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2020-09-15 Finance Committee Agenda Packet - Open SessionCity of Saint John Finance Committee - Open Session AGENDA Tuesday, September 15, 2020 5:00 pm Meeting Conducted by Electronic Participation Pages 1. Call to Order 1.1 Approval of Minutes 1.1.1 Minutes of July 23, 2020 1 - 4 1.1.2 Minutes of August 13, 2020 5-8 1.2 Safe Clean Drinking Water Financial Update 9 - 1 7 1.3 General Fund COVID-19 Financial Impact Update 18 - 22 1.4 Procure to Pay Project 23 - 31 Finance Committee Meeting Open Session July 23, 2020 MINUTES —OPEN SESSION FINANCE COMMITTEE MEETING JULY 23, 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 Absent: Councilor G. Norton Also Present: City Manager J. Collin Commissioner of Finance and Treasurer K. Fudge City Solicitor J. Nugent Fire Chief K. Clifford Commissioner Saint John Water B. McGovern Deputy Commissioner Building & Inspection Services A. Poffenroth Deputy Commissioner Transportation & Environment J. Hussey Deputy Commissioner Saint John Water K. Mason Senior Financial Manager D. Arbour Senior Financial Manager C. Lavigne General Manager Saint John Transit M. Dionne Director Corporate Performance S. Rackley-Roach Manager Integrated Customer Service R. VanWart Administrative Officer R. Evans Administrative Assistant K. Tibbits 1. Meeting Called To Order Councillor Merrithew called the Finance Committee open session meeting to order. 2. Approval of Minutes 2.1 Minutes of May 14, 2020 Moved by Councillor Casey, seconded by Mayor Darling: RESOLVED that the minutes of May 14, 2020 be approved. MOTION CARRIED. 3. Consent Agenda 3.1 Shared Services — Service Aereement between the Citv of Saint John and Police Commission Moved by Councillor Sullivan, seconded by Councillor Casey: Finance Committee Meeting Open Session July 23, 2020 RESOLVED that the submitted report entitled Service Legal Agreement — Saint John Board of Police Commissioners, be received for information. MOTION CARRIED. 3.2 2021 General Fund Operating Budget Timelines Moved by Councillor Sullivan, seconded by Councillor Casey: RESOLVED that the submitted report entitled 2021 General Fund Operating Budget Timelines, be received for information. MOTION CARRIED. 4. Business Items 4.1 2019 Consolidated Financial Statements (Mr. J. Mallais and Mr. S. Lund joined the meeting electronically) Mr. Fudge stated that a clean audit opinion has been provided by the auditor with respect to the City's 2019 consolidated audited financial statements, 2019 trust fund statements and the 2019 Trade & Convention Centre statements. The City's financial position continues to improve due to sound financial management practices and strong fiscal governance. Mr. Lund and Mr. Mallais reviewed the 2019 audited statements, confirming that the City's financial statements are accurate and in accordance with accounting standards and legislative requirements. Ms. Arbour provided a staff presentation on the 2019 Consolidated Financial Statements. Moved by Mayor Darling, seconded by Councillor Sullivan: RESOLVED that the Finance committee: • Approves the audited 2019 Consolidated Financial Statements; • Approves the 2019 statement of revenue and expenses of the Saint John Trade & Convention Centre; • Approves the 2019 City of Saint John Trust Funds financial statements; and, • Recommends that Common Council approve the 2019 Consolidated Financial Statements as presented by staff as well as the TCC statement and Trust Fund financial statement. MOTION CARRIED. (Mr. Mallais and Mr. Lund withdrew from the meeting) 4.2 2020 General Fund Forecast Ms. Arbour reviewed the presentation "General Fund COVID-19 Financial Impact Update" regarding the year-end forecast and the impact of COVID-19. Estimates indicate that revenues will be reduced by approximately $4.5M compared to the 2020 budget. The City will mitigate this $4.5M revenue loss with a series of cost saving initiatives. The biggest savings to the budget is in wages and benefits; expect to save $2.1M over the budgeted amounts. Results continue to be monitored closely and adjustments will be made to the mitigation plan if required. It is being recommended that the cost mitigation strategy be adjusted to reduce an additional $505K deficit projected by the Transit Commission. Mr. Collin stated that the City has been very cautious with its expenditures and service restoration initiatives and advised that there is no further ability to restore additional services. A Finance Committee Meeting Open Session July 23, 2020 balanced budget is currently forecast for year-end but a level of risk remains as it is unknown how the pandemic will proceed. Moved by Councillor Sullivan, seconded by Councillor