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Home My WebLink About2011-10-12 Finance Committee Minutes - Supplemental Materials only4 The Town of Reading - Financial Forum littp://www.readingma.gov/Pages/ReadingMA__,McetiDgCal/SO1784B9 ~a~ ,r"J I f Y 4 _w)3 ~jl se itaa ~4 Home Residents Businesses rRN N- Financial Forum Wednesday, October 12, 2011 at 7:30 PM Senior Center u Printer-Friendly Version OLEO Joint meeti ng of the Finance Committee, Board of Selectmen, School Committee and _ Library Trustees to discuss the FY13 budget and other financial issues. Agenda « « ` = 7:30prn Call to order & opening remarks (Marsie) M _J 7:35 Review of revenue ideas from Instructional motion (Peter & John) 7:50 Project updates & financial tools for economic development (Jean) - 8:00 Projected FY13 revenues (Gail) I Google Search . 8:05 Recap of free cash and reserves (Gail) r C, 8:10 Update on Capital COMMON CAUS Use of one-time revenues (Peter) ColomoN,, Cnus ° i t Library Project (Ruth or David) Killam elementary school (Mary) 8:40 Preliminary FY13 accommodated costs (Bob) 8:45 Discussion of use of free cash (All) 9:15 FY13 Operating Budget guidance (FINCOM) 9:20 Closing remarks (Marsie) 9:30 FINCOM Reserve Fund Transfer 9:35 FINCOM Minutes from July 25th & September 14th 9:40 Adjourn 1 of 2 10/8/2011 12:57 PD Revenue Enhancement ideas from Reading Financial Forum September 15, 2010 Evaluation Criteria # Ideas That Received Votes A ONE TIME REVENUE 1 Sale of Town Land-(Oakland=Rd-last big parcel) ONGOING REVENUE B School and Town Land: Opportunities 2 Cell Towers' 3 Advertising/Billboards 4 Wind/Solar Power Generation and Sell Back 5 Sell Timber in Town Forest C School and Town Facilities: Opportunities 6 Rentalof existing space 7 Naming Rights D Fees: Introduce New Ones 8 Pay as You Throw Trash Fee 9 Preferred Parking Fees at RMHS N10 Billing At Fault Accidents 11 Wireless air rights billing E Economic Development 12 Town Economic Development/PR 13 Tax Incentives for New Business F New Initiatives 14 Grant Writers to Bring in 15 Endowed Positions at Schools 16 Road Races Program 17 Reading Branded Credit Card 18 Remove state gas tax on Town G Fees: Increase existing 19 Parking fee at Depot 20 Raise Parking Tickets & Fines / Parking Meters 21 Increase RMLD annual in lieu of Tax Payment 22 Increase Ice Arena payments H Gifts/Donations/Sponsorships 23 Sponsoring Town Trees, Benches, Lights, etc. 24 Focused Approach for Gifts/donations I Expand Service Offerings 25 Offer Ambulance Services to Other Towns Total Votes Opp Cost/ Ease to Implement Ongoing Community Unintened Votes Revenue Implement Cost Cost . Impact Consequences 25 High Medium None TBD 49 20 Medium Low-Medium TBD 15 Medium TBD 9 5 24 15 Low-Med. Medium f' Medium 9 Low Medium Low 18 .6 High Low Medium 6 Low Medium Low 5 Med-low No Medium-High. 1 17 12 Medium Requires $ Medium-High , 5 16 5- 5 no comps in MA - all answers are unknown 3 Low High Low 2 no comps in MA - all answers are unknown 1 12 10 1 1 0 12 7 5 6 6 Medium High High 179 High Medium Low Medium Medium High Low Low Staff time High Keep or Next Responsibility Discard Steps Varies bylot Selectman Keep Nov. 2011 TM I TMgr/Selectman Keep Selectman/Sc Keep RMLD Discard Town Forest Comm. Keep Nov. 2011TM Medium Selectman/SC Keep - Political Selectman/SC `Keep Incr. Recycling Selectman Discard Incr. nbad pkng Schools Ins. Co. battles Public Safety Discard Yes _ Positive Selectman Selectman Selectman/SC Schools Low Low Low Recreation Selectman/SC Legislators Selectman- i Selectman Selectman Selectman Selectman