2016 Spring Conference And Training Seminar. Cash Planning and Forecasting

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1 Cash Planning and Forecasting

2 A different world! Cash forecasting starts with expectations about future flows Uses history to identify beginning balances.and to understand patterns of how things interact and flow We then project this into the future. knowing we will be wrong to some degree. We also make sure we err without harm. page 2

3 What elements? Lets take a JPA offering Workers Compensation and Property/Liability claims administration done in-house: Sources Contributions Earnings Demand Claims cost Operating costs Capital / Major Maintenance Resources Investment Balances Assessments page 3

4 Where from? Projection 16/17 Sources Member Contributions 18,120,000 Budget Interest (See detail below)) 545,500 Budget (Modify per model later) Misc Income 500,000 Budget (Safety programs) Total Receipts 19,165,500 Expenditures Projection Claims: 9,672,500 Actuarial funding risk Safety Program 500,000 Budget Equity Rebates - (It does happen!) Operating Expense 6,809,000 Budget strip non-cash Insurance 2,159,000 Budget Capital and Major Maintenance 25,000 Budget Total Expenditures 19,165,500 Chg in Cash from Ops 0. page 4

5 Where from? Projection 16/17 Sources Member Contributions 18,120,000 Budget Interest (See detail below)) 545,500 Budget (Modify per model later) Misc Income 500,000 Budget (Safety programs) Total Receipts 19,165,500 Expenditures Projection Claims: 9,672,500 Actuarial funding risk Safety Program 500,000 Budget Equity Rebates - (It does happen!) Operating Expense 6,809,000 Budget strip non-cash Insurance 2,159,000 Budget Capital and Major Maintenance 25,000 Budget Not Cash! Total Expenditures 19,165,500 Chg in Cash from Ops 0. page 5

6 Funded claims are not cash flow but we can get there from here. Use triangles paid claims Workers' Compensation Triangle FY15 financial statements. Section 4, Cumulative paid claims Fiscal year ended: Paid (cumulative) 4. as of: End of policy year 748, , , , , , , , , , , , , , , , , , , ,744 1,016, ,971 1,214,134 One year later 1,401,294 1,280, ,874 1,072,535 1,324,107 1,203,958 1,308,303 1,429,087 1,468,016 1,442,378 1,487,707 1,970,116 1,374,807 1,668,240 1,337,776 1,630,111 2,035,723 1,779,422 1,821,164 2,200,008 2,102,153 1,880,297 Two years later 1,778,694 1,573,142 1,180,911 1,481,714 1,635,267 1,485,953 1,910,154 1,910,791 2,161,784 1,987,491 1,964,336 2,783,281 1,788,693 2,180,479 1,723,301 2,137,820 2,658,154 2,312,214 2,372,953 2,757,035 2,741,284 Three years later 2,076,978 1,852,160 1,372,400 1,714,383 1,796,950 1,881,122 2,221,101 2,352,649 2,626,189 2,231,982 2,454,878 3,412,331 2,143,112 2,636,359 1,866,750 2,455,234 2,966,186 2,683,569 2,515,752 3,312,302 Four years later 2,284,392 2,029,509 1,462,010 1,843,853 2,019,904 2,068,758 2,405,697 2,576,332 2,958,006 2,342,354 2,738,667 3,942,056 2,256,748 2,886,035 1,896,738 2,633,691 3,113,430 2,974,876 2,666,348 Five years later 2,384,258 2,213,681 1,478,241 1,975,010 2,118,704 2,157,617 2,627,854 2,731,147 3,106,356 2,401,391 3,059,566 4,304,103 2,363,475 2,972,116 1,984,274 2,770,187 3,193,182 3,163,951 Six years later 2,498,466 2,306,163 1,534,982 2,068,792 2,165,595 2,193,175 2,766,601 2,778,615 3,133,338 2,444,932 3,084,025 4,509,837 2,441,197 3,042,866 2,083,692 2,815,709 3,198,785 Seven Years Later 2,520,440 2,412,001 1,517,374 2,181,492 2,222,054 2,236,066 2,824,219 2,805,057 3,171,243 2,533,864 3,100,129 4,673,104 2,496,598 3,106,663 2,124,468 2,967,500 Eight Years Later 2,561,492 2,404,603 1,520,864 2,217,313 2,251,137 2,863,000 2,887,227 2,843,720 3,183,142 2,584,263 3,118,231 4,736,109 2,549,285 3,167,081 2,131,107 Nine Years Later 2,593,548 2,428,040 1,524,040 2,250,869 2,275,229 2,357,194 2,910,721 2,866,607 3,177,169 2,603,406 3,135,584 4,852,714 2,580,640 3,454,235 page 6

