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HomeMy WebLinkAboutFCS-11-117 - 2012 Budget Development Guidelines REPORT TO: Finance and Corporate Services Committee DATE OF MEETING: June 20, 2011 www.kitchenerca SUBMITTED BY: Dan Chapman, Deputy CAO PREPARED BY: Ryan Hagey, Manager/Interim Director of Financial Planning WARD(S) INVOLVED: All DATE OF REPORT: June 14, 2011 REPORT NO.: FCS-11-117 SUBJECT: 2012 BUDGET DEVELOPMENT GUIDELINES RECOMMENDATION: THAT, consistent with the City's Strategic Directions for Financial Management, staff be directed to prepare a 2012 tax-based operating budget for consideration inclusive of: • a general property tax levy increase not to exceed a rate of 2.9% as outlined in Appendix A to staff report FCS-11-117 • a further levy increase of approximately 1.0% for the ninth year of the EDIF program in accordance with the amended ten-year funding model THAT the following principles be adopted for the 2012 tax-based operating budget in order to achieve the targets set out above: every effort will be made to maintain existing service levels but they will not be enhanced unless previously approved and budgeted or required by legislation staffing core complement will not be increased unless previously approved and budgeted or required by legislation user fees will be increased by approximately 3.0% effective January 1, 2012 AND FURTHER THAT the 2012 budget meeting timetable outlined in staff report FCS-11-117 be approved, subject to potential adjustments to conform to the 2012 meeting calendar BACKGROUND: The budget is the City of Kitchener's annual financial plan and is the basis of all financial decision making. The budget process allows Council to prioritize the programs and services delivered by the City and sets direction for the work to be completed over the upcoming year as well as future years referenced in the budget forecast. In setting the budget, Council must weigh a number of factors which include, but are not limited to: • the strategic direction for the City of Kitchener S~a~'Re~port finance and Corporate Services department 7-1 Staff Re~p~r~ I~TC~~nT~~ Finance and Corporate Services 1~epartment w~+w.kitthenerca • desired service levels • legislative requirements • affordability of services • economic conditions (local, national, and international) • future needs and expectations In some cases these factors are in tension with one another. In these circumstances, Council must prioritize the alternatives and decide on an ultimate course of action. This report has been submitted to obtain Council direction with respect to the key elements of the 2012 budget development process, including the approach, financial guidelines and timetable. Council's direction is important at this early stage of the development of the budget, as it will form the basis of the budget call to be issued to City departments and local boards. REPORT: Section 1: Approach to Budget Preparation -Strategic Directions for Financial Management As noted above, the budget process seeks to strike a balance between a number of competing factors. The City of Kitchener Strategic Plan provides guidance in this regard as it outlines the considerations which must be taken into account in order to arrive at "competitive, rational and affordable taxation levels". Often during budget deliberations much discussion is focused on affordability, but this is only one aspect of budget policy that must be considered. The Strategic Directions for Financial Management require that the following factors be considered when making decisions with respect to property taxation levels: • comparison to other municipalities • inflationary factors, including those unique to municipalities • balance of service levels vs. affordability Staff has prepared the 2012 budget development recommendations consistent with the Strategic Directions for Financial Management as outlined below. Comparison to Other Municipalities The City of Kitchener enjoys competitive property tax levels in comparison to other Ontario municipalities of similar size. Kitchener has consistently ranked below the Ontario average in an independent study of cities with a population greater than 100,000 people conducted annually by BMA Management Consultants Inc. The graph below shows the results of the 2010 comparison. Kitchener remained the sixth lowest municipality in the study and has a total property tax burden only $12 more than Cambridge which is ranked fifth lowest. Waterloo is slightly higher than the group average and has a total property tax burden $518 more than Kitchener. The chart compares similar sized average properties in each jurisdiction (i.e., 1,200 square foot bungalow) with current value assessments of $206,000, $208,000 and $252,000 in Cambridge, Kitchener and Waterloo respectively. 