2015 Draft Budget. Budget Overview and Public Input February 12, 2015

Transcription

1 2015 Draft Budget Budget Overview and Public Input February 12, 2015

2 Proposed 2015 Budget Results in an overall tax rate increase of 1.45% (combined Region, Town, Education) Achieves the budget strategy of balancing: - continuation of program delivery - maintaining capital assets - servicing growth demands - taxpayer affordability - economic realities 2

3 Community of Choice Over the last 23 years our population has doubled. Whitby s % change in population over the last 8 years has exceeded the average for GTA municipalities A further 40% increase in our population is expected over the next 17 years.

4 Whitby Population 4

5 Community of Choice Address Community Needs Provide Competitive Taxes Live Within Our Means 5

6 Addressing Community Needs Special Events Recreation Programs and Facilities Seniors Programs Sports Fields Marina Animal Services Waste Collection Road Construction and Maintenance Fire and Emergency Services Snow Clearing Street Lighting Traffic Signals Storm Water Management Economic Development Sustainability Emergency Planning Forestry Diversity and Inclusivity Records Management Implement By-laws Traffic Control By-law Enforcement Cycling and Leisure Trails Parks Libraries Station Gallery Community Grants Development Approvals Long Range Land Use Planning Downtown Support Financial Planning Heritage Preservation Accessibility Future Master Plans (Port Whitby Secondary Plan, Sports Facility Strategy, Cullen Park Master Plan, Waterfront Master Plan, Culture Plan, Asset Management Plans, Fees Study etc.) 6

7 Government Tax Dollars Federal 47% Ontario 44% Source: AMO, 2013 Municipal Property Taxes 9% 5% - Region 3% - Town 1% - Education 7

8 2014 Town of Whitby Taxes $4,507 on a Property Assessed at $339,900 Town, $1,421, 32% Region, $2,396, 53% Education, $690, 15% 8

9 Providing Competitive Taxes 2014 Comparison of Total Taxes On a Property Assessed at $339,900 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $4,425 $4,455 $4,508 $5,407 $4,624 $0 Pickering Ajax Whitby Oshawa Clarington 9

10 Providing Competitive Taxes 2014 Comparison of Lower Tier Taxes on a Property Assessed at $339,900 $2,500 $2,321 $2,000 $1,500 $1,337 $1,367 $1,421 $1,536 $1,000 $500 $0 Pickering Ajax Whitby Oshawa Clarington Taxes $62 for waste collection Note for Pickering, Ajax and Clarington $62 has been added for waste, green bin and yard waste collection 10

11 Providing Competitive Taxes 2014 Senior Executive Home $14,000 $12,000 $10,000 $8,000 $6,000 $5,962 $6,122 $4,000 $2,000 $0 Milton Toronto (East) Caledon Clarington Brampton Newmarket Richmond Hill Mississauga Aurora Burlington Halton Hills East Gwillimbury Scugog Vaughan Whitby Ajax Oakville Oshawa GTA Average Georgina Markham Whitchurch Stoffville Pickering Toronto (North) Toronto (West) King Toronto (South) Senior Executive Home - 2 Storey, 4 or 5 bedrooms, 3 bathrooms, main floor family room, plus atrium or library. Unfinished basement, attached 2 car garage approximately 3000 sq. feet. Approximate lot size of 6,700 sq. feet. Comparison of taxes on a per household basis. Source : 2014 BMA Study. 11

12 Providing Competitive Taxes 2014 Residential Bungalow $6,000 $5,000 $4,000 $3,645 $3,854 $3,000 $2,000 $1,000 $- Toronto (East) Milton East Gwillimbury Brock Clarington Georgina Halton Hills Toronto (West) Caledon Burlington Newmarket Richmond Hill Whitchurch Stouffville Oakville Aurora Scugog Average Brampton Toronto (North) Whitby Mississauga Oshawa Ajax Vaughan Pickering King Toronto (South) Markham Residential - Single Family Detached Home - A detached three-bedroom single storey home with 1.5 bathrooms and a one car garage. Total area of the house is approximately 1,200 sq. ft. and the property is situated on a lot that is approximately 5,500 sq. ft. Comparison of taxes on a per household basis. Source: 2014 BMA Municipal Study 12

