rather than when they are paid out (cash basis). The following outlines key changes to the GASB requirements:
1. The new GASB standards redefine OPEB liability and expense for reporting purposes.
They do not direct how governments plan or develop funding policies;
2. These changes are identical to changes in pension reporting requirements implemented in Fiscal Year 2014-15;
3. Requires full recognition of the net OPEB liability as of July 1, 2018, and to recognize annual changes in net liability, offset by increases or decreases in salaries and benefits;
4. New actuarial cost method, discount rate, and amortization periods are required for consistency in reporting among all governmental employers.
This valuation continues to highlight the efforts the labor organizations made to help solve the City’s significant unfunded liability associated with its retiree medical program. These changes included freezing the employees’ leave balance and no longer allowing it to be converted into retiree medical benefits. Also, the miscellaneous employee union organizations agreed to freeze the City’s contribution towards retiree benefits at its current rate and no longer tie the subsidy to active rates. This resulted in a decrease in this liability from $59.6 million in Fiscal Year 2013-14 to the revised liability of $30.4 million in Fiscal Year 2020-21.
DISCUSSION:
On February 19, 2021, the City solicited informal proposals to perform the actuarial analysis and report on the OPEB liability. The City received 6 responses, and based on criteria evaluated by the Accounting Manager and Senior Financial Analyst, MacLeod Watts was selected based on their level of experience, references and their presentation of their actuarial report. On April 22, 2021, the City entered into an agreement with MacLeod Watts to prepare an actuarial analysis and report for the Fiscal Years 2020-21 through 2023-24 on OPEB in accordance to the requirements outlined under GASB 75.
The 2021 valuation report showed an increase in the OPEB liability from $26.5 million in Fiscal Year 2019-20 to $30.4 million in Fiscal Year 2020-21. The majority of this increase was attributed to changes in the assumptions used in determining the valuation of the OPEB liability. These assumption changes include a reduction in the discount rate and an increase in the value of the implicit subsidy for Modesto City Firefighter’s Association benefits received through CalPERS.
OPEB actuarial valuations are used by City staff for budget forecasting and funding policy development, and by the Finance Department for financial reporting for the City’s Annual Comprehensive Financial Report (ACFR). The City currently funds the OPEB retiree medical benefits on a pay-as-you-go basis. Actuarial valuations for an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Actuarially determined amounts are subject to continuous revision as the actual results are compared to past expectations and new estimates about the future are formulated.
Although the valuation results are based on the values the City’s actuarial consultant believes are reasonable assumptions, the valuation results reflect a long-term perspective and, as such, are merely an estimate of what future costs may be. Deviations in any of several assumptions, such as interest rates, medical cost inflation, Medicare coverage, changes in marital status, employment attrition rates, and mortality rates, could result in actual costs being less or greater than estimated.
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City Council, January 11, 2022
Report on Actuarial Valuation of the City of Modesto OPEB plan
FISCAL IMPACT:
The City solicited informal bids to provide this service and MacLeod Watts was the lowest responsible and responsive bidder. The cost of services over 4 years with MacLeod Watts is set at an amount not to exceed $24,700.
Below outlines the last 8 years of the net OPEB liability and the possibility for the upcoming 5 to 6 years to increase. The pay-as-you go amounts included as part of the adopted budget.
Fiscal Year Pay as You Go Net OPEB Liability
2013-14 $ 943,029 $ 59,569,740
2014-15 $ 4,261,821 $ 56,951,862
2015-16 $ 1,911,278 $ 56,191,331
2016-17 $ 2,527,076 $ 31,601,528
2017-18 $ 2,430,468 $ 29,398,521
2018-19 $ 2,733,246 $ 26,892,158
2019-20 $ 3,012,214 $ 26,459,988
2020-21 $ 2,941,351 $ 30,427,400
The City has been exploring options for funding contributions through a Section 115 Trust plan to help minimize the increase of the OPEB liability. On December 14, 2021, Council approved entering into an agreement with Public Agency Retirement Services (PARS) to administer a 115 Trust related to Pension costs and establishing the trust to offset the City’s OPEB liability. This trust could be funded by using the Employee Benefits Fund Internal Service Fund (ISF) to collect an additional add-on charge for each of the City’s funds that houses employees contributing to this liability and collect a contribution charge to be provided to the potential trust fund. One additional option is the use of one-time fund reserves to be contributed to the Section 115 trust to get the trust fund started based on the employees’ home funds that are contributing to the OPEB liability.
COMMITTEE RECOMMENDATION:
This item was accepted by the Finance Committee on November 22, 2021 and approved to forward to Council.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution accepting an actuarial valuation report of other post-employment benefits (OPEB) as of June 30, 2020 pursuant to updated financial reporting and accounting requirements from the Governmental Accounting Standards Board (GASB) Statements 74 and 75.
Approved by:
DeAnna Christensen, Director of Finance
Joseph P. Lopez, City Manager
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City Council, January 11, 2022
Report on Actuarial Valuation of the City of Modesto OPEB plan
Attachments:
1. Resolution
2. Fiscal Year 2020-21 OPEB Actuarial Valuation Report
3. Finance Committee PowerPoint Presentation
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MODESTO CITY COUNCIL
RESOLUTION NO. 2022-
RESOLUTION ACCEPTING AN ACTUARIAL VALUATION REPORT OF
OTHER POST-EMPLOYMENT BENEFITS (OPEB) AS OF JUNE 30, 2020
PURSUANT TO UPDATED FINANCIAL REPORTING AND ACCOUNTING
REQUIREMENTS FROM THE GOVERNMENTAL ACCOUNTING
STANDARDS BOARD (GASB) STATEMENTS 74 AND 75
WHEREAS, the purpose of this report is to update the City Council on the Other Post-Employment Benefits (OPEB) liability valuation as of June 30, 2020, and WHEREAS, this valuation follows the Governmental Accounting Standards Board (GASB) Standard 75 which determine the City’s financial reporting requirements.
Included in this report is the funding status of the City’s liability which represents the City’s current obligation to provide retiree medical benefits, and WHEREAS, on February 19, 2021, the City solicited informal proposals to perform the actuarial analysis and report on the OPEB liability; Based on the responses received, the City selected MacLeod Watts based on their level of experience, references and their presentation of their actuarial report, and
WHEREAS, on April 22, 2021, the City entered into an agreement with MacLeod Watts to prepare an actuarial analysis and report on OPEB in accordance to the requirements outlined under GASB 75, and
WHEREAS, based upon the 2020 valuation report, the City’s total OPEB (unfunded) liability was reported in the amount of $30.4 million, in comparison to the City’s June 30, 2019 valuation report of $26.5 million, and WHEREAS, OPEB actuarial valuations are used by City staff for budget forecasting and funding policy development, and by the Finance Department for financial #13..
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reporting for the City’s Annual Comprehensive Financial Report (ACFR); the City currently funds the OPEB retiree medical benefits on a pay-as-you-go basis.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby accepts the actuarial valuation report of other post-employment benefits (OPEB) as of June 30, 2020 prepared by MacLeod Watts, LLC which is incorporated by reference herein.
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 11th day of January, 2022, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers: ?
NOES: Councilmembers: ?
ABSENT: Councilmembers: ?
ATTEST: ____________________________
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: ____________________________________
JOSE M. SANCHEZ, City Attorney
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11300 SE Main Street, Portland, OR 97222 • 503.419.0466 • www.macleodwatts.com September 1, 2021
Maria Garnica
Accounting Manager
City of Modesto
1010 10th Street
Modesto, CA 95354
Re: City of Modesto Other Post‐Employment Benefits
June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 Dear Ms. Garnica:
We are pleased to enclose our actuarial report providing financial information about the other post‐ employment benefit (OPEB) liabilities of the City of Modesto. This is the first report we have prepared for the City. The following pages describe our analysis in detail.
The primary purposes of this report are to:
1. Recalculate plan liabilities as of June 30, 2020, in accordance with GASB 75’s biennial valuation requirement.
2. Provide information required by GASB 75 (“Accounting and Financial Reporting for Postemployment Benefits Other Than Pension”) to be reported in the City’s financial statements for the fiscal year ending June 30, 2021.
The exhibits presented in this report reflect the assumption that the City will continue financing its OPEB liability on a pay‐as‐you‐go basis. Please let us know if we can be of assistance in preparing illustrations of how prefunding impacts the OPEB liability required to be reported under GASB 75.
The valuation results are based on the employee data and details on plan benefits provided to us by the City. As with any analysis, the soundness of the report is dependent on the inputs. Please review the information shown in the report to be comfortable that it matches your records.
We appreciate the opportunity to work on this analysis and acknowledge the efforts of City employees who provided valuable time and information to enable us to prepare this report. Please let us know if we can be of further assistance.
Sincerely,
Catherine L. MacLeod, FSA, FCA, EA, MAAA
Principal & Consulting Actuary
Enclosure
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City of Modesto
Actuarial Valuation of Other
Post-Employment Benefit Programs
As of June 30, 2020
& GASB 75 Report for the Fiscal Year Ending
June 30, 2021
Submitted September 2021
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 Table of Contents
A. Executive Summary ......................................................................................................................................1 OPEB Obligations of the City ................................................................................................................... 1 OPEB Funding Policy................................................................................................................................2 Actuarial Assumptions............................................................................................................................. 2 Important Dates for GASB 75 in this Report........................................................................................... 3 Significant Results and Differences from the Prior Valuation.................................................................3 Impact on Statement of Net Position and OPEB Expense for Fiscal 2021 ..............................................3 Important Notices...................................................................................................................................4 B. Valuation Process.........................................................................................................................................5 C. Valuation Results as of June 30, 2020 .......................................................................................................... 7 D. Accounting Information (GASB 75) ............................................................................................................ 10 Components of Net Position and Expense............................................................................................ 10 Change in Net Position During the Fiscal Year...................................................................................... 11 Recognition Period for Deferred Resources.......................................................................................... 12 Deferred Resources as of Fiscal Year End and Expected Future Recognition.......................................12 Sensitivity of Liabilities to Changes in the Discount Rate and Healthcare Cost Trend Rate .................13 Schedule of Changes in the City’s Net OPEB Liability and Related Ratios ............................................14 Schedule of Contributions..................................................................................................................... 15 Detail of Changes to Net Position ......................................................................................................... 16 Schedule of Deferred Outflows and Inflows of Resources.................................................................... 17 City Contributions to the Plan............................................................................................................... 18 Projected Benefit Payments (15‐year projection)................................................................................. 19 Sample Journal Entries.......................................................................................................................... 20 E. Funding Information...................................................................................................................................21 F. Certification ................................................................................................................................................22 G. Supporting Information.............................................................................................................................. 23 Section 1‐Summary of Employee Data................................................................................................ 23 Section 2‐Summary of Retiree Benefit Provisions...............................................................................27 Section 3‐Actuarial Methods and Assumptions.................................................................................. 31 Addendum 1: Important Background Information............................................................................................. 42 Important Dates....................................................................................................................................44 Recognition of Plan Changes and Gains and Losses..............................................................................44 Addendum 2: MacLeod Watts Age Rating Methodology ................................................................................... 47 Addendum 3: MacLeod Watts Mortality Projection Methodology.................................................................... 48 Glossary...............................................................................................................................................................49 #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 1 A. Executive Summary
This report presents the results of the June 30, 2020, actuarial valuation and accounting information regarding the other post‐employment benefit (OPEB) program of the City of Modesto (the City). The purpose of this valuation is to remeasure the OPEB liabilities and provide disclosure information as required by Statement No. 75 of the Governmental Accounting Standards Board (GASB 75) for the fiscal year ending June 30, 2021.
Important background information regarding the valuation process can be found in Addendum 1. We recommend users of the report read this information to familiarize themselves with the process and context of actuarial valuations, including the requirements of GASB 75. The pages following this executive summary present various exhibits and other relevantinformation appropriate for disclosures under GASB 75.
Absent material changesto this program,the results of the June 30, 2020, valuation may also be applied to prepare the City’s GASB 75 report for the fiscal year ending June 30, 2022. If there are any significant changesin the employee population, plan benefits or eligibility, orto the City’sfunding policy, an earlier valuation might be required or appropriate.
OPEB Obligations of the City
The City allows its qualifying retired employees to continue the medical, dental, and vision coverage offered by the City. This coverage may create one or more of the following types of OPEB liabilities:
· Explicit subsidy liabilities: An “explicit subsidy” exists when the employer contributes directly toward the cost of retiree healthcare. In this program, the City pays a portion of medical, dental and vision premiums for qualifying retirees.1 Supporting Information Section 2 has details. · Implicit subsidy liabilities: An “implicit subsidy” exists when the premiums charged for retiree coverage are lower than the expected retiree claims for that coverage. As is the nature of group premium rate structures, at some ages, retirees may be expected to experience higher claims than the premiums they pay, where at other ages, the reverse may be true. We determine the retiree implicit rate subsidy as the projected difference between (a) retiree medical claim costs by age and (b) premiums charged for retiree coverage. For more information see Section 3 and Addendum 2: MacLeod Watts Age Rating Methodology.
o MCFFA: MCFFA retirees are covered by the CalPERS medical program, in which the same monthly premiums are charged for active employees and for pre‐Medicare retirees. CalPERS has confirmed that the claims experience of these members is considered together in setting premiumrates. We applied the methodology described above to calculate the implicit subsidy liability for enrolled MCFFA retirees prior to Medicare.
Different monthly premiums are charged for Medicare‐eligible members. CalPERS confirmed that only the claims experience of these members is considered in setting Medicare‐eligible premium rates. As such, there is no implicit subsidy by active employee premiums. Given the level of the City‐paid benefit, we do not expect any potential implicit subsidy between Medicare‐covered retirees within the pool to be borne by the City. 1 A liability for potential future excise tax liability for “high cost” retiree coverage was included in the prior valuation.
However, this provision of the Affordable Care Act was repealed in December 2019, so this liability was eliminated. #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 2 Executive Summary
(Continued)
OPEB Obligations of the City (concluded)
o Non‐MCFFA retireesin City‐sponsored plans: A closed group of retirees are covered by City‐ sponsored medical plans. Rates for retirees are developed separately from the active rates, and separately for pre‐Medicare and Medicare‐enrolled retirees.
We believe no implicit subsidy exists with respect to retiree dental or vision benefits. · CVRMT Contributions and Benefits: The City makes regular contributions to the Central Valley Retiree Medical Trust (CVRMT) on behalf of each active MCFFA employee. In addition, all unused vacation hours at the time or termination or retirement are converted to cash and deposited into the CVRMT. The City does not make any contributions to the CVRMT on behalf of employees during their retirement. The benefits provided by the CVRMT are outside the scope of this report and, at the City’s direction, have not been reflected as a defined benefit OPEB liability of the City.
OPEB Funding Policy
The employer’s OPEB funding policy affects the calculation of liabilities by impacting the discount rate that is used to develop the plan liability and expense. “Prefunding” is the term used when an agency consistently contributes an amount based on an actuarially determined contribution (ADC) each year.
GASB 75 allows prefunded plans to use a discount rate that reflects the expected earnings on trust assets. Pay‐as‐you‐go, or “PAYGO”, is the term used when an agency only contributes the required retiree benefits when due. When an agency finances retiree benefits on a pay‐as‐you‐go basis, GASB 75 requires the use of a discount rate equal to a 20‐year high grade municipal bond rate.
The City continues to finance this OPEB liability on a pay‐as‐you‐go basis. With the City’s approval, the discount rate used in this valuation is based on the Bond Buyer General Obligation 20‐Bond Municipal Bond Index. As of the beginning and end of the Measurement Period, use of this index results in discount rates of 3.50% on June 30, 2019, and 2.21% on June 30, 2020.
Actuarial Assumptions
The actuarial “demographic” assumptions (i.e., rates of retirement, death, disability or other termination of employment) used in this report were chosen, for the most part, to be the same as the actuarial demographic assumptions used for the most recent valuation of the retirement plan(s) covering City employees. Other assumptions, such as age‐related healthcare claims, healthcare trend, retiree participation rates and spouse coverage, were selected based on demonstrated plan experience and/or our best estimate of expected future experience. All these assumptions, and more, impact expected future benefits. Please note that this valuation has been prepared on a closed group basis.
This means that only employees and retirees present as of the valuation date are considered. We do not consider replacement employees for those we project to leave the current population of plan participants until the valuation date following their employment.
We emphasize that this actuarial valuation provides a projection of future results based on many assumptions. Actual results are likely to vary to some extent and we will continue to monitor these assumptions in future valuations. See Section 3 for a description of assumptions used in this valuation. #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 3 Executive Summary
(Continued)
Important Dates for GASB 75 in this Report
GASB 75 allows reporting liabilities as of any fiscal year end based on: (1) a valuation date no more than 30 months plus 1 day prior to the close of the fiscal year end; and (2) a measurement date up to one year prior to the close of the fiscal year. The following dates were used for this report:
Fiscal Year End June 30, 2021
Measurement Date June 30, 2020
Measurement Period June 30, 2019, to June 30, 2020
Valuation Date June 30, 2020
Significant Results and Differences from the Prior Valuation This is MacLeod Watts’ first valuation and report prepared for the City. No benefit changes were reported as having occurred since the January 2019 valuation was prepared. We reviewed and updated certain assumptions used to project the OPEB liability. We also estimated differences between actual and expected results based on updated census and premium data; these differences are referred to as “plan experience”.Overall, the Total OPEB Liability on the current measurement date is higher than that reported one year ago.
Section C provides additional information on the impact of the new assumptions and plan experience.
Assumption changes are described at the end of Section 3. See Recognition Period for Deferred Resources on page 11 for details on how these changes are recognized.
Impact on Statement of Net Position and OPEB Expense for Fiscal 2021 The plan’s impact to Net Position will be the sum of difference between assets and liabilities as of the measurement date plusthe unrecognized net outflows and inflows of resources. Different recognition periods apply to deferred resources depending on their origin. The plan’s impact on Net Position on the measurement date can be summarized as follows:
Items
For Reporng At
Fiscal Year Ending
June 30, 2021
Total OPEB Liability $30,427,400
Fiduciary Net Position ‐
Net OPEB Liability (Asset) 30,427,400
Deferred (Outflows) of Resources (7,577,966)
Deferred Inflows of Resources 1,465,261
Impact on Statement of Net Position $24,314,695
OPEB Expense, FYE 6/30/2021 $2,279,324
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 4 Executive Summary
(Concluded)
Important Notices
This report is intended to be used only to present the actuarial information relating to other postemployment benefits for the City’s financial statements. The results of this report may not be appropriate for other purposes, where other assumptions, methodology and/or actuarial standards of practice may be required or more suitable. We note that various issues in this report may involve legal analysis of applicable law or regulations. The City should consult counsel on these matters; MacLeod Watts does not practice law and does not intend anything in this report to constitute legal advice. In addition, we recommend the City consult with their internal accounting staff or external auditor or accounting firm about the accounting treatment of OPEB liabilities. #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 5 B. Valuation Process
This valuation is based on employee census data and benefits initially submitted to us by the City and clarified in various related communications. A summary of the employee data is provided in Section 1 and a summary of the benefits provided under the Plan is provided in Section 2. While individual employee records have been reviewed to verify that they are reasonable in various respects, the data has not been audited and we have otherwise relied on the City as to its accuracy. The valuation has been performed in accordance with the process described below using the actuarial methods and assumptions described in Section 3 and is consistent with our understanding of Actuarial Standards of Practice.
In projecting benefit values and liabilities, we first determine an expected premium or benefit stream over each current retiree’s or active employee’s future retirement. Benefits may include both direct employer payments (explicit subsidies) and any implicit subsidies arising when retiree premiums are expected to be partially subsidized by premiums paid for active employees. The projected benefit streams reflect assumed trends in the cost of those benefits and assumptions as to the expected dates when benefits will end. Assumptions regarding the probability that each employee will remain in service to receive benefits and the likelihood the employee will elect coverage for themselves, and their dependents are also applied.
We then calculate a present value of these future benefit streams by discounting the value of each future expected employer payment back to the valuation date using the valuation discount rate. This present value is called the Present Value of Projected Benefits(PVPB) and represents the current value of all expected future plan payments to current retirees and current active employees. Note that this long‐term projection does not anticipate entry of future employees.
The next step in the valuation process splits the Present Value of Projected Benefits into 1) the value of benefits already earned by prior service of current employees and retirees and 2) the value of benefits expected to be earned by future service of current employees. Actuaries employ an “attribution method” to divide the PVPB into prior service liabilities and future service liabilities. For this valuation we used the Entry Age Normal attribution method. This method is the most common used for government funding purposes and the only attribution method allowed for financial reporting under GASB 75.
We call the value of benefits deemed earned by prior service the Actuarial Accrued Liability (AAL).
Benefits deemed earned by service of active employees in a single year is called the Normal Cost of benefits. The present value of all future normal costs (PVFNC) plus the Actuarial Accrued Liability will equal the Present Value of Projected Benefits (i.e. PVPB = AAL + PVFNC).
Retiree
benefits due
next year
*
* Normal Cost‐‐value of benefits earned by active
employees in the year following the valuation date.
Actuarial Accrued Liability(AAL)
Present value as of the valuation date of all benefits deemed earned by prior service of current employess and retirees Valuation Date
Benefits earned by prior service Benefits earned by future service Present Value of Projected Benefit (PVPB)
Present value as of the valuation date of all future benefits expected to be paid to current and former employees Future Earned Benefits
Present value of benefits expected to be earned by
future service of current employees
Pay‐As‐You‐Go‐‐plan sponsor makes contributions each year only to pay for the retiree benefits due that year.
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 6 Valuation Process
(Concluded)
The City is financing the plan on a pay‐as‐you‐go basis. This policy does not establish a trust to prefund benefits and pays retirees benefits each year as required. Therefore, the Unfunded Actuarial Accrued Liability (UAAL) is equal to the Actuarial Accrued Liability. The UAAL represents, as of the valuation date, the present value of benefits already earned by past service that remain unfunded. Future contributions by the City will equal each year’s retiree benefit payments.
Please note that projections of future benefits over such long periods (frequently 70 or more years) which are dependent on numerous assumptionsregarding future economic and demographic variables are subject to substantial revision as future events unfold. While we believe that the assumptions and methods used in this valuation are reasonable for the purposes of this report, the costs to the City reflected in this report are subject to future revision, perhaps materially. Demonstrating the range of potential future plan costs was beyond the scope of our assignment except to the limited extent of providing liability information at various discount rates.
Finally, certain actuarial terms and GASB 75 terms may be used interchangeably. We note a few in the table below.
Actuarial Terminology GASB 75 Terminology
Present Value of Projected Benefits(PVPB) No equivalent term Actuarial Accrued Liability(AAL) Total OPEB Liability (TOL) Market Value of Assets (MVA) Fiduciary Net Position
Actuarial Value of Assets (AVA) No equivalent term
Unfunded Actuarial Accrued Liability (UAAL) Net OPEB Liability Normal Cost Service Cost
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 7 C. Valuation Results as of June 30, 2020
This section presents the basic results of our recalculation of the OPEB liability using the updated employee data, plan provisions and asset information provided to us for the June 30, 2020, valuation.
We described the general process for projecting all future benefits to be paid to retirees and current employeesin the preceding Section. Expected annual benefits have been projected using the actuarial assumptions outlined in Supporting Information, Section 3.
Healthcare benefits are paid for qualifying City retirees. Please see Supporting Information, Section 2 for details.
The following graph illustrates the annual other post‐employment benefits projected to be paid on behalf of current retirees and current employees expected to retire from the City.
The amounts shown in green reflect the expected payment by the City toward retiree medical, dental and vision premiums while those in gold reflect the implicit subsidy benefits (i.e., the excess of retiree medical and prescription drug claims over the premiums expected to be charged during the year for retirees’ coverage). The projections (in gray) reflect increases in benefit levels if healthcare trend were 1% higher.
The first 15 years of benefit payments from the graph above are shown in tabular form on page 19.
Liabilities relating to these projected benefits are shown beginning on the following page. 0 500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2021 2031 2041 2051 2061 2071 2081 2091 2101 2111
OPEB Payments
Projected to be Paid During Retirement to Current Employees and Retirees Explicit Payments Implicit Payments Trend +1%
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 8 Valuation Results as of June 30, 2020
(Continued)
This chart compares the results measured as of June 30, 2019, based on the January 1, 2019 valuation, with the results measured as of June 30, 2020, based on the June 30, 2020 actuarial valuation. *The Service Cost in effect for FYE 2020 was estimated based on the results of the January 1, 2019, valuation.
The TOL increased by approximately $4.0 million from that reported one year ago. Part of the change in the Total OPEB Liability (TOL) was reasonably expected and some of this change was unexpected. Changes in the (TOL) are discussed on the following page.
Measurement Date
Fiscal Year End
Subsidy
Discount rate 3.50% 2.21% 2.21% 2.21%
Actives 501 467 133 467
Retirees 376 351 136 351
Total Participants 877 818 269 818
Actives $ Not provided $ 17,458,229 $ 10,577,645 $ 28,035,874 Retirees Not provided 15,050,513 1,283,204 16,333,717
Total APVPB Not provided 32,508,742 11,860,849 44,369,591 Actives Not provided 9,891,915 4,201,768 14,093,683
Retirees Not provided 15,050,513 1,283,204 16,333,717
TOL 26,459,988 24,942,428 5,484,972 30,427,400
Fiduciary Net Position ‐ ‐ ‐ ‐
Net OPEB Liability 26,459,988 24,942,428 5,484,972 30,427,400 836,292 757,047 439,363 1,196,410
Valuation Date 1/1/2019 6/30/2020
6/30/2020 6/30/2021
6/30/2019 6/30/2020
Total
Number of Covered Employees
Actuarial Present Value of
Projected Benefits
Total OPEB Liability (TOL)
Total Explicit Implicit
Service Cost*
For the period following the
measurement date
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 9 Valuation Results as of June 30, 2020
(Concluded)
Expected changes: We estimate that the TOL was expected to decrease by $1.2 million from normal plan operation, i.e., additional service and interest costs accruing for the period reduced by benefits paid to retirees.
Unexpected changes increased the TOL by $5.2 million. Unexpected changes generally fall into one of the three following categories.
· Plan experience recognizes results which are different than expected based on the prior valuation data and assumptions. This experience appears to have been unfavorable over the 18 months, increasing the TOL by $1.74 million. While we did not receive the 2019 valuation data to verify, based on information in the prior report and current census information, it appears that a significant increase in the number of MCFFA retirees (from 32 to 64) may account for a good portion of this plan experience.
· Changesin assumptions collectively increased the TOL by an additional $3.43 million. The chart below shows the impact of each change. For more details, please see “Changes in Assumptions recognized During the Current Measurement Period” at the end of Supporting Information, Section 3.
This chart reconciles the TOL reported for FYE June 30, 2020 to the TOL to be reported at FYE 2021.
Measurement Date June 30, 2019
Service Cost 836,292
Benefit Payments (2,941,351)
Interest Cost 903,896
Total Expected Change (1,201,163)
Measurement Date June 30, 2020
1,737,964
Changed discount rate 3,011,150
Estimated impact of change in implicit subsidy methodology 1,316,549 Decrease in assumed retiree participation rate (957,177) Increase in spouse coverage assumption 935,432
(462,792)
Decrease in PEMHCA minimum increase trend (227,934)
(178,924)
Change in assumed future increase to non‐MCFFA benefit caps (5,693) Total Unexpected Change 5,168,575
Measurement Date June 30, 2020 $30,427,400
Reported Total OPEB Liability at June 30, 2020 $26,459,988 Expected Changes:
Expected Total OPEB Liability at June 30, 2021 $25,258,825 Unexpected Changes:
Plan experience different than assumed
Change in mortality projection scale
Elimination of excise tax liability
Actual Total OPEB Liability at June 30, 2021
Assumption changes
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 10 D. Accounting Information (GASB 75)
The following exhibits are designed to satisfy the reporting and disclosure requirements of GASB 75 for the fiscal year end June 30, 2021. The City is classified for GASB 75 purposes as a single employer.
Components of Net Position and Expense
The exhibit below shows the development of Net Position and Expense as of the Measurement Date.
Plan Summary Informaon for FYE June 30, 2021
Measurement Date is June 30, 2020
City of Modesto
Items Impacting Net Position:
Total OPEB Liability $30,427,400
Fiduciary Net Position ‐
Net OPEB Liability (Asset) 30,427,400
Deferred (Outflows) Inflows of Resources Due to:
Assumption Changes (2,070,888)
Plan Experience (1,172,767)
Investment Experience ‐
Deferred Contributions (2,869,050)
Net Deferred (Outflows) Inflows of Resources (6,112,705) Impact on Statement of Net Position, FYE 6/30/2021 $24,314,695 Items Impacting OPEB Expense:
Service Cost $836,292
Cost of Plan Changes ‐
Interest Cost 903,896
Expected Earnings on Assets ‐
Recognized Deferred Resource items:
Assumption Changes 290,978
Plan Experience 248,158
Investment Experience ‐
OPEB Expense, FYE 6/30/2021 $2,279,324
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 11 Accounting Information
(Continued)
Change in Net Position During the Fiscal Year
The exhibit below shows the year‐to‐year changes in the components of Net Position.
For Reporting at Fiscal Year End 6/30/2020 6/30/2021
Measurement Date 6/30/2019 6/30/2020
Total OPEB Liability $26,459,988 $30,427,400 $3,967,412 Fiduciary Net Position ‐ ‐ ‐
Net OPEB Liability (Asset) 26,459,988 30,427,400 3,967,412 Deferred Resource (Outflows) Inflows Due to:
Assumption Changes 1,068,745 (2,070,888) (3,139,633)
Plan Experience 317,039 (1,172,767) (1,489,806)
Investment Experience ‐ ‐ ‐
Deferred Contributions (2,941,351) (2,869,050) 72,301
Net Deferred (Outflows) Inflows (1,555,567) (6,112,705) (4,557,138) Impact on Statement of Net Position $24,904,421 $24,314,695 $(589,726) Change in Net Position During the Fiscal Year
Impact on Statement of Net Position, FYE 6/30/2020 $24,904,421 OPEB Expense (Income) 2,279,324
Employer Contributions During Fiscal Year (2,869,050)
Impact on Statement of Net Position, FYE 6/30/2021 $24,314,695 OPEB Expense
Employer Contributions During Fiscal Year $2,869,050
Deterioration (Improvement) in Net Position (589,726)
OPEB Expense (Income), FYE 6/30/2021 $2,279,324
Change
During
Period
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 12 Accounting Information
(Continued)
Recognition Period for Deferred Resources
Liability changes due to plan experience which differs from what was assumed in the prior measurement period and/or from assumption changes during the period are recognized over the plan’s Expected Average Remaining Service Life (“EARSL”). The EARSL of 5.37 years is the period used to recognize such changes in the OPEB Liability arising during the current measurement period.
When applicable, changes in the Fiduciary Net Position due to investment performance different from the assumed earnings rate are always recognized over 5 years.
The liability changes attributable to the reported benefit change occurring during the period will be recognized immediately.
Deferred Resources as of Fiscal Year End and Expected Future Recognition The exhibit below shows deferred resources as of the fiscal year end June 30, 2021.
The City will recognize the Deferred Contributionsin the next fiscal year. In addition, future recognition of these deferred resources is shown below.
City of Modesto Deferred Outflows
of Resources
Deferred Inflows
of Resources
Changes of Assumptions $3,294,595 $1,223,707
Differences Between Expected
and Actual Experience 1,414,321 241,554
Net Difference Between Projected and
Actual Earnings on Investments ‐ ‐
Deferred Contributions 2,869,050 ‐
Total $7,577,966 $1,465,261
For the
Fiscal Year
Ending
June 30
Recognized
Net Deferred
Oulows (Inflows)
of Resources
2022 $539,136
2023 539,136
2024 778,311
2025 1,030,947
2026 356,125
Thereafter ‐
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 13 Accounting Information
(Continued)
Sensitivity of Liabilities to Changes in the Discount Rate and Healthcare Cost Trend Rate The discount rate used for accounting purposes for the fiscal year end 2021 is 2.21%. Healthcare Cost Trend Rate was assumed to start at 5.8% (increase effective January 1, 2021) and grade down to 4% for years 2076 and later. The impact of a 1% increase or decrease in these assumptions is shown in the chart below.
Change in
Discount Rate
Current‐1%
1.21%
Current
2.21%
Current + 1%
3.21%
Net OPEB Liability (Asset) 33,244,771 30,427,400 28,053,844 Increase (Decrease) 2,817,371 (2,373,556)
% Increase (Decrease) 9.3% ‐7.8%
Change in
Healthcare Cost Trend Rate
Current Trend
‐1%
Current
Trend
Current Trend
+ 1%
Net OPEB Liability (Asset) 28,510,733 30,427,400 32,887,299 Increase (Decrease) (1,916,667) 2,459,899
% Increase (Decrease) ‐6.3% 8.1%
Sensitivity to:
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 14 Accounting Information
(Continued)
Schedule of Changes in the City’s Net OPEB Liability and Related Ratios GASB 75 requires presentation of the 10‐year history of changes in the Net OPEB Liability. Only results for years since GASB 75 wasimplemented (FYEs 2018 through 2021) are shown in the table.
Fiscal Year Ending 6/30/2021 6/30/2020 6/30/2019 6/30/2018 Measurement Date 6/30/2020 6/30/2019 6/30/2018 6/30/2017 Discount Rate on Measurement Date 2.21% 3.50% 3.87% 3.58% Total OPEB liability
Service Cost $836,292 $811,934 $963,490 $935,427
Interest 903,896 1,013,863 1,038,035 892,669
Changes of benefit terms ‐ ‐ ‐ ‐
Differences between expected
and actual experience 1,737,964 ‐ (468,009) ‐
Changes of assumptions 3,430,611 754,247 (1,306,633) (1,600,635) Benefit payments (2,941,351) (3,012,214) (2,733,246) (2,430,468) Net change in total OPEB liability 3,967,412 (432,170) (2,506,363) (2,203,007) Total OPEB liability‐beginning 26,459,988 26,892,158 29,398,521 31,601,528 Total OPEB liability‐ending (a) $30,427,400 $26,459,988 $26,892,158 $29,398,521 Plan fiduciary net position‐beginning ‐ ‐ ‐ ‐
Plan fiduciary net position‐ending (b) $‐ $‐ $‐ $‐
Net OPEB liability‐ending (a)‐(b) $30,427,400 $26,459,988 $26,892,158 $29,398,521 Covered‐employee payroll $54,106,179 $50,879,818 $49,647,245 $55,637,076 Net OPEB liability as a % of
covered‐employee payroll 56.24% 52.00% 54.17% 52.84%
Notes to Schedule
Valuation Date 6/30/2020 6/30/2016
Actuarial cost method Entry Age Normal Entry Age Normal Inflation 2.50% n/a
Healthcare cost trend rates
5.8% for 2021,
fluctuating to an
ultimate rate of 4%
in 2076
Graded from 6.50%
to ultimate 4.5%
over 8 years
Salary increases 3.00%
Ranges from 19.8%
to 3.4% based on
years of service and
employer category
Retirement age 50‐75 50‐75
Mortality CalPERS 1997‐2015
Experience Study
CalPERS 2014
Experience Study
Mortality Improvement Fully generational
MW Scale 2020
unknown
CalPERS 1997‐2015 Experience Study
Fully generational Scale MP‐2018
2.75%
Entry Age Normal
1/1/2019
Non‐Medicare: 7.5% for 2020, decreasing
to an ultimate rate of 4% in 2076
Medicare: 6.5% for 2020, decreasing to
an ultimate rate of 4% in 2076
Aggregate: 3% annually
Merit: CalPERS 1997‐2015 Experience
Study
50‐75
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 15 Accounting Information
(Continued)
Schedule of Contributions
This schedule is not required to be provided for an unfunded OPEB plan. #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 16 Accounting Information
(Continued)
Detail of Changes to Net Position
The chart below details changes to all components of Net Position.
