HomeMy WebLinkAboutFinance Committee Agenda - June 29, 2017CITY OF NEWPORT BEACH
FINANCE COMMITTEE AGENDA - Final
100 Civic Center Drive - Crystal Cove Conference Room, Bay 2D
Thursday, June 29, 2017 - 3:00 PM
Finance Committee Members:
Diane Dixon, Chair / Council Member
Kevin Muldoon, Mayor
Will O'Neill, Council Member
William Collopy, Committee Member
Patti Gorczyca, Committee Member
Joe Stapleton, Committee Member
Larry Tucker, Committee Member
Staff Members:
Dave Kiff, City Manager
Carol Jacobs, Assistant City Manager
Dan Matusiewicz, Finance Director / Treasurer
Steve Montano, Deputy Director, Finance
Marlene Burns, Administrative Specialist to the Finance Director
The Finance Committee meeting is subject to the Ralph M. Brown Act. Among other things, the Brown Act requires that the
Finance Committee agenda be posted at least seventy-two (72) hours in advance of each regular meeting and that the public be
allowed to comment on agenda items before the Committee and items not on the agenda but are within the subject matter
jurisdiction of the Finance Committee. The Chair may limit public comments to a reasonable amount of time, generally three (3)
minutes per person.
The City of Newport Beach’s goal is to comply with the Americans with Disabilities Act (ADA) in all respects. If, as an attendee or a
participant at this meeting, you will need special assistance beyond what is normally provided, we will attempt to accommodate
you in every reasonable manner. Please contact Dan Matusiewicz, Finance Director, at least forty-eight (48) hours prior to the
meeting to inform us of your particular needs and to determine if accommodation is feasible at (949) 644-3123 or
dmatusiewicz@newportbeachca.gov.
NOTICE REGARDING PRESENTATIONS REQUIRING USE OF CITY EQUIPMENT
Any presentation requiring the use of the City of Newport Beach’s equipment must be submitted to the Finance Department 24
hours prior to the scheduled meeting.
I.CALL MEETING TO ORDER
II.ROLL CALL
III.PUBLIC COMMENTS
Public comments are invited on agenda and non-agenda items generally considered to be
within the subject matter jurisdiction of the Finance Committee. Speakers must limit comments
to three (3) minutes. Before speaking, we invite, but do not require, you to state your name for
the record. The Finance Committee has the discretion to extend or shorten the speakers’ time
limit on agenda or non-agenda items, provided the time limit adjustment is applied equally to all
speakers. As a courtesy, please turn cell phones off or set them in the silent mode.
IV.CONSENT CALENDAR
June 29, 2017
Page 2
Finance Committee Meeting
MINUTES OF JUNE 1, 2017A.
Recommended Action:
Approve and file.
DRAFT MINUTES 060117
V.CURRENT BUSINESS
WASTEWATER RATE INCREASEA.
Summary:
The Municipal Operations Department retained the consulting services of H F & H
Consultants, LLC (“HF&H”) to prepare a wastewater rate study. The purpose of
this presentation is to review the results of the wastewater rate study, receive
input, and seek the Committee’s direction to move the item to City Council for
discussion and approval.
Recommended Action:
a)Review the results of the wastewater rate study;
b)Move the item to City Council for discussion and direction to proceed with
setting a Proposition 218 Public Hearing for the adoption of the proposed
wastewater rates.
STAFF REPORT
UPDATE ON LONG-TERM FINANCIAL FORECASTB.
Summary:
Staff will review with the Committee an updated high-level long-term financial
forecast including future assumptions and other key elements of the City’s
finances.
Recommended Action:
Review and comment.
June 29, 2017
Page 3
Finance Committee Meeting
SCOPE OF WORK FOR RISK BASED ANALYSIS OF GENERAL FUND
RESERVE REQUIREMENTS
C.
Summary:
The City is seeking consultant services to assist staff analyze risks through an
analytical framework intended to determine a custom reserve level appropriate for
the City of Newport Beach. The Consultant will provide a thorough examination
of the City’s primary and secondary risk factors that generally influence the
amount of reserves the City should hold. The Consultant will also provide
recommendations on new, or changes to existing, financial policies, risk
management methods, and ideas to support the General Fund Reserve strategy
over the long-term.
Recommended Action:
a)Review and comment on staff’s proposed Scope of Work for Risk Based
Analysis of General Fund Reserve Requirements; and
b)Direct staff to issue a Request for Proposal for consulting services to
appropriately size City reserve levels considering insurance coverage and other
risk transfer options based on a thoughtful risk-based analysis of events that may
create financial exposure to the City.
STAFF REPORT
ATTACHMENT A
ATTACHMENT B
TREASURY REPORTD.
Summary:
The Finance Committee requested that staff provide the monthly Treasury Report
for periodic review. As of May 31, 2017, the City’s entire investment portfolio
totaled over $269 million. The report can be accessed at
www.newportbeachca.gov/treasury.
Recommended Action:
Receive and file.
STAFF REPORT
ATTACHMENT A
PENSION DISCUSSIONE.
Summary:
Agenda item reserved for any discussion regarding the status of the City's
pension liability and/or the proposed budgetary pension funding approach.
Recommended Action:
Review and comment on discussion as necessary.
June 29, 2017
Page 4
Finance Committee Meeting
REVIEW OF FINANCE COMMITTEE WORK PLANF.
Summary:
Staff will review with the Committee the agenda topics scheduled for the
remainder of the calendar year.
Recommended Action:
Review and comment.
VI.FINANCE COMMITTEE ANNOUNCEMENTS ON MATTERS WHICH MEMBERS
WOULD LIKE PLACED ON A FUTURE AGENDA FOR DISCUSSION, ACTION OR
REPORT (NON-DISCUSSION ITEM)
VII.ADJOURNMENT
Finance Committee Meeting Minutes June 1, 2017
Page 1 of 5
CITY OF NEWPORT BEACH FINANCE COMMITTEE JUNE 1, 2017 MEETING MINUTES I. CALL MEETING TO ORDER
The meeting was called to order at 3:00 p.m. in the Crystal Cove Conference Room, Bay 2D, 100 Civic Center Drive, Newport Beach, California 92660.
II. ROLL CALL
PRESENT: Council Member Diane Dixon (Chair), Committee Member Patti Gorczyca,
Committee Member Joe Stapleton Council Member Will O’Neill, and Committee Member Larry Tucker
ABSENT (EXCUSED): Committee Member William Collopy and Mayor Kevin Muldoon
STAFF PRESENT: City Manager Dave Kiff, Deputy City Manager Rob Houston, Finance
Director/Treasurer Dan Matusiewicz, Deputy Finance Director Steve Montano, Budget Manager Susan Giangrande, Administrative Assistant to
the Human Resources Director Traci Mackinen, Budget Analyst Tam Ho, Budget Analyst Katherine Warnke-Carpenter, and Purchasing Agent
Anthony Nguyen
MEMBER OF THE PUBLIC: Jim Mosher
III. PUBLIC COMMENTS
Jim Mosher discussed the prior meeting and stated it was difficult for the public to follow without a
paper copy of the budget. He discussed automobile sales tax and asked the revenue received by the City. He discussed the sales tax in the City of Westminster.
Finance Director/Treasurer Matusiewicz stated the sales tax was retained where the transaction
was negotiated and the City received the full 1 percent. IV. CONSENT CALENDAR
A. MINUTES OF MAY 11, 2017 Recommended Action:
Approve and file.
MOTION Committee Member Gorczyca moved and Council Member O'Neill seconded a motion to
approve the corrected minutes of May 11, 2017. The motion carried 4-1-2, Committee Member Stapleton abstaining and Mayor Muldoon and Committee Member Collopy absent.
V. CURRENT BUSINESS
A. REVIEW OF FISCAL YEAR 2017-2018 PROPOSED BUDGET
Summary: The Committee shall continue its discussion of the Fiscal Year 2017-2018 budget and forward
any recommendations to City Council. Recommended Action:
Finance Committee Meeting Minutes June 1, 2017
Page 2 of 5
Review, comment on, and offer suggestions about City Manager proposed Fiscal Year 2017-
2018 Operating and Capital Budget.
City Manager Kiff stated staff was completing the staff report and budget checklist for the June 13, 2017, Council meeting.
In response to Committee Member Tucker, City Manager Kiff indicated the significance of
changing the mooring contracts to part-time staff Council Member O'Neill discussed the $9.1 million discretionary payment towards pensions.
Finance Director/Treasurer Matusiewicz clarified that $8.9 million was discretionary, with $8.7 million coming from the General Fund. Council Member O'Neill stated that the Finance
Committee needed to come up with its recommendation. He stated that he did not want the funds put into a 115 Trust. He suggested using a dollar cost average approach, rather than
turning the entire amount over to CalPERS in one payment.
City Manager Kiff asked for input on when to make the first dollar cost averaging payment.
Chair Dixon asked if there was a deadline to make the payment. Finance Director/Treasurer Matusiewicz stated the required amount was due in July.
Finance Director/Treasurer Matusiewicz recommended equal payments over 12 months.
Committee Member Gorczyca expressed concern with the City’s reserves. She discussed
reserves of surrounding cities and stated a 25 percent reserve might not be enough. She stated she could support moving forward with 12 month payments but she would like a more
thorough review of reserves.
Chair Dixon asked if the other cities included enterprise fund reserve accounts. Committee Member Gorczyca stated she obtained the information from websites; therefore, she was
unsure.
City Manager Kiff stated that the City had other reserves that could be drawn from.
Committee Member Tucker agreed that the reserves should be reviewed but it was difficult to compare to other cities.
Council Member O'Neill stated that the City did not touch the reserves in 2008, which was a
catastrophic year.
Finance Director/Treasurer Matusiewicz mentioned that South County cities tended to be more reliant on sales tax, whereas the City of Newport Beach was approaching $100 million in
property tax which is far less volatile than sales tax.
Chair Dixon stated a full discussion of reserves would occur in the fall.
City Manager Kiff stated South County cities were holding cash based on the dowry received when incorporated.
Committee Member Gorczyca stated that it was important to conduct a reserve analysis as
soon as possible. She discussed earnings on 115 Trusts.
City Manager Kiff recommended paying one-twelfth of the total discretionary payment on July 15.
Committee Member Tucker stated that the Council could reverse the action at any time.
Finance Committee Meeting Minutes June 1, 2017
Page 3 of 5
Committee Member Gorczyca discussed the Cal Pensions article. She expressed concern with
CalPERS paying out more than incoming revenue. She suggested an investment advisor provide information to the City on CalPERS liquidity.
In response to Chair Dixon, Finance Director/Treasurer Matusiewicz stated the City’s money
was kept separate in CalPERS.
Committee Member Tucker discussed the need to earn 7.5 percent in CalPERS and the difference in investing in a 115 Trust.
Chair Dixon stated it was necessary to determine how and where to invest the City’s assets.
Committee Member Stapleton questioned how the City could do better than CalPERS. Finance
Director/Treasurer Matusiewicz stated the City would be less diversified and it was unlikely that it would invest in real estate and private equity on its own.
City Manager Kiff discussed a recent presentation by PARS at which he asked if anyone
invested in a 115 Trust to beat CalPERS and the response was no.
Chair Dixon suggested outside independent expertise to provide information on CalPERS and 115 Trust.
Committee Member Gorczyca suggested a reserve analysis be completed first.
City Manager Kiff reviewed Committee Member Collopy’s comments on recommending the
budget to the Council.
City Manager Kiff explained the process for presenting the Committee’s recommendation to the Council.
Committee Member Tucker stated that the Committee asked the Council to approve the
Committee’s recommendation on the budget last year.
Jim Mosher added that he looked forward to seeing the Budget Checklist. He complimented staff on the glossary. He stated the public was not interested in the budget due to it being
confusing. He indicated support for the Jack Wu approach to reviewing the budget.
Deputy Finance Director Montano discussed the online availability of Socrata for public access to the budget.
Chair Dixon stated there was a dramatic improvement on budget information and transparency
over the past few years.
MOTION Committee Member Tucker moved and Committee Member Stapleton seconded a motion to
approve the budget as proposed with the qualification that the Finance Committee was not making a recommendation on the CIP budget. The motion carried 5-2, with Mayor Muldoon
and Committee Member Collopy absent.
MOTION Committee Member Tucker moved and Committee Member Gorczyca seconded a motion to
recommend the Council proceed with staff’s recommendation on additional pension payments to PERS, paid monthly, beginning July 15, 2017. The motion carried 5-2, with Mayor Muldoon
and Committee Member Collopy absent.
Finance Committee Meeting Minutes June 1, 2017
Page 4 of 5
Jim Mosher stated that the Council did not expect the Committee to review the CIP, but could
request its opinion. B. PENSION DISCUSSION Summary:
Agenda item reserved for any discussion regarding the status of the City's pension liability and/or the proposed budgetary pension funding approach. Recommended Action: Review and comment.
Finance Director/Treasurer Matusiewicz provided updates from CalPERS indicating the 2016
valuation resulted in a pension liability that was lower than was previously expected and year-to-date earnings had reached 10.8 percent.
Committee Member Gorczyca stated that Kentucky reduced its discount rate to 5.25 percent.