7 Use triangles subtract to get paid in year matrix Workers' Compensation Triangle FY15 financial statements. Section 4, Cumulative paid claims Convert to payments Total End of policy year 748, , , , , , , , , , , , , ,203 9,116, % One year later 652, , , , , , , , , , ,083 1,207, , ,037 10,189, % Two years later 377, , , , , , , , , , , , , ,239 6,516, % Three years later 298, , , , , , , , , , , , , ,880 4,949, % Four years later 207, ,349 89, , , , , , , , , , , ,676 3,041, % Five years later 99, ,172 16, ,157 98,800 88, , , ,350 59, , , ,727 86,081 2,079, % Six years later 114,208 92,482 56,741 93,782 46,891 35, ,747 47,468 26,982 43,541 24, ,734 77,722 70,750 1,075, % Seven Years Later 21, ,838 (17,608) 112,700 56,459 42,891 57,618 26,442 37,905 88,932 16, ,267 55,401 63, , % Eight Years Later 41,052 (7,398) 3,490 35,821 29, ,934 63,008 38,663 11,899 50,399 18,102 63,005 52,687 60,418 1,087, % Nine Years Later 32,056 23,437 3,176 33,556 24,092 (505,806) 23,494 22,887 (5,973) 19,143 17, ,605 31, , , % Total 2,593,548 2,428,040 1,524,040 2,250,869 2,275,229 2,357,194 2,910,721 2,866,607 3,177,169 2,603,406 3,135,584 4,852,714 2,580,640 3,454,235 39,009,996 % claims paid by year page 7

8 Use triangles allocate actuarial ultimate claims costs. And weight for risk From Actuarial Study Total Ultimate at expected 6,920,000 6,588,000 6,077,000 4,721,000 5,045,000 4,821,000 3,555,000 4,102,000 3,542,000 3,703,000 2,329,000 3,578,000 3,021,000 5,824,000 5,020,000 3,282,000 2,879,000 3,592,000 Risk weighted 85% (x 1.244) 8,608,480 8,195,472 7,559,788 5,872,924 6,275,980 5,997,324 4,422,420 5,102,888 4,406,248 4,606,532 2,897,276 4,451,032 3,758,124 7,245,056 6,244,880 4,082,808 3,581,476 4,468,448 % Ultimate paid 2016/ % % % % 7.797% 5.330% 2.756% 2.132% 2.787% 0.314% 0.314% 0.314% 0.314% 0.314% 0.314% 0.314% 0.314% 0.314% Projected payments 2016/17 2,011,823 2,140,611 1,262, , , , , , ,797 14,469 9,100 13,981 11,804 22,757 19,615 12,824 11,249 14,035 7,452,843 Cash for Workers Comp claims page 8

9 Where from? Projection 16/17 Budget 16/17 from Sources Member Contributions 18,120,000 18,120,000 Budget Interest (See detail below)) 545, ,500 Budget (Modify per model later) Misc Income 500, ,000 Budget (Safety programs) Total Receipts 19,165,500 19,165,500 Expenditures Projection Claims: 8,600,343 9,672,500 Actuarial funding risk Workers Compensation 7,452,843 8,608,500 Layered projection Property & Liability 1,147,515 1,064,000 Layered projection Safety Program 500, ,000 Budget Equity Rebates - 0 Operating Expense 6,809,000 6,809,000 Budget strip non-cash Insurance 2,159,000 2,159,000 Budget Capital and Major Maintenance 25,000 25,000 Budget Cash! Total Expenditures 18,093,000 19,165,500 Chg in Cash from Ops 1,075, page 9