Assumption
Changes
Plan
Experience
Investment
Experience
Deferred
Contributions
Balance at Fiscal Year Ending 6/30/2020
Measurement Date 6/30/2019 26,459,988 $ ‐ $ 26,459,988 $ (1,068,745) $ (317,039) $ ‐ $ 2,941,351 $ 24,904,421 $ Changes During the Period:
Service Cost 836,292 836,292 836,292Interest Cost 903,896 903,896 903,896 Expected Investment Income ‐ ‐ ‐
Employer Contributions 2,941,351 (2,941,351) (2,941,351)Changes of Benefit Terms ‐ ‐ ‐Benefit Payments (2,941,351) (2,941,351) ‐ ‐Assumption Changes 3,430,611 3,430,611 3,430,611 ‐ Plan Experience 1,737,964 1,737,964 1,737,964 ‐
Investment Experience ‐ ‐ ‐ ‐
Recognized Deferred Resources (290,978) (248,158) ‐ (2,941,351) 3,480,487 Employer Contribuons in Fiscal Year 2,869,050 (2,869,050) Net Changes in Fiscal Year 2020‐2021 3,967,412 ‐ 3,967,412 3,139,633 1,489,806 ‐ (72,301) (589,726) Balance at Fiscal Year Ending 6/30/2021
Measurement Date 6/30/2020 30,427,400 $ ‐ $ 30,427,400 $ 2,070,888 $ 1,172,767 $ ‐ $ 2,869,050 $ 24,314,695 $ Impact on
Statement of
Net Position
(e) = (c)‐(d)
City of Modesto
Total
OPEB
Liability
(a)
Fiduciary
Net
Position
(b)
Net
OPEB
Liability
(c) = (a)‐(b)
(d) Deferred Outflows (Inflows) Due to:
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 17 Accounting Information
(Continued)
Schedule of Deferred Outflows and Inflows of Resources
A listing of all deferred resource bases used to develop the Net Position and OPEB Expense is shown below. Deferred Contributions are not shown.
Measurement Date: June 30, 2020
Date
Created Cause
Initial
Amount
Period
(Yrs)
Annual
Recognition
Balance
as of
Jun 30, 2020
2019‐20
(FYE 2021)
2020‐21
(FYE 2022)
2021‐22
(FYE 2023)
2022‐23
(FYE 2024)
2023‐24
(FYE 2025)
2024‐25
(FYE 2026) Thereafter
6/30/2018
Gain Due To
Plan Experience (468,009)$ 6.20 (75,485)$ (241,554) $ (75,485)$ (75,485)$ (75,485)$ (75,485)$ (15,099)$ ‐ $ ‐ $ 6/30/2017
Gain Due To
Assumption Changes (1,600,635) 6.09 (262,830) (549,315) (262,830) (262,830) (262,830) (23,655) ‐ ‐ ‐ 6/30/2018
Gain Due To
Assumption Changes (1,306,633) 6.20 (210,747) (674,392) (210,747) (210,747) (210,747) (210,747) (42,151) ‐ ‐ 6/30/2019
Loss Due To
Assumption Changes 754,247 6.00 125,708 502,831 125,708 125,708 125,708 125,708 125,707 ‐ ‐ 6/30/2020
Loss Due To
Plan Experience 1,737,964 5.37 323,643 1,414,321 323,643 323,643 323,643 323,643 323,643 119,749 ‐ 6/30/2020
Loss Due To
Assumption Changes 3,430,611 5.37 638,847 2,791,764 638,847 638,847 638,847 638,847 638,847 236,376 ‐ Deferred Resource Recognition of Deferred Outflow or Deferred (Inflow) in Measurement Period:
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 18 Accounting Information
(Continued)
City Contributions to the Plan
City contributions to the Plan occur as benefits are paid to or on behalf of retirees. Benefit payments may occur in the form of direct payments for premiums(“explicit subsidies”) and/or indirect payments to retirees in the form of higher premiums for active employees (“implicit subsidies”). Note that the implicit subsidy contribution does not represent cash payments to retirees, but rather the reclassification of a portion of active healthcare expense to be recognized as a retiree healthcare cost.
For details, see Addendum 1 – Important Background Information.
Employer contributions made by the City during the measurement period are shown below.
Benefits paid by the City in the year following the measurement period but prior to the end of the fiscal year are shown below.
Employer Contribuons During the
Measurement Period, Jul 1, 2019 thru Jun 30, 2020
City of
Modesto
Employer Contributions to the Trust $‐
Employer Contributions in the Form of
Direct Benefit Payments (not reimbursed by trust) 2,806,762 Implicit contributions 134,589
Total Employer Contributions
During the Measurement Period $2,941,351
Employer Contribuons During the
Fiscal Year, Jul 1, 2020 thru Jun 30, 2021
City of
Modesto
Employer Contributions to the Trust $‐
Employer Contributions in the Form of
Direct Benefit Payments (not reimbursed by trust) 2,607,812 Implicit contributions 261,238
Total Employer Contributions
During the Fiscal Year $2,869,050
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 19 Accounting Information
(Continued)
Projected Benefit Payments (15‐year projection)
The following is an estimate of other post‐employment benefitsto be paid on behalf of current retirees and current employees expected to retire from the City. Expected annual benefits have been projected on the basis of the actuarial assumptions outlined in Section 3.
These projections do not include any benefits expected to be paid on behalf of current active employees prior to retirement, nor do they include any benefits for potential future employees (i.e., those who might be hired in future years).
The amounts shown in the Explicit Subsidy table reflect the expected payment by the City toward retiree medical, dental and vision premiums in each of the years shown. The amounts are shown separately, and in total, for those retired on the valuation date (“current retirees”) and those expected to retire after the valuation date (“future retirees”).
The amounts shown in the Implicit Subsidy table reflect the expected excess of retiree medical and prescription drug claims over the premiums expected to be charged during the year for retirees’ coverage. These amounts are also shown separately and in total for those currently retired on the valuation date and for those expected to retire in the future.
Current
Retirees
Future
Retirees Total
Current
Retirees
Future
Retirees Total
2021 2,607,812$ $‐ 2,607,812$ 261,238$ $‐ 261,238$ 2,869,050$ 2022 2,099,163 371,659 2,470,822 210,131 13,744 223,875 2,694,697 2023 1,783,179 520,834 2,304,013 189,423 26,059 215,482 2,519,495 2024 1,518,111 634,837 2,152,948 152,881 39,800 192,681 2,345,629 2025 1,322,071 717,004 2,039,075 119,654 62,156 181,810 2,220,885 2026 1,153,203 781,472 1,934,675 102,092 79,399 181,491 2,116,166 2027 982,400 827,442 1,809,842 89,243 108,461 197,704 2,007,546 2028 842,419 839,025 1,681,444 81,539 150,804 232,343 1,913,787 2029 649,500 845,134 1,494,634 55,381 191,296 246,677 1,741,311 2030 531,702 837,284 1,368,986 48,066 252,639 300,705 1,669,691 2031 420,402 817,531 1,237,933 19,165 326,533 345,698 1,583,631 2032 356,441 800,296 1,156,737 9,649 368,854 378,503 1,535,240 2033 271,234 778,619 1,049,853 14,194 448,567 462,761 1,512,614 2034 215,781 748,928 964,709 5,282 494,536 499,818 1,464,527 2035 179,541 719,590 899,131 9,245 552,155 561,400 1,460,531 Fiscal Year
Ending
June 30
Explicit Subsidy Implicit Subsidy
Total
Projected Annual Benefit Payments
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 20 Accounting Information
(Concluded)
Sample Journal Entries
Debit Credit
Net OPEB Liability 26,459,988
Deferred Resource‐‐Assumption Changes 1,068,745
Deferred Resource‐‐Plan experience 317,039
Deferred Resource‐‐Investment Experience ‐
Deferred Resource‐‐Contributions 2,941,351
Net Position 24,904,421
Debit Credit
OPEB Expense 2,607,812
Premium Expense 2,607,812
OPEB Expense ‐
Cash ‐
Debit Credit
OPEB Expense 261,238
Premium Expense 261,238
Debit Credit
Net OPEB Liability 3,967,412
Deferred Resource‐‐Assumption Changes 3,139,633
Deferred Resource‐‐Plan experience 1,489,806
Deferred Resource‐‐Investment Experience ‐
Deferred Resource‐‐Contributions 72,301
OPEB Expense 589,726
Beginning Account Balances
As of the fiscal year beginning 7/1/2020
*The entries above assume nothing is on the books at the beginning of the year.So to the extent that values already exist in, for example, the Net OPEB Liability account, then only the difference should be adjusted.The entries above represent the values assumed to exist at the start of the fiscal year.
Journal entry to recharacterize retiree benefit payments not reimbursed by a trust, and record cash contributions to the trust during the fiscal year
*This entry assumes a prior journal entry was made to record the payment for retiree premiums.This entry assumes the prior entry debited an account called "Premium Expense" and credited Cash.This entry reverses the prior debit to "Premium Expense" and recharacterizes that entry as an "OPEB Expense".Also, the entry for cash contributions to the trust is shown.
Journal entries to record implicit subsidies
during the fiscal year
*This entry assumes that premiums for active employees were recorded to an account called "Premium Expense".This entry reverses the portion of premium payments that represent implicit subsidies and assigns that value to OPEB Expense.
Journal entries to record other account activity
during the fiscal year
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 21 E. Funding Information
Our understanding is that the City is currently financing its OPEB liability on a pay‐as‐you‐go basis.
Prefunding (setting aside funds to accumulate in an irrevocable OPEB trust) has certain advantages, one of which is the ability to (potentially) use a higher discount rate in the determination of liabilities for GASB 75 reporting purposes.
Should the City wish to explore potential future prefunding for this plan we can prepare illustrations of various funding levels and, if appropriate, perform a formal funding valuation at that time. Results under a funding scenario may be materially different from the results presented in this report. #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 22 F. Certification
The purpose of this report is to provide actuarial information of the other postemployment benefits (OPEB) provided by the City of Modesto (the City) in compliance with Statement 75 of the Governmental Accounting Standards Board (GASB 75). We summarized the benefits in this report and our calculations were based on our understanding of the benefits as described herein.
In preparing this report we relied without audit on information provided by the City. This information includes, but is not limited to, plan provisions, census data, and financial information. We performed a limited review of this data and found the information to be reasonably consistent. The accuracy of this report is dependent on this information and if any of the information we relied on is incomplete or inaccurate, then the results reported herein will be different from any report relying on more accurate information.
We consider the actuarial assumptions and methods used in this report to be individually reasonable under the requirements imposed by GASB 75 and taking into consideration reasonable expectations of plan experience. The results provide an estimate of the plan’s financial condition at one point in time.
Future actuarial results may be significantly different due to a variety of reasons including, but not limited to, demographic and economic assumptions differing from future plan experience, changes in plan provisions, changes in applicable law, or changes in the value of plan benefits relative to other alternatives available to plan members.
Alternative assumptions may also be reasonable; however, demonstrating the range of potential plan results based on alternative assumptions was beyond the scope of our assignment exceptto the limited extent required by GASB 75 and in accordance with the City’s stated OPEB funding policy. Results for accounting purposes may be materially different than results obtained for other purposessuch as plan termination, liability settlement, or underlying economic value of the promises made by the plan.
Thisreportis prepared solely for the use and benefit of the City and may not be provided to third parties without prior written consent of MacLeod Watts. Exceptions are: The City may provide copies of this report to their professional accounting and legal advisors who are subject to a duty of confidentiality, and the City may provide this work to any party if required by law or court order. No part of this report should be used as the basisfor any representations or warrantiesin any contract or agreement without the written consent of MacLeod Watts.
The undersigned actuaries are unaware of any relationship that might impair the objectivity of this work. Nothing within this report is intended to be a substitute for qualified legal or accounting counsel.
Both actuaries are members of the American Academy of Actuaries and meet the qualification standards for rendering this opinion.
Signed: September 1, 2021
______________________________________________________________________ Catherine L. MacLeod, FSA, FCA, EA, MAAA J. Kevin Watts, FSA, FCA, MAAA #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 23 Current Age Number Percent
Below 50 3 1%
50 to 54 26 7%
55 to 59 56 16%
60 to 64 103 29%
65 to 69 89 25%
70 to 74 51 15%
75 to 79 14 4%
80 & up 9 3%
Total 351 100%
Average Age:
On 6/30/2020 64.71
At retirement 55.93
Retirees by Age
G. Supporting Information
Section 1‐Summary of Employee Data
Active members: The City reported 467 active, OPEB‐eligible employees in the data provided to us for the June 2020 valuation. Of these, 357 were reported to be enrolled in a City healthcare plan, with 110 employees waiving coverage. A breakout between MCFFA and non‐MCFFA is on the following page.
Retirees: There were 342 retirees and 9
surviving spouses receiving benefits under this
program on the valuation date. This chart
summarizes the ages of current retirees and
beneficiaries included.
Summary of Plan Member Counts: The number
of members currently or potentially eligible to
receive benefits under the OPEB plan are
required to be reported in the notes to the
financial statements. These were the counts
from the data provided to us for the June 2020
valuation.
* Eligible MCFFA retirees currently waiving CalPERS
medical coverage
Under 1 1 to 4 5 to 9 10 to 14 15 to 19 20 & Up
Under 25 1 1 0%
25 to 29 8 8 2%
30 to 34 14 6 4 24 5%
35 to 39 12 6 31 8 57 12%
40 to 44 12 3 24 52 5 96 21%
45 to 49 1 3 13 39 37 93 20%
50 to 54 3 1 12 25 27 68 15%
55 to 59 9 13 34 56 12%
60 to 64 8 15 20 43 9%
65 to 69 2 6 10 18 4%
70 & Up 1 2 3 1%
Total 0 51 19 103 159 135 467 100%
Percent 0% 11% 4% 22% 34% 29% 100%
Valuation
Average Attained Age for Actives 47.8 48.3
Average City Years of Service 16.6 16.8
Average PERS Years of Service 17.5 18.42
January 2019 June 2020
Distribution of Benefits‐Eligible Active Employees
Current Age
Years of Service
Total Percent
Number of active plan members 467
Number of inactive plan members
currently receiving benefits 351
Number of inactive plan members
entitled to but not receiving benefits 91*
Summary of Plan Member Counts
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 24 Supporting Information
(Continued)
Section 1‐Summary of Employee Data
(continued)
We compare the numbers of actives and retirees included in the June 2020 valuation with the counts from the prior January 2019 valuation.
Among the non‐MCFFA members, there was a substantial decrease in the numbers of both active and retired plan participants. The non‐MCFFA OPEB program has been closed to new entrants for several years, so the number of covered participants is expected to decrease over time.
By contrast, the MCFFA group increased substantially between valuation dates. In particular, the number of MCFFA retirees receiving benefits doubled over the 18 months between valuation dates.
The amount and term of benefits payable differs for MCFFA and non‐MCFFA participants, as described in the following section. The chart below summarizes the key statistics by group for the active and retired employees included in the current and prior valuations.
Status
OPEB‐
eligible
Actives
Benefitting
Retirees/
Survivors
OPEB‐
eligible
Actives
Benefitting
Retirees/
Survivors Total
Number reported as of January 1, 2019 395 327 119 32 873 Number reported as of June 30, 2020 334 287 133 64 818
Increase (decrease) (61) (40) 14 32 (55)
% increase (decrease) ‐15.4% ‐12.2% 11.8% 100.0% ‐6.3%
Comparison of Plan Member Counts Between Valuation Dates Non‐MCFFA MCFFA
Actives
‐Counts 334 133 467 395 119 514
‐Average Age 50.90 41.81 48.31 49.90 40.70 47.80
‐Average City Service 19.21 10.90 16.84 18.00 12.00 16.60 ‐Average CalPERS Service 19.76 15.04 18.42 18.50 14.20 17.50 ‐Average Sick Leave Hours 494.52 N/A N/A 484.00 N/A N/A Retirees
‐Counts 287 64 351 327 32 359
‐Average Age 64.35 66.33 64.71 63.80 62.30 63.60
‐Average Age at Retirement 56.47 53.59 55.93 56.40 53.80 56.20 ‐Average Remaining Months 71.34 N/A N/A 76.30 N/A N/A
Non‐
MCFFA MCFFA Total
Non‐
MCFFA MCFFA Total
June 30, 2020 Valuation January 1, 2019 Valuation
Participant Statistics
#13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 25 Supporting Information
(Continued)
Section 1‐Summary of Employee Data
(continued)
A closed group of non‐MCFFA employees may qualify for retiree medical coverage in Anthem, Kaiser, or UnitedHealthcare plans sponsored by the City.Plan enrollment for covered non‐MCFFA retirees is shown in the chart below. Retirees paying the full monthly premiums (no City subsidy) are excluded from the valuation and are not included in the counts in the chart below.
MCFFA employees and retirees are eligible for CalPERS medical coverage through the City. Plan enrollment for MCFFA members currently enrolled in a CalPERS plan is shown in the chart below.
Pre‐65 Post‐65
Anthem HDHP 2 0 2 2%
Anthem HDHP 510 1 0 1 1%
Anthem HDHP/Kaiser Sr Adv 0 1 1 1%
Anthem PPO 8 1 9 9%
Anthem PPO/Kaiser Sr Adv 0 1 1 1%
Anthem PPO/UHC Senior Supp 1 0 1 1%
Kaiser HDHP 6 1 7 7%
Kaiser HMO 4 1 5 5%
Kaiser Sr Adv 0 28 28 27%
UHC Secure Horizons 0 20 20 20%
UHC Senior Supp 1 26 27 26%
Total 23 79 102 100%
Percent 23% 77% 100%
Med Plan Percent
Non‐Waived Retiree Medical Plan Participation (non‐MCFFA) Total
Retiree
Pre‐65 Post‐65
Anthem Select Region 1 14 1 0 15 10%
Anthem Traditional Region 1 0 2 1 3 2%
Blue Shield Access Region 1 3 5 0 8 5%
Kaiser Out of State 0 1 0 1 1%
Kaiser Region 1 18 8 10 36 24%
Kaiser Region 3 0 2 0 2 1%
PERS Choice Out of State 0 4 2 6 4%
PERS Choice Region 1 7 2 8 17 12%
PERS Select Region 1 40 9 1 50 34%
PERSCare Region 1 1 1 1 3 2%
UHC Region 1 0 0 6 6 4%
Total 83 35 29 147 100%
Percent 56% 24% 20% 100%
Med Plan Active Total Percent
Retiree
Non‐Waived Active and Retiree Medical Plan Participation (MCFFA) #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 26 Supporting Information
(Continued)
Section 1‐Summary of Employee Data
(concluded)
Participants excluded from the valuation: The following individuals do not currently create an OPEB liability for the City and were excluded from the valuation:
· Non‐MCFFA employees hired on/after January 1, 2011
· Non‐MCFFA employees hired before January 1, 2011 who have less than 0.9 hours of sick leave hours available to convert to health care subsidies in retirement · Non‐MCFFA retirees whose sick leave conversion benefits have been exhausted · MCFFA retirees who are waiving CalPERS medical coverage · City Council members
More information about why they are not included in the valuation is provided in Section 2, Summary of Retiree Benefit Provisions, which begins on the following page. #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 27 Supporting Information
(Continued)
Section 2‐Summary of Retiree Benefit Provisions
OPEB provided: The City has reported that the only OPEB provided2 are retiree medical, dental and vision coverage and/or a monthly subsidy toward the cost of non‐City coverage selected by the retiree.
Summary of Coverage and Benefits for Retired Sworn Firefighters (MCFFA) Access to Retiree Health Coverage: Medical coverage for Modesto City Fire Fighters Association (MCFFA) employees is currently provided through CalPERS as permitted under the Public Employees’ Medical and Hospital Care Act (PEMHCA). This coverage requires the employee to satisfy the requirements for retirement under CalPERS, either: (a) 5 years of State or public agency service and attainment of age 50 or (b) an approved disability retirement.
The employee must begin his or her retirement (pension) benefit within 120 days of terminating employment with the City to be eligible to continue medical coverage through the City and be entitled to the employersubsidy described below. It is the timing of the start of pension benefits and not health benefitsthat determines whether a retiree initially qualifies and remains eligible for medical coverage.
Once eligible, the retiree may enroll within 60 days of retirement or during any future open enrollment period. Coverage may be continued at the retiree’s option for his or her lifetime. A surviving spouse and other eligible dependents may also continue coverage.
Medical benefits provided to MCFFA Retirees: Under PEMHCA, the City is obligated to contribute toward the cost of retiree medical coverage for the retiree’s lifetime or until coverage is discontinued.
MCFFA is covered by a 1995 resolution with CalPERS defining the level of the City’s contribution toward the cost of medical plan premiums for employees and retirees to be the PEMHCA minimum employer contribution (MEC)3. The MEC was $139 per month in 2020, $143 in 2021, and $149 in 2022.
MCFFA premium rates: The 2020 CalPERS Region 1 monthly medical plan rates are shown in the table below. Applicable rates If the member resides outside of this are reflected in the valuation, but not shown below. Projected CalPERS administration fees were not included as part of the OPEB liability. 2 This report focuses on “defined benefit” OPEB provided by the City. The City also provides “defined contribution” OPEB in the form of contributions to health reimbursement arrangement (HRA) accounts for certain active employees. 3 It is our understanding that there is a pre‐tax flexible benefit plan in place for active employees, providing health benefits in excess of the MEC and that PEMHCA does not require these additional payments be provided to retirees.
Plan Ee Only Ee & 1 Ee & 2+ Ee Only Ee & 1 Ee & 2+
Anthem Select HMO 868.98$ 1,737.96$ 2,259.35$ $388.15 $776.30 $1,297.69 Anthem Traditional HMO 1,184.84 2,369.68 3,080.58 388.15 776.30 1,487.20 Blue Shield Access+ HMO 1,127.77 2,255.54 2,932.20
Kaiser HMO 768.49 1,536.98 1,998.07 339.43 678.86 1,139.95 PERS Choice PPO 861.18 1,722.36 2,239.07 351.39 702.78 1,219.49 PERS Select PPO 520.29 1,040.58 1,352.75 351.39 702.78 1,014.95 PERSCare PPO 1,133.14 2,266.28 2,946.16 384.78 769.56 1,449.44 UnitedHealthcare HMO 899.94 1,799.88 2,339.84 327.03 654.06 1,194.02 Western Health Advantage 731.96 1,463.92 1,903.10
Region 1 2020 Health Plan Rates
Actives and Pre‐Med Retirees Medicare Eligible Retirees Not Available
Not Available
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 28 Supporting Information
(Continued)
Section 2‐Summary of Retiree Benefit Provisions
MCFFA benefits excluded from this valuation:
· Dental and vision: At time of retirement, employees who are enrolled in City medical coverage are given a one‐time option to continue City dental and/or vision coverage in retirement. If dental and/or vision coverage is elected,the retiree must pay 100% of the premiums.No explicit or implicit subsidy OPEB liability is expected with respect to dental or vision coverage. · CVRMT Contributions and Benefits: The City makes regular contributions to the Central Valley Retiree Medical Trust (CVRMT) on behalf of each active MCFFA employee. In addition, all unused vacation hours at the time or termination or retirement are converted to cash and deposited into the CVRMT. The City does not make any contributions to the CVRMT on behalf of employees during their retirement. The benefits provided by the CVRMT are outside the scope of this report and, at the City’s direction, have not been reflected as a defined benefit OPEB liability of the City.
Summary of Coverage and Benefits for Retired Non‐MCFFA Employees Note: The defined benefit OPEB plan is closed to non‐MCFFA employees hired after December 31, 2010.
Non‐MCFFA Employees’ Access to Medical Coverage: A closed group of employees who retired prior to January 1, 2015, are enrolled in City‐sponsored medical coverage. The City maintains pre‐Medicare and Medicare plans for this closed group of retirees. The claims experience and premium rates developed for these retiree‐only plans are developed separately from the City’s active employee plans.
For the closed group of retirees covered under the City’s retiree medical plans, the City determines a temporary subsidy the monthly cost of medical premiums as follows:
· 90% of the retiree’s eligible unused sick leave is converted to monthly premium benefits. The conversion rate is 1 month of City subsidy per 8 hours of converted sick leave. · The maximum monthly subsidy amounts vary by date of retirement and by the retiree’s coverage level. Maximum subsidy amounts for 2020 are shown below:
· Retirees enrolled in the City’s dental and/or vision plans may apply any remaining unused premium subsidy toward dental and vision premiums.
· Once the period of subsidized coverage has ended, retirees and their surviving spouses are permitted to retain City coverage on a self‐pay basis for the remainder of their lifetime(s).
Date of
Retirement Retiree Only Retiree & 1
Retiree &
Family
On/Before
10/22/2012* $634 $1,134 $1,603
10/23/2012‐
12/31/2014** $621 $1,100 $1,100
* Caps are equal to the City's contribution for active employees ** Caps are never expected to increase
2020 City Contribution Amounts
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 29 Supporting Information
(Continued)
Section 2‐Summary of Retiree Benefit Provisions
Premiumrates applicable to the closed group of non‐MCFFA retireesin City‐sponsored plans are shown below:
Alternative Retiree Medical Contribution Program (ARMCP): Non‐MCFFA employees hired before January 1, 2011, who retire from the City on or after January 1, 20154 are eligible to convert sick leave hours to a healthcare subsidy as follows:
· 90% of unused sick leave hours earned through August 13, 2012 can be converted to City contribution
· For every 8 hours of converted sick leave, the City contributes 1 month of retiree medical subsidy as follows:
· At least 0.9 hours of convertible sick leave hours must remain at retirement in order to qualify for ARMCP contributions
To receive the ARMCP subsidy, retirees must provide proof of medical plan enrollment. Subsidies are deposited into retirees’ Retiree Health Savings (RHS) accounts semi‐annually. 4 Some employees who retired before January 1, 2015, have elected ARMCP benefits in lieu of City‐sponsored medical coverage and the corresponding subsidies.
Coverage Retiree Only Retiree + 1 Retiree + Family
Subsidy $500 $1,000 $1,000
Coverage Retiree Only Retiree + 1 Retiree + Family
Subsidy $250 $500 $500
1 on Medicare + 1 not on Medicare
$750
Non‐Medicare Retirees
Medicare Retirees
Single Two Party Family
Kaiser HMO 1,294.00$ 2,588.00$ 3,662.00$
Kaiser HDHP 937.00 1,875.00 2,652.00
Anthem PPO 1,052.00 2,104.00 2,978.00
Anthem HDHP 995.00 1,991.00 2,817.00
Anthem HDHP 510 893.00 1,788.00 2,529.00
2020 Monthly Pre‐Medicare Retiree Rates
Single Two Party
Kaiser Senior Adv 306.00$ 612.00$
UHC Secure Horizons 428.52 857.04
UHC Senior Supp. 544.99 1,089.98
2020 Medicare Retiree Monthly Rates
Single Two Party Family
Dental 65.89$ 131.81$ 184.52$
Vision 15.73 31.50 44.08
2020 Retiree Dental and Vision Prems
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 30 Supporting Information
(Continued)
Section 2‐Summary of Retiree Benefit Provisions
Retirees who participate in the ARMCP are ineligible for coverage in City‐sponsored medical plans.
ARMCP retirees are allowed to continue City‐sponsored dental and/or vision coverage in retirement but are responsible for 100% of the premiums. Dental and vision coverage is a one‐time election upon retirement and cannot be reinstated if the retiree discontinues coverage.
ARMCP retirees are permitted to “freeze” their sick leave balance and resume receiving RHS deposits at a later date if desired.
Non‐MCFFA benefits excluded from this valuation:
· Defined Contribution plan benefits: Non‐MCFFA employees hired after January 1, 2011 are eligible only for HRA contributions while actively employed. These employees are ineligible for City‐ sponsored healthcare coverage in retirement and receive no City healthcare payments in retirement. Liabilities relating to the defined contribution OPEB program are reported separately and are not included in this actuarial valuation.
· CVRMT contributions and benefits: The City makes regular contributions to the Central Valley Retiree Medical Trust (CVRMT) on behalf of active MPOA employees. The City does not make any contributions to the CVRMT on behalf of employees during their retirement. The benefits provided by the CVRMT are outside the scope of this report and, at the City’s direction, have not been reflected as a defined benefit OPEB liability of the City. · City Council members are ineligible for OPEB and were excluded from the valuation. #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 31 Supporting Information
(Continued)
Section 3‐Actuarial Methods and Assumptions
The ultimate real cost of an employee benefit plan is the value of all benefits and other expenses of the plan over its lifetime. These payments depend only on the terms of the plan and the administrative arrangements adopted. The actuarial assumptions are used to estimate the cost of these benefits; the funding method spreads the expect costs on a level basis over the life of the plan.
Important Dates
Fiscal Year End June 30, 2021
Valuation Date June 30, 2020
Measurement Date Last day of the prior fiscal year (June 30, 2020) Valuation Methods
Funding Method Entry Age Normal Cost, level percent of pay Asset Valuation Method Not applicable ($0; plan is not yet funded) Participants Valued Only current active employees and retired participants and covered dependents are valued. No future entrants are
considered in this valuation.
Development of Age‐related
Medical Premiums Actual premium ratesfor retirees and theirspouses were adjusted to an age‐related basis by applying medical claim cost factors developed from the data presented in the report, “Health Care Costs – From Birth to Death”, sponsored by the Society of Actuaries. A description of the use of claims cost curves can be found in MacLeod Watts’s Age Rating Methodology provided in Addendum 2 to this report.
For MCFFA members: Monthly baseline premium costs were set equal to the active employee‐only premiums shown in the chart on page 27 in Section 2. These premium rates were adjusted to an age‐related basis for pre‐Medicare retirees and their spouses by applying the medical claim cost factors to monthly baseline premiums using the dataset provided by CalPERS for retirees.
Sample rates are shown in the chart on the following page.
Medicare‐eligible retirees are covered by plans which are rated solely on the experience of Medicare retirees with no subsidy by active employee premiums. The employer’s contribution is less than the lowest age adjusted premium and, as such, any implicit subsidy between retirees in this group is paid by other retirees.
Age‐based premiums were not developed for these members. #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 32 Supporting Information (Continued)
Section 3‐Actuarial Methods and Assumptions
Development of Age‐related
Medical Premiums (continued) MCFFA age‐based claims for selected ages are shown below:
Region Medical Plan 50 53 56 59 62
Anthem Select HMO 864$ 1,019$ 1,184$ 1,357$ 1,543$
Anthem Traditional HMO 1,145 1,350 1,568 1,797 2,043
Blue Shield Access+ HMO 989 1,166 1,354 1,552 1,764
Kaiser HMO 763 900 1,045 1,198 1,362
PERS Choice PPO 773 912 1,059 1,214 1,380
PERS Select PPO 543 640 744 852 969
PERSCare PPO 960 1,132 1,315 1,507 1,714
UnitedHealthcare HMO 757 893 1,037 1,188 1,351
Region 3 Kaiser HMO 675 796 924 1,059 1,204
KaiserHMO 601 709 824 944 1,073
PERS Choice PPO 455 536 623 714 812
Region Medical Plan 50 53 56 59 62
Anthem Select HMO 1,071$ 1,176$ 1,266$ 1,368$ 1,508$
Anthem Traditional HMO 1,419 1,558 1,677 1,812 1,998
Blue Shield Access+ HMO 1,225 1,346 1,448 1,565 1,725
Kaiser HMO 946 1,039 1,118 1,208 1,331
PERS Choice PPO 958 1,052 1,132 1,224 1,349
PERS Select PPO 673 739 795 859 947
PERSCare PPO 1,190 1,307 1,406 1,520 1,675
UnitedHealthcare HMO 938 1,030 1,109 1,198 1,321
Region 3 Kaiser HMO 836 919 988 1,068 1,177
KaiserHMO 745 818 881 952 1,049
PERS Choice PPO 564 619 666 720 794
Region 1
Out of State
MCFFA Retirees: Expected 2020 Monthly Claims by Medical Plan for Selected Ages Male
Female
Region 1
Out of State
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 33 Supporting Information (Continued)
Section 3‐Actuarial Methods and Assumptions
Development of Age‐related
Medical Premiums (concluded) Non‐MCFFA Retireesin City Plans: The monthly baseline premium costs were set equal to the employee‐only premiumsshown in the chart on page 29 in Section 2. Actual premium rates for retirees and their spouses were adjusted to an age‐related basis by applying the medical claim cost factors to monthly baseline premium costs.
Non‐MCFFA age‐based claims for selected ages are shown in the chart below:
50 55 60 65 70 75 80 85 90
Kaiser HMO 778$ 1,015$ 1,275$
Kaiser HDHP 563 735 923
Anthem PPO 629 821 1,031
Anthem HDHP 595 776 975
Anthem HDHP 510 534 697 875
Kaiser Senior Adv 259 290 315 330 326 311
UHC Secure Horizons 353 395 429 450 444 424
UHC Senior Supp. 441 494 537 562 555 530
50 55 60 65 70 75 80 85 90
Kaiser HMO 964$ 1,113$ 1,269$
Kaiser HDHP 698 806 919
Anthem PPO 780 900 1,026
Anthem HDHP 737 851 971
Anthem HDHP 510 662 764 871
Kaiser Senior Adv 248 281 304 317 320 314
UHC Secure Horizons 338 382 414 432 436 427
UHC Senior Supp. 422 478 517 540 545 534
Not available to Medicare retirees
Available only to Medicare
retirees
Non‐MCFFA Retirees: Expected 2020 Monthly Claims by Medical Plan for Selected Ages Male
Female
Medical Plan
Medical Plan
Not available to Medicare retirees
Available only to Medicare
retirees
#13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 34 Supporting Information
(Continued)
Section 3‐Actuarial Methods and Assumptions
Economic Assumptions
Municipal Bond Index Bond Buyer General Obligation 20‐Bond Municipal Bond Index Discount Rate 2.21% as of June 30, 2020
3.50% as of June 30, 2019
General Inflation Rate 2.5% per year
Salary Increase 3.0% per year, since benefits do not depend on salary, this is used only to allocate the cost of benefits between service years Healthcare Trend Medical plan premiums and claims costs by age are assumed to increase once each year. The increases over the prior year’s levels are assumed to be effective on the dates shown in the chart below.
The healthcare trend shown above was developed using the Getzen Model 2021_b published by the Society of Actuaries using the following settings: CPI 2.5%; Real GDP Growth 1.5%; Excess Medical Growth 1.1%; Expected Health Share of GDP in 2030
20.3%; Resistance Point 25%; Year after which medical growth is limited to growth in GDP 2075.
The required PEMHCA minimum employer contribution (MEC) is assumed to increase annually by 4.0%.
Dental and vision premiums are assumed to increase by 3.5% per year.
Employer Cost‐sharing The maximum benefit for non‐MCFFA employees who retired prior to January 1, 2015, is equal to the City’s maximum contribution for active employees. The City’s contribution for active employees is assumed to increase by 2.5% per year.