Selectman/SC Medium none Selectman Keep Discard Keep Keep Discard Keep BOS Oct 11th Discard Discard Keep- RFQ Fall 2011 Keep Discard Keep W 1 IDn ATCC - home to mmin fnr~Atnrri Votes Town 1 Sale-of-Town Land (Oakland-Rd-last big parcel) 25- 1 Right to sell certain parcels (including Oakland Road) -Article for Nov 2011 Town Meetins Town 2 Cell Towers 20 2 There is periodic interest in additional cell tower sites, but nothing pending right now Town 3 Advertising/Billboards 15 Selectmen.Bonazoli & Goldy and the Town Manager met with Clear Channel. Based on state regulations there is only one location that is a 3 possibility, and it is not town-owned. The possibility of hosting on this site is still a potential with some revenue to the Town. Town 5. Sell Timber in Town Forest ! 5 5 Revolving fund for selling timber in town forests - Article for Nov 2011 Town Meeting Both 6 Rental of existing space Rental of existing space -the Town and Schools both rent space. Rental sometimes conflict with Town use. For Town buildings the rents are $10 15 6 per 4-hour block plus a custodial fee if needed. Rental is restricted to Town non-profits. Facility Rentals-As for facility rental, our school facilities have a 92% utilization rate for non-school hours (3:00 to 9:00) p.m. A large portion of that utilization includes extended day and after school enrichment programs, our athletic and extracurricular programs, adult education programs, and Reading recreation programs. Gymnasium space is now virtually entirely booked months in advance. Last year we did experiment with some innovative revenue sharing arrangements, which we are approaching the first year of implementation. There are only two auditoriums of interest to renters - High School and Parker. The High School auditorium is nearly completely scheduled and, in fact, there are groups who want to use this facility that we cannot accommodate due to the HS drama and band schedule as well as recurring rental commitments. Parker is very heavily used but the major complaint from adult groups is that the seats are too small. Also, the stage is not ideal for dance performances except the younger children. Last year, we implemented an aggressive campaign to attract colleges and universities to use our facilities for evening classes or satellite campus. Unfortunately, we did not get any interest due in large part to the rapid growth of on-line learning. We have lots of information on our website for those who might want to conduct classes, workshops, or conferences. We have occasional conferences, but nothing regular. One significant obstacle to increasing rentals is the fact that we have just 0.25 FTE of staff time dedicated to this effort. If the community wishes to increase revenue from facility rentals, we would have to re-examine the use of the facilities by Reading Recreation and invest more resources to staff a facility rental coordinator position. Both 7 Naming Rights 9 Naming Rights of Facilities -We have been unable to find any company in the area who is interested in paying a fee to have a facility named. In addition, most of our higher profile locations have been named or are likely to be named in the next year or two. These are subject our new school 7 committee policy on naming of facilities. Town 12 Town Economic Development/PR ! 12 Town Economic Development/PR - Town staff and the EDC continue to work to bring new businesses to Reading, with a great deal of success. 