10 How Much? Projection 16/17 Sources Member Contributions 18,120,000 Budget Interest (See detail below)) 545,500 Budget (Modify per model later) Misc Income 500,000 Budget (Safety programs) Total Receipts 19,165,500 Expenditures Projection Claims: 8,600,343 Layered cash risk Safety Program 500,000 Budget Equity Rebates - (It does happen!) Operating Expense 6,813,000 Budget strip non-cash Insurance 2,159,000 Budget Capital and Major Maintenance 35,000 Budget Add capital expenditure Strip non-cash from budget: Remove depreciation Add capital expenditures Remove amortized contracts Add full payments of new/renewed contracts Total Expenditures 18,107,343 Chg in Cash from Ops 1,061,657. page 10

11 When? When we expect the big things like annual insurance premiums, single invoice contributions, major contracts, exceptional claims Plot seasonality for the rest page 11

12 Seasonality Seasonality analysis - Workers' Compensation Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun WC Contrib. Receipts (Cash) 2012/13 490, , , , , ,255 $531,236 $738,929 $837,458 $813,690 $944,703 $560,796 8,230, /14 $719,898 $549,717 $736,360 $767,110 $778,924 $785,213 $819,806 $319,929 $1,228,067 $788,848 $589,597 $1,070,479 9,153, /15 $788,069 $330,514 $846,870 $521,400 $1,513,993 $314,601 $929,791 $924,566 $729,564 $1,018,082 $809,300 $606,073 9,332, /16 $1,073,373 $532,164 $510,513 $789,542 $1,246,135 $941,183 $1,297,858 $955,674 7,346,442 Seasonal % FY13-FY % 4.07% 8.91% 8.45% 11.37% 6.35% 8.54% 7.42% 10.46% 9.81% 8.77% 8.37% % - - WC Claims Disbursments (Cash) /13 237, , , , , , , , , , , ,373 4,146, /14 401, , , , , , , , , , , ,186 3,670, /15 163, , , , , , , , , , , ,711 5,093, /16 638, , , , , , , ,947 3,954,089 Seasonal % FY13-FY % 9.01% 10.30% 7.95% 5.97% 8.77% 6.88% 8.38% 11.00% 9.77% 8.01% 7.76% 100% page 12

13 Seasonality Applied Projection Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Total Sources Member Contributions 3,078, ,498 1,141,844 3,203,093 1,457, ,338 2,154, ,746 1,341,224 1,257,506 1,124,577 1,073,593 18,120,000 WC Historical % 7.48% 4.07% 8.91% 8.45% 11.37% 6.35% 8.54% 7.42% 10.46% 9.81% 8.77% 8.37% WC 959, ,498 1,141,844 1,083,293 1,457, ,338 1,094, ,746 1,341,224 1,257,506 1,124,577 1,073,593 12,820,500 PL 2,119,800 2,119,800 1,059,900 5,299,500 Misc Income (Programs) 500, ,000 Total Receipts 3,578, ,498 1,141,844 3,203,093 1,457, ,338 2,154, ,746 1,341,224 1,257,506 1,124,577 1,073,593 18,620,000 Expenditures Claims: 570, , , , , , , , , , , ,838 8,600,343 % pattern WC 6.21% 9.01% 10.30% 7.95% 5.97% 8.77% 6.88% 8.38% 11.00% 9.77% 8.01% 7.76% % WC 462, , , , , , , , , , , ,567 7,452,843 %pattern PL 9.33% 8.24% 11.40% 8.28% 3.42% 8.74% 3.28% 25.29% 4.89% 2.88% 9.18% 5.08% % PL 107,089 94, ,830 94,996 39, ,244 37, ,195 56,133 33, ,385 58,271 1,147,500 Safety Program 30,927 2,007 19,115 47,865 45,776 60,977 27,004 36,465 59,159 34,227 78,711 57, ,000 Equity Rebates - Operating Expense 567, , , , , , , , , , , ,204 6,813,000 Insurance 2,159,000 2,159,000 Capital & Major Maint 10,000 15,000 10,000 35,000 Total Expenditures 3,306,539 1,348,333 1,476,483 1,254,960 1,051,540 1,321,773 1,117,968 1,482,252 1,443,975 1,328,543 1,269,934 1,205,042 18,107,343 Chg in Cash from Ops 272,303 (826,835) (334,639) 1,948, ,842 (507,435) 1,036,389 (530,505) (102,751) (71,037) (145,357) (131,449) 512,657 page 13