13 Providing Competitive Taxes 2014 Two Storey Home Comparison $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $4,442 $4,707 $- Toronto (East) Milton East Gwillimbury Georgina Halton Hills Caledon Burlington King Clarington Scugog Brampton Markham Newmarket Aurora GTA Aveverage Richmond Hill Vaughan Toronto (West) Oakville Whitchurch Stouffville Mississauga Whitby Toronto (North) Ajax Oshawa Brock Pickering Toronto (South) Residential - Two Storey - A two storey, three bedroom with 2.5 bathrooms, two car garage. Total area of the house is approximately 2,000 sq. ft. on a lot approximately 4,000 to 5,000 sq. ft. Comparison of taxes on a per household basis. Source: 2014 BMA Municipal Study 13

14 Residential Comparison Summary Low Low-Mid Mid Mid-High High Toronto East Clarington Brampton Aurora Ajax East Gwillimbury Caledon Brock Oakville Halton Hills Georgina Burlington Oshawa Milton King Pickering Markham Mississauga Newmarket Toronto (North) Toronto (South) Whitchurch-Stouffville Richmond Hill Scugog Toronto (West) Vaughan Whitby Source: 2014 BMA Municipal Study Edited for GTA Municipalities 14

15 Our Economy Recovery from the previous economic challenges is slowly continuing due to strengthening US economy. However, global uncertainties and record levels of household debt remain key risks for the economy. Unemployment rates have improved, interest rates are expected to remain low in the near term and inflation rates are projected to remain at 2% in The recent decline in the Canadian dollar and oil prices will improve Ontario s competitive position Focus on reducing deficits at the Federal and Provincial level poses risks and uncertainties for municipalities. 15

16 Budget Strategy Having regard for the state of our economy and the impact it has on the ability of our taxpayers to afford improvements, the proposed 2015 budget focuses on: maintaining core services taking care of our assets providing for growth 16

17 2015 Recommended Budget Capital $26M Plan For Infrastructure and Major Projects Operating $108M Plan for Delivery of Services and Programs Investing in capital assets, including land, facilities, infrastructure, vehicles and equipment Expenditure: Compensation, supplies, services, utilities, debt servicing, contribution to capital and transfers to reserves Financing: grants, development charges, property taxes and user rates, debentures Revenue: grants, subsidies, user fees and charges, property taxes 17

18 Who Pays Property Taxes 2015 Draft Operating Budget $75.7M (including PIL s and Supps) Nonresidential, $14.2, 19% Residential, $61.5, 81% 18

19 2015 Draft Operating Budget Sources of Revenue ($108M) Federal and Provincial Grants, $3.7, 3% Whitby Hydro Income, $4.9, 5% Property taxes, $75.7, 70% Other, $29.0, 27% User/Program Fees and Revenues from External Sources, $19.7, 18% Internal transfers and recoveries, $4.4, 4% 19

20 Total 2015 Draft Operating Budget Expenditures by Category Total $108M Transfer to Maintenance and Growth Capital Programs, $20.8, 19% Whitby Public Library, $4.7, 4% Other Transfers to Reserves and Internal Transfers, $2.8, 3% Grants (Station Gallery $0.4 and Others $0.2), $0.6, 1% Administrative Costs, $4.8, 5% Purchased Services and Supplies, $7.0, 6% Vehicle & Equipment Maintenance and Fuel, $2.6, 2% Building Related Costs & Utilities, $6.1, 6% Salaries, Wages & Benefits, $58.9, 54% 20

21 2015 Operating Budget Impact Inflation Prior Year Decisions Other Budget Adjustments (growth, capital, service level) Revenues and Efficiencies One time costs New positions 21

22 Operating Budget Inflation The Consumer Price Index (CPI) is forecasted to be 2.0% for 2015 The CPI is based on a basket of goods and services utilized by a typical household. Municipalities typically experience inflationary pressures higher than the CPI due to our heavy reliance on labour and energy costs (hydro, heating, fuel). 22

23 2015 Inflation Average Increase is 2.1% or $1, % 4.5% 4.0% 4.4% 3.8% Percentage increase 3.5% 3.0% 2.5% 2.0% 1.5% 1.9% 2.5% 2.1% 2.0% 1.0% 0.5% 0.6% 0.8% 0.0% Salaries, Wages & Benefits $1076K Utilities & Other Building Costs $259K Fuel, Parts & Repairs $16K Purchased Services & Operating Supplies $57K Administrative Costs $172K Grants $127K Inflation on expense groupings 2015 CPI Forecast 2015 Town Inflation Note: forecasted inflation was estimated at 2.4% 23

