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HomeMy WebLinkAboutFS 2016-12-06 Item 2D - Report - 2016 2nd Quarter Report: InvestmentTO: City of Tukwila INFORMATIONAL MEMORANDUM Mayor Ekberg Finance and Safety Committee Allan Ekberg, Mayor FROM: Peggy McCarthy, Finance Director BY: Vicky Carlsen, Deputy Finance Director DATE: November 30, 2016 SUBJECT: Second Quarter 2016 Cash & Investment Report ISSUE The second quarter Investment Report is included with this memorandum and is discussed below. BACKGROUND City funds are invested to earn a reasonable return while preserving principal and allowing sufficient liquidity to meet the City's operating needs. To achieve these objectives investments are diversified by type, by financial institution, and by maturities in compliance with the City Investment Policy. DISCUSSION Portfolio Components As of June 30, 2016, the portfolio totaled $54.5 million comprised of $43.4 million in cash and cash equivalents and $11.1 in longer term investments. The portfolio balance increased by $1.9 million from a March 31, 2016 balance of $52.6 million. Details on individual fund activity is provided below in the Fund Cash Investment Balances section. In May, two of the City's agency investments were called. On May 23rd, a Federal National Mortgage Association agency investment of $1 million was called. Additionally, on May 25th, a Federal Home Loan Mortgage Corp. agency investment of $1 million called. At this time, the City has not replaced these investments with new longer -term investments. We continue to look for investments where the interest rate exceeds the rate the City receives with US Bank. Portfolio Performance The portfolio weighted average yield on June 30, 2016, was .41%. Considering the portfolio's weighted average maturity was 0.8 years, and the yield on the cash & cash equivalent accounts was .21%, the portfolio yield of 0.41% is still favorable. The total yield has been sustained by the 4.14% average yield on the municipal bond investments, the .43% yield on the certificate of deposits, the 1.15% yield on the agencies, and the .45% earnings credit on the US Bank depository account. Investment income through the end of June 2016 for all investments is $221,633 against an annual budget of $227,322. Not included in the portfolio is interest earned from the operating and capital loans to the MPD. The operating loan is being repaid on a monthly basis and will be paid in full by May 2023. Interest earned on the loan through June 2016 is $8,147. The capital loan is being repaid semi - annually 55 INFORMATIONAL MEMO Page 2 and will be paid in full by December 2022. Interest accrued through June 2016 is $9,917. Attached to the investment report are amortization schedules for both loans to the MPD. Policy Compliance and Liquidity Analysis As of the end of the 2nd quarter, the portfolio profile is well within the range of all the investment policy parameters. There is currently a healthy mix of investments with a range of maturity dates. Current investments allow for adequate cash flow requirements. Fund Cash & Investment Balances Year over Year Comparison Total fund cash and investments balances are $52.9 million, which is $1.8 million higher than second quarter 2015. The general fund total cash and investment balance is $8.9 million, which is $704K higher than June of 2015. Most revenue categories continue to perform