HomeMy WebLinkAbout0130.094~ w
February 3, 1994
THE HONORABLE CITY COUlIC IL
Palo Ai to ~ Ca 1 ifornia
Attention: Finance Committee
"/'. (
PPM" or lDWfCIAL 'l'IlpD MQlrIfORUlG STSTU J'ACTQRS
Member& of the council:
,-.~ ..
" ..... "-.
This is an informational report only and no Council' action. is
required.
This report updates the Financial Trend Monitoring System (FTMS)
Indicators, introduced in the Economic Fl.:.ture study issued in April
1993, usinq the General Fund operating results provided in the.
1992-93 Comprehensive Annual Financial Report 'CAFR)~
In many ways the 1992-93 operating results reinforce the findings
of the 1993 Econo.ic Future study: General Fund expenditures have
been curbed to offset declining revenues; discretionary .fund
bal~~ remain healthy despite multi-billion dollar State budget
sbortfalls~ Gradual chanqes in the individual FTMS faotors serve
to illustrate the need tor continued monitorinq so that emerqinq
trends can be quickly identified~
B1CIGJtoOJU)
In April 1993, the City council was provided with a report on Phase
I of the Econoaic Future Study, which examined the City's General
Fund revenues and. expenditures utilizinq FI'MS. Fourteen indicators
from the FTHS .odel were evaluated in order to determine trends in
the City's lonq-term financial health.
wi th ~"')e cCJlpletion of the 1992-93 CAFR., the indicators can :be
updated with an additional year of actual results. This update
allows for a new snapshot of the fiscal health of the city. In
ord.er to analyze financial trends, Consumer Price Index {CPI)
factors have been applied to previous years' data, yieldinq
comparable data in the fora of co~stant dollars~
CIIR:llO:94
•
o
, EXECUTIVE SUMMARY
J 1992-93 Souka AND USE, OF FUNDS ($Mn.IJ""")
.F .. ~Tt T...:.: AI: O"r-.e.. T~
S21,17t
~", .... __ Su.1/'l<1 f~ It f'l;.J .... :n.
..01 S4,',U
TOTAl G!NnAL Fr..'N& $66,614
Orr.J.hTl'NC. T .... "'I:'I'.ul-.;
IL~'"
("..oNTlJ',_' Su~ ... ",
........... ~ Sm: t.u.st: PAYJIe,oTI
f4,<M.l
.. StJn1~ M..""'ll~l.!I It On;u:
SIO,'9U
• To 1lrli'J:"'"
Sl,111
Tht 1991-" 1noJ,.1OU" ~ raalu d
d.. c'i1r". ("-.-.) nod _I:.-nr..I
5~"tt<vui ...... ~..Jb
a.-.~_~<tr'-"il\.o
e~~_ ..... " It.io.~dw
~ rJ1Iw!'1'MS ia&.non n1iu.! i1II
W F~ r ... ..,:s.t.Jy dar,.",._
aoem,~.-.ib Ift,Ji ~
Q,. ~ d the City', 5.aar.c:iaol iInlti. ic
...... y~
Cb,u.. ~ im;-u£..o.u.,.l;ute'.
~ ..... dao: ftUfIIi.-ar:r ~IG], d.
cit,"'-P...J3AMk.~ai*'CD--.a
&:I~"""""'.i:l.lllQJI""""'fi...,.J
ran· ~ewm:t-* .. dwAB.702
(PERS) :-t'-: &om tb.: Sw;r (S:Z , ...as...
"'lm.91) .. ...,~ ~ftw
m-~. HO'WrO'Cr, Jr.n &Ilowi.c:
f,)./"-J. ,"",",-~n-u.,.a.b.._
~ u ___ ....... inod.I~. ~ City '.
~1! .. ",,0U7"'.Q,.~...nt. dw ~ reI __ reaJu .. iWJ..
"won tJo,~ "'"tad,.. .... IIU'. _110.,1.:
m.vaaa...t W~ ia tAc ~Qaic
F.tu.r s-fr, 11M-<'..ny'. M~
.... w"''"' .... ..., C'OAlia.ee1 10 iaCreaH
~aKlilftW'llhi:z.d.-~
~.l.pndom~~Gm......... ~
~ .. Uac~FT&ti~
yioold. f>ud.:r ...... U!_~
ufr-_ tad...,.,...,.. iz, wfD:b.