Casey: RESOLVED that the 2020 General Fund Forecast be received for information. MOTION CARRIED 4.3 2020 Transit Forecast Mr. Fudge commented on the financial impact of COVID-19 on transit services including an initial suspension of fares (since reinstated), and a limitation of passengers. Because of this loss of revenue, the Transit Commission immediately reduced its costs through service reductions such as staff layoffs and reduced fuel consumption. Saint John Transit was provided with an advance of its July operating subsidy due to cash flow pressures. The City and the Transit Commission continue to advocate for provincial and federal funding relief for public transit. Their financial position has improved with respect to expanding the number of riders but financial risk remains for a deficit in which the City will be required to fund. Mr. Lavigne reviewed the presentation "Saint John Transit Financial Update." The deficit is predicted to increase to approximately $500K by the end of the year, due to limitations in ridership and service levels. Mr. Dionne stated that rather than eliminating routes, the commission has reduced the frequency of runs and eliminated Sunday and holiday service. To go beyond this, routes will have to be eliminated. Fares will be reviewed. Mr. Collin clarified that the City continues to advocate for financial relief of the transit system. The impact to transit services due to COVID-19 is well beyond the prediction of a $500K deficit; the actions of the Transit Commission and the reduction in services of approximately 26% reduced a portion of what the deficit would have been. The Transit Commission has been directed to cut the projected $500K deficit in half. Moved by Councillor Sullivan, seconded by Councillor Casey: RESOLVED that the Finance Committee: Recommends Saint John Transit Commission report back to the Finance Committee at its next meeting with plan to reduce additional deficit of $505,320 to a maximum of $250,000 deficit and provide a description of the impacts due to reducing the deficit; Direct the City Manager to advise the Board of the Transit Commission that the additional deficit must be no more than $250,000 regardless of future events that may impact operations of the Transit Commission; and, Direct staff from Finance to report back to the Finance Committee monthly on the financial results and estimated deficit of the Transit Commission for the balance of 2020. MOTION CARRIED. 4.4 Customer Service Initiative Ms. Van Wart reviewed the submitted presentation "Service SJ Integrated Customer Service Centre Project". Customer service functions within the City are currently decentralized, with inconsistent approaches. There are many challenges due to lack of structure and lack of processing tools. The City's new integrated customer service centre will address these issues. The new Service SJ model will be streamlined with an enhanced approach for all citizen requests. Launch dates are October 5th (Phase 1) and December 15t (Phase 2). (Councillor Sullivan withdrew from the meeting) Finance Committee Meeting Open Session July 23, 2020 Moved by Mayor Darling, seconded by Councillor Casey: RESOLVED that the Finance Committee endorse the Service SJ model. MOTION CARRIED. 4.5 Strategic Plan Mr. Fogan provided an update on the City's strategic planning process. Mr. Fogan discussed the governance model, guiding principles, policy direction and timeline, highlighting the City's commitment to continuous improvement. The Strategic Plan is a ten-year outlook for the organization, with annual approvals and adjustments from Council as necessary. It will be updated as the environment changes. Moved by Councillor Reardon, seconded by Councillor Casey: RESOLVED that the Finance Committee endorse the following: Proposed governance structure of the Steering Committee; Proposed scope of the Steering Committee; and, Proposed Project Timeline for completion of the Strategic Plan by May 2021 MOTION CARRIED. Adjournment The Finance Committee open session meeting held on July 23, 2020 was adjourned at 6:47 p.m. Finance Committee Meeting Open Session August 13, 2020 MINUTES —OPEN SESSION FINANCE COMMITTEE MEETING AUGUST 13, 2020 AT 5:00 PM MEETING CONDUCTED BY ELECTRONIC PARTICIPATION Present: Mayor D. Darling Councillor D. Merrithew Councillor S. Casey Councillor D. Reardon Councillor G. Sullivan Absent: Councillor G. Norton Also Present: City Manager J. Collin Commissioner of Finance and Treasurer K. Fudge City Solicitor J. Nugent Commissioner Growth & Community Development J. Hamilton Senior Financial Manager C. Lavigne Commissioner Saint John Water B. McGovern Commissioner Transportation & Environment M. Hugenholtz Director Corporate Performance S. Rackley-Roach Senior Financial Manager D. Arbour Senior Financial ManagerT. Fawcett Director of Strategic Affairs I. Fogan Deputy Fire Chief M. Carr General Manager SJ Transit & Parking M. Dionne Energy Manager S. Yammine Administrative Officer R. Evans Administrative Assistant K. Tibbits 1. Meeting Called To Order Councillor Merrithew called the Finance Committee open session meeting to order. 