12 There is a huge amount of new construction in the commerical sector going on, and there are other possibilities being worked on. Both 14 Grant Writers to:Bring in 5 The Town and Schools use a grant-writer for targeted strategic programs - the most recent being cooperative ventures between the Town and 14 Schools on public safety and security issues Town 16 Road Races Program , 3 There are many road races in Reading. The one at the Fall Street Faire is run by the Town and receipts go into the Downtown Improvement and 16 Event Trust Town 19 Parking Fee at Depot ! 10 19 Parking Fee at Depot - BOS to discuss October 11, 2011 Town 22 increase Ice Arena payments - 0 The next lease for the Ice Arena will be going out to bid in the fall 2011. It is important that the leaee make sure that adequate capital funds are 22 available to properly maintain the building. The Town of Reading is one of the largest renters of ice time. Both 23 Sponsoring Town Trees, Benches, Lights, etc. 7 The Town has a robust program of residents and businesses adopting trees, benches,•etc.. Memorial Park is a prime example. Playgrounds are 23 always adopted to supplement Town funding. Town 25 Offer Ambulance Services to Other Towns 6 This could be a future step in regionalization of some services, but it would have to be stuidied carefully to make sure that revenues exceed 25 expenses by some level that would make it worthwhile. We could not do this with current staffing and equipment. 01 RMLD vr- - - 11-1. 4 Wind/Solar Power Generation and Sell Back 9 Wind/Solar Power Generation and Sell'Back - technology and geography makes this uneconomic in Reading. The cost of solar is currently 4 prohibitive without a very heavy subsidy. Town 8 Pay as You Throw Trash Fee 6 Pay as You Throw Trash Fee - In 1993 BOS committed to voters that if they passed a Prop 2-1/2 override there would never be anopther trash fee. 8 It passed, and the current rubbish and recycling program generates significant savings due to it's success. Town 10 Billing At Fault Accidents 5 10 Billing At Fault Accidents - Police have researched, no instances of success in MA Town 13 Tax Incentives for New Business 5 Tax Incentives for New Business - Reading does not qualify for state programs for tax incentives, nor has the Town needed incentives to bring in significant development. The Town Planner will discuss further at the October Fin'I Forum the poor long-term track record of economic incentives 13 but present some efforts that would help attract and retain businesses. Town 18 Remove state gas tax on Town 1 18 This is a federal and state issue that is beyond the Town's control or influence Town 20 Raise Parking Tickets & Fines / Parking Meters 1 . Parking tickets at $20 are high enough. Parking meters would represent a significant capital investment and may be detrimental to business 20 downtown Town 21 Increase RMLD annual in lieu of Tax Payment 1 The RMLD Earnings Distribution has been studied many times. The current formula and rate of payment represent good value for the Town and in 21 addition we receive top quality and reliability at a very low price. Street light rates have been reduced for FY12. Both 24 Focused Approach for Gifts/donations 5 The Town has not.hired a 'rain maker' nor is that an appropriate use of Town funds. When a donation is made to the Town, 100% of the donation 24 goes to the Town. Page 1 of 1 LeLacheur, Bob From: recapdata@dor.state.ma.us Sent: Tuesday, September 27, 2011 4:07 PM To: LaPointe, Gail; Reading - Selectmen; Heffernan, Nancy; Finance; Hechenbleikner, Peter Subject: Freecash Approval Notification for Reading Massachusetts Department of Revenue Division