7-2 Staff Re~p~r~ I~~rc~~nT~~ Finance and Corporate Services 1~eparfinent w~+w.kitthenerca Based on discussions with other area municipal finance staff, it would appear that Kitchener's proposed 2012 budget targets fall within the range of proposed increases across the Region of Waterloo. $s,ooo $a,soo $a,ooo $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 m s m Q a°j ~ & ° '~ m ° w m ~= m .c ° s ~ c c c '° ~ ~ a ` s F C9 'Q r m e°j c m ° •S c$ $ c ~ m °' '~ 2 F F 3 ~ a°j < `° o m ~ U ~ ~ 3 s ~~ ~ ~ Q U7.° sum O y ~ m 2 ~ ,m gm ° o` ~e r ti ° ~ 2~ g ° o ~ ~ U ti° ~ ~ ~ ti° o ti Inflationary Factors -Consumer Price Index (CPI) and Municipal Price Index (MPI) The most recent year over year consumer price index (CPI) increase for Ontario as at the end of April was 3.6% as reported on the Statistics Canada website. This is contrasted with the 2011 projected annual CPI increase of 2.1 % presented by the Government of Ontario in their Economic Outlook. Similar to other municipalities, the City of Kitchener calculates a municipal price index (MPI) to help inform budget decisions. The main difference between CPI and MPI is the "basket of goods" used in the calculation. The basket of goods used to calculate CPI represents the consumption patterns of Canadian households, while MPI is based on the City's consumption patterns which differ from those of an average household. MPI, based on data available as at the end of April is calculated to be 4.5%. The City's Strategic Directions for Financial Management indicate that both measures of inflation are to be taken into consideration when setting tax rates. The graph below shows the cumulative increases in MPI, CPI, and property taxes over the past 10 years. The property tax change used in this graph for 2011 is restated to account for the shift of storm water costs from a tax based service to a user rate utility. This results in the depiction of an effective increase in property taxes for 2011 despite the fact that property tax rate was actually decreased. Over the past ten years, the cumulative property tax increase (not including EDIF) has approximated the consumer price index. 7-3 www.kitchenerca 10 Year Cumulative CPI and MPI vs Tax Rate Increase 40.0% a~ 35.0% --------------------------------------------~--- - ~ ~ ~ 30 0% -----------------------------------i- ~ 25.0% -------------------------------- /---- -------- -------------------------- ~ 20.0% ~ -- --- i .. 15.0% ------------------~-~-- ~ ~ - ~ ~ .. v 10.0% -------------~ -, _ ---- -------------------- L ~ , ~ a 5.0% ------- , . 0.0% ~ N M ~ ~ CO I~ M O O ~ O O O O O O O O O ~ ~ O O O O O O O O O O O N N N N N N N N N N N Budget Year Tax Increase (incl EDIF) Tax Increase (excl EDIF) - - ~ CPI (Ontario) - -MPI S~a~'Re~port finance and Corporate Services department Balance of Service Levels vs. Affordability The 2009 Citizen Survey conducted by Environics on behalf of the City provided feedback with respect to citizen's views on services and taxes. By a margin of more than 2:1, citizens said they preferred high service levels over low taxes. This result is consistent with the previous findings of "Who Are You Kitchener?" from 2006. The results of the Citizen survey are statistically significant and have a margin of error of +/- 3.3%. Notwithstanding these findings, in terms of affordability, the City of Kitchener has one of the lowest urban municipal tax burdens as outlined in the independent BMA comparison above. As well, the local economy as of April 2011 is one of the most robust in the Province. The local unemployment rate is 6.9% compared with 7.9% for Ontario and 7.6% for Canada. Job growth in the region is positive and in total, the local economy has added 18,600 jobs since the start of the year. Each division in the City will be preparing a business plan in 2011. The work