~ __ .,_Llwfr;o-.-·
__ ~--i
--i
i r----1
J1~r t~Of<R.JV\r~"U(L.:>n_II.U!.Ir.) / .1 "r-·-·-,~~~~jC 1
SCMi __ + +_ _J
1!'9.1
• OPuAnJ«;~.n.n{~~ SOl C.-lin)
• 0t0u...11N:. ~~ \1PTTHOl)? Scw.>ot. Sm: c ... "ST)j
CMR.: 13.0: 94 2
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'Evc.m.~'""~-tGo~;Du"'" tbt~, ~
'IIIlt_""~ ... __ .Dodt_~_ .. fI" al'kl'llll c-.l.F.d-..
1 CoNS!RUC1ION Acm'!T'l
1'191
N\_UFhuIm~(SGOCl VM~"'~)
m.hleAlcvd!.i.~pacnDy n:&cutJ:,..\r.-o:l of ~
md~~_~baiWi.p_ p~se.dok,
~.....,.~~m.lk~l'Wq..,Qn~
a..~, .... -m..cl~poriiotM~_
CXR;130:94 3
.-
EXECUTIVE SliMMARY i
SJ.U!S Tu J.zvt:!.,.'1..'15PS CI.ft't&
("~,,",,, ......... ,\
F~ yn: 1"2-~3 resaIts mthis:a.rea
S\l!Ft lOme i!ubiliulioc of this
iudiuiOf, whidl may ref1.«t tbr
:J"IV!tch 1(l1praa~e:IIIPoYtr
braltb LIl.Ju,rilJl.ce progum ia
I~ 1~3. CIote EDOcairoria£ of
this Uctor will o:nnlllDe.
-1u:l-~TUl ENPlOYtl l.J.AY! (CON5'T.A.."'I'I: DOU.u.o)
• s...~l.cJ.1'E-• VM~"'l'1<}'Ou.--"""l-
n.. r-io _ ~ tn::nd u..Jic:.uq., a~ u lUQoaDto
~~w....,.".~.io~cI.olI&n,~o;br
19'1ln t-l ,~""",~, n. Ulo:r_ iD :oK:lI. v-c.
~.-tIW &ttor MI.ocUd. 'be .EaocW.onddo:.:!y" dot fpt..,.,..
.Jii.
I
r
rIDlfCUL '1'RDID XOlfiTOlIIJ1G SYS'I'ElI
8~ of IndiC&t~r.
Palo Alto
Warning Six-Year
Trend Historical
Trend
FlNAIICIM. FACTORS
Per capita Revenues Decrease I Flat>
sales Tax Revenue Dacrease Flat·
Per capita
.EXpenditures Increase Decreasing'
Employees Per capita Increase Decreasinq
Starting
Employee Frinqe to
Benefits Increase Decrease
Oper .. Unq Surplus or
Deficit Deficit Surplus
Discretionary
Reserve Balances :o.crease Increasinq
Debt. Service Increase Decre.esinq
Lonq-TerJI De bt Increase Decreasinq
Accumulated Employee
Leave Increase Flat
ENVIRONllEN'l'AL FACTORS
Assessed Value Decrease Increasinq
Construction
Activity Oecrease Decreasinq
"These two measures have declined. However,
Comments
Shift to manaqed
care hea.l th plan
should continue
to provide
savings
Year-end budget
Ravings
Year-end blidqet
savings
Prolonged
eoconomic:
recession
when adjusted for
a one-time retroactive sales tax re-allocation, they are 'flat~
CMR,1)O:94
"
\
J'DmJlCZIoL !'RElIt! ICOIli'l'OR I»G n8ri:ll FACTORS
Revenue& par capita, adjusted for inflation, are decreasinq~ In
the original Economic }"uture Stud!r', this indicator 'Was ider,tified
as beinq flat. with the addition of the actuals for 1992-93.
revenues per capita are declininq. Ho~ever, the 1992-93 actuals
include a one-time retroactive sales tax reallocation of $L 6
lIillion.
DBLZ 1:
_.