She asked if there was potential for movement. Finance Director/Treasurer Matusiewicz stated it was difficult to say. City Manager Kiff stated most cities did not want to move that way
because they could not afford it.
Committee Member Tucker requested the valuation be presented to the Finance Committee each year. Finance Director/Treasurer Matusiewicz agreed and stated they were also available
on the City’s and CalPERS website.
Chair Dixon requested the Committee be provided with the monthly Treasurer’s Report. Finance Director/Treasurer Matusiewicz agreed and stated it was also available on the website
on a monthly basis.
Finance Director/Treasurer Matusiewicz stated Mr. Bartel was working on a stochastic forecast.
In response to Chair Dixon, Finance Director/Treasurer Matusiewicz explained the amortization schedule and consolidation of bases.
Committee Member Gorczyca asked when the projections would be available. Finance
Director/Treasurer Matusiewicz stated Mr. Bartel anticipated them sometime next week.
Jim Mosher stated he struggled to understand the financial terms utilized. He asked if the CalPERS valuation was included on the monthly reports. Finance Director/Treasurer
Matusiewicz stated it was separate from the Treasurer’s Reports. He stated the actuarial valuation was updated annually and is available on the City website.
In response to Chair Dixon, City Manager Kiff stated the primer would be updated.
C. REVIEW OF FINANCE COMMITTEE WORK PLAN
Summary: Staff will review with the Committee the agenda topics scheduled for the remainder of the
calendar year. Recommended Action:
Review and comment.
Chair Dixon requested discussion on scoping for the reserve analysis.
Committee Member Gorczyca requested discussion on the type of firm for the analysis.
Committee Member Tucker mentioned that the Committee needed to complete its discussion of pension prior to the end of the calendar year.
Finance Committee Meeting Minutes June 1, 2017
Page 5 of 5
Chair Dixon asked if the Committee should continue meeting twice each month. Committee
Member Stapleton suggested one meeting per month for a longer time. Committee Member Tucker agreed with once per month. Chair Dixon proposed 3:00 p.m. to 6:00 p.m. for monthly
meetings.
Committee Member Tucker requested adding the valuation in the fall of 2017. Committee Member Gorczyca stated that it was scheduled for September 14, 2017.
Council Member O'Neill stated Mayor Muldoon had requested a discussion of voter approval
of COPs.
In response to Chair Dixon, City Manager Kiff stated that he would brief Committee Member Collopy on the Dredging Master Plan.
Chair Dixon suggested that the Finance Committee review the Finance Software once the
budget was approved.
Committee Member Gorczyca suggested inviting Sunnyvale to explain its process used to inform the public.
VI. FINANCE COMMITTEE ANNOUNCEMENTS ON MATTERS WHICH MEMBERS WOULD LIKE PLACED ON A FUTURE AGENDA FOR DISCUSSION, ACTION OR REPORT (NON-DISCUSSION ITEM)
None.
VII. ADJOURNMENT
The Finance Committee adjourned at 4:30 p.m. to its next regular meeting.
Filed with these minutes are copies of all materials distributed at the meeting.
The agenda for the Regular Meeting was posted on May 26, 2017, at 6:53 p.m., in the binder and
on the City Hall Electronic Board located in the entrance of the Council Chambers at 100 Civic Center Drive.
Attest:
___________________________________ _____________________
Diane Dixon, Chair Date Finance Committee
Finance Committee Meeting MinutesJune 1, 2017
Committee Member Gorczyca discussed the Cal Pensions article. She expressed concern withCalPERS paying out more than incoming revenue. She suggested an investment advisorprovide information to the City on CalPERS liquidity.
In response to Chair Dixon, Finance Director/Treasurer Matusiewicz stated the City's moneywas kept separate in CalPERS.
Committee Member Tucker discussed the need to earn 7.5 percent in CalPERS and thedifference in investing in a 115 Trust.
Chair Dixon stated it was necessary to determine how and where to invest the City's assets.
Committee Member Stapleton questioned how the City could do better than Cal PERS. FinanceDirector/Treasurer Matusiewicz stated the City would be less diversified and it was unlikely thatit would invest in real estate and private equity on its own.
City Manager Kiff discussed a recent presentation by PARS at which he asked if anyoneinvested in a 115 Trust to beat CalPERS and the response was no.
Chair Dixon suggested outside independent expertise to provide information on CalPERS and115 Trust.
Committee Member Gorczyca suggested a reserve analysis be completed first.
City Manager Kiff reviewed Committee Member Collopy's comments on recommending thebudget to the Council.
City Manager Kiff explained the process for presenting the Committee's recommendation tothe Council.
Committee Member Tucker stated that the Committee� the �oun�� approve the�o��·=e�b�dget last year��� -?,ff)
Jim Mosher added that he looked forward to seeing the Budget Checklist. He complimentedstaff on the glossary. He stated the public was not interested in the budget due to it beingconfusing. He indicated support for the Jack Wu approach to reviewing the budget.
Deputy Finance Director Montano discussed the oniine availability of Socrata for public accessto the budget.
Chair Dixon stated there was a dramatic improvement on budget information and transparencyover the past few years.
MOTION Committee Member Tucker moved and Committee Member Stapleton seconded a motion toapprove the budget as proposed with the qualification that the Finance Committee was notmaking a recommendation on the CIP budget. The motion carried 5-2, with Mayor Muldoonand Committee Member Collopy absent.
MOTION Committee Member Tucker moved and Committee Member Gorczyca seconded a motion torecommend the Council proceed with staffs recommendation on additional pension paymentsto PERS, paid monthly, beginning July 15, 2017. The motion carried 5-2, with Mayor Muldoonand Committee Member Collopy absent.
Page 3 of 5
PROPOSED CHANGES BY COMMITTEE MEMBER TUCKER Item No. 4A1
Draft Minutes of June 1, 2017
Correspondence
June 29, 2017
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A
CITY OF NEWPORT BEACH
FINANCE COMMITTEE STAFF REPORT
Agenda Item No. 5A June 29, 2017
TO: HONORABLE CHAIRMAN AND MEMBERS OF THE COMMITTEE
FROM: Municipal Operations Department
George Murdoch, Director (949)644-3011, gmurdoch@newportbeachca.gov
SUBJECT: WASTEWATER RATE STUDY
SUMMARY:
The Municipal Operations Department retained the consulting services of HF&H Consultants, LLC (“HF&H”)
to prepare a wastewater rate study. The purpose of this presentation is to review the results of the wastewater rate study, receive input, and seek the Committee’s direction to move the item to City Council
for discussion and approval.
RECOMMENDED ACTION:
1.Review the results of the wastewater rate study; and
2.Move the item to City Council for discussion and direction to proceed with setting a Proposition 218
Public Hearing for the adoption of the proposed wastewater rates.
DISCUSSION:
Background
The Municipal Operations Department operates and maintains approximately 197 miles of wastewater sewer mains, 4.7 miles of force mains, 4,922 manholes and cleanouts, 25,525 sewer laterals, and 21 sewer lift
stations. Operations, maintenance and repair activities include: sewer line cleaning, root removal, manhole maintenance and repair, lift station operation and maintenance, sewer line video inspection, as well as sewer
lateral maintenance, repair and replacement.
All revenue and expenditures related to wastewater service provided by the City of Newport Beach is
contained in the Wastewater Enterprise Fund. The Enterprise Funds are separate from the General or any other fund the City uses to operate the City. Funding for maintenance and replacement activities is collected
from rate payers through the Municipal Services bill. There are three main components of the fund that are important to providing sewer service: Operations, replacement (CIP), and reserves.
•Operations includes day to day operations and maintenance and is comprised of salaries, contract
maintenance, repair materials, permits, outside agency fees, professional services and internalservice charges to the General Fund. In Fiscal Year 2017-2018 the operations budget is
$3,592,976.
Wastewater Rate Study June 29, 2017
Page 2
•Replacement includes the annual replacement of aging infrastructure as well as capacity issuesand recommended improvements per the Sewer Master Plan completed in 2010. The Master Plan
estimated approximately $29,017,451 in total projects to be completed over a 30-year period.Projects are proposed and approved through the annual Capital Improvement Projects (CIP)
section of the fiscal year budget. The Public Works Department manages the CIP process.
•Reserves are established by City Council Policy F-2 where the minimum level is set annually at adollar amount equal to fifty percent of the operations budget. The intent is to provide rate
stabilization and funding for a catastrophic failure of the infrastructure. In Fiscal Year 2017-2018the reserve target is $1,796,488.
Rate Study:
In 2013 the City retained the services of HF&H to conduct a wastewater and recycled water rate study. Staff proposed the recycled rates to City Council in July 2014 which were adopted. In January 2016, staff
proposed new wastewater rates, however, the ordinance that would establish the rates failed at the second reading. The City Council elected to contribute $3.5 million from the General Fund to the Wastewater
Enterprise Fund which provided sufficient funds to continue to operate and replace the system and maintain reserves.
Due to the long term structural deficit of insufficient revenues to support expenditures, staff again retained the services of HF&H to revise the wastewater rate study. This was necessary to comply with Proposition
218 requirements as too much time had passed between the previous study and proposing new rates.
The study looks at a ten-year financial projection and proposes a five-year incremental rate increase. Multi-
year increases reduce the rate shock of implementing a one-year adjustment and reduces the cost and efforts to study and notice increases annually in compliance with Prop 218.
In summary the new study concluded the following:
The estimated revenue for the Fiscal Year 2017-2018 budget is $2,571,186. Operations and replacement
expenditures are estimated to be $4,592,976. Estimated Fiscal Year 2016-2017 Year-End Fund Balance Reserve levels are $2,756,470 and are being used to fund the shortfall between estimated revenues and
expenditures.
The recommended structure of the rates remains fairly the same and includes a fixed and variable rate.
The current rate structure includes a per dwelling unit charge and surcharge for customers that have two inch or larger water meters. This has been removed from the proposed rates and replaced with a fixed
charge based on meter size. This provides a fairer distribution of the revenue assuming a larger water meter also means a larger need for sewer service.
Historically, the City has invested approximately $500,000 annually towards CIP. In Fiscal Year 2017-2018 this was increased to $750,000. In order to meet the 30-year Master Plan estimates, it is proposed to
increase the investment to $1,000,000 and continue to increase by three percent per year. It should be noted that Master Plans are typically reviewed every five years and estimates could change.
Inequities were found in the revenue collected from non-water customers where the City only provides sewer service. The current and proposed rate structure includes a component that uses water use to set
the variable rate. Since the City does not serve water to some sewer customers it is not possible to establish a rate based on their water use. The study concluded that an average water use by meter size could be
established and used to set rates for our sewer-only customers.
The chart on the next page displays the reserve target and balances with and without a rate increase.
Wastewater Rate Study June 29, 2017
Page 3
The proposed rates include:
•Fixed charge - a monthly sewer service charge based on size of water connection.
•Sewer use charge - a monthly charge for all customers based on water use.
Monthly Service Charge
Meter
Size Current Year 1 (Jan 1, 2018) Year 2 (Jan 1, 2019) Year 3 (Jan 1, 2020) Year 4 (Jan 1, 2021) Year 5 (Jan 1, 2022)
5/8" $ 4.50 $ 6.67 $ 7.20 $ 7.78 $ 8.32 $ 8.82
3/4" $ 4.50 $ 6.67 $ 7.20 $ 7.78 $ 8.32 $ 8.82
1" $ 4.50 $ 6.67 $ 7.20 $ 7.78 $ 8.32 $ 8.82
1.5" $ 4.50 $ 7.34 $ 7.92 $ 8.56 $ 9.15 $ 9.70
2" $ 14.50 $ 10.00 $ 10.80 $ 11.67 $ 12.48 $ 13.23
2.5" $ 14.50 $ 10.67 $ 11.52 $ 12.44 $ 13.32 $ 14.11
3" $ 14.50 $ 11.34 $ 12.24 $ 13.22 $ 14.15 $ 15.00
4" $ 14.50 $ 13.34 $ 14.40 $ 15.56 $ 16.64 $ 17.64
6" $ 14.50 $ 15.00 $ 16.20 $ 17.50 $ 18.73 $ 19.85
8" $ 14.50 $ 16.67 $ 18.00 $ 19.44 $ 20.81 $ 22.05
10" $ 14.50 $ 21.34 $ 23.05 $ 24.89 $ 26.63 $ 28.23
12" $ 14.50 $ 26.68 $ 28.82 $ 31.13 $ 33.31 $ 35.31
Monthly Use Charge per HCF City Water Customers
Current Year 1 Year 2 Year 3 Year 4 Year 5
$ 0.35 $ 0.38 $ 0.41 $ 0.44 $ 0.48 $ 0.50
Wastewater Rate Study June 29, 2017
Page 4
Monthly Use Charge Sewer Customers Only- (These fees include both the monthly sewer service charge and the
estimated monthly use per meter size)
Meter Size Current Year 1
(Jan 1, 2018) Year 2
(Jan 1, 2019)
Year 3
(Jan 1, 2020)
Year 4 (Jan 1, 2021) Year 5
(Jan 1, 2022)
5/8" $ 6.25 $ 10.09 $ 10.90 $ 11.77 $ 12.59 $ 13.35
3/4" $ 6.25 $ 10.09 $ 10.90 $ 11.77 $ 12.59 $ 13.35
1" $ 6.25 $ 11.78 $ 12.72 $ 13.73 $ 14.70 $ 15.58
1.5" $ 6.25 $ 34.99 $ 37.79 $ 40.81 $ 43.67 $ 46.29
2" $ 6.25 $ 36.13 $ 39.02 $ 42.14 $ 45.10 $ 47.80
3" $ 6.25 $ 92.32 $ 99.70 $ 107.68 $ 115.21 $ 122.13
4" $ 6.25 $ 163.27 $ 176.33 $ 190.44 $ 203.77 $ 216.00
6" $ 6.25 $ 287.43 $ 310.42 $ 335.25 $ 358.72 $ 380.25
8" $ 6.25 $ 287.43 $ 310.42 $ 335.25 $ 358.72 $ 380.25
Other Monthly Charges
Current Year 1 Year 2 Year 3 Year 4 Year 5
Per Dwelling
Unit Charge $ 2.00 $ - $ - $ - $ - $ -
Surcharge $ 10.00 $ - $ - $ - $ - $ -
Next Steps and Proposed Timeline
Following incorporation of the Finance Committee’s comments and recommendations, staff will present and recommend the proposed wastewater rate and structure to the City Council on July 25, 2017, for final review
and approval to move forward with setting a Prop 218 Public Hearing.