done through the business plan process will better inform budget needs throughout the corporation. For instance, divisions will be required to review the internal and external environment which will help them identify areas of strength, weakness, opportunity and threat for their business. As well, divisions will be required to identify their service priorities for the year based on Council-approved strategic directions, which will help identify resource requirements to achieve those priorities in the appropriate timeframe. The business planning process runs in conjunction with the budget process. Staff coordinating these two processes are in regular communication, to ensure there is a coordination of efforts and timelines. 7-4 Staff Re~p~r~ I~~rc~~nT~~ Finance and Corporate Services 1~eparfinent w~+w.kitthenerca Section 2: Issues Impacting the 2012 Budget During the 2011 budget process, Council was alerted to several significant financial issues which would impact future budgets. As well, during the 2011 budget deliberations, Council deferred certain costs to future budgets in an effort to reduce the property tax increase at that time. All of these items, along with new issues that have arisen over the past several months, will need to be considered as part of the 2012 budget process. Issues (apart from base inflation) impacting the budget have been grouped together by similar themes below and are also itemized in Appendix A. These issues include: • financial condition • annualization of costs for new facilities • costs to service growth • mandatory OMERS increase • new initiatives • ongoing sources of budget deficits • EDIF • capital budget funding shortfalls Financial Condition As part of the 2011 budget process, Council was presented with information regarding the City's reserve levels as well as its debt load. The summary message was that the City of Kitchener's financial position was sound but declining. Reserve levels were trending down to precarious levels and debt levels were projected to increase beyond reasonable limits. In order to mitigate this trend, it would be necessary to build up reserves and not to increase City debt beyond what is already planned to fund the existing capital program and forecast. The chart below shows the City's Debt to Reserve Ratio projected out to 2020. Other debt benchmark graphs can be found in Appendix B. Debt to Reserve Ratio 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~ Excluding DC ~ Including DC - Target 7-5 Staff Re~p~r~ I~~rc~~nT~~ Finance and Corporate Services 1~eparfinent w~+w.kitthenerca The 2011 budget includes a funding transfer of $750,000 from the tax stabilization reserve fund (TSRF) to the tax base. Reliance on this reserve fund must be reduced in 2012 as there is no ongoing source of funding into the reserve fund and it is essentially depleted. The main purpose of the TSRF is to fund year end deficits and is the recipient of year end surpluses. The benchmark target for this reserve fund is 5-15% of the net tax levy, which is approximately $5- 15M in 2011. While a complete elimination of the transfer from the TSRF is preferred, in order to accommodate the budget target contained in this report, a two year phased in reduction is proposed. The impact in 2012 is $295,000 with the remaining $455,000 planned for 2013. A reserve projection, complete with benchmarks is attached as Appendix C. Annualization of Costs for New Facilities A number of new facilities are opening in 2011, with only a portion of costs budgeted this year. The balance of costs must be incorporated into the 2012 budget. Details are provided below: • Kingsdale Community Centre -The budget approved in 2011 for this facility was only for a partial year. An additional $54,000 is required to operate the Kingsdale Community Centre for a full year in 2012. • Bridgeport Community Centre -The budget approved in 2011 for this facility was only for a partial year. An additional $190,000 is required to operate the Bridgeport Community Centre for a full year in 2012. This amount includes the $40,000 originally planned for 2012 as well as $150,000 deferred to 2012 as part of 2011 budget deliberations. • McLennan Park -The budget approved in 2011 for this facility was only for a partial year. An additional $90,000 is required to operate the McLennan