14 Cash management Projection Beginning Balance Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Total Receipts 3,578, ,498 1,141,844 3,203,093 1,457, ,338 2,154, ,746 1,341,224 1,257,506 1,124,577 1,073,593 Total Expenditures 3,306,539 1,348,333 1,476,483 1,254,960 1,051,540 1,321,773 1,117,968 1,482,252 1,443,975 1,328,543 1,269,934 1,205,042 Chg in Cash from Ops 272,303 (826,835) (334,639) 1,948, ,842 (507,435) 1,036,389 (530,505) (102,751) (71,037) (145,357) (131,449) Note: Projected 6 mo cash required 9,759,629 7,571,058 7,704,976 7,672,469 7,746,051 7,964,445 7,847,714 10,135,481 10,042,013 10,118,815 10,082,881 9,896,033 Draw (to)/from LAIF (65,000) 980, ,000 (2,150,000) (140,000) 305,000 (670,000) 490,000 (12,000) 12,000 81,000 2,140,000 Ending Cash balance 1,115,878 1,323,181 1,476,345 1,256,707 1,054,839 1,320,680 1,118,246 1,484,635 1,444,130 1,329,378 1,270,341 1,205,984 3,214,535 LAIF Balance from/(to) Bank 65,000 (980,000) (115,000) 2,150, ,000 (305,000) 670,000 (490,000) 12,000 (12,000) (81,000) (2,140,000) LAIF Interest 11,256 9,969 15,728 13,975 Investments 1,065,000 (950,000) 2,045,000 2,030,000 (1,955,000) (955,000) 25,000 (1,440,000) (955,000) 25,000 (450,000) (970,000) LAIF Balance 10,279,634 11,420,890 9,490,890 11,420,890 15,610,859 13,795,859 12,535,859 13,246,588 11,316,588 10,373,588 10,400,562 9,869,562 6,759,562 LAIF plus Cash 11,395,512 12,744,071 10,967,235 12,677,597 16,665,698 15,116,540 13,654,105 14,731,223 12,760,717 11,702,966 11,670,904 11,075,547 9,974,098 Investments: Calls/Maturities (1,000,000) - (3,000,000) (2,000,000) - - (1,000,000) - - (1,000,000) - - Purchases 1,000,000 1,000,000 2,000,000 1,000,000 1,000,000 1,500,000 1,000,000 1,000, ,000 1,000,000 Principal 32,073,122 31,073,122 32,073,122 30,073,122 28,073,122 30,073,122 31,073,122 31,073,122 32,573,122 33,573,122 33,573,122 34,073,122 35,073,122 Interest Earned 40,359 39,100 40,359 37,842 35,325 37,842 39,100 39,100 40,988 42,246 42,246 42,875 Interest Received (19,501) (58,007) (40,735) (27,424) (44,388) (47,669) (24,182) (57,828) (48,593) (24,975) (48,194) (28,338) Interest Receivable 92, ,257 94,351 93, ,393 95,330 85, ,422 81,695 74,090 91,361 85,413 99,950 Interest Received 19,501 58,007 40,735 27,424 44,388 47,669 24,182 57,828 48,593 24,975 48,194 28,338 Proceeds/(Invest ) 1,000,000 (1,000,000) 2,000,000 2,000,000 (2,000,000) (1,000,000) - (1,500,000) (1,000,000) - (500,000) (1,000,000) MM from (to) LAIF (1,065,000) 950,000 (2,045,000) (2,030,000) 1,955, ,000 (25,000) 1,440, ,000 (25,000) 450, ,000 MM Bal 46, ,508 4,243 1,667 1,055 3,723 2, ,326 4,301 2, page 15

