Council also directed staff to return in spring 2026 to provide a comprehensive update on the Undergrounding Program (UP), including an updated long-term cashflow through completion of the UP and next steps for the 25th Street and Beach Colony (2) Districts.
DISCUSSION/ANALYSIS:
Since September 2025, staff have been working on updating UP cost estimates and cash flow analysis to update projects beyond the initial financing for Crest Canyon (X1A) and Stratford Court North (1B). Per prior Council direction, financing for the UP is to proceed on a pay-as-you-go basis following the initial IBank loan.
Undergrounding Program Cost Estimate Updates
On November 18, 2024, staff provided a UP base cost estimate of $105.6 million in fiscal year (FY) 2025 dollars, which adjusts to $111.5 million in current FY 2026 dollars. At that time, the overall UP estimate was primarily informed by the Stratford Court South (1A) City construction bid and SDG&E’s pre-bid cost estimates on a per linear feet basis for overhead or trenching if available.
Over the past year, the City has received generally favorable cost information that is lower than estimated costs for both Stratford Court South (1A) and Crest Canyon (X1A). Using this updated cost information and reduced project contingency, the updated base cost estimate for the UP is now $82.7 million in current FY 2026 dollars (Attachment B).
This represents a reduction of $28.8 million compared to the November 18, 2024, estimate, once adjusted for inflation to current year dollars. Please note that this base cost estimate is prior to applying adjustments for inflation in future construction years.
The following cost information was received during the past year and is reflected in the updated UP costs:
• On April 21, 2025, the City Council approved a $1.6 million SDG&E cost agreement for Stratford Court South (1A), which was $2.0 million less than the $3.6 million prebid cost estimate received on March 2024. • On September 8, 2025, the City Council awarded a $7.1 million City construction contract for Crest Canyon (X1A), which was $1.8 million less than the $8.9 million cost estimate.
• On September 22, 2025, the City Council approved a $2.8 million SDG&E cost agreement for Crest Canyon (X1A), which was $2.1 million less than the original $4.9 million pre-bid cost estimate received in December 2024. • Staff evaluated the project contingency for future projects and decided to reduce it from 20% to 10%, which was determined to be sufficient to align with long-term costs.
Note, some projects may exceed preliminary estimates, while others may come in below them.
2 March 3, 2026 Item 13
UPAC Agenda Report
Undergrounding Program Updated Cash Flow Analysis
February 23, 2026
Phasing Opportunities for Beach Colony (2) and 25th Street On August 26, 2024, the City Council formed the Beach Colony (2) and 25th Street Underground Utility Districts. Beach Colony (2) is located west of the railroad right-of-way to the coast, extending from 18th Street to the San Dieguito River (Attachment C). The 25th Street District is located along 25th Street from Camino Del Mar to Ocean Front (Attachment D). These are the next two districts in the queue to proceed with design for future construction.
The 25th Street District was established separately to utilize SDG&E 20A work credits, which is a separate funding source that will no longer be available to the City if not used by the end of 2030. Under the current model, 25th Street is assumed to proceed first as a standalone project, with completion by 2030, while Beach Colony (2) would advance once Measure Q revenue becomes available. This approach is referred to as Scenario 1 in the following sections.
However, in exploring opportunities to better align construction activities with the updated cash flows and enable the start of design and construction of Beach Colony (2) sooner, staff evaluated the option of splitting the Beach Colony District into two phases for construction, referred to as Beach Colony 2A and Beach Colony 2B. This phased approach is referred to as Scenario 2 in the following sections.
SDG&E has already planned Beach Colony (2) in two phases (i.e., work zones) and has conceptually advised that construction in two phases with a gap is feasible without reforming the districts. Staff conceptually determined that the cable pole job costs would be generally similar under both scenarios. Therefore, the base costs are comparable (Attachment B). The cash flow analysis in the following section discusses the results of these two scenarios.
Undergrounding Program Cash Flow Updates
Staff updated the cash flow analysis beyond the initial financing for Crest Canyon (X1A) and Stratford Court North (1B) on a pay-as-you-go basis (Attachment E). As displayed in Table A below, the original UP funding scenario, combining limited borrowing and a pay-as-you-go approach, projected completion of the final district project in 2059. However, through the aforementioned updated project costs and scheduling adjustments, the final district project is now estimated to be completed in 2049, ten years earlier than previously reported.
