 j E e E / _ / / 2 e * < d � \ / Ln \ rl- S (A 4—) n� W 0 V 4- 0 W ru 70 Q X Q) fu L �L a-J fu C fu U 0) m L a-J a-J fu E _(U n (a L O Q N L L a-J a-J C: E N L 0- L C O U E E O U I X_ 70 C Q Q a L O Q L L O :Lj 70 0 (6 L O O C: O L fu L 0 I N X_ C Q Q Ef 01 C N C 70 C: fu O Zi fu E E O U N L O L a-J a-J J I M X_ C Q Q a � e ya C UI � N N iC aka C a� u O (n C as N UI iC -0 �_ N 'O > aka � L V N �0 N N p O _Y 0 'O cl L (n -0 0 C ) 11r1 J;"i N �i N Ln au � N V I . Y C L f (n ) O O wed (6 C) cl �i L -0 O L w 0 UI N � O CO u as L V L ra Cra O a� C 0 O u 01 V -0 C �(!�� „"", (0 7 N 6 U) w O �pOf W N�O >� L 0 i +� CLO -0 O C O N�0 L > O�� +� N tn0� NLn 0(gn ■ (6 N C N N V E V> O N N L C N tq- i w '0 �l p O^ C7 OV ate, 0) (� U' ) i(n (6 N p C C L C C1 C (n C L C (6 (6 V Q (n a) C N(a a E a -a aka 0 O O— Z) Z) La O O —^^ L C V V oE�Q +'°era E (in n — —— �(6CC �..L r6 ��uua(6C7 `6EbE -� in `(a�o . api��U� y, C (6 N U 0 E N p ,.,� w - C O N> V a -a X C ,% i L p �' I U � µ �ll p N L C O J--i J..1 � V a� 3 (a UZ).— V �w a�wo �� E > � o W � iC �H V c..Q)-0 (O C V (6 cry .1� N— O (6 a�a� L L O N I� EL�V V (O a.a C C ��H a(n V C U L (6 N C IIV�� " ti -0 U C (6 1 N "E `� O O N N ,7 =p O — V (6 E O ■ E �n �� &k OL i E C1 >� O-0 w '+� (n N L�/� O -0 ��nr �u�lJ �1� J p E (OfI �' ate, C C) V C a..+ aka C V L (6 (6 >. �W� (6 O , atl C1 (6 a ) OV 0 ON C a�-a (n C E UI N O UI -O L C O p i `� Qr� in O L . a O cn N a (6 (6 -0 (6 C w -0 a -a a -a (6 _ C (6 I p (6 w N L I= L a--� ,--� N (6 a -a E a--i (6 U u N (n � U V Qj (N O O � -0 N UI w0 L >- -E (�fI N (6 a -a E r6 L (6 7 .— V w> C € E E 3 � � -0 a) CD- (6 o a, aJ > � � aJ E >' 7 R k a, N (n O 7 (6 Q (6 �' p C �, C1 (6 (6 N 'L (6 >, rC6 L (n a� - y V N (6 C C1 "0 UI a s E UI E E L V aka E> a s a -a >_ N L. v" U11 '0 > �_ (n �i aa) L in C 0 E � N � (6 a -a _ aka (6 (6 � N L > C1 p a (n Q a -a fl- O N m L E A L� L C OV d "0 V N �' Y N (6 L N a -a L- (6 7 N L (6 Y — V 7 ,V/ OV (6 C/ (6 Q UI � L (6 (6 E �w E �o �� E E 0 (6 O M. —4 (j)-oU(a Z) +' �wC 0- V IC Q) a) 0) N Q) N o 0) �m (n O Q)+�-, AlIfffffff V EC E N ,E al 0 o N O 10 .IIw � > � E a)� c L V o ra O �� C V� E 0 Ov D 0 E E E- V �D (n L V a w OV 0 p N 7 C C N m V O CLn.— .— Ln (6 N j -0 V EE NL NNN U Q C N VO ate--, Q 0 w N Ln UI ra IIII�IIII� a"i L +� O CD- C V 0 O �� (6 0 O a--, I ff L o C L ai X O V O 0 N Q) fl(" . OV E — O Co 0) o a (1) o (o cO�C aJ �0"�E�� Qo +' F� as c: E� o .��> °�a� uu E rowOc HOUR O L�U 3 a�i o `� V O UI 0 N O- O UNIONw N N UNION LL L N N V_ N aka C ya 0) N E Q)O C U -0-0 N (6 UI N +� +� V (6 >• E C >� 7' (6 p >N o �� o 0, D U m dgi aw C L (aU � E (a _ L V O V Q (6 UI �' C VY�, �;� �' C -0 +� Q C E E = Ul. v°µ fl' — O, C C O UI (6 C Q) O 0 w O 6 Vra Q) V E ra 0 V ra UI V L C 0. C O Fn C N C UI N O C a -a 00roa ;, Ln 0 u d ,,0ra(n Comm +� N u (a .. O (6 i, O V C +� (!I (a Fa 0-0 (n 0) u N N Q E_ (6 _0 C N C r6 (n .L V +-, r6 r6 N N C L L L (0 .N L E N �' N L C C CD- -0 a)� a"i o a� 0 01 0 Ln c �'� �� c E > E V a U> iL _ C: Q) c c � ago p ro(nCror>�a,C,, EQ C7 �r`°auEroa>imu3 0 N a) v u 3O aLi a) � X -O C a) C +� a) C •— v c O o U N � a1 — CL U C OA L U 0 U C ate... O U 3 E _ > o T O + U U p p N Q a ro � U U E E a) O � O O U O � —E fl- •a) O a) a) > � o Z)-O p C �, O (o C *' N O 'O O CO C O a) i 3ao}�- �� ' 6 a U(a a) ate) o .� c a) V = a) +� c O (o U •� Q C O Q >�3 t� '0 3 _ OE�� C C `6p V � O E E axic Ln �� a) ON U3 3-0 0)u c CD- 0) �c°0 a1 0 _" D �� a�i>Lc 'O O V a) (a a)c Q Y O C .� E UO mE Q U—o p O w O fl- (6 O p V a) io 1 U a) a) V N O V 1 o ^ 'O N Op (6 C1 Q U v h.0 �o > -O �' C a) "O (6 w C > u a� E •v o 0 (o o- (a '� >, i U O C 3 N r6 a) V C V N N h0 +-. a) O- �' C .� O a-' N L 0 L L V �' >- 7 "O r6 r6 V C1 i a) M �) '� �' f0 E>Q Y 7 o a1 N u Qa) V a) C C �o3rra 0 V � CLCD- 3� L L p L =° — 03 �o _ Z)-a C Q) 3oro _0 �� N Y a) V L a) L L �a) �3E 0-0 Qa) D � ) �. a)CD— Q1caa)� o Z)ro3 OC cr° m Via) w L a-. a) N O 0 L O O 3 3 a) +� O O a) "O a) O- - C +-. a) O 3 UI rra C f0 -p Q 3 C L L O (6 L E U� ° •� Ip _0m Oro p -0 (u V +�c U 0 U Q C2 (� E 7 7 7 7 �O 0 "O a) >, >, a) Cl U II N O)O E a) Q L E _ _ W/>i > a) in a) c 0 ra 0 ; V V 0� ° O O Z +� r6 0) a) 0 c T 3 c� p� �� 0 0 C o ° �-0 3 o U t O O +, Q el. v O o M Co v °� v 0�> O (3)C ° Q E EF vv v c_a•°1L c °19 c mRw M a) a°1, a3, rn rn o °° +� c •ao M 40+ rn O C O O Uf � •L a-+ U �t = v� y C �` O_ U 0 ++ Ol O O N C Q v .� a1 O ul w V O L. 'G L. Q) Q a > G f0 C � �=_ 3 u 0 0 3 0 ��`' m °) o Ot++ o 0 0>> >•v E o 3) 0 3 S 3 a 0 3 CL u u u LU LU M O a) O L a) V _0 V V C O ra Q O _0 E ra a) Ln = L r6 V 7 7 Q) Q) rill O J-i � L +' O L a) Q V O C L a) CD--0 Q C ra a) -0 0- a) a) Q8 O a) O Q)O O � � O 0 _0 (6 J C ra C O 01 V ra w CD- O -o C E E L C 0) rn CD- Ln fl- � � J a) L Ln 0 C � E L Q � � O N C rL6 0 0 L Ln Q O 0 oEm oa) w--0 O ra 0 a) 7 u -0 Ln �' a) O C CD- 022 Ln L_ >E a) 0)Ln C L a) OLn 0 r6 Ln o ra Ln w O L C a) E ELn ELn a)E`A O� era a �-0�� °nE 1., -0 a..� UI ra w o (a 0) E 0) (O L E p O C Q) .V C V N C U -Fa +� • U L :LI ra V a) O C==U '0 c Q)O "Z) a) O C a--. -0-0 Q C CLf)< �(A (6 a--. `� V C C CD- Q 0 _0 raO Z,E o >.a) � +� O C 00 V E J--i UI V a) V L L r" ra E O LA O fl L �}?— Q '� �r�Iu V C -O Q -0 a--. V UI 0,0 'Era �Ea;ro L Cn O V C O C O V r6 a) N C O gCD- (n ra O -O u Q I a) C Q) J� (6 N 0 E a) OVra L L -O ra C Q -0-0 p -0 a) O 0a)Q ra L ��E C 7 ECG C a) J--i L a) a) V Z L a) a) ra UoQ��,0 C: 00 L C > a) 0) a) > O- O 0 E i 0 O uum a) Q a) C O(a (n O 0 Q .