well, with gambling taxes continuing to exceed budget coupled with revenue outpacing spending. The arterial street fund in the capital projects fund group shows a decrease of $2 million. In 2015, the City issued $5.8 million LTGO bonds as partial funding for the Interurban South and BAR Bridge projects. Proceeds are expected to be spent by the end of 2016. A one -time increase in Real Estate Excise Tax at the end of 2015 of $700 thousand accounts for much of the of $856 thousand increase in the Land Acquisition, Rec., and Park Fund. Utility funds all have increases in fund balances from the prior year through June. Investment Environment While the Federal Reserve increased the target rate from zero to 0.25% in December 2015, it was anticipated that an additional rate hike could occur in June of 2016. However, in June, it was decided that a rate hike in June would be postponed. It is now predicted that there may be an interest rate hike in December. Even if a rate hike does occur, interest rates will likely remain low and fluctuate within a narrow range for some time to come. Locally, the steady growth realized in 2015 is expected to continue through 2016. There is growth in housing permits, housing inventories are low and rents are rising. Employment shows growth while unemployment rates in King County continue to fall. The portfolio will continue to be managed to take advantage of investment opportunities as they arise. RECOMMENDATION Presentation is for information only. ATTACHMENTS Cash and Investment Report Policy Compliance & Liquidity Analysis Cash and Investment Balances by Fund Treasury Rates and Yield Curves Amortization Schedule — MPD Operating Loan Amortization Schedule — MPD Capital Loan 56 Agency / Issuer CITY OF TUKWILA CASH & INVESTMENT REPORT June 30, 2016 (a) (c) (d) Rating Purchase Maturity Term Par Book Yield to Year -to -Date Moodys Investment Type Date Date Yrs Value Balance Maturity Return CASH & CASH EQUIVALENTS US Bank Washington State Treasurer Columbia Bank Depository Various (b) $18,241,130 $18,241,130 (e) 45,402 (e) 0.45% LGIP Investment Pool Various (b) 10,972,546 10,972,546 (f) 23,695 (b) 0.4488% Money market Various (b) 14,180,609 14,180,609 (f) 33,816 (f) 0.52% Total Cash & Cash Equivalents INVESTMENTS Certificates of Deposit Bank of Washington Sound Community Bank 43,394,286 43,394,286 0.24% 102,913 Certificate of Deposit 5/2/2016 6/2/2017 1.1 250,000 250,000 0.80% 493 (g) Certificate of Deposit 3/4/2014 3/4/2017 3.0 3,000,000 3,188,291 0.85% 13,554 (9) CERTIFICATES OF DEPOSIT -- TOTAL 2.9 3,250,000 3,438,291 0.43% 14,047 Agencies Federal Home Loan Mfg Corp US agency 1/12/2016 5/26/2017 1.4 1,000,000 999,000 0.75% 4,750 (FHLMC) FHLB US agency 9/21/2015 9/21/2018 3.0 1,000,000 1,000,000 1.22% (f) 6,100 FHLMC US agency 5/29/2015 5/25/2018 3.0 1,000,000 1,001,750 1.25% (f) 6,250 Federal Farm Credit Bank US agency 1/19/2016 12/21/2018 2.9 1,000,000 1,001,597 1.38% (f) 6,875 (FFCB) TOTAL AGENCIES 2.6 4,000,000 4,002,347 0.60% 23,975 Taxable Municipal Bonds Washington State Convention Aa3 Lodging Tax Bonds 11/30/2010 7/1/2016 5.6 500,000 500,728 3.60% 9,808 Center Facility City of Marysville, sinking Aa3 LTGO Refunding 11/23/2010 12/1/2017 5.5 290,000 327,149 3.37% 7,879 2014 -2017, ave 5.5 years Skagit County BAB Aa3 1/12/2016 12/1/2017 0.4 365,000 365,000 2.85% 5,201 UW Biomedical Center Aal Revenue Bonds 12/14/2010 7/1/2017 