GMB GEORGE. MILES & 8UHR. LLC

Transcription

1 SEAWINDS COMMUNITY LONG-TERM CAPITAL RESERVE STUDY SEAWINDS ASSOCIATION C/O MICHAEL HERRMANN 108 SEAWINDS DRIVE DAGSBORO, DE DECEMBER 2009 GMB FILE NO GMB GEORGE. MILES & 8UHR. LLC ARCHITECTS/ENGINEERS 206 WEST MAIN STREET SALISBURY. MO SALISBURY/BAL TIMORE/SEAFORO

2 _~- SEAWINDS COMMUNITY LONG-TERM CAPITAL RESERVE STUDY The purpose of this study is to estimate future costs for the repair/ replacement of longterm items within the SeaWinds Community. The current condition of long-term repair items was assessed and the time until repair / replacement of these items was estimated. For this report we have projected the inflation rate as 3% per year and funding has been projected to obtain a net investment rate of 4% per year. The longterm repair items included in this report are: Roadways Wooden pier, piles, and exterior lighting. Community Entrance The following items were excluded from this reserve study: Residential buildings' interior and exterior components and maintenance, mailboxes and utility connections. Sewer, water, electric and natural gas services. These components are typically maintained by local governments or utility companies. Landscaping, including planting, mulching, pruning, irrigation systems, water fountains, etc. Storm water management systems. The following is an explanation of each item: ROADWAYS Photograph 01- Roadway 1 ~""".i:;:n;w..,..,,-,j.,.. ;;:;;~.:;;"'~':-:--'l""'"~"". _~.,._...,,_~;T'> '-'--' ' "

3 For the evaluation of roadways, the paved areas throughout the community were visually surveyed. During the visual survey we found many areas of the roads to have severe cracking and alligator cracking. The areas with the most cracking appear to be located at road intersections and the cul-de-sacs. It was also apparent that prior efforts to filii repair the cracks have been made. We believe these significantly cracked areas of road should be removed. Once removed, the subgrade in this area should be compacted and new pavement should be installed. Based on discussions with you and for financial reasons, we recommend the road be repaired in sections. We have assumed that one-fifth of the total area of the roadways will be repaired at each interval. Besides the cracking at the cul-de-sacs and intersections, the straight roads also have horizontal cracking that span across the road, which reoccurs approximately every 30 to 40 feet. Much of the road also has long vertical cracks in the center of the road which were formed from the way the pavement was installed. These cracks should be filled with asphalt crack filler. Although crack repair should be done at regular intervals to ensure the longest life of the asphalt and is not typically included in the LTR, we have included an estimated cost for this initial crack repair. Once the subgrade repairs and crack repairs mentioned above have been made, onefifth of the road (that includes the portion of road which was cut and patched) should have a 2" overlay installed. The cost for these initial repairs has been included in this LTR. The costs were derived based on our knowledge of each component along with a conglomeration of data from cost estimating resources such as RS Means Square Foot Costs and industry professionals. After the initial repairs are made, we recommend a seal coating be applied on the roadways approximately every seven years. In order to ensure the longest life of asphalt we recommend the following maintenance be performed: Crack sealing shall be done to all cracks annually. An appropriate sealing compound should be used which prevents water infiltration through the asphalt. Areas that cannot be made watertight by crack sealing should be removed and replaced. Annual crack sealing is considered maintenance and has not been included in this LTR. Asphalt breaks down with long term exposure to oil or petroleum. Therefore the asphalt should be cleaned as necessary to remove any areas where spills have occurred. Cleaning is a maintenance item and has not been included in this LTR. A seal coating should be applied every five to seven years. Crack sealing and cleaning discussed above should be done prior to the seal coating in order for the seal coat to be effective. We have included this item in the LTR at 7 year intervals. These items are considered maintenance items; however it is critical to the longevity of the pavement that these items are done at regular intervals. 2 iiiii ""' "'=="..~""""-,.,... '''',-;-~-;:'C=-" q~