— L 0 L O 0 N C u -� (6 L J--i UI y w > rn � �' � U taxi z�' �o n Q a� EJ G E J Y1 V O 'a N C C O C 0 O �a f6 C (n fA N Ln 01 E E ra o, ra a E Ln Ln fA (n Ln C C C V C w� i+ V 0 Ln C UI a--. rLa V m E a) L a Q u O E +0) Ol 0) C w Ln L V 0) L 0 C c Ln a) " = 0 0 (6 Ln 3 0 O V O U V ra L o +� Q ra >' L (n �' V f6 C V C Q O (L6 a) E Q C � mT (n L 0, 3: a ra o 0 a) y, Q Ln 0) a) O C Q V (n rn C Q ra u Q Ln Q O Ln 0 V Nl �S • • • • Ora+ N ti 4-) 0- _0 D ru 4-) r- ru u 4■ - ray 0 0 t u Lf) Lf) I I-D, cu �yl yul ur rw �� Vj, qu qu �111111 qu ,a C 411111 G) 0 �fU M �fu �fn (T), qu (D (D qu W a 1 " qu qu �fU 00 qu 7E F� �= �fU E � �fl��,t,','�`a 2U Yfl m I 4J 4- a 4) 4- M > 0 4J m 0 E o 0 4J W L- 4J a 0 E 4j 3 > r 4J 0 w 0 m 0 CL 0 0 am 0 CL 3 m Q) u O 0 6) co rl- m a� a� �> o � � o V (6 V (6 C L N N O 0 N N V (�6 E E +� O Q L +� O p C N -0 p C N � N N N N V a U — 0 UI "gym _0 -0 (6 C -0 r C � L N O 7 O V m V O V UI �_ U) L V Ln N 7 L L O O C +, N 'T) �, Q O > N N N N (6 J"i L J--i (6 > N N 0 0 Q L J--i E J--i y C "0 C O E UI N C L O +� -0 N L -0 N w (6 "0 (a C N E (6 fl- Ln -O (6 -0 +� 0 �, C C -0 fl- L O N 7 � (6 L Ln E N OL L +� L '0 (6 N '� �' E N Ln 0) N O 2: O N �' �O +� "0 L �' UI V Ln CD- -0 O -0 20 (a 0 (6 L 7 3: �' N (V6 V CAS N O fl-'— 7 'L N m � C '0 .L a--. a--. _0 C - UI .— ��l C L -0 , N -0 O J--i -0 N -0 (6 � +� u - w0 (n (6 � � (6 � Ln � Q UI "0 OL +� (6 i� O — N 'UI UI Q V R ' t„at, yak +� (n N C C (6 3: m O V V `� 6�g ��. C Ln O 0 N -0 UI w O _0 N N (06 '^ Q N >' ( -0a-=i V S E (6 (E)(6 (6 N O v (C,'"��, L O �i N Q N Q .— +� V L;'�b L.G 11111E w J—i O (O N � bP J^ 61J N N L O 0-0 -0 0 O j L 7 0 7 V "0 a( C1! V�� -0 '0 N N O 6 L -0 p U V4 E G Cl� 0 (a'i N _0 0 L,� > V Q a-' > O_E �' E O v UJ 0 N V O Q C V O C N (p in 0 (�fI L .L V TO Upvei �� Ili�m � -0 (p > > O .L 0" O V �_0 u j Q — C V (6 VI/ Vq �_ (6 Q) (6 O w V f 61R Nil O (6 w C O E p— Z,E To Z) >� UI V N O 4G GI1 Gpll � C C L UI C J-i O O a--� O QOL art "�n�� U y �--� —U (6 V Q V L Q j i1/ itl J�--i ? Z) 0) J--i �OEVE �(o „w, �a�22 fro CEP nib -0 M O O Q N > L (o L 4. ILI 4� 4� O w 4, O (n L N fa V a '0 U') C (a Q N y = E L C:U /7 \ a N W " 7 C (0 C T L O � p a ate.+ O V a..+ Q Q a) L A \ 0 O ate.+ c aE 01 - E C: o w L c (0 U') U-) L O4. 4. cccc4 En E a� C: � - ( L N_ U L O ra E 0) C C o O Z o E 0 L 0 qu 0) N O +� CE C O V �--� >-0 a)N (6 V (6 U 0 L Z) _0 E O N Ln -0 C w O 0) p V E U N U N a--i a..i C +=i (6 V C N C _0 0) N V -0 0 O N L "0 O N E O Ln _ O O 0 p Q "0 O C Ln N O '0 (6 L N C _0 0 p C 7 O Ln N (6 J-- (U6 Q 0) CO C 0 V p E Ln E O N 0 N O � O N E� +� C +� °' C O N E V V O +� N -0 � "0 ) C E L ro — V (6 N C Ln ra UIra ra �' N (6 �' Ln -0 O N N L +� N Ln O O N O a--. LLn _ (6 V �' a--i a'' (6 O �_ C Z) C O C O "0 O UI N� C O 3 � °' E E °� c N N C C L N C L 0 (0 0) (o (6 N L w +' a) O L a) a) a--. C O N 0 N CD-E a) _0 0) r O O C U > O O E (6 E +� C 0" L w O O (p C O O L (6 LN -0 "0 UI N a"' V V (6 L V C UI (6 o C 0 (6 N L Ln C +�� i N V N N p.� Q C � C O O U V Lnx cO -0 U) Q In � E L O- w Z, _0 -0 — O ro c c CD- U ra r 0 O N OC V N L ro -0 m (o Q a) E � E -0 a; N fl- C O (o `6 (p _0a :L' 0)N 0) E -0 7 N N C N .� 0 m N -0 N (6 +� O +� iC a--. J--i C 7 _0 0, ) a� pE°' a)u p �� u ro x (A a V L -a LDw O'L o � K a �E c a�0 +� Q 3 E Q -0 - c 0 o a' cn L> c -0 O)O N-0 O (6 E C -0 C •L C� > a) V 7 N L _ E p Z) ro m >_ (o > a) a a, a) V a � 4J-0 Ln ra Q zE OU C C C _ O L a J t �• 4- 4J O >, w 4-0 4J C maxi Via• 3 4Jo t � 3 o` c >, 4JC 4J a, m 4J O O n t 4J i M+;+- a N O 4J L N o w o N 4J._ U O O O O N O +' C C— _ 7 f6 +; G1 two 7 7 a f0 N y O U f0 f0 C C U O1 E al um JU U riv cAW4.0 OG DE C N N N N u V O Q C V C 0) O N 3 0 C N Q) L O Q Ln 0) N C iC 0 N N J-i a m 7 2 § t \ k § \ \ \ / \ a m m m 2 a f 0 m \ � 3 e E S 2 � / E 2 0 ( � / / §/ 5 $ E\ § / // e � EE 3 0 = e % ¥ �5 )$ \ § \§ o = } \ 5 E § § \ E �. C0 \ \ / 0 0 o \ E } / \ \ O ru V_ X n� W 0L n Llil qu f� qu C;J s C;l C'J If I- M, xn O 0 N Q U L L O O U L O Q) J O O L L O C1 C O O C1 C L -0 -0 -0 L (6 L N 7 (6 N .N N "O 0 L N C +� C CT C V (6 N 0- fl- O N Cl UI L L -0 V a C O V UI O UI O iC C 7 Q CD- O N N 0) Q 'Ln U C: O - O " Ls u (6 (, -o -O m E o C1 O Ea,� a�i L F-- (n Z C Z : C1 Q (6 -6 V C3 N 2 C1 C1 N Q N 00 0 Ln N Lf) U U O (l) C m C 7 0 U m U) U) J-i N N a, E E > N N N CT CT _0 _0 N V V V V 7 V V w C fl- fl- CT CT w C C O J J L � � (a 0 0 V V Q Q +� E E U (n . a, 0) a, N MMM U U U U) Ln (f) (1) N V V O V N L cl J J c' CT 0 -0 C- 01 UI C O E cl 7 V p N 0 Z, (n L) C V Z) � C � fl � z; E Q) w O V O N V _ V Q) O Q L 0-0 N _0(n Z, 0) L J (6 C O C N N C "O (VfI O 'p L 7 0� a--. �CCD- UI (6 O C1 C C O _Q'O > N (a +' > O -0 V +� 7 w C C L Q) �' (6 CT (6 y (6 L LL V Ln l0 In U 0 m 0 I 0 +� 0 C1„1 N qu C rE�o (o � Ln Ln 0) (a _0 qu O C VI u (6 O ' V u C� L Q 0) Cf,J .1 u -0 U Q 7 C V L (6 C L V Ln V V C U) UJ N 0p 0) (a V (n (a qu O O U) N qu Wl", (n (n u U U C� E N 0) C 7 O C V L V V ra C OV C a0 C �a O N O �' E O 0) a "O _ y C/'); E (� N fat N 0) qu cycc e qu M N 00 0 CC C L 0)J C� O C a C � � Q UI L C O � r E N 7 0) ra E C E E O V 0) C C N � 7 L V �i C V L Z) c� G ra O L 00 Q O 0 N Q U T, CN C N 0) ra C Ca C L N Ln 7 V Ln E C V 0) 7 V 6 N � L L Q) O C 7 C U -0 C C (p V N -6 Q2 E L 0 ra J +� UI E O Q N � N Q) C V -0 L O O 0 (6 V O z� 0 O 3: \ \ \ � k \ ) \ § g / k ƒ � k \ \/ 2 k rat � . e \ \ Ln e e \ _ \ $ E 3 f } o \ § o 4 / 0 0 E C- = m » o E E § o — = e 2 = \ _ � e e R ) k \ \\/\ & u=oe2\ u = o o 5 \ e 2 t = o } \ 7� k \ u u 2 \ _ / o § 7 E / o % 2 s = o \ m rl- C L a� a) V (0 a.., C C C N a N Ul a N L C> 0 L. a� cn N_ 4-a.a Ln (0 U')a4.a O N (0 T L L C a U) L 7 aJ N 4O U O O w N ro -0 u4' N a)cn = 3 C_w 41 � ova_ C L L a-J O O — (0 w 0 0 ((a 0 Lw O _T }, c 7 (0 > �. C N u a. V Q� N o L N p 41 (0 C C7 O �.., J (6 C O a� (O (J V C a� C+ 0 M M �+ I- N N = W 00 N U')a„ -0 VI (Q C a)"' /4.Z5 {n 41 3 " = m d2V) �Z U M(.Njy �'' V w � N � (0 U O J Y co m 0 U X E t m co .o (0 00 46 N N 0 C Q a.a C L ;� 7 y� O Q N .. N o0 t m N in Ln -° L Q C 01 u ' O O 3 O U C 0 co 0 .. X H LL C C 00) aka V C Q cn cr -6 LL 4 � L C: (0 0 (a C �4S c C > O U pl C N aJ o u V (Q (Q L (n L a� 41 7 C a ate.! U�� m V Ln �� L �>' C z > 0 L a��w 7Q 6 Nam N C n, o UDC u — °a C m C:o '0 L 41 0 W C N N c n L `� C_ � p 0 L N V, a� L. 7 a� w 0 >- ate.