24 Operating Budget Prior Year Decisions - $619K Deferred $400K of the reduced Whitby Hydro revenues to 2015 using the one time reserve fund in new positions must now be included for a full year. This results in an additional cost of $175K Also deferred the AVL costs of $44K to 2015 using the insurance reserve fund 24

25 Operating Budget Other Budget Adjustments Growth, Service Level and Capital impacts: $000's Growth related pressures (eg streetlighting, catch basin cleaning) 115 Loss of handi-transit vehicle maintenance contract 68 Reduced recreational programming demand 33 ON1Call Program 55 Other

26 Operating Budget Efficiencies and Revenues Departments from across the organization have identified operating budget reductions totaling $301K User fee increases and other revenue adjustments produce an additional $283K 26

27 Operating Budget One Time Costs The 2015 operating budget includes one time costs of $703K and include: Transfer to Building Permit Reserve Fund, $442K (internal loan) Short term pressure in supplementary revenue due to low growth over next 2 years, $134K Contract Energy Manager net of OPA grant, $20K Temporary operating costs for 300 King Street property, $30K Professional assistance for one time projects including Business By-law review, Health and Safety Initiatives, $20K Implementation costs associated with replacing HRIS/payroll system, $30K Other miscellaneous one time costs, $26K These costs will be funded by one time reserves and therefore do not have a tax impact. 27

28 Recommended Positions 28

29 Operating Budget Impact $ 000's Inflation 1,707 Prior Year Decisions 619 Other Budget Adjustments 254 2,580 Increased Revenues and Efficiencies -584 One time costs funded by one time reserves 0 Recommended Positions 302 Operating Budget Impact 2,298 29

30 Capital Budget by Asset Type Studies, Initiatives and Reserve Transfers, $1.02, 4% Storm Water Management, $1.50, 5% Alternate Transportation Systems, $2.38, 9% Roads and Roads Related, $12.39, 47% Facilities and Parks, $3.88, 15% Vehicles and Equipment, $5.26, 20% 30

31 Capital Budget by Project Type Other, $0.88, 3% Growth, $4.88, 19% Maintenance, $20.66, 78% 31

32 Capital Budget Taking Care of Our Assets The delivery of Core Services to the community requires considerable infrastructure and equipment. The Town utilizes assets with an estimated value of $2 billion to deliver its Core Services. 32

33 Variety of Assets ($2 Billion in value) 1,092 km of Roads 23 Bridges 525 km of Sidewalks / Multi- Use Pathways 11,853 Street Lights 31 Traffic Signals 85.3 km of Fencing 38 Municipal Parking Lots 492 km of Storm Sewers 40 Storm Water Management Ponds 23 Town Facilities Other Town Owned Property 46,136 Road Right of Way Trees 961 acres of Parkland 1,357 acres of Open Space 72.05km of Leisure Trails 126 Parks Fleet and Equipment including: 13 Fire Trucks 23 Garbage Trucks 26 Vans / Cars 86 Trucks 6 Cranes 12 Plows 20 Pieces Heavy Equipment 26 Trailers 8 Zambonis Other Miscellaneous Equipment 33

34 Taking Care of Our Assets Timely maintenance of $2B worth of assets is required to: Minimize capital costs infrastructure deteriorates on a pay me now or pay me much more later basis Avoid service interruptions and additional operating costs The annual capital maintenance envelope allows the Town to best manage our assets. 34

35 2015 Capital Maintenance Envelope Budget Section 2014 Envelope Acquisitions / Assumptions Inflation Draft 2015 Envelope Parks and Facilities $ 2,004,626 $ - $ 60,139 $ 2,064,765 Roads and Roads Related Infrastructure $ 8,528,166 $ 244,281 $ 259,268 $ 9,031,716 Alternate Transportation Systems $ 812,490 $ 39,795 $ 25,569 $ 877,854 Storm Water $ 598,126 $ - $ 17,944 $ 616,070 Vehicles and Equipment $ 4,433,068 $ 1,573 $ 117,583 $ 4,552,224 Studies, Intitiatives etc. $ 790,433 $ - $ 20,340 $ 810,773 $ 17,166,909 $ 285,649 $ 500,843 $ 17,953,402 35