4 WOODEN PIER Photograph 02 - Wooden Pier The timber pier, decking, piles and lighting were visually surveyed at the time of our site visit. The basis of estimations for each long-term repair item was deduced from the current condition of the item, the age of the item, the conditions which the item is and has been subjected to and the typical longevity of the item. The decking has been recommended to be replaced in increments which should begin in 5 years. One fifth of the decking should be replaced in the first increment and in 5 year increments. This would give a total replacement to the deck in 30 years. At the time of our inspection we noticed there was one deck board that was missing. A new deck board should be installed in this location as soon as possible. The pressure treated 3x8 timber stringers have also been recommended to be replaced in increments. The stringers are not exposed to as much sun as the decking and therefore will have a much longer life span. We estimate the first set of repairs will take place in 15 years. This replacement will include one-fifth of the total lumber. After that we anticipate every 20 years one-fifth of the lumber will be replaced. In lieu of replacing the timber piles, repairs have been considered due to the difficulty in replacing piles. The piles appeared to be in good condition at the time of our inspection; however issues may occur over time including pile "necking" at the water or mud line. We estimate the first set of repairs may be needed in 20 years, repairing one-fifth of the total piles. After that we anticipate every 20 years one-fifth of the piles will need repairs. 3 i&1ivlimll,iii ~~"--:c:7'-~,::;;;; ::ct"'" j

5 Most of the costs for each component were based on our knowledge of each component along with the conglomeration of data from cost estimating resources and industry professionals. For instance, the estimate for decking replacement was determined based on input from Clark Droney of Droney Marine Construction. Costs for replacing the pressure treated lumber was obtained through use of a cost estimating resource (RS Means Square Foot Costs). It is our understanding that the SeaWinds Community has bought black vinyl caps to be placed on all piles. This has been included in our LTR. We also understand that all the small lights on top the piles will be cut off and no longer used once the vinyl pile caps are installed. The source of lighting on the pier will solely come from the exterior lights that are mounted on the pressure treated 6x6 posts. With this in mind we have only included replacement costs for the lighting on the 6x6 posts. Community Entrance Photograph 03 - Entrance The entrance to SeaWinds Community was observed at the time of the site visit. There are areas of decorative block and brick at the entrance, white painted wood fence, a steel entry fence, and a SeaWinds sign posted on a vinyl fence. Again, the basis of estimations for each of these long-term repair items was deduced from the current condition of the item, the age of the item, the conditions which the item is and has been subjected to and the typical longevity of the item. The wooden fence at the entry is approximately 750' in length. The fence appears to be in good condition. For the basis of this LTR we are assuming that repairs or sectional replacements will be made in lieu of replacing the entire fence at one time. At a minimum the fence should be painted every 10 years. The remaining items at the community entrance should last for a substantial amount of time prior to repair or replacement as seen from the spreadsheet attached. 4 iit'%t5k'iprt7t5r~~iifi'js"'s'~d;g?ma~~':";-'.:'~=-'-'-:-;-- ",.

6 Summary: Based on the 25 year cash flow diagram, the condo board should put $17,500 per year toward the long-term reserve account for the first 2 years, and $13,500 per year after that. According to Section a2 of the Delaware Uniform Common Interest Ownership Act (DUCIOA), at least 10% of the annual budget must be assigned to the long term reserve account. The board should review that this is the case prior to proceeding with following the funding recommendations made in this study. 5 ~~=:~,M.=~rj:z"",;;",>"",p..,,.,=r~~-o:-,~_~--- ;--'-~C-'--