Effective
January 1
Premium
Increase
Effective
January 1
Premium
Increase
2021 5.8% 2061‐2066 4.8%
2022 5.7% 2067 4.7%
2023 5.6% 2068 4.6%
2024 5.5% 2069 4.5%
2025‐2026 5.4% 2070‐2071 4.4%
2027‐2029 5.3% 2072 4.3%
2030‐2051 5.2% 2073‐2074 4.2%
2052 5.1% 2075 4.1%
2053‐2055 5.0% 2076 4.0%
2056‐2060 4.9% & later 4.0%
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 35 Supporting Information
(Continued)
Section 3‐Actuarial Methods and Assumptions
Participant Election Assumptions
Participation Rate Active MCFFA: Prior to age 65, 80% those currently enrolled in a CalPERS medical plan and 60% of those waiving CalPERS medical coverage while employed are assumed to elect coverage in retirement. For those currently enrolled, current plan elections are assumed to continue in retirement. Those currently waiving coverage are assumed to election the Kaiser Region 1 plan in retirement. Of those who enroll in a CalPERS medical plan in retirement, 25% are assumed to discontinue coverage upon reaching age 65.
Active Non‐MCFFA: 100% of ARMCP‐eligible employees who
currently have at least 0.9 hours of convertible sick leave hours are assumed to receive ARMCP benefits upon retirementfrom the City.
Retired MCFFA participants: MCFFA retirees currently over age 65 and enrolled in CalPERS medical coverage are assumed to continue coverage for life. Enrolled MCFFA retirees currently under age 65 are assumed to remain enrolled until age 65; upon reaching age 65, 25% are assumed to discontinue coverage.
Retired non‐MCFFA participants: All non‐MCFFA retirees enrolled in coverage through the City are assumed to continue coverage for their remaining lifetime. Retirees receiving ARMCP
contributions are assumed to continue to the retiree (or the retiree’s surviving spouse) until the converted sick leave is depleted.
Spouse Coverage Active employees: We assumed that 70% of current employees will be married members who elect coverage for their spouse when they retire. Surviving spouses are assumed to continue coverage until their death. Husbands are assumed to be 3 years older than their wives.
Retired participants: Existing elections for spouse coverage are assumed to continue until the spouse’s death or until the retiree voluntarily discontinues coverage. Actual spouse ages are used, where known; if not, husbands are assumed to be 3 years older than their wives.
Medicare Eligibility Absent contrary data, all individuals are assumed to be eligible for Medicare Parts A and B at age 65.
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 36 Supporting Information
(Continued)
Section 3‐Actuarial Methods and Assumptions
Demographic Assumptions
Demographic actuarial assumptions used in this valuation are based on the 2017 experience study of the California Public Employees Retirement System using data from 1997 to 2015, except for a different basis used to project future mortality improvements. Rates for selected age and service are shown below and on the following pages. The representative mortality rates were those published by CalPERS adjusted to back out 15 years of Scale MP 2016 to central year 2015.
Mortality Improvement MacLeod Watts Scale 2020 applied generationally from 2015 (see Addendum 3)
Mortality Before Retirement
(before improvement applied)
Mortality After Retirement Healthy Lives Disabled Miscellaneous (before improvement applied)
Age Male Female
15 0.00019 0.00004
20 0.00027 0.00008
30 0.00044 0.00018
40 0.00070 0.00040
50 0.00135 0.00090
60 0.00288 0.00182
70 0.00693 0.00438
80 0.01909 0.01080
CalPERS Public Agency
Miscellaneous Non‐
Industrial Deaths
Age Male Female
15 0.00023 0.00008
20 0.00032 0.00013
30 0.00053 0.00025
40 0.00081 0.00050
50 0.00150 0.00104
60 0.00306 0.00200
70 0.00714 0.00459
80 0.01934 0.01105
CalPERS Public Agency
Police & Fire Combined
Industrial & Non‐Industrial
Age Male Female
40 0.00070 0.00040
50 0.00431 0.00390
60 0.00758 0.00524
70 0.01490 0.01044
80 0.04577 0.03459
90 0.14801 0.11315
100 0.35053 0.30412
110 1.00000 1.00000
CalPERS Public Agency
Miscellaneous, Police &
Fire Post Retirement
Mortality
Age Male Female
20 0.00027 0.00008
30 0.00044 0.00018
40 0.00070 0.00040
50 0.01371 0.01221
60 0.02447 0.01545
70 0.03737 0.02462
80 0.07218 0.05338
90 0.16585 0.14826
CalPERS Public Agency
Disabled Miscellaneous
Post‐Retirement Mortality
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 37 Supporting Information
(Continued)
Section 3‐Actuarial Methods and Assumptions
Mortality After Retirement (concluded)
(before improvement applied)
Disabled FireDisabled Police
Termination Rates
Age Male Female
20 0.00027 0.00009
30 0.00031 0.00014
40 0.00034 0.00022
50 0.00780 0.00681
60 0.01250 0.00809
70 0.02361 0.01647
80 0.06612 0.04975
90 0.18524 0.14349
CalPERS Public Agency
Disabled Fire Post‐
Retirement Mortality
Age Male Female
20 0.00034 0.00010
30 0.00023 0.00012
40 0.00023 0.00017
50 0.00642 0.00563
60 0.01059 0.00696
70 0.02185 0.01537
80 0.06477 0.04883
90 0.18501 0.14169
CalPERS Public Agency
Disabled Police Post‐
Retirement Mortality
Attained
Age 0 3 5 10 15 20
15 0.1812 0.0000 0.0000 0.0000 0.0000 0.0000
20 0.1742 0.1193 0.0654 0.0000 0.0000 0.0000
25 0.1674 0.1125 0.0634 0.0433 0.0000 0.0000
30 0.1606 0.1055 0.0615 0.0416 0.0262 0.0000
35 0.1537 0.0987 0.0567 0.0399 0.0252 0.0184
40 0.1468 0.0919 0.0519 0.0375 0.0243 0.0176
45 0.1400 0.0849 0.0480 0.0351 0.0216 0.0168
Years of Service
Miscellaneous Employees: Sum of Vested Terminated & Refund Rates These ratesreflect the From CalPERS Experience Study Report Issued December 2017 assumed probability
that an employee will
leave the City in the
next 12 months for
reasons other than a
service or disability
retirement or death.
Attained
Age 0 3 5 10 15 20
15 0.1013 0.0000 0.0000 0.0000 0.0000 0.0000
20 0.1013 0.0258 0.0249 0.0000 0.0000 0.0000
25 0.1013 0.0258 0.0249 0.0179 0.0000 0.0000
30 0.1013 0.0258 0.0249 0.0179 0.0109 0.0000
35 0.1013 0.0258 0.0249 0.0179 0.0109 0.0082
40 0.1013 0.0258 0.0249 0.0179 0.0109 0.0082
45 0.1013 0.0258 0.0249 0.0179 0.0109 0.0082
Years of Service
Police Safety Employees: Sum of Vested Terminated & Refund Rates From CalPERS Experience Study Report Issued December 2017
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 38 Supporting Information
(Continued)
Section 3‐Actuarial Methods and Assumptions
Termination Rates
(concluded)
Service Retirement Rates The following miscellaneous retirement formulas apply:
If hired prior to 1/17/2012: 2% @ 55
If hired on or after 1/17/2012, Classic: 2% @ 60
If hired on or after 1/1/2013, PEPRA: 2% @ 62
The following safety retirement formulas apply:
If hired prior to 9/11/2012: 3% @ 50
If hired on or after 9/11/2012, Classic: 3% @ 55
If hired on or after 1/1/2013, PEPRA: 2.7% @ 57
Sample rates of assumed future retirements are shown below and on the following pages.
Sample rates of assumed
future retirements for each of
these retirement benefit
formulas are shown in the
tables to the right and on the
top of the following page.
Rates shown reflect the
probability that an employee
at that age and service will
retire in the next 12 months.
Current Years of Service
Age 5 10 15 20 25 30
50 0.0080 0.0130 0.0180 0.0210 0.0220 0.0330
55 0.0400 0.0400 0.0560 0.0930 0.1090 0.1540
60 0.0580 0.0750 0.0930 0.1260 0.1430 0.1690
65 0.1450 0.1730 0.2010 0.2330 0.2660 0.2890
70 0.1500 0.1710 0.1920 0.2390 0.3040 0.3300
75 & over 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Miscellaneous Employees: 2% at 55 formula
From CalPERS Experience Study Report Issued December 2017 Current Years of Service
Age 5 10 15 20 25 30
50 0.0200 0.0200 0.0200 0.0200 0.0200 0.1500
55 0.0190 0.0260 0.0330 0.0920 0.1360 0.1460
60 0.0700 0.0740 0.0890 0.1130 0.1370 0.1610
65 0.1400 0.1780 0.2150 0.2640 0.3210 0.3770
70 0.1400 0.1780 0.2150 0.2640 0.3210 0.3770
75 & over 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Miscellaneous Employees: 2% at 60 formula
From CalPERS Experience Study Report Issued December 2017 Attained
Age 0 3 5 10 15 20
15 0.1298 0.0000 0.0000 0.0000 0.0000 0.0000
20 0.1298 0.0237 0.0146 0.0000 0.0000 0.0000
25 0.1298 0.0237 0.0146 0.0069 0.0000 0.0000
30 0.1298 0.0237 0.0146 0.0069 0.0052 0.0000
35 0.1298 0.0237 0.0146 0.0069 0.0052 0.0041
40 0.1298 0.0237 0.0146 0.0069 0.0052 0.0041
45 0.1298 0.0237 0.0146 0.0069 0.0052 0.0041
Years of Service
Fire Safety Employees: Sum of Vested Terminated & Refund Rates From CalPERS Experience Study Report Issued December 2017
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 39 Supporting Information
(Continued)
Section 3‐Actuarial Methods and Assumptions
Service Retirement Rates
(continued)
Current Years of Service
Age 5 10 15 20 25 30
50 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
55 0.0100 0.0190 0.0280 0.0360 0.0610 0.0960
60 0.0310 0.0510 0.0710 0.0910 0.1110 0.1380
65 0.1080 0.1410 0.1730 0.2060 0.2390 0.3000
70 0.1200 0.1560 0.1930 0.2290 0.2650 0.3330
75 & over 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Miscellaneous "PEPRA" Employees: 2% at 62 formula
From CalPERS Experience Study Report Issued December 2017 Current Years of Service
Age 5 10 15 20 25 30
50 0.0200 0.0200 0.0200 0.0400 0.1300 0.1920
53 0.0230 0.0230 0.0230 0.0430 0.1350 0.1980
56 0.0530 0.0530 0.0530 0.0850 0.1960 0.2690
59 0.0750 0.0750 0.0750 0.1160 0.2390 0.3210
62 0.0680 0.0680 0.0680 0.1060 0.2240 0.3040
65 & over 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Fire Safety Employees: 3.0% at 50 formula
From CalPERS Experience Study Report Issued December 2017 Current Years of Service
Age 5 10 15 20 25 30
50 0.0010 0.0010 0.0010 0.0060 0.0160 0.0690
53 0.0320 0.0320 0.0320 0.0490 0.0850 0.1490
56 0.0640 0.0640 0.0640 0.0970 0.1610 0.2380
59 0.0880 0.0880 0.0880 0.1310 0.2130 0.2990
62 0.0870 0.0870 0.0870 0.1280 0.2100 0.2950
65 & over 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Fire Safety Employees: 3.0% at 55 formula
From CalPERS Experience Study Report Issued December 2017 Current Years of Service
Age 5 10 15 20 25 30
50 0.0065 0.0065 0.0065 0.0065 0.0101 0.0151
53 0.0442 0.0442 0.0442 0.0442 0.0680 0.1018
56 0.0740 0.0740 0.0740 0.0740 0.1140 0.1706
59 0.0729 0.0729 0.0729 0.0729 0.1123 0.1681
62 0.1136 0.1136 0.1136 0.1136 0.1749 0.2618
65 & over 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Fire Safety Employees: 2.7% at 57 formula
From CalPERS Experience Study Report Issued December 2017 #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 40 Supporting Information
(Continued)
Section 3‐Actuarial Methods and Assumptions
Service Retirement Rates
(concluded)
Current Years of Service
Age 5 10 15 20 25 30
50 0.0500 0.0500 0.0500 0.1000 0.1550 0.4000
53 0.0400 0.0400 0.0400 0.0800 0.1350 0.3500
56 0.0600 0.0600 0.0600 0.1100 0.1650 0.3300
59 0.0900 0.0900 0.0950 0.1300 0.1850 0.3500
62 0.1500 0.1500 0.1500 0.1500 0.2000 0.3500
65 & over 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Police Safety Employees: 3.0% at 50 formula
From CalPERS Experience Study Report Issued December 2017 Current Years of Service
Age 5 10 15 20 25 30
50 0.0350 0.0350 0.0350 0.0350 0.0700 0.0900
53 0.0280 0.0280 0.0280 0.0430 0.0750 0.1320
56 0.0600 0.0600 0.0600 0.1100 0.1650 0.3300
59 0.0900 0.0900 0.0950 0.1300 0.1850 0.3500
62 0.1500 0.1500 0.1500 0.1500 0.2000 0.3500
65 & over 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Police Safety Employees: 3.0% at 55 formula
From CalPERS Experience Study Report Issued December 2017 Current Years of Service
Age 5 10 15 20 25 30
50 0.0500 0.0500 0.0500 0.0500 0.0500 0.1000
53 0.0380 0.0380 0.0380 0.0380 0.0774 0.1169
56 0.0627 0.0627 0.0627 0.0836 0.1228 0.2168
59 0.0800 0.0800 0.0800 0.0920 0.1400 0.2275
62 0.1500 0.1500 0.1500 0.1500 0.1500 0.2125
65 & over 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Police Safety Employees: 2.7% at 57 formula
From CalPERS Experience Study Report Issued December 2017 #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 41 Supporting Information
(Concluded)
Section 3‐Actuarial Methods and Assumptions
Disability Retirement Rates
Changes recognized during the current measurement period:
Discount Rate Changed from 3.50% as of June 30, 2019 to 2.21% as of June 30, 2020, based on the published change in return for the applicable municipal bond index.
Participation Rate The percentage of pre‐65 MCFFA retirees assumed to continue coverage after age 65 was decreased from 100% to 75% based on review of current retiree elections.
Spouse Coverage The percentage of future retirees assumed to cover a spouse in retirement wasincreased from 65% to 70% for MCFFA employees, and from 50% to 70% for non‐MCFFA employees, based on a review of current retiree elections.
Mortality Improvement The mortality improvement scale was changed from Scale MP‐ 2018 to MacLeod Watts Scale 2020 (see Addendum 3).
General Inflation Rate Decreased from 2.75% to 2.5% per year Trend on PEMHCA MEC Benefit We assumed the PEMHCA Minimum Employer Contribution (MEC) will increase by 4.0% per year, down from 4.25% per year.
Employer Cost‐sharing The maximum benefit for non‐MCFFA employees who retired prior to January 1, 2015, is assumed to increase by 2.5% per year, slightly lower than the 2.75% assumed in the prior valuation.
Excise Tax Repeal We excluded the excise tax on high cost medical coverage from the valuation results due to its repeal in December 2019.
Age Unisex
20 0.00015
25 0.00029
30 0.00066
35 0.00129
40 0.00235
45 0.00418
50 0.02128
55 0.03134
60 0.04442
CalPERS Public Agency
Fire Combined Disability
From Dec 2017
Experience Study Report
Age Male Female
20 0.00017 0.00010
25 0.00017 0.00010
30 0.00019 0.00024
35 0.00039 0.00071
40 0.00102 0.00135
45 0.00151 0.00188
50 0.00158 0.00199
55 0.00158 0.00149
60 0.00153 0.00105
CalPERS Public Agency
Miscellaneous Disability
From Dec 2017 Experience
Study Report
Age Unisex
20 0.00010
25 0.00175
30 0.00496
35 0.00818
40 0.01140
45 0.01461
50 0.01925
55 0.04909
60 0.06212
CalPERS Public Agency
Police Combined Disability
From Dec 2017
Experience Study Report
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 42 Addendum 1: Important Background Information
General Types of Other Post‐Employment Benefits (OPEB)
Post‐employment benefits other than pensions (OPEB) comprise a part of compensation that employers offer for services received. The most common OPEB are medical, prescription drug, dental, vision, and/or life insurance coverage. Other OPEB may include outside group legal, long‐term care, or disability benefits outside of a pension plan. OPEB does not generally include COBRA, vacation, sick leave (unless converted to defined benefit OPEB), or other direct retiree payments.
A direct employer payment toward the cost of OPEB benefits is referred to as an “explicit subsidy”. In addition, if claims experience of employees and retirees are pooled when determining premiums, retiree premiums are based on a pool of members which, on average, are younger and healthier. For certain types of coverage such as medical insurance, this results in an “implicit subsidy” of retiree premiums by active employee premiums since the retiree premiums are lower than they would have been if retirees were insured separately. GASB 75 and Actuarial Standards of Practice generally require that an implicit subsidy of retiree premium rates be valued as an OPEB liability.
This chart shows the sources of funds needed to cover expected medical claims for pre‐Medicare retirees. The portion of the premium paid by the Agency does not impact the amount of the implicit subsidy.
Valuation Process
The valuation was based on employee census data and benefits provided by the City. A summary of the employee data is provided in Section 1 and a summary of the benefits provided under the Plan is provided in Section 2. While individual employee records have been reviewed to verify that they are reasonable in various respects, the data has not been audited and we have otherwise relied on the City as to its accuracy. The valuation was also based on the actuarial methods and assumptions described in Section 3.
In developing the projected benefit values and liabilities, we first determine an expected premium or benefit stream over the employee’s future retirement. Benefits may include both direct employer payments (explicit subsidies) and/or an implicit subsidy, arising when retiree premiums are expected to be subsidized by active employee premiums. The projected benefit streams reflect assumed trends in the cost of those benefits and assumptions as to the expected date(s) when benefits will end. We then apply assumptions regarding:
— The probability that each individual employee will or will not continue in service to receive benefits.
— The probability of when such retirement will occur for each retiree, based on current age, service and employee type; and
— The likelihood that future retirees will or will not elect retiree coverage (and benefits) for themselves and/or their dependents.
Expected retiree claims
Premium charged for retiree coverage
Covered by higher
active premiums
Retiree portion of premium Agency portion of premium
Explicit subsidy Implicit subsidy
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 43 Important Background Information
(Continued)
We then calculate a present value of these benefits by discounting the value of each future expected benefit payment, multiplied by the assumed expectation that it will be paid, back to the valuation date using the discount rate. These benefit projections and liabilities have a very long time horizon. The final payments for currently active employees may not be made for many decades.
The resulting present value for each employee is allocated as a level percent of payroll each year over the employee’s career using the entry age normal cost method and the amounts for each individual are then summed to get the results for the entire plan. This creates a cost expected to increase each year as payroll increases. Amounts attributed to prior fiscal years form the “Total OPEB Liability”. The OPEB cost allocated for active employees in the current year is referred to as “Service Cost”.
Where contributions have been made to an irrevocable OPEB trust, the accumulated value of trust assets (“Fiduciary Net Position”) is applied to offset the “Total OPEB Liability”, resulting in the “Net OPEB Liability”. If a plan is not being funded, then the Net OPEB Liability is equal to the Total OPEB Liability.
It is important to remember that an actuarial valuation is, by its nature, a projection of one possible future outcome based on many assumptions. To the extent that actual experience is not what we assumed, future results will differ. Some possible sources of future differences may include:
· A significant change in the number of covered or eligible plan members · A significant increase or decrease in the future premium rates · A change in the subsidy provided by the Agency toward retiree premiums · Longer life expectancies of retirees
· Significant changes in expected retiree healthcare claims by age, relative to healthcare claims for active employees and their dependents
· Higher or lower returns on plan assets or contribution levels other than were assumed, and/or · Changes in the discount rate used to value the OPEB liability #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 44 Important Background Information
(Continued)
Requirements of GASB 75
The Governmental Accounting Standards Board (GASB) issued GASB Statement No. 75, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. This Statement establishes standards for the measurement, recognition, and disclosure of OPEB expense and related liabilities (assets), note disclosures, and, required supplementary information (RSI) in the financial reports of state and local governmental employers.
Important Dates
GASB 75 requires that the information used for financial reporting falls within prescribed timeframes.
Actuarial valuations of the total OPEB liability are generally required at least every two years. If a valuation is not performed as of the Measurement Date, then liabilities are required to be based on roll forward procedures from a prior valuation performed no more than 30 months and 1 day prior to the most recent year‐end. In addition, the net OPEB liability is required to be measured as of a date no earlier than the end of the prior fiscal year (the “Measurement Date”).
Recognition of Plan Changes and Gains and Losses
Under GASB 75, gains and losses related to changes in Total OPEB Liability and Fiduciary Net Position are recognized in OPEB expense systematically over time. · Timing of recognition: Changes in the Total OPEB Liability relating to changes in plan benefits are recognized immediately (fully expensed) in the year in which the change occurs. Gains and Losses are amortized, with the applicable period based on the type of gain or loss. The first amortized amounts are recognized in OPEB expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to OPEB and are to be recognized in future OPEB expense. · Deferred recognition periods: These periods differ depending on the source of the gain or loss.
Difference between projected
and actual trust earnings: 5 year straight‐line recognition All other amounts: Straight‐line recognition over the expected average remaining service lifetime (EARSL) of all members that
are provided with benefits, determined as of the
beginning of the Measurement Period. In determining
the EARSL, all active, retired and inactive (vested)
members are counted, with the latter two groups having
0 remaining service years.
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 45 Important Background Information
(Continued)
Implicit Subsidy Plan Contributions
An implicit subsidy occurs when expected retiree claims exceed the premiums charged for retiree coverage. When this occurs, we expect part of the premiums paid for active employees to cover a portion of retiree claims. Thistransfer representsthe current year’s “implicit subsidy”. Because GASB 75 treats payments to an irrevocable trust or directly to the insurer as employer contributions, each year’s implicit subsidy is treated as a contribution toward the payment of retiree benefits.
The following hypothetical example illustrates this treatment:
The example above shows that total payments toward active and retired employee healthcare premiums is the same, but for accounting purposes part of the total is shifted from actives to retirees.
This shifted amount is recognized as an OPEB contribution and reduces the current year’s premium expense for active employees.
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 46 Important Background Information
(Continued)
Discount Rate
When the financing of OPEB liabilities is on a pay‐as‐you‐go basis, GASB 75 requires that the discount rate used for valuing liabilities be based on the yield or index rate for 20‐year, tax‐exempt general obligation municipal bonds with an average rating of AA/Aa or higher (or equivalent quality on another rating scale). When a plan sponsor makesregular, sufficient contributions to a trust in order to prefund the OPEB liabilities, GASB 75 allows use of a rate up to the expected rate of return of the trust.
Therefore, prefunding has an advantage of potentially being able to report overall lower liabilities due to future expected benefits being discounted at a higher rate.
Actuarial Funding Method and Assumptions
The “ultimate real cost” of an employee benefit plan is the value of all benefits and other expenses of the plan over its lifetime. These expenditures are dependent only on the terms of the plan and the administrative arrangements adopted, and as such are not affected by the actuarial funding method.
The actuarial funding method attempts to spread recognition of these expected costs on a level basis over the life of the plan, and as such sets the “incidence of cost”. GASB 75 specifically requires that the actuarial present value of projected benefit payments be attributed to periods of employee service using the Entry Age Actuarial Cost Method, with each period’s service cost determined as a level percentage of pay.
The results of this report may not be appropriate for other purposes, where other assumptions, methodology and/or actuarial standards of practice may be required or more suitable. #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 47 Addendum 2: MacLeod Watts Age Rating Methodology
Both accounting standards (e.g. GASB 75) and actuarial standards (e.g. ASOP 6) require that expected retiree claims, not just premiums paid, be reflected in most situations where an actuary is calculating retiree healthcare liabilities. Unfortunately, the actuary is often required to perform these calculations without any underlying claims information. In mostsituations, the information is not available, but even when available, the information may not be credible due to the size of the group being considered.
Actuaries have developed methodologies to approximate healthcare claims from the premiums being paid by the plan sponsor. Any methodology requires adopting certain assumptions and using general studies of healthcare costs as substitutes when there is a lack of credible claims information for the specific plan being reviewed.
Premiums paid by sponsors are often uniform for all employee and retiree ages and genders, with a drop in premiums for those participants who are Medicare‐eligible. While the total premiums are expected to pay for the total claims for the insured group, on average, the premiums charged would not be sufficient to pay for the claims of older insureds and would be expected to exceed the expected claims of younger insureds. An age‐rating methodology takes the typically uniform premiums paid by plan sponsors and spreads the total premium dollars to each age and gender intended to better approximate what the insurer might be expecting in actual claims costs at each age and gender.
The process of translating premiumsinto expected claims by age and gender generally followsthe steps below.
1. Obtain or Develop Relative Medical Claims Costs by Age, Gender, or other categories that are deemed significant. For example, a claims cost curve might show that, if a 50 year old male has $1 in claims, then on average a 50 year old female has claims of $1.25, a 30 year male has claims of $0.40, and an 8 year old female has claims of $0.20. The claims cost curve provides such relative costs for each age, gender, or any other significant factor the curve might have been developed to reflect. Section 3 providesthe source of information used to develop such a curve and shows sample relative claims costs developed for the plan under consideration.
2. Obtain a census of participants, their chosen medical coverage, and the premium charged for their coverage. An attempt is made to find the group of participantsthat the insurer considered in setting the premiums they charge for coverage. That group includes the participant and any covered spouses and children. When information about dependents is unavailable, assumptions must be made about spouse age and the number and age of children represented in the population. These assumptions are provided in Section 3.
3. Spread the total premium paid by the group to each covered participant or dependent based on expected claims. The medical claims cost curve is used to spread the total premium dollars paid by the group to each participant reflecting their age, gender, or other relevant category. After thisstep, the actuary has a schedule of expected claims costs for each age and gender for the current premium year. It is these claims costs that are projected into the future by medical cost inflation assumptions when valuing expected future retiree claims.
Themethodology described above is dependent on the data and methodologies used in whateverstudy might be used to develop claims cost curves for any given plan sponsor. These methodologies and assumptions can be found in the referenced paper cited as a source in the valuation report. #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 48 Addendum 3: MacLeod Watts Mortality Projection Methodology
Actuarial standards of practice (e.g., ASOP 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations, and ASOP 6, Measuring Retiree Group Benefits Obligations) indicate that the actuary should reflect the effect of mortality improvement (i.e., longer life expectancies in the future), both before and after the measurement date. The development of credible mortality improvement rates requiresthe analysis of large quantities of data over long periods of time. Because it would be extremely difficult for an individual actuary or firm to acquire and process such extensive amounts of data, actuaries typically rely on large studies published periodically by organizations such as the Society of Actuaries or Social Security Administration.
As noted in a recent actuarial study on mortality improvement, key principles in developing a credible mortality improvement model would include the following:
(1) Short‐term mortality improvement rates should be based on recent experience. (2) Long‐term mortality improvement rates should be based on expert opinion. (3) Short‐term mortality improvement rates should blend smoothly into the assumed long‐term rates over an appropriate transition period.
The MacLeod Watts Scale 2020 was developed from a blending of data and methodologies found in two published sources: (1) the Society of Actuaries Mortality Improvement Scale MP‐2019 Report, published in October 2019 and (2) the demographic assumptions used in the 2019 Annual Report of the Board of Trustees of the Federal Old‐Age and Survivors Insurance and Federal Disability Insurance Trust Funds, published April 2019.
MacLeod Watts Scale 2020 is a two‐dimensional mortality improvement scale reflecting both age and year of mortality improvement.The underlying base scale is Scale MP‐2019 which hastwo segments – (1) historical improvement rates for the period 1951‐2015 and (2) an estimate of future mortality improvement for years 2016‐2018 using the Scale MP‐2019 methodology but utilizing the assumptions obtained from Scale MP‐2015.The MacLeod Watts scale then transitions from the 2018 improvement rate to the Social Security Administration (SSA) Intermediate Scale linearly over the 10‐year period 2019‐2028. After this transition period, the MacLeod Watts Scale uses the constant mortality improvement rate from the SSA Intermediate Scale from 2028‐2042. The SSA’s Intermediate Scale has a final step down in 2043 which is reflected in the MacLeod Watts scale for years 2043 and thereafter.
Over the ages 95 to 115, the SSA improvement rate is graded to zero.
Scale MP‐2019 can be found at the SOA website and the projection scales used in the 2019 Social Security Administrations Trustees Report at the Social Security Administration website. #13..
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 49 Glossary
Actuarial Funding Method – A procedure which calculates the actuarial present value of plan benefits and expenses, and allocates these expenses to time periods, typically as a normal cost and an actuarial accrued liability
Actuarial Present Value of Projected Benefits (APVPB) – The amount presently required to fund all projected plan benefits in the future. This value is determined by discounting the future payments by an appropriate interest rate and the probability of nonpayment.
CalPERS – Many state governments maintain a public employee retirement system; CalPERS is the California program, covering all eligible state government employees as well as other employees of other governments within California who have elected to join the system Defined Benefit (DB) – A pension or OPEB plan which defines the monthly income or other benefit which the plan member receives at or after separation from employment Deferred Contributions – When an employer makes contributions after the measurement date and prior to the fiscal year end, recognition of these contributions is deferred to a subsequent accounting period by creating a deferred resource.We refer to these contributions as Deferred Contributions.
Defined Contribution (DC) – A pension or OPEB plan which establishes an individual account for each member and specifies how contributions to each active member’s account are determined and the terms of distribution of the account after separation from employment Discount Rate – Interest rate used to discount future potential benefit payments to the valuation date.
Under GASB 75, if a plan is prefunded, then the discount rate is equal to the expected trust return. If a plan is not prefunded (pay‐as‐you‐go), then the rate of return is based on a yield or index rate for 20‐ year, tax‐exempt general obligation municipal bonds with an average rating of AA/Aa or higher.
Expected Average Remaining Service Lifetime (EARSL) – Average of the expected remaining service lives of all employees that are provided with benefits through the OPEB plan (active employees and inactive employees), beginning in the current period
Entry Age Actuarial Cost Method – An actuarial funding method where, for each individual, the actuarial present value of benefits is levelly spread over the individual’s projected earnings or service from entry age to the last age at which benefits can be paid
Excise Tax – The Affordable Care Act created an excise tax on the value of employersponsored coverage which exceeds certain thresholds (“Cadillac Plans”). This tax was repealed in December 2019.
Explicit Subsidy – The projected dollar value of future retiree healthcare costs expected to be paid directly by the Employer, e.g., the Employer’s payment of all or a portion of the monthly retiree premium billed by the insurer for the retiree’s coverage Fiduciary Net Position –The value of trust assets used to offset the Total OPEB Liability to determine the Net OPEB Liability.
Government Accounting Standards Board (GASB) – A private, not‐for‐profit organization which develops generally accepted accounting principles (GAAP) for U.S. state and local governments; like FASB, it is part of the Financial Accounting Foundation (FAF), which funds each organization and selects the members of each board
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Other Post‐Employment Benefit Program of the City of Modesto June 30, 2020, Actuarial Valuation and GASB 75 Report for Fiscal Year Ending June 30, 2021 50 Glossary (Continued)
Health Care Trend – The assumed rate(s) of increase in future dollar values of premiums or healthcare claims, attributable to increasesin the cost of healthcare; contributing factorsinclude medical inflation, frequency or extent of utilization of services and technological developments.
Implicit Subsidy – The projected difference between future retiree claims and the premiums to be charged for retiree coverage; this difference results when the claims experience of active and retired employees are pooled together and a ‘blended’ group premium rate is charged for both actives and retirees; a portion of the active employee premiums subsidizes the retiree premiums.
Net OPEB Liability (NOL) – The liability to employees for benefits provided through a defined benefit OPEB. Only assets administered through a trust that meet certain criteria may be used to reduce the Total OPEB Liability.
Net Position – The Impact on Statement of Net Position is the Net OPEB Liability adjusted for deferred resource items
OPEB Expense – The OPEB expense reported in the Agency’s financial statement. OPEB expense is the annual cost of the plan recognized in the financial statements.
Other Post‐Employment Benefits (OPEB) – Post‐employment benefits other than pension benefits, most commonly healthcare benefits but also including life insurance if provided separately from a pension plan
Pay‐As‐You‐Go (PAYGO) – Contributions to the plan are made at about the same time and in about the same amount as benefit payments and expenses coming due PEMHCA – The Public Employees’ Medical and Hospital Care Act, established by the California legislature in 1961, provides community‐rated medical benefits to participating public employers.
Among its extensive regulations are the requirements that a contracting Agency contribute toward medical insurance premiums for retired annuitants and that a contracting Agency file a resolution, adopted by its governing body, with the CalPERS Board establishing any new contribution.
Plan Assets – The value of cash and investments considered as ‘belonging’ to the plan and permitted to be used to offset the AAL for valuation purposes. To be considered a plan asset, GASB 75 requires (a) contributions to the OPEB plan be irrevocable, (b) OPEB assets to dedicated to providing OPEB benefit to plan members in accordance with the benefit terms of the plan, and (c) plan assets be legally protected from creditors, the OPEB plan administrator and the plan members.
Public Agency Miscellaneous (PAM) – Non‐safety public employees.
Select and Ultimate – Actuarial assumptions which contemplate rates which differ by year initially (the select period) and then stabilize at a constant long‐term rate (the ultimate rate) Service Cost – Total dollar value of benefits expected to be earned by plan membersin the current year, as assigned by the actuarial funding method; also called normal cost Total OPEB Liability (TOL) – Total dollars required to fund all plan benefits attributable to service rendered as of the valuation date for current plan members and vested prior plan members; a subset of “Actuarial Present Value”
Vesting – As defined by the plan, requirements which when met make a plan benefit nonforfeitable on separation of service before retirement eligibility
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REPORT ON ACTUARIAL VALUATION
OF THE CITY OF MODESTO OTHER
POST-EMPLOYMENT BENEFITS
(OPEB) PLAN
Finance Committee, November 15, 2021
DeAnna Christensen, Director of Finance
Catherine MacLeod, MacLeod Watts Actuaries & Consultants #13..
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PLEASE ASK QUESTIONS
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What OPEB is being valued
Conceptually, for every type of coverage offered, there are two general types of OPEB liability that must be considered:
● “Explicit” or direct subsidy
● “Implicit” or indirect (hidden) subsidy
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OPEB Valued: Explicit Subsidy
An explicit subsidy is simply any payment that the City makes directly toward a retiree healthcare cost.
This can include payments such as:
● A payment to an insurer toward a retiree premium
● A payment to an HRA account for a retiree
● A reimbursement paid directly to the retiree for costs the retiree paid #13..
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OPEB Valued: Implicit Subsidy
An implicit subsidy refers to situations where the premiums charged for one member or group of members is indirectly subsidizing the premiums for another member or group of members.
On average, medical/Rx claims increase as we age. So, if the average age of active members and (pre-Medicare) retirees is roughly between ages 48 and 50, then those over age 50 are likely to have higher monthly claims than those under age 48 to 50.
Almost all retirees are in this older age group.
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OPEB Valued: Implicit Subsidy
The actuary calculates the implicit subsidy for each current or future retiree as the difference between:
● Projected retiree claims
● Projected premium rates charged for retirees.
Can be thought of as a retiree ‘price break’ on the fair cost of coverage.
Note: It doesn’t matter what portion of premium is paid by the retiree and how much is paid by the City. The latter is the explicit subsidy amount. #13..
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Medical Coverage & Benefits for Retirees
The City pays a portion of the medical premiums for qualifying retirees.
This means there will be an explicit subsidy OPEB liability for these retirees.