6.6 500,000 501,586 4.05% 10,740 UW Biomedical Center Aal Revenue Bonds 12/14/2010 7/1/2019 8.6 500,000 502,565 4.70% 12,203 Douglas County, ESD, sinking Aal UTGO 12/23/2010 12/1/2020 8.9 1,135,000 1,144,802 4.55% 27,240 2018 -2020, ave 9 yrs Port of Anacortes Al LTGO 12/17/2010 9/1/2020 9.7 340,000 333,598 5.00% 7,628 TOTAL MUNICIPAL BONDS 6.3 Total Investments 4.1 3,630,000 3,675,428 2.20% 10, 880, 000 11,116, 066 1.07% 80,698 118,720 TOTAL CASH, CASH EQUIVALENTS & INVESTMENTS 0.8 $ 54,274,286 $ 54,510,352 I 0.41% I $ 221,633 (a) On calleable bonds, term is calculated to final maturity even though call date may occur first; term of liquid investments is one day; on sinking fund bonds, average maturity is used to calculate term. (b) No fixed maturity, funds are available within one day. (c) Yield to Maturity represents average rate for the year for various investment vehicles. (d) Year -to -Date Return represents actual earnings to date for bonds. (e) Represents earning credit from US Bank. City earns interest up to the amount of fees. ()Represents rate in effect for period ending this report. annualized return above the current CD rates. the annualized return above the current CD rates. (h) Annualized Return represents actual earnings through current reporting period Current Portfolio Yield Percent of Cash & Investment Portfolio Agencies 7% Money Market 26% CDs 6% Municipal Bonds 7% LOP 20% Cash 34% 57 CITY OF TUKWILA Policy Compliance & Liquidity Analysis CASH & INVESTMENT REPORT June 30, 2016 Liquidity Analysis & Maturity Diversification Funds immediately available Fixed Maturity Investments, maturing in: 0 -90 days after Report Date 91 -180 days after Report Date 181 -270 days after Report Date 271 -360 days after Report Date Investments maturing in 1 year or less Investments maturing in 1 -3 years Investments maturing in 3 -5 years Investments maturing in 5 -7 years Investments maturing in 7 -10 years Investments maturing in more than 1 year and less than 10 years. TOTALS Investment Policy Parameters Funds available within 1 year Funds available within 5 years Funds available in 5- 10 years Portfolio Amount $ 43,394,286 500,728 3,188,291 1,249,000 4,938,020 4,197,082 1,980,965 6,178,047 $ 54,510,352 POLICY LIMIT 30.0% 80.0% 20.0% Available Within 1 Year $ 43,394,286 4,938,020 $ 48,332,305 89% PORTFOLIO min 89% min 100% max 0% As of Report Date Available Available in Within 5 5 - 10 Years Years $ 43,394,286 4,938,020 4,197, 082 1,980,965 $ 54,510,352 $ 100% Policy Met? Yes Yes Yes 0% Liquidity Requirements and Funds Available for Investing: Funds immediately available Restrictions & designations: Operating liquidity (a) Liquidity threshold Funds available for longer term investing (a) $ 43,394,286 14,000,000 14,000,000 $ 29,394,286 Represents largest one month decline in portfolio balance over the most recent 36 month period doubled; or the equivalent of a 100% cushion. Financial Institution Diversification US Bank Washington State Treasurer Columbia Bank Sound Community Bank Other financial institutions Total Investment Mix Depository State Investment Pool Money market Certificate of Deposit US Agency Municipal Bonds Total Portfolio Amount $ 18,241,130 10,972,546 14,180,609 3,188,291 7,927,775 $ 54,510,352 Portfolio Amount 18,241,130 10,972,546 14,180,609 3,438,291 4,002,347 3,675,428 54,510,352 % of Total 33.5% 20.1% 26.0% 5.8% 14.5% 100.0% % of Total 