7 SEA WINDS COMMUNITY INVENTORY OF COMPONENTS DECEMBER 2009 GMB MAJOR REPAIRS AND REPLACEMENTS Quanity (Quanities in Unit Current Remaining bold are Replacement / Replacement Annual Fuuding ltem# Component Useful Life Useful Life Unit assummed) Repair Cost Cost Requirement Entry Fence EI Steel Entry Fence EA I $2, s 2,200 $SS E2 Painting on Steel Entry Fence 10 I EA I $ $ ISO $15 E3 Brick at Entry SF 680 $1500 $ 10,200 $204 E4 Wooden Fenee LF 750 $18.00 $ 13,500 $386 E5 Paint Wooden Fence 10 6 LF 750 $5.00 s 3,750 $375 E6 Entry SignlVinyl LF 7 $ $ 700 $14 E7 Block at Entry SF 100 $20.00 $ 2,000 $40 Dock DI Piles Repairs 20' 20 EA 64 $ $ 12,840 $642 D2 Decking Repairs 5' 5 SF 1272 $6.00 $ 7,632 $1,526 D3 P.T. 3x8 Lumber Repairs 20' 15 LF 860 $7.00 $ 6,020 $301 D4 Dock Ligbting EA 11 $1, $ 12,320 $352 D5 Vinyl Caps EA 321 S20.00 $ 6,420 $183 D6 P.T. 6x6 Light Support LF 145 S17.50 $ 2,538 $85 D7 Entry Fence Light EA 1 $ $ 300 $9 D8 Entry Fence LF 12 $ $ 9,600 $240 D9 Wooden Protection Wall at End of Dock LF 50 $ $ 6,000 $200 Road RI Seal Coating 8 2 SY 9050 $1.10 $ 9,955 $1,244 R2 Asphalt Crack Filler N/A 2 LF 2300 $5.00 $ 11,500 $5,750 R3 Overlay 4' 2 SY 1810 $9.65 $ 17,467 $4,367 R4 Subgrade Repair 4' 2 SY 200 $30.00 $ 6,000 $1,500 RS Compaction Test 4' 2 EA 1 $ $ 600 $ISO * This is estimated time until next repair, not the useful life iiht~";;il' ~;;;;,,;.;;a~'7:";"'rcl,,",";-7':7.7t;;:ti"-,~,~-

8 ' -! ~j ~! i SEA~SCO~TY SCHEDULE DECEMBER 2009 OF REPLACEMENTS Current GM:B ',I.", ". 'I: "'!'.".~, ~~ _. a _ ~ _ _.M_ ESTIMATED FUTURE COSTS BY 3% INFLATION Replacement Remaining Item # Component Cost Useful Life Entry Fence El Steel Entry Fence $ 2, $ - $ - $ - $ - $ - E2 Painting on Steel Entry Fence $ $ 159 $ - $ - $ - $ - E3 Brick at Entry $ 10, $ - $ - $ - $ - $ - E4 Wooden Fence $ 13, $ - $ - $ - $ - $ - E5 Paint Wooden Fence $ 3,750 6 $ - $ - $ - $ - $ - E6 Entry SignIVinyl $ $ - $ - $ - $ - $ - E7 Block at Entry $ 2, $ - $ - $ - $ - $ - Dock Dl Piles Repairs $ 12, $ - $ - $ - $ - $ - D2 Decking Repairs $ 7,632 5 $ - $ - $ - $ - $ 8,848 D3 P.T. 3x8 Lumber Repairs $ 6, $ - $ - $ - $ - $ - D4 Dock Lighting $ 12, $ - $ - $ - $ - $ - D5 Vinyl Caps $ 6, $ - $ - $ - $ - $ - D6 PT 6x6 Light Support $ 2, $ - $ - $ - $ - $ - D7 Entry Fence Light $ $ - $ - $ - $ - $ - D8 Entry Fence $ 9, $ - $ - $ - $ - $ - D9 Wooden Protection Wall at End of Dock $ 6, $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Road $ - $ - $ - $ - $ - Rl Seal Coating $ 9,955 2 $ - $ 10,561 $ - $ - $ - R2 Asphalt Crack Filler $ 11,500 2 $ - $ 12,200 $ - $ - $ - R3 Overlay $ 17,467 2 $ - $ 18,530 $ - $ - $ - R4 Subgrade Repair $ 6,000 2 $ - $ 6,365 $ - $ - $ - R5 Compaction Test $ $ - $ 637 $ - $ - $ - TOT AL COST PER YEAR $ 159 $ 48,294 $ - $ - $ 8,848 Starting Balance 15, $ 15,000 $ 32,941 $ 3,465 $ 17,103 $ 31,287 Annual Deposit $ 13,500 $ 17,500 $ 17,500 $ 13,500 $ 13,500 $ 13,500 Expenditures $ 159 $ 48,294 $ - $ - $ 8,848 4% $ 600 $ 1,318 $ 139 $ 684 $ 1,251 Ending Balance $ 32,941 $ 3,465 $ 17,103 $ 31,287 $ 37,191 Inflation Interest Rate Rate 3.0% 4.0% 12/15/ of 5