Staff will issue Proposition 218 notices by July 29, 2017, to the owners and customers of parcels that are subject to the wastewater rate pursuant to California Constitution Article XIII D, Section 6. There will be a
45-day public notice period, and all written protests will be received and tabulated at the Public Hearing onSeptember 12, 2017.
Following the public hearing the City Council may thereafter proceed with rate establishment unless written
protests against the proposed rate are presented by a majority of owners. Staff will be preparing an ordinance change establishing the new rates. Ordinance changes require a first and second reading and
go into effect 30 days after adoption. It is recommended by staff that the rates go into effect on January 1, 2018, to allow sufficient time to make modifications to the utility billing system.
Prepared by: Submitted by:
_____________________________ _____________________________
Joshua Rosenbaum Senior Management Analyst George Murdoch Municipal Operations Director
Item No. 5A1
Wastewater Rate Increase
Additional Materials Received
June 29, 2017
Finance Committee| June 29, 2017
City of Newport BeachSewer Rate Study Update
Item No. 5A2
Wastewater Rate Increase
Staff Presentation
June 29, 2017
Background
Revenue Requirements
Rate Increases and Reserve Balance
Current Rate Structure
Proposed Rate Structure
–Customers with City water and sewer service
–Customers with only City sewer service
Typical Bill Impacts
Next Steps
Presentation Outline
Why is the City looking at sewer rates?
–Sewer rates have not changed in 11 years (2006)
–Structural deficit –Insufficient revenue to support
expenditures
–Increasing costs
Salaries and benefits
Contract costs (prevailing wage)
Capital Improvement Investments from $500k/year to
$1,000,000/year
–Decreasing revenue with water conservation efforts
Revenues tied to flow, which has gradually declined
–Existing rate structure requires review
Proposition 218 proportionality requirements
Background
Recent Actions
–City contracted with HF&H in 2013 for sewer/recycled
rate study
–New recycled rate adopted in 2014
–Notices mailed of proposed sewer rates in FY 2015-16
No majority opposition by public
–No rate adjustment adopted by Council
Instead, General Fund contribution of $3.5 million
–Structural deficit still exists –long term insufficient
revenues
–New updated study recommended to comply with
Prop 218
HF&H updates model and proposes new rates
Background
Sewer Enterprise Fund is separate from General
Fund
Three main components to revenue requirements
–Operations
Salaries, benefits, contracts, equipment, materials, agency fees,
and administrative service charge
–Capital Improvement Projects
CIP identified in the 2010 Sewer Master Plan
–Approximately $30 million in replacement/improvements over 30 years
–Reserves
Council Policy F-2 requires a minimum reserve target equal to 50%
of the operations budget
Revenue Requirements
FY 2016-17 Revenue Requirement
Salaries
21%
Benefits
15%
Operations &
Maintenance
32%
Admin Service Fee
10%
Capital Contribution
22%
CIP
–Funded from annual contribution to the capital account to provide rate
stabilization and sufficient funding for Sewer Master Plan projects.
–Actual projects are approved annually as part of the CIP budget process
and may be higher or lower than the contribution amount.
Projected Revenue Requirements
FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22
Operations $3,600,009 $3,579,977 $3,654,594 $3,730,819 $3,808,688 $3,888,238
CIP $750,000 $1,000,000 $1,030,000 $1,060,900 $1,092,727 $1,125,509
Total Rev
Reqmt $4,350,009 $4,579,977 $4,684,594 $4,791,719 $4,901,415 $5,013,747
Projected Revenue and Revenue Requirements
Staff Positions
Position Title FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18
Utilities Manager 1 0.5 0.5 0.5
Utilities Supervisor 1 1 1 1
Utilities Crew Chief 3 3 3 3 3
Utilities Sr Specialist 2 2 2 2 2
Utilities Specialist 5 6 4 5 4
M&O Specialist 0.5 1.5
SCADA Tech 1 1 1
Electrician 1 1
Intern 0.23
Total 13 14 12 13 10.73
Cost in Millions $ 1.4 $ 1.3 $ 1.2 $ 1.3 $ 1.2
Rate Increases and Reserve Balance
FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22
Reserves without Rate Increase $3,675,000 $2,838,618 $1,765,134 $578,588 ($723,839)($2,135,961)
Reserves with Rate Increase $3,675,000 $2,996,225 $2,410,928 $2,054,471 $1,934,022 $1,935,355
Target Balance $1,593,406 $1,800,004 $1,789,988 $1,827,297 $1,865,410 $1,904,344
Rate Increase 9%9%8%8%6%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
FY 2015-16 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22
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Year End Fund Balances -Fund 711 (Operations)
Target Reserve Balance
Reserves w/
Rate Increases
Reserves w/o
Rate Increases
Monthly Service Charge (Fixed)
–Same fixed charge per connection ($4.50)
Monthly Use Charge (Variable)
–Uniform $0.35 per HCF* for all customers (residential and non-residential)
Surcharges (Fixed)
–Additional monthly fixed charge for meters 2 inches or greater ($10.00)
–Multi-unit charge per dwelling unit for more than one dwelling unit on the same meter ($2.00)
Sewer Only Customers (Flat)
–Monthly flat fee to customers that only receive sewer service (no water service from City) ($6.25 for all customers)
*HCF = Hundred Cubic Feet = 748 gallons
Current Rate Structure
Monthly Service Charge (Fixed)
–Graduated based on water meter size (from $6.38 to $25.53)
–Recovers 58% of revenue requirement
Monthly Use Charge (Variable)
–Uniform $0.38 per HCF for all customers
–Recovers 42% of revenue requirement
Surcharge for Large Meters
–Elimination of $10.00 surcharge
–Included in fixed monthly charges
Per Dwelling Unit Charge
–Elimination of $2.00 charge
–Also included in fixed monthly charges
Proposed Rate Structure (Jan 1, 2018)
Current and Proposed Monthly Sewer Rates
Current
FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22
Fixed Charges
5/8"$4.50 $6.38 $6.96 $7.51 $8.12 $8.60
3/4"$4.50 $6.38 $6.96 $7.51 $8.12 $8.60
1"$4.50 $6.38 $6.96 $7.51 $8.12 $8.60
1.5"$4.50 $7.02 $7.65 $8.27 $8.93 $9.46
2"$14.50 $9.57 $10.44 $11.27 $12.17 $12.90
2.5"$14.50 $10.21 $11.13 $12.02 $12.98 $13.76
3"$14.50 $10.85 $11.83 $12.77 $13.80 $14.62
4"$14.50 $12.77 $13.91 $15.03 $16.23 $17.20
6"$14.50 $14.36 $15.65 $16.91 $18.26 $19.35
8"$14.50 $15.96 $17.39 $18.79 $20.29 $21.51
10"$14.50 $20.43 $22.26 $24.04 $25.97 $27.53
12"$14.50 $25.53 $27.83 $30.06 $32.46 $34.41
Per DU Surcharge $2.00 $0.00 $0.00 $0.00 $0.00 $0.00
Consumption Charge (per HCF)$0.35 $0.38 $0.42 $0.45 $0.49 $0.51
Proposed (Effective Jan 1)
Only receive sewer service from Newport Beach
–Water service provided by IRWD and Mesa Water (700 to 850 customers)
–Water use data not readily available to City for calculating Sewer Use
Charge for each customer
Proposed rate structure modifications
–Replace flat monthly charge of $6.25 with same fixed Service Charge based
on meter size as proposed for all other City customers
–Sewer Use Charge based on average water use for same size meter in City
service area
–Combine Service and Sewer Use Charges to create a fixed charges that are
graduated in proportion to meter size
Proposed Rate Structure –Sewer Only Customers
Current and Proposed Monthly Rates –Sewer Only
Current
Sewer Only Customers FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22
5/8"$6.25 $9.81 $10.69 $11.54 $12.47 $13.22
3/4"$6.25 $9.81 $10.69 $11.54 $12.47 $13.22
1"$6.25 $11.49 $12.52 $13.53 $14.61 $15.48
1.5"$6.25 $34.68 $37.80 $40.82 $44.09 $46.73
2"$16.25 $35.70 $38.92 $42.03 $45.39 $48.12
3"$16.25 $91.83 $100.10 $108.10 $116.75 $123.76
4"$16.25 $162.70 $177.34 $191.53 $206.85 $219.27
6"$16.25 $288.38 $314.33 $339.48 $366.64 $388.64
8"$16.25 $288.38 $314.33 $339.48 $366.64 $388.64
10"$16.25 $288.38 $314.33 $339.48 $366.64 $388.64
Per DU Surcharge $2.00 $0.00 $0.00 $0.00 $0.00 $0.00
Proposed (Effective Jan 1)
Revenue Summary
Fixed Charges
Service charge $1,438,614 41%$2,028,978 58%
DU surcharge $345,084 10%$0 0%
Large meter surcharge $245,280 7%$0 0%
$2,028,978 58%$2,028,978 58%
Variable Charges
Consumption charge $1,474,238 42%$1,474,238 42%
$3,503,216 100%$3,503,216 100%
Revenue Summary
Current Structure Proposed Structure
Typical Bill Impacts
Customer Type Meter Size Monthly
Flow (HCF)
Current
Monthly
Bill
Proposed
Monthly
Bill
Single Family Residential (low flow)5/8" -1"3.0 $5.53 $7.51 $1.98
Single Family Residential (avg flow)5/8" -1"11.8 $8.63 $10.89 $2.26
Single Family Residential (high flow)5/8" -1"23.6 $12.77 $15.40 $2.63
Commercial (avg flow)1.5"29.7 $14.90 $17.72 $2.82
Commercial (avg flow)2"118.9 $56.11 $54.92 -$1.18
Commercial (avg flow)3"237.7 $97.71 $101.55 $3.84
Monthly
Change
City Council meeting July 25, 2017
–Council directs staff to issue Prop 218 notice to subject rate payers
45-day Public Notice period commences
–Written protests received and tabulated
Protest Hearing –Set for Sept 12, 2017
–First Reading of Ordinance
–Second Reading of Ordinance –Sept 26, 2017
Rates effective January 1, 2018
–Rates usually effective 30 days following Second Reading
–Allows time for City to modify new billing system with new sewer rate structure
Next Steps
Questions and Discussion
Comparison with Neighboring Agencies
-
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Garden Grove
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4
CITY OF NEWPORT BEACH
FINANCE COMMITTEE STAFF REPORT
Agenda Item No. 5C June 29, 2017
TO: HONORABLE CHAIRMAN AND MEMBERS OF THE COMMITTEE
FROM: Finance Department
Steve Montano, Deputy Finance Director (949)644-3240, smontano@newportbeachca.gov
SUBJECT: SCOPE OF WORK FOR RISK BASED ANALYSIS OF GENERAL FUND RESERVE REQUIREMENTS
RECOMMENDED ACTIONS:
a)Review and comment on staff’s proposed Scope of Work for Risk Based Analysis of General Fund
Reserve Requirements; andb)Direct staff to issue a Request for Proposal for consulting services to appropriately size City reserve
levels considering insurance coverage and other risk transfer options based on a thoughtful risk-based analysis of events that may create financial exposure to the City.
DISCUSSION:
How large is the average General Fund reserve in other cities? The Government Finance Review published
a study in 1994 called “GFOA’s Financial Indicators Database: Benchmarking and Other Uses.” This article looked at 209 U.S. cities with population ranging between 10,000 and 25,000 persons and found that the
median General Fund reserve was approximately fifteen (15%) percent of expenditures.
The adequacy of reserved fund balance in the General Fund should be assessed based upon a government’s own specific circumstances. Nevertheless, GFOA recommends, at a minimum, that general-
purpose governments, regardless of size, maintain unreserved fund balance in their general fund of no less than five (5%) percent to fifteen (15%) percent of regular general fund operating revenues, or of no less
than one to two months of regular general fund operating expenditures.