As noted in the prior section, the total of the latest base project costs is now $28.8 million less than originally estimated in November 2024, once adjusted for inflation to current year dollars.
Additional updates to the cash flow model include FY 2024-25 actual expenditures and revenues, the executed IBank loan for $5.0 million and the associated debt service payments.
Rates for revenue growth (2.5%), annual interest earnings (2.0%), and inflation (3.5%) remain unchanged from prior models. Additionally, the latest cash flow analysis also maintained tests to ensure annual ending fund balances remain positive and equal to or greater than the annual debt service payment.
The updated total project cost is now $121.8 million, which includes the base project costs along with $39.1 million in inflation. This is $88.0 million less than the original estimate of $209.8 million from November 2024.
3 March 3, 2026 Item 13
UPAC Agenda Report
Undergrounding Program Updated Cash Flow Analysis
February 23, 2026
Table A. Timing for Future Districts
UUD 2
Beach Colony
UUD 3
South Hill
UUD 4
North Hill
UUD 5
Lagoon
November 2024 2035 2048 2055 2059
February 2026 2032 2041 2046 2049
Difference
(Improved Timing)
3 years 7 years 9 years 10 years
The most recent cash flow analysis to include estimated project costs for UUD 25th Street and Beach Colony (2) was presented on June 2, 2025. At that time, the combined total cost estimate for completion was $20.1 million. Accounting for all the updated cash flow model inputs described in this report, the revised combined project cost for these two districts under Scenario 1 is now estimated at $15.8 million.
As shown in Table B, Scenario 1 includes the completion of Beach Colony (2) in 2032, two years earlier than last reported in June 2025, and completion of 25th Street by 2030 to fully utilize available 20A work credits.
When the latest model inputs are applied to the Scenario 2 phased approach, the combined project costs are further reduced to $15.4 million. The projected $400,000 cost savings between Scenario 1 and Scenario 2 are primarily attributed to lower costs associated with inflation resulting from completing a larger portion of the project earlier.
While the date for overall completion of Beach Colony (2) remains the same under both scenarios, Scenario 2 advances completion of a larger portion of the district (approximately 50%) referred to as Beach Colony 2A, by two years, allowing more of the district to move forward sooner using available Measure Q reserves.
Table B. Timing for Scenarios 1 and 2 for Beach Colony (2) Scenario 1 UUD 25th St (6%) UUD 2 (94%)
2030 2032
Scenario 2 UUD 2A (50%) UUD 2B (50%)
2030 2032
Options for Council Consideration
Based on the updated cost information, the City has a couple options for proceeding on a pay-as-you-go basis. It is important to note that staff and SDG&E will need clear direction from Council on the phasing for Beach Colony (2), as this determination affects whether the 25th Street project is designed as a standalone effort or in conjunction with the larger Beach Colony (2) District.
4 March 3, 2026 Item 13
UPAC Agenda Report
Undergrounding Program Updated Cash Flow Analysis
February 23, 2026
Under Scenario 1, the City would proceed now with design of the 25th Street project as a standalone district for construction by 2030, utilizing SDG&E 20A work credits. Design for the rest of the Beach Colony (2) is anticipated to begin in 2028 based on a construction year of 2032.
Under Scenario 2, the City would proceed with constructing Beach Colony (2) in two phases, Beach Colony 2A and Beach Colony 2B. SDG&E has already planned Beach Colony (2) in two phases (i.e., work zones) and has conceptually advised that construction in two phases with a two-year gap is feasible and would not require any changes to the original District 2 formation.
Scenario 2 benefits include a projected reduced Beach Colony/25th Street project cost of $400,000 due to reduced inflation, ability to start design of the entire Beach Colony/25th Street Districts now, using a phased construction approach that would allow a significant portion of the project to be constructed sooner, and the opportunity to construct 25th Street as part of a larger project – rather than as a smaller standalone project – which is expected to have economies-of-scale savings.
If Council directs staff to proceed with Scenario 2, the immediate next steps include creating a task order with an Undergrounding consultant to develop the topographic and utility survey map and establishing a policy for how streetlights within the district will be addressed, both of which are required by SDG&E before proceeding with design. In addition, staff will continue working with SDG&E to define the limits of the two phases. A consideration is the Camino Del Mar Bridge construction schedule from 2027 to 2031, so the preference would be to begin construction of Beach Colony (2) from the south.