9 SEA~SCO~TY.. I., GMIB SCHEDULE OF REPLACEMENTS :. -::.. ~..'.. l~ : ' DECEMBER 2009 Current ~.-G._..% -. ESTIMATED FUTURE COSTS BY 3% INFLATION Replacement Remaining Item # Component Cost Useful Life Entry Fence El Steel Entry Fence $ 2, $ - $ - $ - $ - $ - E2 Painting on Steel Entry Fence $ $ - $ - $ - $ - $ - E3 Brick at Entry $ 10, $ - $ - $ - $ - $ - E4 Wooden Fence $ 13, $ - $ - $ - $ - $ - E5 Paint Wooden Fence $ 3,750 6 $ 4,478 $ - $ - $ - $ - E6 Entry SignNinyl $ $ - $ - $ - $ - $ - E7 Block at Entry $ 2, $ - $ - $ - $ - $ - Dock Dl Piles Repairs $ 12, $ - $ - $ - $ - $ - D2 Decking Repairs $ 7,632 5 $ - $ - $ - $ - $ - D3 P.T. 3x8 Lumber Repairs $ 6, $ - $ - $ - $ - $ - D4 Dock Lighting $ 12, $ - $ - $ - $ - $ - D5 Vinyl Caps $ 6, $ - $ - $ - $ - $ - D6 P.T. 6x6 Light Support $ 2, $ - $ - $ - $ - $ - D7 Entry Fence Light $ $ - $ - $ - $ - $ - D8 Entry Fence $ 9, $ - $ - $ - $ - $ - D9 Wooden Protection Wall at End of Dock $ 6, $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Road $ - $ - $ - $ - $ - Rl Seal Coating $ 9,955 2 $ - $ - $ - $ - $ 13,379 R2 Asphalt Crack Filler $ 11,500 2 $ - $ - $ - $ - $ - R3 Overlay $ 17,467 2 $ 20,856 $ - $ - $ - $ 23,474 R4 Sub grade Repair $ 6,000 2 $ 7,164 $ - $ - $ - $ 8,063 R5 Compaction Test $ $ 716 $ - $ - $ - $ 806 TOT AL COST PER YEAR $ 33,214 $ - $ - $ - s 45,722 Starting Balance 15, $ 37,191 $ 18,965 $ 33,223 $ 48,052 $ 63,474 Annual Deposit $ 13,500 $ 13,500 $ 13,500 $ 13,500 $ 13,500 $ 13,500 Expenditures $ 33,214 $ - $ - $ - $ 45,722 4% $ 1,488 $ 759 $ 1,329 $ 1,922 $ 2,539 Ending Balance $ 18,965 $ 33,223 s 48,052 $ 63,474 $ 33,791 Inflation Interest Rate Rate 3.0% 4.0% 12/15/ of 5 _..- -

10 II... f\ ~} ;1 i SEA~SCO~TY GMiB.:- 'I.: ':,,. J '..'. \ ~ ". ~'. '.. t : " SCHEDULE OF REPLACEMENTS..,.z:iz: _. J...- DECEMBER 2009 ESTIMATED FUTURE COSTS BY 3% INFLATION Current Replacement Remaining Item # Component Cost Useful Life _ 2024 Entry Fence El Steel Entry Fence $ 2, $ - $ - $ - $ - $ - E2 Painting on Steel Entry Fence $ $ 208 $ - $ - $ - $ - E3 Brick at Entry $ 10, $ 14,119 $ - $ - $ - $ - E4 Wooden Fence $ 13, $ - $ - $ - $ - $ - E5 Paint Wooden Fence $ 3,750 6 $ - $ - $ - $ - $ - E6 Entry Sign/Vinyl $ $ - $ - $ - $ - $ - E7 Block at Entry $ 2, $ - $ - $ - $ - $ - Dock D1 Piles Repairs $ 12, $ - $ - $ - $ - $ - D2 Decking Repairs $ 7,632 5 $ 10,564 $ - $ - $ - $ - D3 P.T. 3x8 Lumber Repairs $ 6, $ - $ - $ - $ - $ 9,379 D4 Dock Lighting $ 12, $ - $ - $ - $ - $ - D5 Vinyl Caps $ 6, $ - $ - $ - $ - $ - D6 P.T. 6x6 Light Support $ 2, $ - $ - $ - $ - $ - D7 Entry Fence Light $ $ - $ - $ - $ - $ - D8 Entry Fence $ 9, $ - $ - $ - $ - $ - D9 Wooden Protection Wall at End of Dock $ 6, $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Road $ - $ - $ - $ - $ - Rl Seal Coating $ 9,955 2 $ - $ - $ - $ - $ - R2 Asphalt Crack Filler $ 11,500 2 $ - $ - $ - $ - $ - R3 Overlay $ 17,467 2 $ - $ - $ - $ 26,420 $ - R4 Subgrade Repair $ 6,000 2 $ - $ - $ - $ 9,076 $ - R5 Compaction Test $ $ - $ - $ - $ 908 $ - TOT AL COST PER YEAR $ 24,891 $ - $ - $ 36,403 $ 9,379 Starting Balance 15, $ 33,791 $ 23,752 $ 38,202 $ 53,230 $ 32,456 Annual Deposit $ 13,500 $ 13,500 $ 13,500 $ 13,500 $ 13,500 $ 13,500 Expenditures $ 24,891 $ - $ - $ 36,403 $ 9,379 4% $ 1,352 $ 950 $ 1,528 $ 2,129 $ 1,298 Ending Balance $ 23,752 $ 38,202 $ 53,230 $ 32,456 $ 37,875 Inflation Rate Interest Rate 3.0% 4.0% 12/15/ of 5