The General Fund Contingency Reserve, which is classified as unassigned, is viewed as the most important reserve of the City especially to creditors. The basic purpose of the contingency reserve (a.k.a. rainy day
reserve) is to protect the budget from unexpected or unforeseen fiscal disruptions such as catastrophic loss of critical infrastructure, unanticipated revenue shortfalls, and actions by another government that
eliminates or shifts revenues from the City.
Currently, the General Fund Contingency Reserve has a target balance of twenty-five (25%) percent of General Fund “Operating Budget” as originally adopted. Operating budget includes current expenditure
appropriations and excludes capital improvement projects and transfers out. Appropriations and access to these funds are reserved for emergency situations only, but may be accessed by Council by simple budget
appropriation. If any portion of the Contingency Reserve is used, a plan to replenish the reserve within five years will be presented to Council. The estimated contingency reserve balance for Fiscal Year 2018 is
approximately $48.5 million.
Scope of Work For Risk Based Analysis of General Fund Reserve Requirements June 29, 2017
Page 2 The City is seeking consultant services to assist staff analyze risks through an analytical framework intended to determine reserve levels appropriate for the City of Newport Beach. The Consultant, working
closely with staff, will facilitate staff’s thorough examination of the City’s primary and secondary risk factors that generally influence the amount of reserves the City should hold. The Consultant will also provide
recommendations on new, or changes to existing, financial policies, risk management methods, and ideas to support the General Fund Reserve strategy over the long-term.
Prepared and Submitted by:
/s/ Steve Montano
_____________________________
Steve Montano
Deputy Finance Director
Attachments:
A. Scope of Work for Risk Based Analysis of General Fund Reserve Requirements
B. Government Finance Officers Association Risk Analysis Template
ATTACHMENT A
SCOPE OF WORK FOR RISK BASED ANALYSIS OF GENERAL FUND RESERVE REQUIREMENTS
1
CITY OF NEWPORT BEACH, CA
SCOPE OF WORK
For Risk Based Analysis of General Fund Reserve Requirements
OVERVIEW
Reserves are the cornerstone of financial flexibility and provide the City with options to
respond to unexpected issues and afford a buffer against shocks and other forms of risk.
The City’s Contingency Reserve has a target balance of twenty five percent (25%) of
General Fund “Operating Budget” as originally adopted. Appropriations and/or access to the Contingency Reserve funds are generally reserved for emergency or unforeseen
situations but may be accessed by Council by a simple budget appropriation. A risk is
defined as the probability and magnitude of a loss, disaster, or other undesirable event.
Examples of risk that the reserve may be used to mitigate include but are not limited to
the following: a catastrophic loss of critical infrastructure; a State or Federally declared state of emergency; any settlement arising from a claim or judgment; deviation from
budgeted revenue projections; any action by another government that eliminates or shifts
revenues from the City, inability of the City to meet its debt service obligations in any
given year; and other circumstances deemed necessary by the City Council to meet the
claims and obligations of the City. Per City Council policy, if any portion of the Contingency Reserve is used, a plan to replenish the reserve within five years will be
presented to Council. The estimated contingency reserve balance for Fiscal Year 2018 is
approximately $48.5 million.
The City is seeking consultant services to assist staff analyze risks through an analytical
framework intended to determine reserve levels appropriate for the City of Newport Beach. The Consultant, working closely with staff, will facilitate staff’s thorough
examination of the City’s primary and secondary risk factors that generally influence the
amount of reserves the City should hold. The Consultant will also provide
recommendations on new, or changes to existing, financial policies, risk management
methods, and ideas to support the General Fund Reserve strategy over the long-term.
BACKGROUND
The City of Newport Beach was incorporated September 1, 1906 and the current City
Charter was adopted in 1954. The City operates under a Council-Manager form of
government. The City is located in the County of Orange and serves a population of
approximately 86,000 people. The City covers a land area of approximately 26 square miles, with an additional 25.5 square miles of ocean, bay, and harbor waters. Located in the coastal center of Orange County, Newport Beach benefits from its proximity to the
substantial southern California economy. Major business sectors include tourism, health
care, biotechnology, and computer software and hardware. The estimated 2017
2
population of 84,915 generally increases to well over 100,000 during the summer months. The City's participation in the regional economy and high affluence support a stable and
diverse revenue framework highlighted by strong growth characteristics. The City's legal
ability to raise revenues is constrained by state propositions that require voter approval
for tax increases. The local economy benefits from the City's mature, wealthy tax base and strong employment among regional financial and insurance firms, as well as retail shopping and tourism activity. The University of California, Irvine, is located adjacent to
the City and has provided a catalyst for recent growth in the professional, technical, and
scientific services. Home values are among the highest in the country. Infill development
and property appreciation contributed to positive assessed valuation (AV) performance over the past two decades, and spurred recent AV growth. We anticipate continued positive taxable assessed value trends in the intermediate term. City unemployment is
exceptionally low. Income metrics are more than double national and state averages.
Population growth has moderated after a period of strong expansion, reflecting the built
out nature of the City.
SCOPE OF WORK
As directed by the City, the Consultant will provide the City with advisory services as
described in this Scope of Work. The Consultant shall perform all the duties and services
specifically set forth herein and shall provide such other services as it deems necessary
or advisable.
In particular, the Consultant will facilitate City staff’s thorough examination of the City’s primary and secondary risk factors that generally influence the amount of reserves the
City should hold for the following funds:
•General Fund
•Workers’ Compensation Fund
•General Liability Fund
•Compensated Absences Fund
•Equipment Replacement Funds
•Water Fund
•Wastewater Fund
Primary Risk Factors
With key staff members, facilitate the identification, review and assessment of primary
risk factors that generally influence the amount of reserves the City should hold. Work shall include:
•Identification of the City’s most significant and volatile revenue sources that might
call for a higher reserve level in order to avoid the need for sudden service
cutbacks should revenues drop unexpectedly. Help the City understand the leveland nature of volatility in its revenue sources.
3
• Assess the financial impact of potential infrastructure failure and the reserve levels
necessary to repair or replace assets that fail unexpectedly.
• Assess the City’s financial vulnerability to extreme events and public safety concerns. Identify the fiscal impact of any natural disasters the City is vulnerable to and the public safety programs that must be funded during the occurrence of an
extreme event, and the federal or state programs that would help.
• Obtain an understanding of the City’s reserve and other relevant financial policies.
• Obtain an understanding of the City’s insurance policies and risk management
strategies.
• Help improve the City’s understanding of the risks it faces and its overall financial
risk profile.
• Provide a thorough examination of primary risk factors that leads to a customized
reserve target size.
Secondary Risk Factors
With key staff members, facilitate the identification, review and assessment of risk factors that are less complex or of lower magnitude than the primary risk factors, but that also
have implications for the City’s reserve strategy. Work shall include:
• Determine the extent to which the City’s leverage may call for higher reserves.
Leverage includes long-term debt, pension obligations, and obligations for post-employment health care.
• Identify how potential spikes in expenditure, usually arising from a special, non-
recurring circumstance might create expenditure volatility. Account for the risk
associated with extraordinary law suits in the City’s reserves.
• Provide a thorough examination of secondary risk factors that leads to a
customized reserve target size.
Recommendations
Services shall also include, but are not limited, to the following:
• Recommend a reserve target for the City of Newport Beach based on an analysis
of risk factors and best practices.
• Identify risk management methods that might alleviate or transfer risk.
• Recommend any new, or changes to existing, financial policies based on the
findings of the analysis.
• Provide ideas to support the General Fund reserve strategy over the long-term.
ATTACHMENT B
GOVERNMENT FINANCE OFFICERS ASSOCIATION RISK ANALYSIS TEMPLATE
Vulnerability to Extreme Events
1.Identify Risks
What extreme events are you at risk for?
A Earthquate
B Harzardous Materials Event (fixed location or transportation)
C Fire and/or Explosion
D Flood/Storm Drain (Dam or Sea Wall failure, hurricane, tidal surges)
E Water/Wastewater System Failure
F Oil Spill and or Pipeline Breakage
G Tornado/WaterSpout
H Aircraft Accident
I Terrorism
J Energy Shortage
K War
L Tsunami
M Riot/Civil Disturbance
N Nuclear Accident (SONGS/SBNWS)
2.Assess Risks
What is your vulnerability to each extreme event, given past experience?
A
B
C
3.Identify other risk mitigation approaches
What options do you have to avoid, reduce, or transfer the risk (i.e., manage it without reserves)
A
B
C
4.Considering the above, how important for you is it to retain the risks of extreme events through reserves ?
< Enter your score here
5 Very important. We are subject to extreme events of severe potential magnitude which would require a quick and
decisive response from our government. There are few alternative risk management approaches.
4 Important. We are subject to extreme events of severe potential magnitude, but our government does not have an
important disaster response role and/or we have other risk management alternatives.
3 Neutral. We do not face an unusually high or low level of risk from extreme events.
2 Unimportant. We are subject to one or two types of significant extreme events and we have other risk management
options.
1 Very unimportant. We are subject to very few, if any, potential extreme events of significant potential damage
Revenue Source Stability
1.Identify Risks
What are your major revenue sources?
A Property Taxes
B Sales Taxes & Proliferation of online sales
C Transient Occupancy Taxes
D Business Tax
F CDD Permit Fees
E Investment Income
F Parking Revenue
2.Assess Risks
How stable are your revenue sources?
A
B
C
3.Identify other risk mitigation approaches
What options do you have to avoid, reduce, or transfer the risk (i.e., manage it without reserves)
A
B
C
4.Considering the above, how important for you is it to retain the risks of revenue instability through reserves ?
< Enter your score here
5 Very important. We rely on just one or two sources of revenue, and they are unstable
4 Important. We rely on unstable sources for a significant portion of our revenue and/or have particular unstable
payers as part of our tax base (e.g., sales tax from an industry with volatile sales)
3 Neutral. We do not face an unusually high or low level of risk from revenue instability
2 Unimportant. While some portion of our revenue base has instability, the majority of revenues are pretty stable.
1 Very unimportant. Our revenues are very stable and diverse.
Expenditure Volatility
1. Identify Risks
What are sources of potential expenditure spikes?
A Salaries
B Overtime
C Health Expenditures
D Retiree Health Plan Expenditures (OPEB)
E Pension Expenditures
General Liability
F Cost of Water
G Electricity
H
I
2. Assess Risks
What is the potential cost of these spikes?
A
B
C
3. Identify other risk mitigation approaches
What options do you have to avoid, reduce, or transfer the risk of these potential spikes? (i.e., manage it without
reserves)
A
B
C
4. Considering the above, how important for you is it to retain the risks of expenditure spikes through reserves ?
< Enter your score here
5 Very important. There are expenditure spikes with very high potential to open a significant hole in our budget.
4 Important. We are subject to important potential expenditure spikes, such that we need reserves but we also have
other risk mitigation approaches available.
3 Neutral. We do not face an unusually high or low level of risk from expenditure spikes
2 Unimportant. There are one or a few potential spikes but the risk of them occurring is low, the impact not great
and/or we have other risk management options.
1 Very unimportant. We have no important risk from expenditure spikes.
Leverage
1.Identify Risks
What are major sources of leverage you are subject to?
A Pension Obligations
B 2010 COPs
C Retiree Health Plan OPEB
D Workers Comp
E Compensated Absences
F General Liability
2.Assess Risks
What are the implications of leverage for the organization's financial flexibility?
A
B
C
D
3.Identify other risk mitigation approaches
What options do you have to avoid, reduce, or transfer the risk of leverage? (i.e., manage it without reserves)
A
B
C
D
4.Considering the above, how important for you is it to retain the risks of leverage through reserves ?
< Enter your score here
5 Very important. We are subject to significant leverage and have no other risk management approach
4 Important. We are subject to significant leverage and do not have equally significant offsetting risk management
approaches.
3 Neutral. We do not face an unusually high or low level of risk from leverage
2 Unimportant. We have one or two sources of leverage, but these are largely addressed with other risk management
strategies.
1 Very unimportant. We have no important sources of leverage that aren't already managed with out reserves.
Liquidity
1. Identify Risks
What are your major sources of potential intra-period cash imbalances?
A Payroll
B CIP
C
2. Assess Risks
How likely are these risks to occur and what is their potential magnitude?
A
B
C
3. Identify other risk mitigation approaches
What options do you have to avoid, reduce, or transfer the risk of liquidity? (i.e., manage it without reserves)
A
B
C
4. Considering the above, how important for you is it to retain the risks of expenditure spikes through reserves ?
< Enter your score here
5 Very important. We have very important potential intra-period imbalances with few risk management alternatives.
4 Important. We have important potential intra-period imbalances, but do have some off-setting risk management
alternatives.
3 Neutral. We do not face an unusually high or low level of risk from intra-period cash imbalances.
2 Unimportant. We have some minor potential intra-period cash imbalances.
1 Very unimportant. Our cash flows are very stable.
Other Funds Dependency
1. Identify Risks
What other funds rely on the general fund for an important part of their funding?
A Tidelands Operations
B Tidelands Capital
C Facitilties Financial Plan
D Facilities Maintenance Plan
E IT Fund
F Equipment Funds
G Workers Comp Fund
H General Liability
C Compensated Absences
2. Assess Risks
How likely is it that these funds will need the general fund to "backstop" them in an emergency?