The City would then direct SDG&E to proceed with design for both 25th Street and Beach Colony (2) together. SDG&E would prepare a 60% design for the full project, then proceed with the 90% design for 25th Street and Beach Colony 2A, targeting construction in 2030.
SDG&E would later update the 60% design as needed and proceed with the 90% design for Beach Colony 2B, targeting construction in 2032 or sooner should funding be available. The City civil and telecommunications designs would also be phased to align with the construction schedule. The design phase is expected to take approximately three years, with an estimated Undergrounding consultant cost of approximately $1.1 million.
If the City Council supports the concept of constructing districts in phases, staff will update the cash flow analysis to reflect phased construction for upcoming districts South Hill (3), North Hill (4), and Lagoon (5) accordingly.
Undergrounding Program Advisory Committee (UPAC) Recommendation On February 23, 2026, UPAC held a special meeting to receive a staff presentation on the Undergrounding Program updated long-term cash flow analysis. UPAC unanimously voted to recommend that the City Council proceed with Scenario 2, including advancing the design of Beach Colony (2) and 25th Street and phased construction of District 2. UPAC also unanimously recommended that the City Council update the cash flow analysis to reflect phased construction for all upcoming districts and revise the prior finance-as-you-go option 5 March 3, 2026 Item 13
UPAC Agenda Report
Undergrounding Program Updated Cash Flow Analysis
February 23, 2026
based on the latest improved cost estimates to evaluate potential future financing opportunities to improve project timing and reduce costs.
If the Council is supportive of updating the 2024 financing model, staff would work with UPAC and the Finance Committee to develop proposed Undergrounding financing guidelines to inform future financing decisions for Council’s consideration and approval, which will help guide the cash flow analysis and evaluation of future financing opportunities.
FISCAL IMPACT:
There is no fiscal impact or action required by the City Council for this agenda item.
ENVIRONMENTAL IMPACT:
The proposed City Council action does not constitute a “project” under the definition set forth in California Environmental Quality Act (CEQA) Guidelines Section 15378 because it will not have a potential to result in a direct or indirect physical change in the environment and is, therefore, not subject to CEQA. No further action under CEQA is required.
NEXUS TO CITY COUNCIL GOALS AND PRIORITIES:
Utility Undergrounding is listed as a Tier 1 City Council priority for FY 2025-2026.
ATTACHMENTS:
Attachment A – UP Citywide Map
Attachment B – UP Base Cost Estimate (FY 2026 Dollars)
Attachment C – UUD 2 Beach Colony Map
Attachment D – UUD 25th Street Map
Attachment E – UP Cash Flow Analysis
6 March 3, 2026 Item 13
ATTACHMENT E
7 March 3, 2026 Item 13
Undergrounding Program Base Cost Estimate (FY2026 Dollars) Tewa 1A X1A 1B 2 3 4 5 TOTAL
November 2024 $0.9M $10.0M $18.3M $5.9M $17.6M $30.6M $18.5M $9.7M $111.5M February 2026 $0.9M $8.1M $12.7M $4.6M $13.0M $22.5M $13.7M $7.2M $82.7M Difference $0M $1.9M $5.6M $1.3M $4.6M $8.1M $4.8M $2.5M $28.8M Note: Expended costs remain at the amounts already paid (e.g., Tewa), while upcoming costs have been adjusted to FY2026 dollars.
The original estimate from November 2024 was $105.6 million.