36 Capital Budget Providing for Growth The growth related needs of the Town of Whitby were last identified in the 2012 Development Charge Study. The cost of these capital projects is funded partially through Development Charges and partially from assessment growth. 36

37 Providing for Growth As a result of slower growth than anticipated Staff have postponed projects in the Capital Forecast to better reflect the growth need based on newly projected population / household levels 37

38 Funding Growth Related Projects with Assessment Growth Thousands Assessment Growth to Fund Growth Related Capital Projects On average, from 2012 to 2014, the Town directed 44% of the available Assessment growth to fund the its legislated share of growth. For the 2015 Capital forecast, it is assumed that starting in 2016 this ratio will continue (at minimum). The Town could choose in future years to increase this contribution as a way to forgo potential long term debt ,009 1,009 1, Existing Contribution Future Assessment Growth 38

39 $50 $40 Comparison of Growth Reserves with Various Assumption % $30 $20 $10 Recommended Assessment Contribution Range: 44% - 100% dedicated to the Capital Growth Program. Million $ $10 -$20 Forecasted Long Term Debt Requirement To address cash flow timing on the forecasted capital growth related projects, long term debt will be required. -$9 The current shortfall for Development Charges is $45.1 Million by $30 -$40 -$50 The shortfall in the Growth Reserve Fund (which funds the Town's share of capital growth projects), is based on the amount of Assessment Growth contributions allocated to fund the program. If 100% is contributed the maximum shortfall would be $8.8 Million in If only 44% is contributed the shortfall would reach $29.2 Million in $29 -$45 Growth Reserve Fund with 100% of Future Assessment Growth 2012 Development Charge Reserve Funds Growth Reserve Fund with 44% of Future Assessment Growth 39

40 Providing for Growth Any future growth related long term debt would be repaid entirely from Development Charges and Assessment Growth no additional tax increase for growth related debt 40

41 Other Initiatives Budget includes other initiatives funded by one time reserves including: $770K for 2 nd year of the multi-year Emerald Ash Borer action plan $70K for the 2 nd year of the 4 year Economic Development China Investment Attraction and Trade Strategy $40K for the Downtown Façade Improvement Program (funded by operating budget contribution to program reserve)

42 Budget Impact (000's) Tax Impact Capital Budget Maintenance Envelope 786 Growth Program Funded By Existing Assessment Growth $ - Contribution no additional funding in 2015 Other Initiatives - funded by $ - One-Time Reserves Capital Budget Impact % Operating Budget Impact $ 2, % Total Budget Impact $ 3, % 42

43 Living Within Our Means Our current debt is not funded from the tax base. While the Town of Whitby has a debt capacity based on Municipal Affairs and Housing regulations of $257M our actual internal debt at the end of 2014 will be $7.2M. 43

44 Living Within Our Means $5.1M worth of debt is related to the Downtown Whitby Library. The 2011 budget committed funding for the repayment of this debt over time through development charges and reserve funds specifically set aside for this purpose. $2.1M of this debt is related to the new soccer dome and marina improvements both of which are being repaid entirely through user fees. 44

45 Living Within Our Means In prior Capital Budgets, Council approved additional debt for the Marina and Soccer Club totalling $1.1M. Both Capital Projects are expected to be completed in They will be financed through debt once complete. Both projects will be repaid entirely through user fees. 45

46 Estimated Year End Uncommitted Reserve Balances $70.0 $65.0 $64.1 $62.6 $60.0 $55.0 $50.0 $45.0 Millions $40.0 $35.0 $30.0 $25.0 $20.0 $19.8 $17.8 $15.0 $10.0 $11.1 $10.6 $9.8 $9.2 $7.3 $9.1 $5.0 $3.8 $3.8 $- Maintenance Reserve / Reserve Fund (incl Federal Gas Tax) Growth Reserve Development Charge Reserve Funds Program Reserves / Reserve Funds One-Time Reserve Fund Estimated Year End Balance 2014 Forecated Year End Balance 2015 Stabilization Reserves / Reserve Funds 46