+ C O N O L o L (LO •L '0 V � O L °uE E� �c�n ' ' O +� 0 cn — 6 ro ` u ro v�i rco C o N 4 = ro 0 li U > ��_ aavio a� p C a-+ 0 'p CJ o 7 C U O (p �,na_+oo (o L Q L � �O N cn fl Q ate.+ Yl ` E V L (0 a., L O a L 0 N i] a� L �O (0 N U C _ Q a4..+ fa N U o 0� a o U� o ■� 0 cn ° QC) � a� C (a u Ae 41 4 � a C OL n� : L EEm C C:Ln C :��a4 c N W a)a)� ��00 a cn V �, L C: X L 4w cc V Q U m Q) ■ L C a-J w � a•a 0 C N a..! w •V V ° > C C N � a_+ O C .> a_+ a_+ U w L $ Oa� � = (L6 N 0 U-)aJ N C 0 O O T �' , aJ aJ Q c 4J .0 N N � aJ O -p C C ■ _ 0 c�ll(n �jM C aka "a OM 0 �= 0 �m"�"6.2 a., L LO 0 L cn _ C L. m L. C N (0 O 0 Q > > T 4� R > (0 (0 > •(� 0-0 C — O '6 aka O N C cn -6 (0 > 7 U L M N C a) Q N 0 (a N O C C N m�aJ (OU M. a.., T i 0 (a p a) C a) ra p N C L a. V u a) C fa =$ O a) >� L (n U C (6 V a) 0 C O L L M V a_+ U) C N w (!I L C O L N 7 L C— L 0 L 7 O Ln L ate., S a) VI (a 0 L. VI � p (a 0) a C O a) O C O > VI 70 u cn L 70 E C C a..+ -p VI fa L V a) 7 C 7 _ N cn (a O (a L a) N E O Q (a L 7 C L> L Q� N� Q N (a) OQ ra C �, O a L. Q o o 4, p 0 0 C C C C L '> 0) (a 4L C 4, O L a..+ L O L 0 L O C C O m�_ :Ll Ln C a) w ra Ln Q i 0 � p C a) 0-70 a) a) (a O C a) V ra 01 Ln O C (a N O � O C C . N O Ln a) C L w O U) 4, Ca Ln "a L O Ln C 0 Ln a.., 0) w L a.., L L L -0 C > O L 'p a-, > C V a) C (a (a Ln Q (a 4 , a) O a..+ a) (a ra O cn (a L C a.., a-, p L Ln a..+ C w fa C aL.+ cn 'p V L �_ a..+ O aC) C p L (a �n a) � L O C a) z C w 6 p a..+ C ++ V C C (n Q fa (a L (a O 0- O L Ln (a C O O C a) m (a a) (a O 0) a) a.., �' E �' O L c.7 7 :n a) p1 L U O O U C a) a) O a T .— E> a) � Ln 0 ,� 0 L. 0 p 1 E ra ra L O U 4 C Ln .L �' C L f0 a p (a O _ 70 a) 6 Q a) C p ra C a) C U N (a (a Ln 7 Ln (a Ln j fa C a� C L � 4, O 0 V a) ra 7 7 w LL � i� C •aa C N C (a •> w aC) � V� -o C a) O O m W M > ate.+ L L (a O_ C C: E }' :a Ln C C ate.+ a.., Q > "a j a) > a) (a (n a) O E a-, 0 C: O O p (%% w a� (a O O a) � O (n fa 4� }, LJ _ _ W 0) V p 7 (a w fa ate., a..+ w 0 ,� L �+ cn i ate., d fa C: SC j � (a O U L O 0 ate.+ (a � L � � V a a) w O Ln � Ln C cn = E C p Q C _ a) a) 0) (a N N C a) ra (tea 'cn �' O O -p a) O O p ra C ate..+ Q a) (C6 C C Ln -7 -o E w ra V w LO � (a V V C O '� (a = w (a L iC m O .O C 0) a) 0) L (a 0 E i 0 a) L O pl d V C 76 L C C C O L C O L O C C a4.., O pl C O U Q "6 a=+ 0 �, a) •0 a) "6 a.a w C 0 O N C Ln a) �+ �+ a) a) ;C •> C ra "6 0 44 61 C C a) •— (a L (a = -0 C Ln a) Ln a- u ci L L a.a •Uj O a) a) C .0 6 > 7 (a � f0 C �+ a) a) � C 70 O c1 N L 0 a) X 7 C a) O ra O 7 0 a) ?� O O (a vj •T f0 L Q V a) O (a a) " C O i wp C N L a.a �' C C a) �U a) c L �' a) C C E w 0 m cn (a O O a) -p i a_ L p ra i ra 0 cn �, 0) C 7 a-+ E cn a) C C a- M U) L -p a) a�E -0 (a C C Ln (a a� a..! (a w cn C O i LO 0 C cn (n a) O 41 cn (a cn a) a.a ra N 0 Ln fQ cn O a) LL ra a_, u (a C a_, cn > C }'' C S '0 a) u Q L (a L w (a "a (n a) (n E a) O V C a) 0) O O S V o O (D E 0 41 C:Q) 0-Q cn a_ 4- a (a V (a C E a) a }' C (a L Ln C Ln •� X 0 O (a N 0 � p1 p1 (a -0 w fL6 C a) 0 fa (—La cn O w Cw 0) (a "a Ln a.., L Ln 0 L a) 0 p ra a a _ a.., p a_ C> 0- a_,ro C i (a a) o C 0 V C .� Ln L 7 -p .O C (a L (a O p a) C ra C (a 7 V (L6 ~ fa C N (a 6 0 Q 'Q (a -0 7 a) (a a) a) E— c 7 O (a O C -p L a a (a O ya UJ W L b., 0) = a°i L- o 1 0 a) Q °� `� o w u U o o � o 0 a) C a) '� Q 0 Ln C L d (a 0 �+ , E �' o) 0 L Q 0 cn C `� +�•' C C L C a) N 0 O a a o C O 0� N � O N 7 H 0 0 0 a) V a� Ln C �+ "6 �' �, `� N a) C (a (a ra O V a) 0 C w � cn 0 ra C pl � C d O a) 41 O C w i C cn N L T O p L a) a) cn O O a) C (a a) a) C a) m N a) Ln E O1 � 0 C o, (L6 = a) 0 4 a N C1 � 0 Q (a C L-.- L_ aka L O (a O E O p (a �� _ L 0�(a�a O QOL a L L U> Qa f0 (a O _ L ate..+ (a a) V �, Ln C L C C Q Q a) Ln — C C L 'V a) a) 0 O O V V fa (n 0 0 (a =$ p Cl L fa fa a) b a (a Ln (a a.., 0) N O ,0 0 ate1 a) C Q) U) 1 C i-0 C- a- �� O (n -0 Q) N a) 0 U) � C Q a_ i N (La a) w p L p Ln (a a) a) (a C O N 0 L ra a) Q � � 00. M- � L a (n 6 a a)Ln a) ra a) °� a) L �' Ln o 4. Ln 7 N mod/ N p 61 (6 0 m C: >N (a V 0 C m a 0) p (6 (6 a 0 a a C C a) (a 6 I.fi > (a (n � (a i , o (a Ln ate., � '0 W � L O 0 ate.+ .N O a) ra �_ 0 i a) O V O a.., C C O (a 7 C E V (a a_, L a) (n C a) 0 0) (a (a Un U 0 C Q i 70 > L (a C C a.a Ln (a > (a C }, a) p 6 a) ++ p L (n 7 'p 7 Q C > T O p O (a a) > a_, N C L� 0-70 C Ln L a) c�'n N Q ra ra O O V W U O V �+ V W Ln 0 m° C Ln ° 0 7 C j .X a) 2/ . § 2 g / § \ \\ 0 2 § o > E_ m \ § (a / E e = \\ \\ 6§ 2� Ln ƒƒE� �. \ a) t /0 °u 3# °° #5 \� E/ E/ /t C: \ S oe s2 §E u ES CC / \ g \/ /E \ƒ e (a u E% /) E. 0 \/ \/k }\ e e ° ¥ M u\\ 0\ 7 « L. 7 o k » e = _ _ § ]§2 \o /e2fe u2 \5§ \2 o = E o— & o $ £ 2 (a 0 C: t/I\% °°» e= u o ___ %t (a� 2 / m E § (a eEE Et 0_E� \)\ u . \ n \ 2 M. 3 _0 a- a) /1 0 1 41(a � V 1 L Ca U')C u-) o ' Cl 0 a- U 0 `� N O a� ate.+ a) a) - C) cVLn Ln y U') C: _ V 0� m ate.