RJ:R OdI'U --...... 1111 .... U8'-U un-va 1ttO-I1 If.Pl-P2 151512-1'3
jOpe .. t ... Revenu ••
(SOOO} $64 ~ 999 $61.692 $6:J,S!i5 $61,144 $66,751 $·66,614
CPI Constant
Dol1a.rs Adj ustaent. 1.228 1.171 1.124 1.0il 1.031 1.00C
Het Ope:u.t11lq :Ftewnues
In ($000) Con~tant $79,818 $12,241 $71,4Sl $66,128 $68,820 $66 r E14
1992-93 Dollars
population SIS,900 56,950 57,400 56,DCO 55,900 S"7.300
H-=-t. Operat.1ntl fleOJenue
rex capita, In Constant $1,40l $1,269 $1,245 $1,181 $1,231 $1 1 1'63
1992-93 Dollars;
CIIR:lJO:94 s
sales tax revenues have continued to decline over the past six
years~ Included in the decline is the reallocation of sales tax
previously raceived tram Sun Microsystems, Inc., of $1~6 million
over three years. It this is excluded trom the six-year trend,
sales tax revenues remain flat. Therefore, despite the continued
recession and. relocation of bus-inges, this factor appears to be
"table. Since salas tax revenue is 20 percent of General FUnd
revenues, this i. a positive trend. However, growth in sales tax
revenue would be the key to supporting any expenditure qrowth above
cu~ent levels ot service.
&aLI: Z: ULJ.I BX~.
haC!dpti.oa un-e. nu-ISII .1989-90 Inc-u USol.-'2 U!il2-J]
Sa.l.1!"5 Tax ]ll:evenul!
(.$OC{)) $11,590 U2,409 Sl3,98"1 $1-4,140 $14,692 $l3~l22
CPI con.ata..n.t
Do11a£8 Adju.t.ant 1.228 LI7l 1.124 1.071 1.~JI 1.000
~&l.a Taz Reyenu ••
Iu {;fOOO) Con.tlll:lt ,US .. Ul 514,53) US,721 .nS,U4 $15,147 ,u3,322
1992-513 Dollan
Population 56.'00 56,950 51,400 56,OOC! 55,900 57,lIJ0
ilfet S .. le$ '!'.x a.v_null
Per capit:e~ In Cor.;.!IItant $2:72 ~255 $2'74 $270 $2?l .$232
1992-93 Dollars
aIR:1.30:94 6
P.r r.apita zz,.Ddi~ur ••
The per capita expenditures indicator reflects changes in City
~itures relative to changes in population. The warning trend
tor this indicator would be increasing expenditures~
As di.cussed in the original Economic Future study, school site
costs are removed from this indicator. because the city agreement
with t.~e Palo Alto Unitied School District is paid for through the
utility usar tax. Wban achool site coats are removed, there is a
decrease in per capita expenditures over the six-year period. This
trend Shows positive ~iscal aanaqement.
raat.a 1: J'Bll CAPID. UPDiDI~S
n..ar.1pt.1.oD, l'87-11i118 UI.· .. lP8J-iO U90-!iIl lJt1·.2 U5112-'!
Ope.:at:1nq ZJ::.pendi ture3
($000) $U, SOl $.58,61.6 $53,638 $55,2(1:9 $59,349 $EO, 474
CPI COh.Stant
~ll.r. Adjustment 1.22' 1.171 1.124 L 0:1 1 • ~J) 1.000
Ret oper.tin9 Expenditure$ ,. (:$(lOO) Con:!'ltant Hl,2Bl $£8,674 .$60,2eg $,59,,215 .$61, leg $60,474
1992-93 Dolla.ra
Population 56,5100 !lfi,9S0 57,400 56,000 55;900 57,300
lI.t Op.r .. t~nlJ Espenc11'tures
'er c .. jlit ... In Constant: $1,,077 U,20E $1,050 .$1,057 $1,095 $1,055
1992-93 Dollars
Adj~ted let Op~ratin;
'!.xpendi tur. s ,. {$COOJ
Co&utllnt 199.2-93 (.u.OU.lil .f58,f:U $57,901 $SE,B05 :,54,8a $S5"SSO $54,84.2
Sc:h-col Site CQ.:5ts;
Per CoIl"ita1 txpencfiture.!l
in C:OI<!lt~t !)ollars
(air,us School .s i te co s t s} n,c:n $1, till U90 $979 $994 $95'
aCR:130:94 ,
1DIp1oy ••• Poor Capi t.a
EaployeeB per c£.pit" i.& beqinning to decrease. Absent any ne ... '
service levels required by council emplcyees, pe.r capita should
rellUlir. flat. in tuture yeara~ This is a positi've trend, as the
warninq trend tor this indic&tor would be an increase in a.ployees
per capita~
~1oZ ,: .......,na. PO. C'D%~.a.