In addition, while the premium rates for each plan are a uniform “group” rate for all ages*, the average claims vary by age and gender. Retirees, on average, have higher claims than younger active employees.
This means there will likely also be an implicit subsidy OPEB liability for retirees. * Separate rates are charged for Medicare retirees.
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Medical Coverage & Benefits for Retirees
The medical coverage offered, the eligibility requirements, and the amount of (explicit) benefits provided by the City vary by employee group:
● MCFFA
● All others (non-MCFFA)
.
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OPEB Liabilities for MCFFA Retirees
.
61%
39%
MCFFA
Active Retired
49% 51%
MCFFA
Explicit Implicit
57%
43%
MCFFA
Pre-65 Post-65
Active TOL $ 7,175,771
Retired TOL $ 4,565,656
Combined TOL $ 11,741,427
Explicit TOL $ 5,975,142
Implicit TOL $ 5,766,285
Combined TOL $ 11,741,427
Pre-65 TOL $ 6,748,094
Post-65 TOL $ 4,993,333
Combined TOL $ 11,741,427
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OPEB Liabilities for non-MCFFA Retirees
.
.
37%
63%
NON-MCFFA
Active Retired
99%
1%
NON-MCFFA
Explicit Implicit
62%
38%
NON-MCFFA
Pre-65 Post-65
Active TOL $ 6,917,912
Retired TOL $ 11,768,061
Combined TOL $ 18,685,973
Explicit TOL $ 18,967,286
Implicit TOL $ (281,313)
Combined TOL $ 18,685,973
Pre-65 TOL $ 11,577,363
Post-65 TOL $ 7,108,610
Combined TOL $ 18,685,973
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No OPEB Liability for Some Members
There is no OPEB liability for the City for these employees or retirees:
Non-MCFFA employees hired on/after January 2011
Non-MCFFA employees hired before January 2011 who have less than 0.9 hours of sick leave hours available to convert to health care subsidies in retirement Non-MCFFA retirees whose sick leave conversion benefits have been exhausted MCFFA retirees who are waiving CalPERS medical coverage City Council members
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The MCFFA eligible group is not closed. These
projections are for current employees & retirees,
but new hires will add benefits in later years.
The non-MCFFA eligible group is closed, so these
benefits should not increase in the future (based on
current assumptions and data).
Projected Annual Benefit Payments
2019 2029 2039 2049 2059 2069 2079 2089 2099
0 200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
OPEB Payments
Projected to be Paid During Retirement to
MCFFA Employees and Retirees
Explicit Payments
Implicit Payments
Trend +1%
2019 2029 2039 2049 2059
0 500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
-500,000
OPEB Payments
Projected to be Paid During Retirement to Current
Non-MCFFA Employees and Retirees
Explicit Payments
Implicit Payments
Trend +1%
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(Combined) OPEB Liability for the City
.
46%
54%
TOTAL
Active Retired
82%
18%
TOTAL
Explicit Implicit
60%
40%
TOTAL
Pre-65 Post-65
Active TOL $ 14,093,683
Retired TOL $ 16,333,717
Combined TOL $ 30,427,400
Explicit TOL $ 24,942,428
Implicit TOL $ 5,484,972
Combined TOL $ 30,427,400
Pre-65 TOL $ 18,325,457
Post-65 TOL $ 12,101,943
Combined TOL $ 30,427,400
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RECENT
MUNIBOND
INDEX
YIELDS
The City is using
the Bond Buyer
Bond Index.
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BENEFITS OF
PREFUNDING
Higher discount rate, lower liability
Can offset the (now lower) liability by the trust
asset value
Improved benefit security
Cost of borrowing improved
Taxpayer equity
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Illustrate Change in OPEB Liability at
Possible Trust Return Rate
All non-MCFFA eligible for OPEB were hired before 1/1/2011. Tier 1 retired before 10/22/2012. Tier 2 retired after but before 1/1/2015. ARMCP are all remaining non-MCFFA eligible who retire(d) in 2015 or later. #13..
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5 Year History of OPEB Liability
Fiscal Year Pay as You Go Net OPEB Liability
2016-17 $ 2,527,076 $ 31,601,528
2017-18 $ 2,430,468 $ 29,398,521
2018-19 $ 2,733,246 $ 26,892,158
2019-20 $ 3,012,214 $ 26,459,988
2020-21 $ 2,941,351 $ 30,427,400
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
January 11, 2022
Date: December 21, 2021
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
Brandon Gillespie, Chief of Police
SUBJECT: First Amendment to Camera Agreements for MPD
CONTACT: Cynthia Kline, Purchasing Manager, [email protected], 209-577-5412 DESCRIPTION:
Consider approving an amendment to the Purchasing Agreements with Affinitech, Chanhassen, MN, by increasing the annual estimated amount by $150,000 for a new revised total of $250,000; and decreasing the annual estimated amount with EyeP Solutions, Cameron Park, CA, by $50,000 for a new revised total of $75,000; and decreasing the annual estimated amount with Intellisite, Ceres, CA by $100,000 for a new revised total of $25,000 for cameras, LPRs, accessories and camera licensing for a total estimated annual cost of $350,000 and a total combined cost not to exceed $1,750,000 over five years; and authorizing the Director of Finance to adjust agreement totals between vendors based on contractor’s availability and department’s needs, ensuring the combined total cost does not change. (Funding Source:
Supplemental Law Enforcement Services Fund (SLESF), Byrne Justice Assistance Grants (BJAG), Utilities Funds, Traffic Safety Fund and Modesto Police Department General Fund) STRATEGIC PLAN ELEMENT:
This item supports the City of Modesto 2020-2025 Strategic Plan focus of Governance and Service Delivery under Goal H: Achieve Financial Sustainability.
BACKGROUND:
The Modesto Police Department is dedicated to being an intelligence-led Police Department and a large component of this effort is the procurement and deployment of both License Plate Readers (LPRs) and Portable on Demand (POD) camera systems. These types of cameras provide real-time information to officers in the field and on the location of vehicles that have been stolen and/or are associated with high-level offenses and other field-derived video feeds.
The Modesto Police Department (MPD) is always expanding its camera program and is now coordinating with the other City departments to standardize equipment and licensing for each year of maintenance, repair, replacement and monitoring of camera feeds. Due to the amount #14..
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City Council, January 11, 2022
First Amendment to Camera Agreements for MPD
of purchases being made, MPD has requested to enter into multi-year agreements to remain in compliance with Municipal Code Section 8-3.203 which requires all purchases that meet or exceed $50,000 for material, equipment, or contractual services to be formally bid.
DISCUSSION:
On September 7, 2021 under Resolution 2021-343, Council approved the purchase agreements for cameras, license plate readers (LPRs), accessories and camera licensing to Affinitech, Chanhassen, MN by utilizing the competitive bid process with the State of California, General Services Acquisition (GSA); to EyeP Solutions, Cameron Park, CA, by utilizing the competitive bid process with the State of California, California Multiple Award Schedule (CMAS); and to Intellisite, Ceres, CA, by utilizing the competitive bid process with the State of California, CMAS for a one (1) year agreement with four (4) one-year extension options for an annual estimated cost of $100,000 for Affinitech, $125,000 to EyeP Solutions and $125,000 to Intellisite, for a total annual estimated cost of $350,000 and a total combined cost not to exceed $1,750,000 over five (5) years.
The September 7th Resolution did not include language to allow the Director of Finance to adjust agreement totals between vendors based on contractor’s availability and department’s needs, ensuring the combined total cost does not change and authorizing the Director of Finance, or her designee, to execute the agreements. Technology advances are ever changing and technology companies are highly competitive, allowing the Director of Finance the authority to move funds will ensure that the department has the most up-to-date technology and equipment from the most competitive vendor that has an agreement with the City.
FISCAL IMPACT:
Below are the annual estimates for the current fiscal year as there are still BJAG funds to expend.
Funding Source: Estimated Annual Spend Amount:
Traffic Safety Fund $170,090
SLESF $25,000
BJAG $129,910
Utilities $25,000
TOTAL: $350,000
Based on current priorities for the citywide camera program, below are the annual estimates by funding source after the current fiscal year.
Funding Source: Estimated Annual Spend Amount:
Traffic Safety Fund $262,500
SLESF $38,500
Parks Grants $17,500
Utilities $31,500
TOTAL: $350,000
(These are subject to change throughout the duration of the agreements based upon program needs) Sufficient funds for the cameras, LPRs and accessories have been budgeted in Fiscal Year 21- 22 in the SLESF, BJAG Grants, Utilities Funds, Traffic Safety Fund, and General Fund. #14..
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City Council, January 11, 2022
First Amendment to Camera Agreements for MPD
Agreement Original Annual Amount Revised Annual Amount
Affinitech No. 206077 $100,000 $250,000
EyeP-Solutions No. 206078 $125,000 $75,000
Intellisite No. 206079 $125,000 $25,000
TOTAL $350,000 $350,000
COMMITTEE RECOMMENDATION:
This item was presented at the December 20, 2021 Finance Committee and approved to move forward to Council.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving an amendment to the Purchasing Agreements with Affinitech, Chanhassen, MN, by increasing the annual estimated amount by $150,000 for a new revised total of $250,000; and decreasing the annual estimated amount with EyeP Solutions, Cameron Park, CA, by $50,000 for a new revised total of $75,000; and decreasing the annual estimated amount with Intellisite, Ceres, CA by $100,000 for a new revised total of $25,000 for cameras, LPRs, accessories and camera licensing for a total estimated annual cost of $350,000 and a total combined cost not to exceed $1,750,000 over five years; and authorizing the Director of Finance to adjust agreement totals between vendors based on contractor’s availability and department’s needs, ensuring the combined total cost does not change and authorizing the Director of Finance, or her designee, to execute the amendments, and authorizing the Director of Finance, or her designee, to execute the amendments.
Approved by:
DeAnna Christensen, Director of Finance
Brandon Gillespie, Chief of Police
Joseph P. Lopez, City Manager
Attachments:
1. Resolution
2. First Amendment – Affinitech Agreement
3. First Amendment – EyeP Solutions Agreement
4. First Amendment – Intellisite Agreement
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1 MODESTO CITY COUNCIL
RESOLUTION NO. 2022-XX
RESOLUTION APPROVING AN AMENDMENT TO THE PURCHASING
AGREEMENTS WITH AFFINITECH, CHANHASSEN, MN, BY INCREASING THE ANNUAL ESTIMATED AMOUNT BY $150,000 FOR A NEW REVISED TOTAL OF $250,000; AND DECREASING THE ANNUAL ESTIMATED
AMOUNT WITH EYEP SOLUTIONS, CAMERON PARK, CA, BY $50,000 FOR A NEW REVISED TOTAL OF $75,000; AND DECREASING THE ANNUAL ESTIMATED AMOUNT WITH INTELLISITE, CERES, CA BY $100,000 FOR A NEW REVISED TOTAL OF $25,000 FOR CAMERAS, LPRS, ACCESSORIES
AND CAMERA LICENSING FOR A TOTAL ESTIMATED ANNUAL COST OF $350,000 AND A TOTAL COMBINED COST NOT TO EXCEED $1,750,000 OVER FIVE YEARS; AND AUTHORIZING THE DIRECTOR OF FINANCE TO
ADJUST AGREEMENT TOTALS BETWEEN VENDORS BASED ON
CONTRACTOR’S AVAILABILITY AND DEPARTMENT’S NEEDS, ENSURING
THE COMBINED TOTAL COST DOES NOT CHANGE AND AUTHORIZING
THE DIRECTOR OF FINANCE, OR HER DESIGNEE, TO EXECUTE THE
AMENDMENTS, AND AUTHORIZING THE DIRECTOR OF FINANCE, OR
HER DESIGNEE, TO EXECUTE THE AMENDMENTS
WHEREAS, the Modesto Police Department (MPD) is always expanding its camera program and is now coordinating with the other City departments to standardize equipment and licensing for each year of maintenance, repair, replacement and monitoring of camera feeds; and
WHEREAS, MPD has requested to enter into multi-year agreements to remain in compliance with Municipal Code Section 8-3.203 which requires all purchases that meet or exceed $50,000 for material, equipment, or contractual services to be formally bid; and WHEREAS, on September 7, 2021 under Resolution 2021-343, Council approved the purchase agreements for cameras, license plate readers (LPRs), accessories and camera licensing to Affinitech, Chanhassen, MN by utilizing the competitive bid process with the State of California, General Services Acquisition (GSA); to EyeP Solutions, Cameron Park, CA, by utilizing the competitive bid process with the State of California, California Multiple Award Schedule (CMAS); and to Intellisite, Ceres, CA, by utilizing #14..
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2 the competitive bid process with the State of California, CMAS for a one (1) year agreement with four (4) one-year extension options for an annual estimated cost of $100,000 for Affinitech, $125,000 to EyeP Solutions and $125,000 to Intellisite, for a total annual estimated cost of $350,000 and a total combined cost not to exceed $1,750,000 over five (5) years; and
WHEREAS, the original Resolution did not include language to allow the Director of Finance to adjust agreement totals between vendors based on contractor’s availability and department’s needs, ensuring the combined total cost does not change and authorizing the Director of Finance, or her designee, to execute the agreements; and WHEREAS, technology advances are ever changing and technology companies are highly competitive, allowing the Director of Finance the authority to move funds will ensure that the department has the most up-to-date technology and equipment from the most competitive vendor that has an agreement with the City.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves an amendment to the Purchasing Agreements with Affinitech, Chanhassen, MN, by increasing the annual estimated amount by $150,000 for a new revised total of $250,000; and decreasing the annual estimated amount with EyeP Solutions, Cameron Park, CA, by $50,000 for a new revised total of $75,000; and decreasing the annual estimated amount with Intellisite, Ceres, CA by $100,000 for a new revised total of $25,000 for cameras, LPRs, accessories and camera licensing for a total estimated annual cost of $350,000 and a total combined cost not to exceed $1,750,000 over five years.
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3 BE IT FURTHER RESOLVED, authorizing the Director of Finance to adjust agreement totals between vendors based on contractor’s availability and department’s needs, ensuring the combined total cost does not change.
BE IT FURTHER RESOLVED, that the Director of Finance, or her designee, is hereby authorized to execute the amendments.
The foregoing resolution was introduced in a regular meeting of the Council of the City of Modesto held on the 11th day of January 2022, by Councilmember ________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: _____________________________
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _______________________________________
JOSE M. SANCHEZ, City Attorney
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1 FIRST AMENDMENT TO PURCHASE AGREEMENT
FOR THE PURCHASE OF AXIS CAMERAS, LICENSE PLATE READERS, ACCESSORIES AND CAMERA LICENSING ON AN “AS NEEDED” BASIS FOR THE
MODESTO POLICE DEPARTMENT
This FIRST AMENDMENT to the PURCHASE AGREEMENT, made and entered into in the City of Modesto, State of California, this ___ day of ______, 2022, by and between the City of Modesto, a municipal corporation of the State of California, hereinafter called CITY, and Affinitech, Chanhassen, MN hereinafter collectively referred to as CONTRACTOR.
This FIRST AMENDMENT to the PURCHASE AGREEMENT is made with reference to the following recitals:
A. A Purchase Agreement, hereinafter referred to as AGREEMENT was entered into by and between CITY and CONTRACTOR on the 7th day of September, 2021 for the purchase of Axis Cameras, License Plate Readers, Accessories and Camera Licensing on an “as-needed” basis for the Modesto Police Department.
B. The AGREEMENT provides that the yearly cost of the AGREEMENT shall not exceed $100,000 based on department needs.
C. The CITY estimates that an additional amount of $150,000 will be needed to ensure sufficient funds through the end of the AGREEMENT, dated September 6, 2022.
D. CITY and CONTRACTOR desire to amend the AGREEMENT to increase the yearly amount from $100,000 to $250,000.
E. CITY and CONTRACTOR now desire to memorialize the change to the terms of the AGREEMENT with this FIRST AMENDMENT.
NOW, THEREFORE, the parties hereto mutually agree to the following:
1. Purchase Agreement shall be amended to increase the maximum annual amount of the #14..
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2 Agreement from $100,000 to $250,000
2. Except as modified and amended by this FIRST AMENDMENT to the PURCHASE AGREEMENT, all other provisions of the Purchase Agreement shall remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the CITY OF MODESTO, a Municipal Corporation, has authorized the execution of this First Amendment to the Purchase Agreement in duplicate by its Purchasing Manager and attested by its City Clerk under authority of Resolution No. , adopted by the Council of the City of Modesto on the ___ day of ___________, 2022, and Affinitech, has caused this First Amendment to the Purchase Agreement to be duly executed. #14..
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1 FIRST AMENDMENT TO PURCHASE AGREEMENT
FOR THE PURCHASE OF AXIS CAMERAS, LICENSE PLATE READERS, ACCESSORIES AND CAMERA LICENSING ON AN “AS NEEDED” BASIS FOR THE
MODESTO POLICE DEPARTMENT
This FIRST AMENDMENT to the PURCHASE AGREEMENT, made and entered into in the City of Modesto, State of California, this ___ day of ______, 2022, by and between the City of Modesto, a municipal corporation of the State of California, hereinafter called CITY, and EyeP Solutions, Cameron Park, CA hereinafter collectively referred to as CONTRACTOR.
This FIRST AMENDMENT to the PURCHASE AGREEMENT is made with reference to the following recitals:
A. A Purchase Agreement, hereinafter referred to as AGREEMENT was entered into by and between CITY and CONTRACTOR on the 7th day of September, 2021 for the purchase of Axis Cameras, License Plate Readers, Accessories and Camera Licensing on an “as-needed” basis for the Modesto Police Department.
B. The AGREEMENT provides that the yearly cost of the AGREEMENT shall not exceed $125,000 based on department needs.
C. The CITY estimates that a total amount of $75,000 will be needed to ensure sufficient funds through the end of the AGREEMENT, dated September 6, 2022.
D. CITY and CONTRACTOR desire to amend the AGREEMENT to decrease the yearly amount from $125,000 to $75,000
E. CITY and CONTRACTOR now desire to memorialize the change to the terms of the AGREEMENT with this FIRST AMENDMENT.
NOW, THEREFORE, the parties hereto mutually agree to the following:
1. Purchase Agreement total yearly amount shall be amended to include the following: decrease #14..
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2 from $125,000 to $75,000
2. Except as modified and amended by this FIRST AMENDMENT to the PURCHASE AGREEMENT, all other provisions of the Purchase Agreement shall remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the CITY OF MODESTO, a Municipal Corporation, has authorized the execution of this First Amendment to the Purchase Agreement in duplicate by its Purchasing Manager and attested by its City Clerk under authority of Resolution No. , adopted by the Council of the City of Modesto on the ___ day of ___________, 2022, and EyeP Solutions, has caused this First Amendment to the Purchase Agreement to be duly executed. #14..
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1 FIRST AMENDMENT TO PURCHASE AGREEMENT
FOR THE PURCHASE OF AXIS CAMERAS, LICENSE PLATE READERS, ACCESSORIES AND CAMERA LICENSING ON AN “AS NEEDED” BASIS FOR THE
MODESTO POLICE DEPARTMENT
This FIRST AMENDMENT to the PURCHASE AGREEMENT, made and entered into in the City of Modesto, State of California, this ___ day of ______, 2022, by and between the City of Modesto, a municipal corporation of the State of California, hereinafter called CITY, and Intellisite, Ceres, CA hereinafter collectively referred to as CONTRACTOR.
This FIRST AMENDMENT to the PURCHASE AGREEMENT is made with reference to the following recitals:
A. A Purchase Agreement, hereinafter referred to as AGREEMENT was entered into by and between CITY and CONTRACTOR on the 7th day of September, 2021 for the purchase of Axis Cameras, License Plate Readers, Accessories and Camera Licensing on an “as-needed” basis for the Modesto Police Department.
B. The AGREEMENT provides that the yearly cost of the AGREEMENT shall not exceed $125,000 based on department needs.
C. The CITY estimates that a total amount of $25,000 will be needed to ensure sufficient funds through the end of the AGREEMENT, dated September 6, 2022.
D. CITY and CONTRACTOR desire to amend the AGREEMENT to decrease the yearly amount from $125,000 to $25,000.
E. CITY and CONTRACTOR now desire to memorialize the change to the terms of the AGREEMENT with this FIRST AMENDMENT.
NOW, THEREFORE, the parties hereto mutually agree to the following:
1. Purchase Agreement shall be amended to decrease the following: decrease the maximum #14..
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2 annual amount of the agreement from $125,000 to $25,000
2. Except as modified and amended by this FIRST AMENDMENT to the PURCHASE AGREEMENT, all other provisions of the Purchase Agreement shall remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the CITY OF MODESTO, a Municipal Corporation, has authorized the execution of this First Amendment to the Purchase Agreement in duplicate by its Purchasing Manager and attested by its City Clerk under authority of Resolution No. , adopted by the Council of the City of Modesto on the ___ day of ___________, 2022, and Intellisite, has caused this First Amendment to the Purchase Agreement to be duly executed. #14..
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
January 11, 2022
Date: December 21, 2021
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: DeAnna Christensen, Director of Finance
Bill Sandhu, Public Works Director
SUBJECT: Fleet Replacement Vehicles and New Additions for MPD CONTACT: Cynthia Kline, Purchasing Manager, [email protected], 209-577-5412 Systems, Parts, and Accessories
CONTACT: Cynthia Kline, Purchasing Manager, 209-577-5412, [email protected] DESCRIPTION:
Consider approving the award of bids for two (2) new additions in the amount of $95,206 and ten (10) City Fleet Replacements for Modesto Police Department (MPD) in the amount of $407,990. (Funding Source: Fleet Replacement Fund, Police Grants Fund) STRATEGIC PLAN ELEMENT:
These items support the City of Modesto 2020-2025 Strategic Plan Focus of Governance and Service Delivery under goal H: Achieve Financial Sustainability.
BACKGROUND:
Every year, City vehicles and equipment are individually evaluated based on their age, condition, mileage and maintenance costs. Following this process, a Fleet Replacement List is submitted to Council and is approved as part of a new fiscal year’s Fleet Replacement Budget.
Once a unit is replaced and placed into City service, funds for its replacement are charged out as monthly recurring charges until the end of the unit’s service life. These funds are specifically designated for the replacement of City vehicles and equipment.
Listed below are vehicles that will be replaced based on competitive process as outlined in the discussion.
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City Council, January 11, 2022
Fleet Replacement Vehicles and New Additions for MPD
RFB Vehicle # Description Dept. Year of
Vehicle
Meter Repair
Cost
2021-71 NEW
ADDS
Passenger Vans MPD N/A N/A N/A
Vehicles used to haul crews and equipment to homeless populations throughout the City RFB Vehicle # Description Dept. Year of
Vehicle
Meter Repair
Cost
31522 SUV Patrol SGT MPD 2015 114,345 $63,746
31524 SUV Patrol SGT MPD 2015 114,880 $54,499
31725 SUV Patrol MPD 2017 108,914 $69,731
31729 SUV Patrol MPD 2017 109,271 $55,822
31620 SUV Patrol MPD 2016 98,778 $57,898
2122-22
31645 SUV Patrol MPD 2016 112,976 $61,629
These vehicles are used in daily law enforcement activities city wide for the Modesto Police Department
RFB Vehicle # Description Dept. Year of
Vehicle
Meter Repair
Cost
11033 SUV Patrol TPU MPD 2010 89,373 $59,194
11108 SUV Patrol SGT MPD 2011 108,875 $65,737
11192 SUV Patrol MPD 2011 72,787 $43,499
2122-30
31434 SUV Patrol MPD 2014 89,287 $69,516
These vehicles are used in daily law enforcement activities city wide for the Modesto Police Department
DISCUSSION:
RFB 2021-71 Two (2) Passenger Vans
On May 4, 2021, City Council approved RESO 2021-165 for Two (2) Half-Ton Pickup Trucks to Towne Ford, Redwood City, CA for the Homeless Outreach Program for MPD. Prior to the trucks being delivered the MPD requested to change the specification from pickup trucks to passenger vans based on the need of the department.
The Fleet Services Division will relocate the half-ton trucks that were ordered to another division requiring a replacement once the passenger vans have been delivered.
On August 27, 2021 the Purchasing Division issued RFB 2021-71 for Two (2) Passenger Vans on the City’s website under commodity codes1. Prospective bidders were notified online and via email of the bid opportunity. Eleven companies downloaded the RFB document. On September 21, 2021, bids were formally opened in the City Clerk’s office and broadcast via Microsoft Teams Livestream2. One (1) vendor chose to respond, there were no local bids received. Based on providing the only responsive and responsible bid, City staff recommends 1 06590- Van Truck Bodies and 07092 – Vans, Cargo
2 Staff implemented a virtual bid opening process in an effort to slow the spread of COVID-19 #15..
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City Council, January 11, 2022
Fleet Replacement Vehicles and New Additions for MPD
awarding the two (2) passenger vans to Napa Ford, Napa, CA for a total cost not to exceed $95,206.
RFB 2122-22 Six (6) Ford Police Interceptors
On September 28, 2021, the Purchasing Division issued RFB 2122-22 for Six (6) Ford Police Interceptors on the City’s website3. Prospective bidders were notified online and via email of the bid opportunity. Eleven companies downloaded the RFB document. On October 16, 2021, bids were formally opened in the City Clerk’s office and broadcast via Microsoft Teams Livestream.
Four (4) vendors chose to respond, there were no local bids received. Based on providing the lowest responsive and responsible bid, City staff recommends awarding the six (6) Ford Police Interceptors to Tracy Ford, Tracy, CA for a total cost not to exceed $241,425.
RFB 2122-30 Ford Police Responders
On October 26, 2021, the Purchasing Division issued RFB 2122-30 for four (4) Ford Police Responders on the City’s website under commodity codes4. Prospective bidders were notified online and via email of the bid opportunity. Thirteen companies chose to download the RFB document. On November 23, 2021, bids were formally opened in the City Clerk’s office and broadcast via Microsoft Teams Livestream. Four vendors chose to respond, there were no local bids received. Based on providing the lowest responsive and responsible bid, City staff recommends awarding the four (4) Ford Responders to Napa Ford, Napa, CA for a total cost not to exceed $166,564.
Modesto Municipal Code Section 8-3.203 generally requires all purchases that meet or exceed $50,000 for material, equipment or contractual services to be formally bid. Based on providing the only responsive and responsible bid, City staff recommends the award of bid for two (2) passenger vans to Napa Ford, Napa, CA, the award of bid for six (6) Ford Police Interceptors to Tracy Ford, Tracy, CA, and the award of bid for four (4) Ford Police Responders to Napa Ford, Napa, CA which conforms to the Modesto Municipal Code, 8-3.20.
FISCAL IMPACT:
Sufficient funds for two (2) passenger vans are budgeted in Fiscal Year 21-22 in the Police Grants Fund - Homeless Outreach cost center in account 1342-19205-57003, and six (6) Ford Police Interceptors and four (4) Ford Police Responders are budgeted in Fiscal Year 21-22 in the Fleet Replacement Fund in account 5409-53246-57003.
COMMITTEE RECOMMENDATION:
This item was presented at the December 10, 2021 Finance Committee and approved to move forward to Council.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving the award of bid for the purchase of two (2) passenger vans to Napa Ford, Napa, CA for a total amount not to exceed $95,206, and authorizing the Purchasing Manager, or her designee, to execute the Purchase Order.
Resolution approving the award of bid for the purchase of six (6) Ford Police Interceptors to Tracy Ford, Tracy, CA for a total amount not to exceed $241,425, and authorizing the Purchasing Manager, or her designee, to execute the Purchase Order. 3 Under commodity codes 07000- Automotive Vehicles
4 07048-Trucks (One-ton capacity and less)
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City Council, January 11, 2022
Fleet Replacement Vehicles and New Additions for MPD
Resolution approving the award of bid for the purchase of four (4) Ford Responders to Napa Ford, Napa, CA for a total amount not to exceed $166,564, and authorizing the Purchasing Manager, or her designee, to execute the Purchase Order.
Approved by:
DeAnna Christensen, Director of Finance
Bill Sandhu, Public Works Director
Joseph P. Lopez, City Manager
Attachments:
1. Resolutions (3)
2. RFB 2021-71 Passenger Vans – Financial Interest Disclosure, Pricing Schedule and Cost Abstract
3. RFB 2122-22 Six (6) Ford Police Interceptors – Financial Interest Disclosure, Pricing Schedule and Cost Abstract
4. RFB 2122-30 Four (4) Ford Police Responders – Financial Interest Disclosure, Pricing Schedule, and Cost Abstract
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1 Meeting Date/Dept/Contact/Item # 2018-xxx
MODESTO CITY COUNCIL
RESOLUTION NO. 2022-XX
RESOLUTION APPROVING THE AWARD OF BID FOR THE PURCHASE OF TWO (2) PASSENGER VANS TO NAPA FORD, NAPA, CA, FOR A TOTAL AMOUNT NOT TO EXCEED $95,206 AND AUTHORIZING THE PURCHASING
MANAGER, OR HER DESIGNEE, TO EXECUTE THE PURCHASE ORDER WHEREAS, on May 4, 2021, City Council approved Resolution 2021-165 for Two (2) Half-Ton Pickup Trucks to Towne Ford, Redwood City, CA for the Homeless Outreach Program for MPD; and
WHEREAS, prior to the trucks being delivered the MPD requested to change the specification from pickup trucks to passenger vans based on the need of the department; and
WHEREAS, the Fleet Services Division will relocate the half-ton trucks that were ordered to another division requiring a replacement once the passenger vans have been delivered; and
WHEREAS, Modesto Municipal Code Section 8-3.203 requires all purchases, which meet or exceed $50,000 for material, equipment or contractual services to be formally bid; and
WHEREAS, on August 27, 2021 the Purchasing Division issued RFB 2021-71 for Two (2) Passenger Vans on the City’s website under commodity codes 06590- Van Truck Bodies and 07092 – Vans, Cargo; and
WHEREAS, eleven companies chose to download the RFB document, one (1) vendor chose to submit a bid, there was no local bid received; and WHEREAS, on September 21, 2021 bids were formally opened in the City Clerk’s office and Napa Ford, Napa, CA, was the only responsive and responsible bidder; and
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2 Meeting Date/Dept/Contact/Item # 2018-xxx
WHEREAS, based on providing the only responsive and responsible bid which conforms to the Modesto Municipal Code, Section 8-3.203 City staff recommends the award of bid for two (2) passenger vans to Napa Ford, Napa, CA.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves the purchase of two (2) passenger vans to Napa Ford, Napa, CA for a total amount not to exceed $95,206.
BE IT FURTHER RESOLVED, that the Purchasing Manager, or her designee, is hereby authorized to execute the purchase order.
The foregoing resolution was introduced in a regular meeting of the Council of the City of Modesto held on the 11th day of January 2022, by Councilmember ________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: _____________________________
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _______________________________________
JOSE M. SANCHEZ, City Attorney
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1 MODESTO CITY COUNCIL
RESOLUTION NO. 2022-XX
RESOLUTION APPROVING THE AWARD OF BID FOR THE PURCHASE OF SIX (6) FORD POLICE INTERCEPTORS TO TRACY FORD, TRACY, CA FOR A TOTAL AMOUNT NOT TO EXCEED $241,425, AND AUTHORIZING THE
PURCHASING MANAGER, OR HER DESIGNEE, TO EXECUTE THE
PURCHASE ORDER
WHEREAS, these vehicles are used in daily law enforcement activities city wide for the Modesto Police Department; and
WHEREAS, Modesto Municipal Code Section 8-3.203 requires all purchases, which meet or exceed $50,000 for material, equipment or contractual services to be formally bid; and
WHEREAS, on September 28, 2021, the Purchasing Division issued RFB 2122- 22 for Six (6) Ford Police Interceptors on the City’s website under commodity codes 07000- Automotive Vehicles; and
WHEREAS, eleven companies chose to download the RFB document, four (4) vendor chose to submit a bid, there was no local bid received; and WHEREAS, on October 16, 2021 bids were formally opened in the City Clerk’s office and Tracy Ford, Tracy, CA, was the only responsive and responsible bidder; and WHEREAS, based on providing the only responsive and responsible bid which conforms to the Modesto Municipal Code, Section 8-3.203 City staff recommends the award of bid for six (6) Ford Police Interceptors to Tracy Ford, Tracy, CA.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves the purchase of six (6) Ford Police Interceptors to Tracy Ford, Tracy, CA for a total amount not to exceed $241,425.
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2 BE IT FURTHER RESOLVED, that the Purchasing Manager, or her designee, is hereby authorized to execute the purchase order.
The foregoing resolution was introduced in a regular meeting of the Council of the City of Modesto held on the 11th day of January 2022, by Councilmember ________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: _____________________________
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _______________________________________
JOSE M. SANCHEZ, City Attorney
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1 MODESTO CITY COUNCIL
RESOLUTION NO. 2022-XX
RESOLUTION APPROVING THE AWARD OF BID FOR THE PURCHASE OF FOUR (4) FORD RESPONDERS TO NAPA FORD, NAPA, CA FOR A TOTAL AMOUNT NOT TO EXCEED $166,564, AND AUTHORIZING THE
PURCHASING MANAGER, OR HER DESIGNEE, TO EXECUTE THE
PURCHASE ORDER
WHEREAS, these vehicles are used in daily law enforcement activities city wide for the Modesto Police Department; and
WHEREAS, Modesto Municipal Code Section 8-3.203 requires all purchases, which meet or exceed $50,000 for material, equipment or contractual services to be formally bid; and
WHEREAS, on October 26, 2021, the Purchasing Division issued RFB 2122-30 for four (4) Ford Police Responders on the City’s website under commodity code - 07048-Trucks (One-ton capacity and less); and
WHEREAS, thirteen companies chose to download the RFB document, four (4) vendor chose to submit a bid, there was no local bid received; and WHEREAS, on November 23, 2021 bids were formally opened in the City Clerk’s office and Napa Ford, Napa, CA, was the only responsive and responsible bidder; and
WHEREAS, based on providing the only responsive and responsible bid which conforms to the Modesto Municipal Code, Section 8-3.203 City staff recommends the award of bid for four (4) Ford Police Responders to Napa Ford, Napa, CA.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves the purchase of four (4) Ford Responders to Napa Ford, Napa, CA for a total amount not to exceed $166,564.
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2 BE IT FURTHER RESOLVED, that the Purchasing Manager, or her designee, is hereby authorized to execute the purchase order.
The foregoing resolution was introduced in a regular meeting of the Council of the City of Modesto held on the 11th day of January 2022, by Councilmember ________, who moved its adoption, which motion being duly seconded by Councilmember ______, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST: _____________________________
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: _______________________________________
JOSE M. SANCHEZ, City Attorney
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
January 11, 2022
Date: January 11, 2022
TO: Mayor & City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Christina Alger, Director of Human Resources
SUBJECT: Amending the Position Allocation Plan
CONTACT: Christina Alger, Director of Human Resources
[email protected], 209-571-5126
DESCRIPTION:
Consider amending the Position Allocation Plan in two departments: Unfreezing one Captain, one Sergeant, and three Community Service Officers in the Police Department; and reallocating one Senior Software Analyst to one Senior Systems Technician in the Information Technology Department and amending the Fiscal Year 2021-22 Operating Budget in the amount of $357,525 to fund one Captain, one Sergeant, and three Community Service Officers in the General Fund from SR911 and SASA savings. (Funding Source: Various Funds) STRATEGIC PLAN ELEMENT:
This item supports the 2020-2025 Strategic Plan’s Service and Delivery Goals & Strategies - Building a High-Performing Organization by Attracting and Retaining High Performance Employees.