Park for a full year in 2012. This funding represents the amount deferred as part of 2011 budget deliberations. • Outdoor Skating Rinks -Four new outdoor skating rinks were added as part of the 2011 budget deliberations. Operating costs for 2011 were to be covered by the neighbourhood associations. Tax based operating costs of $14,800 are anticipated tc operate these rinks in 2012. Costs to Service Growth The following costs to service growth are incorporated into budget projections consistent with past practice. Capital Policy Growth - In accordance with the City's capital investment philosophy, an additional $97,000 is budgeted to fund the 2012 capital program. This provision ensures that the level of tax-supported capital investment keeps pace with a growing community. 7-6 Staff Re~p~r~ I~~rc~~nT~~ Finance and Corporate Services 1~eparfinent w~+w.kitthenerca Operations to Service Growth - An additional $326,000 is budgeted in Operations to fund the costs of maintaining the growing infrastructure of the City. Examples include additional parkland, trails, roadways and sidewalks. Mandatory OMERS Increase The significant increase in OMERS contribution rates will affect employers and employees, but is partially offset in 2012 by savings in other areas of the employee benefits program. Increased mandatory OMERS contributions - OMERS has mandated a 1% increase to their employee and employer contribution rates again in 2012 for all municipalities to address a pension funding deficit. The projected cost to the City of Kitchener is $900,000 and is unavoidable. Savings in benefit administration -Savings of $216,000 are anticipated because of a competitive tender process for the City's benefit program which came into effect partway through 2011. The 2011 budget was reduced by $180,000 to account for savings expected in the second half of the year. The $216,000 represents the annualization of savings in 2012. New Initiatives Transportation Demand Management, Cycling Masterplan and Traffic Calming - In order to fund these initiatives and the two related new staff positions on an ongoing basis, the dividend from the Parking enterprise to the tax base must be reduced. In order to mitigate the impact on the tax levy, this has been phased in over a two year span and will impact the 2012 budget by $337,000. Phasing in the dividend reduction may prove to be a challenge to the Parking enterprise given the preliminary 2011 operating results and future capital requirements. Further analysis will be conducted throughout 2011 and results will be reported back to Council prior to 2012 budget approval. Ongoing Sources of Budget Deficits The following factors are projected to give rise to a deficit in 2011 (in addition to the winter control variance). Failure to address them in the 2012 budget will place considerable negative pressure on the budget and likely result in another deficit for which there would be insufficient contingency in the tax stabilization reserve fund. Reduction in gapping -Council established a $2M target for gapping in 2011, which exceeds the actual results for the past few years. At anticipated turn over levels, with a twelve week gapping period, it is reasonable to anticipate gapping savings of $1.5 million annually. The proposed budget target does not provide sufficient room to consider a reduction in the gapping budget in 2012. Council should be aware that failing to reduce the budget may give rise to a deficit in this area again in 2012. Operations funding gap -During the 2011 budget process, Operations staff identified a gap between the amount of funding they receive and the amount of work they are to 7 - 7 Staff Re~p~r~ I~~rc~~nT~~ Finance and Corporate Services 1~eparfinent w~+w.kitthenerca perform to meet service levels and minimum maintenance standards. The proposed budget target does not provide sufficient room to increase funding for Operations activities, so this may continue to be a cause of deficit in 2012. • Increased fuel prices - As indicated in the April 2011 variance report, there could be a $500,000 negative variance due to fuel prices and consumption patterns in 2011. Based on credible forecasts a budget increase for fuel is required for 2012. The budget projection for 2012 includes an increase of $210,000 for fuel costs. EDIF Consistent with