2. Consent Agenda 2.1 2021 Utility Fund Operating Budget Timelines Moved by Mayor Darling, seconded by Councillor Reardon: RESOLVED that the submitted report "2021 Utility Fund Operating Budget Timelines" be received for information. MOTION CARRIED. 3. Business Items 3.1 SJ Energy — Burchill Wind Protect 5 Finance Committee Meeting Open Session August 13, 2020 (Mr. Robinson, Mr. Mitchell, Mr. Garrett, and Mr. Brown entered the meeting electronically) Mr. Robinson stated that Saint John Energy is requesting endorsement of the Burchill Wind Project. SJE's Board of Commissioners has provided unanimous support for the project. The project will derive value for Saint John Energy and its customers, the City and its residents, and the province as a whole. SJE is pursuing a growth strategy to ensure customers continue to reap the benefits of low rates, high reliability, high customer satisfaction as well as a commitment to innovation. Referring to the submitted presentation, Mr. Mitchell provided an overview of the project. Key highlights include: ➢ Favourable economics related to wind energy. $4M in annual savings are projected. ➢ The Burchill Wind project will be located in the Spruce Lake Industrial park. ➢ SJE's role in the project is to build, own and operate the distribution system; the wind farm will be built, owned and operated by Natural Forces. ➢ Investment will be approximately $15M for SJE and $60M for Natural Forces. ➢ SJE will buy the energy and Natural Energy will supply the energy. This is enabled in legislation. ➢ SJE will protect low rates for customers. A portion of the benefits will be reinvested to ensure that SJE continues to provide reliable service. ➢ SJE is willing to contribute to a dividend that would flow to the City (its owner), if enabled in legislation by the provincial government. It is not clear if this is permitted undercurrent legislation. ➢ Significant regional economic benefits associated with this project, including tax revenues and land royalties; over 100 jobs will be created during construction and approximately five full time jobs over the life of the project. ➢ Natural Forces plans to introduce local ownership potential by leveraging a community economic development corporation. ➢ Significant environmental benefits, which will supply up to 15% of energy requirements from a local, renewable source. The Burchill infrastructure investment is foundational and can lend itself towards future renewable energy development. ➢ The agreement ensures that the price is fixed for 25 years with a five-year extension and a renewal option at the end of the term. A construction performance security will be in place in which SJE would be compensated for every day the project extends beyond 2022. There are also penalties if the windfarm does not produce to a minimum level. This provides assurances that SJE will realize the expected benefits. Mr. Fudge stated that he has reviewed Saint John Energy's business case and financial projections, verifying that it is positive and assumptions are reasonable with respect to dividend and bottom line projections. Saint John Energy is requesting that the City support financing this project through the issuance of a ten year debenture. That application will be brought to Council in September with a recommendation to approve. Moved by Councillor Sullivan, seconded by Councillor Casey: RESOLVED that: 1. The Finance Committee endorse the Burchill Wind project; 2. The Finance Committee recommend Common Council approve the debenture application respecting Saint John Energy projects; 3. The Finance Committee recommend Common Council direct staff to enter into a debt repayment agreement with Saint John Energy to repay the City for any principal and interest payments on debentures associated with Saint John Energy projects in addition to an administration fee; 4. The Finance Committee recommend Common Council direct staff of the City of Saint John and Saint John Energy to bring forth a Dividend Agreement that reflects the flow of dividends from the growth agenda; Finance Committee Meeting Open Session August 13, 2020 5. The Finance Committee recommend Common Council request the Province of New Brunswick to make necessary legislative changes to allow the City of Saint John to obtain a