A
B
C
3. Identify other risk mitigation approaches
What options do you have to avoid, reduce, or transfer the risk of other funds' dependency? (i.e., manage it without
reserves)
A
B
C
4. Considering the above, how important for you is it to retain the risks of other fund depedency through reserves ?
< Enter your score here
5 Very important. A number of funds rely on the general fund for backstopping, with few, if any, risk management
alternatives.
4 Important. We have at least some funds that rely on the general fund and this includes reliance for backstopping.
3 Neutral. We do not face an unusually high or low level of risk from other fund dependency.
2 Unimportant. There are a small number of funds that rely on the general fund, and the potential for the general fund
to need to backstop them is small.
1 Very unimportant. No other funds rely on the general fund for backstopping.
Growth
1.Identify Risks
What are potential major sources of growth in the next three to five years?
A Tourism
B Density due to urbanization and demand for coastal property
C
2.Assess Risks
What is the potential for these sources of growth to cause imbalances in the revenue received from the growth and
the expenditures needed to serve it?
A
B
C
3.Identify other risk mitigation approaches
What options do you have to avoid, reduce, or transfer the risk of growth? (i.e., manage it without reserves)
A
B
C
4.Considering the above, how important for you is it to retain the risks of expenditure spikes through reserves ?
< Enter your score here
5 Very important. We expect significant growth with imbalances in the timing of revenues and expenditures
4 Important. We have some growth that will cause imbalances in the timing of revenues and expenditures.
3 Neutral. We do not face an unusually high or low level of risk from growth
2 Unimportant. We have a small potential for future growth and/or only minor potential imbalances in the timing
between revenues and expenditures.
1 Very unimportant. We expect no growth or growth will fully pay for itself as expenditures are incurred.
Capital Projects
1. Identify Risks
What high priority capital projects don't have a funding source?
A Major Sand Management - Storm Errosion\Tide Mitigation Effort
B Bridge Replacements - General
C Ocean Pier Replacement
D Street Light Conversion - General
E Concrete Street Pavement
F Harbor Dredging below design depth
G Lecture Hall at Central Library
E Parking Structures
H Jr. Lifequard Building
I Boys & Girls Club Building
J Major Park Rehabilitiation
K Landscaping \ Slope Replacement - General
2. Assess Risks
What is the likelihood that reserves will be looked to as a funding source for the project?
A
B
C
3. Identify other risk mitigation approaches
What options do you have to avoid, reduce, or transfer the risk of capital projects using reserves as a funding source?
(i.e., manage it without reserves)
A
B
C
4. Considering the above, how important for you is it to retain the risks of expenditure spikes through reserves ?
< Enter your score here
5 Very important. There are very high profile projects with out a funding source and reserves are likely to be
considered as a funding source.
4 Important. There are at least some high profile projects where reserves may be called upon to provide at least some
of the funding.
3 Neutral. We do not face an unusually high or low level of risk from unfunded high-priority projects
2 Unimportant. High priority capital projects will probably have funding sources, if they don't already.
1 Very unimportant. All high priority capital projects have funding sources.
Guiding Your Selection of a Fund Balance Target
Step 1. Determine your total score from the risk factors
0 Your total score from the risk factors (calculated if you entered a score in other sheets)
Step 2. Preliminary Analysis
Compare your score from Step 1 to the guidelines below.
Your Score Analytical Guidance
8 - 16 You face minimal risk to retain through reserves. Consider a target equal to the GFOA minimum
recommended reserve of 16.6% of revenues/expenditures.
17-24
You face a low to moderate level of risk to retain through reserves. Consider adopting a reserve target
somewhat higher than the GFOA minimum (e.g. 17-25% of revenues/expenditures). Since risk is low, do
not invest excessive analytical effort in determining an exact target amount. Consider a short, informal
benchmarking study with peer agencies to provide guidance.
25-31
You face a moderate to high level of risk to retain through reserves. Consider adopting a target amount of
reserves significantly higher than the GFOA recommended minimum (e.g., 26 - 35%). Consider a short,
informal benchmarking survey as a starting point, but then analyze your most significant risk factors to
make sure they are adequately covered by what the survey suggests is reasonable.
32 - 40 You face a high level of risk to retain through reserves. Consider adopting a much higher target than the
GFOA minimum (e.g., greater than 35%). Consider performing a more indepth analysis of the risks you face
to arrive at target level of reserved that provides sufficient coverage.
Step 3. Consider Impact of Government Size, Budget Practices, & Borrowing Capacity
For each driver pick which description best fits you and enter the appropriate number of points.
Government Size
+2 We are under 50,000 in population
0 We are between 50,000 and 300,000 in population
-4 We are over 300,000 in popultion
Budget Practices
-3 The budget has a formal contingency beyond what is being considered for this reserve.
-2 The budget has informal contingencies beyond what is being considered for the reserve.
0 The budget is lean and has no contingencies in it.
Borrowing Capacity
-3
We have excellent external and internal borrowing capacity, including a good rating, little existing debt, and
political will to use it.
-2 We have some external and/or internal borrowing capacity and political will could be mobilized to use it.
0 We have little or no borrowing capacity.
Step 4. Consider Impact of Commitments/Assignments, Outsider Perceptions & Political Support
Place an "X" next to each statement that applies to you.
Commitments and Assignments
We we have commitments or assignments that designate fund balance for uses other than retaining the
types of risk described in this analysis. If so, these commitments/assignments should not be included in the
total reserve used to reach your target.
Outsider Perceptions
Rating agencies have given us a target level of reserve for getting a good rating. If so, use that target in
place of or in addition to a benchmarking survey to provide guidance on starting point for your target.
The public is likely to question reserve levels as too high. If so, be sure to document your analysis findings in
the other sheets.
Political Support
The governing board places great weight on the policies of comparable jurisdictions. If so, conduct a
benchmarking survey that includes governments the board preceives as relevant.
The board places great weight on rating agency recommendations. If so, tie the reserve target
recommendation to rating agency recommendations or standards.
The board places great weight on GFOA recommendations. If so, use this analysis and GFOA's Best Practices
to support your recommendation.
Step 5. Putting it All Together
A.Consider your adjusted risk score and re-consult the analytical guidance.
0 < Your adjusted risk score (risk score modified with results from Step 3)
B. Review results of Step 4.
Review each item you checked from Step 4 and add the advice to your analytical guidance.
C.Proceed with finalizing target
Proceed with setting a final reserve target based on analytical guidance.
CITY OF NEWPORT BEACH
FINANCE COMMITTEE STAFF REPORT
Agenda Item No. 5D
June 29, 2017
TO: HONORABLE CHAIR AND MEMBERS OF THE COMMITTEE
FROM: Finance Department
Dan Matusiewicz, Finance Director
(949)644-3123 or danm@newportbeachca.gov
SUBJECT: MAY 2017 TREASURY REPORT
EXECUTIVE SUMMARY
The Finance Committee requested that staff provide the monthly Treasury Report for review. As of May 31, 2017, the City’s entire investment portfolio totaled over $269 million.
RECOMMENDATION
Receive and file.
Prepared by: Submitted by:
/s/ Steve Montano /s/ Dan Matusiewicz
Steve Montano Dan Matusiewicz Deputy Finance Director Finance Director
Attachment:
A.City of Newport Beach Treasurer’s Report for the Month Ended May 31,2017
ATTACHMENT A
CITY OF NEWPORT BEACH TREASURER’S REPORT FOR THE MONTH ENDED MAY 31, 2017
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be
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in
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7
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in
May. The vote was unanimous.
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0.0
0
1,940,065.84 0.001,940,065.84
MS CN
B
-
P
F
M
08
4
6
6
4
C
G
4
BE
R
K
S
H
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H
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32
0
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0
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0
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32
0
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0
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0
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US
D
CO
R
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LT 03
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0
8
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2
0
1
6
03
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1
5
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2
0
1
6
03
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1
5
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2
0
1
9
03
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1
5
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2
0
1
9
1,
1
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8
.
4
4
319,853.58 1,381.62321,235.20
MS CN
B
-
C
h
a
n
d
l
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r
08
4
6
6
4
C
K
5
BE
R
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85
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85
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US
D
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LT 08
/
2
2
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08
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5
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08
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2
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3
.
6
1
851,642.75 -6,632.25845,010.50
MS CN
B
-
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08
4
6
6
4
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BE
R
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H
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36
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LT 08
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8
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08
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5
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1
6
08
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5
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1
9
08
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1
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0
1
9
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3
9
7
.
1
4
364,738.20 -1,880.75362,857.45
MS CN
B
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09
2
4
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US
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LT 12
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6
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12
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9
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12
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12
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2
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1
9
23
,
7
5
0
.
0
0
1,076,009.18 1,530.821,077,540.00
MS CN
B
-
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F
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13
6
0
6
A
5
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7
Ca
n
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5
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US
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2
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04
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1
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2
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11
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8
11
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3
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5
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1,501,786.12 0.001,501,786.12
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A
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Book Value,Net Unrealized Gain/LossMarket Value
MS CN
B
-
P
F
M
16
6
7
6
4
A
L
4
CH
E
V
R
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N
C
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53
0
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0
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0
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53
0
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0
0
0
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0
0
US
D
CO
R
P
ST 11
/
1
8
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2
0
1
4
11
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1
8
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2
0
1
4
11
/
1
5
/
2
0
1
7
11
/
1
5
/
2
0
1
7
31
6
.
8
2
530,000.00 127.20530,127.20
MS CN
B
-
C
h
a
n
d
l
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r
16
6
7
6
4
A
V
2
CH
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P
86
0
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0
0
0
.
0
0
86
0
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0
0
0
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0
0
US
D
CO
R
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ST 02
/
2
4
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2
0
1
5
03
/
0
3
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2
0
1
5
03
/
0
2
/
2
0
1
8
03
/
0
2
/
2
0
1
8
2,
9
0
2
.
1
4
860,000.00 189.20860,189.20
MS CN
B
-
C
h
a
n
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l
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r
16
6
7
6
4
A
V
2
CH
E
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P
84
,
0
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0
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0
0
84
,
0
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0
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US
D
CO
R
P
ST 12
/
0
9
/
2
0
1
5
12
/
1
4
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2
0
1
5
03
/
0
2
/
2
0
1
8
03
/
0
2
/
2
0
1
8
28
3
.
4
6
83,969.35 49.1384,018.48
MS CN
B
-
P
F
M
16
6
7
6
4
A
V
2
CH
E
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R
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1,
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1
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US
D
CO
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ST 06
/
1
5
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2
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1
5
06
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1
8
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2
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1
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03
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0
2
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2
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1
8
03
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0
2
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2
0
1
8
4,
0
3
2
.
6
3
1,193,967.24 1,295.661,195,262.90
MS CN
B
-
P
F
M
17
2
7
5
R
A
U
6
CI
S
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1,
6
7
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0
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1,
6
7
0
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0
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0
.
0
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US
D
CO
R
P
LT 06
/
1
0
/
2
0
1
5
06
/
1
7
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2
0
1
5
06
/
1
5
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2
0
1
8
06
/
1
5
/
2
0
1
8
12
,
7
0
5
.
9
2
1,669,899.75 4,425.551,674,325.30
MS CN
B
-
C
h
a
n
d
l
e
r
17
2
7
5
R
B
G
6
CI
S
C
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80
0
,
0
0
0
.
0
0
80
0
,
0
0
0
.
0
0
US
D
CO
R
P
LT 09
/
2
0
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2
0
1
6
09
/
2
3
/
2
0
1
6
09
/
2
0
/
2
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1
9
09
/
2
0
/
2
0
1
9
2,
2
0
8
.
8
9
800,649.40 -4,937.40795,712.00
MS CN
B
-
P
F
M
17
2
7
5
R
B
G
6
CI
S
C
O
S
Y
S
T
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S
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42
5
,
0
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0
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42
5
,
0
0
0
.
0
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US
D
CO
R
P
LT 09
/
1
3
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2
0
1
6
09
/
2
0
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2
0
1
6
09
/
2
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2
0
1
9
09
/
2
0
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2
0
1
9
1,
1
7
3
.
4
7
424,636.33 -1,914.33422,722.00
MS CN
B
-
P
F
M
24
4
2
2
E
T
A
7
JO
H
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D
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US
D
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LT 09
/
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8
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09
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1
1
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2
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1
5
08
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2
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1
8
08
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1
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2
0
1
8
7,
2
8
4
.
3
8
1,349,455.56 5,849.941,355,305.50
MS CN
B
-
P
F
M
30
2
3
1
G
A
L
6
EX
X
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1,
5
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0
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US
D
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R
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ST 03
/
0
3
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2
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1
5
03
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0
6
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2
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03
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03
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2
0
1
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6
3
7
.
2
8
1,505,000.00 -45.151,504,954.85
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
0
A
4
G
J
5
FE
D
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R
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S
1,
6
0
0
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0
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0
0
1,
6
0
0
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0
0
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0
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US
D
AG
C
Y
B
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N
D
ST 03
/
3
0
/
2
0
1
5
03
/
3
1
/
2
0
1
5
04
/
2
5
/
2
0
1
8
04
/
2
5
/
2
0
1
8
1,
8
0
0
.