Beach Colony (2) and 25th Street costs combined for the February 2026 estimate 25th 2 TOTAL
$0.4M $12.6M $13.0M
2A 2B TOTAL
$6.3M $6.7M $13.0M
Note: Scenario 2 includes an extra $33.5K
Scenario 1
Scenario 2
8 March 3, 2026 Item 13
06-10-24
Utility Undergrounding District 2 (UUD 2) - Beach Colony Camino Del Mar 29th St
28th St
27th St
26th St
25th St
24th St
23th St
22th St
21th St
27th St
26th St
25th St
24th St
23th St
21th St
20th St
20th St
19th St
18th St Coast Blvd
2996
2986
2984
2940
2938
2936
2932
2928
2920
2921 2735
223 229 235 247 251 263
220 224 234 248 252 260
211
2625
2617
2609
219 227 235 245 251 261
220 228 244 248 264 252
221
220 228 234
240
248
256 2515
227 237 243 251
257
2435
2427
2411
2403
205
2315
2305
203
225
239
247 257
224
226
236 244
252 264
217
227
235
239
251 259 267
210
&
1/2
220
&
1/2 226
238
&
1/2
242
248 260
211 223 227 229 247 251 255
212 218
230
242
250 260
211
223 231
239 243
247
208
216
228
232
236
2600
2606
2610
2614
2618
2622
121 131 139 147
155
2601 146 154
2502
2508
2514
2522
2528 2525
137 157
2430
2418
2410
2402
122 130
2402
146
2318
2312
2306
2222
2220
2212
2204
2124
2118
2112
2102
2050
2048
2040
2034
2028
2024
2020
2016
2008
2004 2004
2014
2018
2030
2036
2044
141
131
2323
2307
136
133 145
2320
2310
142 2111 2125141
130
145
2120
2112
2102
125
133 143 151 2211136
2212
144
1951
1943
1933
1927
1919
1911
212 224 228
1920
1928
1942
1939
221227
1853
1847
1833
1841
1823
1817
1809
1801
229
1844
1836
1830
1822
1812
224
1835
1847
1855
1905
1921
1923
1935
1945
1953
255
2007
2011
258
226
2012
2020
2028
2034
2071
2069
2073
2135
2049
2041
2037
2019
2027
2011
2003
2998 Coast Blvd
Legend
District 2 Limits
www.delmar.ca.us/up
2618
2614
2514
2508
162
2312
2040
2034
2028
3004
258
2057
22th St
2801 2803 2805 2809
2819 2817 2821 2823 2825 28152811 2727 2731 2725 2729 2733 2719 2723 2715 2717 2721 237
235 241
249
255
250
242
236
222
219
259
261
263
246
245
243
1803
1811
1819 2705 2707 2711
2923
2925
2927
2929
1837
1929
1935
1945
1953
2005
2013
2029
2043
2051
2059
2036
145
2122
240
228
219
241
221
229 241
237
P60873 Exempt
from Removal
Meter #5598620 Pole
Exempt from Removal
P62836 Exempt from
Removal
ATTACHMENT B
9 March 3, 2026 Item 13
06-10-24
Utility Undergrounding District - 25th Street
Legend
District 2 Limits
www.delmar.ca.us/up
24th St Ocean Front Ocean Front
25th St
25th St
26th St Camino Del Mar
24th St
26th St
2502
140 150 162
2425 131 145 153
ATTACHMENT C
10 March 3, 2026 Item 13
City of Del Mar
Undergrounding Program Cash Flow Analysis
(Cost Figures in $) - Scenario #1 - 25th St and 2
Base Assumptions
Base Year 2026
Measure Q Growth (Annual) 2.50%
Reserves Annual Earnings Rate 2.00%
Cost Inflation Rate 3.50%
Project Costs
Project Area X1A 1B 25th 2 3 4 5
Total Project Costs (Adj for Inflation) 12,170,229 4,746,211 480,490 15,330,893 36,660,810 27,015,618 15,788,845 Total Project Costs (Pre-Inflation) 12,170,229 4,607,149 410,003 12,544,147 22,525,769 13,651,320 7,206,807 Inflation Cost Adjustment 0 139,062 70,487 2,786,746 14,135,041 13,364,298 8,582,038 Financing Assumptions
Bond Issue # #1 #2 #3 #4 #5 #6
Financing Proceeds Year 2026
Project Area(s) in Financing Year
Financing Amount 5,000,000
First Year of Debt Service 2026
Bond Term (Years) 10
Interest Rate 3.18%
Costs of Issuance
Underwriter's Discount / Bond
Est. Annual Debt Service 585,000 0 0 0 0 0
11 March 3, 2026 Item 13
City of Del Mar
Undergrounding Program Cash Flow Analysis
(Cost Figures in $) - Scenario #1 - 25th St and 2
Undergrounding Project Expenditures (Adjusted for Inflation) Fiscal
Year
Beginning
Measure Q
Reserves
Measure Q
Revenue Paving Shores Other 1A X1A 1B 25th 2 3 4 5
Total Project
Expenditures
Plus: Financing
Proceeds
Less: Debt
Service
Payments
Net Change in
Cash
Reserve Interest
Earnings
Ending Measure
Q Reserves
Balance
Negative?