dividend from Saint John Energy. MOTION CARRIED (Mr. Robinson, Mr. Mitchell, Mr. Garrett and Mr. Brown withdrew from the meeting) 3.3 Climate Change Adaptation Plan (Mr. Yammine, Mr. Stewart -Robinson, Ms. Brogan and Ms. McDonald joined the meeting electronically) Mr. Yammine stated that ACAP Saint John has developed a Climate Change Adaptation Plan ("AdaptSJ") for the City. The Plan identifies gaps in legislation and planning in order to take action toward new policy measures; assesses risks and vulnerabilities including infrastructure, residents and businesses, natural environments, coastlines, and vulnerable populations; creates and maintains resources with information on adaptation; engages and educates the community; and recommends adaptation actions to increase resiliency. Project findings will be included in revised editions of the Municipal Plan and will influence the future growth and development of City neighborhoods. Mr. Stewart -Robinson reviewed the submitted presentation. There are unique environmental, social and economic characteristics in the City that provides challenges but also great opportunity to create adaptations and create a resilient, sustainable and financially strong community. Moved by Mayor Darling, seconded by Councillor Reardon: RESOLVED that the Finance Committee approve the following 1. Adopt the climate change adaptation plan as presented by ACAP Saint John; 2. Develop a climate change committee to oversee implementation of the climate change adaptation plan; and, 3. Incorporate the Climate Change Adaptation Plan into the next iteration of the Municipal Plan or during the next comprehensive review. MOTION CARRIED (Mr. Yammine, Mr. Stewart -Robinson, Ms. Brogan and Ms. McDonald withdrew from the meeting) 3.2 2021 Draft General Operating Budget Mr. Fudge stated that the 2021 Draft General Operating budget is a multi -year effort to address a $10M structural deficit and positions the City for future success. It is a reset of the organization to achieve the goals outlined in the long-term financial plan and is structurally balanced. The budget reduces the City's reliance on debt and supports the reduction of debt. The tax rate remains the same, with no short-term financial assistance from the province. The budget is flexible enough to absorb minor adjustments to the assumptions in the model. Assumptions include a 1.5% tax base growth and that the unconditional grant remains stable. It includes savings of $6M in workforce adjustments and $4M through sustainability initiatives. It includes continued investment in reserves to reduce the risk of unforeseen events and funding to the operating reserve with respect to uncertainty of potential COVID-19 pressures in 2021. Mr. Collin noted that an additional risk, beyond tax base growth and the unconditional grant, is the necessity of continued implementation of sustainability initiatives and continuous improvement initiatives. Moved by Councillor Reardon, seconded by Councillor Casey Finance Committee Meeting Open Session August 13, 2020 RESOLVED that the Finance Committee approve the 2021 Draft General Fund Budget as presented and submit to the next meeting of Common Council for receive and file. MOTION CARRIED. 3.4 Saint John Transit Deficit (P. Ellsworth Chair of SJ Transit Commission and General Manager M. Dionne joined the meeting electronically) Mr. Fudge commented on Saint John Transit's year-to-date deficit and projections to the end of 2020 due to COVID-19 related impacts. Cost mitigation measures have been implemented through staff layoffs and a reduction of service hours. Even with these measures, a deficit of over $500K is projected by year-end. SJ Transit was directed to provide a plan to reduce the additional deficit by a minimum of 50% and the impact of reducing that deficit. The Saint John Transit Commission is requesting additional time to complete its operational audit and determine appropriate mitigation measures. Mr. Dionne asked for time to review the recommendations from the transit evaluation report, to strategically align cost -saving efforts with the advice from experts. The report will be completed this month. Mr. Fudge discussed the risks of delaying the implementation of further mitigation measures. Key discussion points include: ➢ There is a short window of opportunity to implement changes to result in a $250K cost reduction. ➢ Uncertainty in terms of COVID-19 and if the deficit could increase further. ➢ "Safe Restart Program" for transit services - It could offer relief to transit systems but does not currently address loss of revenue as an eligible item. ➢ The operational audit addresses restructuring to implement a new business model; this is