+ L 0 �% M 1 C E a)a) cr O a) -0 a) a) > 0 cn a) (0 rp a� C:_ E T (� 0 � O V L Q � ! � � �' _ O i uC� �' C C as as a > a w ma) O 7 cn a) n, 6 m 0 m C V -p O° C a.., a) L = O W = m (p L O u L L a) L L L Q V a) p a L 0 M m L— 0 E a) 0 o C° 0 C u a a) � 75 L Q a� L. 0 V � 0 O O V 0 O "L : a_+ 0 C L. a) O 7 °:emu r0 a� ��u� a� ro �� V O L.ra X C N 4 u A l a..� C - N E w u m L Q W L w O O_ C O Q) L O w= L 70 O 4' Ln C 7 0 7� O a) O a $ O O L (0 N E N N O C p41 ^ H O rra �_ cn Q a.a f0 a- � N O D Ua_ � a4.a V ' V / U') a-' a) �' U')= C (0 a� (6 C: >, C L � C7 p a) L 6 a) a_+ L C C w O V Ln 0 C : V (06 6 O Q M U O C 4—, ^ °� w 0 0 70 � 0 a o V 1 ro Ln }: =$ a_+ c� > Ln a (n V (n 0 7 N 0 ;> 0 V 4 _F L L N 0 J ° U o .� 0 a) U) U) 4 + ro 0 I a_ w C _ C p C / Ln C> 4.1 � a_ /i O O Q) Q) U a O p x a..� V; .> M 7 41 � `0 O M �°'ro �°Q)0L �_ �o -p � cn -7 �' Q Q .0 C 0 O > m O -0 0 N 0 N p O Y X -p a a) n °) o a. a°i rUo ° o �' � y V 1 N 0 aa)) a L L N ++ C O- Q E L- "p a) L L � 7 V a� 0 Q) fw0 v r6 I --I a� O a) N 0 Q� a N 3 1 O r0 n, p 4, C C 0 0� O- N r6 41 M"6 W � Q (6 � = 0 L > �_ a% Q L aC% a..j � L 0 a..+ p Q C N > .— 76 -7 X C C O C C V m O L m E >Q) N L LL a) o) E '5 L. L L a) L. M L a) pl p pl 0 cc L ro �V\ "a E E E 0 O O P P can O �> 0) � C: L a_ O 0 � L � aka a4.a 0 a.a L QC V 0 C aka ate.+ a) . 0 o a) � o 'o V a)[V a) C C ro � L cn 4� -0 U 0 O O Ln Q C Q L V E a) 0 _ a > 0 w..+ m a)=p05 aJ E C L C 4' > C a4.a U 4 aL > a) a4.a L 6 a•'' C aka M L 61 r0 0 0 0- L � 0 cn U Q 0 a� a U 4 � m •L C °LnLn L V r: a� > U Q � Q v E w r6 0 Q L O) N � O V C > C O Q a_a 41 aa) u C 1 EE V 0 a� > C aJ aJ 0 aJ 0 C a) V 0 L V a 0 Ln a_+ Q V L f6 0 ° Q C > O V E O U a) r6 a� Q a) V Q L F-I Q C r� U u � a° a� >� L L U =s a) a) L a) C O V cc C E L L O C C u F a) a) = a..+ 41 {n a� r0 f0 — 4 a� C Ln Ca) ro C C O 0 a-' CccC 0 C O C M. Ln ,_i § � k Lel = e 3 E \ 0) E 2 e 5 3 / p ( f § E 8 r 2 \ \ \ k } E C \ � 2 = 0 \ In 0 / ] / 0 . L _ 2 2 ) 2 \\ 0 E. 41 3 2 / U) e t 2 t / E = 7 a)t E / / \ 0 / 2 / 10 f ) 7 2 \ \ & § / ¥ _ 3 § 0 \ 7 ° _ _= t j \ \ 0 \f 0 2 }\ k\ / 2 {/ Ul /E \ Ul\� 42 =2 2 k o S � / tg §\ § � / ¥ 2 £ � ƒ E� � 5� 2§ __ _ =t �e k / \ c 2 = \ \ % / \ \ \ CC = 0 \ \ / Ln # E % 0 E7 ° / § \ ) § \ 0 _ \ / \ E O / S 0 m _ E - \ E E � $ \ ( \ / Ep k\ 2 S \k $ 0) = 0 }/ 0 \ k ro } \ S �0 0 ± & 0 V § E E 0 � / 2 2 % 0 \ E E 0 & � 0 cc ( \ E 0 / \E f E 0) \ u ( § [_ /7 /\ = q \ o \/ E / E— §\ _ _ e= * e FRI S v V V ■0 > -0 a) 0 (6 -0 O (a (n 2� > O'M �� O w (�6 a) (�fI 0 a) -0 C1 V N V D U �_ C V N C 7 .L OL ',,, >� V _ _0 (a o L. O '— fl ',, "O U V N OL X O a) O C V O C L o 0) E 0 Q _ C ca.N .— N (fin � N O a) � O— Ln -0 V_0 , '6 y a) L O CD— u a) CD- V O w OL N UI >` 7 a--. CD-O y C .— 0 u _0a)13 � IT 0) � CD-0) 7 0 p> x O N C O >` (n CD-C E CCD-+� O C O V (a �O ',, Ln 0) a) w O .0 (n a) C a) V O 7 C1 X a) � > O 0 �� CE �� o� E.> Q) Q� > (6 "0 a) �_ 0 2 _> C O L w 7 C: a) 7 ',,, C Vra ra Ln a) w — (n (a cn CIDa) — V C �p O 2� p (a V (� > �inL �c T QO N a)3 C� us a)V a) -00 �' > > >-00 0, U O a) in "0 ',,. L p N a) p in -I in 0 L C1� L L 0 M C a) O L p (a Ov a) U p (a I CO C1 E I CO 0 Ln J O (+!I t+iL 0 w N O C1 a1 O C C (a L ''., L L L p y� O O O O U-) C: C1 ', C1 C1 C1 0 L 0 L 0 a) a) F L O c a) C a) � a U U o o o U c c 0 u L a) O a) O c� O c (a E O O c (a O c � L W L W O C '''.. LL O C(a L W LL CL O C ra LL CL O C 0 U 0 U U I.L aO-I '''.......... U U I.L aO-I 0 U U> U I.L aO-I U> U LL a0, ate.+ a) O V V C a) u Ln a) t,n CZ W D w O V E E to y-'- w 0) 0 U a c r (a o m'1 c Q W a) 0 O Q��tl _ q��G F 0) C= a) 0) (� J""," — L- U-)C III ,�� i a) G,G (a Ln L&T 0. 7 u ,,. Q 4 1 -0 Y 4 �D C Qli,tl U') CO L u 0 C� 1 L ymmy, 7 II .r C 0.J' > 41 4A1 0 V 4A1 LL U U `/ LL O cn 0 > `/ `/ r-I Financial Statements The City of Saint John Trust Funds December 31, 2019 Him "IMP 'V qf,ozj ueloitteup P.O. Box 20094 Brunswick Square Saint John NB s21-5o2 Canada Tel: 506632'/080 *m:5o6-*»o-xuzn To HWorship the Mayor and Members ofCommon Council of The City of Saint John Report on the Audit of the Financial Statements Opinion We have audited the financial statements of The City of Saint John Trust Funds ("City"), which comprise the statement of financial position as at December 31, 2019 the statements of changes in net assets and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies (collectively referred to asthe "financial statements"). In our opinion, the accompanying financial statements pres%pt f,,0,& , �l I fit iq of its operations, its financial position of the City as at December 31, 2019, an,,�', accumulated surplus, changes in its net debt, and it w s, "t, year then ended in accordance with Canadian public sector accounting standards ("PSASr�),,", Basis for Opinion � We conducted our audit in accordance with Canadian,,,ge, all tea auditing standards ("Canadian GAAS"). Our responsibilities under thos -1 n, s a her described in the Auditor's Responsibilities for the Audit of the Financial Sta ent;,-'' f a r report. We are independent of are ant to our audit of the financial the City in accordance with the ethical statements in Canada, and we have fulfi lied oth hi 1'/ ponsi ilities in accordance with these requirements. We believe that the audit id#- n v ined is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Manag e I me n an Jh ""t',th rged with Governance for the Financial Statements Management is responsfb'116, for the pr ion and fair presentation of the financial statements in I control as management determines is necessary to such i enable the preparation of finAh' ial st ts that are