hllla.d.pUoD UI1-I. UII-IS U&.-,Q UIO-Il 1'JJ.-&.2 lUll-I]
(ieee.r.l 'und Employees
Putill.C S.f.t:y 2!Jti, SO HI. tlO 288.00 tell.OO ;281.00 21:17.0Co
Otber 311. 1 5 lU.55 36 •• 42 ::'65.61' 366.25 366.50 .. ..,. 67<::.25 £iSl.S5 ~52. 42 653.67 1053.25 '53.50
Popul«tion 56,900 56~ 'SCi 5,.400 56,00C 55,900 57.300
Bllplo~u .er 1.0P(?
Popl,llatio;a 11. ,. 11.46 11. 31 11. 67 11. 69 11.40
CHR:130:94 8
Employee fringe bentifit8 costs ~re startinq to decrease. This is
due to the change troll I!l selt-i!'lsured health plan to a Publ,l,.c
taployees Medical and Health Cbre Act (PEMHCA), a managed health
care plan. The savinqa from this chanqe are somewhat offset by
large one-ti.e adjustuents tor workera' co.pensation liabilities.
In future ye-llT&, benefits should continue to decreaser This is
positive, 08.8 the warninq trend: fGr this indicator would be an
increase in eaployee fringe benefits ~s a percentaqe of salaries.
~u s: .......,. ....... .~ AJiD URns •
De.czipUoD. 19;ea-U 15118511-510 IUO-91 1nl-Pl' 1U1-93
5~1a.ri.1 $2i,260 $28,975 '30,126 '32",IIH -#:.34,25.3
•• nelita, includl.ng one-
t:i.e .P.BRS c:.::,,4itll F9,394 $51,646 .$9,4102 $10,010 :e9,78;!
OZie-Ti •• PERS c:r~t1it.lll $1 , 13 9 $2, 166 $~,601
Total 8enelit., ex~lud.inq
PIR.5 'Crao:::li.tll $8.394 $9,. 648 $10,540 Sl2,236 .$12,389
8euefita •• • PI-rclllntilge
Of Seleri." 30.711 33.30' 3 •. 30' 3'.28-1 3'.171
CIIR:13D:94 9
GeBaral JUDd Operating Surpluo (oertelt I
The Gener-e.l Fund continues to have positive operating results.
This is largely dUB to several one-ti~e events such as the AB702
Public Employees Retire:!le.nt system {PERS) credit. These e. .... ents are
diseu&sed in detail in the 1992-93 Year-Eild Financial swnmary
(CMR:5S1:93). Once the on~-time events are re~oved from the 1992-
93 actual., a surplus of $569,000 remain~. This is positive, as
~~. warninq trend for this indictor would be for the General Fund
to be in a deficit situation.
DBi.I. S; QDIDUI,L PWm ~ 8aRPWII (DZrlcnJ --11118'1-', UBI-It 1!i1U-JO 1990-'1 U'l-',2 1J5I2-!i113
General Fund O?e-rati:nq
Surplue (Deficit) $3 r lU $S.~4a ;'$04.,74.1 (SI81) $4,458 $4 ... 380
CIpflnt.i..ng Revenues
{SOOO) $64,998 $U, E9;:: $63,595 $61,144 $66,151 $66,614
Gene:r&l. Ftmd Op.e.ratlnq
Surplus CDe:!ic:itJ •• •
Percenuqe of Openting f.7:n 8.99' 7.4.51 -0.2''''' E.E8t 6.5st
RoVeJ>ue.
CMR'1l0:94 10
!
,
I ~
!
i
D11cret1onary •••• rv ••
01ecretiona.ry reserves continue to increaso. This is primarily due
to several one-time occurrences, as discussed in the 1992-93 Year
End Financial summary/Capital Improvement program (elP} Financial
statue Report and Budget Closing (CMR:S81:93i~ ~he balance in the
BucSget Stabilization Reserve remains with the C-ouncil-approvecl
range ot between 10 and 30 percent of operating revanue. The
warning trend tor this indioator would be decreasinq discretionary
reaervec.