Balance => 1 Yr
Annual DS Pmt
2024 7,769,899 3,780,939 (75,000) 0 193,240 236,018 470,474 142,174 0 51,911 5,516 0 0 1,099,333 0 0 2,606,606 0 10,376,505 No Yes 2025 10,376,505 3,534,727 0 0 259,262 6,339,274 104,587 178,358 0 2,539 1,054 0 0 6,885,074 0 0 (3,350,347) 423,815 7,449,973 No Yes 2026 7,449,973 3,485,000 (136,500) (200,000) 522,001 944,604 11,595,168 313,425 100,000 0 0 0 0 13,475,198 5,000,000 33,250 (5,359,948) 142,380 2,232,405 No Yes 2027 2,232,405 3,572,125 (47,500) 0 255,200 0 0 4,112,254 0 0 0 0 0 4,367,454 0 587,950 (1,430,779) 30,340 831,967 No Yes 2028 831,967 3,661,428 (75,000) 0 219,601 0 0 0 41,612 0 0 0 0 261,213 0 587,100 2,738,115 44,020 3,614,102 No Yes 2029 3,614,102 3,752,964 (75,000) 0 227,287 0 0 0 690,620 297,501 0 0 0 1,215,409 0 586,220 1,876,335 91,045 5,581,483 No Yes 2030 5,581,483 3,846,788 (75,000) 0 235,242 0 0 0 (351,742) 307,914 0 0 0 191,414 0 585,310 2,995,064 141,580 8,718,127 No Yes 2031 8,718,127 3,942,958 (75,000) 0 243,476 0 0 0 0 637,381 0 0 0 880,857 0 584,380 2,402,721 198,390 11,319,238 No Yes 2032 11,319,238 4,041,532 (75,000) 0 251,997 0 0 0 0 14,033,647 0 0 0 14,285,644 0 583,420 (10,902,533) 117,359 534,064 No No 2033 534,064 4,142,570 (75,000) 0 260,817 0 0 0 0 0 0 0 0 260,817 0 582,430 3,224,323 42,925 3,801,311 No Yes 2034 3,801,311 4,246,134 (75,000) 0 269,946 0 0 0 0 0 0 0 0 269,946 0 581,410 3,319,778 109,224 7,230,313 No Yes 2035 7,230,313 4,352,287 (75,000) 0 279,394 0 0 0 0 0 127,158 0 0 406,552 0 580,360 3,290,375 177,510 10,698,199 No Yes 2036 10,698,199 4,461,095 (75,000) 0 289,173 0 0 0 0 0 506,693 0 0 795,865 0 579,270 3,010,959 244,074 13,953,231 No Yes 2037 13,953,231 4,572,622 (75,000) 0 299,294 0 0 0 0 0 524,427 0 0 823,721 0 0 3,673,901 315,804 17,942,936 No Yes 2038 17,942,936 4,686,938 (75,000) 0 309,769 0 0 0 0 0 767,816 0 0 1,077,585 0 0 3,534,352 394,202 21,871,491 No Yes 2039 21,871,491 4,804,111 (75,000) 0 320,611 0 0 0 0 0 794,690 0 0 1,115,301 0 0 3,613,810 473,568 25,958,869 No Yes 2040 25,958,869 4,924,214 (75,000) 0 331,832 0 0 0 0 0 20,902,304 0 0 21,234,137 0 0 (16,384,923) 355,328 9,929,274 No Yes 2041 9,929,274 5,047,319 (75,000) 0 343,447 0 0 0 0 0 13,031,151 0 0 13,374,598 0 0 (8,402,279) 114,563 1,641,558 No Yes 2042 1,641,558 5,173,502 (75,000) 0 