BACKGROUND:
Personnel Rule 2.1 states, “The City Manager shall ascertain the duties and responsibilities of all positions in the City service, except those positions which are filled by appointees of the City Council and after appropriate consultation with employees and department heads, shall prepare a classification plan for such positions.” As business needs and market conditions change, there is a need to adjust certain positions to better meet these business needs or better conform to industry best practices. Positions may be adjusted or created through the City’s Classification Study policies and procedures. The City found it necessary to review several classification series.
Police Department
The Modesto Police Department operates out of three divisions, the Operations Division, Investigative Services Division, and Support Division. Each division is overseen by an executive police captain and reports to the Chief of Police. The police sergeant position is a critical front- #16..
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City Council, January 11, 2022
Amending the Position Allocation Plan
line supervisor role that provides direct oversight, support, and mentoring for officers, detectives, and professional staff throughout the department. Community Service Officers (CSO) play a critical role in handling reports for citizen calls for service. During the Fiscal 2021- 22 budget process, as a means to close the budget deficit, one vacant Captain, one vacant Sergeant, and three vacant Community Service Officer positions were frozen.
The City of Modesto has contracts with SR911 and Stanislaus Animal Services Agency. There has been significant savings from these contracts. As SR911 finalized their budget, their anticipated expenses came in lower. This resulted in budget savings for the City. The contract with Stanislaus Animal Services Agency (SASA) resulted in savings from final accounting for Fiscal Year 2020-21 closing and SASA expenses coming in lower than anticipated.
Information Technology Department
The Senior Software Analyst in the Information Technology Department was underfilled with an incumbent with the title of Software Analyst II due to business needs lacking the requirement of the higher-level position. Often, when a position is filled, the incumbent may be in the same role for an extended period of time. The business environment and needs of the City change over time, prompting a review of a position when it becomes vacant. The Senior Software Analyst position became vacant on September 13, 2021 due to retirement, affording the IT Department the ability to adjust the position before refilling.
DISCUSSION:
Police Department
With a frozen police captain position, the support division is currently being run by several managerial positions with oversight from the Chief and Assistant Chief. Unfreezing this position will allow the chief to promote a Support Division Captain who can appropriately focus on direct oversight of this division and the critical function it plays in ensuring the effective and efficient operation of the department.
The police department currently has one Sergeant out on long term disability and this has resulted in a shortage of ideal supervisory coverage and increased overtime to fill this gap.
Unfreezing the Sergeant will allow the department to promote a Sergeant to fill the current shortage and ensure proper supervisory coverage and support for line personnel.
Our CSO’s ability to deal with a significant amount of calls that come in allow our Police Officers to remain available to deal with calls that require a Police Officer and with a shortage in Police Officer staffing, this position is important to providing effective and timely service to our citizens.
Unfreezing the three CSO positions will allow Police Officers to focus on crime.
With the savings from SR911 and SASA, the City has the ability to fund these frozen positions to have the flexibility and better service the community.
Information Technology Department
With the recent vacancy of the Senior Software Analyst position, the Department determined the need for Technicians is greater based on workload. The IT Department requests a downgrade from Senior Software Analyst to a Senior Systems Technician. This will create a cost savings for the City and better align positions with the current needs. #16..
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City Council, January 11, 2022
Amending the Position Allocation Plan
FISCAL IMPACT:
There will be no fiscal impact for unfreezing one Captain, one Sergeant, and three Community Service Officers in the Police Department. These positions will be paid with savings generated from the SR911 and SASA contracts. Below is a breakdown of savings.
The total cost of the five positions is $357,525 for the remaining six months of the fiscal year, leaving a net savings of $83,605.
The fiscal impact of downgrading one Senior Software Analyst to one Senior Systems Technician will result in a cost savings of $20,036 in the Information Technology Fund.
COMMITTEE RECOMMENDATION:
This agenda item was reviewed by Finance Committee on December 20, 2021 and was recommended for forwarding to the City Council for approval.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution amending the Position Allocation for Fiscal Year 2021-22 as adopted in the Operating Budget
Resolution amending the Fiscal Year 2021-22 Operating Budget in the amount of $357,525 to fund the unfreezing of one (1) Captain, one (1) Sergeant, and three (3) Community Service Officers in the general fund field operations cost center (0100-19320).
Approved by:
Christina Alger, Director of Human Resources
Joseph P. Lopez, City Manager
Attachments:
1. Resolutions (2)
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MODESTO CITY COUNCIL
RESOLUTION NO. 2022-?
RESOLUTION AMENDING THE POSITION ALLOCATION FOR FISCAL
YEAR 2021-22 AS ADOPTED IN THE OPERATING BUDGET
WHEREAS, a Position Allocation for the City of Modesto was adopted by Modesto City Council on June 23, 2021, as part of the Annual Budget of the City of Modesto for Fiscal Year 2021-22, and
WHEREAS, classification studies are conducted to ensure that a classification system is equitable and consistent within an organization and that positions are correctly classified, and
WHEREAS, per Personnel Administrative Order 2.2-87-12, a classification study may be conducted in response to a reclassification request, to develop/revise a classification specification, or to assist in a reorganization, and WHEREAS, classification studies were conducted by Human Resources to determine appropriate classifications, and
WHEREAS, position changes will be effective the first day of the pay period upon adoption, unless otherwise noted.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby approves amending the Position Allocation and the Fiscal Year 2021-22 Operating Budget for various departments as follows:
1. Reallocate and transfer one (1) Senior Software Analyst in the Business Applications/Development Services Division (17510) to one (1) Senior Systems Technician in the Network/Data Center Division (17710) in the Information Technology Department.
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2. Unfreeze one (1) Police Captain in the Field Operations Division (19320) and transfer to the Records and Support Division (19420) in the Modesto Police Department.
3. Unfreeze one (1) Police Sergeant in the Field Operations Division (19320) in the Modesto Police Department.
4. Unfreeze three (3) Police Community Services Officer I/II in the Field Operations Division (19320) in the Modesto Police Department.
The foregoing resolution was adopted at a regular meeting of the Council of the City of Modesto held on the 11th day of January 2022, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers: ?
NOES: Councilmembers: ?
ABSENT: Councilmembers: ?
ATTEST:
DANA SANCHEZ, Interim City Clerk
(SEAL)
APPROVED AS TO FORM:
BY: ___________________________________
JOSE M. SANCHEZ, City Attorney
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MODESTO CITY COUNCIL
RESOLUTION NO. 2022-?
RESOLUTION AMENDING THE FISCAL YEAR 2021-22 OPERATING BUDGET IN THE AMOUNT OF $357,525 TO FUND THE UNFREEZING OF ONE (1) CAPTAIN, ONE (1) SERGEANT, AND THREE (3) COMMUNITY SERVICE OFFICERS IN THE GENERAL FUND FIELD OPERATIONS COST CENTER (0100-19320)
WHEREAS, savings from the SR911 and SASA will have a projected savings of $441,130 in fiscal year 2021-22 and this savings will be used to unfreeze one (1) Captain, one (1) Sergeant, and three (3) Community Service Officers in the General Fund Field Operations cost center (0100-19320) originally frozen as part of the fiscal year 2021-22 adopted budget.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that the Council hereby approves amending the fiscal year 2021-22 operating budget in the amount of $357,525 to move savings from Appropriation Unit C in the Police Department’s General Fund to the Police Department’s Appropriation Unit A also in the General Fund to cover the cost of the unfrozen positions for the remainder of the fiscal year.
BE IT FURTHER RESOLVED that the City Manager, or his designee, is hereby authorized to take the necessary steps to implement the provisions of this resolution.
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 11th day of January 2022, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers: ?
NOES: Councilmembers: ?
ABSENT: Councilmembers: ?
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ATTEST:
DANA SANCHEZ, Interim City Clerk
APPROVED AS TO FORM:
BY:
JOSE M. SANCHEZ, City Attorney
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
January 11, 2022
Date: December 21, 2021
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Laurie A Smith, Director of Parks, Recreation and Neighborhoods SUBJECT: Award Contract to TBS Contractors for Construction of Ralston Tower Park CONTACT: Nathan Houx, Parks Planning and Development Manager, [email protected], 209-571-5526
DESCRIPTION:
Consider approving the plans and specifications for the Ralston Tower Park Project, accepting the bid and awarding a contract to Taylor Backhoe Service, Inc. DBA TBS Contractors of Merced, CA in the amount of $897,100 and authorizing the Director of Utilities to approve change orders up to the cumulative amount of $89,710 (10% of the original contract price) if needed for a total amount not to exceed $986,810; accepting grant award in the amount of $550,000 from California State Parks, Land and Water Conservation Fund; and amending the Fiscal Year 21/22 Capital Improvement Program Budget. (Funding Source: Community Development Block Grant Funds and Land and Water Conservation Fund Grant Funds) STRATEGIC PLAN ELEMENT:
This item is consistent with the following 2020-2025 Strategic Plan Area of Focus: Quality of Life and Governance and Service Delivery.
BACKGROUND:
On April 24, 1918, Nellie S. Maze and C.M. Maze donated land on the corner of Downey Avenue and I Street, to the City of Modesto for the express purpose of building a playground and park for the residents of the neighborhood.
This 0.3-acre park, owned by the City of Modesto, is adjacent to its namesake downtown icon - Ralston Tower, a senior independent living low-income community. The triangular shaped park, directly located to the northwest face of Ralston Tower, is ideally suited for use by the senior residents. Except for a narrow, east to west, one-way parking lot, residents of Ralston Tower who frequent the park have no obstructions in their path of travel to the soon to be improved park, allowing residents to visit multiple times throughout the day.
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City Council, January 11, 2022
Award Contract to TBS Contractors for Construction of Ralston Tower Park
pathway as part of their active lifestyle. Over the past decades, the wooden benches and horseshoes pits have become antiquated and deteriorated, and residents have expressed to the City their reluctance to continue to use the park due to the increased presence of vagrant populations and criminal activity.
The planned renovation of Ralston Tower Park is partially funded by the City as part of the Housing and Urban Development (HUD) Annual Action Plan, and has been in process for some time.
On March 22, 2016, by Resolution No. 2016-102, Council awarded the contract to complete the professional design services for the Ralston Tower Park Project to O’Dell Engineering, Inc. This construction documentation and professional design was completed in 2021.
On January 23, 2018, by resolution 2018-30, Council approved the submittal of a grant application to the Land and Water Conservation Fund Program in the amount of $550,000.
And on September 29, 2021, the State of California Parks and Recreation Department notified staff that the Ralston Tower Park project was recommended for funding through the Land and Water Conservation Fund Program in the amount of $550,000.
DISCUSSION:
The Project was advertised for bids on November 16, 2021. Bids were publicly opened on December 14, 2021, pursuant to City Charter Section 1307, and TBS Contractors was the sole bidder, and following review was deemed responsible and responsive bid. The bid tabulation is attached.
The bid analysis is:
Number of bids received 1
Number of bids within 10% of engineer’s estimate 1
Number of bids below the engineer’s estimate 0
Number of bids deemed non-responsive 0
Percent low bid is above the engineer’s estimate 8.17%
Modesto Municipal Code Section 8-3.203 generally requires all purchases, which meet or exceed $50,000 for material, equipment or contractual services to be formally bid.
Based on providing the lowest responsive and responsible bid, City staff recommends the award of bid for the construction of the Ralston Tower Park Renovation Project to TBS Contractors, Merced CA, which conforms to the Modesto Municipal Code, 8-3.203.
The City’s “Change Order Approval Policy” enacted by Council Resolution No. 94-443 on July 19, 1994, and updated by Resolution No. 2019-326 on July 9, 2019, established a contract change order budget of 10% for construction contracts greater than $250,000 but less than $1,000,000. Staff estimates that no more than 8% will be required for this project.
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Award Contract to TBS Contractors for Construction of Ralston Tower Park
that all projects and bid packages contain well-defined scopes of work and that all projects stay within budget.
Finally, though Council authorized the City Manager to accept the grant award on behalf of the City of Modesto, Council action is required to budget the grant funding into the FY 2021/22 Capital Improvement Program and amend the budget of Capital Improvement Project # 100866 – Senior Playground 2014.
FISCAL IMPACT:
Total estimated cost for the construction portion of this project is $1,200,000. Funding for the construction, contingency, administration, and City staff design support, will be budgeted in the following Capital Improvement Program account: #100866 (Senior Playground 2014). The project will require a budget adjustment allocating grant funds and establishing the project’s revenue and expense budget as outlined below:
Funding Sources for the project are Outlined below:
Community Development Block Grant (CDBG) $ 650,000
Land and Water Conservation Fund Grant $ 550,000
PROJECT FUNDING SOURCES $1,200,000
Project Budget
Construction $ 897,100
Construction Admin (10%) $ 89,710
Contingency (8%) $ 71,800
Engineering/Design/Admin (3%) $ 26,913
EDA/CON (previously spent/committed) $ 114,477
TOTAL ESTIMATED PROJECT COST $1,200,000
Parks Operations has determined that since this project is improving an existing park space, it will not require significantly more maintenance and therefore does not anticipate additional maintenance funding will be necessary. No general fund money is being requested for this project.
COMMITTEE RECOMMENDATION:
On April 5, 2021, this project was one of several CIPs presented to the Economic Development Committee for consideration in order to minimize the time between bidding and council award.
The committee was informed that this project would be formally bid within the next 6 months and was forwarded for the consideration of the full council.
CEQA/NEPA REQUIREMENTS:
City staff prepared a Notice of Exemption No. EA/PR&N 2021-03 and the project is categorically exempt from CEQA due to the fact that it is a minor alteration to an existing facility involving a negligible expansion of use beyond the current use.
RECOMMENDED COUNCIL ACTION:
Staff Recommendations:
Resolution approving the plans and specifications for the Ralston Tower Park Project, accepting the bid and awarding a contract to Taylor Backhoe Service, Inc. DBA TBS Contractors of Merced, CA in the amount of $897,100 and authorizing the Director of Utilities to approve #17..
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Award Contract to TBS Contractors for Construction of Ralston Tower Park
change orders up to the cumulative amount of $89,710 (10% of the original contract price) if needed for a total amount not to exceed $ 986,810 and authorizing the City Manager, or his designee to execute the agreement.
Resolution accepting grant award in the amount of $550,000 from California State Parks, Land and Water Conservation Fund.
Resolution amending the Fiscal Year 2021/22 Capital Improvement Program (CIP) Budget, Project 100866 in the amount of $550,000 to recognize the Land and Water Conservation Fund grant and fund the Senior Playground 2014 project construction; and authorizing the City Manager, or his designee, to implement the provisions of this resolution.
Approved by:
Laurie A Smith, Director of Parks, Recreation and
Neighborhoods
Joseph P. Lopez, City Manager
Attachments:
1. Resolutions (3)
2. Agreement – TBS Contractors
3. Bid Tabulation
4. Financial Interest Disclosure Form
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1 2022-
MODESTO CITY COUNCIL
RESOLUTION NO. 2022-XXX
RESOLUTION APPROVING THE PLANS AND SPECIFICATIONS FOR THE
RALSTON TOWER PARK PROJECT, ACCEPTING THE BID AND AWARDING A CONTRACT TO TAYLOR BACKHOE SERVICE, INC. DBA TBS CONTRACTORS OF MERCED, CA IN THE AMOUNT OF $897,100 AND AUTHORIZING THE DIRECTOR
OF UTILITIES TO APPROVE CHANGE ORDERS UP TO THE CUMULATIVE AMOUNT OF $89,710 (10% OF THE ORIGINAL CONTRACT PRICE) IF NEEDED FOR A TOTAL AMOUNT NOT TO EXCEED $ 986,810 AND AUTHORIZING THE
CITY MANAGER, OR HIS DESIGNEE TO EXECUTE THE AGREEMENT
WHEREAS, on March 22, 2016, by Resolution No. 2016-102, Council awarded the contract to complete the professional design services for the Ralston Tower Park Project to O’Dell Engineering, Inc, and
WHEREAS, O’Dell Engineering, Inc. completed the construction documentation and professional design in fall of 2021, and
WHEREAS, the City Manager authorized the Purchasing Manager to issue formal Request for Bids (RFB) for the construction of the Ralston Tower Park Project, and WHEREAS, on November 16, 2021, the Purchasing Division issued RFB 2022-15 for the construction of Ralston Tower Park, and
WHEREAS, on December 14, 2021, bids were formally opened by the City Clerk and one vendor chose to respond, TBS Contractors, who is not a local vendor, and WHEREAS, based on providing the only responsive and responsible bid, staff recommends the award of bid to TBS Contractors, Merced, CA, and WHEREAS, Modesto Municipal Code Section 8-3.203 generally requires all purchases, which meet or exceed $50,000 for material, equipment or contractual services, to follow the formal bid procedures.
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2 2022-
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto approving the plans and specifications for the Ralston Tower Park Project, accepting the bid and awarding a contract to Taylor Backhoe Service, Inc. DBA TBS Contractors of Merced, CA in the amount of $897,100 and authorizing the Director of Utilities to approve change orders up to the cumulative amount of $89,710 (10% of the original contract price) if needed for a total amount not to exceed $ 986,810.
BE IT FURTHER RESOLVED that the City Manager, or his designee, is authorized to execute the agreement, in a form approved by the City Attorney.
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 11th day of January of 2022, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST:
DANA SANCHEZ, Interim City Clerk
APPROVED AS TO FORM:
BY: _________________
JOSE M. SANCHEZ, City Attorney
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MODESTO CITY COUNCIL
RESOLUTION NO. 2022-?
RESOLUTION ACCEPTING GRANT AWARD IN THE AMOUNT OF $550,000
FROM CALIFORNIA STATE PARKS, LAND AND WATER CONSERVATION FUND
WHEREAS, the Congress under the Land and Conservation Water Act Fund of 1965, Public Law 88-578 has authorized the establishment of a federal Land and Water Conservation Fund Grant-In-Aid program, providing matching funds to the State of California and its political subdivisions for acquiring lands and developing Facilities for public outdoor recreation purposes, and
WHEREAS, the California Department of Parks and Recreation is responsible for administration of the program in the State, setting up necessary rules and procedures governing applications by local agencies under the program, and
WHEREAS, January 23, 2018, by Resolution 2018-30, Council approved the submittal of a grant application to the Land and Water Conservation Fund Program in the amount of $550,000 and authorized the City Manager to execute all grant agreements, and WHEREAS, on September 29, 2021, the State of California Parks and Recreation Department notified staff that the Ralston Tower Park project was recommended for funding through the Land and Water Conservation Fund Program in the amount of $550,000 (LWCF Project # LW-50-028).
NOW, THEREORE, BE IT RESOLVED, by the Council of the City of Modesto that it accepts the grant award in the amount of $550,000 from California State Parks, Land and Water Conservation Fund.
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 11th day of January of 2022, by Councilmember ?, who moved its #17..
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adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ATTEST:
DANA SANCHEZ, Interim City Clerk
APPROVED AS TO FORM:
BY: ___________________________
JOSE M. SANCHEZ, City Attorney
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MODESTO CITY COUNCIL
RESOLUTION NO. 2022-XXX
RESOLUTION AMENDING THE FISCAL YEAR 2021/22 CAPITAL IMPROVEMENT PROGRAM (CIP) BUDGET, PROJECT 100866 IN THE AMOUNT OF $550,000 TO
RECOGNIZE THE LAND AND WATER CONSERVATION FUND GRANT AND FUND THE SENIOR PLAYGROUND 2014 PROJECT CONSTRUCTION; AND
AUTHORIZING THE CITY MANAGER, OR HIS DESIGNEE, TO IMPLEMENT THE
PROVISIONS OF THIS RESOLUTION
WHEREAS, certain budgetary transactions are necessary in order to fund the renovation of Ralston Tower Park, and
WHEREAS, the non-capital project #100866 (Senior Playground 2014) budget must be amended as shown in Attachment A, which is incorporated by reference herein.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Modesto that it hereby amends the Fiscal Year 2021/22 Capital Improvement Program (CIP) Budget, Project 100866 in the amount of $550,000 to recognize the Land and Water Conservation Fund grant and fund the Senior Playground 2014 project construction as outlined in Attachment A, attached hereto.
BE IT FURTHER RESOLVED that the City Manager, or his designee, is hereby authorized to implement the provisions of this resolution.
The foregoing resolution was introduced at a regular meeting of the Council of the City of Modesto held on the 11th day of January of 2022, by Councilmember ?, who moved its adoption, which motion being duly seconded by Councilmember ?, was upon roll call carried and the resolution adopted by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
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2 2022-
ATTEST:
DANA SANCHEZ, Interim City Clerk
APPROVED AS TO FORM:
BY: ___________________________
JOSE M. SANCHEZ, City Attorney
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Exhibit A
Budget Adjustment for Capital Project 100866 (Senior Playground 2014) Fund 3170 – Capital Grants - HUD CIP Projects:
Expense:
To:
Task Starting Amount Increase/
(Decrease)
Ending
Total
Construction (CON) $600,000 $357,105 $957,105
Construction Admin (CA) $0 $89,710 $89,710
Contingency (CTGY) $10,000 $61,800 $71,800
Engineering/Design/Administration (EDA) $40,000 $41,385 $81,385 Total $650,000 $550,000 $1,200,000
Revenue:
To:
Account Starting Amount Increase/
(Decrease)
Ending
Total
3170-39999-61130-100866-00000 $650,000 $0 $650,000
3170-39999-42165-100866-00000 $0 $550,000 $550,000
Total $650,000 $550,000 $1,200,000
Total Change in Revenues and Expenses: $550,000
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A-1 City of Modesto
Ralston Tower Park
FEDERAL CONTRACT
PARKS, RECREATION AND NEIGHBORHOODS DEPARTMENT
RALSTON TOWER PARK
IN MODESTO CALIFORNIA
This Agreement, between the City of Modesto, a municipal corporation (the “City”), and TAYLOR BACKHOE SERVICE, INC. dba TBS CONTRACTORS, a California corporation (the “Contractor”), is entered into as of January 11, 2022.
R E C I T A L S
1. That in consideration of the payments and agreements mentioned below, to be performed by the Contractor, and under the conditions expressed in the applicable payment and performance bonds, the City agrees with the Contractor, at its own cost and expense, to do all the work and furnish all the materials, except such as are mentioned in the Contract Documents to be furnished by the City, necessary to construct and complete in a good, workmanlike and substantial manner and to the satisfaction of the Director of Utilities, the work described in the Contract Documents as described in Paragraph 4 of this Agreement. The federal wage rates applicable to this contract are attached hereto as Exhibit A.
A G R E E M E N T
1. The Work. The City hereby agrees with the Contractor to employ it to provide the materials and to do the work according to Paragraph 4, for the prices bid; and the parties for themselves, their successors, and assigns, agree to the full performance of their promises. a. The Project Specifications for the work to be done shall be entitled:
CITY OF MODESTO,
PARKS, RECREATION AND NEIGHBORHOODS DEPARTMENT
RALSTON TOWER PARK
IN MODESTO, CALIFORNIA
b. The Project Plans for the work to be done are entitled:
CITY OF MODESTO,
PARKS, RECREATION AND NEIGHBORHOODS DEPARTMENT
RALSTON TOWER PARK
IN MODESTO CALIFORNIA
c. Location of Work. The Work will be performed at the locations listed in the Project Specifications and Project Plans.
2. Commencement and Completion of the Work. The Work contemplated herein shall be commenced on the date specified in the Notice to Proceed for this Agreement. The work shall be substantially completed within NINETY (90) working days #17..
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after the date specified in the Notice to Proceed. The Notice to Proceed shall not be issued until the Director of Utilities receives and has on file:
a. Proofs of insurance (approved by Risk Management),
b. Bonds (approved by the City Attorney),
c. City of Modesto Business License, and
d. Executed Agreement.
Contractor will not be held responsible for failure to complete the Work within the specified time if delay is due to matters beyond its reasonable control. Contractor shall make all good faith attempts to overcome or minimize such matters, and to finish the work in the shortest reasonable amount of time.
3. Prevailing Wages. The State general prevailing wage rates are determined by the Director of Industrial Relations in cases where they are higher than the federal rates listed in Exhibit A. It is further agreed by the parties that should there be any conflict between the terms of this Agreement and the Contractor’s bid, then this Agreement shall control.
4. Contract Documents. The complete Agreement between the parties consists of the documents listed below, including any addenda to these documents. The documents are complementary and provide for a complete work; if a discrepancy exists, the governing ranking of the documents is set forth, in descending order:
a. Executed and signed, written Agreement;
b. Section 00760 of the Project Specifications;
c. Section 00800 Amendments and Supplements to the General Provisions; d. All other sections of the Project Specifications;
e. Project Plans;
f. City Standard Details, current edition
g. City Standard Specifications, current edition
h. Revised State Standard Specifications;
i. State Standard Specifications;
j. Revised State Standard Plans;
k. State Standard Plans; and
l. All required Bonds.
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All documents specified above are intended to operate so that any component of the Work called for in one document and not mentioned in any other, or vice versa, is to be executed the same as if mentioned in all of the documents. The listed documents comprise the Contract Documents.
5. Liability Insurance. Contractor certifies that it is aware of the provisions of Section 3700 of the California Labor Code which require every employer to be insured against liability for workers' compensation or to undertake self-insurance in accordance with the provisions of that code, Contractor will comply with such provisions before commencing the performance of the work of this contract.
a. General. Contractor shall procure and maintain for the duration of this Agreement, and for the entire duration covered by the warranty bond, insurance as required by the Contract Documents and against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the Work by the Contractor, its agents, representatives, employees, or subcontractors.
b. Minimum Scope and Limit of Insurance. Coverage shall be at least as broad as:
i. Commercial General Liability (CGL): Insurance Services Office Form CG 00 01, including products and completed operations, with limits of no less than $3,000,000 per occurrence for bodily injury, personal injury, and property damage. If a general aggregate limit applies, either the general aggregate limit shall apply separately to this project/location or the general aggregate limit shall be twice the required occurrence limit. ii. Automobile Liability: Insurance Services Office Form Number CA 0001 covering Code 1 (any auto), with limits no less than $2,000,000 per accident for bodily injury and property damage.
iii. Workers’ Compensation insurance as required by the State of California, with Statutory Limits, and Employers’ Liability insurance with a limit of no less than $1,000,000 per accident for bodily injury or disease.
iv. Builder’s Risk (Course of Construction) insurance utilizing an “All Risk” (Special Perils) coverage form, with limits equal to the completed value of the project and no coinsurance penalty provisions, is required.
v. Contractors’ Pollution Legal Liability and/or Asbestos Legal Liability and/or Errors and Omissions with limits no less than $1,000,000 per occurrence or claim, and $2,000,000 policy aggregate, is required.
c. Deductibles and Self-Insured Retentions. Any deductibles or self-insured retentions must be declared to and approved by the City. At the option of the City, either: the contractor shall cause the insurer shall reduce or eliminate such deductibles or self-insured retentions as respects the City, its officers, officials, employees, and volunteers; or the Contractor shall provide a financial guarantee satisfactory to the City guaranteeing payment of losses and #17..
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related investigations, claim administration, and defense expenses. d. Other Insurance Provisions. The insurance policies are to contain, or be endorsed to contain, the following provisions:
i. The City, its officers, officials, employees, and volunteers are to be covered as additional insureds on the CGL and automobile liability policies with respect to liability arising out of with respect to liability arising out of work or operations performed by or on behalf of the Contractor including materials, parts, or equipment furnished in connection with such work or operations and automobiles owned, leased, hired, or borrowed by or on behalf of the Contractor. General liability coverage can be provided in the form of an endorsement to the Contractor’s insurance (at least as broad as ISO Form CG 20 10, 11 85 or both CG 20 10 and CG 23 37 forms if later revisions used).
ii. For any claims related to this project, the Contractor’s insurance coverage shall be primary insurance as respects the City, its officers, officials, employees, and volunteers. Any insurance or self-insurance maintained by the City, its officers, officials, employees, or volunteers shall be excess of the Contractor’s insurance and shall not contribute with it.
iii. Each insurance policy required by this clause shall provide that coverage shall not be canceled, except with notice to the City. e. Builder’s Risk (Course of Construction) Insurance. Contractor may submit evidence of Builder’s Risk insurance in the form of Course of Construction coverage.
Such coverage shall name the City as a loss payee as their interest may appear. f. Claims Made Policies. If any coverage required is written on a claimsmade coverage form:
i. The retroactive date must be shown, and this date must be before the execution date of the contract or the beginning of contract work. ii. Insurance must be maintained and evidence of insurance must be provided for at least five (5) years after completion of contract work. iii. If coverage is canceled or non-renewed, and not replaced with another claims-made policy form with a retroactive date prior to the contract effective, or start of work date, the Contractor must purchase extended reporting period coverage for a minimum of five (5) years after completion of contract work.
iv. A copy of the claims reporting requirements must be submitted to the City for review.
v. If the services involve lead-based paint or asbestos identification/remediation, the Contractors Pollution Liability policy shall not contain lead-based paint or asbestos exclusions. If the services involve mold identification/remediation, the Contractors Pollution Liability policy shall not contain a mold exclusion, and the definition of #17..
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Pollution shall include microbial matter, including mold. g. Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best rating of no less than A: VII, unless otherwise acceptable to the City. h. Waiver of Subrogation. Contractor hereby agrees to waive rights of subrogation which any insurer of Contractor may acquire from Contractor by virtue of the payment of any loss. Contractor agrees to obtain any endorsement that may be necessary to affect this waiver of subrogation. The Workers’ Compensation policy shall be endorsed with a waiver of subrogation in favor of the City for all work performed by the Contractor, its employees, agents and subcontractors.
i. Verification of Coverage. Contractor shall furnish the City with original certificates and amendatory endorsements, or copies of the applicable insurance language, effecting coverage required by this contract. The Contractor must deliver certificates evidencing existence of the insurance and specified endorsements listed above to the Director of Utilities within 10 business days after the Notice of Award is received. However, failure to obtain the required documents prior to the work beginning shall not waive the Contractor’s obligation to provide them. The City reserves the right to require complete, certified copies of all required insurance policies, including endorsements, required by Contract documents, at any time. j. Subcontractors. Contractor shall require and verify that all subcontractors maintain insurance for the duration of the project and through acceptance by City Council.
6. Indemnity. The Contractor shall hold the City, its agents, officers, employees, and volunteers, harmless from and save, defend and indemnify them against any and all claims, losses, liabilities, judgments or damages from every cause, including but not limited to injury to person or property or wrongful death, including reasonable costs and expenses of defense of any judicial or administrative action (collectively “Claims”), arising directly or indirectly out of any negligent or intentional act or omission of Contractor, or its agents, officers, employees, or volunteers relating to or during the performance of its obligations under this Agreement, except to the extent such Claims arise from the sole negligence or willful misconduct of City.
Contractor's obligation to defend, indemnify, and hold the City, its agents, officers, and employees harmless under the provisions of this paragraph is not limited to or restricted by any requirement in this Agreement for Contractor to procure and maintain a policy of insurance.
7. Termination of Agreement.
a. Termination by City for Default of Contractor. Should Contractor default in the performance of this Contract or materially breach any of its provisions, at its option, City may terminate this Contract by giving written notification to Contractor. The termination date shall be the effective date of the notice. For the purposes of this section, material breach of this Contract shall include, but not be limited to, any of the following: failure to perform required services or duties, willful destruction of City's property by Contractor, dishonesty or theft. Such termination shall be in accordance with the Contract Documents. #17..
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If this Contract is terminated, Contractor shall cease all its work on the project as of the termination date and shall see to it that its employees, subcontractors and agents are notified of such termination and cease their work.
The Contractor understands and agrees that City may, in City's sole discretion, refuse to pay Contractor for that portion of Contractor's services which were performed by Contractor on the project prior to the termination date and which remain unacceptable and/or not useful to City as of the termination date. When these provisions contradict those found in the General Provisions of City’s Standard Specifications, the latter shall prevail.
b. Termination by City for Convenience. The City may terminate the Contractor's performance under the Contract, either in whole or in part, at its own discretion or when conditions encountered during the Work make it impossible or impracticable to proceed, or when the City is prevented from proceeding with the Contract by act of God, by law, or by official action of a public authority, or upon a determination that such termination is in the best interest and convenience of the City, or whenever the City is prohibited from completing the Work for any reason. The City shall provide no less than ten (10) days written notice of its intent to terminate the Contract for convenience, and shall endeavor to provide the Contractor with consultation with the City prior to termination.
c. Upon receipt of a written Notice of Termination pursuant to this section, the Contractor shall:
i. Cease its work as directed in the Notice of Termination as of the termination date and see to it that its employees, subcontractors and agents are notified of such termination and act as specified in the notice of termination; ii. Terminate all orders and subcontractors except as necessary to complete any portion of the Work that is not terminated; iii. If directed in writing by the City to do so, assign all right, title and interest in subcontracts and materials in progress to City, in which case the City will have the right at its discretion to settle, or pay any or all claims arising out of the termination of such subcontractors, but in no event shall recovery by any Contractor or subcontractor include lost profits for portions of the Work not completed or undertaken, including materials not delivered; iv. Deliver or otherwise make available to the City all data, drawings, specifications, reports, estimates, summaries and such other information and material as may have been accumulated by the Contractor in performing the Work whether completed or in process;
v. Settle outstanding liabilities and claims, subject to the approval of City;
vi. Complete performance of such part of the Work as has not been #17..
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terminated;
vii. Take such other actions as may be necessary, or as may be directed by the City for the protection and preservation of the Work and/or property related to the Work; viii. If City so requests, and at City's cost, Contractor shall provide sufficient oral or written status reports to make City reasonably aware of the status of Contractor's work on the project.
d. City will pay Contractor an amount based on the percentage of work completed in accordance with the Notice of Termination. The final payment to the Contractor after termination for convenience shall be limited to amounts due and owing under the Contract at time of termination, including the following:
i. Any actual costs incurred by the Contractor for restocking charges; ii. The agreed upon price of protecting the Work in any manner, if any, as directed by the City;
iii. The cost of settling and paying valid claims arising out of the termination of the Work such as subcontract agreements or contracts for materials; iv. The contract price allocable to the portion of the Work properly performed or goods supplied by the Contractor as of the date of termination, as determined in accordance with the Notice of Termination, reduced by any sums previously paid to the Contractor.
e. The City shall have the right to withhold any portion or the whole of the final payment under this provision in the event there are any outstanding Claims for compensation asserted either by the City against the Contractor or by any third party against the City or the Contractor which arise out of the Contractor's work. f. Authorization to Terminate Contract. Termination of the Contract may be invoked by the City Manager, or his/her designee, subject to the right of the Contractor to appeal the City Manager, or his/her designee’s, decision to the City Council. The Contractor shall appeal by notifying the City Clerk in writing within ten (10) business days of receipt of notification from City to terminate the Contract. In the event that termination of this contract is upheld by the City Council, any valid claims for delay shall be retroactive to the date of termination selected by the City Manager, or designee.
8. Notices. Any notice, payment or instrument required or permitted by this Agreement to be given to either party shall be deemed to have been received when personally delivered, or one calendar week following deposit of the same in any United States Post Office, registered or certified mail, postage prepaid, addressed as follows:
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A-8 City of Modesto
Ralston Tower Park
Contractor: Taylor Backhoe Service, Inc. dba TBS Contractors Attn: Jacob Taylor, Vice President
1605 E. Gerard Avenue
Modesto, CA 95341
Phone (209) 384-8424, Fax (209) 384-7629
City: City of Modesto
Utilities Director
P.O. Box 642
Modesto, California 95353
Phone (209) 577-5215, Fax (209) 577-4302
Each party may change its address for delivery of notice by delivering written notice of such change of address to the other party.