different from a short-term mitigation strategy to suppress COVID-19 financial impacts. ➢ A potential $1M impact to the City exists if the if $500K deficit is not addressed due to restrictions in the short-term provincial funding. ➢ The City permitted SJ Transit to retain a $250K reserve due to a surplus. There is potential opportunity to address $250K of this deficit with this reserve. Mr. Collin suggested that the Transit Commission be afforded the time requested with reaffirmation that it must reduce the overall additional deficit to a maximum of $250K. The motion does not prescribe how these measures are achieved; use of the reserve could be considered. Moved by Councillor Reardon, seconded by Mayor Darling: RESOLVED that that the Finance Committee support the request of the Transit Commission to present their deficit reduction measures at the September Finance Committee meeting; and that Finance Committee reaffirm that the Transit Commission must reduce their overall additional deficit to a maximum of $250K. MOTION CARRIED. Adjournment The Finance Committee open session meeting held on August 13, 2020 was adjourned at 6:50 p.m. (P,"Ah I� �4 JIDI'l I FINANCE COMMITTEE REPORT Report Date September 10, 2020 Meeting Date September 15, 2020 Chairman Councillor Merrithew and Members of Finance Committee SUBJECT. Safe Clean Drinking Water— Final Completion 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 J. Brent McGovern I John Collin RECOMMENDATION It is recommended that Finance Committee receive and file this report. The purpose of this report is to give the Finance Committee an update on the Safe, Clean Drinking Water Project in regards to final completion and the financial status at final completion. PREVIOUS RESOLUTION N/A STRATEGIC ALIGNMENT This report aligns with Council's priority of being fiscally responsible. REPORT The certificate of final completion has been issued by the Independent Certifier (IC) for the Saint John Safe Clean Drinking Water Project (SCDWP) on August 31, 2020 (see Appendix A). This means that all deficiencies on the project have been addressed. This is a very significant milestone in the largest municipal infrastructure project in the history of New Brunswick. The SCDWP got underway in 2013 and achieved substantial completion in June of 2019 with a payment of $133,109,136 and now final completion on August 31, -2- 2020. This City is still holding back approximately $17.05 million that will be paid to Port City Water Partners in the future. Along with the holdback there is an anticipated $1.43 million in costs that has occurred or is expected to incur in 2020. Overall, the budget for the SCDWP 2013-2019 was $183,006,375 and the overall estimated expenditures for the project is $181,998,253. This surplus which is just in excess of $1.0 million represents a 0.55% variance on a $183 million project. Safe Clean Drinking Water- Year Budget Capital Cost ct Variance 2013 5,000,000 1,434,622 3,565378 2014 3,925,000 5,688,113 -1,763,113 2015 3,500,000 4,047,173 -5471173 2016 2,565,000 1,235,342 1,329,658 2017 27,240,875 23,711,656 3,529,219 2018 140,555,500 690,687 139,864,81.3 2019 220,000 126,711,824 -126,491,824 2020 Projection 0 18,478,836 -18,478,836 These results are based on variance to budget for the project and are not reflective of the total cost of the SCDWP. The 30 year agreement with PCWP and the operation the water treatment plant includes a capital payment for the cost of primary infrastructure as part of the SCDWP. The City was able to secure funding from both the Federal and Provincial governments. Saint John Water was also strategic in creating reserves to pay for a large portion of their share as well using pay as you go to pay for costs as they occurred. In addition, a Global Settlement was negotiated in 2019 that settled many outstanding matters and protected the city from litigation. Lastly, Saint John Water borrowed $45 million over 30 years to cover the remaining cost of the project. In conclusion, the largest municipal project in the history of New Brunswick was closely and effectively managed such that the project came in slightly under budget, with minor delays in achieving substantial completion and the goal of providing Safe, Clean Drinking Water to the citizens and businesses of the City of Saint John has been met. SERVICE AND FINANCIAL OUTCOMES As presented in the body of report. INPUT FROM OTHER SERVICE AREAS AND STAKEHOLDERS Ito] -3- Input on this file came from Finance, Saint John Water, Legal and external resources. ATTACHMENTS Appendix A: Final Completion Certificate Appendix B: Presentation 11 i S YYlfY S S i e Y �1{i i y co uj ca c� C. 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