0
0
1,601,750.46 -3,014.461,598,736.00
MS CN
B
-
P
F
M
31
3
0
A
8
D
B
6
FE
D
E
R
A
L
H
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3,
1
3
0
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0
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3,
1
3
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0
0
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0
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US
D
AG
C
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B
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D
LT 06
/
0
2
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2
0
1
6
06
/
0
3
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2
0
1
6
06
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1
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9
06
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2
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1
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15
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6
5
0
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0
0
3,129,106.30 -14,349.403,114,756.90
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
0
A
A
3
R
7
FE
D
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R
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K
S
1,
9
0
0
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0
0
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0
0
1,
9
0
0
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 11
/
2
9
/
2
0
1
6
11
/
3
0
/
2
0
1
6
11
/
1
5
/
2
0
1
9
11
/
1
5
/
2
0
1
9
1,
1
6
1
.
1
1
1,896,775.79 716.211,897,492.00
MS CN
B
-
P
F
M
31
3
0
A
A
3
R
7
FE
D
E
R
A
L
H
O
M
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L
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A
N
B
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K
S
2,
7
9
5
,
0
0
0
.
0
0
2,
7
9
5
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 12
/
1
5
/
2
0
1
6
12
/
1
6
/
2
0
1
6
11
/
1
5
/
2
0
1
9
11
/
1
5
/
2
0
1
9
1,
7
0
8
.
0
6
2,776,061.76 15,248.842,791,310.60
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
0
A
A
E
4
6
FE
D
E
R
A
L
H
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M
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L
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N
B
A
N
K
S
2,
0
0
0
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0
0
0
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0
0
2,
0
0
0
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 12
/
0
7
/
2
0
1
6
12
/
0
8
/
2
0
1
6
01
/
1
6
/
2
0
1
9
01
/
1
6
/
2
0
1
9
9,
3
7
5
.
0
0
1,999,933.09 -1,473.101,998,460.00
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
3
7
8
2
M
2
FE
D
E
R
A
L
H
O
M
E
L
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A
N
B
A
N
K
S
1,
7
0
0
,
0
0
0
.
0
0
1,
7
0
0
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 02
/
0
9
/
2
0
1
6
02
/
1
0
/
2
0
1
6
03
/
0
8
/
2
0
1
9
03
/
0
8
/
2
0
1
9
5,
8
7
9
.
1
7
1,715,164.16 -10,421.161,704,743.00
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
3
7
9
E
E
5
FE
D
E
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H
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N
K
S
1,
7
5
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0
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0
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7
5
0
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0
0
0
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0
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US
D
AG
C
Y
B
O
N
D
LT 06
/
2
3
/
2
0
1
6
06
/
2
4
/
2
0
1
6
06
/
1
4
/
2
0
1
9
06
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1
4
/
2
0
1
9
13
,
1
9
1
.
8
4
1,771,652.62 -13,847.621,757,805.00
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
3
8
1
C
9
4
FE
D
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H
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K
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1,
3
0
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0
0
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0
0
1,
3
0
0
,
0
0
0
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0
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US
D
AG
C
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D
LT 07
/
1
8
/
2
0
1
6
07
/
1
9
/
2
0
1
6
12
/
1
3
/
2
0
1
9
12
/
1
3
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2
0
1
9
7,
5
8
3
.
3
3
1,305,888.73 -12,570.731,293,318.00
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
3
8
3
H
U
8
FE
D
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H
O
M
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L
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A
N
B
A
N
K
S
75
0
,
0
0
0
.
0
0
75
0
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 05
/
2
3
/
2
0
1
7
05
/
2
4
/
2
0
1
7
06
/
1
2
/
2
0
2
0
06
/
1
2
/
2
0
2
0
6,
1
6
1
.
4
6
753,613.95 916.05754,530.00
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
3
E
E
F
E
5
FE
D
E
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A
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A
R
M
C
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K
S
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6
0
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6
0
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0
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US
D
AG
C
Y
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D
ST 01
/
3
0
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2
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1
5
01
/
3
0
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2
0
1
5
12
/
1
8
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2
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7
12
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1
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2
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1
7
8,
1
5
0
.
0
0
1,602,390.29 -2,694.291,599,696.00
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
3
E
E
Q
M
5
FE
D
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A
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7
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7
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0
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US
D
AG
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N
D
ST 08
/
2
8
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2
0
1
5
08
/
3
1
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2
0
1
5
02
/
2
0
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2
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1
8
02
/
2
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/
2
0
1
8
5,
2
9
4
.
0
8
1,702,026.32 -2,689.321,699,337.00
MS CN
B
-
C
h
a
n
d
l
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r
31
3
3
E
F
P
J
0
FE
D
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A
L
F
A
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M
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R
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D
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B
A
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K
S
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D
I
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G
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1,
0
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0
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1,
0
0
0
,
0
0
0
.
0
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US
D
AG
C
Y
B
O
N
D
LT 03
/
0
3
/
2
0
1
6
03
/
0
4
/
2
0
1
6
11
/
1
9
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2
0
1
8
11
/
1
9
/
2
0
1
8
43
0
.
0
0
1,003,252.00 -3,852.00999,400.00
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
3
E
F
W
5
2
FE
D
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R
A
L
F
A
R
M
C
R
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D
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B
A
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K
S
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7
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0
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0
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1,
7
0
0
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 04
/
2
6
/
2
0
1
6
04
/
2
8
/
2
0
1
6
07
/
0
1
/
2
0
1
9
07
/
0
1
/
2
0
1
9
8,
1
4
5
.
8
3
1,700,087.51 -8,162.511,691,925.00
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
3
E
G
M
6
9
FE
D
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A
L
F
A
R
M
C
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D
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T
B
A
N
K
S
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2,
1
0
0
,
0
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0
0
2,
1
0
0
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 12
/
0
6
/
2
0
1
6
12
/
0
7
/
2
0
1
6
12
/
0
5
/
2
0
1
8
12
/
0
5
/
2
0
1
8
11
,
2
9
3
.
3
3
2,096,234.69 -1,337.692,094,897.00
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
5
G
0
E
3
3
FE
D
E
R
A
L
N
A
T
I
O
N
A
L
M
O
R
T
G
A
G
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S
S
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C
I
A
T
I
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N
65
0
,
0
0
0
.
0
0
65
0
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 06
/
1
8
/
2
0
1
5
06
/
2
2
/
2
0
1
5
07
/
2
0
/
2
0
1
8
07
/
2
0
/
2
0
1
8
2,
6
6
0
.
9
4
649,619.65 -419.15649,200.50
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
5
G
0
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3
3
FE
D
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A
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N
A
T
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A
L
M
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T
G
A
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1,
0
5
0
,
0
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0
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1,
0
5
0
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 06
/
0
4
/
2
0
1
5
06
/
0
8
/
2
0
1
5
07
/
2
0
/
2
0
1
8
07
/
2
0
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2
0
1
8
4,
2
9
8
.
4
4
1,049,290.85 -582.351,048,708.50
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
5
G
0
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5
8
FE
D
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A
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N
A
T
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A
L
M
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T
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A
G
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S
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N
1,
1
3
5
,
0
0
0
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0
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1,
1
3
5
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 08
/
2
7
/
2
0
1
5
09
/
0
1
/
2
0
1
5
10
/
1
9
/
2
0
1
8
10
/
1
9
/
2
0
1
8
1,
4
8
9
.
6
9
1,134,178.89 -870.041,133,308.85
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
5
G
0
G
7
2
FE
D
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A
L
N
A
T
I
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N
A
L
M
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T
G
A
G
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A
S
S
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C
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N
1,
7
6
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,
0
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0
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1,
7
6
5
,
0
0
0
.
0
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US
D
AG
C
Y
B
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N
D
LT 10
/
3
0
/
2
0
1
5
11
/
0
3
/
2
0
1
5
12
/
1
4
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2
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1
8
12
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1
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2
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1
8
9,
2
1
1
.
0
9
1,763,688.57 -3,012.821,760,675.75
MS CN
B
-
P
F
M
31
3
5
G
0
G
7
2
FE
D
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R
A
L
N
A
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N
A
L
M
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T
G
A
G
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S
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N
4,
0
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0
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0
0
4,
0
0
0
,
0
0
0
.
0
0
US
D
AG
C
Y
B
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N
D
LT 03
/
0
2
/
2
0
1
6
03
/
0
4
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2
0
1
6
12
/
1
4
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2
0
1
8
12
/
1
4
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2
0
1
8
20
,
8
7
5
.
0
0
4,002,568.39 -12,368.393,990,200.00
MS CN
B
-
P
F
M
31
3
5
G
0
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5
3
FE
D
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R
A
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5
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US
D
AG
C
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B
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D
LT 02
/
1
9
/
2
0
1
6
02
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2
3
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2
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1
6
02
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6
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1
9
02
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2
6
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2
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1
9
3,
9
5
8
.
3
3
1,497,941.57 -6,146.571,491,795.00
MS CN
B
-
P
F
M
31
3
5
G
0
J
5
3
FE
D
E
R
A
L
N
A
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I
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N
A
L
M
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G
A
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N
2,
0
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0
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2,
0
0
5
,
0
0
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0
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US
D
AG
C
Y
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D
LT 05
/
0
3
/
2
0
1
6
05
/
0
6
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2
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1
6
02
/
2
6
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2
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1
9
02
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2
6
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2
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1
9
5,
2
9
0
.
9
7
2,006,153.01 -12,120.361,994,032.65
MS CN
B
-
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F
M
31
3
5
G
0
J
5
3
FE
D
E
R
A
L
N
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A
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6,
0
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0
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6,
0
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0
0
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0
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US
D
AG
C
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LT 06
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2
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06
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2
9
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2
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1
6
02
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6
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9
02
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2
6
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2
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1
9
15
,
8
3
3
.
3
3
6,022,282.45 -55,102.455,967,180.00
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t
Book Value,Net Unrealized Gain/LossMarket Value
MS CN
B
-
C
h
a
n
d
l
e
r
31
3
5
G
0
N
3
3
FE
D
E
R
A
L
N
A
T
I
O
N
A
L
M
O
R
T
G
A
G
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A
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S
O
C
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A
T
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N
67
5
,
0
0
0
.
0
0
67
5
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 07
/
2
9
/
2
0
1
6
08
/
0
2
/
2
0
1
6
08
/
0
2
/
2
0
1
9
08
/
0
2
/
2
0
1
9
1,
9
5
2
.
3
4
674,176.20 -6,439.20667,737.00
MS CN
B
-
P
F
M
31
3
5
G
0
N
3
3
FE
D
E
R
A
L
N
A
T
I
O
N
A
L
M
O
R
T
G
A
G
E
A
S
S
O
C
I
A
T
I
O
N
2,
4
0
0
,
0
0
0
.
0
0
2,
4
0
0
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 07
/
2
9
/
2
0
1
6
08
/
0
2
/
2
0
1
6
08
/
0
2
/
2
0
1
9
08
/
0
2
/
2
0
1
9
6,
9
4
1
.
6
7
2,397,070.94 -22,894.942,374,176.00
MS CN
B
-
P
F
M
31
3
5
G
0
P
4
9
FE
D
E
R
A
L
N
A
T
I
O
N
A
L
M
O
R
T
G
A
G
E
A
S
S
O
C
I
A
T
I
O
N
3,
0
0
0
,
0
0
0
.
0
0
3,
0
0
0
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 09
/
0
1
/
2
0
1
6
09
/
0
2
/
2
0
1
6
08
/
2
8
/
2
0
1
9
08
/
2
8
/
2
0
1
9
7,
7
5
0
.
0
0
2,994,400.47 -19,840.472,974,560.00
MS CN
B
-
P
F
M
31
3
5
G
0
R
3
9
FE
D
E
R
A
L
N
A
T
I
O
N
A
L
M
O
R
T
G
A
G
E
A
S
S
O
C
I
A
T
I
O
N
1,
7
0
5
,
0
0
0
.
0
0
1,
7
0
5
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 01
/
0
5
/
2
0
1
7
01
/
1
0
/
2
0
1
7
10
/
2
4
/
2
0
1
9
10
/
2
4
/
2
0
1
9
1,
7
5
2
.
3
6
1,687,291.95 1,425.301,688,717.25
MS CN
B
-
P
F
M
31
3
5
G
0
R
3
9
FE
D
E
R
A
L
N
A
T
I
O
N
A
L
M
O
R
T
G
A
G
E
A
S
S
O
C
I
A
T
I
O
N
1,
3
9
5
,
0
0
0
.
0
0
1,
3
9
5
,
0
0
0
.
0
0
US
D
AG
C
Y
B
O
N
D
LT 12
/
1
5
/
2
0
1
6
12
/
1
6
/
2
0
1
6
10
/
2
4
/
2
0
1
9
10
/
2
4
/
2
0
1
9
1,
4
3
3
.
7
5
1,373,952.31 7,725.441,381,677.75
MS CN
B
-
P
F
M
31
3
5
G
0
T
2
9
FE
D
E
R
A
L
N
A
T
I
O
N
A
L
M
O
R
T
G
A
G
E
A
S
S
O
C
I
A
T
I
O
N
1,
0
5
5
,
0
0
0
.