free from material misstatement, whether due to fraud or error. In preparing the financial stateme management is responsible for assessing the Organization's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends tn liquidate the Organization or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Organization's financial reporting Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian GAAS will always detect material misstatement when it exists. Misstatements can arise from fraud orerror and are considered material it individually or in the aggregate, they could reasonably be expected to influence the economic decisions ofusers taken nnthe basis ofthese financial statements. As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: � Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. w Obtain an understanding of internal control relevant tuthe audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Organization's internal control. w Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. ° Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Organization's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are bayed on the audit evidence obtained up to the date ofour auditor's report. However, future events or cQnditio,ps may cause the Organization hocease toconUnueasagoing concern. =��' Evaluate the overall presentation, structure and cont6h't of th"611"hb,9cial statements, including the disclosures, and whether the financial statements replFAMO�sefiri'P'the 6-dying,,`,transactions and events in a manner that achieves fair presentation. We communicate with those charged with governan other matters, the planned scope and timing of the audit and significant audit y significant deficiencies in internal control that we identify during our audit.&I, Chartered Professional Saint John, NB m 0� y b w GM L 00 h t�„ M tn k �I 00 00 ( ty h "o OI M "D 00 I � O 001 00 c o %i � � O NI N 90 STATEMENT OF CASH FLOW 2019 2018 Operating activities Excess of investment income over expenditure 10,590 8,795 Changes in non -cash working capital: Term deposits (14) (13) Accrued receivable — 1,318 Accounts payable — 125 Investment activities Contributions to other entities (17,815) (1,716) Net (decrease) increase in cash (7,239) 8,509 Cash, beginning of year 482,342 473,833 Cash, end of year 475,103 482,342 ,� ° j/ , ggai r � ; /%% ' i, , P i�;�,iX The accompanying notes are an integral part of these financial states /''rG'r F 021 The City of Saint John - Reserve and Trust Funds Notes to the financial statements For the year ended December 31, 2019 1. SIGNIFICANT ACCOUNTING POLICIES The financial statements of the City are the representations of the City's Management prepared in accordance with Canadian generally accepted accounting principles for local governments, as recommended by the Chartered Professional Accountants of Canada Public Sector Accounting Board. Revenue Investment income is recognized on an accrual basis when earned. Expenses Expenses are recorded on an accrual basis ��, ;U„ Cash and cash equivalents ' ii ' ''''%% ' ' Cash and cash equivalents include ca t�or hand,,jlances with banks and short term deposits with original maturitie5A01> %f, y / / � �� 141 14,110P ' itgg,%, Financial instruments �g� �� did' ' i1 The Trust Funds financial i' 64ments consist of cash, term deposits, and accounts payable. Financiai i4s1 ents ft,/,recorded at fair value when acquired. Financial assets with apt# -rely trad6d marke°1s�e reported at fair value, with any unrealized gains or l61 es reported ;-excess (deficiency) of revenue over expenditure. Financial instru ents are test d for impairment at each reporting date. The Reserve and T&`,st h, Cfids are exposed to interest rate risk in that the value of the marketable securit°i can be adversely affected by a change in interest rates. 2. TRUST FUNDS Tucker Fund By an Act of the Legislature enacted on April 20, 1927, securities with a par value of $10,000 were vested with the City of Saint John. This Act provided that the income and a portion of the principal from this Trust, with the approval of Common Council, should be used for the maintenance and improvement of Tucker Park. 3 My The City of Saint John - Reserve and Trust Funds Notes to the financial statements For the year ended December 31, 2019 2. TRUST FUNDS (continued) Stockford Memorial Fund This fund was established on December 28, 1939 as a result of a bequest of $3,000 from Fannie M. Stockford of Boston, Massachusetts. This amount was to be invested and the annual income was to be used towards the upkeep and maintenance of King Square. O'Connell Fund This fund was established on March 22, 1939 with a contribution of $2,000 from J.D. O'Connell. The contribution was to beginv�e,&J ,,'and the income distributed �", among the orphanages of the City on the pffiftta A98, of the children cared for by W, each, to be given by way of a Christmas g,"ift toVac "',culd j / * I -October 2004, this n N A 'W is �,,/, agreement was amended to allow the Trusteds,d bur§Ve,j ome arising from the trust investments yearly to the Empty Stockiihund. L.R. Ross Fund This fund was established i Memorial Cup". The Cup,//,,) ,q- scullers, aged twenty-one Q Z Provinces. Thy ft, m for the winn,6'5'/,6 each race,;h funds to bpromote its suburb nities, D" to enable emo, a A. Carle Smith L All 921 tfi`fo'ughi,,,fhi' gift of $1,250 and the "Ross s b o e comp"'t, d f t o e or annually by amateur single or under who are residents of the Maritime gust was to be