33.5% 20.1% 26.0% 6.3% 7.3% 6.7% 100.0% POLICY MAXIMUM 50.0% 75.0% 50.0% 50.0% 50.0% POLICY MAXIMUM insured by PDPC 75.0% insured by PDPC insured by PDPC 75.0% no limit specified in policy Policy Met? Yes Yes Yes Yes Yes Policy Met? Yes Yes Yes Yes Yes Yes Weighted Average Maturites: Certificates of deposit Municipal bonds Total Investments Total Portfolio POLICY MAXIMUM Policy Met? Years 2.9 6.3 4.1 0.8 3.5 Yes Note: Cash and cash equivalents are available within one day and are factored into the Total Portfolio weighted average maturity. 58 Performance Analysis Current portfolio yield Benchmarks: 6 month treasury 2 year treasury Local Govt Invst Pool 0.41% 0.36% 0.58% (f) 0.4488% CITY OF TUKWILA Cash & Investment Balances By Fund and Fund Group CASH & INVESTMENT REPORT June 30, 2016 Fund Group Balances 06/30/16 General General Total Special Revenue 000 GENERAL Special Revenue Total Debt Service Debt Service Total Capital Project 101 HOTEL /MOTEL TAX 105 CONTINGENCY 107 FIRE EQUIP. CUM. RESERVE 109 DRUG SEIZURE FUND 200 DEBT SERVICE 206 L.I. GUARANTEE 208 LIMITED TAX G.O. BONDS 2000 209 LIMITED TAX G.O. BONDS 2003 210 LIMITED TAX G.O. REFUNDING 2003 211 LIMITED TAX G.O. REFUNDING 2008 212 LTGO SCORE BONDS 213 LTGO SCORE BLD AMER BONDS 214 LTGO 2010 Series A 215 LTGO 2010 Series B 216 VALLEY COM Refunding bonds 2010 217 LIMITED TAX GO BONDS REFUNDING 218 LTGO 2013 233 LID #33 8,915,911 8,915,911 797,137 5,602,503 20,265 6,419,905 447,966 669,149 1 195 327,916 2 231,339 794 210,539 114,349 2,002,250 Capital Project Total Enterprise Enterprise Total Internal Service Internal Service Total Grand Total 103 STREET 704,929 104 ARTERIAL STREET 5,380,807 301 LAND ACQ, REC & PARK DEVLPMNT 2,421,570 302 FACILITY REPLACEMENT 829,711 303 GENERAL GOVERNMNT IMPROVEMENTS 378,110 304 FIRE IMPACT FEES 613,058 10,328,186 400 UTILITY ON ACCT (overpayments) 33,541 401 WATER 5,928,220 402 SEWER 6,631,035 411 FOSTER GOLF COURSE 788,121 412 SURFACE WATER 2,396,149 15,777,068 501 EQUIPMENT RENTAL 5,321,862 502 INSURANCE 3,183,595 503 INSURANCE - LEOFF I 984,062 9,489,519 52,932,838 Balances Balances 06/30/15 06/30/14 Balances Balances 06/30/13 06/30/12 $ 8,211,831 8,211,831 378,109 5,777,260 48,952 6,204,321 208,614 669,147 1 195 315,416 2 192,676 115,194 203,039 120,971 1,825,256 1,022,252 7,338,446 1,565,474 1,432,223 453,915 520,962 12,333,271 17,544 5,007,023 5,386,807 785,170 1,399,569 12, 596,113 4,627,495 4,418,574 856,012 9,902,081 51,072,873 $6,987,822 $ 4,149,258 $4,903,893 6,987,822 4,149,258 4,903,893 495,322 660,126 440,145 5,763,258 1,461,857 1,458,686 945,694 943,850 68,308 146,312 222,196 6,326,889 3,213,989 3,064,877 669,147 - 1 3,020,451 3,828,526 244,320 247 469,496 406,416 218 705,717 291,688 1,390 30,891 115,995 296,039 108,557 369,525 4,612 66,508 106,434 12,954 14 274,214 1 101,738 81,316 2,369,574 1,450,893 1,582,095 1,236,430 1,904,720 570,592 454,321 7,199,051 22,106 5,376,215 3,335,265 622,681 2,361,899 11,718,166 4,650,880 5,238,745 735,138 10,624,763 45,226,266 3,148,430 5,688,409 1,051,963 938,114 911,325 2,055,132 1,099,701 1,633,257 2,088,543 2,018,535 637,101 433,693 402,514 317,677 6,191,148 7,396,409 27,857 17,122 5,655,077 3,982,420 2,316,037 1,238,090 458,643 114,058 2,985,279 2,683,138 11,442,893 8,034,828 4,474,197 3,804,498 6,239,565 6,198,009 1,666,674 1,904, 047 12,380,436 11,906,554 40,526,154 40,994,970 Funds not included in the Grand Total are the fiduciary funds. However, these balances ($1,577,514) are included in the investment balances. 