0
0
1,
0
5
5
,
0
0
0
.
0
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2
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399,977.07 973.33400,950.40
MS CN
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249,972.34 47.73250,020.08
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Book Value,Net Unrealized Gain/LossMarket Value
MS CN
B
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44
9
3
1
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8
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LT 03
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03
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2
4
379,970.33 728.45380,698.78
MS CN
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LT 04
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04
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1,451,702.70 3,966.601,455,669.30
MS CN
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1,968,483.67 -7,722.971,960,760.70
MS CN
B
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45
9
2
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US
D
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ST 02
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02
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0
6
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2
0
1
5
02
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6
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2
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1
8
02
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0
6
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0
1
8
3,
7
1
9
.
5
3
1,034,272.18 -741.881,033,530.30
MS CN
B
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45
9
2
0
0
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Z
7
IN
T
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R
N
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US
D
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ST 02
/
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1
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02
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0
6
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2
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1
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02
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6
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2
0
1
8
02
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0
6
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2
0
1
8
6,
5
5
8
.
5
9
1,823,716.64 -1,308.141,822,408.50
MS CN
B
-
P
F
M
45
9
2
0
0
J
N
2
IN
T
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R
N
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US
D
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LT 02
/
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2
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1
7
02
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0
3
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01
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7
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2
0
2
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2
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2
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10
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7
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1
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1,634,402.92 4,324.881,638,727.80
MS CN
B
-
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46
6
2
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US
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LT 02
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1
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1
9
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2
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1
9
13
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1
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.
6
9
1,648,689.74 1,695.611,650,385.35
MS CN
B
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47
7
8
7
7
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9
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US
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LT 08
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09
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1
4
01
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1
5
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2
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1
8
11
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1
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2
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1
8
49
.
3
7
103,821.69 -91.41103,730.29
MS CN
B
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h
a
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d
l
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r
47
7
8
7
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3
49
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4
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3
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1
2
US
D
AB
S
LT 12
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0
3
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1
4
12
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0
8
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1
4
01
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1
5
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2
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1
8
11
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1
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2
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1
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54
.
3
7
114,318.34 -98.47114,219.87
MS CN
B
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a
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7
8
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US
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4
20,142.84 -4.9620,137.88
MS CN
B
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7
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LT 02
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26
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389,998.92 233.79390,232.71
MS CN
B
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408,918.62 -139.86408,778.76
MS CN
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32
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7
3
670,301.80 -498.33669,803.48
MS CN
B
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4
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1
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484,767.86 -180.11484,587.75
MS CN
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999,245.51 -7,925.51991,320.00
MS CN
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4
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24
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374,998.14 23.23375,021.38
MS CN
B
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65
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5
3
184,982.51 -592.29184,390.22
MS CN
B
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4
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477,979.43 -505.69477,473.73
MS CN
B
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3
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82
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1
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252,549.62 317.88252,867.50
MS CN
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3
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27
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499,967.61 217.39500,185.00
MS CN
B
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3
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MS CN
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499,999.47 325.53500,325.00
MS CN
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04
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26
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.
7
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244,990.94 -25.24244,965.70
MS CN
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74
7
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824,542.27 432.98824,975.25
MS CN
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429,812.30 174.80429,987.10
MS CN
B
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1,260,000.00 0.001,260,000.00
MS CN
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D
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03
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50
6
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2
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150,229.79 -154.79150,075.00
MS CN
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8
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874,710.68 726.82875,437.50
MS CN
B
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ST 04
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03
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35
4
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3
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105,110.42 -57.92105,052.50
MS CN
B
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85
7
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7
A
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40
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US
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LT 05
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08
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3
3
408,070.10 -386.10407,684.00
MS CN
B
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85
7
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60
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60
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US
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10
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08
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5
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617,318.50 -5,792.50611,526.00
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Book Value,Net Unrealized Gain/LossMarket Value
MS CN
B
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86
5
6
3
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V
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0
Su
m
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US
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LT 05
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0
3
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1
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05
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4
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6
7
3
.
4
2
1,700,000.00 0.001,700,000.00
MS CN
B
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86
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US
D
CD
LT 01
/
1
0
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2
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1
7
01
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1
2
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2
0
1
7
01
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2
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1
9
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1
0
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2
0
1
9
9,
1
8
7
.
5
0
1,250,000.00 0.001,250,000.00
MS CN
B
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h
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r
89
2
3
1
L
A
B
3
TA
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1
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A
70
5
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0
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70
5
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0
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0
0
US
D
AB
S
LT 10
/
0
4
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1
6
10
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1
2
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2
0
1
6
07
/
1
5
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2
0
1
8
05
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1
5
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2
0
1
9
33
2
.
1
3
704,973.23 -881.20704,092.03
MS CN
B
-
P
F
M
89
2
3
6
T
C
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8
TO
Y
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55
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0
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55
0
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0
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0
0
US
D
CO
R
P
LT 07
/
0
8
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1
5
07
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1
3
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2
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1
5
07
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3
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2
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1
8
07
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1
3
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2
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1
8
3,
2
6
7
.
9
2
549,823.56 803.44550,627.00
MS CN
B
-
P
F
M
89
2
3
6
T
C
U
7
TO
Y
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A
M
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38
0
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0
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0
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0
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0
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US
D
CO
R
P
LT 02
/
1
6
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2
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1
6
02
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1
9
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2
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1
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02
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9
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02
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3
3
379,973.61 687.59380,661.20
MS CN
B
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h
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89
2
3
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US
D
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LT 05
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1
7
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1
6
05
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2
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1
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05
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2
0
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2
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1
9
05
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2
0
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2
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1
9
42
7
.
7
8
999,075.11 -4,285.11994,790.00
MS CN
B
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M
89
2
3
6
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4
TO
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US
D
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LT 01
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5
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1
7
01
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1
0
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1
7
01
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9
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2
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1
9
01
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9
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2
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1
9
6,
7
0
5
.
5
6
1,001,201.02 648.981,001,850.00
MS CN
B
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h
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89
2
3
6
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A
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2
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3
76
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37
5
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1
1
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8
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US
D
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S
LT 02
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2
4
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2
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1
5
03
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0
4
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2
0
1
5
05
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1
5
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2
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02
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5
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2
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18
6
.
7
2
375,101.06 -273.18374,827.88
MS CN
B
-
P
F
M
89
2
3
7
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9
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1
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3
25
0
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US
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S
LT 08
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1
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1
6
08
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1
6
12
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1
5
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1
9
08
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2
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2
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12
6
.
6
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249,995.63 -1,267.58248,728.05
MS CN
B
-
P
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M
89
2
3
8
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A
D
0
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T
1
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3
22
0
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0
22
0
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0
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0
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US
D
AB
S
LT 03
/
0
7
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2
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1
7
03
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1
5
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2
0
1
7
05
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1
5
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2
0
2
0
02
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1
6
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2
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2
1
16
9
.
1
6
219,976.44 549.03220,525.47
MS CN
B
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C
h
a
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l
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90
3
3
1
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M
L
4
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B
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0
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25
0
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0
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0
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US
D
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R
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LT 12
/
0
6
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1
6
12
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0
9
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2
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1
6
09
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8
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1
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10
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8
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2
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1
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48
6
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9
8
251,477.94 692.06252,170.00
MS CN
B
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90
4
7
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12
5
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5
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0
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0
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US
D
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R
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LT 05
/
0
2
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2
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1
7
05
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0
5
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2
0
1
7
05
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5
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2
0
2
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05
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5
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2
0
2
0
16
2
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5
0
124,610.77 357.98124,968.75
MS CN
B
-
C
h
a
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91
1
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D
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LT 01
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2
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6
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6
03
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9
04
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1
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3
1
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0
0
1,055,430.13 5,552.871,060,983.00
MS CN
B
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h
a
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d
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r
91
2
8
2
8
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5
2
UN
I
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50
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0
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US
D
US
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LT 09
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3
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1
6
10
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3
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1
6
01
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3
1
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2
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2
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9
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0
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503,959.31 -5,719.31498,240.00
MS CN
B
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91
2
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2
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5
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0
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US
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LT 11
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11
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9
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1
6
01
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2
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4
5
1,406,082.65 -11,010.651,395,072.00
MS CN
B
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91
2
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2
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5
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1,210,250.82 -11,186.821,199,064.00
MS CN
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1,704,768.74 -8,814.741,695,954.00
MS CN
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2,221,606.32 17,751.182,239,357.50
MS CN
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2,416,394.31 26,993.542,443,387.85
MS CN
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2,683,654.10 1,679.102,685,333.20
MS CN
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83
5
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6
4
200,388.25 -412.25199,976.00
MS CN
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91
2
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LT 04
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04
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2
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1,501,847.17 -2,027.171,499,820.00
MS CN
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2
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US
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LT 10
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10
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1
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04
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3
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2
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1
9
04
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3
0
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2
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1
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65
2
.
1
7
600,595.49 -949.49599,646.00
MS CN
B
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C
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a
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91
2
8
2
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LT 07
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6
5
1,100,270.63 -919.631,099,351.00
MS CN
B
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91
2
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49
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1,596,872.92 -1,752.921,595,120.00
MS CN
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2
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07
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1,713,553.92 -4,044.421,709,509.50
MS CN
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91
2
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1,734,291.56 868.441,735,160.00
MS CN
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550,234.31 -3,523.31546,711.00
MS CN
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1,199,812.10 -9,088.101,190,724.00
MS CN
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1,698,366.53 12,143.471,710,510.00
MS CN
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92
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1,999,591.08 -3,571.081,996,020.00
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MS CN
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2
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2,238,498.85 14,763.652,253,262.50
MS CN
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06
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800,174.45 3,481.55803,656.00
MS CN
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8
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998,277.09 10,992.911,009,270.00
MS CN
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MS CN
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MS CN
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S
u
m
i
t
o
m
o
M
i
t
s
u
i
B
a
n
k
i
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g
Co
r
p
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r
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n
1,7
0
0
,
0
0
0
.
0
0
U
S
D
B
u
y
0
5
/
0
3
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7
0
5
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1
,
7
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0
.
0
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.
0
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,
7
0
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0
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CN
B
-
C
h
a
n
d
l
e
r
8
9
2
3
6
W
A
C
2
T
A
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T
1
5
A
A
3
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4
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9
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9
.
7
0
U
S
D
P
r
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p
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P
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d
o
w
n
0
5
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1
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2
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1
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0
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9
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7
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7
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CN
B
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P
F
M
9
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A
V
9
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N
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L
E
V
E
R
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A
P
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R
P
1
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5
,
0
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0
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S
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B
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6
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6
0
1
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,
6
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2
5
--
-
-
-
-
-
-
-
1
6
8
,
5
4
6
.
4
4
U
S
D
-
-
-
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-
-
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-
0
8
/
0
2
/
2
0
1
8
-
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1
8
8
,
6
7
8
.
5
4
4
,
5
5
5
.
8
8
-
1
9
3
,
2
3
4
.
4
2
GA
A
P
T
r
a
d
i
n
g
A
c
t
i
v
i
t
y
05
/
0
1
/
2
0
1
7
-
0
5
/
3
1
/
2
0
1
7
(M
e
d
i
u
m
-
t
e
r
m
P
o
r
t
f
o
l
i
o
)
CI
T
Y
O
F
Ne
w
p
o
r
t
B
e
a
c
h
GL
O
S
S
A
R
Y
O
F
T
E
R
M
S
Ac
c
r
u
e
d
In
t
e
r
e
s
t
‐
Th
e
in
t
e
r
e
s
t
th
a
t
ha
s
ac
c
u
m
u
l
a
t
e
d
on
a bo
n
d
si
n
c
e
th
e
la
s
t
in
t
e
r
e
s
t
pa
y
m
e
n
t
up
to
,
bu
t
no
t
in
c
l
u
d
i
n
g
,
th
e
se
t
t
l
e
m
e
n
t
da
t
e
.
Accrued interest occurs as a result of the
di
f
f
e
r
e
n
c
e
in
ti
m
i
n
g
of
ca
s
h
fl
o
w
s
an
d
th
e
me
a
s
u
r
e
m
e
n
t
of
th
e
s
e
ca
s
h
fl
o
w
s
.
Am
o
r
t
i
z
e
d
Co
s
t
‐
Th
e
am
o
u
n
t
at
wh
i
c
h
an
in
v
e
s
t
m
e
n
t
is
ac
q
u
i
r
e
d
,
ad
j
u
s
t
e
d
fo
r
ac
c
r
e
t
i
o
n
,
am
o
r
t
i
z
a
t
i
o
n
,
an
d
co
l
l
e
c
t
i
o
n
of
ca
s
h
.
Av
e
r
a
g
e
Cr
e
d
i
t
Ra
t
i
n
g
‐
Th
e
av
e
r
a
g
e
cr
e
d
i
t
wo
r
t
h
i
n
e
s
s
of
a po
r
t
f
o
l
i
o
,
we
i
g
h
t
e
d
in
pr
o
p
o
r
t
i
o
n
to
th
e
do
l
l
a
r
am
o
u
n
t
th
a
t
is
in
v
e
s
t
e
d
in
th
e
po
r
t
f
o
l
i
o
.