9. Compensation. Contractor agrees to accept the following prices as full compensation for furnishing all materials provided by it, and for doing all the Work contemplated in the Contract Documents, as may be modified by mutual later agreement in writing:
CONTRACTOR’S BID
Item
No. Item Description Unit of Measure
Estimated
Quantity
Unit Price
(Figures)
Total Price
(Figures)
1. Water Pollution Control Plan
(WPCP) LS 1 $1,200.00 $1,200.00
2. Mobilization/ Demobilization LS 1 $6,000.00 $6,000.00
3. Temporary Erosion and Sediment
Control LS 1 $4,800.00 $4,800.00
4. Site Preparation (Clearing, Grubbing
and Disposal) LS 1 $11,611.20 $11,611.20
5. Tree Protection LS 1 $5,352.72 $5,352.72
6. Tree Removal LS 1 $3,398.40 $3,398.40
7. Demolition and Sawcutting LS 1 $15,904.80 $15,904.80
8. Soil Import LS 1 $20,448.00 $20,448.00
9. Site Grading LS 1 $20,870.40 $20,870.40
10. Storm Drainage and Sumps LS 1 $52,313.70 $52,313.70
11. Utilities (Water Line and Sewer
Line for Drinking Fountain) LS 1 $9,467.64 $9,467.64
12. Electrical System LS 1 $46,800.00 $46,800.00
13. Lighting Fixtures (Pole Lights) EA 7 $9,600.00 $67,200.00 #17..
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Item
No. Item Description Unit of Measure
Estimated
Quantity
Unit Price
(Figures)
Total Price
(Figures)
14. Concrete Flatwork SF 2,102 $11.29 $23,731.58
15. Concrete Flatwork w/
Reinforcement SF 1,988 $16.21 $32,225.48
16. Concrete Flatwork - City Sidewalk SF 2,316 $10.22 $23,669.52
17. 4"x8" Pavers SF 1,379 $32.82 $45,258.78
18. Asphalt Pavement SF 368 $14.40 $5,299.20
19. 9" Wide Concrete Band LF 149 $71.28 $10,620.72
20. 12" Wide Concrete Band LF 224 $50.29 $11,264.96
21. 6" Vertical Curb & Gutter LF 520 $52.79 $27,450.80
22. Concrete Wheel Stops EA 6 $108.00 $648.00
23. ADA Curb Ramp LS 1 $5,136.36 $5,136.36
24. Concrete Deepened Edge LF 250 $20.79 $5,197.50
25. Pour-in-Place Rubber Surfacing SF 1,048 $31.75 $33,274.00
26. Sand at Horseshoe Pits LS 1 $480.00 $480.00
27. Decomposed Granite w/ Stabilizer SF 2,967 $8.40 $24,922.80
28. Parking Lot Striping LS 1 $840.00 $840.00
29. Senior Play Structure LS 1 $27,664.75 $27,664.75
30. Play Structure Installation LS 1 $28,404.00 $28,404.00
31. Trash Receptacles EA 2 $3,811.06 $7,622.12
32. Benches EA 4 $3,246.80 $12,987.20
33. ADA Picnic Table w/ Game Board EA 2 $6,856.03 $13,712.06
34. Picnic Table w/ Game Board EA 1 $8,575.82 $8,575.82
35. Bike Rack EA 1 $3,155.09 $3,155.09
36. Steel Edging LF 463 $17.11 $7,921.93
37. 4 FT Tall Vinyl Coated Chain Link
Fencing LF 489 $87.73 $42,899.97
38. Bollards EA 2 $1,656.16 $3,312.32
39. Drinking Fountain w/ Dog Bowl LS 1 $7,959.00 $7,959.00
40. Custom Horseshoe Pit EA 2 $13,223.70 $26,447.40
41. Dog Waste Bag Dispenser EA 1 $2,647.81 $2,647.81
42. City Park Sign EA 1 $6,586.79 $6,586.79
43. Concrete Cornhole Game Boards
(Set of 2) EA 2 $3,477.04 $6,954.08
44. Irrigation System LS 1 $75,624.00 $75,624.00
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Item
No. Item Description Unit of Measure
Estimated
Quantity
Unit Price
(Figures)
Total Price
(Figures)
45. Soil Preparation and Amendment SF 8,185 $0.85 $6,957.25
46. 1 Gallon Shrubs EA 350 $12.86 $4,501.00
47. 5 Gallon Shrubs EA 146 $36.16 $5,279.36
48. 24" Box Trees EA 6 $408.00 $2,448.00
49. Turf Sod SF 2,044 $2.29 $4,680.76
50. Root Barriers LF 36 $86.67 $3,120.12
51. Decorative Bark Mulch SF 8,185 $1.40 $11,459.00
52. Landscape Maintenance Period (180
Days) LS 1 $3,600.00 $3,600.00
TOTAL BASE BID $839,906.39
201. Remove: 4' Black Vinyl Coated
Chain Link Fence LF 489 -$87.73 -$42,899.97
202. 4' Black Tubular Steel Fencing LF 489 $204.69 $100,093.41 TOTAL ADD ALTERNATIVE 2 BID $57,193.44
COMBINED TOTAL BID (BASE BID + ADD ALTERNATIVE 2 BID) $897,099.83
10. Dispute Resolution. All claims, controversies, or disputes arising out of or relating to this Agreement, including its performance by either party, shall be finally resolved by arbitration in accordance with the Contract Documents.
11. Interpretation of Contract Documents. Any question concerning the intent, nature, scope or meaning of any provision of the Contract Documents, including, but not limited to, the Project Specifications and Project Plans, must be submitted to the Director of Utilities, or his/her designee, for issuance of an interpretation and/or decision on behalf of the City and in accordance with the requirements of the Contract Documents. Interpretations or decisions by any other person concerning the Contract Documents will not be binding on the City. The decision of the Director of Utilities, or his/her designee, is binding on the Contractor and shall be final.
12. No Implied Waiver of Breach. The waiver of any breach of a specific provision of this Agreement does not constitute a waiver of any other breach of that term or any other term of this Agreement.
13. Severability. If any term or provision or portion of a term or provision of this Agreement is declared invalid or unenforceable by any court of lawful jurisdiction, then the remaining terms and provisions or portions of terms or provisions will not be affected thereby and will remain in full force and effect.
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#17..
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`65Pa_ >,% )&'#$<&% @#&% 4546 &;;'*#+ =, &'' ),$=%&)=+ +.0b#)= =, =H# (&E*+cA&),$ 3)= >,% IH*)H =H# ),$=%&)= *+ &I&%<#< F&$< &$@ +,'*)*=&=*,$ I&+ *++.#<G ,$ ,% &>=#% M&$.&%@ 6C 456_P R> =H*+ ),$=%&)= *+ ),E#%#< 0@ =H# WTC =H# ),$=%&)=,% /.+= ;&@ &'' I,%Y#%+ *$ &$@ )'&++*>*)&=*,$ '*+=#< ,$ =H*+ I&B# <#=#%/*$&=*,$ &= '#&+= `65Pa_ ;#% H,.% F,% =H# &;;'*)&0'# I&B# %&=# '*+=#< ,$ =H*+ I&B# <#=#%/*$&=*,$C *> *= *+ H*BH#%G >,% &'' H,.%+ +;#$= ;#%>,%/*$B ,$ =H# ),$=%&)= *$ )&'#$<&% @#&% 4546P R> =H*+ ),$=%&)= *+ ),E#%#< 0@ =H# WT &$< & )'&++*>*)&=*,$ ),$+*<#%#< $#)#++&%@ >,% ;#%>,%/&$)# ,> I,%Y ,$ =H# ),$=%&)= <,#+ $,= &;;#&% ,$ =H*+ I&B# <#=#%/*$&=*,$C =H# ),$=%&)=,% /.+= ;&@ I,%Y#%+ *$ =H&= )'&++*>*)&=*,$ &= '#&+= =H# I&B# %&=# <#=#%/*$#< =H%,.BH =H# ),$>,%/&$)# ;%,)#++ +#= >,%=H *$ 4a 2JU _P_F&GF6GF**G F,% =H# WT /*$*/./ I&B# %&=#C*> *= *+ H*BH#% =H&$ =H# ),$>,%/#< I&B# %&=#GP ?H# WT /*$*/./ I&B# %&=# I*'' 0# &<b.+=#< &$$.&''@P V'#&+# $,=# =H&= =H*+ WT &;;'*#+ =, =H# &0,E#c/#$=*,$#< =@;#+ ,> ),$=%&)=+ #$=#%#< *$=, 0@ =H# >#<#%&' B,E#%$/#$= =H&= &%# +.0b#)= =, =H# (&E*+cA&),$ 3)= *=+#'>C 0.= *= <,#+ $,= &;;'@ =, ),$=%&)=+ +.0b#)= ,$'@ =, =H# (&E*+cA&),$ U#'&=#< 3)=+C *$)'.<*$B =H,+# +#= >,%=H &= 4a 2JU _P6F&GF4GcF^5GP 3<<*=*,$&' *$>,%/&=*,$ ,$ ),$=%&)=,% %#N.*%#/#$=+ &$< I,%Y#% ;%,=#)=*,$+ .$<#% =H# WT *+ &E&*'&0'# &= IIIP<,'PB,E8IH<8B,E),$=%&)=+P L,<*>*)&=*,$ -./0#% V.0'*)&=*,$ (&=# 5 5685684546 6 5685784546 4 5686_84546 9 5684484546 d 5485_84546 _ 5486a84546 ^ 5484^84546 e 5985_84546 7 5d85484546 a 5d84984546 65 5_85e84546 66 5_86d84546 64 5^85d84546 69 5^86784546 6d 5^84_84546 6_ 5e85484546 6^ 5e85a84546 6e 5e86^84546 67 5e84984546 6a 5785^84546 45 5786984546 46 5784584546 44 5784e84546 49 5a85984546 4d 5a86e84546 EXHIBIT A #17..
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!" #$%!&%!#!' !( '#%#)%!#!' !* '#%!$%!#!' !) '!%#+%!#!' ,-./##'(0##& #'%#'%!#!' ,1/, '2 3,4,5/1,-6 71/-896 :;8<-6 =,>/1,6 =,1;?9-,6 =/13/>6 =98@/1/A6 -,8 ./8;@96 -,8 B9,CD;86 -,8@, 31DE6 -@,8;-4,D- F @9D4=8/ 39D8@;/- ,1/, !2 ,4,=/>,6 398@1, 39-@,6 -,8 71,8-;396 -,8 =,@/9 F -,8@, 34,1, 39D8@;/- 1GHIJ 7KLMNIJ ,JOIJHPJ 1IQPRGS TPKUIK%VGWGKXPYJ QGHIKLGS VGMXSIK Z;M[SYXIJ \KI\GKGHLPM6 TIHHLMN6 JHKL\\LMN6 KIQPRGS6 J[KG\\LMN6 RG[YYQLMN6 OGNNLMN GMX XLJ\PJLMN P] GSS LMJYSGHLPM QGHIKLGSJ ]KPQ QI[VGML[GS J^JHIQJ6 TVIHVIK HVI^ [PMHGLM GJOIJHPJ PK MPH_ ,KIG '``````````````````````a +#`&" '#`(# ,KIG !``````````````````````a +(`"+ $`!* 0000000000000000000000000000000000000000000000000000000000000000 ,-./##'(0##) #'%#'%!#!' ,1/, '2 ,4,=/>,6 398@1, 39-@,6 =98@/1/A6 -,8 ./8;@96 -,8 71,8-;396 -,8 =,@/96 -,8@, 34,1,6 F -,8@, 31DE ,1/, !2 3,4,5/1,-6 394D-,6 71/-896 :;8<-6 =,>/1,6 =,1;?9-,6 =/13/>6 -,8 B9,CD;86 -@,8;-4,D6 F @D94D=8/ 1GHIJ 7KLMNIJ ,JOIJHPJ bPKUIKJ%;MJYSGHPK Z;M[SYXIJ HVI G\\SL[GHLPM P] GSS LMJYSGHLMN QGHIKLGSJ6 ?KPHI[HLRI 3PRIKLMNJ6 3PGHLMNJ6 GMX 7LMLJVIJ HP GSS H^\IJ P] QI[VGML[GS J^JHIQJ_ ,KIG '``````````````````````a *&`'( !+`") ,KIG !``````````````````````a &(`)' ++`"# 0000000000000000000000000000000000000000000000000000000000000000 .9;4#"&$0##' #'%#'%!#!' ,1/, '2 ,4,=/>,6 398@1, 39-@,6 -,8 71,83;-396 -,8 =,@/9 F -,8@, 34,1, 39D8@;/- ,1/, !2 1/=,;8;8< 39D8@;/- 1GHIJ 7KLMNIJ .9;4/1=,:/1 ,KIG '``````````````````````a &$`(! &'`!* ,KIG !``````````````````````a &"`(# +)`$$ 0000000000000000000000000000000000000000000000000000000000000000 .13,###+0##' #)%#'%!#!# 1GHIJ 7KLMNIJ =,1.4/ 7;8;-c/1``````````````````a +(`"+ '*`#) 0000000000000000000000000000000000000000000000000000000000000000 .13,###+0##+ #)%#'%!#!# #17..
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&!!!!!!!!!!'()*+%&! ,-"./0!,-1234444444444444444444445!67489!!!!!!!!!!!!:;4<=! >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>! !."?-9998>996!96@97@:9:9! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&!!!!!!!!!!'()*+%&! ."A?B/-C0"!!! !!!!!D!7E!'(%&*FG!B)*+&G!! !!!!!,#H%(#G!,#()IF&#G!,%(J%H44445!<84K;!!!!!!!!!!!!::47L! !!!!!D!=E!1#*!'(#*J)&JFG!1#*!! !!!!!,#$%F444444444444444444444445!<=4K6!!!!!!!!!!!!:K4==! !!!!!D!;E!-M#N%H#G!?F*$(#!! !!!!!?F&$#G!1#*!.%*)$FG!1#*$#!! !!!!!?M#(#444444444444444444444445!<L4<:!!!!!!!!!!!!::4=9! !!!!!D!LE!?#M#O%(#&G!1#*!! !!!!!PF#QR)*G!1$#*)&M#R&G!! !!!!!SFRMRN*%444444444444444444445!<647:!!!!!!!!!!!!:7466! !!!!!D7KE!,F*$%(%TG!1#*$#!?(RU4445!<64;;!!!!!!!!!!!!:649:! >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>! !."?-9998>99;!9=@97@:97L! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&!!!!!!!!!!'()*+%&! S0""-VV2!'A3A1W0"44444444444444445!8=46;!!!!!!!!!!!!7=488! S0""-VV2!X2"B0"@10SS0"444444444445!<;468!!!!!!!!!!!!:K4;<! >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>! !."?-9998>977!9<@97@:97L! -"0-!7Y!-M#N%H#G!?F*$(#!?F&$#G!,F*$%(%TG!1#*!.%*)$FG!1#*! '(#*J)&JFG!1#*!,#$%FG!1#*$#!?M#(#G!1#*$#!?(RU! -"0-!:Y!?#M#O%(#&G!1#*!PF#QR)*G!1$#*)&M#R&G!SRFMRN*%! -"0-!8Y!'(%&*FG!B)*+&G!,#H%(#G!,#()IF&#G!,%(J%H! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&!!!!!!!!!!'()*+%&! SA/0!'A3A1W0"!!! !!!!!-(%#!744444444444444444444445!:L4L<!!!!!!!!!!!!7K48;! !!!!!-(%#!:44444444444444444444445!:64K9!!!!!!!!!!!!7<489! !!!!!-(%#!844444444444444444444445!:K46;!!!!!!!!!!!!764K6! S)M%!/#T%(!!! !!!!!-(%#!744444444444444444444445!<L4L9!!!!!!!!!!!!7L47K! !!!!!-(%#!:44444444444444444444445!<:4K=!!!!!!!!!!!!7K4;7! !!!!!-(%#!844444444444444444444445!<94:=!!!!!!!!!!!!7;46;! >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>! !?-"Z99::>997!9=@97@:9:7! 1#*!'(#*J)&JF!?FR*$T! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&!!!!!!!!!!'()*+%&! ?#(I%*$%(&!!! !!!!!.()H+%!.R)MH%(@W)+[\#T!! !!!!!?#(I%*$%(44444444444444444445!6<4;6!!!!!!!!!!!!874<L! !!!!!W#(H\FFH!'MFF(M#T%(G!! !!!!!1[)*+M%(G!ZF\%(!1#\!! !!!!!2I%(#$F(G!1$%%M!1J#]]FMH!^!! !!!!!1$%%M!1[F()*+!0(%J$F(G!1#\!! !!!!!')M%(444444444444444444444445!66499!!!!!!!!!!!!874<L! !!!!!PFR(*%TN#*!?#(I%*$%(444444445!6<4;6!!!!!!!!!!!!874<L! !!!!!,)MM\()+[$4444444444444444445!6<4L6!!!!!!!!!!!!8849;! >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>! !?-"Z998<>997!9=@97@:9:7! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&!!!!!!!!!!'()*+%&! _)O%(!!! !!!!!-&&)&$#*$!S%*H%(G!"2`!! #17..
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`&0/&;0;/ Q*7"6 _%)#E"6 I)?"$%)5"%+++++++++++++++++++++++, -.+/0 1.+23 OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO WKQI001-O00` 0`&0/&;0;0 KQHK /N K?*C"$*Z W>#7%* W>67*Z G*# _%*#')6'>Z G*# <*7">Z G*#7* W?*%* '>M#7)"6 KQHK ;N <>#7"%"9Z G*# ^"#)7>Z G*#7* W%Ma W>M#7)"6 KQHK 1N W*?*5"%*6Z _%"6#>Z ])#E6Z <*$"%*Z <*%)A>6*Z <"%'"$Z G*# b>*cM)#Z G7*#)6?*M6Z !M>?MC#" W>M#7)"6 Q*7"6 _%)#E"6 <>$M?*% _M%#)7M%" R#67*??"% K%"* / R#67*??"%++++++++++++++++++, ;[+`2 ;;+-1 X"*$ R#67*??"%+++++++++++++, 1;+;/ ;1+01 <*67"% R#67*??"%+++++++++++, 12+.1 ;1+01 K%"* ; R#67*??"%++++++++++++++++++, ;2+// ;;+-1 X"*$ R#67*??"%+++++++++++++, ;3+0[ ;1+01 <*67"% R#67*??"%+++++++++++, 1;+`/ ;1+01 K%"* 1 R#67*??"%++++++++++++++++++, ;-+/2 ;;+-1 X"*$ R#67*??"%+++++++++++++, ;`+32 ;1+01 <*67"% R#67*??"%+++++++++++, 1/+1[ ;1+01 OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO WKQI001-O00[ 0[&0/&;0;0 #17..
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!"#!$%&$!'()*+(,$-./01($-.20(,$3(/$41(/5625.,$3(/$7(0*.,$3(/0($ -'(1($5.8/06*2$ !"#!$9&$7./0*1*:,$3(/$;*/60.,$3(/0($-18<$-.8/06*2$ !"#!$=&$3(/$>.(?86/$ !"#!$@&$-('(A*1(2,$41*2/.,$B6/C2,$7(+*1(,$7(16D.2(,$7*15*+,$ 30(/62'(82,$E8.'8)/*$-.8/06*2$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$"(0*2$$$$$$$$$$416/C*2$ F1:G(''$H/20(''*12IJ(0K*12&$$$ $$$$$!1*($%LLLLLLLLLLLLLLLLLLLLLLM$N9LON$$$$$$$$$$$$=%L9O$ $$$$$!1*($9LLLLLLLLLLLLLLLLLLLLLLM$@OLPP$$$$$$$$$$$$=%L9O$ $$$$$!1*($=LLLLLLLLLLLLLLLLLLLLLLM$@PL9P$$$$$$$$$$$$=%L9O$ $$$$$!1*($@LLLLLLLLLLLLLLLLLLLLLLM$@NLQ9$$$$$$$$$$$$=%L9O$ F1:G(''$30.5R*1I351(DD*1$$$ $$$$$!1*($%LLLLLLLLLLLLLLLLLLLLLLM$9OL==$$$$$$$$$$$$%SL99$ $$$$$!1*($9LLLLLLLLLLLLLLLLLLLLLLM$9=L=Q$$$$$$$$$$$$%SL99$ $$$$$!1*($=LLLLLLLLLLLLLLLLLLLLLLM$9=LO@$$$$$$$$$$$$%SL99$ $$$$$!1*($@LLLLLLLLLLLLLLLLLLLLLLM$99LQP$$$$$$$$$$$$%SL99$ TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT$ $-!"UV%N9TVV%$VPIV%I9V9V$ -./01($-.20($-.8/0:$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$"(0*2$$$$$$$$$$416/C*2$ -(1D*/0*12$$$ $$$$$;16+C*$;86'+*1IW6CKG(:$$ $$$$$-(1D*/0*1LLLLLLLLLLLLLLLLLLLM$N9LON$$$$$$$$$$$$=VLS9$ $$$$$W(1+G..+$4'..1'(:*1,$$ $$$$$3K6/C'*1,$U.G*1$3(G$$ $$$$$XD*1(0.1,$30**'$35(YY.'+$Z$$ $$$$$30**'$3K.16/C$#1*50.1,$3(G$$ $$$$$46'*1LLLLLLLLLLLLLLLLLLLLLLLM$N9LSV$$$$$$$$$$$$=VLS9$ $$$$$>.81/*:)(/$-(1D*/0*1LLLLLLLLM$N9LON$$$$$$$$$$$$=VLS9$ $$$$$76''G16CK0LLLLLLLLLLLLLLLLLLM$N9LPN$$$$$$$$$$$$=9L@%$ TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT$ $-!"UV%N9TVV9$VPIV%I9V9V$ 3(/$>.(?86/$-.8/0:$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$"(0*2$$$$$$$$$$416/C*2$ -(1D*/0*12$$$ $$$$$;16+C*$;86'+*1IW6CKG(:$$ $$$$$-(1D*/0*1LLLLLLLLLLLLLLLLLLLM$N9LON$$$$$$$$$$$$=VLS9$ $$$$$W(1+G..+$4'..1'(:*1,$$ $$$$$3K6/C'*1,$U.G*1$3(G$$ $$$$$XD*1(0.1,$30**'$35(YY.'+$Z$$ $$$$$30**'$3K.16/C$#1*50.1,$3(G$$ $$$$$46'*1LLLLLLLLLLLLLLLLLLLLLLLM$@OLQ9$$$$$$$$$$$$=VLS9$ $$$$$>.81/*:)(/$-(1D*/0*1LLLLLLLLM$@OLPP$$$$$$$$$$$$=VLS9$ $$$$$76''G16CK0LLLLLLLLLLLLLLLLLLM$@QL9P$$$$$$$$$$$$=9L@%$ TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT$ $-!"UV%N9TVV@$VPIV%I9V9V$ -('(A*1(2,$7(16D.2(,$7*15*+,$30(/62'(82$(/+$E8.'8)/*$-.8/06*2$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$"(0*2$$$$$$$$$$416/C*2$ -(1D*/0*12$$$ $$$$$;16+C*$;86'+*1IW6CKG(:$$ $$$$$-(1D*/0*1LLLLLLLLLLLLLLLLLLLM$N9LON$$$$$$$$$$$$=VLS9$ $$$$$W(1+G..+$4'..1'(:*1,$$ $$$$$3K6/C'*1,$U.G*1$3(G$$ $$$$$XD*1(0.1,$30**'$35(YY.'+$Z$$ $$$$$30**'$3K.16/C$#1*50.1,$3(G$$ $$$$$46'*1LLLLLLLLLLLLLLLLLLLLLLLM$@NLNP$$$$$$$$$$$$=VLS9$ #17..
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!"#$%&'()% *)$+&%,&$--------. /0-/1 23-41 56778$69:,------------------. /;-<1 21-/= >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> *?@A31=;>33= 3;B3=B131= C)% 5),&" *"#%,' @),&D E$6%9&D *)$+&%,&$D F$6G9& F#67G&$BH69:8)' *)$+&%,&$-------------------. 0/-40 2=-/< H)$G8""G E7""$7)'&$I C:6%97&$I A"8&$ C)8 J+&$),"$I C,&&7 CK)LL"7G M C,&&7 C:"$6%9 N$&K,"$I C)8 E67&$-----------------------. 00-33 2=-/< !"#$%&'()% *)$+&%,&$--------. 0/-40 2=-/< 56778$69:,------------------. 0/-<0 22-34 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> *?@A3/30>33= 3;B3=B131= C)%,) *7)$) *"#%,' @),&D E$6%9&D *)$+&%,&$D F$6G9& F#67G&$BH69:8)' *)$+&%,&$-------------------. 0/-40 2=-/< H)$G8""G E7""$7)'&$I C:6%97&$I A"8&$ C)8 J+&$),"$I C,&&7 CK)LL"7G M C,&&7 C:"$6%9 N$&K,"$I C)8 E67&$-----------------------. 00-33 2=-/< !"#$%&'()% *)$+&%,&$--------. 0/-40 2=-/< 56778$69:,------------------. 0/-<0 22-34 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> *?@A3/30>331 3;B3=B131= C)% F&%6," *"#%,' @),&D E$6%9&D *)$+&%,&$D F$6G9& F#67G&$BH69:8)' *)$+&%,&$-------------------. 0/-40 2=-/< H)$G8""G E7""$7)'&$I C:6%97&$I A"8&$ C)8 J+&$),"$I C,&&7 CK)LL"7G M C,&&7 C:"$6%9 N$&K,"$I C)8 E67&$-----------------------. /<-=1 2=-/< !"#$%&'()% *)$+&%,&$--------. /4-<; 2=-/< 56778$69:,------------------. 0=-/; 22-34 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> *?@A3030>33= 3;B3=B131= C)%,) *$#O *"#%,' @),&D E$6%9&D *)$+&%,&$D F$6G9& F#67G&$BH69:8)' *)$+&%,&$-------------------. 0/-40 2=-/< H)$G8""G E7""$7)'&$I C:6%97&$I A"8&$ C)8 J+&$),"$I C,&&7 CK)LL"7G M C,&&7 C:"$6%9 N$&K,"$I C)8 E67&$-----------------------. /<-=1 2=-/< !"#$%&'()% *)$+&%,&$--------. /4-<; 2=-/< 56778$69:,------------------. 0=-/; 22-34 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> *?@A3P30>33= 3;B3=B131= #17..
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!" #$% #&'( $)* +&',-. '& /,00'&$1-+ /$&,2$,&*/3 $' 4* 051. '-* 5-. '-*6)57# $1(*/ $)* /$&51+)$6$1(* &5$* '# 058% 9'&: '- /$&,2$,&*/ '# !" #$% '& ';*& <5/ .*/2&14*. 54';*=3 $' 4* 051. $>12* $)* /$&51+)$6$1(* &5$* '# 058% 6666666666666666666666666666666666666666666666666666666666666666 ?@?A"BBC6""B DCE"DEC"C" FGHIG A@GJG AKLHIM J5$*/ N&1-+*/ F',-. O A'((,-125$1'-/ P-/$577*&%%%%%%%%%%%%%%%%%%%Q RS%S" CC%SDS I*2)-1215-%%%%%%%%%%%%%%%%%%Q SC%BB CC%TC FAKU? KN 9KJV3 P-27,.1-+ 5-8 .5$5 /8/$*( >)'/* '-78 #,-2$1'- 1/ $' $&5-/(1$ '& &*2*1;* 1-#'&(5$1'-W *X27,.1-+ 577 '$)*& .5$5 /8/$*(/ '& (,7$107* /8/$*(/ >)12) 1-27,.* 2'-$&'7 #,-2$1'- '& 0'>*& /,0078W 1-27,/1'- '& *X27,/1'- '# $*&(1-5$1'-/ 5-. $*/$1-+/ '# 2'-.,2$'&/ .*$*&(1-*. 48 $)*1& #,-2$1'-W *X27,.1-+ #1&* 575&( >'&: >)*- 1-/$577*. 1- &52*>58/ <1-27,.1-+ >1&* 5-. 2547* 0,771-+= 5-. >)*- 0*&#'&(*. '- -*> '& (5Y'& &*('.*7 4,17.1-+ 0&'Y*2$/ '& Y'4/ #'& >)12) $)* 2'-.,2$'&/ #'& $)* #1&* 575&( /8/$*( 5&* 1-/$577*. 1- 2'-.,1$W *X27,.1-+ 1-/$5775$1'- '# &52*>58 /8/$*(/Z 71-* ;'7$5+* >'&:Z 1-.,/$&157 >'&:Z 71#*6/5#*$8 /8/$*(/ <577 4,17.1-+/ )5;1-+ #7''&/ 7'25$*. ('&* $)5- TS[ 54';* $)* 7'>*/$ #7''& 7*;*7 )5;1-+ 4,17.1-+ 522*//=W *X27,.1-+ *-*&+8 (5-5+*(*-$ /8/$*(/% NKKIHKI?3 N1&* 575&( >'&: >)*- 1-/$577*. 1- &52*>58/ <1-27,.1-+ >1&* 5-. 2547* 0,771-+=Z '- 0&'Y*2$/ >)12) 1-;'7;* -*> '& (5Y'& &*('.*7 4,17.1-+ 2'-/$&,2$1'-Z #'& >)12) $)* 2'-.,2$'&/ #'& $)* #1&* 575&( /8/$*( 5&* 1-/$577*. 1- $)* 2'-.,1$Z /)577 4* 0*&#'&(*. 48 $)* 1-/1.* *7*2$&1215-% 6666666666666666666666666666666666666666666666666666666666666666 ?@?A"S\S6""D "!E"DEC"CD G@G]?^G AKLHIM J5$*/ N&1-+*/ AG_@? FU@PA?J%%%%%%%%%%%%%%%%%%%%Q TC%`" BabB\%\R ?@?AIJPAPGH%%%%%%%%%%%%%%%%%%%%%%Q !B%B" BabB\%\R 6666666666666666666666666666666666666666666666666666666666666666 ?@?A"S\S6""C "!E"DEC"CD AG@Gc?JGF GH^ FGH dKGeLPH AKLHIP?F J5$*/ N&1-+*/ AG_@? FU@PA?J%%%%%%%%%%%%%%%%%%%%Q S"%T" T%TSabCS%S` ?@?AIJPAPGH <D= I,--*7 >'&:%%%%%%%%%%%%%Q RR%CS T%TSabCS%S` <C= G77 '$)*& >'&:%%%%%%%%%Q RC%CS T%TSabCS%S` 6666666666666666666666666666666666666666666666666666666666666666 ?@?A"S\S6""! DCE"DEC"C" G@G]?^G AKLHIM J5$*/ N&1-+*/ F',-. O A'((,-125$1'-/ P-/$577*&%%%%%%%%%%%%%%%%%%%Q RS%S" BabCD%DS I*2)-1215-%%%%%%%%%%%%%%%%%%Q SC%BB BabCD%DS FAKU? KN 9KJV3 P-27,.1-+ 5-8 .5$5 /8/$*( >)'/* '-78 #,-2$1'- 1/ $' $&5-/(1$ '& &*2*1;* 1-#'&(5$1'-W *X27,.1-+ 577 '$)*& .5$5 /8/$*(/ '& (,7$107* /8/$*(/ >)12) 1-27,.* 2'-$&'7 #17..
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`CRa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bPDFC ICWEDc R2%+, B(+, FHFIDRXIXPEAAAAAAAAAAAAAAAAAAAAAAY >JAJJ ^MA>^ ================================================================ FHFIJ[M>=JJZ MNOJMONJNJ SPE bPDFC ICWEDc R2%+, B(+, S'"#3 d I'11"#&$2%&'#, X#,%2--+(AAAAAAAAAAAAAAAAAAAY ^?A?J NNA?N D+$6#&$&2#AAAAAAAAAAAAAAAAAAY ?NAZZ NNA>N SIC_F CB `CRaG X#$-"3 2#. 32%2 ,.,%+1 *6',+ '#-. !"#$%&'# #17..
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`%1&(*5)'(!G0*+$&"+"'(! >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>! !GJGKLMNO>LLO!PQRLPRQLQL! STUVWDXT=!SGUKGY=!XETFVXJTZX!TFY!EZDJZSFG!KDZFEVGX! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!U'$*#!!!!!!!!!!C&"(3*#! K%))1("+'$"%(#!X5#$*)!!! !!!!!V(#$'00*&BBBBBBBBBBBBBBBBBBB[!aMBNa!!!!!!!!!!!!QQBQ@! !!!!!E*+4("+"'(BBBBBBBBBBBBBBBBBB[!OQBa@!!!!!!!!!!!!QQBOQ! !!XKDWG!DC!bDUc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d!!!!!!!!!!!!QPBdO! !!!!!:Q;!Ge1"6)*($!#6*+"'0"#$!! #17..
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` "X %$:9+&% 0"9%+S %&'$ &( /&)&'."3 #&S )%$6.' X"% $-#+"S$$( *.'0 -"%$ '0&3 4 S$&%( "X ($%/.)$, &36 D` X"% D -"3'0( '" 4 S$&%( "X ($%/.)$< 1< EMKL HIJKLMNOP Q$* N$&%R( L&S, T$-"%.&+ L&S, K36$#$36$3)$ L&S, J&1"% L&S, V$'$%&3(R L&S, W0&32(:./.3: L&S, ^%.6&S &X'$% W0&32(:./.3:, &36 Y0%.('-&( L&S< ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ [QCK555BZ55F 5D\@G\@5@5 aaM][M Faa bMC[ ]MW[O M][ JKOW[L c[JIb aaM][M @aa ][Y[KV[O MQ MLLKWKIQMJ =@<55 E[] HId] McIV[ M][M F ]MW[O< O[[ M][M L[^KQKWKIQO c[JIb ]&'$( ^%.3:$( IE[]MWI]P E"*$% [;9.#-$3' !M][M FP7 C]IdE F<<<<<<<<<<<<<<<<<<<<<= 4F<>@ BF<F4 C]IdE @<<<<<<<<<<<<<<<<<<<<<= >G<?G BF<F4 C]IdE B<<<<<<<<<<<<<<<<<<<<<= >?<>F BF<F4 C]IdE ><<<<<<<<<<<<<<<<<<<<<= >A<5B BF<F4 C]IdE 4<<<<<<<<<<<<<<<<<<<<<= >4<AD BF<F4 C]IdE D<<<<<<<<<<<<<<<<<<<<<= >><>> BF<F4 C]IdE A<<<<<<<<<<<<<<<<<<<<<= >B<B5 BF<F4 C]IdE ?<<<<<<<<<<<<<<<<<<<<<= >@<FD BF<F4 C]IdE ?ZM<<<<<<<<<<<<<<<<<<<= BG<G4 BF<F4 IE[]MWI]P E"*$% [;9.#-$3' !Y%&3$( &36 M''&)0-$3'( Z M][M FP7 C]IdE F Y%&3$(<<<<<<<<<<<<<<<<<<<<<= 4@<B5 BF<F4 I.+$%<<<<<<<<<<<<<<<<<<<<<<= >B<AG BF<F4 W%9)2 )%&3$ ".+$%<<<<<<<<<<= >D<5? BF<F4 C]IdE @ Y%&3$(<<<<<<<<<<<<<<<<<<<<<= 45<4> BF<F4 I.+$%<<<<<<<<<<<<<<<<<<<<<<= >@<?B BF<F4 W%9)2 )%&3$ ".+$%<<<<<<<<<<= >4<5A BF<F4 C]IdE B Y%&3$(<<<<<<<<<<<<<<<<<<<<<= >?<?5 BF<F4 HS6%&9+.)<<<<<<<<<<<<<<<<<<= >><>> BF<F4 I.+$%<<<<<<<<<<<<<<<<<<<<<<= >@<44 BF<F4 W%9)2 )%&3$ ".+$%<<<<<<<<<<= >><?B BF<F4 C]IdE > Y%&3$(<<<<<<<<<<<<<<<<<<<<<= >4<AD BF<F4 IE[]MWI]P E"*$% [;9.#-$3' #17..