59 CITY OF TUKWILA Treasury Rates and Yield Curves CASH & INVESTMENT REPORT June 30, 2016 Rates at June 30, 2016 Term Closing Yield 6/30/2016 Rate % Change Change 3mo 0.26% 0.25% 96% 0.25% 69% 0.45% 0.17% 38% 1 Yr - 0.06% -10% 3Yr 0.71% -0.30% -42% 3Yr 1.01% - 0.62% -61% 10Yr 1.49% -0.86% -58% 10Yr 2.35% 30Yr 2.30% -0.81% -35% 6mo 0.36% 1Yr Rates at June 30, 2015 Term Closing Yield 6/30/2015 3mo 0.01% 6mo 0.11% 2Yr 0.58% 0.28% 2Yr 0.64% 5Yr 1.01% 5Yr 1.63% Source: US Department of the Treasury 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 30Yr 3.11% Comparison of Treasury Rates 3mo 6mo 1 yr 2 yr 3 yr 5 yr 10 yr 30 yr ▪ 6/30/2016 - 4F-6/30/2015 60 Period (Date) Beg Bal MPD Operating Loan - through end of 2015 only Accumulated Interest Funding Payments Interest End Bal Interest Principal Pmt Pmt 10/1/2011 11/1/2011 12/1/2011 1/1/2012 2/1/2012 3/1/2012 4/1/2012 5/1/2012 6/1/2012 7/1/2012 8/1/2012 9/1/2012 10/1/2012 11/1/2012 12/1/2012 1/1/2013 2/1 /2013 3/1/2013 4/1/2013 5/1/2013 6/1/2013 7/1/2013 8/1 /2013 9/1/2013 10/1/2013 11/1/2013 12/1/2013 1/1/2014 2/1/2014 3/1 /2014 4/1/2014 5/1/2014 6/1/2014 7/1/2014 8/1/2014 9/1/2014 10/1/2014 11/1/2014 12/1/2014 1/1/2015 2/1/2015 3/1/2015 4/1/2015 5/1/2015 6/1/2015 7/1/2015 8/1/2015 9/1/2015 10/1/2015 11/1/2015 191,612.82 191, 932.18 192,252.07 192, 572.49 192,893.44 193,214.93 418,911.95 419,610.14 420,309.49 421, 010.01 421, 711.69 422,414.54 857, 547.41 858,976.66 860,408.28 1,112,258.96 1,114,112.73 1,115, 969.58 1,117, 829.53 1,100, 000.00 1,091,711.85 1,083,409.89 1, 075, 094.10 1, 066, 764.44 1,058,420.90 1,050,063.46 1, 041, 692.08 1,033,306.76 1,024,907.45 1,016,494.15 1,008,066.83 999,625.46 991,170.02 982,700.49 974,216.85 965, 719.06 957,207.11 948,680.98 940,140.63 931, 586.06 923, 017.22 914,434.10 905,836.68 897,224.93 888,598.82 879,958.34 871,303.46 862,634.15 853,950.39 $ 191,294 $ $ 319 $ 191,613 $ 319 319.35 191,932.18 638.18 319.89 192,252.07 958.07 320.42 192,572.49 1,278.49 320.95 192,893.44 1,599.44 321.49 193, 214.93 1,920.93 225,000.00 - 697.02 418,911.95 2,617.95 698.19 419,610.14 3,316.14 699.35 420,309.49 4,015.49 700.52 421,010.01 4,716.01 701.68 421,711.69 5,417.69 702.85 422,414.54 6,120.54 433,706.00 - 1,426.87 857,547.41 7,547.41 1,429.25 858,976.66 8,976.66 1,431.63 860,408.28 10,408.28 250,000.00 - 1,850.68 1,112,258.96 12,258.96 1,853.76 1,114,112.73 14,112.73 1,856.85 1,115,969.58 15,969.58 1,859.95 1,117,829.53 17,829.53 19,692.58 1,863.05 1,100,000.00 19,692.58 10,121.48 1,833.33 1,091,711.85 21,525.91 8,288.15 10,121.48 1,819.52 1,083,409.89 23,345.43 8,301.96 10,121.48 1,805.68 1,075,094.10 25,151.12 8,315.80 10,121.48 1,791.82 1,066,764.44 26,942.94 8,329.66 10,121.48 1,777.94 1,058,420.90 28,720.88 8,343.54 10,121.48 1,764.03 1,050,063.46 30,484.92 8,357.45 10,121.48 1,750.11 1,041,692.08 32,235.02 8,371.37 10,121.48 1,736.15 1,033,306.76 33,971.18 8,385.33 10,121.48 1,722.18 1,024,907.45 35,693.35 8,399.30 10,121.48 1,708.18 1,016,494.15 37,401.53 8,413.30 10,121.48 1,694.16 1,008,066.83 39,095.69 8,427.32 10,121.48 1,680.11 999,625.46 40,775.80 8,441.37 10,121.48 1,666.04 991,170.02 42,441.84 8,455.44 10,121.48 1,651.95 982,700.49 44,093.79 8,469.53 10,121.48 1,637.83 974,216.85 45,731.63 8,483.65 10,121.48 1,623.69 965,719.06 47,355.32 8,497.79 10,121.48 