Co
n
v
e
x
i
t
y
‐
Th
e
re
l
a
t
i
o
n
s
h
i
p
be
t
w
e
e
n
bo
n
d
pr
i
c
e
s
an
d
bo
n
d
yi
e
l
d
s
th
a
t
de
m
o
n
s
t
r
a
t
e
s
ho
w
th
e
du
r
a
t
i
o
n
of
a bo
n
d
ch
a
n
g
e
s
as
th
e
in
t
e
r
e
s
t
ra
t
e
changes.
Cr
e
d
i
t
Ra
t
i
n
g
‐
An
as
s
e
s
s
m
e
n
t
of
th
e
cr
e
d
i
t
wo
r
t
h
i
n
e
s
s
of
an
en
t
i
t
y
wi
t
h
re
s
p
e
c
t
to
a pa
r
t
i
c
u
l
a
r
fi
n
a
n
c
i
a
l
ob
l
i
g
a
t
i
o
n
.
Th
e
cr
e
d
i
t
ra
t
i
n
g
is
in
v
e
r
s
e
l
y
related to the possibility of debt
de
f
a
u
l
t
.
Du
r
a
t
i
o
n
‐
A me
a
s
u
r
e
of
th
e
ex
p
o
s
u
r
e
to
in
t
e
r
e
s
t
ra
t
e
ri
s
k
an
d
se
n
s
i
t
i
v
i
t
y
to
pr
i
c
e
fl
u
c
t
u
a
t
i
o
n
of
fi
x
e
d
‐in
c
o
m
e
in
v
e
s
t
m
e
n
t
s
.
Du
r
a
t
i
o
n
is
ex
p
r
e
s
s
e
d
as a number of years.
Fa
i
r
Va
l
u
e
‐
Th
e
pr
i
c
e
th
a
t
a gi
v
e
n
pr
o
p
e
r
t
y
or
as
s
e
t
wo
u
l
d
fe
t
c
h
in
th
e
op
e
n
ma
r
k
e
t
p
l
a
c
e
.
In
c
o
m
e
Re
t
u
r
n
‐
Th
e
pe
r
c
e
n
t
a
g
e
of
th
e
to
t
a
l
re
t
u
r
n
ge
n
e
r
a
t
e
d
by
th
e
in
c
o
m
e
fr
o
m
in
t
e
r
e
s
t
or
di
v
i
d
e
n
d
s
.
Ma
r
k
e
t
Va
l
u
e
‐
An
as
s
e
t
s
fa
i
r
va
l
u
e
pl
u
s
an
y
ac
c
r
u
e
d
in
t
e
r
e
s
t
.
Or
i
g
i
n
a
l
Co
s
t
‐
Th
e
or
i
g
i
n
a
l
co
s
t
of
an
as
s
e
t
ta
k
e
s
in
t
o
co
n
s
i
d
e
r
a
t
i
o
n
al
l
of
th
e
co
s
t
s
th
a
t
ca
n
be
at
t
r
i
b
u
t
e
d
to
it
s
pu
r
c
h
a
s
e
an
d
to
pu
t
t
i
n
g
th
e
as
s
e
t
to use.
Pa
r
Va
l
u
e
‐
Th
e
fa
c
e
va
l
u
e
of
a bo
n
d
.
Pa
r
va
l
u
e
is
im
p
o
r
t
a
n
t
fo
r
a bo
n
d
or
fi
x
e
d
‐in
c
o
m
e
in
s
t
r
u
m
e
n
t
be
c
a
u
s
e
it
de
t
e
r
m
i
n
e
s
it
s
ma
t
u
r
i
t
y
va
l
u
e
as
well as the dollar value of coupon
pa
y
m
e
n
t
s
.
Pr
i
c
e
Re
t
u
r
n
‐
Th
e
pe
r
c
e
n
t
a
g
e
of
th
e
to
t
a
l
re
t
u
r
n
ge
n
e
r
a
t
e
d
by
ca
p
i
t
a
l
ap
p
r
e
c
i
a
t
i
o
n
du
e
to
ch
a
n
g
e
s
in
th
e
ma
r
k
e
t
pr
i
c
e
of
an
as
s
e
t
.
Pu
r
c
h
a
s
e
Yi
e
l
d
‐Th
e
me
a
s
u
r
e
of
a bo
n
d
’
s
re
c
u
r
r
i
n
g
re
a
l
i
z
e
d
in
v
e
s
t
m
e
n
t
in
c
o
m
e
th
a
t
co
m
b
i
n
e
s
bo
t
h
th
e
bo
n
d
’
s
co
u
p
o
n
re
t
u
r
n
pl
u
s
it
am
o
r
t
i
z
a
t
i
o
n
.
To
t
a
l
Re
t
u
r
n
‐
Th
e
ac
t
u
a
l
ra
t
e
of
re
t
u
r
n
of
an
in
v
e
s
t
m
e
n
t
ov
e
r
a gi
v
e
n
ev
a
l
u
a
t
i
o
n
pe
r
i
o
d
.
To
t
a
l
re
t
u
r
n
is
th
e
co
m
b
i
n
a
t
i
o
n
of
in
c
o
m
e
an
d
pr
i
c
e
re
t
u
r
n
.
Un
r
e
a
l
i
z
e
d
Ga
i
n
s
/
(
L
o
s
s
)
‐
a pr
o
f
i
t
a
b
l
e
/
(
l
o
s
i
n
g
)
po
s
i
t
i
o
n
th
a
t
ha
s
ye
t
to
be
ca
s
h
e
d
in
.
Th
e
ac
t
u
a
l
ga
i
n
/
(
l
o
s
s
)
is
no
t
re
a
l
i
z
e
d
un
t
i
l
th
e
po
s
i
t
i
o
n
is
cl
o
s
e
d
.
A position with an unrealized gain
ma
y
ev
e
n
t
u
a
l
l
y
tu
r
n
in
t
o
a po
s
i
t
i
o
n
wi
t
h
an
un
r
e
a
l
i
z
e
d
lo
s
s
,
as
th
e
ma
r
k
e
t
fl
u
c
t
u
a
t
e
s
an
d
vi
c
e
ve
r
s
a
.
We
i
g
h
t
e
d
Av
e
r
a
g
e
Ef
f
e
c
t
i
v
e
Ma
t
u
r
i
t
y
– Th
e
av
e
r
a
g
e
ti
m
e
it
ta
k
e
s
fo
r
se
c
u
r
i
t
i
e
s
in
a po
r
t
f
o
l
i
o
to
ma
t
u
r
e
,
ta
k
i
n
g
in
t
o
ac
c
o
u
n
t
th
e
po
s
s
i
b
i
l
i
t
y
th
a
t
any of the bonds might be called
ba
c
k
to
th
e
is
s
u
e
r
.
We
i
g
h
t
e
d
Av
e
r
a
g
e
Li
f
e
‐
Th
e
av
e
r
a
g
e
nu
m
b
e
r
of
ye
a
r
s
fo
r
wh
i
c
h
ea
c
h
do
l
l
a
r
of
un
p
a
i
d
pr
i
n
c
i
p
a
l
on
an
in
v
e
s
t
m
e
n
t
re
m
a
i
n
s
ou
t
s
t
a
n
d
i
n
g
,
we
i
g
h
t
e
d
by the size of each principal
pa
y
o
u
t
.
We
i
g
h
t
e
d
Av
e
r
a
g
e
Ma
t
u
r
i
t
y
‐
Th
e
av
e
r
a
g
e
ti
m
e
it
ta
k
e
s
fo
r
se
c
u
r
i
t
i
e
s
in
a po
r
t
f
o
l
i
o
to
ma
t
u
r
e
,
we
i
g
h
t
e
d
in
pr
o
p
o
r
t
i
o
n
to
th
e
do
l
l
a
r
am
o
u
n
t
th
a
t
is invested in the portfolio. Weighted
av
e
r
a
g
e
ma
t
u
r
i
t
y
me
a
s
u
r
e
s
th
e
se
n
s
i
t
i
v
i
t
y
of
fi
x
e
d
‐in
c
o
m
e
po
r
t
f
o
l
i
o
s
to
in
t
e
r
e
s
t
ra
t
e
ch
a
n
g
e
s
.
Yi
e
l
d
‐
Th
e
in
c
o
m
e
re
t
u
r
n
on
an
in
v
e
s
t
m
e
n
t
.
Th
i
s
re
f
e
r
s
to
th
e
in
t
e
r
e
s
t
or
di
v
i
d
e
n
d
s
re
c
e
i
v
e
d
fr
o
m
a se
c
u
r
i
t
y
an
d
is
ex
p
r
e
s
s
e
d
as
a pe
r
c
e
n
t
a
g
e
based on the investment's cost and its
cu
r
r
e
n
t
ma
r
k
e
t
va
l
u
e
.
Yi
e
l
d
to
Ma
t
u
r
i
t
y
at
Co
s
t
(Y
T
M
@ Co
s
t
)
‐
Th
e
in
t
e
r
n
a
l
ra
t
e
of
re
t
u
r
n
an
t
i
c
i
p
a
t
e
d
on
a bo
n
d
if
he
l
d
un
t
i
l
th
e
en
d
of
it
s
li
f
e
t
i
m
e
.
Yi
e
l
d
to
Ma
t
u
r
i
t
y
at
Ma
r
k
e
t
(Y
T
M
@ Ma
r
k
e
t
)
‐
Th
e
in
t
e
r
n
a
l
ra
t
e
of
re
t
u
r
n
of
a bo
n
d
ad
j
u
s
t
e
d
fo
r
an
y
ca
p
i
t
a
l
ga
i
n
s
or
lo
s
s
e
s
th
e
pr
i
c
e
re
p
r
e
s
e
n
t
s
relative to the current market
va
l
u
e
.
Updated 06/01/17
Scheduled Date Agenda Title Agenda Description
Tuesday, May 23, 2017 Joint Study Session on the Budget with the City Council
Thursday, June 01, 2017 Review of FY 2017-18 Proposed Budget In accordance with Sections 504 and 1101 of the City Charter, the Finance
Committee will review the City Manager's proposed budget and give
recommendations to the City Manager in advance of the budget's presentation
to the City Council. The Committee's recommendations shall be provided in writing to the City Council along with the City Manager's presented budget.
Review of Finance Committee Workplan Staff will review with the Committee the agenda topics scheduled for the
remainder of the calendar year.
OPEB/Pension Funding Policies Staff will present draft pension and OPEB funding policies for committee
consideration.Thursday, June 15, 2017
Thursday, June 29, 2017 Wastewater Rate Increase Staff will present the proposed sewer rate increase prior to City Council consideration.Pension Discussion Agenda item reserved for any discussion regarding the status of the City's
pension liability.
Review of Finance Committee Workplan Staff will review with the Committee the agenda topics scheduled for the
remainder of the calendar year.
Scoping of Reserve Policy Analysis
NO MEETINGS
NO MEETINGS
Thursday, September 14, 2017 Investment Performance Review Staff and/or one or more investment advisors will describe the performance of
the City's investment portfolio.
Investment Advisor Contract Discussion & Recommendation Staff will review the previous request for proposal and address statements and questions that were made at the last year's contract review meeting.Review of Public Employees Retirement System (PERS)
Valuation
Staff will present the latest actuarial valuation changes to actuarial
assumptions, a review of investment returns, the potential impact of future
rates, and the results of employee cost sharing.
Budget Amendments Receive and file a staff report on the budget amendments for the prior quarter.
Review of Finance Committee Workplan Staff will review with the Committee the agenda topics scheduled for the remainder of the calendar year.
Thursday, October 12, 2017 Budget Amendments Receive and file a staff report on the budget amendments for the prior quarter.
Reserve Policy Staff will present additional revisions to Policy F-2 that were requested by the
Finance Committee in March 2017.
Debt Policy Staff will present changes to Debt Policy F-6 that are required per SB1029.
Review of Finance Committee Workplan Staff will review with the Committee the agenda topics scheduled for the remainder of the calendar year. Pension Discussion Agenda item reserved for any discussion regarding the status of the City's pension liability.
Thursday, November 09, 2017 Review of Post Employment Retiree Insurance Actuarial Valuation (AKA OPEB)The City's OPEB actuary will review the City's latest OPEB valuation and liability.
Internal Control Assessment and Insurance Risk Analysis Staff will review the proposed internal control assessment timeline with the Committee. The City's insurance broker will provide a risk analysis to determine the appropriate amount of insurance to purchase.Pension Discussion Agenda item reserved for any discussion regarding the status of the City's
pension liability, funding policy and Section 115 Pension Prefunding Funding
Trust.
Review of Finance Committee Workplan Staff will review with the Committee the agenda topics scheduled for the
remainder of the calendar year.
Thursday, December 14, 2017 Year-End Closing Results Staff will present the preliminary year-end closing results for Fiscal Year 2016-2017.Review of Finance Committee Workplan Staff will review with the Committee the agenda topics scheduled for the remainder of the calendar year.
November
December
City of Newport Beach Finance Committee Work Plan 2017
May
June
July
August
October
September
CANCELLED
I:\Users\FIN\Shared\Admin\Finance Committee\WORKPLAN\2017\2017 FC Workplan 1
Item No. 5F
Review of Finance Committee Work Plan
Additional Materials Received
June 29, 2017