1--_"" 7, DI.cu:nOlO.U :u:~. ($000)
11187-·" U88-1S1 Hlet-tO 11110·)1 19S1l.-.l2 llUt2-tl
'Re"erv. For Eae=-!l~ciell $4,000 $3, r;J 00 $5,000 SS,OO;') $ 5. ace $5, (100
Eud;.t Stabili,_tion
"esl!rva .s 4, SIlO!' $4i,336 $5,ln $5,415 .$ll,366 $1l~4H
Re:~er-v. ror 5tree-t::I A:1.d
S1~cW'alts 11.688 $2,279 $16-7 $632 HBS ,US
11.8102 JC:e3erve '1,23e $2,166 84,772
~~&nee8 To Other I'urui .. ,101,155 $1,681 $2,09' $2,057 SH1 "
Tot .. l Di~c~etion.ry
ite:lerves Ul, iSS $11, 2~6 512, !liZ $14,952 $19,464 $22~121
Ope-ratLDg Patvenues $64,998 ·H1,692 $'3,595 '6l,144 $U,"lSl $6E,614
B~iet S~&bili=ation
Re.se,r.re &~ • Perc:.nt .. ql! i.!;6t 7,O:HI 1;.49' •. 77t n.03'i 1"1.1911
of Op~~&tiD9 Revenue
CMR:130:94 11
This indicator examines the. change in lonq-ter-m debt, as a
percantaqe ot aSS8Sged valuation, and ot debt service as a
percentaqe of net opel'atinq revenues. The 'Warning trend would. be
fer either ~actor to be increaBinq~ Both debt as a percentaqe of
net operating revenues and debt as a percentaqe of assessed
valuation are decreasing.
~I: 8IlID.&L LOJiIII-DmC DD'l' J.Ml) DD'! sZJtna
Deac.riptiOT. un-Ie un-It Uat-IO l.IltCl-~l 1U1-12 Ut2-t3
Ge!'l.rill Lon;;l-!'era Dob,
Se.rvic.1I UOOOj S2,5116 '2,ia9 .$2,541 $J, 1J 9 '2,765 ,2,SU
Ope.ratin9' ',~vlinue5 ,E4,998 '61 t 692 $01)3,595 $61. '"' .. ~ HS,151 HE. £14
~bt S • .n.-ice ".!II •
P.rc.D~a9. cf _et t.4U t.52' 4.0:" s.on 4.1U 3.Ut
Op8ratiD9 Rev.nue~
~a •• sed Valuation
r.$otlo.oaC} '5,1'3 $5,340 $5, U4 "",S02 $6, 54 9 P,4H
('..en • .r .. l Lon.;-'Zerm neb,
OI::l:i.giltion ,20, En $19, iSH $20,334 U9,OUi nO,lias $19,331
~~.ral Long-Te~ Debt ~.4CI 0.37\ 0.351 0.29' 0.3(" 0.4:611 ... & Pe%CUlt*oe of
A3~~3sed Valu.tiQD
CHR:130:94 12
,
•
Accuaulate4 Baploy •• L.ave
The warning trend .for this indicator is increasing amounts Qf
accumulated leave per employen. Accumulated leave has two
components: unused vac.ation and the liability for unused sick
leave for certain employees who were hired before 19B) and have 15
years of service. There are currently 171 employees eligible tor
the benefit at tarmination of 2.5 p~cent of the current value of
thair accumulated sick leave for each year ot service. It is root
expected that this will aecrease substantially until 1998, after
which no new employees will be eligible for this benefit.. The
value of Ul"lused vacation leave increased slightly in 1992-93;
however, the overall trend seems to remain flat. This is an
indicator that should be watched carefully in upcoming years.
It should be noted that two of t.'le Fl"MS factors rel~' on ce.nSUB
data. since ney census data is not available, these factor&, Table
11: Population and Table l~: Personal Income Per Capita in 1990
Dollars, h.@.ve not been upd;5,ted.