the amended ten-year funding model, an increase of $964,000 is required to fund the ninth year of the EDIF program. The Central Library project is the primary beneficiary of the remaining EDIF funds and is non-discretionary. Appendix D provides a projection for EDIF. The following items were funded from EDIF in 2011 to avoid an additional tax levy impact. There is capacity to fund them from EDIF until the end of the program in 2013, after which the costs would be transferred to the property tax base. Physician & Specialist Recruitment -These recruitment programs were initially scheduled for five years and were to be completed in 2010. During the 2011 budget process, delegates requested that this be extended for another five years, from 2011- 2015. City Council chose to fund the programs for one additional year, at a total cost of $20,000, out of EDIF. If these programs continue in 2012, they could again be funded from EDIF or be added to the tax base. Arts sustainability Funding -During 2011 budget deliberations, City Council chose to fund arts sustainability ($1 per capita) at a total cost of $220,000 out of EDIF. If arts sustainability funding is to continue in 2012, it could again be funded from EDIF or be added to the tax base. Capital Budget Funding Shortfalls There are two issues that will have a significant impact in the preparation of the 2012 capital budget. They are a shortfall in the development charges reserve fund and an unbalanced capital pool forecast. Both of these items will be addressed by staff prior to presenting the capital budget to Council. More details are provided below for each of these issues. Shortfall in the development charges reserve fund -Development charges (DC's) are used to fund growth related capital projects. DC's are typically paid to the City as part of the building permit process based on the rates calculated in the DC background study. Due to the economic slowdown in recent years, the City has not achieved the revenue projections forecasted in the most recent DC background study. Capital projects will need to be deferred extensively in order to maintain a balanced position in the DC reserve fund. This will necessarily affect both hard service (roads, sewer pumping stations, etc.) and soft services (arenas, pools, community centres, libraries) given the extent of the projected shortfalls in the reserve over the next several years. 7 - Staff Re~p~r~ I~~rc~~nT~~ Finance and Corporate Services 1~eparfinent w~+w.kitthenerca Unbalanced capital pool forecast -Due to adjustments made by Council to the capital budget and forecast during 2011 final budget deliberations, the starting 2012 capital pool budget is not fully funded. In this case, there are more capital from current (c/c) expenditures budgeted than revenues in each year. In order to rectify this situation, c/c reductions totalling just over $1 M will have to be made in 2012-2020 in order to fund the capital forecast presented to Council during the 2011 budget process. Any additions to the capital program would require additional reductions to the capital forecast or alternate funding sources. A shortfall in both development charge revenue and capital from current funding will mean that all projects will be reviewed and prioritized prior to being presented to Council. There will be very limited potential to introduce new projects into the capital forecast as a result of these two circumstances. In 2011, staff focused on identifying opportunities to increase funding in support of accessibility, storm water management and parks/trails based on prior Council direction. While funding for all three priorities were substantially increased in 2011, investment in trails has not yet achieved the targets of the Parks Master Plan and therefore remains an area of focus for 2012. Section 3: Financial Guidelines Implications of the Strategic Directions for Financial Management Staff has developed the proposed budget targets for 2012 after considering the three criteria outlined in the City of Kitchener Strategic Plan with respect to "competitive, rational and affordable taxation levels". The recommendation calls for a general tax levy increase of 2.9%, which maintains the City's competitive position, falls within the range of inflationary considerations and ensures that desired service