355,467 0 0 0 0 0 0 104,516 0 459,983 0 0 4,638,519 79,216 6,359,293 No Yes 2043 6,359,293 5,302,840 (75,000) 0 367,908 0 0 0 0 0 0 513,588 0 881,496 0 0 4,346,343 170,649 10,876,286 No Yes 2044 10,876,286 5,435,411 (75,000) 0 380,785 0 0 0 0 0 0 531,563 0 912,349 0 0 4,448,062 262,006 15,586,354 No Yes 2045 15,586,354 5,571,296 (75,000) 0 394,113 0 0 0 0 0 0 1,100,334 115,879 1,610,326 0 0 3,885,970 350,587 19,822,911 No Yes 2046 19,822,911 5,710,578 (75,000) 0 407,907 0 0 0 0 0 0 24,765,617 361,668 25,535,191 0 0 (19,899,613) 197,462 120,760 No Yes 2047 120,760 5,853,343 (75,000) 0 422,183 0 0 0 0 0 0 0 374,326 796,510 0 0 4,981,833 52,234 5,154,827 No Yes 2048 5,154,827 5,999,676 (75,000) 0 436,960 0 0 0 0 0 0 0 774,856 1,211,815 0 0 4,712,861 150,225 10,017,913 No Yes 2049 10,017,913 6,149,668 (75,000) 0 452,253 0 0 0 0 0 0 0 14,162,117 14,614,370 0 0 (8,539,702) 114,961 1,593,172 No Yes 12 March 3, 2026 Item 13
City of Del Mar
Undergrounding Program Cash Flow Analysis
(Cost Figures in $) - Scenario #2 - 2A and 2B
Base Assumptions
Base Year 2026
Measure Q Growth (Annual) 2.50%
Reserves Annual Earnings Rate 2.00%
Cost Inflation Rate 3.50%
Project Costs
Project Area X1A 1B 2A 2B 3 4 5
Total Project Costs (Adj for Inflation) 12,170,229 4,746,211 7,292,140 8,108,565 36,660,810 27,015,618 15,788,845 Total Project Costs (Pre-Inflation) 12,170,229 4,607,149 6,355,161 6,632,453 22,525,769 13,651,320 7,206,807 Inflation Cost Adjustment 0 139,062 936,979 1,476,112 14,135,041 13,364,298 8,582,038 Financing Assumptions
Bond Issue # #1 #2 #3 #4 #5 #6
Financing Proceeds Year 2026
Project Area(s) in Financing Year
Financing Amount 5,000,000
First Year of Debt Service 2026
Bond Term (Years) 10
Interest Rate 3.18%
Costs of Issuance
Underwriter's Discount / Bond
Est. Annual Debt Service 591,550 0 0 0 0 0
13 March 3, 2026 Item 13
City of Del Mar
Undergrounding Program Cash Flow Analysis
(Cost Figures in $) - Scenario #2 - 2A and 2B
Undergrounding Project Expenditures (Adjusted for Inflation) Fiscal
Year
Beginning
Measure Q
Reserves
Measure Q
Revenue Paving Shores Other 1A X1A 1B 25th 2A 2B 3 4 5
Total Project
Expenditures
Plus: Financing
Proceeds
Less: Debt
Service
Payments
Net Change in
Cash
Reserve Interest
Earnings
Ending Measure
Q Reserves
Balance
Negative?