of Local Services Navjeet K Bal, Commissioner Robert G. Nunes, Deputy Commissioner & Director of Municipal Affairs Tuesday, September 27, 2011 Gail LaPointe Accountant Town of Reading Re: NOTIFICATION OF FREE CASH APPROVAL - Reacting . Based upon the unaudited balance sheet submitted, I hereby certify that the amount of available funds or "free cash" as of July 1, 2011 for the Town of Reading is: General Fund $ 5,499,128 Water Enterprise Fund $ 1,436,630 Sewer Enterprise Fund $ 1,187,837 Stormwater Enterprise Fund $ 376,011 This certification is in accordance with the provisions of G. L. Chapter 59, §23, as amended. Certification letters will be e-mailed to the mayor/manager, board of selectmen, prudential committee, finance director and treasurer immediately upon approval, provided an e-mail address is reported in DLS' Local Officials Directory. Please forward to other officials that you deem appropriate. Sincerely, Gerard D. Perry Director of Accounts This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the system manager at postmaster at dor.state.ma.us. 9/27/2011 6 Revenue Update October 3, 2011 Town of Reading One Year One Year One Year Revenues -Details Current Projected Changes Projected Changes Projected Changes 10/1211112:08 PM FY - 2011 FY -.2012 FY - 2012 FY .2013 FY - 2013 FY - 2014 FY - 2014 Property Taxes Tax levy (within levy limit) 49,274,826 50,878,533 3.3% 52,406,747 3.0% 53,973,165 3.0% New Growth 362,768 250,000 -31.1% 250,000 0.0% 250,000 0.0% Tax levy (debt exclusion) 2,086,657 2,05.9,719 -1.3% 2,030,650 -1.4% 2,030,650. 0.0% Abatements and exemptions 526,683) 539,850) 2.5% 553,346 2.5% 567,180 .2.5% Total PropeEbf Taxes 51,197,568 52,648,402 2.8% 54,134,050 2.8% 55,686,635 2.9% Other Local Revenues Motor Vehicle Excise 2,936,623 2,700,000 -8.1% 2,800,000 3.7% 2,900,000 3.6% Meals Tax 172,770 200,000 15.8% 225,000 12.5% 250,000 11.1% Penalties/interest on taxes 192,636 145,000 -24.7% 175,000 20.7% 175,000 0.0% Payments in lieu of taxes 327,291 315,000 -3.8% 325,000 3.2% . 325,000 0.0% Charges for services 1,502,913 1,475,000 -1.9% 1,475,000 0.0% 1,475,000 0.0% Licenses & permits 156,138 156,000 -0.1% 135,000 -13.5% 135,000 0.0% Special Assessments 1,543 10,000 548.1% 10,000 0.0% 10,000 0.0% Fines 111,590 130,000 16.5% 110,000 _15.4% 110,000 0.0% Interest Earnings 355,700 200,000 -43.8% 225,000 12.5% 225,000 0.0% Medicaid Reimbursement 112,468 70,000 -37.8% 100,000 42.9% 100,000 0.0%. Other 381,722 Total Other Local Revenues 6,251,394 5,401,000 -13.6% 5;580,000 3.3% 5,705,000 2.2% Intergovernmental Revenue State Aid 12,462,792 12,307,474 -1.2% 12,300,000 -0.1% 12,300,000 0.0% Federal ARRAtState refund 350,000 198,264 -100.0% 0.0% 0.0% MSBA 462,036 462,036 0.0% 462,036 0.0% 462,036 0.0% Total Inter ov't Revenues 13,274,828 12,967,774 -2.3% 121762,036 -1.6% 12,762,036 0.0% Operating Transfers and Available Funds Cemetery sale of lots 25,000 25,000 0.0% 25,000 0.0% 25,000 0.0% Sale of real estate funds 300,000 300,000 0.0% 250,000 -16.7% 200,000 -20.0% Reading Ice Arena Authority 95,000 100,000 5.3% 100,000 0.0% 100,000 0.0% MSBA payments' 696,990 720,070 3.3% 743,150 3.2% 743,150 0.0% RMLD earnings distribution 2,171,880 2,205,957 1.6% 2,261,106 2.5% 2,306,328 2.0% Enterprise Fund Support 756,069 756,069 0.0% 748,508 -1.0% 748,508 0.0% Sick buy-back Stabilization 19,615 Overlay surplus 204,827 -100.0% . 