levels can be maintained without compromising affordability. In addition to this amount, the EDIF levy increase for year 9 of 10 amounts to 1.0%. From the inception of the EDIF program, this special levy has been separated from tax policy for the general levy. Measures Required to Achieve the Target Achieving the tax supported budget targets outlined above will not be a simple task. Although the base increase approximates an inflationary amount, it must address far more than inflationary impacts. In order to deliver a budget at this level, the following principles should be established: every effort will be made to maintain existing service levels, but they will not be enhanced -this limits the pressure from service expansions while still respecting community desire to preserve existing services and quality of life staffing core complement will not be increased unless previously approved and budgeted or required by legislation -the absence of a budget for service level enhancements dictates that staffing levels cannot be increased user fees will be increased by approximately 3.0% effective January 1, 2011 -failure to maintain parity between user fee increases and tax rate increases will result in additional pressure on the tax base to subsidize user-pay programs 7-9 Staff Re~p~r~ I~~rc~~nT~~ Finance and Corporate Services 1~eparfinent www.kitchenerca Although recent budget review processes and internal audits have generally confirmed the efficiency of various sections and programs, staff know that in order to meet the aggressive budget targets proposed in this report, they must continue to search for budget efficiencies throughout their operations. Timelines The following schedule is proposed for 2012 budget deliberations: Date Item June 20, 2011 Budget guidelines report to Council June 30, 2011 Bud et call issued to de artments and boards July-August, 2011 Departmental budget preparation September-October, 2011 Internal budget review November 7, 2011 Budget process overview November 7, 2011 User fees and charges (to be ratified Nov. 14) November 17, 2011 Bud et resentation to Council - Ca ital December 8, 2011 Budget presentation to Council -Operating January (TBD), 2012 Public input session January (TBD), 2012 Final budget day ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN: Foundation: Efficient and Effective Government Goal: Financial Management Strategic Direction: Strive for competitive, rational and affordable taxation levels FINANCIAL IMPLICATIONS: Financial implications are outlined above. COMMUNITY ENGAGEMENT: In order to ensure that the general public remains informed and involved in the budget process, staff will establish a budget web page and advertise public meetings for consideration of user fees and the 2012 budget prior to final passage. ATTACHMENTS: Appendix A - Ten-Year Tax Rate Projection Appendix B - Debt Benchmark Projections Appendix C -Tax Stabilization Reserve Fund Projection Appendix D - EDIF Projection ACKNOWLEDGED BY: D. Chapman, Deputy CAO and City Treasurer (Finance and Corporate Services) 7-10 Q X p Z W Q N 0 N E ° r N l f') 0 0 O C O ' O O O ' X r M N Lf ) 0 0 Lf ) O O r N 0 r \° \° \° \° O O O O O O M r T 00 M 0 O 00 O O L() M N O r N 0 N O ~~ N 0 0 0 0 0 O r _ ' O ' X 0 0 ~ M N Lf ) L ) f O r N 0 r O 0 r~ ~ 0 0 0 0 0 G T T O N O O O r N M CO LC) 0 0 ~ O O r N 0 N ~ Lf~ X 0 0 0 0 0 0 0 _ O 00 r M 0 ' O ' X 0 0 ~ N L ) f L ) f O r N 0 r O CO 00 M f~ 0 0 0 0 0 O n M O O O ~ ~ r N N r r N 0 N ~ ~ M CO M o 0 0 0 0 O N M ~ O E O O ' r r N L C O f ) O r N O CV ~ ~ f~ 0 r o 0 0 0 0 G O O M Lf') N O O O N N N M CO CO O O L() r O r N O CV M M N N E 0 0 0 0 0 0 _ G O M B ~ 0 0 0 O ~ N CO M O O O O L() 0 ~ r r N 0 0 M N X 0 0 f~ CO lf) 0 0 0 f~ 0 0 0 0 0 0 G M n ~ N A N N N Lf) O r N O O N 0 0 0 0 O E N O C O O r O r 0 O 0 O 0 ~ 0 fD O M CO fD O N O r 0 0 0 O O O O O O O r r 0 0 0 O r r O O O O N N 0 0 0 O ~ ~ O r r 0 0 0 0 0 l l O O O D D 0 0 O N N 0 0 0 O In In O r r O CV CV 0 0 0 0 0 0 0 0 M E r ~ N O O f~ O D C O O O O O O CV r r 0 0 0 0 0 0 N ~ 0 r M C 0 N O O O ~ r In 0 0 0 0 0 0 0 O M ^ ~ O ~ M C O 0 0 0 O N r M ++ ~ ~ m ~ = U ~;.~ U C ~ ~ ~ ~ Q t a O TO O ~ Q N Q N N ~ p ~ ~ ~ r r Q~ C C3 U X ~ C N N p ~ c U 3 0 0 Q V N O O Q~ N ~ L N N ~ N ~ ~ N L ~_ ~ ~ LL_ f0 N W N 7 a L ~U O W ~ o '_00 D ~ ~ N ~ S a lL T ~~ (~ ~~ W O N O N M O N ~ ~ ~ ~ o ~ N N ~ N C Q U U C ~ .