used to provide a duplicate cup ld G}anges to the Trust in 1986 now allow for the ie sport of rowing within the City of Saint John and v *de d that an amount of $4,000 remains in the fund i Cup" to be duplicated when necessary. Established in September 1976, funds were received from the estate of A. Carle Smith. These funds are to be used for the maintenance of a wildlife sanctuary in the South Bay area. Bi-Centennial Funds These funds are to be used for ceremonies marking the 200th anniversary of Canada in the year 2067. rj 0191 Statement of expenses of The City of S; Saint John Tyr d", re and I 1111"al, Convention Independent Auditor's Report Statement of revenue and Notes tothe financial statement 1-2 OR m��eup Deloitte. o,ommns�cc munuonwe slczsa conuon re/:soo-so*'ao7a pox:sos'osz'1210 Tothe Mayor and Common Council uf The City of Saint John Opinion We have audited the accompanying statement of revenue and expenses of The City of Saint John Saint John Trade and Convention Centre (the ^Centna") for the year endedD b 31 2019 and other explanatory information (the "financial state t^) by managementinacoordancewiththeprovisionsofthe entbetween The City o[ amendment dated (the "City") and Hilton Canada Cu. dated Jun September 4,ZO14. "14�� In our opinion, the accompanying th'O"i"C6"hipany for t'�& year ended December 31, 2O19are prepared, in all material respects ofthe management agreement between the City and Hilton Canada 1,~��k�with anamendment dated September 4,2O14. 43 Basis for Opinion Ad, We conducted our audit in accordance it nadian" ted auditing standards ("Canadian GAAS"). Our responsibilities I u, F t Use S s are further described in the Auditor's Responsibilities for thP of t ancial Statements section of our report. We are e i �A e ethical requirements that are relevant to our independent of the Compa9,Y&,!,jjj;,C3,-%; audit of the financial st t nts in an have fulfilled our other ethical responsibilities in accordance with these .0 i ents. lieve t" at the audit evidence we have obtained is sufficient unting We draw attention to Note 1 to cial statements, which describes the basis nfaccounting. The financial statements are pnassist the Company incomplying with the provisions u[the management agreement between The City ofSaint John (the "City") and Milton Canada Co. dated June 1, 1984 with an amendment dated September 4, 2014. As a result, the Mmsnda| statements may not be suitable for another purpose. Our opinion is not modified in respect of this matter. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation of the financial statement in accordance with the provisions of the management agreement between the City and Hilton Canada Co. dated June 1, 1984 with an amendment dated September 4, 2014, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due tofraud orerror. Inpreparing the financial statements, management isresponsible for assessing the Company's ability tocontinue asagoing concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or Those charged with governance are responsible for overseeing the Company's financial reporting Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statementsasawhole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian GAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud orerror and are considered material it individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken onthe basis ofthese financial statements. As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: ° Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ° Obtain d rsta di ofinternal control relevant he audit im,,order to design procedures that are appropriate in the circumstances, but rioUg V t�$//,the purpose of expressing an opinion on the effectiveness of the Company's interna,?',0,'/dntr6`R(W /",/ • Evaluate the appropriateness of accounting policies us",' d /ah—'d' I ess of accounting estimates and related disclosures made by managementill, oing concern basis of accounting • Conclude on the appropriateness of management's use of and, based on the audit evidence obtained, wheth'e'uaj,/� ateri certainty exists related to events or conditions that may cast significant doubt o to continue as a going concern. If we conclude that a material uncert nt s ,,Nme are required to draw attention in 17 our auditor's report to the related disclosures J" i tatements or, if such disclosures are inadequate, to modify our opinion. Our c661usi . . . . . . on the audit evidence obtained up to the date of our auditor's report. Howeyi'Kfutur nditions may cause the Company to cease to continue as a going concer VVecommunicate with t scope and timing ofthe internal control thatwe� Chartered Professional Accountants auo ings, including any significant deficiencies in regarding, among other matters, the planned AN The City of Saint John Saint John Trade and Convention Centre Statement of revenue and expenses Year ended December 31, 2019 Revenue Commissions on food and beverage sales and sundry revenue Room rental Direct expenses Wages and benefits Laundry Supplies Operating equipment and uniforms Overhead expenses Salaries and benefits Outside services Advertising and promotion Cleaning and maintenance Miscellaneous expense Telecommunication Garbage removal Legal and audit Equipment rental Travel and training Postage, printing ani Entertainment Water heating charg Gas Licenses Dues and subscriptions Operating deficit for the year Operating expenses not paid directly by the Centre Management fee HVAC