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!"#$%&'#(#)*+,+-./-+012+++ +++++3.45"+0+ ++++++6#78#)*+&%(#9%:;;;;;;;;;;;;<+=>;?@++++++++++++A0;0=+ ++++++4#$%';;;;;;;;;;;;;;;;;;;;;;<+@A;AB++++++++++++A0;0=+ ++++++C'D9E+F'G)%+4#$%';;;;;;;;;;<+@=;??++++++++++++A0;0=+ +++++3.45"+>+ ++++++6#78#)*+&%(#9%:;;;;;;;;;;;;<+=H;B>++++++++++++A0;0=+ ++++++4#$%';;;;;;;;;;;;;;;;;;;;;;<+@A;00++++++++++++A0;0=+ ++++++C'D9E+F'G)%+4#$%';;;;;;;;;;<+@=;@0++++++++++++A0;0=+ +++++3.45"+A+ ++++++6#78#)*+&%(#9%:;;;;;;;;;;;;<+@I;0@++++++++++++A0;0=+ ++++++4#$%';;;;;;;;;;;;;;;;;;;;;;<+@>;BI++++++++++++A0;0=+ ++++++C'D9E+F'G)%+4#$%';;;;;;;;;;<+@=;0>++++++++++++A0;0=+ +++++3.45"+@+ ++++++6#78#)*+&%(#9%:;;;;;;;;;;;;<+@J;AJ++++++++++++A0;0=+ +++++3.45"+=+ ++++++6#78#)*+&%(#9%:;;;;;;;;;;;;<+@@;JA++++++++++++A0;0=+ +++++3.45"+?+ ++++++6#78#)*+&%(#9%:;;;;;;;;;;;;<+@>;=H++++++++++++A0;0=+ 4"/.-C4.1++"KL%'+/MD#NO%)8++++ !P8%%$+/'%98#K)+,+-./-+012+++ +++++3.45"+0+ ++++++F'G)%:;;;;;;;;;;;;;;;;;;;;;<+=A;>J++++++++++++A0;0=+ ++++++4#$%';;;;;;;;;;;;;;;;;;;;;;<+@A;J>++++++++++++A0;0=+ ++++++C'D9E+F'G)%+4#$%';;;;;;;;;;<+@=;I=++++++++++++A0;0=+ +++++3.45"+>+ ++++++F'G)%:;;;;;;;;;;;;;;;;;;;;;<+=0;=H++++++++++++A0;0=+ ++++++4#$%';;;;;;;;;;;;;;;;;;;;;;<+@A;@=++++++++++++A0;0=+ ++++++C'D9E+F'G)%+4#$%';;;;;;;;;;<+@=;JA++++++++++++A0;0=+ +++++3.45"+A+ ++++++F'G)%:;;;;;;;;;;;;;;;;;;;;;<+=H;H>++++++++++++A0;0=+ ++++++QR&'GD$#9;;;;;;;;;;;;;;;;;;<+@=;HJ++++++++++++A0;0=+ ++++++4#$%';;;;;;;;;;;;;;;;;;;;;;<+@A;>A++++++++++++A0;0=+ ++++++C'D9E+F'G)%+4#$%';;;;;;;;;;<+@=;@?++++++++++++A0;0=+ +++++3.45"+@+ ++++++F'G)%:;;;;;;;;;;;;;;;;;;;;;<+@B;HH++++++++++++A0;0=+ +++++3.45"+=+ ++++++F'G)%:;;;;;;;;;;;;;;;;;;;;;<+@?;JH++++++++++++A0;0=+ 4"/.-C4.1++"KL%'+/MD#NO%)8++++ !CD))%$+G)&+5)&%'*'KD)&+SK'E++++ ,+-./-+012+++ +++++PQ-TCPU+PC4"/PU+.-VP/P1+ ++++++3.45"+0;;;;;;;;;;;;;;;;;;;;<+@J;=>++++++++++++A0;0=+ ++++++3.45"+0,-;;;;;;;;;;;;;;;;;;<+@I;II++++++++++++A0;0=+ ++++++3.45"+>;;;;;;;;;;;;;;;;;;;;<+@?;>?++++++++++++A0;0=+ ++++++3.45"+A;;;;;;;;;;;;;;;;;;;;<+@@;IA++++++++++++A0;0=+ ++++++3.45"+@;;;;;;;;;;;;;;;;;;;;<+@A;JI++++++++++++A0;0=+ ++++++3.45"+=;;;;;;;;;;;;;;;;;;;;<+@>;?=++++++++++++A0;0=+ +++++5WX/.3.45WX1+ ++++++3.45"+0;;;;;;;;;;;;;;;;;;;;<+@J;@>++++++++++++A0;0=+ ++++++3.45"+0,-;;;;;;;;;;;;;;;;;;<+@I;BI++++++++++++A0;0=+ ++++++3.45"+>;;;;;;;;;;;;;;;;;;;;<+@?;0?++++++++++++A0;0=+ ++++++3.45"+A;;;;;;;;;;;;;;;;;;;;<+@@;BA++++++++++++A0;0=+ ++++++3.45"+@;;;;;;;;;;;;;;;;;;;;<+@A;?I++++++++++++A0;0=+ ++++++3.45"+=;;;;;;;;;;;;;;;;;;;;<+@>;==++++++++++++A0;0=+ ++T44CW4C/1+SK'E+:D:N%)&%&+YR+'KN%:+K'+9GY$%:U+K'+LK'E+K)+G+ ++ZK,ZK+FG81+<;?H+N%'+[KD'+G&#K)G$;+ ++"4S/.+/\5V"]/WC+4"/.-C4.+F6-PPVTVF-CV4WP+++ ++3.45"+01+4N%'G8K'+K7+[%$#9KN8%'+!L[%)+D:%&+#)+%'%98#K)+LK'E2^+ ++QR&'GD$#9+%_9G(G8K'U+J+9D;+R&:;+G)&+K(%'^+"KL%'+:[K(%$:U+ ++K(%'+J+9D;+R&:;+ ++3.45"+>1+Q#*[$#)%+9GY$%LGR^+QR&'GD$#9+%_9G(G8K'U+A,0`>+9D;+ ++R&:;+DN+8K+J+9D;+R&:;^+6#9%):%&+9K):8'D98#K)+LK'E+YKG8+ ++KN%'G8K'U+K)+:#8%^+"KL%'+Y$G&%+KN%'G8K'+!7#)#:[2^+"KL%'+ ++:[K(%$:U+K(%'+0+9D;+R&;+DN+8K+G)&+#)9$D&#)*+J+9D;+R&:;+ ++O;';9;+ #17..
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
- 500 -
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`&%4")!+$-&%)!+,-5,0)! !!%$6$)!"$5-$+,%#*)!"$%!1,%&#*)!"$%!D-$%5&"5*)!"$%!a*$b(&%)! !!"$%!+$#,*)!"$%#$!5'$-$)!"$%#$!5-(c)!"*'$%*)!"#$%&"'$(")! !!"(##,-)!:*'*)!$%0!:(1$!5*(%#&,"! $-,$!.8!!+*0*5!5*(%#:! !!#3,!-,+$&%4&%4!5*(%#&,"!$-,!"6'&#!1,#2,,%!$-,$!7!$%0!$-,$!.! !!$"!%*#,0!1,'*28! #17..
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`- "$*2.Q /\ KX _N /" '#-- #E4#B* #R)2B;#.* 4/a#"#0 (7 G"/)B % /" G"/)B IV 6+# \/''/12.Q #R)2B;#.* -+$'' (# 2.4')0#0 #E4#B* 1+#. )-#0 \/" \2.2-+ 1/"] $- '/.Q $- ;$.)\$4*)"#"`- "$*2.Q 2- KX _N /" '#--& !FP"$;# $.0 ,2.4+ 6")4]^ O$4]+/#^ P/"]'2\*^ _70"$Q"$B+24 C##0#" 3$4+2.#^ :/''#"^ :)((#"F62"#0 $.0 6"$4] A$"*+;/a2.Q AR)2B;#.*^ C]2B'/$0#"^ C*"$1 O'/1#"-^ $.0 6"#.4+#" I% _N )B */ KX _NV G:?@N I& D$.0-4$# @*2'2*7 ?B#"$*/"& C;$'' :)((#"F62"#0 6"$4*/"^ 6"#.4+#" @.0#" I% _NV !:A! MAC8:<N6<?=C& !:A! %& !D!3AM!^ O@66A^ 8?=6:! 8?C6!^ T<=GC^ 3!:<=^ 3A:8AM^ =!N!^ C!8:!3A=6?^ C!= OA=<6?^ C!= P:!=8<C8?^ C!= b?!c@<=^ C!= 3!6A?^ C!=6! 8D!:!^ C!=6! 8:@d^ C?D!=?^ C6!=<CD!@C^ C@66A:^ >?D?^ !=M >@O! 8?@=6<AC !:A! 9 F 3?M?8 8?@=6> 6_A :A3!<=<=G 8?@=6<AC !:A CND<6 OA6,AA= !:A! % !=M !:A! 9 !C =?6AM OAD?,& !DN<=A 8?@=6>& !"#$ %& =/"*+#".;/-* B$"* !"#$ 9& :#;$2.0#" 8!D!eA:!C 8?@=6>& !"#$ %& AE4#B* A$-*#". B$"* !"#$ 9& A$-*#". B$"* 8?D@C! 8?@=6>& #17..
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!"#$%&$'#()"!*$+#!)$ !"#$,&$-".#/*0"!$ 1'2$34-5'$647358&$ !"#$%&$'9)!"."$:;<)=>"()"!*$?;!*"!$ !"#$,&$-".#/*0"!$$ '214- 14$647358&$ !"#$%&$3;!)=$6"*)!#@$+#!)$ !"#$,&$-".#/*0"!$ A-':34$647358$$ !"#$%&$'9?"+)$'#()"!*$+#!)$$ !"#$,&$'#()"!*$+#!)$$$ B2'33$647358&$ !"#$%&$'#()"!*$+#!)$ !"#$,&$-".#/*0"!$ C7DE4215$647358&$ !"#$%&$'9?"+)$'#()"!*$#*0$:;<)=>"()"!*$+#!)($ !"#$,&$-".#/*0"!$ 2 F'$647358&$ !"#$%&$:;<)="!*$+#!)$ !"#$,&$-".#/*0"!$ 2 ::'3$647358&$ $$ !"#$%&$G"()"!*$+#!)$#@;*H$)="$:;<)="!*$+;!)/;*$;I$J;!0"!$ $$>/)=$:=#()#$6;<*)K$ !"#$,&$-".#/*0"!$ D 1'- $647358$$ !"#$%&$-".#/*0"!$$ !"#$,&$'#()"!*$+#!)$$$ D -LM4: $647358$$ !"#$%&$-".#/*0"!$$ !"#$,&$'#()"!*$+#!)$$$ D'3146L34$647358&$ !"#$%&$6"*)!#@$#*0$:;<)="#()"!*$+#!)($ !"#$,&$-".#/*0"!$$ D435'-'8$647358$$ !"#$%&$-".#/*0"!$$ !"#$,&$:;<)=>"()"!*$+#!)$ 3'N 1 $647358&$ $$ !"#$%&$ @@$J<)$)="$3;!)="!*$+;!)/;*$#@;*H$)="$J;!0"!$;I$ $$:/"!!#$6;<*)K$ !"#$,&$-".#/*0"!$ M2 6'-$647358&$ !"#$%&$ @@$J<)$)="$6"*)!#@$+;!)/;*$ !"#$,&$-".#/*0"!$ M27D :$647358&$ !"#$%&$G"()"!*$+;!)/;*$ !"#$,&$-".#/*0"!$ :C :5 $647358&$ !"#$%&$ @@$J<)$)="$3;!)="#()"!*$?;!*"!$ !"#$,&$-".#/*0"!$ :L'-- $647358&$ !"#$%&$G"()"!*$+#!)$ !"#$,&$-".#/*0"!$ :L:FL847$647358&$ !"#$%&$6"*)!#@$+#!)$ !"#$,&$-".#/*0"!$ #17..
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!"##$%&&'(')*%+$,-.$/)0.$%($(/-$1)++)2'*3$+)4%(')*56$ 7/'*%$8%9-$:%;%+$<-5($=(%(')*>$7/)4)+%(-$?)0*(%'*5$:%;%+$ @-5-.;-A:'+%*&>$ B&2%.&5$CDE>$D).($F.2'*$?'+'(%.G$=(%(')*>$D).($F.2'*$<.%'*'*3$ 7-*(-.AH)+&5()*->$=%*$7+-I-*(-$F5+%*&>$=%*$:'4/)+%5$F5+%*&>$ =05%*;'++-$D-&-.%+$J.'5)*>$KL$J%+I5$A$?%.'*-$7).,5>$M"="$?%.'*-$ E%5-$A$E%.5()2>$M"="$:%;%+$C'.$D%4'+'(G$A$=-%+-G>$N%*&-*O-.3$CDE$ P"##$%&&'(')*%+$,-.$/)0.$%($(/-$1)++)2'*3$+)4%(')*56$ C.IG$Q-1-*5-$8%*30%3-$F*5('(0(-$A$?)*(-.-G>$D%++)*$C'.$E%5->$ :%;%+$J)5($H.%&0%(-$=4/))+$A$?)*(-.-G>$R-.I)$?%.'*-$7).,5$ 8)3'5('45$7-*(-.$ K"##$%&&'(')*%+$,-.$/)0.$%($(/-$1)++)2'*3$+)4%(')*56$ J).($S0-*-I->$J).($?030>$M"="$7)%5($H0%.&$=(%(')*$A$<2)$@)49$ AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA$ $8CET##!UA##K$#!VKWVK#KX$ C@BC$YYCYY$A$C8C?BQC>$7T:<@C$7T=<C>$=C:$D@C:7F=7T>$=C:$?C<BT$C:Q$ =C:<C$78C@C$7TM:<FB=$ C@BC$YYEYY$$A$$7C8CNB@C=>$D@B=:T>$ZF:H=>$?CQB@C>$?C@FJT=C>$ ?B@7BQ>$?T:<B@BR>$=C:$EB:F<T>$=C:$[TC\MF:>$=<C:F=8CM=>$C:Q$ <MT8M?:B$7TM:<FB=$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@%(-5$$$$$$$$$$D.'*3-5$ C5O-5()5$@-I);%+$8%O).-.$$$ $$$$$C++$7)0*('-5"""""""""""""""" $K!"#]$$$$$$$$$$$$XK"U]$ 8CET@B@$^8-%&$@-I);%+_$$$ $$$$$C.-%$C"""""""""""""""""""""" $`P"`U$$$$$$$$$$$$K]"L]$ $$$$$C.-%$E"""""""""""""""""""""" $``"`U$$$$$$$$$$$$K]"L]$ $$C=EB=<T=$@B?TNC8A=7TJB$TD$aT@Z6$='(-$I)O'+'b%(')*c$'*'('%+$ $$5'(-$4+-%*A0,c$5'(-$,.-,%.%(')*c$.-I);%+$)1$ $$%5O-5()5A4)*(%'*'*3$I%(-.'%+5$1.)I$2%++5$%*&$4-'+'*35c$).$ $$1.)I$,',-5>$O)'+-.5$%*&$I-4/%*'4%+$5G5(-I5$)*+G$'1$(/-G$%.-$ $$O-'*3$54.%,,-&c$-*4%,50+%(')*>$-*4+)50.-$%*&$&'5,)5%+$)1$ $$%5O-5()5A4)*(%'*'*3$I%(-.'%+5$OG$/%*&$).$2'(/$-d0',I-*($).$ $$I%4/'*-.Gc$54%11)+&'*3c$1%O.'4%(')*$)1$(-I,).%.G$2))&-*$ $$O%..'-.5c$%*&$%55-IO+G$)1$&-4)*(%I'*%(')*$5(%(')*5"$ AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA$ $8CET##U`A##K$#!VKWVK#KX$ 7C8CNB@C=$C:Q$=C:$[TC\MF:$7TM:<FB= $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@%(-5$$$$$$$$$$D.'*3-5$ 8CET@B@$^<@CDDF7$7T:<@T8V8C:B$$$$ 78T=M@B_$$$ $$$$$B54).($Q.';-.>$D+%3$J-.5)*"" $``"PW$$$$$$$$$$$$K!"KX$ $$$$$<.%11'4$7)*(.)+$J-.5)*$F"""" $``"UW$$$$$$$$$$$$K!"KX$ $$$$$<.%11'4$7)*(.)+$J-.5)*$FF""" $`X"KW$$$$$$$$$$$$K!"KX$ $$<@CDDF7$7T:<@T8$JB@=T:$F6$8%G)0($)1$(.%11'4$4)*(.)+>$4.%5/$ $$405/')*5>$4)*5(.04(')*$%.-%$%*&$.)%&5'&-$5'3*%3-"$ $$<@CDDF7$7T:<@T8$JB@=T:$FF6$F*5(%++%(')*$%*&$.-I);%+$)1$ $$(-I,).%.GV,-.I%*-*($5'3*5>$I%.9-.5>$&-+'*-%().5$%*&$4.%5/$ $$405/')*5"$ AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA$ $8CET##U`A##`$#UV#XVK#KX$ #17..
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`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a4O3./;3$;S03./;3_$S.]0V05/$O30.?03W$8KLL$6.56$=$ $$VK>?031_$/3.>?V05W$*;5>30/0$>30Y$=$45>LK<01$3;<<456$.5<$ $$1S30.<456_$TKVSV05$[.5`$V0/M;<^$ $$Q-&(R$IP$Q3;K/$>30YW$-0O;K5<V.5W$!Y.VS03J$83.?0V.5$ ================================================================$ $7"8&DDHB=DDH$DbJFIJFDGc$ *"7"a9-"!$"#T$!"#$%&"'()#$*&(#+)9! $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-./01$$$$$$$$$$2345601$ 7"8&-9-$[*&#!+-(*+)&#$*-"2+$$$$ 7"8&-9-!^$$$ $$$$$*;51/3K>/4;5$!S0>4.L41/$$ $$$$$Q3;KS@@@@@@@@@@@@@@@@@@@@@@@A$BD@CE$$$$$$$$$$$$FB@FD$ $$$$$Q-&(R$G@@@@@@@@@@@@@@@@@@@@@A$FE@HE$$$$$$$$$$$$FB@FD$ $$$$$Q-&(R$G=.@@@@@@@@@@@@@@@@@@@A$BD@DG$$$$$$$$$$$$FB@FD$ $$$$$Q-&(R$G=>@@@@@@@@@@@@@@@@@@@A$FE@cC$$$$$$$$$$$$FB@FD$ $$$$$Q-&(R$G=0@@@@@@@@@@@@@@@@@@@A$BD@BC$$$$$$$$$$$$FB@FD$ $$$$$Q-&(R$G=N@@@@@@@@@@@@@@@@@@@A$BD@BH$$$$$$$$$$$$FB@FD$ $$$$$Q-&(R$F@@@@@@@@@@@@@@@@@@@@@A$FE@bC$$$$$$$$$$$$FB@FD$ $$$$$Q-&(R$B@@@@@@@@@@@@@@@@@@@@@A$FE@IC$$$$$$$$$$$$FB@FD$ $$$$$Q-&(R$C@@@@@@@@@@@@@@@@@@@@@A$FB@FB$$$$$$$$$$$$FB@FD$ $$!00$63;KS1$G=O$.5<$G=<$K5<03$L.O;303$>L.114N4>./4;51@$ 7"8&-9-$[Q"-T9#9-!_$$$$ U&-+)*(7+(-"7$Z$7"#T!*"R9$$$$ 7"8&-9-!^$$$ $$$$$[G^$#0Y$*;51/3K>/4;5@@@@@@@@A$FE@IC$$$$$$$$$$$$FB@FD$ $$$$$[F^$91/.OL41MV05/$d.33.5/`$$ $$$$$R034;<@@@@@@@@@@@@@@@@@@@@@@A$FB@FB$$$$$$$$$$$$FB@FD$ 7"8&-9-$[Q(#)+9^$$$ #17..
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!"#$% &'''''''''''''''''''''( )*'+, ))'-& !"#$% )'''''''''''''''''''''( )*'), ))'-& !"#$% -'''''''''''''''''''''( ).'// ))'-& !"#$% 0'''''''''''''''''''''( ).',0 ))'-& 123#"4" 56"4789:!; !"#$% &'''''''''''''''''''''( )*'+* )-')< !"#$% )'''''''''''''''''''''( )*'/0 )-')< =##>:#>4?@ 1ABCDEDF GCDHIJK CLL CD GIMN CD LDCO BCFPJ QNAIDFR FGIJKIJK FQALLCSTFR BESMF FNASS DEQEIUE (<'), VED NCWD ABCUE MNE AVVSIQABSE GAKE DAME' >NIF FNASS JCM AVVSX MC GCDHEDF EJMIMSET MC DEQEIUE MNE GAKE DAME FEM LCDMN IJ !DCWV &YA BESCG' YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY 123#"4" 712??9=972>9#:? 7#:?>"$7>9#: ?%479219?> !"#$%@ 2FVNASM IDCJED AJT DAHEDZ 7NAIJFAGZ 1AFED BEAO IJ QCJJEQMICJ GIMN SABCDEDFP GCDHZ 7AFMYIJY VSAQE OAJNCSE LCDO FEMMEDZ %DEFFWDE VIVESAXEDZ [AUIF MDEJQNED Y -<< CD FIOISAD MXVE 5AJT ASS FOASS MDEJQNEDF;Z 3SAFMEDZ [IAOCJT TDISSEDZ \WSMIVSE WJIM TDISSZ ]XTDAWSIQ TDISS !"#$% &@ 2FVNASM FVDEATED BC^EF 5ASS MXVEF;Z 3ADHCR 6AQHED AJT FIOISAD MXVE MAOVEDFZ 3WKKXOCBISEZ 7AWSHEDR BAJTEDR VIVEGDAVVEDR QCJTWIM SAXEDR VSAFMIQ VIVESAXEDZ 7EDMILIET NA_ADTCWF GAFME GCDHED IJQSWTIJK 1EATE 2BAMEOEJMZ 7COVAQMCDF CL ASS MXVEFZ 7CJQDEME AJT OAKJEFIME OI^EDR &`) XT' AJT WJTEDZ 7CJQDEME VAJ GCDHZ 7CJQDEME FAJTEDZ 7CJQDEME FAGZ 7DIBBED AJT`CD FNCDIJKZ 7WM KDAJIME QWDB FEMMEDZ [DIYVAHYIM OAQNIJEZ =ASSEDR SCKSCATED AJT BWQHEDZ =CDO DAIFEDR FSIV LCDOFZ !DEEJ QWMMEDZ ]EATEDBCADTR ]WBFEMMEDR ASIKJEDR BX AJX OEMNCTZ ]IKN VDEFFWDE BSCG VIVE 5&Y&`)aa CD CUEDR &<< SBF' VDEFFWDE`CUED;Z ]XTDC FEETED AJT FIOISAD MXVEZ bAQHNAOOED CVEDAMCDZ bAQHIJK CL VIVE CUED &) IJQNEFZ bAQHFCJ AJT FIOISAD MXVE QCOVAQMCDZ 8EMMSE MEJTEDR VCM AJT GCDHED AVVSXIJK AFVNASMR SAXYHCSTR QDECFCMER SIOER QAWFMIQ AJT FIOISAD MXVE OAMEDIASF 5AVVSXIJK OEAJF AVVSXIJKR TIVVIJK CD NAJTSIJK CL FWQN OAMEDIASF;Z 1AKKIJKR FNEEMIJKR GNASIJKR BDAQIJKR MDEJQNcAQHIJKR SAKKIJK NAOOEDZ \AKJEFIMER EVC^XDEFIJR LIBEDKSAFFR OAFMIQ GCDHED 5GEM CD TDX;Z :C cCIJM VIVE AJT FMDIVVIJK CL FAOER IJQSWTIJK DEVAID CL UCITFZ %AUEOEJM BDEAHED AJT FVATEDR IJQSWTIJK MCCS KDIJTEDZ %EDOA QWDBZ %IVESAXED 5IJQSWTIJK KDATE QNEQHIJK IJ QCJJEQMICJ GIMN VIVESAXIJK;Z %DEQAFMYOAJNCSE FEMMEDZ %DEFFWDE VIVE MEFMEDZ %CFM NCSE TIKKEDR AIDR KAF AJT ESEQMDIQZ %CGED BDCCO FGEEVEDZ %CGED MAOVEDF CL ASS MXVEF 5E^QEVM AF FNCGJ IJ !DCWV );Z "AO FEM KWJ AJT FMWT KWJZ "IVDAV FMCJEVAUED AJT DCQHYFSIJKEDR IJQSWTIJK VSAQIJK CL FAQHET QCJQDEME AJT`CD FAJT 5GEM CD TDX; AJT KABICJF AJT FIOISAD MXVEZ "CMADX FQADILIED CD OWSMIVSE NEAT QCJQDEME QNIVVIJK FQADILIEDZ "CMC AJT [IMQN 6IMQNZ "CMCMISSEDZ ?AJTBSAFMEDR VCMR KWJR JC__SE CVEDAMCDFZ ?IKJASSIJK AJT DIKKIJKZ >AJH QSEAJEDZ >DEE QSIOBEDZ >WDBC BSAFMEDZ dIBDAFQDEETR BWSS LSCAM IJ QCJJEQMICJ GIMN SABCDEDFP GCDHZ dIBDAMCDZ ]A_ADTCWF GAFME GCDHED 5SEAT DEOCUAS;Z 2FBEFMCF AJT OCST DEOCUAS GCDHED !"#$% &YA@ bCX TDISS OCTES >6\Y)2Z !ADTJEDY[EJUED OCTES []&0- AJT FIOISAD MXVE TDISSFZ >DAQH TDISSEDZ bAQH SEK TDISSEDZ 6AKCJ TDISSEDZ \EQNAJIQAS TDISSEDFR ASS MXVEF DEKADTSEFF CL MXVE CD OEMNCT CL VCGEDZ \EQNAJIQAS VIVE SAXEDFR ASS MXVEF DEKADTSEFF CL MXVE CD OEMNCT CL VCGEDZ 3SAFMED AJT VCGTEDZ 2SS GCDH CL SCATIJKR VSAQIJK AJT BSAFMIJK CL ASS VCGTED AJT E^VSCFIUEF CL GNAMEUED MXVE DEKADTSEFF CL OEMNCT WFET LCD FWQN SCATIJK AJT VSAQIJKZ ]IKN FQASEDF 5IJQSWTIJK TDISSIJK CL FAOE;Z >DEE MCVVEDZ 3IM KDIJTED #17..
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!"#$% &'() *+,+- ./+01+-2 230// -+.+45+ 67899 :+- ;0< 0(=5+ !-=>: & ,0?+ -0@+28 AA*+,+- ./+01+-AA B+012 01< ,=-C+- ,3= 301;/+2 =- .=B+2 41 .=1@0.@ ,4@3 -0, 2+,0?+ 41 2B0// ;40B+@+- 2+,+-28 D3=2+ ,3= ,=-C 4124;+ -+.+1@/< 0.@45+E /0-?+ ;40B+@+- 2+,+-2E 01; 0// -+.+1@/< 0.@45+ 2+,+- B013=/+2 230/ -+.+45+ 6F899 :+- ;0< 0(=5+ !-=>: & ,0?+ -0@+28 !"#$% &'.) G>-141? 01; ,+/;41? 41 .=11+.@4=1 ,4@3 /0(=-+-2H ,=-CI *<1@3+@4. @3+-B=:/[email protected] 01; 24B4/0- @<:+ ,+/;41? !"#$% &';) J041@+101.+ 01; -+:04- @-0.C 01; -=0; (+;28 K// +B:/=<++2 :+-L=-B41? ,=-C .=5+-+; 3+-+41 230// -+.+45+ 6 8MF :+- 3=>- 0(=5+ @3+4- -+?>/0- -0@+ L=- 0// ,=-C :+-L=-B+; =1 >1;+-?-=>1; 2@->.@>-+2 1=@ 2:+.4L4.0//< .=5+-+; 3+-+418 D342 :0-0?-0:3 230// 1=@ (+ .=12@->+; @= 0::/< @= ,=-C (+/=, ?-=>1; /+5+/ 41 =:+1 .>@8 N@ 230// 0::/< @= .>@ 01; .=5+- ,=-C =L 2>(,0< .=12@->.@4=1 0L@+- @3+ @+B:=-0-< .=5+- 302 (++1 :/0.+;8 !"#$% &'+) O=-C =1 01;P=- 41 (+// 3=/+ L==@41?2 01; 230L@2 @3+-+=LE 01; ,=-C =1 01; 41 ;++: L==@41?28 QK ;++: L==@41? 42 0 3=/+ &F L++@ =- B=-+ 41 ;+:@38R N1 @3+ +5+1@ @3+ ;+:@3 =L @3+ L==@41? 42 >1C1=,1 0@ @3+ .=BB+1.+B+1@ =L +S.050@4=1E 01; @3+ L410/ ;+:@3 +S.++;2 &F L++@E @3+ ;++: L==@41? ,0?+ -0@+ ,=>/; 0::/< @= 0// +B:/=<++2 L=- +0.3 01; +5+-< ;0< ,=-C+; =1 =- 41 @3+ +S.050@4=1 =L @3+ L==@41? L-=B @3+ ;0@+ =L 41.+:@4=18 !"#$% &'L) O4-+ ,41;41? B0.341+ 41 .=11+.@4=1 ,4@3 ?>14@41? =- 23=@ .-+@+ !"#$% M) K2:30/@ 23=5+/+-I T+B+1@ ;>B:+- 01; 301;/41? ;-< .+B+1@ =- ?<:2>BI T3=C+'2+@@+- 01; -4??+- Q./+0-41? ,=-CRI T=1.-+@+ (>.C+@ ;>B:+- 01; .3>@+I T=1.-+@+ .34::41? 01; ?-41;41?I T=1.-+@+ /0(=-+- Q,+@ =- ;-<RI U-4//+- @+1;+-E .3>.C @+1;+-E 14::+-I !>41+0 .302+- Q2@0C+RE ?-=>@ .-+,I V4?3 :-+22>-+ 1=WW/+E 0;;>.@=-I V<;-0>/4. B=14@=- Q=5+- &99 /(28 :-+22>-+RI X=0;41? 01; >1/=0;41?E .0--<41? 01; 30>/41? =L 0// -=;2 01; B0@+-40/2 L=- >2+ 41 -+41L=-.41? .=1.-+@+ .=12@->.@4=1I %4@@2(>-?3 .34::+- 01; 24B4/0- @<:+ (->23 23-+;;+-2I */=:+-I *41?/+ L==@E 301;'3+/;E :1+>B0@4. @0B:+-I K// :1+>[email protected] 04-E ?02 01; +/+.@-4. @==/2 1=@ /42@+; 41 !-=>:2 & @3-=>?3 &'LI Y0.C41? =L :4:+ ' >1;+- &M 41.3+2 !"#$% Z) T=12@->.@4=1 /0(=-+-2E 41./>;41? (-4;?+ 01; ?+1+-0/ /0(=-+-I U>B:E /=0; 2:=@@+-I [/0? :+-2=1I [4-+ ,[email protected]+-I [+1.+ +-+.@=-I !>0-;-04/ +-+.@=-I !0-;+1+-E 3=-@4.>/@>-0/ 01; /01;2.0:+ /0(=-+-I Y+@@41?I X4B(+-E (->23 /=0;+- 01; :4/+-I %05+B+1@ B0-C+- Q(>@@=1 2+@@+-RI J041@+101.+E -+:04- @-0.C 01; -=0; (+;2I *@[email protected] 01; -04/-=0; .=12@->.@4=1 @-0.C /0(=-+-I D+B:=-0-< 04- 01; ,0@+- /41+2E \4.@0>/4. =- 24B4/0-I D==/ -==B 0@@+1;01@ Q]=(24@+ =1/<R !"#$% 7) [410/ ./+01'>: ,=-C =L ;+(-42E ?-=>1;2 01; (>4/;41? 41./>;41? (>@ 1=@ /4B4@+; @=) 2@-++@ ./+01+-I ./+0141? 01; ,02341? ,41;=,2I (-4.C ./+01+- Q]=(24@+ =1/<RI B0@+-40/ ./+01+- Q]=(24@+ =1/<R8 D3+ ./0224L4.0@4=1 AAB0@+-40/ ./+01+-AA 42 @= (+ >@4/4W+; >1;+- @3+ L=//=,41? .=1;4@4=12) K) 0@ ;+B=/4@4=1 24@+ L=- @3+ 20/50?+ =L @3+ B0@+-40/8 G) 0@ @3+ .=1./>24=1 =L 0 ]=( ,3+-+ @3+ B0@+-40/ 42 @= (+ 20/50?+; 01; 2@=.C+; @= (+ -+>2+; =1 01=@3+- ]=(8 T) L=- @3+ ./+0141? =L 20/50?+ B0@+-40/ 0@ @3+ ]=(24@+ =- @+B:=-0-< ]=(24@+ <0-;8 D3+ B0@+-40/ ./+01+- ./0224L4.0@4=1 23=>/; 1=@ (+ >2+; 41 @3+ :+-L=-B01.+ =L AAL=-B 2@-4::41?E ./+0141? 01; =4/41? 01; B=541? @= @3+ 1+S@ :=41@ =L +-+.@4=1AA8 '''''''''''''''''''''''''''''''''''''''''''''''''''''''' #17..