~ O O N E ~~ ~ i~ Li U _O ~ m ~ > ~ ~ _ ~ ~ W O O O N C N C N N C t~~ o~ 3 ~ Y E o Y~ +3 .v LL E N ~~ p E o~~ o 0 ~ ~ ~ E U -o o ~ N ~ cn ~ Q o ¢ ¢ o ~ ~ E ~ Y~~ a U_ a a C7 cn o w~ a o~"- Y L ~ O c6 ~ O O_ N i6 y O O Q U ~~ E o U o_ ~ ~ -o ~ ~ ~ v° co N o ~~~ g ro ro a~~ o ~ ~ ~ c ~ o c~a ~ ~ o r E ~' ~ a° o o aai `~ .U o o ~ ~ ~ ~ ~ ~ .N ¢ ¢ O ~ ~ ~ --° ~ a3i a3i °o U a3i o a3i ro n ~ .N ro ~ ~ ~ m m c° ro ~ ~ r ~ n V N H O Y m` ~ z z p~ z cn z v O ~ w m in ~ v z = H H 0 C7 ¢ o_ cn LL LL 0 W 0 w °' c m 3 p N 3 LL V m ~ ~ N Q N Q N ~ .- N N ~ E o 0 Z p Z a m U a m ~ o ~ m ~ ~ m o ~ a W a 7-11 Appendix B -Debt Benchmark Projections Total Debt Outstanding 120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0 ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ©Tax ^ Enterprise ^EDIF Debt Charges as a % of Tax Levy (target 5%-10%) 16.0% 14.0% 12.0% - ' ' - 10.0% 8.0 6.0% 4.0% ~ + ~ + ~ + + + + + + 2.0% + + + + + + + + + • + + + + + + 0.0% ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ~o ©Tax ^ Enterprise ^EDIF Debt per Household (moderate range $400 - $1,000) $1,200 $1,000. $800 $600 $200 _ I ICJ LEI I~il ICJ l~l 1-~1 1-JI ICJ LEI I~JI ICJ L~1 Cil ICJ l~J l~l L $ ©Tax ^ Enterprise ^EDIF - 12 U X Z W Q _~ ++ V i ~ N ~O ~a ~ c .~ ~ N ~ Y '~^ ~ N V+ ~ 0 U H H N O N 00 ~ O p ~ ~ ~ O O 67 N N r ~ r ~ ~ N O N ~ ~ ~ ~ N ~ f~ C7 O 00 N r O CD ~ N E N r ~ O U N N O N O ~ y O O O Q lp ' r C'7 O ~ (D 00 N N N N j ~ N ~ - Q X ~ ~ N O N ~ ~ N ~ ~ ~ ~ 00 Ln CYJ ~ ~ O N ~ r ~ r N ~ c~ `~ d N Q o '~ N O N O O O ~ 0 ~ O Ln CD N N r ~ N r ~ r N .~ ~~ ~+ C N O N N ~ ~ ~ M ~ N ~ N C Ln CD 00 ~ N ~ N ~ ~ N N . 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I n j[leti_- I+1i ~$ ua _ ~_ m i F_.. A ®, .,~.. a~~ ~--+ ^ U ~ •- ~ L O O ~ ~~ }~ ^ V_! L V L ~, _. ~ ~~ o ~ .- ._ C~ ~ ~ ~~ C~ _ •- •- ~ m ~ a~ rn o 0 ~ N M .~ ^ \~ ~/ ~i M ~ }+ _ ~ o ~ ._ ~ N ~ _ ~~ ~~ O ~ ~ ~- ._ ~ ~ ~ V ~ ~~ ~ ~ •- ~ ~ ~~ O 'w V, ~ M ~ ~ ~ ~ ~ ~~ ~~ o O j ~ lA U N N L ~ (6 ~ O Y ^ ,A }+ wVw+/+ W _ ~V ,o ~ ~ °' ~~ ~~ .~ o ~v _N N ~"' ~_ ~ ~ ~ ~ N ~--' O to C/~ ~~ ~, ~~ o ~~ - _ ~- - p9',. I n j[leti_- I+1i ~$ ua _ L n W O CV ~ ~ ~ U ~ ~ _ ~ ~ ~ ~ ~ ~ N ~ ~ ~ N ~ ~ ~ ~ ~ ~ U ~ ~ ~ ~' ~_. ~ e *~ V, ~~ .~ .U ~ ~ - ~ ~ ~ ~ ~ ~ ~ L O -_ ~ V ~ to ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ O '- ~ ~ L ~ ~ O ~ ~ ~ ~ ~ ~ ~ ._ ~ ~ . 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I .. ~) ~ U ~ N U ~--' ~ ~ cn U ~ ~ ~ -~ ~ ~ ca ~ U ~ C B ca _ ~_ 1G ~, _ ~' ~_. ^ ^ 0 0 0 0 0 •..~ O O O O O y O O O 00 00 r ~ ~ 0 0 ~ ~ O C~ Li~ rn rn ~ ~ N s ~ M 0 0 L • n V ~ O O O O O O O O L ~ 0 0 ~ ~ r 0 0 ~ ~ N ~ O ~ ~ N = O i O Q U U ~ ~ ~ a~ U V ~ ~ ~ . v c~ ~ ~ ~ ~ ~ ~ ~ IL Z cn ~ o ~ ~ ~ U ~ ~ ~ m ~ ~ H ~, - - _ ~- - '. p9',. I n j[leti_- I+1i ~$ ua _ ~~ ••^^ ~r V, °,~ :'- ~~ .~ ~~ ~~ O L L ~ O U •- ~ ~ ~ ~ ~ (f~ O O ~ ~ ~ ~ .~ ~--+ ~ ~ ~ O ~ r~ ~ ^~ \W ~ 0 ^L ~.L W ~ }' U ~ ~ > }, o ._ ~ ~ ~ C~ cn ~ U O U - ~ ~ O ~ ~ ~ O o ~ ~ ~ U .~ ~ ~ U U ca ~ ~ '- U O 0 ~ ~ ~ ~ c9°~~~ ~~ e ~ ' Y ~s A ~,~ - ~e si _ -_ - _. _ _ _ ~' _- ---. _~ ~= ,~ ~. -. n N4•} ,I~ r ~A ~' ,_. ,e *~ M O ~ N ~ ~ N O _ to ~ O ~ O O ~ ~ ~ N . > O O L ~ ~ ~ N ~ O ca ~ ~ C~ ~ . - ~ ~ ~ ~ U ~ ~ ~ O ~ O c~ ~ ~ O .. • - +~ ~ ~ ~ ~ ~ o ~ U ~ ~--+ .. ~ ~ to ~ L +~ ._ o ~ •- ~ ~ ~ ~ - . - ~ O ~ ~ ~ ~ V ~ C~ ~ ~ ~ ~ ~ C~ • - O ~ ~ }' +~ U +~ > W ~ ca ~ N ~ ~ Q ~ ~ ~ ~ O O ~ O I - ~ N ~_ •F~ O ~`' ~ ®: ~ N ~~ L~~ V ~ ~ •- ~ ~~ ~ ~ ~ ~ ~ C~ ~ ~ > ~ cn L O ~ ~ ~ ~ ~ U ~ ~ ~ _~ ~ ~ ~ ~ ~ _ ~ ~ ~ ~ ~ ~ ~ +~ ~ ~ ~ ~ ~ ~ ~ O ~ ~ ~ ~ ~ C6 ~ ~ ~--~ ~ ~ ._ ~, Q ~ ~ ~ ~ ~ to ~ ~ ~ ~ ' ~ ~ ~ ~ x ~ ~ o ~ ~ ~ ~ O ~~ ._ V ~ ~--~ (n ~ ca L ~ ~ ~ ~ ~ ~ N Z ~'~~~.~~~~~ ~ ~ Q ~ ~~._ ~ ~ ~ U ~ ~ ~~ a r ~~. . ~.~ ~= ~ -..~: ,.= - - ~~ a ~- .~ - ~_ - p. m ~~ y _ _ ~t -- ~~ ~. . n N4•} ,I~ T~ ~~ ~_ m d ®• .;~ '~ L~~ ~ ~ ~ W n~,, W • V W ~ ~ ~ ~ '~ ~ O ~ ~ ~ v >_ `~ ~ o ~ V ~ ~ ._ ~~ '>~ ~ V ~ ~ c~ o ~ ~ ~ ~ ~ ~~ OD ~> }'~ 0 4) °~ ~ca~ ov .~~ ~~ v~~oa~ ~~ ~ ~ ~- O ~ ~~~'o~~ ~~ ._ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ (~ I 0 I ~ I ~~ - a r ~'~ ~ ,= - - ~~ a ~'- .~ - ~_ - p. m ~~ y i~ ~t ~~ ~' ^^'' W ~a. }~ • ^ ,'~~ W ^~ L ~~ ~~ „` (V ~ ~~ .. }+ O .~ U ~ ~ +~ p ~ ~ ~ ~ ~ 4) +~ +~ . ~ ~ ~ ~ - ~ ~ }, ~ ~ ~ U ~ ~ ~ 4) L W L _ ~ ~ .