utility/maintenance Real estate tax Electricity Total expenses Total deficit for the year 2019 2019 2018 Budget Actual Actual Note $ $ (Unaudited) 2178,000 271,678 205,156 161,000 186,318 150,820 439,000 457,997 355,976 202,018 208,523 215,194 1 1, ! ,00 pp 23,680 24,064 /,,2 22,778 20,752 j/ 2 / IPA" 1,262 1,171 2541243 261,180 VA 482 94,796 w, I If 522,360 504,822 156 391,508 38,958 20 16,055 16,693 00 ."'15,968 15,131 120 39,224 12,129 12,000 10,700 11,756 10,354 10,350 9,488 8,500 8,502 8,509 1,700 3,448 6,739 5,000 5,366 5,590 4,525 2,328 5,078 1,800 510 4,111 3,000 5,571 3,719 4,200 4,942 3,157 1,345 1,443 1,471 200 - 677 678,838 686,274 648,029 (491,356) (484,521) (553,233) 193,008 193,008 191,891 133,666 133,666 103,916 84,139 84,139 82,594 31,833 31,833 32,001 442,646 442,646 410,402 1,373,002 1,385,163 1,319,611 (934,002) (927,167) (963,635) The accompanying notes are an integral part of the financial statements. Page 3 The City of Saint John Saint John Trade and Convention Centre Notes Wmthe financial statement Underihe terms of the management agreement dated June 1, 1984, with amendment dated September4, 2014, Hilton Canada Co. pays to the Saint John Trade and Convention Centre ("Centre") a percentage of gross revenue for food and beverage with cost of sales, including product and labour costs, being the responsibility ofHilton Canada Co. The Centre is responsible for all other operating costs. 2. Management agrmemmemt—SaUmt John Trade and Convention Centre This financial statement has been prepared in accordance with the provisions of the management agreement between the City of Saint John (the "City") and Hilton Canada Co. The Centre is owned bythe City and managed byHU management agreement dated September4` 2014. had a 20 year term with options to renew for three,�'��,, renewal period remains. According to the terms of i'V1 the operating loss of the Centre. In addition to the 6 , incurs common area costs and management fees wk fund of the City's consolidated financial staterripjqts With the establishment ofthe Greater Sai KIIB operating deficits, management fees and p,�,�,'� shared with the municipalities making up, the These costs are allocated in pro po "the 3. reported on the n oa 4. Greater Saint John ido,",,�Co. under an amended eriods. One 10 year is responsible for is agreement, the City e general operating Fikillties Commission in 1998, lclu(i�'d in common area costs are �,',t,,John Regional Facilities Commission. [Lhemunicipalities. and','jilrolated equipment, furnishings and fixtures is balance sheet of the City. cilities Commission Act Under John Regional Facilities Commission Act, pursuant to 87(2)(a) ofthe Municipalities Act, councils ofthe participating communities nfGrand Bay Westfield, Quispamsis, Rodhesay and Saint John are required to pay contributions towards the operation of regional facilities, which include the Centre. The amount nfcontribution is calculated on the net operating cost for each facility covered under the Municipalities Act, in proportion to the tax base of the contributing municipality. S. Budget figures The 2019 budget figures that are presented on the Statement of revenue and expenses for comparison with the actual figures were provided bythe CenUe's management and have not been audited. I I )� 9 00 O N C O O N CYl r, N LO CL LL P- — O O O O O O O O I- O Lr) It m N rI O suoillI W N D c N N a� u N O O L a- O -Ln O -Ln O m -Ln O r-I -Ln O O -Ln n0 W 4—j m E 4—j W O N O N Al -fu O o O O O O O O O O -cn O O O 0 0 0 0 0 0 0 0 0 0 o Ln Ln O Ln qj)- -Ln ri ri ri -Ln -Ln -Ln U O U U) C� O � O U N O 00 OU � N N � ti � O �- O 0 � O o 00 � � cn N c: O a) O I` a) O m U -0 O N N o _0cn � E c: � a) >, M o 0 0, U -0_m • A) c U) U) 0)cm N cn cn :p O U m -0 N � •� N O a)N a)N -0N N co a) !E U � � o 0, N T- Q la Cv m la U �Q KEE •� z y- cn O _0 N m _ 0 O O cm - M M O U N -0 �- c N c:U _0-C U o 0- cn N m • :3 cn N O N O •� U c cn � U m N 0- E X N U .cn m m rn cn 0- C: m N U cn cn :3 n O N 0, X o m Lo E O X O Q N >, cn 5 �-0 U � •C: o m -� M m 0 N M C cn m m N C!) con o 0 0 0 U U E C: C: -0 �U m m y= M j5 a� mm� 0Oo C U p � .N N O I = co � N N �'= 0 °� n I LO 0 N � > can CD CD CD CD CD CD CD w � U . . .'a 90 J0 6- _l jM�/ V ti d= 00 L •U N r) (1) a� a, a� _0 0 :tf m LO =3 U m c _0 :3 a) CO co O a� U) O CD LJL U 0 N O N q� a10 .'a 90 T� 6- l-f-j^ i cu • -i U N E U O CU O N N -C6 N N L N cn cu O 0-0 � N cn U— c O o � cU 0 U N N cn cn cu CO 0) _ _ U N O cn c � N E E O �(D Q Fu � .� O cn 5 I..f. 0 cU C: CO cu cm Ma vw m //gym •� E Y I O O N m CL its C -0 (0)C O C:m YI ^' C O � U U m N .0 C) M O � U � M — N '' - > U C N M O O O UN c -0 O m —_ , N O C:m C O CL N N c -C C: U U O M C � q 'C O 0 m c C/) C) N C: C . 0% E cn L -,-+ -0 Ocu CU U O O O N � m N L O 0) % >' CU -0 O � -+-' � E cif 0 cu m cn '''' O -0 {� cn m c U N m O p O p O O O -a E > U C •tn ♦= - O N •U •O E •� •� U CU � cn 4' O -r U , 0 E � :- x O .� O o ' ° cn CU O N _� o cn .�, cu cn M U p M V U -+� L -�-+ O N• F N �_ O N cu�-� •� O� cu � E -aNU O p N N O 0E p w O E E U L E C: 0-0 0 O O O cu Ea��p o� o E U p U U U CU O :,., 0-�'= � N N cif � � E U U � U- cu cu -0 E o E ocu cu U- U- N O O N I Cam• 01 . . . . . . . . . . . . . . . . 'J�Mphk ell" LU U) 400 u 0 zi 0. Al c.i .it i E O � V � c p — p v Z G� •V t/� > p p L. V cn I0 DC a DC Cl N M d• Lo to 1�• u J Z ITS 0 I a 0 a� 0 V 21 Q O IZ— U) N E 0- 0 N N Q O C� 0 M �� U cn m N Z N U U) U .cn m z 4- 0 U O E W W r T +-r O 4-0 L NO Co �CoN N� Vim, U� � � � N L N G UK- (co� � O1 N 4-0 to O O Co O' L 4-0 E �N >,m �N 4U OO)N to O -0O cA0O� O �=� L cA -0 N ems- -0 CID a)O �N OX N N�O�obo V>' N m� NcAO Op 72 �N >L _0L- C�c Q(n com0m N� 1� Co(D(D 1 � -o E'L E L —� N - N Nc: �OQLR O�E Oct w�'•o Ou CO. cW.S� w}, co s N N O CU a c � .