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!"#$%&'()*+%+&,'(--#.#,($#*"-&& +*!/&01&-234524367&"8997:;6<&& +*!/&=1&"8997:;6<>& 4<;6<>&/82;6<>& 384<?;6<&& +*!/&@1&+:A84<?;6<&& +*!/&B1& 4<C2:&76A83:3&&&&&&&&&&&&&&& DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD& E+%,F#" &E*+F&'()*+%+&,'(--#.#,($#*"-&& && +*!/&01&-GC77:?&H3:5G:3&I3:;8JC<K&6<?&L67J6KC<K&8M&L6LN>& &&HC<?8HL&6<?&;62:3C67LO& && +*!/&=1&-:;CDLGC77:?&H3:5G:3&IL67J6KC<K&8M&82N:3&A4C7?C<K& &&;62:3C67LO& DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD& &'()*PPQ@DPPR&PQSP0S=P=0& ,('(T%+(-&("U&-("&V*(W!#"&,*!"$#%- &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&+62:L&&&&&&&&&&.3C<K:L& '()*+%+&I/76L2:3&$:<?:3OXXXXXXXXXY&@ZX[=&&&&&&&&&&&&=[XBZ& E83G&8<&6&LHC<K&L26K:&L56MM87?1&Y0XPP&\:3&N843&6??C2C8<67X& DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD& &'()*P=]0DPP@&P]S=[S=P=0& -("&.+(",#-,*&("U&-("&^($%*&,*!"$#%-& &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&+62:L&&&&&&&&&&.3C<K:L& '()*+%+&I$+(..#,&,*"$+*'S'("%&&&& ,'*-!+%O&&& &&&&&%L5832&U3CJ:3>&.76K&/:3L8<XXY&@BXB[&&&&&&&&&&&&=]X=0& &&&&&$36MMC5&,8<2387&/:3L8<&#XXXXY&@BXQ[&&&&&&&&&&&&=]X=0& &&&&&$36MMC5&,8<2387&/:3L8<&##XXXY&@=X=[&&&&&&&&&&&&=]X=0& &&$+(..#,&,*"$+*'&/%+-*"&'6_842&8M&236MMC5&58<2387>&536LN& &&54LNC8<L>&58<L23452C8<&63:6&6<?&386?LC?:&LCK<6K:X& &&$+(..#,&,*"$+*'&/%+-*"&##1&#<L267762C8<&6<?&3:;8J67&8M& &&2:;\8363_S\:3;6<:<2&LCK<L>&;63G:3L>&?:7C<:6283L&6<?&536LN& &&54LNC8<LX& DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD& &'()*P=]0DPPZ&PQSP0S=P=0& -("&.+(",#-,*&("U&-("&^($%*&,*!"$#%-& &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&+62:L&&&&&&&&&&.3C<K:L& $4<<:7&6<?&-N6M2&'6A83:3L1&&& &&&&& +*!/&0XXXXXXXXXXXXXXXXXXXXXY&B=XPP&&&&&&&&&&&&=ZXQ0& &&&&& +*!/&=XXXXXXXXXXXXXXXXXXXXXY&B0XQQ&&&&&&&&&&&&=ZXQ0& &&&&& +*!/&@XXXXXXXXXXXXXXXXXXXXXY&B0XZ=&&&&&&&&&&&&=ZXQ0& &&&&& +*!/&BXXXXXXXXXXXXXXXXXXXXXY&B0XPQ&&&&&&&&&&&&=ZXQ0& &&&&& +*!/&ZXXXXXXXXXXXXXXXXXXXXXY&BPXZ@&&&&&&&&&&&&=ZXQ0& &&&&&-N8253:2:&-\:5C67CL2XXXXXXXXY&B=XZ=&&&&&&&&&&&&=ZXQ0& $!""%'&("U&-`(.$&,'(--#.#,($#*"-&& && +*!/&01&UC6;8<?&?3C77:3a& 384<?;:<a& 4<C2:&6<?&LN8253:2:& &&<8997:;:<& && +*!/&=1&+8?;:<a&-N6M2&H83G&b&36CL:&IA:78H&652467&83& &&:c56J62:?&K384<?&7:J:7O& #17..
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!
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`" ""2X6<=96W`"#698;"Q86Y"<="FD==8F7<D="W<7X"H6QD;8;9^"WD;]`" ""2697!<=!"GH6F8"Y6=XDH8"PD;Y"98778;`"O;899E;8"G<G8H6[8;`" ""S6_<9"7;8=FX8;"!"L''"D;"9<Y<H6;"7[G8"@6=R"6HH"9Y6HH" ""7;8=FX8;9C`"%H6978;`"S<6YD=R"R;<HH8;`"aEH7<GH8"E=<7"R;<HH`" ""U[R;6EH<F"R;<HH" ""I3&4O"*B"$9GX6H7"9G;86R8;"QDb89"@6HH"7[G89C`"%6;]DT"Z6F]8;" ""6=R"9<Y<H6;"7[G8"76YG8;9`"%E>>[YDQ<H8`"26EH]8;T"Q6=R8;T" ""G<G8W;6GG8;T"FD=RE<7"H6[8;T"GH697<F"G<G8H6[8;`"28;7<P<8R" ""X6c6;RDE9"W6978"WD;]8;"<=FHER<=>"#86R8"$Q678Y8=7`" ""2DYG6F7D;9"DP"6HH"7[G89`"2D=F;878"6=R"Y6>=89<78"Y<b8;T"*,(" ""[RJ"6=R"E=R8;`"2D=F;878"G6="WD;]`"2D=F;878"96=R8;`"2D=F;878" ""96W`"2;<QQ8;"6=R,D;"9XD;<=>`"2E7">;6=<78"FE;Q"98778;`" ""S;<!G6]!<7"Y6FX<=8`":6HH8;T"HD>HD6R8;"6=R"QEF]8;`":D;Y" "";6<98;T"9H<G"PD;Y9`"I;88="FE778;`"U86R8;QD6;RT"UEQ98778;T" ""6H<>=8;T"Q["6=["Y87XDR`"U<>X"G;899E;8"QHDW"G<G8"@*!*,(dd"D;" ""D_8;T"*''"HQ9J"G;899E;8,D_8;C`"U[R;D"988R8;"6=R"9<Y<H6;" ""7[G8`"e6F]X6YY8;"DG8;67D;`"e6F]<=>"DP"G<G8"D_8;"*("<=FX89`" ""e6F]9D="6=R"9<Y<H6;"7[G8"FDYG6F7D;`"\877H8"78=R8;T"GD7"6=R" ""WD;]8;"6GGH[<=>"69GX6H7T"H6[!]DHRT"F;8D9D78T"H<Y8T"F6E97<F" ""6=R"9<Y<H6;"7[G8"Y678;<6H9"@6GGH[<=>"Y86=9"6GGH[<=>T" ""R<GG<=>"D;"X6=RH<=>"DP"9EFX"Y678;<6H9C`"#6>><=>T"9X887<=>T" ""WX6H<=>T"Q;6F<=>T"7;8=FXf6F]<=>T"H6>><=>"X6YY8;`"a6>=89<78T" ""8GDb[;89<=T"P<Q8;>H699T"Y697<F"WD;]8;"@W87"D;"R;[C`"0D" #17..
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!"#$% &'''''''''''''''''''''( )*'+, )&')- !"#$% ,'''''''''''''''''''''( )&')& )&')- .// 012345 678 9:; 67; 3:;/1 <9821/1 =<955>?>=9@>2:5' ABC#"D" E!B"FDGD".H I#"JKL$AJ$"BA M ABGF.LB%D ABC#"D". 7 B"DB CNO E6O G/P L2:5@13=@>2:''''''''( )*'+, )&')- E)O D5@98<>5QR/:@ S9119:@T %/1>2;''''''''''''''''''''''( )&')& )&')- ABC#"D" E!$GKJD 7 B"DB CNO !"#$% 6'''''''''''''''''''''( )*'U+ ))'&6 !"#$% )'''''''''''''''''''''( )*')+ ))'&6 !"#$% &'''''''''''''''''''''( )V'WW ))'&6 !"#$% ,'''''''''''''''''''''( )V'+, ))'&6 ABC#"D" ES"DLXKG! 7 B"DB CNO !"#$% 6'''''''''''''''''''''( )*'U* )&')- !"#$% )'''''''''''''''''''''( )*'W, )&')- Y##JG#JD.N A9821/15 P21Z>:0 2?? 21 P>@Q 21 ?12R 825[: =Q9>15H 5P>:0>:0 5=9??2<;5H 8/<@5 5Q9<< 1/=/>\/ (-')+ 4/1 Q231 982\/ @Q/ 944<>=98</ P90/ 19@/' JQ>5 5Q9<< :2@ 944<T @2 P21Z/15 /:@>@</; @2 1/=/>\/ @Q/ P90/ 19@/ 5/@ ?21@Q >: !1234 679 8/<2P' 777777777777777777777777777777777777777777777777777777777 ABC#"D" LAB..KYKLBJK#G. L#G.J"$LJK#G .%DLKBAK.J !"#$%N B54Q9<@ >12:/1 9:; 19Z/1] LQ9>:59P] A95/1 8/9R >: =2::/=@>2: P>@Q <9821/15[ P21Z] L95@7>:7 4<9=/ R9:Q2</ ?21R 5/@@/1] %1/5531/ 4>4/<9T/1] F9\>5 @1/:=Q/1 7 &-- 21 5>R><91 @T4/ E9:; 9<< 5R9<< @1/:=Q/15O] C<95@/1] F>9R2:; ;1><</1] ^3<@>4</ 3:>@ ;1><<] IT;193<>= ;1><< !"#$% 6N B54Q9<@ 541/9;/1 82_/5 E9<< @T4/5O] C91Z2H S9=Z/1 9:; 5>R><91 @T4/ @9R4/15] C300TR28></] L93<Z/1H 89:;/1H 4>4/P1944/1H =2:;3>@ <9T/1H 4<95@>= 4>4/<9T/1] L/1@>?>/; Q9`91;235 P95@/ P21Z/1 >:=<3;>:0 A/9;/ B89@/R/:@] L2R49=@215 2? 9<< @T4/5] L2:=1/@/ 9:; R90:/5>@/ R>_/1H 6a) T;' 9:; 3:;/1] L2:=1/@/ 49: P21Z] L2:=1/@/ 59:;/1] L2:=1/@/ 59P] L1>88/1 9:;a21 5Q21>:0] L3@ 019:>@/ =318 5/@@/1] F1>749Z7>@ R9=Q>:/] Y9<</1H <20<29;/1 9:; 83=Z/1] Y21R 19>5/1H 5<>4 ?21R5] !1//: =3@@/1] I/9;/18291;H I385/@@/1H 9<>0:/1H 8T 9:T R/@Q2;] I>0Q 41/5531/ 8<2P 4>4/ E676a)bb 21 2\/1H 6-- <85' 41/5531/a2\/1O] IT;12 5//;/1 9:; 5>R><91 @T4/] c9=ZQ9RR/1 24/19@21] c9=Z>:0 2? 4>4/ 2\/1 6) >:=Q/5] c9=Z52: 9:; 5>R><91 @T4/ =2R49=@21] X/@@</ @/:;/1H 42@ 9:; P21Z/1 944<T>:0 954Q9<@H <9T7Z2<;H =1/252@/H <>R/H =935@>= 9:; 5>R><91 @T4/ R9@/1>9<5 E944<T>:0 R/9:5 944<T>:0H ;>44>:0 21 Q9:;<>:0 2? 53=Q R9@/1>9<5O] A900>:0H 5Q//@>:0H PQ9<>:0H 819=>:0H @1/:=Qd9=Z>:0H <900>:0 Q9RR/1] ^90:/5>@/H /42_T1/5>:H ?>8/10<955H R95@>= P21Z/1 EP/@ 21 ;1TO] G2 d2>:@ 4>4/ 9:; 5@1>44>:0 2? 59R/H >:=<3;>:0 1/49>1 2? \2>;5] %9\/R/:@ 81/9Z/1 9:; 549;/1H >:=<3;>:0 @22< 01>:;/1] %/1R9 =318] %>4/<9T/1 E>:=<3;>:0 019;/ =Q/=Z>:0 >: =2::/=@>2: P>@Q 4>4/<9T>:0O] %1/=95@7R9:Q2</ 5/@@/1] %1/5531/ 4>4/ @/5@/1] %25@ Q2</ ;>00/1H 9>1H 095 9:; /</=@1>=] %2P/1 8122R 5P//4/1] %2P/1 @9R4/15 2? 9<< @T4/5 E/_=/4@ 95 5Q2P: >: !1234 )O] "9R 5/@ 03: 9:; 5@3; 03:] ">4194 5@2:/49\/1 9:; 12=Z75<>:0/1H >:=<3;>:0 4<9=>:0 2? 59=Z/; =2:=1/@/ 9:;a21 59:; EP/@ 21 ;1TO 9:; 098>2:5 9:; 5>R><91 @T4/] "2@91T 5=91>?>/1 21 R3<@>4</ Q/9; =2:=1/@/ =Q>44>:0 5=91>?>/1] "2@2 9:; F>@=Q S>@=Q] "2@2@><</1] .9:;8<95@/1H 42@H 03:H :2``</ 24/19@215] .>0:9<<>:0 9:; 1>00>:0] J9:Z =</9:/1] J1// =<>R8/1] J3182 8<95@/1] e>8195=1//;H 83<< ?<29@ >: =2::/=@>2: P>@Q <9821/15[ P21Z] e>819@21] I9`91;235 P95@/ P21Z/1 E</9; 1/R2\9<O] B58/5@25 9:; R2<; 1/R2\9< P21Z/1 #17..
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!"#$% &'() *+, -./00 1+-20 345'678 !(.-92.':29;2. 1+-20 :<&=> (9- ?/1/0(. @,A2 -./00?8 3.(BC -./002.8 *(BC 02D -./002.8 4(D+9 -./002.8 52BE(9/B(0 -./002.?F (00 @,A2? .2D(.-02?? +G @,A2 +. 12@E+- +G A+H2.8 52BE(9/B(0 A/A2 0(,2.?F (00 @,A2? .2D(.-02?? +G @,A2 +. 12@E+- +G A+H2.8 I0(?@2. (9- A+H-2.8 700 H+.C +G 0+(-/9DF A0(B/9D (9- J0(?@/9D +G (00 A+H-2. (9- 2KA0+?/;2? +G HE(@2;2. @,A2 .2D(.-02?? +G 12@E+- L?2- G+. ?LBE 0+(-/9D (9- A0(B/9D8 </DE ?B(02.? M/9B0L-/9D -./00/9D +G ?(12N8 3.22 @+AA2.8 I/@ D./9-2. !"#$% &'J) O2H2. B02(92.? ?E(00 .2B2/;2 P=QRR A2. -(, (J+;2 !.+LA & H(D2 .(@2?Q SSO2H2. B02(92.SS 12(9? (9, H+.C2. HE+ E(9-02? +. B+12? /9 B+9@(B@ H/@E .(H ?2H(D2 /9 ?1(00 -/(12@2. ?2H2.?Q 3E+?2 HE+ H+.C /9?/-2 .2B29@0, (B@/;2F 0(.D2 -/(12@2. ?2H2.?F (9- (00 .2B29@0, (B@/;2 ?2H2. 1(9E+02? ?E(0 .2B2/;2 PTQRR A2. -(, (J+;2 !.+LA & H(D2 .(@2?Q !"#$% &'B) IL.9/9D (9- H20-/9D /9 B+992B@/+9 H/@E 0(J+.2.?U H+.C8 O,9@E2@/B @E2.1+A0(?@/B? (9- ?/1/0(. @,A2 H20-/9D !"#$% &'-) 5(/9@29(9B2 (9- .2A(/. @.(BC (9- .+(- J2-?Q 700 21A0+,22? A2.G+.1/9D H+.C B+;2.2- E2.2/9 ?E(00 .2B2/;2 P Q6T A2. E+L. (J+;2 @E2/. .2DL0(. .(@2 G+. (00 H+.C A2.G+.12- +9 L9-2.D.+L9- [email protected]@L.2? 9+@ ?A2B/G/B(00, B+;2.2- E2.2/9Q 3E/? A(.(D.(AE ?E(00 9+@ J2 [email protected] @+ (AA0, @+ H+.C J20+H D.+L9- 02;20 /9 +A29 BL@Q V@ ?E(00 (AA0, @+ BL@ (9- B+;2. H+.C +G ?LJH(, [email protected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email protected]@/+98 %/@@?JL.DE BE/AA2. (9- ?/1/0(. @,A2 J.L?E ?E.2--2.?8 O0+A2.8 O/9D02 G++@F E(9-'E20-F A92L1(@/B @(1A2.8 700 A92L1(@/BF (/.F D(? (9- 202B@./B @++0? 9+@ 0/?@2- /9 !.+LA? & @E.+LDE &'G8 *(BC/9D +G A/A2 ' L9-2. &6 /9BE2? !"#$% >) [email protected]@/+9 0(J+.2.?F /9B0L-/9D J./-D2 (9- D292.(0 0(J+.2.8 :L1AF 0+(- ?A+@@2.8 [0(D A2.?+98 [/.2 H(@BE2.8 [29B2 2.2B@+.8 !L(.-.(/0 2.2B@+.8 !(.-292.F E+.@/BL0@L.(0 (9- 0(9-?B(A2 0(J+.2.8 *2@@/9D8 Z/1J2.F J.L?E 0+(-2. (9- A/02.8 %(;2129@ 1(.C2. MJL@@+9 ?2@@2.N8 5(/9@29(9B2F .2A(/. @.(BC (9- .+(- J2-?8 [email protected]@B(. (9- .(/0.+(- [email protected]@/+9 @.(BC 0(J+.2.8 321A+.(., (/. (9- H(@2. 0/92?F \/B@(L0/B +. ?/1/0(.8 3++0 .++1 (@@29-(9@ M]+J?/@2 +90,N !"#$% =) [/9(0 B02(9'LA H+.C +G -2J./?F D.+L9-? (9- JL/0-/9D /9B0L-/9D JL@ 9+@ 0/1/@2- @+) [email protected]@ B02(92.8 B02(9/9D (9- H(?E/9D H/9-+H?8 J./BC B02(92. M]+J?/@2 +90,N8 1(@2./(0 B02(92. M]+J?/@2 +90,NQ 3E2 B0(??/G/B(@/+9 SS1(@2./(0 B02(92.SS /? @+ J2 L@/0/Y2- L9-2. @E2 G+00+H/9D B+9-/@/+9?) 7) (@ -21+0/@/+9 ?/@2 G+. @E2 ?(0;(D2 +G @E2 1(@2./(0Q I) (@ @E2 B+9B0L?/+9 +G ( ]+J HE2.2 @E2 1(@2./(0 /? @+ J2 #17..
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` Oa2bN Nb2Pa Q*., *( " !S6(% !)"%& !+"55*#'4 `L2VV 8&. 0*/. "''6)6*("#2 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> DEFGVNWP>VLL VXYVLYNVNL JHCIAG< RBA?I< EA\ [E\CHE 3G@A:BCI H")&! J.6(%&! DEFGHCH TK#"!)&. :&('&.U222222222` Oa2bN Nb2Pa Q*., *( " !S6(% !)"%& !+"55*#'4 `L2VV 8&. 0*/. "''6)6*("#2 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> DEFGVOVP>VVN VcYNbYNVNL EDE[C\E 3G@A:d H")&! J.6(%&! DEFGHCH T:HEJJB3 3GA:HGDYDEAC 3DGI@HCU C!+*.) \.6$&.< J#"% K&.!*(22` OP2Pb Nc2NL :."556+ 3*().*# K&.!*( B2222` OP2Xb Nc2NL :."556+ 3*().*# K&.!*( BB222` ON2Nb Nc2NL :HEJJB3 3GA:HGD KCHIGA B4 D"9*/) *5 )."556+ +*().*#< +."!0 +/!06*(!< +*(!)./+)6*( ".&" "(' .*"'!6'& !6%("%&2 :HEJJB3 3GA:HGD KCHIGA BB4 B(!)"##")6*( "(' .&7*$"# *5 )&78*.".9Y8&.7"(&() !6%(!< 7".,&.!< '(&")*.! "(' +."!0 +/!06*(!2 #17..
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`" $#$./0$"1&2345" """"""""""""""""""""""""""""""""""6789:"""""""""";<=>?9:" #$%&6/6"X1&3C46214Q&3"16$;4"""" #$%&6/6C"!"$6/$"$H[""" """""1G>:8<@N8=G>"CO9N=7A=:8"" """""I<G@OKKKKKKKKKKKKKKKKKKKKKKKL"(,K)a""""""""""""-(K-'" """""I6&2J",KKKKKKKKKKKKKKKKKKKKKL"('K*a""""""""""""-(K-'" """""I6&2J",!7KKKKKKKKKKKKKKKKKKKL"(,K',""""""""""""-(K-'" """""I6&2J",!NKKKKKKKKKKKKKKKKKKKL"('K`)""""""""""""-(K-'" """""I6&2J",!9KKKKKKKKKKKKKKKKKKKL"(,K()""""""""""""-(K-'" """""I6&2J",!EKKKKKKKKKKKKKKKKKKKL"('K(*""""""""""""-(K-'" """""I6&2J"-KKKKKKKKKKKKKKKKKKKKKL"('K_)""""""""""""-(K-'" """""I6&2J"(KKKKKKKKKKKKKKKKKKKKKL"('KM)""""""""""""-(K-'" """""I6&2J")KKKKKKKKKKKKKKKKKKKKKL"-)K-(""""""""""""-(K-'" ""C99"?<G@O:",!F"7>B",!B"@>B9<"A7FG<9<"NA7::=E=N78=G>:K" #$%&6/6"XI$60/3/6C\"""" P&64Q12#426$#"W"#$30C1$J/"""" #$%&6/6C"!"$6/$"$H[""" """""X,["39U"1G>:8<@N8=G>KKKKKKKKL"('KM)""""""""""""-(K-'" """""X-["/:87FA=:DR9>8"b7<<7>8]"" """""J9<=GBKKKKKKKKKKKKKKKKKKKKKKL"-)K-(""""""""""""-(K-'" #$%&6/6"XI23Q4/"!"$6/$"$H[""" """""I6&2J",KKKKKKKKKKKKKKKKKKKKKL"('K*M""""""""""""--K(," """""I6&2J"-KKKKKKKKKKKKKKKKKKKKKL"('K-M""""""""""""--K(," """""I6&2J"(KKKKKKKKKKKKKKKKKKKKKL"-aK__""""""""""""--K(," """""I6&2J")KKKKKKKKKKKKKKKKKKKKKL"-aKM)""""""""""""--K(," #17..
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`!WIC>=`=!SWIGGMZMSILM>_G!! :=>?@!<B!G*$;/*;$#"!_3VV"&)#.!! #17..
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`WKXWKSK4" ]-$(3+/-H"]%$&%^H"/1-)(/,-2/H"-)^"12+,2])%"&+2)1(%/" """"""""""""""""""""""""""""""""""$DI9E""""""""""0<7BC9E" ,-.+$%$">1$-00(&"&+)1$+,W,-)%"""" &,+/2$%J""" """""%E=@<I"^<7A9<H"08DC"39<E@BYYZ"TTYUX""""""""""""K`YK4" """""1<DFF7="&@BI<@8"39<E@B"(YYYYZ"TTY[X""""""""""""K`YK4" """""1<DFF7="&@BI<@8"39<E@B"((YYYZ"T4YKX""""""""""""K`YK4" ""1$-00(&"&+)1$+,"3%$/+)"(5",DP@MI"@F"I<DFF7="=@BI<@8H"=<DEG" ""=MEG7@BEH"=@BEI<M=I7@B"D<9D"DB:"<@D:E7:9"E7CBDC9Y" ""1$-00(&"&+)1$+,"3%$/+)"((5"(BEID88DI7@B"DB:"<9?@AD8"@F" ""I9?O@<D<PWO9<?DB9BI"E7CBEH"?D<69<EH":987B9DI@<E"DB:"=<DEG" ""=MEG7@BEY" !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" ",-.+44TS!SST"S`WK`WKS4[" ]-$(3+/-H"]%$&%^H"/1-)(/,-2/H"-)^"12+,2])%"&+2)1(%/" """"""""""""""""""""""""""""""""""$DI9E""""""""""0<7BC9E" 1MBB98"DB:"/GDFI",DL@<9<E5""" """""*$+23"4YYYYYYYYYYYYYYYYYYYYYZ"T`Y`S""""""""""""KUYXT" """""*$+23"KYYYYYYYYYYYYYYYYYYYYYZ"T`YT[""""""""""""KUYXT" #17..
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`!!!!!!!!!!!!,'(,_! !!!!!"#$%&!+((((((((((((((((((((()!,`(0`!!!!!!!!!!!!,'(,_! !!!!!"#$%&!+[:((((((((((((((((((()!'_(_+!!!!!!!!!!!!,'(,_! !!!!!"#$%&!+[5((((((((((((((((((()!,`(.-!!!!!!!!!!!!,'(,_! !!!!!"#$%&!+[7((((((((((((((((((()!'_('-!!!!!!!!!!!!,'(,_! !!!!!"#$%&!+[N((((((((((((((((((()!,`('0!!!!!!!!!!!!,'(,_! !!!!!"#$%&!,((((((((((((((((((((()!,`(*-!!!!!!!!!!!!,'(,_! !!!!!"#$%&!'((((((((((((((((((((()!,`(/-!!!!!!!!!!!!,'(,_! !!!!!"#$%&!-((((((((((((((((((((()!,'(,'!!!!!!!!!!!!,'(,_! !!177!V63L8<!+[S!:IJ!+[J!LIJ76!;:S3676!5;:<<9N95:493I<(! @AX$#?#!R"A#B?>?#1Y!!!! C$#=FE%@=%#A@!Q!@A>B1EA&?!!!! @AX$#?#1![!A#?A!XGW!!! !!!!!R+W!>7O!E3I<46L5493I(((((((()!,`(/-!!!!!!!!!!!!,'(,_! !!!!!R,W!?<4:S;9<2H7I4!a:66:I4Z!! !!!!!&7693J(((((((((((((((((((((()!,'(,'!!!!!!!!!!!!,'(,_! @AX$#?#!R"%>F=?![!A#?A!XGW!!! !!!!!"#$%&!+((((((((((((((((((((()!,`(0/!!!!!!!!!!!!,,('+! !!!!!"#$%&!,((((((((((((((((((((()!,`(,/!!!!!!!!!!!!,,('+! !!!!!"#$%&!'((((((((((((((((((((()!,.(**!!!!!!!!!!!!,,('+! !!!!!"#$%&!-((((((((((((((((((((()!,.(/-!!!!!!!!!!!!,,('+! @AX$#?#!Ra#?EbF>"![!A#?A!XGW!!! #17..
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``!:;! !!:L<;I!'..!J9=(!N;<==O;<_:L<;YV![PK;:!=<<K<;!8AK!=@F@J8;! !!DPN<V!a8H?E8FF<;!:N<;8D:;V!a8H?@AB!:C!N@N<!:L<;!'*!@AHE<=V! !!a8H?=:A!8AK!=@F@J8;!DPN<!H:FN8HD:;V!b<DDJ<!D<AK<;I!N:D!8AK! !!>:;?<;!8NNJP@AB!8=NE8JDI!J8PQ?:JKI!H;<:=:D<I!J@F<I!H8O=D@H! !!8AK!=@F@J8;!DPN<!F8D<;@8J=!X8NNJP@AB!F<8A=!8NNJP@ABI! !!K@NN@AB!:;!E8AKJ@AB!:C!=OHE!F8D<;@8J=YV!78BB@ABI!=E<<D@ABI! !!>E8J@ABI!9;8H@ABI!D;<AHEc8H?@ABI!J8BB@AB!E8FF<;V!Z8BA<=@D<I! !!<N:\P;<=@AI!C@9<;BJ8==I!F8=D@H!>:;?<;!X><D!:;!K;PYV!3:! !!c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d@9;8=H;<<KI!9OJJ!CJ:8D!@A!H:AA<HD@:A!>@DE!J89:;<;=G!>:;?V! !!d@9;8D:;V![8^8;K:O=!>8=D<!>:;?<;!XJ<8K!;<F:L8JYV!R=9<=D:=! !!8AK!F:JK!;<F:L8J!>:;?<;! !!"#$%&!'Q86!a:P!K;@JJ!F:K<J!2]ZQ*RV!"8;KA<;QW<AL<;!F:K<J!W['0-! !!8AK!=@F@J8;!DPN<!K;@JJ=V!2;8H?!K;@JJ<;V!a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``5<><;!HJ<8A<;``!F<8A=!8AP!>:;?<;!>E:! !!E8AKJ<=!:;!H:F<=!@A!H:AD8HD!>@DE!;8>!=<>8B<!@A!=F8JJ! !!K@8F<D<;!=<><;=(!!2E:=<!>E:!>:;?!@A=@K<!;<H<ADJP!8HD@L<I! !!J8;B<!K@8F<D<;!=<><;=I!8AK!8JJ!;<H<ADJP!8HD@L<!=<><;! #17..
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`M&@><&?8<;B#M&@><&U>B8#M&@><B>& 9=>">M&><V&@><B>&9"$a&9#$<B;8@& &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&"03)J&&&&&&&&&&A52-I)J& %02-3)5J(ZZZZZZZZZZZZZZZZZZZZZZZZ[&1\ZOO&&&&&&&&&&&&O\Z1Q& %"8U;$U@(& 8b#B;9&U>B8";>=@&6&[CZO\&0..232+-04&])5&L+,5Z& @%">`&7#":(&6&[PZ\P&0..232+-04&])5&L+,5Z& ;<V$@B";>=&%>;<B;<!&6&[PZO\&0..232+-04&])5&L+,5& &&c7+5D&+-&2-.,J35204&*,24.2-IJ&,J).&K+5&3L)&/0-,K0F3,5)&0-.& &&]5+F)JJ2-I&+K&I++.J&K+5&J04)&+5&J)5H2F)d&J3))4&F+-J35,F32+-& &&G*52.I)JNM&J30FDJM&3+E)5JM&30-DJM&0-.&J2/2405&J35,F3,5)Je& f;!f&7#":(& +H)5&\P&K))3&6&[OZPP&])5&L+,5&0..232+-04& CPP&3+&CQP&K))3&6&[1ZPP&])5&L+,5&0..232+-04& #H)5&CQP&K))3&6&[_ZPP&])5&L+,25&0..232+-04& 6666666666666666666666666666666666666666666666666666666666666666& &%>;<PPC_6PP'&PRSPCSOPOC& >"8>&C(&>=>U8V>M&9#<B">&9#@B>M&@><&A"><9;@9#M&@><&U>B8#&Y&@><B>& 9=>">&9#$<B;8@& >"8>&O(&9>=>T8">@M&U>";%#>M&U8"98VM&U#<B8"8`M&@><&?8<;B#M&@><& W#>X$;<M&@><B>&9"$aM&@B><;@=>$@&Y&B$#=$U<8&9#$<B;8@& #17..
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`P%T::::::::::::::::::::::::::8'R9:C9''''''''''''J9:JZ' ''-EP@'G"DP@EY(&'$1A'Y1+*a2'@+,U'X+*0./'D?041*'V./5U']*:'@+,U' ''-*12.<1/0a2'@+,U'X1H=*.+>'@+,U'P/<1)1/<1/61'@+,U'D+F=*'@+,U' ''\101*+/a2'@+,U'#4+/M25.7./5'@+,U'+/<'[4*.20H+2'@+,:' ''%H)>=,11'*b?.*1<'0='A1+*'+'F=<,'4+*/122'24+>>'*161.71'89:C;' '')1*'4=?*'+F=71'041'F+2.6'4=?*>,'*+01'+0'+/,'1>17+0.=/:' IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII' '-EP$99OZI;;9';OS;9SB;B;' GPWGcEY'PX-T;\%X%$#' ''''''''''''''''''''''''''''''''''T+012''''''''''!*./512' -+*M./5'D=0'(0*.)./5SG.54A+,'''' X+*M./5&''' '''''WT"_-'9:::::::::::::::::::::8'Jd:Rd''''''''''''9Z:dd' '''''WT"_-'B:::::::::::::::::::::8'JB:O9''''''''''''9Z:dd' '''''WT"_-'J:::::::::::::::::::::8'JJ:;Q''''''''''''9Z:dd' [DE((P!P[E#P"$(''' ''WT"_-'9&'(0*.)1*&'D+,=?0'+/<'+))>.6+0.=/'=K')+./01<'0*+KK.6' ''20*.)12'+/<'H+*M./5e'4=0'041*H=')>+20.6e'0+)1U'0*+KK.6' ''20*.)12'+/<'H+*M./52' ''WT"_-'B&'W+H16=?*0'3'->+,5*=?/<'P/20+>>1*' ''WT"_-'J&'-*=0160.71'[=+0./5U'-+71H1/0'(1+>./5' IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII' '-EP$9BJOI;;J';9S;9SB;B9' [EDE\%TE(e'(E$']"E^_P$'["_$#P%(e'(#E$P(DE_('E$@'#_"D_X$%' ["_$#P%(&' ''''''''''''''''''''''''''''''''''T+012''''''''''!*./512' ("!#'!D""T'DEY%T:::::::::::::::::8'R9:d9''''''''''''BJ:JQ' IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII' '-DE(;;ZZI;;B';OS;9SB;9Q' EDEX%@EU'["$#TE'["(#EU'(E$'XE#%"'E$@'(E$'!TE$[P(["'["_$#P%(&' ''''''''''''''''''''''''''''''''''T+012''''''''''!*./512' -DE(#%T%T::::::::::::::::::::::::8'RB:R9''''''''''''J;:OJ' #17..
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" "#$%&'(''!'')"'*+')+,')-" """"""""""""""""""""""""""""""""""./012""""""""""3456712" #$%&89.9.""" """""%.9%")--:""34126;<<<<<<<<<<<="(,<*'""""""""""""()<>-" """""%.9%",,?:""&/6"@1650;A"" """""&/60/"BC/4/A"&/60/"B4DE<<<<<="(,<--""""""""""""()<>-" """""%.9%",FG:""B/C/H14/2"I"&/6"" """""J;/KD56"B;D;60512<<<<<<<<<<<="(,<*'""""""""""""()<>-" """""%.9%"((*:""L;60141M"B;D60M<<="(,<--""""""""""""()<>-" """""%.9%"?,F:""L/45N;2/A"" """""L14O1PA"&0/652C/D2A"" """""8D;CDQ61"B;D60512<<<<<<<<<<<="(,<*'""""""""""""()<>-" !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" "#$%&'(''!''G"'*+')+,')>" """"""""""""""""""""""""""""""""""./012""""""""""3456712" B9L9R8"L%&SR+BSRB.989"3TRT&U9.<<<="(,<)G"""""""""""",(<,*" !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" "#$VL''(-!'')"'*+')+,',)" &%R"3.%RBT&BS"BSVR8W" """"""""""""""""""""""""""""""""""./012""""""""""3456712" #$VL@9."X#CDQY14A"""" &01/QZ50014A".1Z45714/05;6"""" 350014[<<<<<<<<<<<<<<<<<<<<<<<<<<="*F<''""""""""""""?><')" !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" "#$VL''(-!''G"'*+')+,',)" &%R"3.%RBT&BS"BSVR8W" """"""""""""""""""""""""""""""""""./012""""""""""3456712" $/6P2O/N1+T4457/05;6"350014"""" XV6P1474;D6P+V05C50M"350014[<<<<<=">*<)G""""""""""""(,<>*" !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" "#$VL''>,!'')"'*+')+,',)" LSR89.9W"%R\"&%R8%"B.V]"BSVR8T9&" """"""""""""""""""""""""""""""""""./012""""""""""3456712" #$VL@9."I"&89%L3T889.<<<<<<<<<<<<="?><G'""""""""""""(*<-'" !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" "#$VL')GF!'')"'*+')+,')F" BSR8.%"BS&8%"BSVR8W" """"""""""""""""""""""""""""""""""./012""""""""""3456712" #CDQY14"/6P"201/QZ50014""" """""X)[".1Z45714/05;6<<<<<<<<<<<="G><F(""""""""""""?)<'?" """""X,["%CC";0^14"_;4`<<<<<<<<<<="G*<-,""""""""""""?)<'?" !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" "#$VL',?>!'')"'*+')+,',)" 3.9&RSA"aTRb&"I"L%\9.%"BSVR8T9&" """"""""""""""""""""""""""""""""""./012""""""""""3456712" #$VL@9."I"&89%L3T889.<<<<<<<<<<<<="??<)G""""""""""""(><>?" !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" "#$VL',?>!''?"')+')+,')*" 3.9&RSA"L9.B9\"I"&%R"JS%cVTR"BSVRT9&" """"""""""""""""""""""""""""""""""./012""""""""""3456712" #17..
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