47 Living Within Our Means This financial position can only be maintained if we continue to finance ongoing expenses with ongoing revenues and use uncommitted reserves for special one time projects. As a result of our very low debt and long range financial plan the Town has considerable capacity to consider borrowing for significant projects in the future. 47

48 How to Reduce the 2015 Tax Impact 48

49 Budget Reductions 2014 Assessment Growth - $535K Due to the shifting of growth projects to match the delay in growth, all 2014 assessment growth is being directed to operating. Federal Gas Tax - $133K Increased Federal Gas Tax based on recent redistribution will be directed to the Town s capital maintenance program. 49

50 Budget Reductions Expenditure Savings - $235K The budget maintains savings related to gapping, however based on recent economic conditions and revised assumptions additional expenditure savings are included for: Fuel $60K Winter Control $50K Insurance $40K Vacancy savings for unfilled positions $85K 50

51 LED Conversion of 7,042 Streetlights $250 Savings in '000s $200 $150 $100 The two year LED capital project (2015 & 2016) will result in additional operating budget savings over 3 years (2015 to 2017) totaling $447K (once complete). That equals a 0.6% cumulative tax base savings for the taxpayer. $50 $ $80K Hydro Incremental Savings 2016 $206K 2017 $161K Washing/Relamping Savings 51

52 Total Budget Reductions - $983K 2014 Assessment Growth $535K Federal Gas Tax Increase $133K Expenditure Savings $235K LED Conversion of Street Lights $80K 52

53 Summary 000$ Tax Impact Operating Budget 2,298 Capital Budget 786 Budget Impact 3, % Budget Reduction Recommendations -983 Budget Impact 2, % 53

54 Tax Payer Impact 54

55 Town of Whitby Portion of Tax Bill 1% for Town = $718K 1% for average Taxpayer = $

56 Projected 2015 Taxes Average Home Assessed at $339, Increase 2015 Town (32%)* $1,421 $42 $1, % Region (53%)* $2,396 $24 $2,420 1%** School (15%)* $690 $0 $690 0%*** Total $4,507 $66 $4,573 Total Overall Tax Increase 1.45% * portion of total tax bill ** assumes 1% target tax increase *** assumes 0% tax increase 56

57 What Taxpayers Receive for their 2015 Town Taxes of $1,463* Station Gallery: $9 Special Events and Grants : $10 Sustainability, Heritage, Downtowns and Community Development and Economic Development: $25 Building, Planning & Development Services: $29 $8 $1 $10 $20 $5 $24 $5 The capital budget allocated to various services fluctuates year-to-year based on current year capital program requirements (ie. life of equipment, age of fleet, building maintenance schedule, etc.) By-Law and Animal Services: $30 $28 $2 Operating Capital Winter Control: $56 $56 Community Programs : $70 Waste Management: $72 Corporate Governance and Administration: $80 $57 $54 $64 $13 $18 $16 Public Library Services: $105 $91 $14 Facilities, Parks and Trails: $194 $152 $42 Fire and Emergency Services: $358 $339 $19 Roads, Bridges, Sidewalks: $425 $227 $198 * based on a house assessed at $339,900 $- $50 $100 $150 $200 $250 $300 $350 $400 $450 57

58 What Does a Taxpayer Receive for their 2015 Town Taxes of $1,463? Roads, Bridges and Sidewalks - $425 Maintenance of 1,092 lane kilometers of paved roads, 525 kilometers of sidewalks/multi-use pathways, 85 kilometers of fencing, 492 kms of storm sewers, 40 storm water management ponds, 23 Bridges, 21 culverts (>3m), 11,853 street lights, and 31 traffic signals Parking Services responded to 1,700 complaints in 2014 and provides 274 metered on-street parking spaces along with 541 off-street pay-and-display parking spaces Fire and Emergency Services - $358 24/7, 365 days a year 5 stations providing 3 primary services Fire Prevention, Public Education and Emergency Response Facilities, Parks and Trails - $194 Maintenance of 121 parks, 950 acres of park land, 69 kms of leisure trails, 98 sports fields, 28 tennis courts, 128 playgrounds, 13 splash pads and 3 skateboard parks Maintenance and operation of 3 arena complexes (10 ice pads and pool), 6 community centres, Municipal building and other Town-owned properties 1,188,880 hours of arena and sports fields programming 58