1,609.53 957,207.11 48,964.85 8,511.95 10,121.48 1,595.35 948,680.98 50,560.20 8,526.13 10,121.48 1,581.13 940,140.63 52,141.33 8,540.34 10,121.48 1,566.90 931,586.06 53,708.24 8,554.58 10,121.48 1,552.64 923,017.22 55,260.88 8,568.84 10,121.48 1,538.36 914,434.10 56,799.24 8,583.12 10,121.48 1,524.06 905,836.68 58,323.30 8,597.42 10,121.48 1,509.73 897,224.93 59,833.03 8,611.75 10,121.48 1,495.37 888,598.82 61,328.40 8,626.11 10,121.48 1,481.00 879,958.34 62,809.40 8,640.48 10,121.48 1,466.60 871,303.46 64,276.00 8,654.88 10,121.48 1,452.17 862,634.15 65,728.17 8,669.31 10,121.48 1,437.72 853,950.39 67,165.89 8,683.76 10,121.48 1,423.25 845,252.16 68,589.14 8,698.23 10,121.48 _ 1,408.75 ___836,539.44 _ 69,997.90 8,712.73 _ 10,121.48 1,394.23 827,812.19 71,392.13 8,727.25 12/1/2015 845,252.16 1/1/2016 836,539.44 2/1/2016 3/1/2016 4/1/2016 5/1/2016 6/1/2016 7/1/2016 8/1/2016 9/1/2016 10/1/2016 11/1/2016 12/1/2016 827, 812.19 819, 070.40 810, 314.03 801, 543.08 792,757.50 783,957.28 775,142.40 766,312.82 757,468.53 748,609.50 739,735.70 10,121.48 10,121.48 10,121.48 10,121.48 10,121.48 10,121.48 10,121.48 10,121.48 10,121.48 10,121.48 10,121.48 1,379.69 819,070.40 1,365.12 810,314.03 1,350.52 801,543.08 1,335.91 792, 757.50 1,321.26 783,957.28 1,306.60 775,142.40 1,291.90 766,312.82 1,277.19 757,468.53 1,262.45 748,609.50 1,247.68 739,735.70 1,232.89 730,847.11 72,771.82 74,136.93 75,487.46 76,823.36 78,144.62 79,451.22 80,743.12 82,020.31 83,282.76 84,530.44 85,763.33 8,741.79 8,756.36 8,770.96 8,785.57 8,800.22 8,814.88 8,829.58 8,844.29 8,859.03 8,873.80 8,888.59 19,692.58 1,833.33 1,819.52 1,805.68 1,791.82 1,777.94 1,764.03 1,750.11 1,736.15 1,722.18 1,708.18 1,694.16 1,680.11 1,666.04 1,651.95 1,637.83 1,623.69 1,609.53 1,595.35 1,581.14 1,566.90 1,552.64 1,538.36 1,524.06 1,509.73 1,495.37 1,481.00 1,466.60 1,452.17 1,437.72 1,423.25 1,408.75 1,394.23 1,379.69 1,365.12 1,350.52 1,335.91 1,321.26 1,306.60 1,291.90 1,277.19 1,262.45 1,247.68 1,232.89 nor rent 61 MPD Capital Loan PAYMENT BEGINNING DUE DATE BALANCE Capital Loan to MPD Repayment Schedule PRINCIPAL INTEREST PAYMENT RATE INTEREST PAYMENT ENDING 2/1/2013 Amount loaned to the MPD 1,000,000.00 6/1/2013 1,000,000.00 (50,731.67) 0.02 12/1/2013 949,268.33 (48,258.90) 0.02 6/1/2014 901,009.43 (48,681.17) 0.02 12/1/2014 852,328.26 (49,107.13) 0.02 6/1/2015 803,221.13 (49,536.82) 0.02 _ 1_2/1/2015_ _ 753,684.31 __(49,970.26) _ 0.02 6/1/2016 703,714.05 (46,537.07) 0.03 12/1/2016 657,176.98 (47,200.23) 0.03 6/1/2017 609,976.75 (47,872.83) 0.03 12/1/2017 562,103.92 (48,555.02) 0.03 6/1/2018 513,548.90 (49,246.93) 0.03 12/1/2018 464,301.97 (49,948.70) 0.03 6/1/2019 414,353.27 (48,277.93) 0.04 12/1/2019 366,075.34 (49,243.49) 0.04 6/1/2020 316,831.85 (50,228.36) 0.04 12/1/2020 266,603.49 (51,232.93) 0.04 6/1/2021 215,370.56 (52,257.59) 0.04 12/1/2021 163,112.97 (53,302.74) 0.04 6/1/2022 109,810.23 (54,368.80) 0.04 12/1/2022 55,441.43 (55,441.43) 0.04 62 (5,833.33) (8,306.10) (7,883.83) (7,457.87) (7,028.18) (6,594.74)_ (10,027.93) (9,364.77) (8,692.17) (8,009.98) (7,318.07) (6,616.30) (8,287.07) (7,321.51) (6,336.64) (5,332.07) (4,307.41) (3,262.26) (2,196.20) (1,108.83) (131,285.26) 949,268.33 901,009.43 852,328.26 803,221.13 753,684.31 703,714.05 657,176.98 609,976.75 562,103.92 513,548.90 464,301.97 414,353.27 366, 075.34 316,831.85 266,603.49 215,370.56 163,112.97 109,810.23 55,441.43 0.00 Prior Current