> cOj U) N (� W U N O 6-? O cu cu Un sn N N tJ vL—Wc U) a) V ' � � UE CD pNO I-accn nL ��E O a) -a a) CD 4- 0 +� - cu a) a)U cif cn = O � E mz '3:Co a NO �� I O o cu L N cu a) U 0 I a a) cu U'� -F UO �� O>N U �_� � Ncn H N � � � � N a) � �-N� N- � W U U) ccs cu = cn ccs � p 5� U C � 0 E TD V � c[f �O �� L a) � 6-� : � C a 0 Q1 n cu a) W U0 Q��, Ucn— u- 1 O U U O N •- O)o U > }, 4-0N N (li > lO U (� 0) X -aCo � •� La-) O u- O U N }' N N a) ni j, O-E cA O N O .0 cli O to Q N0 Co � cli O to O ��•N > � to. O �� M to � 0.0 N 4-0 L Co � E T 0 O Com LO 00 �O W-0 �ui0ii a) U 0 a) � a) _0.� U N u) U CD a) U '�'' V O cA p � U c X a) � 0) Q- c� N -0 � N r 4- L CO � c > -�- (A � . W U v (A U — 4- O � cu cU O U G> >+ cuV a) a) NO O CIO C: C: j _+ s- O v a a) ss oE'- E c: H� V > �� 4'L r- >° CD a) cn 0) C o cu cn O)o � = 0 O a) z _, cn _moo Q° cn c}a, n do .2) Q tn� -jcu U CO I U) c a) N 0 -6-1 U) a) a) U) a) 0-) a) E a) (L 0 C: L- a) 0 -6-1 N C: 0 cu-6-1 L- a) 0- 0 0 4— a) L- cu 4- 0 U) C: 0 cc C: :3 E E 0 0 a) 0) 4— C: :5 cc C: a) a) a) a U Ncn C: N C: N .6 iF a) a) -6-1 a)cc a) 0 C: cc E L- 0 lr QL QL 1 0 e cn C 0 a) .c -., E E > a) a) 0 -0 QL S- C: cc E C'a cn -6-1 Cc 00 .-D a).C: C: C: Cc 0 _r a) C: .> Ea) a) 0 cn CIO Cc -6-1 cc a) 0 E 0 4— U) 0 CIO -6-1 0 c cn a) 0 _0 E a) -6-1 cn cn -6-1 C: a) A -C� cu C: cn a) 0E 0) a) QL E C: 0 cu0 cu C: a) :30 .0 C: 0 L- 0 QL E 0 E 0 C: a) C: 0 0 QL 0 a) n > cu 0- QL a) a) a) -0 ch U) 0 cu -1.1 cu C) U) C: N 1-1 0 C) a) — 04.0 ('O cr� ? a) a) cn CD E QL E cn 0 CIO 0 C: a) a) cu 0 L- w -0 3: -0 a) cn:3 0 cu cn cn -tf n D_ 0 N C) U- a) C) N L N � L � J O U J V L O .� QfB N Q QJ U U N j L C ud O =3 E a i O m� O *' (1) oc --, O O V N �l �> N O .? Q �l OC _ — OD C: Vf N m ? O .Q V�f N 'L N • . fB U L N O O O crw H 0 N �. L (n N Q C N� (!� ate' U U N =3 V .> U Ln GJ N N _N •v N ate+ � � •� N OC � In L Q� W U (n U N }, O cB N E70 a..+ -Q Y of N cn > L O O N cB 0-0 w Q Oo U a, o � O cn O L 2 = U Q te3 a L cr Ln 4-1 Ln N O H O O N Q � V +� —_ a� Q E E }, N O O O O 4-1 ate+ =3 L 0 O 'L =3 O `} Q cB L z ,PZ C: -r— a) a)-P-0 0- E 0 cn L- 0 a) -p-, 0) 0 C: C: Cc cn CIO E cn - Cc cn 0 cn 0 w 0- CIO :3 -i5 cn 00 cn a) c: a) cc cc -0 cn -0 a) C: a) CIO -0 cn L- c: a) 0 CIO 0 C: cn a) a) -0 L- C: E . cc a) L- L- 0) - 0- a) a E 0 a) C: a) -a 'If, cn 0 cc MCI WE 19 cl*- - E (1) U) c *-a U) 0 -6-1 ED cu -0 .0 ) 0) 4— -E U) :3 0 QL cif 0 a) LM cu > a) E 0 cu a) E N > cn o L- 4— cu a) C: a) 0 0- x o C: 0 M� W - toa) 0 -1-4 cu no 0 E a) 0 cu 0 L) E 0 a) 0 Qi cn :3 cr 0 N C: 0) 4-1 U) 0 C: 0 0 cn -6-1 c: cn cn a) o 0 *-a a) L— C) 0 N C) a) cn -0 :3 a) 0) E cn CIO L- C: C- 4— CU C: -�e a) 0 L- 0 cn C: E 0 00 0C: cn ?- 0 a) 0 0 0 a) N E = 0 a) CIO 0 cn a) a) a) QL a -0 cn 0- cc a) CIO > C: C: QL 0 C: :t:f a) 0-0 -0 A.- k-l? :3 cc cn 40— L— . 0 a) -6-1 -1., a) cc a) c a) a) E CU -6-1 E C: :3 00 0 0 ) a) C'O a) L- a) cc 0 0 ac: o a) cc cn W E O O � T ([5 v O O_ N U O O �_ to OU O O ui V N UO U) a)U _0 23 :3 U O � _ cc5 � � _ -��-� N =_ O U .- � N O (n O O �dN. ti 613- O O 613- O O m 61% +.+ N O -u U) O O N .3 U � � U Rf O .0 O +�+ O m C/) (n Q 06 ^ od U) L- ca ��o o a °O-5� mo o 0 0 Z I r •� 0 LLI -0 -0 _ � m > U) Q W � a)� 'v N — �0 CF) U N U IM Q N v) U) N U Q 000�Ucn 0 00 00 a) 00� cn AN O O 0 o O o � d- � (D 619- 619- 619- .U) ' O U) .I � U N 6 J U) _ >I 0 (� (!) Q N Q E a U U I� E I� N N L LL U a) a 0C 06 U) a) C- a) tCi U) a) O :4, t0 O C- U) E OU U I a) 06 U- OC � O Co U) E Q 0 0 O 0 U >1 N a) Q OC E m F- a) E a) a) 0 a) O - O U .O > a) 0-0 o E U tCi O `}r N � 0 U a) a) tCi C] o 0- 06 U Ua_ a) E a) a) a) o o 'E E U O F- a) N U U- U- N N N N N N N N N N Rf G � 9 C V Q �1 C- 0 0 C- a) a) E > J E 6 .0 0 0 a) (D 0 � cu _0 U) a) n a) U) a) 0 C- 0 0 a) a) E E 0 L- U- a) E U) 0 a) a) C- 0C- tCi E 0 D 0 0 0� C) ui a) 0 a) U) . . -§-, a) E E a) U) CD E 5� U CD Q N Q N Q N Q Q Q m LO 0 0 a) a) C) - 0 C- 0 a) E a) 0- E a) a) 6 a) CD C,q U U) a) M C- 0 Q N Q I 0 a) ri CD �= CD CD y.. WNW, CD CD mmma 2 CD yv "►. CD M CD ♦0 V CD M V M • A mt I 0e t 'IT q LO (Y) u LZ E u 0 "0 w 1 1 • *. ` 1 #: - u u 0 1 , , , • *. , , 0 *- 0 /. E+-j C- +-a C- 0) 3� +.j O 1 N N O U C O U L/) v v O U Q) O U O r cn Q ,U s s U � � O U v � v v C v •v 4.1 a�� O rl o � m m N o n, a, •- o _� O 0 4- N U o o �, o v -r3 S +° N 4� E o v O v U o N 0 fa : 0 v a � a) L=n; � E Ca \ v a \ Q a n, =LI o C o o N 4 � a) +� a)� o o a a s v CDm 0 v E Q v v> o L o C N rn Lo O> M> > p � � X f0 a �•a�i �a�a s� o �u 0. a N _ a a a LL E a� H M u +; a � a c +, N O ass O O V N a U c a w .� > � •i Lr. a v cn ^ cn O Ll o N c' N < . � ^ : 0 M > 0 : :j . _ C \ ° ^ \ 4 - ¥ m 0 ¥\ ¥ � � , m � . � \ \ \ d \ , C 00 N m X u O cN G O a 90 im U 41 4, CA O N C C VI •CU 6 W N Ln N f6 0 H N LU d N C N d O O U O i E O z U > C O � L O Q U C N N � 4� > .- O E Q U Q O L 4� N U C w Ea c E O 2 U C: bioN O U CL O N N / +' t +) N 4� U 4 O �^ I qA 4- C C: CNC +�+ C tw t o c (� w I _0 C: 0 a) 0 4-J C: Ln _0 u 4-J a) C: 0 u CL 4-J Ln C: C: (z -a a) 0 o u o a) u _0 4-1 • Y -0 + J E +C-J: x 0 U 0 (3) 0 E E CL C: 0 -0 > w E 'IT c LO b.0 CL 0-0 (3) > (3) 4-J Mo 4--J 0 UD Ln 4-J blo buO a) C: -0 0 Ca C: bz blo rL. 0 bn 4--J U 4-J 0 — 4-J V) o > u u Ca 0 0 0 0 rl� J -To J Li I rlr JEN rl- of El rl r n CY) I t7 0 0 0 0 J 0 LO O r4 0 r4 CA C41 fu 7� 7� LO