59 What Does a Taxpayer Receive for their 2015 Town Taxes of $1,463? Public Library Services - $105 Over 1.1 million visits to the Library s 3 physical locations and virtual branch which is available 24/7 Over 1,600 programs offered reaching more than 34,000 participants, including early literacy programs which pave the way for student success Collection of over 321,000 print, electronic, and audiovisual formats with a total circulation of 1.6 million Registered 6,500 new members in 2014 Corporate Governance and Administration - $80 Includes Mayor and Council, Chief Administrative Office, Human Resources, Legal Services, Finance, Clerk s Services and Information Systems 59

60 What Does a Taxpayer Receive for their 2015 Town Taxes of $1,463? Waste Management - $72 42,763 weekly garbage, organics, and yard waste collection 10,626 special collections in 2012 Whitby residents divert 60% of waste every year through weekly recycling (Region of Durham) and organic pickup (Whitby) Community Programs - $70 1,470,978 hours of recreational, fitness and aquatics programs for youth, adults and seniors Maintenance of Fitness Centre including pool Winter Control - $56 Clearing of 1,092 kms of roads, 298 kilometers of sidewalks/multi-use pathways and 38 municipal parking lots Snow and windrow clearing services for seniors and the disabled (over 750 locations) 60

61 What Does a Taxpayer Receive for their 2015 Town Taxes of $1,463? By-Law and Animal Services - $30 By-law Services responded to 2,060 complaints and issued 433 permits in 2014, achieving a compliance rate of 98.5%. Additionally, By-law Services administered the development and implementation of a new Property Standards By-law, Noise By-law and Towing By-law in response to community needs. Animal Services provides animal care and control services to the citizens of Whitby. In 2014, 79% of sheltered animals were adopted, claimed or rescued. Building, Planning and Development Services - $29 Good planning ensures controlled growth areas to protect and conserve residential neighbourhoods and commercial/industrial lands as well as the preservation of parkland and natural heritage areas Enforcement of the Ontario Building Code ensures safe, healthy, accessible and sustainable buildings. 61

62 What Does a Taxpayer Receive for their 2015 Town Taxes of $1,463? Sustainability, Heritage and Downtowns Community Development and Economic Development - $25 Working closely with businesses, business associations, residents, and other stakeholders in the community to build a prosperous and diversified economy through corporate and community sustainability initiatives Establishing vibrant and safe downtowns, and preserving and advancing Whitby s heritage and cultural resources Economic development services focused on business retention and expansion and investment attraction for job creation, at an annual cost of $8 per household Special Events and Community Grants - $10 56 Community Special Events Grants to community partners and tax relief programs Station Gallery - $9 39,000 annual visitors 14,200 program participants 62

63 Other Municipalities Projected Tax Increases Municipality Combined Rate Lower Tier Rate Timing Oshawa 1.4% 2.18% Release Jan 14, Council Jan 23 Oakville Release Feb 19, Council Mar 23 Markham 2.9% 3.81% Proposed - Council Mar 31 Ajax 1.4% 2.75% Release Jan 26, Council Feb 9 Milton 2.5% 5.5% January Brampton Mar Release - Council Apr? Whitby 1.45% 2.92% Proposed - Council Feb 26 Clarington 1.7% 3.75% est. Mar 3 Pickering 1.6% 3.75% est. March? Burlington 2.1% 3.55% Proposed - Council Feb 28 Mississauga 1.4% 4.4% Proposed - Council Feb 11 63

64 Average Town Tax Bill per Month Compared to Other Household Expenses Region Tax Bill Phone/Cable/ Internet Bundle $177 $202* Town Tax Bill $122 $122 Fire ($30/month) Waste Services ($6/month) Transportation Network ($40/month) Community Programs, Events, Library and Station Gallery ($16/month) Community Facilities, Parks & Trails ($16/month) Corporate Governance & Other ($14/month) Hydro $121 Water & Sewer $71 64 *Police, EMS, Transit, Public Health, Long-Term Care, Regional Works

65 The Budget Cycle and Timeline Budget analysis and preparation Quarterly Projection Reporting Council Education Jan 21 Council Approval Feb 26 Target Setting Meeting Jan 26 Budget Committee review, public input Feb 12 Preliminary Budget Book Feb 5 65

66 QUESTIONS AND DISCUSSION 66