15 Cash management cover next month from LAIF Projection Beginning Balance Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Total Receipts 3,578, ,498 1,141,844 3,203,093 1,457, ,338 2,154, ,746 1,341,224 1,257,506 1,124,577 1,073,593 Total Expenditures 3,306,539 1,348,333 1,476,483 1,254,960 1,051,540 1,321,773 1,117,968 1,482,252 1,443,975 1,328,543 1,269,934 1,205,042 Chg in Cash from Ops 272,303 (826,835) (334,639) 1,948, ,842 (507,435) 1,036,389 (530,505) (102,751) (71,037) (145,357) (131,449) Note: Projected 6 mo cash required 9,759,629 7,571,058 7,704,976 7,672,469 7,746,051 7,964,445 7,847,714 10,135,481 10,042,013 10,118,815 10,082,881 9,896,033 Draw (to)/from LAIF (65,000) 980, ,000 (2,150,000) (140,000) 305,000 (670,000) 490,000 (12,000) 12,000 81,000 2,140,000 Ending Cash balance 1,115,878 1,323,181 1,476,345 1,256,707 1,054,839 1,320,680 1,118,246 1,484,635 1,444,130 1,329,378 1,270,341 1,205,984 3,214,535 page 16

16 Cash management Keep 6 months as cash Projection Beginning Balance Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Total Receipts 3,578, ,498 1,141,844 3,203,093 1,457, ,338 2,154, ,746 1,341,224 1,257,506 1,124,577 1,073,593 Total Expenditures 3,306,539 1,348,333 1,476,483 1,254,960 1,051,540 1,321,773 1,117,968 1,482,252 1,443,975 1,328,543 1,269,934 1,205,042 Chg in Cash from Ops 272,303 (826,835) (334,639) 1,948, ,842 (507,435) 1,036,389 (530,505) (102,751) (71,037) (145,357) (131,449) Note: Projected 6 mo cash required 9,759,629 7,571,058 7,704,976 7,672,469 7,746,051 7,964,445 7,847,714 10,135,481 10,042,013 10,118,815 10,082,881 9,896,033 Draw (to)/from LAIF (65,000) 980, ,000 (2,150,000) (140,000) 305,000 (670,000) 490,000 (12,000) 12,000 81,000 2,140,000 Ending Cash balance 1,115,878 1,323,181 1,476,345 1,256,707 1,054,839 1,320,680 1,118,246 1,484,635 1,444,130 1,329,378 1,270,341 1,205,984 3,214,535 LAIF Balance from/(to) Bank 65,000 (980,000) (115,000) 2,150, ,000 (305,000) 670,000 (490,000) 12,000 (12,000) (81,000) (2,140,000) LAIF Interest 11,256 9,969 15,728 13,975 Investments 1,065,000 (950,000) 2,045,000 2,030,000 (1,955,000) (955,000) 25,000 (1,440,000) (955,000) 25,000 (450,000) (970,000) LAIF Balance 10,279,634 11,420,890 9,490,890 11,420,890 15,610,859 13,795,859 12,535,859 13,246,588 11,316,588 10,373,588 10,400,562 9,869,562 6,759,562 LAIF plus Cash 11,395,512 12,744,071 10,967,235 12,677,597 16,665,698 15,116,540 13,654,105 14,731,223 12,760,717 11,702,966 11,670,904 11,075,547 9,974,098 Investments: Calls/Maturities (1,000,000) - (3,000,000) (2,000,000) - - (1,000,000) - - (1,000,000) - - Purchases 1,000,000 1,000,000 2,000,000 1,000,000 1,000,000 1,500,000 1,000,000 1,000, ,000 1,000,000 Principal 22,909,366 21,909,366 22,909,366 20,909,366 18,909,366 20,909,366 21,909,366 21,909,366 23,409,366 24,409,366 24,409,366 24,909,366 25,909,366 Interest Earned 28,828 27,569 28,828 26,311 23,794 26,311 27,569 27,569 29,457 30,715 30,715 31,344 Interest Received (19,501) (58,007) (40,735) (27,424) (44,388) (47,669) (24,182) (57,828) (48,593) (24,975) (48,194) (28,338) Interest Receivable 92, ,257 94,351 93, ,393 95,330 85, ,422 81,695 74,090 91,361 85,413 99,950 Interest Received 19,501 58,007 40,735 27,424 44,388 47,669 24,182 57,828 48,593 24,975 48,194 28,338 Proceeds/(Invest ) 1,000,000 (1,000,000) 2,000,000 2,000,000 (2,000,000) (1,000,000) - (1,500,000) (1,000,000) - (500,000) (1,000,000) MM from (to) LAIF (1,065,000) 950,000 (2,045,000) (2,030,000) 1,955, ,000 (25,000) 1,440, ,000 (25,000) 450, ,000 MM Bal 46, ,508 4,243 1,667 1,055 3,723 2, ,326 4,301 2, page 17