150,000 100.0% 150,000 100.0% Total Transfers & Available 4,269,381 4,107,096 -3.8% 4;277,764 4.2% 4,272,986 -0.1% OPERATING REVENUES 74,993,171 75,124,272 0.17% 76,753,851 2.17% 78,426,658 2.18% Free Cash & Savings 1,490,000 863,309 TOTAL REVENUES 76,483,171 75,987,581 -0.65% 76;753,851 1.01% 78,426,658 2.18% No. Al A2 A3 A4 A5 =Y12 increased by $200,000 =Y12 increased by $50,000 FY12 decreased by $200,000 FY12 one-tithe refund -$200,000 Revenue Update October 3, 2011 00 Town of Reading ACosts - Summary One Year One Year One Year 1011211112:08 PM Current Projected Changes Projected Changes Projected Changes No. FY -2011 FY - 2012 FY - 2012 FY- 2013 FY - 2013 FY - 2014 FY - 2014 B Benefits 11,712,081 12,845,486 9.7% 13;843,791 7.8% 14,967,236 8,1% C Capital 1,273,000 -25.5% 1;500,000 58.2% 1,800,000 20.0% D Debt 6,158,003 =6,063,446 -1.5% 5;644,235 -6.9% 5,409,911 -4.2% E Energy 2,382,073 2,004,400 -15.9% 2,135,887 6.6% 2,296,078 7.5% F Financial 620,000 716,000 15.5% 740,000 3.4% 757,000 2.3% G Education - Out of district 3,702,751 3,841,067 3.7% 3,859,320. 0.5% 4,107,386 6.4% H Education - Vocational 327,946 419,343 27.9% 424,227 1.2% 445,438 5.0% J Miscellaneous 2,841,367 2,832,307 -03% 2,928,077 3.4% 3,008,835 2.8% K Community Priorities. $ 125,000 ' TOTAL Accommodated COSTS $ 29,142,221 $ 29,670,049 1.8% $ 31;075,536 4.7% $ 32,791,884 5.5% ccom Coss - Detail B Accommodated Costs - Benefits B1 Group Health / Life Ins. 7,625,000 8,562,500 12.3% 9;418,750 10.0% 10,360,625 10.0% OPEB 25,000 0 -100.0% 0 100.0% 25,000 100.0% B2 Workers Compensation 305,000 325,000 6.6% 341,250 5.0% 358,313 5.0% B3 Police / Fire Indemnification 57,750 60,000 3.9% 65,000 8.3% 70,000 7.7% B4 Contributory Retirement 2,893,456 3,022,986 4.5% 3,128,791 3.5% 3,238,298 3.5% 135 Non-Contrib. Retirement 73,500 75,000 2.0% 65,000 -13.3% 65,000 0.0% B6 Medicare / Social Security 607,375 650,000 7.0% 675,000 3.8% 700,000 3.7% B7 Unemployment Benefits 125,000 150,000 20.0% 150,000 0.0% 150,000 0.0% B99 Total Benefits $ 11,712,081 $ 12,845,486 9.7% $ 13;843,791 7.8% $ 14,967,236 8.1% C+C 5% of net available revs 3,586,647 3,593,423 3,675;234 3,758,875 Energy Savings to pay debt service $ 319,735 $ 300,000 $ ' 300,000 above the $ 300,060 above the 3,906,382 3,893,423 3,975,234 4,058,875 less debt (net, inside levy) (2,897,776) (2,807,632) (2,395,068) (2,960,744) Available for cash capital 1,008,606 9,085,799 1,580,166 9,898,139 C Accommodated Costs - Capital C99 Total Capital $ 1,273,000 $ 948,000 -25.5% $ 1;500,000 58.2% $ 1,800,000 20.0% D Accommodated Costs - Debt (net, inside low limit) D1 DebtService - Principal 4,165,000 4,185,000 0.5% 3,915,580 -6.4% 3,715,580 -5.1% D2 Debt Service - Interest 1,993,003 1,878,446 -5.7% 1,728,655 -8.0% 1,694,331 -2.0% D3 Excluded debt (2,798,191) (2,793,778) -0.2% (2,787,131) -0.2% (2,787,131) 0.0% D4 MSBA reimbursements (462,036) (462,036) 0.0% (462,036) 0.0% (462,036) 0.0% Total Included Debt $ 2,897,776 $ 2,807,632 -3.1% $ 2;395,068 -14.7% $ 2,160,744 -9.8% D99 Total Debt $ 6,158,003 $ 6,063,446 -1.5% $ 5;644,235 -6.9% $ 5,409,911 -4.2% 5% 73,504,684 Revenue Update October 3, 2011 W Town of Reading lAccorn Costs - Detail One Year One Year One Year 10112/1112:08 PM Current Projected Changes Projected Changes Projected Changes No. FY - 2011 FY - 2012 FY - 2012 FY - 2013 FY - 2013 FY - 2014 FY - 2014 E Accommodated Costs - Energy E1 Street Lighting 241,500 203,575 -15.7% 200,000 -1.8% 215,000 7.5% E2 Heating of Buildings-Town 143,250 87,700 -38.8% 94,278 7.5% 101,348 7.5% E3 Heating of Buildings-Schools 760,000 467,115 -38.5% 502,149 7.5% 539,810 7.5% E4 Utilities-Town 178,800 187,950 5.1% 202,046 7.5% 217,200 7.5% E5 Utilities-Schools 837,193 761,730 -9.0% 818,860 7.5% 880,274 7.5% E6 Fuel - vehicles (in DPW budget) 221,330 296,330 33.9% 318,555 7.5% 342,446 7.5% E99 Total Energy $ 2,382,073 $ 2,004,400 -15.9°!