Balance => 1 Yr
Annual DS Pmt
2024 7,769,899 3,780,939 (75,000) 0 193,240 236,018 470,474 142,174 0 51,911 0 5,516 0 0 1,099,333 0 0 2,606,606 0 10,376,505 No Yes 2025 10,376,505 3,534,727 0 0 259,262 6,339,274 104,587 178,358 0 2,539 0 1,054 0 0 6,885,074 0 0 (3,350,347) 423,815 7,449,973 No Yes 2026 7,449,973 3,485,000 (136,500) (200,000) 522,001 944,604 11,595,168 313,425 0 20,000 0 0 0 0 13,395,198 5,000,000 33,250 (5,279,948) 142,380 2,312,405 No Yes 2027 2,312,405 3,572,125 (47,500) 0 255,200 0 0 4,112,254 0 161,059 0 0 0 0 4,528,513 0 587,950 (1,591,838) 30,330 750,897 No Yes 2028 750,897 3,661,428 (75,000) 0 219,601 0 0 0 0 166,697 0 0 0 0 386,298 0 587,100 2,613,030 41,148 3,405,075 No Yes 2029 3,405,075 3,752,964 (75,000) 0 227,287 0 0 0 0 345,062 172,531 0 0 0 744,880 0 586,220 2,346,864 91,570 5,843,509 No Yes 2030 5,843,509 3,846,788 (75,000) 0 235,242 0 0 0 0 6,896,614 178,569 0 0 0 7,310,426 0 585,310 (4,123,948) 75,631 1,795,192 No Yes 2031 1,795,192 3,942,958 (75,000) 0 243,476 0 0 0 0 (351,742) 369,639 0 0 0 261,373 0 584,380 3,022,205 66,126 4,883,523 No Yes 2032 4,883,523 4,041,532 (75,000) 0 251,997 0 0 0 0 0 7,387,826 0 0 0 7,639,823 0 583,420 (4,256,712) 55,103 681,915 No Yes 2033 681,915 4,142,570 (75,000) 0 260,817 0 0 0 0 0 0 0 0 0 260,817 0 582,430 3,224,323 45,882 3,952,119 No Yes 2034 3,952,119 4,246,134 (75,000) 0 269,946 0 0 0 0 0 0 0 0 0 269,946 0 581,410 3,319,778 112,240 7,384,137 No Yes 2035 7,384,137 4,352,287 (75,000) 0 279,394 0 0 0 0 0 0 127,158 0 0 406,552 0 580,360 3,290,375 180,586 10,855,099 No Yes 2036 10,855,099 4,461,095 (75,000) 0 289,173 0 0 0 0 0 0 506,693 0 0 795,865 0 579,270 3,010,959 247,212 14,113,270 No Yes 2037 14,113,270 4,572,622 (75,000) 0 299,294 0 0 0 0 0 0 524,427 0 0 823,721 0 0 3,673,901 319,004 18,106,175 No Yes 2038 18,106,175 4,686,938 (75,000) 0 309,769 0 0 0 0 0 0 767,816 0 0 1,077,585 0 0 3,534,352 397,467 22,037,994 No Yes 2039 22,037,994 4,804,111 (75,000) 0 320,611 0 0 0 0 0 0 794,690 0 0 1,115,301 0 0 3,613,810 476,898 26,128,703 No Yes 2040 26,128,703 4,924,214 (75,000) 0 331,832 0 0 0 0 0 0 20,902,304 0 0 21,234,137 0 0 (16,384,923) 358,725 10,102,504 No Yes 2041 10,102,504 5,047,319 (75,000) 0 343,447 0 0 0 0 0 0 13,031,151 0 0 13,374,598 0 0 (8,402,279) 118,027 1,818,253 No Yes 2042 1,818,253 5,173,502 (75,000) 0 355,467 0 0 0 0 0 0 0 104,516 0 459,983 0 0 4,638,519 82,750 6,539,522 No Yes 2043 6,539,522 5,302,840 (75,000) 0 367,908 0 0 0 0 0 0 0 513,588 0 881,496 0 0 4,346,343 174,254 11,060,119 No Yes 2044 11,060,119 5,435,411 (75,000) 0 380,785 0 0 0 0 0 0 0 531,563 0 912,349 0 0 4,448,062 265,683 15,773,865 No Yes 2045 15,773,865 5,571,296 (75,000) 0 394,113 0 0 0 0 0 0 0 1,100,334 115,879 1,610,326 0 0 3,885,970 354,337 20,014,172 No Yes 2046 20,014,172 5,710,578 (75,000) 0 407,907 0 0 0 0 0 0 0 24,765,617 361,668 25,535,191 0 0 (19,899,613) 201,287 315,846 No Yes 2047 315,846 5,853,343 (75,000) 0 422,183 0 0 0 0 0 0 0 0 374,326 796,510 0 0 4,981,833 56,135 5,353,814 No Yes 2048 5,353,814 5,999,676 (75,000) 0 436,960 0 0 0 0 0 0 0 0 774,856 1,211,815 0 0 4,712,861 154,205 10,220,880 No Yes 2049 10,220,880 6,149,668 (75,000) 0 452,253 0 0 0 0 0 0 0 0 14,162,117 14,614,370 0 0 (8,539,702) 119,021 1,800,199 No Yes 14 March 3, 2026 Item 13