11 ilj j 1 ~! SEA~SCO~TY ' "I GM:B I ',. SCHEDULE OF REPLACEMENTS. ':'.,,'; ", t;," H _e::s w.i..s _. xaxs DECE.rvfBER 2009 ESTIMATED FUTURE COSTS BY 3% INFLATION Current Replacement Remaining 16 \ I 20 Item # Component Cost Useful Life \ \ Entry Fence El Steel Entry Fence $ 2, $ - $ - $ - $ - $ - E2 Painting on Steel Entry Fence $ $ - $ - $ - $ - $ - E3 Brick at Entry $ 10, $ - $ - $ - $ - $ - E4 Wooden Fence $ 13, $ - $ - $ - $ - $ - E5 Paint Wooden Fence $ 3,750 6 $ - $ - $ - $ - $ - E6 Entry SignlVinyl $ $ - $ - $ - $ - $ - E7 Block at Entry $ 2, $ - $ - $ - $ - $ - :]) - :]) - :]) - :]) - :]) - Dock $ - $ - $ - $ - $ - D1 Piles Repairs $ 12, $ - $ - $ - $ - $ 23,190 D2 Decking Repairs $ 7,632 5 $ 12,247 $ - $ - $ - $ - D3 P.T. 3x8 Lumber Repairs $ 6, $ - $ - $ - $ - $ - D4 Dock Lighting $ 12, $ - $ - $ - $ - $ - D5 Vinyl Caps $ 6, $ - $ - $ - $ - $ - D6 P,T. 6x6 Light Support $ 2, $ - $ - $ - $ - $ 4,583 D7 Entry Fence Light $ $ - $ - $ - $ - $ - D8 Entry Fence $ 9, $ - $ - $ - $ - $ - D9 Wooden Protection Wall at End of Dock $ 6, $ - $ - $ - $ - $ 10,837 $ - $ - $ - $ - $ - Road $ - $ - $ - $ - $ - Rl Seal Coating $ 9,955 2 $ - $ - $ 16,948 $ - $ - R2 Asphalt Crack Filler $ 11,500 2 $ - $ - $ - $ - $ - R3 Overlay $ 17,467 2 $ - $ - $ 29,736 $ - $ - R4 Subgrade Repair $ 6,000 2 $ - $ - $ 10,215 $ - $ - R5 Compaction Test $ $ - $ - $ 1,021 $ - $ - TOT AL COST PER YEAR $ 12,247 $ - $ 57,919 $ - $ 38,610 Starting Balance 15, $ 37,875 $ 40,643 $ 55,769 $ 13,580 $ 27,624 Annual Deposit $ 13,500 $ 13,500 $ 13,500 $ 13,500 $ 13,500 $ 13,500 Expenditures $ 12,247 $ - $ 57,919 $ - $ 38,610 4% $ 1,515 $ 1,626 $ 2,231 $ 543 $ 1,105 Ending Balance $ 40,643 $ 55,769 $ 13,580 $ 27,624 $ 3,619 Inflation Rate Interest Rate 3.0% 4,0% 12/15/2009 4of5