17 Cash management Surplus is available for investment Projection Beginning Balance Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Total Receipts 3,578, ,498 1,141,844 3,203,093 1,457, ,338 2,154, ,746 1,341,224 1,257,506 1,124,577 1,073,593 Total Expenditures 3,306,539 1,348,333 1,476,483 1,254,960 1,051,540 1,321,773 1,117,968 1,482,252 1,443,975 1,328,543 1,269,934 1,205,042 Chg in Cash from Ops 272,303 (826,835) (334,639) 1,948, ,842 (507,435) 1,036,389 (530,505) (102,751) (71,037) (145,357) (131,449) Note: Projected 6 mo cash required 9,759,629 7,571,058 7,704,976 7,672,469 7,746,051 7,964,445 7,847,714 10,135,481 10,042,013 10,118,815 10,082,881 9,896,033 Draw (to)/from LAIF (65,000) 980, ,000 (2,150,000) (140,000) 305,000 (670,000) 490,000 (12,000) 12,000 81,000 2,140,000 Ending Cash balance 1,115,878 1,323,181 1,476,345 1,256,707 1,054,839 1,320,680 1,118,246 1,484,635 1,444,130 1,329,378 1,270,341 1,205,984 3,214,535 LAIF Balance from/(to) Bank 65,000 (980,000) (115,000) 2,150, ,000 (305,000) 670,000 (490,000) 12,000 (12,000) (81,000) (2,140,000) LAIF Interest 11,256 9,969 15,728 13,975 Investments 1,065,000 (950,000) 2,045,000 2,030,000 (1,955,000) (955,000) 25,000 (1,440,000) (955,000) 25,000 (450,000) (970,000) LAIF Balance 10,279,634 11,420,890 9,490,890 11,420,890 15,610,859 13,795,859 12,535,859 13,246,588 11,316,588 10,373,588 10,400,562 9,869,562 6,759,562 LAIF plus Cash 11,395,512 12,744,071 10,967,235 12,677,597 16,665,698 15,116,540 13,654,105 14,731,223 12,760,717 11,702,966 11,670,904 11,075,547 9,974,098 Available for investment 2,984,442 3,396,177 4,972,620 8,993,229 7,370,489 5,689,659 6,883,509 2,625,237 1,660,953 1,552, ,666 78,064 Investments: Calls/Maturities (1,000,000) - (3,000,000) (2,000,000) - - (1,000,000) - - (1,000,000) - - Purchases 1,000,000 1,000,000 2,000,000 1,000,000 1,000,000 1,500,000 1,000,000 1,000, ,000 1,000,000 Principal 32,073,122 31,073,122 32,073,122 30,073,122 28,073,122 30,073,122 31,073,122 31,073,122 32,573,122 33,573,122 33,573,122 34,073,122 35,073,122 Interest Earned 40,359 39,100 40,359 37,842 35,325 37,842 39,100 39,100 40,988 42,246 42,246 42,875 Interest Received (19,501) (58,007) (40,735) (27,424) (44,388) (47,669) (24,182) (57,828) (48,593) (24,975) (48,194) (28,338) Interest Receivable 92, ,257 94,351 93, ,393 95,330 85, ,422 81,695 74,090 91,361 85,413 99,950 Interest Received 19,501 58,007 40,735 27,424 44,388 47,669 24,182 57,828 48,593 24,975 48,194 28,338 Proceeds/(Invest ) 1,000,000 (1,000,000) 2,000,000 2,000,000 (2,000,000) (1,000,000) - (1,500,000) (1,000,000) - (500,000) (1,000,000) MM from (to) LAIF (1,065,000) 950,000 (2,045,000) (2,030,000) 1,955, ,000 (25,000) 1,440, ,000 (25,000) 450, ,000 MM Bal 46, ,508 4,243 1,667 1,055 3,723 2, ,326 4,301 2, page 18

18 Questions? page 19

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