- O ~ 0 ~ 4) ~ ~ U ~ w L ~ ~ ~ ~ O ~ ~ ~ V _ ~ C~ ~ ~ L O ~ ~ +~ ~ ~ ~ ~ C~ ~ ~ •- ~ L ~ ~ ._ V ~ '- C~ L ~ 4) ~ ~ ~ ~ > +~ ~ ~ O J ~ ~ Cn ~ ~ ~r 9' ,. ppG _^i °I P- 0 n ~Ay- ¢~ ~. -, L ~$ a ~_~ ~_ n ~~~,~ ~ -. ~t N.. • I r ~ ' e=-- *~ O ^ U ~\ N n O O ~/ a- .~ _ ~t r~ t6 3 U a t6 w a ~ ~ N ~ N ~ N ~ ~ ~ ~ ~ (O M (O M 00 ~ ~ I~ `~ ~ O O l!') l!') O ~ O ~ ~ M M ~ `~ L ~ ~ N N _ _ ~ _ ~ (O M M N L ~ N N N O O ~ O O ~ ~ ~ ~ M N M ~ ~ ~ ~ ~ N ~ _ _ ~ N N I~ ~ M O_ ~ ' M M l ~ N L! ) O ~ O ~ ~ W W ^ 00 N_ N_ ~_ N ~ L!')_ W i W (O ~ (O I~ ~ N M ~ ~ ~ M ~ (O ~~ ~ W N O ~ ~ ~ N ~ ^o ~~ ~ ~, ~ ~ ~ N O M ~ ~ C ~ ~ C N r r r ~ Lf') W ~ O N ~ W (O O O ~_ ~ (O (O (O O I (O r O (O _ O N O O O I~ W 00 ~ M~ I O O I O (O I M 0 w o N o ~ ~ ~, ~ -6 0 ~ ~ ~~ ~ o Qw U ~ ~ ~ c '~ Q o c ~ ~ m -a ~n ~ ~ U ~°- °~ o ~ ~ a`~i c a~i U ~ ~ O 4) N ~ 'O O C (~ _ W -O `~ Q Q Y ~ t6 ~ O) D m D U~ w w a -Xf . . - N.. • I r ~ A O C6 ~--r .Q (~ U ^ O E M O O O _ N ~ O O O ~ ~ ++ H M ~ ~ ~ ~ M I~ ~ 00 O O O O ~ ~ O O N ~ ~ I~ ~ ~ O N I~ N O ~ ~ ~ O ~ O O Q~ 00 N O O O r N M (O ~ ~ ' O N M N ~ ~ ~ ~ ~ ~ O O pp 0 0 r M O M ~ ~ ' O ~ N (O ~ ~ N 00 M ~ O O ~ N O ~ ~ r 0 0 ' O ~ ~ (fl ~ ~ N (O (O N O O tD (O N O ~ ~ r ~ ~ ~ ~ ~ ' O N N ~ ~ ~ ~ N A M O O ~ I~ N O ~ ~ ~ O ~ ~ I~ ~ ' ~~ N ~ ~ N ~ ~ N O X 0 0 O O O ~ ~ N O ~ ~ ' O p ~ ~ M ~ ~ ~/ N ~ O O O O O ~ O N ~ ~ M ~ ~ ~ ~ O O O O O (O ~ M O O O r 0 0 N O N M ~ ~ ~ N ~ ~o m O o rn ~ ~ ~ ~ N r N O O ~ O ~ (O ~ ~ O N ~ M ~ ~ ~ O O ~ ~ r r 0~0 O I~ O ~ O r r O O ~ ~ ~ ~ r r ~ ~ M ~ ~ ~ r r r ~ ~ ~ ~ ~ r r ~ O ~ ~ M M r r ~ ~ O O ~ N ~ ~ LN Ln r r ~ ~ M Ln Ln ~ N N ~ M 00 O ~ ~ N M N N ~~~ O O ~ ~ N N ~ ~ C ~ ~ ~ ~ C ~ LL ~ ~ ++ N N N N N ~ ~ ~ C ~ ~ +, ~ _. .- ~ ~ y > ~ C p - V lC - -, ~ o U N O Q N ' fA .7 ~ ~ , ,. I C fC N V C i O C LL ++ ~ - . i. ~ ~ 0 V _ ~ = w D Q L_ - C _ ~_ . F~ N O N N N O V ~~~ o 0 0 0 V O O I!') 0 ~ 0 O 0 ~ 0 0 O N ®" O N O O O ~ w~ y~tl N O ~~ M V N ~~ O o 0 0 0 O O O O ' 0 O 0 O 0 O 0 0 V cD N M O aO O O Lf ) M O M (O cD O ~ N O N O N O ~ ~ ~ V N 0 0 0 0 0 0 0 0 O N _ ~ ~ M Ln X 0 0 I!') ~ O ~ ~ O ~ N O O ~, W O O ~ ~~ ~ M (O o 0 0 0 Lf') O O Lf') 0 O 0 O 0 O 0 O O N O ~ N O N O N N ~ C ~ N ~~ M I!') 0 0 0 0 O O O O V O O I!' 0 ~ 0 O O 0 ~ 0 ~ O N ) O ~ N O ~ O ~ ~ O ~D O O ~ aO M~ M 0 0 0 0 ~ O O O 0 ~ 0 0 0 O 0 ~ 0 ~ N ~ N l O O N O N O O O N N ~ 0 0 0 0 0 0 0 0 C N V N C V O ~ M I~ I!') O O O O O O l!') ~ O O ~ ~ O ~ N O N O N N ~ C V O I~ O O M l!') o 0 0 0 N 0 0 0 0 0 0 0 0 aO 0 0 M 0 0 V~ O N N M (O (O O O Lf') ~ V N O O I~ W O ~ O ~ N O N O O O O O N ^ ~ M C _ M N N I~ O M V 0 0 0 0 V 0 0 0 0 0 0 0 0 M I!') 0 O 0 0 0 O M N O M O O O O l!') O ~ N V O ~ N M U N O O M O O O ~ ~ In N V O O I~ O~ 0 0 0 0 0 0 0 0 0 0 0 0 0 ~ C l!') O O ~ O N Lf') M~ O O M ~ l!') N M N N O N N Lf') ~ N M M O I~ (O O ~ O O O~ O N O ~ N O O N O O O O N ~ M I ~ U U (4 U ~~ _ ~ a Q ~ Q o ~ N LL C7 U C d ~ ~ ~ ~ O ~ 0 N ON 0 _ 0 W R ~ o a ~ o o U c N a o w ~ c ~ ~ y a .R U A W : 5i ~ o o ~ LL a 0 W ~ R ~ ~ °~ E~ ~ in ~ ~ a s ~ ~ ~ m U c ~ _ ~ U LL >. • .. °~ c U U - y N •~ a L ~ a R o > O W °~ ° N ~ C > R H ~ > R E Y R ~ E V (~ U a ~ '~ N - y N C`J ~ C7 N m d a Z . . ~ y d d C p .±' C L U ~ N C y U Y (n U O Z N ~ LL N ~ R E R ~ c ' ~ d' ~ N E ~ d' ~ LL' TJ ~ ~ O R E ~ Y N (n d U .~-T-' d a d U` (n N .Y4 ~ > (n N Q d' C E d N .~ 0 c0 ~ O >. ~ =' ~ ~ R H O R ~ H ~ (~ U d ~ ~ N R E U U N U Q '~ '~ = 0 (~ R ~ ~~ H Y N ~ N ~ ~ Z p Z .~ c ~ o m .c ~ o ~ E ~' c m a R 0 ° ~~ d o a m o ~ ~ .0 o~ 0 X ~= U ~ o ~ ~ ~ o' ~ ~ :~? v v U v ~~ v Q d o U) p) N ~ J U U s d ~ - J > > > y ~ .'~- N Q N > N E N O o N ~ H i~~ o i N N vJ O a E .Q ~ U R N O > ~ W O ~ W p i O - i i U N N O - N O Y m i N R O- Q N N ~ R ~ ~ Q R d ~ X d ~ R - - N . R ~ Q E O U E ~ z z o~ z c~ O Z U O w m U z ~ H H O C7 a d c~ ¢ w .~ r' .~: ~ ,_ ~ ~ ~' i.= p. m ~~ y ~ i ~' ~_. ~ e *~ 0 Q 0 L ~--+ ._ m .~ „` ~ (~ ~ ~ ~ ~~ ~ 4) ~ V V ~ L O ~ .~ O V ~ '- O ~ ~ O ~ ~ O '- - ~ ~ ~ - ~ ~ C~ ~_ O ~ O ~ ~ L ~ O O ~ C~ O C~ ~ O ~ ~ ~ N ~ ~ O~ V ~ •- v~ .- - ~ ._ ~ ~ ~ U ~ ~ o ~~ > ~ ~ ~ ~ ~ ~ O Cn ~,~ O ~ O - ._ caeca ~~U~._o .~~ - - ~- F ~~ r~~ ~ro ~~~ ~~ ~ ~ - # ~ _ i i. ~~ _ _~ - ~~ ~ ~_~ ~= ,~ ~. -. n N4•} ,I~ T~ ~~ ~~ ~' i ,~-se :~,~ ~~~ .~ ~ U ~ ~ C~ L.L ~ ._ V ~ O U ._ ~ U ~ ~ C~ ~ U O `~ 0 ~ ~ ~ U ~ ~ •- J _ ~t r~ 0 _~ O f~~ ~'~~~ `p ~~ ~ ~ ~ ~ ~ ~ a~ ~ ~ ~ D I I \W ^/ W .U i O O 0 U C~ J O ._ ~--+ U •~~ V, C~ U ._ ._ C~ C Q U ~~ - ,. '' l~^ i U 0 U O Z I ~_~ ~= ,~ ~. -. n .lf. N.. • I r ~A