12 rl ~l Ij SEA~SCO~TY ",.Ii.,'. '. GM'S.'. _,. I. ",... SCHEDULE OF REPLACEMENTS 0._.W._ - DECEMBER 2009 ESTIMATED FUTURE COSTS BY 3% INFLATION Current Replacement Remaining Item # Component Cost Useful Life Entry Fence El Steel Entry Fence $ 2, $ - $ - $ - $ - $ - E2 Painting on Steel Entry Fence $ $ - $ - $ - $ - $ - E3 Brick at Entry $ 10, $ - $ - $ - $ - $ - E4 Wooden Fence s 13, $ - $ - $ - $ - $ - E5 Paint Wooden Fence $ 3,750 6 $ - $ - $ - $ - $ - E6 Entry Sign/Vinyl $ $ - $ - $ - $ - $ - E7 Block at Entry $ 2, $ - $ - $ - $ - $ - :» - :» - :» - :» - J> - Dock $ - $ - $ - $ - $ - Dl Piles Repairs $ 12, $ - $ - $ - $ - $ - D2 Decking Repairs $ 7,632 5 $ 14,198 $ - $ - $ - $ - D3 P.T. 3x8 Lumber Repairs $ 6, $ - $ - $ - $ - $ - D4 Dock Lighting $ 12, $ - $ - $ - $ - $ - D5 Vinyl Caps $ 6, $ - $ - $ - $ - $ - D6 P.T. 6x6 Light Support $ 2, $ - $ - $ - $ - $ - D7 Entry Fence Light $ $ - $ - $ - $ - $ - D8 Entry Fence $ 9, $ - $ - $ - $ - $ - D9 Wooden Protection Wall at End of Dock s 6, $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Road $ - $ - $ - $ - $ - Rl Seal Coating $ 9,955 2 $ - $ - $ - $ - s - R2 Asphalt Crack Filler $ 11,500 2 $ - $ - $ - $ - $ - R3 Overlay $ 17,467 2 $ - $ - $ - $ - $ - R4 Subgrade Repair $ 6,000 2 $ - $ - $ - $ - s - R5 Compaction Test $ $ - $ - $ - $ - $ - TOT AL COST PER YEAR $ 14,198 $ - $ - $ - $ - Starting Balance 15, $ 3,619 $ 3,065 $ 16,688 $ 30,856 $ 45,590 Annual Deposit $ 13,500 $ 13,500 $ 13,500 $ 13,500 $ 13,500 $ 13,500 Expenditures $ 14,198 $ - $ - $ - $ - 4% $ 145 $ 123 $ 668 $ 1,234 $ 1,824 Ending Balance $ 3,065 $ 16,688 $ 30,856 $ 45,590 $ 60,913 Inflation Rate Interest Rate 3.0% 4.0% 12/15/ of 5 ~ -'~'=----=--=--= '

13 . ' ' I,~ 1 1 ; SEAWINDS COMMUNITY 15 YEAR CASH FLOW DIAGRAM G>.",Y IM"'S :.r i, "~'. '.. I.,1 " x" ~_.s».s:z:z 251. Q_._" ".~." $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $ _ _.._ _...._.._._....._ _.._--._..1\ _._ _ -~ "-,-"._" II ~ _ _ _ _ _ _----_ _--_ _ _ _.._-_.._-----'-"-" _.._--_ _..._._ II rl---i _ n II II _..._ _ _ _ _..11 _ - - _...._ _ _-_ _--_ _- _ ~..-, " ''' _.._.._---_... _._ ~ _... _--_... _"....~ II --t _ ~-E ".1-,.----',-- _.._.. ".... _ -.~ " ~--.."..--,, _------_...-_ _ '-1[ ' ~=-~..=:=~~=~ ~--~=.=-..=.-===.===.~~.=~ II ,-_.._-,,,---_.. _-," 't=ilii-_ _.-- -[--f.. _ '-'3t-~:E('-"--~-_ ~ =--~ II" -...II- -II II -..--II-II---II-jr--I l---e..-ii-= \\ == ==-=t==~=.== =--= == == ==. =-=.=:~ ~=--- -.:==~=== =.::.-=:.:: _ n_ _ lc~=ii===ii=~:]i==_if:~ ~L~111= ~~~IIl=I~=i..~ill~ =-=.IE~iIF=~IE~ 1-- I _ t=,-_ _1--.-1' P Annual Deposit -Expenditures [JEnding Balance