~ -... t, \".ALIlZ or DWtI'SJ:D a:lr;x LEAVE =l ---15II • .,-1I1!J UII-II 1915-»0 1"0-5111 ll1Jl-'2 11"2-13
Valye of unused Sick
Loave ($000) $1,917 $2,220 $2,231 $2 .. "12 $2,541 $2,651
CPI (Constant Dc11~X5
1.932-93 -1.00.1 1.228 1.1'71 1.124 LOn 1.031 1.000
Value of t1nU3ed Sick
Leave fC~M:t..ant 1992-$3 $2,354 $2,600 .$2,508 $2 . .5SJ $2,1520 $2,65'7
Dollara) ($OCOI
NUJIIber of Eltploye-es "2 190 'SO 'H 175 In
Value Per Eaployee
(Co:e.s.t.ant 1992-93 Doollan, $12,931 $13,682 $13,931 $14,432 $14,970 $15,538
CMR:130:94 13
• @
Accumulated. Employ •• Luv. e continued)
nlIU 10; VAl.mI or DJroSZD ~OII' L2A,.VZ ~ ..... U"-II UII-II 1111-.0 llJC-tl 1"1-U; U82-J3
Val\1«! of unU$ed: Vacaticn
" .. "" {$.?OOi $2,77S $2,147 $2. 900 $2.901 $3.063 $3,244
cpt ,CunataAt D~ll&rs
U92-S3 -1.001 l.22a 1.:..71 1.124 1.0?1 1.031 1.000
Value 0 f Unused V .. catioD
.... ve (Constant. 1992-93 $3,4013 $3,21,,/ $3,260 $3,113 $3,158 $3,244
Cellar.) ($000)
~ of Ellployee-s "0.25 652.55 ~52. 42 654.1 j 65L25 ~53.S
·{£l.lJ.e Per EaplQyee
(Constant 199Z-J3 Dollars) $5,014 .$4.9Z~ $4,996 54,"'!'5' $4,83-4 $4, '64
CJIR:13C:94
b ••••• 1IS Value
As.eased value continues to increasa. The warning tre~d tor this
indicator would be a decrease in the assessed v~lue o~ the housing
stOCk of tbe City of Palo Alto. The increase in assessed value is
ao.ewhat .lower, indicative of the overall recession.
I'.u..t.a 13: u .... ~ 'O..LVII
h-.d.p:.t.. itt'"'' 1",-1J 111'-'0 18510-11 1.,1·,.2 1 .. .3 .. "
AtI.se .. .sed VAL:,,.!!
f$ Hlll1on) 5,163 5,340 5, S6.4 6,5Q2 " 94:9 '~4H
OPI C:oQ>ltaru: DI)11111:.
Adj 1.111 tJU!l:t (19!i2-9J
:I>:Il14,n) 1.22' 1.17::' 1.UA 1.071 l.On 1.000
A.s •• .s •• d Velu. (COnstu.t
ltt:2-'3 Dollu.l ( SMilli-on) $&,H!) $6,2~J SE,S91 .$5,9 .. 4 $7,1154 $7,4H
1'.,E"c.lIlt Cbaa.v. i.
JUIII ••• ed: Value (CODstatlt -1. 31% 5.011'11 S.liS' 2.UII 3.90'
Dollu:.)
CIIR,130:94 15
Pazai" Act! vUl'
Perait activity is shoving a decrease. In the Economic Fut~re
study. this indicator 'W8_ ide.ntified as stable. With an additional
year ot inror.ation, it appears to have begun to decreasa over the
pa.t six years.. This is a warning trend and should be watched
car_tully.
~Ui; ~ A,J;t'XVIH -:MamZk or I'EJQ(Il'.
riacal Year INDUSTRIAL C~RCIAl. RES !DENT IAL ALL OTHERS 'on!.
198'7-88 10 '11 1,100 ., 2,502
199$-89 , HE 1,130 65 1,514
1989-91> ) JJl l,H!t 53 J.,5SE
1990-91 • 342 1, C'SB 7. 1,SOi
1991-'92 11 3SS 1,081 ., 1, Sol 6
1992-93 7 JOO 1,019 " 1,5.33
.-aaa~ ACl'lVU'1' -IIlU.UHIc. 1000'.,
F'iscal Yeu: INDtISTkIAL CCl~CIAL IttSIOEh"TIAL ALL OTlfERS -
1986-$"1 $2,229 $El,On $U.20S $H,an $113,544
1987-88 $],14:5 $42,062 HO,870 SU, (.33 $9'~O90
1988-tl9 urn .$55,835 $41,334 $5,192 $112,543
UBS-9O $249 $65,373 $43,378 $3,4H .$113,47(
l!iI90-91 $,70 $79~ 998 $41,862 $!J,9:35 $132,265
1991-92 $U( $82,089 $36.101 $2.f:92 $123.'55
1952-33 $2.244: .$69.923 $33,065 $2,506 .$106; 738
a!R:130:94 16
•
Respectfully submitted,
~rt~
CAROL T. FEilRELL
Accountinq Manager,.
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Director of .Finance
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CJIR:13D:94 17