° $ 2,135,887 6.6% $ 2,296,078 7.5% F Accommodated Costs - Financial F1 Casualty Insurance 320,000 316,000 -1.3% 340,000 7.6% 357,000 5.0% F2 Veteran's Assistance 150,000 250,000 66.7% 250,000 0.0% 250,000 0.0% F3 FINCOM Reserve Fund 150,000 150,000 0.0% 150,000 0.0% 150,000 0.0% F99 Total Financial $ 620,000 $ 716,000 15.5% $ :740,000 3.40/61 $ 757,000 2.3% G Accommodated Costs - Education Out of district G1 Out of district SPED transportation 895,000 893,000 -0.2% 937,650 5.0%° 984,533 5.0% G2 Out of district SPED tuition 3,849,751 3,832,067 -0.5% 4,023,670 5.0% 4,224,854 5.0% G3 Out of district SPED rev. offsets (709,292) (884,000) - 24.6% (1,102,000) 24.7% (1,102,000) 0.0% G4 Out of district SPED carry forward G5 ARRA IDEA Funds 332,708 G99 Total Education - Out of distr. $ 3,702,751 $ 3,841,067 3.7% $ 3,859,320 0.5% $ 4,107,386 6.4% H Accommodated Costs - Education Vocational School H1 Vocational School Assessments - N.E. 327,946 270,692 -17.5% 284,227 5.0% 298,438 5.0% H2 Vocational School Assessments - M.M 0 148,651 -100.0% 140,000 -5.8% 147,000 5.0% H99 Total Education - Voke $ 327,946 $ 419,343 27.9% $ 424,227 1.2% $ 445,438 5.0% J Accommodated Costs - Miscellaneous J1 Rubbish Collection/Disposal 1,560,770 1,496,676 -4.1% 1;530,000 2.2% 1,530,000 0.0% J2 Snow and Ice Control 525,000 565,000 7.6% 600,000 6.2% 650,000 8.3% J3 State Assessments 568,602 585,870 3.0% .615,164 5.0% 645,922 5.0% Cemetery 186,995 184,761 -1.2% 182,913 -1.00 182,913 0.0% J4 Salaries and Wages 148,226 145,661 -1.7% 144,204 -1.0% 144,204 0.0% J5 Expenses 38,769 39,100 0.9% 38,709 -1.0% 38,709 0.0% J99 Total Miscellaneous $ 2,841,367 $ 2,832,307 -0.3% $ 2,928,077 3.4% $ 3,008,835 2.8% ncreased by $100,000 Scenario # 10 No Reserves Used 0 Figures in ($000s) FY12 FY13 FY14 FY15 FY16 Projected Revenues 75,126 76,755 78,426 80,387 82,798 2.2% 2.2% 2.5% 3.0% Accommodated Expenses 29,670 31,106 32,879 34,523 36,249 4.8% 5.7% 5.0% 5.0% Left for Operating Budgets 46,337 45,649 45,547 45,864 46,549 -1.50/® -0.2% 0.7% 1.5% Free Cash Used Resulting Operating Budgets 46,337 45,649 45,547 45,864 46,549 1.5% -0.2% 0.7% 1.5% Net Adjusted Revenue 71,901 73,530 75,201 77,162 79,573 Reserves 7,079 7,079 7,079 7,079 7,079 Reserves/AR 9.6% 9.6% 9.4% 9.2% .8.9% Scenario #2: Target Operating budgets at +1% each year Figures in ($000s) FYI 2 FYI 3 FY14 FYI 5 FYI 6 Projected Revenues 75,126 76,755 78,426 80,387 82,798 2.2% 2.2% 2.5% 3.0% Accommodated Expenses 29,670 31,106 32,879 34,523 36,249 4.8% 5.7% 5.0% 5.0% Left for Operating Budgets 46,337 45,649 45,547 45,864 46,549 -1.51® m0.2% 0.7% 1.5% Free Cash Used 1,150 1,700 1,850 1,650 Resulting Operating Budgets 461337 46,799 47,247 47,714 48,199 1.0% 1.0% 1.0% 1.0% Net Adjusted Revenue 71;901 73,530 75,201 77,162 79,573 Reserves 7,079 5,929 4,229 2,379 729 Reserves/NAR 9.8% 8.1%. 5.6% 3.1% 0.9% N IsJ9+iNCOR4a4P i Forum October 12, 1 Scenario #3 o `target use of free cash Figures in ($000s) FY12 FYI 3 FY14 FYI 5 FY16 Projected Revenues 75,126 76,755 78,426 80,387 82,798 2.2% 2.2% 2.5% .3.0% Accommodated Expenses 29,670 31,106 32,879 34,523 36,249 4.8% 5.7% 5.0% 5.0% Left for Operating Budgets 46,337 45,649 45,547 45,864 46,549 =1.5% =0.2% 0.7% 1.5% Free Cash Used 1,000 1,000 750 500 Resulting Operating Budgets 46,337 46,649 46,547 46,614 47,049 0.7% -0.2% 0.1% 0.9% Net Adjusted Revenue 71,901 73,530 75,201 77,162 79,573 Reserves 73079 6,079 5,079 4,329, 3,829 Reserves/NAR 9.8% 8.3% 6.8% 5.6% 4.8%